0001628280-22-019665 | 10-Q | XBRL Viewer

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Commitments and Contingencies Disclosure [Abstract]

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income by the sum of the weighted-average number of shares and the number of equivalent shares assumed outstanding, if dilutive, under our stock-based compensation plans.

The computations of basic and diluted earnings per share were as follows (in millions, except per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	177.2	$	170.0	$	260.8	$	254.2



Weighted-average shares outstanding – basic	35.6		37.4		36.0		37.7
Add: Potential effect of dilutive securities attributable to stock-based payments	0.1		0.3		0.1		0.3
Weighted-average shares outstanding – diluted	35.7		37.7		36.1		38.0




Earnings per share – Basic:	$	4.97	$	4.55	$	7.25	$	6.74




Earnings per share – Diluted:	$	4.96	$	4.51	$	7.23	$	6.70

The following stock appreciation rights and restricted stock units were outstanding but not included in the diluted earnings per share calculation because the assumed exercise of such rights would have been anti-dilutive (in millions, except for per share data):


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2022	2021	2022	2021
Weighted-average number of shares	0.3	—	0.3	—
Price per share	$257.08-$328.65	$—	$257.08-$328.65	$—

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component.

Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842.

In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various tenors (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments.

We lease certain real and personal property under non-cancelable operating leases. Approximately 79% of our right-of-use assets and lease liabilities relate to our leases of real estate with the remaining amounts primarily relating to our leases of IT equipment, fleet vehicles and manufacturing and distribution equipment.

Product Warranties and Product Related Contingencies

We provide warranties to customers for some of our products and record liabilities for the estimated future warranty-related costs based on failure rates, cost experience and other factors. We periodically review the assumptions used to determine the product warranty liabilities and will adjust the liabilities in future periods for changes in experience, as necessary.

Liabilities for estimated product warranty costs related to continuing operations are included in the following captions on the accompanying Consolidated Balance Sheets (in millions):


	As of June 30, 2022		As of December 31, 2021
Accrued expenses	$	39.5	$	37.2
Other liabilities	109.4		97.0
Total warranty liability	$	148.9	$	134.2

The changes in product warranty liabilities related to continuing operations for the six months ended June 30, 2022 were as follows (in millions):



Total warranty liability as of December 31, 2021	$	134.2
Warranty claims paid	(16.5)
Changes resulting from issuance of new warranties	27.6
Changes in estimates associated with pre-existing liabilities	4.3
Changes in foreign currency translation rates and other	(0.7)

Total warranty liability as of June 30, 2022	$	148.9

Litigation

We are involved in a number of claims and lawsuits incident to the operation of our businesses. Insurance coverages are maintained and estimated costs are recorded for such claims and lawsuits, including costs to settle claims and lawsuits, based on experience involving similar matters and specific facts known.

It is management's opinion that none of these claims or lawsuits or any threatened litigation will have a material adverse effect on our financial condition, results of operations or cash flows. Claims and lawsuits, however, involve uncertainties and it is possible that their eventual outcome could adversely affect our results of operations for a particular period.

Stock Repurchases	6 Months Ended
Stock Repurchases	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Stock Repurchases	In July 2021, our Board of Directors authorized an additional $1.0 billion, for a total of $4.0 billion, to repurchase shares of our common stock (collectively referred to as the "Share Repurchase Plans"). Under this program, we may repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. As of June 30, 2022, $546 million was available for repurchase under the Share Repurchase Plans. In February 2022, we entered into a fixed dollar accelerated share repurchase transaction with Wells Fargo Bank, to effect an accelerated stock buyback of our common stock. We paid Wells Fargo Bank $200.0 million and Wells Fargo Bank initially delivered to us approximately 87% of the shares expected to be purchased. The ASR was completed in April 2022 and Wells Fargo Bank delivered a total of 0.8 million shares of common stock repurchased under this ASR Agreement. In May 2022, we entered into a fixed dollar accelerated share repurchase transaction with Bank of America, to effect an accelerated stock buyback of our common stock. We paid Bank of America $100.0 million and Bank of America delivered to us common stock representing approximately 85% of the shares expected to be purchased. The ASR was completed in June 2022 and Bank of America delivered a total of 0.5 million shares of common stock repurchased under this ASR Agreement. We also repurchased shares for $5.1 million during the six months ended June 30, 2022 from employees who tendered their shares to satisfy minimum tax withholding obligations upon the vesting and exercise of stock-based compensation awards.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue Recognition

The following table disaggregates our revenue by business segment by geography which provides information as to the major source of revenue. See Note 2 for additional information on our reportable business segments and the products and services sold in each segment.


	For the Three Months Ended June 30, 2022
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	901.8	$	207.2	$	107.7	$	1,216.7
Canada	75.7		12.4		—		88.1
Other international	—		—		61.5		61.5
Total	$	977.5	$	219.6	$	169.2	$	1,366.3


	For the Three Months Ended June 30, 2021
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	763.0	$	228.7	$	82.2	$	1,073.9
Canada	75.0		23.9		—		98.9
Other international	—		0.2		66.0		66.2
Total	$	838.0	$	252.8	$	148.2	$	1,239.0



	For the Six Months Ended June 30, 2022
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	1,531.4	$	384.0	$	199.6	$	2,115.0
Canada	128.2		22.8		—		151.0
Other international	—		0.5		113.2		113.7
Total	$	1,659.6	$	407.3	$	312.8	$	2,379.7



	For the Six Months Ended June 30, 2021
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	1,321.8	$	411.0	$	157.9	$	1,890.7
Canada	122.4		40.8		—		163.2
Other international	—		0.2		115.3		115.5
Total	$	1,444.2	$	452.0	$	273.2	$	2,169.4

Residential Heating & Cooling - We manufacture and market a broad range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories to improve indoor air quality, comfort control products, replacement parts and supplies and related products for both the residential replacement and new construction markets in North America. These products are sold under various brand names and are sold either through direct sales to a network of independent installing dealers, including through our network of Lennox stores or to independent distributors. For the three months ended June 30, 2022 and 2021, direct sales represented 70% and 76% of revenues, and sales to independent distributors represented the remainder. For the six months ended June 30, 2022 and 2021, direct sales represented 69% and 72% of revenues, and sales to independent distributors represented the remainder.

Commercial Heating & Cooling - In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial applications, such as low-rise office buildings, restaurants, retail centers, churches and schools. These products are distributed primarily through commercial contractors and directly to national account customers in the planned replacement, emergency replacement and new construction markets. Lennox National Account Services provides installation,

service and preventive maintenance for HVAC national account customers in the United States and Canada. For the three months ended June 30, 2022 and 2021, equipment sales represented 81% and 85% of revenues and the remainder of our revenue was generated from our service business. For the six months ended June 30, 2022 and 2021, equipment sales represented 81% and 84% of revenues and the remainder of our revenue was generated from our service business.

Refrigeration - We manufacture and market equipment for the global commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name. Our products are used in the food retail, food service, cold storage as well as non-food refrigeration markets. We sell these products to distributors, installing contractors, engineering design firms, original equipment manufacturers and end-users. In Europe, we also manufacture and sell unitary heating and cooling products and applied systems. Less than 1% of segment revenue relates to services for start-up and commissioning activities.

Contract Liabilities - Our contract liabilities consist of advance payments and deferred revenue. Net contract liabilities consisted of the following:


	June 30, 2022		December 31, 2021		$ Change		% Change

Contract liabilities - current	$	(11.6)	$	(10.2)	$	(1.4)	13.9	%
Contract liabilities - noncurrent	(5.8)		(5.5)		(0.3)		6.0	%
Total	$	(17.4)	$	(15.7)	$	(1.7)

For the three months ended June 30, 2022 and 2021, we recognized revenue of $2.1 million and $0.8 million and for the six months ended June 30, 2022 and 2021 we recognized revenue of $5.9 million and $2.4 million related to our contract liabilities at January 1, 2022 and 2021, respectively. Impairment losses recognized in our receivables and contract assets were de minimis in 2022 and 2021.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Goodwill and Intangible Assets Disclosure [Abstract]

Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories:

The components of inventories are as follows (in millions):



	As of June 30, 2022		As of December 31, 2021
Finished goods	$	449.6	$	310.8
Work in process	12.3		12.4
Raw materials and parts	322.0		262.1
Subtotal	783.9		585.3
Excess of current cost over last-in, first-out cost	(91.1)		(74.4)
Total inventories, net	$	692.8	$	510.9

Goodwill

6 Months Ended

Jun. 30, 2022

Goodwill

Goodwill:

The changes in the carrying amount of goodwill in 2022, in total and by segment, are summarized in the table below (in millions):


	Balance at December 31, 2021		Changes in foreign currency translation rates		Balance at June 30, 2022
Residential Heating & Cooling	$	26.1	$	—	$	26.1
Commercial Heating & Cooling	61.1		—		61.1
Refrigeration	99.4		(0.4)		99.0
Total Goodwill	$	186.6	$	(0.4)	$	186.2

We monitor our reporting units for indicators of impairment throughout the year to determine if a change in facts or circumstances warrants a re-evaluation of our goodwill.

Derivatives

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives:

Objectives and Strategies for Using Derivative Instruments

Commodity Price Risk - We utilize a cash flow hedging program to mitigate our exposure to volatility in the prices of metal commodities used in our production processes. Our hedging program includes the use of futures contracts to lock in prices, and as a result, we are subject to derivative losses should the metal commodity prices decrease and gains should the prices increase. We utilize a dollar cost averaging strategy so that a higher percentage of commodity price exposures are hedged near-term and lower percentages are hedged at future dates. This strategy allows for protection against near-term price volatility while allowing us to adjust to market price movements over time.

Interest Rate Risk - A portion of our debt bears interest at variable rates, and as a result, we are subject to variability in the cash paid for interest. To mitigate a portion of that risk, we may choose to engage in an interest rate swap hedging strategy to eliminate the variability of interest payment cash flows. We are not currently hedged against interest rate risk.

Foreign Currency Risk - Foreign currency exchange rate movements create a degree of risk by affecting the U.S. dollar value of assets and liabilities arising in foreign currencies. We seek to mitigate the impact of currency exchange rate movements on certain short-term transactions by periodically entering into foreign currency forward contracts.

Cash Flow Hedges

We have foreign exchange forward contracts and commodity futures contracts designated as cash flow hedges that are scheduled to mature through November 2023. Unrealized gains or losses from our cash flow hedges are included in Accumulated other comprehensive loss (“AOCL”) and are expected to be reclassified into earnings within the next 18 months based on the prices of the commodities and foreign currencies at the settlement dates. We recorded the following amounts in AOCL related to our cash flow hedges (in millions):


	As of June 30, 2022		As of December 31, 2021
Unrealized losses (gains), net on unsettled contracts	$	14.2	$	(13.4)
Income tax (benefit) expense	(3.5)		2.7
Unrealized losses (gains), net included in AOCL, net of tax (1)	$	10.7	$	(10.7)

(1) Assuming commodity prices and foreign currency exchange rates remain constant, we expect to reclassify $9.1 million of derivative losses as of June 30, 2022 into earnings within the next 12 months.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation:

We issue various long-term incentive awards, including performance share units, restricted stock units and stock appreciation rights under the Lennox International Inc. 2019 Incentive Plan, as amended and restated. Stock-based compensation expense related to continuing operations is included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations as follows (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Stock-based compensation expense (1)	$	5.9	$	8.9	$	10.6	$	17.5

(1) All expense was recorded in our Corporate and Other business segment.

Pension Benefit Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Pension Benefit Plans

The components of net periodic benefit cost for pension benefits were as follows (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Service cost	$	1.1	$	1.5	$	2.1	$	3.1
Interest cost	1.5		1.5		3.0		3.1
Expected return on plan assets	(2.3)		(2.7)		(4.6)		(5.5)
Amortization of prior service cost	—		0.1		—		0.1
Recognized actuarial loss	1.3		2.1		2.9		4.2
Other	—		—		(0.1)		(0.3)
Settlements and curtailments	0.2		—		0.3		0.7
Net periodic benefit cost	$	1.8	$	2.5	$	3.6	$	5.4

The entire disclosure for retirement benefits.

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Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	, we had approximately $3.6 million in total gross unrecognized tax benefits which, if recognized, would be recorded through the Consolidated Statements of Operations.We are currently in the Bridge program for our U.S. federal income taxes under the Internal Revenue Service's Compliance Assurance Program for 2022 and 2021. As a result, our returns for those years will not be examined. However, we are subject to examination by numerous other taxing authorities in the U.S. and in foreign jurisdictions. We are generally no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by taxing authorities for years prior to 2015.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Lines of Credit and Financing Arrangements

Lines of Credit and Financing Arrangements

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

The following table summarizes our outstanding debt obligations and their classification in the accompanying Consolidated Balance Sheets (in millions):



	As of June 30, 2022		As of December 31, 2021





Current maturities of long-term debt:





Total current maturities of long-term debt	$	11.8	$	11.3
Long-Term Debt:
Asset securitization program	$	400.0	$	250.0
Finance lease obligations	30.8		29.0
Credit Agreement	308.5		6.5
Senior unsecured notes	950.0		950.0
Debt issuance costs	(7.8)		(9.0)
Total long-term debt	$	1,681.5	$	1,226.5
Total debt	$	1,693.3	$	1,237.8

Short-Term Debt

Foreign Obligations

Through several of our foreign subsidiaries, we have facilities available to assist us in financing seasonal borrowing needs for our foreign locations. We had no outstanding foreign obligations as of June 30, 2022 or December 31, 2021 and there were no borrowings or repayments on these facilities during the six months ended June 30, 2022.

Long-Term Debt

Asset Securitization Program

Under the Asset Securitization Program (“ASP”), we are eligible to sell beneficial interests in a portion of our trade accounts receivable to a financial institution for cash. The ASP contains a provision whereby we retain the right to repurchase all of the outstanding beneficial interests transferred. As a result of the repurchase right, the transfer of the receivables under the ASP is not accounted for as a sale. Accordingly, the cash received from the transfer of the beneficial interests in our trade accounts receivable is reflected as secured borrowings in the accompanying Consolidated Balance Sheets and proceeds received are included in cash flows from financing activities in the accompanying Consolidated Statements of Cash Flows. Our continued involvement with the transferred assets includes servicing, collection and administration of the transferred beneficial interests. The accounts receivable securitized under the ASP are high-quality domestic customer accounts that have not aged significantly. The receivables represented by the retained interest that we service are exposed to the risk of loss for any uncollectible amounts in the pool of receivables transferred under the ASP.

We renewed the ASP in November 2021, extending its term to November 2023 and increasing the maximum securitization amount to a range from $300.0 million to $450.0 million, depending on the period. The maximum capacity under the ASP is the lesser of the maximum securitization amount or 100% of the net pool balance less allowances, as defined by the ASP. Eligibility for securitization is limited based on the amount and quality of the qualifying accounts receivable and is calculated monthly. The eligible amounts available and beneficial interests sold were as follows (in millions):


	As of June 30, 2022		As of December 31, 2021
Eligible amount available under the ASP on qualified accounts receivable	$	400.0	$	335.6
Less: Beneficial interest transferred	(400.0)		(250.0)
Remaining amount available	$	—	$	85.6

We pay certain discount fees to use the ASP and to have the facility available to us. These fees relate to both the used and unused portions of the securitization. The used fee is based on the beneficial interests sold and calculated on either the average LIBOR rate or floating commercial paper rate determined by the purchaser of the beneficial interest, plus a program fee of 0.70%. The average rates as of June 30, 2022 and December 31, 2021 were 2.37% and 0.82%, respectively. The unused fee is based on 101% of the maximum available amount less the beneficial interest transferred and is calculated at a rate ranging between 0.25% and 0.35%, depending on the available borrowings, throughout the term of the agreement. We recorded these fees in Interest expense, net in the accompanying Consolidated Statements of Operations.

The ASP contains certain restrictive covenants relating to the quality of our accounts receivable and cross-default provisions with our Credit Agreement (as defined below), senior unsecured notes and any other indebtedness we may have over $75.0 million. The administrative agent under the ASP is also a participant in our Credit Agreement, as defined below. The participating financial institutions have investment grade credit ratings. As of June 30, 2022, we believe we were in compliance with all covenant requirements.

Domestic Credit Facility

In July 2021, we entered into a new domestic credit facility (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, which refinanced and replaced the Seventh Amended and Restated Credit Facility.

The Credit Agreement consists of a $750.0 million unsecured revolving credit facility. We had outstanding borrowings of $308.5 million as well as $2.0 million committed to standby letters of credit as of June 30, 2022. Subject to covenant limitations, $439.5 million was available for future borrowings. The Credit Agreement will expire and outstanding loans will be required to be repaid in July 2026, unless maturity is extended by the lenders pursuant to two one-year extension options that we may request under the Credit Agreement.

Our weighted average borrowing rate on the facility was as follows:


	As of June 30, 2022		As of December 31, 2021
Weighted average borrowing rate	2.53	%	1.38	%

The Credit Agreement is guaranteed by certain of our subsidiaries and contains customary covenants applicable to us and our subsidiaries including limitations on indebtedness, liens, dividends, stock repurchases, mergers and sales of all or substantially all of our assets. In addition, the Credit Agreement contains a financial covenant requiring us to maintain, as of the last day of each fiscal quarter for the four prior fiscal quarters, a Total Net Leverage Ratio of no more than 3.50 to 1.00 (or, at our election, on up to two occasions following a material acquisition, 4.00 to 1.00).

The Credit Agreement contains customary events of default. These events of default include nonpayment of principal or interest, breach of covenants or other restrictions or requirements, default on certain other indebtedness or receivables securitization (cross default), and bankruptcy. A cross default under our Credit Agreement could occur if:

• We fail to pay any principal or interest when due on any other indebtedness or receivables securitization exceeding $75.0 million; or

• We are in default in the performance of, or compliance with any term of any other indebtedness or receivables securitization in an aggregate principal amount exceeding $75.0 million or any other condition exists which would give the holders the right to declare such indebtedness due and payable prior to its stated maturity.

Each of our major debt agreements contains provisions by which a default under one agreement causes a default in the others (a “cross default”). If a cross default under the Credit Agreement, our senior unsecured notes, our lease of our corporate headquarters in Richardson, Texas (recorded as an operating lease), or our ASP were to occur, it could have a wider impact on our liquidity than might otherwise occur from a default of a single debt instrument or lease commitment.

If any event of default occurs and is continuing, the administrative agent, or lenders with a majority of the aggregate commitments may require the administrative agent to, terminate our right to borrow under our Credit Agreement and accelerate amounts due under our Credit Agreement (except for a bankruptcy event of default, in which case such amounts will automatically become due and payable and the lenders’ commitments will automatically terminate). As of June 30, 2022, we believe we were in compliance with all covenant requirements.

Senior Unsecured Notes

We issued two series of senior unsecured notes on July 30, 2020 for $300.0 million each, which will mature on August 1, 2025 (the "2025 Notes") and August 1, 2027 (the "2027 Notes") with interest being paid semi-annually on February and August at 1.35% and 1.70% respectively, per annum. We also issued $350.0 million of senior unsecured notes in November 2016 (the "2023 Notes," and together with the 2025 Notes and the 2027 Notes, the "Notes") which will mature on November 15, 2023 with interest being paid semi-annually on May 15 and November 15 at 3.00% per annum.

All the Notes are guaranteed, on a senior unsecured basis, by certain of our subsidiaries that guarantee indebtedness under our Credit Agreement. The indenture governing the Notes contains covenants that, among other things, limit our ability and the ability of the subsidiary guarantors to: create or incur certain liens; enter into certain sale and leaseback transactions; and enter into certain mergers, consolidations and transfers of substantially all of our assets. The indenture also contains a cross default provision which is triggered if we default on other debt of at least $75.0 million in principal which is then accelerated, and such acceleration is not rescinded within 30 days of the notice date. As of June 30, 2022, we believe we were in compliance with all covenant requirements.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Comprehensive Income

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Comprehensive Income

The following table provides information on items reclassified from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,				Affected Line Item(s) in the Consolidated Statements of Operations
	2022		2021		2022		2021
Gains (Losses) on Cash Flow Hedges:
Derivatives contracts	$	8.8	$	9.1	$	16.2	$	13.5	Cost of goods sold; Losses (gains) and other expenses, net
Income tax expense	(2.1)		(2.1)		(3.7)		(3.1)		Provision for income taxes
Net of tax	$	6.7	$	7.0	$	12.5	$	10.4

Defined Benefit Plan items:
Pension and post-retirement benefit costs	$	(1.4)	$	(2.1)	$	(2.9)	$	(4.3)	Other expense (income), net
Pension settlements	(0.2)		—		(0.3)		(0.7)		Pension settlements
Income tax benefit	0.4		0.5		0.8		1.2		Provision for income taxes
Net of tax	$	(1.2)	$	(1.6)	$	(2.4)	$	(3.8)






Total reclassifications from AOCL	$	5.5	$	5.4	$	10.1	$	6.6

The following table provides information on changes in AOCL, by component (net of tax), for the six months ended June 30, 2022 (in millions):


	Gains (Losses) on Cash Flow Hedges		Share of equity method investments other comprehensive income		Defined Benefit Pension Plan Items		Foreign Currency Translation Adjustments		Total AOCL
Balance as of December 31, 2021	$	10.7	$	(1.2)	$	(68.8)	$	(28.8)	$	(88.1)
Other comprehensive (loss) income before reclassifications	(8.9)		0.7		(2.4)		(9.1)		(19.7)
Amounts reclassified from AOCL	(12.5)		—		2.4		—		(10.1)
Net other comprehensive (loss) income	(21.4)		0.7		—		(9.1)		(29.8)
Balance as of June 30, 2022	$	(10.7)	$	(0.5)	$	(68.8)	$	(37.9)	$	(117.9)

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Hierarchy

The methodologies used to determine the fair value of our financial assets and liabilities at June 30, 2022 were the same as those used at December 31, 2021.

Assets and Liabilities Carried at Fair Value on a Recurring Basis

Derivatives were classified as Level 2 and primarily valued using estimated future cash flows based on observed prices from exchange-traded derivatives. We also considered the counterparty's creditworthiness, or our own creditworthiness, as appropriate. Adjustments were recorded to reflect the risk of credit default, however, they were insignificant to the overall value of the derivatives. Refer to Note 7 for more information related to our derivative instruments.

Other Fair Value Disclosures

The carrying amounts of Cash and cash equivalents, Short-term investments, Accounts and notes receivable, net, Accounts payable, and Short-term debt approximate fair value due to the short maturities of these instruments. The carrying amount of our Credit Agreement in Long-term debt also approximates fair value due to its variable-rate characteristics.

The fair value of our senior unsecured notes in Long-term debt, classified as Level 2, was based on the amount of future cash flows using current market rates for debt instruments of similar maturities and credit risk. The following table presents their fair value (in millions):


	As of June 30, 2022		As of December 31, 2021
Senior unsecured notes	$	887.8	$	959.2

Segment Reporting, Measurement Disclosures [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

General (Policies)	6 Months Ended
General (Policies)	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of June 30, 2022, the accompanying unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021, the accompanying unaudited Consolidated Statements of Stockholders' Deficit for the three and six months ended June 30, 2022 and 2021, and the accompanying unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 should be read in conjunction with our audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The accompanying consolidated financial statements contain all material adjustments, consisting principally of normal recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations, although we believe that the disclosures herein are adequate to make the information presented not misleading. The operating results for the interim periods are not necessarily indicative of the results that may be expected for a full year. Our fiscal quarterly periods are comprised of approximately 13 weeks, but the number of days per quarter may vary year-over-year. Our quarterly reporting periods usually end on the Saturday closest to the last day of March, June and September. Our fourth quarter and fiscal year ends on December 31, regardless of the day of the week on which December 31 falls. For convenience, the 13-week periods comprising each fiscal quarter are denoted by the last day of the respective calendar quarter.
Use of Estimates	Use of Estimates The preparation of financial statements requires us to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, inventories, goodwill, intangible assets and other long-lived assets, contingencies, guarantee obligations, indemnifications, and assumptions used in the calculation of income taxes, pension and post-retirement medical benefits, self-insurance and warranty reserves, and stock-based compensation, among others. These estimates and assumptions are based on our best estimates and judgment. We evaluate these estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. We believe these estimates and assumptions to be reasonable under the circumstances and will adjust such estimates and assumptions when facts and circumstances dictate. Volatile equity, foreign currency and commodity markets combine to increase the uncertainty inherent in such estimates and assumptions. Future events and their effects cannot be determined with precision and actual results could differ significantly from these estimates. Changes in these estimates will be reflected in the financial statements in future periods.
Recent Accounting Pronouncements
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various tenors (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments. We lease certain real and personal property under non-cancelable operating leases. Approximately 79% of our right-of-use assets and lease liabilities relate to our leases of real estate with the remaining amounts primarily relating to our leases of IT equipment, fleet vehicles and manufacturing and distribution equipment.

Commitment and Contingencies (Policies)	6 Months Ended
Commitment and Contingencies (Policies)	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various tenors (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments. We lease certain real and personal property under non-cancelable operating leases. Approximately 79% of our right-of-use assets and lease liabilities relate to our leases of real estate with the remaining amounts primarily relating to our leases of IT equipment, fleet vehicles and manufacturing and distribution equipment.

Reportable Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Summary of segment description

The following table describes each segment:

Segment

Product or Services

Markets Served

Geographic Areas

Residential Heating & Cooling

Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies

Residential Replacement;
Residential New Construction

United States
Canada

Commercial Heating & Cooling

Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, and variable refrigerant flow commercial products

Light Commercial

United States
Canada

Refrigeration

Condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls, and compressorized racks

Light Commercial;
Food Preservation;
Non-Food/Industrial

United States
Canada
Europe

Net sales and segment profit (loss) and reconciliation of segment profit (loss) to income from continuing operations before income taxes

Net sales and segment profit (loss) for each segment, along with a reconciliation of segment profit (loss) to Operating income, are shown below (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Net sales
Residential Heating & Cooling	$	977.5	$	838.0	$	1,659.6	$	1,444.2
Commercial Heating & Cooling	219.6		252.8		407.3		452.0
Refrigeration	169.2		148.2		312.8		273.2
	$	1,366.3	$	1,239.0	$	2,379.7	$	2,169.4

Segment profit (loss) (1)
Residential Heating & Cooling	$	216.3	$	189.7	$	324.0	$	286.1
Commercial Heating & Cooling	17.2		45.3		23.5		72.6
Refrigeration	23.4		13.5		37.5		21.4
Corporate and other	(27.1)		(26.9)		(40.6)		(42.9)
Total segment profit	229.8		221.6		344.4		337.2
Reconciliation to Operating income:





Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)	2.4		4.4		4.6		5.9
Restructuring charges	0.5		1.2		1.0		1.3
Operating income	$	226.9	$	216.0	$	338.8	$	330.0

(1) We define segment profit (loss) as a segment's operating income included in the accompanying Consolidated Statements of Operations, excluding:

◦The following items in Losses (gains) and other expenses, net:

▪Net change in unrealized losses (gains) on unsettled futures contracts,

▪Environmental liabilities and special litigation charges,

▪Charges incurred related to COVID-19 pandemic, and

▪Other items, net,

◦Special product quality adjustments, and

◦Restructuring charges.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Computations of basic and diluted loss per share for loss from continuing operations

The computations of basic and diluted earnings per share were as follows (in millions, except per share data):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Net income	$	177.2	$	170.0	$	260.8	$	254.2



Weighted-average shares outstanding – basic	35.6		37.4		36.0		37.7
Add: Potential effect of dilutive securities attributable to stock-based payments	0.1		0.3		0.1		0.3
Weighted-average shares outstanding – diluted	35.7		37.7		36.1		38.0




Earnings per share – Basic:	$	4.97	$	4.55	$	7.25	$	6.74




Earnings per share – Diluted:	$	4.96	$	4.51	$	7.23	$	6.70

Stock appreciation rights were outstanding, but not included in the diluted loss per share calculation


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2022	2021	2022	2021
Weighted-average number of shares	0.3	—	0.3	—
Price per share	$257.08-$328.65	$—	$257.08-$328.65	$—

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Summary of changes in the total warranty liabilities

Liabilities for estimated product warranty costs related to continuing operations are included in the following captions on the accompanying Consolidated Balance Sheets (in millions):


	As of June 30, 2022		As of December 31, 2021
Accrued expenses	$	39.5	$	37.2
Other liabilities	109.4		97.0
Total warranty liability	$	148.9	$	134.2

The changes in product warranty liabilities related to continuing operations for the six months ended June 30, 2022 were as follows (in millions):



Total warranty liability as of December 31, 2021	$	134.2
Warranty claims paid	(16.5)
Changes resulting from issuance of new warranties	27.6
Changes in estimates associated with pre-existing liabilities	4.3
Changes in foreign currency translation rates and other	(0.7)

Total warranty liability as of June 30, 2022	$	148.9

Schedule of probable insurance recoveries

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Revenue from External Customers by Geographic Areas [Table Text Block]


	For the Three Months Ended June 30, 2022
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	901.8	$	207.2	$	107.7	$	1,216.7
Canada	75.7		12.4		—		88.1
Other international	—		—		61.5		61.5
Total	$	977.5	$	219.6	$	169.2	$	1,366.3


	For the Three Months Ended June 30, 2021
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	763.0	$	228.7	$	82.2	$	1,073.9
Canada	75.0		23.9		—		98.9
Other international	—		0.2		66.0		66.2
Total	$	838.0	$	252.8	$	148.2	$	1,239.0



	For the Six Months Ended June 30, 2022
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	1,531.4	$	384.0	$	199.6	$	2,115.0
Canada	128.2		22.8		—		151.0
Other international	—		0.5		113.2		113.7
Total	$	1,659.6	$	407.3	$	312.8	$	2,379.7



	For the Six Months Ended June 30, 2021
Primary Geographic Markets	Residential Heating & Cooling		Commercial Heating & Cooling		Refrigeration		Consolidated
United States	$	1,321.8	$	411.0	$	157.9	$	1,890.7
Canada	122.4		40.8		—		163.2
Other international	—		0.2		115.3		115.5
Total	$	1,444.2	$	452.0	$	273.2	$	2,169.4

Contract with Customer, Asset and Liability [Table Text Block]

Net contract liabilities consisted of the following:


	June 30, 2022		December 31, 2021		$ Change		% Change

Contract liabilities - current	$	(11.6)	$	(10.2)	$	(1.4)	13.9	%
Contract liabilities - noncurrent	(5.8)		(5.5)		(0.3)		6.0	%
Total	$	(17.4)	$	(15.7)	$	(1.7)

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Components of inventories

The components of inventories are as follows (in millions):



	As of June 30, 2022		As of December 31, 2021
Finished goods	$	449.6	$	310.8
Work in process	12.3		12.4
Raw materials and parts	322.0		262.1
Subtotal	783.9		585.3
Excess of current cost over last-in, first-out cost	(91.1)		(74.4)
Total inventories, net	$	692.8	$	510.9

Goodwill (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill in 2022, in total and by segment, are summarized in the table below (in millions):


	Balance at December 31, 2021		Changes in foreign currency translation rates		Balance at June 30, 2022
Residential Heating & Cooling	$	26.1	$	—	$	26.1
Commercial Heating & Cooling	61.1		—		61.1
Refrigeration	99.4		(0.4)		99.0
Total Goodwill	$	186.6	$	(0.4)	$	186.2

Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Amounts related to cash flow hedges

We recorded the following amounts in AOCL related to our cash flow hedges (in millions):


	As of June 30, 2022		As of December 31, 2021
Unrealized losses (gains), net on unsettled contracts	$	14.2	$	(13.4)
Income tax (benefit) expense	(3.5)		2.7
Unrealized losses (gains), net included in AOCL, net of tax (1)	$	10.7	$	(10.7)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Schedule of stock -based compensation expense in operations

Stock-based compensation expense related to continuing operations is included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations as follows (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Stock-based compensation expense (1)	$	5.9	$	8.9	$	10.6	$	17.5

(1) All expense was recorded in our Corporate and Other business segment.

Pension Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Components of net periodic benefit cost

The components of net periodic benefit cost for pension benefits were as follows (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Service cost	$	1.1	$	1.5	$	2.1	$	3.1
Interest cost	1.5		1.5		3.0		3.1
Expected return on plan assets	(2.3)		(2.7)		(4.6)		(5.5)
Amortization of prior service cost	—		0.1		—		0.1
Recognized actuarial loss	1.3		2.1		2.9		4.2
Other	—		—		(0.1)		(0.3)
Settlements and curtailments	0.2		—		0.3		0.7
Net periodic benefit cost	$	1.8	$	2.5	$	3.6	$	5.4

Lines of Credit and Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of outstanding debt obligations

The following table summarizes our outstanding debt obligations and their classification in the accompanying Consolidated Balance Sheets (in millions):



	As of June 30, 2022		As of December 31, 2021





Current maturities of long-term debt:





Total current maturities of long-term debt	$	11.8	$	11.3
Long-Term Debt:
Asset securitization program	$	400.0	$	250.0
Finance lease obligations	30.8		29.0
Credit Agreement	308.5		6.5
Senior unsecured notes	950.0		950.0
Debt issuance costs	(7.8)		(9.0)
Total long-term debt	$	1,681.5	$	1,226.5
Total debt	$	1,693.3	$	1,237.8

Eligible amounts available and beneficial interests sold


	As of June 30, 2022		As of December 31, 2021
Eligible amount available under the ASP on qualified accounts receivable	$	400.0	$	335.6
Less: Beneficial interest transferred	(400.0)		(250.0)
Remaining amount available	$	—	$	85.6

Summary of weighted average borrowing rate facility

Our weighted average borrowing rate on the facility was as follows:


	As of June 30, 2022		As of December 31, 2021
Weighted average borrowing rate	2.53	%	1.38	%

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Reclassification out of accumulated other comprehensive income

The following table provides information on items reclassified from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,				Affected Line Item(s) in the Consolidated Statements of Operations
	2022		2021		2022		2021
Gains (Losses) on Cash Flow Hedges:
Derivatives contracts	$	8.8	$	9.1	$	16.2	$	13.5	Cost of goods sold; Losses (gains) and other expenses, net
Income tax expense	(2.1)		(2.1)		(3.7)		(3.1)		Provision for income taxes
Net of tax	$	6.7	$	7.0	$	12.5	$	10.4

Defined Benefit Plan items:
Pension and post-retirement benefit costs	$	(1.4)	$	(2.1)	$	(2.9)	$	(4.3)	Other expense (income), net
Pension settlements	(0.2)		—		(0.3)		(0.7)		Pension settlements
Income tax benefit	0.4		0.5		0.8		1.2		Provision for income taxes
Net of tax	$	(1.2)	$	(1.6)	$	(2.4)	$	(3.8)






Total reclassifications from AOCL	$	5.5	$	5.4	$	10.1	$	6.6

Changes in AOCI by component (net of tax)

The following table provides information on changes in AOCL, by component (net of tax), for the six months ended June 30, 2022 (in millions):


	Gains (Losses) on Cash Flow Hedges		Share of equity method investments other comprehensive income		Defined Benefit Pension Plan Items		Foreign Currency Translation Adjustments		Total AOCL
Balance as of December 31, 2021	$	10.7	$	(1.2)	$	(68.8)	$	(28.8)	$	(88.1)
Other comprehensive (loss) income before reclassifications	(8.9)		0.7		(2.4)		(9.1)		(19.7)
Amounts reclassified from AOCL	(12.5)		—		2.4		—		(10.1)
Net other comprehensive (loss) income	(21.4)		0.7		—		(9.1)		(29.8)
Balance as of June 30, 2022	$	(10.7)	$	(0.5)	$	(68.8)	$	(37.9)	$	(117.9)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Other fair value measurements

The following table presents their fair value (in millions):


	As of June 30, 2022		As of December 31, 2021
Senior unsecured notes	$	887.8	$	959.2

Reportable Business Segments (Segment Data) (Details)	3 Months Ended		6 Months Ended
Reportable Business Segments (Segment Data) (Details)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) Segment	Jun. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment			3
Net sales
Net sales	$ 1,366,300,000	$ 1,239,000,000	$ 2,379,700,000	$ 2,169,400,000
Segment profit (loss)
Total segment profit	229,800,000	221,600,000	344,400,000	337,200,000
Reconciliation to Operating income:
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss)	2,400,000	4,400,000	4,600,000	5,900,000
Restructuring charges	500,000	1,200,000	1,000,000.0	1,300,000
Operating income	226,900,000	216,000,000.0	338,800,000	330,000,000.0
Residential Heating & Cooling [Member]
Net sales
Net sales	977,500,000	838,000,000.0	1,659,600,000	1,444,200,000
Segment profit (loss)
Total segment profit	216,300,000	189,700,000	324,000,000.0	286,100,000
Residential Heating & Cooling [Member] \| Sales Channel, Directly to Consumer [Member]
Reconciliation to Operating income:
Revenue from Contract with Customer, Excluding Assessed Tax	0.70	0.76	0.69	0.72
Commercial Heating & Cooling
Net sales
Net sales	219,600,000	252,800,000	407,300,000	452,000,000.0
Segment profit (loss)
Total segment profit	17,200,000	45,300,000	23,500,000	72,600,000
Commercial Heating & Cooling \| Equipment Sales
Reconciliation to Operating income:
Revenue from Contract with Customer, Excluding Assessed Tax	0.81	0.85	0.81	0.84
Refrigeration [Member]
Net sales
Net sales	169,200,000	148,200,000	312,800,000	273,200,000
Segment profit (loss)
Total segment profit	23,400,000	13,500,000	37,500,000	21,400,000
Corporate & Other [Member]
Segment profit (loss)
Total segment profit	$ 27,100,000	$ 26,900,000	$ 40,600,000	$ 42,900,000

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 177.2	$ 170.0	$ 260.8	$ 254.2
Weighted average number of shares outstanding, basic (in shares)	35.6	37.4	36.0	37.7
Add: Potential effect of dilutive securities attributable to stock-based payments	0.1	0.3	0.1	0.3
Weighted-average shares outstanding – diluted	35.7	37.7	36.1	38.0
Earnings per share, basic (in dollars per share)	$ 4.97	$ 4.55	$ 7.25	$ 6.74
Earnings per share, diluted (in dollars per share)	$ 4.96	$ 4.51	$ 7.23	$ 6.70

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
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Earnings Per Share (Excluded from Diluted Earnings Per Share Calculation) (Details) - $ / shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average number of shares	0.3	0.0	0.3	0.0
Price range per share (in dollars per share)		$ 0		$ 0
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Price range per share (in dollars per share)	$ 257.08		$ 257.08
Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Price range per share (in dollars per share)	$ 328.65		$ 328.65

Commitments and Contingencies (Liabilities for Estimated Product Warranty Costs) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Total liabilities for estimated warranty
Accrued expenses	$ 39.5	$ 37.2
Other liabilities	109.4	97.0
Total warranty liability	$ 148.9	$ 134.2

Commitments and Contingencies (Changes in Product Warranty Liabilities) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss)	$ (0.7)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Total warranty liability, beginning balance	(134.2)
Warranty claims paid	(16.5)
Changes resulting from issuance of new warranties	27.6
Total warranty liability, ending balance	(148.9)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ 4.3

Commitments and Contingencies (Narrative) (Details)	Jun. 30, 2022
Loss Contingencies [Line Items]
Operating lease, right-of-use asset, percentage related to leases of real estate	0.79

Stock Repurchases (Details) - USD ($) shares in Millions	1 Months Ended		2 Months Ended	3 Months Ended	6 Months Ended
Stock Repurchases (Details) - USD ($) shares in Millions	May 31, 2022	Feb. 28, 2022	Jun. 30, 2022	Apr. 25, 2022	Jun. 30, 2022	Jun. 30, 2021	Jul. 09, 2021
Stock repurchase program, authorized amount			$ 4,000,000,000		$ 4,000,000,000		$ 1,000,000,000
Stock repurchase program, remaining authorized amount			$ 546,000,000		546,000,000
Stock repurchased during period, value	$ 100,000,000	$ 200,000,000
Percentage of accelerated share repurchases of shares expected to be repurchased	85.00%	87.00%
Stock repurchased during period, shares (in shares)			0.5	0.8
Shares repurchased from employees who surrendered shares to satisfy minimum tax withholding obligations, value					$ 5,100,000	$ 10,200,000

Revenue Recognition (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue Recognition (Narrative) (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 2,100,000	$ 800,000	$ 5,900,000	$ 2,400,000
Residential Heating and Cooling [Member] \| Sales Channel, Directly to Consumer [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.70	0.76	0.69	0.72
Commercial Heating and Cooling \| Equipment Sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0.81	$ 0.85	$ 0.81	$ 0.84

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Revenue Recognition (Revenue by Business Segment by Geography) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 2,100,000	$ 800,000	$ 5,900,000	$ 2,400,000
Revenue, Net	1,366,300,000	1,239,000,000	2,379,700,000	2,169,400,000
Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	977,500,000	838,000,000.0	1,659,600,000	1,444,200,000
Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	219,600,000	252,800,000	407,300,000	452,000,000.0
Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	169,200,000	148,200,000	312,800,000	273,200,000
Sales Channel, Directly to Consumer [Member] \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.70	0.76	0.69	0.72
Equipment Sales \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.81	0.85	0.81	0.84
International [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	61,500,000	66,200,000	113,700,000	115,500,000
International [Member] \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0	0	0
International [Member] \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	0	200,000	500,000	200,000
International [Member] \| Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	61,500,000	66,000,000.0	113,200,000	115,300,000
CANADA
Disaggregation of Revenue [Line Items]
Revenue, Net	88,100,000	98,900,000	151,000,000.0	163,200,000
CANADA \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	75,700,000	75,000,000.0	128,200,000	122,400,000
CANADA \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	12,400,000	23,900,000	22,800,000	40,800,000
CANADA \| Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0	0	0
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue, Net	1,216,700,000	1,073,900,000	2,115,000,000	1,890,700,000
UNITED STATES \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	901,800,000	763,000,000.0	1,531,400,000	1,321,800,000
UNITED STATES \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	207,200,000	228,700,000	384,000,000.0	411,000,000.0
UNITED STATES \| Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	$ 107,700,000	$ 82,200,000	$ 199,600,000	$ 157,900,000

Revenue Recognition (Net Contract Assets (Liabilities)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 2.1	$ 0.8	$ 5.9	$ 2.4
Contract with Customer, Liability, Current	(11.6)		(11.6)		$ (10.2)
Contract with Customer, Liability, Current, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized			$ (1.4)
Contract with Customer, Liability, Current, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized, Percent			13.90%
Contract with Customer, Liability, Noncurrent	(5.8)		$ (5.8)		(5.5)
Contract with Customer, Liability, Noncurrent, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized			$ (0.3)
Contract with Customer, Liability, Noncurrent, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized, Percent			6.00%
Contract with Customer, Asset (Liability), Net	$ (17.4)		$ (17.4)		$ (15.7)
Contract with Customer, Asset (Liability), Change in Timeframe, Performance Obligation Satisfied Revenue Recognized			$ (1.7)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Components of inventories
Finished goods	$ 449.6	$ 310.8
Work in process	12.3	12.4
Raw materials and parts	322.0	262.1
Subtotal	783.9	585.3
Excess of current cost over last-in, first-out cost	(91.1)	(74.4)
Total inventories, net	$ 692.8	$ 510.9

Goodwill (Details) $ in Millions	6 Months Ended
Goodwill (Details) $ in Millions	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 186.6
Changes in foreign currency translation rates	(0.4)
Goodwill, Ending Balance	186.2
Residential Heating & Cooling [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	26.1
Changes in foreign currency translation rates	0.0
Goodwill, Ending Balance	26.1
Commercial Heating & Cooling
Goodwill [Roll Forward]
Goodwill, Beginning Balance	61.1
Changes in foreign currency translation rates	0.0
Goodwill, Ending Balance	61.1
Refrigeration [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	99.4
Changes in foreign currency translation rates	(0.4)
Goodwill, Ending Balance	$ 99.0

Derivatives (AOCL Related to Cash Flow Hedges) (Details) - Cash Flow Hedge [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized losses (gains), net on unsettled contracts	$ 14.2	$ (13.4)
Losses included in AOCL, net of tax	10.7	(10.7)
Accumulated Other Comprehensive Income (Loss) Cumulative, Changes In Net Gain (Loss) From Cash Flow Hedges Provision (Benefit) For Tax	(3.5)	$ 2.7
Cash flow hedge derivative losses expected to be reclassified into earnings within the next 12 months	$ (9.1)

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 5.9	$ 8.9	$ 10.6	$ 17.5

Pension Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pension Benefit Plans (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 1.1	$ 1.5	$ 2.1	$ 3.1
Interest cost	1.5	1.5	3.0	3.1
Expected return on plan assets	(2.3)	(2.7)	(4.6)	(5.5)
Amortization of prior service cost	0.0	0.1	0.0	0.1
Recognized actuarial loss	1.3	2.1	2.9	4.2
Other	0.0	0.0	(0.1)	(0.3)
Settlements and curtailments	0.2	0.0	0.3	0.7
Net periodic benefit cost	$ 1.8	$ 2.5	$ 3.6	$ 5.4

Income Taxes (Details) $ in Millions	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 3.6

Lines of Credit and Financing Arrangements (Outstanding Debt Obligations) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Nov. 01, 2016
Current maturities of long-term debt:
Total current maturities of long-term debt	$ 11,800,000	$ 11,300,000
Long-Term Debt:
Asset securitization program	400,000,000.0	250,000,000.0
Finance lease obligations	30,800,000	29,000,000.0
Debt issuance costs	(7,800,000)	(9,000,000.0)
Total long-term debt	1,681,500,000	1,226,500,000
Total debt	1,693,300,000	1,237,800,000
Domestic Credit Facility
Long-Term Debt:
Domestic credit facility and senior unsecured notes	308,500,000	6,500,000
Senior Unsecured Notes
Long-Term Debt:
Domestic credit facility and senior unsecured notes	950,000,000.0	950,000,000.0
Debt instrument, interest rate, stated percentage			3.00%
Foreign Obligations [Member]
Long-Term Debt:
Short-term Debt	$ 0	$ 0

Lines of Credit and Financing Arrangements (Foreign Obligations) (Details) - Foreign Obligations [Member] - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Short-term Debt [Line Items]
Short-term Debt	$ 0	$ 0
Short-term debt borrowings	0
Repayments on facilities	$ 0

Lines of Credit and Financing Arrangements (Asset Securitization Program) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 0	$ 85,600,000
Maximum securitization as percentage of net pool balance	100.00%
Program fee percentage	0.70%
Average floating commercial paper rate (as a percent)	2.37%	0.82%
Unused fee (as a percent)	101.00%
Senior Unsecured Notes
Line of Credit Facility [Line Items]
Minimum principal amount accelerated	$ 75,000,000
Minimum
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 300,000,000
Fixed rate of agreement (as a percent)	0.25%
Maximum
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 450,000,000
Fixed rate of agreement (as a percent)	0.35%

Lines of Credit and Financing Arrangements (Eligible Amounts Available and Beneficial Interest Sold) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Eligible amounts available and beneficial interests sold
Eligible amount available under the ASP on qualified accounts receivable	$ 400.0	$ 335.6
Less: Beneficial interest transferred	(400.0)	(250.0)
Remaining amount available	$ 0.0	$ 85.6

Lines of Credit and Financing Arrangements (Domestic Credit Facility) (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) extension	Jul. 31, 2021	Jul. 30, 2020 USD ($)	Nov. 01, 2016
Medium-term Notes \| Domestic Credit Facility
Line of Credit Facility [Line Items]
Face amount of debt			$ 750,000,000
Senior Notes [Member]
Line of Credit Facility [Line Items]
Minimum principal amount accelerated	$ 75,000,000
Debt instrument, interest rate, stated percentage				3.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Outstanding borrowings	308,500,000
Committed standby letters of credit	2,000,000
Available for future borrowings	$ 439,500,000
Debt instrument, number of extension options \| extension	2
Debt instrument, term of extension options	1 year
Debt instrument, covenant, net leverage ratio		3.50
Debt instrument, covenant, net leverage ratio following material acquisition		4.00
2025 Notes [Member] \| Senior Notes [Member]
Line of Credit Facility [Line Items]
Face amount of debt			$ 300,000,000
Debt instrument, interest rate, stated percentage			1.35%
2027 Notes [Member] \| Senior Notes [Member]
Line of Credit Facility [Line Items]
Face amount of debt			$ 300,000,000
Debt instrument, interest rate, stated percentage			1.70%

Lines of Credit and Financing Arrangements (Weighted Average Borrowing Rate) (Details)	Jun. 30, 2022	Dec. 31, 2021
Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average borrowing rate	2.53%	1.38%

Lines of Credit and Financing Arrangements (Senior Unsecured Notes) (Details) - Senior Unsecured Notes	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022 USD ($)	Jul. 30, 2020 USD ($)	Nov. 01, 2016 USD ($) debtSeries
Debt Instrument [Line Items]
Fixed interest rate for senior unsecured notes (as a percent)				3.00%
Maturity date of senior unsecured notes	Nov. 15, 2023
Minimum principal amount accelerated		$ 75,000,000
Notice period		30 days
2025 Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes			$ 300,000,000
Fixed interest rate for senior unsecured notes (as a percent)			1.35%
2027 Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes			$ 300,000,000
Fixed interest rate for senior unsecured notes (as a percent)			1.70%
2023 Notes [Member]
Debt Instrument [Line Items]
Number of senior unsecured notes \| debtSeries				2
Senior unsecured notes				$ 350,000,000

Comprehensive Income (Reclassification out of AOCL) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	$ (969.2)	$ (855.8)	$ (1,714.4)	$ (1,529.7)
Income tax expense	(40.1)	(38.7)	(60.9)	(60.9)
Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	5.5	5.4	10.1	6.6
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| (Losses)/Gains on Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	(2.1)	(2.1)	(3.7)	(3.1)
Net of tax	6.7	7.0	12.5	10.4
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| (Losses)/Gains on Cash Flow Hedges [Member] \| Commodity Futures Contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	8.8	9.1	16.2	13.5
Reclassification out of Accumulated Other Comprehensive Loss [Member] \| Defined Benefit Plan Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	(1.4)	(2.1)	(2.9)	(4.3)
Income tax expense	0.4	0.5	0.8	1.2
Net of tax	$ (1.2)	$ (1.6)	$ (2.4)	$ (3.8)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Comprehensive Income (Changes in AOCL) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	$ (88.1)
Other comprehensive (loss) income before reclassifications	(19.7)
Amounts reclassified from AOCL	(10.1)
Net other comprehensive (loss) income	(29.8)
Balance as of end of period	(117.9)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
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Balance as of end of period	(10.7)
Defined Benefit Pension Plan Items [Member]
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Net other comprehensive (loss) income	0.0
Balance as of end of period	(68.8)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(28.8)
Other comprehensive (loss) income before reclassifications	(9.1)
Amounts reclassified from AOCL	0.0
Net other comprehensive (loss) income	(9.1)
Balance as of end of period	(37.9)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(1.2)
Other comprehensive (loss) income before reclassifications	0.7
Amounts reclassified from AOCL	0.0
Net other comprehensive (loss) income	0.7
Balance as of end of period	$ (0.5)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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