0001628280-23-025847 | 10-Q | XBRL Viewer

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		As of December 31, 2022
Accrued expenses	$	44.2	$	41.3
Other liabilities	102.5		101.4
Total warranty liability	$	146.7	$	142.7

The changes in product warranty liabilities related to continuing operations for the six months ended June 30, 2023 were as follows (in millions):



Total warranty liability as of December 31, 2022	$	142.7
Warranty claims paid	(19.3)
Changes resulting from issuance of new warranties	28.5
Changes in estimates associated with pre-existing liabilities	(5.5)
Changes in foreign currency translation rates and other	0.3

Total warranty liability as of June 30, 2023	$	146.7

Schedule of probable insurance recoveries

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 51.4	$ 52.6
Short-term investments	7.2	8.5
Accounts and notes receivable, net of allowances of $17.0 and $15.5 in 2023 and 2022, respectively	843.6	608.5
Inventories, net	856.0	753.0
Other assets	68.6	73.9
Total current assets	1,826.8	1,496.5
Property, plant and equipment, net of accumulated depreciation of $953.4 and $920.8 in 2023 and 2022, respectively	608.5	548.9
Right-of-use assets from operating leases	214.2	219.9
Goodwill	186.4	186.3
Deferred income taxes	46.3	27.5
Other assets, net	99.1	88.5
Total assets	2,981.3	2,567.6
Current Liabilities:
Current maturities of long-term debt	761.3	710.6
Current operating lease liabilities	63.2	63.3
Accounts payable	470.1	427.3
Accrued expenses	425.5	376.9
Income taxes payable	21.8	17.6
Total current liabilities	1,741.9	1,595.7
Long-term debt	817.7	814.2
Long-term operating lease liabilities	159.6	161.8
Pensions	39.6	40.1
Other liabilities	159.9	158.9
Total liabilities	2,918.7	2,770.7
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value, 200,000,000 shares authorized, 87,170,197 shares issued	0.9	0.9
Additional paid-in capital	1,169.3	1,155.2
Retained earnings	3,309.0	3,070.6
Accumulated other comprehensive loss	(75.8)	(90.6)
Treasury stock, at cost, 51,658,951 shares and 51,700,260 shares for 2023 and 2022, respectively	4,340.8	4,339.2
Total stockholders' equity (deficit)	62.6	(203.1)
Total liabilities and stockholders' equity (deficit)	$ 2,981.3	$ 2,567.6

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 14, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-15149
Entity Registrant Name	LENNOX INTERNATIONAL INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-0991521
Entity Address, Address Line One	2140 LAKE PARK BLVD.
Entity Address, City or Town	RICHARDSON
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75080
City Area Code	972
Local Phone Number	497-5000
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	LII
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,514,352
Entity Central Index Key	0001069202
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Derivatives (AOCL Related to Cash Flow Hedges) (Details) - Cash Flow Hedge [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized losses (gains), net on unsettled contracts	$ 5.4	$ 6.3
Losses included in AOCL, net of tax	4.4	4.9
Accumulated Other Comprehensive Income (Loss) Cumulative, Changes In Net Gain (Loss) From Cash Flow Hedges Provision (Benefit) For Tax	(1.0)	$ (1.4)
Cash flow hedge derivative losses expected to be reclassified into earnings within the next 12 months	$ (3.9)

General	6 Months Ended
General	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	1. General: References in this Quarterly Report on Form 10-Q to "we","our","us","LII" or the "Company" refer to Lennox International Inc. and its subsidiaries, unless the context requires otherwise. Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of June 30, 2023, the accompanying unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022, the accompanying unaudited Consolidated Statements of Stockholders' Equity (Deficit) for the three and six months ended June 30, 2023 and 2022, and the accompanying unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 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, 2022. 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 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.

Lines of Credit and Financing Arrangements (Foreign Obligations) (Details) - Foreign Obligations - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Short-term Debt	$ 0	$ 0
Short-term debt borrowings	0
Repayments on facilities	$ 0

Revenue Recognition

6 Months Ended

Jun. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

6. 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. All amount presented reflect the revised segment presentation.


	For the Three Months Ended June 30, 2023
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	868.5	$	382.2	$	—	$	1,250.7
Canada	67.7		25.3		—		93.0
Other international	—		—		67.7		67.7
Total	$	936.2	$	407.5	$	67.7	$	1,411.4



	For the Three Months Ended June 30, 2022(1)
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	901.8	$	315.0	$	—	$	1,216.8
Canada	75.7		12.4		—		88.1
Other international	—		—		61.4		61.4
Total	$	977.5	$	327.4	$	61.4	$	1,366.3


	For the Six Months Ended June 30, 2023
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	1,507.8	$	676.7	$	—	$	2,184.5
Canada	109.4		39.4		—		148.8
Other international	—		—		127.4		127.4
Total	$	1,617.2	$	716.1	$	127.4	$	2,460.7



	For the Six Months Ended June 30, 2022 (1)
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	1,531.4	$	583.6	$	—	$	2,115.0
Canada	128.2		22.8		—		151.0
Other international	—		0.5		113.2		113.7
Total	$	1,659.6	$	606.9	$	113.2	$	2,379.7

(1) As discussed in Note 2, we adjusted our segment reporting to include the results of our Heatcraft businesses in Commercial and the results of our European portfolio in Corporate and Other. The amounts for the three and six months ended June 30, 2022 have been recast to reflect the revised segment presentation.

Residential - 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, 2023 and 2022, direct sales represented 76% and 70% of revenues, and sales to independent distributors represented the remainder. For the six months ended June 30, 2023 and 2022, direct sales represented 73% and 69% of revenues, and sales to independent distributors represented the remainder.

Commercial - 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. We manufacture and market equipment for the 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. 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, 2023 and 2022, equipment sales represented 87% and 88% of revenues and the remainder of our revenue was generated from our service business. For the six months ended June 30, 2023 and 2022, equipment sales represented 86% and 87% of revenues and the remainder of our revenue was generated from our service business.

Corporate and Other - In Europe, we manufacture and market equipment for the global commercial refrigeration markets. We also manufacture and sell unitary heating and cooling products and applied systems. A de minimis amount 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:


	As of June 30, 2023		As of December 31, 2022

Contract liabilities - current	$	(13.4)	$	(9.6)
Contract liabilities - noncurrent	(6.9)		(6.4)
Total	$	(20.3)	$	(16.0)

For the three months ended June 30, 2023 and 2022, we recognized revenue of $1.2 million and $2.1 million and for the six months ended we recognized revenue of $4.2 million and $5.9 million related to our contract liabilities at January 1, 2023 and 2022, respectively. Impairment losses recognized in our receivables and contract assets were de minimis in 2023 and 2022.

- Definition

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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Lines of Credit and Financing Arrangements (Outstanding Debt Obligations) (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Nov. 01, 2016
Current maturities of long-term debt:
Finance lease obligations	$ 11,500,000	$ 11,200,000
Debt issuance costs	200,000	600,000
Total current maturities of long-term debt	761,300,000	710,600,000
Long-Term Debt:
Finance lease obligations	31,000,000.0	28,300,000
Debt issuance costs	(5,300,000)	(6,100,000)
Total long-term debt	817,700,000	814,200,000
Total debt	1,579,000,000	1,524,800,000
Asset Securitization
Current maturities of long-term debt:
Senior unsecured notes	400,000,000.0	350,000,000.0
Senior Unsecured Notes
Current maturities of long-term debt:
Senior unsecured notes	350,000,000.0	350,000,000.0
Long-Term Debt:
Domestic credit facility and senior unsecured notes	600,000,000.0	600,000,000.0
Debt instrument, interest rate, stated percentage			3.00%
Domestic Credit Facility
Long-Term Debt:
Domestic credit facility and senior unsecured notes	192,000,000.0	192,000,000.0
Foreign Obligations
Long-Term Debt:
Short-term Debt	$ 0	$ 0

Comprehensive Income (Changes in AOCL) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	$ (90.6)
Other comprehensive income (loss) before reclassifications	14.0
Amounts reclassified from AOCL	0.8
Net other comprehensive income	14.8
Balance as of end of period	(75.8)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(4.9)
Other comprehensive income (loss) before reclassifications	0.2
Amounts reclassified from AOCL	0.3
Net other comprehensive income	0.5
Balance as of end of period	(4.4)
Defined Benefit Pension Plan Items [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(46.2)
Other comprehensive income (loss) before reclassifications	(0.5)
Amounts reclassified from AOCL	0.5
Net other comprehensive income	0.0
Balance as of end of period	(46.2)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(39.0)
Other comprehensive income (loss) before reclassifications	14.3
Amounts reclassified from AOCL	0.0
Net other comprehensive income	14.3
Balance as of end of period	(24.7)
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	(0.5)
Other comprehensive income (loss) before reclassifications	0.0
Amounts reclassified from AOCL	0.0
Net other comprehensive income	0.0
Balance as of end of period	$ (0.5)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

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

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Comprehensive Income (Reclassification out of AOCL) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	$ (953.6)	$ (969.2)	$ (1,696.2)	$ (1,714.4)
Income tax (expense) benefit	(46.5)	(40.1)	(73.7)	(60.9)
Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	(0.2)	5.5	(0.8)	10.1
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) benefit	0.0	(2.1)	0.1	(3.7)
Net of tax	0.0	6.7	(0.3)	12.5
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	0.0	8.8	(0.4)	16.2
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	(0.2)	(1.4)	(0.4)	(2.9)
Income tax (expense) benefit	0.1	0.4	0.2	0.8
Net of tax	$ (0.2)	$ (1.2)	$ (0.5)	$ (2.4)

- Definition

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

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- Definition

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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+ Details

Fair Value Measurements (Other Fair Value Disclosures) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Level 2 [Member] \| Senior Unsecured Notes [Member]
Other Fair Value Measurements
Senior unsecured notes	$ 883.3	$ 878.0

Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		As of December 31, 2022
Unrealized losses (gains), net on unsettled contracts	$	5.4	$	6.3
Income tax (benefit) expense	(1.0)		(1.4)
Unrealized losses (gains), net included in AOCL, net of tax (1)	$	4.4	$	4.9

(1) Assuming commodity prices and foreign currency exchange rates remain constant, we expect to reclassify $3.9 million of derivative losses as of June 30, 2023 into earnings within the next 12 months.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Allowances, accounts and notes receivable	$ 17.0	$ 15.5
Accumulated depreciation	$ 953.4	$ 920.8
Stockholders' equity (deficit):
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	87,170,197	87,170,197
Treasury stock, shares	51,658,951	51,700,260

Revenue Recognition (Revenue by Business Segment by Geography) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 1,200,000	$ 2,100,000	$ 4,200,000	$ 5,900,000
Revenue, Net	1,411,400,000	1,366,300,000	2,460,700,000	2,379,700,000
Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	936,200,000	977,500,000	1,617,200,000	1,659,600,000
Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	407,500,000	327,400,000	716,100,000	606,900,000
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	67,700,000	61,400,000	127,400,000	113,200,000
Sales Channel, Directly to Consumer \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.76	0.70	0.73	0.69
Equipment Sales \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.87	0.88	0.86	0.87
International [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	67,700,000	61,400,000	127,400,000	113,700,000
International [Member] \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net		0	0	0
International [Member] \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0	0	500,000
International [Member] \| Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	67,700,000	61,400,000	127,400,000	113,200,000
CANADA
Disaggregation of Revenue [Line Items]
Revenue, Net	93,000,000.0	88,100,000	148,800,000	151,000,000.0
CANADA \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	67,700,000	75,700,000	109,400,000	128,200,000
CANADA \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	25,300,000	12,400,000	39,400,000	22,800,000
CANADA \| Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net		0	0	0
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue, Net	1,250,700,000	1,216,800,000	2,184,500,000	2,115,000,000
UNITED STATES \| Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	868,500,000	901,800,000	1,507,800,000	1,531,400,000
UNITED STATES \| Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	$ 382,200,000	315,000,000.0	676,700,000	583,600,000
UNITED STATES \| Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net		$ 0	$ 0	$ 0

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 217.2	$ 177.2	$ 315.2	$ 260.8
Weighted average number of shares outstanding, basic (in shares)	35.5	35.6	35.5	36.0
Add: Potential effect of dilutive securities attributable to stock-based payments	0.1	0.1	0.1	0.1
Weighted-average shares outstanding – diluted	35.6	35.7	35.6	36.1
Earnings per share - Basic (in dollars per share)	$ 6.12	$ 4.97	$ 8.88	$ 7.25
Earnings per share - Diluted (in dollars per share)	$ 6.10	$ 4.96	$ 8.85	$ 7.23

- Definition

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

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Lines of Credit and Financing Arrangements (Domestic Credit Facility) (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) extension	Jul. 31, 2021	Jul. 30, 2020 USD ($)	Nov. 01, 2016
Subfacility for Swingline Loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 65,000,000
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	192,000,000
Committed standby letters of credit	1,700,000
Available for future borrowings	$ 556,300,000
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%

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Net income	$	217.2	$	177.2	$	315.2	$	260.8



Weighted-average shares outstanding – basic	35.5		35.6		35.5		36.0
Add: Potential effect of dilutive securities attributable to stock-based payments	0.1		0.1		0.1		0.1
Weighted-average shares outstanding – diluted	35.6		35.7		35.6		36.1




Earnings per share – Basic:	$	6.12	$	4.97	$	8.88	$	7.25




Earnings per share – Diluted:	$	6.10	$	4.96	$	8.85	$	7.23

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

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,
	2023	2022	2023	2022
Weighted-average number of shares	0.2	0.3	0.2	0.3

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

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


	For the Three Months Ended June 30, 2023
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	868.5	$	382.2	$	—	$	1,250.7
Canada	67.7		25.3		—		93.0
Other international	—		—		67.7		67.7
Total	$	936.2	$	407.5	$	67.7	$	1,411.4



	For the Three Months Ended June 30, 2022(1)
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	901.8	$	315.0	$	—	$	1,216.8
Canada	75.7		12.4		—		88.1
Other international	—		—		61.4		61.4
Total	$	977.5	$	327.4	$	61.4	$	1,366.3


	For the Six Months Ended June 30, 2023
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	1,507.8	$	676.7	$	—	$	2,184.5
Canada	109.4		39.4		—		148.8
Other international	—		—		127.4		127.4
Total	$	1,617.2	$	716.1	$	127.4	$	2,460.7



	For the Six Months Ended June 30, 2022 (1)
Primary Geographic Markets	Residential		Commercial		Corporate and Other		Consolidated
United States	$	1,531.4	$	583.6	$	—	$	2,115.0
Canada	128.2		22.8		—		151.0
Other international	—		0.5		113.2		113.7
Total	$	1,659.6	$	606.9	$	113.2	$	2,379.7

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

Net contract liabilities consisted of the following:


	As of June 30, 2023		As of December 31, 2022

Contract liabilities - current	$	(13.4)	$	(9.6)
Contract liabilities - noncurrent	(6.9)		(6.4)
Total	$	(20.3)	$	(16.0)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 315.2	$ 260.8
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Income from equity method investments	(3.8)	(1.4)
Restructuring charges, net of cash paid	0.0	0.5
Provision for credit losses	3.8	2.7
Unrealized losses, net on derivative contracts	3.9	2.0
Stock-based compensation expense	13.8	10.6
Depreciation and amortization	40.5	37.8
Deferred income taxes	(18.9)	(11.6)
Pension expense	1.4	3.5
Pension contributions	(2.0)	(0.5)
Other items, net	(1.2)	(0.9)
Changes in assets and liabilities:
Accounts and notes receivable	(236.5)	(281.6)
Inventories	(100.4)	(187.3)
Other current assets	8.7	1.2
Accounts payable	45.4	93.7
Accrued expenses	45.6	14.8
Income taxes payable and receivable, net	4.1	39.4
Leases, net	3.3	0.9
Other, net	(6.2)	14.6
Net cash provided by (used in) operating activities	116.7	(0.8)
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	1.5	0.5
Purchases of property, plant and equipment	(85.3)	(46.7)
Proceeds from short-term investments, net	1.5	0.0
Net cash used in investing activities	(82.3)	(46.2)
Cash flows from financing activities:
Asset securitization borrowings	140.0	211.0
Asset securitization payments	(90.0)	(61.0)
Long-term debt payments	(7.3)	(6.4)
Borrowings from credit facility	1,182.0	1,331.0
Payments on credit facility	(1,182.0)	(1,029.0)
Proceeds from employee stock purchases	1.9	1.8
Repurchases of common stock	0.0	(300.0)
Repurchases of common stock to satisfy employee withholding tax obligations	(3.2)	(5.1)
Cash dividends paid	(75.2)	(66.9)
Net cash (used in) provided by financing activities	(33.8)	75.4
Increase in cash and cash equivalents	0.6	28.4
Effect of exchange rates on cash and cash equivalents	(1.8)	(2.0)
Cash and cash equivalents, beginning of period	52.6	31.0
Cash and cash equivalents, end of period	51.4	57.4
Supplemental disclosures of cash flow information:
Interest paid	27.1	14.2
Income taxes paid (net of refunds)	$ 88.4	$ 32.9

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. 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 periods (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 81% 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, 2023		As of December 31, 2022
Accrued expenses	$	44.2	$	41.3
Other liabilities	102.5		101.4
Total warranty liability	$	146.7	$	142.7

The changes in product warranty liabilities related to continuing operations for the six months ended June 30, 2023 were as follows (in millions):



Total warranty liability as of December 31, 2022	$	142.7
Warranty claims paid	(19.3)
Changes resulting from issuance of new warranties	28.5
Changes in estimates associated with pre-existing liabilities	(5.5)
Changes in foreign currency translation rates and other	0.3

Total warranty liability as of June 30, 2023	$	146.7

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.

Reportable Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Summary of segment description

The following table describes each segment:

Segment

Product or Services

Markets Served

Geographic Areas

Residential

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

Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, variable refrigerant flow commercial products, condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, controls, and compressorized racks

Light Commercial;
Food Preservation;
Non-Food/Industrial

United States
Canada

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,
	2023		2022 (2)		2023		2022 (2)
Net sales
Residential	$	936.2	$	977.5	$	1,617.2	$	1,659.6
Commercial (2)	407.5		327.4		716.1		606.9
Corporate and other (2)	67.7		61.4		127.4		113.2
	$	1,411.4	$	1,366.3	$	2,460.7	$	2,379.7

Segment profit (loss) (1)
Residential	$	202.6	$	216.3	$	313.7	$	324.0
Commercial (2)	103.0		41.2		153.0		64.9
Corporate and other (2)	(22.5)		(27.7)		(41.9)		(44.5)
Total segment profit	283.1		229.8		424.8		344.4
Reconciliation to Operating income:





Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)	4.3		2.4		6.4		4.6
Restructuring charges	—		0.5		—		1.0
Operating income	$	278.8	$	226.9	$	418.4	$	338.8

(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, and

▪Other items, net,

◦Restructuring charges.

(2) 2022 results have been recast to reflect the realignment of our reportable segments.

Commitments and Contingencies (Narrative) (Details)	Jun. 30, 2023
Loss Contingencies [Line Items]
Operating lease, right-of-use asset, percentage related to leases of real estate	81

Income Taxes (Details) $ in Millions	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 3.9

Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

7. Other Financial Statement Details:

Inventories:

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



	As of June 30, 2023		As of December 31, 2022
Finished goods	$	601.3	$	534.6
Work in process	10.6		8.9
Raw materials and parts	367.4		328.7
Subtotal	979.3		872.2
Excess of current cost over last-in, first-out cost	(123.3)		(119.2)
Total inventories, net	$	856.0	$	753.0

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 7.7	$ 5.9	$ 13.8	$ 10.6

Comprehensive Income

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Comprehensive Income

11. Comprehensive Income (Loss):

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
	2023		2022		2023		2022
Gains (Losses) on Cash Flow Hedges:
Derivatives contracts	$	—	$	8.8	$	(0.4)	$	16.2	Cost of goods sold; Losses (gains) and other expenses, net
Income tax (expense) benefit	—		(2.1)		0.1		(3.7)		Provision for income taxes
Net of tax	$	—	$	6.7	$	(0.3)	$	12.5

Defined Benefit Plan items:
Pension and post-retirement benefit costs	$	(0.2)	$	(1.4)	$	(0.4)	$	(2.9)	Other expense (income), net
Pension settlements	(0.1)		(0.2)		(0.3)		(0.3)		Pension settlements
Income tax benefit	0.1		0.4		0.2		0.8		Provision for income taxes
Net of tax	$	(0.2)	$	(1.2)	$	(0.5)	$	(2.4)






Total reclassifications from AOCL	$	(0.2)	$	5.5	$	(0.8)	$	10.1

The following table provides information on changes in AOCL, by component (net of tax), for the six months ended June 30, 2023 (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, 2022	$	(4.9)	$	(0.5)	$	(46.2)	$	(39.0)	$	(90.6)
Other comprehensive income (loss) before reclassifications	0.2		—		(0.5)		14.3		14.0
Amounts reclassified from AOCL	0.3		—		0.5		—		0.8
Net other comprehensive income	0.5		—		—		14.3		14.8
Balance as of June 30, 2023	$	(4.4)	$	(0.5)	$	(46.2)	$	(24.7)	$	(75.8)

Lines of Credit and Financing Arrangements (Senior Unsecured Notes) (Details) - Senior Unsecured Notes	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023 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

Revenue Recognition (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue Recognition (Narrative) (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 1,200,000	$ 2,100,000	$ 4,200,000	$ 5,900,000
Residential Heating and Cooling [Member] \| Sales Channel, Directly to Consumer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.76	0.70	0.73	0.69
Commercial Heating and Cooling \| Equipment Sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0.87	$ 0.88	$ 0.86	$ 0.87

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 217.2	$ 177.2	$ 315.2	$ 260.8
Other comprehensive income (loss):
Foreign currency translation adjustments	7.5	(7.9)	14.3	(9.1)
Net change in pension and post-retirement liabilities	(0.6)	(1.1)	(0.7)	(2.7)
Reclassification of pension and post-retirement benefit losses into earnings	0.2	1.4	0.4	2.9
Pension settlements	0.1	0.2	0.3	0.3
Share of equity method investments other comprehensive income	0.0	0.7	0.0	0.7
Net change in fair value of cash flow hedges	(5.8)	(30.9)	0.5	(11.3)
Reclassification of cash flow hedge (gains) losses into earnings	0.0	(8.8)	0.4	(16.2)
Other comprehensive income (loss) before taxes	1.4	(46.4)	15.2	(35.4)
Tax benefit (expense)	1.4	9.0	(0.4)	5.6
Other comprehensive income (loss), net of tax	2.8	(37.4)	14.8	(29.8)
Comprehensive income	$ 220.0	$ 139.8	$ 330.0	$ 231.0

Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends	$ 1.10	$ 1.06	$ 2.16	$ 1.98
Pension and post-retirement liability changes, tax expense	0.0	200,000	0.0	600,000
Change in cash flow hedges, tax expense	$ 1,400,000	$ 9,200,000	$ 400,000	$ 6,200,000

Pension Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Service cost	$	0.5	$	1.1	$	1.1	$	2.1
Interest cost	2.2		1.5		4.5		3.0
Expected return on plan assets	(2.4)		(2.3)		(4.7)		(4.6)

Recognized actuarial loss	0.2		1.3		0.4		2.9
Other	—		—		(0.3)		(0.1)
Settlements and curtailments	0.1		0.2		0.3		0.3
Net periodic benefit cost	$	0.6	$	1.8	$	1.3	$	3.6

Reportable Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Reportable Business Segments

2. Reportable Business Segments:

We operate in two reportable business segments of the heating, ventilation, air conditioning and refrigeration (“HVACR”) industry. Our segments are organized primarily by the nature of the products and services we provide. The following table describes each segment:

Segment

Product or Services

Markets Served

Geographic Areas

Residential

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

Light Commercial;
Food Preservation;
Non-Food/Industrial

United States
Canada

Prior to January 1, 2023, we operated in three reportable business segments. In November 2022, we announced the decision to explore strategic alternatives for our European commercial HVAC and refrigeration businesses. We will continue to invest in our Heatcraft Worldwide Refrigeration business which became part of the Commercial segment effective on January 1, 2023 while the European portfolio will be presented with Corporate and Other until disposition. The consolidation of our Heatcraft business within the Commercial segment provides the opportunity to leverage synergies and create long-term growth opportunities by integrating entities with similar products, end consumers and financial performance metrics under the same management. The change in segment reporting better aligns with how the businesses are managed and evaluated given the change in portfolio. Recast Segment Results were presented in our March 31, 2023 Form 10-Q for both the previously presented segment results as well as the recast financial information to reflect the change in our segment presentation.

We use segment profit or loss as the primary measure of profitability to evaluate operating performance and to allocate capital resources. We define segment profit or loss as a segment’s income or loss from continuing operations before income taxes included in the accompanying Consolidated Statements of Operations, excluding certain items. The reconciliation in the table below details the items excluded.

Our corporate costs include those costs related to our European operations, as well as our corporate functions such as legal, internal audit, treasury, human resources, tax compliance and senior executive staff. Any intercompany sales and associated profit (and any other intercompany items) are eliminated from segment results. There were no significant intercompany eliminations for the periods presented.

Segment Net Sales and Profit (Loss)

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,
	2023		2022 (2)		2023		2022 (2)
Net sales
Residential	$	936.2	$	977.5	$	1,617.2	$	1,659.6
Commercial (2)	407.5		327.4		716.1		606.9
Corporate and other (2)	67.7		61.4		127.4		113.2
	$	1,411.4	$	1,366.3	$	2,460.7	$	2,379.7

Segment profit (loss) (1)
Residential	$	202.6	$	216.3	$	313.7	$	324.0
Commercial (2)	103.0		41.2		153.0		64.9
Corporate and other (2)	(22.5)		(27.7)		(41.9)		(44.5)
Total segment profit	283.1		229.8		424.8		344.4
Reconciliation to Operating income:





Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1)	4.3		2.4		6.4		4.6
Restructuring charges	—		0.5		—		1.0
Operating income	$	278.8	$	226.9	$	418.4	$	338.8

(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, and

▪Other items, net,

◦Restructuring charges.

(2) 2022 results have been recast to reflect the realignment of our reportable segments.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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+ Details

General (Policies)	6 Months Ended
General (Policies)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of June 30, 2023, the accompanying unaudited Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022, the accompanying unaudited Consolidated Statements of Stockholders' Equity (Deficit) for the three and six months ended June 30, 2023 and 2022, and the accompanying unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 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, 2022. 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 periods (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 81% 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.

Pension Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pension Benefit Plans (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 0.5	$ 1.1	$ 1.1	$ 2.1
Interest cost	2.2	1.5	4.5	3.0
Expected return on plan assets	(2.4)	(2.3)	(4.7)	(4.6)
Recognized actuarial loss	0.2	1.3	0.4	2.9
Other	0.0	0.0	(0.3)	(0.1)
Settlements and curtailments	0.1	0.2	0.3	0.3
Net periodic benefit cost	$ 0.6	$ 1.8	$ 1.3	$ 3.6

Derivatives

6 Months Ended

Jun. 30, 2023

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 August 2024. 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 17 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, 2023		As of December 31, 2022
Unrealized losses (gains), net on unsettled contracts	$	5.4	$	6.3
Income tax (benefit) expense	(1.0)		(1.4)
Unrealized losses (gains), net included in AOCL, net of tax (1)	$	4.4	$	4.9

Stock Repurchases	6 Months Ended
Stock Repurchases	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Stock Repurchases	5. Stock Repurchases:Our Board of Directors has authorized a total of $4.0 billion to repurchase shares of our common stock (collectively referred to as the "Share Repurchase Plans"), including a $1.0 billion share repurchase authorization in July 2021. The Share Repurchase Plans allow us to 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 Share Repurchase Plans do not require the repurchase of a specific number of shares and may be terminated at any time. As of June 30, 2023, $546 million was available for repurchase under the Share Repurchase Plans.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,411.4	$ 1,366.3	$ 2,460.7	$ 2,379.7
Cost of goods sold	953.6	969.2	1,696.2	1,714.4
Gross profit	457.8	397.1	764.5	665.3
Operating Expenses:
Selling, general and administrative expenses	181.3	169.6	348.8	324.9
Losses (gains) and other expenses, net	0.8	1.6	1.1	2.0
Restructuring charges	0.0	(0.5)	0.0	(1.0)
Income from equity method investments	(3.1)	(1.5)	(3.8)	(1.4)
Operating income	278.8	226.9	418.4	338.8
Pension settlements	0.1	0.2	0.3	0.3
Interest expense, net	15.0	8.7	29.2	15.6
Other expense (income), net	0.0	0.7	0.0	1.2
Net income before income taxes	263.7	217.3	388.9	321.7
Provision for income taxes	46.5	40.1	73.7	60.9
Net income	$ 217.2	$ 177.2	$ 315.2	$ 260.8
Earnings per share - Basic (in dollars per share)	$ 6.12	$ 4.97	$ 8.88	$ 7.25
Earnings per share - Diluted (in dollars per share)	$ 6.10	$ 4.96	$ 8.85	$ 7.23
Weighted average number of shares outstanding, basic (in shares)	35.5	35.6	35.5	36.0
Weighted average number of shares outstanding, diluted (in shares)	35.6	35.7	35.6	36.1

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

12. Fair Value Measurements:

Fair Value Hierarchy

The methodologies used to determine the fair value of our financial assets and liabilities at June 30, 2023 were the same as those used at December 31, 2022.

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, 2023		As of December 31, 2022
Senior unsecured notes	$	883.3	$	878.0

- Definition

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

Reportable Business Segments (Segment Data) (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 Segment	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment		3		2
Net sales
Net sales	$ 1,411.4		$ 1,366.3	$ 2,460.7	$ 2,379.7
Segment profit (loss)
Total segment profit	283.1		229.8	424.8	344.4
Reconciliation to Operating income:
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss)	4.3		2.4	6.4	4.6
Restructuring charges	0.0		0.5	0.0	1.0
Operating income	278.8		226.9	418.4	338.8
Residential
Net sales
Net sales	936.2		977.5	1,617.2	1,659.6
Segment profit (loss)
Total segment profit	202.6		216.3	313.7	324.0
Commercial
Net sales
Net sales	407.5		327.4	716.1	606.9
Segment profit (loss)
Total segment profit	103.0		41.2	153.0	64.9
Refrigeration
Net sales
Net sales				127.4	113.2
Corporate and Other
Net sales
Net sales	67.7		61.4	127.4	113.2
Segment profit (loss)
Total segment profit	$ (22.5)		$ (27.7)	$ (41.9)	$ (44.5)

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

3. 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,
	2023		2022		2023		2022
Net income	$	217.2	$	177.2	$	315.2	$	260.8



Weighted-average shares outstanding – basic	35.5		35.6		35.5		36.0
Add: Potential effect of dilutive securities attributable to stock-based payments	0.1		0.1		0.1		0.1
Weighted-average shares outstanding – diluted	35.6		35.7		35.6		36.1




Earnings per share – Basic:	$	6.12	$	4.97	$	8.88	$	7.25




Earnings per share – Diluted:	$	6.10	$	4.96	$	8.85	$	7.23


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2023	2022	2023	2022
Weighted-average number of shares	0.2	0.3	0.2	0.3

Pension Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pension Benefit Plans

8. 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,
	2023		2022		2023		2022
Service cost	$	0.5	$	1.1	$	1.1	$	2.1
Interest cost	2.2		1.5		4.5		3.0
Expected return on plan assets	(2.4)		(2.3)		(4.7)		(4.6)

Recognized actuarial loss	0.2		1.3		0.4		2.9
Other	—		—		(0.3)		(0.1)
Settlements and curtailments	0.1		0.2		0.3		0.3
Net periodic benefit cost	$	0.6	$	1.8	$	1.3	$	3.6

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Gary S. Bedard [Member]
Trading Arrangements, by Individual
Name	Gary S. Bedard
Title	Executive Vice President and President, LII Residential Heating & Cooling
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 12, 2023
Gary S. Bedard Trading Arrangement, Gift Of Common Stock [Member] \| Gary S. Bedard [Member]
Trading Arrangements, by Individual
Aggregate Available	805
Gary S. Bedard Trading Arrangement, Sale Of Common Stock [Member] \| Gary S. Bedard [Member]
Trading Arrangements, by Individual
Aggregate Available	4,040

Lines of Credit and Financing Arrangements

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Lines of Credit and Financing Arrangements

10. Lines of Credit and Financing Arrangements:

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



	As of June 30, 2023		As of December 31, 2022





Current maturities of long-term debt:
Asset securitization program	$	400.0	$	350.0
Finance lease obligations	11.5		11.2
Senior unsecured notes	350.0		350.0

Debt issuance costs	(0.2)		(0.6)
Total current maturities of long-term debt	$	761.3	$	710.6
Long-Term Debt:

Finance lease obligations	31.0		28.3
Credit agreement	192.0		192.0
Senior unsecured notes	600.0		600.0
Debt issuance costs	(5.3)		(6.1)
Total long-term debt	$	817.7	$	814.2
Total debt	$	1,579.0	$	1,524.8

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, 2023 or December 31, 2022 and there were no borrowings or repayments on these facilities during the six months ended June 30, 2023.

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, 2023		As of December 31, 2022
Eligible amount available under the ASP on qualified accounts receivable	$	400.0	$	350.0
Less: Beneficial interest transferred	(400.0)		(350.0)
Remaining amount available	$	—	$	—

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, 2023 and December 31, 2022 were 5.98% and 5.17%, 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, 2023, we were in compliance with all covenant requirements.

Credit Agreement

In July 2021, we entered into a new Credit Agreement (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 $192.0 million as well as $1.7 million committed to standby letters of credit as of June 30, 2023. Subject to covenant limitations, $556.3 million was available for future borrowings. The Credit Agreement includes a subfacility for swingline loans up to $65.0 million. 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, 2023		As of December 31, 2022
Weighted average borrowing rate	6.46	%	5.57	%

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, 2023, 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, 2023, we believe we were in compliance with all covenant requirements.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

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
	2023		2022		2023		2022
Gains (Losses) on Cash Flow Hedges:
Derivatives contracts	$	—	$	8.8	$	(0.4)	$	16.2	Cost of goods sold; Losses (gains) and other expenses, net
Income tax (expense) benefit	—		(2.1)		0.1		(3.7)		Provision for income taxes
Net of tax	$	—	$	6.7	$	(0.3)	$	12.5

Defined Benefit Plan items:
Pension and post-retirement benefit costs	$	(0.2)	$	(1.4)	$	(0.4)	$	(2.9)	Other expense (income), net
Pension settlements	(0.1)		(0.2)		(0.3)		(0.3)		Pension settlements
Income tax benefit	0.1		0.4		0.2		0.8		Provision for income taxes
Net of tax	$	(0.2)	$	(1.2)	$	(0.5)	$	(2.4)






Total reclassifications from AOCL	$	(0.2)	$	5.5	$	(0.8)	$	10.1

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, 2023 (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, 2022	$	(4.9)	$	(0.5)	$	(46.2)	$	(39.0)	$	(90.6)
Other comprehensive income (loss) before reclassifications	0.2		—		(0.5)		14.3		14.0
Amounts reclassified from AOCL	0.3		—		0.5		—		0.8
Net other comprehensive income	0.5		—		—		14.3		14.8
Balance as of June 30, 2023	$	(4.4)	$	(0.5)	$	(46.2)	$	(24.7)	$	(75.8)

Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Components of inventories

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



	As of June 30, 2023		As of December 31, 2022
Finished goods	$	601.3	$	534.6
Work in process	10.6		8.9
Raw materials and parts	367.4		328.7
Subtotal	979.3		872.2
Excess of current cost over last-in, first-out cost	(123.3)		(119.2)
Total inventories, net	$	856.0	$	753.0

Lines of Credit and Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		As of December 31, 2022





Current maturities of long-term debt:
Asset securitization program	$	400.0	$	350.0
Finance lease obligations	11.5		11.2
Senior unsecured notes	350.0		350.0

Debt issuance costs	(0.2)		(0.6)
Total current maturities of long-term debt	$	761.3	$	710.6
Long-Term Debt:

Finance lease obligations	31.0		28.3
Credit agreement	192.0		192.0
Senior unsecured notes	600.0		600.0
Debt issuance costs	(5.3)		(6.1)
Total long-term debt	$	817.7	$	814.2
Total debt	$	1,579.0	$	1,524.8

Eligible amounts available and beneficial interests sold


	As of June 30, 2023		As of December 31, 2022
Eligible amount available under the ASP on qualified accounts receivable	$	400.0	$	350.0
Less: Beneficial interest transferred	(400.0)		(350.0)
Remaining amount available	$	—	$	—

Summary of weighted average borrowing rate facility

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


	As of June 30, 2023		As of December 31, 2022
Weighted average borrowing rate	6.46	%	5.57	%

Earnings Per Share (Excluded from Diluted Earnings Per Share Calculation) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted-average number of shares	0.2	0.3	0.2	0.3

Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

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 Equity and Incentive Plan, as it may be amended and restated from time to time. 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,
	2023		2022		2023		2022
Stock-based compensation expense	$	7.7	$	5.9	$	13.8	$	10.6

Lines of Credit and Financing Arrangements (Eligible Amounts Available and Beneficial Interest Sold) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Eligible amounts available and beneficial interests sold
Eligible amount available under the ASP on qualified accounts receivable	$ 400.0	$ 350.0
Less: Beneficial interest transferred	(400.0)	(350.0)
Remaining amount available	$ 0.0	$ 0.0

Revenue Recognition (Net Contract Assets (Liabilities)) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Contract liabilities - current	$ (13.4)		$ (13.4)		$ (9.6)
Contract liabilities - noncurrent	(6.9)		(6.9)		(6.4)
Total	(20.3)		(20.3)		$ (16.0)
Contract with Customer, Liability, Revenue Recognized	$ 1.2	$ 2.1	$ 4.2	$ 5.9

Commitments and Contingencies (Changes in Product Warranty Liabilities) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss)	$ 0.3
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Total warranty liability, beginning balance	(142.7)
Warranty claims paid	(19.3)
Changes resulting from issuance of new warranties	28.5
Total warranty liability, ending balance	(146.7)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ (5.5)

Lines of Credit and Financing Arrangements (Weighted Average Borrowing Rate) (Details)	Jun. 30, 2023	Dec. 31, 2022
Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average borrowing rate	6.46%	5.57%

Goodwill (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill in 2023, in total and by segment, are summarized in the table below (in millions):


	Balance as of December 31, 2022		Goodwill Reallocation (1)		Changes in foreign currency translation rates		Balance as of June 30, 2023
Residential	$	26.1	$	—	$	—	$	26.1
Commercial (1)	61.1		94.5		—		155.6
Refrigeration (1)	99.1		(99.1)		—		$	—
Corporate and Other (1)	—		4.6		0.1		4.7
Total Goodwill	$	186.3	$	—	$	0.1	186.4

(1) As discussed in Note 2, we recast our segment presentation to present our Heatcraft Worldwide Refrigeration business as a component of our Commercial segment and our European portfolio as a component of Corporate & Other. Since there is no longer a Refrigeration segment, we allocated goodwill to each segment based upon the relative fair value of the business.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 217.2	$ 177.2	$ 315.2	$ 260.8

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Goodwill (Details) $ in Millions	6 Months Ended
Goodwill (Details) $ in Millions	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 186.3
Goodwill Reallocation	0.0
Changes in foreign currency translation rates	0.1
Goodwill, Ending Balance	186.4
Residential
Goodwill [Roll Forward]
Goodwill, Beginning Balance	26.1
Goodwill Reallocation	0.0
Changes in foreign currency translation rates	0.0
Goodwill, Ending Balance	26.1
Commercial
Goodwill [Roll Forward]
Goodwill, Beginning Balance	61.1
Goodwill Reallocation	94.5
Changes in foreign currency translation rates	0.0
Goodwill, Ending Balance	155.6
Refrigeration
Goodwill [Roll Forward]
Goodwill, Beginning Balance	99.1
Goodwill Reallocation	(99.1)
Changes in foreign currency translation rates	0.0
Goodwill, Ending Balance	0.0
Corporate & Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	0.0
Goodwill Reallocation	4.6
Changes in foreign currency translation rates	0.1
Goodwill, Ending Balance	$ 4.7

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Lines of Credit and Financing Arrangements (Asset Securitization Program) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 0	$ 0
Maximum securitization as percentage of net pool balance	100.00%
Program fee percentage	0.70%
Average floating commercial paper rate (as a percent)	5.98%	5.17%
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%

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Millions	Total	Common Stock Issued	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock at Cost
Beginning balance at Dec. 31, 2021	$ (269.0)	$ 0.9	$ 1,133.7	$ 2,719.3	$ (88.1)	$ (4,034.8)
Beginning balance (in shares) at Dec. 31, 2021						50,500,000
Net income	260.8			260.8
Dividends	(70.6)			(70.6)
Foreign currency translation adjustments	(9.1)				(9.1)
Pension and post-retirement liability changes, net of tax	0.0				0.0
Share of equity method investments other comprehensive income	0.7				0.7
Stock-based compensation expense	10.6		10.6
Change in cash flow hedges, net of tax	(21.4)				(21.4)
Treasury shares reissued for common stock	1.8		(0.3)			$ 2.1
Treasury shares reissued for common stock (in shares)						(100,000)
Treasury stock purchases	(305.1)		0.0			$ (305.1)
Treasury stock purchases (in shares)						1,300,000
Ending balance at Jun. 30, 2022	(401.3)	0.9	1,144.0	2,909.5	(117.9)	$ (4,337.8)
Ending balance (in shares) at Jun. 30, 2022						51,700,000
Beginning balance at Mar. 31, 2022	(410.2)	0.9	1,110.4	2,769.8	(80.5)	$ (4,210.8)
Beginning balance (in shares) at Mar. 31, 2022						51,100,000
Net income	177.2			177.2
Dividends	(37.5)			(37.5)
Foreign currency translation adjustments	(7.9)				(7.9)
Pension and post-retirement liability changes, net of tax	0.3				0.3
Share of equity method investments other comprehensive income	0.7				0.7
Stock-based compensation expense	5.9		5.9
Change in cash flow hedges, net of tax	(30.5)				(30.5)
Treasury shares reissued for common stock	0.9		0.7			$ 0.2
Treasury stock purchases	(100.2)		27.0			$ (127.2)
Treasury stock purchases (in shares)						600,000
Ending balance at Jun. 30, 2022	(401.3)	0.9	1,144.0	2,909.5	(117.9)	$ (4,337.8)
Ending balance (in shares) at Jun. 30, 2022						51,700,000
Beginning balance at Dec. 31, 2022	$ (203.1)	0.9	1,155.2	3,070.6	(90.6)	$ (4,339.2)
Beginning balance (in shares) at Dec. 31, 2022	51,700,260					51,700,000
Net income	$ 315.2			315.2
Dividends	(76.8)			(76.8)
Foreign currency translation adjustments	14.3				14.3
Pension and post-retirement liability changes, net of tax	0.0				0.0
Stock-based compensation expense	13.8		13.8
Change in cash flow hedges, net of tax	0.5				0.5
Treasury shares reissued for common stock	1.9		0.3			$ 1.6
Treasury stock purchases	(3.2)					(3.2)
Ending balance at Jun. 30, 2023	$ 62.6	0.9	1,169.3	3,309.0	(75.8)	$ (4,340.8)
Ending balance (in shares) at Jun. 30, 2023	51,658,951					51,700,000
Beginning balance at Mar. 31, 2023	$ (125.9)	0.9	1,161.1	3,130.9	(78.6)	$ (4,340.2)
Beginning balance (in shares) at Mar. 31, 2023						51,700,000
Net income	217.2			217.2
Dividends	(39.1)			(39.1)
Foreign currency translation adjustments	7.5				7.5
Pension and post-retirement liability changes, net of tax	(0.3)				(0.3)
Stock-based compensation expense	7.7		7.7
Change in cash flow hedges, net of tax	(4.4)				(4.4)
Treasury shares reissued for common stock	1.1		0.5			$ 0.6
Treasury stock purchases	(1.2)					(1.2)
Ending balance at Jun. 30, 2023	$ 62.6	$ 0.9	$ 1,169.3	$ 3,309.0	$ (75.8)	$ (4,340.8)
Ending balance (in shares) at Jun. 30, 2023	51,658,951					51,700,000

Goodwill

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill:

The changes in the carrying amount of goodwill in 2023, in total and by segment, are summarized in the table below (in millions):


	Balance as of December 31, 2022		Goodwill Reallocation (1)		Changes in foreign currency translation rates		Balance as of June 30, 2023
Residential	$	26.1	$	—	$	—	$	26.1
Commercial (1)	61.1		94.5		—		155.6
Refrigeration (1)	99.1		(99.1)		—		$	—
Corporate and Other (1)	—		4.6		0.1		4.7
Total Goodwill	$	186.3	$	—	$	0.1	186.4

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. We have not recorded any goodwill impairments for the six months ended June 30, 2023 or in any periods presented.

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Components of inventories
Finished goods	$ 601.3	$ 534.6
Work in process	10.6	8.9
Raw materials and parts	367.4	328.7
Subtotal	979.3	872.2
Excess of current cost over last-in, first-out cost	(123.3)	(119.2)
Total inventories, net	$ 856.0	$ 753.0

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes: As of June 30, 2023, we had approximately $3.9 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. We are also 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 2016.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stock Repurchases (Details) - USD ($)	6 Months Ended
Stock Repurchases (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jul. 09, 2021
Stockholders' Equity Note [Abstract]
Stock repurchase program, authorized amount	$ 4,000,000,000		$ 1,000,000,000
Stock repurchase program, remaining authorized amount	546,000,000
Shares repurchased from employees who surrendered shares to satisfy minimum tax withholding obligations, value	$ 3,200,000	$ 5,100,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Other fair value measurements

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


	As of June 30, 2023		As of December 31, 2022
Senior unsecured notes	$	883.3	$	878.0

Commitments and Contingencies (Liabilities for Estimated Product Warranty Costs) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Total liabilities for estimated warranty
Accrued expenses	$ 44.2	$ 41.3
Other liabilities	102.5	101.4
Total warranty liability	$ 146.7	$ 142.7

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Stock-based compensation expense	$	7.7	$	5.9	$	13.8	$	10.6

Commitment and Contingencies (Policies)	6 Months Ended
Commitment and Contingencies (Policies)	Jun. 30, 2023
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 periods (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 81% 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.