Lennox International (LII) 10-Q 26 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 16, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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		37,776,653
Entity Central Index Key	0001069202
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 35.5	$ 123.9
Short-term investments	4.5	5.1
Accounts and notes receivable, net	522.6	448.3
Inventories, net	502.3	439.4
Other assets	73.3	70.9
Total current assets	1,138.2	1,087.6
Property, plant and equipment, net	466.4	464.3
Right-of-use assets from operating leases	190.7	194.4
Goodwill	186.7	186.9
Deferred income taxes	7.6	13.2
Other assets, net	85.4	86.1
Total assets	2,075	2,032.5
Current Liabilities:
Current maturities of long-term debt	165	9.9
Current operating lease liabilities	54.9	55
Accounts payable	372.9	340.3
Accrued expenses	254.5	296.1
Income taxes payable	1.8	0
Total current liabilities	849.1	701.3
Long-term debt	1,007.9	970.7
Long-term operating lease liabilities	138.5	142.8
Pensions	94.8	92.5
Other liabilities	145.4	142.3
Total liabilities	2,235.7	2,049.6
Commitments and contingencies
Stockholders' deficit:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	0.9	0.9
Additional Paid in Capital, Common Stock	1,090.3	1,113.2
Retained Earnings (Accumulated Deficit)	2,440.9	2,385.8
Accumulated Other Comprehensive Income (Loss), Net of Tax	(99.2)	(97.2)
Treasury Stock, Value	3,593.6	3,419.8
Total stockholders' deficit	(160.7)	(17.1)
Total liabilities and stockholders' deficit	$ 2,075	$ 2,032.5

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Diluted	$ 2.20	$ 0.33
Net sales	$ 930.5	$ 723.8
Cost of goods sold	674	558.1
Gross profit	256.5	165.7
Operating Expenses:
Selling, general and administrative expenses	145.3	131.1
Losses (gains) and other expenses, net	0.3	(1)
Restructuring charges	(0.1)	(0.5)
Loss from natural disasters, net of insurance recoveries	0	(1.6)
Income from equity method investments	(3.3)	(2.9)
Operating income	114.1	36.4
Interest expense, net	6	8.7
Other expense (income), net	1	1.2
Pension settlement	0.7	0
Income from continuing operations before income taxes	106.4	26.5
Provision for income taxes	22.2	14
Income from continuing operations	84.2	12.5
Discontinued Operations:
Loss from discontinued operations before income taxes	0	0
Income tax benefit	0	(0.4)
Income from discontinued operations	0	0.4
Net income	$ 84.2	$ 12.9
Earnings per share – Basic:
Income from continuing operations (in dollars per share)	$ 2.22	$ 0.33
Loss from discontinued operations (in dollars per share)	0	0.01
Net income (in dollars per share)	2.22	0.34
Earnings per share – Diluted:
Income from continuing operations (in dollars per share)	2.20	0.32
Loss from discontinued operations (in dollars per share)	0	0.01
Net income (in dollars per share)	$ 2.20	$ 0.33

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 84.2	$ 12.9
Other comprehensive income (loss):
Foreign currency translation adjustments	(2.5)	(20.3)
Net change in pension and post-retirement liabilities	(3)	(0.8)
Reclassification of pension and post-retirement benefit losses into earnings	2.2	1.5
Pension settlement	0.7	0
Net change in fair value of cash flow hedges	9.6	(14.6)
Reclassification of cash flow hedge (gains) losses into earnings	(4.4)	1.2
Other comprehensive income (loss) before taxes	2.6	(33)
Tax (expense) benefit	(4.6)	3.7
Other comprehensive income (loss), net of tax	(2)	(29.3)
Comprehensive income (loss)	$ 82.2	$ (16.4)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' (Deficit) Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]
Treasury stock, shares						48,600,000
Beginning balance at Dec. 31, 2019	$ (170,200,000)	$ 900,000	$ 1,093,500,000	$ 2,148,700,000	$ (103,800,000)	$ (3,309,500,000)
Net income	12,900,000			12,900,000
Dividends, Common Stock, Cash	(29,400,000)			(29,400,000)
Change in cash flow hedges, net of tax expense	(9,600,000)				(9,600,000)
Foreign currency translation adjustments	(20,300,000)				(20,300,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	600,000				600,000
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	3,700,000		3,700,000
Stock Issued During Period, Value, Treasury Stock Reissued	800,000		$ (2,000,000)			$ 2,800,000
Stock Issued During Period, Shares, Treasury Stock Reissued						(100,000)
Treasury Stock, Shares, Acquired			0			400,000
Treasury Stock, Value, Acquired, Cost Method	(105,500,000)					$ (105,500,000)
Ending balance at Mar. 31, 2020	(318,300,000)	900,000	$ 1,095,200,000	2,130,900,000	(133,100,000)	$ (3,412,200,000)
Cumulative Effect Period Of Adoption	$ (1,300,000)			(1,300,000)
Earnings Per Share, Diluted	$ 0.33
Dividends	$ 0.77
Change in cash flow hedges, tax expense	3,900,000
Pension and post-retirement liability changes, tax expense	$ 200,000
Treasury stock, shares						48,900,000
Treasury stock, shares	48,820,969					48,800,000
Beginning balance at Dec. 31, 2020	$ (17,100,000)	900,000	1,113,200,000	2,385,800,000	(97,200,000)	$ (3,419,800,000)
Net income	84,200,000			84,200,000
Dividends, Common Stock, Cash	(29,100,000)			(29,100,000)
Change in cash flow hedges, net of tax expense	4,100,000				4,100,000
Foreign currency translation adjustments	(2,500,000)				(2,500,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	(3,600,000)				(3,600,000)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	8,500,000		8,500,000
Stock Issued During Period, Value, Treasury Stock Reissued	800,000		$ (1,400,000)			$ 2,200,000
Stock Issued During Period, Shares, Treasury Stock Reissued						0
Treasury Stock, Shares, Acquired			(30,000,000)			600,000
Treasury Stock, Value, Acquired, Cost Method	(206,000,000)					$ (176,000,000)
Ending balance at Mar. 31, 2021	$ (160,700,000)	$ 900,000	$ 1,090,300,000	$ 2,440,900,000	$ (99,200,000)	$ (3,593,600,000)
Earnings Per Share, Diluted	$ 2.20
Dividends	$ 0.77
Change in cash flow hedges, tax expense	1,100,000
Pension and post-retirement liability changes, tax expense	$ 3,500,000
Treasury stock, shares	49,396,668					49,400,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 84.2	$ 12.9
Adjustments to reconcile net income to net cash used in operating activities:
Income from equity method investments	(3.3)	(2.9)
Restructuring charges, net of cash paid	0.3	0.1
Provision for credit losses	2	1.2
Unrealized (gains) losses, net on derivative contracts	(0.2)	1.5
Stock-based compensation expense	8.5	3.7
Depreciation and amortization	17.4	19
Deferred income taxes	1	8.8
Pension expense	3	2.7
Pension contributions	(0.4)	(0.6)
Other items, net	(0.1)	0.2
Changes in assets and liabilities:
Accounts and notes receivable	(77.5)	(18.7)
Inventories	(62.5)	(71)
Other current assets	(9.5)	(0.7)
Accounts payable	41.2	(8.7)
Accrued expenses	(41.8)	(33)
Income taxes payable / receivable, net	14	(17.3)
Leases, net	(0.7)	0.1
Other, net	6.9	3.9
Net cash used in operating activities	(17.5)	(98.8)
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	0.4	0.1
Purchases of property, plant and equipment	(24.7)	(24.7)
Proceeds from (purchases of) short-term investments	0.5	(1.1)
Net cash used in investing activities	(23.8)	(25.7)
Cash flows from financing activities:
Asset securitization borrowings	155	0
Asset securitization payments	0	(70)
Long-term debt payments	(2.9)	(2.6)
Borrowings from credit facility	202	682.5
Payments on credit facility	(165)	(342.5)
Proceeds from employee stock purchases	0.9	0.8
Repurchases of common stock	(200)	(100)
Repurchases of common stock to satisfy employee withholding tax obligations	(6)	(5.5)
Cash dividends paid	(29.5)	(29.7)
Net cash (used in) provided by financing activities	(45.5)	133
(Decrease) increase in cash and cash equivalents	(86.8)	8.5
Effect of exchange rates on cash and cash equivalents	(1.6)	(6.7)
Cash and cash equivalents, beginning of period	123.9	37.3
Cash and cash equivalents, end of period	35.5	39.1
Supplemental disclosures of cash flow information:
Interest paid	5.5	6.8
Income taxes paid (net of refunds)	8.2	21.3
Retained Earnings [Member]
Cash flows from operating activities:
Net income	$ 84.2	$ 12.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current Assets:
Allowances, accounts and notes receivable	$ 9.2	$ 9.6
Accumulated depreciation	$ 891.6	$ 880.6
Stockholders' deficit:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Preferred stock, shares issued	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	49,396,668	48,820,969

General

General	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 March 31, 2021, the accompanying unaudited Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020, the accompanying unaudited Consolidated Statements of Stockholders' Deficit for the three months ended March 31, 2021 and 2020, and the accompanying unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 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, 2020. 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. Impact of COVID-19 Pandemic A novel strain of coronavirus (“COVID-19”) surfaced in late 2019 and has spread around the world, including to the United States. In March 2020, the World Health Organization declared COVID-19 a pandemic. The COVID-19 pandemic has disrupted our business operations and caused a significant unfavorable impact on our results of operations in 2020. The COVID-19 pandemic has resulted in supply chain disruptions and higher employee absenteeism in our factories and distribution locations. As the COVID-19 pandemic continues, health concern risks remain, and we cannot predict whether any of our manufacturing, operational or distribution facilities will experience disruptions, or how long such disruptions would last. It also remains unclear how various national, state, and local governments will react if the distribution of vaccines is slower than expected or new variants of the virus become more dominant. If the COVID-19 pandemic worsens or the pandemic continues longer than presently expected, COVID 19 could impact our results of operations, financial position and cash flows. Recently Adopted Accounting Guidance In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-02, in an effort to reduce complexity in accounting for income taxes, removes certain exceptions for measuring intraperiod tax allocations, foreign subsidiary equity method investments and interim period tax losses. ASU 2019-12 is effective for calendar year-end public business entities on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition	The following table disaggregates our revenue by business segment by geography which provides information as to the major source of revenue. See Note 2 for additional information on our reportable business segments and the products and services sold in each segment. For the Three Months Ended March 31, 2021 Primary Geographic Markets Residential Heating & Cooling Commercial Heating & Cooling Refrigeration Consolidated United States $ 558.8 $ 182.3 $ 75.6 $ 816.7 Canada 47.5 16.9 — 64.4 Other international — — 49.4 49.4 Total $ 606.3 $ 199.2 $ 125.0 $ 930.5 For the Three Months Ended March 31, 2020 Primary Geographic Markets Residential Heating & Cooling Commercial Heating & Cooling Refrigeration Consolidated United States $ 412.4 $ 161.1 $ 59.5 $ 633.0 Canada 29.7 17.1 — 46.8 Other international — 0.2 43.8 44.0 Total $ 442.1 $ 178.4 $ 103.3 $ 723.8 Residential Heating & Cooling - We manufacture and market a broad range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories to improve indoor air quality, comfort control products, replacement parts and supplies and related products for both the residential replacement and new construction markets in North America. These products are sold under various brand names and are sold either through direct sales to a network of independent installing dealers, including through our network of Lennox stores or to independent distributors. For the three months ended March 31, 2021 and 2020, direct sales represented 67% and 73% of revenues, and sales to independent distributors represented the remainder. Given the nature of our business, customer product orders are fulfilled at a point in time and not over a period of time. Commercial Heating & Cooling - In North America, we manufacture and sell unitary heating and cooling equipment used in light commercial applications, such as low-rise office buildings, restaurants, retail centers, churches and schools. These products are distributed primarily through commercial contractors and directly to national account customers in the planned replacement, emergency replacement and new construction markets. Revenue for the products sold is recognized at a point in time when control transfers to the customer, which is generally at time of shipment. Lennox National Account Services provides installation, service and preventive maintenance for HVAC national account customers in the United States and Canada. Revenue related to service contracts is recognized as the services are performed under the contract based on the relative fair value of the services provided. For the three months ended March 31, 2021 and 2020, equipment sales represented 83% and 84% of revenues and the remainder of our revenue was generated from our service business. Refrigeration - We manufacture and market equipment for the global commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name. Our products are used in the food retail, food service, cold storage as well as non-food refrigeration markets. We sell these products to distributors, installing contractors, engineering design firms, original equipment manufacturers and end-users. In Europe, we also manufacture and sell unitary heating and cooling products and applied systems. Substantially all segment revenue was related to these types of equipment and systems and is recognized at a point in time when control transfers to the customer, which is generally at time of shipment. Less than 1% of segment revenue relates to services for start-up and commissioning activities. Variable Consideration - We engage in cooperative advertising, customer rebate, and other miscellaneous programs that result in payments or credits being issued to our customers. We record these customer discounts and incentives as a reduction of sales when the sales are recorded. For certain cooperative advertising programs, we also receive an identifiable benefit (goods or services) in exchange for the consideration given, and, accordingly, record a ratable portion of the expenditure to Selling, general and administrative (“SG&A”) expenses. All other advertising, promotions and marketing costs are expensed as incurred. Other Judgments and Assumptions - We apply the practical expedient in ASC 606-10-50-14 and do not disclose information about remaining performance obligations that have original expected durations of one year or less. Applying the practical expedient in ASC 340-40-25-4, we recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. These costs are included in SG&A expenses. ASC 606-10-32-18 allows us to not adjust the amount of consideration to be received in a contract for any significant financing component if we expect to receive payment within twelve months of transfer of control of goods or services. We have elected this expedient as we expect all consideration to be received in one year or less at contract inception. We have also elected not to provide the remaining performance obligations disclosures related to service contracts in accordance with the practical expedient in ASC 606-10-55-18. We recognize revenue in the amount to which the entity has a right to invoice and have adopted this election to not provide the remaining performance obligations related to service contracts. Contract Assets - We do not have material amounts of contract assets since revenue is recognized as control of goods is transferred or as services are performed. There are a small number of installation services that may occur over a period of time, but that period of time is generally very short in duration and right of payment does not exist until the installation is completed. Any contract assets that may arise are recorded in Other assets, net in our Consolidated Balance Sheets. Contract Liabilities - Our contract liabilities consist of advance payments and deferred revenue. Our contract liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. We classify advance payments and deferred revenue as current or noncurrent based on the timing of when we expect to recognize revenue. Generally all contract liabilities are expected to be recognized within one year and are included in Accrued expenses in our Consolidated Balance Sheets. The noncurrent portion of deferred revenue is included in Other liabilities in our Consolidated Balance Sheets. Net contract assets (liabilities) consisted of the following: March 31, 2021 December 31, 2020 $ Change % Change Contract liabilities - current $ (8.2) $ (5.5) $ (2.7) 49.1 % Contract liabilities - noncurrent (5.5) (5.6) 0.1 (1.8) % Total $ (13.7) $ (11.1) $ (2.6) For the three months ended March 31, 2021 and 2020, we recognized revenue of $1.6 million and $1.5 million related to our contract liabilities at January 1, 2021 and 2020, respectively. Impairment losses recognized in our receivables and contract assets were de minimis for the three months ended March 31, 2021 and 2020.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories: The components of inventories are as follows (in millions): As of March 31, 2021 As of December 31, 2020 Finished goods $ 321.8 $ 280.1 Work in process 6.3 6.5 Raw materials and parts 228.8 207.8 Subtotal 556.9 494.4 Excess of current cost over last-in, first-out cost (54.6) (55.0) Total inventories, net $ 502.3 $ 439.4

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill: The changes in the carrying amount of goodwill in 2021, in total and by segment, are summarized in the table below (in millions): Balance at December 31, 2020 Changes in foreign currency translation rates Balance at March 31, 2021 Residential Heating & Cooling $ 26.1 $ — $ 26.1 Commercial Heating & Cooling 61.1 — 61.1 Refrigeration 99.7 (0.2) 99.5 Total Goodwill $ 186.9 $ (0.2) $ 186.7

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2021
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 2022. Unrealized gains or losses from our cash flow hedges are included in Accumulated other comprehensive loss (“AOCL”) and are expected to be reclassified into earnings within the next 18 months based on the prices of the commodities and foreign currencies at the settlement dates. We recorded the following amounts in AOCL related to our cash flow hedges (in millions): As of March 31, 2021 As of December 31, 2020 Unrealized gains on unsettled contracts $ (15.7) $ (10.5) Income tax expense 3.4 2.3 Gains included in AOCL, net of tax (1) $ (12.3) $ (8.2)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	, we had approximately $3.3 million in total gross unrecognized tax benefits. Of this amount $3.3 million, if recognized, would be recorded through the Consolidated Statements of Operations.We are currently under examination for our U.S. federal income taxes under the Internal Revenue Service's Compliance Assurance Program for 2019 and 2020 and are subject to examination by numerous other taxing authorities in the U.S. and in foreign jurisdictions. We are generally no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by taxing authorities for years prior to 2014.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Leases We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various tenors (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments. We lease certain real and personal property under non-cancelable operating leases. Approximately 73% of our right-of-use assets and lease liabilities relate to our leases of real estate with the remaining amounts 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 March 31, 2021 As of December 31, 2020 Accrued expenses $ 38.8 $ 37.7 Other liabilities 85.0 82.1 Total warranty liability $ 123.8 $ 119.8 The changes in product warranty liabilities related to continuing operations for the three months ended March 31, 2021 were as follows (in millions): Total warranty liability as of December 31, 2020 $ 119.8 Warranty claims paid (7.0) Changes resulting from issuance of new warranties 9.8 Changes in estimates associated with pre-existing liabilities 1.3 Changes in foreign currency translation rates and other (0.1) Total warranty liability as of March 31, 2021 $ 123.8 We have incurred, and will likely continue to incur, product costs not covered by insurance or our suppliers’ warranties, which are not included in the tables immediately above. Also, to satisfy our customers and protect our brands, we have repaired or replaced installed products experiencing quality-related issues, and will likely continue such repairs and replacements. Liabilities for such quality related issues are not material. 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. Some of these claims and lawsuits allege personal injury or health problems resulting from exposure to asbestos that was integrated into certain of our products. We have never manufactured asbestos and have not incorporated asbestos-containing components into our products for several decades. A substantial majority of these asbestos-related claims have been covered by insurance or other forms of indemnity or have been dismissed without payment. The remainder of our closed cases have been resolved for amounts that are not material, individually or in the aggregate. Our defense costs for asbestos-related claims are generally covered by insurance. However, our insurance coverage for settlements and judgments for asbestos-related claims varies depending on several factors and are subject to policy limits. We may have greater financial exposure for future settlements and judgments. The following table summarizes the expenses, net of probable insurance recoveries, for known and future asbestos-related litigation recorded in Losses (gains) and other expenses, net in the Consolidated Statements of Operations (in millions): For the Three Months Ended March 31, 2021 2020 Loss (gain) for asbestos-related litigation, net $ 1.1 $ (1.7) 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.

Pension Benefit Plans

Pension Benefit Plans	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Pension Benefit Plans	The components of net periodic benefit cost for pension benefits were as follows (in millions): For the Three Months Ended March 31, 2021 2020 Service cost $ 1.5 $ 1.4 Interest cost 1.5 1.8 Expected return on plan assets (2.7) (2.2) Amortization of prior service cost 0.1 — Recognized actuarial loss 2.1 1.5 Other (0.2) — Settlements and curtailments 0.7 — Net periodic benefit cost $ 3.0 $ 2.5

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation: We issue various long-term incentive awards, including performance share units, restricted stock units and stock appreciation rights under the Lennox International Inc. 2019 Incentive Plan, as amended and restated. Stock-based compensation expense related to continuing operations is included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations as follows (in millions): For the Three Months Ended March 31, 2021 2020 Stock-based compensation expense (1) $ 8.5 $ 3.7 (1) All expense was recorded in our Corporate and Other business segment.

Stock Repurchases

Stock Repurchases	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stock Repurchases	Our Board of Directors have authorized a total of $3 billion to repurchase shares of our common stock (collectively referred to as the "Share Repurchase Plans"), including a $500 million share repurchase authorization in December 2019. Under this program, we may repurchase shares from time to time in open market transactions and in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The repurchase program does not require the repurchase of a specific number of shares and may be terminated at any time. As of March 31, 2021, $246 million of shares may be repurchased under the Share Repurchase Plans. On February 4, 2021, we entered into a Fixed Dollar Accelerated Share Repurchase Transaction (the "ASR Agreement") with Wells Fargo Bank, to effect an accelerated stock buyback of the Company's common stock. Under the ASR Agreement, we paid Wells Fargo Bank $200.0 million and Wells Fargo Bank delivered to us 0.6 million shares of common stock representing approximately 85% of the shares expected to be purchased under the ASR Agreement. The ASR was completed in April 2021 and Wells Fargo Bank delivered an additional 0.1 million shares of common stock for a total of 0.7 million shares of common stock repurchased under this ASR Agreement. We also repurchased shares for $6.0 million during the three months ended March 31, 2021 from employees who tendered their shares to satisfy minimum tax withholding obligations upon the vesting and exercise of stock-based compensation awards.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Comprehensive Income	The following table provides information on items not reclassified in their entirety from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions): For the Three Months Ended March 31, Affected Line Item(s) in the Consolidated Statements of Operations 2021 2020 (Losses) Gains on Cash Flow Hedges: Derivatives contracts $ 4.4 $ (1.2) Cost of goods sold; Losses (gains) and other expenses, net Income tax benefit (1.0) 0.3 Provision for income taxes Net of tax $ 3.4 $ (0.9) Defined Benefit Plan items: Pension and post-retirement benefit costs $ (2.2) $ (1.5) Cost of goods sold; Selling, general and administrative expenses Pension settlement (0.7) — Pension settlement Income tax benefit 0.7 0.3 Provision for income taxes Net of tax $ (2.2) $ (1.2) Total reclassifications from AOCL $ 1.2 $ (2.1) The following table provides information on changes in AOCL, by component (net of tax), for the three months ended March 31, 2021 (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, 2020 $ 8.2 $ (1.2) $ (82.7) $ (21.5) $ (97.2) Other comprehensive income (loss) before reclassifications 7.5 — (5.8) (2.5) (0.8) Amounts reclassified from AOCL (3.4) — 2.2 — (1.2) Net other comprehensive income (loss) 4.1 — (3.6) (2.5) (2.0) Balance as of March 31, 2021 $ 12.3 $ (1.2) $ (86.3) $ (24.0) $ (99.2)

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income by the sum of the weighted-average number of shares and the number of equivalent shares assumed outstanding, if dilutive, under our stock-based compensation plans. The computations of basic and diluted earnings per share for Income from continuing operations were as follows (in millions, except per share data): For the Three Months Ended March 31, 2021 2020 Net income $ 84.2 $ 12.9 Exclude: Income from discontinued operations — (0.4) Income from continuing operations $ 84.2 $ 12.5 Weighted-average shares outstanding – basic 38.0 38.4 Add: Potential effect of dilutive securities attributable to stock-based payments 0.2 0.3 Weighted-average shares outstanding – diluted 38.2 38.7 Earnings per share – Basic: Income from continuing operations $ 2.22 $ 0.33 Income from discontinued operations — 0.01 Net income $ 2.22 $ 0.34 Earnings per share – Diluted: Income from continuing operations $ 2.20 $ 0.32 Income from discontinued operations — 0.01 Net income $ 2.20 $ 0.33 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 March 31, 2021 2020 Weighted-average number of shares 0.1 0.3 Price per share $278.00 $214.63-$270.83

Reportable Business Segments

Reportable Business Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting, Measurement Disclosures [Abstract]
Reportable Business Segments	We operate in three 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 Heating & Cooling Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies Residential Replacement; United States Commercial Heating & Cooling Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, and variable refrigerant flow commercial products Light Commercial United States Refrigeration Condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls, and compressorized racks Light Commercial; United States 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 corporate functions such as legal, internal audit, treasury, human resources, tax compliance and senior executive staff. Corporate costs also include the long-term share-based incentive awards provided to employees throughout LII. We record these share-based awards as corporate costs because they are determined at the discretion of the Board of Directors and based on the historical practice of doing so for internal reporting purposes. 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 Data 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 March 31, 2021 2020 Net sales Residential Heating & Cooling $ 606.3 $ 442.1 Commercial Heating & Cooling 199.2 178.4 Refrigeration 125.0 103.3 $ 930.5 $ 723.8 Segment profit (loss) (1) Residential Heating & Cooling $ 96.4 $ 32.5 Commercial Heating & Cooling 27.4 18.7 Refrigeration 7.9 0.7 Corporate and other (16.0) (14.3) Total segment profit 115.7 37.6 Reconciliation to Operating income: Loss from natural disasters, net of insurance recoveries — 1.6 Items in (Gains) losses and other expenses, net that are excluded from segment profit (loss) (1) 1.5 (0.9) Restructuring charges 0.1 0.5 Operating income $ 114.1 $ 36.4 (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 (gains) losses on unsettled futures contracts, ▪ Special legal contingency charges, ▪ Asbestos-related litigation, ▪ Environmental liabilities, ▪ Charges incurred related to COVID-19 pandemic; and ▪ Other items, net, ◦ Loss from natural disasters, net of insurance recoveries; and ◦ Restructuring charges.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Hierarchy The methodologies used to determine the fair value of our financial assets and liabilities at March 31, 2021 were the same as those used at December 31, 2020. 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 Domestic Credit Facility 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 March 31, 2021 As of December 31, 2020 Senior unsecured notes $ 959.9 $ 971.6

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of March 31, 2021, the accompanying unaudited Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and 2020, the accompanying unaudited Consolidated Statements of Stockholders' Deficit for the three months ended March 31, 2021 and 2020, and the accompanying unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 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, 2020. 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.
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.
Recent Accounting Pronouncements	In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-02, in an effort to reduce complexity in accounting for income taxes, removes certain exceptions for measuring intraperiod tax allocations, foreign subsidiary equity method investments and interim period tax losses. ASU 2019-12 is effective for calendar year-end public business entities on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our financial statements.
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various tenors (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments.

Commitment and Contingencies (P

Commitment and Contingencies (Policies)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Leases	Leases We determine if an arrangement is a lease at inception. Operating leases are included in our Consolidated Balance Sheets as Right-of-use assets from operating leases, Current operating lease liabilities and Long-term operating lease liabilities. Finance leases are included in Property, plant and equipment, Current maturities of long-term debt and Long-term debt in our Consolidated Balance Sheets. We do not recognize a right-of-use asset and lease liability for leases with a term of 12 months or less. We do not separate non-lease components from lease components to which they relate and have accounted for the combined lease and non-lease components as a single lease component. Many of our lease agreements contain renewal options; however, we do not recognize right-of-use assets or lease liabilities for renewal periods unless it is determined that we are reasonably certain of renewing the lease at inception or when a triggering event occurs. Some of our lease agreements contain rent escalation clauses (including index-based escalations), rent holidays, capital improvement funding or other lease concessions. We recognize our minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. We amortize this expense over the term of the lease beginning with the date of initial possession. Variable lease components represent amounts that are not fixed in nature and are not tied to an index or rate, and are recognized as incurred. Under certain of our third-party service agreements, we control a specific space or underlying asset used in providing the service by the third-party service provider. These arrangements meet the definition under ASC 842 and therefore are accounted for under ASC 842. In determining our right-of-use assets and lease liabilities, we apply a discount rate to the minimum lease payments within each lease agreement. ASC 842 requires us to use the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. When we cannot readily determine the discount rate implicit in the lease agreement, we utilize our incremental borrowing rate. To estimate our specific incremental borrowing rates over various tenors (ranging from 1-year through 30-years), a comparable market yield curve consistent with our credit quality was calibrated to our publicly outstanding debt instruments.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Revenue from External Customers by Geographic Areas [Table Text Block]	The following table disaggregates our revenue by business segment by geography which provides information as to the major source of revenue. See Note 2 for additional information on our reportable business segments and the products and services sold in each segment. For the Three Months Ended March 31, 2021 Primary Geographic Markets Residential Heating & Cooling Commercial Heating & Cooling Refrigeration Consolidated United States $ 558.8 $ 182.3 $ 75.6 $ 816.7 Canada 47.5 16.9 — 64.4 Other international — — 49.4 49.4 Total $ 606.3 $ 199.2 $ 125.0 $ 930.5 For the Three Months Ended March 31, 2020 Primary Geographic Markets Residential Heating & Cooling Commercial Heating & Cooling Refrigeration Consolidated United States $ 412.4 $ 161.1 $ 59.5 $ 633.0 Canada 29.7 17.1 — 46.8 Other international — 0.2 43.8 44.0 Total $ 442.1 $ 178.4 $ 103.3 $ 723.8
Contract with Customer, Asset and Liability [Table Text Block]	Net contract assets (liabilities) consisted of the following: March 31, 2021 December 31, 2020 $ Change % Change Contract liabilities - current $ (8.2) $ (5.5) $ (2.7) 49.1 % Contract liabilities - noncurrent (5.5) (5.6) 0.1 (1.8) % Total $ (13.7) $ (11.1) $ (2.6)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Components of inventories	The components of inventories are as follows (in millions): As of March 31, 2021 As of December 31, 2020 Finished goods $ 321.8 $ 280.1 Work in process 6.3 6.5 Raw materials and parts 228.8 207.8 Subtotal 556.9 494.4 Excess of current cost over last-in, first-out cost (54.6) (55.0) Total inventories, net $ 502.3 $ 439.4

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill in 2021, in total and by segment, are summarized in the table below (in millions): Balance at December 31, 2020 Changes in foreign currency translation rates Balance at March 31, 2021 Residential Heating & Cooling $ 26.1 $ — $ 26.1 Commercial Heating & Cooling 61.1 — 61.1 Refrigeration 99.7 (0.2) 99.5 Total Goodwill $ 186.9 $ (0.2) $ 186.7

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 As of December 31, 2020 Unrealized gains on unsettled contracts $ (15.7) $ (10.5) Income tax expense 3.4 2.3 Gains included in AOCL, net of tax (1) $ (12.3) $ (8.2)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 As of December 31, 2020 Accrued expenses $ 38.8 $ 37.7 Other liabilities 85.0 82.1 Total warranty liability $ 123.8 $ 119.8 The changes in product warranty liabilities related to continuing operations for the three months ended March 31, 2021 were as follows (in millions): Total warranty liability as of December 31, 2020 $ 119.8 Warranty claims paid (7.0) Changes resulting from issuance of new warranties 9.8 Changes in estimates associated with pre-existing liabilities 1.3 Changes in foreign currency translation rates and other (0.1) Total warranty liability as of March 31, 2021 $ 123.8
Schedule of probable insurance recoveries	The following table summarizes the expenses, net of probable insurance recoveries, for known and future asbestos-related litigation recorded in Losses (gains) and other expenses, net in the Consolidated Statements of Operations (in millions): For the Three Months Ended March 31, 2021 2020 Loss (gain) for asbestos-related litigation, net $ 1.1 $ (1.7)

Lines of Credit and Financing A

Lines of Credit and Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 As of December 31, 2020 Current maturities of long-term debt: Asset securitization program $ 155.0 $ — Finance lease obligations 10.1 10.1 Debt issuance costs (0.1) (0.2) Total current maturities of long-term debt $ 165.0 $ 9.9 Long-Term Debt: Finance lease obligations 28.9 29.3 Domestic credit facility 37.0 — Senior unsecured notes 950.0 950.0 Debt issuance costs (8.0) (8.6) Total long-term debt $ 1,007.9 $ 970.7 Total debt $ 1,172.9 $ 980.6
Eligible amounts available and beneficial interests sold	As of March 31, 2021 As of December 31, 2020 Eligible amount available under the ASP on qualified accounts receivable $ 240.7 $ 279.1 Less: Beneficial interest transferred (155.0) — Remaining amount available $ 85.7 $ 279.1
Summary of weighted average borrowing rate facility	Our weighted average borrowing rate on the facility was as follows: As of March 31, 2021 As of December 31, 2020 Weighted average borrowing rate 1.63 % — %
Schedule of required ratios under the domestic credit facility	The required ratios under our Domestic Credit Facility are detailed below: Consolidated Indebtedness to Adjusted EBITDA Ratio no greater than 3.5 : 1.0 Cash Flow to Net Interest Expense Ratio no less than 3.0 : 1.0

Pension Benefit Plans (Tables)

Pension Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Service cost $ 1.5 $ 1.4 Interest cost 1.5 1.8 Expected return on plan assets (2.7) (2.2) Amortization of prior service cost 0.1 — Recognized actuarial loss 2.1 1.5 Other (0.2) — Settlements and curtailments 0.7 — Net periodic benefit cost $ 3.0 $ 2.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 Stock-based compensation expense (1) $ 8.5 $ 3.7 (1) All expense was recorded in our Corporate and Other business segment.

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Reclassification out of accumulated other comprehensive income	The following table provides information on items not reclassified in their entirety from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions): For the Three Months Ended March 31, Affected Line Item(s) in the Consolidated Statements of Operations 2021 2020 (Losses) Gains on Cash Flow Hedges: Derivatives contracts $ 4.4 $ (1.2) Cost of goods sold; Losses (gains) and other expenses, net Income tax benefit (1.0) 0.3 Provision for income taxes Net of tax $ 3.4 $ (0.9) Defined Benefit Plan items: Pension and post-retirement benefit costs $ (2.2) $ (1.5) Cost of goods sold; Selling, general and administrative expenses Pension settlement (0.7) — Pension settlement Income tax benefit 0.7 0.3 Provision for income taxes Net of tax $ (2.2) $ (1.2) Total reclassifications from AOCL $ 1.2 $ (2.1)
Changes in AOCI by component (net of tax)	The following table provides information on changes in AOCL, by component (net of tax), for the three months ended March 31, 2021 (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, 2020 $ 8.2 $ (1.2) $ (82.7) $ (21.5) $ (97.2) Other comprehensive income (loss) before reclassifications 7.5 — (5.8) (2.5) (0.8) Amounts reclassified from AOCL (3.4) — 2.2 — (1.2) Net other comprehensive income (loss) 4.1 — (3.6) (2.5) (2.0) Balance as of March 31, 2021 $ 12.3 $ (1.2) $ (86.3) $ (24.0) $ (99.2)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 for Income from continuing operations were as follows (in millions, except per share data): For the Three Months Ended March 31, 2021 2020 Net income $ 84.2 $ 12.9 Exclude: Income from discontinued operations — (0.4) Income from continuing operations $ 84.2 $ 12.5 Weighted-average shares outstanding – basic 38.0 38.4 Add: Potential effect of dilutive securities attributable to stock-based payments 0.2 0.3 Weighted-average shares outstanding – diluted 38.2 38.7 Earnings per share – Basic: Income from continuing operations $ 2.22 $ 0.33 Income from discontinued operations — 0.01 Net income $ 2.22 $ 0.34 Earnings per share – Diluted: Income from continuing operations $ 2.20 $ 0.32 Income from discontinued operations — 0.01 Net income $ 2.20 $ 0.33
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 March 31, 2021 2020 Weighted-average number of shares 0.1 0.3 Price per share $278.00 $214.63-$270.83

Reportable Business Segments (T

Reportable Business Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting, Measurement Disclosures [Abstract]
Summary of segment description	The following table describes each segment: Segment Product or Services Markets Served Geographic Areas Residential Heating & Cooling Furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, replacement parts and supplies Residential Replacement; United States Commercial Heating & Cooling Unitary heating and air conditioning equipment, applied systems, controls, installation and service of commercial heating and cooling equipment, and variable refrigerant flow commercial products Light Commercial United States Refrigeration Condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, process chillers, controls, and compressorized racks Light Commercial; United States
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 March 31, 2021 2020 Net sales Residential Heating & Cooling $ 606.3 $ 442.1 Commercial Heating & Cooling 199.2 178.4 Refrigeration 125.0 103.3 $ 930.5 $ 723.8 Segment profit (loss) (1) Residential Heating & Cooling $ 96.4 $ 32.5 Commercial Heating & Cooling 27.4 18.7 Refrigeration 7.9 0.7 Corporate and other (16.0) (14.3) Total segment profit 115.7 37.6 Reconciliation to Operating income: Loss from natural disasters, net of insurance recoveries — 1.6 Items in (Gains) losses and other expenses, net that are excluded from segment profit (loss) (1) 1.5 (0.9) Restructuring charges 0.1 0.5 Operating income $ 114.1 $ 36.4 (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 (gains) losses on unsettled futures contracts, ▪ Special legal contingency charges, ▪ Asbestos-related litigation, ▪ Environmental liabilities, ▪ Charges incurred related to COVID-19 pandemic; and ▪ Other items, net, ◦ Loss from natural disasters, net of insurance recoveries; and ◦ Restructuring charges.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Other fair value measurements	The following table presents their fair value (in millions): As of March 31, 2021 As of December 31, 2020 Senior unsecured notes $ 959.9 $ 971.6

General (Details)

General (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in retained earnings	$ (2,440.9)	$ (2,385.8)

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 1,600,000	$ 1,500,000
Residential Heating and Cooling [Member] | Sales Channel, Directly to Consumer [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.67	0.73
Commercial Heating and Cooling [Member] | Equipment Sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0.83	$ 0.84

Revenue Recognition (Revenue by

Revenue Recognition (Revenue by Business Segment by Geography) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 1,600,000	$ 1,500,000
Revenue, Net	930,500,000	723,800,000
Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	606,300,000	442,100,000
Commercial Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	199,200,000	178,400,000
Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	125,000,000	103,300,000
Equipment Sales [Member] | Commercial Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.83	0.84
International [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	49,400,000	44,000,000
International [Member] | Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0
International [Member] | Commercial Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0	200,000
International [Member] | Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	49,400,000	43,800,000
CANADA
Disaggregation of Revenue [Line Items]
Revenue, Net	64,400,000	46,800,000
CANADA | Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	47,500,000	29,700,000
CANADA | Commercial Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	16,900,000	17,100,000
CANADA | Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0	0
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue, Net	816,700,000	633,000,000
UNITED STATES | Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	558,800,000	412,400,000
UNITED STATES | Commercial Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	182,300,000	161,100,000
UNITED STATES | Refrigeration [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	$ 75,600,000	$ 59,500,000

Revenue Recognition (Net Contra

Revenue Recognition (Net Contract Assets (Liabilities)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Revenue Recognition and Deferred Revenue [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 1.6	$ 1.5
Contract with Customer, Liability, Current	(8.2)		$ (5.5)
Contract with Customer, Liability, Current, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized	$ (2.7)
Contract with Customer, Liability, Current, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized, Percent	49.10%
Contract with Customer, Liability, Noncurrent	$ (5.5)		(5.6)
Contract with Customer, Liability, Noncurrent, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized	$ 0.1
Contract with Customer, Liability, Noncurrent, Net, Change in Timeframe, Performance Obligation Satisfied Revenue Recognized, Percent	(1.80%)
Contract with Customer, Asset (Liability), Net	$ (13.7)		$ (11.1)
Contract with Customer, Asset (Liability), Change in Timeframe, Performance Obligation Satisfied Revenue Recognized	$ (2.6)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Components of inventories
Finished goods	$ 321.8	$ 280.1
Work in process	6.3	6.5
Raw materials and parts	228.8	207.8
Subtotal	556.9	494.4
Excess of current cost over last-in, first-out cost	(54.6)	(55)
Total inventories, net	$ 502.3	$ 439.4

Goodwill (Details)

Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 186.9
Changes in foreign currency translation rates	(0.2)
Goodwill, Ending Balance	186.7
Residential Heating & Cooling [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	26.1
Changes in foreign currency translation rates	0
Goodwill, Ending Balance	26.1
Commercial Heating & Cooling [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	61.1
Changes in foreign currency translation rates	0
Goodwill, Ending Balance	61.1
Refrigeration [Member]
Goodwill [Roll Forward]
Goodwill, Beginning Balance	99.7
Changes in foreign currency translation rates	(0.2)
Goodwill, Ending Balance	$ 99.5

Derivatives (AOCL Related to Ca

Derivatives (AOCL Related to Cash Flow Hedges) (Details) - Cash Flow Hedge [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gains on unsettled contracts	$ (15.7)	$ (10.5)
Losses included in AOCL, net of tax	(12.3)	(8.2)
Accumulated Other Comprehensive Income (Loss) Cumulative, Changes In Net Gain (Loss) From Cash Flow Hedges Provision (Benefit) For Tax	3.4	$ 2.3
Cash flow hedge derivative losses expected to be reclassified into earnings within the next 12 months	$ 11.5

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 3.3

Commitments and Contingencies_2

Commitments and Contingencies (Liabilities for Estimated Product Warranty Costs) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Total liabilities for estimated warranty
Accrued expenses	$ 38.8	$ 37.7
Other liabilities	85	82.1
Total warranty liability	$ 123.8	$ 119.8

Commitments and Contingencies_3

Commitments and Contingencies (Changes in Product Warranty Liabilities) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Loss Contingencies [Line Items]
Standard and Extended Product Warranty Accrual, Foreign Currency Translation Gain (Loss)	$ (0.1)
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Total warranty liability, beginning balance	(119.8)
Warranty claims paid	(7)
Changes resulting from issuance of new warranties	9.8
Total warranty liability, ending balance	(123.8)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ 1.3

Commitments and Contingencies_4

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loss Contingencies [Line Items]
Expense for asbestos-related litigation	$ 1.1	$ (1.7)

Commitments and Contingencies M

Commitments and Contingencies Marshalltown Tornado and Recovery (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Loss (gain) from natural disaster, net of Insurance recoveries	$ 0	$ (1.6)
Net Loss(gain) from natural disaster	0	1.6
Loss Contingencies [Line Items]
Insurance recoveries received for property damage incurred from natural disaster	0	1.6
Net Loss(gain) from natural disaster	$ 0	$ 1.6

Commitments and Contingencies E

Commitments and Contingencies Expenses for asbestos- related litigation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Asbestos related litigation [Abstract]
Liability for Asbestos and Environmental Claims, Net, Incurred Loss	$ 1.1	$ (1.7)

Lines of Credit and Financing_2

Lines of Credit and Financing Arrangements (Outstanding Debt Obligations) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Nov. 01, 2016
Current maturities of long-term debt:
Finance lease obligations	$ 10,100,000	$ 10,100,000
Debt issuance costs	(100,000)	(200,000)
Total current maturities of long-term debt	165,000,000	9,900,000
Long-Term Debt:
Finance lease obligations	28,900,000	29,300,000
Debt issuance costs	(8,000,000)	(8,600,000)
Total long-term debt	1,007,900,000	970,700,000
Total debt	1,172,900,000	980,600,000
Domestic Credit Facility [Member]
Long-Term Debt:
Domestic credit facility and senior unsecured notes	37,000,000	0
Asset Securitization [Member]
Current maturities of long-term debt:
Domestic credit facility and senior unsecured notes	155,000,000	0
Senior Unsecured Notes [Member]
Long-Term Debt:
Domestic credit facility and senior unsecured notes	950,000,000	950,000,000
Debt Instrument, Interest Rate, Stated Percentage			3.00%
Foreign Obligations [Member]
Long-Term Debt:
Short-term Debt	$ 0	$ 0

Lines of Credit and Financing_3

Lines of Credit and Financing Arrangements (Foreign Obligations) (Details) - Foreign Obligations [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Short-term Debt	$ 0	$ 0
Proceeds from facilities	0
Repayments on facilities	$ 0

Lines of Credit and Financing_4

Lines of Credit and Financing Arrangements (Asset Securitization Program) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 85,700,000	$ 279,100,000
Maximum securitization as percentage of net pool balance	100.00%
Program fee percentage	0.70%
Average floating commercial paper rate (as a percent)	0.82%	0.00%
Unused fee (as a percent)	101.00%
Senior Unsecured Notes [Member]
Line of Credit Facility [Line Items]
Minimum principal amount accelerated	$ 75,000,000
Minimum [Member]
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 250,000,000
Fixed rate of agreement (as a percent)	0.25%
Maximum [Member]
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 400,000,000
Fixed rate of agreement (as a percent)	0.35%

Lines of Credit and Financing_5

Lines of Credit and Financing Arrangements (Eligible Amounts Available and Beneficial Interest Sold) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Eligible amounts available and beneficial interests sold
Eligible amount available under the ASP on qualified accounts receivable	$ 240.7	$ 279.1
Less: Beneficial interest transferred	(155)	0
Remaining amount available	$ 85.7	$ 279.1

Lines of Credit and Financing_6

Lines of Credit and Financing Arrangements (Domestic Credit Facility) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Jul. 30, 2020	Nov. 01, 2016
Subfacility for Swingline Loans [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 65,000,000
Line of Credit [Member]
Line of Credit Facility [Line Items]
Minimum principal amount accelerated	75,000,000
Medium-term Notes [Member] | Domestic Credit Facility [Member]
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 [Member]
Line of Credit Facility [Line Items]
Outstanding borrowings	37,000,000
Committed standby letters of credit	2,200,000
Available for future borrowings	$ 710,800,000
2025 Notes [Member] | Senior Notes [Member]
Line of Credit Facility [Line Items]
Face amount of debt		$ 300,000,000
Debt Instrument, Interest Rate, Stated Percentage		1.35%
2027 Notes [Member] | Senior Notes [Member]
Line of Credit Facility [Line Items]
Face amount of debt		$ 300,000,000
Debt Instrument, Interest Rate, Stated Percentage		1.70%

Lines of Credit and Financing_7

Lines of Credit and Financing Arrangements (Weighted Average Borrowing Rate) (Details)	Mar. 31, 2021	Dec. 31, 2020
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Weighted average borrowing rate	1.63%	0.00%

Lines of Credit and Financing_8

Lines of Credit and Financing Arrangements (Credit Facility Ratios) (Details) - Revolving Credit Facility [Member]	3 Months Ended
	Mar. 31, 2021
Maximum [Member]
Line of Credit Facility [Line Items]
Consolidated Indebtedness to Adjusted EBITDA Ratio no greater than	3.5
Cash Flow to Net Interest Expense Ratio no less than	3
Minimum [Member]
Line of Credit Facility [Line Items]
Consolidated Indebtedness to Adjusted EBITDA Ratio no greater than	1
Cash Flow to Net Interest Expense Ratio no less than	1

Lines of Credit and Financing_9

Lines of Credit and Financing Arrangements (Senior Unsecured Notes) (Details) - Senior Unsecured Notes [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Jul. 30, 2020	Nov. 01, 2016
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]
Senior unsecured notes			$ 350,000,000

Pension Benefit Plans (Details)

Pension Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retirement Benefits [Abstract]
Service cost	$ 1.5	$ 1.4
Interest cost	1.5	1.8
Expected return on plan assets	(2.7)	(2.2)
Amortization of prior service cost	0.1	0
Recognized actuarial loss	2.1	1.5
Other	(0.2)	0
Settlements and curtailments	0.7	0
Net periodic benefit cost	$ 3	$ 2.5

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 8.5	$ 3.7

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($) shares in Millions	Apr. 16, 2021	Feb. 04, 2021	Apr. 16, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 13, 2019
Stock Repurchased During Period, Shares	0.1	0.6	0.7
Percentage Of Accelerated Share Repurchases Of Shares Expected To Be Repurchased		85.00%
Stock repurchase program, authorized amount						$ 3,000,000,000	$ 500,000,000
Stock repurchase program, remaining authorized amount				$ 246,000,000
Stock Repurchased During Period, Shares	0.1	0.6	0.7
Stock Repurchased During Period, Value		$ 200,000,000
Shares repurchased from employees who surrendered shares to satisfy minimum tax withholding obligations, value				$ 6,000,000	$ 5,500,000

Comprehensive Income (Reclassif

Comprehensive Income (Reclassification out of AOCL) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold; Selling, general and administrative expenses	$ (674)	$ (558.1)
Income tax benefit	(22.2)	(14)
Foreign currency adjustments on sale of business	1.2
(Losses)/Gains on Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Foreign currency adjustments on sale of business	3.4
Defined Benefit Plan Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Foreign currency adjustments on sale of business	(2.2)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Foreign currency adjustments on sale of business	0
Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	1.2	(2.1)
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 benefit	(1)	0.3
Net of tax	3.4	(0.9)
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]
Cost of goods sold; Selling, general and administrative expenses	4.4	(1.2)
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Defined Benefit Plan Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of goods sold; Selling, general and administrative expenses	(2.2)	(1.5)
Income tax benefit	0.7	0.3
Net of tax	$ (2.2)	$ (1.2)

Comprehensive Income (Changes i

Comprehensive Income (Changes in AOCL) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	$ (97.2)
Other comprehensive income (loss) before reclassifications	(0.8)
Amounts reclassified from AOCL	(1.2)
Net other comprehensive income (loss)	(2)
Balance as of end of period	(99.2)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	8.2
Other comprehensive income (loss) before reclassifications	7.5
Amounts reclassified from AOCL	(3.4)
Net other comprehensive income (loss)	4.1
Balance as of end of period	12.3
Defined Benefit Pension Plan Items [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(82.7)
Other comprehensive income (loss) before reclassifications	(5.8)
Amounts reclassified from AOCL	2.2
Net other comprehensive income (loss)	(3.6)
Balance as of end of period	(86.3)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(21.5)
Other comprehensive income (loss) before reclassifications	(2.5)
Amounts reclassified from AOCL	0
Net other comprehensive income (loss)	(2.5)
Balance as of end of period	(24)
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest
Changes in AOCI by component (net of tax) [Roll Forward]
Balance as of beginning of period	(1.2)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from AOCL	0
Net other comprehensive income (loss)	0
Balance as of end of period	$ (1.2)

Restructuring Charges (Details)

Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.1	$ 0.5

Earnings Per Share (Computation

Earnings Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 84.2	$ 12.9
Exclude: Income from discontinued operations	0	(0.4)
Income from continuing operations	$ 84.2	$ 12.5
Weighted-average shares outstanding – basic	38	38.4
Add: Potential effect of dilutive securities attributable to stock-based payments	0.2	0.3
Weighted-average shares outstanding – diluted	38.2	38.7
Earnings per share – Basic:
Income from continuing operations (in dollars per share)	$ 2.22	$ 0.33
Loss from discontinued operations (in dollars per share)	0	0.01
Net income (in dollars per share)	2.22	0.34
Earnings per share – Diluted:
Income from continuing operations (in dollars per share)	2.20	0.32
Loss from discontinued operations (in dollars per share)	0	0.01
Net income (in dollars per share)	$ 2.20	$ 0.33

Earnings Per Share (Excluded fr

Earnings Per Share (Excluded from Diluted Earnings Per Share Calculation) (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average number of shares	0.1	0.3
Price range per share (in dollars per share)	$ 278
Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Price range per share (in dollars per share)		$ 214.63
Maximum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Price range per share (in dollars per share)		$ 270.83

Reportable Business Segments (S

Reportable Business Segments (Segment Data) (Details)	3 Months Ended
	Mar. 31, 2021USD ($)Segment	Mar. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	3
Net sales
Net sales	$ 930,500,000	$ 723,800,000
Segment profit (loss)
Total segment profit	115,700,000	37,600,000
Reconciliation to Operating income:
Net Loss(gain) from natural disaster	0	1,600,000
Loss from natural disasters, net of insurance recoveries	0	(1,600,000)
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss)	1,500,000	(900,000)
Restructuring charges	100,000	500,000
Operating income	114,100,000	36,400,000
Residential Heating & Cooling [Member]
Net sales
Net sales	606,300,000	442,100,000
Segment profit (loss)
Total segment profit	96,400,000	32,500,000
Residential Heating & Cooling [Member] | Sales Channel, Directly to Consumer [Member]
Reconciliation to Operating income:
Revenue from Contract with Customer, Excluding Assessed Tax	0.67	0.73
Commercial Heating & Cooling [Member]
Net sales
Net sales	199,200,000	178,400,000
Segment profit (loss)
Total segment profit	27,400,000	18,700,000
Commercial Heating & Cooling [Member] | Equipment Sales [Member]
Reconciliation to Operating income:
Revenue from Contract with Customer, Excluding Assessed Tax	0.83	0.84
Refrigeration [Member]
Net sales
Net sales	125,000,000	103,300,000
Segment profit (loss)
Total segment profit	7,900,000	700,000
Corporate & Other [Member]
Segment profit (loss)
Total segment profit	$ 16,000,000	$ 14,300,000

Fair Value Measurements (Other

Fair Value Measurements (Other Fair Value Disclosures) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Level 2 [Member] | Senior Unsecured Notes [Member]
Other Fair Value Measurements
Senior unsecured notes	$ 959.9	$ 971.6