Lennox International (LII) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 17, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 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		35,501,548
Entity Central Index Key	0001069202
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 40.4	$ 52.6
Short-term investments	7.1	8.5
Accounts and notes receivable, net of allowances of $16.8 and $15.5 in 2023 and 2022, respectively	642.5	608.5
Inventories, net	904.1	753
Other assets	77.5	73.9
Total current assets	1,671.6	1,496.5
Property, plant and equipment, net of accumulated depreciation of $938.9 and $920.8 in 2023 and 2022, respectively	567.2	548.9
Right-of-use assets from operating leases	217.8	219.9
Goodwill	186.3	186.3
Deferred income taxes	34	27.5
Other assets, net	93.5	88.5
Total assets	2,770.4	2,567.6
Current Liabilities:
Current maturities of long-term debt	657.5	710.6
Current operating lease liabilities	63.8	63.3
Accounts payable	445	427.3
Accrued expenses	341.7	376.9
Income taxes payable	18.4	17.6
Total current liabilities	1,526.4	1,595.7
Long-term debt	1,010.1	814.2
Long-term operating lease liabilities	159.3	161.8
Pensions	39.7	40.1
Other liabilities	160.8	158.9
Total liabilities	2,896.3	2,770.7
Commitments and contingencies
Stockholders' deficit:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, no shares issued or outstanding	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	1,161.1	1,155.2
Retained earnings	3,130.9	3,070.6
Accumulated other comprehensive loss	(78.6)	(90.6)
Treasury stock, at cost, 51,672,744 shares and 51,700,260 shares for 2023 and 2022, respectively	4,340.2	4,339.2
Total stockholders' deficit	(125.9)	(203.1)
Total liabilities and stockholders' deficit	$ 2,770.4	$ 2,567.6

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 1,049.4	$ 1,013.4
Cost of goods sold	742.8	745.2
Gross profit	306.6	268.2
Operating Expenses:
Selling, general and administrative expenses	167.5	155.3
Losses (gains) and other expenses, net	0.3	0.4
Restructuring charges	0	(0.5)
(Income) loss from equity method investments	(0.7)	0.1
Operating income	139.5	111.9
Pension settlements	0.2	0.1
Interest expense, net	14.2	6.8
Other expense (income), net	0	0.6
Net income before income taxes	125.1	104.4
Provision for income taxes	27.1	20.8
Net income	$ 98	$ 83.6
Earnings per share - Basic (in dollars per share)	$ 2.76	$ 2.30
Earnings per share - Diluted (in dollars per share)	$ 2.75	$ 2.29
Weighted average number of shares outstanding, basic (in shares)	35.5	36.3
Weighted average number of shares outstanding, diluted (in shares)	35.6	36.5

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 98	$ 83.6
Other comprehensive income (loss):
Foreign currency translation adjustments	6.8	(1.2)
Net change in pension and post-retirement liabilities	(0.1)	(1.4)
Reclassification of pension and post-retirement benefit losses into earnings	0.2	1.3
Pension settlements	0.2	0.1
Net change in fair value of cash flow hedges	6.3	19.6
Reclassification of cash flow hedge losses (gains) into earnings	0.4	(7.5)
Other comprehensive income before taxes	13.8	10.9
Tax expense	(1.8)	(3.3)
Other comprehensive income, net of tax	12	7.6
Comprehensive income	$ 110	$ 91.2

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficit - USD ($)	Total	Common Stock Issued	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock at Cost
Beginning balance at Dec. 31, 2021	$ (269,000,000)	$ 900,000	$ 1,133,700,000	$ 2,719,300,000	$ (88,100,000)	$ (4,034,800,000)
Beginning balance (in shares) at Dec. 31, 2021						50,500,000
Net income	83,600,000			83,600,000
Dividends, Common Stock, Cash	(33,100,000)			(33,100,000)
Foreign currency translation adjustments	(1,200,000)				(1,200,000)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	(200,000)				(200,000)
Stock-based compensation expense	4,700,000		4,700,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	9,000,000				9,000,000
Stock Issued During Period, Value, Treasury Stock Reissued	900,000		(1,000,000)			$ 1,900,000
Stock Issued During Period, Shares, Treasury Stock Reissued						(100,000)
Treasury Stock, Value, Acquired, Cost Method	(204,900,000)		(27,000,000)			$ (177,900,000)
Treasury Stock, Shares, Acquired						700,000
Ending balance at Mar. 31, 2022	(410,200,000)	900,000	1,110,400,000	2,769,800,000	(80,500,000)	$ (4,210,800,000)
Ending balance (in shares) at Mar. 31, 2022						51,100,000
Dividends	0.92
Pension and post-retirement liability changes, tax expense	200,000
Change in cash flow hedges, tax expense	3,100,000
Beginning balance at Dec. 31, 2022	$ (203,100,000)	900,000	1,155,200,000	3,070,600,000	(90,600,000)	$ (4,339,200,000)
Beginning balance (in shares) at Dec. 31, 2022	51,700,260					51,700,000
Net income	$ 98,000,000			98,000,000
Dividends, Common Stock, Cash	(37,700,000)			(37,700,000)
Foreign currency translation adjustments	6,800,000				6,800,000
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	200,000				200,000
Stock-based compensation expense	6,100,000		6,100,000
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	5,000,000				5,000,000
Stock Issued During Period, Value, Treasury Stock Reissued	800,000		(200,000)			$ 1,000,000
Treasury Stock, Value, Acquired, Cost Method	(2,000,000)					(2,000,000)
Ending balance at Mar. 31, 2023	$ (125,900,000)	$ 900,000	$ 1,161,100,000	$ 3,130,900,000	$ (78,600,000)	$ (4,340,200,000)
Ending balance (in shares) at Mar. 31, 2023	51,672,744					51,700,000
Dividends	$ 1.06
Pension and post-retirement liability changes, tax expense	0
Change in cash flow hedges, tax expense	$ 1,800,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 98	$ 83.6
Adjustments to reconcile net income to net cash used in operating activities:
(Income) loss from equity method investments	(0.7)	0.1
Restructuring charges, net of cash paid	0	0.5
Provision for credit losses	2	1.4
Unrealized losses, net on derivative contracts	1.6	0.1
Stock-based compensation expense	6.1	4.7
Depreciation and amortization	19.6	18.8
Deferred income taxes	(8.2)	(5.3)
Pension expense	0.7	1.4
Pension contributions	(1.2)	(0.1)
Other items, net	(0.3)	(0.9)
Changes in assets and liabilities:
Accounts and notes receivable	(34.9)	(96.9)
Inventories	(150.4)	(168.8)
Other current assets	1.2	1.1
Accounts payable	22.3	67.5
Accrued expenses	(32.5)	(33)
Income taxes payable and receivable, net	0.8	20.8
Leases, net	0.1	0.5
Other, net	(3)	6.6
Net cash used in operating activities	(78.8)	(97.9)
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	0.3	0.3
Purchases of property, plant and equipment	(35.4)	(25.8)
Proceeds from (purchases of) short-term investments, net	1.4	(0.2)
Net cash used in investing activities	(33.7)	(25.7)
Cash flows from financing activities:
Asset securitization borrowings	0	90
Asset securitization payments	(53)	(61)
Long-term debt payments	(3.2)	(3.2)
Borrowings from credit facility	610.5	722.5
Payments on credit facility	(414.5)	(381.5)
Proceeds from employee stock purchases	0.9	0.9
Repurchases of common stock	0	(200)
Repurchases of common stock to satisfy employee withholding tax obligations	(2)	(4.9)
Cash dividends paid	(37.6)	(33.7)
Net cash provided by financing activities	101.1	129.1
(Decrease) increase in cash and cash equivalents	(11.4)	5.5
Effect of exchange rates on cash and cash equivalents	(0.8)	(2.2)
Cash and cash equivalents, beginning of period	52.6	31
Cash and cash equivalents, end of period	40.4	34.3
Supplemental disclosures of cash flow information:
Interest paid	13	5.8
Income taxes paid (net of refunds)	$ 34.4	$ 5.2

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Allowances, accounts and notes receivable	$ 16.8	$ 15.5
Accumulated depreciation	$ 938.9	$ 920.8
Stockholders' 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	51,672,744	51,700,260

General

General	3 Months Ended
	Mar. 31, 2023
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, 2023, the accompanying unaudited Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022, the accompanying unaudited Consolidated Statements of Stockholders' Deficit for the three months ended March 31, 2023 and 2022, and the accompanying unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 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.

Reportable Business Segments

Reportable Business Segments	3 Months Ended
	Mar. 31, 2023
Segment Reporting, Measurement Disclosures [Abstract]
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; United States 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; United States 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. See "Recast Segment Results" below 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 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, 2023 2022 (2) Net sales Residential $ 681.0 $ 682.2 Commercial 308.7 279.5 Corporate and other 59.7 51.7 $ 1,049.4 $ 1,013.4 Segment profit (loss) (1) Residential $ 111.1 $ 107.6 Commercial 50.0 23.8 Corporate and other (19.4) (16.8) Total segment profit 141.7 114.6 Reconciliation to Operating income: Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1) 2.2 2.2 Restructuring charges — 0.5 Operating income $ 139.5 $ 111.9 (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, ▪ Environmental liabilities and special litigation charges, ▪ Charges incurred related to COVID-19 pandemic, and ▪ Other items, net, ◦ Restructuring charges. (2) 2022 results have been recast to reflect the realignment of our reportable segments. See Recast Segment Results for further detail. Recast Segment Results The following tables present the previously reported and recast financial results reflecting the change in segment reporting for the fiscal year 2022 and 2021. Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted Residential segment net sales $ 682.2 $ 682.2 $ 977.5 $ 977.5 $ 835.3 $ 835.3 $ 703.4 $ 703.4 $ 3,198.3 $ 3,198.3 Residential segment profit $ 107.6 $ 107.6 $ 216.3 $ 216.3 $ 153.8 $ 153.8 $ 119.2 $ 119.2 $ 596.9 $ 596.9 Commercial segment net sales $ 187.7 $ 279.5 $ 219.6 $ 327.4 $ 252.9 $ 352.3 $ 240.5 $ 327.2 $ 900.7 $ 1,286.4 Commercial segment profit $ 6.3 $ 23.8 $ 17.2 $ 41.2 $ 29.6 $ 52.4 $ 27.9 $ 45.6 $ 80.9 $ 163.0 Refrigeration segment net sales $ 143.5 $ — $ 169.2 $ — $ 156.7 $ — $ 149.9 $ — $ 619.4 $ — Refrigeration segment profit $ 14.1 $ — $ 23.4 $ — $ 22.4 $ — $ 18.8 $ — $ 78.8 $ — Corporate net sales $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Net sales from European operations $ — $ 51.7 $ — $ 61.4 $ — $ 57.3 $ — $ 63.2 $ — $ 233.7 Corporate and other net sales $ — $ 51.7 $ — $ 61.4 $ — $ 57.3 $ — $ 63.2 $ — $ 233.7 Corporate costs $ (13.4) $ (13.4) $ (27.1) $ (27.1) $ (16.5) $ (16.5) $ (33.7) $ (33.7) $ (90.8) $ (90.8) Segment profit from European operations $ — $ (3.4) $ — $ (0.6) $ — $ (0.4) $ — $ 1.1 $ — $ (3.3) Corporate and other segment profit $ (13.4) $ (16.8) $ (27.1) $ (27.7) $ (16.5) $ (16.9) $ (33.7) $ (32.6) $ (90.8) $ (94.1) LII net sales $ 1,013.4 $ 1,013.4 $ 1,366.3 $ 1,366.3 $ 1,244.9 $ 1,244.9 $ 1,093.8 $ 1,093.8 $ 4,718.4 $ 4,718.4 LII total segment profit $ 114.6 $ 114.6 $ 229.8 $ 229.8 $ 189.3 $ 189.3 $ 132.2 $ 132.2 $ 665.8 $ 665.8 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted Residential segment net sales $ 606.3 $ 606.3 $ 838.0 $ 838.0 $ 711.0 $ 711.0 $ 620.3 $ 620.3 $ 2,775.6 $ 2,775.6 Residential segment profit $ 96.4 $ 96.4 $ 189.7 $ 189.7 $ 144.0 $ 144.0 $ 110.3 $ 110.3 $ 540.3 $ 540.3 Commercial segment net sales $ 199.2 $ 274.8 $ 252.8 $ 335.0 $ 211.5 $ 292.7 $ 201.4 $ 286.3 $ 864.8 $ 1,188.8 Commercial segment profit $ 27.4 $ 39.6 $ 45.3 $ 58.9 $ 22.6 $ 36.3 $ 15.6 $ 29.8 $ 110.9 $ 164.6 Refrigeration segment net sales $ 125.0 $ — $ 148.2 $ — $ 137.4 $ — $ 143.1 $ — $ 553.7 $ — Refrigeration segment profit $ 7.9 $ — $ 13.5 $ — $ 14.5 $ — $ 13.2 $ — $ 49.1 $ — Corporate net sales $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Net sales from European operations $ — $ 49.4 $ — $ 66.0 $ — $ 56.2 $ — $ 58.2 $ — $ 229.7 Corporate and other net sales $ — $ 49.4 $ — $ 66.0 $ — $ 56.2 $ — $ 58.2 $ — $ 229.7 Corporate costs $ (16.0) $ (16.0) $ (26.9) $ (26.9) $ (16.3) $ (16.3) $ (37.2) $ (37.2) $ (96.4) $ (96.4) Segment profit from European operations $ — $ (4.3) $ — $ (0.1) $ — $ 0.8 $ — $ (1.0) $ — $ (4.6) Corporate and other segment profit $ (16.0) $ (20.3) $ (26.9) $ (27.0) $ (16.3) $ (15.5) $ (37.2) $ (38.2) $ (96.4) $ (101.0) LII net sales $ 930.5 $ 930.5 $ 1,239.0 $ 1,239.0 $ 1,059.9 $ 1,059.9 $ 964.8 $ 964.8 $ 4,194.1 $ 4,194.1 LII total segment profit $ 115.7 $ 115.7 $ 221.6 $ 221.6 $ 164.8 $ 164.8 $ 101.9 $ 101.9 $ 603.9 $ 603.9

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Basic earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income by the sum of the weighted-average number of shares and the number of equivalent shares assumed outstanding, if dilutive, under our stock-based compensation plans. The computations of basic and diluted earnings per share were as follows (in millions, except per share data): For the Three Months Ended March 31, 2023 2022 Net income $ 98.0 $ 83.6 Weighted-average shares outstanding – basic 35.5 36.3 Add: Potential effect of dilutive securities attributable to stock-based payments 0.1 0.2 Weighted-average shares outstanding – diluted 35.6 36.5 Earnings per share – Basic: $ 2.76 $ 2.30 Earnings per share – Diluted: $ 2.75 $ 2.29 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, 2023 2022 Weighted-average number of shares 0.3 0.2

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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 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. Approximatel y 82% 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 March 31, 2023 As of December 31, 2022 Accrued expenses $ 42.3 $ 41.3 Other liabilities 103.0 101.4 Total warranty liability $ 145.3 $ 142.7 The changes in product warranty liabilities related to continuing operations for the three months ended March 31, 2023 were as follows (in millions): Total warranty liability as of December 31, 2022 $ 142.7 Warranty claims paid (8.0) Changes resulting from issuance of new warranties 11.1 Changes in estimates associated with pre-existing liabilities (0.6) Changes in foreign currency translation rates and other 0.1 Total warranty liability as of March 31, 2023 $ 145.3 Litigation We are involved in a number of claims and lawsuits incident to the operation of our businesses. Insurance coverages are maintained and estimated costs are recorded for such claims and lawsuits, including costs to settle claims and lawsuits, based on experience involving similar matters and specific facts known. It is management's opinion that none of these claims or lawsuits or any threatened litigation will have a material adverse effect on our financial condition, results of operations or cash flows. Claims and lawsuits, however, involve uncertainties and it is possible that their eventual outcome could adversely affect our results of operations for a particular period.

Stock Repurchases

Stock Repurchases	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
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 March 31, 2023, $546 million was available for repurchase under the Share Repurchase Plans. We repurchased approximately $2.0 million of shares during the three months ended March 31, 2023 from employees who tendered their shares to satisfy minimum tax withholding obligations upon the vesting and exercise of stock-based compensation awards.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
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. All amount presented reflect the revised segment presentation. For the Three Months Ended March 31, 2023 Primary Geographic Markets Residential Commercial Corporate and Other Consolidated United States $ 639.3 $ 294.6 $ — $ 933.9 Canada 41.7 14.1 — 55.8 Other international — — 59.7 59.7 Total $ 681.0 $ 308.7 $ 59.7 $ 1,049.4 For the Three Months Ended March 31,2022 (1) Primary Geographic Markets Residential Commercial Corporate and Other Consolidated United States $ 629.7 $ 268.6 $ — $ 898.3 Canada 52.5 10.4 — 62.9 Other international — 0.5 51.7 52.2 Total $ 682.2 $ 279.5 $ 51.7 $ 1,013.4 (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 months ended March 31, 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 March 31, 2023 and 2022, direct sales represented 70% and 66% 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 March 31, 2023 and 2022, equipment sales represented 85% 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: March 31, 2023 December 31, 2022 Contract liabilities - current $ (12.5) $ (9.6) Contract liabilities - noncurrent (6.7) (6.4) Total $ (19.2) $ (16.0) For the three months ended March 31, 2023 and 2022, we recognized revenue of $3.0 million and $3.7 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.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories: The components of inventories are as follows (in millions): As of March 31, 2023 As of December 31, 2022 Finished goods $ 632.3 $ 534.6 Work in process 9.0 8.9 Raw materials and parts 382.1 328.7 Subtotal 1,023.4 872.2 Excess of current cost over last-in, first-out cost (119.3) (119.2) Total inventories, net $ 904.1 $ 753.0

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 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 at December 31, 2022 Goodwill Reallocation (1) Changes in foreign currency translation rates Balance at March 31, 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 — 4.6 Total Goodwill $ 186.3 $ — $ — 186.3 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 three months ended March 31, 2023.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 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 throug h 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 March 31, 2023 As of December 31, 2022 Unrealized losses (gains), net on unsettled contracts $ (0.5) $ 6.3 Income tax (benefit) expense 0.4 (1.4) Unrealized losses (gains), net included in AOCL, net of tax (1) $ (0.1) $ 4.9

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 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 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, 2023 2022 Stock-based compensation expense $ 6.1 $ 4.7

Pension Benefit Plans

Pension Benefit Plans	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Service cost $ 0.6 $ 1.1 Interest cost 2.2 1.5 Expected return on plan assets (2.4) (2.3) Recognized actuarial loss 0.2 1.5 Other (0.1) (0.1) Settlements and curtailments 0.2 0.1 Net periodic benefit cost $ 0.7 $ 1.8

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	, we had approximately $3.8 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 2021. Our 2022 U.S. federal income tax return will be examined under the Internal Revenue Service’s pilot Bridge Plus program. 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.

Lines of Credit and Financing A

Lines of Credit and Financing Arrangements	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
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 March 31, 2023 As of December 31, 2022 Current maturities of long-term debt: Asset securitization program $ 297.0 $ 350.0 Finance lease obligations 10.9 11.2 Senior unsecured notes 350.0 350.0 Debt issuance costs (0.4) (0.6) Total current maturities of long-term debt $ 657.5 $ 710.6 Long-Term Debt: Finance lease obligations 27.8 28.3 Credit agreement 388.0 192.0 Senior unsecured notes 600.0 600.0 Debt issuance costs (5.7) (6.1) Total long-term debt $ 1,010.1 $ 814.2 Total debt $ 1,667.6 $ 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 March 31, 2023 or December 31, 2022 and there were no borrowings or repayments on these facilities during the three months ended March 31, 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 March 31, 2023 As of December 31, 2022 Eligible amount available under the ASP on qualified accounts receivable $ 297.3 $ 350.0 Less: Beneficial interest transferred (297.0) (350.0) Remaining amount available $ 0.3 $ — 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 March 31, 2023 and December 31, 2022 were 5.58% 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 March 31, 2023, we believe 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 $388.0 million as well as $2.0 million committed to standby letters of credit as of March 31, 2023. Subject to covenant limitations, $360.0 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 March 31, 2023 As of December 31, 2022 Weighted average borrowing rate 6.06 % 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 March 31, 2023, we believe we were in compliance with all covenant requirements. Senior Unsecured Notes We issued two series of senior unsecured notes on July 30, 2020 for $300.0 million each, which will mature on August 1, 2025 (the "2025 Notes") and August 1, 2027 (the "2027 Notes") with interest being paid semi-annually on February and August at 1.35% and 1.70% respectively, per annum. We also issued $350.0 million of senior unsecured notes in November 2016 (the "2023 Notes," and together with the 2025 Notes and the 2027 Notes, the "Notes") which will mature on November 15, 2023 with interest being paid semi-annually on May 15 and November 15 at 3.00% per annum.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Comprehensive Income	The following table provides information on items reclassified from AOCL to Net income in the accompanying Consolidated Statements of Operations (in millions): For the Three Months Ended March 31, Affected Line Item(s) in the Consolidated Statements of Operations 2023 2022 (Losses) Gains on Cash Flow Hedges: Derivatives contracts $ (0.4) $ 7.5 Cost of goods sold; Losses (gains) and other expenses, net Income tax benefit (expense) 0.1 (1.7) Provision for income taxes Net of tax $ (0.3) $ 5.8 Defined Benefit Plan items: Pension and post-retirement benefit costs $ (0.2) $ (1.3) Other expense (income), net Pension settlements (0.2) (0.1) Pension settlements Income tax benefit 0.1 0.2 Provision for income taxes Net of tax $ (0.3) $ (1.2) Total reclassifications from AOCL $ (0.6) $ 4.6 The following table provides information on changes in AOCL, by component (net of tax), for the three months ended March 31, 2023 (in millions): (Losses) Gains 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 4.7 — (0.1) 6.8 11.4 Amounts reclassified from AOCL 0.3 — 0.3 — 0.6 Net other comprehensive income 5.0 — 0.2 6.8 12.0 Balance as of March 31, 2023 $ 0.1 $ (0.5) $ (46.0) $ (32.2) $ (78.6)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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, 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 March 31, 2023 As of December 31, 2022 Senior unsecured notes $ 890.5 $ 878.0

General (Policies)

General (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Balance Sheet as of March 31, 2023, the accompanying unaudited Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022, the accompanying unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022, the accompanying unaudited Consolidated Statements of Stockholders' Deficit for the three months ended March 31, 2023 and 2022, and the accompanying unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 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.
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
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 We lease certain real and personal property under non-cancelable operating leases. Approximatel y 82%

Commitment and Contingencies (P

Commitment and Contingencies (Policies)	3 Months Ended
	Mar. 31, 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 We lease certain real and personal property under non-cancelable operating leases. Approximatel y 82%

Reportable Business Segments (T

Reportable Business Segments (Tables)	3 Months Ended
	Mar. 31, 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; United States 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; 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, 2023 2022 (2) Net sales Residential $ 681.0 $ 682.2 Commercial 308.7 279.5 Corporate and other 59.7 51.7 $ 1,049.4 $ 1,013.4 Segment profit (loss) (1) Residential $ 111.1 $ 107.6 Commercial 50.0 23.8 Corporate and other (19.4) (16.8) Total segment profit 141.7 114.6 Reconciliation to Operating income: Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss) (1) 2.2 2.2 Restructuring charges — 0.5 Operating income $ 139.5 $ 111.9 (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, ▪ Environmental liabilities and special litigation charges, ▪ Charges incurred related to COVID-19 pandemic, and ▪ Other items, net, ◦ Restructuring charges.
Schedule of Error Corrections and Prior Period Adjustments	Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted Residential segment net sales $ 682.2 $ 682.2 $ 977.5 $ 977.5 $ 835.3 $ 835.3 $ 703.4 $ 703.4 $ 3,198.3 $ 3,198.3 Residential segment profit $ 107.6 $ 107.6 $ 216.3 $ 216.3 $ 153.8 $ 153.8 $ 119.2 $ 119.2 $ 596.9 $ 596.9 Commercial segment net sales $ 187.7 $ 279.5 $ 219.6 $ 327.4 $ 252.9 $ 352.3 $ 240.5 $ 327.2 $ 900.7 $ 1,286.4 Commercial segment profit $ 6.3 $ 23.8 $ 17.2 $ 41.2 $ 29.6 $ 52.4 $ 27.9 $ 45.6 $ 80.9 $ 163.0 Refrigeration segment net sales $ 143.5 $ — $ 169.2 $ — $ 156.7 $ — $ 149.9 $ — $ 619.4 $ — Refrigeration segment profit $ 14.1 $ — $ 23.4 $ — $ 22.4 $ — $ 18.8 $ — $ 78.8 $ — Corporate net sales $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Net sales from European operations $ — $ 51.7 $ — $ 61.4 $ — $ 57.3 $ — $ 63.2 $ — $ 233.7 Corporate and other net sales $ — $ 51.7 $ — $ 61.4 $ — $ 57.3 $ — $ 63.2 $ — $ 233.7 Corporate costs $ (13.4) $ (13.4) $ (27.1) $ (27.1) $ (16.5) $ (16.5) $ (33.7) $ (33.7) $ (90.8) $ (90.8) Segment profit from European operations $ — $ (3.4) $ — $ (0.6) $ — $ (0.4) $ — $ 1.1 $ — $ (3.3) Corporate and other segment profit $ (13.4) $ (16.8) $ (27.1) $ (27.7) $ (16.5) $ (16.9) $ (33.7) $ (32.6) $ (90.8) $ (94.1) LII net sales $ 1,013.4 $ 1,013.4 $ 1,366.3 $ 1,366.3 $ 1,244.9 $ 1,244.9 $ 1,093.8 $ 1,093.8 $ 4,718.4 $ 4,718.4 LII total segment profit $ 114.6 $ 114.6 $ 229.8 $ 229.8 $ 189.3 $ 189.3 $ 132.2 $ 132.2 $ 665.8 $ 665.8 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted As Reported As Adjusted Residential segment net sales $ 606.3 $ 606.3 $ 838.0 $ 838.0 $ 711.0 $ 711.0 $ 620.3 $ 620.3 $ 2,775.6 $ 2,775.6 Residential segment profit $ 96.4 $ 96.4 $ 189.7 $ 189.7 $ 144.0 $ 144.0 $ 110.3 $ 110.3 $ 540.3 $ 540.3 Commercial segment net sales $ 199.2 $ 274.8 $ 252.8 $ 335.0 $ 211.5 $ 292.7 $ 201.4 $ 286.3 $ 864.8 $ 1,188.8 Commercial segment profit $ 27.4 $ 39.6 $ 45.3 $ 58.9 $ 22.6 $ 36.3 $ 15.6 $ 29.8 $ 110.9 $ 164.6 Refrigeration segment net sales $ 125.0 $ — $ 148.2 $ — $ 137.4 $ — $ 143.1 $ — $ 553.7 $ — Refrigeration segment profit $ 7.9 $ — $ 13.5 $ — $ 14.5 $ — $ 13.2 $ — $ 49.1 $ — Corporate net sales $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Net sales from European operations $ — $ 49.4 $ — $ 66.0 $ — $ 56.2 $ — $ 58.2 $ — $ 229.7 Corporate and other net sales $ — $ 49.4 $ — $ 66.0 $ — $ 56.2 $ — $ 58.2 $ — $ 229.7 Corporate costs $ (16.0) $ (16.0) $ (26.9) $ (26.9) $ (16.3) $ (16.3) $ (37.2) $ (37.2) $ (96.4) $ (96.4) Segment profit from European operations $ — $ (4.3) $ — $ (0.1) $ — $ 0.8 $ — $ (1.0) $ — $ (4.6) Corporate and other segment profit $ (16.0) $ (20.3) $ (26.9) $ (27.0) $ (16.3) $ (15.5) $ (37.2) $ (38.2) $ (96.4) $ (101.0) LII net sales $ 930.5 $ 930.5 $ 1,239.0 $ 1,239.0 $ 1,059.9 $ 1,059.9 $ 964.8 $ 964.8 $ 4,194.1 $ 4,194.1 LII total segment profit $ 115.7 $ 115.7 $ 221.6 $ 221.6 $ 164.8 $ 164.8 $ 101.9 $ 101.9 $ 603.9 $ 603.9

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023 2022 Net income $ 98.0 $ 83.6 Weighted-average shares outstanding – basic 35.5 36.3 Add: Potential effect of dilutive securities attributable to stock-based payments 0.1 0.2 Weighted-average shares outstanding – diluted 35.6 36.5 Earnings per share – Basic: $ 2.76 $ 2.30 Earnings per share – Diluted: $ 2.75 $ 2.29
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, 2023 2022 Weighted-average number of shares 0.3 0.2

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023 As of December 31, 2022 Accrued expenses $ 42.3 $ 41.3 Other liabilities 103.0 101.4 Total warranty liability $ 145.3 $ 142.7 The changes in product warranty liabilities related to continuing operations for the three months ended March 31, 2023 were as follows (in millions): Total warranty liability as of December 31, 2022 $ 142.7 Warranty claims paid (8.0) Changes resulting from issuance of new warranties 11.1 Changes in estimates associated with pre-existing liabilities (0.6) Changes in foreign currency translation rates and other 0.1 Total warranty liability as of March 31, 2023 $ 145.3
Schedule of probable insurance recoveries

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
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. All amount presented reflect the revised segment presentation. For the Three Months Ended March 31, 2023 Primary Geographic Markets Residential Commercial Corporate and Other Consolidated United States $ 639.3 $ 294.6 $ — $ 933.9 Canada 41.7 14.1 — 55.8 Other international — — 59.7 59.7 Total $ 681.0 $ 308.7 $ 59.7 $ 1,049.4 For the Three Months Ended March 31,2022 (1) Primary Geographic Markets Residential Commercial Corporate and Other Consolidated United States $ 629.7 $ 268.6 $ — $ 898.3 Canada 52.5 10.4 — 62.9 Other international — 0.5 51.7 52.2 Total $ 682.2 $ 279.5 $ 51.7 $ 1,013.4
Contract with Customer, Asset and Liability [Table Text Block]	Net contract liabilities consisted of the following: March 31, 2023 December 31, 2022 Contract liabilities - current $ (12.5) $ (9.6) Contract liabilities - noncurrent (6.7) (6.4) Total $ (19.2) $ (16.0)

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Components of inventories	The components of inventories are as follows (in millions): As of March 31, 2023 As of December 31, 2022 Finished goods $ 632.3 $ 534.6 Work in process 9.0 8.9 Raw materials and parts 382.1 328.7 Subtotal 1,023.4 872.2 Excess of current cost over last-in, first-out cost (119.3) (119.2) Total inventories, net $ 904.1 $ 753.0

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 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 at December 31, 2022 Goodwill Reallocation (1) Changes in foreign currency translation rates Balance at March 31, 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 — 4.6 Total Goodwill $ 186.3 $ — $ — 186.3

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023 As of December 31, 2022 Unrealized losses (gains), net on unsettled contracts $ (0.5) $ 6.3 Income tax (benefit) expense 0.4 (1.4) Unrealized losses (gains), net included in AOCL, net of tax (1) $ (0.1) $ 4.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023 2022 Stock-based compensation expense $ 6.1 $ 4.7

Pension Benefit Plans (Tables)

Pension Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023 2022 Service cost $ 0.6 $ 1.1 Interest cost 2.2 1.5 Expected return on plan assets (2.4) (2.3) Recognized actuarial loss 0.2 1.5 Other (0.1) (0.1) Settlements and curtailments 0.2 0.1 Net periodic benefit cost $ 0.7 $ 1.8

Lines of Credit and Financing_2

Lines of Credit and Financing Arrangements (Tables)	3 Months Ended
	Mar. 31, 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 March 31, 2023 As of December 31, 2022 Current maturities of long-term debt: Asset securitization program $ 297.0 $ 350.0 Finance lease obligations 10.9 11.2 Senior unsecured notes 350.0 350.0 Debt issuance costs (0.4) (0.6) Total current maturities of long-term debt $ 657.5 $ 710.6 Long-Term Debt: Finance lease obligations 27.8 28.3 Credit agreement 388.0 192.0 Senior unsecured notes 600.0 600.0 Debt issuance costs (5.7) (6.1) Total long-term debt $ 1,010.1 $ 814.2 Total debt $ 1,667.6 $ 1,524.8
Eligible amounts available and beneficial interests sold	As of March 31, 2023 As of December 31, 2022 Eligible amount available under the ASP on qualified accounts receivable $ 297.3 $ 350.0 Less: Beneficial interest transferred (297.0) (350.0) Remaining amount available $ 0.3 $ —
Summary of weighted average borrowing rate facility	Our weighted average borrowing rate on the facility was as follows: As of March 31, 2023 As of December 31, 2022 Weighted average borrowing rate 6.06 % 5.57 %

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 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 March 31, Affected Line Item(s) in the Consolidated Statements of Operations 2023 2022 (Losses) Gains on Cash Flow Hedges: Derivatives contracts $ (0.4) $ 7.5 Cost of goods sold; Losses (gains) and other expenses, net Income tax benefit (expense) 0.1 (1.7) Provision for income taxes Net of tax $ (0.3) $ 5.8 Defined Benefit Plan items: Pension and post-retirement benefit costs $ (0.2) $ (1.3) Other expense (income), net Pension settlements (0.2) (0.1) Pension settlements Income tax benefit 0.1 0.2 Provision for income taxes Net of tax $ (0.3) $ (1.2) Total reclassifications from AOCL $ (0.6) $ 4.6
Changes in AOCI by component (net of tax)	The following table provides information on changes in AOCL, by component (net of tax), for the three months ended March 31, 2023 (in millions): (Losses) Gains 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 4.7 — (0.1) 6.8 11.4 Amounts reclassified from AOCL 0.3 — 0.3 — 0.6 Net other comprehensive income 5.0 — 0.2 6.8 12.0 Balance as of March 31, 2023 $ 0.1 $ (0.5) $ (46.0) $ (32.2) $ (78.6)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Other fair value measurements	The following table presents their fair value (in millions): As of March 31, 2023 As of December 31, 2022 Senior unsecured notes $ 890.5 $ 878.0

Reportable Business Segments (S

Reportable Business Segments (Segment Data) (Details) $ in Millions	3 Months Ended									12 Months Ended
	Mar. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	2									3
Net sales
Net sales	$ 1,049.4	$ 1,093.8	$ 1,244.9	$ 1,366.3	$ 1,013.4	$ 964.8	$ 1,059.9	$ 1,239	$ 930.5	$ 4,718.4	$ 4,194.1
Segment profit (loss)
Total segment profit	141.7	132.2	189.3	229.8	114.6	101.9	164.8	221.6	115.7	665.8	603.9
Reconciliation to Operating income:
Items in Losses (gains) and other expenses, net that are excluded from segment profit (loss)	2.2				2.2
Restructuring charges	0				0.5
Operating income	139.5				111.9
Residential
Net sales
Net sales	681	703.4	835.3	977.5	682.2	620.3	711	838	606.3	3,198.3	2,775.6
Segment profit (loss)
Total segment profit	111.1	119.2	153.8	216.3	107.6	110.3	144	189.7	96.4	596.9	540.3
Commercial
Net sales
Net sales	308.7	327.2	352.3	327.4	279.5	286.3	292.7	335	274.8	1,286.4	1,188.8
Segment profit (loss)
Total segment profit	50	45.6	52.4	41.2	23.8	29.8	36.3	58.9	39.6	163	164.6
Refrigeration
Net sales
Net sales		0	0	0	0	0	0	0	0	0	0
Segment profit (loss)
Total segment profit		0	0	0	0	0	0	0	0	0	0
Corporate and other
Net sales
Net sales	59.7	63.2	57.3	61.4	51.7	58.2	56.2	66	49.4	233.7	229.7
Segment profit (loss)
Total segment profit	$ (19.4)	$ (32.6)	$ (16.9)	$ (27.7)	$ (16.8)	$ (38.2)	$ (15.5)	$ (27)	$ (20.3)	$ (94.1)	$ (101)

Reportable Business Segments -

Reportable Business Segments - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ in Millions	3 Months Ended									12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	$ 1,049.4	$ 1,093.8	$ 1,244.9	$ 1,366.3	$ 1,013.4	$ 964.8	$ 1,059.9	$ 1,239	$ 930.5	$ 4,718.4	$ 4,194.1
Total segment profit	141.7	132.2	189.3	229.8	114.6	101.9	164.8	221.6	115.7	665.8	603.9
Cost of goods sold	(742.8)				(745.2)
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		1,093.8	1,244.9	1,366.3	1,013.4	964.8	1,059.9	1,239	930.5	4,718.4	4,194.1
Total segment profit		132.2	189.3	229.8	114.6	101.9	164.8	221.6	115.7	665.8	603.9
Residential
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	681	703.4	835.3	977.5	682.2	620.3	711	838	606.3	3,198.3	2,775.6
Total segment profit	111.1	119.2	153.8	216.3	107.6	110.3	144	189.7	96.4	596.9	540.3
Residential | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		703.4	835.3	977.5	682.2	620.3	711	838	606.3	3,198.3	2,775.6
Total segment profit		119.2	153.8	216.3	107.6	110.3	144	189.7	96.4	596.9	540.3
Commercial
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	308.7	327.2	352.3	327.4	279.5	286.3	292.7	335	274.8	1,286.4	1,188.8
Total segment profit	50	45.6	52.4	41.2	23.8	29.8	36.3	58.9	39.6	163	164.6
Commercial | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		240.5	252.9	219.6	187.7	201.4	211.5	252.8	199.2	900.7	864.8
Total segment profit		27.9	29.6	17.2	6.3	15.6	22.6	45.3	27.4	80.9	110.9
Refrigeration
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		0	0	0	0	0	0	0	0	0	0
Total segment profit		0	0	0	0	0	0	0	0	0	0
Refrigeration | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		149.9	156.7	169.2	143.5	143.1	137.4	148.2	125	619.4	553.7
Total segment profit		18.8	22.4	23.4	14.1	13.2	14.5	13.5	7.9	78.8	49.1
Corporate & Other
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales	59.7	63.2	57.3	61.4	51.7	58.2	56.2	66	49.4	233.7	229.7
Total segment profit	$ (19.4)	(32.6)	(16.9)	(27.7)	(16.8)	(38.2)	(15.5)	(27)	(20.3)	(94.1)	(101)
Corporate & Other | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		0	0	0	0	0	0	0	0	0	0
Total segment profit		(33.7)	(16.5)	(27.1)	(13.4)	(37.2)	(16.3)	(26.9)	(16)	(90.8)	(96.4)
Corporate Segment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		0	0	0	0	0	0	0	0	0	0
Cost of goods sold		(33.7)	(16.5)	(27.1)	(13.4)	(37.2)	(16.3)	(26.9)	(16)	(90.8)	(96.4)
Corporate Segment | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		0	0	0	0	0	0	0	0	0	0
Cost of goods sold		(33.7)	(16.5)	(27.1)	(13.4)	(37.2)	(16.3)	(26.9)	(16)	(90.8)	(96.4)
Other Segments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		63.2	57.3	61.4	51.7	58.2	56.2	66	49.4	233.7	229.7
Total segment profit		1.1	(0.4)	(0.6)	(3.4)	(1)	0.8	(0.1)	(4.3)	(3.3)	(4.6)
Other Segments | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net sales		0	0	0	0	0	0	0	0	0	0
Total segment profit		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

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, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 98	$ 83.6
Weighted average number of shares outstanding, basic (in shares)	35.5	36.3
Add: Potential effect of dilutive securities attributable to stock-based payments	0.1	0.2
Weighted-average shares outstanding – diluted	35.6	36.5
Earnings per share - Basic (in dollars per share)	$ 2.76	$ 2.30
Earnings per share - Diluted (in dollars per share)	$ 2.75	$ 2.29

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, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Weighted-average number of shares	0.3	0.2

Commitments and Contingencies_2

Commitments and Contingencies (Liabilities for Estimated Product Warranty Costs) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Total liabilities for estimated warranty
Accrued expenses	$ 42.3	$ 41.3
Other liabilities	103	101.4
Total warranty liability	$ 145.3	$ 142.7

Commitments and Contingencies_3

Commitments and Contingencies (Changes in Product Warranty Liabilities) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
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	(142.7)
Warranty claims paid	(8)
Changes resulting from issuance of new warranties	11.1
Total warranty liability, ending balance	(145.3)
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties	$ (0.6)

Commitments and Contingencies_4

Commitments and Contingencies (Narrative) (Details)	Mar. 31, 2023
Loss Contingencies [Line Items]
Operating lease, right-of-use asset, percentage related to leases of real estate	82

Stock Repurchases (Details)

Stock Repurchases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 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	$ 2,000,000	$ 4,900,000

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 3,000,000	$ 3,700,000
Residential Heating and Cooling [Member] | Sales Channel, Directly to Consumer
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.70	0.66
Commercial Heating and Cooling | Equipment Sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 0.85	$ 0.87

Revenue Recognition (Revenue by

Revenue Recognition (Revenue by Business Segment by Geography) (Details) - USD ($)	3 Months Ended									12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognized	$ 3,000,000				$ 3,700,000
Revenue, Net	1,049,400,000	$ 1,093,800,000	$ 1,244,900,000	$ 1,366,300,000	1,013,400,000	$ 964,800,000	$ 1,059,900,000	$ 1,239,000,000	$ 930,500,000	$ 4,718,400,000	$ 4,194,100,000
Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	681,000,000	703,400,000	835,300,000	977,500,000	682,200,000	620,300,000	711,000,000	838,000,000	606,300,000	3,198,300,000	2,775,600,000
Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	308,700,000	327,200,000	352,300,000	327,400,000	279,500,000	286,300,000	292,700,000	335,000,000	274,800,000	1,286,400,000	1,188,800,000
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	59,700,000	$ 63,200,000	$ 57,300,000	$ 61,400,000	51,700,000	$ 58,200,000	$ 56,200,000	$ 66,000,000	$ 49,400,000	$ 233,700,000	$ 229,700,000
Sales Channel, Directly to Consumer | Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.70				0.66
Equipment Sales | Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	0.85				0.87
International [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	59,700,000				52,200,000
International [Member] | Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	0				0
International [Member] | Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	0				500,000
International [Member] | Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	59,700,000				51,700,000
CANADA
Disaggregation of Revenue [Line Items]
Revenue, Net	55,800,000				62,900,000
CANADA | Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	41,700,000				52,500,000
CANADA | Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	14,100,000				10,400,000
CANADA | Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	0				0
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue, Net	933,900,000				898,300,000
UNITED STATES | Residential Heating and Cooling [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net	639,300,000				629,700,000
UNITED STATES | Commercial Heating and Cooling
Disaggregation of Revenue [Line Items]
Revenue, Net	294,600,000				268,600,000
UNITED STATES | Corporate & Other
Disaggregation of Revenue [Line Items]
Revenue, Net	$ 0				$ 0

Revenue Recognition (Net Contra

Revenue Recognition (Net Contract Assets (Liabilities)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Contract liabilities - current	$ (12.5)		$ (9.6)
Contract liabilities - noncurrent	(6.7)		(6.4)
Total	(19.2)		$ (16)
Contract with Customer, Liability, Revenue Recognized	$ 3	$ 3.7

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Components of inventories
Finished goods	$ 632.3	$ 534.6
Work in process	9	8.9
Raw materials and parts	382.1	328.7
Subtotal	1,023.4	872.2
Excess of current cost over last-in, first-out cost	(119.3)	(119.2)
Total inventories, net	$ 904.1	$ 753

Goodwill (Details)

Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 186.3
Goodwill Reallocation	0
Changes in foreign currency translation rates	0
Goodwill, Ending Balance	186.3
Residential
Goodwill [Roll Forward]
Goodwill, Beginning Balance	26.1
Goodwill Reallocation	0
Changes in foreign currency translation rates	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
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
Goodwill, Ending Balance	0
Corporate & Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	0
Goodwill Reallocation	4.6
Changes in foreign currency translation rates	0
Goodwill, Ending Balance	$ 4.6

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, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized losses (gains), net on unsettled contracts	$ (0.5)	$ 6.3
Losses included in AOCL, net of tax	(0.1)	4.9
Accumulated Other Comprehensive Income (Loss) Cumulative, Changes In Net Gain (Loss) From Cash Flow Hedges Provision (Benefit) For Tax	0.4	$ (1.4)
Cash flow hedge derivative losses expected to be reclassified into earnings within the next 12 months	$ 0.6

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 6.1	$ 4.7

Pension Benefit Plans (Details)

Pension Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 0.6	$ 1.1
Interest cost	2.2	1.5
Expected return on plan assets	(2.4)	(2.3)
Recognized actuarial loss	0.2	1.5
Other	(0.1)	(0.1)
Settlements and curtailments	0.2	0.1
Net periodic benefit cost	$ 0.7	$ 1.8

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Mar. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 3.8

Lines of Credit and Financing_3

Lines of Credit and Financing Arrangements (Outstanding Debt Obligations) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Nov. 01, 2016
Current maturities of long-term debt:
Finance lease obligations	$ 10,900,000	$ 11,200,000
Debt issuance costs	400,000	600,000
Total current maturities of long-term debt	657,500,000	710,600,000
Long-Term Debt:
Finance lease obligations	27,800,000	28,300,000
Debt issuance costs	(5,700,000)	(6,100,000)
Total long-term debt	1,010,100,000	814,200,000
Total debt	1,667,600,000	1,524,800,000
Asset Securitization
Current maturities of long-term debt:
Senior unsecured notes	297,000,000	350,000,000
Senior Unsecured Notes
Current maturities of long-term debt:
Senior unsecured notes	350,000,000	350,000,000
Long-Term Debt:
Domestic credit facility and senior unsecured notes	600,000,000	600,000,000
Debt instrument, interest rate, stated percentage			3%
Domestic Credit Facility
Long-Term Debt:
Domestic credit facility and senior unsecured notes	388,000,000	192,000,000
Foreign Obligations
Long-Term Debt:
Short-term Debt	$ 0	$ 0

Lines of Credit and Financing_4

Lines of Credit and Financing Arrangements (Foreign Obligations) (Details) - Foreign Obligations - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Short-term Debt	$ 0	$ 0
Short-term debt borrowings	0
Repayments on facilities	$ 0

Lines of Credit and Financing_5

Lines of Credit and Financing Arrangements (Asset Securitization Program) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 300,000	$ 0
Maximum securitization as percentage of net pool balance	100%
Program fee percentage	0.70%
Average floating commercial paper rate (as a percent)	5.58%	5.17%
Unused fee (as a percent)	101%
Senior Unsecured Notes
Line of Credit Facility [Line Items]
Minimum principal amount accelerated	$ 75,000,000
Minimum
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 300,000,000
Fixed rate of agreement (as a percent)	0.25%
Maximum
Line of Credit Facility [Line Items]
Asset Securitization Borrowing Capacity	$ 450,000,000
Fixed rate of agreement (as a percent)	0.35%

Lines of Credit and Financing_6

Lines of Credit and Financing Arrangements (Eligible Amounts Available and Beneficial Interest Sold) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Eligible amounts available and beneficial interests sold
Eligible amount available under the ASP on qualified accounts receivable	$ 297.3	$ 350
Less: Beneficial interest transferred	(297)	(350)
Remaining amount available	$ 0.3	$ 0

Lines of Credit and Financing_7

Lines of Credit and Financing Arrangements (Domestic Credit Facility) (Details)	3 Months Ended
	Mar. 31, 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%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Outstanding borrowings	388,000,000
Committed standby letters of credit	2,000,000
Available for future borrowings	$ 360,000,000
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
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_8

Lines of Credit and Financing Arrangements (Weighted Average Borrowing Rate) (Details)	Mar. 31, 2023	Dec. 31, 2022
Revolving Credit Facility
Line of Credit Facility [Line Items]
Weighted average borrowing rate	6.06%	5.57%

Lines of Credit and Financing_9

Lines of Credit and Financing Arrangements (Senior Unsecured Notes) (Details) - Senior Unsecured Notes	3 Months Ended
	Mar. 31, 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%
Maturity date of senior unsecured notes	Nov. 15, 2023
Minimum principal amount accelerated	$ 75,000,000
Notice period	30 days
2025 Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes		$ 300,000,000
Fixed interest rate for senior unsecured notes (as a percent)		1.35%
2027 Notes [Member]
Debt Instrument [Line Items]
Senior unsecured notes		$ 300,000,000
Fixed interest rate for senior unsecured notes (as a percent)		1.70%
2023 Notes [Member]
Debt Instrument [Line Items]
Number of senior unsecured notes | debtSeries			2
Senior unsecured notes			$ 350,000,000

Comprehensive Income (Reclassif

Comprehensive Income (Reclassification out of AOCL) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	$ (742.8)	$ (745.2)
Income tax benefit (expense)	(27.1)	(20.8)
Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net of tax	(0.6)	4.6
Reclassification out of Accumulated Other Comprehensive Loss [Member] | (Losses)/Gains on Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax benefit (expense)	0.1	(1.7)
Net of tax	(0.3)	5.8
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	(0.4)	7.5
Reclassification out of Accumulated Other Comprehensive Loss [Member] | Defined Benefit Plan Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other expense (income), net	(0.2)	(1.3)
Income tax benefit (expense)	0.1	0.2
Net of tax	$ (0.3)	$ (1.2)

Comprehensive Income (Changes i

Comprehensive Income (Changes in AOCL) (Details) $ in Millions	3 Months Ended
	Mar. 31, 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	11.4
Amounts reclassified from AOCL	0.6
Net other comprehensive income	12
Balance as of end of period	(78.6)
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	4.7
Amounts reclassified from AOCL	0.3
Net other comprehensive income	5
Balance as of end of period	0.1
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	(0.1)
Amounts reclassified from AOCL	0.3
Net other comprehensive income	0.2
Balance as of end of period	(46)
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)
Other comprehensive income (loss) before reclassifications	6.8
Amounts reclassified from AOCL	0
Net other comprehensive income	6.8
Balance as of end of period	(32.2)
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
Amounts reclassified from AOCL	0
Net other comprehensive income	0
Balance as of end of period	$ (0.5)

Fair Value Measurements (Other

Fair Value Measurements (Other Fair Value Disclosures) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Level 2 [Member] | Senior Unsecured Notes [Member]
Other Fair Value Measurements
Senior unsecured notes	$ 890.5	$ 878