v3.25.2
SEGMENT FINANCIAL DATA (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
A summary of results by reportable segment are as follows:

For the Year Ended December 31, 2024
(In millions)CSACSECSAMECSTSegment Total
Net sales$10,527 $4,984 $3,500 $3,475 $22,486 
Cost of goods sold(6,997)(3,368)(2,579)(2,540)(15,484)
Research and development(390)(81)(69)(80)(620)
Selling, general and administrative(962)(1,062)(520)(369)(2,913)
Equity method investment net earnings135 (1)92 6 232 
Other income (expense), net10 (3)42 (7)42 
Segment operating profit$2,323 $469 $466 $485 $3,743 

For the Year Ended December 31, 2023
(In millions)CSACSECSAMECSTSegment Total
Net sales$9,615 $1,937 $3,581 $3,818 $18,951 
Cost of goods sold(6,629)(1,410)(2,697)(2,854)(13,590)
Research and development(294)(28)(52)(74)(448)
Selling, general and administrative(974)(327)(573)(431)(2,305)
Equity method investment net earnings145 — 61 6 212 
Other income (expense), net(32)5 41 29 43 
Segment operating profit$1,831 $177 $361 $494 $2,863 

For the Year Ended December 31, 2022
(In millions)CSACSECSAMECSTSegment Total
Net sales$9,153 $1,631 $2,621 $3,883 $17,288 
Cost of goods sold(6,607)(1,267)(2,118)(2,893)(12,885)
Research and development(257)(14)(30)(80)(381)
Selling, general and administrative(809)(262)(353)(415)(1,839)
Equity method investment net earnings105 2 149 6 262 
Other income (expense), net(28)6 28 22 28 
Segment operating profit$1,557 $96 $297 $523 $2,473 
(In millions)202420232022
Reconciliation to Earnings before income taxes
Segment operating profit$3,743 $2,863 $2,473 
Corporate and other(201)(214)(126)
Restructuring costs(108)(75)(20)
Amortization of acquired intangibles(689)(143)(46)
Acquisition step-up amortization(282)(41)(51)
Acquisition/divestiture-related costs(95)(123)(31)
Viessmann-related hedges(86)(96)— 
CCR gain318 — — 
Gain on liability adjustment46 — — 
Bridge loan financing costs— (3)— 
TCC Acquisition-related gain— (8)705 
Chubb gain— — 1,105 
Russia/Ukraine asset impairment— — (3)
Charge resulting from legal matter— — (22)
Non-service pension (expense) benefit(1)(1)(4)
Interest (expense) income, net(371)(160)(157)
Earnings before income taxes$2,274 $1,999 $3,823 
Segment AssetsCapital ExpendituresDepreciation & Amortization
(In millions)20242023202420232022202420232022
CSA$1,405 $1,371 $198 $179 $142 $134 $120 $105 
CSE1,590 718 197 63 53 813 56 55 
CSAME952 954 48 74 41 213 241 103 
CST818 833 32 30 32 35 34 31 
Total Segment4,765 3,876 475 346 268 1,195 451 294 
Corporate and other185 27 44 93 49 37 40 34 
Consolidated$4,950 $3,903 $519 $439 $317 $1,232 $491 $328 
Cash and cash equivalents3,969 9,852 
Other assets, current972 728 
Assets held for sale— 5,093 
Total current assets $9,891 $19,576 
Schedule of Revenue from External Customers by Geographic Areas
External segment sales disaggregated by product and service are as follows:

(In millions)202420232022
Sales Type
Product$9,428 $8,538 $8,237 
Service1,099 1,077 916 
Climate Solutions Americas sales10,527 9,615 9,153 
Product4,652 1,722 1,449 
Service332 215 182 
Climate Solutions Europe sales4,984 1,937 1,631 
Product2,849 3,053 2,197 
Service651 528 424 
Climate Solutions Asia Pacific, Middle East & Africa sales3,500 3,581 2,621 
Product3,061 3,352 3,432 
Service414 466 451 
Climate Solutions Transportation sales3,475 3,818 3,883 
Net sales$22,486 $18,951 $17,288 
Geographic external sales and operating profits are attributed to the geographic regions based on their location of origin. With the exception of the U.S. as presented in the following table, there were no individually significant countries with sales exceeding 10% of total sales for the years ended December 31, 2024, 2023 and 2022.

External SalesLong-Lived Assets
(In millions)20242023202220242023
United States Operations$11,294 $10,457 $9,997 $807 $795 
International Operations
Europe6,687 3,910 3,591 1,253 450 
Asia Pacific3,817 3,949 3,090 486 499 
Other688 635 610 453 416 
Consolidated$22,486 $18,951 $17,288 $2,999 $2,160