$MOD
Business
Modine manufactures thermal-management systems. Its retained Data Centers business cools computing infrastructure, while Commercial HVAC supplies air-treatment, refrigeration and heat-transfer products. It plans to separate Performance Technologies and combine that business with Gentherm on October 1, subject to closing conditions. This model covers only the retained businesses; the historical financial table still contains the pre-separation consolidated company.
Three drivers
- Data-center cooling deliveries and factory ramp execution
- HVAC mix, warranty costs and retained margins
- Standalone costs, capex and separation cash terms
Thesis
Our view
The central question is how the retained cooling businesses perform after separation. This model excludes Performance Technologies from every revenue estimate and uses external segment sales to avoid double counting. Q1 retained external revenue was $596.3M versus $874.1M for the consolidated company. Strong data-center growth came with margin pressure from supply constraints and factory expansion. The September 17 transaction update targets October 1 and reduces the expected parent cash distribution from $210M to $159M. Neither that distribution nor distributed Gentherm shares is recurring retained operating income.
What changes it
Confirm final transaction terms and obtain standalone cost, tax and cash-flow disclosures. Then compare external retained revenue, cooling margins and cash investment with this scoped model; the old full-company guidance is not the comparison base.
Scenario ranges
Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.
Model · 8 fiscal quarters (last eight)
| Fiscal quarter | 2025Q2 2024-09-30 | 2025Q3 2024-12-31 | 2025Q4 2025-03-31 | 2026Q1 2025-06-30 | 2026Q2 2025-09-30 | 2026Q3 2025-12-31 | 2026Q4 2026-03-31 | 2027Q1 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | 658.01 | 616.82 | 647.2†3 | 682.84 | 738.91 | 805.02 | 954.4†3 | 874.14 |
| Gross profit ($M) | 165.65 | 149.66 | 166.0†7 | 165.48 | 164.95 | 186.16 | 214.7†7 | 182.08 |
| Operating income ($M) | 75.39 | 59.310 | 74.5†11 | 75.712 | 73.59 | 89.310 | 103.9†11 | 74.812 |
| Net income ($M) | 46.113 | 41.014 | 49.6†15 | 51.216 | 44.413 | -47.414 | 73.3†15 | 73.916 |
| EPS, diluted ($) | 0.8617 | 0.7618 | — | 0.9519 | 0.8317 | -0.9018 | — | 1.3719 |
| Diluted shares (M) | 53.920 | 53.921 | — | 53.722 | 53.820 | 52.821 | — | 54.022 |
| Cash ($M) | 78.623 | 83.824 | 71.625 | 124.526 | 83.827 | 98.728 | 73.529 | 95.329 |
| Long-term debt ($M) | — | — | — | — | — | — | — | — |
| Cash from operations ($M) | 57.3†30 | 60.7†31 | 54.8†32 | 27.733 | 1.4†30 | 24.7†31 | 194.9†32 | 41.433 |
| Capex ($M) | 13.5†34 | 16.0†35 | 27.7†36 | 27.537 | 31.9†34 | 41.8†35 | 42.1†36 | 46.437 |
| Free cash flow ($M) | 43.8†38 | 44.7†39 | 27.1†40 | 0.2†41 | -30.5†38 | -17.1†39 | 152.8†40 | -5.0†41 |
Estimates · base scenario
| Period | Revenue ($M) | EPS ($) | As of | Basis |
|---|---|---|---|---|
| 2027Q2 | 728.2 | — | 2026-09-19 | Desk base scenario. Revenue basis: Retained-business revenue; excludes PT ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q3 | 872.5 | — | 2026-09-19 | Desk base scenario. Revenue basis: Retained-business revenue; excludes PT ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2027Q4 | 1,021.8 | — | 2026-09-19 | Desk base scenario. Revenue basis: Retained-business revenue; excludes PT ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
| 2028Q1 | 1,096.4 | — | 2026-09-19 | Desk base scenario. Revenue basis: Retained-business revenue; excludes PT ($M). Calculated from the operating-model inputs below; not consensus or company guidance. |
Retained cooling businesses after the proposed separation
Model only retained Data Centers and Commercial HVAC external revenue for every period, including the Q1 comparison. Performance Technologies is excluded even before the assumed October separation. Apply separate growth and gross margins, then deduct segment selling costs and allocated corporate/standalone costs to estimate operating earnings. Cash uses an explicit tax, noncash and working-capital proxy. Q1 retained cash was not reported: the annual cash bridge includes a clearly labeled desk reconstruction. The pending $159M parent distribution and distributed Gentherm shares are not recurring operating revenue or CFO.
Reported anchors and guidance
| Measure | Period | Value | Basis |
|---|---|---|---|
| Q1 consolidated revenue | 2027Q1 | 874.10 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-30 |
| Q1 external revenue of retained segments | 2027Q1 | 596.30 | derived. Reported external sales exclude intersegment sales and all Performance Technologies revenue. |
| Q1 Performance Technologies external revenue | 2027Q1 | 277.80 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-30 |
| Q1 consolidated CFO | 2027Q1 | 41.40 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-30 |
| Q1 reconstructed retained cash before capex | 2027Q1 | 7.20 | derived. Desk reconstruction because retained cash flow was not disclosed. |
| June consolidated cash | 2027Q1 | 95.30 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-30 |
| June consolidated total debt | 2027Q1 | 528.20 | reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-07-30 |
| Revised estimated cash distribution to Modine | Pending close | 159.00 | management guidance. September 17 estimate replaces $210M. Conditional, subject to final adjustment; not received cash or CFO. Source · 2026-09-17 |
| July full-company adjusted EBITDA guide low | FY2027 | 650.00 | management guidance. Includes PT all year; NOT guidance for the retained business modeled here. Source · 2026-07-29 |
| July full-company adjusted EBITDA guide high | FY2027 | 680.00 | management guidance. Includes PT all year; NOT guidance for the retained business modeled here. Source · 2026-07-29 |
Downside scenario
| Period | Retained cash capex ($M) | Retained-business revenue; excludes PT ($M) | Retained Data Centers external revenue ($M) | Retained Commercial HVAC external revenue ($M) | Retained cash after capex proxy ($M) | Retained cash before capex proxy ($M) | Retained operating earnings proxy ($M) |
|---|---|---|---|---|---|---|---|
| 2027Q2 | 55.00 | 665.98 | 418.08 | 247.90 | -59.88 | -4.88 | 42.66 |
| 2027Q3 | 60.00 | 753.08 | 505.18 | 247.90 | -61.60 | -1.60 | 55.51 |
| 2027Q4 | 65.00 | 852.58 | 592.28 | 260.30 | -62.88 | 2.12 | 70.35 |
| 2028Q1 | 65.00 | 907.31 | 644.54 | 262.77 | -56.91 | 8.09 | 83.33 |
| FY2027 | 218.20 | 2,867.93 | 1,863.94 | 1,004.00 | -215.36 | 2.84 | 215.72 |
| FY2028 | 260.00 | 3,957.69 | 2,891.72 | 1,065.97 | -214.51 | 45.49 | 379.70 |
Base scenario
| Period | Retained cash capex ($M) | Retained-business revenue; excludes PT ($M) | Retained Data Centers external revenue ($M) | Retained Commercial HVAC external revenue ($M) | Retained cash after capex proxy ($M) | Retained cash before capex proxy ($M) | Retained operating earnings proxy ($M) |
|---|---|---|---|---|---|---|---|
| 2027Q2 | 50.00 | 728.16 | 470.34 | 257.82 | -9.98 | 40.02 | 82.12 |
| 2027Q3 | 55.00 | 872.47 | 609.70 | 262.77 | 3.86 | 58.86 | 116.96 |
| 2027Q4 | 60.00 | 1,021.75 | 749.06 | 272.69 | 22.03 | 82.03 | 158.01 |
| 2028Q1 | 60.00 | 1,096.39 | 818.74 | 277.65 | 32.26 | 92.26 | 176.03 |
| FY2027 | 203.20 | 3,218.68 | 2,177.50 | 1,041.18 | -15.09 | 188.11 | 404.28 |
| FY2028 | 260.00 | 4,950.30 | 3,797.56 | 1,152.73 | 179.83 | 439.83 | 833.64 |
Upside scenario
| Period | Retained cash capex ($M) | Retained-business revenue; excludes PT ($M) | Retained Data Centers external revenue ($M) | Retained Commercial HVAC external revenue ($M) | Retained cash after capex proxy ($M) | Retained cash before capex proxy ($M) | Retained operating earnings proxy ($M) |
|---|---|---|---|---|---|---|---|
| 2027Q2 | 50.00 | 772.91 | 505.18 | 267.73 | 26.81 | 76.81 | 110.48 |
| 2027Q3 | 55.00 | 957.03 | 679.38 | 277.65 | 56.88 | 111.88 | 164.50 |
| 2027Q4 | 60.00 | 1,143.62 | 853.58 | 290.04 | 88.59 | 148.59 | 220.82 |
| 2028Q1 | 65.00 | 1,255.58 | 958.10 | 297.48 | 103.19 | 168.19 | 250.84 |
| FY2027 | 203.20 | 3,469.86 | 2,386.54 | 1,083.32 | 141.27 | 344.47 | 543.00 |
| FY2028 | 285.00 | 5,761.20 | 4,511.78 | 1,249.42 | 522.58 | 807.58 | 1,209.63 |
All inputs and formulas — reproduce this model
| Input / calculation | Period / case | Value / unit | Evidence or assumption |
|---|---|---|---|
| Q1 Data Centers external revenue q1_dc_revenue | 2027Q1 / shared | 348.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 HVAC external revenue q1_hvac_revenue | 2027Q1 / shared | 247.90 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 Performance Technologies external revenue q1_pt_revenue | 2027Q1 / shared | 277.80 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 reported Data Centers segment operating income q1_dc_income | 2027Q1 / shared | 46.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 reported HVAC segment operating income q1_hvac_income | 2027Q1 / shared | 31.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 corporate and elimination operating loss q1_corporate_charge | 2027Q1 / shared | 30.50 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 Data Centers cash capex q1_dc_capex | 2027Q1 / shared | 30.90 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 HVAC cash capex q1_hvac_capex | 2027Q1 / shared | 6.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 corporate capex q1_corporate_capex | 2027Q1 / shared | 0.90 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 consolidated revenue q1_total_revenue | 2027Q1 / shared | 874.10 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 consolidated CFO q1_total_cfo | 2027Q1 / shared | 41.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 consolidated capex q1_total_capex | 2027Q1 / shared | 46.40 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| June consolidated cash q1_cash | 2027Q1 / shared | 95.30 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| June consolidated total debt q1_debt | 2027Q1 / shared | 528.20 USD_millions | reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-07-30 |
| Q1 external revenue of retained segments q1_revenue | 2027Q1 / shared | 596.30 USD_millions | derived: Reported external sales exclude intersegment sales and all Performance Technologies revenue. Formula: sum(q1_dc_revenue, q1_hvac_revenue). |
| Q1 retained segment operating-income subtotal q1_retained_segment_income | 2027Q1 / shared | 77.70 USD_millions | derived: Segment income before corporate allocation; not a standalone company result. Formula: sum(q1_dc_income, q1_hvac_income). |
| Q1 retained operating earnings proxy q1_operating_income_proxy | 2027Q1 / shared | 47.20 USD_millions | derived: Desk reconstruction assigns all reported corporate/elimination costs to retained businesses; not reported continuing-operation income. Formula: subtract(q1_retained_segment_income, q1_corporate_charge). |
| Q1 retained capex including corporate allocation q1_capex | 2027Q1 / shared | 38.20 USD_millions | derived: Includes all corporate capex as a desk allocation; excludes PT $8.2M. Formula: sum(q1_dc_capex, q1_hvac_capex, q1_corporate_capex). |
| Q1 retained net cash tax and interest allowance q1_retained_tax_interest | 2027Q1 / shared | 15.00 USD_millions | assumption: Desk reconstruction; does not extrapolate consolidated stock-compensation tax benefits. |
| Q1 retained D&A and SBC allowance q1_retained_noncash | 2027Q1 / shared | 20.00 USD_millions | assumption: Desk reconstruction from segment D&A and allocated stock compensation, not a disclosed cash-flow line. |
| Q1 retained working-capital cash use q1_retained_wc | 2027Q1 / shared | 45.00 USD_millions | assumption: Desk estimate of retained working-capital use; consolidated CFO does not disclose the retained segment split. |
| Q1 retained earnings plus noncash allowance q1_cash_start | 2027Q1 / shared | 67.20 USD_millions | derived: Reconstructed historical proxy, not a reported cash fact. Formula: sum(q1_operating_income_proxy, q1_retained_noncash). |
| Q1 estimated retained tax/interest and working capital q1_cash_uses | 2027Q1 / shared | 60.00 USD_millions | derived: Assumed retained allocations; uncertainty remains after the Q1 close. Formula: sum(q1_retained_tax_interest, q1_retained_wc). |
| Q1 reconstructed retained cash before capex q1_cash_before_capex | 2027Q1 / shared | 7.20 USD_millions | derived: Desk reconstruction because retained cash flow was not disclosed. Formula: subtract(q1_cash_start, q1_cash_uses). |
| Q1 reconstructed retained cash after capex q1_cash_after_capex | 2027Q1 / shared | -31.00 USD_millions | derived: Estimated retained cash before capex less allocated retained capex. Formula: subtract(q1_cash_before_capex, q1_capex). |
| July full-company adjusted EBITDA guide low old_full_company_ebitda_low | FY2027 / shared | 650.00 USD_millions | management guidance: Includes PT all year; NOT guidance for the retained business modeled here. Primary source · 2026-07-29 |
| July full-company adjusted EBITDA guide high old_full_company_ebitda_high | FY2027 / shared | 680.00 USD_millions | management guidance: Includes PT all year; NOT guidance for the retained business modeled here. Primary source · 2026-07-29 |
| Revised estimated cash distribution to Modine pending_distribution | Pending close / shared | 159.00 USD_millions | management guidance: September 17 estimate replaces $210M. Conditional, subject to final adjustment; not received cash or CFO. Primary source · 2026-09-17 |
| Data Centers revenue / Q1 baseline downside_2027q2_dc_factor | 2027Q2 / downside | 120.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue downside_2027q2_dc_revenue | 2027Q2 / downside | 418.08 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, downside_2027q2_dc_factor). |
| HVAC revenue / Q1 baseline downside_2027q2_hvac_factor | 2027Q2 / downside | 100.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue downside_2027q2_hvac_revenue | 2027Q2 / downside | 247.90 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, downside_2027q2_hvac_factor). |
| Retained-business revenue excluding PT downside_2027q2_revenue | 2027Q2 / downside | 665.98 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(downside_2027q2_dc_revenue, downside_2027q2_hvac_revenue). |
| DC margin on external revenue downside_2027q2_dc_gm | 2027Q2 / downside | 20.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution downside_2027q2_dc_gp | 2027Q2 / downside | 83.62 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2027q2_dc_revenue, downside_2027q2_dc_gm). |
| DC SGA / external revenue downside_2027q2_dc_sga_ratio | 2027Q2 / downside | 7.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost downside_2027q2_dc_sga | 2027Q2 / downside | 29.27 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2027q2_dc_revenue, downside_2027q2_dc_sga_ratio). |
| HVAC margin on external revenue downside_2027q2_hvac_gm | 2027Q2 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution downside_2027q2_hvac_gp | 2027Q2 / downside | 54.54 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2027q2_hvac_revenue, downside_2027q2_hvac_gm). |
| HVAC SGA / external revenue downside_2027q2_hvac_sga_ratio | 2027Q2 / downside | 13.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost downside_2027q2_hvac_sga | 2027Q2 / downside | 32.23 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2027q2_hvac_revenue, downside_2027q2_hvac_sga_ratio). |
| Retained gross contribution downside_2027q2_gross_contribution | 2027Q2 / downside | 138.15 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(downside_2027q2_dc_gp, downside_2027q2_hvac_gp). |
| Corporate and standalone cost allowance downside_2027q2_corporate | 2027Q2 / downside | 34.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs downside_2027q2_operating_costs | 2027Q2 / downside | 95.49 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(downside_2027q2_dc_sga, downside_2027q2_hvac_sga, downside_2027q2_corporate). |
| Retained operating earnings proxy downside_2027q2_operating_income_proxy | 2027Q2 / downside | 42.66 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(downside_2027q2_gross_contribution, downside_2027q2_operating_costs). |
| Net interest allowance downside_2027q2_net_interest | 2027Q2 / downside | 6.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference downside_2027q2_pretax | 2027Q2 / downside | 36.66 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(downside_2027q2_operating_income_proxy, downside_2027q2_net_interest). |
| Normalized cash-tax rate downside_2027q2_tax_rate | 2027Q2 / downside | 28.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance downside_2027q2_tax | 2027Q2 / downside | 10.27 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(downside_2027q2_pretax, downside_2027q2_tax_rate). |
| Retained after-tax earnings reference downside_2027q2_aftertax | 2027Q2 / downside | 26.40 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(downside_2027q2_pretax, downside_2027q2_tax). |
| Retained D&A and stock compensation downside_2027q2_noncash | 2027Q2 / downside | 22.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance downside_2027q2_cash_start | 2027Q2 / downside | 48.40 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(downside_2027q2_aftertax, downside_2027q2_noncash). |
| Net working-capital use / retained revenue downside_2027q2_wc_ratio | 2027Q2 / downside | 8.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use downside_2027q2_wc | 2027Q2 / downside | 53.28 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(downside_2027q2_revenue, downside_2027q2_wc_ratio). |
| Retained cash before capex proxy downside_2027q2_cash_before_capex | 2027Q2 / downside | -4.88 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(downside_2027q2_cash_start, downside_2027q2_wc). |
| Retained expansion and maintenance cash capex downside_2027q2_capex | 2027Q2 / downside | 55.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy downside_2027q2_cash_after_capex | 2027Q2 / downside | -59.88 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(downside_2027q2_cash_before_capex, downside_2027q2_capex). |
| Data Centers revenue / Q1 baseline downside_2027q3_dc_factor | 2027Q3 / downside | 145.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue downside_2027q3_dc_revenue | 2027Q3 / downside | 505.18 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, downside_2027q3_dc_factor). |
| HVAC revenue / Q1 baseline downside_2027q3_hvac_factor | 2027Q3 / downside | 100.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue downside_2027q3_hvac_revenue | 2027Q3 / downside | 247.90 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, downside_2027q3_hvac_factor). |
| Retained-business revenue excluding PT downside_2027q3_revenue | 2027Q3 / downside | 753.08 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(downside_2027q3_dc_revenue, downside_2027q3_hvac_revenue). |
| DC margin on external revenue downside_2027q3_dc_gm | 2027Q3 / downside | 20.5% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution downside_2027q3_dc_gp | 2027Q3 / downside | 103.56 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2027q3_dc_revenue, downside_2027q3_dc_gm). |
| DC SGA / external revenue downside_2027q3_dc_sga_ratio | 2027Q3 / downside | 7.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost downside_2027q3_dc_sga | 2027Q3 / downside | 35.36 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2027q3_dc_revenue, downside_2027q3_dc_sga_ratio). |
| HVAC margin on external revenue downside_2027q3_hvac_gm | 2027Q3 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution downside_2027q3_hvac_gp | 2027Q3 / downside | 54.54 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2027q3_hvac_revenue, downside_2027q3_hvac_gm). |
| HVAC SGA / external revenue downside_2027q3_hvac_sga_ratio | 2027Q3 / downside | 13.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost downside_2027q3_hvac_sga | 2027Q3 / downside | 32.23 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2027q3_hvac_revenue, downside_2027q3_hvac_sga_ratio). |
| Retained gross contribution downside_2027q3_gross_contribution | 2027Q3 / downside | 158.10 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(downside_2027q3_dc_gp, downside_2027q3_hvac_gp). |
| Corporate and standalone cost allowance downside_2027q3_corporate | 2027Q3 / downside | 35.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs downside_2027q3_operating_costs | 2027Q3 / downside | 102.59 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(downside_2027q3_dc_sga, downside_2027q3_hvac_sga, downside_2027q3_corporate). |
| Retained operating earnings proxy downside_2027q3_operating_income_proxy | 2027Q3 / downside | 55.51 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(downside_2027q3_gross_contribution, downside_2027q3_operating_costs). |
| Net interest allowance downside_2027q3_net_interest | 2027Q3 / downside | 6.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference downside_2027q3_pretax | 2027Q3 / downside | 49.51 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(downside_2027q3_operating_income_proxy, downside_2027q3_net_interest). |
| Normalized cash-tax rate downside_2027q3_tax_rate | 2027Q3 / downside | 28.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance downside_2027q3_tax | 2027Q3 / downside | 13.86 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(downside_2027q3_pretax, downside_2027q3_tax_rate). |
| Retained after-tax earnings reference downside_2027q3_aftertax | 2027Q3 / downside | 35.65 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(downside_2027q3_pretax, downside_2027q3_tax). |
| Retained D&A and stock compensation downside_2027q3_noncash | 2027Q3 / downside | 23.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance downside_2027q3_cash_start | 2027Q3 / downside | 58.65 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(downside_2027q3_aftertax, downside_2027q3_noncash). |
| Net working-capital use / retained revenue downside_2027q3_wc_ratio | 2027Q3 / downside | 8.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use downside_2027q3_wc | 2027Q3 / downside | 60.25 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(downside_2027q3_revenue, downside_2027q3_wc_ratio). |
| Retained cash before capex proxy downside_2027q3_cash_before_capex | 2027Q3 / downside | -1.60 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(downside_2027q3_cash_start, downside_2027q3_wc). |
| Retained expansion and maintenance cash capex downside_2027q3_capex | 2027Q3 / downside | 60.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy downside_2027q3_cash_after_capex | 2027Q3 / downside | -61.60 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(downside_2027q3_cash_before_capex, downside_2027q3_capex). |
| Data Centers revenue / Q1 baseline downside_2027q4_dc_factor | 2027Q4 / downside | 170.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue downside_2027q4_dc_revenue | 2027Q4 / downside | 592.28 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, downside_2027q4_dc_factor). |
| HVAC revenue / Q1 baseline downside_2027q4_hvac_factor | 2027Q4 / downside | 105.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue downside_2027q4_hvac_revenue | 2027Q4 / downside | 260.30 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, downside_2027q4_hvac_factor). |
| Retained-business revenue excluding PT downside_2027q4_revenue | 2027Q4 / downside | 852.58 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(downside_2027q4_dc_revenue, downside_2027q4_hvac_revenue). |
| DC margin on external revenue downside_2027q4_dc_gm | 2027Q4 / downside | 21.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution downside_2027q4_dc_gp | 2027Q4 / downside | 124.38 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2027q4_dc_revenue, downside_2027q4_dc_gm). |
| DC SGA / external revenue downside_2027q4_dc_sga_ratio | 2027Q4 / downside | 7.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost downside_2027q4_dc_sga | 2027Q4 / downside | 41.46 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2027q4_dc_revenue, downside_2027q4_dc_sga_ratio). |
| HVAC margin on external revenue downside_2027q4_hvac_gm | 2027Q4 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution downside_2027q4_hvac_gp | 2027Q4 / downside | 57.26 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2027q4_hvac_revenue, downside_2027q4_hvac_gm). |
| HVAC SGA / external revenue downside_2027q4_hvac_sga_ratio | 2027Q4 / downside | 13.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost downside_2027q4_hvac_sga | 2027Q4 / downside | 33.84 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2027q4_hvac_revenue, downside_2027q4_hvac_sga_ratio). |
| Retained gross contribution downside_2027q4_gross_contribution | 2027Q4 / downside | 181.64 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(downside_2027q4_dc_gp, downside_2027q4_hvac_gp). |
| Corporate and standalone cost allowance downside_2027q4_corporate | 2027Q4 / downside | 36.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs downside_2027q4_operating_costs | 2027Q4 / downside | 111.30 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(downside_2027q4_dc_sga, downside_2027q4_hvac_sga, downside_2027q4_corporate). |
| Retained operating earnings proxy downside_2027q4_operating_income_proxy | 2027Q4 / downside | 70.35 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(downside_2027q4_gross_contribution, downside_2027q4_operating_costs). |
| Net interest allowance downside_2027q4_net_interest | 2027Q4 / downside | 6.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference downside_2027q4_pretax | 2027Q4 / downside | 64.35 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(downside_2027q4_operating_income_proxy, downside_2027q4_net_interest). |
| Normalized cash-tax rate downside_2027q4_tax_rate | 2027Q4 / downside | 28.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance downside_2027q4_tax | 2027Q4 / downside | 18.02 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(downside_2027q4_pretax, downside_2027q4_tax_rate). |
| Retained after-tax earnings reference downside_2027q4_aftertax | 2027Q4 / downside | 46.33 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(downside_2027q4_pretax, downside_2027q4_tax). |
| Retained D&A and stock compensation downside_2027q4_noncash | 2027Q4 / downside | 24.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance downside_2027q4_cash_start | 2027Q4 / downside | 70.33 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(downside_2027q4_aftertax, downside_2027q4_noncash). |
| Net working-capital use / retained revenue downside_2027q4_wc_ratio | 2027Q4 / downside | 8.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use downside_2027q4_wc | 2027Q4 / downside | 68.21 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(downside_2027q4_revenue, downside_2027q4_wc_ratio). |
| Retained cash before capex proxy downside_2027q4_cash_before_capex | 2027Q4 / downside | 2.12 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(downside_2027q4_cash_start, downside_2027q4_wc). |
| Retained expansion and maintenance cash capex downside_2027q4_capex | 2027Q4 / downside | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy downside_2027q4_cash_after_capex | 2027Q4 / downside | -62.88 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(downside_2027q4_cash_before_capex, downside_2027q4_capex). |
| Data Centers revenue / Q1 baseline downside_2028q1_dc_factor | 2028Q1 / downside | 185.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue downside_2028q1_dc_revenue | 2028Q1 / downside | 644.54 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, downside_2028q1_dc_factor). |
| HVAC revenue / Q1 baseline downside_2028q1_hvac_factor | 2028Q1 / downside | 106.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue downside_2028q1_hvac_revenue | 2028Q1 / downside | 262.77 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, downside_2028q1_hvac_factor). |
| Retained-business revenue excluding PT downside_2028q1_revenue | 2028Q1 / downside | 907.31 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(downside_2028q1_dc_revenue, downside_2028q1_hvac_revenue). |
| DC margin on external revenue downside_2028q1_dc_gm | 2028Q1 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution downside_2028q1_dc_gp | 2028Q1 / downside | 141.80 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q1_dc_revenue, downside_2028q1_dc_gm). |
| DC SGA / external revenue downside_2028q1_dc_sga_ratio | 2028Q1 / downside | 7.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost downside_2028q1_dc_sga | 2028Q1 / downside | 45.12 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q1_dc_revenue, downside_2028q1_dc_sga_ratio). |
| HVAC margin on external revenue downside_2028q1_hvac_gm | 2028Q1 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution downside_2028q1_hvac_gp | 2028Q1 / downside | 57.81 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q1_hvac_revenue, downside_2028q1_hvac_gm). |
| HVAC SGA / external revenue downside_2028q1_hvac_sga_ratio | 2028Q1 / downside | 13.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost downside_2028q1_hvac_sga | 2028Q1 / downside | 34.16 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q1_hvac_revenue, downside_2028q1_hvac_sga_ratio). |
| Retained gross contribution downside_2028q1_gross_contribution | 2028Q1 / downside | 199.61 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(downside_2028q1_dc_gp, downside_2028q1_hvac_gp). |
| Corporate and standalone cost allowance downside_2028q1_corporate | 2028Q1 / downside | 37.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs downside_2028q1_operating_costs | 2028Q1 / downside | 116.28 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(downside_2028q1_dc_sga, downside_2028q1_hvac_sga, downside_2028q1_corporate). |
| Retained operating earnings proxy downside_2028q1_operating_income_proxy | 2028Q1 / downside | 83.33 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(downside_2028q1_gross_contribution, downside_2028q1_operating_costs). |
| Net interest allowance downside_2028q1_net_interest | 2028Q1 / downside | 6.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference downside_2028q1_pretax | 2028Q1 / downside | 77.33 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(downside_2028q1_operating_income_proxy, downside_2028q1_net_interest). |
| Normalized cash-tax rate downside_2028q1_tax_rate | 2028Q1 / downside | 28.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance downside_2028q1_tax | 2028Q1 / downside | 21.65 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(downside_2028q1_pretax, downside_2028q1_tax_rate). |
| Retained after-tax earnings reference downside_2028q1_aftertax | 2028Q1 / downside | 55.68 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(downside_2028q1_pretax, downside_2028q1_tax). |
| Retained D&A and stock compensation downside_2028q1_noncash | 2028Q1 / downside | 25.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance downside_2028q1_cash_start | 2028Q1 / downside | 80.68 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(downside_2028q1_aftertax, downside_2028q1_noncash). |
| Net working-capital use / retained revenue downside_2028q1_wc_ratio | 2028Q1 / downside | 8.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use downside_2028q1_wc | 2028Q1 / downside | 72.59 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(downside_2028q1_revenue, downside_2028q1_wc_ratio). |
| Retained cash before capex proxy downside_2028q1_cash_before_capex | 2028Q1 / downside | 8.09 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(downside_2028q1_cash_start, downside_2028q1_wc). |
| Retained expansion and maintenance cash capex downside_2028q1_capex | 2028Q1 / downside | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy downside_2028q1_cash_after_capex | 2028Q1 / downside | -56.91 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(downside_2028q1_cash_before_capex, downside_2028q1_capex). |
| Data Centers revenue / Q1 baseline downside_2028q2_dc_factor | 2028Q2 / downside | 200.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue downside_2028q2_dc_revenue | 2028Q2 / downside | 696.80 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, downside_2028q2_dc_factor). |
| HVAC revenue / Q1 baseline downside_2028q2_hvac_factor | 2028Q2 / downside | 106.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue downside_2028q2_hvac_revenue | 2028Q2 / downside | 262.77 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, downside_2028q2_hvac_factor). |
| Retained-business revenue excluding PT downside_2028q2_revenue | 2028Q2 / downside | 959.57 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(downside_2028q2_dc_revenue, downside_2028q2_hvac_revenue). |
| DC margin on external revenue downside_2028q2_dc_gm | 2028Q2 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution downside_2028q2_dc_gp | 2028Q2 / downside | 153.30 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q2_dc_revenue, downside_2028q2_dc_gm). |
| DC SGA / external revenue downside_2028q2_dc_sga_ratio | 2028Q2 / downside | 7.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost downside_2028q2_dc_sga | 2028Q2 / downside | 48.78 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q2_dc_revenue, downside_2028q2_dc_sga_ratio). |
| HVAC margin on external revenue downside_2028q2_hvac_gm | 2028Q2 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution downside_2028q2_hvac_gp | 2028Q2 / downside | 57.81 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q2_hvac_revenue, downside_2028q2_hvac_gm). |
| HVAC SGA / external revenue downside_2028q2_hvac_sga_ratio | 2028Q2 / downside | 13.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost downside_2028q2_hvac_sga | 2028Q2 / downside | 34.16 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q2_hvac_revenue, downside_2028q2_hvac_sga_ratio). |
| Retained gross contribution downside_2028q2_gross_contribution | 2028Q2 / downside | 211.11 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(downside_2028q2_dc_gp, downside_2028q2_hvac_gp). |
| Corporate and standalone cost allowance downside_2028q2_corporate | 2028Q2 / downside | 38.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs downside_2028q2_operating_costs | 2028Q2 / downside | 120.94 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(downside_2028q2_dc_sga, downside_2028q2_hvac_sga, downside_2028q2_corporate). |
| Retained operating earnings proxy downside_2028q2_operating_income_proxy | 2028Q2 / downside | 90.17 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(downside_2028q2_gross_contribution, downside_2028q2_operating_costs). |
| Net interest allowance downside_2028q2_net_interest | 2028Q2 / downside | 6.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference downside_2028q2_pretax | 2028Q2 / downside | 84.17 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(downside_2028q2_operating_income_proxy, downside_2028q2_net_interest). |
| Normalized cash-tax rate downside_2028q2_tax_rate | 2028Q2 / downside | 28.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance downside_2028q2_tax | 2028Q2 / downside | 23.57 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(downside_2028q2_pretax, downside_2028q2_tax_rate). |
| Retained after-tax earnings reference downside_2028q2_aftertax | 2028Q2 / downside | 60.60 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(downside_2028q2_pretax, downside_2028q2_tax). |
| Retained D&A and stock compensation downside_2028q2_noncash | 2028Q2 / downside | 26.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance downside_2028q2_cash_start | 2028Q2 / downside | 86.60 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(downside_2028q2_aftertax, downside_2028q2_noncash). |
| Net working-capital use / retained revenue downside_2028q2_wc_ratio | 2028Q2 / downside | 8.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use downside_2028q2_wc | 2028Q2 / downside | 76.77 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(downside_2028q2_revenue, downside_2028q2_wc_ratio). |
| Retained cash before capex proxy downside_2028q2_cash_before_capex | 2028Q2 / downside | 9.84 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(downside_2028q2_cash_start, downside_2028q2_wc). |
| Retained expansion and maintenance cash capex downside_2028q2_capex | 2028Q2 / downside | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy downside_2028q2_cash_after_capex | 2028Q2 / downside | -55.16 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(downside_2028q2_cash_before_capex, downside_2028q2_capex). |
| Data Centers revenue / Q1 baseline downside_2028q3_dc_factor | 2028Q3 / downside | 215.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue downside_2028q3_dc_revenue | 2028Q3 / downside | 749.06 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, downside_2028q3_dc_factor). |
| HVAC revenue / Q1 baseline downside_2028q3_hvac_factor | 2028Q3 / downside | 108.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue downside_2028q3_hvac_revenue | 2028Q3 / downside | 267.73 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, downside_2028q3_hvac_factor). |
| Retained-business revenue excluding PT downside_2028q3_revenue | 2028Q3 / downside | 1,016.79 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(downside_2028q3_dc_revenue, downside_2028q3_hvac_revenue). |
| DC margin on external revenue downside_2028q3_dc_gm | 2028Q3 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution downside_2028q3_dc_gp | 2028Q3 / downside | 164.79 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q3_dc_revenue, downside_2028q3_dc_gm). |
| DC SGA / external revenue downside_2028q3_dc_sga_ratio | 2028Q3 / downside | 7.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost downside_2028q3_dc_sga | 2028Q3 / downside | 52.43 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q3_dc_revenue, downside_2028q3_dc_sga_ratio). |
| HVAC margin on external revenue downside_2028q3_hvac_gm | 2028Q3 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution downside_2028q3_hvac_gp | 2028Q3 / downside | 58.90 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q3_hvac_revenue, downside_2028q3_hvac_gm). |
| HVAC SGA / external revenue downside_2028q3_hvac_sga_ratio | 2028Q3 / downside | 13.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost downside_2028q3_hvac_sga | 2028Q3 / downside | 34.81 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q3_hvac_revenue, downside_2028q3_hvac_sga_ratio). |
| Retained gross contribution downside_2028q3_gross_contribution | 2028Q3 / downside | 223.69 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(downside_2028q3_dc_gp, downside_2028q3_hvac_gp). |
| Corporate and standalone cost allowance downside_2028q3_corporate | 2028Q3 / downside | 39.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs downside_2028q3_operating_costs | 2028Q3 / downside | 126.24 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(downside_2028q3_dc_sga, downside_2028q3_hvac_sga, downside_2028q3_corporate). |
| Retained operating earnings proxy downside_2028q3_operating_income_proxy | 2028Q3 / downside | 97.45 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(downside_2028q3_gross_contribution, downside_2028q3_operating_costs). |
| Net interest allowance downside_2028q3_net_interest | 2028Q3 / downside | 6.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference downside_2028q3_pretax | 2028Q3 / downside | 91.45 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(downside_2028q3_operating_income_proxy, downside_2028q3_net_interest). |
| Normalized cash-tax rate downside_2028q3_tax_rate | 2028Q3 / downside | 28.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance downside_2028q3_tax | 2028Q3 / downside | 25.61 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(downside_2028q3_pretax, downside_2028q3_tax_rate). |
| Retained after-tax earnings reference downside_2028q3_aftertax | 2028Q3 / downside | 65.85 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(downside_2028q3_pretax, downside_2028q3_tax). |
| Retained D&A and stock compensation downside_2028q3_noncash | 2028Q3 / downside | 27.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance downside_2028q3_cash_start | 2028Q3 / downside | 92.85 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(downside_2028q3_aftertax, downside_2028q3_noncash). |
| Net working-capital use / retained revenue downside_2028q3_wc_ratio | 2028Q3 / downside | 8.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use downside_2028q3_wc | 2028Q3 / downside | 81.34 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(downside_2028q3_revenue, downside_2028q3_wc_ratio). |
| Retained cash before capex proxy downside_2028q3_cash_before_capex | 2028Q3 / downside | 11.50 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(downside_2028q3_cash_start, downside_2028q3_wc). |
| Retained expansion and maintenance cash capex downside_2028q3_capex | 2028Q3 / downside | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy downside_2028q3_cash_after_capex | 2028Q3 / downside | -53.50 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(downside_2028q3_cash_before_capex, downside_2028q3_capex). |
| Data Centers revenue / Q1 baseline downside_2028q4_dc_factor | 2028Q4 / downside | 230.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue downside_2028q4_dc_revenue | 2028Q4 / downside | 801.32 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, downside_2028q4_dc_factor). |
| HVAC revenue / Q1 baseline downside_2028q4_hvac_factor | 2028Q4 / downside | 110.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue downside_2028q4_hvac_revenue | 2028Q4 / downside | 272.69 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, downside_2028q4_hvac_factor). |
| Retained-business revenue excluding PT downside_2028q4_revenue | 2028Q4 / downside | 1,074.01 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(downside_2028q4_dc_revenue, downside_2028q4_hvac_revenue). |
| DC margin on external revenue downside_2028q4_dc_gm | 2028Q4 / downside | 22.5% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution downside_2028q4_dc_gp | 2028Q4 / downside | 180.30 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q4_dc_revenue, downside_2028q4_dc_gm). |
| DC SGA / external revenue downside_2028q4_dc_sga_ratio | 2028Q4 / downside | 7.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost downside_2028q4_dc_sga | 2028Q4 / downside | 56.09 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q4_dc_revenue, downside_2028q4_dc_sga_ratio). |
| HVAC margin on external revenue downside_2028q4_hvac_gm | 2028Q4 / downside | 22.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution downside_2028q4_hvac_gp | 2028Q4 / downside | 59.99 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(downside_2028q4_hvac_revenue, downside_2028q4_hvac_gm). |
| HVAC SGA / external revenue downside_2028q4_hvac_sga_ratio | 2028Q4 / downside | 13.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost downside_2028q4_hvac_sga | 2028Q4 / downside | 35.45 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(downside_2028q4_hvac_revenue, downside_2028q4_hvac_sga_ratio). |
| Retained gross contribution downside_2028q4_gross_contribution | 2028Q4 / downside | 240.29 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(downside_2028q4_dc_gp, downside_2028q4_hvac_gp). |
| Corporate and standalone cost allowance downside_2028q4_corporate | 2028Q4 / downside | 40.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs downside_2028q4_operating_costs | 2028Q4 / downside | 131.54 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(downside_2028q4_dc_sga, downside_2028q4_hvac_sga, downside_2028q4_corporate). |
| Retained operating earnings proxy downside_2028q4_operating_income_proxy | 2028Q4 / downside | 108.75 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(downside_2028q4_gross_contribution, downside_2028q4_operating_costs). |
| Net interest allowance downside_2028q4_net_interest | 2028Q4 / downside | 6.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference downside_2028q4_pretax | 2028Q4 / downside | 102.75 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(downside_2028q4_operating_income_proxy, downside_2028q4_net_interest). |
| Normalized cash-tax rate downside_2028q4_tax_rate | 2028Q4 / downside | 28.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance downside_2028q4_tax | 2028Q4 / downside | 28.77 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(downside_2028q4_pretax, downside_2028q4_tax_rate). |
| Retained after-tax earnings reference downside_2028q4_aftertax | 2028Q4 / downside | 73.98 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(downside_2028q4_pretax, downside_2028q4_tax). |
| Retained D&A and stock compensation downside_2028q4_noncash | 2028Q4 / downside | 28.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance downside_2028q4_cash_start | 2028Q4 / downside | 101.98 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(downside_2028q4_aftertax, downside_2028q4_noncash). |
| Net working-capital use / retained revenue downside_2028q4_wc_ratio | 2028Q4 / downside | 8.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use downside_2028q4_wc | 2028Q4 / downside | 85.92 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(downside_2028q4_revenue, downside_2028q4_wc_ratio). |
| Retained cash before capex proxy downside_2028q4_cash_before_capex | 2028Q4 / downside | 16.06 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(downside_2028q4_cash_start, downside_2028q4_wc). |
| Retained expansion and maintenance cash capex downside_2028q4_capex | 2028Q4 / downside | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy downside_2028q4_cash_after_capex | 2028Q4 / downside | -48.94 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(downside_2028q4_cash_before_capex, downside_2028q4_capex). |
| Retained-business revenue; excludes PT ($M) downside_fy2027_revenue | FY2027 / downside | 2,867.93 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue). |
| Retained Data Centers external revenue ($M) downside_fy2027_dc_revenue | FY2027 / downside | 1,863.94 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_dc_revenue, downside_2027q2_dc_revenue, downside_2027q3_dc_revenue, downside_2027q4_dc_revenue). |
| Retained Commercial HVAC external revenue ($M) downside_fy2027_hvac_revenue | FY2027 / downside | 1,004.00 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_hvac_revenue, downside_2027q2_hvac_revenue, downside_2027q3_hvac_revenue, downside_2027q4_hvac_revenue). |
| Retained operating earnings proxy ($M) downside_fy2027_operating_income_proxy | FY2027 / downside | 215.72 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_operating_income_proxy, downside_2027q2_operating_income_proxy, downside_2027q3_operating_income_proxy, downside_2027q4_operating_income_proxy). |
| Retained cash before capex proxy ($M) downside_fy2027_cash_before_capex | FY2027 / downside | 2.84 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_cash_before_capex, downside_2027q2_cash_before_capex, downside_2027q3_cash_before_capex, downside_2027q4_cash_before_capex). |
| Retained cash capex ($M) downside_fy2027_capex | FY2027 / downside | 218.20 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex). |
| Retained cash after capex proxy ($M) downside_fy2027_cash_after_capex | FY2027 / downside | -215.36 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_cash_after_capex, downside_2027q2_cash_after_capex, downside_2027q3_cash_after_capex, downside_2027q4_cash_after_capex). |
| Retained-business revenue; excludes PT ($M) downside_fy2028_revenue | FY2028 / downside | 3,957.69 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_revenue, downside_2028q2_revenue, downside_2028q3_revenue, downside_2028q4_revenue). |
| Retained Data Centers external revenue ($M) downside_fy2028_dc_revenue | FY2028 / downside | 2,891.72 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_dc_revenue, downside_2028q2_dc_revenue, downside_2028q3_dc_revenue, downside_2028q4_dc_revenue). |
| Retained Commercial HVAC external revenue ($M) downside_fy2028_hvac_revenue | FY2028 / downside | 1,065.97 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_hvac_revenue, downside_2028q2_hvac_revenue, downside_2028q3_hvac_revenue, downside_2028q4_hvac_revenue). |
| Retained operating earnings proxy ($M) downside_fy2028_operating_income_proxy | FY2028 / downside | 379.70 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_operating_income_proxy, downside_2028q2_operating_income_proxy, downside_2028q3_operating_income_proxy, downside_2028q4_operating_income_proxy). |
| Retained cash before capex proxy ($M) downside_fy2028_cash_before_capex | FY2028 / downside | 45.49 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_before_capex, downside_2028q2_cash_before_capex, downside_2028q3_cash_before_capex, downside_2028q4_cash_before_capex). |
| Retained cash capex ($M) downside_fy2028_capex | FY2028 / downside | 260.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_capex, downside_2028q2_capex, downside_2028q3_capex, downside_2028q4_capex). |
| Retained cash after capex proxy ($M) downside_fy2028_cash_after_capex | FY2028 / downside | -214.51 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2028q1_cash_after_capex, downside_2028q2_cash_after_capex, downside_2028q3_cash_after_capex, downside_2028q4_cash_after_capex). |
| Data Centers revenue / Q1 baseline base_2027q2_dc_factor | 2027Q2 / base | 135.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue base_2027q2_dc_revenue | 2027Q2 / base | 470.34 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, base_2027q2_dc_factor). |
| HVAC revenue / Q1 baseline base_2027q2_hvac_factor | 2027Q2 / base | 104.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue base_2027q2_hvac_revenue | 2027Q2 / base | 257.82 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, base_2027q2_hvac_factor). |
| Retained-business revenue excluding PT base_2027q2_revenue | 2027Q2 / base | 728.16 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(base_2027q2_dc_revenue, base_2027q2_hvac_revenue). |
| DC margin on external revenue base_2027q2_dc_gm | 2027Q2 / base | 23.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution base_2027q2_dc_gp | 2027Q2 / base | 108.18 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2027q2_dc_revenue, base_2027q2_dc_gm). |
| DC SGA / external revenue base_2027q2_dc_sga_ratio | 2027Q2 / base | 6.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost base_2027q2_dc_sga | 2027Q2 / base | 30.57 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2027q2_dc_revenue, base_2027q2_dc_sga_ratio). |
| HVAC margin on external revenue base_2027q2_hvac_gm | 2027Q2 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution base_2027q2_hvac_gp | 2027Q2 / base | 64.45 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2027q2_hvac_revenue, base_2027q2_hvac_gm). |
| HVAC SGA / external revenue base_2027q2_hvac_sga_ratio | 2027Q2 / base | 12.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost base_2027q2_hvac_sga | 2027Q2 / base | 30.94 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2027q2_hvac_revenue, base_2027q2_hvac_sga_ratio). |
| Retained gross contribution base_2027q2_gross_contribution | 2027Q2 / base | 172.63 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(base_2027q2_dc_gp, base_2027q2_hvac_gp). |
| Corporate and standalone cost allowance base_2027q2_corporate | 2027Q2 / base | 29.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs base_2027q2_operating_costs | 2027Q2 / base | 90.51 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(base_2027q2_dc_sga, base_2027q2_hvac_sga, base_2027q2_corporate). |
| Retained operating earnings proxy base_2027q2_operating_income_proxy | 2027Q2 / base | 82.12 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(base_2027q2_gross_contribution, base_2027q2_operating_costs). |
| Net interest allowance base_2027q2_net_interest | 2027Q2 / base | 5.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference base_2027q2_pretax | 2027Q2 / base | 77.12 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(base_2027q2_operating_income_proxy, base_2027q2_net_interest). |
| Normalized cash-tax rate base_2027q2_tax_rate | 2027Q2 / base | 26.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance base_2027q2_tax | 2027Q2 / base | 20.05 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(base_2027q2_pretax, base_2027q2_tax_rate). |
| Retained after-tax earnings reference base_2027q2_aftertax | 2027Q2 / base | 57.07 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(base_2027q2_pretax, base_2027q2_tax). |
| Retained D&A and stock compensation base_2027q2_noncash | 2027Q2 / base | 23.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance base_2027q2_cash_start | 2027Q2 / base | 80.07 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(base_2027q2_aftertax, base_2027q2_noncash). |
| Net working-capital use / retained revenue base_2027q2_wc_ratio | 2027Q2 / base | 5.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use base_2027q2_wc | 2027Q2 / base | 40.05 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(base_2027q2_revenue, base_2027q2_wc_ratio). |
| Retained cash before capex proxy base_2027q2_cash_before_capex | 2027Q2 / base | 40.02 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(base_2027q2_cash_start, base_2027q2_wc). |
| Retained expansion and maintenance cash capex base_2027q2_capex | 2027Q2 / base | 50.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy base_2027q2_cash_after_capex | 2027Q2 / base | -9.98 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(base_2027q2_cash_before_capex, base_2027q2_capex). |
| Data Centers revenue / Q1 baseline base_2027q3_dc_factor | 2027Q3 / base | 175.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue base_2027q3_dc_revenue | 2027Q3 / base | 609.70 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, base_2027q3_dc_factor). |
| HVAC revenue / Q1 baseline base_2027q3_hvac_factor | 2027Q3 / base | 106.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue base_2027q3_hvac_revenue | 2027Q3 / base | 262.77 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, base_2027q3_hvac_factor). |
| Retained-business revenue excluding PT base_2027q3_revenue | 2027Q3 / base | 872.47 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(base_2027q3_dc_revenue, base_2027q3_hvac_revenue). |
| DC margin on external revenue base_2027q3_dc_gm | 2027Q3 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution base_2027q3_dc_gp | 2027Q3 / base | 152.42 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2027q3_dc_revenue, base_2027q3_dc_gm). |
| DC SGA / external revenue base_2027q3_dc_sga_ratio | 2027Q3 / base | 6.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost base_2027q3_dc_sga | 2027Q3 / base | 39.63 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2027q3_dc_revenue, base_2027q3_dc_sga_ratio). |
| HVAC margin on external revenue base_2027q3_hvac_gm | 2027Q3 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution base_2027q3_hvac_gp | 2027Q3 / base | 65.69 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2027q3_hvac_revenue, base_2027q3_hvac_gm). |
| HVAC SGA / external revenue base_2027q3_hvac_sga_ratio | 2027Q3 / base | 12.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost base_2027q3_hvac_sga | 2027Q3 / base | 31.53 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2027q3_hvac_revenue, base_2027q3_hvac_sga_ratio). |
| Retained gross contribution base_2027q3_gross_contribution | 2027Q3 / base | 218.12 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(base_2027q3_dc_gp, base_2027q3_hvac_gp). |
| Corporate and standalone cost allowance base_2027q3_corporate | 2027Q3 / base | 30.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs base_2027q3_operating_costs | 2027Q3 / base | 101.16 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(base_2027q3_dc_sga, base_2027q3_hvac_sga, base_2027q3_corporate). |
| Retained operating earnings proxy base_2027q3_operating_income_proxy | 2027Q3 / base | 116.96 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(base_2027q3_gross_contribution, base_2027q3_operating_costs). |
| Net interest allowance base_2027q3_net_interest | 2027Q3 / base | 5.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference base_2027q3_pretax | 2027Q3 / base | 111.96 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(base_2027q3_operating_income_proxy, base_2027q3_net_interest). |
| Normalized cash-tax rate base_2027q3_tax_rate | 2027Q3 / base | 26.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance base_2027q3_tax | 2027Q3 / base | 29.11 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(base_2027q3_pretax, base_2027q3_tax_rate). |
| Retained after-tax earnings reference base_2027q3_aftertax | 2027Q3 / base | 82.85 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(base_2027q3_pretax, base_2027q3_tax). |
| Retained D&A and stock compensation base_2027q3_noncash | 2027Q3 / base | 24.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance base_2027q3_cash_start | 2027Q3 / base | 106.85 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(base_2027q3_aftertax, base_2027q3_noncash). |
| Net working-capital use / retained revenue base_2027q3_wc_ratio | 2027Q3 / base | 5.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use base_2027q3_wc | 2027Q3 / base | 47.99 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(base_2027q3_revenue, base_2027q3_wc_ratio). |
| Retained cash before capex proxy base_2027q3_cash_before_capex | 2027Q3 / base | 58.86 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(base_2027q3_cash_start, base_2027q3_wc). |
| Retained expansion and maintenance cash capex base_2027q3_capex | 2027Q3 / base | 55.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy base_2027q3_cash_after_capex | 2027Q3 / base | 3.86 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(base_2027q3_cash_before_capex, base_2027q3_capex). |
| Data Centers revenue / Q1 baseline base_2027q4_dc_factor | 2027Q4 / base | 215.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue base_2027q4_dc_revenue | 2027Q4 / base | 749.06 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, base_2027q4_dc_factor). |
| HVAC revenue / Q1 baseline base_2027q4_hvac_factor | 2027Q4 / base | 110.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue base_2027q4_hvac_revenue | 2027Q4 / base | 272.69 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, base_2027q4_hvac_factor). |
| Retained-business revenue excluding PT base_2027q4_revenue | 2027Q4 / base | 1,021.75 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(base_2027q4_dc_revenue, base_2027q4_hvac_revenue). |
| DC margin on external revenue base_2027q4_dc_gm | 2027Q4 / base | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution base_2027q4_dc_gp | 2027Q4 / base | 202.25 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2027q4_dc_revenue, base_2027q4_dc_gm). |
| DC SGA / external revenue base_2027q4_dc_sga_ratio | 2027Q4 / base | 6.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost base_2027q4_dc_sga | 2027Q4 / base | 48.69 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2027q4_dc_revenue, base_2027q4_dc_sga_ratio). |
| HVAC margin on external revenue base_2027q4_hvac_gm | 2027Q4 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution base_2027q4_hvac_gp | 2027Q4 / base | 68.17 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2027q4_hvac_revenue, base_2027q4_hvac_gm). |
| HVAC SGA / external revenue base_2027q4_hvac_sga_ratio | 2027Q4 / base | 12.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost base_2027q4_hvac_sga | 2027Q4 / base | 32.72 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2027q4_hvac_revenue, base_2027q4_hvac_sga_ratio). |
| Retained gross contribution base_2027q4_gross_contribution | 2027Q4 / base | 270.42 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(base_2027q4_dc_gp, base_2027q4_hvac_gp). |
| Corporate and standalone cost allowance base_2027q4_corporate | 2027Q4 / base | 31.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs base_2027q4_operating_costs | 2027Q4 / base | 112.41 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(base_2027q4_dc_sga, base_2027q4_hvac_sga, base_2027q4_corporate). |
| Retained operating earnings proxy base_2027q4_operating_income_proxy | 2027Q4 / base | 158.01 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(base_2027q4_gross_contribution, base_2027q4_operating_costs). |
| Net interest allowance base_2027q4_net_interest | 2027Q4 / base | 5.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference base_2027q4_pretax | 2027Q4 / base | 153.01 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(base_2027q4_operating_income_proxy, base_2027q4_net_interest). |
| Normalized cash-tax rate base_2027q4_tax_rate | 2027Q4 / base | 26.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance base_2027q4_tax | 2027Q4 / base | 39.78 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(base_2027q4_pretax, base_2027q4_tax_rate). |
| Retained after-tax earnings reference base_2027q4_aftertax | 2027Q4 / base | 113.23 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(base_2027q4_pretax, base_2027q4_tax). |
| Retained D&A and stock compensation base_2027q4_noncash | 2027Q4 / base | 25.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance base_2027q4_cash_start | 2027Q4 / base | 138.23 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(base_2027q4_aftertax, base_2027q4_noncash). |
| Net working-capital use / retained revenue base_2027q4_wc_ratio | 2027Q4 / base | 5.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use base_2027q4_wc | 2027Q4 / base | 56.20 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(base_2027q4_revenue, base_2027q4_wc_ratio). |
| Retained cash before capex proxy base_2027q4_cash_before_capex | 2027Q4 / base | 82.03 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(base_2027q4_cash_start, base_2027q4_wc). |
| Retained expansion and maintenance cash capex base_2027q4_capex | 2027Q4 / base | 60.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy base_2027q4_cash_after_capex | 2027Q4 / base | 22.03 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(base_2027q4_cash_before_capex, base_2027q4_capex). |
| Data Centers revenue / Q1 baseline base_2028q1_dc_factor | 2028Q1 / base | 235.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue base_2028q1_dc_revenue | 2028Q1 / base | 818.74 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, base_2028q1_dc_factor). |
| HVAC revenue / Q1 baseline base_2028q1_hvac_factor | 2028Q1 / base | 112.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue base_2028q1_hvac_revenue | 2028Q1 / base | 277.65 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, base_2028q1_hvac_factor). |
| Retained-business revenue excluding PT base_2028q1_revenue | 2028Q1 / base | 1,096.39 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(base_2028q1_dc_revenue, base_2028q1_hvac_revenue). |
| DC margin on external revenue base_2028q1_dc_gm | 2028Q1 / base | 27.5% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution base_2028q1_dc_gp | 2028Q1 / base | 225.15 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q1_dc_revenue, base_2028q1_dc_gm). |
| DC SGA / external revenue base_2028q1_dc_sga_ratio | 2028Q1 / base | 6.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost base_2028q1_dc_sga | 2028Q1 / base | 53.22 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q1_dc_revenue, base_2028q1_dc_sga_ratio). |
| HVAC margin on external revenue base_2028q1_hvac_gm | 2028Q1 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution base_2028q1_hvac_gp | 2028Q1 / base | 69.41 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q1_hvac_revenue, base_2028q1_hvac_gm). |
| HVAC SGA / external revenue base_2028q1_hvac_sga_ratio | 2028Q1 / base | 12.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost base_2028q1_hvac_sga | 2028Q1 / base | 33.32 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q1_hvac_revenue, base_2028q1_hvac_sga_ratio). |
| Retained gross contribution base_2028q1_gross_contribution | 2028Q1 / base | 294.57 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(base_2028q1_dc_gp, base_2028q1_hvac_gp). |
| Corporate and standalone cost allowance base_2028q1_corporate | 2028Q1 / base | 32.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs base_2028q1_operating_costs | 2028Q1 / base | 118.54 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(base_2028q1_dc_sga, base_2028q1_hvac_sga, base_2028q1_corporate). |
| Retained operating earnings proxy base_2028q1_operating_income_proxy | 2028Q1 / base | 176.03 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(base_2028q1_gross_contribution, base_2028q1_operating_costs). |
| Net interest allowance base_2028q1_net_interest | 2028Q1 / base | 5.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference base_2028q1_pretax | 2028Q1 / base | 171.03 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(base_2028q1_operating_income_proxy, base_2028q1_net_interest). |
| Normalized cash-tax rate base_2028q1_tax_rate | 2028Q1 / base | 26.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance base_2028q1_tax | 2028Q1 / base | 44.47 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(base_2028q1_pretax, base_2028q1_tax_rate). |
| Retained after-tax earnings reference base_2028q1_aftertax | 2028Q1 / base | 126.56 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(base_2028q1_pretax, base_2028q1_tax). |
| Retained D&A and stock compensation base_2028q1_noncash | 2028Q1 / base | 26.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance base_2028q1_cash_start | 2028Q1 / base | 152.56 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(base_2028q1_aftertax, base_2028q1_noncash). |
| Net working-capital use / retained revenue base_2028q1_wc_ratio | 2028Q1 / base | 5.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use base_2028q1_wc | 2028Q1 / base | 60.30 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(base_2028q1_revenue, base_2028q1_wc_ratio). |
| Retained cash before capex proxy base_2028q1_cash_before_capex | 2028Q1 / base | 92.26 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(base_2028q1_cash_start, base_2028q1_wc). |
| Retained expansion and maintenance cash capex base_2028q1_capex | 2028Q1 / base | 60.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy base_2028q1_cash_after_capex | 2028Q1 / base | 32.26 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(base_2028q1_cash_before_capex, base_2028q1_capex). |
| Data Centers revenue / Q1 baseline base_2028q2_dc_factor | 2028Q2 / base | 260.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue base_2028q2_dc_revenue | 2028Q2 / base | 905.84 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, base_2028q2_dc_factor). |
| HVAC revenue / Q1 baseline base_2028q2_hvac_factor | 2028Q2 / base | 115.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue base_2028q2_hvac_revenue | 2028Q2 / base | 285.08 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, base_2028q2_hvac_factor). |
| Retained-business revenue excluding PT base_2028q2_revenue | 2028Q2 / base | 1,190.92 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(base_2028q2_dc_revenue, base_2028q2_hvac_revenue). |
| DC margin on external revenue base_2028q2_dc_gm | 2028Q2 / base | 28.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution base_2028q2_dc_gp | 2028Q2 / base | 253.64 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q2_dc_revenue, base_2028q2_dc_gm). |
| DC SGA / external revenue base_2028q2_dc_sga_ratio | 2028Q2 / base | 6.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost base_2028q2_dc_sga | 2028Q2 / base | 58.88 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q2_dc_revenue, base_2028q2_dc_sga_ratio). |
| HVAC margin on external revenue base_2028q2_hvac_gm | 2028Q2 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution base_2028q2_hvac_gp | 2028Q2 / base | 71.27 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q2_hvac_revenue, base_2028q2_hvac_gm). |
| HVAC SGA / external revenue base_2028q2_hvac_sga_ratio | 2028Q2 / base | 12.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost base_2028q2_hvac_sga | 2028Q2 / base | 34.21 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q2_hvac_revenue, base_2028q2_hvac_sga_ratio). |
| Retained gross contribution base_2028q2_gross_contribution | 2028Q2 / base | 324.91 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(base_2028q2_dc_gp, base_2028q2_hvac_gp). |
| Corporate and standalone cost allowance base_2028q2_corporate | 2028Q2 / base | 33.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs base_2028q2_operating_costs | 2028Q2 / base | 126.09 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(base_2028q2_dc_sga, base_2028q2_hvac_sga, base_2028q2_corporate). |
| Retained operating earnings proxy base_2028q2_operating_income_proxy | 2028Q2 / base | 198.82 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(base_2028q2_gross_contribution, base_2028q2_operating_costs). |
| Net interest allowance base_2028q2_net_interest | 2028Q2 / base | 5.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference base_2028q2_pretax | 2028Q2 / base | 193.82 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(base_2028q2_operating_income_proxy, base_2028q2_net_interest). |
| Normalized cash-tax rate base_2028q2_tax_rate | 2028Q2 / base | 26.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance base_2028q2_tax | 2028Q2 / base | 50.39 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(base_2028q2_pretax, base_2028q2_tax_rate). |
| Retained after-tax earnings reference base_2028q2_aftertax | 2028Q2 / base | 143.42 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(base_2028q2_pretax, base_2028q2_tax). |
| Retained D&A and stock compensation base_2028q2_noncash | 2028Q2 / base | 27.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance base_2028q2_cash_start | 2028Q2 / base | 170.42 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(base_2028q2_aftertax, base_2028q2_noncash). |
| Net working-capital use / retained revenue base_2028q2_wc_ratio | 2028Q2 / base | 5.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use base_2028q2_wc | 2028Q2 / base | 65.50 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(base_2028q2_revenue, base_2028q2_wc_ratio). |
| Retained cash before capex proxy base_2028q2_cash_before_capex | 2028Q2 / base | 104.92 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(base_2028q2_cash_start, base_2028q2_wc). |
| Retained expansion and maintenance cash capex base_2028q2_capex | 2028Q2 / base | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy base_2028q2_cash_after_capex | 2028Q2 / base | 39.92 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(base_2028q2_cash_before_capex, base_2028q2_capex). |
| Data Centers revenue / Q1 baseline base_2028q3_dc_factor | 2028Q3 / base | 285.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue base_2028q3_dc_revenue | 2028Q3 / base | 992.94 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, base_2028q3_dc_factor). |
| HVAC revenue / Q1 baseline base_2028q3_hvac_factor | 2028Q3 / base | 118.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue base_2028q3_hvac_revenue | 2028Q3 / base | 292.52 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, base_2028q3_hvac_factor). |
| Retained-business revenue excluding PT base_2028q3_revenue | 2028Q3 / base | 1,285.46 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(base_2028q3_dc_revenue, base_2028q3_hvac_revenue). |
| DC margin on external revenue base_2028q3_dc_gm | 2028Q3 / base | 28.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution base_2028q3_dc_gp | 2028Q3 / base | 278.02 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q3_dc_revenue, base_2028q3_dc_gm). |
| DC SGA / external revenue base_2028q3_dc_sga_ratio | 2028Q3 / base | 6.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost base_2028q3_dc_sga | 2028Q3 / base | 64.54 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q3_dc_revenue, base_2028q3_dc_sga_ratio). |
| HVAC margin on external revenue base_2028q3_hvac_gm | 2028Q3 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution base_2028q3_hvac_gp | 2028Q3 / base | 73.13 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q3_hvac_revenue, base_2028q3_hvac_gm). |
| HVAC SGA / external revenue base_2028q3_hvac_sga_ratio | 2028Q3 / base | 12.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost base_2028q3_hvac_sga | 2028Q3 / base | 35.10 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q3_hvac_revenue, base_2028q3_hvac_sga_ratio). |
| Retained gross contribution base_2028q3_gross_contribution | 2028Q3 / base | 351.15 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(base_2028q3_dc_gp, base_2028q3_hvac_gp). |
| Corporate and standalone cost allowance base_2028q3_corporate | 2028Q3 / base | 34.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs base_2028q3_operating_costs | 2028Q3 / base | 133.64 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(base_2028q3_dc_sga, base_2028q3_hvac_sga, base_2028q3_corporate). |
| Retained operating earnings proxy base_2028q3_operating_income_proxy | 2028Q3 / base | 217.51 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(base_2028q3_gross_contribution, base_2028q3_operating_costs). |
| Net interest allowance base_2028q3_net_interest | 2028Q3 / base | 5.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference base_2028q3_pretax | 2028Q3 / base | 212.51 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(base_2028q3_operating_income_proxy, base_2028q3_net_interest). |
| Normalized cash-tax rate base_2028q3_tax_rate | 2028Q3 / base | 26.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance base_2028q3_tax | 2028Q3 / base | 55.25 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(base_2028q3_pretax, base_2028q3_tax_rate). |
| Retained after-tax earnings reference base_2028q3_aftertax | 2028Q3 / base | 157.26 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(base_2028q3_pretax, base_2028q3_tax). |
| Retained D&A and stock compensation base_2028q3_noncash | 2028Q3 / base | 28.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance base_2028q3_cash_start | 2028Q3 / base | 185.26 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(base_2028q3_aftertax, base_2028q3_noncash). |
| Net working-capital use / retained revenue base_2028q3_wc_ratio | 2028Q3 / base | 5.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use base_2028q3_wc | 2028Q3 / base | 70.70 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(base_2028q3_revenue, base_2028q3_wc_ratio). |
| Retained cash before capex proxy base_2028q3_cash_before_capex | 2028Q3 / base | 114.56 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(base_2028q3_cash_start, base_2028q3_wc). |
| Retained expansion and maintenance cash capex base_2028q3_capex | 2028Q3 / base | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy base_2028q3_cash_after_capex | 2028Q3 / base | 49.56 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(base_2028q3_cash_before_capex, base_2028q3_capex). |
| Data Centers revenue / Q1 baseline base_2028q4_dc_factor | 2028Q4 / base | 310.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue base_2028q4_dc_revenue | 2028Q4 / base | 1,080.04 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, base_2028q4_dc_factor). |
| HVAC revenue / Q1 baseline base_2028q4_hvac_factor | 2028Q4 / base | 120.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue base_2028q4_hvac_revenue | 2028Q4 / base | 297.48 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, base_2028q4_hvac_factor). |
| Retained-business revenue excluding PT base_2028q4_revenue | 2028Q4 / base | 1,377.52 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(base_2028q4_dc_revenue, base_2028q4_hvac_revenue). |
| DC margin on external revenue base_2028q4_dc_gm | 2028Q4 / base | 28.5% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution base_2028q4_dc_gp | 2028Q4 / base | 307.81 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q4_dc_revenue, base_2028q4_dc_gm). |
| DC SGA / external revenue base_2028q4_dc_sga_ratio | 2028Q4 / base | 6.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost base_2028q4_dc_sga | 2028Q4 / base | 70.20 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q4_dc_revenue, base_2028q4_dc_sga_ratio). |
| HVAC margin on external revenue base_2028q4_hvac_gm | 2028Q4 / base | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution base_2028q4_hvac_gp | 2028Q4 / base | 74.37 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(base_2028q4_hvac_revenue, base_2028q4_hvac_gm). |
| HVAC SGA / external revenue base_2028q4_hvac_sga_ratio | 2028Q4 / base | 12.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost base_2028q4_hvac_sga | 2028Q4 / base | 35.70 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(base_2028q4_hvac_revenue, base_2028q4_hvac_sga_ratio). |
| Retained gross contribution base_2028q4_gross_contribution | 2028Q4 / base | 382.18 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(base_2028q4_dc_gp, base_2028q4_hvac_gp). |
| Corporate and standalone cost allowance base_2028q4_corporate | 2028Q4 / base | 35.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs base_2028q4_operating_costs | 2028Q4 / base | 140.90 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(base_2028q4_dc_sga, base_2028q4_hvac_sga, base_2028q4_corporate). |
| Retained operating earnings proxy base_2028q4_operating_income_proxy | 2028Q4 / base | 241.28 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(base_2028q4_gross_contribution, base_2028q4_operating_costs). |
| Net interest allowance base_2028q4_net_interest | 2028Q4 / base | 5.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference base_2028q4_pretax | 2028Q4 / base | 236.28 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(base_2028q4_operating_income_proxy, base_2028q4_net_interest). |
| Normalized cash-tax rate base_2028q4_tax_rate | 2028Q4 / base | 26.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance base_2028q4_tax | 2028Q4 / base | 61.43 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(base_2028q4_pretax, base_2028q4_tax_rate). |
| Retained after-tax earnings reference base_2028q4_aftertax | 2028Q4 / base | 174.85 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(base_2028q4_pretax, base_2028q4_tax). |
| Retained D&A and stock compensation base_2028q4_noncash | 2028Q4 / base | 29.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance base_2028q4_cash_start | 2028Q4 / base | 203.85 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(base_2028q4_aftertax, base_2028q4_noncash). |
| Net working-capital use / retained revenue base_2028q4_wc_ratio | 2028Q4 / base | 5.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use base_2028q4_wc | 2028Q4 / base | 75.76 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(base_2028q4_revenue, base_2028q4_wc_ratio). |
| Retained cash before capex proxy base_2028q4_cash_before_capex | 2028Q4 / base | 128.08 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(base_2028q4_cash_start, base_2028q4_wc). |
| Retained expansion and maintenance cash capex base_2028q4_capex | 2028Q4 / base | 70.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy base_2028q4_cash_after_capex | 2028Q4 / base | 58.08 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(base_2028q4_cash_before_capex, base_2028q4_capex). |
| Retained-business revenue; excludes PT ($M) base_fy2027_revenue | FY2027 / base | 3,218.68 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue). |
| Retained Data Centers external revenue ($M) base_fy2027_dc_revenue | FY2027 / base | 2,177.50 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_dc_revenue, base_2027q2_dc_revenue, base_2027q3_dc_revenue, base_2027q4_dc_revenue). |
| Retained Commercial HVAC external revenue ($M) base_fy2027_hvac_revenue | FY2027 / base | 1,041.18 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_hvac_revenue, base_2027q2_hvac_revenue, base_2027q3_hvac_revenue, base_2027q4_hvac_revenue). |
| Retained operating earnings proxy ($M) base_fy2027_operating_income_proxy | FY2027 / base | 404.28 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_operating_income_proxy, base_2027q2_operating_income_proxy, base_2027q3_operating_income_proxy, base_2027q4_operating_income_proxy). |
| Retained cash before capex proxy ($M) base_fy2027_cash_before_capex | FY2027 / base | 188.11 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_cash_before_capex, base_2027q2_cash_before_capex, base_2027q3_cash_before_capex, base_2027q4_cash_before_capex). |
| Retained cash capex ($M) base_fy2027_capex | FY2027 / base | 203.20 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex). |
| Retained cash after capex proxy ($M) base_fy2027_cash_after_capex | FY2027 / base | -15.09 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_cash_after_capex, base_2027q2_cash_after_capex, base_2027q3_cash_after_capex, base_2027q4_cash_after_capex). |
| Retained-business revenue; excludes PT ($M) base_fy2028_revenue | FY2028 / base | 4,950.30 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_revenue, base_2028q2_revenue, base_2028q3_revenue, base_2028q4_revenue). |
| Retained Data Centers external revenue ($M) base_fy2028_dc_revenue | FY2028 / base | 3,797.56 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_dc_revenue, base_2028q2_dc_revenue, base_2028q3_dc_revenue, base_2028q4_dc_revenue). |
| Retained Commercial HVAC external revenue ($M) base_fy2028_hvac_revenue | FY2028 / base | 1,152.73 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_hvac_revenue, base_2028q2_hvac_revenue, base_2028q3_hvac_revenue, base_2028q4_hvac_revenue). |
| Retained operating earnings proxy ($M) base_fy2028_operating_income_proxy | FY2028 / base | 833.64 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_operating_income_proxy, base_2028q2_operating_income_proxy, base_2028q3_operating_income_proxy, base_2028q4_operating_income_proxy). |
| Retained cash before capex proxy ($M) base_fy2028_cash_before_capex | FY2028 / base | 439.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_before_capex, base_2028q2_cash_before_capex, base_2028q3_cash_before_capex, base_2028q4_cash_before_capex). |
| Retained cash capex ($M) base_fy2028_capex | FY2028 / base | 260.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_capex, base_2028q2_capex, base_2028q3_capex, base_2028q4_capex). |
| Retained cash after capex proxy ($M) base_fy2028_cash_after_capex | FY2028 / base | 179.83 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2028q1_cash_after_capex, base_2028q2_cash_after_capex, base_2028q3_cash_after_capex, base_2028q4_cash_after_capex). |
| Data Centers revenue / Q1 baseline upside_2027q2_dc_factor | 2027Q2 / upside | 145.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue upside_2027q2_dc_revenue | 2027Q2 / upside | 505.18 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, upside_2027q2_dc_factor). |
| HVAC revenue / Q1 baseline upside_2027q2_hvac_factor | 2027Q2 / upside | 108.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue upside_2027q2_hvac_revenue | 2027Q2 / upside | 267.73 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, upside_2027q2_hvac_factor). |
| Retained-business revenue excluding PT upside_2027q2_revenue | 2027Q2 / upside | 772.91 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(upside_2027q2_dc_revenue, upside_2027q2_hvac_revenue). |
| DC margin on external revenue upside_2027q2_dc_gm | 2027Q2 / upside | 25.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution upside_2027q2_dc_gp | 2027Q2 / upside | 126.29 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2027q2_dc_revenue, upside_2027q2_dc_gm). |
| DC SGA / external revenue upside_2027q2_dc_sga_ratio | 2027Q2 / upside | 6.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost upside_2027q2_dc_sga | 2027Q2 / upside | 30.31 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2027q2_dc_revenue, upside_2027q2_dc_sga_ratio). |
| HVAC margin on external revenue upside_2027q2_hvac_gm | 2027Q2 / upside | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution upside_2027q2_hvac_gp | 2027Q2 / upside | 72.29 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2027q2_hvac_revenue, upside_2027q2_hvac_gm). |
| HVAC SGA / external revenue upside_2027q2_hvac_sga_ratio | 2027Q2 / upside | 11.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost upside_2027q2_hvac_sga | 2027Q2 / upside | 30.79 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2027q2_hvac_revenue, upside_2027q2_hvac_sga_ratio). |
| Retained gross contribution upside_2027q2_gross_contribution | 2027Q2 / upside | 198.58 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(upside_2027q2_dc_gp, upside_2027q2_hvac_gp). |
| Corporate and standalone cost allowance upside_2027q2_corporate | 2027Q2 / upside | 27.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs upside_2027q2_operating_costs | 2027Q2 / upside | 88.10 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(upside_2027q2_dc_sga, upside_2027q2_hvac_sga, upside_2027q2_corporate). |
| Retained operating earnings proxy upside_2027q2_operating_income_proxy | 2027Q2 / upside | 110.48 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(upside_2027q2_gross_contribution, upside_2027q2_operating_costs). |
| Net interest allowance upside_2027q2_net_interest | 2027Q2 / upside | 4.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference upside_2027q2_pretax | 2027Q2 / upside | 106.48 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(upside_2027q2_operating_income_proxy, upside_2027q2_net_interest). |
| Normalized cash-tax rate upside_2027q2_tax_rate | 2027Q2 / upside | 25.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance upside_2027q2_tax | 2027Q2 / upside | 26.62 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(upside_2027q2_pretax, upside_2027q2_tax_rate). |
| Retained after-tax earnings reference upside_2027q2_aftertax | 2027Q2 / upside | 79.86 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(upside_2027q2_pretax, upside_2027q2_tax). |
| Retained D&A and stock compensation upside_2027q2_noncash | 2027Q2 / upside | 24.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance upside_2027q2_cash_start | 2027Q2 / upside | 103.86 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(upside_2027q2_aftertax, upside_2027q2_noncash). |
| Net working-capital use / retained revenue upside_2027q2_wc_ratio | 2027Q2 / upside | 3.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use upside_2027q2_wc | 2027Q2 / upside | 27.05 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(upside_2027q2_revenue, upside_2027q2_wc_ratio). |
| Retained cash before capex proxy upside_2027q2_cash_before_capex | 2027Q2 / upside | 76.81 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(upside_2027q2_cash_start, upside_2027q2_wc). |
| Retained expansion and maintenance cash capex upside_2027q2_capex | 2027Q2 / upside | 50.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy upside_2027q2_cash_after_capex | 2027Q2 / upside | 26.81 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(upside_2027q2_cash_before_capex, upside_2027q2_capex). |
| Data Centers revenue / Q1 baseline upside_2027q3_dc_factor | 2027Q3 / upside | 195.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue upside_2027q3_dc_revenue | 2027Q3 / upside | 679.38 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, upside_2027q3_dc_factor). |
| HVAC revenue / Q1 baseline upside_2027q3_hvac_factor | 2027Q3 / upside | 112.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue upside_2027q3_hvac_revenue | 2027Q3 / upside | 277.65 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, upside_2027q3_hvac_factor). |
| Retained-business revenue excluding PT upside_2027q3_revenue | 2027Q3 / upside | 957.03 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(upside_2027q3_dc_revenue, upside_2027q3_hvac_revenue). |
| DC margin on external revenue upside_2027q3_dc_gm | 2027Q3 / upside | 28.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution upside_2027q3_dc_gp | 2027Q3 / upside | 190.23 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2027q3_dc_revenue, upside_2027q3_dc_gm). |
| DC SGA / external revenue upside_2027q3_dc_sga_ratio | 2027Q3 / upside | 6.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost upside_2027q3_dc_sga | 2027Q3 / upside | 40.76 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2027q3_dc_revenue, upside_2027q3_dc_sga_ratio). |
| HVAC margin on external revenue upside_2027q3_hvac_gm | 2027Q3 / upside | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution upside_2027q3_hvac_gp | 2027Q3 / upside | 74.96 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2027q3_hvac_revenue, upside_2027q3_hvac_gm). |
| HVAC SGA / external revenue upside_2027q3_hvac_sga_ratio | 2027Q3 / upside | 11.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost upside_2027q3_hvac_sga | 2027Q3 / upside | 31.93 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2027q3_hvac_revenue, upside_2027q3_hvac_sga_ratio). |
| Retained gross contribution upside_2027q3_gross_contribution | 2027Q3 / upside | 265.19 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(upside_2027q3_dc_gp, upside_2027q3_hvac_gp). |
| Corporate and standalone cost allowance upside_2027q3_corporate | 2027Q3 / upside | 28.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs upside_2027q3_operating_costs | 2027Q3 / upside | 100.69 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(upside_2027q3_dc_sga, upside_2027q3_hvac_sga, upside_2027q3_corporate). |
| Retained operating earnings proxy upside_2027q3_operating_income_proxy | 2027Q3 / upside | 164.50 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(upside_2027q3_gross_contribution, upside_2027q3_operating_costs). |
| Net interest allowance upside_2027q3_net_interest | 2027Q3 / upside | 4.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference upside_2027q3_pretax | 2027Q3 / upside | 160.50 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(upside_2027q3_operating_income_proxy, upside_2027q3_net_interest). |
| Normalized cash-tax rate upside_2027q3_tax_rate | 2027Q3 / upside | 25.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance upside_2027q3_tax | 2027Q3 / upside | 40.12 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(upside_2027q3_pretax, upside_2027q3_tax_rate). |
| Retained after-tax earnings reference upside_2027q3_aftertax | 2027Q3 / upside | 120.37 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(upside_2027q3_pretax, upside_2027q3_tax). |
| Retained D&A and stock compensation upside_2027q3_noncash | 2027Q3 / upside | 25.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance upside_2027q3_cash_start | 2027Q3 / upside | 145.37 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(upside_2027q3_aftertax, upside_2027q3_noncash). |
| Net working-capital use / retained revenue upside_2027q3_wc_ratio | 2027Q3 / upside | 3.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use upside_2027q3_wc | 2027Q3 / upside | 33.50 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(upside_2027q3_revenue, upside_2027q3_wc_ratio). |
| Retained cash before capex proxy upside_2027q3_cash_before_capex | 2027Q3 / upside | 111.88 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(upside_2027q3_cash_start, upside_2027q3_wc). |
| Retained expansion and maintenance cash capex upside_2027q3_capex | 2027Q3 / upside | 55.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy upside_2027q3_cash_after_capex | 2027Q3 / upside | 56.88 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(upside_2027q3_cash_before_capex, upside_2027q3_capex). |
| Data Centers revenue / Q1 baseline upside_2027q4_dc_factor | 2027Q4 / upside | 245.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue upside_2027q4_dc_revenue | 2027Q4 / upside | 853.58 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, upside_2027q4_dc_factor). |
| HVAC revenue / Q1 baseline upside_2027q4_hvac_factor | 2027Q4 / upside | 117.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue upside_2027q4_hvac_revenue | 2027Q4 / upside | 290.04 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, upside_2027q4_hvac_factor). |
| Retained-business revenue excluding PT upside_2027q4_revenue | 2027Q4 / upside | 1,143.62 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(upside_2027q4_dc_revenue, upside_2027q4_hvac_revenue). |
| DC margin on external revenue upside_2027q4_dc_gm | 2027Q4 / upside | 30.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution upside_2027q4_dc_gp | 2027Q4 / upside | 256.07 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2027q4_dc_revenue, upside_2027q4_dc_gm). |
| DC SGA / external revenue upside_2027q4_dc_sga_ratio | 2027Q4 / upside | 6.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost upside_2027q4_dc_sga | 2027Q4 / upside | 51.21 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2027q4_dc_revenue, upside_2027q4_dc_sga_ratio). |
| HVAC margin on external revenue upside_2027q4_hvac_gm | 2027Q4 / upside | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution upside_2027q4_hvac_gp | 2027Q4 / upside | 78.31 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2027q4_hvac_revenue, upside_2027q4_hvac_gm). |
| HVAC SGA / external revenue upside_2027q4_hvac_sga_ratio | 2027Q4 / upside | 11.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost upside_2027q4_hvac_sga | 2027Q4 / upside | 33.35 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2027q4_hvac_revenue, upside_2027q4_hvac_sga_ratio). |
| Retained gross contribution upside_2027q4_gross_contribution | 2027Q4 / upside | 334.39 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(upside_2027q4_dc_gp, upside_2027q4_hvac_gp). |
| Corporate and standalone cost allowance upside_2027q4_corporate | 2027Q4 / upside | 29.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs upside_2027q4_operating_costs | 2027Q4 / upside | 113.57 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(upside_2027q4_dc_sga, upside_2027q4_hvac_sga, upside_2027q4_corporate). |
| Retained operating earnings proxy upside_2027q4_operating_income_proxy | 2027Q4 / upside | 220.82 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(upside_2027q4_gross_contribution, upside_2027q4_operating_costs). |
| Net interest allowance upside_2027q4_net_interest | 2027Q4 / upside | 4.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference upside_2027q4_pretax | 2027Q4 / upside | 216.82 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(upside_2027q4_operating_income_proxy, upside_2027q4_net_interest). |
| Normalized cash-tax rate upside_2027q4_tax_rate | 2027Q4 / upside | 25.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance upside_2027q4_tax | 2027Q4 / upside | 54.20 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(upside_2027q4_pretax, upside_2027q4_tax_rate). |
| Retained after-tax earnings reference upside_2027q4_aftertax | 2027Q4 / upside | 162.61 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(upside_2027q4_pretax, upside_2027q4_tax). |
| Retained D&A and stock compensation upside_2027q4_noncash | 2027Q4 / upside | 26.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance upside_2027q4_cash_start | 2027Q4 / upside | 188.61 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(upside_2027q4_aftertax, upside_2027q4_noncash). |
| Net working-capital use / retained revenue upside_2027q4_wc_ratio | 2027Q4 / upside | 3.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use upside_2027q4_wc | 2027Q4 / upside | 40.03 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(upside_2027q4_revenue, upside_2027q4_wc_ratio). |
| Retained cash before capex proxy upside_2027q4_cash_before_capex | 2027Q4 / upside | 148.59 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(upside_2027q4_cash_start, upside_2027q4_wc). |
| Retained expansion and maintenance cash capex upside_2027q4_capex | 2027Q4 / upside | 60.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy upside_2027q4_cash_after_capex | 2027Q4 / upside | 88.59 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(upside_2027q4_cash_before_capex, upside_2027q4_capex). |
| Data Centers revenue / Q1 baseline upside_2028q1_dc_factor | 2028Q1 / upside | 275.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue upside_2028q1_dc_revenue | 2028Q1 / upside | 958.10 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, upside_2028q1_dc_factor). |
| HVAC revenue / Q1 baseline upside_2028q1_hvac_factor | 2028Q1 / upside | 120.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue upside_2028q1_hvac_revenue | 2028Q1 / upside | 297.48 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, upside_2028q1_hvac_factor). |
| Retained-business revenue excluding PT upside_2028q1_revenue | 2028Q1 / upside | 1,255.58 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(upside_2028q1_dc_revenue, upside_2028q1_hvac_revenue). |
| DC margin on external revenue upside_2028q1_dc_gm | 2028Q1 / upside | 30.5% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution upside_2028q1_dc_gp | 2028Q1 / upside | 292.22 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q1_dc_revenue, upside_2028q1_dc_gm). |
| DC SGA / external revenue upside_2028q1_dc_sga_ratio | 2028Q1 / upside | 6.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost upside_2028q1_dc_sga | 2028Q1 / upside | 57.49 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q1_dc_revenue, upside_2028q1_dc_sga_ratio). |
| HVAC margin on external revenue upside_2028q1_hvac_gm | 2028Q1 / upside | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution upside_2028q1_hvac_gp | 2028Q1 / upside | 80.32 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q1_hvac_revenue, upside_2028q1_hvac_gm). |
| HVAC SGA / external revenue upside_2028q1_hvac_sga_ratio | 2028Q1 / upside | 11.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost upside_2028q1_hvac_sga | 2028Q1 / upside | 34.21 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q1_hvac_revenue, upside_2028q1_hvac_sga_ratio). |
| Retained gross contribution upside_2028q1_gross_contribution | 2028Q1 / upside | 372.54 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(upside_2028q1_dc_gp, upside_2028q1_hvac_gp). |
| Corporate and standalone cost allowance upside_2028q1_corporate | 2028Q1 / upside | 30.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs upside_2028q1_operating_costs | 2028Q1 / upside | 121.70 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(upside_2028q1_dc_sga, upside_2028q1_hvac_sga, upside_2028q1_corporate). |
| Retained operating earnings proxy upside_2028q1_operating_income_proxy | 2028Q1 / upside | 250.84 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(upside_2028q1_gross_contribution, upside_2028q1_operating_costs). |
| Net interest allowance upside_2028q1_net_interest | 2028Q1 / upside | 4.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference upside_2028q1_pretax | 2028Q1 / upside | 246.84 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(upside_2028q1_operating_income_proxy, upside_2028q1_net_interest). |
| Normalized cash-tax rate upside_2028q1_tax_rate | 2028Q1 / upside | 25.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance upside_2028q1_tax | 2028Q1 / upside | 61.71 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(upside_2028q1_pretax, upside_2028q1_tax_rate). |
| Retained after-tax earnings reference upside_2028q1_aftertax | 2028Q1 / upside | 185.13 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(upside_2028q1_pretax, upside_2028q1_tax). |
| Retained D&A and stock compensation upside_2028q1_noncash | 2028Q1 / upside | 27.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance upside_2028q1_cash_start | 2028Q1 / upside | 212.13 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(upside_2028q1_aftertax, upside_2028q1_noncash). |
| Net working-capital use / retained revenue upside_2028q1_wc_ratio | 2028Q1 / upside | 3.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use upside_2028q1_wc | 2028Q1 / upside | 43.95 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(upside_2028q1_revenue, upside_2028q1_wc_ratio). |
| Retained cash before capex proxy upside_2028q1_cash_before_capex | 2028Q1 / upside | 168.19 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(upside_2028q1_cash_start, upside_2028q1_wc). |
| Retained expansion and maintenance cash capex upside_2028q1_capex | 2028Q1 / upside | 65.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy upside_2028q1_cash_after_capex | 2028Q1 / upside | 103.19 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(upside_2028q1_cash_before_capex, upside_2028q1_capex). |
| Data Centers revenue / Q1 baseline upside_2028q2_dc_factor | 2028Q2 / upside | 310.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue upside_2028q2_dc_revenue | 2028Q2 / upside | 1,080.04 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, upside_2028q2_dc_factor). |
| HVAC revenue / Q1 baseline upside_2028q2_hvac_factor | 2028Q2 / upside | 124.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue upside_2028q2_hvac_revenue | 2028Q2 / upside | 307.40 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, upside_2028q2_hvac_factor). |
| Retained-business revenue excluding PT upside_2028q2_revenue | 2028Q2 / upside | 1,387.44 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(upside_2028q2_dc_revenue, upside_2028q2_hvac_revenue). |
| DC margin on external revenue upside_2028q2_dc_gm | 2028Q2 / upside | 31.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution upside_2028q2_dc_gp | 2028Q2 / upside | 334.81 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q2_dc_revenue, upside_2028q2_dc_gm). |
| DC SGA / external revenue upside_2028q2_dc_sga_ratio | 2028Q2 / upside | 6.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost upside_2028q2_dc_sga | 2028Q2 / upside | 64.80 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q2_dc_revenue, upside_2028q2_dc_sga_ratio). |
| HVAC margin on external revenue upside_2028q2_hvac_gm | 2028Q2 / upside | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution upside_2028q2_hvac_gp | 2028Q2 / upside | 83.00 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q2_hvac_revenue, upside_2028q2_hvac_gm). |
| HVAC SGA / external revenue upside_2028q2_hvac_sga_ratio | 2028Q2 / upside | 11.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost upside_2028q2_hvac_sga | 2028Q2 / upside | 35.35 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q2_hvac_revenue, upside_2028q2_hvac_sga_ratio). |
| Retained gross contribution upside_2028q2_gross_contribution | 2028Q2 / upside | 417.81 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(upside_2028q2_dc_gp, upside_2028q2_hvac_gp). |
| Corporate and standalone cost allowance upside_2028q2_corporate | 2028Q2 / upside | 31.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs upside_2028q2_operating_costs | 2028Q2 / upside | 131.15 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(upside_2028q2_dc_sga, upside_2028q2_hvac_sga, upside_2028q2_corporate). |
| Retained operating earnings proxy upside_2028q2_operating_income_proxy | 2028Q2 / upside | 286.66 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(upside_2028q2_gross_contribution, upside_2028q2_operating_costs). |
| Net interest allowance upside_2028q2_net_interest | 2028Q2 / upside | 4.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference upside_2028q2_pretax | 2028Q2 / upside | 282.66 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(upside_2028q2_operating_income_proxy, upside_2028q2_net_interest). |
| Normalized cash-tax rate upside_2028q2_tax_rate | 2028Q2 / upside | 25.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance upside_2028q2_tax | 2028Q2 / upside | 70.66 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(upside_2028q2_pretax, upside_2028q2_tax_rate). |
| Retained after-tax earnings reference upside_2028q2_aftertax | 2028Q2 / upside | 211.99 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(upside_2028q2_pretax, upside_2028q2_tax). |
| Retained D&A and stock compensation upside_2028q2_noncash | 2028Q2 / upside | 28.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance upside_2028q2_cash_start | 2028Q2 / upside | 239.99 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(upside_2028q2_aftertax, upside_2028q2_noncash). |
| Net working-capital use / retained revenue upside_2028q2_wc_ratio | 2028Q2 / upside | 3.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use upside_2028q2_wc | 2028Q2 / upside | 48.56 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(upside_2028q2_revenue, upside_2028q2_wc_ratio). |
| Retained cash before capex proxy upside_2028q2_cash_before_capex | 2028Q2 / upside | 191.43 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(upside_2028q2_cash_start, upside_2028q2_wc). |
| Retained expansion and maintenance cash capex upside_2028q2_capex | 2028Q2 / upside | 70.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy upside_2028q2_cash_after_capex | 2028Q2 / upside | 121.43 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(upside_2028q2_cash_before_capex, upside_2028q2_capex). |
| Data Centers revenue / Q1 baseline upside_2028q3_dc_factor | 2028Q3 / upside | 340.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue upside_2028q3_dc_revenue | 2028Q3 / upside | 1,184.56 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, upside_2028q3_dc_factor). |
| HVAC revenue / Q1 baseline upside_2028q3_hvac_factor | 2028Q3 / upside | 128.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue upside_2028q3_hvac_revenue | 2028Q3 / upside | 317.31 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, upside_2028q3_hvac_factor). |
| Retained-business revenue excluding PT upside_2028q3_revenue | 2028Q3 / upside | 1,501.87 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(upside_2028q3_dc_revenue, upside_2028q3_hvac_revenue). |
| DC margin on external revenue upside_2028q3_dc_gm | 2028Q3 / upside | 31.5% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution upside_2028q3_dc_gp | 2028Q3 / upside | 373.14 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q3_dc_revenue, upside_2028q3_dc_gm). |
| DC SGA / external revenue upside_2028q3_dc_sga_ratio | 2028Q3 / upside | 6.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost upside_2028q3_dc_sga | 2028Q3 / upside | 71.07 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q3_dc_revenue, upside_2028q3_dc_sga_ratio). |
| HVAC margin on external revenue upside_2028q3_hvac_gm | 2028Q3 / upside | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution upside_2028q3_hvac_gp | 2028Q3 / upside | 85.67 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q3_hvac_revenue, upside_2028q3_hvac_gm). |
| HVAC SGA / external revenue upside_2028q3_hvac_sga_ratio | 2028Q3 / upside | 11.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost upside_2028q3_hvac_sga | 2028Q3 / upside | 36.49 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q3_hvac_revenue, upside_2028q3_hvac_sga_ratio). |
| Retained gross contribution upside_2028q3_gross_contribution | 2028Q3 / upside | 458.81 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(upside_2028q3_dc_gp, upside_2028q3_hvac_gp). |
| Corporate and standalone cost allowance upside_2028q3_corporate | 2028Q3 / upside | 32.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs upside_2028q3_operating_costs | 2028Q3 / upside | 139.56 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(upside_2028q3_dc_sga, upside_2028q3_hvac_sga, upside_2028q3_corporate). |
| Retained operating earnings proxy upside_2028q3_operating_income_proxy | 2028Q3 / upside | 319.25 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(upside_2028q3_gross_contribution, upside_2028q3_operating_costs). |
| Net interest allowance upside_2028q3_net_interest | 2028Q3 / upside | 4.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference upside_2028q3_pretax | 2028Q3 / upside | 315.25 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(upside_2028q3_operating_income_proxy, upside_2028q3_net_interest). |
| Normalized cash-tax rate upside_2028q3_tax_rate | 2028Q3 / upside | 25.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance upside_2028q3_tax | 2028Q3 / upside | 78.81 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(upside_2028q3_pretax, upside_2028q3_tax_rate). |
| Retained after-tax earnings reference upside_2028q3_aftertax | 2028Q3 / upside | 236.43 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(upside_2028q3_pretax, upside_2028q3_tax). |
| Retained D&A and stock compensation upside_2028q3_noncash | 2028Q3 / upside | 29.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance upside_2028q3_cash_start | 2028Q3 / upside | 265.43 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(upside_2028q3_aftertax, upside_2028q3_noncash). |
| Net working-capital use / retained revenue upside_2028q3_wc_ratio | 2028Q3 / upside | 3.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use upside_2028q3_wc | 2028Q3 / upside | 52.57 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(upside_2028q3_revenue, upside_2028q3_wc_ratio). |
| Retained cash before capex proxy upside_2028q3_cash_before_capex | 2028Q3 / upside | 212.87 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(upside_2028q3_cash_start, upside_2028q3_wc). |
| Retained expansion and maintenance cash capex upside_2028q3_capex | 2028Q3 / upside | 75.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy upside_2028q3_cash_after_capex | 2028Q3 / upside | 137.87 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(upside_2028q3_cash_before_capex, upside_2028q3_capex). |
| Data Centers revenue / Q1 baseline upside_2028q4_dc_factor | 2028Q4 / upside | 370.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Data Centers external revenue upside_2028q4_dc_revenue | 2028Q4 / upside | 1,289.08 USD_millions | derived: Delivery and capacity-ramp assumption applied to external revenue. Formula: multiply(q1_dc_revenue, upside_2028q4_dc_factor). |
| HVAC revenue / Q1 baseline upside_2028q4_hvac_factor | 2028Q4 / upside | 132.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Commercial HVAC external revenue upside_2028q4_hvac_revenue | 2028Q4 / upside | 327.23 USD_millions | derived: External revenue only; no separate addition of intersegment sales. Formula: multiply(q1_hvac_revenue, upside_2028q4_hvac_factor). |
| Retained-business revenue excluding PT upside_2028q4_revenue | 2028Q4 / upside | 1,616.31 USD_millions | derived: Scoped revenue estimate excludes Performance Technologies in every period, including pre-close comparisons. Formula: sum(upside_2028q4_dc_revenue, upside_2028q4_hvac_revenue). |
| DC margin on external revenue upside_2028q4_dc_gm | 2028Q4 / upside | 32.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| DC gross contribution upside_2028q4_dc_gp | 2028Q4 / upside | 412.51 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q4_dc_revenue, upside_2028q4_dc_gm). |
| DC SGA / external revenue upside_2028q4_dc_sga_ratio | 2028Q4 / upside | 6.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| DC selling and administrative cost upside_2028q4_dc_sga | 2028Q4 / upside | 77.34 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q4_dc_revenue, upside_2028q4_dc_sga_ratio). |
| HVAC margin on external revenue upside_2028q4_hvac_gm | 2028Q4 / upside | 27.0% ratio | assumption: Desk margin on external sales; differs from reported total-segment margin including intersegment transactions. |
| HVAC gross contribution upside_2028q4_hvac_gp | 2028Q4 / upside | 88.35 USD_millions | derived: Includes expected material, warranty and manufacturing ramp costs. Formula: multiply(upside_2028q4_hvac_revenue, upside_2028q4_hvac_gm). |
| HVAC SGA / external revenue upside_2028q4_hvac_sga_ratio | 2028Q4 / upside | 11.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| HVAC selling and administrative cost upside_2028q4_hvac_sga | 2028Q4 / upside | 37.63 USD_millions | derived: Segment selling costs; corporate costs deducted separately. Formula: multiply(upside_2028q4_hvac_revenue, upside_2028q4_hvac_sga_ratio). |
| Retained gross contribution upside_2028q4_gross_contribution | 2028Q4 / upside | 500.86 USD_millions | derived: Two retained businesses with no PT profit. Formula: sum(upside_2028q4_dc_gp, upside_2028q4_hvac_gp). |
| Corporate and standalone cost allowance upside_2028q4_corporate | 2028Q4 / upside | 33.00 USD_millions | assumption: Includes allocated corporate costs, transition inefficiencies and ongoing standalone needs; no guaranteed synergy assumed. |
| Retained operating costs upside_2028q4_operating_costs | 2028Q4 / upside | 147.98 USD_millions | derived: Segment SGA plus allocated corporate/standalone costs. Formula: sum(upside_2028q4_dc_sga, upside_2028q4_hvac_sga, upside_2028q4_corporate). |
| Retained operating earnings proxy upside_2028q4_operating_income_proxy | 2028Q4 / upside | 352.88 USD_millions | derived: Analytical earnings, not reported GAAP continuing-operation income. Formula: subtract(upside_2028q4_gross_contribution, upside_2028q4_operating_costs). |
| Net interest allowance upside_2028q4_net_interest | 2028Q4 / upside | 4.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Retained pretax cash-earnings reference upside_2028q4_pretax | 2028Q4 / upside | 348.88 USD_millions | derived: No assumed use of conditional distribution to extinguish debt. Formula: subtract(upside_2028q4_operating_income_proxy, upside_2028q4_net_interest). |
| Normalized cash-tax rate upside_2028q4_tax_rate | 2028Q4 / upside | 25.0% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained cash tax allowance upside_2028q4_tax | 2028Q4 / upside | 87.22 USD_millions | derived: No repetition of the Q1 consolidated stock-compensation tax benefit. Formula: multiply(upside_2028q4_pretax, upside_2028q4_tax_rate). |
| Retained after-tax earnings reference upside_2028q4_aftertax | 2028Q4 / upside | 261.66 USD_millions | derived: Cash proxy starting point before noncash and working-capital effects. Formula: subtract(upside_2028q4_pretax, upside_2028q4_tax). |
| Retained D&A and stock compensation upside_2028q4_noncash | 2028Q4 / upside | 30.00 USD_millions | assumption: Desk retained-business assumption; not company guidance. |
| Earnings plus noncash allowance upside_2028q4_cash_start | 2028Q4 / upside | 291.66 USD_millions | derived: Noncash addback; no per-share ownership benefit implied. Formula: sum(upside_2028q4_aftertax, upside_2028q4_noncash). |
| Net working-capital use / retained revenue upside_2028q4_wc_ratio | 2028Q4 / upside | 3.5% ratio | assumption: Desk retained-business assumption; not company guidance. |
| Retained working-capital cash use upside_2028q4_wc | 2028Q4 / upside | 56.57 USD_millions | derived: Includes inventory, receivables and supplier/customer funding on a net basis. Formula: multiply(upside_2028q4_revenue, upside_2028q4_wc_ratio). |
| Retained cash before capex proxy upside_2028q4_cash_before_capex | 2028Q4 / upside | 235.09 USD_millions | derived: Excludes separation proceeds, acquisitions and shareholder distributions. Formula: subtract(upside_2028q4_cash_start, upside_2028q4_wc). |
| Retained expansion and maintenance cash capex upside_2028q4_capex | 2028Q4 / upside | 75.00 USD_millions | assumption: Desk DC/HVAC/corporate cash spend; Performance Technologies excluded. |
| Retained cash after capex proxy upside_2028q4_cash_after_capex | 2028Q4 / upside | 160.09 USD_millions | derived: Retained operating cash proxy after its capital spending, before financing and transaction cash. Formula: subtract(upside_2028q4_cash_before_capex, upside_2028q4_capex). |
| Retained-business revenue; excludes PT ($M) upside_fy2027_revenue | FY2027 / upside | 3,469.86 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue). |
| Retained Data Centers external revenue ($M) upside_fy2027_dc_revenue | FY2027 / upside | 2,386.54 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_dc_revenue, upside_2027q2_dc_revenue, upside_2027q3_dc_revenue, upside_2027q4_dc_revenue). |
| Retained Commercial HVAC external revenue ($M) upside_fy2027_hvac_revenue | FY2027 / upside | 1,083.32 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_hvac_revenue, upside_2027q2_hvac_revenue, upside_2027q3_hvac_revenue, upside_2027q4_hvac_revenue). |
| Retained operating earnings proxy ($M) upside_fy2027_operating_income_proxy | FY2027 / upside | 543.00 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_operating_income_proxy, upside_2027q2_operating_income_proxy, upside_2027q3_operating_income_proxy, upside_2027q4_operating_income_proxy). |
| Retained cash before capex proxy ($M) upside_fy2027_cash_before_capex | FY2027 / upside | 344.47 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_cash_before_capex, upside_2027q2_cash_before_capex, upside_2027q3_cash_before_capex, upside_2027q4_cash_before_capex). |
| Retained cash capex ($M) upside_fy2027_capex | FY2027 / upside | 203.20 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex). |
| Retained cash after capex proxy ($M) upside_fy2027_cash_after_capex | FY2027 / upside | 141.27 USD_millions | derived: Q1 retained external revenue/segment data plus desk-reconstructed retained cash, then three forecast quarters. Not reported continuing-operation totals. Formula: sum(q1_cash_after_capex, upside_2027q2_cash_after_capex, upside_2027q3_cash_after_capex, upside_2027q4_cash_after_capex). |
| Retained-business revenue; excludes PT ($M) upside_fy2028_revenue | FY2028 / upside | 5,761.20 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_revenue, upside_2028q2_revenue, upside_2028q3_revenue, upside_2028q4_revenue). |
| Retained Data Centers external revenue ($M) upside_fy2028_dc_revenue | FY2028 / upside | 4,511.78 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_dc_revenue, upside_2028q2_dc_revenue, upside_2028q3_dc_revenue, upside_2028q4_dc_revenue). |
| Retained Commercial HVAC external revenue ($M) upside_fy2028_hvac_revenue | FY2028 / upside | 1,249.42 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_hvac_revenue, upside_2028q2_hvac_revenue, upside_2028q3_hvac_revenue, upside_2028q4_hvac_revenue). |
| Retained operating earnings proxy ($M) upside_fy2028_operating_income_proxy | FY2028 / upside | 1,209.63 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_operating_income_proxy, upside_2028q2_operating_income_proxy, upside_2028q3_operating_income_proxy, upside_2028q4_operating_income_proxy). |
| Retained cash before capex proxy ($M) upside_fy2028_cash_before_capex | FY2028 / upside | 807.58 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_before_capex, upside_2028q2_cash_before_capex, upside_2028q3_cash_before_capex, upside_2028q4_cash_before_capex). |
| Retained cash capex ($M) upside_fy2028_capex | FY2028 / upside | 285.00 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_capex, upside_2028q2_capex, upside_2028q3_capex, upside_2028q4_capex). |
| Retained cash after capex proxy ($M) upside_fy2028_cash_after_capex | FY2028 / upside | 522.58 USD_millions | derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2028q1_cash_after_capex, upside_2028q2_cash_after_capex, upside_2028q3_cash_after_capex, upside_2028q4_cash_after_capex). |
Model boundaries
- RETAINED-BUSINESS SCOPE: revenue estimates exclude Performance Technologies in every period. They are not the original consolidated company or the July full-company guidance, and are not an official discontinued-operations restatement.
- The July $650M-$680M adjusted EBITDA guidance and 20%-35% revenue-growth range include Performance Technologies for the full fiscal year. They cannot be compared directly with this retained-business model.
- Corporate allocation, standalone costs, future intercompany trading, tax structure and separation adjustments are not finalized. Operating earnings and cash are analytical proxies, not forecast GAAP statements or company pro formas.
- Q1 external retained revenue is derived from disclosed segment revenue. Q1 retained cash flow was not disclosed; its reconstruction is an assumption and the FY2027 cash totals are partly estimated even for the elapsed quarter.
- The September 17 update targets an October 1 separation/merger, subject to closing conditions. The estimated parent cash distribution is $159M, replacing the earlier $210M reference; final terms may change.
- Shares in the combined Gentherm are distributed to Modine shareholders, not held by the retained parent. No value for those shares, closing cash, parent debt paydown, separation taxes or forward EPS is assumed in the operating outputs.
- Expansion capex, warranty costs and working capital can absorb the retained growth. Historical consolidated cash and financial statements include the business being separated and are not directly comparable with these scoped forecasts.
Cooling growth on a consistent retained-business basis
Can Data Centers and HVAC cover standalone costs and investment after Performance Technologies is separated?
Q1 Data Centers external sales were $348.4M and HVAC external sales $247.9M; reported total segment sales include $13.9M of intersegment activity. Data Centers sales grew 90%, but its reported gross margin fell to 20.2% because of expansion costs, supply constraints, materials and warranty effects. Consolidated CFO of $41.4M was below $46.4M capex and does not reveal retained cash generation. The model therefore labels the Q1 retained cash reconstruction as estimated. July adjusted EBITDA guidance of $650M-$680M still includes Performance Technologies for the full year. The September update expects the separation/merger on October 1 and an adjusted $159M cash distribution to Modine. Gentherm shares go to Modine shareholders; the retained parent does not own the distributed stake. Final standalone disclosures are needed before making a complete earnings or valuation claim.
The competing explanation
A faster cooling ramp can still consume cash and depress margins if suppliers, commissioning or quality lag. Separation can leave stranded costs and a less diversified company. A smaller parent distribution also limits the financing cushion relative to the earlier transaction reference.
Risks to track
- Separation remains conditional and final economic terms may change.
- The retained cash-flow allocation is not yet disclosed.
- Supplier bottlenecks and factory transfers can delay shipments and pressure margins.
- Warranty and material costs can offset data-center revenue growth.
- Standalone costs and tax structure may exceed desk assumptions.
- The historical consolidated company and retained forecasts have different scope.
Next checkpoints
- Spin-off and merger · October 1, 2026 expected; September 28 record date (estimated). Confirm closing, final parent distribution and distributed-share terms.
- Standalone outlook · After transaction close; date unconfirmed (estimated). Replace full-company guidance with retained revenue, cost and cash disclosures.
- Cooling factory execution · Next quarterly results (estimated). Check external segment sales, delivery constraints, warranty costs and retained capex.
Data coverage and open work
- RETAINED-BUSINESS SCOPE: revenue estimates exclude Performance Technologies in every period. They are not the original consolidated company or the July full-company guidance, and are not an official discontinued-operations restatement.
- The July $650M-$680M adjusted EBITDA guidance and 20%-35% revenue-growth range include Performance Technologies for the full fiscal year. They cannot be compared directly with this retained-business model.
- Corporate allocation, standalone costs, future intercompany trading, tax structure and separation adjustments are not finalized. Operating earnings and cash are analytical proxies, not forecast GAAP statements or company pro formas.
- Q1 external retained revenue is derived from disclosed segment revenue. Q1 retained cash flow was not disclosed; its reconstruction is an assumption and the FY2027 cash totals are partly estimated even for the elapsed quarter.
- The September 17 update targets an October 1 separation/merger, subject to closing conditions. The estimated parent cash distribution is $159M, replacing the earlier $210M reference; final terms may change.
- Shares in the combined Gentherm are distributed to Modine shareholders, not held by the retained parent. No value for those shares, closing cash, parent debt paydown, separation taxes or forward EPS is assumed in the operating outputs.
- Expansion capex, warranty costs and working capital can absorb the retained growth. Historical consolidated cash and financial statements include the business being separated and are not directly comparable with these scoped forecasts.
What the memory says
State as of the 2026-09-18 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed mid-range, and some peers moving
| Vs the market, in points | Low | Middle | High | Share up |
|---|---|---|---|---|
| 1 session | -1.7 | +0.1 | +1.9 | 57% |
| 5 sessions | -4.0 | +0.4 | +6.3 | 56% |
| 10 sessions | -5.8 | +0.4 | +9.6 | 54% |
Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side.