FALSE000178318000017831802024-10-242024-10-240001783180us-gaap:CommonStockMember2024-10-242024-10-240001783180carr:A4.375NotesDue2025Member2024-10-242024-10-240001783180carr:A4.125NotesDue2028Member2024-10-242024-10-240001783180carr:A4.500NotesDue2032Member2024-10-242024-10-24
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 24, 2024
CARRIER GLOBAL CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 001-39220 | | 83-4051582 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
| | | | | | | | |
13995 Pasteur Boulevard |
Palm Beach Gardens | Florida | 33418 |
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock ($0.01 par value) | CARR | New York Stock Exchange |
| 4.375% Notes due 2025 | CARR25 | New York Stock Exchange |
| 4.125% Notes due 2028 | CARR28 | New York Stock Exchange |
| 4.500% Notes due 2032 | CARR32 | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Section 2—Financial Information
Item 2.02. Results of Operations and Financial Condition.
On October 24, 2024, Carrier Global Corporation (“Carrier” or the “Company”) issued a press release announcing its third quarter 2024 results, including preliminary net cash flow and free cash flow results.
The press release issued October 24, 2024 is furnished herewith as Exhibit No. 99 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 7—Regulation FD
Item 7.01. Regulation FD Disclosure.
On October 24, 2024, Carrier issued a press release announcing that on October 21, 2024, the Company’s Board of Directors approved a $3 billion increase to the Company’s existing stock repurchase authorization, which increased the amount available under the current stock repurchase authorization to approximately $4.7 billion. Share repurchases may take place from time to time at the Company’s discretion in the open market or through one or more other public or private transactions, subject to, among other things, market conditions, share price, compliance with securities laws and regulatory requirements and other factors. The stock repurchase authorization has no time limit and may be modified, suspended or discontinued at any time.
The press release issued October 24, 2024 is furnished herewith as Exhibit No. 99 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by the Company under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 9—Financial Statements and Exhibits
Item 9. Financial Statements and Exhibits.
(d) Exhibits. | | | | | |
Exhibit Number | Exhibit Description |
| 99 | |
| |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | | | | | | | | |
| CARRIER GLOBAL CORPORATION |
| (Registrant) |
| | |
Date: October 24, 2024 | By: | /S/ PATRICK GORIS |
| | Patrick Goris |
| | Senior Vice President and Chief Financial Officer |
Exhibit 99
Carrier Reports Strong Third Quarter 2024 Results
•Fire & Security segment now reported as discontinued operations making prior guidance not comparable
•Net sales of $6.0 billion up 21% versus third quarter 2023; organic sales up 4%
•GAAP EPS from continuing operations of $0.62 and adjusted EPS from continuing operations of $0.77
•Total GAAP EPS of $0.49 and adjusted EPS of $0.83
•Final business exit on-track to close around year end
•Board increases remaining share repurchase authorization to $4.7 billion
•Updated full year guidance to reflect the impact of discontinued operations
PALM BEACH GARDENS, Fla., October 24, 2024 – Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today reported strong financial results for the third quarter of 2024 and adjusted its full year guidance to reflect the move of the Fire & Security segment to discontinued operations. The guidance now only reflects continuing operations.
“We delivered another quarter of strong financial performance while making significant progress on our portfolio transformation," said Carrier Chair & CEO David Gitlin. “Organic sales growth was up mid-single digits – with aftermarket up 10% – and we grew orders roughly 20% as we continue to gain share across key segments. Strong operating performance driven by Carrier Excellence led to very strong core earnings conversion. Carrier continues to create tremendous value for our shareholders as we become a higher growth and more focused global leader in intelligent climate and energy solutions. Our new share repurchase authorization reflects our commitment to deliver shareholder value through disciplined capital allocation. We plan to have all our divestitures complete by the end of this year and we are very pleased with the recently announced settlements related to aqueous film-forming foam (AFFF). With all of our transformational actions now
substantially behind us we can even further increase our focus on customers and delivering continued superior financial performance.
Third Quarter 2024 Results
Carrier’s third quarter sales of $6.0 billion were up 21% compared to the prior year including 4% organic growth and approximately 17% contribution from acquisitions, driven by Viessmann Climate Solutions. Foreign currency translation had no impact on sales growth. Organic sales in the HVAC segment were up 6%. HVAC sales in the Americas were up high-single-digits driven by continued strength in Commercial HVAC, which was up almost 20%, and double-digit growth in North America Residential HVAC. HVAC organic sales in EMEA were up low-single-digits, with Commercial HVAC up double-digits offsetting a decline in Residential and Light Commercial HVAC sales. These organic figures exclude the sales contribution of Viessmann Climate Solutions which was up 8% sequentially and down around 25% year-over-year. HVAC sales in Asia Pacific were down low-single-digits driven by declines in residential light commercial in China, partially offset by strength in Commercial HVAC and other countries in Asia. Refrigeration sales were up 1% organically driven by over 30% growth in container, mostly offset by declines in North America truck and trailer.
GAAP operating profit in the quarter of $0.8 billion was up 50% from last year primarily due to operational performance and the addition of Viessmann Climate Solutions. Adjusted operating profit of over $1.0 billion from continuing operations was up 19%, mostly driven by organic growth, price and productivity, and the addition of Viessmann Climate Solutions. Net income from continuing operations was $564 million and adjusted net earnings from continuing operations was $705 million. GAAP EPS from continuing operations was $0.62 and adjusted EPS from continuing operations was $0.77. GAAP EPS from discontinued operations was ($0.13) and adjusted EPS from discontinued operations was $0.06.
Year to date, preliminary net cash flows generated from operating activities were $431 million and capital expenditures were $312 million, resulting in preliminary free cash flow of $119 million. This includes cash tax payments of approximately $1 billion on the
gains of the business exits and approximately $300 million of transaction and restructuring costs.
Share Repurchase Authorization
On October 21, 2024, Carrier Global Corporation's Board of Directors approved a $3 billion share repurchase authorization. With the remaining portion of the prior authorization, Carrier currently has about $4.7 billion of repurchase authorization. Share repurchases, if any, will take place at the company’s discretion in the open market or through one or more other public or private transactions, subject to, among other things, market conditions, share price, compliance with securities laws and regulatory requirements and other factors. The stock repurchase authorization has no time limit and may be modified, suspended or discontinued at any time. This authorization is a key component of the company's capital allocation plans, which also includes acquisitions and dividends to help position the company for strategic growth and to generate attractive shareowner returns.
Full-Year 2024 Guidance**
Carrier's updated guidance for 2024 now only reflects continuing operations with the exception of free cash flow.
| | | | | | |
| Current Guidance** | |
Sales | ~$22.5B Organic* up ~3% FX (0%) Acquisitions +18% Divestitures (2%) | |
Adjusted Operating Margin* | ~15.5% | |
| | |
Adjusted EPS* | ~$2.50 | |
| | |
Free Cash Flow* | ~($0.2B) Includes the expected results of continuing operations and discontinued operations. Includes ~$2.6B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs | |
*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information.
**As of October 24, 2024
Conference Call
Carrier will host a webcast of its earnings conference call today, Thursday, October 24, 2024, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations or to listen to the earnings call by phone, participants must pre-register at Carrier Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing access to the live call.
Discontinued Operations
In 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. The announced plan to exit the Fire & Security segment represents a single disposal plan to separately divest multiple businesses over different reporting periods. Upon the Commercial and Residential Fire Business qualifying as held for sale during the three months ended September 30, 2024, the components of the Fire & Security segment in aggregate met the criteria to be presented as
discontinued operations in the Company’s unaudited condensed consolidated statement of operations and unaudited condensed consolidated statement of cash flows. In addition, the assets and liabilities of the Commercial and Residential Fire Business have been reclassified to held for sale at December 31, 2023. The results of the Commercial Refrigeration business did not meet the criteria to be presented in discontinued operations. Accordingly, all financial measures presented herein, including non-GAAP financial measures, are associated with Carrier's continuing operations unless specifically noted. See “Use and Definitions of Non-GAAP Financial Measures” below.
Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "preliminary," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, our portfolio transformation and the use of the anticipated proceeds thereof, potential future investments, Carrier's plans with respect to its indebtedness and other statements that are not historical facts.
This communication also contains estimated net cash flow and free cash flow results for the quarter ended September 30, 2024. These estimated net cash flow and free cash results are preliminary and subject to completion and may change as a result of management’s continued review. Such preliminary results are subject to the finalization of quarter-end financial and accounting procedures. The preliminary net cash flow and free cash flow financial results represent management estimates that constitute forward-looking statements.
All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce
that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.
CARR-IR
Contact:
Investor Relations
561-365-2251
Investor.Relations@Carrier.com
Media Inquiries
Rob Six
561-281-2362
Rob.Six@Carrier.com
SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS
Following are tables that present selected financial data of Carrier Global Corporation (“Carrier”). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.
Use and Definitions of Non-GAAP Financial Measures
Carrier reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.
Organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, earnings before interest, taxes and depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted net income, adjusted earnings per share (“EPS”), adjusted interest expense, net, adjusted effective tax rate and net debt are non-GAAP financial measures and are associated with Carrier's continuing operations unless specifically noted.
Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as “other significant items”). Adjusted operating profit represents operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of net sales (a GAAP measure). Incremental margins / earnings conversion represents the year-over-year change in adjusted operating profit divided by the year-over-year change in net sales. EBITDA represents net income attributable to common shareholders (a GAAP measure), adjusted for interest income and expense, income tax expense, and depreciation and amortization. Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries’ earnings from operations, restructuring costs and other significant items. Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted interest expense, net represents interest expense (a GAAP measure) and interest income (a GAAP measure), net excluding other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure). For the business segments, when applicable, adjustments of operating profit and operating margins represent operating profit, excluding restructuring, amortization of acquired intangibles and other significant items.
Free cash flow is a non-GAAP financial measure that represents net cash flows provided by continuing operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners.
Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.
When Carrier provides our expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted interest expense, net, adjusted effective tax rate, incremental margins/earnings conversion, EBITDA, adjusted EBITDA, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, operating profit, operating margin, interest expense, effective tax rate, incremental operating margin, net income attributable to common shareowners, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Carrier Global Corporation
Condensed Consolidated Statement of Operations
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (Unaudited) |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | | | |
| (In millions, except per share amounts) | | 2024 | | 2023 | | 2024 | | 2023 |
| Net sales | | | | | | | | |
| Product sales | | $ | 5,307 | | | $ | 4,344 | | | $ | 15,460 | | | $ | 12,939 | |
| Service sales | | 677 | | | 591 | | | 1,878 | | | 1,696 | |
| Total Net sales | | 5,984 | | | 4,935 | | | 17,338 | | | 14,635 | |
| Costs and expenses | | | | | | | | |
| Cost of products sold | | (3,796) | | | (2,986) | | | (11,245) | | | (9,269) | |
| Cost of services sold | | (511) | | | (463) | | | (1,456) | | | (1,321) | |
| Research and development | | (172) | | | (126) | | | (524) | | | (355) | |
| Selling, general and administrative | | (799) | | | (664) | | | (2,394) | | | (1,870) | |
| Total Costs and expenses | | (5,278) | | | (4,239) | | | (15,619) | | | (12,815) | |
| Equity method investment net earnings | | 66 | | | 75 | | | 187 | | | 171 | |
| Other income (expense), net | | (9) | | | (261) | | | (34) | | | (370) | |
| Operating profit | | 763 | | | 510 | | | 1,872 | | | 1,621 | |
| Non-service pension (expense) benefit | | (1) | | | — | | | (1) | | | — | |
| Interest (expense) income, net | | 8 | | | (39) | | | (290) | | | (126) | |
| Earnings before income taxes | | 770 | | | 471 | | | 1,581 | | | 1,495 | |
| Income tax (expense) benefit | | (172) | | | (177) | | | (339) | | | (453) | |
| Earnings from continuing operations | | 598 | | | 294 | | | 1,242 | | | 1,042 | |
| Discontinued operations, net of tax | | (117) | | | 87 | | | 1,897 | | | (41) | |
| Net earnings (loss) | | 481 | | | 381 | | | 3,139 | | | 1,001 | |
| Less: Non-controlling interest in subsidiaries' | | 34 | | | 24 | | | 86 | | | 72 | |
| Net earnings (loss) attributable to common shareowners | | $ | 447 | | | $ | 357 | | | $ | 3,053 | | | $ | 929 | |
| Amounts attributable to common shareowners: | | | | | | | | |
| Continuing operations | | $ | 564 | | | $ | 270 | | | $ | 1,156 | | | $ | 970 | |
| Discontinued operations | | (117) | | | 87 | | | 1,897 | | | (41) | |
| Net earnings (loss) attributable to common shareowners | | $ | 447 | | | $ | 357 | | | $ | 3,053 | | | $ | 929 | |
| Earnings per share | | | | | | | | |
| Basic: | | | | | | | | |
| Continuing operations | | $ | 0.63 | | | $ | 0.32 | | | $ | 1.28 | | | $ | 1.16 | |
| Discontinued operations | | (0.13) | | | 0.11 | | | 2.11 | | | (0.05) | |
| Net earnings (loss) | | $ | 0.50 | | | $ | 0.43 | | | $ | 3.39 | | | $ | 1.11 | |
| Diluted: | | | | | | | | |
| Continuing operations | | $ | 0.62 | | | $ | 0.32 | | | $ | 1.26 | | | $ | 1.14 | |
| Discontinued operations | | (0.13) | | | 0.10 | | | 2.08 | | | (0.05) | |
| Net earnings (loss) | | $ | 0.49 | | | $ | 0.42 | | | $ | 3.34 | | | $ | 1.09 | |
| Weighted-average number of shares outstanding | | | | | | | | |
| Basic | | 901.2 | | | 838.7 | | | 900.9 | | | 836.6 | |
| Diluted | | 915.0 | | | 854.7 | | | 914.4 | | | 852.7 | |
Carrier Global Corporation
Condensed Consolidated Balance Sheet | | | | | | | | | | | | | | |
| | (Unaudited) |
| | |
| (In millions) | | September 30, 2024 | | December 31, 2023 |
| Assets | | | | |
| Cash and cash equivalents | | $ | 2,225 | | | $ | 9,852 | |
| Accounts receivable, net | | 2,726 | | | 2,080 | |
| Inventories, net | | 2,646 | | | 1,823 | |
| Assets held for sale | | 2,680 | | | 5,093 | |
| Other current assets | | 917 | | | 728 | |
| Total current assets | | 11,194 | | | 19,576 | |
| | | | |
| Future income tax benefits | | 1,142 | | | 718 | |
| Fixed assets, net | | 3,015 | | | 2,160 | |
| Operating lease right-of-use assets | | 568 | | | 421 | |
| Intangible assets, net | | 7,118 | | | 945 | |
| Goodwill | | 15,294 | | | 7,520 | |
| Pension and post-retirement assets | | 54 | | | 32 | |
| Equity method investments | | 1,287 | | | 1,140 | |
| | | | |
| Other assets | | 529 | | | 310 | |
| Total Assets | | $ | 40,201 | | | $ | 32,822 | |
| | | | |
| Liabilities and Equity | | | | |
| Accounts payable | | $ | 2,829 | | | $ | 2,483 | |
| Accrued liabilities | | 4,233 | | | 2,997 | |
| Liabilities held for sale | | 1,221 | | | 1,450 | |
| Current portion of long-term debt | | 2,095 | | | 51 | |
| Total current liabilities | | 10,378 | | | 6,981 | |
| | | | |
| Long-term debt | | 10,337 | | | 14,242 | |
| Future pension and post-retirement obligations | | 209 | | | 149 | |
| Future income tax obligations | | 2,241 | | | 523 | |
| Operating lease liabilities | | 445 | | | 333 | |
| | | | |
| Other long-term liabilities | | 1,549 | | | 1,589 | |
| Total Liabilities | | 25,159 | | | 23,817 | |
| | | | |
| Equity | | | | |
| Common stock | | 9 | | | 9 | |
| Treasury stock | | (2,403) | | | (1,972) | |
| Additional paid-in capital | | 8,588 | | | 5,535 | |
| Retained earnings | | 9,301 | | | 6,591 | |
| Accumulated other comprehensive loss | | (802) | | | (1,486) | |
| Non-controlling interest | | 349 | | | 328 | |
| Total Equity | | 15,042 | | | 9,005 | |
| Total Liabilities and Equity | | $ | 40,201 | | | $ | 32,822 | |
| | | | |
| | | | |
| | | | |
| | | | |
Carrier Global Corporation
Condensed Consolidated Statement of Cash Flows
(Unaudited)
| | | | | | | | | | | | | | |
| |
| | Nine Months Ended September 30, |
| (In millions) | | 2024 | | 2023 |
| Operating Activities | | | | |
| Net earnings (loss) | | $ | 3,139 | | | $ | 1,001 | |
| Discontinued operations, net of tax | | (1,897) | | | 41 | |
| Adjustments for non-cash items, net: | | | | |
| Depreciation and amortization | | 914 | | | 368 | |
| Deferred income tax provision | | (296) | | | (150) | |
| Stock-based compensation costs | | 65 | | | 55 | |
| Equity method investment net earnings | | (187) | | | (171) | |
| | | | |
| (Gain) loss on extinguishment of debt | | (88) | | | — | |
| (Gain) loss on sale of investments / deconsolidation | | (2) | | | (19) | |
| | | | |
| Changes in operating assets and liabilities | | | | |
| Accounts receivable, net | | (135) | | | (279) | |
| Inventories, net | | 76 | | | (72) | |
| Accounts payable and accrued liabilities | | (247) | | | 622 | |
| Distributions from equity method investments | | 36 | | | 45 | |
| Other operating activities, net | | (260) | | | (96) | |
| Preliminary net cash flows provided by (used in) continuing operating activities | | 1,118 | | | 1,345 | |
| Preliminary net cash flows provided by (used in) discontinued operating activities | | (687) | | | 200 | |
| Preliminary net cash flows provided by (used in) operating activities | | 431 | | | 1,545 | |
| Investing Activities | | | | |
| Capital expenditures | | (302) | | | (217) | |
| Investment in businesses, net of cash acquired | | (10,873) | | | (69) | |
| Dispositions of businesses | | — | | | 54 | |
| | | | |
| Settlement of derivative contracts, net | | (187) | | | (66) | |
| Other investing activities, net | | 31 | | | 14 | |
| Net cash flows provided by (used in) continuing investing activities | | (11,331) | | | (284) | |
| Net cash flows provided by (used in) discontinued investing activities | | 6,217 | | | (147) | |
| Net cash flows provided by (used in) investing activities | | (5,114) | | | (431) | |
| Financing Activities | | | | |
| Increase (decrease) in short-term borrowings, net | | 37 | | | (27) | |
| Issuance of long-term debt | | 2,586 | | | 14 | |
| Repayment of long-term debt | | (4,530) | | | (15) | |
| Repurchases of common stock | | (431) | | | (62) | |
| Dividends paid on common stock | | (514) | | | (465) | |
| Dividends paid to non-controlling interest | | (72) | | | (46) | |
| | | | |
| Other financing activities, net | | (15) | | | (72) | |
| Net cash flows provided by (used in) continuing financing activities | | (2,939) | | | (673) | |
| Net cash flows provided by (used in) discontinued financing activities | | (11) | | | (15) | |
| Net cash flows provided by (used in) financing activities | | (2,950) | | | (688) | |
| Effect of foreign exchange rate changes on cash and cash equivalents | | (18) | | | (45) | |
| Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale | | (7,651) | | | 381 | |
| Less: Change in cash balances classified as assets held for sale | | (36) | | | (5) | |
| Net increase (decrease) in cash and cash equivalents and restricted cash | | (7,615) | | | 386 | |
| Cash, cash equivalents and restricted cash, beginning of period | | 9,854 | | | 3,303 | |
| Cash, cash equivalents and restricted cash, end of period | | 2,239 | | | 3,689 | |
| Less: restricted cash | | 14 | | | 4 | |
| Cash and cash equivalents, end of period | | $ | 2,225 | | | $ | 3,685 | |
Carrier Global Corporation
Segment Net Sales and Operating Profit
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| (In millions) | Reported | | Adjusted | | Reported | | Adjusted | | Reported | | Adjusted | | Reported | | Adjusted |
| Net sales | | | | | | | | | | | | | | | |
| HVAC | $ | 5,058 | | $ | 5,058 | | $ | 4,008 | | $ | 4,008 | | $ | 14,569 | | $ | 14,569 | | $ | 11,846 | | $ | 11,846 |
| Refrigeration | 938 | | 938 | | 924 | | 924 | | 2,795 | | 2,795 | | 2,794 | | 2,794 |
| Segment sales | 5,996 | | 5,996 | | 4,932 | | 4,932 | | 17,364 | | 17,364 | | 14,640 | | 14,640 |
| Eliminations and other | (12) | | (12) | | 3 | | 3 | | (26) | | (26) | | (5) | | (5) |
| Net sales | $ | 5,984 | | $ | 5,984 | | $ | 4,935 | | $ | 4,935 | | $ | 17,338 | | $ | 17,338 | | $ | 14,635 | | $ | 14,635 |
| | | | | | | | | | | | | | | |
| Operating profit | | | | | | | | | | | | | | | |
| HVAC | $ | 741 | | $ | 1,001 | | $ | 763 | | $ | 833 | | $ | 1,857 | | $ | 2,712 | | $ | 1,940 | | $ | 2,114 |
| Refrigeration | 109 | | 117 | | 107 | | 111 | | 319 | | 334 | | 327 | | 341 |
| Segment operating profit | 850 | | 1,118 | | 870 | | 944 | | 2,176 | | 3,046 | | 2,267 | | 2,455 |
| Eliminations and other | (25) | | (23) | | (252) | | 6 | | (84) | | (38) | | (399) | | (28) |
| General corporate expenses | (62) | | (51) | | (108) | | (73) | | (220) | | (144) | | (247) | | (189) |
| Operating profit | $ | 763 | | $ | 1,044 | | $ | 510 | | $ | 877 | | $ | 1,872 | | $ | 2,864 | | $ | 1,621 | | $ | 2,238 |
| | | | | | | | | | | | | | | |
| Operating margin | | | | | | | | | | | | | | |
| HVAC | 14.7 | % | | 19.8 | % | | 19.0 | % | | 20.8 | % | | 12.7 | % | | 18.6 | % | | 16.4 | % | | 17.8 | % |
| Refrigeration | 11.6 | % | | 12.5 | % | | 11.6 | % | | 12.0 | % | | 11.4 | % | | 11.9 | % | | 11.7 | % | | 12.2 | % |
| Total Carrier | 12.8 | % | | 17.4 | % | | 10.3 | % | | 17.8 | % | | 10.8 | % | | 16.5 | % | | 11.1 | % | | 15.3 | % |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP)
Operating Profit
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, 2024 |
| (In millions) | HVAC | | Refrigeration | | Eliminations and Other | | General Corporate Expenses | | Carrier |
| Net sales | $ | 5,058 | | | $ | 938 | | | $ | (12) | | | $ | — | | | $ | 5,984 | |
| | | | | | | | | |
| Segment operating profit | $ | 741 | | | $ | 109 | | | $ | (25) | | | $ | (62) | | | $ | 763 | |
| Reported operating margin | 14.7 | % | | 11.6 | % | | | | | | 12.8 | % |
| | | | | | | | | |
| Adjustments to segment operating profit: | | | | | | | | | |
| Restructuring costs | $ | 54 | | | $ | 4 | | | $ | 2 | | | $ | — | | | $ | 60 | |
| Amortization of acquired intangibles | 175 | | | — | | | — | | | — | | | 175 | |
Acquisition step-up amortization (1) | 31 | | | — | | | — | | | — | | | 31 | |
| Acquisition/divestiture-related costs | — | | | 4 | | | — | | | 11 | | | 15 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Total adjustments to operating profit | $ | 260 | | | $ | 8 | | | $ | 2 | | | $ | 11 | | | $ | 281 | |
| | | | | | | | | |
| Adjusted operating profit | $ | 1,001 | | | $ | 117 | | | $ | (23) | | | $ | (51) | | | $ | 1,044 | |
| Adjusted operating margin | 19.8 | % | | 12.5 | % | | | | | | 17.4 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, 2023 |
| (In millions) | HVAC | | Refrigeration | | Eliminations and Other | | General Corporate Expenses | | Carrier |
| Net sales | $ | 4,008 | | | $ | 924 | | | $ | 3 | | | $ | — | | | $ | 4,935 | |
| | | | | | | | | |
| Segment operating profit | $ | 763 | | | $ | 107 | | | $ | (252) | | | $ | (108) | | | $ | 510 | |
| Reported operating margin | 19.0 | % | | 11.6 | % | | | | | | 10.3 | % |
| | | | | | | | | |
| Adjustments to segment operating profit: | | | | | | | | | |
| Restructuring costs | $ | 25 | | | $ | 4 | | | $ | — | | | $ | — | | | $ | 29 | |
| Amortization of acquired intangibles | 35 | | | — | | | — | | | — | | | 35 | |
Acquisition step-up amortization (1) | 10 | | | — | | | — | | | — | | | 10 | |
| Acquisition/divestiture-related costs | — | | | — | | | — | | | 35 | | | 35 | |
| Bridge loan financing costs | — | | | — | | | 1 | | | — | | | 1 | |
| Viessmann-related hedges | — | | | — | | | 257 | | | — | | | 257 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Total adjustments to operating profit | $ | 70 | | | $ | 4 | | | $ | 258 | | | $ | 35 | | | $ | 367 | |
| | | | | | | | | |
| Adjusted operating profit | $ | 833 | | | $ | 111 | | | $ | 6 | | | $ | (73) | | | $ | 877 | |
| Adjusted operating margin | 20.8 | % | | 12.0 | % | | | | | | 17.8 | % |
(1) Amortization of the step-up to fair value of acquired inventory and backlog.
Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP)
Operating Profit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Nine Months Ended September 30, 2024 |
| (In millions) | HVAC | | Refrigeration | | Eliminations and Other | | General Corporate Expenses | | Carrier |
| Net sales | $ | 14,569 | | | $ | 2,795 | | | $ | (26) | | | $ | — | | | $ | 17,338 | |
| | | | | | | | | |
| Segment operating profit | $ | 1,857 | | | $ | 319 | | | $ | (84) | | | $ | (220) | | | $ | 1,872 | |
| Reported operating margin | 12.7 | % | | 11.4 | % | | | | | | 10.8 | % |
| | | | | | | | | |
| Adjustments to segment operating profit: | | | | | | | | | |
| Restructuring costs | $ | 86 | | | $ | 5 | | | $ | 6 | | | $ | — | | | $ | 97 | |
| Amortization of acquired intangibles | 517 | | | — | | | — | | | — | | | 517 | |
Acquisition step-up amortization (1) | 251 | | | — | | | — | | | — | | | 251 | |
| Acquisition/divestiture-related costs | 1 | | | 10 | | | — | | | 76 | | | 87 | |
| Viessmann-related hedges | — | | | — | | | 86 | | | — | | | 86 | |
Gain on liability adjustment (2) | — | | | — | | | (46) | | | — | | | (46) | |
| | | | | | | | | |
| Total adjustments to operating profit | $ | 855 | | | $ | 15 | | | $ | 46 | | | $ | 76 | | | $ | 992 | |
| | | | | | | | | |
| Adjusted operating profit | $ | 2,712 | | | $ | 334 | | | $ | (38) | | | $ | (144) | | | $ | 2,864 | |
| Adjusted operating margin | 18.6 | % | | 11.9 | % | | | | | | 16.5 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Nine Months Ended September 30, 2023 |
| (In millions) | HVAC | | Refrigeration | | Eliminations and Other | | General Corporate Expenses | | Carrier |
| Net sales | $ | 11,846 | | | $ | 2,794 | | | $ | (5) | | | $ | — | | | $ | 14,635 | |
| | | | | | | | | |
| Segment operating profit | $ | 1,940 | | | $ | 327 | | | $ | (399) | | | $ | (247) | | | $ | 1,621 | |
| Reported operating margin | 16.4 | % | | 11.7 | % | | | | | | 11.1 | % |
| | | | | | | | | |
| Adjustments to segment operating profit: | | | | | | | | | |
| Restructuring costs | $ | 27 | | | $ | 14 | | | $ | 2 | | | $ | — | | | $ | 43 | |
| Amortization of acquired intangibles | 108 | | | — | | | — | | | — | | | 108 | |
Acquisition step-up amortization (1) | 31 | | | — | | | — | | | — | | | 31 | |
| Acquisition/divestiture-related costs | — | | | — | | | — | | | 58 | | | 58 | |
| Bridge loan financing costs | — | | | — | | | 1 | | | — | | | 1 | |
| Viessmann-related hedges | — | | | — | | | 368 | | | — | | | 368 | |
TCC acquisition-related gain (3) | 8 | | | — | | | — | | | — | | | 8 | |
| | | | | | | | | |
| | | | | | | | | |
| Total adjustments to operating profit | $ | 174 | | | $ | 14 | | | $ | 371 | | | $ | 58 | | | $ | 617 | |
| | | | | | | | | |
| Adjusted operating profit | $ | 2,114 | | | $ | 341 | | | $ | (28) | | | $ | (189) | | | $ | 2,238 | |
| Adjusted operating margin | 17.8 | % | | 12.2 | % | | | | | | 15.3 | % |
(1) Amortization of the step-up to fair value of acquired inventory and backlog.
(2) Gain associated with an adjustment to our tax-related liability owed to UTC.
(3) The carrying value of our previously held TCC equity investments were recognized at fair value and subsequently adjusted.
Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Income, Earnings Per Share and Effective Tax Rate
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, 2024 | | Nine Months Ended September 30, 2024 |
| (In millions, except per share amounts) | Reported | | Adjustments | | Adjusted | | Reported | | Adjustments | | Adjusted |
| Net sales | $ | 5,984 | | | $ | — | | | $ | 5,984 | | | $ | 17,338 | | | $ | — | | | $ | 17,338 | |
| | | | | | | | | | | |
| Operating profit | $ | 763 | | | 281 | | a | $ | 1,044 | | | $ | 1,872 | | | 992 | | a | $ | 2,864 | |
| Operating margin | 12.8 | % | | | | 17.4 | % | | 10.8 | % | | | | 16.5 | % |
| | | | | | | | | | | |
| Earnings before income taxes | $ | 770 | | | 195 | | a,b | $ | 965 | | | $ | 1,581 | | | 918 | | a,b | $ | 2,499 | |
| Income tax (expense) benefit | $ | (172) | | | (54) | | c | $ | (226) | | | $ | (339) | | | (227) | | c | $ | (566) | |
| Effective tax rate | 22.3 | % | | | | 23.4 | % | | 21.4 | % | | | | 22.6 | % |
| | | | | | | | | | | |
| Earnings from continuing operations attributable to common shareowners | $ | 564 | | | $ | 141 | | | $ | 705 | | | $ | 1,156 | | | $ | 691 | | | $ | 1,847 | |
| | | | | | | | | | | |
| Summary of Adjustments: | | | | | | | | | | | |
| Restructuring costs | | | $ | 60 | | a | | | | | $ | 97 | | a | |
| Amortization of acquired intangibles | | | 175 | | a | | | | | 517 | | a | |
Acquisition step-up amortization (1) | | | 31 | | a | | | | | 251 | | a | |
| Acquisition/divestiture-related costs | | | 15 | | a | | | | | 87 | | a | |
| Viessmann-related hedges | | | — | | a | | | | | 86 | | a | |
Gain on liability adjustment (2) | | | — | | a | | | | | (46) | | a | |
| Debt extinguishment (gain) | | | (97) | | b | | | | | (97) | | b | |
| Debt prepayment costs | | | 11 | | b | | | | | 23 | | b | |
| Total adjustments | | | $ | 195 | | | | | | | $ | 918 | | | |
| | | | | | | | | | | |
| Tax effect on adjustments above | | | $ | (54) | | | | | | | $ | (227) | | | |
| Tax specific adjustments | | | — | | | | | | | — | | | |
| Total tax adjustments | | | $ | (54) | | c | | | | | $ | (227) | | c | |
| | | | | | | | | | | |
| Diluted shares outstanding | 915.0 | | | | | 915.0 | | | 914.4 | | | | | 914.4 | |
| | | | | | | | | | | |
| Diluted earnings per share: | | | | | | | | | | | |
| Continuing operations | $ | 0.62 | | | | | $ | 0.77 | | | $ | 1.26 | | | | | $ | 2.02 | |
(1) Amortization of the step-up to fair value of acquired inventory and backlog.
(2) Gain associated with an adjustment to our tax-related liability owed to UTC.
Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Net Income, Earnings Per Share and Effective Tax Rate
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited) |
| Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2023 |
| (In millions, except per share amounts) | Reported | | Adjustments | | Adjusted | | Reported | | Adjustments | | Adjusted |
| Net sales | $ | 4,935 | | | $ | — | | | $ | 4,935 | | | $ | 14,635 | | | $ | — | | | $ | 14,635 | |
| | | | | | | | | | | |
| Operating profit | $ | 510 | | | 367 | | a | $ | 877 | | | $ | 1,621 | | | 617 | | a | $ | 2,238 | |
| Operating margin | 10.3 | % | | | | 17.8 | % | | 11.1 | % | | | | 15.3 | % |
| | | | | | | | | | | |
| Earnings before income taxes | $ | 471 | | | 378 | | a,b | $ | 849 | | | $ | 1,495 | | | 649 | | a,b | $ | 2,144 | |
| Income tax (expense) benefit | $ | (177) | | | (10) | | c | $ | (187) | | | $ | (453) | | | (44) | | c | $ | (497) | |
| Effective tax rate | 37.6 | % | | | | 22.0 | % | | 30.3 | % | | | | 23.2 | % |
| | | | | | | | | | | |
| Earnings from continuing operations attributable to common shareowners | $ | 270 | | | $ | 368 | | | $ | 638 | | | $ | 970 | | | $ | 605 | | | $ | 1,575 | |
| | | | | | | | | | | |
| Summary of Adjustments: | | | | | | | | | | | |
| Restructuring costs | | | $ | 29 | | a | | | | | $ | 43 | | a | |
| Amortization of acquired intangibles | | | 35 | | a | | | | | 108 | | a | |
Acquisition step-up amortization (1) | | | 10 | | a | | | | | 31 | | a | |
| Acquisition/divestiture-related costs | | | 35 | | a | | | | | 58 | | a | |
| Viessmann-related hedges | | | 257 | | a | | | | | 368 | | a | |
TCC acquisition-related gain (2) | | | — | | a | | | | | 8 | | a | |
Bridge loan financing costs (3) | | | 12 | | a,b | | | | | 33 | | a,b | |
| Total adjustments | | | $ | 378 | | | | | | | $ | 649 | | | |
| | | | | | | | | | | |
| Tax effect on adjustments above | | | $ | (29) | | | | | | | $ | (63) | | | |
| Tax specific adjustments | | | 19 | | | | | | | 19 | | | |
| Total tax adjustments | | | $ | (10) | | c | | | | | $ | (44) | | c | |
| | | | | | | | | | | |
| Diluted shares outstanding | 854.7 | | | | | 854.7 | | | 852.7 | | | | | 852.7 | |
| | | | | | | | | | | |
| Diluted earnings per share: | | | | | | | | | | | |
| Continuing operations | $ | 0.32 | | | | | $ | 0.75 | | | $ | 1.14 | | | | | $ | 1.85 | |
(1) Amortization of the step-up to fair value of acquired inventory and backlog.
(2) The carrying value of our previously held TCC equity investments were recognized at fair value at the TCC acquisition date.
(3) Includes commitment fees recognized in Selling, general and administrative.
Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Components of Changes in Net Sales
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2024 Compared with Three Months Ended September 30, 2023 |
| (Unaudited) |
| Factors Contributing to Total % change in Net Sales |
| Organic | | FX Translation | | Acquisitions / Divestitures, net | | Other | | Total |
| HVAC | 6 | % | | — | % | | 20 | % | | — | % | | 26 | % |
| Refrigeration | 1 | % | | — | % | | — | % | | — | % | | 1 | % |
| Consolidated | 4 | % | | — | % | | 17 | % | | — | % | | 21 | % |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Nine Months Ended September 30, 2024 Compared with Nine Months Ended September 30, 2023 |
| (Unaudited) |
| Factors Contributing to Total % change in Net Sales |
| Organic | | FX Translation | | Acquisitions / Divestitures, net | | Other | | Total |
| HVAC | 3 | % | | — | % | | 20 | % | | — | % | | 23 | % |
| Refrigeration | — | % | | — | % | | — | % | | — | % | | — | % |
| Consolidated | 2 | % | | (1) | % | | 17 | % | | — | % | | 18 | % |
Preliminary Free Cash Flow Reconciliation
| | | | | | | | | | | | | | |
| | (Unaudited) |
| | Nine Months Ended September 30, |
| (In millions) | | 2024 | | 2023 |
| Preliminary net cash flows provided by (used in) operating activities | | $ | 431 | | | $ | 1,545 | |
Less: Capital expenditures (1) | | 312 | | | 236 | |
| Free cash flow | | $ | 119 | | | $ | 1,309 | |
(1) Includes $10 million and $19 million of capital expenditures related to discontinued operations, respectively.
Net Debt Reconciliation
| | | | | | | | | | | | | | |
| | (Unaudited) |
| | |
| (In millions) | | September 30, 2024 | | December 31, 2023 |
| Long-term debt | | $ | 10,337 | | | $ | 14,242 | |
| Current portion of long-term debt | | 2,095 | | | 51 | |
| Less: Cash and cash equivalents | | 2,225 | | | 9,852 | |
| Net debt | | $ | 10,207 | | | $ | 4,441 | |
Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results
Discontinued operations, net of tax Reconciliation
| | | | | | | | |
| | (Unaudited) |
| | Three Months Ended September 30, |
| (In millions, except per share amounts) | | 2024 |
| Discontinued operations, net of tax | | $ | (117) | |
| | |
| Summary of adjustments, net of tax: | | |
| Divestiture-related costs | | $ | 33 | |
| Gain on sale of Industrial business | | (310) | |
| AFFF legal reserve | | 420 | |
| Tax specific adjustments | | 26 | |
| Total adjustments | | $ | 169 | |
| | |
| Adjusted Discontinued operations, net of tax | | $ | 52 | |
| Adjusted diluted earnings per share | | $ | 0.06 | |
Diluted EPS Reconciliation - Adjusted
| | | | | | | | |
| | (Unaudited) |
| | Three Months Ended September 30, |
| | 2024 |
| Continuing operations | | $ | 0.77 | |
| Discontinued operations | | 0.06 | |
| Total | | $ | 0.83 | |
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
| Name: |
dei_EntityListingsLineItems |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=carr_A4.375NotesDue2025Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=carr_A4.125NotesDue2028Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=carr_A4.500NotesDue2032Member |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Carrier Global (NYSE:CARR)
Historical Stock Chart
From Nov 2024 to Dec 2024
Carrier Global (NYSE:CARR)
Historical Stock Chart
From Dec 2023 to Dec 2024
