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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income from operations	$ 289	$ 387
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments arising during period	(388)	54
Amortization of unrealized cash flow hedging gain (loss)	(1)	0
Other comprehensive income (loss), net of tax	(389)	54
Comprehensive income (loss)	(100)	441
Less: Comprehensive income (loss) attributable to non-controlling interest	17	16
Comprehensive income (loss) attributable to common shareowners	$ (117)	$ 425

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation plans in accordance with ASC 718, Compensation - Stock Compensation, which requires a fair-value based method for measuring the value of stock-based compensation. Fair value is measured at the date of grant and is generally not adjusted for subsequent changes. The Company's stock-based compensation plans include programs for stock appreciation rights, restricted stock units and performance share units.

Stock-based compensation expense, net of estimated forfeitures, is included in Cost of products sold, Selling, general and administrative and Research and development in the accompanying Unaudited Condensed Consolidated Statements of Operations.

Stock-based compensation cost by award type was as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Equity compensation costs - equity settled	$	22	$	22
Equity compensation costs - cash settled (1)	—		1
Total stock-based compensation expense	$	22	$	23

(1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Equity compensation costs - equity settled	$ 22	$ 22
Equity compensation costs - cash settled	0	1
Total stock-based compensation expense	$ 22	$ 23

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company accounts for income tax expense in accordance with ASC 740, Income Taxes ("ASC 740"), which requires an estimate of the annual effective income tax rate for the full year to be applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The effective tax rate was 13.7% for the three months ended March 31, 2024 compared with 24.0% for the three months ended March 31, 2023. The year-over-year decrease was primarily driven by a tax benefit of $21 million associated with the TMA and UTC's conclusion of certain income tax matters from their 2017 and 2018 tax audit with the U.S. Internal Revenue Service ("IRS"), a net tax benefit of $19 million related to adjustments to basis differences in certain companies presented as held-for-sale and a net tax benefit of $16 million related to the re-organization and disentanglement of certain Fire & Security industrial businesses in advance of the planned divestitures. These amounts were partially offset by a tax charge of $15 million related to a reduction of utilizable foreign tax credits. The Company assesses the realizability of its deferred tax assets on a quarterly basis through an analysis of potential sources of future taxable income, including prior year taxable income that may be available to absorb a carryback of tax losses, reversals of existing taxable temporary differences, tax planning strategies and forecasts of taxable income. The Company considers all negative and positive evidence, including the weight of the evidence, to determine whether valuation allowances against deferred tax assets are required. The Company maintains valuation allowances against certain deferred tax assets. The Company conducts business globally and files income tax returns in U.S. federal, state and foreign jurisdictions. In certain jurisdictions, the Company's operations were included in UTC's combined tax returns for the periods through the Distribution. The IRS has completed its audit of UTC's 2017 and 2018 tax years. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including Australia, Belgium, Canada, China, Czech Republic, France, Germany, Hong Kong, India, Italy, Mexico, the Netherlands, Singapore, the United Kingdom and the United States. The Company is no longer subject to U.S. federal income tax examination for years prior to 2020 and, with few exceptions, is no longer subject to state, local and foreign income tax examinations for tax years prior to 2013. In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. The Company believes that it is reasonably possible that a net decrease in unrecognized tax benefits of $30 million to $45 million may occur within 12 months as a result of additional uncertain tax positions, the Separation, the revaluation of uncertain tax positions arising from examinations, appeals, court decisions and/or the expiration of tax statutes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 320	$ 306
Contract assets, non-current (included within Other assets)	30	26
Total contract assets	350	332
Contract liabilities, current	(501)	(425)
Contract liabilities, non-current (included within Other long-term liabilities)	(157)	(160)
Total contract liabilities	(658)	(585)
Net contract assets (liabilities)	$ (308)	$ (253)

FAIR VALUES MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - Unsecured Debt - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 13,895	$ 13,951
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 12,873	$ 13,194

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	3 Months Ended
PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 570	$ 552
Warranties, performance guarantees issued and changes in estimated liability	91	54
Settlements made	(57)	(45)
Other	(4)	2
Acquisitions / divestitures	202	0
Ending balance	$ 802	$ 563

REVENUE RECOGNITION - Remaining Performance Obligations (Details)	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	12 months

INVENTORIES, NET (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Raw materials	$	979	$	695
Work-in-process	296		259
Finished goods	1,914		1,263

Inventories, net	$	3,189	$	2,217

EQUITY - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
EQUITY - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 28, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized (in shares)	4,000,000,000
Common stock, par or stated value per share (in dollars per share)	$ 0.01
Stock repurchase program, authorized amount				$ 4,100,000,000
Treasury stock repurchased (in shares)	0		43,500,000
Treasury stock repurchase		$ 62,000,000	$ 2,000,000,000
Remaining authorized repurchase amount			$ 2,100,000,000
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	944,433,341		883,068,393
Treasury Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	43,490,981		43,490,981
Treasury stock repurchase		$ 62,000,000

PRODUCT WARRANTIES (Tables)

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

Schedule of Product Warranty Liability

The changes in the carrying amount of warranty related provisions are as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Balance as of January 1,	$	570	$	552
Warranties, performance guarantees issued and changes in estimated liability	91		54
Settlements made	(57)		(45)
Other	(4)		2
Acquisitions (1)	202		—

Balance as of March 31,	$	802	$	563

(1) See Note 15 - Acquisitions for additional information.

EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Employer Contributions to Plans

Contributions to the plans were as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Defined benefit plans	$	6	$	6
Defined contribution plans	$	39	$	37
Multi-employer pension plans	$	4	$	4

Schedule of Components of Net Periodic Pension Expense (Benefit) for the Defined Benefit Pension Plans

The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Service cost	$	4	$	4
Interest cost	7		8
Expected return on plan assets	(7)		(8)



Net periodic pension expense (benefit)	$	4	$	4

DIVESTITURES (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disclosure of Long Lived Assets Held-for-sale

The following table summarizes assets and liabilities classified as held for sale:


	March 31, 2024
(In millions)	Commercial Refrigeration		Access Solutions		Industrial Fire		Total
Cash and cash equivalents	$	107	$	10	$	11	$	128
Accounts receivable, net	189		85		96		370
Inventories, net	93		34		68		195
Contract assets, current	106		2		49		157
Other assets, current	16		4		5		25
Fixed assets, net	77		14		23		114
Intangible assets, net	—		52		2		54
Goodwill	72		1,479		433		1,984
Operating lease right-of-use assets	49		14		26		89

Other assets	44		7		2		53
Total assets held for sale	$	753	$	1,701	$	715	$	3,169

Accounts payable	$	123	$	29	$	43	$	195
Accrued liabilities	156		20		50		226
Contract liabilities, current	25		57		17		99

Long-term debt, including current portion	7		—		—		7
Future pension and post-retirement obligations	198		—		—		198
Future income tax obligations	4		—		3		7
Operating lease liabilities	38		11		21		70
Other long-term liabilities	3		12		3		18
Total liabilities held for sale	$	554	$	129	$	137	$	820


	December 31, 2023
(In millions)	Commercial Refrigeration		Access Solutions		Industrial Fire		Total
Cash and cash equivalents	$	131	$	6	$	20	$	157
Accounts receivable, net	274		104		101		479
Inventories, net	84		31		65		180
Contract assets, current	98		2		42		142
Other assets, current	15		3		4		22
Fixed assets, net	78		13		22		113
Intangible assets, net	—		53		2		55
Goodwill	72		1,498		439		2,009
Operating lease right-of-use assets	49		13		28		90

Other assets	44		10		13		67
Total assets held for sale	$	845	$	1,733	$	736	$	3,314

Accounts payable	$	129	$	20	$	39	$	188
Accrued liabilities	181		21		55		257
Contract liabilities, current	23		53		22		98

Long-term debt, including current portion	8		—		—		8
Future pension and post-retirement obligations	203		—		1		204
Future income tax obligations	4		2		3		9
Operating lease liabilities	40		11		23		74
Other long-term liabilities	3		12		9		24
Total liabilities held for sale	$	591	$	119	$	152	$	862

RESTRUCTURING COSTS

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING COSTS

The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions and the consolidation of facilities. Due to the size, nature and frequency of these discrete plans, they are fundamentally different from the Company's ongoing productivity actions.

The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
HVAC	$	7	$	(1)
Refrigeration	—		3
Fire & Security	7		13
Total Segment	14		15
General corporate expenses	1		2
Total restructuring costs (1)	$	15	$	17

Cost of sales	$	12	$	6
Selling, general and administrative	3		11

Total restructuring costs (1)	$	15	$	17

(1) 2024 restructuring costs include period related charges.

The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet:


	Three Months Ended March 31,
(In millions)	2024		2023
Balance as of January 1,	$	55	$	24
Net pre-tax restructuring costs	12		17
Acquisitions (1)	8		—
Utilization, foreign exchange and other	(24)		(6)
Balance as of March 31,	$	51	$	35

(1) See Note 15 - Acquisitions for additional information.

As of March 31, 2024, the Company had $51 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance related across each of the Company's segments, along with reserves associated with the Company's planned portfolio transformation. The Company expects a majority of the balance to be utilized within one year.

RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	3 Months Ended
RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 15	$ 17
Restructuring Reserve [Roll Forward]
Beginning balance	55	24
Net pre-tax restructuring costs	12	17
Acquisitions	8	0
Utilization, foreign exchange and other	(24)	(6)
Ending balance	51	35
Restructuring reserve	51
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs	12	6
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3	11
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	14	15
Operating Segments \| HVAC
Restructuring Cost and Reserve [Line Items]
Restructuring costs	7	(1)
Operating Segments \| Refrigeration
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	3
Operating Segments \| Fire & Security
Restructuring Cost and Reserve [Line Items]
Restructuring costs	7	13
General corporate expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1	$ 2

RELATED PARTIES (Details) - USD ($) $ in Millions	3 Months Ended
RELATED PARTIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	$ 6,182	$ 5,273
Receivables from equity method investees included in Accounts receivable, net	3,156		$ 2,481
Payables to equity method investees included in Accounts payable	3,074		2,742
Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	5,542	4,686
Purchases from equity method investees included in Cost of products sold	3,998	3,458
Related Party
Related Party Transaction [Line Items]
Receivables from equity method investees included in Accounts receivable, net	261		231
Payables to equity method investees included in Accounts payable	44		$ 44
Related Party \| Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	723	754
Purchases from equity method investees included in Cost of products sold	$ 55	$ 43

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,313	$ 10,015
Accounts receivable, net	3,156	2,481
Contract assets, current	320	306
Inventories, net	3,189	2,217
Assets held for sale, current	3,169	3,314
Other assets, current	568	447
Total current assets	11,715	18,780
Future income tax benefits	823	739
Fixed assets, net	3,179	2,293
Operating lease right-of-use assets	633	491
Intangible assets, net	7,351	1,028
Goodwill	15,366	7,989
Pension and post-retirement assets	78	32
Equity method investments	1,155	1,140
Other assets	510	330
Total Assets	40,810	32,822
Liabilities and Equity
Accounts payable	3,074	2,742
Accrued liabilities	2,994	2,811
Contract liabilities, current	501	425
Liabilities held for sale, current	820	862
Current portion of long-term debt	1,248	51
Total current liabilities	8,637	6,891
Long-term debt	15,647	14,242
Future pension and post-retirement obligations	259	155
Future income tax obligations	2,272	535
Operating lease liabilities	505	391
Other long-term liabilities	1,584	1,603
Total Liabilities	28,904	23,817
Commitments and contingent liabilities (Note 19)
Equity
Common stock	9	9
Treasury stock	(1,972)	(1,972)
Additional paid-in capital	8,536	5,535
Retained earnings	6,860	6,591
Accumulated other comprehensive loss	(1,872)	(1,486)
Non-controlling interest	345	328
Total Equity	11,906	9,005
Total Liabilities and Equity	$ 40,810	$ 32,822

SEGMENT FINANCIAL DATA (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Net Sales and Operating Profit by Segment

Net sales and Operating profit by segment are as follows:


	Net Sales				Operating Profit
	Three Months Ended March 31,				Three Months Ended March 31,
(In millions)	2024		2023		2024		2023
HVAC	$	4,541	$	3,622	$	429	$	435
Refrigeration	884		898		97		108
Fire & Security	887		869		153		93
Total segment	6,312		5,389		679		636
Eliminations and other	(130)		(116)		(75)		(38)
General corporate expenses	—		—		(104)		(43)
Total Consolidated	$	6,182	$	5,273	$	500	$	555

Schedule of Sale by Geographic Areas

Geographic external sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. presented in the table below, there were no individually significant countries with sales exceeding 10% of total sales during the three months ended March 31, 2024 and 2023.



	Three Months Ended March 31,
(In millions)	2024		2023
United States	$	2,967	$	2,860
International:
Europe	1,971		1,196
Asia Pacific	1,040		1,033
Other	204		184
Net sales	$	6,182	$	5,273

FAIR VALUE MEASUREMENTS - Narrative (Details) - VCS Business $ in Millions, € in Billions	1 Months Ended	3 Months Ended
	Nov. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount \| €				€ 7
Loss on mark-to-market valuation		$ 86
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount			$ 1,525
Gain on mark-to-market valuation	$ 58
Interest rate cash flow hedge gain (loss)		$ 5

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

PRODUCT WARRANTIES

3 Months Ended

Mar. 31, 2024

Guarantees [Abstract]

PRODUCT WARRANTIES

In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Unaudited Condensed Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities based on their anticipated settlement date.

The changes in the carrying amount of warranty related provisions are as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Balance as of January 1,	$	570	$	552
Warranties, performance guarantees issued and changes in estimated liability	91		54
Settlements made	(57)		(45)
Other	(4)		2
Acquisitions (1)	202		—

Balance as of March 31,	$	802	$	563

(1) See Note 15 - Acquisitions for additional information.

RESTRUCTURING COSTS (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Net Pre-Tax Restructuring Costs

The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
HVAC	$	7	$	(1)
Refrigeration	—		3
Fire & Security	7		13
Total Segment	14		15
General corporate expenses	1		2
Total restructuring costs (1)	$	15	$	17

Cost of sales	$	12	$	6
Selling, general and administrative	3		11

Total restructuring costs (1)	$	15	$	17

(1) 2024 restructuring costs include period related charges.

Schedule of Reserve and Charges Relating to Restructuring Reserve

The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet:


	Three Months Ended March 31,
(In millions)	2024		2023
Balance as of January 1,	$	55	$	24
Net pre-tax restructuring costs	12		17
Acquisitions (1)	8		—
Utilization, foreign exchange and other	(24)		(6)
Balance as of March 31,	$	51	$	35

(1) See Note 15 - Acquisitions for additional information.

DESCRIPTION OF THE BUSINESS	3 Months Ended
DESCRIPTION OF THE BUSINESS	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Carrier Global Corporation (the "Company") is a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to its customers. The Company's portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic, Carrier Transicold, Kidde, Edwards and LenelS2 that offer innovative heating, ventilating, air conditioning ("HVAC"), refrigeration, fire, security and building automation technologies to help make the world safer and more comfortable. The Company also provides a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. The Company's operations are classified into three segments: HVAC, Refrigeration and Fire & Security. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments) necessary to state fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The accompanying Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for 2023 filed with the SEC on February 6, 2024 (the "2023 Form 10-K").

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 7,989
Acquisitions	7,576
Reclassified to held for sale	25
Foreign currency translation	(224)
Ending balance	15,366
HVAC
Goodwill [Roll Forward]
Beginning balance	6,407
Acquisitions	7,576
Reclassified to held for sale	0
Foreign currency translation	(253)
Ending balance	13,730
Refrigeration
Goodwill [Roll Forward]
Beginning balance	1,124
Acquisitions	0
Reclassified to held for sale	0
Foreign currency translation	(22)
Ending balance	1,102
Fire & Security
Goodwill [Roll Forward]
Beginning balance	458
Acquisitions	0
Reclassified to held for sale	25
Foreign currency translation	51
Ending balance	$ 534

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

DIVESTITURES

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

Portfolio Transformation

On April 25, 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. On December 7, 2023, the Company entered into a stock purchase agreement to sell its Access Solutions business to Honeywell International Inc. for an enterprise value of approximately $4.95 billion. Access Solutions, historically reported in the Company's Fire & Security segment, is a global supplier of physical security and digital access solutions supporting the hospitality, commercial, education and military markets. On December 12, 2023, the Company entered into a stock purchase agreement to sell the CCR business to Haier Group Corporation for an enterprise value of approximately $775 million. CCR, historically reported in the Company's Refrigeration segment, is a global supplier of turnkey solutions for commercial refrigeration systems and services, with a primary focus on serving food retail customers, cold storage facilities and warehouses. As a result, the assets and liabilities of both businesses are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. Both transactions are expected to close in 2024 and are subject to customary closing conditions.

In addition, the net assets of Industrial Fire met the criteria to be classified as held for sale during the fourth quarter of 2023. Industrial Fire, historically reported in the Company's Fire & Security segment, is a leading manufacturer of a full spectrum of fire detection and suppression solutions and services in critical high-hazard environments, including oil and gas, power generation, marine and offshore facilities, automotive, data centers and aircraft hangars. As a result, the assets and liabilities of the business are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. On March 5, 2024, the Company entered into a stock purchase agreement to sell its Industrial Fire business to Sentinel Capital Partners for an enterprise value of approximately $1.425 billion. The transaction is expected to close in 2024 and is subject to customary closing conditions.

The following table summarizes assets and liabilities classified as held for sale:


	March 31, 2024
(In millions)	Commercial Refrigeration		Access Solutions		Industrial Fire		Total
Cash and cash equivalents	$	107	$	10	$	11	$	128
Accounts receivable, net	189		85		96		370
Inventories, net	93		34		68		195
Contract assets, current	106		2		49		157
Other assets, current	16		4		5		25
Fixed assets, net	77		14		23		114
Intangible assets, net	—		52		2		54
Goodwill	72		1,479		433		1,984
Operating lease right-of-use assets	49		14		26		89

Other assets	44		7		2		53
Total assets held for sale	$	753	$	1,701	$	715	$	3,169

Accounts payable	$	123	$	29	$	43	$	195
Accrued liabilities	156		20		50		226
Contract liabilities, current	25		57		17		99

Long-term debt, including current portion	7		—		—		7
Future pension and post-retirement obligations	198		—		—		198
Future income tax obligations	4		—		3		7
Operating lease liabilities	38		11		21		70
Other long-term liabilities	3		12		3		18
Total liabilities held for sale	$	554	$	129	$	137	$	820


	December 31, 2023
(In millions)	Commercial Refrigeration		Access Solutions		Industrial Fire		Total
Cash and cash equivalents	$	131	$	6	$	20	$	157
Accounts receivable, net	274		104		101		479
Inventories, net	84		31		65		180
Contract assets, current	98		2		42		142
Other assets, current	15		3		4		22
Fixed assets, net	78		13		22		113
Intangible assets, net	—		53		2		55
Goodwill	72		1,498		439		2,009
Operating lease right-of-use assets	49		13		28		90

Other assets	44		10		13		67
Total assets held for sale	$	845	$	1,733	$	736	$	3,314

Accounts payable	$	129	$	20	$	39	$	188
Accrued liabilities	181		21		55		257
Contract liabilities, current	23		53		22		98

Long-term debt, including current portion	8		—		—		8
Future pension and post-retirement obligations	203		—		1		204
Future income tax obligations	4		2		3		9
Operating lease liabilities	40		11		23		74
Other long-term liabilities	3		12		9		24
Total liabilities held for sale	$	591	$	119	$	152	$	862

BORROWINGS AND LINES OF CREDIT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
2.242% Notes due 2025 (1)	$	1,200	$	1,200
4.375% Notes due 2025	812		830
5.800% Notes due 2025	1,000		1,000
2.493% Notes due 2027	900		900
4.125% Notes due 2028	812		830
2.722% Notes due 2030	2,000		2,000
2.700% Notes due 2031	750		750
4.500% Notes due 2032	921		941
5.900% Notes due 2034	1,000		1,000
3.377% Notes due 2040	1,500		1,500
3.577% Notes due 2050	2,000		2,000
6.200% Notes due 2054	1,000		1,000
Total long-term notes	13,895		13,951
Delayed Draw Facility	2,536		—
Japanese Term Loan Facility	357		379
Other debt (including project financing obligations and finance leases)	213		74
Discounts and debt issuance costs	(106)		(111)
Total debt	16,895		14,293
Less: current portion of long-term debt	1,248		51
Long-term debt, net of current portion	$	15,647	$	14,242

(1) 2.242% Notes due February 15, 2025; reclassified to Current portion of long-term debt.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

ACQUISITIONS - Components of Purchase Price (Details) - VCS Business $ / shares in Units, $ in Millions	Jan. 02, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable (in shares) \| shares	58,608,959
Business acquisition (in USD per share) \| $ / shares	$ 51.20
Cash	$ 11,156
Common shares	3,001
Total consideration	$ 14,157

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Earnings per share is computed by dividing Net income attributable to common shareowners by the weighted-average number of shares of common stock outstanding during the period (excluding treasury stock). Diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. The computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards, including stock appreciation rights and stock options, when the effect of the potential exercise would be anti-dilutive.

The following table summarizes the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations:


	Three Months Ended March 31,
(In millions, except per share amounts)	2024		2023
Net income attributable to common shareowners	$	269	$	373

Basic weighted-average number of shares outstanding	899.2		835.0
Stock awards and equity units (share equivalent)	13.8		17.2
Diluted weighted-average number of shares outstanding	913.0		852.2

Antidilutive shares excluded from computation of diluted earnings per share	4.2		6.5

Earnings Per Share
Basic	$	0.30	$	0.45
Diluted	$	0.29	$	0.44

INVENTORIES, NET

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES, NET

Inventories are stated at the lower of cost or estimated net realizable value. Cost is primarily determined based on the first-in, first-out inventory method ("FIFO") or average cost methods, which approximates current replacement cost. However, certain subsidiaries use the last-in, first-out inventory method ("LIFO").

Inventories, net consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Raw materials	$	979	$	695
Work-in-process	296		259
Finished goods	1,914		1,263

Inventories, net	$	3,189	$	2,217

The Company performs periodic assessments utilizing customer demand, production requirements and historical usage rates to determine the existence of excess and obsolete inventory and records necessary provisions to reduce such inventories to the lower of cost or estimated net realizable value. Raw materials, work-in-process and finished goods are net of valuation reserves of $260 million and $223 million as of March 31, 2024 and December 31, 2023, respectively.

EQUITY

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

EQUITY

The authorized number of shares of common stock of Carrier is 4,000,000,000 shares of $0.01 par value. As of March 31, 2024 and December 31, 2023, 944,433,341 and 883,068,393 shares of common stock were issued, respectively, which includes 43,490,981 shares of treasury stock, for both periods respectively.

Share Repurchase Program

The Company may repurchase its outstanding common stock from time to time subject to market conditions and at the Company's discretion. Repurchases occur in the open market or through one or more other public or private transactions pursuant to plans complying with Rules 10b5-1 and 10b-18 under the Exchange Act. Shares acquired are recognized at cost and presented separately on the balance sheet as a reduction to Equity. Since the initial authorization in February 2021, the Company's Board of Directors authorized the repurchase of up to $4.1 billion of the Company's outstanding common stock.

As of December 31, 2023, the Company repurchased 43.5 million shares of common stock for an aggregate purchase price of $2.0 billion, including shares repurchased under an accelerated share repurchase agreement. As a result, the Company had approximately $2.1 billion remaining under the current authorization at December 31, 2023. Upon announcement of the proposed acquisition of the VCS Business, the Company temporarily paused its share repurchase program in order to advance its capital allocation strategy. As a result, there is no share repurchase activity during the three months ended March 31, 2024.

Accumulated Other Comprehensive Income (Loss)

A summary of changes in the components of Accumulated other comprehensive income (loss) for the three months ended March 31, 2024 is as follows:


(In millions)	Foreign Currency Translation		Defined Benefit Pension and Post-retirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2023	$	(1,444)	$	(100)	$	58	$	(1,486)
Other comprehensive income (loss) before reclassifications, net	(385)		—		—		(385)
Amounts reclassified, pre-tax	—		—		(1)		(1)


Balance as of March 31, 2024	$	(1,829)	$	(100)	$	57	$	(1,872)

A summary of changes in the components of Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 is as follows:


(In millions)	Foreign Currency Translation		Defined Benefit Pension and Post-retirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022	$	(1,604)	$	(84)	$	—	$	(1,688)
Other comprehensive income (loss) before reclassifications, net	52		—		—		52



Balance as of March 31, 2023	$	(1,552)	$	(84)	$	—	$	(1,636)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

SEGMENT FINANCIAL DATA

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT FINANCIAL DATA

The Company conducts its operations through three reportable operating segments: HVAC, Refrigeration and Fire & Security. In accordance with ASC 280 - Segment Reporting, the Company's segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company's Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance.

•The HVAC segment provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers while enhancing building performance, health, energy efficiency and sustainability.

•The Refrigeration segment includes transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail, as well as commercial refrigeration products.

•The Fire & Security segment provides a wide range of residential, commercial and industrial technologies designed to help protect people and property.

The Company's customers are in both the public and private sectors and its businesses reflect extensive geographic diversification. Inter-company sales between segments are immaterial.

Net sales and Operating profit by segment are as follows:


	Net Sales				Operating Profit
	Three Months Ended March 31,				Three Months Ended March 31,
(In millions)	2024		2023		2024		2023
HVAC	$	4,541	$	3,622	$	429	$	435
Refrigeration	884		898		97		108
Fire & Security	887		869		153		93
Total segment	6,312		5,389		679		636
Eliminations and other	(130)		(116)		(75)		(38)
General corporate expenses	—		—		(104)		(43)
Total Consolidated	$	6,182	$	5,273	$	500	$	555



	Three Months Ended March 31,
(In millions)	2024		2023
United States	$	2,967	$	2,860
International:
Europe	1,971		1,196
Asia Pacific	1,040		1,033
Other	204		184
Net sales	$	6,182	$	5,273

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

EMPLOYEE BENEFIT PLANS - Contributions to Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined benefit plans	$ 6	$ 6
Defined contribution plans	39	37
Multi-employer pension plans	$ 4	$ 4

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, percent	13.70%	24.00%
Tax benefit associated with the conclusion of certain income tax matters	$ 21
Tax benefit related to certain companies presented held-for-sale	19
Tax benefit related to re-organization and disentanglement of business	16
Tax charge related to reduction of utilizable foreign tax credits	15
Minimum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	30
Maximum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 45

COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos Liabilities and Recoveries (Details) - Asbestos Matters - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Asbestos liabilities included in Accrued liabilities	$ 15	$ 15
Asbestos liabilities included in Other long-term liabilities	203	206
Total Asbestos liabilities	218	221
Asbestos-related recoveries included in Other assets, current	5	5
Asbestos-related recoveries included in Other assets	87	88
Total Asbestos-related recoveries	$ 92	$ 93

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

ASC 820, Fair Value Measurement ("ASC 820"), defines fair value as the price that would be received if an asset is sold or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows:

•Level 1: Observable inputs such as quoted prices in active markets;

•Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions.

ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors, including foreign currency and commodity price risk. These exposures are managed through operational strategies and the use of undesignated hedging contracts. The Company's derivative assets and liabilities are measured at fair value on a recurring basis using internal models based on observable market inputs, such as forward, interest, contract and discount rates with changes in fair value reported in Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations.

During 2022, the Company entered into cross currency swaps with various financial institutions to fund a portion of the Yen-denominated purchase price of TCC. The cross currency swaps are measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates as well as credit default swap spreads. The Company designated the cross currency swaps as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the fair value of the swaps are recorded in Equity in the accompanying Unaudited Condensed Consolidated Balance Sheet. From time to time, the Company settles and enters into new cross currency swaps with the same purpose and characteristics as initially established.

The remaining portion of the Yen-denominated purchase price was funded by the Japanese Term Loan Facility. The carrying value of the facility is translated on a recurring basis using the exchange rate at the end of the applicable period and approximates its fair value. The Company designated the Japanese Term Loan Facility as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the carrying value of the Japanese Term Loan Facility associated with foreign exchange rate movements are recorded in Equity in the Unaudited Condensed Consolidated Balance Sheet.

During 2023, the Company entered into window forward contracts with Bank of America N.A. and JPMorgan Chase Bank N.A. to mitigate the foreign currency risk of the expected cash outflows associated with the Euro-denominated purchase price of the VCS Business. The instruments had an aggregate notional amount of €7 billion and a settlement window between November 28, 2023 and February 27, 2024. The window forward contracts were measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates with changes in fair value reported in Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations. During the three months ended March 31, 2024, the Company recognized a $86 million loss on the mark-to-market valuation of its window forward contracts. The Company settled the window forward contracts on January 2, 2024 upon the acquisition of the VCS Business.

During 2023, the Company entered into several interest rate swap contracts to mitigate interest rate exposure on the forecasted issuance of long-term debt. The contracts had an aggregate notional amount of $1.525 billion and were designated as cash flow hedges with changes in fair value reported in Equity in the accompanying Unaudited Condensed Consolidated Balance Sheet. Fair value was measured on a recurring basis using observable market inputs, such as forward, discount and interest rates. In November 2023, the contracts were settled upon the issuance of the underlying debt. As a result, the Company deferred a net unrecognized gain of $58 million in Equity which will be subsequently recognized in Interest expense over the term of the related notes which range from 2034 to 2044. The amount expected to be amortized during 2024 is a net gain of $5 million.

The following tables provide the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the accompanying Unaudited Condensed Consolidated Balance Sheet:


(In millions)	Total		Level 1		Level 2		Level 3
March 31, 2024


Derivative assets (1)(3)	$	32	$	—	$	32	$	—
Derivative liabilities (2)(3)	$	(17)	$	—	$	(17)	$	—

December 31, 2023


Derivative assets (1) (3)	$	32	$	—	$	32	$	—
Derivative liabilities (2) (3)	$	(126)	$	—	$	(126)	$	—

(1) Included in Other assets, current and Other assets on the accompanying Unaudited Condensed Consolidated Balance Sheet.

(2) Included in Accrued liabilities and Other long-term liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet.

(3) Includes cross currency swaps and window forward contracts (which were settled on January 2, 2024).

The following table provides the carrying amounts and fair values of the Company's long-term notes that are not recorded at fair value in the accompanying Unaudited Condensed Consolidated Balance Sheet:


	March 31, 2024				December 31, 2023
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value



Total long-term Notes (1)	$	13,895	$	12,873	$	13,951	$	13,194

(1) Excludes debt discount and issuance costs.

The fair value of the Company's long-term debt is measured based on observable market inputs which are considered Level 1 within the fair value hierarchy. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value due to the short-term nature of these accounts and would be classified as Level 1 in the fair value hierarchy. The Company's financing leases and project financing obligations, included in Long-term debt and Current portion of long-term debt on the accompanying Unaudited Condensed Consolidated Balance Sheet, approximate fair value and are classified as Level 3 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DESCRIPTION OF THE BUSINESS (Details)	3 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Expense (Benefit) for the Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Service cost	$ 4	$ 4
Interest cost	7	8
Expected return on plan assets	(7)	(8)
Net periodic pension expense (benefit)	$ 4	$ 4

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to common shareowners	$ 269	$ 373
Basic weighted-average number of shares outstanding (in shares)	899.2	835.0
Stock awards and equity units (share equivalent) (in shares)	13.8	17.2
Diluted weighted-average number of shares outstanding (in shares)	913.0	852.2
Antidilutive shares excluded from computation of diluted earnings per share (in shares)	4.2	6.5
Earnings Per Share
Basic (in dollars per share)	$ 0.30	$ 0.45
Diluted (in dollars per share)	$ 0.29	$ 0.44

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations:


	Three Months Ended March 31,
(In millions, except per share amounts)	2024		2023
Net income attributable to common shareowners	$	269	$	373

Basic weighted-average number of shares outstanding	899.2		835.0
Stock awards and equity units (share equivalent)	13.8		17.2
Diluted weighted-average number of shares outstanding	913.0		852.2

Antidilutive shares excluded from computation of diluted earnings per share	4.2		6.5

Earnings Per Share
Basic	$	0.30	$	0.45
Diluted	$	0.29	$	0.44

INVENTORIES, NET (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 979	$ 695
Work-in-process	296	259
Finished goods	1,914	1,263
Inventories, net	3,189	2,217
Inventory valuation reserves	$ 260	$ 223

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill were as follows:


(In millions)	HVAC		Refrigeration		Fire & Security		Total
Balance as of December 31, 2023	$	6,407	$	1,124	$	458	$	7,989
Acquisitions (1)	7,576		—		—		7,576
Reclassified to held for sale (2)	—		—		25		25
Foreign currency translation	(253)		(22)		51		(224)
Balance as of March 31, 2024	$	13,730	$	1,102	$	534	$	15,366

(1) See Note 15 - Acquisitions for additional information.

(2) See Note 16 - Divestitures for additional information.

Schedule of Finite-Live Intangible Assets

Identifiable intangible assets consisted of the following:


	March 31, 2024						December 31, 2023
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Amortized:
Customer relationships	$	5,929	$	(730)	$	5,199	$	1,222	$	(610)	$	612
Patents and trademarks	993		(175)		818		332		(163)		169

Service portfolios and other	1,831		(561)		1,270		686		(503)		183
	8,753		(1,466)		7,287		2,240		(1,276)		964
Unamortized:
Trademarks and other	64		—		64		64		—		64
Intangible assets, net	$	8,817	$	(1,466)	$	7,351	$	2,304	$	(1,276)	$	1,028

Schedule of Indefinite-Lived Intangible Assets

Identifiable intangible assets consisted of the following:


	March 31, 2024						December 31, 2023
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Amortized:
Customer relationships	$	5,929	$	(730)	$	5,199	$	1,222	$	(610)	$	612
Patents and trademarks	993		(175)		818		332		(163)		169

Service portfolios and other	1,831		(561)		1,270		686		(503)		183
	8,753		(1,466)		7,287		2,240		(1,276)		964
Unamortized:
Trademarks and other	64		—		64		64		—		64
Intangible assets, net	$	8,817	$	(1,466)	$	7,351	$	2,304	$	(1,276)	$	1,028

Schedule of Amortization of Intangible Assets

Amortization of intangible assets was as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Amortization expense of Intangible assets	$	212	$	64

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

RELATED PARTIES

3 Months Ended

Mar. 31, 2024

RELATED PARTIES

Equity Method Investments

The Company sells products to and purchases products from unconsolidated entities accounted for under the equity method and, therefore, these entities are considered to be related parties. Amounts attributable to equity method investees are as follows:


	Three Months Ended March 31,
(In millions)		2024		2023
Sales to equity method investees included in Product sales		$	723	$	754
Purchases from equity method investees included in Cost of products sold		$	55	$	43

The Company had receivables from and payables to equity method investees as follows:


(In millions)	March 31, 2024		December 31, 2023
Receivables from equity method investees included in Accounts receivable, net	$	261	$	231
Payables to equity method investees included in Accounts payable	$	44	$	44

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

ACQUISITIONS

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

Acquisitions are recorded using the acquisition method of accounting in accordance with ASC 805, Business Combinations. As a result, the aggregate purchase price has been allocated to assets acquired and liabilities assumed based on the estimate of fair market value of such assets and liabilities at the date of acquisition.

Viessmann Climate Solutions

On January 2, 2024, the Company completed the acquisition of the VCS Business from Viessmann for total consideration of $14.2 billion. The purchase price consisted of (i) $11.2 billion in cash and (ii) 58,608,959 shares of the Company's common stock, subject to certain lock-up provisions and anti-dilution protection. The Company funded the cash portion of the purchase price with a combination of cash on hand, net proceeds from the USD Notes and Euro Notes and borrowings under the Delayed Draw Facility and the 60-day Loan.

The VCS Business develops intelligent, integrated and sustainable technologies, including heat pumps, boilers, photovoltaic systems, home battery storage and digital solutions, primarily for residential customers in Europe. The Company believes that secular trends in these areas will drive significant, sustained future growth. In addition, the Company anticipates realizing significant operational synergies including savings through supplier rationalization and leverage, reduced manufacturing costs and lower general and administrative costs. Longer term, the Company expects to benefit from synergies related to service revenue expansion, leverage of distribution channels and cross-selling opportunities.

The components of the purchase price is as follows:


(In millions)	January 2, 2024
Cash	$	11,156
Common shares (58,608,959 shares at $51.20 per share)	3,001
Total consideration	$	14,157

The preliminary allocation of the purchase price is as follows:


(In millions)	January 2, 2024
Cash and cash equivalents	$	394
Accounts receivable	408
Inventories	948
Other assets, current	17
Fixed assets	913
Intangible assets	6,640
Goodwill	7,576
Other assets	284
Accounts payable	(288)
Other liabilities, current	(626)
Future income tax obligations	(1,825)
Other liabilities	(284)
Net assets acquired	$	14,157

The excess purchase price over the estimated fair value of the net identifiable assets acquired was recognized as goodwill and totaled $7.6 billion, which is not deductible for tax purposes. Accounts receivable and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for inventory and fixed assets was based on an assessment of the acquired assets' condition as well as an evaluation of the current market value of such assets.

The Company recorded intangible assets based on its estimate of fair value which consisted of the following:


(In millions)	Estimated Useful Life (in years)	Intangible Assets Acquired
Customer relationships	17	$	4,787
Technology	10 - 20	1,051
Trademark	40	679
Backlog	1	123
Total intangible assets acquired		$	6,640

The valuation of intangible assets was determined using an income approach methodology including the multi-period excess earnings method and the relief from royalty method. Key assumptions used in estimating future cash flows included projected revenue growth rates, EBITDA margins, discount rates, customer attrition rates and royalty rates among others. The projected future cash flows are discounted to present value using an appropriate discount rate. As of March 31, 2024, the Company is in the process of completing its valuation of tangible, intangible and tax-related assets relating to the VCS Business and the allocation of the purchase price to the assets acquired and liabilities assumed will be completed once the valuation process has been finalized.

The assets, liabilities and results of operations of the VCS Business are consolidated in the accompanying Unaudited Condensed Consolidated Financial Statements as of the date of acquisition and reported within the Company's HVAC segment. For the period from January 2, 2024 to March 31, 2024, revenues for the VCS Business were $875 million and its net loss was $124 million which included amortization of the step-up to fair value of inventory and backlog of $111 million as well as $139 million of intangible asset amortization.

During the three months ended March 31, 2024, the Company incurred $30 million of acquisition-related costs. During 2023, $80 million of acquisition-related costs were incurred, of which $12 million was recognized during the three months ended March 31, 2023. These acquisition costs are reflected within Selling, general and administrative in the Unaudited Condensed Consolidated Statement of Operations.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of the VCS Business as if the business combination had occurred on January 1, 2023:


	Three Months Ended March 31,
(In millions)	2024		2023
Revenue	$	6,182	$	6,278
Earnings	343		79

The pro forma amounts include the historical operating results of the Company and the VCS Business prior to the acquisition, with adjustments directly attributable to the acquisition including amortization of the step-up to fair value of inventory and amortization expense of acquired intangible assets. The unaudited pro forma financial information is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition of the VCS Business been consummated as of the dates indicated, nor is it indicative of any future results. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the acquisition.

REVENUE RECOGNITION - Narrative (Details) $ in Millions	3 Months Ended
REVENUE RECOGNITION - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 345

EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

The Company sponsors U.S. and international defined benefit pension and defined contribution plans. In addition, the Company contributes to various U.S. and international multi-employer defined benefit pension plans.

Contributions to the plans were as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Defined benefit plans	$	6	$	6
Defined contribution plans	$	39	$	37
Multi-employer pension plans	$	4	$	4

The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Service cost	$	4	$	4
Interest cost	7		8
Expected return on plan assets	(7)		(8)



Net periodic pension expense (benefit)	$	4	$	4

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

DIVESTITURES - Schedule of Chubb's Assets and Liabilities (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 128	$ 157
Accounts receivable, net	370	479
Inventories, net	195	180
Contract assets, current	157	142
Other assets, current	25	22
Fixed assets, net	114	113
Intangible assets, net	54	55
Goodwill	1,984	2,009
Operating lease right-of-use assets	89	90
Other assets	53	67
Total assets held for sale	3,169	3,314
Accounts payable	195	188
Accrued liabilities	226	257
Contract liabilities, current	99	98
Long-term debt, including current portion	7	8
Future pension and post-retirement obligations	198	204
Future income tax obligations	7	9
Operating lease liabilities	70	74
Other long-term liabilities	18	24
Total liabilities held for sale	820	862
Commercial Refrigeration
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	107	131
Accounts receivable, net	189	274
Inventories, net	93	84
Contract assets, current	106	98
Other assets, current	16	15
Fixed assets, net	77	78
Intangible assets, net	0	0
Goodwill	72	72
Operating lease right-of-use assets	49	49
Other assets	44	44
Total assets held for sale	753	845
Accounts payable	123	129
Accrued liabilities	156	181
Contract liabilities, current	25	23
Long-term debt, including current portion	7	8
Future pension and post-retirement obligations	198	203
Future income tax obligations	4	4
Operating lease liabilities	38	40
Other long-term liabilities	3	3
Total liabilities held for sale	554	591
Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	10	6
Accounts receivable, net	85	104
Inventories, net	34	31
Contract assets, current	2	2
Other assets, current	4	3
Fixed assets, net	14	13
Intangible assets, net	52	53
Goodwill	1,479	1,498
Operating lease right-of-use assets	14	13
Other assets	7	10
Total assets held for sale	1,701	1,733
Accounts payable	29	20
Accrued liabilities	20	21
Contract liabilities, current	57	53
Long-term debt, including current portion	0	0
Future pension and post-retirement obligations	0	0
Future income tax obligations	0	2
Operating lease liabilities	11	11
Other long-term liabilities	12	12
Total liabilities held for sale	129	119
Industrial Fire
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	11	20
Accounts receivable, net	96	101
Inventories, net	68	65
Contract assets, current	49	42
Other assets, current	5	4
Fixed assets, net	23	22
Intangible assets, net	2	2
Goodwill	433	439
Operating lease right-of-use assets	26	28
Other assets	2	13
Total assets held for sale	715	736
Accounts payable	43	39
Accrued liabilities	50	55
Contract liabilities, current	17	22
Long-term debt, including current portion	0	0
Future pension and post-retirement obligations	0	1
Future income tax obligations	3	3
Operating lease liabilities	21	23
Other long-term liabilities	3	9
Total liabilities held for sale	$ 137	$ 152

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	Jan. 02, 2024	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 15,366	$ 15,366		$ 7,989
Bridge Loan \| Unsecured Debt
Business Acquisition [Line Items]
Debt instrument, term	60 days
VCS Business
Business Acquisition [Line Items]
Total consideration	$ 14,157
Aggregate cash paid	$ 11,156
Business acquisition, equity interest issued or issuable (in shares)	58,608,959
Goodwill	$ 7,576
Revenue of acquiree since acquisition date		875
Net loss from acquiree since acquisition date		124
Amortization of the step-up to fair value of inventory and backlog		111
Intangible asset amortization		$ 139
Acquisition-related costs			$ 30	$ 12	$ 80

ACQUISITIONS - Intangible Assets Acquired (Details) - VCS Business $ in Millions	Jan. 02, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible Assets Acquired	$ 6,640
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	17 years
Intangible Assets Acquired	$ 4,787
Technology
Finite-Lived Intangible Assets [Line Items]
Intangible Assets Acquired	$ 1,051
Technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years
Trademark
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	40 years
Intangible Assets Acquired	$ 679
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	1 year
Intangible Assets Acquired	$ 123

RELATED PARTIES (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Equity Method Investments

Amounts attributable to equity method investees are as follows:


	Three Months Ended March 31,
(In millions)		2024		2023
Sales to equity method investees included in Product sales		$	723	$	754
Purchases from equity method investees included in Cost of products sold		$	55	$	43

The Company had receivables from and payables to equity method investees as follows:


(In millions)	March 31, 2024		December 31, 2023
Receivables from equity method investees included in Accounts receivable, net	$	261	$	231
Payables to equity method investees included in Accounts payable	$	44	$	44

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation cost by award type was as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Equity compensation costs - equity settled	$	22	$	22
Equity compensation costs - cash settled (1)	—		1
Total stock-based compensation expense	$	22	$	23

(1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

COMMITMENTS AND CONTINGENT LIABILITIES - Outstanding Liabilities for Environmental Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Environmental reserves included in Accrued liabilities	$ 19	$ 21
Environmental reserves included in Other long-term liabilities	201	203
Total Environmental reserves	$ 220	$ 224
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Unaudited Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and majority-owned subsidiaries in which it has control. Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Non-controlling interest represents a non-controlling investor's interests in the results of subsidiaries that the Company controls and consolidates. Acquisition of Viessmann Climate Solutions On April 25, 2023, the Company announced that it entered into a Share Purchase Agreement (the “Agreement”) to acquire the climate solutions business (the "VCS Business") of Viessmann Group GmbH & Co. KG (“Viessmann”), a privately-held company. The VCS Business develops intelligent, integrated and sustainable technologies, including heat pumps, boilers, photovoltaic systems, home battery storage and digital solutions, primarily for residential customers in Europe. The acquisition was completed on January 2, 2024. As a result, the assets, liabilities and results of operations of the VCS Business are consolidated in the accompanying Unaudited Condensed Consolidated Financial Statements as of the date of acquisition and reported within the Company’s HVAC segment. See Note 15 – Acquisitions for additional information. Portfolio Transformation On April 25, 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. On December 7, 2023, the Company entered into a stock purchase agreement to sell its Access Solutions business ("Access Solutions") to Honeywell International Inc. for an enterprise value of approximately $4.95 billion. Access Solutions, historically reported in the Company's Fire & Security segment, is a global supplier of physical security and digital access solutions supporting the hospitality, commercial, education and military markets. On December 12, 2023, the Company entered into a stock purchase agreement to sell its Commercial Refrigeration business ("CCR") to Haier Group Corporation for an enterprise value of approximately $775 million. CCR, historically reported in the Company's Refrigeration segment, is a global supplier of turnkey solutions for commercial refrigeration systems and services, with a primary focus on serving food retail customers, cold storage facilities and warehouses. As a result, the assets and liabilities of each business are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. See Note 16 - Divestitures for additional information. In addition, the net assets of the Company’s Industrial Fire business ("Industrial Fire") met the criteria to be classified as held for sale during the fourth quarter of 2023. Industrial Fire, historically reported in the Company's Fire & Security segment, is a leading manufacturer of a full spectrum of fire detection and suppression solutions and services in critical high-hazard environments, including oil and gas, power generation, marine and offshore facilities, automotive, data centers and aircraft hangars. As a result, the assets and liabilities of the business are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. On March 5, 2024, the Company entered into a stock purchase agreement to sell Industrial Fire to Sentinel Capital Partners for an enterprise value of approximately $1.425 billion. See Note 16 - Divestitures for additional information. Deconsolidation of Kidde-Fenwal, Inc. On May 14, 2023, Kidde-Fenwal, Inc. ("KFI"), an indirect wholly-owned subsidiary of the Company, filed a petition for voluntary reorganization under Chapter 11 of the United States Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the District of Delaware. KFI, an industrial fire detection and suppression business historically reported in the Company's Fire & Security segment, has indicated that it intends to use the bankruptcy process to explore strategic alternatives, including the sale of KFI as a going concern. KFI has further stated that, during the Chapter 11 process, KFI expects that there will be no significant interruptions to its business operations. As of the petition date, KFI was deconsolidated and its respective assets and liabilities were derecognized from the Company's Unaudited Condensed Consolidated Financial Statements. See Note 19 - Commitments and Contingent Liabilities for additional information. Separation from United Technologies On April 3, 2020 (the Distribution Date"), United Technologies Corporation ("UTC"), since renamed RTX Corporation ("Raytheon Technologies Corporation" or "RTX"), completed the spin-off of Carrier into an independent, publicly traded company (the "Separation") through a pro-rata distribution (the "Distribution") on a one-for-one basis of all of the outstanding shares of common stock of Carrier to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date of the Distribution. Following the Separation and Distribution, the Company entered into several agreements with UTC and Otis Worldwide Corporation ("Otis") that govern various aspects of the relationship among the Company, UTC and Otis. As of March 31, 2024, only certain portions of the Tax Matters Agreement ("TMA") remain in effect. Recently Issued and Adopted Accounting Pronouncements The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the sole source of authoritative U.S. GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs pending adoption were assessed and determined to be either not applicable or are not expected to have a material impact on the accompanying Unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. On March 6, 2024, the SEC adopted new rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The rules amend the provisions of both Regulation S-K and Regulation S-X and will be required in annual reports and registration statements. Amendments to Regulation S-K require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance. Amendments to Regulation S-X require disclosure of the financial effects of severe weather events and other natural conditions as well as the use of carbon offsets or renewable energy credits. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025, subject to legal challenges and the SEC's voluntary stay of the disclosure requirements. The Company will continue to assess the impact of these new rules on its financial statements while the stay is in place.

BORROWINGS AND LINES OF CREDIT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

BORROWINGS AND LINES OF CREDIT

Long-term debt consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
2.242% Notes due 2025 (1)	$	1,200	$	1,200
4.375% Notes due 2025	812		830
5.800% Notes due 2025	1,000		1,000
2.493% Notes due 2027	900		900
4.125% Notes due 2028	812		830
2.722% Notes due 2030	2,000		2,000
2.700% Notes due 2031	750		750
4.500% Notes due 2032	921		941
5.900% Notes due 2034	1,000		1,000
3.377% Notes due 2040	1,500		1,500
3.577% Notes due 2050	2,000		2,000
6.200% Notes due 2054	1,000		1,000
Total long-term notes	13,895		13,951
Delayed Draw Facility	2,536		—
Japanese Term Loan Facility	357		379
Other debt (including project financing obligations and finance leases)	213		74
Discounts and debt issuance costs	(106)		(111)
Total debt	16,895		14,293
Less: current portion of long-term debt	1,248		51
Long-term debt, net of current portion	$	15,647	$	14,242

(1) 2.242% Notes due February 15, 2025; reclassified to Current portion of long-term debt.

Acquisition Funding

On January 2, 2024, the Company completed the acquisition of the VCS Business for total consideration of $14.2 billion. Under the terms of the Agreement, 20% of the purchase price was paid in Carrier common stock, issued directly to Viessmann and subject to certain lock up provisions and 80% was paid in cash, subject to working capital and other adjustments. In order to fund the Euro-denominated cash portion of the purchase price, the Company used cash on hand, debt financing and various term loan facilities.

Debt Issuance

In November 2023, the Company issued $3.0 billion principal amount of USD-denominated notes in three tranches. The tranches consisted of $1.0 billion aggregate principal amount of 5.8% notes due 2025, $1.0 billion aggregate principal amount of 5.90% notes due 2034 and $1.0 billion aggregate principal amount of 6.2% notes due 2054 (collectively, the “USD Notes”). In addition, the Company issued €2.35 billion principal amount of Euro-denominated notes in three tranches. The tranches consisted of €750 million aggregate principal amount of 4.375% notes due 2025, €750 million aggregate principal amount of 4.125% notes due 2028 and €850 million aggregate principal amount of 4.5% notes due 2032 (collectively, the “Euro Notes”). The Company capitalized $51 million of deferred financing costs which are being amortized over the term of their related notes. The notes are subject to certain customary covenants and the Company has the option to redeem the notes in whole or in part at any time, prior to their stated maturity date at the redemption price set forth in the indenture agreements.

Bridge Loan

On April 25, 2023, the Company entered into commitment letters with JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Bank of America, N.A. to provide a €8.2 billion aggregate principal, senior unsecured bridge term loan facility (the “Bridge Loan”). Euro-denominated borrowings bore interest at the EURIBOR Rate plus a ratings-based margin, USD-denominated borrowings bore interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at a base rate plus a ratings-based margin. The Company capitalized $48 million of deferred financing costs associated with the Bridge Loan which were amortized over the commitment period. Upon entering into a senior unsecured delayed draw term loan facility and issuing the USD Notes and the Euro Notes, the Company reduced the Bridge Loan by €7.7 billion and accelerated the amortization on $25 million of deferred financing costs in Interest expense during 2023. On January 2, 2024, the Company entered into a 60-day senior unsecured term loan agreement consisting of a Euro-denominated tranche in an aggregate amount of €113 million and a USD-denominated tranche in an aggregate amount of $349 million (the “60-day Loan”). Upon entering into the 60-day Loan, the Company reduced the final portion of the Bridge Loan by €500 million and subsequently terminated the agreement. As of March 31, 2024, borrowings under the 60-day Loan have been fully repaid.

Delayed Draw Facility

On May 19, 2023, the Company entered into a senior unsecured delayed draw term loan credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and certain other lenders that permits aggregate borrowings of up to €2.3 billion (the "Delayed Draw Facility"). The facility consists of an 18-month, Euro-denominated tranche in an aggregate amount of €1.15 billion and a 3-year, Euro-denominated tranche in an aggregate amount of €1.15 billion. Euro-denominated borrowings bear interest at the EURIBOR Rate plus a ratings-based margin, USD-denominated borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at a base rate plus a ratings-based margin. The Company capitalized $4 million of deferred financing costs which will be amortized over the respective term of the tranches. On January 2, 2024, the Company borrowed the full amount available under the Delayed Draw Facility in U.S. Dollars.

364 Day Revolver

On May 19, 2023, the Company entered into a 364-day, $500 million, senior unsecured revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and certain other lenders (the “Revolver”), the proceeds of which became available upon closing of the acquisition of the VCS Business. Borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at a base rate plus a ratings-based margin. As of March 31, 2024, there were no borrowings outstanding under the Revolver.

Japanese Term Loan Facility

On July 15, 2022, the Company entered into a five-year, JPY 54 billion (approximately $400 million) senior unsecured term loan facility with MUFG Bank Ltd., as administrative agent and lender, and certain other lenders (the "Japanese Term Loan Facility"). Borrowings under the Japanese Term Loan Facility bear interest at a rate equal to the Tokyo Term Risk Free Rate plus 0.75%. The Company capitalized $2 million of deferred financing costs which are being amortized over its term. On July 25, 2022, the Company borrowed JPY 54 billion under the Japanese Term Loan Facility and used the proceeds to fund a portion of the Yen-denominated purchase price of Toshiba Carrier Corporation ("TCC") and to pay related fees and expenses.

Revolving Credit Facility

On May 19, 2023, the Company entered into a revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, permitting aggregate borrowings of up to $2.0 billion pursuant to an unsecured, unsubordinated revolving credit facility that matures in May 2028 (the "Revolving Credit Facility"). The Revolving Credit Facility supports the Company's commercial paper program and can be used for other general corporate purposes. Borrowings are available in U.S. Dollars and Euros. U.S. Dollar borrowings can bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at an alternate base rate plus a ratings-based margin. Euro borrowings bear interest at an adjusted EURIBOR rate plus a ratings-based margin. A ratings-based commitment fee is charged on unused commitments. Upon entering into the agreement, the Company terminated its existing revolving credit facility that was set to mature in April 2025. In addition, the Company capitalized $2 million of deferred financing costs which are being amortized over its term. As of March 31, 2024, there were no borrowings outstanding under the Revolving Credit Facility.

Commercial Paper Program

The Company has a $2.0 billion unsecured, unsubordinated commercial paper program, which can be used for general corporate purposes, including the funding of working capital and potential acquisitions. As of March 31, 2024, there were no borrowings outstanding under the commercial paper program.

Project Financing Arrangements

The Company is involved in long-term construction contracts in which it arranges project financing with certain customers. As a result, the Company issued $10 million and $5 million of debt during the three months ended March 31, 2024 and 2023, respectively. Long-term debt repayments associated with these financing arrangements during the three months ended March 31, 2024 and 2023 were $5 million and $2 million, respectively.

Debt Covenants

The Revolving Credit Facility, Revolver, the indenture for the long-term notes and the Japanese Term Loan Facility contain affirmative and negative covenants customary for financings of these types, which, among other things, limit the Company's ability to incur certain liens, to make certain fundamental changes and to enter into sale and leaseback transactions. As of March 31, 2024, the Company was in compliance with the covenants under the agreements governing its outstanding indebtedness.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income from operations	$ 289	$ 387
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	314	136
Deferred income tax provision	(123)	(24)
Stock-based compensation costs	22	22
Equity method investment net earnings	(31)	(44)
(Gain) loss on sale of investments / deconsolidation	0	(16)
Changes in operating assets and liabilities
Accounts receivable, net	(205)	(157)
Contract assets, current	(33)	(28)
Inventories, net	(72)	(126)
Other assets, current	(52)	(60)
Accounts payable and accrued liabilities	(195)	(25)
Contract liabilities, current	(18)	64
Defined benefit plan contributions	(6)	(6)
Distributions from equity method investments	7	3
Other operating activities, net	143	(6)
Net cash flows provided by (used in) operating activities	40	120
Investing Activities
Capital expenditures	(104)	(70)
Investment in businesses, net of cash acquired	(10,772)	(52)
Dispositions of businesses	0	35
Settlement of derivative contracts, net	(209)	(18)
Other investing activities, net	4	5
Net cash flows provided by (used in) investing activities	(11,081)	(100)
Financing Activities
Increase (decrease) in short-term borrowings, net	19	10
Issuance of long-term debt	2,548	5
Repayment of long-term debt	(5)	(2)
Repurchases of common stock	0	(62)
Dividends paid on common stock	(159)	(154)
Dividends paid to non-controlling interest	(2)	0
Other financing activities, net	(22)	(10)
Net cash flows provided by (used in) financing activities	2,379	(213)
Effect of foreign exchange rate changes on cash and cash equivalents	(68)	20
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	(8,730)	(173)
Less: Change in cash balances classified as assets held for sale	(30)	0
Net increase (decrease) in cash and cash equivalents and restricted cash	(8,700)	(173)
Cash, cash equivalents and restricted cash, beginning of period	10,017	3,527
Cash, cash equivalents and restricted cash, end of period	1,317	3,354
Less: restricted cash	4	7
Cash and cash equivalents, end of period	$ 1,313	$ 3,347

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Accounting	The Unaudited Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and majority-owned subsidiaries in which it has control. Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Non-controlling interest represents a non-controlling investor's interests in the results of subsidiaries that the Company controls and consolidates.
Recently Issued and Adopted Accounting Pronouncements	The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the sole source of authoritative U.S. GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs pending adoption were assessed and determined to be either not applicable or are not expected to have a material impact on the accompanying Unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. On March 6, 2024, the SEC adopted new rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The rules amend the provisions of both Regulation S-K and Regulation S-X and will be required in annual reports and registration statements. Amendments to Regulation S-K require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance. Amendments to Regulation S-X require disclosure of the financial effects of severe weather events and other natural conditions as well as the use of carbon offsets or renewable energy credits. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025, subject to legal challenges and the SEC's voluntary stay of the disclosure requirements. The Company will continue to assess the impact of these new rules on its financial statements while the stay is in place.
Fair Value Measurements	ASC 820, Fair Value Measurement ("ASC 820"), defines fair value as the price that would be received if an asset is sold or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows: •Level 1: Observable inputs such as quoted prices in active markets; •Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and •Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors, including foreign currency and commodity price risk. These exposures are managed through operational strategies and the use of undesignated hedging contracts. The Company's derivative assets and liabilities are measured at fair value on a recurring basis using internal models based on observable market inputs, such as forward, interest, contract and discount rates with changes in fair value reported in Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations. During 2022, the Company entered into cross currency swaps with various financial institutions to fund a portion of the Yen-denominated purchase price of TCC. The cross currency swaps are measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates as well as credit default swap spreads. The Company designated the cross currency swaps as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the fair value of the swaps are recorded in Equity in the accompanying Unaudited Condensed Consolidated Balance Sheet. From time to time, the Company settles and enters into new cross currency swaps with the same purpose and characteristics as initially established. The remaining portion of the Yen-denominated purchase price was funded by the Japanese Term Loan Facility. The carrying value of the facility is translated on a recurring basis using the exchange rate at the end of the applicable period and approximates its fair value. The Company designated the Japanese Term Loan Facility as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the carrying value of the Japanese Term Loan Facility associated with foreign exchange rate movements are recorded in Equity in the Unaudited Condensed Consolidated Balance Sheet. During 2023, the Company entered into window forward contracts with Bank of America N.A. and JPMorgan Chase Bank N.A. to mitigate the foreign currency risk of the expected cash outflows associated with the Euro-denominated purchase price of the VCS Business. The instruments had an aggregate notional amount of €7 billion and a settlement window between November 28, 2023 and February 27, 2024. The window forward contracts were measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates with changes in fair value reported in Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations. During the three months ended March 31, 2024, the Company recognized a $86 million loss on the mark-to-market valuation of its window forward contracts. The Company settled the window forward contracts on January 2, 2024 upon the acquisition of the VCS Business. During 2023, the Company entered into several interest rate swap contracts to mitigate interest rate exposure on the forecasted issuance of long-term debt. The contracts had an aggregate notional amount of $1.525 billion and were designated as cash flow hedges with changes in fair value reported in Equity in the accompanying Unaudited Condensed Consolidated Balance Sheet. Fair value was measured on a recurring basis using observable market inputs, such as forward, discount and interest rates. In November 2023, the contracts were settled upon the issuance of the underlying debt. As a result, the Company deferred a net unrecognized gain of $58 million in Equity which will be subsequently recognized in Interest expense over the term of the related notes which range from 2034 to 2044. The amount expected to be amortized during 2024 is a net gain of $5 million. The fair value of the Company's long-term debt is measured based on observable market inputs which are considered Level 1 within the fair value hierarchy. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value due to the short-term nature of these accounts and would be classified as Level 1 in the fair value hierarchy. The Company's financing leases and project financing obligations, included in Long-term debt and Current portion of long-term debt on the accompanying Unaudited Condensed Consolidated Balance Sheet, approximate fair value and are classified as Level 3 in the fair value hierarchy.
Product Warranties	In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Unaudited Condensed Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities based on their anticipated settlement date.
Revenue Recognition	The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers. Revenue is recognized when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. A significant portion of the Company's performance obligations are recognized at a point-in-time when control of the product transfers to the customer, which is generally at the time of shipment. The remaining portion of the Company’s performance obligations are recognized over time as the customer simultaneously obtains control as the Company performs work under a contract, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities. Contract assets relate to the conditional right to consideration for any completed performance under a contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Contract liabilities relate to payments received in advance of performance under a contract or when the Company has a right to consideration that is conditioned upon transfer of a good or service to a customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.
Commitments and Contingent Liabilities	The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental (including asbestos) and legal matters. In accordance with ASC 450, Contingencies, the Company records accruals for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These accruals are generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. In addition, these estimates are reviewed periodically and adjusted to reflect additional information when it becomes available. The Company is unable to predict the final outcome of the following matters based on the information currently available, except as otherwise noted. However, the Company does not believe that the resolution of any of these matters will have a material adverse effect upon its results of operations or financial condition. Environmental Matters The Company’s operations are subject to environmental regulation by various authorities. The Company has accrued for the costs of environmental remediation activities, including but not limited to investigatory, remediation, operating and maintenance costs and performance guarantees. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to individual sites, including the technology required to remediate, current laws and regulations and prior remediation experience. For sites with multiple responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of other parties to fulfill their obligations in establishing a provision for these costs. Accrued environmental liabilities are not reduced by potential insurance reimbursements and are undiscounted. Asbestos Matters The Company has been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos allegedly integrated into certain Carrier products or business premises. While the Company has never manufactured asbestos and no longer incorporates it into any currently-manufactured products, certain products that the Company no longer manufactures contained components incorporating asbestos. A substantial majority of these asbestos-related claims have been dismissed without payment or have been covered in full or in part by insurance or other forms of indemnity. Additional cases were litigated and settled without any insurance reimbursement. The amounts recorded for asbestos-related liabilities are based on currently available information and assumptions that the Company believes are reasonable and are made with input from outside actuarial experts. These amounts are undiscounted and exclude the Company’s legal fees to defend the asbestos claims, which are expensed as incurred. In addition, the Company has recorded insurance recovery receivables for probable asbestos-related recoveries.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Sales Disaggregated by Product and Service

Sales disaggregated by product and service are as follows:



	Three Months Ended March 31,
(In millions)	2024		2023
Sales Type
Product	$	4,073	$	3,201
Service	468		421
HVAC sales	4,541		3,622

Product	772		787
Service	112		111
Refrigeration sales	884		898

Product	825		813
Service	62		56
Fire & Security sales	887		869

Total segment sales	6,312		5,389
Eliminations and other	(130)		(116)
Net sales	$	6,182	$	5,273

Schedule of Contract Assets and Liabilities

Total contract assets and contract liabilities consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Contract assets, current	$	320	$	306
Contract assets, non-current (included within Other assets)	30		26
Total contract assets	350		332

Contract liabilities, current	(501)		(425)
Contract liabilities, non-current (included within Other long-term liabilities)	(157)		(160)
Total contract liabilities	(658)		(585)
Net contract assets (liabilities)	$	(308)	$	(253)

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Allocation of the Purchase Price

The components of the purchase price is as follows:


(In millions)	January 2, 2024
Cash	$	11,156
Common shares (58,608,959 shares at $51.20 per share)	3,001
Total consideration	$	14,157

Schedule of Allocation of the Purchase Price

The preliminary allocation of the purchase price is as follows:


(In millions)	January 2, 2024
Cash and cash equivalents	$	394
Accounts receivable	408
Inventories	948
Other assets, current	17
Fixed assets	913
Intangible assets	6,640
Goodwill	7,576
Other assets	284
Accounts payable	(288)
Other liabilities, current	(626)
Future income tax obligations	(1,825)
Other liabilities	(284)
Net assets acquired	$	14,157

Schedule of Intangible Assets Based on Estimate of Fair Value

The Company recorded intangible assets based on its estimate of fair value which consisted of the following:


(In millions)	Estimated Useful Life (in years)	Intangible Assets Acquired
Customer relationships	17	$	4,787
Technology	10 - 20	1,051
Trademark	40	679
Backlog	1	123
Total intangible assets acquired		$	6,640

Schedule of Business Acquisition, Pro Forma Information


	Three Months Ended March 31,
(In millions)	2024		2023
Revenue	$	6,182	$	6,278
Earnings	343		79

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income (Loss)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interest
Balance as of beginning of period at Dec. 31, 2022	$ 8,076	$ (1,688)	$ 9	$ (1,910)	$ 5,481	$ 5,866	$ 318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	387					373	14
Other comprehensive income (loss), net of tax	54	52					2
Shares issued under incentive plans, net	(9)				(9)
Stock-based compensation	22				22
Treasury stock repurchase	(62)			(62)
Balance as of end of period at Mar. 31, 2023	8,468	(1,636)	9	(1,972)	5,494	6,239	334
Balance as of beginning of period at Dec. 31, 2022	8,076	(1,688)	9	(1,910)	5,481	5,866	318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock repurchase	(2,000)
Balance as of end of period at Dec. 31, 2023	9,005	(1,486)	9	(1,972)	5,535	6,591	328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	289					269	20
Other comprehensive income (loss), net of tax	(389)	(386)					(3)
Shares issued under incentive plans, net	(22)				(22)
Stock-based compensation	23				23
Acquisition of VCS Business	3,000				3,000
Balance as of end of period at Mar. 31, 2024	$ 11,906	$ (1,872)	$ 9	$ (1,972)	$ 8,536	$ 6,860	$ 345

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring


(In millions)	Total		Level 1		Level 2		Level 3
March 31, 2024


Derivative assets (1)(3)	$	32	$	—	$	32	$	—
Derivative liabilities (2)(3)	$	(17)	$	—	$	(17)	$	—

December 31, 2023


Derivative assets (1) (3)	$	32	$	—	$	32	$	—
Derivative liabilities (2) (3)	$	(126)	$	—	$	(126)	$	—

(1) Included in Other assets, current and Other assets on the accompanying Unaudited Condensed Consolidated Balance Sheet.

(2) Included in Accrued liabilities and Other long-term liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet.

(3) Includes cross currency swaps and window forward contracts (which were settled on January 2, 2024).


	March 31, 2024				December 31, 2023
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value



Total long-term Notes (1)	$	13,895	$	12,873	$	13,951	$	13,194

(1) Excludes debt discount and issuance costs.

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers. Revenue is recognized when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. A significant portion of the Company's performance obligations are recognized at a point-in-time when control of the product transfers to the customer, which is generally at the time of shipment. The remaining portion of the Company’s performance obligations are recognized over time as the customer simultaneously obtains control as the Company performs work under a contract, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment.

Sales disaggregated by product and service are as follows:



	Three Months Ended March 31,
(In millions)	2024		2023
Sales Type
Product	$	4,073	$	3,201
Service	468		421
HVAC sales	4,541		3,622

Product	772		787
Service	112		111
Refrigeration sales	884		898

Product	825		813
Service	62		56
Fire & Security sales	887		869

Total segment sales	6,312		5,389
Eliminations and other	(130)		(116)
Net sales	$	6,182	$	5,273

Contract Balances

Total contract assets and contract liabilities consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Contract assets, current	$	320	$	306
Contract assets, non-current (included within Other assets)	30		26
Total contract assets	350		332

Contract liabilities, current	(501)		(425)
Contract liabilities, non-current (included within Other long-term liabilities)	(157)		(160)
Total contract liabilities	(658)		(585)
Net contract assets (liabilities)	$	(308)	$	(253)

The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities. Contract assets relate to the conditional right to consideration for any completed performance under a contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Contract liabilities relate to payments received in advance of performance under a contract or when the Company has a right to consideration that is conditioned upon transfer of a good or service to a customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.

The Company recognized revenue of $345 million during the three months ended March 31, 2024 that related to contract liabilities as of January 1, 2024. The Company expects a majority of its current contract liabilities at the end of the period to be recognized as revenue in the next 12 months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

REVENUE RECOGNITION - Sales Disaggregated by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total Net sales	$ 6,182	$ 5,273
Product
Segment Reporting Information [Line Items]
Total Net sales	5,542	4,686
Service
Segment Reporting Information [Line Items]
Total Net sales	640	587
Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	6,312	5,389
Operating Segments \| HVAC sales
Segment Reporting Information [Line Items]
Total Net sales	4,541	3,622
Operating Segments \| HVAC sales \| Product
Segment Reporting Information [Line Items]
Total Net sales	4,073	3,201
Operating Segments \| HVAC sales \| Service
Segment Reporting Information [Line Items]
Total Net sales	468	421
Operating Segments \| Refrigeration sales
Segment Reporting Information [Line Items]
Total Net sales	884	898
Operating Segments \| Refrigeration sales \| Product
Segment Reporting Information [Line Items]
Total Net sales	772	787
Operating Segments \| Refrigeration sales \| Service
Segment Reporting Information [Line Items]
Total Net sales	112	111
Operating Segments \| Fire & Security sales
Segment Reporting Information [Line Items]
Total Net sales	887	869
Operating Segments \| Fire & Security sales \| Product
Segment Reporting Information [Line Items]
Total Net sales	825	813
Operating Segments \| Fire & Security sales \| Service
Segment Reporting Information [Line Items]
Total Net sales	62	56
Eliminations and other
Segment Reporting Information [Line Items]
Total Net sales	$ (130)	$ (116)

- Definition

+ References

+ Details

EQUITY - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 9,005	$ 8,076
Other comprehensive income (loss) before reclassifications, net	(385)	52
Amounts reclassified, pre-tax	(1)
Balance as of end of period	11,906	8,468
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,486)	(1,688)
Balance as of end of period	(1,872)	(1,636)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,444)	(1,604)
Other comprehensive income (loss) before reclassifications, net	(385)	52
Amounts reclassified, pre-tax	0
Balance as of end of period	(1,829)	(1,552)
Defined Benefit Pension and Post-retirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(100)	(84)
Other comprehensive income (loss) before reclassifications, net	0	0
Amounts reclassified, pre-tax	0
Balance as of end of period	(100)	(84)
Unrealized Hedging Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	58	0
Other comprehensive income (loss) before reclassifications, net	0	0
Amounts reclassified, pre-tax	(1)
Balance as of end of period	$ 57	$ 0

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

SEGMENT FINANCIAL DATA (Details) $ in Millions	3 Months Ended
SEGMENT FINANCIAL DATA (Details) $ in Millions	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	3
Net Sales	$ 6,182	$ 5,273
Operating Profit	500	555
United States
Segment Reporting Information [Line Items]
Net Sales	2,967	2,860
Europe
Segment Reporting Information [Line Items]
Net Sales	1,971	1,196
Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	1,040	1,033
Other
Segment Reporting Information [Line Items]
Net Sales	204	184
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	6,312	5,389
Operating Profit	679	636
Operating Segments \| HVAC
Segment Reporting Information [Line Items]
Net Sales	4,541	3,622
Operating Profit	429	435
Operating Segments \| Refrigeration
Segment Reporting Information [Line Items]
Net Sales	884	898
Operating Profit	97	108
Operating Segments \| Fire & Security
Segment Reporting Information [Line Items]
Net Sales	887	869
Operating Profit	153	93
Eliminations and other
Segment Reporting Information [Line Items]
Net Sales	(130)	(116)
Operating Profit	(75)	(38)
General corporate expenses
Segment Reporting Information [Line Items]
Net Sales	0	0
Operating Profit	$ (104)	$ (43)

DIVESTITURES - Narrative (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions	Mar. 05, 2024	Dec. 12, 2023	Dec. 07, 2023
Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value			$ 4,950
Commercial Refrigeration Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value		$ 775
Industrial Fire to Sentinel Capital Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value	$ 1,425

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Outstanding Liabilities for Environmental Obligations

The outstanding liabilities for environmental obligations are as follows:


(In millions)	March 31, 2024		December 31, 2023
Environmental reserves included in Accrued liabilities	$	19	$	21
Environmental reserves included in Other long-term liabilities	201		203
Total Environmental reserves	$	220	$	224

Schedule of Asbestos Liabilities and Related Recoveries

The Company's asbestos liabilities and related insurance recoveries are as follows:


(In millions)	March 31, 2024		December 31, 2023
Asbestos liabilities included in Accrued liabilities	$	15	$	15
Asbestos liabilities included in Other long-term liabilities	203		206
Total Asbestos liabilities	$	218	$	221

Asbestos-related recoveries included in Other assets, current	$	5	$	5
Asbestos-related recoveries included in Other assets	87		88
Total Asbestos-related recoveries	$	92	$	93

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the reporting unit may be less than its carrying value.

The changes in the carrying amount of goodwill were as follows:


(In millions)	HVAC		Refrigeration		Fire & Security		Total
Balance as of December 31, 2023	$	6,407	$	1,124	$	458	$	7,989
Acquisitions (1)	7,576		—		—		7,576
Reclassified to held for sale (2)	—		—		25		25
Foreign currency translation	(253)		(22)		51		(224)
Balance as of March 31, 2024	$	13,730	$	1,102	$	534	$	15,366

(1) See Note 15 - Acquisitions for additional information.

(2) See Note 16 - Divestitures for additional information.

Indefinite-lived intangible assets are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the asset may be less than the carrying amount of the asset. All other intangible assets with finite useful lives are amortized over their estimated useful lives.

Identifiable intangible assets consisted of the following:


	March 31, 2024						December 31, 2023
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Amortized:
Customer relationships	$	5,929	$	(730)	$	5,199	$	1,222	$	(610)	$	612
Patents and trademarks	993		(175)		818		332		(163)		169

Service portfolios and other	1,831		(561)		1,270		686		(503)		183
	8,753		(1,466)		7,287		2,240		(1,276)		964
Unamortized:
Trademarks and other	64		—		64		64		—		64
Intangible assets, net	$	8,817	$	(1,466)	$	7,351	$	2,304	$	(1,276)	$	1,028

Amortization of intangible assets was as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Amortization expense of Intangible assets	$	212	$	64

Impairment Assessment

On January 1, 2024, the Company reorganized its HVAC segment reporting units due to the VCS Business acquisition. As a result, the Company performed a quantitative goodwill impairment test on its legacy Commercial HVAC, North America residential and light commercial and Global Comfort solutions reporting units prior to the reorganization which did not result in a goodwill impairment. The Company then reassigned goodwill among its new regional reporting units using a relative fair value approach and performed a goodwill impairment assessment which did not result in a goodwill impairment.

COMMITMENTS AND CONTINGENT LIABILITIES

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental (including asbestos) and legal matters. In accordance with ASC 450, Contingencies, the Company records accruals for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These accruals are generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. In addition, these estimates are reviewed periodically and adjusted to reflect additional information when it becomes available. The Company is unable to predict the final outcome of the following matters based on the information currently available, except as otherwise noted. However, the Company does not believe that the resolution of any of these matters will have a material adverse effect upon its results of operations or financial condition.

Environmental Matters

The Company’s operations are subject to environmental regulation by various authorities. The Company has accrued for the costs of environmental remediation activities, including but not limited to investigatory, remediation, operating and maintenance costs and performance guarantees. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to individual sites, including the technology required to remediate, current laws and regulations and prior remediation experience.

The outstanding liabilities for environmental obligations are as follows:


(In millions)	March 31, 2024		December 31, 2023
Environmental reserves included in Accrued liabilities	$	19	$	21
Environmental reserves included in Other long-term liabilities	201		203
Total Environmental reserves	$	220	$	224

For sites with multiple responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of other parties to fulfill their obligations in establishing a provision for these costs. Accrued environmental liabilities are not reduced by potential insurance reimbursements and are undiscounted.

Asbestos Matters

The Company has been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos allegedly integrated into certain Carrier products or business premises. While the Company has never manufactured asbestos and no longer incorporates it into any currently-manufactured products, certain products that the Company no longer manufactures contained components incorporating asbestos. A substantial majority of these asbestos-related claims have been dismissed without payment or have been covered in full or in part by insurance or other forms of indemnity. Additional cases were litigated and settled without any insurance reimbursement. The amounts involved in asbestos-related claims were not material individually or in the aggregate in any period.

The Company's asbestos liabilities and related insurance recoveries are as follows:


(In millions)	March 31, 2024		December 31, 2023
Asbestos liabilities included in Accrued liabilities	$	15	$	15
Asbestos liabilities included in Other long-term liabilities	203		206
Total Asbestos liabilities	$	218	$	221

Asbestos-related recoveries included in Other assets, current	$	5	$	5
Asbestos-related recoveries included in Other assets	87		88
Total Asbestos-related recoveries	$	92	$	93

The amounts recorded for asbestos-related liabilities are based on currently available information and assumptions that the Company believes are reasonable and are made with input from outside actuarial experts. These amounts are undiscounted and exclude the Company’s legal fees to defend the asbestos claims, which are expensed as incurred. In addition, the Company has recorded insurance recovery receivables for probable asbestos-related recoveries.

Aqueous Film Forming Foam Litigation

As of March 31, 2024, the Company, KFI and others have been named as defendants in more than 7,000 lawsuits filed by individuals in or removed to the federal courts of the United States alleging that the historic use of Aqueous Film Forming Foam ("AFFF") caused personal injuries and/or property damage. The Company, KFI and others have also been named as defendants in more than 800 lawsuits filed by several U.S. states, municipalities and water utilities in or removed to U.S. federal courts alleging that the historic use of AFFF caused contamination of property and water supplies. In December 2018, the U.S. Judicial Panel on Multidistrict Litigation transferred and consolidated all AFFF cases pending in the U.S. federal courts against the Company, KFI and others to the U.S. District Court for the District of South Carolina (the "MDL Proceedings"). The individual plaintiffs in the MDL Proceedings generally seek damages for alleged personal injuries, medical monitoring, diminution in property value and injunctive relief to remediate alleged contamination of water supplies. The U.S. state, municipal and water utility plaintiffs in the MDL Proceedings generally seek damages and costs related to the remediation of public property and water supplies.

AFFF is a firefighting foam, developed beginning in the late 1960s pursuant to U.S. military specification, used to extinguish certain types of hydrocarbon-fueled fires. The lawsuits identified above relate to Kidde Fire Fighting, Inc., which owned the National Foam business. Kidde Fire Fighting, Inc. was acquired by a UTC subsidiary in 2005 and merged into KFI in 2007. The National Foam business manufactured AFFF for sale to government (including the U.S. federal government) and non-government customers in the U.S. at a single facility located in West Chester, Pennsylvania (the "Pennsylvania Site"). In 2013, KFI divested the AFFF businesses to an unrelated third party. The Company acquired KFI as part of the Separation in April 2020.

The key components that contribute to AFFF's fire-extinguishing capabilities are known as fluorosurfactants. Neither the Company, nor KFI, nor any of the Company's subsidiaries involved in the AFFF litigation manufactured fluorosurfactants. Instead, the National Foam business purchased these substances from unrelated third parties for use in manufacturing AFFF. Plaintiffs in the MDL Proceedings allege that the fluorosurfactants used by various manufacturers in producing AFFF contained, or over time degraded into, compounds known as per- and polyfluoroalkyl substances (referred to collectively as "PFAS"), including perflourooctanesulfonic acid ("PFOS") and perflourooctanoic acid ("PFOA"). Plaintiffs further allege that, as a result of the use of AFFF, PFOS and PFOA were released into the environment and, in some instances, ultimately reached drinking water supplies.

Plaintiffs in the MDL Proceedings allege that PFOS and PFOA contamination has resulted from the use of AFFF manufactured using a process known as ECF, and that this process was used exclusively by 3M. They also allege that PFOA contamination has resulted from the use of AFFF manufactured using a different process, known as telomerization, and that this process was used exclusively by the other AFFF manufacturers (including the National Foam business). Compounds containing PFOS and PFOA (as well as many other PFAS) have also been used for decades by many third parties in a number of different industries to manufacture firefighters’ protective outerwear, carpets, clothing, fabrics, cookware, food packaging, personal care products, cleaning products, paints, varnishes and other consumer and industrial products.

Plaintiffs in the MDL Proceedings have named multiple defendants, including suppliers of chemicals and raw materials used to manufacture fluorosurfactants, fluorosurfactant manufacturers and AFFF manufacturers. The defendants in the MDL Proceedings moved for summary judgment on the government contractor defense, which potentially applies to AFFF sold to or used by the U.S. government. After full briefing and oral argument, on September 16, 2022, the MDL court declined to enter summary judgment for the defendants. The defense, however, remains available at any trial to which it applies.

On September 23, 2022, after completion of discovery, the MDL court selected one water provider case, the City of Stuart, FL v. 3M, et al., for a bellwether trial. That trial was scheduled to begin in early June 2023 but was postponed indefinitely. The MDL court ordered that the bellwether process for personal injury cases to begin in 2023. However, the court has not yet outlined details on that process or its timing.

Outside of the MDL Proceedings, the Company and other defendants also are party to six lawsuits in U.S. state courts brought by oil refining companies alleging product liability claims related to legacy sales of AFFF and seeking damages for the costs to replace the product and for property damage. In addition, the Company and other defendants are party to two actions related to the Pennsylvania Site in which the plaintiff water utility company seeks remediation costs related to the alleged contamination of the local water supply. The Company, KFI and other defendants are also party to one action in Arizona state court brought by a firefighter claiming that occupational exposure to AFFF has caused certain personal injuries.

The Company and KFI believe that they have meritorious defenses to the claims in the MDL Proceedings and the other AFFF lawsuits. Given the numerous factual, scientific and legal issues to be resolved relating to these claims, the Company is unable to assess the probability of liability or to reasonably estimate a range of possible loss at this time. There can be no assurance that any such future exposure will not be material in any period.

On May 14, 2023, KFI filed a voluntary petition with the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 of the Bankruptcy Code after the Company determined that it would not provide financial support to KFI going forward, other than ensuring KFI has access to services necessary for the effective operation of its business. As a result, all litigation against KFI is automatically stayed. KFI filed an adversary complaint and motion in the Chapter 11 case seeking an order staying or enjoining all AFFF-related litigation against the Company, its other subsidiaries and RTX. That motion was resolved through an agreement that effectively stays the AFFF litigation against these parties. KFI has also indicated to the bankruptcy court that it intends to pursue insurance coverage for AFFF-related liabilities and contractual indemnification for AFFF-related liabilities from the third party to which KFI sold National Foam. On November 21, 2023, the bankruptcy court ordered certain parties, including the Company, to participate in a mediation with respect to claims that might be asserted by and against it in the bankruptcy proceedings. The parties have engaged in several mediation sessions and anticipate further sessions in the future. The terms and scope of any potential settlement may be affected by, among other factors, the bankruptcy court’s ability to approve nonconsensual releases of litigation claims against non-debtors, which the United States Supreme Court is expected to decide in Harrington v. Purdue Pharma, L.P.

Deconsolidation Due to Bankruptcy

As of May 14, 2023, the Company no longer controlled KFI as their activities are subject to review and oversight by the bankruptcy court. Therefore, KFI was deconsolidated and their respective assets and liabilities were derecognized from the Company’s Unaudited Condensed Consolidated Financial Statements. Upon deconsolidation, the Company determined the fair value of its retained interest in KFI to be zero and will account for it prospectively using the cost method. As a result of these actions, the Company recognized a loss of $297 million in its Unaudited Condensed Consolidated Statement of Operations within Other income/(expense), net. In addition, the deconsolidation resulted in an investing cash outflow of $134 million in the Company's Unaudited Condensed Consolidated Statement of Cash Flows.

In connection with the bankruptcy filing, KFI entered into several agreements with subsidiaries of the Company to ensure they have access to services necessary for the effective operation of their business. All post-deconsolidation activity between the Company and KFI are reported as third-party transactions recorded within the Company's Unaudited Condensed Consolidated Statement of Operations. Since the petition date, there were no material transactions between the Company and KFI.

On March 15, 2024, the Company and Pacific Avenue Capital Partners entered into certain agreements including a stock and asset purchase agreement whereby Pacific Avenue Capital Partners shall acquire certain assets and operating liabilities of KFI, subject to approval by the bankruptcy court. On April 1, 2024, the bankruptcy court subsequently approved the sale. However, there has been no determination with respect to the allocation of sale proceeds.

Income Taxes

Under the TMA relating to the Separation, the Company is responsible to UTC for its share of the Tax Cuts and Jobs Act transition tax associated with foreign undistributed earnings as of December 31, 2017. During the three months ended March 31, 2024, the Company recognized a $46 million gain associated with the TMA and UTC's conclusion of certain income tax matters from their 2017 and 2018 tax audit with the IRS. Liabilities under the TMA of $96 million and $233 million are included within the accompanying Unaudited Condensed Consolidated Balance Sheet within Accrued Liabilities and Other Long-Term Liabilities as of March 31, 2024, respectively. This obligation is expected to be settled in annual installments ending in April 2026 with the next installment of $96 million due in 2024. The Company believes that the likelihood of incurring losses materially in excess of this amount is remote.

Other

The Company has other commitments and contingent liabilities related to legal proceedings, self-insurance programs and matters arising in the ordinary course of business. The Company accrues for contingencies generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount.

In the ordinary course of business, the Company is also routinely a defendant in, party to or otherwise subject to many pending and threatened legal actions, claims, disputes and proceedings. These matters are often based on alleged violations of contract, product liability, warranty, regulatory, environmental, health and safety, employment, intellectual property, tax and other laws. In some of these proceedings, claims for substantial monetary damages are asserted against the Company and could result in fines, penalties, compensatory or treble damages or non-monetary relief. The Company does not believe that these matters will have a material adverse effect upon its results of operations, cash flows or financial condition.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-39220
Entity Registrant Name	CARRIER GLOBAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-4051582
Entity Address, Address Line One	13995 Pasteur Boulevard
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33418
City Area Code	(561)
Local Phone Number	365-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		901,012,491
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001783180
Common Stock
Document Information [Line Items]
Title of each class	Common Stock ($0.01 par value)
Trading Symbol(s)	CARR
Name of each exchange on which registered	NYSE
4.375% Notes due 2025
Document Information [Line Items]
Title of each class	4.375% Notes due 2025
Trading Symbol(s)	CARR25
Name of each exchange on which registered	NYSE
4.125% Notes due 2028
Document Information [Line Items]
Title of each class	4.125% Notes due 2028
Trading Symbol(s)	CARR28
Name of each exchange on which registered	NYSE
4.500% Notes due 2032
Document Information [Line Items]
Title of each class	4.500% Notes due 2032
Trading Symbol(s)	CARR32
Name of each exchange on which registered	NYSE

GOODWILL AND INTANGIBLE ASSETS - Amortization of Intangible Asses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of Intangible assets	$ 212	$ 64

ACQUISITIONS - Pro Forma Financial Information (Details) - VCS Business - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenue	$ 6,182	$ 6,278
Earnings	$ 343	$ 79

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)	May 14, 2023 USD ($)	Mar. 31, 2024 USD ($) case
Other Commitments [Line Items]
Potential contingent liabilities	$ 0
Deconsolidation, loss amount	297,000,000
Kidde-Fenwal, Inc. deconsolidation	$ 134,000,000
Tax cuts and jobs act, recognized gain associated with share		$ 46,000,000
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability, current		96,000,000
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability		$ 233,000,000
Aqueous Film Forming Foam
Other Commitments [Line Items]
Number of litigation cases (more than) \| case		7,000
Number of litigation cases filed by state, municipality, and water utilities (more than) \| case		800
Number of litigation cases in state court (fewer than) \| case		6

BORROWINGS AND LINES OF CREDIT - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Discounts and debt issuance costs	$ (106)	$ (111)
Total debt	16,895	14,293
Less: current portion of long-term debt	1,248	51
Long-term debt, net of current portion	15,647	14,242
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	13,895	13,951
Unsecured Debt \| Japanese Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	357	379
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 213	74
2.242% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.242%
Long-term debt, gross	$ 1,200	1,200
4.375% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.375%		4.375%
Long-term debt, gross	$ 812	830
5.800% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	5.80%		5.80%
Long-term debt, gross	$ 1,000	1,000
2.493% Notes due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.493%
Long-term debt, gross	$ 900	900
4.125% Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.125%		4.125%
Long-term debt, gross	$ 812	830
2.722% Notes due 2030 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.722%
Long-term debt, gross	$ 2,000	2,000
2.700% Notes due 2031 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.70%
Long-term debt, gross	$ 750	750
4.500% Notes due 2032 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.50%		4.50%
Long-term debt, gross	$ 921	941
5.900% Notes due 2034 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	5.90%		5.90%
Long-term debt, gross	$ 1,000	1,000
3.377% Notes due 2040 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	3.377%
Long-term debt, gross	$ 1,500	1,500
3.577% Notes due 2050 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	3.577%
Long-term debt, gross	$ 2,000	2,000
6.200% Notes due 2054 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	6.20%		6.20%
Long-term debt, gross	$ 1,000	1,000
Delayed Draw Facility \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,536	$ 0

FAIR VALUE MEASUREMENTS - Fair Value and Carrying Amounts Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, current, Other assets	Other assets, current, Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 32	$ 32
Derivative liabilities	(17)	(126)
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	32	32
Derivative liabilities	(17)	(126)
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 8,753	$ 2,240
Accumulated Amortization	(1,466)	(1,276)
Net Amount	7,287	964
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	8,817	2,304
Accumulated Amortization	(1,466)	(1,276)
Net Amount	7,351	1,028
Trademarks and other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	64	64
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	5,929	1,222
Accumulated Amortization	(730)	(610)
Net Amount	5,199	612
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(730)	(610)
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	993	332
Accumulated Amortization	(175)	(163)
Net Amount	818	169
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(175)	(163)
Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,831	686
Accumulated Amortization	(561)	(503)
Net Amount	1,270	183
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (561)	$ (503)

ACQUISITIONS - Purchase Price (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jan. 02, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 15,366		$ 7,989
VCS Business
Business Acquisition [Line Items]
Cash and cash equivalents		$ 394
Accounts receivable		408
Inventories		948
Other assets, current		17
Fixed assets		913
Intangible assets		6,640
Goodwill		7,576
Other assets		284
Accounts payable		(288)
Other liabilities, current		(626)
Future income tax obligations		(1,825)
Other liabilities		(284)
Net assets acquired		$ 14,157

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Apr. 03, 2020	Mar. 05, 2024	Dec. 12, 2023	Dec. 07, 2023
Restructuring Cost and Reserve [Line Items]
Shares converted in spinoff transaction (in shares)	1
Disposal Group, Held-for-sale, Not Discontinued Operations \| Access Solutions
Restructuring Cost and Reserve [Line Items]
Enterprise value				$ 4,950
Disposal Group, Held-for-sale, Not Discontinued Operations \| Commercial Refrigeration Business
Restructuring Cost and Reserve [Line Items]
Enterprise value			$ 775
Disposal Group, Held-for-sale, Not Discontinued Operations \| Industrial Fire to Sentinel Capital Partners
Restructuring Cost and Reserve [Line Items]
Enterprise value		$ 1,425

- Definition

Line 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.

+ References + Details

EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of changes in the components of Accumulated other comprehensive income (loss) for the three months ended March 31, 2024 is as follows:


(In millions)	Foreign Currency Translation		Defined Benefit Pension and Post-retirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2023	$	(1,444)	$	(100)	$	58	$	(1,486)
Other comprehensive income (loss) before reclassifications, net	(385)		—		—		(385)
Amounts reclassified, pre-tax	—		—		(1)		(1)


Balance as of March 31, 2024	$	(1,829)	$	(100)	$	57	$	(1,872)

A summary of changes in the components of Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 is as follows:


(In millions)	Foreign Currency Translation		Defined Benefit Pension and Post-retirement Plans		Unrealized Hedging Gains (Losses)		Accumulated Other Comprehensive Income (Loss)
Balance as of December 31, 2022	$	(1,604)	$	(84)	$	—	$	(1,688)
Other comprehensive income (loss) before reclassifications, net	52		—		—		52



Balance as of March 31, 2023	$	(1,552)	$	(84)	$	—	$	(1,636)

BORROWINGS AND LINES OF CREDIT - Narrative (Details) ¥ in Billions								3 Months Ended
	Jan. 02, 2024 USD ($)	Jan. 02, 2024 EUR (€)	May 19, 2023 USD ($)	Apr. 25, 2023 USD ($)	Apr. 25, 2023 EUR (€)	Jul. 25, 2022 JPY (¥)	Jul. 15, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jan. 02, 2024 EUR (€)	Nov. 30, 2023 USD ($) tranche	Nov. 30, 2023 EUR (€) tranche	May 19, 2023 EUR (€)	Apr. 25, 2023 EUR (€)	Jul. 15, 2022 JPY (¥)
Debt Instrument [Line Items]
Issuance of long-term debt								$ 2,548,000,000	$ 5,000,000
Repayment of long-term debt								5,000,000	2,000,000
Revolving Credit Facility \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Unsecured Debt \| Bridge Loan
Debt Instrument [Line Items]
Debt instrument, term	60 days	60 days
Unsecured Debt \| 364 Day Revolver
Debt Instrument [Line Items]
Aggregate principal balance			$ 500,000,000
Long-term debt								0
Debt instrument, term			364 days
Unsecured Debt \| 364 Day Revolver \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Unsecured Debt \| Term Loan
Debt Instrument [Line Items]
Aggregate principal balance							$ 400,000,000								¥ 54
Capitalized deferred financing costs							$ 2,000,000
Debt instrument, term							5 years
Proceeds from issuance of debt \| ¥						¥ 54
Unsecured Debt \| Term Loan \| Tokyo Term Risk Free Rate
Debt Instrument [Line Items]
Basis spread on variable rate							0.75%
Line of Credit \| Delayed Draw Facility
Debt Instrument [Line Items]
Capitalized deferred financing costs			$ 4,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt								0
Capitalized deferred financing costs			2,000,000
Revolving credit facility, maximum borrowing capacity			$ 2,000,000,000
Line of Credit \| Commercial Paper
Debt Instrument [Line Items]
Maximum borrowing capacity								2,000,000,000
Short-term debt								$ 0
Senior Notes, Issued November 2023 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance											$ 3,000,000,000
Debt instrument, number of tranches \| tranche											3	3
5.800% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance											$ 1,000,000,000
Interest rate								5.80%			5.80%	5.80%
5.900% Notes due 2034 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance											$ 1,000,000,000
Interest rate								5.90%			5.90%	5.90%
6.200% Notes due 2054 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance											$ 1,000,000,000
Interest rate								6.20%			6.20%	6.20%
Senior Notes \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €												€ 2,350,000,000
4.375% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €												€ 750,000,000
Interest rate								4.375%			4.375%	4.375%
4.125% Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €												€ 750,000,000
Interest rate								4.125%			4.125%	4.125%
4.500% Notes due 2032 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €												€ 850,000,000
Interest rate								4.50%			4.50%	4.50%
Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Capitalized deferred financing costs											$ 51,000,000
Bridge Loan \| Bridge Loan \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%	0.10%
Bridge Loan \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €														€ 8,200,000,000
Bridge Loan \| Unsecured Debt \| Bridge Loan
Debt Instrument [Line Items]
Capitalized deferred financing costs				$ 48,000,000
Debt reduction \| €		€ 500,000,000			€ 7,700,000,000
Accumulated amortization, debt issuance costs				$ 25,000,000
Debt instrument, term	60 days	60 days
Bridge Term Loan Facility, USD-Denominated Tranche \| Unsecured Debt \| Bridge Loan
Debt Instrument [Line Items]
Aggregate principal balance	$ 349,000,000
Bridge Term Loan Facility, Euro-Denominated Tranche \| Unsecured Debt \| Bridge Loan
Debt Instrument [Line Items]
Aggregate principal balance \| €										€ 113,000,000
Bridge Term Loan Facility, Euro-Denominated Tranche \| Line of Credit \| Delayed Draw Facility
Debt Instrument [Line Items]
Aggregate principal balance \| €													€ 1,150,000,000
Debt instrument, term			18 months
Bridge Term Loan Facility, Euro-Denominated Tranche 2 \| Line of Credit \| Delayed Draw Facility
Debt Instrument [Line Items]
Aggregate principal balance \| €													1,150,000,000
Debt instrument, term			3 years
The Credit Agreement \| Line of Credit \| Delayed Draw Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity \| €													€ 2,300,000,000
The Credit Agreement \| Line of Credit \| Delayed Draw Facility \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Project Financing Arrangements \| Other Debt
Debt Instrument [Line Items]
Issuance of long-term debt								$ 10,000,000	5,000,000
Repayment of long-term debt								$ 5,000,000	$ 2,000,000
VCS Business
Debt Instrument [Line Items]
Total consideration	$ 14,157,000,000
Business combination, percentage of purchase price to be paid in equity	20.00%	20.00%
Business combination, percentage of purchase price to be paid in cash	80.00%	80.00%

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales
Total Net sales	$ 6,182	$ 5,273
Costs and expenses
Research and development	(224)	(139)
Selling, general and administrative	(985)	(721)
Total Costs and expenses	(5,686)	(4,755)
Equity method investment net earnings	31	44
Other income (expense), net	(27)	(7)
Operating profit	500	555
Interest (expense) income, net	(165)	(46)
Income from operations before income taxes	335	509
Income tax (expense) benefit	(46)	(122)
Net income from operations	289	387
Less: Non-controlling interest in subsidiaries' earnings from operations	20	14
Net income attributable to common shareowners	$ 269	$ 373
Earnings per share
Basic (in dollars per share)	$ 0.30	$ 0.45
Diluted (in dollars per share)	$ 0.29	$ 0.44
Weighted-average number of shares outstanding
Basic (in shares)	899.2	835.0
Diluted (in shares)	913.0	852.2
Product
Net sales
Total Net sales	$ 5,542	$ 4,686
Costs and expenses
Cost of products and services sold	(3,998)	(3,458)
Service
Net sales
Total Net sales	640	587
Costs and expenses
Cost of products and services sold	$ (479)	$ (437)