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Table of Contents    
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 ____________________________________ 
FORM 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-39220
____________________________________ 
CARRIER GLOBAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________ 
Delaware 83-4051582
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
13995 Pasteur Boulevard, Palm Beach Gardens, Florida 33418
(Address, of principal executive offices, including zip code)
(561) 365-2000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)CARRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  .    No   .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  .    No  .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  .    No  .
At June 30, 2020, there were 866,164,968 shares of Common Stock outstanding.
1

Table of Contents    
CARRIER GLOBAL CORPORATION AND SUBSIDIARIES
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Three and Six Months Ended June 30, 2020

Page
Carrier Global Corporation and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or trade names of Carrier Global Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and service designators of other companies are either the registered or unregistered trademarks or trade names of their respective owners. As used herein, the terms "we," "us," "our," "the Company," or "Carrier," unless the context otherwise requires, mean Carrier Global Corporation and its subsidiaries. References to internet websites in this Form 10-Q are provided for convenience only. Information available through these websites is not incorporated by reference into this Form 10-Q.


2

Table of Contents    



PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

CARRIER GLOBAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
For the Three Months Ended June 30,For the Six Months Ended June 30,
(dollars in millions, except per share amounts; shares in millions)2020201920202019
Net sales
Product sales (Note 5)$3,275  $4,139  $6,422  $7,705  
Service sales697  823  1,438  1,580  
3,972  4,962  7,860  9,285  
Costs and expenses
Cost of products sold (Note 5)2,343  2,906  4,580  5,471  
Cost of services sold488  582  1,017  1,114  
Research and development94  103  192  200  
Selling, general and administrative637  680  1,329  1,364  
3,562  4,271  7,118  8,149  
Equity method investment net earnings57  80  86  120  
Other (expense) income, net(25) 34  (71) 49  
Operating profit442  805  757  1,305  
Non-service pension benefit14  38  31  77  
Interest (expense) income, net(81) 16  (118) 20  
Income from operations before income taxes375  859  670  1,402  
Income tax expense106  65  299  205  
Net income from operations269  794  371  1,197  
Less: Non-controlling interest in subsidiaries' earnings from operations8  10  14  13  
Net income attributable to common shareowners$261  $784  $357  $1,184  
Earnings per share (Note 3)
Basic$0.30  $0.91  $0.41  $1.37  
Diluted $0.30  $0.91  $0.41  $1.37  
Weighted average number of shares outstanding (Note 3)
Basic866.2  866.2  866.2  866.2  
Diluted870.9  866.2  870.9  866.2  


The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.

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CARRIER GLOBAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
For the Three Months Ended June 30,For the Six Months Ended June 30,
(dollars in millions)2020201920202019
Net income from operations$269  $794  $371  $1,197  
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments arising during period251  (81) (239) 15  
Pension and post-retirement benefit plan adjustments7  4  12  9  
Other comprehensive income (loss), net of tax258  (77) (227) 24  
Comprehensive income527  717  144  1,221  
Less: Comprehensive income attributable to non-controlling interest(9) (7) (13) (15) 
Comprehensive income attributable to common shareowners$518  $710  $131  $1,206  
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.

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CARRIER GLOBAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(dollars in millions)June 30, 2020December 31, 2019
Assets
Cash and cash equivalents$2,704  $952  
Accounts receivable, net (Note 5 and Note 6)2,665  2,726  
Contract assets, current761  622  
Inventories, net1,639  1,332  
Other assets, current284  327  
Total current assets8,053  5,959  
Future income tax benefits419  500  
Fixed assets, net1,651  1,663  
Operating lease right-of-use assets843  832  
Intangible assets, net1,024  1,083  
Goodwill9,735  9,884  
Pension and post-retirement assets521  490  
Equity method investments1,697  1,739  
Other assets233  256  
Total Assets$24,176  $22,406  
Liabilities and Equity
Accounts payable (Note 5)$1,765  $1,701  
Accrued liabilities (Note 5)2,246  2,088  
Contract liabilities, current477  443  
Current portion of long-term debt301  237  
Total current liabilities4,789  4,469  
Long-term debt11,728  82  
Future pension and post-retirement obligations462  456  
Future income tax obligations (Note 5 and Note 14)445  1,099  
Operating lease liabilities688  682  
Other long-term liabilities (Note 5)1,698  1,183  
Total Liabilities19,810  7,971  
Commitments and contingent liabilities (Note 18)
Equity
UTC Net investment  15,355  
Common stock, par value $0.01; 4,000,000,000 shares authorized; 866,164,968 shares issued and outstanding as of June 30, 2020
9    
Additional paid-in capital5,307    
Retained earnings191    
Accumulated other comprehensive loss(1,479) (1,253) 
Non-controlling interest338  333  
Total Equity4,366  14,435  
Total Liabilities and Equity$24,176  $22,406  
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.

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CARRIER GLOBAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)

(dollars in millions)UTC Net InvestmentAccumulated Other Comprehensive LossCommon StockAdditional Paid-In CapitalRetained EarningsNon-Controlling InterestTotal Equity
Balance at January 1, 2019$15,132  $(1,215) $  $  $  $352  $14,269  
Net income400  —  —  —  —  3  403  
Other comprehensive income, net of tax—  96  —  —  —  5  101  
Dividends attributable to non-controlling interest—  —  —  —  —  (2) (2) 
Net transfers to UTC(81) —  —  —  —  —  (81) 
Adoption impact of ASU 2018-029  (9) —  —  —  —    
Balance at March 31, 201915,460  (1,128)       358  14,690  
Net income784  —  —  —  —  10  794  
Other comprehensive loss, net of tax—  (74) —  —  —  (3) (77) 
Dividends attributable to non-controlling interest—  —  —  —  —  (2) (2) 
Net transfers to UTC(445) —  —  —  —  —  (445) 
Balance at June 30, 2019$15,799  $(1,202) $  $  $  $363  $14,960  
Balance at January 1, 2020$15,355  $(1,253) $  $  $  $333  $14,435  
Net income96  —  —  —  —  6  102  
Other comprehensive loss, net of tax—  (483) —  —  —  (2) (485) 
Dividends attributable to non-controlling interest—  —  —  —  —  (8) (8) 
Net transfers to UTC(11,014) —  —  —  —  —  (11,014) 
Adoption impact of ASU 2016-13(4) —  —  —  —  —  (4) 
Balance at March 31, 20204,433  (1,736)       329  3,026  
Net income—  —  —  —  261  8  269  
Other comprehensive income, net of tax—  257  —  —  —  1  258  
Dividends declared on Common Stock ($0.08 per share)
—  —  —  —  (70) —  (70) 
Common stock issued under employee plans—  —  —  24  —  —  24  
Net transfers from UTC859  —  —  —  —  —  859  
Reclassification of UTC Net Investment to Common stock and Additional paid-in capital(5,292) —  9  5,283  —  —    
Balance as of June 30, 2020$  $(1,479) $9  $5,307  $191  $338  $4,366  



The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.
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CARRIER GLOBAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 For the Six Months Ended June 30,
(dollars in millions)20202019
Operating Activities
Net income from operations$371  $1,197  
Adjustments to reconcile net income from operations to net cash flows provided by operating activities, net of acquisitions and dispositions
Depreciation and amortization159  167  
Deferred income tax provision135  (57) 
Stock compensation costs35  22  
Equity method investment net earnings(86) (120) 
Distributions from equity method investments49  46  
Impairment charge on minority-owned joint venture investments72    
Changes in operating assets and liabilities
Accounts receivable, net27  (206) 
Contract assets, current(140) (43) 
Inventories, net(325) (340) 
Other assets, current32  16  
Accounts payable and accrued liabilities152  (173) 
Contract liabilities, current37  (16) 
Pension contributions(27) (27) 
Other operating activities, net65  (95) 
Net cash flows provided by operating activities556  371  
Investing Activities
Capital expenditures(94) (89) 
(Payment) receipt from settlement of derivative contracts(23) 1  
Other investing activities, net14  8  
Net cash flows used in investing activities(103) (80) 
Financing Activities
(Decrease) increase in short-term borrowings, net(17) 45  
Issuance of long-term debt11,734  77  
Repayment of long-term debt(36) (37) 
Dividends paid to non-controlling interest(8) (3) 
Net transfers to UTC(10,359) (548) 
Other financing activities, net1  (26) 
Net cash flows provided by (used in) financing activities1,315  (492) 
Effect of foreign exchange rate changes on cash and cash equivalents(17) 7  
Net increase (decrease) in cash and cash equivalents and restricted cash1,751  (194) 
Cash, cash equivalents and restricted cash, beginning of period957  1,134  
Cash, cash equivalents and restricted cash, end of period2,708  940  
Less: restricted cash4  4  
Cash and cash equivalents, end of period$2,704  $936  
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.

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CARRIER GLOBAL CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Condensed Consolidated Financial Statements as of June 30, 2020 and for the three and six months ended June 30, 2020 and 2019 are unaudited, and include all adjustments (consisting only of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows for the interim periods. The results reported in the Unaudited Condensed Consolidated Financial Statements are not necessarily indicative of results that may be expected for any other interim period or the entire year. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's information statement, dated March 16, 2020, which was included as Exhibit 99.1 in our Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on March 16, 2020 (the "Information Statement").
Impact of the COVID-19 pandemic

A novel strain of coronavirus ("COVID-19") surfaced in Wuhan, China in late 2019 and has since spread throughout the rest of the world. In March 2020, COVID-19 was declared a pandemic by the World Health Organization and a national emergency by the U.S. Government. The pandemic has negatively affected the U.S. and global economies, disrupted global supply chains and financial markets, resulted in significant travel restrictions, mandated facility closures, and shelter-in-place orders.

Carrier is taking all prudent measures to protect the health and safety of our employees and has implemented work from home requirements, where possible, social distancing where working from home is not feasible, including in our manufacturing facilities, deep cleaning protocols at all of our facilities and travel restrictions, among other measures. We have also taken appropriate measures to work with our customers to minimize potential disruption and to support the communities that we serve to address the challenges posed by the pandemic.
The full extent of the impact of the COVID-19 pandemic on the Company's operational and financial performance will depend on future developments, including the duration and spread of the pandemic, as well as any worsening of the pandemic and whether there will be additional outbreaks of the pandemic, and related containment and mitigation actions taken by the U.S., state and local and international governments to prevent disease spread.