Washington, D.C. 20549


Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2021 (April 29, 2021)

(Exact name of registrant as specified in its charter)

(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)

13995 Pasteur Boulevard
Palm Beach Gardens
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Section 2—Financial Information
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2021, Carrier Global Corporation (“Carrier” or the “Company”) issued a press release announcing its first quarter 2021 results.
The press release issued April 29, 2021 is furnished herewith as Exhibit No. 99 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Section 9—Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 29, 2021
Patrick Goris
Senior Vice President and Chief Financial Officer


Exhibit 99

Carrier Reports First Quarter 2021 Results

Raises Full-Year Outlook for Sales, Adjusted EPS and Free Cash Flow

Sales of $4.7 billion, up 21% compared to 2020 including 17% organic growth
GAAP EPS of $0.43 and adjusted EPS of $0.48
Net cash flow from operating activities of $184 million and free cash flow of $131 million
Increases full-year 2021 sales growth outlook to 7% to 10%, 5% to 8% organic
Increases full-year 2021 adjusted EPS range to $1.95 to $2.05, and free cash flow of about $1.7 billion*
PALM BEACH GARDENS, Fla., April 29, 2021 – Carrier Global Corporation (NYSE:CARR) today reported financial results for the first quarter of 2021 and updated its full year outlook. Carrier is the leading global provider of healthy, safe and sustainable building and cold chain solutions.
“Carrier delivered strong first quarter results as all three segments contributed to our 21% year-over-year sales growth. We exceeded our expectations through continued strength in North American residential HVAC and improving order trends across the rest of the portfolio. I’m also pleased with the strong margin expansion and free cash flow performance in the quarter. We remain focused on executing our strategic growth initiatives and advancing on our Carrier 700 cost containment actions,” said Carrier Chairman & CEO Dave Gitlin. “We continue to lead the industry through innovation. I am especially excited about the launch of Abound, a cloud-native platform designed to give people confidence in the health and safety of their indoor spaces. We also look forward to closing on our acquisition of Guangdong Giwee Group and its

subsidiaries, which will expand Carrier’s offerings in the attractive and growing variable refrigerant flow (VRF) and light commercial markets. Overall, we are encouraged by our strong start to the year, order trends and market outlooks, and the momentum across our Healthy Building and Cold Chain offerings, which provide us with confidence to update our full-year expectations.”

First Quarter 2021 Results
Carrier’s first quarter sales of $4.7 billion were up 21% compared to the prior year and organic sales were up 17% over the same period. The sales performance was largely driven by continued strong demand in North American residential HVAC, which was up 48% compared to the prior year, growth in transport refrigeration and commercial HVAC, and sequential improvement across the portfolio. GAAP operating profit in the quarter of $571 million was up 82% from last year and adjusted operating profit of $608 million was up 39%. These results benefitted from higher volume and productivity.
Net income of $384 million million included the impact of restructuring, separation costs and charges resulting from the prepayment of $500 million of debt. Adjusted net income was $427 million. GAAP EPS was $0.43 while adjusted EPS was $0.48. Net cash flows provided by operating activities were $184 million and capital expenditures were $53 million, resulting in free cash flow of $131 million.

Updated Full-Year 2021 Outlook*
Carrier is announcing the following updated outlook for 2021:
Sales growth growth of 7% to 10%, up from 6% to 8%
Organic sales of 5% to 8%, up from 4% to 6%    
Currency translation to add approximately 2%

Adjusted operating margin of about 13.5%
Adjusted EPS of $1.95 to $2.05, up from $1.85 to $1.95
Free cash flow of about $1.7 billion, up from about $1.6 billion

*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information.

Conference Call
Carrier will host a webcast of its earnings conference call today, Thursday, April 29, 2021, at 9:00 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at or to listen to the earnings call by phone, dial (877) 742-9091.

About Carrier
As the leading global provider of healthy, safe and sustainable building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit or follow Carrier on social media at @Carrier.

Use and Definitions of Non-GAAP Financial Measures
Carrier Global Corporation (“Carrier”) reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP").

We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables attached to this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, earnings before interest, taxes and depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted net income, adjusted earnings per share (“EPS”), the adjusted effective tax rate, and net debt are non-GAAP financial measures. Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as “other significant items”).

Adjusted operating profit represents operating profit (a GAAP measure), excluding restructuring costs and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of net sales (a GAAP measure). Incremental margins / earnings conversion represents the year-over-year change in adjusted operating profit divided by the year-over-year change in net sales. EBITDA represents net income attributable to common shareholders (a GAAP measure), adjusted for interest income and expense, income tax expense, and depreciation and amortization. Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries’ earnings from operations, restructuring costs and other significant items. Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs and other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents. For the business segments, when applicable, adjustments of operating profit and operating margins represent operating profit, excluding restructuring and other significant items.

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners.

When we provide our expectations for organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, adjusted EPS, and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, operating profit, operating margin, incremental operating margin, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential

acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

Cautionary Statement

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident,” “scenario” and other words of similar meaning in connection with a discussion of future operating or financial performance or the separation and distribution from United Technologies Corporation (the “Separation” and the “Distribution”), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, the estimated costs associated with the Separation, Carrier’s plans with respect to our indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Carrier and our businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, the impact of weather conditions, pandemic health issues (including COVID-19 and its effects, among other things, on production and on global supply, demand and distribution as the outbreak continues and results in a prolonged period of travel, commercial and other restrictions and limitations), natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) future levels of indebtedness, capital spending and research and development spending; (4) future availability of credit and factors that may affect such availability, including credit market conditions and Carrier’s capital structure and credit ratings; (5) the timing and scope of future repurchases of Carrier’s common stock, including market conditions and the level of other investing activities and uses of cash; (6) delays and disruption in the delivery of materials and services from suppliers; (7) cost reduction efforts and restructuring costs and savings and other consequences thereof; (8) new business and investment opportunities; (9) risks resulting from being a smaller, less diversified company than prior to the Separation; (10) the outcome of legal

proceedings, investigations and other contingencies; (11) the impact of pension plan assumptions on future cash contributions and earnings; (12) the impact of the negotiation of collective bargaining agreements and labor disputes; (13) the effect of changes in political conditions in the U.S. (including in connection with the new administration in Washington, D.C.) and other countries in which Carrier and our businesses operate, including the effect of changes in U.S. trade policies or the United Kingdom’s withdrawal from the European Union, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (14) the effect of changes (including potentially as a result of the new administration in Washington, D.C.) in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which we and our businesses operate; (15) the ability of Carrier to retain and hire key personnel; (16) the scope, nature, impact or timing of acquisition and divestiture activity, including among other things integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (17) the expected benefits of the Separation; (18) a determination by the U.S. Internal Revenue Service and other tax authorities that the Distribution or certain related transactions should be treated as taxable transactions; (19) risks associated with indebtedness, including that incurred as a result of financing transactions undertaken in connection with the Separation, as well as our ability to reduce indebtedness and the timing thereof; (20) the risk that dis-synergy costs, costs of restructuring transactions and other costs incurred in connection with the separation will exceed Carrier’s estimates; and (21) the impact of the Separation on Carrier’s business and Carrier’s resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties.
The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier’s reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact:                        Media Inquiries
Danielle Canzanella

Investor Relations
Sam Pearlstein

Carrier Global Corporation
Condensed Consolidated Statement of Operations

For the Three Months Ended March 31,
(dollars in millions, except per share amounts; shares in millions)20212020
Net sales:
Product sales$3,864 $3,147 
Service sales835 741 
Total Net sales4,699 3,888 
Costs and expenses
Cost of products sold(2,724)(2,237)
Cost of services sold(581)(529)
Research and development(121)(98)
Selling, general and administrative(743)(692)
Equity method investment net earnings38 29 
Other income (expense), net(46)
Operating profit571 315 
Non-service pension (expense) benefit 18 17 
Interest (expense) income, net(93)(37)
Income from operations before income taxes496 295 
Income tax (expense) benefit(104)(193)
Net income from operations392 102 
Less: Non-controlling interest in subsidiaries' earnings from operations
Net income attributable to common shareowners$384 $96 
Earnings per share (1), (2)
Basic$0.44 $0.11 
Diluted$0.43 $0.11 
Weighted average number of shares outstanding (2)
(1) On April 3, 2020, United Technologies Corporation, since renamed Raytheon Technologies Corporation ("UTC"), completed the spin-off of Carrier into a separate publicly traded company (the "Separation"). The Separation was completed through a pro-rata distribution (the "Distribution") of all of the outstanding common stock of the Company to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020.

(2) Basic and diluted earnings per share for the three months ended March 31, 2020 are calculated using the weighted-average number of common shares outstanding for the period beginning after the Distribution date. Diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. For periods prior to the Separation it was assumed that there were no dilutive equity instruments as there were no equity awards in Carrier common stock outstanding prior to the Separation.

Carrier Global Corporation
Condensed Consolidated Balance Sheet
As of
(dollars in millions)March 31, 2021December 31, 2020
Cash and cash equivalents$2,599 $3,115 
Accounts receivable, net2,831 2,781 
Contract assets, current694 656 
Inventories, net1,854 1,629 
Other assets, current350 343 
Total current assets8,328 8,524 
Future income tax benefits461 449 
Fixed assets, net1,777 1,810 
Operating lease right-of-use assets770 788 
Intangible assets, net1,002 1,037 
Goodwill10,077 10,139 
Pension and post-retirement assets607 554 
Equity method investments1,530 1,513 
Other assets316 279 
Total Assets$24,868 $25,093 
Liabilities and Equity
Accounts payable$2,175 $1,936 
Accrued liabilities2,265 2,471 
Contract liabilities, current545 512 
Current portion of long-term debt153 191 
Total current liabilities5,138 5,110 
Long-term debt9,577 10,036 
Future pension and post-retirement obligations507 524 
Future income tax obligations477 479 
Operating lease liabilities621 642 
Other long-term liabilities1,730 1,724 
Total Liabilities18,050 18,515 
Common stock
Treasury stock(38)— 
Additional paid-in capital5,350 5,345 
Retained earnings2,027 1,643 
Accumulated other comprehensive loss(859)(745)
Non-controlling interest329 326 
Total Equity6,818 6,578 
Total Liabilities and Equity$24,868 $25,093 


Carrier Global Corporation
Condensed Consolidated Statement of Cash Flows
For the Three Months Ended March 31,
(dollars in millions)20212020
Operating Activities
Net income from operations$392 $102 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization83 81 
Deferred income tax provision(2)135 
Stock-based compensation costs19 13 
Equity method investment net earnings(38)(29)
Distributions from equity method investments12 10 
Impairment charge on minority-owned joint venture investments— 71 
Changes in operating assets and liabilities
Accounts receivable, net(83)(19)
Contract assets, current(44)(39)
Inventories, net(248)(264)
Other assets, current(23)(10)
Accounts payable and accrued liabilities151 (24)
Contract liabilities, current39 51 
Defined benefit plan contributions(24)(25)
Other operating activities, net(50)(6)
Net cash flows provided by (used in) operating activities184 47 
Investing Activities
Capital expenditures(53)(48)
Investments in businesses, net of cash acquired(6)— 
Settlement of derivative contracts, net(95)
Other investing activities, net15 
Net cash flows provided by (used in) investing activities(49)(128)
Financing Activities
Increase (decrease) in short-term borrowings, net28 (44)
Issuance of long-term debt51 10,961 
Repayment of long-term debt(570)(34)
Repurchases of common stock(36)— 
Dividends paid on common stock(104)— 
Dividends paid to non-controlling interest(5)(8)
Net transfers to UTC— (10,948)
Other financing activities, net(7)(3)
Net cash flows provided by (used in) financing activities(643)(76)
Effect of foreign exchange rate changes on cash and cash equivalents(9)(28)
Net increase (decrease) in cash and cash equivalents and restricted cash(517)(185)
Cash, cash equivalents and restricted cash, beginning of period3,120 957 
Cash, cash equivalents and restricted cash, end of period2,603 772 
Less: restricted cash
Cash and cash equivalents, end of period$2,599 $768 


Carrier Global Corporation
Segment Net Sales and Operating Profit Reported (GAAP) to Adjusted (Non-GAAP)

For the Three Months Ended March 31,
(In millions)ReportedAdjustedReportedAdjusted
Net sales
HVAC$2,486 $2,486 $1,959 $1,959 
Refrigeration1,005 1,005 808 808 
Fire & Security1,304 1,304 1,206 1,206 
Segment sales4,795 4,795 3,973 3,973 
Eliminations and other(96)(96)(85)(85)
Net sales$4,699 $4,699 $3,888 $3,888 
Operating profit
HVAC$365 $369$167 $242 
Refrigeration127 12999 99 
Fire & Security150 164120 126 
Segment operating profit642 662386 467 
Eliminations and other(40)(25)(35)
General corporate expenses(31)(29)(36)(36)
Operating profit$571 $608$315 $436 
Operating margin
HVAC14.7 %14.8 %8.5 %12.4 %
Refrigeration12.6 %12.8 %12.3 %12.3 %
Fire & Security11.5 %12.6 %10.0 %10.4 %
Total Carrier12.2 %12.9 %8.1 %11.2 %


Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP)

Operating Profit
For the Three Months Ended
March 31,
(dollars in millions - Income (Expense))20212020
Net sales$2,486 $1,959 
Operating profit$365 $167 
Gain on sales of joint venture— — 
Impairment of joint venture investment— (71)
Separation costs— (2)
Adjusted operating profit$369 $242 
Net sales$1,005 $808 
Operating profit$127 $99 
Adjusted operating profit$129 $99 
Fire & Security
Net sales$1,304 $1,206 
Operating profit$150 $120 
Separation costs— (3)
Adjusted operating profit$164 $126 
General Corporate Expenses and Eliminations and Other
Net sales$(96)$(85)
Operating profit$(71)$(71)
Separation costs(16)(40)
Adjusted operating profit$(54)$(31)
Net sales$4,699 $3,888 
Operating profit$571 $315
Total restructuring costs(18)(5)
Total non-recurring and non-operational items(19)(116)
Adjusted operating profit$608 $436 


Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share, and Effective Tax Rate

For the Three Months Ended March 31, 2021
(In millions)ReportedAdjustmentsAdjusted
Net sales$4,699 $— $4,699 
Operating profit571 37 a608 
Operating margin12.2 %12.9 %
Income from operations before income taxes496 56 a,b552 
Income tax expense(104)(13)c(117)
Income tax rate21.0 %21.1 %
Net income attributable to common shareowners$384 $43 $427 
Summary of Adjustments:
Restructuring costs$18 a
Separation costs16 a
Debt prepayment costs19 b
Total adjustments$56 
Tax effect on adjustments above$(13)
Total tax adjustments$(13)c
Shares outstanding - Diluted889.8 889.8 
Earnings per share - Diluted$0.43 $0.48 


Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share, and Effective Tax Rate

For the Three Months Ended March 31, 2020
(In millions)ReportedAdjustmentsAdjusted
Net sales$3,888 $— $3,888 
Operating profit315 121 a436 
Operating margin8.1 %11.2 %
Income from operations before income taxes295 126 a,b421 
Income tax expense(193)84 c(109)
Income tax rate65.4 %25.9 %
Net income attributable to common shareowners$96 $210 $306 
Summary of Adjustments:
Restructuring costs$a
Impairment of equity method investment71 a
Separation costs45 a
Debt issuance costsb
Total adjustments$126 
Tax effect on adjustments above$(13)
Tax specific adjustments97 
Total tax adjustments$84 c
Shares outstanding - Diluted866.2 866.2 
Earnings per share - Diluted$0.11 $0.35 


Carrier Global Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Components of Changes in Net Sales

Three Months Ended March 31, 2021 Compared with Three Months Ended March 31, 2020
Factors Contributing to Total % change in Net Sales
OrganicFX TranslationAcquisitions / Divestitures, netOtherTotal
HVAC 25 %%— %— %27 %
Refrigeration19 %%— %— %24 %
Fire & Security%%— %— %%
Consolidated17 %4 % % %21 %

Free Cash Flow Reconciliation

(dollars in millions)202020202020202020202021
Net cash flows provided by operating activities$47 $509 $937 199$1,692 $184 
Less: Capital expenditures48 46 57 161312 53 
Free cash flow$(1)$463 $880 $38 $1,380 $131 

Net Debt Reconciliation

As of
(dollars in millions)March 31, 2021December 31, 2020
Long-term debt$9,577 $10,036 
Current portion of long-term debt153 191 
Less: Cash and cash equivalents2,599 3,115 
Net debt$7,131 $7,112