0001783180-24-000077 | 10-Q | XBRL Viewer

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REVENUE RECOGNITION - Remaining Performance Obligations (Details)	Jun. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	12 months

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jun. 30, 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 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 to require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance as well as 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 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 2023, the Company recognized a $96 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 and recognized an additional $86 million loss. 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 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)	7,572		—		—		7,572
Divestitures (2)	—		—		31		31
Reclassified to held for sale (2)	—		3		(13)		(10)
Foreign currency translation	(364)		(26)		53		(337)
Balance as of June 30, 2024	$	13,615	$	1,101	$	529	$	15,245

(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:


	June 30, 2024						December 31, 2023
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Amortized:
Customer relationships	$	5,868	$	(852)	$	5,016	$	1,222	$	(610)	$	612
Patents and trademarks	973		(186)		787		332		(163)		169

Service portfolios and other	1,802		(621)		1,181		686		(503)		183
	8,643		(1,659)		6,984		2,240		(1,276)		964
Unamortized:
Trademarks and other	64		—		64		64		—		64
Intangible assets, net	$	8,707	$	(1,659)	$	7,048	$	2,304	$	(1,276)	$	1,028

Amortization of intangible assets was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Amortization expense of Intangible assets	$	218	$	61	$	430	$	125

EQUITY - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
EQUITY - Narrative (Details) - USD ($)	Mar. 31, 2023	Jun. 30, 2024	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		$ 2,000,000,000.0
Remaining authorized repurchase amount			$ 2,100,000,000
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)		946,155,120	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

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		902,751,929
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

SEGMENT FINANCIAL DATA (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Three Months Ended June 30,
(In millions)	2024		2023		2024		2023
HVAC	$	4,970	$	4,216	$	687	$	742
Refrigeration	973		972		113		112
Fire & Security	871		932		3,001		(157)
Total segment	6,814		6,120		3,801		697
Eliminations and other	(125)		(128)		(23)		(146)
General corporate expenses	—		—		(87)		(62)
Total Consolidated	$	6,689	$	5,992	$	3,691	$	489



	Net Sales				Operating Profit
	Six Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
HVAC	$	9,511	$	7,838	$	1,116	$	1,177
Refrigeration	1,857		1,870		210		220
Fire & Security	1,758		1,801		3,154		(64)
Total segment	13,126		11,509		4,480		1,333
Eliminations and other	(255)		(244)		(98)		(184)
General corporate expenses	—		—		(191)		(105)
Total Consolidated	$	12,871	$	11,265	$	4,191	$	1,044

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 and six months ended June 30, 2024 and 2023.



	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
United States	$	3,477	$	3,389	$	6,444	$	6,249
International:
Europe	1,889		1,205		3,860		2,401
Asia Pacific	1,104		1,194		2,144		2,227
Other	219		204		423		388
Net sales	$	6,689	$	5,992	$	12,871	$	11,265

PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	6 Months Ended
PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 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	165	117
Settlements made	(143)	(92)
Other	(8)	(2)
Acquisitions	202	0
Ending balance	$ 786	$ 575

RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 32	$ 9	$ 47	$ 26
Restructuring Reserve [Roll Forward]
Beginning balance			55	24
Net pre-tax restructuring costs			41	26
Acquisitions			8	0
Utilization, foreign exchange and other			(47)	(19)
Ending balance	57	31	57	31
Restructuring reserve	57		57
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs	13	3	25	9
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	19	6	22	17
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	29	9	43	24
Operating Segments \| HVAC
Restructuring Cost and Reserve [Line Items]
Restructuring costs	25	3	32	2
Operating Segments \| Refrigeration
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1	7	1	10
Operating Segments \| Fire & Security
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3	(1)	10	12
General corporate expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 3	$ 0	$ 4	$ 2

DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

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

The following table summarizes the assets and liabilities of Access Solutions divested as of the date of sale:


(In millions)	June 2, 2024
Cash and cash equivalents	$	82
Accounts receivable, net	90
Inventories, net	43
Contract assets	3
Other current assets	3
Fixed assets, net	18
Intangible assets, net	53
Goodwill	1,467
Operating lease right-of-use assets	16

Other assets	8
Total assets held for sale	$	1,783

Accounts payable	$	54
Accrued liabilities	20
Contract liabilities	60




Operating lease liabilities	17
Other long-term liabilities	10
Total liabilities held for sale	$	161

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


	June 30, 2024
(In millions)	Commercial Refrigeration		Industrial Fire		Total
Cash and cash equivalents	$	151	$	40	$	191
Accounts receivable, net	207		93		300
Inventories, net	98		72		170
Contract assets	117		51		168
Other current assets	17		5		22
Fixed assets, net	79		24		103
Intangible assets, net	—		2		2
Goodwill	69		452		521
Operating lease right-of-use assets	48		26		74

Other assets	48		2		50
Total assets held for sale	$	834	$	767	$	1,601

Accounts payable	$	122	$	43	$	165
Accrued liabilities	149		55		204
Contract liabilities	24		19		43

Long-term debt, including current portion	7		—		7
Future pension and post-retirement obligations	196		—		196
Future income tax obligations	7		3		10
Operating lease liabilities	36		20		56
Other long-term liabilities	3		3		6
Total liabilities held for sale	$	544	$	143	$	687


	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	98		2		42		142
Other current assets	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	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

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income attributable to common shareowners	$ 2,337	$ 199	$ 2,606	$ 572
Basic weighted-average number of shares outstanding (in shares)	902.4	836.0	900.2	835.5
Stock awards and equity units (share equivalent) (in shares)	12.9	14.9	13.4	16.0
Diluted weighted-average number of shares outstanding (in shares)	915.3	850.9	913.6	851.5
Antidilutive shares excluded from computation of diluted earnings per share (in shares)	4.1	5.9	4.1	5.6
Earnings Per Share
Basic (in dollars per share)	$ 2.59	$ 0.24	$ 2.90	$ 0.68
Diluted (in dollars per share)	$ 2.55	$ 0.23	$ 2.85	$ 0.67

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 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 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 2023, the Company recognized a $96 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 and recognized an additional $86 million loss.

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
June 30, 2024


Derivative assets (1)(3)	$	62	$	—	$	62	$	—
Derivative liabilities (2)(3)	$	(12)	$	—	$	(12)	$	—

December 31, 2023


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

(1) Included in Other current assets 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:


	June 30, 2024				December 31, 2023
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value



Total long-term notes (1)	$	12,860	$	11,725	$	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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Topic 820
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

ACQUISITIONS - Pro Forma Financial Information (Details) - VCS Business - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net sales	$ 6,689	$ 7,227	$ 12,871	$ 13,505
Net income (loss)	$ 2,421	$ 250	$ 2,764	$ 329

PRODUCT WARRANTIES

6 Months Ended

Jun. 30, 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:


	Six Months Ended June 30,
(In millions)	2024		2023
Balance as of January 1,	$	570	$	552
Warranties, performance guarantees issued and changes in estimated liability	165		117
Settlements made	(143)		(92)
Other	(8)		(2)
Acquisitions (1)	202		—


Balance as of June 30,	$	786	$	575

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

INVENTORIES, NET

6 Months Ended

Jun. 30, 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)	June 30, 2024		December 31, 2023
Raw materials	$	981	$	695
Work-in-process	285		259
Finished goods	1,779		1,263

Inventories, net	$	3,045	$	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 $245 million and $223 million as of June 30, 2024 and December 31, 2023, respectively.

DIVESTITURES

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

Access Solutions

On June 2, 2024, the Company completed the sale of Access Solutions for cash proceeds of $5.0 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. The Company recognized a gain on the sale of $2.9 billion, which is included in Other income (expense), net on the accompanying Unaudited Condensed Consolidated Statement of Operations. The net proceeds received are subject to working capital and other adjustments provided in the stock purchase agreement governing the sale of Access Solutions.

The following table summarizes the assets and liabilities of Access Solutions divested as of the date of sale:


(In millions)	June 2, 2024
Cash and cash equivalents	$	82
Accounts receivable, net	90
Inventories, net	43
Contract assets	3
Other current assets	3
Fixed assets, net	18
Intangible assets, net	53
Goodwill	1,467
Operating lease right-of-use assets	16

Other assets	8
Total assets held for sale	$	1,783

Accounts payable	$	54
Accrued liabilities	20
Contract liabilities	60




Operating lease liabilities	17
Other long-term liabilities	10
Total liabilities held for sale	$	161

Commercial Refrigeration and Industrial Fire

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 CCR are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. The transaction is expected to close in 2024 and is subject to customary closing conditions.

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 Industrial Fire are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of June 30, 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 sale of Industrial Fire was completed on July 1, 2024.

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


	June 30, 2024
(In millions)	Commercial Refrigeration		Industrial Fire		Total
Cash and cash equivalents	$	151	$	40	$	191
Accounts receivable, net	207		93		300
Inventories, net	98		72		170
Contract assets	117		51		168
Other current assets	17		5		22
Fixed assets, net	79		24		103
Intangible assets, net	—		2		2
Goodwill	69		452		521
Operating lease right-of-use assets	48		26		74

Other assets	48		2		50
Total assets held for sale	$	834	$	767	$	1,601

Accounts payable	$	122	$	43	$	165
Accrued liabilities	149		55		204
Contract liabilities	24		19		43

Long-term debt, including current portion	7		—		7
Future pension and post-retirement obligations	196		—		196
Future income tax obligations	7		3		10
Operating lease liabilities	36		20		56
Other long-term liabilities	3		3		6
Total liabilities held for sale	$	544	$	143	$	687


	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	98		2		42		142
Other current assets	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	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

FAIR VALUES MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - Unsecured Debt - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 12,860	$ 13,951
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 11,725	$ 13,194

- Definition

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

+ References + Details

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions, except per share amounts)	2024		2023		2024		2023
Net income attributable to common shareowners	$	2,337	$	199	$	2,606	$	572

Basic weighted-average number of shares outstanding	902.4		836.0		900.2		835.5
Stock awards and equity units (share equivalent)	12.9		14.9		13.4		16.0
Diluted weighted-average number of shares outstanding	915.3		850.9		913.6		851.5

Antidilutive shares excluded from computation of diluted earnings per share	4.1		5.9		4.1		5.6

Earnings Per Share
Basic	$	2.59	$	0.24	$	2.90	$	0.68
Diluted	$	2.55	$	0.23	$	2.85	$	0.67

REVENUE RECOGNITION - Narrative (Details) $ in Millions	6 Months Ended
REVENUE RECOGNITION - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 348

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

Other comprehensive income (loss), net of tax

Shares issued under incentive plans, net

(9)

Stock-based compensation

Treasury stock repurchase

(62)

Balance as of end of period at Mar. 31, 2023

8,468

(1,636)

(1,972)

5,494

6,239

334

Balance as of beginning of period at Dec. 31, 2022

8,076

(1,688)

(1,910)

5,481

5,866

318

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

620

Other comprehensive income (loss), net of tax

(9)

Balance as of end of period at Jun. 30, 2023

8,288

(1,691)

(1,972)

5,494

6,129

319

Balance as of beginning of period at Dec. 31, 2022

8,076

(1,688)

(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)

(1,972)

5,535

6,591

328

Balance as of beginning of period at Mar. 31, 2023

8,468

(1,636)

(1,972)

5,494

6,239

334

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

233

199

Other comprehensive income (loss), net of tax

(63)

(55)

(8)

Dividends declared on common stock

^[1]

(309)

Shares issued under incentive plans, net

(18)

Stock-based compensation

Dividends attributable to non-controlling interest

(41)

Balance as of end of period at Jun. 30, 2023

8,288

(1,691)

(1,972)

5,494

6,129

319

Balance as of beginning of period at Dec. 31, 2023

9,005

(1,486)

(1,972)

5,535

6,591

328

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

289

269

Other comprehensive income (loss), net of tax

(389)

(386)

(3)

Shares issued under incentive plans, net

(22)

Stock-based compensation

Acquisition of VCS Business

3,000

Balance as of end of period at Mar. 31, 2024

11,906

(1,872)

(1,972)

8,536

6,860

345

Balance as of beginning of period at Dec. 31, 2023

9,005

(1,486)

(1,972)

5,535

6,591

328

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

2,658

Other comprehensive income (loss), net of tax

(204)

Balance as of end of period at Jun. 30, 2024

14,079

(1,686)

(1,972)

8,563

8,854

311

Balance as of beginning of period at Mar. 31, 2024

11,906

(1,872)

(1,972)

8,536

6,860

345

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

2,369

2,337

Other comprehensive income (loss), net of tax

185

186

(1)

Dividends declared on common stock

^[2]

(343)

Shares issued under incentive plans, net

Stock-based compensation

Dividends attributable to non-controlling interest

(65)

Balance as of end of period at Jun. 30, 2024

$ 14,079

$ (1,686)

$ 9

$ (1,972)

$ 8,563

$ 8,854

$ 311

[1]	(2) Cash dividends declared were $0.37 per share for the three months ended June 30, 2023
[2]	(1) Cash dividends declared were $0.38 per share for the three months ended June 30, 2024

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring


(In millions)	Total		Level 1		Level 2		Level 3
June 30, 2024


Derivative assets (1)(3)	$	62	$	—	$	62	$	—
Derivative liabilities (2)(3)	$	(12)	$	—	$	(12)	$	—

December 31, 2023


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

(1) Included in Other current assets 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).


	June 30, 2024				December 31, 2023
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value



Total long-term notes (1)	$	12,860	$	11,725	$	13,951	$	13,194

(1) Excludes debt discount and issuance costs.

ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Preliminary Allocation of the Purchase Price

The components of the purchase price are 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)	Preliminary January 2, 2024		Measurement Period Adjustments		As Adjusted January 2, 2024
Cash and cash equivalents	$	394	(1)		$	393
Accounts receivable	408		5		413
Inventories	948		—		948
Other current assets	17		—		17
Fixed assets	913		11		924
Intangible assets	6,640		—		6,640
Other assets	284		2		286
Accounts payable	(288)		(2)		(290)
Other liabilities, current	(626)		(4)		(630)
Future income tax obligations	(1,825)		5		(1,820)
Other liabilities	(284)		(12)		(296)
Total identifiable net assets	6,581		4		6,585
Goodwill	7,576		(4)		7,572
Total consideration	$	14,157	$	—	$	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

The following table summarizes the results of the VCS Business since the date of acquisition:


(In millions)	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Net sales	$	743	$	1,618
Net income (loss)	(109)		(233)

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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Net sales	$	6,689	$	7,227	$	12,871	$	13,505
Net income (loss)	2,421		250		2,764		329

RELATED PARTIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
RELATED PARTIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	$ 6,689	$ 5,992	$ 12,871	$ 11,265
Receivables from equity method investees included in Accounts receivable, net	3,187		3,187		$ 2,481
Payables to equity method investees included in Accounts payable	3,181		3,181		2,742
Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	6,004	5,355	11,546	10,041
Purchases from equity method investees included in Cost of products sold	4,296	3,769	8,294	7,227
Related Party
Related Party Transaction [Line Items]
Receivables from equity method investees included in Accounts receivable, net	276		276		231
Payables to equity method investees included in Accounts payable	51		51		$ 44
Related Party \| Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	832	887	1,555	1,641
Purchases from equity method investees included in Cost of products sold	$ 59	$ 59	$ 114	$ 102

- 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.

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 7,989
Acquisitions	7,572
Divestitures	31
Reclassified to held for sale	(10)
Foreign currency translation	(337)
Ending balance	15,245
HVAC
Goodwill [Roll Forward]
Beginning balance	6,407
Acquisitions	7,572
Divestitures	0
Reclassified to held for sale	0
Foreign currency translation	(364)
Ending balance	13,615
Refrigeration
Goodwill [Roll Forward]
Beginning balance	1,124
Acquisitions	0
Divestitures	0
Reclassified to held for sale	3
Foreign currency translation	(26)
Ending balance	1,101
Fire & Security
Goodwill [Roll Forward]
Beginning balance	458
Acquisitions	0
Divestitures	31
Reclassified to held for sale	(13)
Foreign currency translation	53
Ending balance	$ 529

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

ACQUISITIONS - Assets, Liabilities and Results of Operations (Details) - VCS Business - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Net sales	$ 743	$ 1,618
Net income (loss)	$ (109)	$ (233)

DESCRIPTION OF THE BUSINESS	6 Months Ended
DESCRIPTION OF THE BUSINESS	Jun. 30, 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 and Edwards that offer innovative heating, ventilating, air conditioning ("HVAC"), refrigeration, fire 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").

FAIR VALUE MEASUREMENTS - Fair Value and Carrying Amounts Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 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 current assets, Other assets	Other current assets, 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	$ 62	$ 32
Derivative liabilities	(12)	(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	62	32
Derivative liabilities	(12)	(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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+ Details

- 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

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Sales Type
Product	$	4,468	$	3,754	$	8,541	$	6,955
Service	502		462		970		883
HVAC sales	4,970		4,216		9,511		7,838

Product	851		858		1,623		1,645
Service	122		114		234		225
Refrigeration sales	973		972		1,857		1,870

Product	809		869		1,634		1,682
Service	62		63		124		119
Fire & Security sales	871		932		1,758		1,801

Total segment sales	6,814		6,120		13,126		11,509
Eliminations and other	(125)		(128)		(255)		(244)
Net sales	$	6,689	$	5,992	$	12,871	$	11,265

Contract Balances

Total contract assets and contract liabilities consisted of the following:


(In millions)	June 30, 2024		December 31, 2023
Contract assets	$	333	$	306
Contract assets, non-current (included within Other assets)	40		26
Total contract assets	373		332

Contract liabilities	(493)		(425)
Contract liabilities, non-current (included within Other long-term liabilities)	(161)		(160)
Total contract liabilities	(654)		(585)
Net contract assets (liabilities)	$	(281)	$	(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 $348 million during the six months ended June 30, 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.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 2,919	$ 10,015
Accounts receivable, net	3,187	2,481
Contract assets	333	306
Inventories, net	3,045	2,217
Assets held for sale	1,601	3,314
Other current assets	488	447
Total current assets	11,573	18,780
Future income tax benefits	939	739
Fixed assets, net	3,117	2,293
Operating lease right-of-use assets	635	491
Intangible assets, net	7,048	1,028
Goodwill	15,245	7,989
Pension and post-retirement assets	81	32
Equity method investments	1,221	1,140
Other assets	565	330
Total Assets	40,424	32,822
Liabilities and Equity
Accounts payable	3,181	2,742
Accrued liabilities	4,262	2,811
Contract liabilities	493	425
Liabilities held for sale	687	862
Current portion of long-term debt	2,052	51
Total current liabilities	10,675	6,891
Long-term debt	11,270	14,242
Future pension and post-retirement obligations	247	155
Future income tax obligations	2,184	535
Operating lease liabilities	501	391
Other long-term liabilities	1,468	1,603
Total Liabilities	26,345	23,817
Commitments and contingent liabilities (Note 19)
Equity
Common stock	9	9
Treasury stock	(1,972)	(1,972)
Additional paid-in capital	8,563	5,535
Retained earnings	8,854	6,591
Accumulated other comprehensive loss	(1,686)	(1,486)
Non-controlling interest	311	328
Total Equity	14,079	9,005
Total Liabilities and Equity	$ 40,424	$ 32,822

PRODUCT WARRANTIES (Tables)

6 Months Ended

Jun. 30, 2024

Guarantees [Abstract]

Schedule of Product Warranty Liability

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


	Six Months Ended June 30,
(In millions)	2024		2023
Balance as of January 1,	$	570	$	552
Warranties, performance guarantees issued and changes in estimated liability	165		117
Settlements made	(143)		(92)
Other	(8)		(2)
Acquisitions (1)	202		—


Balance as of June 30,	$	786	$	575

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

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Defined benefit plans	$	12	$	5	$	18	$	11
Defined contribution plans	$	35	$	29	$	74	$	66
Multi-employer pension plans	$	4	$	4	$	8	$	8

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


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Service cost	$	3	$	4	$	7	$	8
Interest cost	7		8		14		16
Expected return on plan assets	(7)		(8)		(14)		(16)
Amortization of prior service credit	—		1		—		1
Recognized actuarial net (gain) loss	—		(1)		—		(1)
Net settlement, curtailment and special termination benefit (gain) loss	1		—		1		—
Net periodic pension expense (benefit)	$	4	$	4	$	8	$	8

- Definition

The entire disclosure for retirement benefits.

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+ Details

EQUITY

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023, 946,155,120 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 was no share repurchase activity during the six months ended June 30, 2024.

Accumulated Other Comprehensive Income (Loss)

A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 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)
Other comprehensive income (loss) before reclassifications, net	(187)		—		—		(187)
Amounts reclassified, pre-tax	—		1		(1)		—

Divestitures, net	373		—		—		373
Balance as of June 30, 2024	$	(1,643)	$	(99)	$	56	$	(1,686)

A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 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)
Other comprehensive income (loss) before reclassifications, net	(55)		—		—		(55)



Balance as of June 30, 2023	$	(1,607)	$	(84)	$	—	$	(1,691)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 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)	7,572		—		—		7,572
Divestitures (2)	—		—		31		31
Reclassified to held for sale (2)	—		3		(13)		(10)
Foreign currency translation	(364)		(26)		53		(337)
Balance as of June 30, 2024	$	13,615	$	1,101	$	529	$	15,245

(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:


	June 30, 2024						December 31, 2023
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Amortized:
Customer relationships	$	5,868	$	(852)	$	5,016	$	1,222	$	(610)	$	612
Patents and trademarks	973		(186)		787		332		(163)		169

Service portfolios and other	1,802		(621)		1,181		686		(503)		183
	8,643		(1,659)		6,984		2,240		(1,276)		964
Unamortized:
Trademarks and other	64		—		64		64		—		64
Intangible assets, net	$	8,707	$	(1,659)	$	7,048	$	2,304	$	(1,276)	$	1,028

Schedule of Indefinite-Lived Intangible Assets

Identifiable intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Amortized:
Customer relationships	$	5,868	$	(852)	$	5,016	$	1,222	$	(610)	$	612
Patents and trademarks	973		(186)		787		332		(163)		169

Service portfolios and other	1,802		(621)		1,181		686		(503)		183
	8,643		(1,659)		6,984		2,240		(1,276)		964
Unamortized:
Trademarks and other	64		—		64		64		—		64
Intangible assets, net	$	8,707	$	(1,659)	$	7,048	$	2,304	$	(1,276)	$	1,028

Schedule of Amortization of Intangible Assets

Amortization of intangible assets was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Amortization expense of Intangible assets	$	218	$	61	$	430	$	125

- 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
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+ Details

COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos Liabilities and Recoveries (Details) - Asbestos Matters - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Asbestos liabilities included in Accrued liabilities	$ 16	$ 15
Asbestos liabilities included in Other long-term liabilities	201	206
Total Asbestos liabilities	217	221
Asbestos-related recoveries included in Other current assets	5	5
Asbestos-related recoveries included in Other assets	86	88
Total Asbestos-related recoveries	$ 91	$ 93

- 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

RELATED PARTIES

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Sales to equity method investees included in Product sales	$	832	$	887	$	1,555	$	1,641
Purchases from equity method investees included in Cost of products sold	$	59	$	59	$	114	$	102

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


(In millions)	June 30, 2024		December 31, 2023
Receivables from equity method investees included in Accounts receivable, net	$	276	$	231
Payables to equity method investees included in Accounts payable	$	51	$	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
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+ Details

BORROWINGS AND LINES OF CREDIT - Narrative (Details) ¥ in Billions									1 Months Ended	6 Months Ended
	May 17, 2024 USD ($)	Jan. 02, 2024 USD ($)	Jan. 02, 2024 EUR (€)	May 19, 2023 USD ($)	Apr. 25, 2023 USD ($)	Apr. 25, 2023 EUR (€)	Jul. 25, 2022 JPY (¥)	Jul. 15, 2022 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	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										$ 2,555,000,000	$ 6,000,000
Repayment of long-term debt										3,542,000,000	12,000,000
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
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
Debt instrument, term	364 days
Long-term debt									$ 0	0
Unsecured Debt \| 364 Day Revolver \| Secured Overnight Financing Rate (SOFR)
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]
Capitalized deferred financing costs				2,000,000
Revolving credit facility, maximum borrowing capacity				$ 2,000,000,000.0
Long-term debt									0	0
Line of Credit \| Commercial Paper
Debt Instrument [Line Items]
Maximum borrowing capacity									2,000,000,000	2,000,000,000
Short-term debt									0	0
USD-Denominated 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	$ 1,000,000,000			$ 1,000,000,000
Interest rate									5.80%	5.80%			5.80%	5.80%
Make-whole premium payment									$ 8,000,000
Unamortized deferred financing costs write-off									$ 4,000,000
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%	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%	6.20%
Euro-Denominated Notes, Issued November 2023 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €														€ 2,350,000,000
Debt instrument, number of tranches \| tranche													3	3
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%	4.375%
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%	4.125%
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%	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 (SOFR)
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
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 (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%
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
Project Financing Arrangements \| Other Debt
Debt Instrument [Line Items]
Issuance of long-term debt										$ 20,000,000	6,000,000
Repayment of long-term debt										$ 6,000,000	$ 12,000,000
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%

RELATED PARTIES (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Equity Method Investments

Amounts attributable to equity method investees are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Sales to equity method investees included in Product sales	$	832	$	887	$	1,555	$	1,641
Purchases from equity method investees included in Cost of products sold	$	59	$	59	$	114	$	102

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


(In millions)	June 30, 2024		December 31, 2023
Receivables from equity method investees included in Accounts receivable, net	$	276	$	231
Payables to equity method investees included in Accounts payable	$	51	$	44

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Sales Type
Product	$	4,468	$	3,754	$	8,541	$	6,955
Service	502		462		970		883
HVAC sales	4,970		4,216		9,511		7,838

Product	851		858		1,623		1,645
Service	122		114		234		225
Refrigeration sales	973		972		1,857		1,870

Product	809		869		1,634		1,682
Service	62		63		124		119
Fire & Security sales	871		932		1,758		1,801

Total segment sales	6,814		6,120		13,126		11,509
Eliminations and other	(125)		(128)		(255)		(244)
Net sales	$	6,689	$	5,992	$	12,871	$	11,265

Schedule of Contract Assets and Liabilities

Total contract assets and contract liabilities consisted of the following:


(In millions)	June 30, 2024		December 31, 2023
Contract assets	$	333	$	306
Contract assets, non-current (included within Other assets)	40		26
Total contract assets	373		332

Contract liabilities	(493)		(425)
Contract liabilities, non-current (included within Other long-term liabilities)	(161)		(160)
Total contract liabilities	(654)		(585)
Net contract assets (liabilities)	$	(281)	$	(253)

BORROWINGS AND LINES OF CREDIT - Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Discounts and debt issuance costs	$ (95)	$ (111)
Total debt	13,322	14,293
Less: current portion of long-term debt	2,052	51
Long-term debt, net of current portion	11,270	14,242
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	12,860	13,951
Unsecured Debt \| Japanese Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	337	379
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 220	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	$ 801	830
5.800% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	5.80%		5.80%
Long-term debt, gross	$ 0	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	$ 801	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	$ 908	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

COMMITMENTS AND CONTINGENT LIABILITIES

6 Months Ended

Jun. 30, 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)	June 30, 2024		December 31, 2023
Environmental reserves included in Accrued liabilities	$	16	$	21
Environmental reserves included in Other long-term liabilities	200		203
Total Environmental reserves	$	216	$	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)	June 30, 2024		December 31, 2023
Asbestos liabilities included in Accrued liabilities	$	16	$	15
Asbestos liabilities included in Other long-term liabilities	201		206
Total Asbestos liabilities	$	217	$	221

Asbestos-related recoveries included in Other current assets	$	5	$	5
Asbestos-related recoveries included in Other assets	86		88
Total Asbestos-related recoveries	$	91	$	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 June 30, 2024, the Company, KFI and others have been named as defendants in more than 8,500 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 United States Supreme Court's decision in Harrington v. Purdue Pharma, L.P., which held that nonconsensual releases of litigation claims against non-debtors are unavailable.

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 other than a $15 million payment by the Company to KFI under the terms of a tax sharing arrangement.

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, which was completed on July 1, 2024 for $140 million, subject to working capital and other adjustments as provided in the sale agreement. 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 six months ended June 30, 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 $118 million and $108 million are included within the accompanying Unaudited Condensed Consolidated Balance Sheet within Accrued Liabilities and Other Long-Term Liabilities as of June 30, 2024, respectively. This obligation is expected to be settled in annual installments with the next installment of $118 million due in April 2025 and the final installment due in April 2026. 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.

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)		3 Months Ended	6 Months Ended
	May 14, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) case	Jun. 30, 2023 USD ($)	Jul. 01, 2024 USD ($)
Other Commitments [Line Items]
Potential contingent liabilities	$ 0
Deconsolidation, loss amount	297,000,000	$ 293,000,000		$ 293,000,000
Kidde-Fenwal, Inc. deconsolidation	134,000,000		$ 0	$ 134,000,000
Payment under tax sharing arrangement	$ 15,000,000
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			118,000,000
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability			$ 108,000,000
Subsequent Event
Other Commitments [Line Items]
Liabilities subject to compromise, divestiture of businesses under bankruptcy court order					$ 140,000,000
Aqueous Film Forming Foam
Other Commitments [Line Items]
Number of litigation cases (more than) \| case			8,500
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

GOODWILL AND INTANGIBLE ASSETS - Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 8,643	$ 2,240
Accumulated Amortization	(1,659)	(1,276)
Net Amount	6,984	964
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	8,707	2,304
Accumulated Amortization	(1,659)	(1,276)
Net Amount	7,048	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	5,868	1,222
Accumulated Amortization	(852)	(610)
Net Amount	5,016	612
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(852)	(610)
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	973	332
Accumulated Amortization	(186)	(163)
Net Amount	787	169
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(186)	(163)
Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,802	686
Accumulated Amortization	(621)	(503)
Net Amount	1,181	183
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (621)	$ (503)

COMMITMENTS AND CONTINGENT LIABILITIES - Outstanding Liabilities for Environmental Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Environmental reserves included in Accrued liabilities	$ 16	$ 21
Environmental reserves included in Other long-term liabilities	200	203
Total Environmental reserves	$ 216	$ 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

INVENTORIES, NET (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net consisted of the following:


(In millions)	June 30, 2024		December 31, 2023
Raw materials	$	981	$	695
Work-in-process	285		259
Finished goods	1,779		1,263

Inventories, net	$	3,045	$	2,217

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 333	$ 306
Contract assets, non-current (included within Other assets)	40	26
Total contract assets	373	332
Contract liabilities	(493)	(425)
Contract liabilities, non-current (included within Other long-term liabilities)	(161)	(160)
Total contract liabilities	(654)	(585)
Net contract assets (liabilities)	$ (281)	$ (253)

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Employer Contributions to Plans

Contributions to the plans were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Defined benefit plans	$	12	$	5	$	18	$	11
Defined contribution plans	$	35	$	29	$	74	$	66
Multi-employer pension plans	$	4	$	4	$	8	$	8

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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Service cost	$	3	$	4	$	7	$	8
Interest cost	7		8		14		16
Expected return on plan assets	(7)		(8)		(14)		(16)
Amortization of prior service credit	—		1		—		1
Recognized actuarial net (gain) loss	—		(1)		—		(1)
Net settlement, curtailment and special termination benefit (gain) loss	1		—		1		—
Net periodic pension expense (benefit)	$	4	$	4	$	8	$	8

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

ACQUISITIONS

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [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 are 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)	Preliminary January 2, 2024		Measurement Period Adjustments		As Adjusted January 2, 2024
Cash and cash equivalents	$	394	(1)		$	393
Accounts receivable	408		5		413
Inventories	948		—		948
Other current assets	17		—		17
Fixed assets	913		11		924
Intangible assets	6,640		—		6,640
Other assets	284		2		286
Accounts payable	(288)		(2)		(290)
Other liabilities, current	(626)		(4)		(630)
Future income tax obligations	(1,825)		5		(1,820)
Other liabilities	(284)		(12)		(296)
Total identifiable net assets	6,581		4		6,585
Goodwill	7,576		(4)		7,572
Total consideration	$	14,157	$	—	$	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 June 30, 2024, the Company is substantially complete with the process of allocating the purchase price and valuing the acquired assets and liabilities assumed except for certain amounts associated with tax-related assets.

During the three and six months ended June 30, 2024, the Company incurred $7 million and $37 million of acquisition-related costs, respectively. During 2023, $80 million of acquisition-related costs were incurred, of which $8 million and $20 million was recognized during the three and six months ended June 30, 2023, respectively. These acquisition costs are reflected within Selling, general and administrative in the Unaudited Condensed Consolidated Statement of Operations.

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.

The following table summarizes the results of the VCS Business since the date of acquisition:


(In millions)	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Net sales	$	743	$	1,618
Net income (loss)	(109)		(233)

The financial results of the VCS Business includes amortization of the step-up to fair value of inventory and backlog as well as intangible amortization totaling $247 million and $497 million for the three and six months ended June 30, 2024, respectively.

Unaudited Pro Forma Financial Information


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Net sales	$	6,689	$	7,227	$	12,871	$	13,505
Net income (loss)	2,421		250		2,764		329

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.

SEGMENT FINANCIAL DATA

6 Months Ended

Jun. 30, 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 June 30,				Three Months Ended June 30,
(In millions)	2024		2023		2024		2023
HVAC	$	4,970	$	4,216	$	687	$	742
Refrigeration	973		972		113		112
Fire & Security	871		932		3,001		(157)
Total segment	6,814		6,120		3,801		697
Eliminations and other	(125)		(128)		(23)		(146)
General corporate expenses	—		—		(87)		(62)
Total Consolidated	$	6,689	$	5,992	$	3,691	$	489



	Net Sales				Operating Profit
	Six Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
HVAC	$	9,511	$	7,838	$	1,116	$	1,177
Refrigeration	1,857		1,870		210		220
Fire & Security	1,758		1,801		3,154		(64)
Total segment	13,126		11,509		4,480		1,333
Eliminations and other	(255)		(244)		(98)		(184)
General corporate expenses	—		—		(191)		(105)
Total Consolidated	$	12,871	$	11,265	$	4,191	$	1,044



	Three Months Ended June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
United States	$	3,477	$	3,389	$	6,444	$	6,249
International:
Europe	1,889		1,205		3,860		2,401
Asia Pacific	1,104		1,194		2,144		2,227
Other	219		204		423		388
Net sales	$	6,689	$	5,992	$	12,871	$	11,265

- 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

CONDENSED CONSOLIDATED STATEMENT OF CHANGES EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends, declared (in dollars per share)	$ 0.38	$ 0.37

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	Jan. 02, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 15,245		$ 15,245		$ 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	7,572		7,572
Acquisition-related costs		7	$ 8	37	$ 20	$ 80
Amortization of the step-up to fair value of inventory and backlog		$ 247		$ 497

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income from operations	$ 2,369	$ 233	$ 2,658	$ 620
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments arising during period	(188)	(63)	(576)	(9)
Pension and post-retirement benefit plan adjustments	1	0	1	0
Amortization of unrealized cash flow hedging gain (loss)	(1)	0	(2)	0
Divestitures	373	0	373	0
Other comprehensive income (loss), net of tax	185	(63)	(204)	(9)
Comprehensive income (loss)	2,554	170	2,454	611
Less: Comprehensive income (loss) attributable to non-controlling interest	31	26	48	42
Comprehensive income (loss) attributable to common shareowners	$ 2,523	$ 144	$ 2,406	$ 569

RESTRUCTURING COSTS

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
HVAC	$	25	$	3	$	32	$	2
Refrigeration	1		7		1		10
Fire & Security	3		(1)		10		12
Total Segment	29		9		43		24
General corporate expenses	3		—		4		2
Total restructuring costs (1)	$	32	$	9	$	47	$	26

Cost of sales	$	13	$	3	$	25	$	9
Selling, general and administrative	19		6		22		17

Total restructuring costs (1)	$	32	$	9	$	47	$	26

(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:


	Six Months Ended June 30,
(In millions)	2024		2023
Balance as of January 1,	$	55	$	24
Net pre-tax restructuring costs	41		26
Acquisitions (1)	8		—

Utilization, foreign exchange and other	(47)		(19)
Balance as of June 30,	$	57	$	31

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

As of June 30, 2024, the Company had $57 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.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Equity compensation costs - equity settled	$	26	$	18	$	48	$	40
Equity compensation costs - cash settled (1)	1		1		1		2
Total stock-based compensation expense	$	27	$	19	$	49	$	42

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

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales
Total Net sales	$ 6,689	$ 5,992	$ 12,871	$ 11,265
Costs and expenses
Research and development	(187)	(151)	(411)	(290)
Selling, general and administrative	(975)	(784)	(1,960)	(1,505)
Total Costs and expenses	(5,973)	(5,172)	(11,659)	(9,927)
Equity method investment net earnings	90	52	121	96
Other income (expense), net	2,885	(383)	2,858	(390)
Operating profit	3,691	489	4,191	1,044
Non-service pension (expense) benefit			(1)	0
Interest (expense) income, net	(166)	(67)	(331)	(113)
Income from operations before income taxes	3,524	422	3,859	931
Income tax (expense) benefit	(1,155)	(189)	(1,201)	(311)
Net income from operations	2,369	233	2,658	620
Less: Non-controlling interest in subsidiaries' earnings from operations	32	34	52	48
Net income attributable to common shareowners	$ 2,337	$ 199	$ 2,606	$ 572
Earnings per share
Basic (in dollars per share)	$ 2.59	$ 0.24	$ 2.90	$ 0.68
Diluted (in dollars per share)	$ 2.55	$ 0.23	$ 2.85	$ 0.67
Weighted-average number of shares outstanding
Basic (in shares)	902.4	836.0	900.2	835.5
Diluted (in shares)	915.3	850.9	913.6	851.5
Product
Net sales
Total Net sales	$ 6,004	$ 5,355	$ 11,546	$ 10,041
Costs and expenses
Cost of products and services sold	(4,296)	(3,769)	(8,294)	(7,227)
Service
Net sales
Total Net sales	685	637	1,325	1,224
Costs and expenses
Cost of products and services sold	$ (515)	$ (468)	$ (994)	$ (905)

ACQUISITIONS - Purchase Price (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jan. 02, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 15,245		$ 7,989
VCS Business
Business Acquisition [Line Items]
Cash and cash equivalents	393	$ 394
Measurement Period Adjustments, Cash and cash equivalents	(1)
Accounts receivable	413	408
Measurement Period Adjustments, Accounts receivable	5
Inventories	948	948
Measurement Period Adjustments, Inventories	0
Other current assets	17	17
Measurement Period Adjustments, Other current assets	0
Fixed assets	924	913
Measurement Period Adjustments, Fixed assets	11
Intangible assets	6,640	6,640
Measurement Period Adjustments, Intangible assets	0
Other assets	286	284
Measurement Period Adjustments, Other assets	2
Accounts payable	(290)	(288)
Measurement Period Adjustments, Accounts payable	(2)
Other liabilities, current	(630)	(626)
Measurement Period Adjustments, Other liabilities, current	(4)
Future income tax obligations	(1,820)	(1,825)
Measurement Period Adjustments, Future income tax obligations	5
Other liabilities	(296)	(284)
Measurement Period Adjustments, Other liabilities	(12)
Total identifiable net assets	6,585	6,581
Measurement Period Adjustments, Total identifiable net assets	4
Goodwill	7,572	7,576
Measurement Period Adjustments, Goodwill	(4)
Total consideration	14,157	$ 14,157
Measurement Period Adjustments, Total consideration	$ 0

GOODWILL AND INTANGIBLE ASSETS - Amortization of Intangible Asses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of Intangible assets	$ 218	$ 61	$ 430	$ 125

EMPLOYEE BENEFIT PLANS - Contributions to Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined benefit plans	$ 12	$ 5	$ 18	$ 11
Defined contribution plans	35	29	74	66
Multi-employer pension plans	$ 4	$ 4	$ 8	$ 8

SEGMENT FINANCIAL DATA (Details) $ in Millions	3 Months Ended		6 Months Ended
SEGMENT FINANCIAL DATA (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment			3
Number of reportable segments \| segment			3
Net Sales	$ 6,689	$ 5,992	$ 12,871	$ 11,265
Operating Profit	3,691	489	4,191	1,044
United States
Segment Reporting Information [Line Items]
Net Sales	3,477	3,389	6,444	6,249
Europe
Segment Reporting Information [Line Items]
Net Sales	1,889	1,205	3,860	2,401
Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	1,104	1,194	2,144	2,227
Other
Segment Reporting Information [Line Items]
Net Sales	219	204	423	388
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	6,814	6,120	13,126	11,509
Operating Profit	3,801	697	4,480	1,333
Operating Segments \| HVAC
Segment Reporting Information [Line Items]
Net Sales	4,970	4,216	9,511	7,838
Operating Profit	687	742	1,116	1,177
Operating Segments \| Refrigeration
Segment Reporting Information [Line Items]
Net Sales	973	972	1,857	1,870
Operating Profit	113	112	210	220
Operating Segments \| Fire & Security
Segment Reporting Information [Line Items]
Net Sales	871	932	1,758	1,801
Operating Profit	3,001	(157)	3,154	(64)
Eliminations and other
Segment Reporting Information [Line Items]
Net Sales	(125)	(128)	(255)	(244)
Operating Profit	(23)	(146)	(98)	(184)
General corporate expenses
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Operating Profit	$ (87)	$ (62)	$ (191)	$ (105)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Apr. 03, 2020	Mar. 05, 2024	Dec. 12, 2023
Restructuring Cost and Reserve [Line Items]
Shares converted in spinoff transaction (in shares)	1
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

BORROWINGS AND LINES OF CREDIT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

BORROWINGS AND LINES OF CREDIT

Long-term debt consisted of the following:


(In millions)	June 30, 2024		December 31, 2023
2.242% Notes due 2025 (1)	$	1,200	$	1,200
4.375% Notes due 2025 (2)	801		830
5.800% Notes due 2025	—		1,000
2.493% Notes due 2027	900		900
4.125% Notes due 2028	801		830
2.722% Notes due 2030	2,000		2,000
2.700% Notes due 2031	750		750
4.500% Notes due 2032	908		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	12,860		13,951

Japanese Term Loan Facility	337		379
Other debt (including project financing obligations and finance leases)	220		74
Discounts and debt issuance costs	(95)		(111)
Total debt	13,322		14,293
Less: current portion of long-term debt	2,052		51
Long-term debt, net of current portion	$	11,270	$	14,242

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

(2) 4.375% Notes due May 29, 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 5.80% notes due 2025, $1.0 billion aggregate principal amount of 5.90% notes due 2034 and $1.0 billion aggregate principal amount of 6.20% 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 4.50% 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. In June 2024, the Company redeemed the $1.0 billion aggregate principal amount of 5.80% notes due in 2025 and incurred a $8 million make-whole premium upon prepayment and wrote off $4 million of related unamortized debt financing costs.

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. Borrowings under the 60-day Loan were repaid in March 2024.

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. Borrowings under the Delayed Draw Facility were repaid in June 2024 and the facility was subsequently terminated.

364-Day Revolver

On May 17, 2024, 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 “364-day Revolver”). Borrowings are available in U.S. Dollars and Euros. 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, Euro-denominated borrowings bear interest at the Adjusted EURIBOR Rate plus a ratings-based margin. Upon entering into the 364-day Revolver, the Company terminated its existing $500 million senior unsecured revolving credit agreement that was set to mature in May 2024. As of June 30, 2024, there were no borrowings outstanding under the 364-day 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 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. In addition, the Company capitalized $2 million of deferred financing costs which are being amortized over its term. As of June 30, 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 June 30, 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 $20 million and $6 million of debt during the six months ended June 30, 2024 and 2023, respectively. Long-term debt repayments associated with these financing arrangements during the six months ended June 30, 2024 and 2023 were $6 million and $12 million, respectively.

Debt Covenants

The Revolving Credit Facility, 364-day 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 June 30, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 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 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 December 7, 2023, the Company entered into a stock purchase agreement to sell its Access Solutions business ("Access Solutions") to Honeywell International Inc. As a result, the assets and liabilities of Access Solutions are presented as held for sale on the accompanying Unaudited Condensed Consolidated Balance Sheet as of December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. The sale of Access Solutions was completed on June 2, 2024. See Note 16 - Divestitures for additional information. 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. 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. 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 June 30, 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. The sale of Industrial Fire was completed on July 1, 2024. 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, indicated that it intended to use the bankruptcy process to explore strategic alternatives, including the sale of KFI as a going concern. 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 June 30, 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 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 to require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance as well as 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.

DIVESTITURES - Schedule of Chubb's Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 02, 2024	Dec. 31, 2023
Discontinued Operations, Disposed of by Sale \| Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		$ 82
Accounts receivable, net		90
Inventories, net		43
Contract assets		3
Other current assets		3
Fixed assets, net		18
Intangible assets, net		53
Goodwill		1,467
Operating lease right-of-use assets		16
Other assets		8
Total assets held for sale		1,783
Accounts payable		54
Accrued liabilities		20
Contract liabilities		60
Operating lease liabilities		17
Other long-term liabilities		10
Total liabilities held for sale		$ 161
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 191		$ 157
Accounts receivable, net	300		479
Inventories, net	170		180
Contract assets	168		142
Other current assets	22		22
Fixed assets, net	103		113
Intangible assets, net	2		55
Goodwill	521		2,009
Operating lease right-of-use assets	74		90
Other assets	50		67
Total assets held for sale	1,601		3,314
Accounts payable	165		188
Accrued liabilities	204		257
Contract liabilities	43		98
Long-term debt, including current portion	7		8
Future pension and post-retirement obligations	196		204
Future income tax obligations	10		9
Operating lease liabilities	56		74
Other long-term liabilities	6		24
Total liabilities held for sale	687		862
Disposal Group, Held-for-sale, Not Discontinued Operations \| Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents			6
Accounts receivable, net			104
Inventories, net			31
Contract assets			2
Other current assets			3
Fixed assets, net			13
Intangible assets, net			53
Goodwill			1,498
Operating lease right-of-use assets			13
Other assets			10
Total assets held for sale			1,733
Accounts payable			20
Accrued liabilities			21
Contract liabilities			53
Long-term debt, including current portion			0
Future pension and post-retirement obligations			0
Future income tax obligations			2
Operating lease liabilities			11
Other long-term liabilities			12
Total liabilities held for sale			119
Disposal Group, Held-for-sale, Not Discontinued Operations \| Commercial Refrigeration
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	151		131
Accounts receivable, net	207		274
Inventories, net	98		84
Contract assets	117		98
Other current assets	17		15
Fixed assets, net	79		78
Intangible assets, net	0		0
Goodwill	69		72
Operating lease right-of-use assets	48		49
Other assets	48		44
Total assets held for sale	834		845
Accounts payable	122		129
Accrued liabilities	149		181
Contract liabilities	24		23
Long-term debt, including current portion	7		8
Future pension and post-retirement obligations	196		203
Future income tax obligations	7		4
Operating lease liabilities	36		40
Other long-term liabilities	3		3
Total liabilities held for sale	544		591
Disposal Group, Held-for-sale, Not Discontinued Operations \| Industrial Fire
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	40		20
Accounts receivable, net	93		101
Inventories, net	72		65
Contract assets	51		42
Other current assets	5		4
Fixed assets, net	24		22
Intangible assets, net	2		2
Goodwill	452		439
Operating lease right-of-use assets	26		28
Other assets	2		13
Total assets held for sale	767		736
Accounts payable	43		39
Accrued liabilities	55		55
Contract liabilities	19		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	20		23
Other long-term liabilities	3		9
Total liabilities held for sale	$ 143		$ 152

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions, except per share amounts)	2024		2023		2024		2023
Net income attributable to common shareowners	$	2,337	$	199	$	2,606	$	572

Basic weighted-average number of shares outstanding	902.4		836.0		900.2		835.5
Stock awards and equity units (share equivalent)	12.9		14.9		13.4		16.0
Diluted weighted-average number of shares outstanding	915.3		850.9		913.6		851.5

Antidilutive shares excluded from computation of diluted earnings per share	4.1		5.9		4.1		5.6

Earnings Per Share
Basic	$	2.59	$	0.24	$	2.90	$	0.68
Diluted	$	2.55	$	0.23	$	2.85	$	0.67

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Outstanding Liabilities for Environmental Obligations

The outstanding liabilities for environmental obligations are as follows:


(In millions)	June 30, 2024		December 31, 2023
Environmental reserves included in Accrued liabilities	$	16	$	21
Environmental reserves included in Other long-term liabilities	200		203
Total Environmental reserves	$	216	$	224

Schedule of Asbestos Liabilities and Related Recoveries

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


(In millions)	June 30, 2024		December 31, 2023
Asbestos liabilities included in Accrued liabilities	$	16	$	15
Asbestos liabilities included in Other long-term liabilities	201		206
Total Asbestos liabilities	$	217	$	221

Asbestos-related recoveries included in Other current assets	$	5	$	5
Asbestos-related recoveries included in Other assets	86		88
Total Asbestos-related recoveries	$	91	$	93

INVENTORIES, NET (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 981	$ 695
Work-in-process	285	259
Finished goods	1,779	1,263
Inventories, net	3,045	2,217
Inventory valuation reserves	$ 245	$ 223

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

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income from operations	$ 2,658	$ 620
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	625	273
Deferred income tax provision	(338)	(110)
Stock-based compensation costs	48	40
Equity method investment net earnings	(121)	(96)
(Gain) loss on sale of investments / deconsolidation	(2,881)	276
Changes in operating assets and liabilities
Accounts receivable, net	(286)	(406)
Contract assets	(62)	(40)
Inventories, net	(2)	(59)
Other current assets	(52)	(105)
Accounts payable and accrued liabilities	1,118	120
Contract liabilities	(19)	37
Distributions from equity method investments	12	10
Other operating activities, net	0	(56)
Net cash flows provided by (used in) operating activities	700	504
Investing Activities
Capital expenditures	(215)	(144)
Investment in businesses, net of cash acquired	(10,779)	(56)
Dispositions of businesses	4,877	36
Settlement of derivative contracts, net	(185)	(14)
Kidde-Fenwal, Inc. deconsolidation	0	(134)
Other investing activities, net	29	16
Net cash flows provided by (used in) investing activities	(6,273)	(296)
Financing Activities
Increase (decrease) in short-term borrowings, net	0	(19)
Issuance of long-term debt	2,555	6
Repayment of long-term debt	(3,542)	(12)
Repurchases of common stock	0	(62)
Dividends paid on common stock	(330)	(309)
Dividends paid to non-controlling interest	(67)	(41)
Other financing activities, net	(22)	(69)
Net cash flows provided by (used in) financing activities	(1,406)	(506)
Effect of foreign exchange rate changes on cash and cash equivalents	(82)	(13)
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	(7,061)	(311)
Less: Change in cash balances classified as assets held for sale	34	0
Net increase (decrease) in cash and cash equivalents and restricted cash	(7,095)	(311)
Cash, cash equivalents and restricted cash, beginning of period	10,017	3,527
Cash, cash equivalents and restricted cash, end of period	2,922	3,216
Less: restricted cash	3	7
Cash and cash equivalents, end of period	$ 2,919	$ 3,209

BORROWINGS AND LINES OF CREDIT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


(In millions)	June 30, 2024		December 31, 2023
2.242% Notes due 2025 (1)	$	1,200	$	1,200
4.375% Notes due 2025 (2)	801		830
5.800% Notes due 2025	—		1,000
2.493% Notes due 2027	900		900
4.125% Notes due 2028	801		830
2.722% Notes due 2030	2,000		2,000
2.700% Notes due 2031	750		750
4.500% Notes due 2032	908		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	12,860		13,951

Japanese Term Loan Facility	337		379
Other debt (including project financing obligations and finance leases)	220		74
Discounts and debt issuance costs	(95)		(111)
Total debt	13,322		14,293
Less: current portion of long-term debt	2,052		51
Long-term debt, net of current portion	$	11,270	$	14,242

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

(2) 4.375% Notes due May 29, 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.

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+ Details

EQUITY - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 11,906	$ 9,005	$ 8,468	$ 8,076	$ 9,005	$ 8,076
Other comprehensive income (loss) before reclassifications, net	(187)	(385)	(55)	52
Amounts reclassified, pre-tax	0	(1)
Divestitures, net	373		0		373	0
Balance as of end of period	14,079	11,906	8,288	8,468	14,079	8,288
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,872)	(1,486)	(1,636)	(1,688)	(1,486)	(1,688)
Balance as of end of period	(1,686)	(1,872)	(1,691)	(1,636)	(1,686)	(1,691)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,829)	(1,444)	(1,552)	(1,604)	(1,444)	(1,604)
Other comprehensive income (loss) before reclassifications, net	(187)	(385)	(55)	52
Amounts reclassified, pre-tax	0	0
Divestitures, net	373
Balance as of end of period	(1,643)	(1,829)	(1,607)	(1,552)	(1,643)	(1,607)
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)	(100)	(84)	(84)	(100)	(84)
Other comprehensive income (loss) before reclassifications, net	0	0	0	0
Amounts reclassified, pre-tax	1	0
Divestitures, net	0
Balance as of end of period	(99)	(100)	(84)	(84)	(99)	(84)
Unrealized Hedging Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	57	58	0	0	58	0
Other comprehensive income (loss) before reclassifications, net	0	0	0	0
Amounts reclassified, pre-tax	(1)	(1)
Divestitures, net	0
Balance as of end of period	$ 56	$ 57	$ 0	$ 0	$ 56	$ 0

- Definition

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

+ References + Details

- Definition

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

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+ Details

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity compensation costs - equity settled	$ 26	$ 18	$ 48	$ 40
Equity compensation costs - cash settled	1	1	1	2
Total stock-based compensation expense	$ 27	$ 19	$ 49	$ 42

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 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 32.8% for the three months ended June 30, 2024 compared with 44.8% for the three months ended June 30, 2023. The year-over-year decrease was primarily driven by the absence of the non-deductible loss of $293 million on the deconsolidation of KFI due to its Chapter 11 filing and the $111 million loss on the mark-to-market valuation of our window forward contracts associated with the expected cash outflows of the Euro-denominated purchase price of the VCS Business recognized during the three months ended June 30, 2023. These amounts were partially offset by the $1.1 billion tax on the $2.9 billion gain on the sale of Access Solutions and a held-for-sale tax benefit of $43 million related to adjustments to basis differences in certain companies recognized during the three months ended June 30, 2024. The effective tax rate was 31.1% for the six months ended June 30, 2024, compared with 33.4% for the six months ended June 30, 2023. The year-over-year decrease was primarily driven by the absence of the non-deductible loss of $293 million on the deconsolidation of KFI due to its Chapter 11 filing recognized during the six months ended June 30, 2023. This amount was partially offset by the $1.1 billion tax on the $2.9 billion gain on the sale of Access Solutions and a held-for-sale tax benefit of $62 million related to adjustments to basis differences in certain companies recognized during the six months ended June 30, 2024. In addition, the Company recognized 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 $16 million related to the re-organization and disentanglement of certain Fire & Security industrial businesses in advance of the planned divestitures, and a tax charge of $15 million related to a reduction of utilizable foreign tax credits during the six months ended June 30, 2024. 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 $20 million to $40 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Expense (Benefit) for the Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 3	$ 4	$ 7	$ 8
Interest cost	7	8	14	16
Expected return on plan assets	(7)	(8)	(14)	(16)
Amortization of prior service credit	0	1	0	1
Recognized actuarial net (gain) loss	0	(1)	0	(1)
Net settlement, curtailment and special termination benefit (gain) loss	1	0	1	0
Net periodic pension expense (benefit)	$ 4	$ 4	$ 8	$ 8

RESTRUCTURING COSTS (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
HVAC	$	25	$	3	$	32	$	2
Refrigeration	1		7		1		10
Fire & Security	3		(1)		10		12
Total Segment	29		9		43		24
General corporate expenses	3		—		4		2
Total restructuring costs (1)	$	32	$	9	$	47	$	26

Cost of sales	$	13	$	3	$	25	$	9
Selling, general and administrative	19		6		22		17

Total restructuring costs (1)	$	32	$	9	$	47	$	26

(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:


	Six Months Ended June 30,
(In millions)	2024		2023
Balance as of January 1,	$	55	$	24
Net pre-tax restructuring costs	41		26
Acquisitions (1)	8		—

Utilization, foreign exchange and other	(47)		(19)
Balance as of June 30,	$	57	$	31

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

REVENUE RECOGNITION - Sales Disaggregated by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total Net sales	$ 6,689	$ 5,992	$ 12,871	$ 11,265
Product
Segment Reporting Information [Line Items]
Total Net sales	6,004	5,355	11,546	10,041
Service
Segment Reporting Information [Line Items]
Total Net sales	685	637	1,325	1,224
Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	6,814	6,120	13,126	11,509
Operating Segments \| HVAC sales
Segment Reporting Information [Line Items]
Total Net sales	4,970	4,216	9,511	7,838
Operating Segments \| HVAC sales \| Product
Segment Reporting Information [Line Items]
Total Net sales	4,468	3,754	8,541	6,955
Operating Segments \| HVAC sales \| Service
Segment Reporting Information [Line Items]
Total Net sales	502	462	970	883
Operating Segments \| Refrigeration sales
Segment Reporting Information [Line Items]
Total Net sales	973	972	1,857	1,870
Operating Segments \| Refrigeration sales \| Product
Segment Reporting Information [Line Items]
Total Net sales	851	858	1,623	1,645
Operating Segments \| Refrigeration sales \| Service
Segment Reporting Information [Line Items]
Total Net sales	122	114	234	225
Operating Segments \| Fire & Security sales
Segment Reporting Information [Line Items]
Total Net sales	871	932	1,758	1,801
Operating Segments \| Fire & Security sales \| Product
Segment Reporting Information [Line Items]
Total Net sales	809	869	1,634	1,682
Operating Segments \| Fire & Security sales \| Service
Segment Reporting Information [Line Items]
Total Net sales	62	63	124	119
Eliminations and other
Segment Reporting Information [Line Items]
Total Net sales	$ (125)	$ (128)	$ (255)	$ (244)

- Definition

+ References

+ Details

INCOME TAXES (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	May 14, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, percent		32.80%	44.80%	31.10%	33.40%
Deconsolidation, loss amount	$ 297		$ 293		$ 293
Effective income tax rate reconciliation, tax cost on sale of business, amount			1,100	$ 1,100
Tax benefit related to certain companies presented held-for-sale		$ 43		62
Tax benefit associated with the conclusion of certain income tax matters				21
Net tax benefit from internal re-organizations				16
Tax charge related to reduction of utilizable foreign tax credits				15
Access Solutions \| Disposal Group, Held-for-sale, Not Discontinued Operations
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Gain on sale			2,900
Minimum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible		20		20
Maximum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible		$ 40		$ 40
The Viessmann \| Foreign Exchange Forward
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Loss on mark-to-market valuation			$ 111

EQUITY (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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)
Other comprehensive income (loss) before reclassifications, net	(187)		—		—		(187)
Amounts reclassified, pre-tax	—		1		(1)		—

Divestitures, net	373		—		—		373
Balance as of June 30, 2024	$	(1,643)	$	(99)	$	56	$	(1,686)

A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and six months ended June 30, 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)
Other comprehensive income (loss) before reclassifications, net	(55)		—		—		(55)



Balance as of June 30, 2023	$	(1,607)	$	(84)	$	—	$	(1,691)

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

DIVESTITURES - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
DIVESTITURES - Narrative (Details) - USD ($) $ in Millions	Jun. 02, 2024	Jun. 30, 2023	Jun. 30, 2024	Mar. 05, 2024	Dec. 12, 2023
Discontinued Operations, Disposed of by Sale \| Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds	$ 5,000
Gain on sale			$ 2,900
Disposal Group, Held-for-sale, Not Discontinued Operations \| Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale		$ 2,900
Disposal Group, Held-for-sale, Not Discontinued Operations \| Commercial Refrigeration Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value					$ 775
Disposal Group, Held-for-sale, Not Discontinued Operations \| 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

FAIR VALUE MEASUREMENTS - Narrative (Details) - VCS Business $ in Millions, € in Billions		1 Months Ended	12 Months Ended
	Jan. 02, 2024 USD ($)	Nov. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	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		$ 96
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

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions)	2024		2023		2024		2023
Equity compensation costs - equity settled	$	26	$	18	$	48	$	40
Equity compensation costs - cash settled (1)	1		1		1		2
Total stock-based compensation expense	$	27	$	19	$	49	$	42

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

DESCRIPTION OF THE BUSINESS (Details)	6 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3