Pay vs Performance Disclosure | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares |
Pay vs Performance Disclosure [Table] | | | |
Pay vs Performance [Table Text Block] | Pay versus performance The following section has been prepared in accordance with the SEC’s new pay versus performance (“PvP”) disclosure rule. The PvP rule requires public companies to disclose information reflecting the relationship between the company’s financial performance and a new definition of pay, referred to as “Compensation Actually Paid.” The Compensation Actually Paid amounts shown below do not reflect actual compensation paid to or earned by our NEOs and Compensation Actually Paid was not used by the Compensation Committee to make any compensation decisions. The table below includes the required PvP disclosures for the Principal Executive Officer (“PEO”) and the average non-PEO NEO for fiscal years 2022, 2021 and 2020. Detailed information on the calculation of the Compensation Actually Paid amounts for the applicable year can be found in footnote (2) below. Year Summary Compensation Table Total for PEO ($) (1) Compensation Actually Paid to PEO ($) (2) Average Summary Compensation Table Total for Non-PEO NEOs ($) (3) Average Compensation Actually Paid to Non-PEO NEOs ($) (2) Value of Initial Fixed $100 investment based on: Net Income ($M) (5) Adjusted Earnings Per Share ($) (6) Otis TSR (4) Peer Group TSR (4) 2022 14,477,875 15,281,897 3,457,622 2,196,543 172 183 1,253 3.17 2021 13,770,306 26,766,637 3,956,450 7,555,268 188 193 1,246 3.01 2020 11,987,312 17,995,581 4,508,897 5,098,198 144 160 906 2.52 (1) The PEO for each year shown in this table is Ms. Marks. (2) The year-over-year variation in the amounts reported is highly correlated with changes in our stock price. In 2022, Mr. Ghai, our former CFO, left employment and forfeited certain equity awards granted to him. His departure contributed to the lower “Average Compensation Actually Paid to non-PEO NEOs” amount reported for 2022. The following tables set forth the adjustments made from the Summary Compensation Table total for the PEO and the Average Summary Compensation Table total for the non-PEO NEOs for each year to determine the Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs under the rule. Adjustments from Summary Compensation Table Total for PEO 2022 2021 2020 Deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table -10,037,135 -8,551,766 -7,928,489 Increase based on fair value of awards granted during year that remain unvested as of year-end, determined as of year-end 9,863,321 13,480,355 8,104,020 Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end 1,617,926 7,921,323 5,501,620 (7) Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year -964,169 -95,793 246,679 Increase based on dividends or other earnings paid during year prior to vesting date of award 324,079 242,212 84,439 Total Adjustments 804,022 12,996,331 6,008,269 Adjustments from Average Summary Compensation Table Total for Non-PEO NEOs 2022 2021 2020 Average deduction for change in actuarial present values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column in the Summary Compensation Table (7) – -32,418 -131,158 Average increase for service cost of pension plans (7) 3,800 4,500 3,200 Average deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table -1,837,952 -1,760,727 -2,505,440 Average increase based on fair value of awards granted during year that remain unvested as of year-end, determined as of year-end 1,285,639 2,775,458 2,078,247 Average increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end 196,731 2,506,949 1,232,398 (8) Average increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year -377,495 23,866 149,908 Average deduction of fair value of awards granted prior to year that were forfeited during year -596,064 – -266,333 Average increase based on dividends or other earnings paid during year prior to vesting date of award 64,262 81,190 28,479 Total Adjustments -1,261,079 3,598,818 589,301 (3) For 2022, our non-PEO NEOs consisted of Ms. LaFreniere and Messrs. Maheshwari, Zheng, de Montlivault and Ghai. For 2021, our non-PEO NEOs consisted of Ms. LaFreniere and Messrs. Ghai, Zheng, and de Montlivault. For 2020, our non-PEO NEOs consisted of Ms. LaFreniere and Messrs. Ghai, Zheng, de Montlivault and Eubanks. (4) Otis did not become an independent publicly traded company until April 3, 2020. The TSR calculations for Otis and the Peer Group are based on a fixed $100 investment from April 3, 2020, through the end of 2022, assuming reinvestment of dividends. The Peer Group for purposes of this table is the S&P 500 Industrials Select Sector Index. (5) This represents Otis’ net income calculated in accordance with GAAP. (6) The Compensation Committee has made the assessment that adjusted earnings per share (“adjusted EPS”), which is calculated on a diluted basis, represents the most important financial measure used by Otis to link Compensation Actually Paid to our PEO and non-PEO NEOs for 2022 to our performance. Adjusted EPS is the performance measure that has the greatest weighting under our PSUs. We grant 50% of each NEO’s LTI opportunity as PSUs. See Appendix A for information on how adjusted EPS is calculated from our audited financial statements. (7) Ms. LaFreniere is a participant in the PPP and Mr. de Montlivault is a participant in the TCN Plan. None of our other NEOs participate in an Otis-sponsored pension plan. (8) For awards granted prior to 2020, we measure the increase or decrease in fair value from April 3, 2020, the date we became an independent publicly traded company. | | |
Company Selected Measure Name | Adjusted Earnings Per Share | | |
Named Executive Officers, Footnote [Text Block] | (3) For 2022, our non-PEO NEOs consisted of Ms. LaFreniere and Messrs. Maheshwari, Zheng, de Montlivault and Ghai. For 2021, our non-PEO NEOs consisted of Ms. LaFreniere and Messrs. Ghai, Zheng, and de Montlivault. For 2020, our non-PEO NEOs consisted of Ms. LaFreniere and Messrs. Ghai, Zheng, de Montlivault and Eubanks. | | |
Peer Group Issuers, Footnote [Text Block] | (4) Otis did not become an independent publicly traded company until April 3, 2020. The TSR calculations for Otis and the Peer Group are based on a fixed $100 investment from April 3, 2020, through the end of 2022, assuming reinvestment of dividends. The Peer Group for purposes of this table is the S&P 500 Industrials Select Sector Index. | | |
PEO Total Compensation Amount | $ 14,477,875 | $ 13,770,306 | $ 11,987,312 |
PEO Actually Paid Compensation Amount | $ 15,281,897 | 26,766,637 | 17,995,581 |
Adjustment To PEO Compensation, Footnote [Text Block] | (2) The year-over-year variation in the amounts reported is highly correlated with changes in our stock price. In 2022, Mr. Ghai, our former CFO, left employment and forfeited certain equity awards granted to him. His departure contributed to the lower “Average Compensation Actually Paid to non-PEO NEOs” amount reported for 2022. The following tables set forth the adjustments made from the Summary Compensation Table total for the PEO and the Average Summary Compensation Table total for the non-PEO NEOs for each year to determine the Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs under the rule. Adjustments from Summary Compensation Table Total for PEO 2022 2021 2020 Deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table -10,037,135 -8,551,766 -7,928,489 Increase based on fair value of awards granted during year that remain unvested as of year-end, determined as of year-end 9,863,321 13,480,355 8,104,020 Increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end 1,617,926 7,921,323 5,501,620 (7) Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year -964,169 -95,793 246,679 Increase based on dividends or other earnings paid during year prior to vesting date of award 324,079 242,212 84,439 Total Adjustments 804,022 12,996,331 6,008,269 | | |
Non-PEO NEO Average Total Compensation Amount | $ 3,457,622 | 3,956,450 | 4,508,897 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,196,543 | 7,555,268 | 5,098,198 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | (2) The year-over-year variation in the amounts reported is highly correlated with changes in our stock price. In 2022, Mr. Ghai, our former CFO, left employment and forfeited certain equity awards granted to him. His departure contributed to the lower “Average Compensation Actually Paid to non-PEO NEOs” amount reported for 2022. The following tables set forth the adjustments made from the Summary Compensation Table total for the PEO and the Average Summary Compensation Table total for the non-PEO NEOs for each year to determine the Compensation Actually Paid to the PEO and Average Compensation Actually Paid to the non-PEO NEOs under the rule. Adjustments from Average Summary Compensation Table Total for Non-PEO NEOs 2022 2021 2020 Average deduction for change in actuarial present values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” column in the Summary Compensation Table (7) – -32,418 -131,158 Average increase for service cost of pension plans (7) 3,800 4,500 3,200 Average deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table -1,837,952 -1,760,727 -2,505,440 Average increase based on fair value of awards granted during year that remain unvested as of year-end, determined as of year-end 1,285,639 2,775,458 2,078,247 Average increase/deduction for change in fair value from prior year-end to current year-end of awards granted prior to year that were outstanding and unvested as of year-end 196,731 2,506,949 1,232,398 (8) Average increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to year that vested during year -377,495 23,866 149,908 Average deduction of fair value of awards granted prior to year that were forfeited during year -596,064 – -266,333 Average increase based on dividends or other earnings paid during year prior to vesting date of award 64,262 81,190 28,479 Total Adjustments -1,261,079 3,598,818 589,301 | | |
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | The graphs below illustrate the relationship between Compensation Actually Paid and • Cumulative TSR for Otis and the Peer Group | | |
Compensation Actually Paid vs. Net Income [Text Block] | The graphs below illustrate the relationship between Compensation Actually Paid and • Otis’ net income | | |
Compensation Actually Paid vs. Company Selected Measure [Text Block] | The graphs below illustrate the relationship between Compensation Actually Paid and • Otis’ adjusted EPS | | |
Total Shareholder Return Vs Peer Group [Text Block] | The graphs below illustrate the relationship between Compensation Actually Paid and • Cumulative TSR for Otis and the Peer Group | | |
Tabular List [Table Text Block] | Most important financial performance measures In our assessment, the most important financial performance measures used to link Compensation Actually Paid to our NEOs in 2022 to our performance are the performance measures that we used in our 2022 STI and LTI programs: • Adjusted EPS (1) • Adjusted net income (1) • Free cash flow (1) • Organic sales growth (1) • New Equipment orders growth (1) • Relative TSR For more information on these measures, see the “STI compensation” section on pages 50 53 54 57 (1) Refer to Appendix A on pages 94 97 98 | | |
Total Shareholder Return Amount | $ 172 | 188 | 144 |
Peer Group Total Shareholder Return Amount | 183 | 193 | 160 |
Net Income (Loss) | $ 1,253,000,000 | $ 1,246,000,000 | $ 906,000,000 |
Company Selected Measure Amount | $ / shares | 3.17 | 3.01 | 2.52 |
PEO Name | Ms. Marks | Ms. Marks | Ms. Marks |
Measure [Axis]: 1 | | | |
Pay vs Performance Disclosure [Table] | | | |
Measure Name | Adjusted EPS | | |
Non-GAAP Measure Description [Text Block] | (6) The Compensation Committee has made the assessment that adjusted earnings per share (“adjusted EPS”), which is calculated on a diluted basis, represents the most important financial measure used by Otis to link Compensation Actually Paid to our PEO and non-PEO NEOs for 2022 to our performance. Adjusted EPS is the performance measure that has the greatest weighting under our PSUs. We grant 50% of each NEO’s LTI opportunity as PSUs. See Appendix A for information on how adjusted EPS is calculated from our audited financial statements. | | |
Measure [Axis]: 2 | | | |
Pay vs Performance Disclosure [Table] | | | |
Measure Name | Adjusted net income | | |
Measure [Axis]: 3 | | | |
Pay vs Performance Disclosure [Table] | | | |
Measure Name | Free cash flow | | |
Measure [Axis]: 4 | | | |
Pay vs Performance Disclosure [Table] | | | |
Measure Name | Organic sales growth | | |
Measure [Axis]: 5 | | | |
Pay vs Performance Disclosure [Table] | | | |
Measure Name | New Equipment orders growth | | |
Measure [Axis]: 6 | | | |
Pay vs Performance Disclosure [Table] | | | |
Measure Name | Relative TSR | | |
PEO [Member] | Total Adjustments [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | $ 804,022 | $ 12,996,331 | $ 6,008,269 |
PEO [Member] | Amounts Reported Under the "Stock Awards" and "Option Awards" Columns in the Summary Compensation Table [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | (10,037,135) | (8,551,766) | (7,928,489) |
PEO [Member] | Based on Fair Value of Awards Granted During Year That Remain Unvested as of Year-end, Determined as of Year-End [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | 9,863,321 | 13,480,355 | 8,104,020 |
PEO [Member] | Change in Fair Value from Prior Year-End to Current Year-end of Awards Granted Prior to Year That Were Outstanding and Unvested as of Year-End [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | 1,617,926 | 7,921,323 | 5,501,620 |
PEO [Member] | Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Year That Vested During Year [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | (964,169) | (95,793) | 246,679 |
PEO [Member] | Based on Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | 324,079 | 242,212 | 84,439 |
Non-PEO NEO [Member] | Total Adjustments [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | (1,261,079) | 3,598,818 | 589,301 |
Non-PEO NEO [Member] | Change in Actuarial Present Values Reported Under the "Change in Pension Value and Nonqualified Deferred Compensation Earnings" Column in the Summary Compensation Table [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | 0 | (32,418) | (131,158) |
Non-PEO NEO [Member] | Service Cost of Pension Plans [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | 3,800 | 4,500 | 3,200 |
Non-PEO NEO [Member] | Amounts Reported Under the "Stock Awards" and "Option Awards" Columns in the Summary Compensation Table [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | (1,837,952) | (1,760,727) | (2,505,440) |
Non-PEO NEO [Member] | Based on Fair Value of Awards Granted During Year That Remain Unvested as of Year-end, Determined as of Year-End [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | 1,285,639 | 2,775,458 | 2,078,247 |
Non-PEO NEO [Member] | Change in Fair Value from Prior Year-End to Current Year-end of Awards Granted Prior to Year That Were Outstanding and Unvested as of Year-End [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | 196,731 | 2,506,949 | 1,232,398 |
Non-PEO NEO [Member] | Change in Fair Value from Prior Year-end to Vesting Date of Awards Granted Prior to Year That Vested During Year [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | (377,495) | 23,866 | 149,908 |
Non-PEO NEO [Member] | Fair Value of Awards Granted Prior to Year That Were Forfeited During Year [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | (596,064) | 0 | (266,333) |
Non-PEO NEO [Member] | Based on Dividends or Other Earnings Paid During Year Prior to Vesting Date of Award [Member] | | | |
Pay vs Performance Disclosure [Table] | | | |
Adjustment to Compensation Amount | $ 64,262 | $ 81,190 | $ 28,479 |