Otis Worldwide (OTIS) 10-K 5 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Entity Registrant Name	OTIS WORLDWIDE CORPORATION
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	001-39221
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3789412
Entity Address, Address Line One	One Carrier Place
Entity Address, City or Town	Farmington
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06032
City Area Code	860
Local Phone Number	233-6847
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	OTIS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 24,623,303,912
Entity Common Stock, Shares Outstanding		433,671,005
Documents Incorporated by Reference	Parts I, II and IV hereof incorporate by reference portions of the Otis Worldwide Corporation 2020 Annual Report to Shareholders. Part III hereof incorporates by reference portions of the Otis Worldwide Corporation Proxy Statement for the 2021 Annual Meeting of Shareholders.
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001781335

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales:
Net sales	$ 12,756	$ 13,118	$ 12,915
Costs and expenses:
Research and development	152	163	181
Selling, general and administrative	1,924	1,810	1,735
Costs and expenses	11,053	11,265	11,105
Other income (expense), net	(64)	(39)	25
Operating profit	1,639	1,814	1,835
Non-service pension cost (benefit)	6	(33)	(44)
Interest expense (income), net	122	(14)	(14)
Net income before income taxes	1,511	1,861	1,893
Income tax expense	455	594	683
Net income	1,056	1,267	1,210
Less: Noncontrolling interest in subsidiaries' earnings	150	151	161
Net income attributable to common shareholders	$ 906	$ 1,116	$ 1,049
Earnings per share (Note 3):
Basic (in usd per share)	$ 2.09	$ 2.58	$ 2.42
Diluted (in usd per share)	$ 2.08	$ 2.58	$ 2.42
Weighted average number of shares outstanding
Basic shares (in shares)	433.2	433.1	433.1
Diluted shares (in shares)	434.6	433.1	433.1
Product sales
Net sales:
Net sales	$ 5,371	$ 5,648	$ 5,596
Costs and expenses:
Cost of products and services sold	4,439	4,640	4,586
Service sales
Net sales:
Net sales	7,385	7,470	7,319
Costs and expenses:
Cost of products and services sold	$ 4,538	$ 4,652	$ 4,603

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 1,056	$ 1,267	$ 1,210
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	8	(26)	(126)
Pension and postretirement benefit plan adjustments:
Net actuarial gain (loss)	(43)	(28)	(37)
Prior service credit	0	0	1
Amortization of actuarial loss and prior service credit	15	9	11
Other	(19)	(22)	5
Total recognized in other comprehensive loss	(47)	(41)	(20)
Tax benefit (expense)	11	9	4
Pension and postretirement benefit plan adjustments, net of tax	(36)	(32)	(16)
Change in unrealized cash flow hedging:
Unrealized cash flow hedging gain (loss)	10	(3)	0
Adjustment for net (gain) loss realized and included in net income	(3)	0	0
Change in unrealized cash flow hedging, net of tax	7	(3)	0
Other comprehensive income (loss), net of tax	(21)	(61)	(142)
Comprehensive income	1,035	1,206	1,068
Less: Comprehensive income attributable to noncontrolling interest	(186)	(140)	(140)
Comprehensive income attributable to common shareholders	$ 849	$ 1,066	$ 928

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,782	$ 1,446
Accounts receivable (net of allowance for expected credit losses of $161 and $83)	3,148	2,861
Contract assets	458	529
Inventories, net	659	571
Other current assets	446	251
Total Current Assets	6,493	5,658
Future income tax benefits	334	373
Fixed assets, net	774	721
Operating lease right-of-use assets	542	535
Intangible assets, net	484	490
Goodwill	1,773	1,647
Other assets	310	263
Total Assets	10,710	9,687
Liabilities and (Deficit) Equity
Short-term borrowings	701	34
Accounts payable	1,453	1,331
Accrued liabilities	1,977	1,739
Contract liabilities	2,542	2,270
Total Current Liabilities	6,673	5,374
Long-term debt	5,262	5
Future pension and postretirement benefit obligations	654	590
Operating lease liabilities	367	386
Future income tax obligations	321	695
Other long-term liabilities	634	311
Total Liabilities	13,911	7,361
Commitments and contingent liabilities (Note 21)
Redeemable noncontrolling interest	83	95
Preferred Stock, $0.01 par value, 125 shares authorized; None issued or outstanding	0	0
Common Stock and additional paid-in capital, $0.01 par value, 2,000 shares authorized; 433.4 shares issued and outstanding	59	0
Accumulated deficit	(3,076)	0
UTC Net Investment	0	2,458
Accumulated other comprehensive income (loss)	(815)	(758)
Total Shareholders' (Deficit) Equity	(3,832)	1,700
Noncontrolling interest	548	531
Total (Deficit) Equity	(3,284)	2,231
Total Liabilities and (Deficit) Equity	$ 10,710	$ 9,687

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 161	$ 83
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	125,000,000	125,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000
Common stock, shares outstanding (in shares)	433,400,000
Common stock, shares issued (in shares)	433,400,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock and Additional Paid-In Capital	Accumulated Deficit	UTC Net (Deficit) Investment	UTC Net (Deficit) InvestmentCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2017	$ 2,532	$ 0	$ 0	$ 2,552	$ (49)	$ (587)	$ 567
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers (to) from UTC and Separation-related transactions				(1,274)
Net income				1,049			161
Other comprehensive income (loss), net of tax						(121)	(13)
Dividends attributable to noncontrolling interest							(173)
Acquisitions, disposals and other changes in noncontrolling interest	(11)			(1)			(1)
Redeemable noncontrolling interest in subsidiaries earnings							(4)
Ending balance at Dec. 31, 2018	$ 2,106	0	0	2,277		(708)	537
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201409Member
Beginning balance at Dec. 31, 2017	$ 131
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest in subsidiaries' earnings	4
Other comprehensive income (loss), net of tax	(8)
Acquisitions, disposals and other changes in redeemable noncontrolling interest	(11)			(1)			(1)
Changes in redeemable noncontrolling interest redemption value	(7)
Ending balance at Dec. 31, 2018	109
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers (to) from UTC and Separation-related transactions				(935)
Net income				1,116			151
Other comprehensive income (loss), net of tax						(50)	(8)
Dividends attributable to noncontrolling interest							(163)
Acquisitions, disposals and other changes in noncontrolling interest							7
Redeemable noncontrolling interest in subsidiaries earnings							7
Ending balance at Dec. 31, 2019	2,231	0	0	2,458	$ (25)	(758)	531
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest in subsidiaries' earnings	(7)
Other comprehensive income (loss), net of tax	(3)
Acquisitions, disposals and other changes in redeemable noncontrolling interest							7
Changes in redeemable noncontrolling interest redemption value	(4)
Ending balance at Dec. 31, 2019	95
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers (to) from UTC and Separation-related transactions				(6,150)
Issuance of common stock		4
Reclassification of UTC Net Investment (Deficit)			(3,556)	3,552
Net income			741	165			150
Stock-based compensation		52
Common Stock issued under employee plans		3
Other comprehensive income (loss), net of tax						(57)	38
Cash dividends declared			(260)
Dividends attributable to noncontrolling interest							(147)
Acquisitions, disposals and other changes in noncontrolling interest	(13)		4				(23)
Other			(5)
Redeemable noncontrolling interest in subsidiaries earnings							(1)
Ending balance at Dec. 31, 2020	$ (3,284)	$ 59	(3,076)	$ 0		$ (815)	548
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Redeemable Noncontrolling Interest
Redeemable noncontrolling interest in subsidiaries' earnings	$ 1
Other comprehensive income (loss), net of tax	(2)
Acquisitions, disposals and other changes in redeemable noncontrolling interest	(13)		$ 4				$ (23)
Changes in redeemable noncontrolling interest redemption value	2
Ending balance at Dec. 31, 2020	$ 83

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.60	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities:
Net income	$ 1,056	$ 1,267	$ 1,210
Adjustments to reconcile net income to net cash flows provided by operating activities, net of acquisitions:
Depreciation and amortization	191	180	190
Deferred income tax benefit	(51)	(8)	127
Stock compensation cost	63	37	38
Loss on fixed asset impairment	71	0	0
Loss on disposal of business	0	26	0
Change in:
Accounts receivable, net	(163)	(191)	(196)
Contract assets and liabilities, current	282	97	9
Inventories, net	(76)	60	24
Other current assets	28	30	(11)
Accounts payable	20	6	124
Accrued liabilities	(14)	(34)	42
Pension contributions	(64)	(32)	(34)
Other operating activities, net	137	31	27
Net cash flows provided by operating activities	1,480	1,469	1,550
Investing Activities:
Capital expenditures	(183)	(145)	(172)
Investments in businesses, net of cash acquired (Note 9)	(53)	(47)	(50)
Investments in equity securities	(51)	0	0
Receipts (payments) on settlements of derivative contracts	(69)	(5)	3
Other investing activities, net	3	(6)	18
Net cash flows used in investing activities	(353)	(203)	(201)
Financing Activities:
Proceeds from issuance of long-term debt	6,300	0	0
Payment of long-term debt issuance costs	(43)	0	0
Repayment of long-term debt	(1,000)	0	0
Increase in short-term borrowings, net	647	6	11
Net transfers to UTC	(6,330)	(972)	(1,312)
Dividends paid on Common Stock	(260)	0	0
Dividends paid to noncontrolling interest	(149)	(163)	(173)
Other financing activities, net	(9)	(4)	(23)
Net cash flows used in financing activities	(844)	(1,133)	(1,497)
Effect of foreign exchange rate changes on cash and cash equivalents	59	(20)	(77)
Net increase in cash and cash equivalents	342	113	(225)
Cash, cash equivalents and restricted cash, beginning of year	1,459	1,346	1,571
Cash, cash equivalents and restricted cash, end of year	1,801	1,459	1,346
Less: Restricted cash	19	13	17
Cash and cash equivalents, end of period	1,782	1,446	1,329
Supplemental cash flow information:
Interest paid (including related party of $0, $18 and $20)	81	18	20
Income taxes paid, net of (refunds) (including related party of $(15), $255 and $186)	$ 561	$ 632	$ 607

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest paid	$ 81	$ 18	$ 20
Income taxes paid	561	632	607
UTC
Interest paid	0	18	20
Income taxes paid	$ (15)	$ 255	$ 186

Business Overview and Separatio

Business Overview and Separation from United Technologies Corporation	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview and Separation from United Technologies Corporation	Business Overview and Separation from United Technologies Corporation Otis (as defined below) is the world’s largest elevator and escalator manufacturing, installation and service company. Our operations are classified into two segments: New Equipment and Service. Through the New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways, for residential and commercial building and infrastructure projects. The Service segment provides maintenance and repair services for both our products and those of other manufacturers, and provides modernization services to upgrade elevators and escalators. On November 26, 2018, United Technologies Corporation, subsequently renamed to Raytheon Technologies Corporation on April 3, 2020 ("UTC" or "RTX", as applicable), announced its intention to spin-off its Otis reportable segment and its Carrier reportable segment into two separate publicly-traded companies (the "Separation"). On April 3, 2020, the Company became an independent publicly-traded company through a pro-rata distribution of 0.5 shares of Common Stock for every share of UTC common stock held at the close of business on the record date of March 19, 2020 ("Distribution"). Otis began to trade as a separate public company (New York Stock Exchange ("NYSE"): OTIS) on April 3, 2 02 0. Unless the context otherwise requires, references to "Otis", "we", "us", "our" and "the Company" refer to (i) Otis Worldwide Corporation's business ("Business") prior to the Separation and (ii) Otis Worldwide Corporation and its subsidiaries following the Separation, as applicable. References to "UTC" relate to pre-Separation matters, and references to "RTX" relate to post-Separation matters. The Separation was completed pursuant to a Separation and Distribution Agreement ("Separation Agreement") and other agreements with UTC related to the Separation, including but not limited to a transition services agreement (the "Transition Services Agreement" or "TSA"), a tax matters agreement (the "Tax Matters Agreement" or "TMA"), an employee matters agreement (the "Employee Matters Agreement" or "EMA") and an intellectual property agreement (the "Intellectual Property Agreement"). For further discussion on these agreements, see Note 5, "Related Parties" .

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation. Prior to the Separation on April 3, 2020, our historical financial statements were prepared on a standalone combined basis and were derived from the consolidated financial statements and accounting records of UTC. For the period subsequent to April 3, 2020, our financial statements are presented on a consolidated basis as the Company became a standalone public company (collectively, the financial statements for all periods presented, including the historical results of the Company prior to April 3, 2020, are now referred to as "Consolidated Financial Statements" to reflect this change). They have been prepared in accordance with the instructions to Form 10-K. Prior to the Separation on April 3, 2020, the Consolidated Statements of Operations included all revenues and costs directly attributable to Otis, including costs for facilities, functions and services used by Otis. Costs for certain functions and services performed by centralized UTC organizations were directly charged to Otis based on specific identification when possible or based on a reasonable allocation driver such as net sales, headcount, usage or other allocation methods. All charges and allocations for facilities, functions and services performed by UTC organizations have been deemed settled in cash by Otis to UTC in the period in which the cost was recorded on the Consolidated Statements of Operations. Current and deferred income taxes were determined based on the standalone results of Otis. However, because the Company was included in our former parent UTC’s tax group in certain jurisdictions, the Company's actual tax balances may differ from those reported. The Company's portion of its domestic income taxes and certain income taxes for jurisdictions outside the U.S. are deemed to have been settled in the period the related tax expense was recorded prior to the Separation. The Consolidated Financial Statements include the accounts of Otis and its controlled subsidiaries, as well as entities where Otis has a variable interest and is the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation . The factors we use to determine the primary beneficiary of a variable interest entity ("VIE") may include decision authority, control over management of day-to-day operations and the amount of our equity investments in relation to others' investments. All significant intracompany accounts and transactions within the Company have been eliminated in the preparation of the Consolidated Financial Statements. Prior to the Separation, the Consolidated Financial St atements of the Company include assets and liabilities that have been determined to be specifically or otherwise attributable to the Company. Certain amounts for prior years have been reclassified to conform to the current year presentation, which are immaterial. Use of Estimates. The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. In addition, estimates and assumptions may impact the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available to us and the unknown future impacts of coronavirus ("COVID-19") at December 31, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of our goodwill and other long-lived assets, financial assets and revenue recognition. While there was not a material impact to our Consolidated Financial Statements as of and for the year ended December 31, 2020 resulting from our assessments of these matters, future assessment of our current expectations at that time of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to our Consolidated Financial Statements in future reporting periods. Risks and Uncertainties. In March 2020, the World Health Organization declared the outbreak of the novel strain of COVID-19, a global pandemic and recommended a number of restrictive measures to contain the spread, which were implemented to different degrees by governments across the world. As the global pandemic continues, the Company continues to closely monitor and manage the impact of the COVID-19 pandemic on its business globally. It is difficult to estimate at this time the duration and extent of the continued impact of the pandemic on the Company's business, financial position, cash flow and results of operations. The results of our operations and overall financial performance were impacted during the year ended December 31, 2020. Due to existing conditions and uncertainty, COVID-19 could have an impact on our business, cash flow and results of operations into 2021. The extent of the impact will depend largely on future developments, which are highly uncertain, including the emergence of additional information concerning the severity of the outbreak, timing, efficacy, availability and distribution of vaccines, actions taken by government authorities to further contain the outbreak or address its impact and its longer-term impacts on the global economy, among other factors. Cash and Cash Equivalents. Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. Prior to the Separation, the Company participated in UTC’s centralized cash management and financing programs. See Note 5, "Related Parties" for additional information. On occasion, we are required to maintain cash deposits with certain banks with respect to contractual or other legal obligations. Included in Other current assets and Other assets on the Consolidated Balance Sheets is approximately $19 million and $13 million of such restricted cash as of December 31, 2020 and 2019, respectively. Accounts Receivable. The Company records accounts receivables when the right to consideration becomes unconditional. We regularly evaluate the collectability of our accounts receivable and maintain reserves for expected credit losses. See Note 6, "Accounts Receivable, Net" for additional information on the Company's policy for evaluation of expected credit losses. We do not believe that accounts receivable represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographic areas. Retainage and Unbilled Receivables. Current and long-term accounts receivable as of December 31, 2020 and 2019 include retainage of $61 million and $59 million, respectively, and unbilled receivables of $104 million and $108 million, respectively. Retainage represents amounts that, pursuant to the applicable contract, are not due until after project completion and acceptance by the customer. Unbilled receivables represent revenues that are earned but not currently billable to the customer under the terms of the contract. These items are expected to be billed and collected in the ordinary course of business. Unbilled receivables where we have an unconditional right to payment are included in Accounts receivable, net as of December 31, 2020 and 2019. Customer Financing Notes Receivable. Through financing arrangements with our customers, we extend payment terms, which are generally not more than one year in duration. See Note 6, "Accounts Receivable, Net" for additional information. Factoring. The Company may sell certain trade accounts and notes receivable to lending institutions to manage credit risk. Financial assets sold under these arrangements are excluded from Accounts receivable, net in the Company’s Consolidated Balance Sheets at the time of sale if the Company has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in Interest expense (income), net in the accompanying Consolidated Statements of Operations. Contract Assets and Liabilities. Contract assets and liabilities represent the difference in the timing of revenue recognition from receipt of cash from our customers and billings. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Performance obligations partially satisfied in advance of customer billings are included in Contract assets, current. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. See Note 4, "Revenue Recognition" for further discussion of contract assets and liabilities. Inventories. Inventories are stated at the lower of cost or estimated realizable value and are primarily based on a first-in, first-out (“FIFO”) method. Valuation reserves for excess, obsolete and slow-moving inventory are estimated by comparing the inventory levels of individual parts to both future sales forecasts or production requirements and historical usage rates in order to identify inventory where the resale value or replacement value is less than inventoriable cost. Fixed Assets. Fixed assets, including software capitalized for internal-use, are recorded at cost. Depreciation of fixed assets is computed over the fixed assets' useful lives on a straight-line basis, unless another systematic and rational basis is more representative of the fixed asset's pattern of use. See Note 8, "Fixed Assets" for further details of useful lives. Internal-use software. The Company capitalizes direct costs of services used in the development of, and external software acquired for use as, internal-use software. Amounts capitalized are amortized over a period ranging from three Asset Retirement Obligations. The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which the legal obligations are determined to exist. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liabilit y is adjusted for c hanges in its present value and the capitalized cost is depreciated over the useful life of the related asset. Fair Value of Financial Instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: Level I – Quoted prices for identical instruments in active markets. Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level III – Instruments whose significant value drivers are unobservable. The carrying amount of current trade receivables, accounts payable and accrued expenses approximates fair value due to the short maturity (less than one year) of the instruments. Equity Method Investments. Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in Other assets on the Consolidated Balance Sheets. Under this method of accounting, our share of the net earnings or losses of the investee is included in Other income (expense), net in the Consolidated Statements of Operations since the activities of the investee are closely aligned with the operations of the Company. We evaluate our equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Business Combinations. We account for transactions that are classified as business combinations in accordance with the FASB ASC Topic 805: Business Combinations . Once a business is acquired, the fair values of the identifiable assets acquired and liabilities assumed are d etermined with the excess cost recorded to goodwill. As required, preliminary fair values are determined once a business is acquired, with the final determination of the fair values being completed within the one-year measurement period from the date of acquisition. Goodwill, Intangible Assets and Long-Lived Assets. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Intangible assets consist of service portfolios, patents, trademarks/trade names, customer relationships and other intangible assets. Acquired intangible assets are recognized at fair value during acquisition accounting and then amortized to Cost of products and services sold and Selling, general and administrative over the applicable useful lives. Goodwill and Indefinite-Lived Intangible Assets. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Goodwill and indefinite-lived intangible assets are subject to impairment testing annually or when a triggering event occurs using the guidance and criteria described in FASB ASC Topic 350: Intangibles – Goodwill and Other . This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. We test goodwill for impairment at a level within the Company referred to as the reporting unit, which is one level below the business segment level. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identified that it is more likely than not that the fair value of a reporting unit is less than its carrying value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, an impairment charge is recognized based on the difference between the reporting unit's carrying value and its fair value. When it is determined that a quantitative analysis is required, the Company primarily utilizes a discounted cash flow methodology to calculate the fair value of its reporting units. The Company completed its most recent annual impairment testing as of July 1, 2020, and determined that no adjustment to goodwill was necessary since the fair value of each reporting unit was significantly in excess of its respective carrying value. Finite-Lived Intangible Assets and Long-Lived Assets. Useful lives of finite-lived intangible assets are estimated based upon the nature of the intangible asset. These intangible assets are amortized based on the pattern in which the economic benefits of the intangible assets are consumed or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization method may be used. The range of estimated useful lives is as follows: Purchased service portfolios 5 to 25 years Patents, trademarks/trade names 4 to 40 years Customer relationships and other 1 to 20 years The Company evaluates the potential impairment of long-lived assets, including finite-lived intangible assets whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. If the carrying value of other long-lived assets h eld and used exceeds the sum of the undiscounted expected future cash flows, the carrying value is written down to fair value. See Note 8, "Fixed Assets" and Note 9, " Business Acquisitions, Goodwill and Intangible Assets " for additional information regarding intangible assets and other long-lived asse ts. Income Taxes. Income taxes as presented in the Consolidated Financial Statements of the Company for periods prior to the Separation attribute current and deferred income taxes of UTC to the Company's stand-alone financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed by FASB ASC Topic 740: Income Taxes (“ASC 740”). Accordingly, the Company's income tax provision for periods prior to the Separation was prepared following the separate return method. The separate return method applies ASC 740 to the stand-alone financial statements of each member of the consolidated group as if the group members were a separate taxpayer and a stand-alone enterprise. The calculation of our income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. As a result, actual transactions included in the consolidated financial statements of UTC may not be included in the Consolidated Financial Statements of the Company. Similarly, the tax treatment of certain items reflected in the Consolidated Financial Statements of the Company may not be reflected in the consolidated financial statements and tax returns of UTC. Therefore, such items as net operating losses, credit carry-forwards and valuation allowances may exist in the stand-alone financial statements that may or may not exist in UTC’s consolidated financial statements. As such, the income taxes of the Company as presented in the Consolidated Financial Statements prior to the Separation may not be indicative of the income taxes that the Company will report in the future. Certain operations of the Company have historically been included in a combined return with other UTC entities before the Separation. Current obligations for taxes in certain jurisdictions, where the Company files a combined tax return with UTC, are deemed settled with UTC for purposes of the Consolidated Financial Statements for periods prior to the Separation. Current obligations for tax in jurisdictions where the Company does not file a combined return with UTC, including certain foreign jurisdictions and certain U.S. states, are recorded within Accrued liabilities on the Consolidated Balance Sheets. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (“TCJA”) was enacted. As a result, income tax attributable to previously undistributed earnings of the Company's international subsidiaries recognized in 2017 is recorded within Accrued liabilities and Future income tax obligatio ns on the Consolidated Balance Sheets pursuant to UTC’s election to pay the tax over time, for which Otis will settle with UTC (or RTX). Additionally, under the terms of the TMA, Otis will indemnify RTX for a percentage of the toll charge installment payments due after the Separation. As a result, a portion of Otis' Future income tax obligations corresponding to the toll charge has been reclassified as a contractual indemnity obligation within Other long-term liabilities on the Consolidated Balance Sheet as of December 31, 2020. See Note 5, "Related Parties" and Note 15, "Income Taxes" for additional information. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest expense has also been recognized. We recognize accrued interest related to unrecognized tax benefits in Interest expense (income), net. Penalties, if incurred, would be recognized as a component of Income tax expense. The TCJA contains a new law that subjects the Company to a tax on Global Intangible Low-Taxed Income (“GILTI”), beginning in 2018. GILTI is a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The FASB has provided that companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for temporary differences, including outside basis differences, expected to reverse as GILTI. We have elected to account for GILTI as a period cost as incurred. Revenue Recognition. We adopted the FASB ASC Topic 606: Revenue from Contracts with Customers and its related amendments, (referred to, collectively, as "ASC 606”) effective January 1, 2018, and elected the modified retrospective approach. The results for periods before 2018 were not adjusted for the new standard and the cumulative effect of the change in accounting was recognized through UTC Net Investment at the date of adoption. The Company's revenue streams include new equipment, maintenance and repair, and modernization. New equipment, modernization and repair services revenue are typically recognized over time as we are enhancing an asset the customer controls. Maintenance revenue is recognized on a straight-line basis over the life of the maintenance contract. New Equipment, Modernization and Repair services. For new equipment and modernization transactions, equipment and installation are typically procured in a single contract providing the customer with a complete installed elevator or escalator unit. The combination of equipment and installation promises are typically a single performance obligation. For repair services, the customer typically contracts for specific short-term services which form a single performance obligation. For these performance obligations, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which corresponds with and best depicts transfer of control or the enhancement of the customer’s assets. Contract costs included in the calculation are comprised of labor, materials, subcontractors’ costs or other direct costs and indirect costs, which include indirect labor costs. Specific to new equipment and modernization arrangements, the Company, based on project progression, reviews cost estimates on significant contracts on a quarterly basis, and for others, no less frequently than annually or when circumstances change and warrant a modification to a previous estimate. These estimates form the basis for the amount of revenue to be recognized and include the latest updated total transaction price, costs and risks for each contract. These estimates for our ongoing contracts may materially change due to the change and completions of the contract scopes, cost estimates and customers' plans, among other factors. For performance obligations recognized under the cost to cost method, we record changes in contract estimates using the cumulative catch-up method. Modifications are recognized as a cumulative catch-up or treated as a separate accounting contract if the modification adds distinct goods or services and the modification is priced at its stand-alone selling price. Maintenance. Our customers purchase maintenance contracts which include services such as required periodic maintenance procedures, preventive services and stand ready obligations to remediate issues with the elevator/escalator when and if they arise. Given the continuous nature of these services throughout the year, we recognize revenue on maintenance contracts on a straight-line basis which aligns with the cost profile of these services. Contractual changes are typically recognized prospectively as most modifications are extensions of the existing arrangement. Transaction Price Considerations. Our contracts typically include fixed payments which are generally received as we progress under our contracts. As a result, we have not identified any significant financing elements in our contract, and our contracts do not have significant estimates related to variable consideration except in the case of a project having an underlying performance issue, which is rare. In situations where multiple performance obligations in a single contract ( e.g., new equipment and maintenance) e xist, the transaction price is allocated to each performance obligation in proportion to their stand-alone selling prices. Estimates are made to account for changes in transaction prices attributable to pricing disputes that occur subsequent to the inception of contracts, based upon historical experience and the status of contracts. Certain costs to obtain or fulfill contracts . Certain costs to obtain or fulfill a contract with a customer must be capitalized, to the extent recoverable from the associated contract margin, and subsequently amortized as the products or services are delivered to the customer. Sales commissions related to new equipment, modernization and maintenance contracts, excluding renewals, are capitalized as contract fulfillment costs and are amortized consistent with the pattern of transfer of the goods or services. Customer contract costs, which do not qualify for capitalization as contract fulfillment costs, are expensed as incurred. Loss Contracts. Loss provisions on contracts are recognized to the extent that estimated contract costs exceed the estimated consideration from the products contemplated under the contractual arrangement. For new commitments, we generally record loss provisions at contract signing. For existing commitments, anticipated losses on contractual arrangements are recognized in the period in which losses become probable. Self-Insurance. The Company is primarily self-insured for a number of risks including, but not limited to, workers’ compensation, general liability, automobile liability, property and employee-related healthcare benefits. The Company has obtained insurance coverage for amounts exceeding individual and aggregate loss limits. The Company accrues for known future claims and incurred but not reported losses wit hin Accrued liabilities and Other long-term liabilities on the Consolidated Balance Sheets, totaling $299 million and $269 million as of December 31, 2020 and 2019, respectively. Derivatives and Hedging Activity. We have used derivative instruments, principally forward contracts, to help manage certain foreign currency exposures. Derivative instruments are viewed as risk management tools by us and are not used for trading or speculative purposes. By their nature, all financial instruments involve market and credit risks. We enter into derivative and other financial instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. We limit counterparty exposure and concentration of risk by diversifying counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties. Derivatives used for hedging purposes may be designated and effective as a hedge of the identified risk exposure at the inception of the contract. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Derivatives used to hedge foreign currency denominated balance sheet items are reported directly in earnings along with offsetting transaction gains and losses on the items being hedged. Derivatives used to hedge forecasted cash flows associated with foreign currency commitmen ts or forecasted commodity purchases m ay be accounted for as cash flow hedges, as deemed appropriate. Gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income (loss), net of tax and reclassified to earnings as a component of product sales or expenses, as applicable, when the hedged transaction occurs. Gains and losses on derivatives designated as cash flow hedges are recorded in Other operating activities, net within the Consolidated Statement of Cash Flows. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hed ging relationship is recorded currently in earnings in the period it occurs. As discussed in Note 17, "Financial Instruments" to the Consolidated Financial Statements as of December 31, 2020 we have €420 million of euro-denominated commercial paper, which qualifies as a net investment hedge against our investments in European businesses. We evaluate the effectiveness of the net investment hedge each quarter, and as of December 31, 2020, the net investment hedge is deemed to be effective. In addition, the Company periodically enters into sales contracts denominated in currencies other than the functional currency of the parties to the transaction. The Company accounts for these transactions separately valuing the embedded derivative component of these contracts. The changes in the fair value of these embedded derivatives are recorded in Other income (expense), net in th e Consolidated Statements of Operations . For the years ended December 31, 2020, 2019 and 2018, Other income (expense), net included a loss of $3 million, a loss of $27 million and a gain of $12 million, respectively, related to the changes in fair value of embedded derivatives. To the extent the hedge accounting criteria are not met, the foreign currency forward contracts are utilized as economic hedges and changes in the fair value of these contracts are recorded currently in earnings in the period in which they occur. Additional information pertaining to foreign currency forward contracts and net investment hedging is included in Note 17, "Financial Instruments". Environmental. Environmental investigatory, remediation, operating and maintenance costs are accrued when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including current laws, regulations and prior remediation experience. Whe re no amount within a range of estimates is more likely, the minimum is accrued. Liabilities with fixed or reliably determinable future cash payments are discounted. Accrued environmental liabilities are not reduced by potential insurance reimbursements. See Note 21, "Contingent Liabilities" for additional details on the environmental remediation activities. Research and Development. These costs are expensed in the period incurred and are shown on a separate line of the Consolidated Statements of Operations. Research and development expenses, covering research and the advancement of potential new and improved products and their uses, primarily include salaries and other employment costs. Other Income (Expense), Net. Other income (expense), net i ncludes the impact of changes in the fair value and settlement of embedded and foreign exchange derivatives, gains or losses on sale of businesses and fixed assets, earnings from equity method investments, fair value changes on equity securities, impairments, non-recurring Separation-related expenses, gains on insurance recoveries and certain other infrequent operating income and expense items. Foreign Exchange. We conduct business in many different currencies and, accordingly, are subject to the inherent risks associated with foreign exchange rate movements. The financial position and results of operations of substantially all of our foreign subsidiaries are measured using the lo

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share On April 3, 2020, the date of consummation of the Separation, 433,079,455 shares of the Common Stock, par value $0.01 per share, were distributed to UTC shareholders of record as of March 19, 2020. This share amount is being utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation as all shares were owned by UTC prior to the Separation. For the 2019 and 2018 calculations, these shares are treated as issued and outstanding at January 1, 2019 and 2018 for purposes of calculating historical basic and diluted earnings per share. Prior to the Separation, Otis employees participated in UTC's equity incentive plans, pursuant to which they were granted stock options, stock appreciation rights, restricted stock units, and performance-based restricted stock units. All awards granted under these plans were related to UTC common shares. Upon Separation, outstanding awards held by Otis employees under UTC's equity incentive plans were converted in accordance with the EMA using the conversion ratios set forth in the EMA. Depending on whether the awards held on the Separation date were in an unvested or vested status, Otis employees either received converted awards solely in Otis based shares (unvested status) or a combination of Otis, UTC and Carrier share based awards (vested status). Former Otis employees, and current and former legacy UTC and Carrier employees, who on the Separation date were holding outstanding UTC awards in a vested status also received a combination of Otis, UTC and Carrier awards post-spin. The conversion methodology used was calculated in accordance with the EMA and with the purpose of maintaining the aggregate intrinsic value of the award immediately after the Separation when compared to the aggregate intrinsic value immediately prior to the Separation . See Note 13, "Employee Benefit Plans" for further detail. For the purpose of the below diluted earnings per share computation, we only included the units associated with the converted Otis share-based awards. These awards were assumed to be outstanding beginning from the Separation date. (dollars in millions, except per share amounts; shares in millions) 2020 2019 2018 Net income attributable to common shareholders $ 906 $ 1,116 $ 1,049 Basic weighted average number of shares outstanding 433.2 433.1 433.1 Stock awards and equity units (share equivalent) 1.4 — — Diluted weighted average number of shares outstanding 434.6 433.1 433.1 Earnings Per Share of Common Stock: Basic $ 2.09 $ 2.58 $ 2.42 Diluted $ 2.08 $ 2.58 $ 2.42 The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock appreciation rights and stock options, when the average market price of the Common Stock is lower than the exercise price of the related stock awards during the period because the effect would be anti-dilutive. In addition, the computation of diluted earnings per share excludes the effect of the potential exercise of stock awards when the awards assumed proceeds exceed the average market price of the common shares during the period. For 2020, there were 4.6 million of anti-dilutive stock awards excluded from the computation.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We account for revenue in accordance with ASC 606. In addition to the following disclosures, Note 22, "Segment Financial Data" provides additional disclosures required by ASC 606, including disaggregation of revenue into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Contract Assets and Liabilities. Contract assets reflect revenue recognized in advance of customer billing. Contract liabilities are recognized when a customer pays consideration, or we have a right to receive an amount of unconditional consideration, in advance of the satisfaction of performance obligations under the contract. We typically receive progress payments from our customers as we perform our work over time. Total Contract assets and Contract liabilities at December 31, 2020 and 2019 are as follows: (dollars in millions) 2020 2019 Contract assets, current $ 458 $ 529 Total contract assets 458 529 Contract liabilities, current 2,542 2,270 Contract liabilities, noncurrent (included within Other long-term liabilities) 44 18 Total contract liabilities 2,586 2,288 Net contract liabilities $ 2,128 $ 1,759 Contract assets decreased by $71 million during the year ended December 31, 2020 as a result of the progression of current contracts and timing of billing on customer contracts . Contract liabilities increased by $298 million during the year ended December 31, 2020 primarily due to contract billings in excess of revenue earned. During the year ended December 31, 2020 and 2019, we recognized revenue of $1.6 billion and $1.7 billion related to the contract liabilities as of January 1, 2020 and as of January 1, 2019, respectively. Remaining Performance Obligations ("RPO"). RPO represents the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied. As of December 31, 2020, our total RPO was approximately $17.2 billion. Of the total RPO as of December 31, 2020, we expect approximately 90% will be recognized as sales over the following 24 months. On December 31, 2019, we had approximately $16.4 billion of remaining performance obligations, at which time we expected to recognize approximately 91% of these remaining performance obligations as sales in the next 24 months.

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Parties	Related Parties In connection with the Separation as further described in Note 1, "Description of Business and Separation from United Technologies Corporation", the Company entered into several agreements with our former parent UTC and Carrier. These agreements include a separation and distribution agreement that sets forth certain agreements with UTC and Carrier regarding the principal actions to be taken in connection with the Separation, including identifying the assets transferred, the liabilities assumed and the contracts transferred to each of UTC, Carrier and Otis as part of the Separation, and when and how these transfers and assumptions occurred. Other agreements that we entered into that govern aspects of our relationship with RTX and Carrier following the Separation include: • TSA. We entered into the TSA under which RTX provides the Company with certain services and we provide certain services to RTX for a limited time to help ensure an orderly transition following the Separation. • TMA. We entered into the TMA with our former parent UTC and Carrier that governs the parties’ respective rights, responsibilities and obligations with respect to tax matters (including responsibility for taxes, entitlement to refunds, allocation of tax attributes, preparation of tax returns, control of tax contests and other tax matters). Subject to certain exceptions set forth in the TMA, Otis generally is responsible for federal, state and foreign taxes imposed on a separate return basis on Otis (or any of its subsidiaries) with respect to taxable periods (or portions thereof) that ended on or prior to the date of the Distribution. The TMA provides special rules that allocate responsibility for tax liabilities arising from a failure of the Separation transactions to qualify for tax-free treatment based on the reasons for such failure. The TMA also imposes restrictions on Otis during the two-year period following the Distribution that are intended to prevent certain transactions from failing to qualify as transactions that are generally tax-free. • EMA and Intellectual Property Agreement. We also entered into the EMA, which allocated among Otis, UTC and Carrier the liabilities and responsibilities relating to employment matters, employee compensation and benefit plans, benefit programs and other related matters, as well as an intellectual property agreement with UTC and Carrier in connection with the Separation. Net Transfers from (to) UTC and Separation Transactions. In connection with the Separation, certain assets and liabilities were contributed to the Company by our former parent UTC leading up to and at the time of the Separation. During 2020 and prior to the Separation, net liabilities of $43 million were contributed to the Company by UTC, primarily consisting of deferred tax assets and liabilities and fixed assets. Prior to the Separation, these non-cash contributions were recorded as Net transfers (to) from UTC on the Consolidated Statements of Changes in Equity through UTC Net Investment. Upon Separation, the following were recorded as Net transfers (to) from UTC and Separation-related transactions on the Consolidated Statements of Changes in Equity through UTC Net Investment: (dollars in millions) Cash and cash equivalents $ 220 Taxes and other 187 Total $ 407 Prior to the Separation, UTC paid Otis Cash and cash equivalents of $190 million in connection with the Separation Agreement, and approximately $30 million as settlement of related party receivables due from UTC to Otis as a result of a cash overdraft as of March 31, 2020. Additionally, the TCJA imposed a non-recurring toll charge, to be paid in installments over an 8-year period, on deemed repatriated earnings of foreign subsidiaries as of December 31, 2017. Under the terms of the TMA, Otis will indemnify RTX for a percentage of the toll charge installment payments due after April 3, 2020. As a result, a portion of Otis' Future income tax obligations corresponding to the toll charge has been reclassified as a contractual indemnity obligation within Other long-term liabilities on the Consolidated Balance Sheets. The TMA also provides for RTX to indemnify Otis for certain foreign tax obligations as a result of Otis' inclusion in certain foreign consolidated tax returns prior to the Separation. As a result, Otis has reflected this contractual indemnification asset within Other current assets and the related tax obligations within Accrued liabilities on the Consolidated Balance Sheets. As a result of the Separation and the provisions of the TMA, Otis' total net tax-related liabilities on April 3, 2020 were reduced by $191 million, comprising the following impacts to the Consolidated Balance Sheets: (dollars in millions) Increase (Decrease) Assets Other current assets $ 167 Total Current Assets 167 Future income tax benefits (4) Total Assets $ 163 Liabilities and (Deficit) Equity Accrued liabilities $ 110 Total Current Liabilities 110 Future income tax obligations (377) Other long-term liabilities 239 Total Liabilities (28) Total Shareholders' (Deficit) Equity 191 Total (Deficit) Equity 191 Total Liabilities and (Deficit) Equity $ 163 There were also $4 million of Other long-term liabilities recorded upon Separation on the Consolidated Balance Sheet. In addition to Income taxes paid, net of (refunds) on the Consolidated Statements of Cash Flows, as a result of the TMA the Company made a payment of $86 million for foreign tax obligations that was reimbursed by RTX in 2020 . Shared Costs. The Consolidated Financial Statements have been prepared on a standalone basis for the periods prior to the Separation on April 3, 2020, and for those periods are derived from the consolidated financial statements and accounting records of UTC. Prior to the Separation, the Company had been managed and operated in the normal course of business with other affiliates of UTC. Accordingly, for periods prior to the Separation on April 3, 2020, certain shared costs were allocated to the Company and reflected as expenses in these Consolidated Financial Statements. Allocated centralized costs were incurred as follows: (dollars in millions) 2020 2019 2018 Allocated centralized costs $ 16 $ 80 $ 90 Prior to the Separation, UTC incurred significant corporate costs such as treasury, tax, accounting, human resources, audit, legal, purchasing, information technology and other such services. The costs associated with these services generally included all payroll and benefit costs, as well as overhead costs related to certain functions. All such amou nts have been deemed to have been incurred and settled by the Company in the period in which the costs were recorded. These expenses are primarily included in Selling, general and administrative expense on the Consolidated Statements of Operations. The future results of operations, financial position and cash flows could differ materially from the historical results presented herein. There were no allocated centralized costs for the periods after the Separation. Separation Costs. In connection with the Separation as further described in Note 1, "Description of Business and Separation from United Technologies Corporation", we incurred Separation costs as follows: (dollars in millions) 2020 2019 2018 Separation costs $ 119 $ 43 $ — We incurred non-recurring Separation-related costs of $119 million and $43 million in 2020 and 2019, respectively, of which $106 million and $43 million, respectively, are recorded in Selling, general and administrative expense and the remaining costs are recorded in Other income (expense), net on the Co nsolidated Statements of Operations. The Selling, general and administrative expenses primarily consist of employee-related costs, costs to establish certain standalone functions and information technology systems, professional services fees, costs to exit from certain services previously provided under the TSA, equity-based awards and other transaction-related costs to transition to being a standalone public company. The costs recorded in Other income (expense), net primarily consist of the finalization of tax returns and tax payments made after the Separation, partially offset in the tax provision , due to differences between the estimated indemnity recorded upon spin and final indemnity payment received relative to the overall tax liability and payments previously submitted. Cash Management and Financing. Prior to the Separation, the Company participated in UTC's centralized cash management and financing programs. Disbursements were made through centralized accounts payable systems which were operated by UTC. Cash receipts were transferred to centralized accounts, which were also maintained by UTC. As cash was received and disbursed by UTC, it was accounted for by the Company through UTC Net Investment. All short and long-term debt was financed by UTC prior to the issuance of the notes and the term loan in connection with the Separation, and the financing decisions for wholly and majority owned subsidiaries were determined by UTC. The cash reflected on the Consolidated Balance Sheets as of December 31, 2019 represents cash on hand at certain foreign entities that did not participate in the centralized cash management program and were specifically identifiable to the Company. Long-Term Debt, Accounts Receivable and Accounts Payable. Certain related party transactions between the Company and our former parent UTC have been included within UTC Net Investment on the Consolidated Balance Sheets in the historical periods presented prior to the Separation. The UTC Net Investment includes related party receivable s due from UTC and its affiliates of $7.7 billion as of December 31, 2019 . The UTC Net Investment includes related party payables due to UTC and its affiliates of $750 million as of December 31, 2019, which primarily related to centralized cash management and financing programs. The UTC Net Investment includes related party debt due to UTC and its affiliates of $100 million as of December 31, 2019. The interest income and expense related to the activity with UTC that was included in Otis' results is presented on a net basis in the Consolidated Statements of Operations as this is settled in cash. Interest income on the activity with our former parent UTC was $23 million and $25 million in 2019 and 2018, respectively. Interest expense on the activity with our former parent UTC was $18 million and $20 million in 2019 and 2018, respectively. There was no interest income or interest expense activity with our former parent UTC in 2020. The total effect of the settlement of these related party transactions is reflected as a financing activity on the Consolidated Statements of Cash Flows for the historical periods presented. Additionally, prior to the Separation, certain related party trade transactions between Otis and UTC and affiliate businesses were cash-settled on a current basis, and therefore, are reflected in the Consolidated Balance Sheets as Accounts payable and amounted to $11 million as of December 31, 2019. Guarantees. Prior to the Separation, UTC and its affiliates issued parent company guarantees to certain customers or other third parties regarding the product performance obligations of Otis under certain installation and long-term maintenance contracts, as well as parent guarantees on behalf of Otis to guarantee ordinary course of business performance obligations as required by certain Otis customers and banks to support credit facilities to Otis' affiliates. Typically, contract performance guarantees provided to Otis customers are in amounts equal to a portion or the entire value of the awarded contract and remain in place through the completion of a contract or warranty period. At December 31, 2019, the total outstanding parent guarantees were approximately $1.8 billion, and all such parent guarantees were terminated in connection with the Separation. There were no costs charged to Otis by our former parent UTC related to these guarantees. Payouts under these guarantees were not significant for 2020, 2019 and 2018. UTC also provided parent guarantees of Otis' long-term debt, which terminated upon Separation.

Accounts Receivable, Net

Accounts Receivable, Net	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Adoption of Credit Loss Standard In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument s. This ASU and its related amendments (collectively, the "Credit Loss Standard") modifies the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments including trade receivables, contract assets, long term receivables and off-balance sheet credit exposures. The Credit Loss Standard requires consideration of a broader range of information to estimate expected credit losses, including historical information and current conditions through a reasonable forecast period. The Credit Loss Standard requires that the income statement reflect the measurement of credit losses for newly recognized financial assets as well as the expected increase or decrease of expected credit losses that have taken place during the period, which may result in earlier recognition of certain losses. We adopted this standard effective January 1, 2020 utilizing a modified retrospective approach. A cumulative-eff ect non-cash after-tax adjustment to retained earnings as of January 1, 2020 was recorded in the amount of approximately $25 million. We are exposed to credit losses primarily through our net sales of products and services to our customers which are recorded as Accounts Receivable, net on the Consolidated Balance Sheets. We evaluate each customer's ability to pay through assessing customer creditworthiness, historical experience and current economic conditions through a reasonable forecast period. Factors considered in our evaluation of assessing collectability and risk include: underlying value of any collateral or security interests, significant past due balances, historical losses and existing economic conditions including country and political risk. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to the allowance for credit losses. We may require collateral or prepayment to mitigate credit risk. We estimate expected credit losses of financial assets with similar risk characteristics. We determine an asset is impaired when our assessment identifies there is a risk that we will be unable to collect amounts due according to the contractual terms of the agreement. We monitor our ongoing credit exposure through reviews of customer balances against contract terms and due dates, current economic conditions and dispute resolution. Estimated credit losses are written off in the period in which the financial asset is no longer collectible. Accounts receivable, net consisted of the following as of December 31: (dollars in millions) 2020 2019 Trade receivables $ 2,987 $ 2,671 Customer financing notes receivable 130 52 Unbilled receivables 104 108 Miscellaneous receivables 88 113 3,309 2,944 Less: allowance for expected credit losses 1 161 83 Balance $ 3,148 $ 2,861 1 Prior to January 1, 2020 allowances for doubtful accounts were recorded when accounts receivable were determined to be uncollectible. The changes in allowance for credit losses related to Accounts receivable, net for the year ended December 31, 2020 is as follows: (dollars in millions) 2020 Balance as of January 1 $ 83 Impact of credit standard adoption 28 Current period provision for expected credit losses 40 Write-offs charged against the allowance for expected credit losses (20) Other 30 Balance as of December 31 $ 161 During 2020, there was approximately $26 million of previously reserved balances moved into allowance for credit losses. As a result of this activity, there was no impact to the Consolidated Statements of Operations for 2020.

Inventories, net

Inventories, net	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories, net	Inventories, net (dollars in millions) 2020 2019 Raw materials and work-in-process $ 113 $ 103 Finished goods 546 468 Total $ 659 $ 571 Raw materials and work-in-process and Finished goods are net of valuation reserves of $112 million and $103 million as of December 31, 2020 and 2019, respectively.

Fixed Assets

Fixed Assets	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets (dollars in millions) Estimated Useful Lives 2020 2019 Land $ 48 $ 45 Buildings and improvements 20 - 40 Years 616 574 Machinery and equipment 3 - 12 Years 1,175 1,043 Assets under construction 132 141 1,971 1,803 Less: Accumulated depreciation (1,197) (1,082) $ 774 $ 721 Depreciation expense was $100 million, $85 million and $86 million in 2020, 2019 and 2018, respectively. In 2020, as a result of reviewing our technology strategies following the Separation, the Company recorded a pre-tax loss for the write-off of Assets under construction of approximately $71 million within Other income (expense), net in the Consolidated Statements of Operations. Non-cash investing activities involving fixed assets resulted in a net increase to Accounts payable of $7 million and $4 million during 2020 and 2019 , respectively.

Business Acquisitions, Goodwill

Business Acquisitions, Goodwill, and Intangible Assets	12 Months Ended
	Dec. 31, 2020
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Business Acquisitions, Goodwill, and Intangible Assets	Business Acquisitions, Goodwill and Intangible Assets Business Acquisitions. Our investments in businesses, net of cash acquired, totaled $55 million (including debt assumed), $47 million and $50 million in 2020, 2019 and 2018, respectively. The acquisitions in each year consisted of a number of immaterial acquisitions in our Service segment. Transaction costs incurred were not considered significant. In 2019, the Company recorded a pre-tax loss on the sale of a business of $19 million within Other income (expense), net on the Consolidated Statement of Operations. There were no significant disposals of businesses for the years ended December 31, 2020 or 2018. Goodwill. Changes in our Goodwill balances in 2020 were as follows: (dollars in millions) Balance as of January 1, 2020 Goodwill Resulting Foreign Currency Balance as of December 31, 2020 New Equipment $ 337 $ — $ 20 $ 357 Service 1,310 30 76 1,416 Total $ 1,647 $ 30 $ 96 $ 1,773 Changes in our Goodwill balances in 2019 were as follows: (dollars in millions) Balance as of January 1, 2019 Goodwill Resulting Business Disposals Foreign Currency Balance at December 31, 2019 New Equipment $ 345 $ — $ — $ (8) $ 337 Service 1,343 16 (16) (33) 1,310 Total $ 1,688 $ 16 $ (16) $ (41) $ 1,647 Intangible Assets. Identifiable intangible assets are comprised of the following: 2020 2019 (dollars in millions) Gross Amount Accumulated Gross Amount Accumulated Amortized: Purchased service portfolios $ 2,123 $ (1,661) $ 2,069 $ (1,598) Patents, trademarks/trade names 22 (16) 21 (15) Customer relationships and other 54 (45) 46 (40) 2,199 (1,722) 2,136 (1,653) Unamortized: Trademarks and other 7 — 7 — Total $ 2,206 $ (1,722) $ 2,143 $ (1,653) Fully amortized service portfolios of $117 million we re written off d uring 2020. Amortization expense of intangible assets was $91 million, $95 million and $104 million for the years ended December 31, 2020, 2019 and 2018, respectively. The estimated future amortization of intangible assets is as follows: (dollars in millions) 2021 2022 2023 2024 2025 Future amortization $ 83 $ 71 $ 61 $ 53 $ 47

Borrowings and Lines of Credit

Borrowings and Lines of Credit	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Borrowings and Lines of Credit	Borrowings and Lines of Credit (dollars in millions) 2020 2019 Commercial paper $ 664 $ — Other borrowings 37 34 Total short-term borrowings $ 701 $ 34 As of December 31, 2020, we had an aggregate of $1.5 billion unsecured, unsubordinated commercial paper programs in place. We use our commercial paper borrowings for general corporate purposes including to finance acquisitions, pay dividends and for debt refinancing. The need for commercial paper borrowings may arise if the use of domestic cash for general corporate purposes exceeds the sum of domestic cash generation and foreign cash repatriated to the U.S. In September 2020, we issued €420 million of Euro denominated commercial paper. The Company used the proceeds from the commercial paper issuance to pay down a portion of the principal balance of the term loan described below. The Euro denominated commercial paper qualifies as a net investment hedge against our investments in European businesses. As of December 31, 2020, the net investment hedge is deemed to be effective. In N ovember 2020, we issued $150 million of U.S. Dollar commercial paper to pay down the remaining balance of the term loan described below. As of December 31, 2020, we had a credit agreement, as amended, with various banks providing for a $1.5 billion unsecured, unsubordinated 5-year revolving credit facility, effective as of April 3, 2020, with an interest rate of LIBOR plus 125 basis points and a commitment fee rate of 12.5 basis points. As of December 31, 2020, there were no borrowings under the revolving credit facility. The undrawn portion of the revolving credit facility serves as a backstop for the issuance of commercial paper. On February 10, 2020, the Company entered into a term loan credit agreement, as amended, providing for a $1.0 billion unsecured, unsubordinated 3-year term loan credit facility (the "term loan"). On March 27, 2020, the Company drew on the full amount of the term lo an. On September 28, 2020, we made a $750 million prepayment of our term loan and paid the remaining b alance of approximately $250 million on November 20, 2020, resulting in the payment in full and termination of the term loan credit agreement. Additionally, on February 27, 2020, we issued $5.3 billion unsecured, unsubordinated notes. The net proceeds of the term loan and the notes described above of approximately $6.3 billion in the aggregate were distributed to UTC prior to the Separation. The revolving credit agreement, term loan credit agreeme nt and inde nture contain affirmative and negative covenants customary for financings of these types that, among other things, limit the Company's and its subsidiaries’ ability to incur a dditional liens, to make certain fundamental changes and to enter into sale and leaseback transactions. In addition, the revolving credit agreement and the term loan credit agreement require that we maintain a maximum consolidated leverage ratio as defined in the agreements, commencing with the test period ending September 30, 2020. The revolving credit agreement, term loan credit agreement and indenture also contain events of default customary for financings of these types. The Company was in compliance with all covenants in 2020. Long-term debt consisted of the following as of December 31: (dollars in millions) 2020 2019 LIBOR plus 45 bps floating rate notes due 2023 1,2 $ 500 $ — 2.056% notes due 2025 2 1,300 — 2.293% notes due 2027 2 500 — 2.565% notes due 2030 2 1,500 — 3.112% notes due 2040 2 750 — 3.362% notes due 2050 2 750 — Other (including finance leases) 5 5 Total principal long-term debt 5,305 5 Other (discounts and debt issuance costs) (43) — Total long-term debt 5,262 5 Less: current portion — — Long-term debt, net of current portion $ 5,262 $ 5 1 The three-month LIBOR rate at December 31, 2020 was approximately 0.24%. 2 On February 27, 2020, we issued $5.3 billion of unsecured, unsubordinated notes. We may redeem these notes at our option pursuant to certain terms. Debt issuance costs are presented as a re duction of debt on the Consolidated Balance Sheets and are amortized as a component of interest expense over the term of the related debt using the effective interest method. Debt issuance costs amortization reflected in the Statements of Operations for the year ended December 31, 2020 is $5 million, and the total interest expense recorded on our external debt for the year ended December 31, 2020 was $124 million. The unamortized debt issuance costs at December 31, 2020 is approximately $43 million. The average maturity of our long-term debt at December 31, 2020 is approximately 11.2 years. The average interest rate on our debt for 2020 is as follows: 2020 Average interest rate - average outstanding borrowings during the year: Short-term borrowings (0.2) % Total long-term debt 2.3 % Average interest rate - average outstanding borrowings as of December 31: Short-term borrowings (0.2) % Total long-term debt 2.4 % The schedule of principal payments required on long-term debt for the next five years and thereafter is: (dollars in millions) 2021 $ — 2022 3 2023 500 2024 — 2025 1,302 Thereafter 3,500 Total $ 5,305

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities (dollars in millions) 2020 2019 Accrued salaries, wages and employee benefits $ 556 $ 516 Accrued interest 223 165 Accrued income taxes payable 182 157 Operating lease liabilities 167 140 VAT and other non-income tax payables 102 116 Other liabilities 747 645 Total $ 1,977 $ 1,739 Accrued interest primarily consists of interest accrued for uncertain tax positions and the German tax litigation as described in Note 21, "Contingent Liabilities", as well as $45 million of interest accrued for borrowings as described in Note 10, "Borrowings and Lines of Credit".

Other Long-term Liabilities

Other Long-term Liabilities	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Other Long-term Liabilities	Other Long-term Liabilities (dollars in millions) 2020 2019 Contractual indemnity obligation $ 239 $ — General, product and auto liability 152 145 Employee benefits 113 97 Other liabilities 130 69 Total $ 634 $ 311 The Contractual indemnity obligation consists of a payable to RTX, resulting from the TMA . See Note 5, "Related Parties " for further details.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors numerous single-employer domestic and international employee benefit plans and, prior to the Separation, certain of our employees participated in employee benefit plans (“Shared Plans”) sponsored by UTC that included participants of the other UTC businesses. We have accounted for our participation in the Shared Plans prior to the Separation as multiemployer benefit plans, as discussed below. Employee Savings Plans. We sponsor various employee savings plans. Prior to the Separation, UTC also sponsored and contributed to defined contribution employee savings plans. Prior to the Separation, certain employees of Otis participated in these plans. Our contributions to employer-sponsored defined contribution plans were $54 million, $41 million and $38 million for 2020, 2019, and 2018, respectively. Pension Plans. We sponsor both funded and unfunded domestic and international defined benefit pension plans that cover a large number of our employees. Our plans use a December 31 measurement date consistent with our fiscal year. (dollars in millions) 2020 2019 Change in benefit obligation: Beginning balance $ 1,092 $ 869 Service cost 40 33 Interest cost 16 21 Actuarial (gain) loss 40 81 Benefits paid (28) (30) Net settlement, curtailment and special termination benefits (26) (23) Other 91 141 Ending balance $ 1,225 $ 1,092 Change in plan assets: Beginning balance $ 622 $ 444 Actual return on plan assets 24 76 Employer contributions 64 32 Benefits paid (28) (30) Settlements (26) (23) Other 47 123 Ending balance $ 703 $ 622 Funded status: Fair value of plan assets $ 703 $ 622 Benefit obligations (1,225) (1,092) Funded status of plan $ (522) $ (470) Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ 87 $ 83 Current liability (21) (20) Noncurrent liability (588) (533) Net amount recognized $ (522) $ (470) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss $ 280 $ 236 Prior service credit (1) (2) Net amount recognized $ 279 $ 234 The amounts included in "actuarial loss" in the above table primarily are due to changes in discount rate assumptions driven by decreases in corporate bond yields. The amounts included in “Other” in the above table primarily reflect the impact of foreign exchange translation, primarily for plans in Australia, Canada, Germany, Spain and Switzerland, and in 2019 an additional foreign defined benefit plan. Domestic pension plans provide retirement benefits to certain employees and are not a material component of the projected benefit obligation. In 2020, 2019 and 2018 we made cash contributions to our defined benefit pension plans of $64 million, $32 million and $34 million, respectively. Information for pension plans with accumulated benefit obligations in excess of plan assets: (dollars in millions) 2020 2019 Projected benefit obligation $ 787 $ 697 Accumulated benefit obligation 685 609 Fair value of plan assets 205 157 Information for pension plans with projected benefit obligations in excess of plan assets: (dollars in millions) 2020 2019 Projected benefit obligation $ 991 $ 966 Accumulated benefit obligation 846 846 Fair value of plan assets 383 413 The accumulated benefit obligation for all defined benefit pension plans was $1.1 billion and $1.0 billion at December 31, 2020, and 2019, respectively. The components of the net periodic pension cost are as follows: (dollars in millions) 2020 2019 2018 Pension benefits: Service cost $ 40 $ 33 $ 33 Interest cost 16 21 21 Expected return on plan assets (25) (24) (23) Amortization of prior service credit (1) (1) (1) Recognized actuarial net loss 16 10 12 Net settlement, curtailment and special termination benefits loss (gain) 5 2 (3) Net periodic pension cost – employer $ 51 $ 41 $ 39 Other changes in plan assets and benefit obligations recognized in other comprehensive loss are as follows: (dollars in millions) 2020 2019 2018 Current year actuarial loss $ 41 $ 28 $ 37 Prior service credit arising during period — — (1) Amortization of actuarial loss (16) (10) (12) Amortization of prior service credit 1 1 1 Net settlement and curtailment (loss) gain (5) (2) 3 Other 24 27 (8) Total recognized in other comprehensive loss $ 45 $ 44 $ 20 Net recognized in net periodic pension cost and other comprehensive loss $ 96 $ 85 $ 59 The amounts included in “Other” in the above table primarily reflect the impact of foreign exchange translation, primarily for plans in Australia, Germany, Canada and Switzerland, and in 2019, an additional foreign defined benefit plan. Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: Benefit Obligation Net Cost (dollars in millions) 2020 2019 2020 2019 2018 Discount rate: Projected benefit obligation 1.1 % 1.5 % 1.5 % 2.5 % 2.4 % Salary scale 3.0 % 3.1 % 3.1 % 3.3 % 3.3 % Expected return on plan assets — — 4.5 % 5.2 % 5.2 % Interest crediting rate 0.6 % 0.7 % 0.7 % 1.5 % 1.5 % The weighted-average discount rates used to measure pension benefit obligations and net costs are set by reference to specific analyses using each plan’s specific cash flows and are then comparing them to high-quality bond indices for reasonableness. In determining the expected return on plan assets, we consider the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes, and economic and other indicators of future performance. In addition, we may consult with, and consider the opinions of, financial and other professionals in developing appropriate capital market assumptions. Return projections are also validated using a simulation model that incorporates yield curves, credit spreads and risk premiums to project long-term prospective returns. The plans’ investment management objectives include providing the liquidity and asset levels needed to meet current and future benefit payments, while maintaining a prudent degree of portfolio diversification considering interest rate risk and market volatility. Globally, investment strategies target a mix of approximately 50% of growth-seeking assets and 50% of income-generating and hedging assets using a wide diversification of asset types, fund strategies and investment managers. The growth seeking allocation consists of global public equities in developed and emerging countries, and alternative-asset class strategies. Within the income-generating assets, the fixed income portfolio consists of mainly government and broadly diversified high-quality corporate bonds. The fair values of pension plan assets at December 31, 2020 and 2019 by asset category are as follows: (dollars in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Not Subject to Leveling Total Asset category Public equities: Global Equity Commingled Funds (1) $ 52 $ 39 $ — $ — $ 91 Global Equity Funds at net asset value (5) — — — 154 154 Fixed income securities: Governments 20 41 — — 61 Corporate Bonds 49 4 — — 53 Fixed income securities at net asset value (5) — — — 90 90 Real estate (2) (5) 12 6 — 12 30 Other (3) (5) 2 129 — 25 156 Cash and cash equivalents (4) (5) 6 1 — 41 48 Total $ 141 $ 220 $ — $ 322 683 Other assets and liabilities (6) 20 Total at December 31, 2020 $ 703 (dollars in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Not Subject to Leveling Total Asset category Public equities: Global Equity Commingled Funds (1) $ — $ 183 $ — $ — $ 183 Global Equity Funds at net asset value (5) — — — 78 78 Fixed income securities: Governments — 54 — — 54 Corporate Bonds — 87 — — 87 Fixed income securities at net asset value (5) — — — 47 47 Real estate (2) (5) — 26 — 1 27 Other (3) — 138 — — 138 Cash and cash equivalents (4)(5) — 8 — — 8 Total at December 31, 2019 $ — $ 496 $ — $ 126 $ 622 (1) Represents investments in mutual funds and investments in commingled funds that invest primarily in common stocks. (2) Represents investments in real estate including commingled funds and directly-held properties. (3) Represents insurance contracts and global-balanced-risk commingled funds consisting mainly of equity, bonds and some commodities. (4) Represents short-term commercial paper, bonds and other cash or cash-like instruments. (5) In accordance with FASB ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefits plan assets. (6) Represents trust receivables and payables that are not leveled. Quoted market prices are used to value investments when available. Investments in securities traded on exchanges, including listed futures and options, are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices. Fixed income securities are primarily measured using a market approach pricing methodology, where observable prices are obtained by market transactions involving identical or comparable securities of issuers with similar credit ratings. Over-the-counter securities and government obligations are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, generally broker quotes. Temporary cash investments are stated at cost, which approximates fair value. We expect to make total contributions of ap proximately $30 million to our g lobal defined benefit pension plans in 2021, including benefit payments to be paid directly from corporate assets. Benefit payments, including amounts to be paid from corporate assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: $56 million in 2021, $59 million in 2022, $62 million in 2023, $59 million in 2024, $61 million in 2025, and $353 million from 2026 through 2030. Postretirement Benefit Plans. We sponsor postretirement benefit plans that provide health and life benefits to eligible retirees. The postretirement plans are unfunded. The benefit obligation was $11 million and $9 million at December 31, 2020, and 2019, respectively. The net periodic cost was $1 million for 2020, 2019 and 2018, respectively. Other comprehensive loss of $2 million was recognized during 2020 related to changes in benefit obligations. The projected benefit obligation discount rate was 4.3% and 4.7% at December 31, 2020 and 2019, respectively. The Net Cost discount rate was 4.7%, 5.3% and 5.3% for 2020, 2019 and 2018, respectively. Benefit payments, including amounts to be paid from corporate assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: $1 million each year from 2021 through 2025, and $3 million from 2026 through 2030. Multiemployer Benefit Plans. We contribute to various domestic and international multiemployer defined benefit pension plans. The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Lastly, if we choose to stop participating in some of our multiemployer plans, we may be required to pay those plans a withdrawal liability based on the underfunded status of the plan. Our participation in these plans for the annual periods ended December 31 is outlined in the table below. Unless otherwise noted, the most recent Pension Protection Act (“PPA”) zone status available in 2020 and 2019 is for the plan’s year-end at June 30, 2019 and June 30, 2018, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Our significant plan is in the green zone which represents a plan that is at least 80% funded and does not require a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”). An extended amortization provision of ten years was utilized to recognize investment gains or losses for our significant plan through June 30, 2019. (dollars in millions) PPA Zone Status FIP/RP Status Contributions Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund EIN/Pension Plan Number 2020 2019 Pending/Implemented 2020 2019 2018 National Elevator Industry Pension Plan 23-2694291 Green Green No $ 131 $ 127 $ 120 No 7/8/2022 Other funds 7 9 8 $ 138 $ 136 $ 128 For the plan years ended June 30, 2019 and 2018, respectively, we were listed in the National Elevator Industry Pension Plan’s Forms 5500 as providing more than 5% of the total contributions for the plan. At the date these financial statements were issued, the Form 5500 was not available for the plan year ending June 30, 2020. In addition, we participate in multiemployer arrangements that provide postretirement benefits other than pensions, with the National Elevator Industry Health Benefit Plan being the most significant. These arrangements generally provide medical and life benefits for eligible active employees and retirees and their dependents. Contributions to multiemployer plans that provide postretirement benefits other than pensions were $20 million, $21 million and $20 million for 2020, 2019 and 2018, respectively. UTC Sponsored Defined Benefit Plans. Defined benefit pension and postretirement benefit plans that were sponsored by our former parent UTC have been accounted for as multi-employer plans in these Consolidated Financial Statements pre-Separation, in accordance with FASB ASC Topic 715-30: Defined Benefit Plans – Pension and FASB ASC Topic 715-60: Defined Benefit Plans – Other Postretirement . FASB ASC Topic 715: Compensation-Retirement Benefits provides that an employer that participates in a multi-employer defined benefit plan is not required to report a liability beyond the contributions currently due and unpaid to the plan. Therefore, no assets or liabilities related to these plans have been included on the Consolidated Balance Sheets. These pension and post retirement expenses were allocated to the Company and reported in Cost of products and services sold, Selling, general and administrative and Non-service pension cost (benefit) on the Consolidated Statements of Operations. The Company's participation in the defined pension and postretirement benefit plans sponsored by our former parent UTC concluded upon the completion of the Separation on April 3, 2020. The amounts for pension and postretirement expenses for the years ended December 31 were as follows: (dollars in millions) 2020 2019 2018 Service cost $ 1 $ 15 $ 18 Non-service pension benefit (5) (42) (49) $ (4) $ (27) $ (31) Stock-based Compensation. Prior to the Separation, certain of the Company's employees participated in stock-based compensation plans sponsored by our former parent UTC. The UTC stock-based compensation plans included various types of market and performance-based incentive awards, including stock options, stock appreciation rights, restricted stock units, and performance-based share units. All awards granted under the plans were based on UTC common shares, and only the activity attributable to Otis employees from these awards is reflected in the accompanying Consolidated Financial Statements for the year ended December 31, 2020. In connection with the Separation, the Company adopted the 2020 Long-Term Incentive Plan (the "Plan"). The Plan became effective on April 3, 2020. A total of 45 million shares of common stock are authorized under the Plan. The Plan provides for the grant of various types of awards including restricted share unit awards, stock appreciation rights, stock options, and performance-based awards. Under the Plan, the exercise price of awards, if any, is set on the grant date and may not be less than the fair market value per share on that date. Generally, stock appreciation rights and stock options have a term of ten years and a three-year vesting period, subject to limited exceptions. In the event of retirement, annual stock appreciation rights, stock options, and restricted share units held for more than one year may become vested and exercisable (if applicable), subject to certain terms and conditions. Awards with performance-based vesting generally have a minimum three-year vesting period and vest based on actual performance against pre-established metrics. In the event of retirement, performance-based awards held for more than one year remain eligible to vest based on actual performance relative to target metrics. We currently intend to issue new shares for share option exercises and conversions under our equity compensation arrangements, and will continue to evaluate this policy in connection with our share repurchase program. In connection with the Separation, and in accordance with the EMA, the Company's employees with outstanding former UTC stock-based awards received replacement stock-based awards under the Plan at Separation. The value of the replaced stock-based awards was designed to preserve the aggregate intrinsic value of the award immediately after the Separation when compared to the aggregate intrinsic value of the award immediately prior to Separation. The incremental expense incurred by the Company was not material. As of December 31, 2020, approximately 28 million sh ares remain available for awards under the 2020 Plan. Stock-based Compensation Expense We measure the cost of all share-based payments, including stock options, at fair value on the grant date and recognize this cost in the Consolidated Statements of Operations. A forfeiture rate assumption is applied on grant date to adjust the expense recognition for awards that are not expected to vest. For periods prior to the Separation, stock-based compensation expense includes expense attributable to Otis, and the fair value assumptions are based on the awards and terms previously granted under the UTC incentive compensation plan to Otis employees. Accordingly, the amounts presented for the years ended December 31, 2020, 2019 and 2018 are not necessarily indicative of future awards and do not necessarily reflect the results that Otis would have experienced as an independent publicly-traded company. Stock-based compensation expense and the resulting tax benefits were as follows: Year Ended (dollars in millions) 2020 2019 2018 Stock-based compensation expense (Share-based) $ 63 $ 37 $ 38 Stock-based compensation expense (Cash-based) (4) 10 (1) Total gross stock-based compensation expense $ 59 $ 47 $ 37 Less: future tax benefit 7 5 4 Stock-based compensation expense, net of tax $ 52 $ 42 $ 33 For the years ended December 31, 2020, 2019 and 2018, the amount of cash received from the exercise of stock options was $3 million, $10 million and $25 million, respectively, with an associated tax benefit realized of $2 million, $6 million and $5 million, respectively. In addition, for the years ended December 31, 2020, 2019 and 2018, the associated tax benefit realized from the vesting of performance share units and other restricted awards was $1 million, $4 million and $1 million, respectively. The 2020 amount was computed using current U.S. federal and state tax rates. As of December 31, 2020, there was approximately $60 million of total unrecognized compensation cost related to non-vested equity awards granted under the Plan. This cost is expected to be recognized ratably over a weighted-average period of 2.3 years. A summary of the transactions under the new Otis Plan for the year ended December 31, 2020 follows: Stock Appreciation Rights Restricted Share Units Performance Share Units Stock Options (shares in thousands) Shares Average Price* Shares Average Price** Shares Average Price** Shares Average Price** Outstanding at: December 31, 2019 — $ — — $ — — $ — — $ — Converted from UTC (1) 12,782 60.16 1,376 68.14 38 67.53 520 53.99 Granted (2) 179 53.25 607 54.21 5 65.45 — — Exercised / Earned (2) (609) 45.19 (201) 61.89 (43) 67.29 (57) 45.39 Cancelled (175) 72.82 (72) 67.56 — 69.79 (9) 41.42 December 31, 2020 12,177 $ 60.63 1,710 $ 63.94 — $ — 454 $ 55.31 * Weighted-average grant price ** Weighted-average grant fair value (1) Converted shares as of April 3, 2020 include Carrier and Legacy UTC employees receiving Otis awards on Separation (2) Includes annual retainer awards issued to the Board of Directors The weighted-average grant date fair value of stock options and stock appreciation rights granted by Otis and UTC during 2020, 2019 and 2018 was $10.38, $20.92 and $20.18, respectively. The weighted-average grant date fair value of performance share units, which vest upon achieving certain performance metrics, and other restricted stock awards granted by Otis and UTC during 2020, 2019 and 2018 was $54.29, $109.17 and $131.47, respectively. The total intrinsic value (which is the amount by which the stock price exceeded the exercise price on the date of exercise) of stock options and stock appreciation rights exercised during 2020, 2019 and 2018 was $13 million, $53 million and $36 million, respectively. The total fair value (which is the stock price at vesting) of performance share units and other restricted awards vested was $10 million, $33 million and $11 million during the years ended December 31, 2020, 2019 and 2018, respectively. The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable at December 31, 2020: Equity Awards Vested and Expected to Vest Equity Awards That Are Exercisable (shares in thousands; aggregate intrinsic value in millions) Awards Average Price* Aggregate Intrinsic Value Remaining Term** Awards Average Price* Aggregate Intrinsic Value Remaining Term** Stock Options/Stock Appreciation Rights 12,506 $ 60.30 $ 115 5.6 years 7,964 $ 54.16 $ 107 4.1 years Performance Share Units/Restricted Stock 1,639 — $ 111 1.7 years * Weighted-average grant price per share ** Weighted-average contractual remaining term in years The fair value of each option award is estimated on the date of grant using a binomial lattice model. The following table indicates the assumptions used in estimating fair value for the years ended December 31, 2020, 2019 and 2018. For periods prior to the Separation, these assumptions represent those utilized by UTC and are not necessarily indicative of assumptions that would be used by Otis as a standalone company. Lattice-based option models incorporate ranges of assumptions for inputs; those ranges are as follows: 2020 2019 2018 Expected volatility 25.5% 18.8% - 19.7% 17.5% - 21.1% Weighted-average volatility 25.5% 19.5% 18.0% Expected term (in years) 6.8 6.5 - 6.6 6.5 - 6.6 Expected dividend yield 1.8% 2.4% 2.2% Risk-free rate 0.5% 2.3% - 2.7% 1.3% - 2.7% Due to the lack of trading history of Otis' stock at the time of valuation efforts, the expected volatility for Otis was calculated based on the average of the volatility of the peer group within the industry. UTC's historical data for Otis employees was used to estimate equity award exercise and employee termination behavior within the valuation model. The expected term represents an estimate of the period of time equity awards are expected to remain outstanding. The risk-free rate is based on the term structure of interest rates at the time of equity award grant.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) A summary of the changes in each component of Accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2020, 2019 and 2018 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Balance at December 31, 2017 $ (468) $ (119) $ — $ (587) Other comprehensive income (loss) before (105) (31) — (136) Amounts reclassified, pre-tax — 11 — 11 Tax expense reclassified — 4 — 4 Balance at December 31, 2018 $ (573) $ (135) $ — $ (708) Other comprehensive income (loss) before (15) (50) (3) (68) Amounts reclassified, pre-tax — 9 — 9 Tax expense reclassified — 9 — 9 Balance at December 31, 2019 $ (588) $ (167) $ (3) $ (758) Other comprehensive income (loss) before (28) (47) 10 (65) Amounts reclassified, pre-tax — 15 (3) 12 Tax benefit reclassified — (4) — (4) Balance at December 31, 2020 $ (616) $ (203) $ 4 $ (815) Amounts reclassified that relate to defined benefit pension and postretirement plans include amortization of prior service costs and actuarial net losses recognized during each period presented. These costs are recorded as components of net periodic pension cost for each period presented . See Note 13, "E mployee Benefit Plans" for additional information.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income Before Income Taxes. The sources of income from operations before income taxes are: (dollars in millions) 2020 2019 2018 United States $ 105 $ 470 $ 504 Foreign 1,406 1,391 1,389 $ 1,511 $ 1,861 $ 1,893 Following enactment of the TCJA, and as part of the historical UTC assertion, the Company determined that it no longer intends to reinvest certain undistributed earnings of its international subsidiaries that have been previously taxed in the U.S. As such, in 2018 Otis recorded the international taxes associated with the future remittance of these earnings. As part of the Separation process, the Company re-assessed this position as a standalone company. The Company no longer intends to reinvest certain undistributed earnings of its international subsidiaries that have been previously taxed in the U.S. The international taxes recorded relative to this assertion differ from those recorded in 2018. As a result of the change in assertion, the Company recognized a one-time tax benefit of $10 million during the year resulting from an overall reduction in the liability previously recorded by UTC. For the remainder of the Company's undistributed international earnings, unless tax effective to repatriate, Otis will continue to permanently reinvest these earnings. As of December 31, 2020, such undistributed earnings were approximately $3.5 billion, excluding other comprehensive income amounts. It is not practicable to estimate the amount of tax that might be payable on the remaining amounts. Provision for Income Taxes. The income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 consisted of the following components: (dollars in millions) 2020 2019 2018 Current: United States: Federal $ 42 $ 103 $ 59 State 26 38 38 Foreign 438 461 459 506 602 556 Future: United States: Federal 8 11 (11) State (8) — 7 Foreign (51) (19) 131 (51) (8) 127 Income tax expense $ 455 $ 594 $ 683 Attributable to items (charged) credited to (deficit) equity $ (6) $ (14) $ (4) Reconciliation of Effective Income Tax Rate. Differences between effective income tax rates and the statutory U.S. federal income tax rate are as follows: 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes 0.9 % 1.7 % 1.6 % Tax on international activities 4.4 % 6.5 % 14.0 % U.S. tax effect of foreign earnings 3.4 % 2.9 % (0.1) % Other 0.4 % (0.2) % (0.4) % Effective income tax rate 30.1 % 31.9 % 36.1 % The 2020 effective tax rate is higher than the statutory U.S. rate primarily due to higher international tax rates as compared to the lower U.S. federal statutory rate and foreign earnings subject to U.S. tax under the provisions of the TCJA. The 2020 effective tax rate compared to the 2019 effective tax rate reflects a tax benefit of $10 million related to our change in assertion of no longer intending to reinvest certain undistributed earnings of our international subsidiaries made during the year as compared to the liability previously recorded by UTC, a decrease as a result of tax regulations related to the TCJA that were enacted during the year, as well as a recognition of a Separation-related foreign tax loss. These were partially offset by incremental withholding taxes in 2020. The 2019 effective tax rate is higher than the statutory U.S. rate primarily due to higher international tax rates as compared to the lower U.S. federal statutory rate, and the full phase-in of the TCJA. The 2019 effective tax rate compared to the 2018 effective tax rate reflects a decrease in the cost of U.S. and foreign tax on international activities primarily attributable to the absence of the net tax charge of $143 million as a result of UTC’s change of assertion of no longer intending to reinvest certain undistributed earnings of its international subsidiaries, offset by the full phase-in of the TCJA. The 2018 effective tax rate is higher than the statutory U.S. rate as it reflects a net tax charge of $143 million as a result of UTC’s change of assertion of no longer intending to reinvest certain undistributed earnings of its international subsidiaries. Deferred Tax Assets and Liabilities. Future income taxes represent the tax effects of transactions which are reported in different periods for tax and financial reporting purposes. These amounts consist of the tax effects of temporary differences between the tax and financial reporting balance sheets and tax carryforwards. Future income tax benefits and payables within the same tax paying component of a particular jurisdiction are offset for presentation in the Consolidated Balance Sheets. The tax effects of temporary differences and tax carryforwards which gave rise to future income tax benefits and payables as of December 31, 2020 and 2019 are as follows: (dollars in millions) 2020 2019 Future income tax benefits: Insurance and employee benefits $ 201 $ 159 Other asset basis differences 149 121 Other liability basis differences 299 335 Tax loss carryforwards 197 45 Tax credit carryforwards 38 14 Valuation allowances (242) (55) $ 642 $ 619 Future income taxes payable: Intangible assets $ 182 $ 174 Other assets basis differences 335 298 $ 517 $ 472 Valuation allowances have been established primarily for tax credit carryforwards, tax loss carryforwards, and certain foreign temporary differences to reduce the future income tax benefits to expected realizable amounts. The table above includes impacts recorded as part of the Separation. Tax Credit and Loss Carryforwards. As of December 31, 2020, tax credit carryforwards, principally state and foreign, and tax loss carryforwards, principally state and foreign, were as follows: (dollars in millions) Tax Credit Carryforwards Tax Loss Carryforwards Expiration period: 2021-2025 $ — $ 39 2026-2030 7 33 2031-2040 1 22 Indefinite 30 720 $ 38 $ 814 Unrecognized Tax Benefits. As of December 31, 2020, the Company had gross tax-effected unrecognized tax benefits of $397 million, all of which, if recognized, would impact the effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits and interest expense related to unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 is as follows: (dollars in millions) 2020 2019 2018 Balance at January 1 $ 379 $ 380 $ 392 Additions for tax positions related to the current year 16 18 3 Additions for tax positions of prior years 41 15 1 Reductions for tax positions of prior years (31) (15) (16) Settlements (8) (19) — Balance at December 31 $ 397 $ 379 $ 380 Gross interest expense related to unrecognized tax benefits $ 10 $ 8 $ 10 Total accrued interest balance at December 31 $ 153 $ 141 $ 136 Otis conducts business globally and, as a result, Otis or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the ordinary course of business, Otis could be subject to examination by taxing authorities throughout the world, including such major jurisdictions as Austria, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Italy, Japan, Mexico, Netherlands, Portugal, Russia, South Korea, Spain, Switzerland, the United Kingdom and the U.S. With few exceptions, Otis is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years b efore 2010. A subsidiary of Otis engaged in litigation in Belgium received a favorable appellate court decision in 2018. The Belgian Tax Authorities appealed the decision to the Court of Cassation (the equivalent of Supreme Court in Belgium). On December 4, 2020, the Court of Cassation overturned the decision of the appellate court and remanded the case to the appellate court for reconsideration. It is not known how much time will elapse prior to the issuance of the appellate court’s decision. The associated tax and interest have been fully reserved. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax be nefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting d ate. It is reasonably possible that a range of a $10 million increase to a $380 million reduction of unrecognized tax benefits and a range of a $10 million increase to a $150 million reduction in associated interest may occur within the next 12 months as a result of additional worldwide uncertain tax positions, the closure of tax statutes, or th e revaluation of current uncertain tax positions arising from the issuance of legislation, regulatory or other guidance or developments in examinations, in appeals or in the courts. See Note 21, "Contingent Liabilities" for discussion regarding uncertain tax positions, included in the above range, related to pending litigation with respect to certain deductions claimed in Germany.

Restructuring Costs

Restructuring Costs	12 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs During the years ended December 31, 2020, 2019 and 2018, we recorded pre-tax restructuring costs totaling $77 million, $54 million and $69 million, respectively, for new and ongoing restructuring actions. We recorded restructuring charges in our operating segments as follows: (dollars in millions) 2020 2019 2018 New Equipment $ 30 $ 19 $ 25 Service 47 35 44 Total $ 77 $ 54 $ 69 Restructuring charges incurred in the years ended December 31, 2020, 2019 and 2018 primarily relate to actions initiated during 2020, 2019 and 2018, and were recorded as follows: (dollars in millions) 2020 2019 2018 Cost of products and services sold $ 22 $ 19 $ 23 Selling, general and administrative 55 35 48 Non-service pension (benefit) — — (2) Total $ 77 $ 54 $ 69 2020 and 2019 Actions . During 2020, we recorded net pre-tax restructuring costs of $71 million for restructuring actions initiated in 2020, consisting of $21 million in Cost of products and services sold and $50 million in Selling, general and administrative expenses. During 2020 , we recorded net pre-tax restructuring costs totaling $6 million for restructuring actions initiated in 2019, primarily included in Selling, general and administrative expenses. The 2020 and 2019 actions relate to ongoing cost reduction efforts, including workforce reductions. We are targeting to complete in 2021 the majority of remaining restructuring actions initiated in 2020 and 2019. The following table summarizes the accrual balance and utilization for the 2020 and 2019 restructuring actions, which are primarily for severance costs: (dollars in millions) 2020 Actions 2019 Actions Restructuring accruals at January 1, 2020 $ — $ 16 Net pre-tax restructuring costs 71 6 Utilization, foreign exchange and other costs (29) (14) Balance at December 31, 2020 $ 42 $ 8 The following table summarizes expected, incurred and remaining costs for the 2020 and 2019 restructuring actions by segment: (dollars in millions) Expected Costs Cost Incurred During 2019 Costs Incurred During 2020 Remaining Costs at December 31, 2020 New Equipment $ 33 $ — $ (29) $ 4 Service 53 — (42) 11 Total 2020 Actions $ 86 $ — $ (71) $ 15 New Equipment $ 20 $ (17) $ (2) $ 1 Service 37 (28) (4) 5 Total 2019 Actions $ 57 $ (45) $ (6) $ 6 2018 and Prior Actions. During 2020 , no pre-tax restructuring costs were recorded for restructuring actions initiated in 2018 and prior.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments We enter into derivative instruments primarily for risk management purposes, including derivatives designated as hedging instruments under ASC 820, Fair Value Measurement . We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates and foreign exchange rates. These fluctuations can increase the costs of financing, investing in and operating the business. We may use derivative instruments, including swaps, forward contracts and options, to manage certain foreign currency and interest rate exposures. The average of the notional amount of foreign exchange contracts hedging foreign currency transactions was $3.0 billion and $1.0 billion at December 31, 2020 and 2019, respectively. The following table summarizes the fair value and presentation on the Consolidated Balance Sheets for derivative instruments as of December 31, 2020 and 2019: (dollars in millions) Balance Sheet Classification December 31, 2020 December 31, 2019 Derivatives designated as Cash flow hedging instruments: Foreign exchange contracts Asset Derivatives: Other current assets $ 9 $ — Other assets 4 — Total asset derivatives $ 13 $ — Liability Derivatives: Accrued liabilities $ (7) $ (1) Other long-term liabilities (4) — Total liability derivatives $ (11) $ (1) Derivatives not designated as Cash flow hedging instruments: Foreign exchange contracts Asset Derivatives: Other current assets $ 23 $ 8 Other assets 10 1 Total asset derivatives $ 33 $ 9 Liability Derivatives: Accrued liabilities (24) (5) Other long-term liabilities (8) — Total liability derivatives $ (32) $ (5) The amount of gain or (loss) attributable to foreign exchange contract activity reclassified from Accumulated other comprehensive income (loss) was immaterial for the years ended December 31, 2020 and 2019, respectively. The effect of cash flow hedging relationships on Accumulated other comprehensive income (loss) as of December 31, 2020 and 2019 are presented in the table below. December 31, (dollars in millions) 2020 2019 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ 4 $ (3) The Company utilizes the critical terms match method in assessing firm commitment derivatives for hedge effectiveness. Accordingly, the hedged items and derivatives designated as hedging instruments are highly effective. We have €420 million of euro denominated commercial paper, which qualifies as a net investment hedge against our investments in European businesses. As of December 31, 2020, the net investment hedge is deemed to be effective. We have recognized $18 million of losses associated with this net investment hedge in Other comprehensive income (loss) during 2020 and in Accumulated other comprehensive income (loss) at December 31, 2020. Assuming current market conditions continue, a $2 million pre-tax loss is expected to be reclassified from Accumulated other comprehensive income (loss) into Product sales to reflect the fixed prices obtained from foreign exchange hedging within the next 12 months. At December 31, 2020, all derivative contracts accounted for as cash flow hedges will mature by December 2024. The effect of derivatives not designated as Cash flow hedging instruments within Other income (expense) net, on the Consolidated Statements of Operations was as follows: Year Ended December 31, (dollars in millions) 2020 2019 Foreign exchange contracts $ (4) $ (9)

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements In accordance with the provisions of ASC 820: Fair Value Measurements , the following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring and non-recurring basis in our Consolidated Balance Sheets as of December 31, 2020 and 2019: December 31, 2020 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Equity securities $ 59 $ 59 $ — $ — Derivative assets 46 — 46 — Derivative liabilities (43) — (43) — December 31, 2019 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Equity securities $ 3 $ 3 $ — $ — Derivative assets 9 — 9 — Derivative liabilities (5) — (5) — Valuation Techniques . Our equity securities include equity investments that are traded in active markets, either domestically or internationally, and are measured at fair value using closing stock prices from active markets. The fair value gains or losses related to our equity securities are recorded through net income. Our derivative assets and liabilities include foreign exchange contracts that are measured at fair value using internal models based on observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties' credit risks. Our notes, as described in Note 10, "Borrowings and Lines of Credit", are measured at fair value using closing bond prices from active markets. As of December 31, 2020, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties' credit risks. The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Consolidated Balance Sheets at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 65 $ 62 $ 62 $ 62 Customer financing notes receivable, net 128 126 62 62 Short-term borrowings (701) (701) (34) (34) Long-term debt (excluding leases and other) (5,300) (5,717) — — Long-term liabilities (263) (234) (4) (4) Long-term liabilities as of December 31, 2020 includes $239 million of payables to RTX for reimbursement of tax payments RTX is responsible to pay after the Separation as a result of the TMA. The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in the Consolidated Balance Sheets at December 31, 2020 and 2019: December 31, 2020 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 62 $ — $ 62 $ — Customer financing notes receivable, net 126 — 126 — Short-term borrowings (701) — (701) — Long-term debt (excluding leases and other) (5,717) — (5,717) Long-term liabilities (234) — (234) — December 31, 2019 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables $ 62 $ — $ 62 $ — Customer financing notes receivable, net 62 — 62 — Short-term borrowings (34) — (34) — Long-term liabilities (4) — (4) —

Guarantees

Guarantees	12 Months Ended
	Dec. 31, 2020
Guarantees and Product Warranties [Abstract]
Guarantees	Guarantees The Company provides service and warranty on its products beyond normal service and warranty policies. The changes in the carrying amount of service and product guarantees for the years ended December 31, 2020 and 2019 are as follows: (dollars in millions) 2020 2019 Balance as of January 1 $ 27 $ 47 Warranties 12 10 Settlements made (14) (18) Other — (12) Balance as of December 31 $ 25 $ 27 The Company provides certain financial guarantees to third parties. As of December 31, 2020, Otis has stand-by letters of credit with maximum potential payment totaling $185 million. We accrue costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts, and where no amount within a range of estimates is more likely, the minimum is accrued. In accordance with the FASB ASC Topic 460: Guarantees , we record these liabilities at fair value. As of December 31, 2020, Otis has determined there are no estimated costs probable under these guarantees.

Leases (Notes)

Leases (Notes)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases ASU 2016-02, Leases (Topic 842) and its related amendments (collectively, "Lease Accounting Standard") were effective for reporting periods beginning after December 15, 2018. We adopted the Lease Accounting Standard effective January 1, 2019 and elected the modified retrospective approach in which results for periods before 2019 were not adjusted for the new standard and the cumulative effect of the change in accounting was recognized through retained earnings at the date of adoption. The Lease Accounting Standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the Consolidated Balance Sheets for all leases with terms longer than 12 months. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition on the Consolidated Statements of Operations. In addition, this standard requires a lessor to classify leases as either sales-type, finance or operating. A lease will be treated as a sale if it transfers all of the risks and rewards, as well as control of the underlying asset, to the lessee. If risks and rewards are conveyed without the transfer of control, the lease is treated as financing. If the lessor doesn’t convey risks and rewards or control, the lease is treated as operating. We elected certain of the practical expedients available under the Lease Accounting Standard upon adoption. We applied the practical expedient which allows prospective transition to the Lease Accounting Standard on January 1, 2019. Under the transition practical expedient, we did not reassess lease classification, embedded leases or initial direct costs. We have applied the practical expedient for short-term leases, whereby a lease ROU asset and liability is not recognized and the expense is recognized in a straight-line basis over the lease term. In addition, we have lease agreements with lease and non-lease components, for which we have elected the practical expedients to combine these components for certain equipment leases. The adoption of the Lease Accounting Standard did not have a material effect on our Consolidated Financial Statements. Upon adoption, we recorded a $530 million ROU asset and a $523 million lease liability. We enter into lease agreements for the use of real estate space, vehicles and certain other equipment under operating and finance leases. We determine if an arrangement contains a lease at inception. Operating leases are included in Operating lease ROU assets, Accrued liabilities, and Operating lease liabilities in our Consolidated Balance Sheets. Finance leases are not considered significant to our Consolidated Balance Sheets or Consolidated Statements of Operations. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments, and use the implicit rate when readily determinable. We determine our incremental borrowing rate through market sources including relevant industry rates. Our lease ROU assets also include any lease pre-payments and exclude lease incentives. Certain of our leases inclu de variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. We exclude variable payments from lease ROU assets and lease liabilities, to the extent not considered fixed, and instead, expense variable payments as incurred. Variable lease expense and lease expense for short duration contracts is not a material component of lease expense. Our leases generally have remaining lease terms of 1 to 20 years, some of which include options to extend leases. The majority of our leases with options to extend are up to five years with the ability to terminate the lease within one year. The exercise of lease renewal options is at our sole discretion and our lease ROU assets and liabilities reflect only the options we are reasonably certain that we will exercise. Lease expense is recognized on a straight-line basis over the lease term. Operating lease expense for the years ended December 31, 2020 and 2019 was $186 million an d $191 million, respectively. Prior to the adoption of the New Lease Accounting Standard, rent expense was $161 million in 2018. Supplemental cash flow information related to operating leases for the years ended December 31, 2020 and 2019 were as follows: (dollars in millions) 2020 2019 Operating cash flows used for the measurement of operating lease liabilities $ (162) $ (134) Operating lease ROU assets obtained in exchange for operating lease obligations 126 157 Operating lease ROU assets and liabilities are reflected on our Consolidated Balance Sheets as follows: December 31, (dollars in millions) 2020 2019 Operating lease ROU assets $ 542 $ 535 Accrued liabilities $ 167 $ 140 Operating lease liabilities 367 386 Total operating lease liabilities $ 534 $ 526 Supplemental information related to operating leases was as follows: December 31, 2020 2019 Weighted Average Remaining Lease Term (in years) 5.0 5.3 Weighted Average Discount Rate 2.9 % 3.4 % Undiscounted maturities of operating lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, as of December 31, 2020 are as follows: (dollars in millions) Total 2021 $ 172 2022 134 2023 95 2024 63 2025 42 Thereafter 84 Total undiscounted lease payments 590 Less: imputed interest (56) Total discounted lease payments $ 534

Contingent Liabilities

Contingent Liabilities	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Except as otherwise noted, while we are unable to predict the final outcome, based on information currently available, we do not believe that resolution of any of the following matters will have a material adverse effect upon our competitive position, results of operations, cash flows or financial condition. Legal costs generally are expensed when incurred. Environmental. As previously disclosed, the Company's operations are subject to environmental regulation by authorities with jurisdiction over its operations. 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, and periodically reassesses these amounts. Management believes that the likelihood of incurring losses materially in excess of amounts accrued is remote. The outstanding liability for environmental obligations was $12 million as of December 31, 2020 and December 31, 2019, and is included in Accrued liabilities and Other long-term liabilities on the Consolidated Balance Sheets. Legal Proceedings. German Tax Litigation As previously disclosed, we have been involved in administrative review proceedings with the German Tax Office, which concern approximately €215 million (approximately $264 million as of December 31, 2020) of tax benefits that we have claimed related to a 1998 reorganization of the corporate structure of our operations in Germany. Upon audit, these tax benefits were disallowed by the German Tax Office. We estimate interest associated with the aforementioned tax benefits is an additional approximately €118 million (approximately $145 million as of December 31, 2020). On August 3, 2012, a suit was filed in the local German Tax Court (Berlin-Brandenburg). In 2015, our former parent UTC made tax and interest payments to German tax authorities of €275 million (approximately $300 million) in order to avoid additional interest accruals pending final resolution of this matter. In March 2016, the local German Tax Court dismissed the suit, and we appealed this decision to the German Federal Tax Court. Following a hearing on July 24, 2018, the German Federal Tax Court remanded the matter to the local German Tax C ourt for further proce edings. On December 7, 2020, the local Tax Court ruled against the Company. We have filed an appeal with the Federal Tax Court; however there is no assurance that the Federal Tax Court will agree to hear the appeal or, if it does, rule in the Company's favor, and it is possible that the decision of the German Tax Office ultimately could be sustained. Pursuant to the TMA, the Company retains the liability associated with the remaining interest, and has recorded an interest accrual of €45 million (approximately $55 million as of December 31, 2020), net of payments and other deductions, included within Accrued liabilities on the Consolidated Balance Sheets at December 31, 2020. In the event that RTX and the Company prevail in this matter, any recoveries would be allocated between RTX and the Company pursuant to the terms of the TMA. Asbestos Matters As previously disclosed, we have been named as defendants in lawsuits alleging personal injury as a result of exposure to asbestos. While we have never manufactured any asbestos-containing component parts, and no longer incorporate asbestos in any current products, certain of our historical products have contained components manufactured by third parties incorporating asbestos. A substantial majority of these asbestos-related claims have been dismissed without payment or were 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 relate d claims were not material individually or in the aggregate as of, and for the periods ended, December 31, 2020 and December 31, 2019. The estimated range of total liabilities to resolve all pending and unasserted potential future asbestos claims through 2059 is $23 million to $45 million as of December 31, 2020, and $24 million to $45 million as of December 31, 2019. Because no amount within the range of estimates is more likely to occur than any other, we recorded the minimum amount of $23 million and $24 million as of December 31, 2020 and 2019, respectively, which is principally recorded in Other long-term liabilities on our Consolidated Balance Sheets. Amounts are on a pre-tax basis, not discounted, and excludes the Company's legal fees to defend the asbestos claims (which will continue to be expensed as they are incurred). In addition, the Company has an insurance recovery receivable for probable asbestos related recoveries of approximately $5 million, which is principally recorded in Other assets on our Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019. Putative Class Action Lawsuit On August 12, 2020, a putative class action lawsuit, (Geraud Darnis et al. v. Raytheon Technologies Corporation et al.), was filed in the United States District Court for the District of Connecticut against Otis, Raytheon Technologies Corporation ("RTX"), Carrier, each of their directors, and various incentive and deferred compensation plans. The named plaintiffs are former employees of UTC and its current and former subsidiaries, including Otis and Carrier. They seek to recover monetary damages, as well as related declaratory and equitable relief, based on claimed decreases in the value of long-term incentive awards and deferred compensation under nonqualified deferred compensation plans allegedly caused by the formula used to calculate the adjustments to such awards and deferred compensation from RTX, Carrier, and Otis following the spin-offs of Carrier and Otis and the subsequent combination of UTC and Raytheon Company. Otis believes that the claims against the Company are without merit. At this time, Otis is unable to predict the outcome, or the possible loss or range of loss, if any, which could result from this action. Other. As previously disclosed, we have commitments and contingent liabilities related to legal proceedings, self-insurance programs and matters arising out of the normal course of business. We accrue contingencies based on a range of possible outcomes. If no amount within this range is a better estimate than any other, we accrue the minimum amount. While it is not possible to determine the ultimate disposition of each of these claims and whether they will be resolved consistent with our beliefs, we expect that the outcome of such claims, individually or in the aggregate, will not have a material adverse effect on our business, financial condition, cash flows or results of operations. As previously disclosed, in certain European countries, claims for overcharges on elevators and escalators related to civil cartel cases have been made, which we have accrued for based on our evaluation of the claims. While it is not possible to determine the ultimate disposition of each of these claims and whether they will be resolved consistent with our beliefs, historical settlement experience of these cases have not been material to the business, financial condition, cash flows or results of operations, however the future outcome of these cases cannot be determined. As previously disclosed, 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 its subsidiaries and could result in fines, penalties, compensatory or treble damages or non-monetary relief. We do not believe that these matters will have a material adverse effect upon our competitive position, results of operations, cash flows or financial condition.

Segment Financial Data

Segment Financial Data	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Financial Data	Segment Financial DataOur operations are classified into two operating segments: New Equipment and Service. Through the New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators as well as escalators and moving walkways to customers in the residential and commercial building and infrastructure projects. The Service segment provides maintenance and repair services for both our products and those of other manufacturers, and provides modernization services to upgrade elevators and escalators. The operating segments are generally based on the management structure of the Company, how management allocates resources, assesses performance and makes strategic and operational decisions. Segment Information. Segment information for the years ended December 31 are as follows: Net Sales Operating Profit (dollars in millions) 2020 2019 2018 2020 2019 2018 New Equipment $ 5,371 $ 5,648 $ 5,596 $ 318 $ 393 $ 390 Service 7,385 7,470 7,319 1,611 1,603 1,516 Total segments 12,756 13,118 12,915 1,929 1,996 1,906 General corporate expenses and other 1 — — — (290) (182) (71) Total $ 12,756 $ 13,118 $ 12,915 $ 1,639 $ 1,814 $ 1,835 1 The increase in General corporate expenses and other during 2020 compared to 2019 is primarily driven by current year fixed asset impairments of $71 million and associated license costs of $14 million, incremental standalone public company costs , as well as $76 million higher non-recurring Separation-related expenses in 2020. These were partially offset by favorable foreign exchange activity during 2020 compared to 2019 of $46 million. Total assets are not presented for each segment as they are not presented to, or reviewed by, the Chief Operating Decision Maker. Geographic External Sales. Geographic Net sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. and China, there were no individually significant countries with sales exceeding 10% of Net sales during the years ended December 31, 2020, 2019 and 2018 . External Net Sales Long Lived Assets (dollars in millions) 2020 2019 2018 2020 2019 2018 United States Operations $ 3,462 $ 3,594 $ 3,429 $ 309 $ 295 $ 246 International Operations China 2,135 2,113 1,919 113 105 113 Other 7,159 7,411 7,567 352 321 319 Total $ 12,756 $ 13,118 $ 12,915 $ 774 $ 721 $ 678 Segment Net sales disaggregated by product and service type for the years ended December 31, 2020, 2019 and 2018 are as follows: (dollars in millions) 2020 2019 2018 Disaggregated Net sales by type New Equipment $ 5,371 $ 5,648 $ 5,596 Maintenance and Repair 6,047 6,120 6,017 Modernization 1,338 1,350 1,302 Total Service 7,385 7,470 7,319 Total $ 12,756 $ 13,118 $ 12,915 Major Customers. There were no customers that individually accounted for 10% or more of the Company's consolidated Net sales for the years ended December 31, 2020, 2019 and 2018 .

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following tables show a summary of the Company's quarterly financial information for each of the four quarters of 2020 and 2019 (in millions, except per share amounts): Fourth Quarter Third Quarter Second Quarter First Quarter 2020: Net sales $ 3,493 $ 3,268 $ 3,029 $ 2,966 Gross margin 1,012 979 891 897 Net income attributable to shareholders 251 266 224 165 Earnings per share of Common Stock (1) : Basic - net income attributable to shareholders $ 0.58 $ 0.61 $ 0.52 $ 0.38 Diluted - net income attributable to shareholders $ 0.58 $ 0.61 $ 0.52 $ 0.38 Fourth Quarter Third Quarter Second Quarter First Quarter 2019: Net sales $ 3,353 $ 3,313 $ 3,351 $ 3,101 Gross margin 966 975 984 901 Net income attributable to shareholders 218 317 308 273 Earnings per share of Common Stock (1) : Basic - net income attributable to shareholders $ 0.50 $ 0.73 $ 0.71 $ 0.63 Diluted - net income attributable to shareholders $ 0.50 $ 0.73 $ 0.71 $ 0.63 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.

SCHEDULE II - Valuation and Qua

SCHEDULE II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - Valuation and Qualifying Accounts	Allowance for Doubtful Accounts and Expected Credit Losses: Balance, December 31, 2017 $ 90 Provision charged to income 10 Doubtful accounts written off (6) Other (10) Balance, December 31, 2018 84 Provision charged to income 26 Doubtful accounts written off (19) Other (8) Balance, December 31, 2019 83 Impact of credit standard adoption 28 Current period provision for expected credit losses 40 Write-offs charged against the allowance for expected credit losses (20) Other 30 Balance, December 31, 2020 $ 161 Future Income Tax Benefits - Valuation Allowance Balance, December 31, 2017 $ 20 Additions charged to income tax expense 15 Reductions credited to income tax expense (5) Other adjustments (1) Balance, December 31, 2018 29 Additions charged to income tax expense 28 Reductions credited to income tax expense — Other adjustments (2) Balance, December 31, 2019 55 Additions charged to income tax expense 63 Reductions credited to income tax expense (13) Other adjustments, including Separation activity 137 Balance, December 31, 2020 $ 242

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation. Prior to the Separation on April 3, 2020, our historical financial statements were prepared on a standalone combined basis and were derived from the consolidated financial statements and accounting records of UTC. For the period subsequent to April 3, 2020, our financial statements are presented on a consolidated basis as the Company became a standalone public company (collectively, the financial statements for all periods presented, including the historical results of the Company prior to April 3, 2020, are now referred to as "Consolidated Financial Statements" to reflect this change). They have been prepared in accordance with the instructions to Form 10-K. Prior to the Separation on April 3, 2020, the Consolidated Statements of Operations included all revenues and costs directly attributable to Otis, including costs for facilities, functions and services used by Otis. Costs for certain functions and services performed by centralized UTC organizations were directly charged to Otis based on specific identification when possible or based on a reasonable allocation driver such as net sales, headcount, usage or other allocation methods. All charges and allocations for facilities, functions and services performed by UTC organizations have been deemed settled in cash by Otis to UTC in the period in which the cost was recorded on the Consolidated Statements of Operations. Current and deferred income taxes were determined based on the standalone results of Otis. However, because the Company was included in our former parent UTC’s tax group in certain jurisdictions, the Company's actual tax balances may differ from those reported. The Company's portion of its domestic income taxes and certain income taxes for jurisdictions outside the U.S. are deemed to have been settled in the period the related tax expense was recorded prior to the Separation. The Consolidated Financial Statements include the accounts of Otis and its controlled subsidiaries, as well as entities where Otis has a variable interest and is the primary beneficiary as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation . The factors we use to determine the primary beneficiary of a variable interest entity ("VIE") may include decision authority, control over management of day-to-day operations and the amount of our equity investments in relation to others' investments. All significant intracompany accounts and transactions within the Company have been eliminated in the preparation of the Consolidated Financial Statements. Prior to the Separation, the Consolidated Financial St atements of the Company include assets and liabilities that have been determined to be specifically or otherwise attributable to the Company. Certain amounts for prior years have been reclassified to conform to the current year presentation, which are immaterial.
Use of Estimates	Use of Estimates. The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. In addition, estimates and assumptions may impact the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available to us and the unknown future impacts of coronavirus ("COVID-19") at December 31, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of our goodwill and other long-lived assets, financial assets and revenue recognition. While there was not a material impact to our Consolidated Financial Statements as of and for the year ended December 31, 2020 resulting from our assessments of these matters, future assessment of our current expectations at that time of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to our Consolidated Financial Statements in future reporting periods.
Risks and Uncertainties	Risks and Uncertainties. In March 2020, the World Health Organization declared the outbreak of the novel strain of COVID-19, a global pandemic and recommended a number of restrictive measures to contain the spread, which were implemented to different degrees by governments across the world. As the global pandemic continues, the Company continues to closely monitor and manage the impact of the COVID-19 pandemic on its business globally. It is difficult to estimate at this time the duration and extent of the continued impact of the pandemic on the Company's business, financial position, cash flow and results of operations. The results of our operations and overall financial performance were impacted during the year ended December 31, 2020. Due to existing conditions and uncertainty, COVID-19 could have an impact on our business, cash flow and results of operations into 2021. The extent of the impact will depend largely on future developments, which are highly uncertain, including the emergence of additional information concerning the severity of the outbreak, timing, efficacy, availability and distribution of vaccines, actions taken by government authorities to further contain the outbreak or address its impact and its longer-term impacts on the global economy, among other factors.
Cash and Cash Equivalents	Cash and Cash Equivalents. Cash and cash equivalents includes cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. Prior to the Separation, the Company participated in UTC’s centralized cash management and financing programs. See Note 5, "Related Parties" for additional information. On occasion, we are required to maintain cash deposits with certain banks with respect to contractual or other legal obligations. Included in Other current assets and Other assets on the Consolidated Balance Sheets is approximately $19 million and $13 million of such restricted cash as of December 31, 2020 and 2019, respectively.
Accounts Receivable	Accounts Receivable. The Company records accounts receivables when the right to consideration becomes unconditional. We regularly evaluate the collectability of our accounts receivable and maintain reserves for expected credit losses. See Note 6, "Accounts Receivable, Net" for additional information on the Company's policy for evaluation of expected credit losses. We do not believe that accounts receivable represent significant concentrations of credit risk because of the diversified portfolio of individual customers and geographic areas. Retainage and Unbilled Receivables. Current and long-term accounts receivable as of December 31, 2020 and 2019 include retainage of $61 million and $59 million, respectively, and unbilled receivables of $104 million and $108 million, respectively. Retainage represents amounts that, pursuant to the applicable contract, are not due until after project completion and acceptance by the customer. Unbilled receivables represent revenues that are earned but not currently billable to the customer under the terms of the contract. These items are expected to be billed and collected in the ordinary course of business. Unbilled receivables where we have an unconditional right to payment are included in Accounts receivable, net as of December 31, 2020 and 2019. Customer Financing Notes Receivable. Through financing arrangements with our customers, we extend payment terms, which are generally not more than one year in duration. See Note 6, "Accounts Receivable, Net" for additional information. Factoring. The Company may sell certain trade accounts and notes receivable to lending institutions to manage credit risk. Financial assets sold under these arrangements are excluded from Accounts receivable, net in the Company’s Consolidated Balance Sheets at the time of sale if the Company has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of the Company’s continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in Interest expense (income), net in the accompanying Consolidated Statements of Operations.
Revenue Recognition, Contract Assets and Liabilities	Contract Assets and Liabilities. Contract assets and liabilities represent the difference in the timing of revenue recognition from receipt of cash from our customers and billings. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Performance obligations partially satisfied in advance of customer billings are included in Contract assets, current. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. We receive payments from customers based on the terms established in our contracts. See Note 4, "Revenue Recognition" for further discussion of contract assets and liabilities. Revenue Recognition. We adopted the FASB ASC Topic 606: Revenue from Contracts with Customers and its related amendments, (referred to, collectively, as "ASC 606”) effective January 1, 2018, and elected the modified retrospective approach. The results for periods before 2018 were not adjusted for the new standard and the cumulative effect of the change in accounting was recognized through UTC Net Investment at the date of adoption. The Company's revenue streams include new equipment, maintenance and repair, and modernization. New equipment, modernization and repair services revenue are typically recognized over time as we are enhancing an asset the customer controls. Maintenance revenue is recognized on a straight-line basis over the life of the maintenance contract. New Equipment, Modernization and Repair services. For new equipment and modernization transactions, equipment and installation are typically procured in a single contract providing the customer with a complete installed elevator or escalator unit. The combination of equipment and installation promises are typically a single performance obligation. For repair services, the customer typically contracts for specific short-term services which form a single performance obligation. For these performance obligations, revenue is recognized over time using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which corresponds with and best depicts transfer of control or the enhancement of the customer’s assets. Contract costs included in the calculation are comprised of labor, materials, subcontractors’ costs or other direct costs and indirect costs, which include indirect labor costs. Specific to new equipment and modernization arrangements, the Company, based on project progression, reviews cost estimates on significant contracts on a quarterly basis, and for others, no less frequently than annually or when circumstances change and warrant a modification to a previous estimate. These estimates form the basis for the amount of revenue to be recognized and include the latest updated total transaction price, costs and risks for each contract. These estimates for our ongoing contracts may materially change due to the change and completions of the contract scopes, cost estimates and customers' plans, among other factors. For performance obligations recognized under the cost to cost method, we record changes in contract estimates using the cumulative catch-up method. Modifications are recognized as a cumulative catch-up or treated as a separate accounting contract if the modification adds distinct goods or services and the modification is priced at its stand-alone selling price. Maintenance. Our customers purchase maintenance contracts which include services such as required periodic maintenance procedures, preventive services and stand ready obligations to remediate issues with the elevator/escalator when and if they arise. Given the continuous nature of these services throughout the year, we recognize revenue on maintenance contracts on a straight-line basis which aligns with the cost profile of these services. Contractual changes are typically recognized prospectively as most modifications are extensions of the existing arrangement. Transaction Price Considerations. Our contracts typically include fixed payments which are generally received as we progress under our contracts. As a result, we have not identified any significant financing elements in our contract, and our contracts do not have significant estimates related to variable consideration except in the case of a project having an underlying performance issue, which is rare. In situations where multiple performance obligations in a single contract ( e.g., new equipment and maintenance) e xist, the transaction price is allocated to each performance obligation in proportion to their stand-alone selling prices. Estimates are made to account for changes in transaction prices attributable to pricing disputes that occur subsequent to the inception of contracts, based upon historical experience and the status of contracts. Certain costs to obtain or fulfill contracts . Certain costs to obtain or fulfill a contract with a customer must be capitalized, to the extent recoverable from the associated contract margin, and subsequently amortized as the products or services are delivered to the customer. Sales commissions related to new equipment, modernization and maintenance contracts, excluding renewals, are capitalized as contract fulfillment costs and are amortized consistent with the pattern of transfer of the goods or services. Customer contract costs, which do not qualify for capitalization as contract fulfillment costs, are expensed as incurred. Loss Contracts. Loss provisions on contracts are recognized to the extent that estimated contract costs exceed the estimated consideration from the products contemplated under the contractual arrangement. For new commitments, we generally record loss provisions at contract signing. For existing commitments, anticipated losses on contractual arrangements are recognized in the period in which losses become probable.
Inventories	Inventories. Inventories are stated at the lower of cost or estimated realizable value and are primarily based on a first-in, first-out (“FIFO”) method. Valuation reserves for excess, obsolete and slow-moving inventory are estimated by comparing the inventory levels of individual parts to both future sales forecasts or production requirements and historical usage rates in order to identify inventory where the resale value or replacement value is less than inventoriable cost.
Fixed Assets	Fixed Assets. Fixed assets, including software capitalized for internal-use, are recorded at cost. Depreciation of fixed assets is computed over the fixed assets' useful lives on a straight-line basis, unless another systematic and rational basis is more representative of the fixed asset's pattern of use. See Note 8, "Fixed Assets" for further details of useful lives. Internal-use software. The Company capitalizes direct costs of services used in the development of, and external software acquired for use as, internal-use software. Amounts capitalized are amortized over a period ranging from three
Asset Retirement Obligations	Asset Retirement Obligations. The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which the legal obligations are determined to exist. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liabilit y is adjusted for c hanges in its present value and the capitalized cost is depreciated over the useful life of the related asset.
Fair Value of Financial Instruments	Fair Value of Financial Instruments. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources, while unobservable inputs reflect a reporting entity’s pricing based upon their own market assumptions. The fair value hierarchy consists of the following three levels: Level I – Quoted prices for identical instruments in active markets. Level II – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level III – Instruments whose significant value drivers are unobservable. The carrying amount of current trade receivables, accounts payable and accrued expenses approximates fair value due to the short maturity (less than one year) of the instruments.
Equity Method Investments	Equity Method Investments. Investments in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting and are included in Other assets on the Consolidated Balance Sheets. Under this method of accounting, our share of the net earnings or losses of the investee is included in Other income (expense), net in the Consolidated Statements of Operations since the activities of the investee are closely aligned with the operations of the Company. We evaluate our equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period.
Business Combinations	Business Combinations. We account for transactions that are classified as business combinations in accordance with the FASB ASC Topic 805: Business Combinations . Once a business is acquired, the fair values of the identifiable assets acquired and liabilities assumed are d etermined with the excess cost recorded to goodwill. As required, preliminary fair values are determined once a business is acquired, with the final determination of the fair values being completed within the one-year measurement period from the date of acquisition.
Goodwill, Intangible Assets and Long-Lived Assets	Goodwill, Intangible Assets and Long-Lived Assets. Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Intangible assets consist of service portfolios, patents, trademarks/trade names, customer relationships and other intangible assets. Acquired intangible assets are recognized at fair value during acquisition accounting and then amortized to Cost of products and services sold and Selling, general and administrative over the applicable useful lives. Goodwill and Indefinite-Lived Intangible Assets. Goodwill and intangible assets deemed to have indefinite lives are not amortized. Goodwill and indefinite-lived intangible assets are subject to impairment testing annually or when a triggering event occurs using the guidance and criteria described in FASB ASC Topic 350: Intangibles – Goodwill and Other . This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. We test goodwill for impairment at a level within the Company referred to as the reporting unit, which is one level below the business segment level. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identified that it is more likely than not that the fair value of a reporting unit is less than its carrying value, additional quantitative testing is performed. The Company may also elect to skip the qualitative testing and proceed directly to the quantitative testing. If the quantitative testing indicates that goodwill is impaired, an impairment charge is recognized based on the difference between the reporting unit's carrying value and its fair value. When it is determined that a quantitative analysis is required, the Company primarily utilizes a discounted cash flow methodology to calculate the fair value of its reporting units. The Company completed its most recent annual impairment testing as of July 1, 2020, and determined that no adjustment to goodwill was necessary since the fair value of each reporting unit was significantly in excess of its respective carrying value. Finite-Lived Intangible Assets and Long-Lived Assets. Useful lives of finite-lived intangible assets are estimated based upon the nature of the intangible asset. These intangible assets are amortized based on the pattern in which the economic benefits of the intangible assets are consumed or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization method may be used. The range of estimated useful lives is as follows: Purchased service portfolios 5 to 25 years Patents, trademarks/trade names 4 to 40 years Customer relationships and other 1 to 20 years The Company evaluates the potential impairment of long-lived assets, including finite-lived intangible assets whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. If the carrying value of other long-lived assets h eld and used exceeds the sum of the undiscounted expected future cash flows, the carrying value is written down to fair value. See Note 8, "Fixed Assets" and Note 9, " Business Acquisitions, Goodwill and Intangible Assets " for additional information regarding intangible assets and other long-lived asse ts.
Income Taxes	Income Taxes. Income taxes as presented in the Consolidated Financial Statements of the Company for periods prior to the Separation attribute current and deferred income taxes of UTC to the Company's stand-alone financial statements in a manner that is systematic, rational and consistent with the asset and liability method prescribed by FASB ASC Topic 740: Income Taxes (“ASC 740”). Accordingly, the Company's income tax provision for periods prior to the Separation was prepared following the separate return method. The separate return method applies ASC 740 to the stand-alone financial statements of each member of the consolidated group as if the group members were a separate taxpayer and a stand-alone enterprise. The calculation of our income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. As a result, actual transactions included in the consolidated financial statements of UTC may not be included in the Consolidated Financial Statements of the Company. Similarly, the tax treatment of certain items reflected in the Consolidated Financial Statements of the Company may not be reflected in the consolidated financial statements and tax returns of UTC. Therefore, such items as net operating losses, credit carry-forwards and valuation allowances may exist in the stand-alone financial statements that may or may not exist in UTC’s consolidated financial statements. As such, the income taxes of the Company as presented in the Consolidated Financial Statements prior to the Separation may not be indicative of the income taxes that the Company will report in the future. Certain operations of the Company have historically been included in a combined return with other UTC entities before the Separation. Current obligations for taxes in certain jurisdictions, where the Company files a combined tax return with UTC, are deemed settled with UTC for purposes of the Consolidated Financial Statements for periods prior to the Separation. Current obligations for tax in jurisdictions where the Company does not file a combined return with UTC, including certain foreign jurisdictions and certain U.S. states, are recorded within Accrued liabilities on the Consolidated Balance Sheets. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (“TCJA”) was enacted. As a result, income tax attributable to previously undistributed earnings of the Company's international subsidiaries recognized in 2017 is recorded within Accrued liabilities and Future income tax obligatio ns on the Consolidated Balance Sheets pursuant to UTC’s election to pay the tax over time, for which Otis will settle with UTC (or RTX). Additionally, under the terms of the TMA, Otis will indemnify RTX for a percentage of the toll charge installment payments due after the Separation. As a result, a portion of Otis' Future income tax obligations corresponding to the toll charge has been reclassified as a contractual indemnity obligation within Other long-term liabilities on the Consolidated Balance Sheet as of December 31, 2020. See Note 5, "Related Parties" and Note 15, "Income Taxes" for additional information. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, we have recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest expense has also been recognized. We recognize accrued interest related to unrecognized tax benefits in Interest expense (income), net. Penalties, if incurred, would be recognized as a component of Income tax expense. The TCJA contains a new law that subjects the Company to a tax on Global Intangible Low-Taxed Income (“GILTI”), beginning in 2018. GILTI is a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The FASB has provided that companies subject to GILTI have the option to account for the GILTI tax as a period cost if and when incurred, or to recognize deferred taxes for temporary differences, including outside basis differences, expected to reverse as GILTI. We have elected to account for GILTI as a period cost as incurred.
Self-Insurance	Self-Insurance. The Company is primarily self-insured for a number of risks including, but not limited to, workers’ compensation, general liability, automobile liability, property and employee-related healthcare benefits. The Company has obtained insurance coverage for amounts exceeding individual and aggregate loss limits. The Company accrues for known future claims and incurred but not reported losses wit hin Accrued liabilities and Other long-term liabilities on the Consolidated Balance Sheets, totaling $299 million and $269 million as of December 31, 2020 and 2019, respectively.
Derivatives and Hedging Activity	Derivatives and Hedging Activity. We have used derivative instruments, principally forward contracts, to help manage certain foreign currency exposures. Derivative instruments are viewed as risk management tools by us and are not used for trading or speculative purposes. By their nature, all financial instruments involve market and credit risks. We enter into derivative and other financial instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. We limit counterparty exposure and concentration of risk by diversifying counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties. Derivatives used for hedging purposes may be designated and effective as a hedge of the identified risk exposure at the inception of the contract. All derivative instruments are recorded on the Consolidated Balance Sheets at fair value. Derivatives used to hedge foreign currency denominated balance sheet items are reported directly in earnings along with offsetting transaction gains and losses on the items being hedged. Derivatives used to hedge forecasted cash flows associated with foreign currency commitmen ts or forecasted commodity purchases m ay be accounted for as cash flow hedges, as deemed appropriate. Gains and losses on derivatives designated as cash flow hedges are recorded in other comprehensive income (loss), net of tax and reclassified to earnings as a component of product sales or expenses, as applicable, when the hedged transaction occurs. Gains and losses on derivatives designated as cash flow hedges are recorded in Other operating activities, net within the Consolidated Statement of Cash Flows. To the extent that a previously designated hedging transaction is no longer an effective hedge, any ineffectiveness measured in the hed ging relationship is recorded currently in earnings in the period it occurs. As discussed in Note 17, "Financial Instruments" to the Consolidated Financial Statements as of December 31, 2020 we have €420 million of euro-denominated commercial paper, which qualifies as a net investment hedge against our investments in European businesses. We evaluate the effectiveness of the net investment hedge each quarter, and as of December 31, 2020, the net investment hedge is deemed to be effective. In addition, the Company periodically enters into sales contracts denominated in currencies other than the functional currency of the parties to the transaction. The Company accounts for these transactions separately valuing the embedded derivative component of these contracts. The changes in the fair value of these embedded derivatives are recorded in Other income (expense), net in th e Consolidated Statements of Operations . For the years ended December 31, 2020, 2019 and 2018, Other income (expense), net included a loss of $3 million, a loss of $27 million and a gain of $12 million, respectively, related to the changes in fair value of embedded derivatives. To the extent the hedge accounting criteria are not met, the foreign currency forward contracts are utilized as economic hedges and changes in the fair value of these contracts are recorded currently in earnings in the period in which they occur. Additional information pertaining to foreign currency forward contracts and net investment hedging is included in Note 17, "Financial Instruments".
Environmental	Environmental. Environmental investigatory, remediation, operating and maintenance costs are accrued when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to each individual site, including current laws, regulations and prior remediation experience. Whe re no amount within a range of estimates is more likely, the minimum is accrued. Liabilities with fixed or reliably determinable future cash payments are discounted. Accrued environmental liabilities are not reduced by potential insurance reimbursements. See Note 21, "Contingent Liabilities" for additional details on the environmental remediation activities.
Research and Development	Research and Development. These costs are expensed in the period incurred and are shown on a separate line of the Consolidated Statements of Operations. Research and development expenses, covering research and the advancement of potential new and improved products and their uses, primarily include salaries and other employment costs.
Other Income (Expense), Net	Other Income (Expense), Net. Other income (expense), net i ncludes the impact of changes in the fair value and settlement of embedded and foreign exchange derivatives, gains or losses on sale of businesses and fixed assets, earnings from equity method investments, fair value changes on equity securities, impairments, non-recurring Separation-related expenses, gains on insurance recoveries and certain other infrequent operating income and expense items.
Foreign Exchange	Foreign Exchange. We conduct business in many different currencies and, accordingly, are subject to the inherent risks associated with foreign exchange rate movements. The financial position and results of operations of substantially all of our foreign subsidiaries are measured using the local currency as the functional currency. Foreign currency denominated assets and liabilities are translated into U.S. Dollars at the exchange rates existing at the respective balance sheet dates, and income and expense items are translated at the average exchange rates during the respective periods. The aggregate effects of translating the balance sheets of these subsidiaries are deferred within Accumulated other comprehensive income (loss).
Pension and Postretirement Obligations	Pension and Postretirement Obligations. Guidance under FASB ASC Topic 715: Compensation – Retirement Benefits requires balance sheet recognition of the overfunded or underfunded status of pension and postretirement benefit plans. Under this guidance, actuarial gains and losses, prior service costs or credits and any remaining transition assets or obligations that have not been recognized under previous accounting standards must be recognized in other comprehensive income (loss), net of tax effects, until they are amortized as a component of net periodic benefit cost. Pension and postretirement obligation balances and related costs reflected within the Consolidated Financial Statem ents include both costs directly attributable to plans dedicated to Otis, as well as an allocation of costs for Otis employees’ participation in UTC’s plans prior to Separation. See Note 13, "Employee Benefit Plans" for additional information.
Noncontrolling Interests	Noncontrolling Interest. Ownership interest in the Company's subsidiaries held by parties other than the Company are presented separately from Shareholders' (Deficit) Equity as “Noncontrolling interest” within equity on the Consolidated Balance Sheets. The amount of net income attributable to common shareholders and the noncontrolling interest are both presented on the Consolidated Statements of Operations. All noncontrolling interest with redemption features, such as put options, that are not solely within our control (redeemable noncontrolling interest) are reported in the mezzanine section of the Consolidated Balance Sheets, between Liabilities and equity (deficit), at the greater of redemption value or initial carrying value.
UTC Net Investment	UTC Net Investment. For periods prior to the Separation, UTC’s Net Investment in the Company is presented as “UTC Net Investment” on the Consolidated Balance Sheets. The Consolidated Statements of Changes in Equity include corporate allocations, net cash transfers and other property transfers between our former parent UTC and the Company, as well as related party receivables, payables and long-term debt between the Company and other UTC affiliates that were settled on a current basis. Prior to the Separation, UTC performed cash management and other treasury-related functions on a centralized basis for nearly all of its legal entities, which inclu des the Company, and, consequently, the net cash generated by the Company in legal entities that participated in UTC’s centralized cash management and financing programs was transferred to UTC through the related party accounts. See Note 5, "Related Parties" for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument s. We adopted this standard effective January 1, 2020 utilizing a modified retrospective approach, resulting in recording a cumulative-eff ect non-cash after-tax adjustment to retained earnings as of January 1, 2020, as discussed further in Note 6, "Accounts Receivable, Net." In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework— Changes to the Disclosure Requirements for Fair Value Measurement . The new standard removes the disclosure requirements for the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted. The Company adopted this standard effective January 1, 2020. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The new standard provides updated guidance surrounding implementation costs associated with cloud computing arrangements that are service contracts. The provisions of this ASU are effective for years beginning after December 15, 2019. The Company adopted this standard prospectively effective January 1, 2020. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220) . The new standard allows companies to reclassify to retained earnings the stranded tax effects in Accumulated other comprehensive income from the then-newly-enacted TCJA. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company adopted the standard and elected to reclassify the income tax effects of the TCJA from Accumulated other comprehensive (loss) to UTC Net Investment effective January 1, 2019. The adoption of this standard did not have a material impact on our Consolidated Financial Statements. In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans . The new standard includes updates to the disclosure requirements for defined benefit plans including several additions, deletions and modifications to the disclosure requirements. The provisions of this ASU are effective for years ending after December 15, 2020, with early adoption permitted. The Company adopted this standard effective January 1, 2020. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements. Future Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this update remove certain exceptions of Topic 740 including: exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or gain from other items; exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment; exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary; exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. There are also additional areas of guidance in regards to: franchise and other taxes partially based on income and the interim recognition of enactment of tax laws and rate changes. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted. We do not expect this standard to have a material impact on our Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reportin g ("ASU 2020-04") , which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform . ASU 2020-04 is currently effective and upon adoption may be applied prospectively to contract modifications made on or before December 31, 2022. We are currently evaluating the impact of adopting this standard but do not expect it to have a material impact on our Consolidated Financial Statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Intangible Assets Disclosure	The range of estimated useful lives is as follows: Purchased service portfolios 5 to 25 years Patents, trademarks/trade names 4 to 40 years Customer relationships and other 1 to 20 years

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	(dollars in millions, except per share amounts; shares in millions) 2020 2019 2018 Net income attributable to common shareholders $ 906 $ 1,116 $ 1,049 Basic weighted average number of shares outstanding 433.2 433.1 433.1 Stock awards and equity units (share equivalent) 1.4 — — Diluted weighted average number of shares outstanding 434.6 433.1 433.1 Earnings Per Share of Common Stock: Basic $ 2.09 $ 2.58 $ 2.42 Diluted $ 2.08 $ 2.58 $ 2.42

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Liabilities	Total Contract assets and Contract liabilities at December 31, 2020 and 2019 are as follows: (dollars in millions) 2020 2019 Contract assets, current $ 458 $ 529 Total contract assets 458 529 Contract liabilities, current 2,542 2,270 Contract liabilities, noncurrent (included within Other long-term liabilities) 44 18 Total contract liabilities 2,586 2,288 Net contract liabilities $ 2,128 $ 1,759

Related Parties (Tables)

Related Parties (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Upon Separation, the following were recorded as Net transfers (to) from UTC and Separation-related transactions on the Consolidated Statements of Changes in Equity through UTC Net Investment: (dollars in millions) Cash and cash equivalents $ 220 Taxes and other 187 Total $ 407 Allocated centralized costs were incurred as follows: (dollars in millions) 2020 2019 2018 Allocated centralized costs $ 16 $ 80 $ 90 (dollars in millions) 2020 2019 2018 Separation costs $ 119 $ 43 $ —
Schedule of Separation and Tax Matters Agreement Impact on Balance Sheet	As a result of the Separation and the provisions of the TMA, Otis' total net tax-related liabilities on April 3, 2020 were reduced by $191 million, comprising the following impacts to the Consolidated Balance Sheets: (dollars in millions) Increase (Decrease) Assets Other current assets $ 167 Total Current Assets 167 Future income tax benefits (4) Total Assets $ 163 Liabilities and (Deficit) Equity Accrued liabilities $ 110 Total Current Liabilities 110 Future income tax obligations (377) Other long-term liabilities 239 Total Liabilities (28) Total Shareholders' (Deficit) Equity 191 Total (Deficit) Equity 191 Total Liabilities and (Deficit) Equity $ 163

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Accounts receivable, net consisted of the following as of December 31: (dollars in millions) 2020 2019 Trade receivables $ 2,987 $ 2,671 Customer financing notes receivable 130 52 Unbilled receivables 104 108 Miscellaneous receivables 88 113 3,309 2,944 Less: allowance for expected credit losses 1 161 83 Balance $ 3,148 $ 2,861 1 Prior to January 1, 2020 allowances for doubtful accounts were recorded when accounts receivable were determined to be uncollectible.
Accounts Receivable, Allowance for Credit Loss	The changes in allowance for credit losses related to Accounts receivable, net for the year ended December 31, 2020 is as follows: (dollars in millions) 2020 Balance as of January 1 $ 83 Impact of credit standard adoption 28 Current period provision for expected credit losses 40 Write-offs charged against the allowance for expected credit losses (20) Other 30 Balance as of December 31 $ 161

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	(dollars in millions) 2020 2019 Raw materials and work-in-process $ 113 $ 103 Finished goods 546 468 Total $ 659 $ 571

Fixed Assets (Tables)

Fixed Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	(dollars in millions) Estimated Useful Lives 2020 2019 Land $ 48 $ 45 Buildings and improvements 20 - 40 Years 616 574 Machinery and equipment 3 - 12 Years 1,175 1,043 Assets under construction 132 141 1,971 1,803 Less: Accumulated depreciation (1,197) (1,082) $ 774 $ 721

Business Acquisitions, Goodwi_2

Business Acquisitions, Goodwill, and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Schedule of Goodwill	Changes in our Goodwill balances in 2020 were as follows: (dollars in millions) Balance as of January 1, 2020 Goodwill Resulting Foreign Currency Balance as of December 31, 2020 New Equipment $ 337 $ — $ 20 $ 357 Service 1,310 30 76 1,416 Total $ 1,647 $ 30 $ 96 $ 1,773 Changes in our Goodwill balances in 2019 were as follows: (dollars in millions) Balance as of January 1, 2019 Goodwill Resulting Business Disposals Foreign Currency Balance at December 31, 2019 New Equipment $ 345 $ — $ — $ (8) $ 337 Service 1,343 16 (16) (33) 1,310 Total $ 1,688 $ 16 $ (16) $ (41) $ 1,647
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets	Identifiable intangible assets are comprised of the following: 2020 2019 (dollars in millions) Gross Amount Accumulated Gross Amount Accumulated Amortized: Purchased service portfolios $ 2,123 $ (1,661) $ 2,069 $ (1,598) Patents, trademarks/trade names 22 (16) 21 (15) Customer relationships and other 54 (45) 46 (40) 2,199 (1,722) 2,136 (1,653) Unamortized: Trademarks and other 7 — 7 — Total $ 2,206 $ (1,722) $ 2,143 $ (1,653)
Schedule of Future Amortization of Intangible Assets	The estimated future amortization of intangible assets is as follows: (dollars in millions) 2021 2022 2023 2024 2025 Future amortization $ 83 $ 71 $ 61 $ 53 $ 47

Borrowings and Lines of Credit

Borrowings and Lines of Credit (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Short-Term Debt	(dollars in millions) 2020 2019 Commercial paper $ 664 $ — Other borrowings 37 34 Total short-term borrowings $ 701 $ 34
Schedule of Long-term Debt	Long-term debt consisted of the following as of December 31: (dollars in millions) 2020 2019 LIBOR plus 45 bps floating rate notes due 2023 1,2 $ 500 $ — 2.056% notes due 2025 2 1,300 — 2.293% notes due 2027 2 500 — 2.565% notes due 2030 2 1,500 — 3.112% notes due 2040 2 750 — 3.362% notes due 2050 2 750 — Other (including finance leases) 5 5 Total principal long-term debt 5,305 5 Other (discounts and debt issuance costs) (43) — Total long-term debt 5,262 5 Less: current portion — — Long-term debt, net of current portion $ 5,262 $ 5 1 The three-month LIBOR rate at December 31, 2020 was approximately 0.24%. 2 On February 27, 2020, we issued $5.3 billion of unsecured, unsubordinated notes. We may redeem these notes at our option pursuant to certain terms.
Schedule of Average Interest Expense Rate	2020 Average interest rate - average outstanding borrowings during the year: Short-term borrowings (0.2) % Total long-term debt 2.3 % Average interest rate - average outstanding borrowings as of December 31: Short-term borrowings (0.2) % Total long-term debt 2.4 %
Schedule of Maturities of Long-term Debt	The schedule of principal payments required on long-term debt for the next five years and thereafter is: (dollars in millions) 2021 $ — 2022 3 2023 500 2024 — 2025 1,302 Thereafter 3,500 Total $ 5,305

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	(dollars in millions) 2020 2019 Accrued salaries, wages and employee benefits $ 556 $ 516 Accrued interest 223 165 Accrued income taxes payable 182 157 Operating lease liabilities 167 140 VAT and other non-income tax payables 102 116 Other liabilities 747 645 Total $ 1,977 $ 1,739

Other Long-term Liabilities (Ta

Other Long-term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Other Long-term Liabilities	(dollars in millions) 2020 2019 Contractual indemnity obligation $ 239 $ — General, product and auto liability 152 145 Employee benefits 113 97 Other liabilities 130 69 Total $ 634 $ 311

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan	(dollars in millions) 2020 2019 Change in benefit obligation: Beginning balance $ 1,092 $ 869 Service cost 40 33 Interest cost 16 21 Actuarial (gain) loss 40 81 Benefits paid (28) (30) Net settlement, curtailment and special termination benefits (26) (23) Other 91 141 Ending balance $ 1,225 $ 1,092 Change in plan assets: Beginning balance $ 622 $ 444 Actual return on plan assets 24 76 Employer contributions 64 32 Benefits paid (28) (30) Settlements (26) (23) Other 47 123 Ending balance $ 703 $ 622 Funded status: Fair value of plan assets $ 703 $ 622 Benefit obligations (1,225) (1,092) Funded status of plan $ (522) $ (470) Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ 87 $ 83 Current liability (21) (20) Noncurrent liability (588) (533) Net amount recognized $ (522) $ (470) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss $ 280 $ 236 Prior service credit (1) (2) Net amount recognized $ 279 $ 234
Plans with Accumulated Benefit Obligation in Excess of Plan Assets	Information for pension plans with accumulated benefit obligations in excess of plan assets: (dollars in millions) 2020 2019 Projected benefit obligation $ 787 $ 697 Accumulated benefit obligation 685 609 Fair value of plan assets 205 157
Plans with Projected Benefit Obligation in Excess of Plan Assets	Information for pension plans with projected benefit obligations in excess of plan assets: (dollars in millions) 2020 2019 Projected benefit obligation $ 991 $ 966 Accumulated benefit obligation 846 846 Fair value of plan assets 383 413
Schedule of Net Periodic Pension Costs	The components of the net periodic pension cost are as follows: (dollars in millions) 2020 2019 2018 Pension benefits: Service cost $ 40 $ 33 $ 33 Interest cost 16 21 21 Expected return on plan assets (25) (24) (23) Amortization of prior service credit (1) (1) (1) Recognized actuarial net loss 16 10 12 Net settlement, curtailment and special termination benefits loss (gain) 5 2 (3) Net periodic pension cost – employer $ 51 $ 41 $ 39
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)	Other changes in plan assets and benefit obligations recognized in other comprehensive loss are as follows: (dollars in millions) 2020 2019 2018 Current year actuarial loss $ 41 $ 28 $ 37 Prior service credit arising during period — — (1) Amortization of actuarial loss (16) (10) (12) Amortization of prior service credit 1 1 1 Net settlement and curtailment (loss) gain (5) (2) 3 Other 24 27 (8) Total recognized in other comprehensive loss $ 45 $ 44 $ 20 Net recognized in net periodic pension cost and other comprehensive loss $ 96 $ 85 $ 59
Defined Benefit Plan, Assumptions	Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: Benefit Obligation Net Cost (dollars in millions) 2020 2019 2020 2019 2018 Discount rate: Projected benefit obligation 1.1 % 1.5 % 1.5 % 2.5 % 2.4 % Salary scale 3.0 % 3.1 % 3.1 % 3.3 % 3.3 % Expected return on plan assets — — 4.5 % 5.2 % 5.2 % Interest crediting rate 0.6 % 0.7 % 0.7 % 1.5 % 1.5 %
Schedule of Plan Assets	The fair values of pension plan assets at December 31, 2020 and 2019 by asset category are as follows: (dollars in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Not Subject to Leveling Total Asset category Public equities: Global Equity Commingled Funds (1) $ 52 $ 39 $ — $ — $ 91 Global Equity Funds at net asset value (5) — — — 154 154 Fixed income securities: Governments 20 41 — — 61 Corporate Bonds 49 4 — — 53 Fixed income securities at net asset value (5) — — — 90 90 Real estate (2) (5) 12 6 — 12 30 Other (3) (5) 2 129 — 25 156 Cash and cash equivalents (4) (5) 6 1 — 41 48 Total $ 141 $ 220 $ — $ 322 683 Other assets and liabilities (6) 20 Total at December 31, 2020 $ 703 (dollars in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Not Subject to Leveling Total Asset category Public equities: Global Equity Commingled Funds (1) $ — $ 183 $ — $ — $ 183 Global Equity Funds at net asset value (5) — — — 78 78 Fixed income securities: Governments — 54 — — 54 Corporate Bonds — 87 — — 87 Fixed income securities at net asset value (5) — — — 47 47 Real estate (2) (5) — 26 — 1 27 Other (3) — 138 — — 138 Cash and cash equivalents (4)(5) — 8 — — 8 Total at December 31, 2019 $ — $ 496 $ — $ 126 $ 622 (1) Represents investments in mutual funds and investments in commingled funds that invest primarily in common stocks. (2) Represents investments in real estate including commingled funds and directly-held properties. (3) Represents insurance contracts and global-balanced-risk commingled funds consisting mainly of equity, bonds and some commodities. (4) Represents short-term commercial paper, bonds and other cash or cash-like instruments. (5) In accordance with FASB ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefits plan assets. (6) Represents trust receivables and payables that are not leveled.
Schedule of Multiemployer Plans	Our participation in these plans for the annual periods ended December 31 is outlined in the table below. Unless otherwise noted, the most recent Pension Protection Act (“PPA”) zone status available in 2020 and 2019 is for the plan’s year-end at June 30, 2019 and June 30, 2018, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Our significant plan is in the green zone which represents a plan that is at least 80% funded and does not require a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”). An extended amortization provision of ten years was utilized to recognize investment gains or losses for our significant plan through June 30, 2019. (dollars in millions) PPA Zone Status FIP/RP Status Contributions Surcharge Imposed Expiration Date of Collective-Bargaining Agreement Pension Fund EIN/Pension Plan Number 2020 2019 Pending/Implemented 2020 2019 2018 National Elevator Industry Pension Plan 23-2694291 Green Green No $ 131 $ 127 $ 120 No 7/8/2022 Other funds 7 9 8 $ 138 $ 136 $ 128
Schedule of Net Periodic Pension Cost	The amounts for pension and postretirement expenses for the years ended December 31 were as follows: (dollars in millions) 2020 2019 2018 Service cost $ 1 $ 15 $ 18 Non-service pension benefit (5) (42) (49) $ (4) $ (27) $ (31)
Stock-based Compensation Expense and Resulting Tax Benefits	Stock-based compensation expense and the resulting tax benefits were as follows: Year Ended (dollars in millions) 2020 2019 2018 Stock-based compensation expense (Share-based) $ 63 $ 37 $ 38 Stock-based compensation expense (Cash-based) (4) 10 (1) Total gross stock-based compensation expense $ 59 $ 47 $ 37 Less: future tax benefit 7 5 4 Stock-based compensation expense, net of tax $ 52 $ 42 $ 33
Share-based Payment Arrangement, Activity	A summary of the transactions under the new Otis Plan for the year ended December 31, 2020 follows: Stock Appreciation Rights Restricted Share Units Performance Share Units Stock Options (shares in thousands) Shares Average Price* Shares Average Price** Shares Average Price** Shares Average Price** Outstanding at: December 31, 2019 — $ — — $ — — $ — — $ — Converted from UTC (1) 12,782 60.16 1,376 68.14 38 67.53 520 53.99 Granted (2) 179 53.25 607 54.21 5 65.45 — — Exercised / Earned (2) (609) 45.19 (201) 61.89 (43) 67.29 (57) 45.39 Cancelled (175) 72.82 (72) 67.56 — 69.79 (9) 41.42 December 31, 2020 12,177 $ 60.63 1,710 $ 63.94 — $ — 454 $ 55.31 * Weighted-average grant price ** Weighted-average grant fair value (1) Converted shares as of April 3, 2020 include Carrier and Legacy UTC employees receiving Otis awards on Separation (2) Includes annual retainer awards issued to the Board of Directors
Performance Share Units Outstanding, Vested and Expected to Vest	The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable at December 31, 2020: Equity Awards Vested and Expected to Vest Equity Awards That Are Exercisable (shares in thousands; aggregate intrinsic value in millions) Awards Average Price* Aggregate Intrinsic Value Remaining Term** Awards Average Price* Aggregate Intrinsic Value Remaining Term** Stock Options/Stock Appreciation Rights 12,506 $ 60.30 $ 115 5.6 years 7,964 $ 54.16 $ 107 4.1 years Performance Share Units/Restricted Stock 1,639 — $ 111 1.7 years * Weighted-average grant price per share
Restricted Stock Outstanding, Vested and Expected to Vest	The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable at December 31, 2020: Equity Awards Vested and Expected to Vest Equity Awards That Are Exercisable (shares in thousands; aggregate intrinsic value in millions) Awards Average Price* Aggregate Intrinsic Value Remaining Term** Awards Average Price* Aggregate Intrinsic Value Remaining Term** Stock Options/Stock Appreciation Rights 12,506 $ 60.30 $ 115 5.6 years 7,964 $ 54.16 $ 107 4.1 years Performance Share Units/Restricted Stock 1,639 — $ 111 1.7 years * Weighted-average grant price per share
Stock Options Outstanding, Vested and Expected to Vest	The following table summarizes information about equity awards outstanding that are vested and expected to vest and equity awards outstanding that are exercisable at December 31, 2020: Equity Awards Vested and Expected to Vest Equity Awards That Are Exercisable (shares in thousands; aggregate intrinsic value in millions) Awards Average Price* Aggregate Intrinsic Value Remaining Term** Awards Average Price* Aggregate Intrinsic Value Remaining Term** Stock Options/Stock Appreciation Rights 12,506 $ 60.30 $ 115 5.6 years 7,964 $ 54.16 $ 107 4.1 years Performance Share Units/Restricted Stock 1,639 — $ 111 1.7 years * Weighted-average grant price per share
Schedule of Valuation Assumptions	The following table indicates the assumptions used in estimating fair value for the years ended December 31, 2020, 2019 and 2018. For periods prior to the Separation, these assumptions represent those utilized by UTC and are not necessarily indicative of assumptions that would be used by Otis as a standalone company. Lattice-based option models incorporate ranges of assumptions for inputs; those ranges are as follows: 2020 2019 2018 Expected volatility 25.5% 18.8% - 19.7% 17.5% - 21.1% Weighted-average volatility 25.5% 19.5% 18.0% Expected term (in years) 6.8 6.5 - 6.6 6.5 - 6.6 Expected dividend yield 1.8% 2.4% 2.2% Risk-free rate 0.5% 2.3% - 2.7% 1.3% - 2.7%

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of the changes in each component of Accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2020, 2019 and 2018 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Balance at December 31, 2017 $ (468) $ (119) $ — $ (587) Other comprehensive income (loss) before (105) (31) — (136) Amounts reclassified, pre-tax — 11 — 11 Tax expense reclassified — 4 — 4 Balance at December 31, 2018 $ (573) $ (135) $ — $ (708) Other comprehensive income (loss) before (15) (50) (3) (68) Amounts reclassified, pre-tax — 9 — 9 Tax expense reclassified — 9 — 9 Balance at December 31, 2019 $ (588) $ (167) $ (3) $ (758) Other comprehensive income (loss) before (28) (47) 10 (65) Amounts reclassified, pre-tax — 15 (3) 12 Tax benefit reclassified — (4) — (4) Balance at December 31, 2020 $ (616) $ (203) $ 4 $ (815)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The sources of income from operations before income taxes are: (dollars in millions) 2020 2019 2018 United States $ 105 $ 470 $ 504 Foreign 1,406 1,391 1,389 $ 1,511 $ 1,861 $ 1,893
Schedule of Components of Income Tax Expense (Benefit)	The income tax expense (benefit) for the years ended December 31, 2020, 2019 and 2018 consisted of the following components: (dollars in millions) 2020 2019 2018 Current: United States: Federal $ 42 $ 103 $ 59 State 26 38 38 Foreign 438 461 459 506 602 556 Future: United States: Federal 8 11 (11) State (8) — 7 Foreign (51) (19) 131 (51) (8) 127 Income tax expense $ 455 $ 594 $ 683 Attributable to items (charged) credited to (deficit) equity $ (6) $ (14) $ (4)
Schedule of Effective Income Tax Rate Reconciliation	Differences between effective income tax rates and the statutory U.S. federal income tax rate are as follows: 2020 2019 2018 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes 0.9 % 1.7 % 1.6 % Tax on international activities 4.4 % 6.5 % 14.0 % U.S. tax effect of foreign earnings 3.4 % 2.9 % (0.1) % Other 0.4 % (0.2) % (0.4) % Effective income tax rate 30.1 % 31.9 % 36.1 %
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences and tax carryforwards which gave rise to future income tax benefits and payables as of December 31, 2020 and 2019 are as follows: (dollars in millions) 2020 2019 Future income tax benefits: Insurance and employee benefits $ 201 $ 159 Other asset basis differences 149 121 Other liability basis differences 299 335 Tax loss carryforwards 197 45 Tax credit carryforwards 38 14 Valuation allowances (242) (55) $ 642 $ 619 Future income taxes payable: Intangible assets $ 182 $ 174 Other assets basis differences 335 298 $ 517 $ 472
Summary of Tax Credit Carryforwards	As of December 31, 2020, tax credit carryforwards, principally state and foreign, and tax loss carryforwards, principally state and foreign, were as follows: (dollars in millions) Tax Credit Carryforwards Tax Loss Carryforwards Expiration period: 2021-2025 $ — $ 39 2026-2030 7 33 2031-2040 1 22 Indefinite 30 720 $ 38 $ 814
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amounts of unrecognized tax benefits and interest expense related to unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018 is as follows: (dollars in millions) 2020 2019 2018 Balance at January 1 $ 379 $ 380 $ 392 Additions for tax positions related to the current year 16 18 3 Additions for tax positions of prior years 41 15 1 Reductions for tax positions of prior years (31) (15) (16) Settlements (8) (19) — Balance at December 31 $ 397 $ 379 $ 380 Gross interest expense related to unrecognized tax benefits $ 10 $ 8 $ 10 Total accrued interest balance at December 31 $ 153 $ 141 $ 136

Restructuring Costs (Tables)

Restructuring Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	We recorded restructuring charges in our operating segments as follows: (dollars in millions) 2020 2019 2018 New Equipment $ 30 $ 19 $ 25 Service 47 35 44 Total $ 77 $ 54 $ 69 Restructuring charges incurred in the years ended December 31, 2020, 2019 and 2018 primarily relate to actions initiated during 2020, 2019 and 2018, and were recorded as follows: (dollars in millions) 2020 2019 2018 Cost of products and services sold $ 22 $ 19 $ 23 Selling, general and administrative 55 35 48 Non-service pension (benefit) — — (2) Total $ 77 $ 54 $ 69 The following table summarizes expected, incurred and remaining costs for the 2020 and 2019 restructuring actions by segment: (dollars in millions) Expected Costs Cost Incurred During 2019 Costs Incurred During 2020 Remaining Costs at December 31, 2020 New Equipment $ 33 $ — $ (29) $ 4 Service 53 — (42) 11 Total 2020 Actions $ 86 $ — $ (71) $ 15 New Equipment $ 20 $ (17) $ (2) $ 1 Service 37 (28) (4) 5 Total 2019 Actions $ 57 $ (45) $ (6) $ 6
Schedule of Restructuring Reserve by Type of Cost	The following table summarizes the accrual balance and utilization for the 2020 and 2019 restructuring actions, which are primarily for severance costs: (dollars in millions) 2020 Actions 2019 Actions Restructuring accruals at January 1, 2020 $ — $ 16 Net pre-tax restructuring costs 71 6 Utilization, foreign exchange and other costs (29) (14) Balance at December 31, 2020 $ 42 $ 8

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the fair value and presentation on the Consolidated Balance Sheets for derivative instruments as of December 31, 2020 and 2019: (dollars in millions) Balance Sheet Classification December 31, 2020 December 31, 2019 Derivatives designated as Cash flow hedging instruments: Foreign exchange contracts Asset Derivatives: Other current assets $ 9 $ — Other assets 4 — Total asset derivatives $ 13 $ — Liability Derivatives: Accrued liabilities $ (7) $ (1) Other long-term liabilities (4) — Total liability derivatives $ (11) $ (1) Derivatives not designated as Cash flow hedging instruments: Foreign exchange contracts Asset Derivatives: Other current assets $ 23 $ 8 Other assets 10 1 Total asset derivatives $ 33 $ 9 Liability Derivatives: Accrued liabilities (24) (5) Other long-term liabilities (8) — Total liability derivatives $ (32) $ (5)
Derivative Instruments, Gain (Loss)	The effect of cash flow hedging relationships on Accumulated other comprehensive income (loss) as of December 31, 2020 and 2019 are presented in the table below. December 31, (dollars in millions) 2020 2019 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ 4 $ (3) The effect of derivatives not designated as Cash flow hedging instruments within Other income (expense) net, on the Consolidated Statements of Operations was as follows: Year Ended December 31, (dollars in millions) 2020 2019 Foreign exchange contracts $ (4) $ (9)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	In accordance with the provisions of ASC 820: Fair Value Measurements , the following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring and non-recurring basis in our Consolidated Balance Sheets as of December 31, 2020 and 2019: December 31, 2020 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Equity securities $ 59 $ 59 $ — $ — Derivative assets 46 — 46 — Derivative liabilities (43) — (43) — December 31, 2019 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Equity securities $ 3 $ 3 $ — $ — Derivative assets 9 — 9 — Derivative liabilities (5) — (5) —
Fair Value, by Balance Sheet Grouping	The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value in our Consolidated Balance Sheets at December 31, 2020 and 2019: December 31, 2020 December 31, 2019 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 65 $ 62 $ 62 $ 62 Customer financing notes receivable, net 128 126 62 62 Short-term borrowings (701) (701) (34) (34) Long-term debt (excluding leases and other) (5,300) (5,717) — — Long-term liabilities (263) (234) (4) (4) Long-term liabilities as of December 31, 2020 includes $239 million of payables to RTX for reimbursement of tax payments RTX is responsible to pay after the Separation as a result of the TMA. The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in the Consolidated Balance Sheets at December 31, 2020 and 2019: December 31, 2020 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 62 $ — $ 62 $ — Customer financing notes receivable, net 126 — 126 — Short-term borrowings (701) — (701) — Long-term debt (excluding leases and other) (5,717) — (5,717) Long-term liabilities (234) — (234) — December 31, 2019 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables $ 62 $ — $ 62 $ — Customer financing notes receivable, net 62 — 62 — Short-term borrowings (34) — (34) — Long-term liabilities (4) — (4) —

Guarantees (Tables)

Guarantees (Tables)	12 Months Ended
	Dec. 31, 2020
Guarantees and Product Warranties [Abstract]
Product Warranty Disclosure	The changes in the carrying amount of service and product guarantees for the years ended December 31, 2020 and 2019 are as follows: (dollars in millions) 2020 2019 Balance as of January 1 $ 27 $ 47 Warranties 12 10 Settlements made (14) (18) Other — (12) Balance as of December 31 $ 25 $ 27

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Supplemental Operating Lease Cash Flow Information	Supplemental cash flow information related to operating leases for the years ended December 31, 2020 and 2019 were as follows: (dollars in millions) 2020 2019 Operating cash flows used for the measurement of operating lease liabilities $ (162) $ (134) Operating lease ROU assets obtained in exchange for operating lease obligations 126 157
Operating Lease ROU Assets and Liabilities	Operating lease ROU assets and liabilities are reflected on our Consolidated Balance Sheets as follows: December 31, (dollars in millions) 2020 2019 Operating lease ROU assets $ 542 $ 535 Accrued liabilities $ 167 $ 140 Operating lease liabilities 367 386 Total operating lease liabilities $ 534 $ 526
Supplemental Information Related to Operating Leases	Supplemental information related to operating leases was as follows: December 31, 2020 2019 Weighted Average Remaining Lease Term (in years) 5.0 5.3 Weighted Average Discount Rate 2.9 % 3.4 %
Operating Lease Liabilities	Undiscounted maturities of operating lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, as of December 31, 2020 are as follows: (dollars in millions) Total 2021 $ 172 2022 134 2023 95 2024 63 2025 42 Thereafter 84 Total undiscounted lease payments 590 Less: imputed interest (56) Total discounted lease payments $ 534

Segment Financial Data (Tables)

Segment Financial Data (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment information for the years ended December 31 are as follows: Net Sales Operating Profit (dollars in millions) 2020 2019 2018 2020 2019 2018 New Equipment $ 5,371 $ 5,648 $ 5,596 $ 318 $ 393 $ 390 Service 7,385 7,470 7,319 1,611 1,603 1,516 Total segments 12,756 13,118 12,915 1,929 1,996 1,906 General corporate expenses and other 1 — — — (290) (182) (71) Total $ 12,756 $ 13,118 $ 12,915 $ 1,639 $ 1,814 $ 1,835 1 The increase in General corporate expenses and other during 2020 compared to 2019 is primarily driven by current year fixed asset impairments of $71 million and associated license costs of $14 million, incremental standalone public company costs , as well as $76 million higher non-recurring Separation-related expenses in 2020. These were partially offset by favorable foreign exchange activity during 2020 compared to 2019 of $46 million.
Schedule of Segment Reporting Information, by Geographic Markets	Geographic Net sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. and China, there were no individually significant countries with sales exceeding 10% of Net sales during the years ended December 31, 2020, 2019 and 2018 . External Net Sales Long Lived Assets (dollars in millions) 2020 2019 2018 2020 2019 2018 United States Operations $ 3,462 $ 3,594 $ 3,429 $ 309 $ 295 $ 246 International Operations China 2,135 2,113 1,919 113 105 113 Other 7,159 7,411 7,567 352 321 319 Total $ 12,756 $ 13,118 $ 12,915 $ 774 $ 721 $ 678
Segment Reporting Disclosure, Sales Type	Segment Net sales disaggregated by product and service type for the years ended December 31, 2020, 2019 and 2018 are as follows: (dollars in millions) 2020 2019 2018 Disaggregated Net sales by type New Equipment $ 5,371 $ 5,648 $ 5,596 Maintenance and Repair 6,047 6,120 6,017 Modernization 1,338 1,350 1,302 Total Service 7,385 7,470 7,319 Total $ 12,756 $ 13,118 $ 12,915

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following tables show a summary of the Company's quarterly financial information for each of the four quarters of 2020 and 2019 (in millions, except per share amounts): Fourth Quarter Third Quarter Second Quarter First Quarter 2020: Net sales $ 3,493 $ 3,268 $ 3,029 $ 2,966 Gross margin 1,012 979 891 897 Net income attributable to shareholders 251 266 224 165 Earnings per share of Common Stock (1) : Basic - net income attributable to shareholders $ 0.58 $ 0.61 $ 0.52 $ 0.38 Diluted - net income attributable to shareholders $ 0.58 $ 0.61 $ 0.52 $ 0.38 Fourth Quarter Third Quarter Second Quarter First Quarter 2019: Net sales $ 3,353 $ 3,313 $ 3,351 $ 3,101 Gross margin 966 975 984 901 Net income attributable to shareholders 218 317 308 273 Earnings per share of Common Stock (1) : Basic - net income attributable to shareholders $ 0.50 $ 0.73 $ 0.71 $ 0.63 Diluted - net income attributable to shareholders $ 0.50 $ 0.73 $ 0.71 $ 0.63 (1) Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share.

Business Overview and Separat_2

Business Overview and Separation from United Technologies Corporation (Details)	12 Months Ended
	Dec. 31, 2020segment	Apr. 03, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of segments	2
Separation | Otis | UTC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares of separated company given to shareholders (in shares)		0.5

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 19	$ 13	$ 17
Accounts Receivable [Abstract]
Contract receivable retainage	61	59
Unbilled contracts receivable	104	108
Self-Insurance [Abstract]
Accrued liabilities and other liabilities	299	269
Other Operating Income (Expense)
Derivatives and Hedging Activities [Abstract]
Gain (loss) related to changes in fair value of embedded derivatives	$ (3)	$ (27)	$ 12
Internal-use software | Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	3 years
Internal-use software | Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	5 years
Purchased service portfolios | Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	5 years
Purchased service portfolios | Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	25 years
Patents, trademarks/trade names | Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	4 years
Patents, trademarks/trade names | Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	40 years
Customer relationships and other | Minimum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	1 year
Customer relationships and other | Maximum
Finite-Lived Intangible Assets, Net [Abstract]
Estimated Useful Lives	20 years

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 03, 2020
Net income attributable to common shareowners:
Net income attributable to common shareholders	$ 251	$ 266	$ 224	$ 165	$ 218	$ 317	$ 308	$ 273	$ 906	$ 1,116	$ 1,049
Basic weighted average number of shares outstanding (in shares)									433,200,000	433,100,000	433,100,000
Stock awards and equity units (share equivalent)									1,400,000	0	0
Diluted weighted average number of shares outstanding (in shares)									434,600,000	433,100,000	433,100,000
Earnings Per Share of Common Stock:
Basic (in usd per share)	$ 0.58	$ 0.61	$ 0.52	$ 0.38	$ 0.50	$ 0.73	$ 0.71	$ 0.63	$ 2.09	$ 2.58	$ 2.42
Diluted (in usd per share)	$ 0.58	$ 0.61	$ 0.52	$ 0.38	$ 0.50	$ 0.73	$ 0.71	$ 0.63	$ 2.08	$ 2.58	$ 2.42
Antidilutive securities excluded from computation of EPS (in shares)									4,600,000
Separation | Otis | UTC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of shares distributed (in shares)												433,079,455
Share price (in dollars per share)												$ 0.01

Revenue Recognition - Contract

Revenue Recognition - Contract With Customer, Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 458	$ 529
Total contract assets	458	529
Contract liabilities, current	2,542	2,270
Contract liabilities, noncurrent (included within Other long-term liabilities)	44	18
Total contract liabilities	2,586	2,288
Net contract liabilities	$ 2,128	$ 1,759

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Increase (decrease) in contract assets	$ (71)
Increase in contract liabilities	298
Revenue recognized	1,600	$ 1,700
Revenue, remaining performance obligation	$ 17,200	$ 16,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage		91.00%
Remaining performance obligation, expected timing of satisfaction period		24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	90.00%
Remaining performance obligation, expected timing of satisfaction period	24 months

Related Parties - Narrative (De

Related Parties - Narrative (Details) - USD ($) $ in Millions	Apr. 03, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Toll charge payment period		8 years
Other long-term liabilities		$ 634	$ 311
Due to UTC and it's affiliates		0	2,458
Non-recurring Separation Costs
Related Party Transaction [Line Items]
Separation-related costs		119	43	$ 0
Selling, general and administrative | Non-recurring Separation Costs
Related Party Transaction [Line Items]
Separation-related costs		106
Other Nonoperating Income (Expense) | Non-recurring Separation Costs
Related Party Transaction [Line Items]
Separation-related costs		43
UTC
Related Party Transaction [Line Items]
Interest income			23	25
Interest expense			18	$ 20
Accounts payable			11
UTC | Foreign Tax Authority
Related Party Transaction [Line Items]
Foreign tax obligation reimbursed		86
UTC | Net transfers from UTC - Net Liabilities
Related Party Transaction [Line Items]
Net transfers (to) from UTC and Separation-related transactions		43
UTC | Separation Agreement - Cash and Cash Equivalents
Related Party Transaction [Line Items]
Net transfers (to) from UTC and Separation-related transactions	$ 190
UTC | Separation Agreement - Settlement
Related Party Transaction [Line Items]
Net transfers (to) from UTC and Separation-related transactions	30
UTC | Separation and Tax Matters Agreement, Adjustment
Related Party Transaction [Line Items]
Related party transaction, decrease in net tax related liabilities	191
Other long-term liabilities		$ 239
UTC | Separation Agreement
Related Party Transaction [Line Items]
Net transfers (to) from UTC and Separation-related transactions	407
Other long-term liabilities	$ 4
UTC | Related Party Receivables
Related Party Transaction [Line Items]
Due to UTC and it's affiliates			7,700
UTC | Related Party Payables
Related Party Transaction [Line Items]
Due to UTC and it's affiliates			750
UTC | Related Party Debt
Related Party Transaction [Line Items]
Due to UTC and it's affiliates			100
UTC | Parent Guarantees
Related Party Transaction [Line Items]
Related party transaction, guarantee			$ 1,800

Related Parties - Schedule of S

Related Parties - Schedule of Separation Related Transactions (Details) - UTC $ in Millions	Apr. 03, 2020USD ($)
Cash and cash equivalents
Related Party Transaction [Line Items]
Net transfers (to) from UTC and Separation-related transactions	$ 220
Taxes and other
Related Party Transaction [Line Items]
Net transfers (to) from UTC and Separation-related transactions	187
Separation Agreement
Related Party Transaction [Line Items]
Net transfers (to) from UTC and Separation-related transactions	$ 407

Related Parties - Changes in Ba

Related Parties - Changes in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Other current assets	$ 446	$ 251
Total current assets	6,493	5,658
Future income tax benefits	334	373
Assets	10,710	9,687
Total current liabilities	6,673	5,374
Future income tax obligations	321	695
Other long-term liabilities	634	311
Total Liabilities	13,911	7,361
Total Shareholders' (Deficit) Equity	(3,832)	1,700
Total (Deficit) Equity	(3,284)	2,231	$ 2,106	$ 2,532
Total Liabilities and (Deficit) Equity	10,710	$ 9,687
Separation and Tax Matters Agreement, Adjustment | UTC
Related Party Transaction [Line Items]
Other current assets	167
Total current assets	167
Future income tax benefits	(4)
Assets	163
Accrued liabilities	110
Total current liabilities	110
Future income tax obligations	(377)
Other long-term liabilities	239
Total Liabilities	(28)
Total Shareholders' (Deficit) Equity	191
Total (Deficit) Equity	191
Total Liabilities and (Deficit) Equity	$ 163

Related Parties - Schedule of_2

Related Parties - Schedule of Shared Allocated Costs Before Separation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allocated Centralized Costs | UTC
Related Party Transaction [Line Items]
Allocated centralized costs	$ 16	$ 80	$ 90

Related Parties - Schedule of_3

Related Parties - Schedule of Separation Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-recurring Separation Costs
Related Party Transaction [Line Items]
Separation-related costs	$ 119	$ 43	$ 0

Accounts Receivable, Net - Narr

Accounts Receivable, Net - Narrative (Details) $ in Millions	Dec. 31, 2019USD ($)
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Impact of credit standard adoption	$ 25

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Trade receivables	$ 2,987	$ 2,671
Customer financing notes receivable	130	52
Unbilled receivables	104	108
Miscellaneous receivables	88	113
Total receivables	3,309	2,944
Less: allowance for expected credit losses	(161)	(83)
Balance	$ 3,148	$ 2,861

Accounts Receivable, Net - Sc_2

Accounts Receivable, Net - Schedule of Allowance for Credit Losses (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 83
Current period provision for expected credit losses	40
Write-offs charged against the allowance for expected credit losses	(20)
Other	30
Ending balance	161
Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	28
Other	$ 26

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 113	$ 103
Finished goods	546	468
Total	659	571
Inventory valuation reserves	$ 112	$ 103

Fixed Assets (Details)

Fixed Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 1,971	$ 1,803
Less: Accumulated depreciation	(1,197)	(1,082)
Fixed assets, net	774	721	$ 678
Depreciation expense	100	85	86
Loss on fixed asset impairment	71	0	$ 0
Non-cash investing activities involving fixed assets resulted in a net increase to accounts payable	7	4
Land
Property, Plant and Equipment [Line Items]
Fixed assets, gross	48	45
Buildings and improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 616	574
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	20 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 1,175	1,043
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	12 years
Assets under construction
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 132	$ 141

Business Acquisitions, Goodwi_3

Business Acquisitions, Goodwill, and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Investments in businesses, net of cash acquired	$ 55	$ 47	$ 50
Loss on disposal of business	0	26	0
Amortization of intangible assets	91	95	104
Other Operating Income (Expense)
Finite-Lived Intangible Assets [Line Items]
Loss on disposal of business	0	$ 19	$ 0
Purchased service portfolios
Finite-Lived Intangible Assets [Line Items]
Service portfolios written off	$ 117

Business Acquisitions, Goodwi_4

Business Acquisitions, Goodwill, and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill - Beginning Balance	$ 1,647	$ 1,688
Goodwill Resulting From Business Combinations	30	16
Business Disposals		(16)
Foreign Currency Translation  and Other	96	(41)
Goodwill - Ending Balance	1,773	1,647
New Equipment
Goodwill [Roll Forward]
Goodwill - Beginning Balance	337	345
Goodwill Resulting From Business Combinations	0	0
Business Disposals		0
Foreign Currency Translation  and Other	20	(8)
Goodwill - Ending Balance	357	337
Service
Goodwill [Roll Forward]
Goodwill - Beginning Balance	1,310	1,343
Goodwill Resulting From Business Combinations	30	16
Business Disposals		(16)
Foreign Currency Translation  and Other	76	(33)
Goodwill - Ending Balance	$ 1,416	$ 1,310

Business Acquisitions, Goodwi_5

Business Acquisitions, Goodwill, and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,199	$ 2,136
Accumulated Amortization	(1,722)	(1,653)
Trademarks and other	7	7
Total	2,206	2,143
Purchased service portfolios
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,123	2,069
Accumulated Amortization	(1,661)	(1,598)
Patents, trademarks/trade names
Finite-Lived Intangible Assets [Line Items]
Gross Amount	22	21
Accumulated Amortization	(16)	(15)
Customer relationships and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	54	46
Accumulated Amortization	$ (45)	$ (40)

Business Acquisitions, Goodwi_6

Business Acquisitions, Goodwill, and Intangible Assets - Schedule of Future Intangible Assets (Details) $ in Millions	Dec. 31, 2020USD ($)
Business Combinations [Abstract]
2021	$ 83
2022	71
2023	61
2024	53
2025	$ 47

Borrowings and Lines of Credi_2

Borrowings and Lines of Credit - Short-Term Borrowings (Details) € in Millions, $ in Millions	Dec. 31, 2020USD ($)	Sep. 21, 2020EUR (€)	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
Commercial paper	$ 664	€ 420	$ 0
Other borrowings	37		34
Total short-term borrowings	$ 701		$ 34

Borrowings and Lines of Credi_3

Borrowings and Lines of Credit - Narrative (Details) € in Millions	Nov. 20, 2020USD ($)	Sep. 28, 2020USD ($)	Feb. 10, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Nov. 30, 2020USD ($)	Sep. 21, 2020EUR (€)	Apr. 03, 2020USD ($)	Feb. 27, 2020USD ($)
Line of Credit Facility [Line Items]
Commercial paper					$ 664,000,000	$ 0			€ 420
Debt instrument, carrying amount					5,305,000,000	5,000,000
Repayments of debt					1,000,000,000	$ 0	$ 0
Proceeds from financing arrangements				$ 6,300,000,000
Amortization of debt issuance costs					5,000,000
Debt interest expense					124,000,000
Unamortized debt issuance cost					$ 43,000,000
Long term debt, average remaining maturity (in years)					11 years 2 months 12 days
Unsubordinated Commercial Paper | Unsecured Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 1,500,000,000			$ 150,000,000		$ 1,500,000,000
Debt instrument, term					5 years
Unsubordinated Notes | Unsecured Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount											$ 5,300,000,000
Debt instrument, term			3 years
Debt instrument, carrying amount			$ 1,000,000,000
Repayments of debt	$ 250,000,000	$ 750,000,000
Revolving Credit Facility | Revolving credit agreement
Line of Credit Facility [Line Items]
Commitment fee percentage					0.125%
Revolving Credit Facility | Revolving credit agreement | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate					1.25%

Borrowings and Lines of Credi_4

Borrowings and Lines of Credit - Long-Term Debt (Details) - USD ($)	Nov. 20, 2020	Sep. 28, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Feb. 27, 2020	Feb. 10, 2020
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 5,305,000,000	$ 5,000,000
Other (discounts and debt issuance costs)			(43,000,000)	0
Total long-term debt			5,262,000,000	5,000,000
Less: current portion			0	0
Long-term debt, net of current portion			5,262,000,000	5,000,000
Repayments of debt			1,000,000,000	0	$ 0
LIBOR plus 45 bps floating rate notes due 2023
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 500,000,000	0
Debt instrument, interest rate, effective percentage			0.24%
LIBOR plus 45 bps floating rate notes due 2023 | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			0.45%
Notes 2.056% due 2025
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 1,300,000,000	0
Debt instrument, interest rate, stated percentage			2.056%
Notes 2.293% due 2027
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 500,000,000	0
Debt instrument, interest rate, stated percentage			2.293%
Notes 2.565% due 2030
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 1,500,000,000	0
Debt instrument, interest rate, stated percentage			2.565%
Notes 3.112% due 2040
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 750,000,000	0
Debt instrument, interest rate, stated percentage			3.112%
Notes 3.362% due 2050
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 750,000,000	0
Debt instrument, interest rate, stated percentage			3.362%
Other Including Finance Leases
Debt Instrument [Line Items]
Debt instrument, carrying amount			$ 5,000,000	$ 5,000,000
Unsubordinated Notes | Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, carrying amount							$ 1,000,000,000
Debt instrument, face amount						$ 5,300,000,000
Repayments of debt	$ 250,000,000	$ 750,000,000

Borrowings and Lines of Credi_5

Borrowings and Lines of Credit - Schedule of Average Interest Expense Rate (Details)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Short-term borrowings, over time	(0.20%)
Long-term borrowings, over time	2.30%
Short-term borrowings, at point in time	(0.20%)
Long-term borrowings, at point in time	2.40%

Borrowings and Lines of Credi_6

Borrowings and Lines of Credit - Schedule of Maturities and Repayments of Principal on Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 0
2022	3
2023	500
2024	0
2025	1,302
Thereafter	3,500
Total	$ 5,305	$ 5

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued salaries, wages and employee benefits	$ 556	$ 516
Accrued interest	223	165
Accrued income taxes payable	182	157
Accrued liabilities	167	140
VAT and other non-income tax payables	102	116
Other liabilities	747	645
Total	$ 1,977	$ 1,739

Accrued Liabilities - Narrative

Accrued Liabilities - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Line Items]
Accrued interest	$ 223	$ 165
Foreign Tax Authority | German Tax Litigation
Payables and Accruals [Line Items]
Accrued interest	$ 45

Other Long-term Liabilities (De

Other Long-term Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Contractual indemnity obligation	$ 239	$ 0
General, product and auto liability	152	145
Employee benefits	113	97
Other liabilities	130	69
Other long-term liabilities	$ 634	$ 311

Employee Benefit Plans - Employ

Employee Benefit Plans - Employee Savings Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Defined contribution plan, employer contribution amount	$ 54	$ 41	$ 38

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Employer contributions	$ 64	$ 32	$ 34
Accumulated benefit obligation	1,100	1,000
Expected future employer contributions, next fiscal year	30
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
Benefit obligations	1,225	1,092	869
Other comprehensive income recognized related to changes in benefit obligation	$ 36	$ 32	$ 16
Defined benefit plan, assumption, discount rate	1.10%	1.50%
Net cost, assumption, discount rate	1.50%	2.50%	2.40%
Pension Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021	$ 56
2022	59
2023	62
2024	59
2025	61
2026 through 2030	353
Net periodic benefit cost (credit)	51	$ 41	$ 39
Postretirement Benefits Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021	1
2022	1
2023	1
2024	1
2025	1
2026 through 2030	3
Benefit obligations	11	$ 9
Net periodic benefit cost (credit)	1
Other comprehensive income recognized related to changes in benefit obligation	$ (2)
Defined benefit plan, assumption, discount rate	4.30%	4.70%
Net cost, assumption, discount rate	4.70%	5.30%	5.30%
Expected future benefit payments, year one through five	$ 1

Employee Benefit Plans - Obliga

Employee Benefit Plans - Obligation and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation:
Beginning balance	$ 1,092	$ 869
Service cost	40	33
Interest cost	16	21
Actuarial (gain) loss	40	81
Benefits paid	(28)	(30)
Net settlement, curtailment and special termination benefits	(26)	(23)
Other	91	141
Ending balance	1,225	1,092	$ 869
Change in plan assets:
Beginning balance	622	444
Actual return on plan assets	24	76
Employer contributions	64	32	34
Benefits paid	(28)	(30)
Settlements	(26)	(23)
Other	47	123
Ending balance	703	622	444
Funded status:
Fair value of plan assets	703	622	444	$ 703	$ 622
Benefit obligations	1,092	1,092	869	1,225	1,092
Funded status of plan				(522)	(470)
Amounts recognized in the Consolidated Balance Sheets consist of:
Noncurrent liability				(654)	(590)
Amounts recognized in Accumulated other comprehensive loss consist of:
Net actuarial loss				280	236
Prior service credit				(1)	(2)
Net amount recognized				279	234
Pension Plan
Change in benefit obligation:
Service cost	40	33	33
Interest cost	$ 16	$ 21	$ 21
Amounts recognized in the Consolidated Balance Sheets consist of:
Noncurrent assets				87	83
Current liability				(21)	(20)
Noncurrent liability				(588)	(533)
Net amount recognized				$ (522)	$ (470)

Employee Benefit Plans - Accumu

Employee Benefit Plans - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Projected benefit obligation	$ 787	$ 697
Accumulated benefit obligation	685	609
Fair value of plan assets	$ 205	$ 157

Employee Benefit Plans - Projec

Employee Benefit Plans - Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Projected benefit obligation	$ 991	$ 966
Accumulated benefit obligation	846	846
Fair value of plan assets	$ 383	$ 413

Employee Benefit Plans - Net Pe

Employee Benefit Plans - Net Periodic Costs and Other Changes Recognized in OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	$ 40	$ 33
Interest cost	16	21
Current year actuarial loss	43	28	$ 37
Amortization of actuarial loss	(15)	(9)	(11)
Amortization of prior service credit	0	0	(1)
Other	19	22	(5)
Total recognized in other comprehensive loss	47	41	20
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Service cost	40	33	33
Interest cost	16	21	21
Expected return on plan assets	(25)	(24)	(23)
Amortization of prior service credit	(1)	(1)	(1)
Recognized actuarial net loss	16	10	12
Net settlement and curtailment (loss) gain	5	2	(3)
Net periodic pension cost – employer	51	41	39
Current year actuarial loss	41	28	37
Prior service credit arising during period	0	0	(1)
Amortization of actuarial loss	(16)	(10)	(12)
Amortization of prior service credit	1	1	1
Net settlement and curtailment (loss) gain	(5)	(2)	3
Other	24	27	(8)
Total recognized in other comprehensive loss	45	44	20
Net recognized in net periodic pension cost and other comprehensive loss	$ 96	$ 85	$ 59

Employee Benefit Plans - Assump

Employee Benefit Plans - Assumptions Used in Calculating Defined Benefit Plan (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Benefit Obligation
Discount rate	1.10%	1.50%
Salary scale	3.00%	3.10%
Interest crediting rate	0.60%	0.70%
Net Cost
Discount rate	1.50%	2.50%	2.40%
Salary scale	3.10%	3.30%	3.30%
Expected return on plan assets	4.50%	5.20%	5.20%
Interest crediting rate	0.70%	1.50%	1.50%

Employee Benefit Plans - Plan A

Employee Benefit Plans - Plan Assets by Category (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	$ 703	$ 622	$ 444
Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	683
Trust Receivables And Payables
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	20
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	141
Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		496
Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	220
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		126
Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	322
Global Equity Commingled Funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		183
Global Equity Commingled Funds | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	91
Global Equity Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Global Equity Commingled Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	52
Global Equity Commingled Funds | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		183
Global Equity Commingled Funds | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	39
Global Equity Commingled Funds | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Global Equity Commingled Funds | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Global Equity Commingled Funds | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Global Equity Commingled Funds | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Global Equity Funds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		78
Global Equity Funds | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	154
Global Equity Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Global Equity Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Global Equity Funds | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Global Equity Funds | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Global Equity Funds | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Global Equity Funds | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Global Equity Funds | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		78
Global Equity Funds | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	154
Governments
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		54
Governments | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	61
Governments | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Governments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	20
Governments | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		54
Governments | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	41
Governments | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Governments | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Governments | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Governments | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Corporate Bonds
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		87
Corporate Bonds | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	53
Corporate Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Corporate Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	49
Corporate Bonds | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		87
Corporate Bonds | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	4
Corporate Bonds | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Corporate Bonds | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Corporate Bonds | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Corporate Bonds | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Fixed Income Securities
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		47
Fixed Income Securities | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	90
Fixed Income Securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Fixed Income Securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Fixed Income Securities | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Fixed Income Securities | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Fixed Income Securities | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Fixed Income Securities | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Fixed Income Securities | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		47
Fixed Income Securities | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	90
Real estate
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		27
Real estate | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	30
Real estate | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Real estate | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	12
Real estate | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		26
Real estate | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	6
Real estate | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Real estate | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Real estate | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		1
Real estate | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	12
Other
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		138
Other | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	156
Other | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Other | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	2
Other | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		138
Other | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	129
Other | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Other | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Other | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Other | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	25
Cash and cash equivalents
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		8
Cash and cash equivalents | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	48
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	6
Cash and cash equivalents | Significant Observable Inputs (Level 2)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		8
Cash and cash equivalents | Significant Observable Inputs (Level 2) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	1
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	0
Cash and cash equivalents | Not Subject to Leveling
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets		$ 0
Cash and cash equivalents | Not Subject to Leveling | Plan Assets At Fair Value
Defined Benefit Plan, Plan Assets, Category [Line Items]
Fair value of plan assets	$ 41

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Multi-employer Contributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Contributions	$ 138	$ 136	$ 128
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Other funds	7	9	8
Pension Plan | National Elevator Industry Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
National Elevator Industry Pension Plan	$ 131	$ 127	$ 120

Employee Benefit Plans - Multie

Employee Benefit Plans - Multiemployer Benefit Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Multiemployer Plans [Line Items]
Contributions	$ 138	$ 136	$ 128
Postretirement Benefits Plan
Multiemployer Plans [Line Items]
Contributions	$ 20	$ 21	$ 20

Employee Benefit Plans - Share-

Employee Benefit Plans - Share-based Compensation Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized under share based payment award plans (in shares)	45
Common stock shares available for awards (in shares)	28
Proceeds from stock options exercised	$ 3	$ 10	$ 25
Tax benefit associated with share based compensation payments	7	5	4
Unrecognized compensation cost	$ 60
Unrecognized compensation cost, period for recognition	2 years 3 months 18 days
Aggregate intrinsic value of stock options and stock appreciation rights exercisable	$ 107
Aggregate intrinsic value of performance shares and restricted stock	$ 111
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Vesting period	3 years
Tax benefit associated with share based compensation payments	$ 2	$ 6	5
Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Vesting period	3 years
Weighted average grant date fair value of stock appreciation rights granted during period (in usd per share)	$ 53.25
Weighted average grant date fair value (in usd per share)	$ 60.63	$ 0
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Tax benefit realized form vesting of performance shares and other restricted awards	$ 1	$ 4	$ 1
Weighted average grant date fair value of stock appreciation rights granted during period (in usd per share)	$ 65.45
Weighted average grant date fair value (in usd per share)	$ 0	$ 0
Performance Share Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Stock Options and Stock Appreciation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted during period (in usd per share)	$ 10.38	20.92	$ 20.18
Weighted average grant date fair value of stock appreciation rights granted during period (in usd per share)	$ 10.38	$ 20.92	$ 20.18
Aggregate intrinsic value of stock options and stock appreciation rights exercisable	$ 13	$ 53	$ 36
Performance Share Units and Other Restricted Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share)	$ 54.29	$ 109.17	$ 131.47
Aggregate intrinsic value of performance shares and restricted stock	$ 10	$ 33	$ 11

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Amounts for Pension and Retirement Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Service cost	$ 1	$ 15	$ 18
Non-service pension benefit	(5)	(42)	(49)
Total	$ (4)	$ (27)	$ (31)

Employee Benefit Plans - Sche_3

Employee Benefit Plans - Schedule of Share-based Compensation and Related Income Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Stock-based compensation expense	$ 59	$ 47	$ 37
Less: future tax benefit	7	5	4
Stock-based compensation expense, net of tax	52	42	33
Share-based Compensation Expense
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Stock-based compensation expense	63	37	38
Cash-based Compensation Expense
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Stock-based compensation expense	$ (4)	$ 10	$ (1)

Employee Benefit Plans - Sche_4

Employee Benefit Plans - Schedule of Share Based Compensation Award Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Stock Options, Shares
Outstanding (in shares) | shares	0
Converted from UTC (in shares) | shares	520
Granted (in shares) | shares	0
Exercised / Earned (in shares) | shares	(57)
Cancelled (in shares) | shares	(9)
Outstanding (in shares) | shares	454
Stock Options, Average Price
Stock options outstanding, average price (in usd per share) | $ / shares	$ 0
Converted from UTC (in usd per share) | $ / shares	53.99
Granted (in usd per share) | $ / shares	0
Exercised / earned (in usd per share) | $ / shares	45.39
Cancelled (in usd per share) | $ / shares	41.42
Outstanding (in usd per share) | $ / shares	$ 55.31
Stock Appreciation Rights
Non-Option Equity Instruments, Shares)
Outstanding (in shares) | shares	0
Converted from UTC (in shares) | shares	12,782
Granted (in shares) | shares	179
Exercised / Earned (in shares) | shares	(609)
Cancelled (in shares) | shares	(175)
Outstanding (in shares) | shares	12,177
Non-Option Equity Instruments, Average Price
Outstanding (in usd per share) | $ / shares	$ 0
Converted from UTC (in usd per share) | $ / shares	60.16
Granted (in usd per share) | $ / shares	53.25
Exercised / Earned (in usd per share) | $ / shares	45.19
Cancelled (in usd per share) | $ / shares	72.82
Outstanding (in usd per share) | $ / shares	$ 60.63
Restricted Share Units
Non-Option Equity Instruments, Shares)
Outstanding (in shares) | shares	0
Converted from UTC (in shares) | shares	1,376
Granted (in shares) | shares	607
Exercised / Earned (in shares) | shares	(201)
Cancelled (in shares) | shares	(72)
Outstanding (in shares) | shares	1,710
Non-Option Equity Instruments, Average Price
Outstanding (in usd per share) | $ / shares	$ 0
Converted from UTC (in usd per share) | $ / shares	68.14
Granted (in usd per share) | $ / shares	54.21
Exercised / Earned (in usd per share) | $ / shares	61.89
Cancelled (in usd per share) | $ / shares	67.56
Outstanding (in usd per share) | $ / shares	$ 63.94
Performance Share Units
Non-Option Equity Instruments, Shares)
Outstanding (in shares) | shares	0
Converted from UTC (in shares) | shares	38
Granted (in shares) | shares	5
Exercised / Earned (in shares) | shares	(43)
Cancelled (in shares) | shares	0
Outstanding (in shares) | shares	0
Non-Option Equity Instruments, Average Price
Outstanding (in usd per share) | $ / shares	$ 0
Converted from UTC (in usd per share) | $ / shares	67.53
Granted (in usd per share) | $ / shares	65.45
Exercised / Earned (in usd per share) | $ / shares	67.29
Cancelled (in usd per share) | $ / shares	69.79
Outstanding (in usd per share) | $ / shares	$ 0

Employee Benefit Plans - Stock

Employee Benefit Plans - Stock Options, Appreciation Rights, Performance Units, and Restricted Stock Aggregate Intrinsic Values (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
Awards (in shares) | shares	12,506
Average price (in usd per share) | $ / shares	$ 60.30
Aggregate intrinsic value | $	$ 115
Remaining term	5 years 7 months 6 days
Awards (in shares) | shares	7,964
Average price (in usd per share) | $ / shares	$ 54.16
Aggregate intrinsic value | $	$ 107
Remaining term	4 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Awards (in shares) | shares	1,639
Average price (in usd per share) | $ / shares	$ 0
Aggregate intrinsic value | $	$ 111
Remaining term	1 year 8 months 12 days

Employee Benefit Plans - Stoc_2

Employee Benefit Plans - Stock Option Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	25.50%	18.80%	17.50%
Expected volatility, maximum		19.70%	21.10%
Weighted-average volatility	25.50%	19.50%	18.00%
Expected dividend yield	1.80%	2.40%	2.20%
Risk free rate, minimum	0.50%	2.30%	1.30%
Risk free rate, maximum		2.70%	2.70%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 9 months 18 days	6 years 6 months	6 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 7 months 6 days	6 years 7 months 6 days

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,231	$ 2,106	$ 2,532
Other comprehensive income (loss) before reclassifications, net	(65)	(68)	(136)
Amounts reclassified, pre-tax	12	9	11
Tax benefit reclassified	(4)	9	4
Ending balance	(3,284)	2,231	2,106
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(588)	(573)	(468)
Other comprehensive income (loss) before reclassifications, net	(28)	(15)	(105)
Amounts reclassified, pre-tax	0	0	0
Tax benefit reclassified	0	0	0
Ending balance	(616)	(588)	(573)
Defined Benefit Pension and Postretirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(167)	(135)	(119)
Other comprehensive income (loss) before reclassifications, net	(47)	(50)	(31)
Amounts reclassified, pre-tax	15	9	11
Tax benefit reclassified	(4)	9	4
Ending balance	(203)	(167)	(135)
Unrealized Hedging Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3)	0	0
Other comprehensive income (loss) before reclassifications, net	10	(3)	0
Amounts reclassified, pre-tax	(3)	0	0
Tax benefit reclassified	0	0	0
Ending balance	4	(3)	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(758)	(708)	(587)
Ending balance	$ (815)	$ (758)	$ (708)

Income Taxes - Income Before In

Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ 105	$ 470	$ 504
Foreign	1,406	1,391	1,389
Net income before income taxes	$ 1,511	$ 1,861	$ 1,893

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
One-time tax benefit from overall reduction in liability	$ 10	$ 143	$ 143
Undistributed earnings of foreign subsidiaries	3,500
Unrecognized tax benefits that would impact effective tax rate	397
Increase in unrecognized tax benefits reasonably possible	10
Decrease in unrecognized tax benefits reasonably possible	380
Increase in accrued interest reasonably possible	10
Decrease in accrued interest reasonably possible	$ 150

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States:
Federal	$ 42	$ 103	$ 59
State	26	38	38
Foreign	438	461	459
Current Income Tax Expense (Benefit)	506	602	556
United States:
Federal	8	11	(11)
State	(8)	0	7
Foreign	(51)	(19)	131
Deferred income tax benefit	(51)	(8)	127
Income tax expense	455	594	683
Attributable to items (charged) credited to (deficit) equity	$ (6)	$ (14)	$ (4)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21.00%	21.00%	21.00%
State income taxes	0.90%	1.70%	1.60%
Tax on international activities	4.40%	6.50%	14.00%
U.S. tax effect of foreign earnings	3.40%	2.90%	(0.10%)
Other	0.40%	(0.20%)	(0.40%)
Effective income tax rate	30.10%	31.90%	36.10%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Insurance and employee benefits	$ 201	$ 159
Other asset basis differences	149	121
Other liability basis differences	299	335
Tax loss carryforwards	197	45
Tax credit carryforwards	38	14
Valuation allowances	(242)	(55)
Deferred tax assets, net of valuation allowance	642	619
Intangible assets	182	174
Other assets basis differences	(335)	(298)
Deferred tax liabilities, net	$ 517	$ 472

Income Taxes - Tax Credit and L

Income Taxes - Tax Credit and Loss Carryforwards (Details) $ in Millions	Dec. 31, 2020USD ($)
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	$ 38
Tax Loss Carryforwards	814
2021-2025
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	0
Tax Loss Carryforwards	39
2026-2030
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	7
Tax Loss Carryforwards	33
2031-2040
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	1
Tax Loss Carryforwards	22
Indefinite
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	30
Tax Loss Carryforwards	$ 720

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Balance at January 1	$ 379	$ 380	$ 392
Additions for tax positions related to the current year	16	18	3
Additions for tax positions of prior years	41	15	1
Reductions for tax positions of prior years	(31)	(15)	(16)
Settlements	(8)	(19)	0
Balance at December 31	397	379	380
Gross interest expense related to unrecognized tax benefits	10	8	10
Total accrued interest balance at December 31	$ 153	$ 141	$ 136

Restructuring Costs - Narrative

Restructuring Costs - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	$ 77,000,000	$ 54,000,000	$ 69,000,000
Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	22,000,000	19,000,000	23,000,000
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	55,000,000	$ 35,000,000	$ 48,000,000
Current Year Actions
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	71,000,000
Current Year Actions | Severance & Other Costs 2020
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	71,000,000
Current Year Actions | Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	21,000,000
Current Year Actions | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	50,000,000
Prior Year Actions
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	6,000,000
Prior to Last Year Actions | Severance & Other Costs 2020
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	$ 0

Restructuring Costs - Schedule

Restructuring Costs - Schedule of Pretax Restructuring Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	$ 77	$ 54	$ 69
Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	22	19	23
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	55	35	48
Non-service pension (benefit)
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	0	0	(2)
New Equipment
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	30	19	25
Service sales
Restructuring Cost and Reserve [Line Items]
Net pre-tax restructuring costs	$ 47	$ 35	$ 44

Restructuring Costs - Restructu

Restructuring Costs - Restructuring Roll forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	$ 77	$ 54	$ 69
Current Year Actions
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	71
Current Year Actions | Severance & Other Costs 2020
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0
Net pre-tax restructuring costs	71
Utilization, foreign exchange and other costs	(29)
Restructuring reserve, ending balance	42	0
Current Year Actions | Severance & Other Costs 2019
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	8	16
Net pre-tax restructuring costs		6
Utilization, foreign exchange and other costs		(14)
Restructuring reserve, ending balance		$ 8	$ 16
Prior Year Actions
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	$ 6

Restructuring Costs - Schedul_2

Restructuring Costs - Schedule of Restructuring Costs Expected, Incurred, and Remaining (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current Year Actions
Restructuring Reserve [Roll Forward]
Expected Costs	$ 86
Cost Incurred	(71)	$ 0
Remaining Costs	15
Current Year Actions | Otis
Restructuring Reserve [Roll Forward]
Expected Costs	33
Cost Incurred	(29)	0
Remaining Costs	4
Current Year Actions | Carrier
Restructuring Reserve [Roll Forward]
Expected Costs	53
Cost Incurred	(42)	0
Remaining Costs	11
Prior Year Actions
Restructuring Reserve [Roll Forward]
Expected Costs	57
Cost Incurred	(6)	(45)
Remaining Costs	6
Prior Year Actions | Otis
Restructuring Reserve [Roll Forward]
Expected Costs	20
Cost Incurred	(2)	(17)
Remaining Costs	1
Prior Year Actions | Carrier
Restructuring Reserve [Roll Forward]
Expected Costs	37
Cost Incurred	(4)	$ (28)
Remaining Costs	$ 5

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 21, 2020EUR (€)	Dec. 31, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Four quarter rolling average of notional amount of foreign exchange contracts hedging foreign currency transactions	$ 3,000		$ 1,000
Commercial paper	664	€ 420	$ 0
Net investment hedge, effective, recognized loss in OCI	18
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months	$ 2

Financial Instruments - Schedul

Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - Foreign Exchange Contract - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 13	$ 0
Liability derivatives	(11)	(1)
Designated as Hedging Instrument | Cash Flow Hedging | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	9	0
Designated as Hedging Instrument | Cash Flow Hedging | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	4	0
Designated as Hedging Instrument | Cash Flow Hedging | Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(7)	(1)
Designated as Hedging Instrument | Cash Flow Hedging | Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(4)	0
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	33	9
Liability derivatives	(32)	(5)
Not Designated as Hedging Instrument | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	23	8
Not Designated as Hedging Instrument | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	10	1
Not Designated as Hedging Instrument | Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(24)	(5)
Not Designated as Hedging Instrument | Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	$ (8)	$ 0

Financial Instruments - Sched_2

Financial Instruments - Schedule of Gain (Loss) on Derivative Instruments Reclassified From OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) recorded in Accumulated other comprehensive income (loss)	$ 4	$ (3)

Financial Instruments - Sched_3

Financial Instruments - Schedule of Gain (Loss) on Derivative Instruments in Other Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ (4)	$ (9)

Fair Value Measurements - Recur

Fair Value Measurements - Recurring and Nonrecurring (Details) - Fair Value, Recurring - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 59	$ 3
Derivative assets	46	9
Derivative liabilities	(43)	(5)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	59	3
Derivative assets	0	0
Derivative liabilities	0	0
Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Derivative assets	46	9
Derivative liabilities	(43)	(5)
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Balan

Fair Value Measurements - Balance Sheet Grouping (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ (701)	$ (34)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	65	62
Customer financing notes receivable, net	128	62
Short-term borrowings	(701)	(34)
Long-term debt (excluding leases and other)	(5,300)	0
Long-term liabilities	(263)	(4)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	62	62
Customer financing notes receivable, net	126	62
Short-term borrowings	(701)	(34)
Long-term debt (excluding leases and other)	(5,717)	0
Long-term liabilities	(234)	(4)
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	0	0
Customer financing notes receivable, net	0	0
Short-term borrowings	0	0
Long-term debt (excluding leases and other)	0
Long-term liabilities	0	0
Fair Value | Significant Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	62	62
Customer financing notes receivable, net	126	62
Short-term borrowings	(701)	(34)
Long-term debt (excluding leases and other)	(5,717)
Long-term liabilities	(234)	(4)
Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	0	0
Customer financing notes receivable, net	0	0
Short-term borrowings	0	0
Long-term debt (excluding leases and other)
Long-term liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	Dec. 31, 2020USD ($)
Reimbursement of tax payments | UTC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable, related parties	$ 239

Guarantees - Product Warranty D

Guarantees - Product Warranty Disclosure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Movement Warranties [Roll Forward]
Balance as of January 1	$ 27	$ 47
Warranties	12	10
Settlements made	(14)	(18)
Other	0	(12)
Balance as of December 31	$ 25	$ 27

Guarantees - Narrative (Details

Guarantees - Narrative (Details) $ in Millions	Dec. 31, 2020USD ($)
Standby Letter of Credit
Guarantor Obligations [Line Items]
Guarantor obligation, maximum exposure	$ 185

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 542	$ 535		$ 530
Operating lease liabilities	$ 534	526		$ 523
Extension term	5 years
Termination term	1 year
Operating lease expense	$ 186	$ 191
Rent expense			$ 161
Minimum
Lessee, Lease, Description [Line Items]
Weighted Average Remaining Lease Term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Weighted Average Remaining Lease Term (in years)	20 years

Leases - Supplemental Operating

Leases - Supplemental Operating Lease Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows used for the measurement of operating lease liabilities	$ (162)	$ (134)
Operating lease ROU assets obtained in exchange for operating lease obligations	$ 126	$ 157

Leases - Operating Lease ROU As

Leases - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease ROU assets	$ 542	$ 535	$ 530
Accrued liabilities	167	140
Operating lease liabilities	367	386
Total operating lease liabilities	$ 534	$ 526	$ 523
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent

Leases - Supplemental Informati

Leases - Supplemental Information Related to Operating Leases (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted Average Remaining Lease Term (in years)	5 years	5 years 3 months 18 days
Weighted Average Discount Rate	2.90%	3.40%

Leases - Operating Lease Liabil

Leases - Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
2021	$ 172
2022	134
2023	95
2024	63
2025	42
Thereafter	84
Total undiscounted lease payments	590
Less: imputed interest	(56)
Total discounted lease payments	$ 534	$ 526	$ 523

Contingent Liabilities (Details

Contingent Liabilities (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015EUR (€)	Dec. 31, 2020EUR (€)
Loss Contingencies [Line Items]
Income tax expense	$ 455		$ 594	$ 683
Gross interest expense related to unrecognized tax benefits	10		8	10
Total accrued interest balance at December 31	153		141	$ 136
Environmental Regulation
Loss Contingencies [Line Items]
Loss Contingency Accrual	12		12
German Tax Office Against Otis
Loss Contingencies [Line Items]
Income tax expense	264	€ 215
Disallowed tax benefit, estimated interest expense	145	€ 118
Gross interest expense related to unrecognized tax benefits					$ 300	€ 275
Total accrued interest balance at December 31	55						€ 45
Asbestos Matter
Loss Contingencies [Line Items]
Insurance recovery receivable	5		5
Asbestos Matter | Minimum
Loss Contingencies [Line Items]
Estimate of possible loss	23		24
Asbestos Matter | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 45		$ 45

Segment Financial Data - Segmen

Segment Financial Data - Segment Information (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Net sales	$ 3,493	$ 3,268	$ 3,029	$ 2,966	$ 3,353	$ 3,313	$ 3,351	$ 3,101	$ 12,756	$ 13,118	$ 12,915
Operating profit									$ 1,639	1,814	1,835
Number of operating segments | segment									2
Asset impairment charges									$ 71	0	0
Foreign exchange activity										46
Operating segments
Segment Reporting Information [Line Items]
Net sales									12,756	13,118	12,915
Operating profit									1,929	1,996	1,906
Operating segments | New Equipment
Segment Reporting Information [Line Items]
Net sales									5,371	5,648	5,596
Operating profit									318	393	390
Operating segments | Service
Segment Reporting Information [Line Items]
Net sales									7,385	7,470	7,319
Operating profit									1,611	1,603	1,516
General corporate expenses and other
Segment Reporting Information [Line Items]
Net sales									0	0	0
Operating profit									(290)	$ (182)	$ (71)
Asset impairment charges									71
Asset impairment related license costs									14
General corporate expenses and other | Separation related costs
Segment Reporting Information [Line Items]
Restructuring costs									$ 76

Segment Financial Data - Geogra

Segment Financial Data - Geographic External Sales (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 3,493	$ 3,268	$ 3,029	$ 2,966	$ 3,353	$ 3,313	$ 3,351	$ 3,101	$ 12,756	$ 13,118	$ 12,915
Long Lived Assets	774				721				774	721	678
United States Operations
Segment Reporting Information [Line Items]
Net sales									3,462	3,594	3,429
Long Lived Assets	309				295				309	295	246
China
Segment Reporting Information [Line Items]
Net sales									2,135	2,113	1,919
Long Lived Assets	113				105				113	105	113
Other
Segment Reporting Information [Line Items]
Net sales									7,159	7,411	7,567
Long Lived Assets	$ 352				$ 321				$ 352	$ 321	$ 319

Segment Financial Data - Net Sa

Segment Financial Data - Net Sales by Sales Type (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 3,493	$ 3,268	$ 3,029	$ 2,966	$ 3,353	$ 3,313	$ 3,351	$ 3,101	$ 12,756	$ 13,118	$ 12,915
New Equipment
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax									5,371	5,648	5,596
Total Service
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax									7,385	7,470	7,319
Maintenance and Repair
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax									6,047	6,120	6,017
Modernization
Segment Reporting Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax									$ 1,338	$ 1,350	$ 1,302

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 3,493	$ 3,268	$ 3,029	$ 2,966	$ 3,353	$ 3,313	$ 3,351	$ 3,101	$ 12,756	$ 13,118	$ 12,915
Gross margin	1,012	979	891	897	966	975	984	901
Net income attributable to common shareholders	$ 251	$ 266	$ 224	$ 165	$ 218	$ 317	$ 308	$ 273	$ 906	$ 1,116	$ 1,049
Basic (in usd per share)	$ 0.58	$ 0.61	$ 0.52	$ 0.38	$ 0.50	$ 0.73	$ 0.71	$ 0.63	$ 2.09	$ 2.58	$ 2.42
Diluted (in usd per share)	$ 0.58	$ 0.61	$ 0.52	$ 0.38	$ 0.50	$ 0.73	$ 0.71	$ 0.63	$ 2.08	$ 2.58	$ 2.42

SCHEDULE II - Valuation and Q_2

SCHEDULE II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts and Expected Credit Losses:
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 83	$ 84	$ 90
Provision charged to income	40	26	10
Reductions credited to income tax expense	20	19	6
Other	30	(8)	(10)
Ending balance	161	83	84
Allowance for Doubtful Accounts and Expected Credit Losses: | Cumulative Effect, Period of Adoption, Adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	28
Ending balance		28
Future Income Tax Benefits - Valuation Allowance
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	55	29	20
Additions charged to income tax expense	63	28	15
Reductions credited to income tax expense	13	0	5
Other adjustments	137	(2)	(1)
Ending balance	$ 242	$ 55	$ 29