Otis Worldwide (OTIS) 10-Q 25 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 16, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39221
Entity Registrant Name	OTIS WORLDWIDE CORPORATION
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	674-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		400,554,767
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001781335
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	OTIS
Security Exchange Name	NYSE
0.318% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	0.318% Notes due 2026
Trading Symbol	OTIS/26
Security Exchange Name	NYSE
0.934% Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	0.934% Notes due 2031
Trading Symbol	OTIS/31
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales:
Revenues	$ 3,601	$ 3,720	$ 7,038	$ 7,066
Costs and expenses:
Research and development	39	36	75	71
Selling, general and administrative	449	479	911	934
Costs and expenses	3,010	3,152	5,917	5,992
Other income (expense), net	(21)	12	(7)	19
Operating profit	570	580	1,114	1,093
Non-service pension cost (benefit)	(1)	1	(1)	1
Interest expense (income), net	27	37	71	70
Net income before income taxes	544	542	1,044	1,022
Income tax expense	94	135	220	263
Net income	450	407	824	759
Less: Noncontrolling interest in subsidiaries' earnings	35	31	56	52
Net income attributable to Otis Worldwide Corporation	$ 415	$ 376	$ 768	$ 707
Earnings per share (Note 2):
Basic (in usd per share)	$ 1.03	$ 0.91	$ 1.90	$ 1.71
Diluted (in usd per share)	$ 1.02	$ 0.90	$ 1.89	$ 1.70
Weighted average number of shares outstanding:
Basic shares (in shares)	402,900,000	412,700,000	404,000,000	413,500,000
Diluted shares (in shares)	405,500,000	416,000,000	406,800,000	416,900,000
Product sales
Net sales:
Revenues	$ 1,421	$ 1,604	$ 2,701	$ 2,911
Costs and expenses:
Cost of products and services sold	1,168	1,328	2,235	2,426
Service sales
Net sales:
Revenues	2,180	2,116	4,337	4,155
Costs and expenses:
Cost of products and services sold	$ 1,354	$ 1,309	$ 2,696	$ 2,561

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 450	$ 407	$ 824	$ 759
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	0	(70)	(25)	(104)
Pension and postretirement benefit plan adjustments	0	0	9	0
Change in unrealized cash flow hedging	0	(6)	3	(3)
Other comprehensive income (loss), net of tax	0	(76)	(13)	(107)
Comprehensive income (loss), net of tax	450	331	811	652
Less: Comprehensive (income) loss attributable to noncontrolling interest	(30)	(18)	(44)	(42)
Comprehensive income attributable to Otis Worldwide Corporation	$ 420	$ 313	$ 767	$ 610

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 942	$ 1,274
Accounts receivable (net of allowance for expected credit losses of $131 and $130)	3,606	3,538
Contract assets	750	717
Inventories	605	612
Other current assets	335	259
Total Current Assets	6,238	6,400
Future income tax benefits	302	323
Fixed assets (net of accumulated depreciation of $1,230 and $1,232)	708	727
Operating lease right-of-use assets	398	416
Intangible assets, net	330	335
Goodwill	1,553	1,588
Other assets	329	328
Total Assets	9,858	10,117
Liabilities and Equity (Deficit)
Short-term borrowings and current portion of long-term debt	1,656	32
Accounts payable	1,716	1,878
Accrued liabilities	1,719	1,873
Contract liabilities	2,804	2,696
Total Current Liabilities	7,895	6,479
Long-term debt	5,526	6,866
Future pension and postretirement benefit obligations	445	462
Operating lease liabilities	280	292
Future income tax obligations	206	245
Other long-term liabilities	388	493
Total Liabilities	14,740	14,837
Commitments and contingent liabilities (Note 16)
Redeemable noncontrolling interest	52	135
Shareholders' Equity (Deficit):
Common Stock and additional paid-in capital	230	213
Treasury Stock	(2,987)	(2,382)
Accumulated deficit	(1,538)	(2,005)
Accumulated other comprehensive income (loss)	(751)	(750)
Total Shareholders' Equity (Deficit)	(5,046)	(4,924)
Noncontrolling interest	112	69
Total Equity (Deficit)	(4,934)	(4,855)
Total Liabilities and Equity (Deficit)	$ 9,858	$ 10,117

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 131	$ 130
Accumulated depreciation	$ 1,230	$ 1,232

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Total Shareholders' Equity (Deficit)	Common Stock and Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ (4,799)	$ (4,870)	$ 162	$ (1,575)	$ (2,865)	$ (592)	$ 71
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	754	707			707		47
Other comprehensive income (loss), net of tax	(102)	(97)				(97)	(5)
Stock-based compensation and Common Stock issued under employee plans	20	20	21		(1)
Cash dividends declared	(261)	(261)			(261)
Repurchase of Common Shares	(352)	(352)		(352)
Dividends attributable to noncontrolling interest	(9)						(9)
Acquisitions, disposals and other changes	(2)	1			1		(3)
Ending balance at Jun. 30, 2023	(4,751)	(4,852)	183	(1,927)	(2,419)	(689)	101
Beginning balance at Dec. 31, 2022	135
Redeemable Noncontrolling Interest
Net income	5
Other comprehensive income (loss), net of tax	(5)
Dividends attributable to noncontrolling interest	(9)
Acquisitions, disposals and other changes	0
Ending balance at Jun. 30, 2023	126
Beginning balance at Mar. 31, 2023	(4,767)	(4,857)	172	(1,750)	(2,653)	(626)	90
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	405	376			376		29
Other comprehensive income (loss), net of tax	(70)	(63)				(63)	(7)
Stock-based compensation and Common Stock issued under employee plans	10	10	11		(1)
Cash dividends declared	(141)	(141)			(141)
Repurchase of Common Shares	(177)	(177)		(177)
Dividends attributable to noncontrolling interest	(8)						(8)
Acquisitions, disposals and other changes	(3)						(3)
Ending balance at Jun. 30, 2023	(4,751)	(4,852)	183	(1,927)	(2,419)	(689)	101
Beginning balance at Mar. 31, 2023	129
Redeemable Noncontrolling Interest
Net income	2
Other comprehensive income (loss), net of tax	(6)
Dividends attributable to noncontrolling interest	(1)
Acquisitions, disposals and other changes	2
Ending balance at Jun. 30, 2023	126
Beginning balance at Dec. 31, 2023	(4,855)	(4,924)	213	(2,382)	(2,005)	(750)	69
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	819	768			768		51
Other comprehensive income (loss), net of tax	(4)	(1)				(1)	(3)
Stock-based compensation and Common Stock issued under employee plans	16	16	18		(2)
Cash dividends declared	(295)	(295)			(295)
Repurchase of Common Shares	(605)	(605)		(605)
Dividends attributable to noncontrolling interest	(4)						(4)
Acquisitions, disposals and other changes	(6)	(5)	(1)		(4)		(1)
Ending balance at Jun. 30, 2024	(4,934)	(5,046)	230	(2,987)	(1,538)	(751)	112
Beginning balance at Dec. 31, 2023	135
Redeemable Noncontrolling Interest
Net income	5
Other comprehensive income (loss), net of tax	(9)
Dividends attributable to noncontrolling interest	(9)
Acquisitions, disposals and other changes	(70)
Ending balance at Jun. 30, 2024	52
Beginning balance at Mar. 31, 2024	(4,940)	(5,024)	210	(2,684)	(1,794)	(756)	84
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	448	415			415		33
Other comprehensive income (loss), net of tax	4	5				5	(1)
Stock-based compensation and Common Stock issued under employee plans	19	19	20		(1)
Cash dividends declared	(157)	(157)			(157)
Repurchase of Common Shares	(303)	(303)		(303)
Dividends attributable to noncontrolling interest	(3)						(3)
Acquisitions, disposals and other changes	(2)	(1)			(1)		(1)
Ending balance at Jun. 30, 2024	(4,934)	$ (5,046)	$ 230	$ (2,987)	$ (1,538)	$ (751)	$ 112
Beginning balance at Mar. 31, 2024	124
Redeemable Noncontrolling Interest
Net income	2
Other comprehensive income (loss), net of tax	(4)
Dividends attributable to noncontrolling interest	(1)
Acquisitions, disposals and other changes	(69)
Ending balance at Jun. 30, 2024	$ 52

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.39	$ 0.34	$ 0.73	$ 0.63

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities:
Net income	$ 824	$ 759
Adjustments to reconcile net income to net cash flows provided by operating activities, net of acquisitions and dispositions:
Depreciation and amortization	85	99
Deferred income tax expense (benefit)	(25)	(16)
Stock compensation cost	36	34
Change in operating assets and liabilities:
Accounts receivable, net	(171)	(204)
Contract assets and liabilities, current	107	154
Inventories	(10)	(21)
Other current assets	(60)	(38)
Accounts payable	(129)	43
Accrued liabilities	(127)	(85)
Pension contributions	(24)	(24)
Other operating activities, net	(27)	23
Net cash flows provided by (used in) operating activities	479	724
Investing Activities:
Capital expenditures	(55)	(62)
Acquisitions of businesses and intangible assets, net of cash	(40)	(20)
Receipts (payments) on settlements of derivative contracts	(4)	(13)
Other investing activities, net	2	4
Net cash flows provided by (used in) investing activities	(97)	(91)
Financing Activities:
Net proceeds from (repayments of) borrowings (maturities of 90 days or less)	323	57
Dividends paid on Common Stock	(295)	(261)
Repurchases of Common Stock	(600)	(350)
Acquisition of noncontrolling interest shares	(75)	0
Dividends paid to noncontrolling interest	(11)	(15)
Other financing activities, net	(21)	(16)
Net cash flows provided by (used in) financing activities	(679)	(585)
Effect of exchange rate changes on cash and cash equivalents	(32)	(16)
Net increase (decrease) in cash, cash equivalents and restricted cash	(329)	32
Cash, cash equivalents and restricted cash, beginning of year	1,280	1,195
Cash, cash equivalents and restricted cash, end of period	951	1,227
Less: Restricted cash	9	8
Cash and cash equivalents	$ 942	$ 1,219

General

General	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The Condensed Consolidated Financial Statements as of June 30, 2024 and for the quarters and six months ended June 30, 2024 and 2023 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States ("U.S."). The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the Company's annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for fiscal year 2023 ("2023 Form 10-K" or "Form 10-K"). Unless the context otherwise requires, references to "Otis," "we," "us," "our" and "the Company" refer to Otis Worldwide Corporation and its subsidiaries. There have been no changes to the Company's significant accounting policies described in the Company's 2023 Form 10-K that have a material impact on the Company's Condensed Consolidated Financial Statements and the related notes. Use of Estimates. The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially 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 macroeconomic developments, including inflationary pressures, higher interest rates and tighter credit conditions, as of June 30, 2024 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 Condensed Consolidated Financial Statements as of June 30, 2024 and for the quarters and six months ended June 30, 2024 and 2023 resulting from our assessments of these matters, future assessment of our expectations of the magnitude and duration of these macroeconomic developments, as well as other factors, could result in material impacts to our Condensed Consolidated Financial Statements in future reporting periods. We also assessed certain accounting matters as they relate to the ongoing conflict between Russia and Ukraine and the war in Israel and Gaza, including, but not limited to, our allowance for credit losses, the carrying value of long-lived assets, revenue recognition and the classification of assets. There was not a material impact to our Condensed Consolidated Financial Statements as of June 30, 2024 and for the quarters and six months ended June 30, 2024 and 2023 resulting from our assessment of these matters. We continue to assess the impact on our results of operations, financial position and overall performance as the situations develop and any broader implications they may have on the global economy. Acquisition of Noncontrolling Interest. In April 2024, we notified the noncontrolling shareholders of our subsidiary in Japan that we were exercising our call option to acquire all of their outstanding shares. The estimated value of purchasing these shares was reflected in Redeemable noncontrolling interest in our Condensed Consolidated Balance Sheet as of March 31, 2024. The purchase of these shares was completed in the second quarter of 2024 for approximately $70 million. Supplier Finance Programs. Certain Otis subsidiaries participate in supplier finance programs, under which we agree to pay third-party financial institutions the stated amounts of confirmed invoices from suppliers on the original maturity dates of the invoices, while the participating suppliers generally have the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions. The outstanding obligations confirmed by the Company as valid to the financial institutions under our supplier finance programs were $560 million and $627 million as of June 30, 2024 and December 31, 2023, respectively. These obligations are included in Accounts payable in the Condensed Consolidated Balance Sheets, and all activity related to the obligations is presented within operating activities on the Condensed Consolidated Statements of Cash Flows.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Quarter Ended June 30, Six Months Ended June 30, (dollars in millions, except per share amounts; shares in millions) 2024 2023 2024 2023 Net income attributable to Otis Worldwide Corporation $ 415 $ 376 $ 768 $ 707 Impact of redeemable noncontrolling interest — — — — Net income attributable to common shareholders $ 415 $ 376 $ 768 $ 707 Basic weighted average number of shares outstanding 402.9 412.7 404.0 413.5 Stock awards and equity units (share equivalent) 2.6 3.3 2.8 3.4 Diluted weighted average number of shares outstanding 405.5 416.0 406.8 416.9 Earnings Per Share of Common Stock: Basic $ 1.03 $ 0.91 $ 1.90 $ 1.71 Diluted $ 1.02 $ 0.90 $ 1.89 $ 1.70 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. There were 1.1 million of anti-dilutive stock awards excluded from the computation for the quarters ended June 30, 2024 and 2023 and for the six months ended June 30, 2024 and 2023.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606: Revenue from Contracts with Customers. 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 receive payments from customers based on the terms established in our contracts, which are progress payments as we perform contract work over time, payments in advance of performing work, or in some cases, payments upon completion of work. Total Contract assets and Contract liabilities as of June 30, 2024 and December 31, 2023 are as follows: (dollars in millions) June 30, 2024 December 31, 2023 Contract assets, current $ 750 $ 717 Total contract assets 750 717 Contract liabilities, current 2,804 2,696 Contract liabilities, non-current (included within Other long-term liabilities) 39 48 Total contract liabilities 2,843 2,744 Net contract liabilities $ 2,093 $ 2,027 Contract assets increased by $33 million during the six months ended June 30, 2024 as a result of the progression of current contracts and timing of billing on customer contracts. Contract liabilities increased by $99 million during the six months ended June 30, 2024 primarily due to billings on contracts in excess of revenue earned. In the six months ended June 30, 2024 and 2023, we recognized revenue of approximately $1.6 billion and $1.5 billion related to contract liabilities as of January 1, 2024 and 2023, respectively. Remaining Performance Obligations ("RPO"). RPO represents the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied. As of June 30, 2024, our total RPO was approximately $18.2 billion. Of the total RPO as of June 30, 2024, we expect approximately 90% will be recognized as sales over the following 24 months.

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consisted of the following as of June 30, 2024 and December 31, 2023: (dollars in millions) June 30, 2024 December 31, 2023 Trade receivables $ 3,429 $ 3,390 Unbilled receivables 148 119 Miscellaneous receivables 97 96 Customer financing notes receivable 63 63 3,737 3,668 Less: allowance for expected credit losses (131) (130) Accounts receivable, net $ 3,606 $ 3,538 The changes in allowance for expected credit losses related to Accounts receivable, net for the six months ended June 30, 2024 and 2023, respectively, are as follows: Six months ended June 30, (dollars in millions) 2024 2023 Balance as of January 1 $ 130 $ 152 Provision for expected credit losses 12 18 Write-offs charged against the allowance for expected credit losses (7) (25) Foreign exchange and other (4) (2) Balance as of June 30 $ 131 $ 143

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following as of June 30, 2024 and December 31, 2023: (dollars in millions) June 30, 2024 December 31, 2023 Raw materials and work-in-process $ 145 $ 154 Finished goods 460 458 Total $ 605 $ 612 Raw materials, work-in-process and finished goods are net of valuation write-downs of $87 million as of June 30, 2024 and December 31, 2023.

Business Acquisitions, Goodwill

Business Acquisitions, Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Business Acquisitions, Goodwill and Intangible Assets	Business Acquisitions, Goodwill and Intangible Assets Business Acquisitions. Our acquisitions of businesses and intangible assets, net of cash, totaled $40 million and $20 million in the six months ended June 30, 2024 and 2023, respectively, and were primarily in our Service segment. Transaction costs incurred were not considered significant. Goodwill. Changes in our Goodwill balances during the six months ended June 30, 2024 were as follows: (dollars in millions) Balance as of December 31, 2023 Goodwill Resulting Foreign Currency Balance as of June 30, 2024 New Equipment $ 295 $ — $ (10) $ 285 Service 1,293 16 (41) 1,268 Total $ 1,588 $ 16 $ (51) $ 1,553 Intangible Assets. Intangible assets cost and accumulated amortization were $2,043 million and $1,713 million, respectively, as of June 30, 2024, and $2,072 million and $1,737 million, respectively, as of December 31, 2023. Amortization of intangible assets for the quarter and six months ended June 30, 2024 was $15 million and $31 million, respectively, compared to $17 million and $34 million for the same periods in 2023. Excluding the impact of acquisitions and currency translation adjustments, there were no other significant changes in our Intangible assets during the quarters and six months ended June 30, 2024 and 2023.

Borrowings and Lines of Credit

Borrowings and Lines of Credit	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings and Lines of Credit	Borrowings and Lines of Credit (dollars in millions) June 30, 2024 December 31, 2023 Commercial paper $ 320 $ — Other borrowings 36 32 Total short-term borrowings $ 356 $ 32 Commercial Paper. As of June 30, 2024, there were $320 million borrowings outstanding under the Company's $1.5 billion commercial paper programs. We use our commercial paper borrowings for general corporate purposes including to finance acquisitions, pay dividends, repurchase shares 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. For details regarding the Company's short-term borrowing activity in 2023, refer to Note 9 of the Company's audited consolidated financial statements and notes thereto included in our 2023 Form 10-K . Long-term debt. As of June 30, 2024, we had a revolving credit agreement with various banks providing for a $1.5 billion unsecured, unsubordinated five-year revolving credit facility, maturing March 10, 2028. As of June 30, 2024, there were no borrowings under the revolving credit agreement. As of June 30, 2024, the Company is in compliance with all covenants in the revolving credit agreement and the indentures governing all outstanding long-term debt. Long-term debt consisted of the following: (dollars in millions) June 30, 2024 December 31, 2023 2.056% notes due 2025 $ 1,300 $ 1,300 0.37% notes due 2026 (¥21.5 billion principal value) 135 150 0.318% notes due 2026 (€600 million principal value) 642 658 2.293% notes due 2027 500 500 5.250% notes due 2028 750 750 2.565% notes due 2030 1,500 1,500 0.934% notes due 2031 (€500 million principal value) 535 548 3.112% notes due 2040 750 750 3.362% notes due 2050 750 750 Other (including finance leases) 4 4 Total principal long-term debt 6,866 6,910 Other (discounts and debt issuance costs) (40) (44) Total long-term debt 6,826 6,866 Less: current portion 1,300 — Long-term debt, net of current portion $ 5,526 $ 6,866 We may redeem any series of notes at our option pursuant to certain terms. For additional details regarding the Company's debt activity in 2023, refer to Note 9 of the Company's audited consolidated financial statements and notes thereto included in our 2023 Form 10-K . Debt discounts and debt issuance costs are presented as a reduction of debt on the Condensed Consolidated Balance Sheets and are amortized as a component of interest expense over the term of the related debt using the effective interest method. The Condensed Consolidated Statements of Operations for the quarters and six months ended June 30, 2024 and 2023 reflects the following: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Debt issuance costs amortization $ 2 $ 2 $ 4 $ 4 Total interest expense on external debt 43 34 86 67 The unamortized debt issuance costs as of June 30, 2024 and December 31, 2023 were $37 million and $42 million, respectively. The weighted average maturity of our long-term debt as of June 30, 2024 is approximately 7.4 years. The weighted average interest expense rate on our borrowings outstanding as of June 30, 2024 and December 31, 2023 was as follows: June 30, 2024 December 31, 2023 Short-term commercial paper 5.5% —% Total long-term debt 2.5% 2.5% The weighted average interest expense rate on our borrowings during the quarters and six months ended June 30, 2024 and 2023 was as follows: Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Short-term commercial paper 5.5% 4.9% 5.5% 4.9% Total long-term debt 2.5% 2.0% 2.5% 2.0%

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension and Postretirement Plans. The Company sponsors both funded and unfunded domestic and foreign defined benefit pension and other postretirement benefit plans, and defined contribution plans. Contributions to our plans were as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Defined benefit plans $ 12 $ 10 $ 24 $ 24 Defined contribution plans 16 15 36 34 Multi-employer pension and postretirement plans 42 41 82 75 The following table illustrates the components of net periodic benefit cost for the Company's defined benefit pension plans: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Service cost $ 8 $ 8 $ 16 $ 15 Interest cost 7 8 15 16 Expected return on plan assets (8) (8) (16) (16) Total net periodic benefit cost $ 7 $ 8 $ 15 $ 15 Postretirement Benefit Plans. The Company sponsors postretirement benefit plans that provide health benefits to eligible retirees. The postretirement plans are unfunded. The net periodic benefit cost was less than $1 million for the quarters and six months ended June 30, 2024 and 2023. Stock-based Compensation. The Company adopted the 2020 Long-Term Incentive Plan (the "Plan") effective April 3, 2020. As of June 30, 2024, approximately 20 million shares remain available for awards under the Plan. The Company measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes this cost in the Condensed Consolidated Statements of Operations over the award's applicable vesting period. A forfeiture rate assumption is applied on grant date to adjust the expense recognition for awards that are not expected to vest. Stock-based compensation expense and the resulting tax benefits were as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Stock-based compensation expense (Share Based) $ 20 $ 19 $ 36 $ 34 Less: future tax benefit (2) (2) (4) (4) Stock-based compensation expense, net of tax $ 18 $ 17 $ 32 $ 30 As of June 30, 2024, following our annual grant issuance on February 7, 2024, there was approximately $105 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 2.0 years.

Stock

Stock	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stock	Stock Preferred Stock. There are 125 million shares of $0.01 par value Preferred Stock authorized, of which none were issued as of June 30, 2024 and December 31, 2023. Common Stock. There are 2 billion shares of $0.01 par value Common Stock authorized. As of June 30, 2024 and December 31, 2023, 438.2 million and 437.0 million shares of Common Stock were issued, respectively, which includes 36.9 million and 30.4 million shares of treasury stock, respectively. Treasury Stock. As of June 30, 2024, the Company was authorized by the Board of Directors to purchase up to $2.0 billion of Common Stock under a share repurchase program, of which approximately $600 million was remaining at such time. During the quarter and six months ended June 30, 2024, the Company repurchased 3.2 million and 6.5 million shares, respectively, for $300 million and $600 million, respectively, compared to the 2.1 million and 4.2 million shares, respectively, in the same periods of 2023 for $175 million and $350 million, respectively. Share repurchases in excess of issuances are subject to a 1% excise tax, which is included as part of the cost basis of the shares acquired in Treasury Stock on the Condensed Consolidated Balance Sheets. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be purchased in the open market, in privately negotiated transactions, under accelerated share repurchase programs or under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2024
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 quarters and six months ended June 30, 2024 and 2023 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended June 30, 2024 Balance as of March 31, 2024 $ (691) $ (69) $ 4 $ (756) Other comprehensive income (loss) before reclassifications, net 5 — (14) (9) Amounts reclassified, pre-tax — — 14 14 Tax benefit reclassified — — — — Balance as of June 30, 2024 $ (686) $ (69) $ 4 $ (751) Six Months Ended June 30, 2024 Balance as of December 31, 2023 $ (673) $ (78) $ 1 $ (750) Other comprehensive income (loss) before reclassifications, net (13) 9 (12) (16) Amounts reclassified, pre-tax — — 15 15 Tax benefit reclassified — — — — Balance as of June 30, 2024 $ (686) $ (69) $ 4 $ (751) (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended June 30, 2023 Balance as of March 31, 2023 $ (624) $ (8) $ 6 $ (626) Other comprehensive income (loss) before reclassifications, net (58) — (12) (70) Amounts reclassified, pre-tax 1 — 8 9 Tax benefit reclassified — — (2) (2) Balance as of June 30, 2023 $ (681) $ (8) $ — $ (689) Six Months Ended June 30, 2023 Balance as of December 31, 2022 $ (587) $ (8) $ 3 $ (592) Other comprehensive income (loss) before reclassifications, net (95) — (8) (103) Amounts reclassified, pre-tax 1 — 7 8 Tax benefit reclassified — — (2) (2) Balance as of June 30, 2023 $ (681) $ (8) $ — $ (689) 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 8, "Employee Benefit Plans"

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The decrease in the effective tax rate for the quarter and six months ended June 30, 2024, is primarily due to the reduction in a deferred tax liability related to the mitigation of future repatriation costs and the release of a non-U.S. tax reserve recorded in the quarter ended June 30, 2024. 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, South Korea, Spain, Switzerland, the United Kingdom, and the United States. With a few exceptions, Otis is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2015. A subsidiary of Otis engaged in tax-related 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 the 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. Following a hearing on March 20, 2023, the Antwerp Appellate Court ruled against the Company. Otis has decided not to appeal the decision, which marks the end of this litigation. Otis expects to receive the assessment for tax and interest in 2024. The associated tax and interest have been fully reserved and are included in the range below. 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. The evaluation considers any additional worldwide uncertain tax positions, the closure of tax statutes or the re-valuation 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. Based on the preceding factors, it is reasonably possible that within the next 12 months unrecognized tax benefits could change within the range of a $10 million increase to a $320 million decrease and associated interest could change within the range of a $10 million increase to a $125 million decrease. See Note 16, “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 and Transformatio

Restructuring and Transformation Costs	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Transformation Costs	Restructuring and Transformation Costs We initiate restructuring actions to keep our cost structure competitive. Charges generally arise from severance related to workforce reductions, and facility exit and lease termination costs associated with the consolidation of office and manufacturing operations. During the quarters and six months ended June 30, 2024 and 2023, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions beginning in 2023, as follows: Quarter Ended June 30, 2024 Quarter Ended June 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ 2 $ 4 $ 6 $ — $ — $ — Selling, general and administrative 4 1 5 — 10 10 Total $ 6 $ 5 $ 11 $ — $ 10 $ 10 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ 2 $ 9 $ 11 $ — $ 2 $ 2 Selling, general and administrative 5 15 20 — 13 13 Total $ 7 $ 24 $ 31 $ — $ 15 $ 15 Restructuring costs incurred and expected, unless otherwise indicated, are approximately 30% New Equipment and 70% Service. Although this reflects the segments to which the restructuring costs relate, refer to Note 17 for more information about our measure of segment performance (segment operating profit), which no longer includes restructuring costs, among other items, beginning in the first quarter of 2024. UpLift Restructuring Actions and Transformation Costs. During the third quarter of 2023, we announced UpLift to transform our operating model. UpLift includes, among other aspects, the standardization of our processes and improvement of our supply chain procurement, as well as restructuring actions. UpLift restructuring actions of up to $55 million were approved in 2023, which are primarily severance related costs. We expect these actions to be substantially completed and cash to be paid by the end of 2024, with certain payments to be completed in 2025. Expected total costs and remaining costs to incur for the approved actions identified to-date are approximately $55 million and $23 million, respectively. In the quarter and six months ended June 30, 2024, we incurred $15 million and $27 million, respectively, of incremental, non-restructuring costs associated with transforming our operating model as a part of UpLift ("UpLift transformation costs"), including consulting and personnel costs, which are recorded in Other income (expense), net in the Condensed Consolidated Statements of Operations. Other Restructuring Actions. The other restructuring expenses incurred during the quarter and six months ended June 30, 2024 and 2023, were primarily the result of restructuring programs initiated during 2024 and 2023. We are targeting to complete by the end of 2024 the majority of remaining other restructuring actions initiated in the quarter and six months ended June 30, 2024 and the full year 2023, with certain utilization beyond 2024 due to contractual obligations or legal requirements in the applicable jurisdictions. Expected total costs and remaining costs to incur for the other restructuring actions initiated are $82 million and $22 million, respectively. Restructuring Accruals. The following table summarizes the accrual balance and utilization for restructuring actions, which are primarily for severance costs and most will require cash payment: (dollars in millions) UpLift Actions Other Actions Total Restructuring Actions Restructuring accruals as of December 31, 2023 $ 13 $ 35 $ 48 Net restructuring costs 7 24 31 Utilization, foreign exchange and other costs (14) (28) (42) Restructuring accruals as of June 30, 2024 $ 6 $ 31 $ 37

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2024
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 815, Derivatives and Hedging . We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, commodity prices 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, commodity price and interest rate exposures. The four-quarter average of the notional amount of foreign exchange contracts hedging foreign currency transactions was $5.1 billion and $4.6 billion as of June 30, 2024 and December 31, 2023, respectively. The four-quarter average of the notional amount of contracts hedging commodity purchases was $17 million and $21 million as of June 30, 2024 and December 31, 2023, respectively. The following table summarizes the fair value and presentation on the Condensed Consolidated Balance Sheets for derivative instruments as of June 30, 2024 and December 31, 2023: (dollars in millions) Balance Sheet Classification June 30, 2024 December 31, 2023 Derivatives designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 4 $ 2 Commodity contracts Other current assets — 1 Foreign exchange contracts Other assets 3 2 Total asset derivatives $ 7 $ 5 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (3) $ (4) Foreign exchange contracts Other long-term liabilities (1) (1) Total liability derivatives $ (4) $ (5) Derivatives not designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 32 $ 20 Foreign exchange contracts Other assets 2 4 Total asset derivatives $ 34 $ 24 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (19) $ (34) Foreign exchange contracts Other long-term liabilities (3) (7) Total liability derivatives $ (22) $ (41) Derivatives designated as Cash flow hedging instruments . The amounts of gain or (loss) attributable to foreign exchange and commodity contract activity reclassified from Accumulated other comprehensive income (loss) were immaterial for the quarters and six months ended June 30, 2024 and 2023, respectively. The effect of cash flow hedging relationships on Accumulated other comprehensive income (loss) as of June 30, 2024 and December 31, 2023 are presented in the table below: (dollars in millions) June 30, 2024 December 31, 2023 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ 4 $ 1 The Company utilizes the critical terms match method in assessing firm commitment derivatives and regression testing in assessing commodity derivatives for hedge effectiveness. Accordingly, the hedged items and derivativ es designated as hedging instruments are highly effective. Assuming current market conditions continue, a pre-tax gain of less than $1 million is expected to be reclassified from Accumulated other comprehensive income (loss) into Cost of products sold to reflect the fixed prices obtained from foreign exchange and commodity hedging within the next 12 months. All derivative contracts accounted for as cash flow hedges as of June 30, 2024 will mature by December 2028. Net Investment Hedges. We may use non-derivative instruments (foreign currency denominated borrowings) and derivative instruments (foreign exchange forward contracts) to hedge portions of the Company's investments in foreign subsidiaries and manage foreign exchange risk. For instruments that are designated and qualify as a hedge of net investment in foreign operations and that meet the effectiveness requirements, the net gains or losses attributable to changes in spot exchange rates are recorded in foreign currency translation within Other comprehensive income (loss) on the Condensed Consolidated Statements of Comprehensive Income, and will remain in Accumulated other comprehensive income (loss) until the hedged investment is sold or substantially liquidated. The remainder of the change in value of such instruments is recorded in earnings, including to the extent foreign currency denominated borrowings are not designated in, or are de-designated from, a net investment hedge relationship. Our use of foreign exchange forward contracts designated as hedges of the Company's net investment in foreign subsidiaries can vary depending on the Company's desired foreign exchange risk coverage. We have ¥21.5 billion of Japanese Yen denominated long-term debt that qualifies as a net investment hedge against our investments in Japanese businesses, as well as foreign exchange forward contracts with notional amounts of €120 million and HK$2 billion that qualify as net investment hedges against our investments in certain European and Asian businesses. The net investment hedges are deemed to be effective. The maturity dates of the current non-derivative and derivative instruments designated in net investment hedges range from 2024 to 2026. Additionally, we had a foreign exchange forward contract with a notional amount of €95 million that matured during the second quarter of 2023. This qualified as a net investment hedge and was deemed to be effective until maturity. The following table summarizes the amounts of gains (losses) recognized in other comprehensive income (loss) related to non-derivative and derivative instruments designated as net investment hedges: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Foreign currency denominated long-term debt $ 8 $ 12 $ 15 $ 13 Foreign currency forward contracts (2) — (2) 1 Total $ 6 $ 12 $ 13 $ 14 Derivatives not designated as Cash flow hedging instruments. The net effect of derivatives not designated as Cash flow hedging instruments within Other income (expense) net, o n the Condensed Consolidated Statements of Operations was as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Foreign exchange contracts $ 3 $ 9 $ 2 $ 12 The effects of derivatives not designated as Cash flow hedge instruments within Cost of products sold on the Condensed Consolidated Statements of Operations were losses of $2 million in the quarter and six months ended June 30, 2024 compared to losses of $10 million and $8 million in the same periods of 2023, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Valuation Techniques . Our marketable securities include 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 marketable securities are recorded through net income. Our derivative assets and liabilities include foreign exchange and commodity contracts that are measured at fair value using internal and third party models based on observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties' credit risks. As of June 30, 2024, 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. Due to their short-term nature, the carrying value approximated fair value for the current portion of the Company’s financial instruments not carried at fair value. The fair value of receivables, including customer financing notes receivable, net, that were issued long-term are based on the discounted values of their related cash flows at interest rates reflecting the attributes of the counterparties, including geographic location. Customer-specific risk, including credit risk, is already considered in the carrying value of those receivables. Our long-term debt, as described in Note 7, "Borrowings and Lines of Credit", is measured at fair value using closing bond prices from active markets. Recurring 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 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: June 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 30 $ 30 $ — $ — Derivative assets 41 — 41 — Derivative liabilities (26) — (26) — December 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 28 $ 28 $ — $ — Derivative assets 29 — 29 — Derivative liabilities (46) — (46) — Fair Value of Financial Instruments. The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 44 $ 43 $ 55 $ 54 Customer financing notes receivable, net 24 21 26 23 Short-term borrowings (356) (356) (32) (32) Long-term debt, including current portion (excluding leases and other) (6,862) (6,051) (6,906) (6,224) Long-term liabilities, including current portion (132) (121) (197) (185) The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: June 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 43 $ — $ 43 $ — Customer financing notes receivable, net 21 — 21 — Short-term borrowings (356) — (356) — Long-term debt, including current portion (excluding leases and other) (6,051) — (6,051) — Long-term liabilities, including current portion (121) — (121) — December 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 54 $ — $ 54 $ — Customer financing notes receivable, net 23 — 23 — Short-term borrowings (32) — (32) — Long-term debt, including current portion (excluding leases and other) (6,224) — (6,224) — Long-term liabilities, including current portion (185) — (185) —

Guarantees

Guarantees	6 Months Ended
	Jun. 30, 2024
Guarantees and Product Warranties [Abstract]
Guarantees	Guarantees The Company provides service and warranty on its products beyond normal service and warranty policies. The carrying amount of service and product guarantees were $11 million and $12 million as of June 30, 2024 and December 31, 2023, respectively. The Company provides certain financial guarantees to third parties. As of June 30, 2024, Otis has stand-by letters of credit with maximum potential payment totaling $139 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 ASC Topic 460: Guarantees , we record these liabilities at fair value. As of June 30, 2024, Otis has determined there are no estimated costs probable under these guarantees.

Contingent Liabilities

Contingent Liabilities	6 Months Ended
	Jun. 30, 2024
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. In addition to the specific amounts noted below, where we have recorded loss contingency accruals for the below and other matters, the amounts in aggregate are not material. Legal costs generally are expensed when incurred. For details regarding the Company's outstanding liability for environmental obligations, refer to Note 21 of the Company's audited consolidated financial statements and notes thereto included in our 2023 Form 10-K . Legal Proceedings. German Tax Litigation We have been involved in administrative review proceedings with the German Tax Office, which concern approximately €215 million (approximately $231 million as of June 30, 2024) 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 $127 million as of June 30, 2024). In August 2012, a suit was filed in the local German Tax Court (Berlin-Brandenburg). In 2015, our former parent United Technologies Corporation ("UTC"), now RTX Corporation ("RTX"), 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 in July 2018, the German Federal Tax Court remanded the matter to the local German Tax Court for further proceedings. In December 2020, the local German Tax Court ruled against the Company. On January 26, 2021, the Company filed an appeal with the German Federal Tax Court. On February 8, 2022, the Company received the decision of the German Federal Tax Court, in which the Court remanded the case for reconsideration by the local German Tax Court. The local German Tax Court held a hearing on June 12, 2023, and issued a decision in favor of Otis on July 21, 2023. On September 14, 2023, the German tax authorities filed an appeal to the German Federal Tax Court. The German Federal Tax Court is expected to rule on the appeal later in 2024. As a result of the appeal filing, this matter remains contested, and the Company cannot assess the ultimate outcome of this case. Pursuant to the Tax Matters Agreement ("TMA") with our former parent, UTC, the Company retains the liability associated with the remaining interest, and has recorded an interest accrual of €45 million (approximately $48 million as of June 30, 2024), net of payments and other deductions, included within Accrued liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2024. If the Company prevails in this matter, any recoveries would be allocated between RTX and the Company pursuant to the terms of the TMA. Asbestos Matters 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-related claims were not material individually or in the aggregate as of and for the periods ended June 30, 2024 and December 31, 2023. The estimated range of total liabilities to resolve all pending and unasserted potential future asbestos claims through 2059 is approximately $11 million to $22 million as of June 30, 2024, and approximately $20 million to $43 million as of December 31, 2023. Since no amount within the range of estimates is more likely to occur than any other, we have recorded the minimum amounts of $11 million and $20 million as of June 30, 2024 and December 31, 2023, respectively, which are principally recorded in Other long-term liabilities on our Condensed Consolidated Balance Sheets. Amounts are on a pre-tax basis, not discounted, and exclude 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 $3 million and $5 million as of June 30, 2024 and December 31, 2023, respectively, which are principally included in Other assets on our Condensed Consolidated Balance Sheets. Other. 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 has not been material to the business, financial condition, cash flows or results of operations. However, the future outcome of these cases cannot be determined. 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. Refer to Note 17 for information about litigation-related settlement costs recognized in the quarter ended June 30, 2024 for certain legal matters that are outside of the ordinary course of business.

Segment Financial Data

Segment Financial Data	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Financial Data	Segment Financial Data Our 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 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. Otis discloses segment operating profit as its measure of segment performance, reconciled to total Otis operating profit. Segment operating profit excludes certain expenses and income that are not allocated to segments (as described below in "Corporate and Unallocated"). Effective in the first quarter of 2024, the measure of segment performance used by Otis' Chief Operating Decision Maker ("CODM") changed and, as a result, Otis' disclosed measure of segment performance (segment operating profit) was updated. The change to segment operating profit aligns with the update to how the CODM assesses performance and allocates resources for the Company's segments, and therefore is our measure of segment profitability in accordance with GAAP under ASC 280, Segment Reporting . As a result of the change, restructuring costs and other items not allocated to the operating segments are presented as part of Corporate and Unallocated. The financial information presented herein reflects the impact of the measure of segment performance change for all periods presented. Segment information for the quarters and six months ended June 30, 2024 and 2023 are as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Net Sales New Equipment $ 1,421 $ 1,604 $ 2,701 $ 2,911 Service 2,180 2,116 4,337 4,155 Total $ 3,601 $ 3,720 $ 7,038 $ 7,066 Operating Performance New Equipment operating profit $ 110 $ 119 $ 181 $ 188 Service operating profit 538 499 1,061 978 Total segment operating profit 648 618 1,242 1,166 Corporate and Unallocated General corporate expenses and other (35) (28) (68) (58) UpLift restructuring (6) — (7) — Other restructuring (5) (10) (24) (15) UpLift transformation costs (15) — (27) — Separation-related adjustments 1 — 16 — Litigation-related settlement costs (18) — (18) — Total company operating profit 570 580 1,114 1,093 Non-service pension cost (benefit) (1) 1 (1) 1 Interest expense (income), net 27 37 71 70 Net income before income taxes $ 544 $ 542 $ 1,044 $ 1,022 Corporate and Unallocated includes adjustments related to the separation of Otis from RTX Corporation (previously United Technologies Corporation, "RTX") (the "Separation") and Litigation-related settlement costs. Separation-related adjustments represent the reduction of our contractual indemnity obligation payable to RTX that resulted from the TMA and receipts from RTX in accordance with the TMA. These benefits are recorded in Other income (expense), net in our Condensed Consolidated Statements of Operations during the quarter and six months ended June 30, 2024. Litigation-related settlement costs in the quarter and six months ended June 30, 2024 represent the aggregate amount of settlement costs and increase in loss contingency accruals, excluding legal costs, for certain legal matters that are outside of the ordinary course of business due to the size, complexity and unique facts of these matters. These costs are recorded in Other income (expense), net in our Condensed Consolidated Statements of Operations during the quarter and six months ended June 30, 2024. Refer to Note 12 for more information about restructuring and UpLift transformation costs. Total assets are not presented for each segment as they are not presented to, or reviewed by, the Chief Operating Decision Maker. Geographic 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 quarters and six months ended June 30, 2024 and 2023. Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 United States Operations $ 1,065 $ 1,035 $ 2,129 $ 2,011 International Operations China 542 735 967 1,236 Other 1,994 1,950 3,942 3,819 Total $ 3,601 $ 3,720 $ 7,038 $ 7,066 Disaggregated Sales by Type . Segment Net sales disaggregated by product and service type for the quarters and six months ended June 30, 2024 and 2023 are as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 New Equipment $ 1,421 $ 1,604 $ 2,701 $ 2,911 Maintenance and Repair 1,770 1,722 3,539 3,401 Modernization 410 394 798 754 Total Service 2,180 2,116 4,337 4,155 Total $ 3,601 $ 3,720 $ 7,038 $ 7,066 Major Customers. There were no customers that individually accounted for 10% or more of the Company's consolidated Net sales for the quarters and six months ended June 30, 2024 and 2023.

Accounting Pronouncements

Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Accounting Pronouncements 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 . Additionally, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. We do not expect the adoption of this standard to have a material impact on our Condensed Consolidated Financial Statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early application permitted. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of this ASU did not have a material impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program Obligations , which requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. The adoption of this ASU did not have a material impact on our Condensed Consolidated Financial Statements, as disclosed in Note 1, "General". In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Ventures Formations (Subtopic 805-60): Recognition and initial measurement ("ASU 2023-05"), which requires that joint ventures, upon formation, apply a new basis of accounting by initially measuring assets and liabilities at fair value. The amendments in ASU 2023-05 are effective for joint ventures that are formed on or after January 1, 2025. Early adoption is permitted. We are currently evaluating the impact of this standard, however we do not expect it to have a material impact on our Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of this standard; however, we do not expect it to have a material impact on our Condensed Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard; however, we do not expect it to have a material impact on our Condensed Consolidated Financial Statements.

General (Policies)

General (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates. The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Quarter Ended June 30, Six Months Ended June 30, (dollars in millions, except per share amounts; shares in millions) 2024 2023 2024 2023 Net income attributable to Otis Worldwide Corporation $ 415 $ 376 $ 768 $ 707 Impact of redeemable noncontrolling interest — — — — Net income attributable to common shareholders $ 415 $ 376 $ 768 $ 707 Basic weighted average number of shares outstanding 402.9 412.7 404.0 413.5 Stock awards and equity units (share equivalent) 2.6 3.3 2.8 3.4 Diluted weighted average number of shares outstanding 405.5 416.0 406.8 416.9 Earnings Per Share of Common Stock: Basic $ 1.03 $ 0.91 $ 1.90 $ 1.71 Diluted $ 1.02 $ 0.90 $ 1.89 $ 1.70

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of contract assets and liabilities	Total Contract assets and Contract liabilities as of June 30, 2024 and December 31, 2023 are as follows: (dollars in millions) June 30, 2024 December 31, 2023 Contract assets, current $ 750 $ 717 Total contract assets 750 717 Contract liabilities, current 2,804 2,696 Contract liabilities, non-current (included within Other long-term liabilities) 39 48 Total contract liabilities 2,843 2,744 Net contract liabilities $ 2,093 $ 2,027

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of accounts, notes, loans and financing receivable	Accounts receivable, net consisted of the following as of June 30, 2024 and December 31, 2023: (dollars in millions) June 30, 2024 December 31, 2023 Trade receivables $ 3,429 $ 3,390 Unbilled receivables 148 119 Miscellaneous receivables 97 96 Customer financing notes receivable 63 63 3,737 3,668 Less: allowance for expected credit losses (131) (130) Accounts receivable, net $ 3,606 $ 3,538
Accounts receivable, allowance for credit loss	The changes in allowance for expected credit losses related to Accounts receivable, net for the six months ended June 30, 2024 and 2023, respectively, are as follows: Six months ended June 30, (dollars in millions) 2024 2023 Balance as of January 1 $ 130 $ 152 Provision for expected credit losses 12 18 Write-offs charged against the allowance for expected credit losses (7) (25) Foreign exchange and other (4) (2) Balance as of June 30 $ 131 $ 143

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of inventory	Inventories consisted of the following as of June 30, 2024 and December 31, 2023: (dollars in millions) June 30, 2024 December 31, 2023 Raw materials and work-in-process $ 145 $ 154 Finished goods 460 458 Total $ 605 $ 612

Business Acquisitions, Goodwi_2

Business Acquisitions, Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Schedule of goodwill	Changes in our Goodwill balances during the six months ended June 30, 2024 were as follows: (dollars in millions) Balance as of December 31, 2023 Goodwill Resulting Foreign Currency Balance as of June 30, 2024 New Equipment $ 295 $ — $ (10) $ 285 Service 1,293 16 (41) 1,268 Total $ 1,588 $ 16 $ (51) $ 1,553

Borrowings and Lines of Credit

Borrowings and Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of short-term debt	(dollars in millions) June 30, 2024 December 31, 2023 Commercial paper $ 320 $ — Other borrowings 36 32 Total short-term borrowings $ 356 $ 32
Schedule of long-term debt	Long-term debt consisted of the following: (dollars in millions) June 30, 2024 December 31, 2023 2.056% notes due 2025 $ 1,300 $ 1,300 0.37% notes due 2026 (¥21.5 billion principal value) 135 150 0.318% notes due 2026 (€600 million principal value) 642 658 2.293% notes due 2027 500 500 5.250% notes due 2028 750 750 2.565% notes due 2030 1,500 1,500 0.934% notes due 2031 (€500 million principal value) 535 548 3.112% notes due 2040 750 750 3.362% notes due 2050 750 750 Other (including finance leases) 4 4 Total principal long-term debt 6,866 6,910 Other (discounts and debt issuance costs) (40) (44) Total long-term debt 6,826 6,866 Less: current portion 1,300 — Long-term debt, net of current portion $ 5,526 $ 6,866
Schedule of debt	Debt discounts and debt issuance costs are presented as a reduction of debt on the Condensed Consolidated Balance Sheets and are amortized as a component of interest expense over the term of the related debt using the effective interest method. The Condensed Consolidated Statements of Operations for the quarters and six months ended June 30, 2024 and 2023 reflects the following: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Debt issuance costs amortization $ 2 $ 2 $ 4 $ 4 Total interest expense on external debt 43 34 86 67 June 30, 2024 December 31, 2023 Short-term commercial paper 5.5% —% Total long-term debt 2.5% 2.5% The weighted average interest expense rate on our borrowings during the quarters and six months ended June 30, 2024 and 2023 was as follows: Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Short-term commercial paper 5.5% 4.9% 5.5% 4.9% Total long-term debt 2.5% 2.0% 2.5% 2.0%

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of defined benefit plans disclosures	Contributions to our plans were as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Defined benefit plans $ 12 $ 10 $ 24 $ 24 Defined contribution plans 16 15 36 34 Multi-employer pension and postretirement plans 42 41 82 75 The following table illustrates the components of net periodic benefit cost for the Company's defined benefit pension plans: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Service cost $ 8 $ 8 $ 16 $ 15 Interest cost 7 8 15 16 Expected return on plan assets (8) (8) (16) (16) Total net periodic benefit cost $ 7 $ 8 $ 15 $ 15
Share-based payment arrangement, expensed and capitalized, amount	Stock-based compensation expense and the resulting tax benefits were as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Stock-based compensation expense (Share Based) $ 20 $ 19 $ 36 $ 34 Less: future tax benefit (2) (2) (4) (4) Stock-based compensation expense, net of tax $ 18 $ 17 $ 32 $ 30

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	A summary of the changes in each component of Accumulated other comprehensive income (loss), net of tax, for the quarters and six months ended June 30, 2024 and 2023 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended June 30, 2024 Balance as of March 31, 2024 $ (691) $ (69) $ 4 $ (756) Other comprehensive income (loss) before reclassifications, net 5 — (14) (9) Amounts reclassified, pre-tax — — 14 14 Tax benefit reclassified — — — — Balance as of June 30, 2024 $ (686) $ (69) $ 4 $ (751) Six Months Ended June 30, 2024 Balance as of December 31, 2023 $ (673) $ (78) $ 1 $ (750) Other comprehensive income (loss) before reclassifications, net (13) 9 (12) (16) Amounts reclassified, pre-tax — — 15 15 Tax benefit reclassified — — — — Balance as of June 30, 2024 $ (686) $ (69) $ 4 $ (751) (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended June 30, 2023 Balance as of March 31, 2023 $ (624) $ (8) $ 6 $ (626) Other comprehensive income (loss) before reclassifications, net (58) — (12) (70) Amounts reclassified, pre-tax 1 — 8 9 Tax benefit reclassified — — (2) (2) Balance as of June 30, 2023 $ (681) $ (8) $ — $ (689) Six Months Ended June 30, 2023 Balance as of December 31, 2022 $ (587) $ (8) $ 3 $ (592) Other comprehensive income (loss) before reclassifications, net (95) — (8) (103) Amounts reclassified, pre-tax 1 — 7 8 Tax benefit reclassified — — (2) (2) Balance as of June 30, 2023 $ (681) $ (8) $ — $ (689)

Restructuring and Transformat_2

Restructuring and Transformation Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of restructuring and related costs	During the quarters and six months ended June 30, 2024 and 2023, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions beginning in 2023, as follows: Quarter Ended June 30, 2024 Quarter Ended June 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ 2 $ 4 $ 6 $ — $ — $ — Selling, general and administrative 4 1 5 — 10 10 Total $ 6 $ 5 $ 11 $ — $ 10 $ 10 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ 2 $ 9 $ 11 $ — $ 2 $ 2 Selling, general and administrative 5 15 20 — 13 13 Total $ 7 $ 24 $ 31 $ — $ 15 $ 15
Schedule of restructuring reserve by type of cost	The following table summarizes the accrual balance and utilization for restructuring actions, which are primarily for severance costs and most will require cash payment: (dollars in millions) UpLift Actions Other Actions Total Restructuring Actions Restructuring accruals as of December 31, 2023 $ 13 $ 35 $ 48 Net restructuring costs 7 24 31 Utilization, foreign exchange and other costs (14) (28) (42) Restructuring accruals as of June 30, 2024 $ 6 $ 31 $ 37

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
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 Condensed Consolidated Balance Sheets for derivative instruments as of June 30, 2024 and December 31, 2023: (dollars in millions) Balance Sheet Classification June 30, 2024 December 31, 2023 Derivatives designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 4 $ 2 Commodity contracts Other current assets — 1 Foreign exchange contracts Other assets 3 2 Total asset derivatives $ 7 $ 5 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (3) $ (4) Foreign exchange contracts Other long-term liabilities (1) (1) Total liability derivatives $ (4) $ (5) Derivatives not designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 32 $ 20 Foreign exchange contracts Other assets 2 4 Total asset derivatives $ 34 $ 24 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (19) $ (34) Foreign exchange contracts Other long-term liabilities (3) (7) Total liability derivatives $ (22) $ (41)
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The effect of cash flow hedging relationships on Accumulated other comprehensive income (loss) as of June 30, 2024 and December 31, 2023 are presented in the table below: (dollars in millions) June 30, 2024 December 31, 2023 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ 4 $ 1
Derivative instruments, gain (loss)	The following table summarizes the amounts of gains (losses) recognized in other comprehensive income (loss) related to non-derivative and derivative instruments designated as net investment hedges: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Foreign currency denominated long-term debt $ 8 $ 12 $ 15 $ 13 Foreign currency forward contracts (2) — (2) 1 Total $ 6 $ 12 $ 13 $ 14 The net effect of derivatives not designated as Cash flow hedging instruments within Other income (expense) net, o n the Condensed Consolidated Statements of Operations was as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Foreign exchange contracts $ 3 $ 9 $ 2 $ 12

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: June 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 30 $ 30 $ — $ — Derivative assets 41 — 41 — Derivative liabilities (26) — (26) — December 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 28 $ 28 $ — $ — Derivative assets 29 — 29 — Derivative liabilities (46) — (46) —
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 as of June 30, 2024 and December 31, 2023: June 30, 2024 December 31, 2023 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 44 $ 43 $ 55 $ 54 Customer financing notes receivable, net 24 21 26 23 Short-term borrowings (356) (356) (32) (32) Long-term debt, including current portion (excluding leases and other) (6,862) (6,051) (6,906) (6,224) Long-term liabilities, including current portion (132) (121) (197) (185) The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: June 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 43 $ — $ 43 $ — Customer financing notes receivable, net 21 — 21 — Short-term borrowings (356) — (356) — Long-term debt, including current portion (excluding leases and other) (6,051) — (6,051) — Long-term liabilities, including current portion (121) — (121) — December 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 54 $ — $ 54 $ — Customer financing notes receivable, net 23 — 23 — Short-term borrowings (32) — (32) — Long-term debt, including current portion (excluding leases and other) (6,224) — (6,224) — Long-term liabilities, including current portion (185) — (185) —

Segment Financial Data (Tables)

Segment Financial Data (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Segment information for the quarters and six months ended June 30, 2024 and 2023 are as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 Net Sales New Equipment $ 1,421 $ 1,604 $ 2,701 $ 2,911 Service 2,180 2,116 4,337 4,155 Total $ 3,601 $ 3,720 $ 7,038 $ 7,066 Operating Performance New Equipment operating profit $ 110 $ 119 $ 181 $ 188 Service operating profit 538 499 1,061 978 Total segment operating profit 648 618 1,242 1,166 Corporate and Unallocated General corporate expenses and other (35) (28) (68) (58) UpLift restructuring (6) — (7) — Other restructuring (5) (10) (24) (15) UpLift transformation costs (15) — (27) — Separation-related adjustments 1 — 16 — Litigation-related settlement costs (18) — (18) — Total company operating profit 570 580 1,114 1,093 Non-service pension cost (benefit) (1) 1 (1) 1 Interest expense (income), net 27 37 71 70 Net income before income taxes $ 544 $ 542 $ 1,044 $ 1,022
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 quarters and six months ended June 30, 2024 and 2023. Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 United States Operations $ 1,065 $ 1,035 $ 2,129 $ 2,011 International Operations China 542 735 967 1,236 Other 1,994 1,950 3,942 3,819 Total $ 3,601 $ 3,720 $ 7,038 $ 7,066
Segment reporting disclosure, sales type	Segment Net sales disaggregated by product and service type for the quarters and six months ended June 30, 2024 and 2023 are as follows: Quarter Ended June 30, Six Months Ended June 30, (dollars in millions) 2024 2023 2024 2023 New Equipment $ 1,421 $ 1,604 $ 2,701 $ 2,911 Maintenance and Repair 1,770 1,722 3,539 3,401 Modernization 410 394 798 754 Total Service 2,180 2,116 4,337 4,155 Total $ 3,601 $ 3,720 $ 7,038 $ 7,066

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost to purchase shares	$ 70
Outstanding obligations under supplier finance programs	$ 560	$ 627

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income (Loss) Attributable to Parent [Abstract]
Net income attributable to Otis Worldwide Corporation	$ 415	$ 376	$ 768	$ 707
Impact of redeemable noncontrolling interest	0	0	0	0
Net income attributable to common shareholders	$ 415	$ 376	$ 768	$ 707
Basic weighted average number of shares outstanding (in shares)	402,900,000	412,700,000	404,000,000	413,500,000
Stock awards and equity units (share equivalent) (in shares)	2,600,000	3,300,000	2,800,000	3,400,000
Diluted weighted average number of shares outstanding (in shares)	405,500,000	416,000,000	406,800,000	416,900,000
Earnings Per Share of Common Stock:
Basic (in usd per share)	$ 1.03	$ 0.91	$ 1.90	$ 1.71
Diluted (in usd per share)	$ 1.02	$ 0.90	$ 1.89	$ 1.70
Antidilutive securities excluded from computation of EPS (in shares)	1,100,000	1,100,000	1,100,000	1,100,000

Revenue Recognition - Contract

Revenue Recognition - Contract With Customer, Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 750	$ 717
Total contract assets	750	717
Contract liabilities, current	2,804	2,696
Contract liabilities, non-current (included within Other long-term liabilities)	39	48
Total contract liabilities	2,843	2,744
Net contract liabilities	$ 2,093	$ 2,027

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Decrease in contract assets	$ (33)
Decrease in contract liabilities	(99)
Revenue recognized	1,600	$ 1,500
Revenue, remaining performance obligation	$ 18,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	90%
Remaining performance obligation, expected timing of satisfaction period	24 months

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade receivables	$ 3,429	$ 3,390
Unbilled receivables	148	119
Miscellaneous receivables	97	96
Customer financing notes receivable	63	63
Total receivables	3,737	3,668
Less: allowance for expected credit losses	(131)	(130)	$ (143)	$ (152)
Accounts receivable, net	$ 3,606	$ 3,538

Accounts Receivable, Net - Sc_2

Accounts Receivable, Net - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 130	$ 152
Provision for expected credit losses	12	18
Write-offs charged against the allowance for expected credit losses	(7)	(25)
Foreign exchange and other	(4)	(2)
Ending balance	$ 131	$ 143

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 145	$ 154
Finished goods	460	458
Total	605	612
Inventory valuation reserves	$ 87	$ 87

Business Acquisitions, Goodwi_3

Business Acquisitions, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Investments in businesses, net of cash acquired			$ 40	$ 20
Intangible assets cost	$ 2,043		2,043		$ 2,072
Intangible assets, accumulated amortization	1,713		1,713		$ 1,737
Amortization of intangible assets	$ 15	$ 17	$ 31	$ 34

Business Acquisitions, Goodwi_4

Business Acquisitions, Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill - Beginning Balance	$ 1,588
Goodwill Resulting from Business Combinations	16
Foreign Currency Translation  and Other	(51)
Goodwill - Ending Balance	1,553
New Equipment
Goodwill [Roll Forward]
Goodwill - Beginning Balance	295
Goodwill Resulting from Business Combinations	0
Foreign Currency Translation  and Other	(10)
Goodwill - Ending Balance	285
Service
Goodwill [Roll Forward]
Goodwill - Beginning Balance	1,293
Goodwill Resulting from Business Combinations	16
Foreign Currency Translation  and Other	(41)
Goodwill - Ending Balance	$ 1,268

Borrowings and Lines of Credi_2

Borrowings and Lines of Credit - Short-Term Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Commercial paper	$ 320	$ 0
Other borrowings	36	32
Total short-term borrowings	$ 356	$ 32

Borrowings and Lines of Credi_3

Borrowings and Lines of Credit - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Commercial paper	$ 320,000,000	$ 0
Debt instrument, carrying amount	6,866,000,000	6,910,000,000
Unamortized debt issuance cost	$ 37,000,000	42,000,000
Long term debt, average remaining maturity	7 years 4 months 24 days
Unsubordinated Commercial Paper | Unsecured Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,500,000,000
Notes 5.250% due 2028
Line of Credit Facility [Line Items]
Debt instrument, carrying amount	$ 750,000,000	$ 750,000,000
Debt instrument, interest rate, stated percentage	5.25%
Five Year Revolving Credit Facility, Amended | Unsecured Notes
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500,000,000
Debt instrument, term	5 years
Debt instrument, carrying amount	$ 0

Borrowings and Lines of Credi_4

Borrowings and Lines of Credit - Long-Term Debt (Details) € in Millions, ¥ in Millions, $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024 JPY (¥)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 6,866			$ 6,910
Other (discounts and debt issuance costs)	(40)			(44)
Total long-term debt	6,826			6,866
Less: current portion	1,300			0
Long-term debt	5,526			6,866
Notes 2.056% due 2025
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 1,300			1,300
Debt instrument, interest rate, stated percentage	2.056%	2.056%	2.056%
Notes 0.37% due 2026
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 135			150
Debt instrument, interest rate, stated percentage	0.37%	0.37%	0.37%
Notes 0.37% due 2026 | Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount | ¥		¥ 21,500
Notes 0.318% due 2026
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 642			658
Debt instrument, interest rate, stated percentage	0.318%	0.318%	0.318%
Notes 0.318% due 2026 | Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount | €			€ 600
Notes 2.293% due 2027
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 500			500
Debt instrument, interest rate, stated percentage	2.293%	2.293%	2.293%
Notes 5.250% due 2028
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 750			750
Debt instrument, interest rate, stated percentage	5.25%	5.25%	5.25%
Notes 2.565% due 2030
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 1,500			1,500
Debt instrument, interest rate, stated percentage	2.565%	2.565%	2.565%
Notes 0.934% due 2031
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 535			548
Debt instrument, interest rate, stated percentage	0.934%	0.934%	0.934%
Notes 0.934% due 2031 | Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount | €			€ 500
Notes 3.112% due 2040
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 750			750
Debt instrument, interest rate, stated percentage	3.112%	3.112%	3.112%
Notes 3.362% due 2050
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 750			750
Debt instrument, interest rate, stated percentage	3.362%	3.362%	3.362%
Other Including Finance Leases
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 4			$ 4

Borrowings and Lines of Credi_5

Borrowings and Lines of Credit - Schedule of Debt Issuance Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 2	$ 2	$ 4	$ 4
Total interest expense on external debt	$ 43	$ 34	$ 86	$ 67

Borrowings and Lines of Credi_6

Borrowings and Lines of Credit - Schedule of Average Interest Rates on Borrowings (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Long-term Debt
Debt Instrument [Line Items]
Average interest expense rate on borrowings	2.50%		2.50%		2.50%
Average interest expense rate during period	2.50%	2%	2.50%	2%
Short-term Debt
Debt Instrument [Line Items]
Average interest expense rate on borrowings	5.50%		5.50%		0%
Average interest expense rate during period	5.50%	4.90%	5.50%	4.90%

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Defined Benefit Plan Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plans	$ 12	$ 10	$ 24	$ 24
Defined contribution plans	16	15	36	34
Multi-employer pension and postretirement plans	42	41	82	75
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	8	8	16	15
Interest cost	7	8	15	16
Expected return on plan assets	(8)	(8)	(16)	(16)
Total net periodic benefit cost	7	8	15	15
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit cost	$ 1	$ 1	$ 1	$ 1

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Share-based Compensation and Related Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Stock-based compensation expense	$ 20	$ 19	$ 36	$ 34
Less: future tax benefit	(2)	(2)	(4)	(4)
Stock-based compensation expense, net of tax	$ 18	$ 17	$ 32	$ 30

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Retirement Benefits [Abstract]
Common stock shares available for awards (in shares) | shares	20
Unrecognized compensation cost | $	$ 105
Unrecognized compensation cost, period for recognition	2 years

Stock (Details)

Stock (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity [Abstract]
Stock repurchased during period	$ 303,000,000	$ 177,000,000	$ 605,000,000	$ 352,000,000
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	125		125		125
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)	0		0		0
Common stock, shares authorized (in shares)	2,000		2,000
Common stock, par value (in usd per share)	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	438.2		438.2		437
Treasury stock (in shares)	36.9		36.9		30.4
Stock repurchase program, authorized amount	$ 2,000,000,000		$ 2,000,000,000
Stock repurchase program, remaining authorized shares amount	600,000,000		600,000,000
Stock repurchased during period	303,000,000	177,000,000	$ 605,000,000	352,000,000
Excise tax			1%
Treasury Stock
Equity [Abstract]
Stock repurchased during period	$ 300,000,000	$ 175,000,000	$ 600,000,000	$ 350,000,000
Class of Stock [Line Items]
Stock repurchase during period (in shares)	3.2	2.1	6.5	4.2
Stock repurchased during period	$ 300,000,000	$ 175,000,000	$ 600,000,000	$ 350,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (4,940)	$ (4,767)	$ (4,855)	$ (4,799)
Other comprehensive income (loss) before reclassifications, net	(9)	(70)	(16)	(103)
Amounts reclassified, pre-tax	14	9	15	8
Tax (benefit) expense reclassified	0	(2)	0	(2)
Ending balance	(4,934)	(4,751)	(4,934)	(4,751)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(691)	(624)	(673)	(587)
Other comprehensive income (loss) before reclassifications, net	5	(58)	(13)	(95)
Amounts reclassified, pre-tax	0	1	0	1
Tax (benefit) expense reclassified	0	0	0	0
Ending balance	(686)	(681)	(686)	(681)
Defined Benefit Pension and Postretirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(69)	(8)	(78)	(8)
Other comprehensive income (loss) before reclassifications, net	0	0	9	0
Amounts reclassified, pre-tax	0	0	0	0
Tax (benefit) expense reclassified	0	0	0	0
Ending balance	(69)	(8)	(69)	(8)
Unrealized Hedging Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	4	6	1	3
Other comprehensive income (loss) before reclassifications, net	(14)	(12)	(12)	(8)
Amounts reclassified, pre-tax	14	8	15	7
Tax (benefit) expense reclassified	0	(2)	0	(2)
Ending balance	4	0	4	0
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(756)	(626)	(750)	(592)
Ending balance	$ (751)	$ (689)	$ (751)	$ (689)

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Jun. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Increase in unrecognized tax benefits reasonably possible	$ 10
Decrease in unrecognized tax benefits reasonably possible	320
Increase in unrecognized tax benefits, accrued interest, is reasonably possible	10
Decrease in unrecognized tax benefits, accrued interest, is reasonably possible	$ 125

Restructuring and Transformat_3

Restructuring and Transformation Costs - Schedule of Pretax Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 11	$ 10	$ 31	$ 15
Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	6	0	11	2
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	5	10	20	13
UpLift
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	6	0	7	0
UpLift | Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	2	0	2	0
UpLift | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	4	0	5	0
Other
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	5	10	24	15
Other | Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	4	0	9	2
Other | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 1	$ 10	$ 15	$ 13

Restructuring and Transformat_4

Restructuring and Transformation Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 11	$ 10	$ 31	$ 15
UpLift
Restructuring Cost and Reserve [Line Items]
Expected costs	55		55
Transformation costs	15		27
Remaining costs	23		23
Net restructuring costs	6	0	7	0
UpLift | Severance costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring actions					$ 55
Other
Restructuring Cost and Reserve [Line Items]
Expected costs	82		82
Remaining costs	22		22
Net restructuring costs	$ 5	$ 10	$ 24	$ 15
New Equipment
Restructuring Cost and Reserve [Line Items]
Percentage of costs	30%		30%
Service
Restructuring Cost and Reserve [Line Items]
Percentage of costs	70%		70%

Restructuring and Transformat_5

Restructuring and Transformation Costs - Pre-Tax Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 11	$ 10	$ 31	$ 15
Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	6	0	11	2
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 5	$ 10	$ 20	$ 13

Restructuring and Transformat_6

Restructuring and Transformation Costs - Restructuring Roll forward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 48
Net restructuring costs	$ 11	$ 10	31	$ 15
Utilization, foreign exchange and other costs			(42)
Restructuring reserve, ending balance	37		37
UpLift
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			13
Net restructuring costs	6	0	7	0
Utilization, foreign exchange and other costs			(14)
Restructuring reserve, ending balance	6		6
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			35
Net restructuring costs	5	$ 10	24	$ 15
Utilization, foreign exchange and other costs			(28)
Restructuring reserve, ending balance	$ 31		$ 31

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) € in Millions, $ in Millions, ¥ in Billions, $ in Billions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 JPY (¥)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 HKD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average of notional amount of foreign exchange contracts hedging foreign currency transactions	$ 5,100		$ 5,100					$ 4,600
Average of notional amount of commodity contracts hedging commodity purchase transactions	17		17					$ 21
Foreign currency cash flow hedge gain to be reclassified during next 12 months (less than)	1		1
Yen Notes | Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount | ¥					¥ 21.5
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	3	$ 9	2	$ 12
Foreign Exchange Contract and Commodity | Cost of products and services sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ (2)	$ (10)	$ (2)	$ (8)
Net Investment Hedging | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign exchange forward contracts						€ 120	$ 2
Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign exchange forward contracts | €									€ 95

Financial Instruments - Schedul

Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 7	$ 5
Liability derivatives	(4)	(5)
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	34	24
Liability derivatives	(22)	(41)
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	4	2
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	3	2
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(3)	(4)
Foreign exchange contracts | Designated as Hedging Instrument | Cash Flow Hedging | Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(1)	(1)
Foreign exchange contracts | Not Designated as Hedging Instrument | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	32	20
Foreign exchange contracts | Not Designated as Hedging Instrument | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	2	4
Foreign exchange contracts | Not Designated as Hedging Instrument | Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(19)	(34)
Foreign exchange contracts | Not Designated as Hedging Instrument | Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(3)	(7)
Commodity contracts | Designated as Hedging Instrument | Cash Flow Hedging | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 0	$ 1

Financial Instruments - Sched_2

Financial Instruments - Schedule of Gain (Loss) on Derivative Instruments Reclassified From OCI (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) recorded in Accumulated other comprehensive income (loss)	$ 4	$ 1

Financial Instruments - Sched_3

Financial Instruments - Schedule of Gain (Loss) on Derivative and Non-Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, gain (loss)	$ 6	$ 12	$ 13	$ 14
Foreign currency denominated long-term debt | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, gain (loss)	8	12	15	13
Foreign currency forward contracts | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, gain (loss)	(2)	0	(2)	1
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ 3	$ 9	$ 2	$ 12

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ (356)	$ (32)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	44	55
Customer financing notes receivable, net	24	26
Short-term borrowings	(356)	(32)
Long-term debt, including current portion (excluding leases and other)	(6,862)	(6,906)
Long-term liabilities, including current portion	(132)	(197)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	43	54
Customer financing notes receivable, net	21	23
Short-term borrowings	(356)	(32)
Long-term debt, including current portion (excluding leases and other)	(6,051)	(6,224)
Long-term liabilities, including current portion	(121)	(185)
Fair Value Level 1 | Fair Value
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, including current portion (excluding leases and other)	0	0
Long-term liabilities, including current portion	0	0
Fair Value Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	43	54
Customer financing notes receivable, net	21	23
Short-term borrowings	(356)	(32)
Long-term debt, including current portion (excluding leases and other)	(6,051)	(6,224)
Long-term liabilities, including current portion	(121)	(185)
Fair Value Level 3 | Fair Value
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, including current portion (excluding leases and other)	0	0
Long-term liabilities, including current portion	0	0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	30	28
Derivative assets	41	29
Derivative liabilities	(26)	(46)
Fair Value, Recurring | Fair Value Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	30	28
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring | Fair Value Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivative assets	41	29
Derivative liabilities	(26)	(46)
Fair Value, Recurring | Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Guarantees - Narrative (Details

Guarantees - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Carrying amount of service and product guarantees	$ 11	$ 12
Standby Letter of Credit
Guarantor Obligations [Line Items]
Guarantor obligation, maximum exposure	$ 139

Contingent Liabilities (Details

Contingent Liabilities (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Income tax benefit	$ (94)	$ (135)	$ (220)		$ (263)
German Tax Office Against Otis
Loss Contingencies [Line Items]
Income tax benefit			231	€ 215
Disallowed tax benefit, estimated interest expense			127	€ 118
Unrecognized tax benefits, interest on income taxes expense						$ 300	€ 275
Unrecognized tax benefits, interest on income taxes accrued	48		48					€ 45
Asbestos Matter
Loss Contingencies [Line Items]
Loss contingency accrual	11		11						$ 20
Insurance recovery receivable	3		3						5
Asbestos Matter | Minimum
Loss Contingencies [Line Items]
Estimate of possible loss	11		11						20
Asbestos Matter | Maximum
Loss Contingencies [Line Items]
Estimate of possible loss	$ 22		$ 22						$ 43

Segment Financial Data (Details

Segment Financial Data (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Revenues	$ 3,601	$ 3,720	$ 7,038	$ 7,066
Operating profit	570	580	1,114	1,093
Non-service pension cost (benefit)	(1)	1	(1)	1
Interest expense (income), net	27	37	71	70
Net income before income taxes	544	542	1,044	1,022
New Equipment
Segment Reporting Information [Line Items]
Revenues	1,421	1,604	2,701	2,911
Maintenance and Repair
Segment Reporting Information [Line Items]
Revenues	1,770	1,722	3,539	3,401
Modernization
Segment Reporting Information [Line Items]
Revenues	410	394	798	754
Service sales
Segment Reporting Information [Line Items]
Revenues	2,180	2,116	4,337	4,155
United States Operations
Segment Reporting Information [Line Items]
Revenues	1,065	1,035	2,129	2,011
China
Segment Reporting Information [Line Items]
Revenues	542	735	967	1,236
Other
Segment Reporting Information [Line Items]
Revenues	1,994	1,950	3,942	3,819
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	648	618	1,242	1,166
Corporate and Unallocated | General corporate expenses and other
Segment Reporting Information [Line Items]
Operating profit	(35)	(28)	(68)	(58)
Corporate and Unallocated | UpLift
Segment Reporting Information [Line Items]
Operating profit	(6)	0	(7)	0
Corporate and Unallocated | Other
Segment Reporting Information [Line Items]
Operating profit	(5)	(10)	(24)	(15)
Corporate and Unallocated | UpLift transformation costs
Segment Reporting Information [Line Items]
Operating profit	(15)	0	(27)	0
Corporate and Unallocated | Separation-related adjustments
Segment Reporting Information [Line Items]
Operating profit	1	0	16	0
Corporate and Unallocated | Litigation-related settlement costs
Segment Reporting Information [Line Items]
Operating profit	(18)	0	(18)	0
New Equipment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,421	1,604	2,701	2,911
Operating profit	110	119	181	188
Service | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,180	2,116	4,337	4,155
Operating profit	$ 538	$ 499	$ 1,061	$ 978