Otis Worldwide (OTIS) 10-Q 31 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		399,460,524
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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 ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales:
Revenues	$ 3,548	$ 3,523	$ 10,586	$ 10,589
Costs and expenses:
Research and development	40	36	115	107
Selling, general and administrative	455	452	1,366	1,386
Costs and expenses	2,965	2,965	8,882	8,957
Other income (expense), net	(220)	13	(227)	32
Operating profit	363	571	1,477	1,664
Non-service pension cost (benefit)	1	0	0	1
Interest expense (income), net	(150)	39	(79)	109
Net income before income taxes	512	532	1,556	1,554
Income tax expense (benefit)	(45)	137	175	400
Net income	557	395	1,381	1,154
Less: Noncontrolling interest in subsidiaries' earnings	17	19	73	71
Net income attributable to Otis Worldwide Corporation	$ 540	$ 376	$ 1,308	$ 1,083
Earnings per share (Note 2):
Basic (in usd per share)	$ 1.35	$ 0.92	$ 3.25	$ 2.62
Diluted (in usd per share)	$ 1.34	$ 0.91	$ 3.23	$ 2.60
Weighted average number of shares outstanding:
Basic shares (in shares)	400.2	410.8	402.7	412.6
Diluted shares (in shares)	402.7	413.7	405.4	415.8
Product sales
Net sales:
Revenues	$ 1,309	$ 1,435	$ 4,010	$ 4,346
Costs and expenses:
Cost of products and services sold	1,089	1,195	3,324	3,621
Service sales
Net sales:
Revenues	2,239	2,088	6,576	6,243
Costs and expenses:
Cost of products and services sold	$ 1,381	$ 1,282	$ 4,077	$ 3,843

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 557	$ 395	$ 1,381	$ 1,154
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(40)	33	(65)	(71)
Pension and postretirement benefit plan adjustments	0	0	9	0
Change in unrealized cash flow hedging	(6)	2	(3)	(1)
Other comprehensive income (loss), net of tax	(46)	35	(59)	(72)
Comprehensive income (loss), net of tax	511	430	1,322	1,082
Less: Comprehensive (income) loss attributable to noncontrolling interest	(24)	(13)	(68)	(55)
Comprehensive income attributable to Otis Worldwide Corporation	$ 487	$ 417	$ 1,254	$ 1,027

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 827	$ 1,274
Accounts receivable (net of allowance for expected credit losses of $132 and $130)	3,604	3,538
Contract assets	776	717
Inventories	625	612
Other current assets	663	259
Total Current Assets	6,495	6,400
Future income tax benefits	315	323
Fixed assets (net of accumulated depreciation of $1,265 and $1,232)	721	727
Operating lease right-of-use assets	409	416
Intangible assets, net	330	335
Goodwill	1,630	1,588
Other assets	361	328
Total Assets	10,261	10,117
Liabilities and Equity (Deficit)
Short-term borrowings and current portion of long-term debt	1,667	32
Accounts payable	1,779	1,878
Accrued liabilities	1,864	1,873
Contract liabilities	2,787	2,696
Total Current Liabilities	8,097	6,479
Long-term debt	5,596	6,866
Future pension and postretirement benefit obligations	462	462
Operating lease liabilities	286	292
Future income tax obligations	215	245
Other long-term liabilities	385	493
Total Liabilities	15,041	14,837
Commitments and contingent liabilities (Note 16)
Redeemable noncontrolling interest	55	135
Shareholders' Equity (Deficit):
Common Stock and additional paid-in capital	245	213
Treasury Stock	(3,189)	(2,382)
Accumulated deficit	(1,153)	(2,005)
Accumulated other comprehensive income (loss)	(804)	(750)
Total Shareholders' Equity (Deficit)	(4,901)	(4,924)
Noncontrolling interest	66	69
Total Equity (Deficit)	(4,835)	(4,855)
Total Liabilities and Equity (Deficit)	$ 10,261	$ 10,117

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 132	$ 130
Accumulated depreciation	$ 1,265	$ 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	1,147	1,083			1,083		64
Other comprehensive income (loss), net of tax	(63)	(56)				(56)	(7)
Stock-based compensation and Common Stock issued under employee plans	35	35	36		(1)
Cash dividends declared	(400)	(400)			(400)
Repurchase of Common Shares	(580)	(580)		(580)
Dividends attributable to noncontrolling interest	(70)						(70)
Acquisitions, disposals and other changes	(3)						(3)
Ending balance at Sep. 30, 2023	(4,733)	(4,788)	198	(2,155)	(2,183)	(648)	55
Beginning balance at Dec. 31, 2022	135
Redeemable Noncontrolling Interest
Net income	7
Other comprehensive income (loss), net of tax	(9)
Dividends attributable to noncontrolling interest	(9)
Acquisitions, disposals and other changes	(1)
Ending balance at Sep. 30, 2023	123
Beginning balance at Jun. 30, 2023	(4,751)	(4,852)	183	(1,927)	(2,419)	(689)	101
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	393	376			376		17
Other comprehensive income (loss), net of tax	39	41				41	(2)
Stock-based compensation and Common Stock issued under employee plans	15	15	15
Cash dividends declared	(139)	(139)			(139)
Repurchase of Common Shares	(228)	(228)		(228)
Dividends attributable to noncontrolling interest	(61)						(61)
Acquisitions, disposals and other changes	(1)	(1)			(1)
Ending balance at Sep. 30, 2023	(4,733)	(4,788)	198	(2,155)	(2,183)	(648)	55
Beginning balance at Jun. 30, 2023	126
Redeemable Noncontrolling Interest
Net income	2
Other comprehensive income (loss), net of tax	(4)
Acquisitions, disposals and other changes	(1)
Ending balance at Sep. 30, 2023	123
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	1,376	1,308			1,308		68
Other comprehensive income (loss), net of tax	(53)	(54)				(54)	1
Stock-based compensation and Common Stock issued under employee plans	30	30	33		(3)
Cash dividends declared	(450)	(450)			(450)
Repurchase of Common Shares	(807)	(807)		(807)
Dividends attributable to noncontrolling interest	(71)						(71)
Acquisitions, disposals and other changes	(5)	(4)	(1)		(3)		(1)
Ending balance at Sep. 30, 2024	(4,835)	(4,901)	245	(3,189)	(1,153)	(804)	66
Beginning balance at Dec. 31, 2023	135
Redeemable Noncontrolling Interest
Net income	5
Other comprehensive income (loss), net of tax	(6)
Dividends attributable to noncontrolling interest	(9)
Acquisitions, disposals and other changes	(70)
Ending balance at Sep. 30, 2024	55
Beginning balance at Jun. 30, 2024	(4,934)	(5,046)	230	(2,987)	(1,538)	(751)	112
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	557	540			540		17
Other comprehensive income (loss), net of tax	(49)	(53)				(53)	4
Stock-based compensation and Common Stock issued under employee plans	14	14	15		(1)
Cash dividends declared	(155)	(155)			(155)
Repurchase of Common Shares	(202)	(202)		(202)
Dividends attributable to noncontrolling interest	(67)						(67)
Acquisitions, disposals and other changes	1	1			1
Ending balance at Sep. 30, 2024	(4,835)	$ (4,901)	$ 245	$ (3,189)	$ (1,153)	$ (804)	$ 66
Beginning balance at Jun. 30, 2024	52
Redeemable Noncontrolling Interest
Other comprehensive income (loss), net of tax	3
Acquisitions, disposals and other changes	0
Ending balance at Sep. 30, 2024	$ 55

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.39	$ 0.34	$ 1.12	$ 0.97

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net income	$ 1,381	$ 1,154
Adjustments to reconcile net income to net cash flows provided by operating activities, net of acquisitions and dispositions:
Depreciation and amortization	133	145
Deferred income tax expense (benefit)	(26)	(34)
Stock compensation cost	52	49
Gain from reversal of German Tax Litigation interest accrual	(50)	0
Change in operating assets and liabilities:
Accounts receivable, net	(93)	(214)
Contract assets and liabilities, current	23	68
Inventories	(14)	(8)
Other current assets	(373)	(4)
Accounts payable	(115)	(35)
Accrued liabilities	2	(66)
Pension contributions	(34)	(32)
Other operating activities, net	(13)	7
Net cash flows provided by (used in) operating activities	873	1,030
Investing Activities:
Capital expenditures	(87)	(96)
Acquisitions of businesses and intangible assets, net of cash	(70)	(27)
Proceeds from the sale of (investments in) marketable securities	(9)	(2)
Receipts (payments) on settlements of derivative contracts	(47)	(21)
Other investing activities, net	3	14
Net cash flows provided by (used in) investing activities	(210)	(132)
Financing Activities:
Net proceeds from (repayments of) borrowings (maturities of 90 days or less)	325	(90)
Proceeds from issuance of long-term debt	0	747
Payment of debt issuance costs	0	(6)
Dividends paid on Common Stock	(450)	(400)
Repurchases of Common Stock	(800)	(575)
Acquisition of noncontrolling interest shares	(75)	0
Dividends paid to noncontrolling interest	(81)	(76)
Other financing activities, net	(21)	(18)
Net cash flows provided by (used in) financing activities	(1,102)	(418)
Effect of exchange rate changes on cash and cash equivalents	(9)	(34)
Net increase (decrease) in cash, cash equivalents and restricted cash	(448)	446
Cash, cash equivalents and restricted cash, beginning of year	1,280	1,195
Cash, cash equivalents and restricted cash, end of period	832	1,641
Less: Restricted cash	5	5
Cash and cash equivalents, end of period	$ 827	$ 1,636

General

General	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The Condensed Consolidated Financial Statements as of September 30, 2024 and for the quarters and nine months ended September 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 September 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 September 30, 2024 and for the quarters and nine months ended September 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 conflicts in the Middle East, 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 September 30, 2024 and for the quarters and nine months ended September 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. German Tax Litigation. In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits of $185 million and related interest income of $200 million are included in Income tax expense (benefit) and Interest expense (income), net, respectively, in the Condensed Consolidated Statements of Operations for the quarter and nine months ended September 30, 2024. The income tax benefits are recorded as an income tax receivable in Other current assets in the Condensed Consolidated Balance Sheets as of September 30, 2024. The interest income includes the reversal of an interest accrual of $50 million and recognition of an interest receivable of approximately $150 million reflected in Accrued liabilities and Other current assets, respectively, in the Condensed Consolidated Balance Sheets as of September 30, 2024. Pursuant to the Tax Matters Agreement ("TMA") with RTX Corporation ("RTX", our former parent), the Company recorded indemnification expense of $194 million for amounts due to RTX resulting from the outcome of this tax litigation in Germany. This expense is included in Other expense (income), net in the Condensed Consolidated Statements of Operations for the quarter and nine months ended September 30, 2024, and the resulting amounts due to RTX are included in Accrued liabilities in the Condensed Consolidated Balance Sheets as of September 30, 2024. See Note 11, "Income Taxes" and Note 16, "Contingencies" for additional information. Acquisition of Noncontrolling Interest. We purchased all of the outstanding shares of our consolidated subsidiary in Japan from the noncontrolling shareholders 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 $653 million and $627 million as of September 30, 2024 and December 31, 2023, respectively, including $32 million as of September 30, 2024 related to new programs with payment terms of 240 days from the invoice date. 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 in the Condensed Consolidated Statements of Cash Flows. Refer to Note 2 of the Company's audited consolidated financial statements and notes thereto included in our 2023 Form 10-K for details regarding the Company's supplier financing programs with payment terms of supplier invoices ranging between 30 and 120 days from the invoice date.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share amounts; shares in millions) 2024 2023 2024 2023 Net income attributable to common shareholders $ 540 $ 376 $ 1,308 $ 1,083 Basic weighted average number of shares outstanding 400.2 410.8 402.7 412.6 Stock awards and equity units (share equivalent) 2.5 2.9 2.7 3.2 Diluted weighted average number of shares outstanding 402.7 413.7 405.4 415.8 Earnings Per Share of Common Stock: Basic $ 1.35 $ 0.92 $ 3.25 $ 2.62 Diluted $ 1.34 $ 0.91 $ 3.23 $ 2.60 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 quarter and nine months ended September 30, 2024, compared to 1.0 million for the same periods in 2023. The impact of redeemable noncontrolling interest to Net income attributable to common shareholders was immaterial in the quarters and nine months ended September 30, 2024 and 2023.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 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 payments in advance of performing work, progress payments as we perform contract work over time, or in some cases, payments upon completion of work. Total Contract assets and Contract liabilities as of September 30, 2024 and December 31, 2023 are as follows: (dollars in millions) September 30, 2024 December 31, 2023 Contract assets, current $ 776 $ 717 Total contract assets 776 717 Contract liabilities, current 2,787 2,696 Contract liabilities, non-current (included within Other long-term liabilities) 41 48 Total contract liabilities 2,828 2,744 Net contract liabilities $ 2,052 $ 2,027 Contract assets increased by $59 million during the nine months ended September 30, 2024 as a result of the progression of current contracts and timing of billing on customer contracts. Contract liabilities increased by $84 million during the nine months ended September 30, 2024 primarily due to billings on contracts in excess of revenue earned. In the nine months ended September 30, 2024 and 2023, we recognized revenue of approximately $1.9 billion and $1.8 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 September 30, 2024, our total RPO was approximately $18.6 billion. Of the total RPO as of September 30, 2024, we expect approximately 90% will be recognized as sales over the following 24 months.

Accounts Receivable, Net

Accounts Receivable, Net	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consisted of the following as of September 30, 2024 and December 31, 2023: (dollars in millions) September 30, 2024 December 31, 2023 Trade receivables $ 3,431 $ 3,390 Unbilled receivables 152 119 Miscellaneous receivables 95 96 Customer financing notes receivable 58 63 3,736 3,668 Less: allowance for expected credit losses (132) (130) Accounts receivable, net $ 3,604 $ 3,538 The changes in allowance for expected credit losses related to Accounts receivable, net for the nine months ended September 30, 2024 and 2023, respectively, are as follows: Nine Months Ended September 30, (dollars in millions) 2024 2023 Balance as of January 1 $ 130 $ 152 Provision for expected credit losses 19 21 Write-offs charged against the allowance for expected credit losses (18) (42) Foreign exchange and other 1 (5) Balance as of September 30 $ 132 $ 126

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following as of September 30, 2024 and December 31, 2023: (dollars in millions) September 30, 2024 December 31, 2023 Raw materials and work-in-process $ 143 $ 154 Finished goods 482 458 Total $ 625 $ 612 Raw materials, work-in-process and finished goods are net of valuation write-downs of $89 million and $87 million as of September 30, 2024 and December 31, 2023, respectively.

Business Acquisitions, Disposit

Business Acquisitions, Dispositions, Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2024
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Business Acquisitions, Dispositions, Goodwill and Intangible Assets	Business Acquisitions, Dispositions, Goodwill and Intangible Assets Business Acquisitions. Our acquisitions of businesses and intangible assets, net of cash, totaled $70 million (including debt assumed) and $27 million in the nine months ended September 30, 2024 and 2023, respectively, and were primarily in our Service segment. Transaction costs incurred were not considered significant. Goodwill. Changes in our Goodwill balance during the nine months ended September 30, 2024 were as follows: (dollars in millions) Balance as of December 31, 2023 Goodwill Resulting Foreign Currency Balance as of September 30, 2024 New Equipment $ 295 $ — $ 1 $ 296 Service 1,293 35 6 1,334 Total $ 1,588 $ 35 $ 7 $ 1,630 Intangible Assets. Intangible assets cost and accumulated amortization were $2,113 million and $1,783 million, respectively, as of September 30, 2024, and $2,072 million and $1,737 million, respectively, as of December 31, 2023. Amortization of intangible assets for the quarter and nine months ended September 30, 2024 was $15 million and $46 million, respectively, compared to $17 million and $51 million for the same periods in 2023. Excluding the impact of acquisitions, currency translation adjustments and the reclassification of $16 million of intangibles assets, net to assets held for sale during the third quarter of 2024, there were no other significant changes in our Intangible assets during the quarters and nine months ended September 30, 2024 and 2023. Held For Sale Assets and Liabilities. As of September 30, 2024, assets and liabilities held for sale were $38 million and $9 million, respectively, and are included in Other current assets and Accrued liabilities, respectively, in the Condensed Consolidated Balance Sheets. As of December 31, 2023, assets held for sale were $11 million. As of September 30, 2024, the operations of one of our non-U.S.subsidiaries, primarily in the Service segment, are classified as assets and liabilities held for sale. It is the Company's intention to complete the sale of these assets and liabilities within the next 12 months. These operations included assets held for sale of $25 million and liabilities held for sale of $9 million, respectively, as of September 30, 2024. The Company recorded an impairment loss of $18 million related to the net assets held for sale in Other expense (income), net in the Condensed Consolidated Statements of Operations for the quarter and nine months ended September 30, 2024.

Borrowings and Lines of Credit

Borrowings and Lines of Credit	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings and Lines of Credit	Borrowings and Lines of Credit (dollars in millions) September 30, 2024 December 31, 2023 Commercial paper $ 316 $ — Other borrowings 51 32 Total short-term borrowings $ 367 $ 32 Commercial Paper. As of September 30, 2024, there were $316 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 September 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 September 30, 2024, there were no borrowings under the revolving credit agreement. As of September 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) September 30, 2024 December 31, 2023 2.056% notes due 2025 $ 1,300 $ 1,300 0.37% notes due 2026 (¥21.5 billion principal value) 149 150 0.318% notes due 2026 (€600 million principal value) 672 658 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) 560 548 3.112% notes due 2040 750 750 3.362% notes due 2050 750 750 Other (including finance leases) 3 4 Total principal long-term debt 6,934 6,910 Other (discounts and debt issuance costs) (38) (44) Total long-term debt 6,896 6,866 Less: current portion 1,300 — Long-term debt, net of current portion $ 5,596 $ 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 nine months ended September 30, 2024 and 2023 reflects the following: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Debt issuance costs amortization $ 2 $ 2 $ 6 $ 5 Total interest expense on external debt 43 38 129 105 The unamortized debt issuance costs as of September 30, 2024 and December 31, 2023 were $35 million and $42 million, respectively. The weighted average maturity of our long-term debt as of September 30, 2024 is approximately 7.1 years. The weighted average interest expense rate on our borrowings outstanding as of September 30, 2024 and December 31, 2023 was as follows: September 30, 2024 December 31, 2023 Short-term commercial paper 4.9% —% Total long-term debt 2.5% 2.5% The weighted average interest expense rate on our borrowings during the quarters and nine months ended September 30, 2024 and 2023 was as follows: Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Short-term commercial paper 5.5% 5.4% 5.5% 5.0% Total long-term debt 2.5% 2.1% 2.5% 2.0%

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Defined benefit plans $ 10 $ 8 $ 34 $ 32 Defined contribution plans 16 16 52 50 Multi-employer pension and postretirement plans 41 42 123 117 The following table illustrates the components of net periodic benefit cost for the Company's defined benefit pension plans: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Service cost $ 8 $ 7 $ 24 $ 22 Interest cost 9 8 24 24 Expected return on plan assets (9) (8) (25) (24) Net settlement and curtailment (gain) loss 1 — 1 — Total net periodic benefit cost $ 9 $ 7 $ 24 $ 22 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 nine months ended September 30, 2024 and 2023. Stock-based Compensation. The Company adopted the 2020 Long-Term Incentive Plan (the "Plan") effective April 3, 2020. As of September 30, 2024, approximately 19 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 September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Stock-based compensation expense (Share Based) $ 16 $ 15 $ 52 $ 49 Less: future tax benefit (2) (2) (6) (6) Stock-based compensation expense, net of tax $ 14 $ 13 $ 46 $ 43 As of September 30, 2024, following our annual grant issuance on February 7, 2024, there was approximately $115 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 2.1 years.

Stock

Stock	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023. Common Stock. There are 2 billion shares of $0.01 par value Common Stock authorized. As of September 30, 2024 and December 31, 2023, 438.4 million and 437.0 million shares of Common Stock were issued, respectively, which includes 39.0 million and 30.4 million shares of treasury stock, respectively. Treasury Stock. As of September 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 $400 million was remaining at such time. During the quarter and nine months ended September 30, 2024, the Company repurchased 2.1 million and 8.6 million shares, respectively, for $200 million and $800 million, respectively, compared to the 2.6 million and 6.8 million shares, respectively, in the same periods of 2023 for $225 million and $575 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended September 30, 2024 Balance as of June 30, 2024 $ (686) $ (69) $ 4 $ (751) Other comprehensive income (loss) before reclassifications, net (47) — (6) (53) Amounts reclassified, pre-tax — — — — Tax benefit reclassified — — — — Balance as of September 30, 2024 $ (733) $ (69) $ (2) $ (804) Nine Months Ended September 30, 2024 Balance as of December 31, 2023 $ (673) $ (78) $ 1 $ (750) Other comprehensive income (loss) before reclassifications, net (60) 9 (18) (69) Amounts reclassified, pre-tax — — 15 15 Tax benefit reclassified — — — — Balance as of September 30, 2024 $ (733) $ (69) $ (2) $ (804) (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended September 30, 2023 Balance as of June 30, 2023 $ (681) $ (8) $ — $ (689) Other comprehensive income (loss) before reclassifications, net 39 — 1 40 Amounts reclassified, pre-tax — — 1 1 Tax benefit reclassified — — — — Balance as of September 30, 2023 $ (642) $ (8) $ 2 $ (648) Nine Months Ended September 30, 2023 Balance as of December 31, 2022 $ (587) $ (8) $ 3 $ (592) Other comprehensive income (loss) before reclassifications, net (56) — (7) (63) Amounts reclassified, pre-tax 1 — 8 9 Tax benefit reclassified — — (2) (2) Balance as of September 30, 2023 $ (642) $ (8) $ 2 $ (648) 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The decrease in the effective tax rate for the quarter and nine months ended September 30, 2024 is primarily due to recognition of estimated tax benefits arising as a result of the resolution of the German tax litigation. The effective tax rate for the nine months ended September 30, 2024 was also impacted by the reduction of a deferred tax liability related to the mitigation of future repatriation costs. 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 or 2025. 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 $95 million decrease and associated interest could change within the range of a $10 million increase to a $80 million decrease. The decrease in unrecognized tax benefits and associated interest for the quarter and nine months ended September 30, 2024, is primarily due to the resolution of the German tax litigation. See Note 16, “Contingent Liabilities” for discussion regarding the German tax litigation.

Restructuring and Transformatio

Restructuring and Transformation Costs	9 Months Ended
	Sep. 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, as well as facility exit and lease termination costs associated with the consolidation of office and manufacturing operations. Due to the size, nature and frequency of these discrete actions, they are fundamentally different from the Company's ongoing productivity initiatives. During the quarters and nine months ended September 30, 2024 and 2023, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions beginning in 2023, as follows: Quarter Ended September 30, 2024 Quarter Ended September 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ — $ 3 $ 3 $ — $ 9 $ 9 Selling, general and administrative 4 2 6 — 12 12 Total $ 4 $ 5 $ 9 $ — $ 21 $ 21 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ 2 $ 12 $ 14 $ — $ 11 $ 11 Selling, general and administrative 9 17 26 — 25 25 Total $ 11 $ 29 $ 40 $ — $ 36 $ 36 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 organizational changes which result in restructuring actions. UpLift restructuring actions of up to $55 million were approved in 2023, with additional actions initiated in 2024. These costs are primarily severance related costs. We expect these actions initiated during 2024 and 2023 to be substantially completed and cash to be paid by the end of 2024, with payments for certain actions to be completed in 2025. Expected total costs and remaining costs to incur for the actions initiated are approximately $55 million and $19 million, respectively. In the quarter and nine months ended September 30, 2024, we incurred $18 million and $45 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. We incurred $4 million of UpLift transformation costs in the quarter and nine months ended September 30, 2023. Other Restructuring Actions. The other restructuring expenses incurred during the quarters and nine months ended September 30, 2024 and 2023, were primarily the result of restructuring programs initiated during 2024 and 2023 related to severance and facility exit costs. We are targeting to complete by the end of 2025 the majority of remaining other restructuring actions initiated in the quarter and nine months ended September 30, 2024 and the full year 2023, with certain utilization beyond 2025 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 $98 million and $28 million, respectively. Remaining costs are expected to be approximately 75% New Equipment and 25% Service. 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 11 29 40 Utilization, foreign exchange and other costs (21) (34) (55) Restructuring accruals as of September 30, 2024 $ 3 $ 30 $ 33

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 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 $5.3 billion and $4.6 billion as of September 30, 2024 and December 31, 2023, respectively, including net investment hedges. The four-quarter average of the notional amount of contracts hedging commodity purchases was $14 million and $21 million as of September 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 September 30, 2024 and December 31, 2023: (dollars in millions) Balance Sheet Classification September 30, 2024 December 31, 2023 Derivatives designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 3 $ 2 Commodity contracts Other current assets — 1 Foreign exchange contracts Other assets 2 2 Total asset derivatives $ 5 $ 5 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (6) $ (4) Foreign exchange contracts Other long-term liabilities (2) (1) Total liability derivatives $ (8) $ (5) Derivatives not designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 16 $ 20 Foreign exchange contracts Other assets 2 4 Total asset derivatives $ 18 $ 24 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (24) $ (34) Foreign exchange contracts Other long-term liabilities (3) (7) Total liability derivatives $ (27) $ (41) Derivatives designated as Cash flow hedging instruments . The gains or (losses) attributable to foreign exchange and commodity contract activity reclassified from Accumulated other comprehensive income (loss) for the quarters and nine months ended September 30, 2024 and 2023 are described in Note 10, "Accumulated Other Comprehensive Income (Loss)". The effect of cash flow hedging relationships on Accumulated other comprehensive income (loss) as of September 30, 2024 and December 31, 2023 are presented in the table below: (dollars in millions) September 30, 2024 December 31, 2023 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ (2) $ 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, pre-tax losses of $3 million are 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 September 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 derivative instruments 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 derivative instruments that qualify as net investment hedges against our investments in certain European businesses (notional amount of €150 million) and Asian businesses (notional amounts of HK$1.6 billion and ¥2.1 billion). 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. During the quarter ended September 30, 2024, we de-designated a derivative instrument that qualified as a net investment hedge in certain Asian businesses with a notional amount of HK$1.2 billion, which was deemed to be effective until de-designation. Additionally, we had derivative instruments with notional amounts of €95 million that matured during the second quarter of 2023. These contracts qualified as net investment hedges which were 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 September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Foreign currency denominated long-term debt $ (14) $ 6 $ 1 $ 18 Foreign currency forward contracts 6 2 4 3 Total $ (8) $ 8 $ 5 $ 21 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 September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Foreign exchange contracts $ 4 $ 4 $ 6 $ 16 The effects of derivatives not designated as Cash flow hedge instruments within Cost of products sold on the Condensed Consolidated Statements of Operations were gains of $2 million and less than $1 million in the quarter and nine months ended September 30, 2024, respectively, compared to gains of $1 million and losses of $8 million in the same periods of 2023, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 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 September 30, 2024 and December 31, 2023: September 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 45 $ 45 $ — $ — Derivative assets 23 — 23 — Derivative liabilities (35) — (35) — 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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 47 $ 46 $ 55 $ 54 Customer financing notes receivable, net 21 19 26 23 Short-term borrowings (367) (367) (32) (32) Long-term debt, including current portion (excluding leases and other) (6,931) (6,347) (6,906) (6,224) Long-term liabilities, including current portion (132) (123) (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 September 30, 2024 and December 31, 2023: September 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 46 $ — $ 46 $ — Customer financing notes receivable, net 19 — 19 — Short-term borrowings (367) — (367) — Long-term debt, including current portion (excluding leases and other) (6,347) — (6,347) — Long-term liabilities, including current portion (123) — (123) — 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	9 Months Ended
	Sep. 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 $13 million and $12 million as of September 30, 2024 and December 31, 2023, respectively. The Company provides certain financial guarantees to third parties. As of September 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 September 30, 2024, Otis has determined there are no estimated costs probable under these guarantees.

Contingent Liabilities

Contingent Liabilities	9 Months Ended
	Sep. 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 $239 million as of September 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 $131 million as of September 30, 2024). In August 2012, a suit was filed in the local German Tax Court (Berlin-Brandenburg). In 2015, before our separation from our former parent United Technologies Corporation ("UTC"), now RTX Corporation ("RTX"), we 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. On August 13, 2024, the German Federal Tax Court rejected the appeal, concluding the litigation in favor of the Company. As a result of the court's decision, the Company expects to receive a refund of prepaid tax, prepaid interest, overpayment interest, and court fees of approximately €305 million net of tax (approximately $335 million as of September 30, 2024). We expect the refund will be paid to the Company over several quarters, starting in the fourth quarter of 2024 and continuing through the end of 2025, by which time the Company expects to receive substantially all of the refund. The Company has also released the liability associated with the remaining interest of €45 million (approximately $50 million) during the quarter ended September 30, 2024. Any recoveries related to this matter would be allocated between RTX and the Company pursuant to the terms of the TMA with our former parent, UTC, by way of indemnification payments. Based on its understanding of the facts and contractual provisions as of this date, and taking into account its limited access to information to support the calculation, the Company has estimated the additional tax and interest to be paid by RTX as a result of this recovery to be $194 million and has recorded this amount in its financial statements. The parties are still in process of resolving the scope of the indemnity obligation and the final indemnity amount. See Note 1, "General" for additional information on the impacts of the litigation and TMA activity to the Condensed Consolidated Financial Statements as of and for the quarter and year ended September 30, 2024. 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 September 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 $21 million as of September 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 September 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 September 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 nine months ended September 30, 2024 for certain legal matters that are outside of the ordinary course of business.

Segment Financial Data

Segment Financial Data	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 are as follows: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Net Sales New Equipment $ 1,309 $ 1,435 $ 4,010 $ 4,346 Service 2,239 2,088 6,576 6,243 Total $ 3,548 $ 3,523 $ 10,586 $ 10,589 Operating Performance New Equipment operating profit $ 84 $ 104 $ 265 $ 292 Service operating profit 555 518 1,616 1,496 Total segment operating profit 639 622 1,881 1,788 Corporate and Unallocated General corporate expenses and other (40) (27) (108) (85) UpLift restructuring (4) — (11) — Other restructuring (5) (21) (29) (36) UpLift transformation costs (18) (4) (45) (4) Separation-related adjustments (193) — (177) — Litigation-related settlement costs — — (18) — Held for sale impairment (18) — (18) — Other, net 2 1 2 1 Total company operating profit 363 571 1,477 1,664 Non-service pension cost (benefit) 1 — — 1 Interest expense (income), net (150) 39 (79) 109 Net income before income taxes $ 512 $ 532 $ 1,556 $ 1,554 Corporate and Unallocated includes adjustments related to the separation of Otis from RTX Corporation (previously United Technologies Corporation, "RTX") (the "Separation"), Litigation-related settlement costs, impairment loss for held for sale net assets, restructuring costs and UpLift transformation costs. Separation-related adjustments represent net adjustments of amounts due to and from RTX in accordance with the TMA. Separation-related adjustments in the quarter and nine months ended September 30, 2024 represents amounts due to RTX related to a favorable ruling received in August 2024 regarding the German tax litigation. Separation-related adjustments in the nine months ended September 30, 2024 also include a reduction of our contractual indemnity obligation payable to RTX that resulted from the TMA and receipts from RTX in accordance with the TMA. These adjustments are recorded in Other income (expense), net in our Condensed Consolidated Statements of Operations during the quarter and nine months ended September 30, 2024. See Note 11, "Income Taxes" and Note 16, "Contingencies" for additional information about the German tax litigation. Litigation-related settlement costs in the nine months ended September 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. Impairment loss related to net assets held for sale is recorded in Other expense (income), net in the Condensed Consolidated Statements of Operations for the quarter and nine months ended September 30, 2024. See Note 6, "Business Acquisitions, Dispositions, Goodwill and Intangible Assets" for additional information about the held for sale assets and liabilities. Refer to Note 12, "Restructuring and Transformation Costs" 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 nine months ended September 30, 2024 and 2023. Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 United States Operations $ 1,058 $ 1,004 $ 3,187 $ 3,015 International Operations China 469 596 1,436 1,832 Other 2,021 1,923 5,963 5,742 Total $ 3,548 $ 3,523 $ 10,586 $ 10,589 Disaggregated Sales by Type . Segment Net sales disaggregated by product and service type for the quarters and nine months ended September 30, 2024 and 2023 are as follows: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 New Equipment $ 1,309 $ 1,435 $ 4,010 $ 4,346 Maintenance and Repair 1,821 1,715 5,360 5,116 Modernization 418 373 1,216 1,127 Total Service 2,239 2,088 6,576 6,243 Total $ 3,548 $ 3,523 $ 10,586 $ 10,589 Major Customers. There were no customers that individually accounted for 10% or more of the Company's consolidated Net sales for the quarters and nine months ended September 30, 2024 and 2023.

Accounting Pronouncements

Accounting Pronouncements	9 Months Ended
	Sep. 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. Adoption of this ASU will result in additional disclosure, but will not impact our condensed consolidated financial position, results of operations, or cash flows. 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. Adoption of this ASU will result in additional disclosure, but will not impact our condensed consolidated financial position, results of operations, or cash flows.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 540	$ 376	$ 1,308	$ 1,083

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ms. Marks [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the fiscal quarter ended September 30, 2024, except for Ms. Marks, our Chair, President and Chief Executive Officer, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K. On July 30, 2024, Ms. Marks adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). Under the trading plan, the shares received by Ms. Marks upon the vesting of the performance stock units (PSUs) granted to her by the Company on February 3, 2022 (after giving effect to tax withholding and a previous election to defer 50% of the PSU shares earned) and 24,000 shares that Ms. Marks previously received upon the vesting of other awards she received will be sold if a limit price is achieved. In addition, the trading plan provides for Ms. Marks to exercise and then sell, if limit prices are achieved, shares received (after giving effect to tax withholding) upon the exercise of 101,096 stock appreciation rights granted to her in 2018 and 191,799 stock appreciation rights granted to her in 2019. The number of shares that could be sold in respect of the stock appreciation rights will depend on the Company’s stock price and applicable tax rates. The trading plan will terminate on February 10, 2025. The number of shares that may be sold by Ms. Marks upon vesting of the PSUs will depend upon the Company’s achievement of the underlying financial performance goals and the application of a multiplier factor based on our relative total shareowner return over the 2022-2024 performance period, and can range from 0 to 200% of the sum of the target PSUs granted plus additional PSUs credited for dividend equivalents. Ms. Marks was granted 59,404 “target” PSUs on February 3, 2022. However, because Ms. Marks previously elected to defer receipt of 50% of the PSUs to be earned under our PSU Deferral Plan, the number of shares delivered to her at vesting and available for sale will be accordingly reduced. Assuming the limit price required is achieved, we estimate, based on our projected performance against the underlying financial goals, our relative total shareholder return through September 30, 2024, current tax withholding rates, future crediting of dividend equivalents assuming our current dividend remains unchanged and a stock price of $103.94 (the closing price of our stock on September 30, 2024), and Ms. Marks election to defer 50% of the PSUs, that 13,960 shares could be sold under the trading plan in respect of the PSUs.
Name	Ms. Marks
Title	Chair, President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	July 30, 2024
Expiration Date	February 10, 2025
Arrangement Duration	195 days
Ms. Marks Trading Arrangement, Shares Previously Received [Member] | Ms. Marks [Member]
Trading Arrangements, by Individual
Aggregate Available	24,000	24,000
Ms. Marks Trading Arrangement, Stock Appreciation Rights Granted 2018 [Member] | Ms. Marks [Member]
Trading Arrangements, by Individual
Aggregate Available	101,096	101,096
Ms. Marks Trading Arrangement, Stock Appreciation Rights Granted 2019 [Member] | Ms. Marks [Member]
Trading Arrangements, by Individual
Aggregate Available	191,799	191,799
Ms. Marks Trading Arrangement, Shares Sold In Respect Of The PSUs [Member] | Ms. Marks [Member]
Trading Arrangements, by Individual
Aggregate Available	13,960	13,960

General (Policies)

General (Policies)	9 Months Ended
	Sep. 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.
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. Adoption of this ASU will result in additional disclosure, but will not impact our condensed consolidated financial position, results of operations, or cash flows. 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. Adoption of this ASU will result in additional disclosure, but will not impact our condensed consolidated financial position, results of operations, or cash flows.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share amounts; shares in millions) 2024 2023 2024 2023 Net income attributable to common shareholders $ 540 $ 376 $ 1,308 $ 1,083 Basic weighted average number of shares outstanding 400.2 410.8 402.7 412.6 Stock awards and equity units (share equivalent) 2.5 2.9 2.7 3.2 Diluted weighted average number of shares outstanding 402.7 413.7 405.4 415.8 Earnings Per Share of Common Stock: Basic $ 1.35 $ 0.92 $ 3.25 $ 2.62 Diluted $ 1.34 $ 0.91 $ 3.23 $ 2.60

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of contract assets and liabilities	Total Contract assets and Contract liabilities as of September 30, 2024 and December 31, 2023 are as follows: (dollars in millions) September 30, 2024 December 31, 2023 Contract assets, current $ 776 $ 717 Total contract assets 776 717 Contract liabilities, current 2,787 2,696 Contract liabilities, non-current (included within Other long-term liabilities) 41 48 Total contract liabilities 2,828 2,744 Net contract liabilities $ 2,052 $ 2,027

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of accounts, notes, loans and financing receivable	Accounts receivable, net consisted of the following as of September 30, 2024 and December 31, 2023: (dollars in millions) September 30, 2024 December 31, 2023 Trade receivables $ 3,431 $ 3,390 Unbilled receivables 152 119 Miscellaneous receivables 95 96 Customer financing notes receivable 58 63 3,736 3,668 Less: allowance for expected credit losses (132) (130) Accounts receivable, net $ 3,604 $ 3,538
Schedule of accounts receivable, allowance for credit loss	The changes in allowance for expected credit losses related to Accounts receivable, net for the nine months ended September 30, 2024 and 2023, respectively, are as follows: Nine Months Ended September 30, (dollars in millions) 2024 2023 Balance as of January 1 $ 130 $ 152 Provision for expected credit losses 19 21 Write-offs charged against the allowance for expected credit losses (18) (42) Foreign exchange and other 1 (5) Balance as of September 30 $ 132 $ 126

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of inventory	Inventories consisted of the following as of September 30, 2024 and December 31, 2023: (dollars in millions) September 30, 2024 December 31, 2023 Raw materials and work-in-process $ 143 $ 154 Finished goods 482 458 Total $ 625 $ 612

Business Acquisitions, Dispos_2

Business Acquisitions, Dispositions, Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Schedule of goodwill	Changes in our Goodwill balance during the nine months ended September 30, 2024 were as follows: (dollars in millions) Balance as of December 31, 2023 Goodwill Resulting Foreign Currency Balance as of September 30, 2024 New Equipment $ 295 $ — $ 1 $ 296 Service 1,293 35 6 1,334 Total $ 1,588 $ 35 $ 7 $ 1,630

Borrowings and Lines of Credit

Borrowings and Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of short-term debt	(dollars in millions) September 30, 2024 December 31, 2023 Commercial paper $ 316 $ — Other borrowings 51 32 Total short-term borrowings $ 367 $ 32
Schedule of long-term debt	Long-term debt consisted of the following: (dollars in millions) September 30, 2024 December 31, 2023 2.056% notes due 2025 $ 1,300 $ 1,300 0.37% notes due 2026 (¥21.5 billion principal value) 149 150 0.318% notes due 2026 (€600 million principal value) 672 658 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) 560 548 3.112% notes due 2040 750 750 3.362% notes due 2050 750 750 Other (including finance leases) 3 4 Total principal long-term debt 6,934 6,910 Other (discounts and debt issuance costs) (38) (44) Total long-term debt 6,896 6,866 Less: current portion 1,300 — Long-term debt, net of current portion $ 5,596 $ 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 nine months ended September 30, 2024 and 2023 reflects the following: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Debt issuance costs amortization $ 2 $ 2 $ 6 $ 5 Total interest expense on external debt 43 38 129 105 September 30, 2024 December 31, 2023 Short-term commercial paper 4.9% —% Total long-term debt 2.5% 2.5% The weighted average interest expense rate on our borrowings during the quarters and nine months ended September 30, 2024 and 2023 was as follows: Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Short-term commercial paper 5.5% 5.4% 5.5% 5.0% Total long-term debt 2.5% 2.1% 2.5% 2.0%

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of defined benefit plans disclosures	Contributions to our plans were as follows: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Defined benefit plans $ 10 $ 8 $ 34 $ 32 Defined contribution plans 16 16 52 50 Multi-employer pension and postretirement plans 41 42 123 117 The following table illustrates the components of net periodic benefit cost for the Company's defined benefit pension plans: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Service cost $ 8 $ 7 $ 24 $ 22 Interest cost 9 8 24 24 Expected return on plan assets (9) (8) (25) (24) Net settlement and curtailment (gain) loss 1 — 1 — Total net periodic benefit cost $ 9 $ 7 $ 24 $ 22
Schedule of share-based payment arrangement, expensed and capitalized, amount	Stock-based compensation expense and the resulting tax benefits were as follows: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Stock-based compensation expense (Share Based) $ 16 $ 15 $ 52 $ 49 Less: future tax benefit (2) (2) (6) (6) Stock-based compensation expense, net of tax $ 14 $ 13 $ 46 $ 43

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended September 30, 2024 Balance as of June 30, 2024 $ (686) $ (69) $ 4 $ (751) Other comprehensive income (loss) before reclassifications, net (47) — (6) (53) Amounts reclassified, pre-tax — — — — Tax benefit reclassified — — — — Balance as of September 30, 2024 $ (733) $ (69) $ (2) $ (804) Nine Months Ended September 30, 2024 Balance as of December 31, 2023 $ (673) $ (78) $ 1 $ (750) Other comprehensive income (loss) before reclassifications, net (60) 9 (18) (69) Amounts reclassified, pre-tax — — 15 15 Tax benefit reclassified — — — — Balance as of September 30, 2024 $ (733) $ (69) $ (2) $ (804) (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended September 30, 2023 Balance as of June 30, 2023 $ (681) $ (8) $ — $ (689) Other comprehensive income (loss) before reclassifications, net 39 — 1 40 Amounts reclassified, pre-tax — — 1 1 Tax benefit reclassified — — — — Balance as of September 30, 2023 $ (642) $ (8) $ 2 $ (648) Nine Months Ended September 30, 2023 Balance as of December 31, 2022 $ (587) $ (8) $ 3 $ (592) Other comprehensive income (loss) before reclassifications, net (56) — (7) (63) Amounts reclassified, pre-tax 1 — 8 9 Tax benefit reclassified — — (2) (2) Balance as of September 30, 2023 $ (642) $ (8) $ 2 $ (648)

Restructuring and Transformat_2

Restructuring and Transformation Costs (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of restructuring and related costs	During the quarters and nine months ended September 30, 2024 and 2023, we recorded restructuring costs for new and ongoing restructuring actions, including UpLift actions beginning in 2023, as follows: Quarter Ended September 30, 2024 Quarter Ended September 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ — $ 3 $ 3 $ — $ 9 $ 9 Selling, general and administrative 4 2 6 — 12 12 Total $ 4 $ 5 $ 9 $ — $ 21 $ 21 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 (dollars in millions) UpLift Other Total UpLift Other Total Cost of products and services sold $ 2 $ 12 $ 14 $ — $ 11 $ 11 Selling, general and administrative 9 17 26 — 25 25 Total $ 11 $ 29 $ 40 $ — $ 36 $ 36
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 11 29 40 Utilization, foreign exchange and other costs (21) (34) (55) Restructuring accruals as of September 30, 2024 $ 3 $ 30 $ 33

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: (dollars in millions) Balance Sheet Classification September 30, 2024 December 31, 2023 Derivatives designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 3 $ 2 Commodity contracts Other current assets — 1 Foreign exchange contracts Other assets 2 2 Total asset derivatives $ 5 $ 5 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (6) $ (4) Foreign exchange contracts Other long-term liabilities (2) (1) Total liability derivatives $ (8) $ (5) Derivatives not designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 16 $ 20 Foreign exchange contracts Other assets 2 4 Total asset derivatives $ 18 $ 24 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (24) $ (34) Foreign exchange contracts Other long-term liabilities (3) (7) Total liability derivatives $ (27) $ (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 September 30, 2024 and December 31, 2023 are presented in the table below: (dollars in millions) September 30, 2024 December 31, 2023 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ (2) $ 1
Schedule of 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 September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Foreign currency denominated long-term debt $ (14) $ 6 $ 1 $ 18 Foreign currency forward contracts 6 2 4 3 Total $ (8) $ 8 $ 5 $ 21 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 September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Foreign exchange contracts $ 4 $ 4 $ 6 $ 16

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of 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 September 30, 2024 and December 31, 2023: September 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 45 $ 45 $ — $ — Derivative assets 23 — 23 — Derivative liabilities (35) — (35) — 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) —
Schedule of 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 September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 47 $ 46 $ 55 $ 54 Customer financing notes receivable, net 21 19 26 23 Short-term borrowings (367) (367) (32) (32) Long-term debt, including current portion (excluding leases and other) (6,931) (6,347) (6,906) (6,224) Long-term liabilities, including current portion (132) (123) (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 September 30, 2024 and December 31, 2023: September 30, 2024 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 46 $ — $ 46 $ — Customer financing notes receivable, net 19 — 19 — Short-term borrowings (367) — (367) — Long-term debt, including current portion (excluding leases and other) (6,347) — (6,347) — Long-term liabilities, including current portion (123) — (123) — 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)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Segment information for the quarters and nine months ended September 30, 2024 and 2023 are as follows: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 Net Sales New Equipment $ 1,309 $ 1,435 $ 4,010 $ 4,346 Service 2,239 2,088 6,576 6,243 Total $ 3,548 $ 3,523 $ 10,586 $ 10,589 Operating Performance New Equipment operating profit $ 84 $ 104 $ 265 $ 292 Service operating profit 555 518 1,616 1,496 Total segment operating profit 639 622 1,881 1,788 Corporate and Unallocated General corporate expenses and other (40) (27) (108) (85) UpLift restructuring (4) — (11) — Other restructuring (5) (21) (29) (36) UpLift transformation costs (18) (4) (45) (4) Separation-related adjustments (193) — (177) — Litigation-related settlement costs — — (18) — Held for sale impairment (18) — (18) — Other, net 2 1 2 1 Total company operating profit 363 571 1,477 1,664 Non-service pension cost (benefit) 1 — — 1 Interest expense (income), net (150) 39 (79) 109 Net income before income taxes $ 512 $ 532 $ 1,556 $ 1,554
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 nine months ended September 30, 2024 and 2023. Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 United States Operations $ 1,058 $ 1,004 $ 3,187 $ 3,015 International Operations China 469 596 1,436 1,832 Other 2,021 1,923 5,963 5,742 Total $ 3,548 $ 3,523 $ 10,586 $ 10,589
Schedule of segment reporting disclosure, sales type	Segment Net sales disaggregated by product and service type for the quarters and nine months ended September 30, 2024 and 2023 are as follows: Quarter Ended September 30, Nine Months Ended September 30, (dollars in millions) 2024 2023 2024 2023 New Equipment $ 1,309 $ 1,435 $ 4,010 $ 4,346 Maintenance and Repair 1,821 1,715 5,360 5,116 Modernization 418 373 1,216 1,127 Total Service 2,239 2,088 6,576 6,243 Total $ 3,548 $ 3,523 $ 10,586 $ 10,589

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense (benefit)	$ (45)		$ 137	$ 175	$ 400
Interest income (expense), non operating	150		$ (39)	79	$ (109)
Cost to purchase shares		$ 70
Outstanding obligations under supplier finance programs	653			$ 653		$ 627
Supplier Finance Program, New Programs, Payment Term of 240 Days
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Supplier finance programs, increase	$ 32
Supplier finance program, payment timing, period	240 days			240 days
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Supplier finance program, payment timing, period	30 days			30 days
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Supplier finance program, payment timing, period	120 days			120 days
German Tax Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income tax expense (benefit)	$ 185			$ 185
Interest income (expense), non operating	200			200
Unrecognized tax benefits, interest on income taxes accrued	50			50
Interest receivable	150			150
Tax indemnification income (expense)	$ 194			$ 194

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income (Loss) Attributable to Parent [Abstract]
Net income attributable to common shareholders	$ 540	$ 376	$ 1,308	$ 1,083
Basic weighted average number of shares outstanding (in shares)	400.2	410.8	402.7	412.6
Stock awards and equity units (share equivalent) (in shares)	2.5	2.9	2.7	3.2
Diluted weighted average number of shares outstanding (in shares)	402.7	413.7	405.4	415.8
Earnings Per Share of Common Stock:
Basic (in usd per share)	$ 1.35	$ 0.92	$ 3.25	$ 2.62
Diluted (in usd per share)	$ 1.34	$ 0.91	$ 3.23	$ 2.60
Antidilutive securities excluded from computation of EPS (in shares)	1.1	1	1.1	1

Revenue Recognition - Contract

Revenue Recognition - Contract With Customer, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 776	$ 717
Total contract assets	776	717
Contract liabilities, current	2,787	2,696
Contract liabilities, non-current (included within Other long-term liabilities)	41	48
Total contract liabilities	2,828	2,744
Net contract liabilities	$ 2,052	$ 2,027

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Increase in contract assets	$ 59
Increase in contract liabilities	84
Revenue recognized	1,900	$ 1,800
Revenue, remaining performance obligation	$ 18,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade receivables	$ 3,431	$ 3,390
Unbilled receivables	152	119
Miscellaneous receivables	95	96
Customer financing notes receivable	58	63
Total receivables	3,736	3,668
Less: allowance for expected credit losses	(132)	(130)	$ (126)	$ (152)
Accounts receivable, net	$ 3,604	$ 3,538

Accounts Receivable, Net - Sc_2

Accounts Receivable, Net - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 130	$ 152
Provision for expected credit losses	19	21
Write-offs charged against the allowance for expected credit losses	(18)	(42)
Foreign exchange and other	1	(5)
Ending balance	$ 132	$ 126

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 143	$ 154
Finished goods	482	458
Total	625	612
Inventory valuation reserves	$ 89	$ 87

Business Acquisitions, Dispos_3

Business Acquisitions, Dispositions, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Investments in businesses, net of cash acquired			$ 70	$ 27
Intangible assets cost	$ 2,113		2,113		$ 2,072
Intangible assets, accumulated amortization	1,783		1,783		1,737
Amortization of intangible assets	15	$ 17	46	$ 51
Assets held for sale, intangible	16		16
Assets held for sale	38		38		$ 11
Liabilities held for sale	9		9
Non-US
Goodwill [Line Items]
Disposal group, including discontinued operation, assets	25		25
Disposal group, including discontinued operation, liabilities	9		9
Loss on fixed asset impairment	$ 18		$ 18

Business Acquisitions, Dispos_4

Business Acquisitions, Dispositions, Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill - Beginning Balance	$ 1,588
Goodwill Resulting from Business Combinations	35
Foreign Currency Translation  and Other	7
Goodwill - Ending Balance	1,630
New Equipment
Goodwill [Roll Forward]
Goodwill - Beginning Balance	295
Goodwill Resulting from Business Combinations	0
Foreign Currency Translation  and Other	1
Goodwill - Ending Balance	296
Service
Goodwill [Roll Forward]
Goodwill - Beginning Balance	1,293
Goodwill Resulting from Business Combinations	35
Foreign Currency Translation  and Other	6
Goodwill - Ending Balance	$ 1,334

Borrowings and Lines of Credi_2

Borrowings and Lines of Credit - Short-Term Borrowings (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Commercial paper	$ 316	$ 0
Other borrowings	51	32
Total short-term borrowings	$ 367	$ 32

Borrowings and Lines of Credi_3

Borrowings and Lines of Credit - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Commercial paper	$ 316,000,000	$ 0
Debt instrument, carrying amount	6,934,000,000	6,910,000,000
Unamortized debt issuance cost	$ 35,000,000	$ 42,000,000
Long term debt, average remaining maturity	7 years 1 month 6 days
Unsubordinated Commercial Paper | Unsecured Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,500,000,000
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 Billions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 JPY (¥)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total principal long-term debt	$ 6,934			$ 6,910
Other (discounts and debt issuance costs)	(38)			(44)
Total long-term debt	6,896			6,866
Less: current portion	1,300			0
Long-term debt	$ 5,596			6,866
Notes 2.056% due 2025
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.056%	2.056%	2.056%
Total principal long-term debt	$ 1,300			1,300
Notes 0.37% due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.37%	0.37%	0.37%
Total principal long-term debt	$ 149			150
Notes 0.37% due 2026 | Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount | ¥		¥ 21.5
Notes 0.318% due 2026
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.318%	0.318%	0.318%
Total principal long-term debt	$ 672			658
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, interest rate, stated percentage	2.293%	2.293%	2.293%
Total principal long-term debt	$ 500			500
Notes 5.250% due 2028
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.25%	5.25%	5.25%
Total principal long-term debt	$ 750			750
Notes 2.565% due 2030
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.565%	2.565%	2.565%
Total principal long-term debt	$ 1,500			1,500
Notes 0.934% due 2031
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	0.934%	0.934%	0.934%
Total principal long-term debt	$ 560			548
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, interest rate, stated percentage	3.112%	3.112%	3.112%
Total principal long-term debt	$ 750			750
Notes 3.362% due 2050
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.362%	3.362%	3.362%
Total principal long-term debt	$ 750			750
Other Including Finance Leases
Debt Instrument [Line Items]
Total principal long-term debt	$ 3			$ 4

Borrowings and Lines of Credi_5

Borrowings and Lines of Credit - Schedule of Debt Issuance Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 2	$ 2	$ 6	$ 5
Total interest expense on external debt	$ 43	$ 38	$ 129	$ 105

Borrowings and Lines of Credi_6

Borrowings and Lines of Credit - Schedule of Average Interest Rates on Borrowings (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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%	2.10%	2.50%	2%
Short-term Debt
Debt Instrument [Line Items]
Average interest expense rate on borrowings	4.90%		4.90%		0%
Average interest expense rate during period	5.50%	5.40%	5.50%	5%

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Defined Benefit Plan Disclosures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plans	$ 10	$ 8	$ 34	$ 32
Defined contribution plans	16	16	52	50
Multi-employer pension and postretirement plans	41	42	123	117
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	8	7	24	22
Interest cost	9	8	24	24
Expected return on plan assets	(9)	(8)	(25)	(24)
Net settlement and curtailment (gain) loss	1	0	1	0
Total net periodic benefit cost	9	7	24	22
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit cost	$ 1	$ 1	$ 1	$ 1

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Common stock shares available for awards (in shares)	19		19
Unrecognized compensation cost	$ 115		$ 115
Unrecognized compensation cost, period for recognition			2 years 1 month 6 days
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net periodic benefit cost (credit)	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Stock-based compensation expense (Share Based)	$ 16	$ 15	$ 52	$ 49
Less: future tax benefit	(2)	(2)	(6)	(6)
Stock-based compensation expense, net of tax	$ 14	$ 13	$ 46	$ 43

Stock (Details)

Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
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)	438.4		438.4		437
Treasury stock (in shares)	39		39		30.4
Stock repurchase program, authorized amount	$ 2,000		$ 2,000
Stock repurchase program, remaining authorized shares amount	400		400
Stock repurchased during period	$ 202	$ 228	$ 807	$ 580
Excise tax	1%	1%	1%	1%
Treasury Stock
Class of Stock [Line Items]
Stock repurchase during period (in shares)	2.1	2.6	8.6	6.8
Stock repurchased during period	$ 200	$ 225	$ 800	$ 575

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (4,934)	$ (4,751)	$ (4,855)	$ (4,799)
Other comprehensive income (loss) before reclassifications, net	(53)	40	(69)	(63)
Amounts reclassified, pre-tax	0	1	15	9
Tax benefit reclassified	0	0	0	(2)
Ending balance	(4,835)	(4,733)	(4,835)	(4,733)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(686)	(681)	(673)	(587)
Other comprehensive income (loss) before reclassifications, net	(47)	39	(60)	(56)
Amounts reclassified, pre-tax	0	0	0	1
Tax benefit reclassified	0	0	0	0
Ending balance	(733)	(642)	(733)	(642)
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 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	0	1	3
Other comprehensive income (loss) before reclassifications, net	(6)	1	(18)	(7)
Amounts reclassified, pre-tax	0	1	15	8
Tax benefit reclassified	0	0	0	(2)
Ending balance	(2)	2	(2)	2
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(751)	(689)	(750)	(592)
Ending balance	$ (804)	$ (648)	$ (804)	$ (648)

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Sep. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Increase in unrecognized tax benefits reasonably possible	$ 10
Decrease in unrecognized tax benefits reasonably possible	95
Increase in unrecognized tax benefits, accrued interest, is reasonably possible	10
Decrease in unrecognized tax benefits, accrued interest, is reasonably possible	$ 80

Restructuring and Transformat_3

Restructuring and Transformation Costs - Schedule of restructuring and related costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 9	$ 21	$ 40	$ 36
Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	3	9	14	11
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	6	12	26	25
UpLift
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	4	0	11	0
UpLift | Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	0	0	2	0
UpLift | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	4	0	9	0
Other
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	5	21	29	36
Other | Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	3	9	12	11
Other | Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 2	$ 12	$ 17	$ 25

Restructuring and Transformat_4

Restructuring and Transformation Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
UpLift
Restructuring Cost and Reserve [Line Items]
Expected costs	$ 55		$ 55
Remaining costs	19		19
Transformation costs	18	$ 4	45	$ 4
UpLift | Severance costs
Restructuring Cost and Reserve [Line Items]
Approved restructuring actions					$ 55
Other
Restructuring Cost and Reserve [Line Items]
Expected costs	98		98
Remaining costs	$ 28		$ 28
New Equipment
Restructuring Cost and Reserve [Line Items]
Percentage of costs	30%		30%
New Equipment | Other
Restructuring Cost and Reserve [Line Items]
Remaining percentage of costs	75%		75%
Service
Restructuring Cost and Reserve [Line Items]
Percentage of costs	70%		70%
Service | Other
Restructuring Cost and Reserve [Line Items]
Remaining percentage of costs	25%		25%

Restructuring and Transformat_5

Restructuring and Transformation Costs - Restructuring Roll forward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			$ 48
Net restructuring costs	$ 9	$ 21	40	$ 36
Utilization, foreign exchange and other costs			(55)
Restructuring reserve, ending balance	33		33
UpLift
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			13
Net restructuring costs	4	0	11	0
Utilization, foreign exchange and other costs			(21)
Restructuring reserve, ending balance	3		3
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			35
Net restructuring costs	5	$ 21	29	$ 36
Utilization, foreign exchange and other costs			(34)
Restructuring reserve, ending balance	$ 30		$ 30

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) € in Millions, $ in Millions, ¥ in Billions, $ in Billions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 JPY (¥)	Sep. 30, 2024 EUR (€)	Sep. 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	$ 5,300		$ 5,300					$ 4,600
Average of notional amount of commodity contracts hedging commodity purchase transactions	14		14					$ 21
Foreign currency cash flow hedge gain to be reclassified during next 12 months (less than)	3		3
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss)	4	$ 4	6	$ 16
Foreign Exchange Contract and Commodity | Cost of products and services sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss)	$ 2	$ 1	$ (1)	$ (8)
Net Investment Hedging | Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign exchange forward contracts					¥ 2.1	€ 150	$ 1.6
Net Investment Hedging | Foreign exchange contracts | Derivatives not designated as Cash flow hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign exchange forward contracts							$ 1.2
Net Investment Hedging | Foreign currency forward contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign exchange forward contracts | €									€ 95
Yen Notes | Unsecured Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount | ¥					¥ 21.5

Financial Instruments - Schedul

Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives designated as Cash flow hedging instruments: | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 5	$ 5
Liability derivatives	(8)	(5)
Derivatives not designated as Cash flow hedging instruments:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	18	24
Liability derivatives	(27)	(41)
Foreign exchange contracts | Derivatives designated as Cash flow hedging instruments: | Cash Flow Hedging | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	3	2
Foreign exchange contracts | Derivatives designated as Cash flow hedging instruments: | Cash Flow Hedging | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	2	2
Foreign exchange contracts | Derivatives designated as Cash flow hedging instruments: | Cash Flow Hedging | Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(6)	(4)
Foreign exchange contracts | Derivatives designated as Cash flow hedging instruments: | Cash Flow Hedging | Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(2)	(1)
Foreign exchange contracts | Derivatives not designated as Cash flow hedging instruments: | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	16	20
Foreign exchange contracts | Derivatives not designated as Cash flow hedging instruments: | Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	2	4
Foreign exchange contracts | Derivatives not designated as Cash flow hedging instruments: | Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(24)	(34)
Foreign exchange contracts | Derivatives not designated as Cash flow hedging instruments: | Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(3)	(7)
Commodity contracts | Derivatives designated as Cash flow hedging instruments: | 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	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) recorded in Accumulated other comprehensive income (loss)	$ (2)	$ 1

Financial Instruments - Sched_3

Financial Instruments - Schedule of Gain (Loss) on Derivative and Non-Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, gain (loss)	$ (8)	$ 8	$ 5	$ 21
Foreign currency denominated long-term debt | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, gain (loss)	(14)	6	1	18
Foreign currency forward contracts | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net investment hedge, gain (loss)	6	2	4	3
Foreign exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ 4	$ 4	$ 6	$ 16

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ (367)	$ (32)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	47	55
Customer financing notes receivable, net	21	26
Short-term borrowings	(367)	(32)
Long-term debt, including current portion (excluding leases and other)	(6,931)	(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	46	54
Customer financing notes receivable, net	19	23
Short-term borrowings	(367)	(32)
Long-term debt, including current portion (excluding leases and other)	(6,347)	(6,224)
Long-term liabilities, including current portion	(123)	(185)
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
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	46	54
Customer financing notes receivable, net	19	23
Short-term borrowings	(367)	(32)
Long-term debt, including current portion (excluding leases and other)	(6,347)	(6,224)
Long-term liabilities, including current portion	(123)	(185)
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	45	28
Derivative assets	23	29
Derivative liabilities	(35)	(46)
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	45	28
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivative assets	23	29
Derivative liabilities	(35)	(46)
Fair Value, Recurring | 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 (Details)

Guarantees (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Carrying amount of service and product guarantees	$ 13	$ 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			9 Months Ended			12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Income tax benefit	$ 45		$ (137)	$ (175)		$ (400)
German Tax Office Against Otis
Loss Contingencies [Line Items]
Income tax benefit				239	€ 215
Disallowed tax benefit, estimated interest expense				131	€ 118
Unrecognized tax benefits, interest on income taxes expense							$ 300	€ 275
Expected refund	335	€ 305
Unrecognized tax benefits, interest on income taxes accrued	50			50					€ 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	21			21						$ 43
German Tax Litigation
Loss Contingencies [Line Items]
Income tax benefit	(185)			(185)
Unrecognized tax benefits, interest on income taxes accrued	50			50
Tax indemnification income (expense)	$ 194			$ 194

Segment Financial Data (Details

Segment Financial Data (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Revenues	$ 3,548	$ 3,523	$ 10,586	$ 10,589
Operating profit	363	571	1,477	1,664
Non-service pension cost (benefit)	1	0	0	1
Interest expense (income), net	(150)	39	(79)	109
Net income before income taxes	512	532	1,556	1,554
New Equipment
Segment Reporting Information [Line Items]
Revenues	1,309	1,435	4,010	4,346
Maintenance and Repair
Segment Reporting Information [Line Items]
Revenues	1,821	1,715	5,360	5,116
Modernization
Segment Reporting Information [Line Items]
Revenues	418	373	1,216	1,127
Service sales
Segment Reporting Information [Line Items]
Revenues	2,239	2,088	6,576	6,243
United States Operations
Segment Reporting Information [Line Items]
Revenues	1,058	1,004	3,187	3,015
China
Segment Reporting Information [Line Items]
Revenues	469	596	1,436	1,832
Other
Segment Reporting Information [Line Items]
Revenues	2,021	1,923	5,963	5,742
Operating Segments
Segment Reporting Information [Line Items]
Operating profit	639	622	1,881	1,788
Other, net | General corporate expenses and other
Segment Reporting Information [Line Items]
Operating profit	(40)	(27)	(108)	(85)
Other, net | UpLift restructuring
Segment Reporting Information [Line Items]
Operating profit	(4)	0	(11)	0
Other, net | Other restructuring
Segment Reporting Information [Line Items]
Operating profit	(5)	(21)	(29)	(36)
Other, net | UpLift transformation costs
Segment Reporting Information [Line Items]
Operating profit	(18)	(4)	(45)	(4)
Other, net | Separation-related adjustments
Segment Reporting Information [Line Items]
Operating profit	(193)	0	(177)	0
Other, net | Litigation-related settlement costs
Segment Reporting Information [Line Items]
Operating profit	0	0	(18)	0
Other, net | Held for sale impairment
Segment Reporting Information [Line Items]
Operating profit	(18)	0	(18)	0
Other, net | Other, net
Segment Reporting Information [Line Items]
Operating profit	2	1	2	1
New Equipment | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,309	1,435	4,010	4,346
Operating profit	84	104	265	292
Service | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,239	2,088	6,576	6,243
Operating profit	$ 555	$ 518	$ 1,616	$ 1,496