Carrier Global (CARR) 10-Q 29 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 15, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39220
Entity Registrant Name	CARRIER GLOBAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-4051582
Entity Address, Address Line One	13995 Pasteur Boulevard
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33418
City Area Code	(561)
Local Phone Number	365-2000
Title of each class	Common Stock ($0.01 par value)
Trading Symbol(s)	CARR
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		867,701,396
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001783180

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales
Net sales	$ 5,440	$ 3,972	$ 10,139	$ 7,860
Costs and expenses
Research and development	(125)	(94)	(246)	(192)
Selling, general and administrative	(813)	(637)	(1,556)	(1,329)
Total Costs and expenses	(4,759)	(3,562)	(8,928)	(7,118)
Equity method investment net earnings	87	57	125	86
Other income (expense), net	15	(25)	18	(71)
Operating profit	783	442	1,354	757
Non-service pension (expense) benefit	19	14	37	31
Interest (expense) income, net	(71)	(81)	(164)	(118)
Income from operations before income taxes	731	375	1,227	670
Income tax (expense) benefit	(234)	(106)	(338)	(299)
Net income from operations	497	269	889	371
Less: Non-controlling interest in subsidiaries' earnings from operations	10	8	18	14
Net income attributable to common shareowners	$ 487	$ 261	$ 871	$ 357
Earnings per share
Basic (in dollars per share)	$ 0.56	$ 0.30	$ 1	$ 0.41
Diluted (in dollars per share)	$ 0.55	$ 0.30	$ 0.98	$ 0.41
Weighted-average number of shares outstanding
Basic (in shares)	868.7	866.2	869	866.2
Diluted (in shares)	890.9	870.9	890.4	870.9
Product
Net sales
Net sales	$ 4,584	$ 3,275	$ 8,448	$ 6,422
Costs and expenses
Cost of products and services sold	(3,235)	(2,343)	(5,959)	(4,580)
Service
Net sales
Net sales	856	697	1,691	1,438
Costs and expenses
Cost of products and services sold	$ (586)	$ (488)	$ (1,167)	$ (1,017)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income from operations	$ 497	$ 269	$ 889	$ 371
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments arising during period	59	251	(62)	(239)
Pension and post-retirement benefit plan adjustments	6	7	13	12
Other comprehensive income (loss), net of tax	65	258	(49)	(227)
Comprehensive income (loss)	562	527	840	144
Less: Comprehensive income (loss) attributable to non-controlling interest	10	9	18	13
Comprehensive income (loss) attributable to common shareowners	$ 552	$ 518	$ 822	$ 131

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 2,630	$ 3,115
Accounts receivable, net	3,128	2,781
Contract assets, current	695	656
Inventories, net	1,885	1,629
Other assets, current	416	343
Total current assets	8,754	8,524
Future income tax benefits	461	449
Fixed assets, net	1,837	1,810
Operating lease right-of-use assets	786	788
Intangible assets, net	1,071	1,037
Goodwill	10,279	10,139
Pension and post-retirement assets	635	554
Equity method investments	1,572	1,513
Other assets	343	279
Total Assets	25,738	25,093
Liabilities and Equity
Accounts payable	2,362	1,936
Accrued liabilities	2,541	2,471
Contract liabilities, current	576	512
Current portion of long-term debt	125	191
Total current liabilities	5,604	5,110
Long-term debt	9,600	10,036
Future pension and post-retirement obligations	511	524
Future income tax obligations	556	479
Operating lease liabilities	635	642
Other long-term liabilities	1,712	1,724
Total Liabilities	18,618	18,515
Commitments and contingent liabilities (Note 18)
Equity
Common stock	9	9
Treasury stock	(130)	0
Additional paid-in capital	5,366	5,345
Retained earnings	2,305	1,643
Accumulated other comprehensive loss	(794)	(745)
Non-controlling interest	364	326
Total Equity	7,120	6,578
Total Liabilities and Equity	$ 25,738	$ 25,093

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net income from operations	$ 889	$ 371
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	168	159
Deferred income tax provision	33	135
Stock-based compensation costs	40	35
Equity method investment net earnings	(125)	(86)
Distributions from equity method investments	42	49
Impairment charge on minority-owned joint venture investments	0	72
Changes in operating assets and liabilities
Accounts receivable, net	(288)	27
Contract assets, current	(41)	(140)
Inventories, net	(210)	(325)
Other assets, current	(27)	32
Accounts payable and accrued liabilities	368	152
Contract liabilities, current	42	37
Defined benefit plan contributions	(27)	(27)
Other operating activities, net	(119)	65
Net cash flows provided by (used in) operating activities	745	556
Investing Activities
Capital expenditures	(132)	(94)
Investment in businesses, net of cash acquired	(167)	0
Dispositions of businesses	1	0
Settlement of derivative contracts, net	(6)	(23)
Other investing activities, net	3	14
Net cash flows provided by (used in) investing activities	(301)	(103)
Financing Activities
Increase (decrease) in short-term borrowings, net	(13)	(17)
Issuance of long-term debt	74	11,734
Repayment of long-term debt	(605)	(36)
Repurchases of common stock	(130)	0
Dividends paid on common stock	(209)	0
Dividends paid to non-controlling interest	(30)	(8)
Net transfers to UTC	0	(10,359)
Other financing activities, net	15	1
Net cash flows provided by (used in) financing activities	(898)	1,315
Effect of foreign exchange rate changes on cash and cash equivalents	(2)	(17)
Net increase (decrease) in cash and cash equivalents and restricted cash	(456)	1,751
Cash, cash equivalents and restricted cash, beginning of period	3,120	957
Cash, cash equivalents and restricted cash, end of period	2,664	2,708
Less: restricted cash	34	4
Cash and cash equivalents, end of period	$ 2,630	$ 2,704

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions		Total	Adoption impact of ASU 2016-13	UTC Net Investment	UTC Net InvestmentAdoption impact of ASU 2016-13	Accumulated Other Comprehensive Income (Loss)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interest
Balance as of beginning of period at Dec. 31, 2019		$ 14,435	$ (4)	$ 15,355	$ (4)	$ (1,253)	$ 0	$ 0	$ 0	$ 0	$ 333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		102		96							6
Other comprehensive (loss) income, net of tax		(485)				(483)					(2)
Dividends attributable to non-controlling interest		(8)									(8)
Net transfers to UTC		(11,014)		(11,014)
Balance as of end of period at Mar. 31, 2020		$ 3,026		4,433		(1,736)	0	0	0	0	329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting standards update, extensible list		us-gaap:AccountingStandardsUpdate201613Member
Balance as of beginning of period at Dec. 31, 2019		$ 14,435	$ (4)	15,355	$ (4)	(1,253)	0	0	0	0	333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		371
Other comprehensive (loss) income, net of tax		(227)
Balance as of end of period at Jun. 30, 2020		4,366		0		(1,479)	9	0	5,307	191	338
Balance as of beginning of period at Mar. 31, 2020		3,026		4,433		(1,736)	0	0	0	0	329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		269								261	8
Other comprehensive (loss) income, net of tax		258				257					1
Dividends declared on common stock	[1]	(70)								(70)
Shares issued under incentive plans, net		24							24
Net transfers to UTC		859		859
Reclassification of UTC Net investment to Common stock and Additional paid-in capital		0		(5,292)			9		5,283
Balance as of end of period at Jun. 30, 2020		4,366		0		(1,479)	9	0	5,307	191	338
Balance as of beginning of period at Dec. 31, 2020		6,578		0		(745)	9	0	5,345	1,643	326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		392								384	8
Other comprehensive (loss) income, net of tax		(114)				(114)
Shares issued under incentive plans, net		(14)							(14)
Stock-based compensation		19							19
Dividends attributable to non-controlling interest		(5)									(5)
Treasury stock repurchase		(38)						(38)
Balance as of end of period at Mar. 31, 2021		6,818		0		(859)	9	(38)	5,350	2,027	329
Balance as of beginning of period at Dec. 31, 2020		6,578		0		(745)	9	0	5,345	1,643	326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		889
Other comprehensive (loss) income, net of tax		(49)
Treasury stock repurchase		(130)
Balance as of end of period at Jun. 30, 2021		7,120		0		(794)	9	(130)	5,366	2,305	364
Balance as of beginning of period at Mar. 31, 2021		6,818		0		(859)	9	(38)	5,350	2,027	329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		497								487	10
Other comprehensive (loss) income, net of tax		65				65
Dividends declared on common stock	[2]	(209)								(209)
Shares issued under incentive plans, net		(4)							(4)
Stock-based compensation		20							20
Dividends attributable to non-controlling interest		(21)									(21)
Acquisition of non-controlling interest		46
Treasury stock repurchase		(92)						(92)
Balance as of end of period at Jun. 30, 2021		$ 7,120		$ 0		$ (794)	$ 9	$ (130)	$ 5,366	$ 2,305	$ 364
[1]	(1) Cash dividends declared were $0.08 per share for the three months ended June 30, 2020.
[2]	(2) Cash dividends declared were $0.24 per share for the three months ended June 30, 2021.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends, declared (in dollars per share)	$ 0.24	$ 0.08

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF THE BUSINESS Carrier Global Corporation is a leading global provider of heating, ventilating, air conditioning ("HVAC"), refrigeration and fire and security solutions. The Company also provides a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments) necessary to state fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for 2020 filed with the SEC on February 9, 2021 (the "2020 Form 10-K"). On April 3, 2020 (the "Distribution Date"), United Technologies Corporation, since renamed Raytheon Technologies Corporation ("UTC"), completed the spin-off of the Company into an independent, publicly traded company (the "Separation") through a pro-rata distribution (the "Distribution") on a one-for-one basis of all of the outstanding shares of common stock of the Company to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date of the Distribution. In connection with the Separation, the Company issued an aggregate principal balance of $11.0 billion of debt and transferred approximately $10.9 billion of cash to UTC on February 27, 2020 and March 27, 2020. On April 1, 2020 and April 2, 2020, the Company received cash contributions totaling $590 million from UTC related to the Separation. In connection with the Separation, the Company entered into several agreements with UTC and Otis Worldwide Corporation ("Otis") that govern various aspects of the relationship among the Company, UTC and Otis following the Separation and the Distribution, including a transition services agreement ("TSA"), a tax matters agreement ("TMA"), an employee matters agreement and an intellectual property agreement that cover services such as information technology, tax, finance and human resources. In addition, the Company incurred separation-related costs including employee-related costs, costs to establish certain stand-alone functions, information technology systems, professional service fees and other costs associated with becoming an independent, publicly traded company. These costs are primarily recorded in Selling, general and administrative in the Unaudited Condensed Consolidated Statement of Operations and totaled $3 million and $23 million for the three months ended June 30, 2021 and 2020, respectively. Costs for the six months ended June 30, 2021 and 2020 were $19 million and $68 million, respectively. The TSA expired on March 31, 2021. Impact of the COVID-19 Pandemic In early 2020, the World Health Organization declared the outbreak of a respiratory disease known as COVID-19 as a global pandemic. In response, many countries implemented containment and mitigation measures to combat the outbreak, which severely restricted the level of economic activity and caused a significant contraction in the global economy. As a result, the Company temporarily closed or reduced production at manufacturing facilities across the globe to ensure employee safety and instructed non-essential employees to work from home. In addition, the Company took several preemptive actions during 2020 to manage liquidity as demand for its products decreased. Despite the adverse impacts of the pandemic on the Company’s results beginning in the first quarter of 2020, manufacturing operations resumed and several restorative actions were completed during 2020, including the reinstatement of annual merit-based salary increases and continued investment to support the Company's core strategy. The Company continues to focus its efforts on preserving the health and safety of its employees and customers as well as maintaining the continuity of its operations. In addition, the Company continues to actively monitor its liquidity position and working capital needs and believes that its overall capital resources and liquidity position are adequate. The preparation of financial statements requires management to use judgments in making estimates and assumptions based on the relevant information available at the end of each period, which can have a significant effect on reported amounts. However, due to significant uncertainty surrounding the pandemic, management's judgments could change. While the Company's results of operations, cash flows and financial condition could be negatively impacted, the extent of any continuing impact cannot be estimated with certainty at this time.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Unaudited Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and majority-owned subsidiaries in which it has control. All intra-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Non-controlling interest represents a non-controlling investor's interests in the results of subsidiaries that the Company controls and consolidates. The Company's financial statements for the periods prior to the Separation and the Distribution are prepared on a "carve-out" basis and include all amounts directly attributable to the Company. Net cash transfers and other property transferred between UTC and the Company, including related party receivables and payables between the Company and other UTC affiliates, are presented as Net transfers to UTC . In addition, the financial statements include allocations of costs for administrative functions and services performed on behalf of the Company by centralized groups within UTC. All allocations and estimates in the Unaudited Condensed Consolidated Financial Statements are based on assumptions that management believes are reasonable. The Company's financial statements for the periods subsequent to April 3, 2020 are consolidated financial statements based on the reported results of Carrier as a stand-alone company. Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the sole source of authoritative U.S. GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not referenced below were assessed and determined to be either not applicable or are not expected to have a material impact on the Unaudited Condensed Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ( " ASU 2019-12"), which simplifies certain aspects of income tax accounting guidance in ASC 740, Income Taxes ("ASC 740") reducing the complexity of its application while maintaining or improving the usefulness of the information required to be reported. The ASU eliminates certain exceptions from ASC 740 including: intra-period tax allocation, deferred tax liabilities related to outside basis differences and year-to-date loss in interim periods, among others. ASU 2019-12 was effective for periods beginning after December 15, 2020, including interim periods therein with early adoption permitted. The Company adopted this ASU on January 1, 2021 with no material impact on the Unaudited Condensed Consolidated Financial Statements.

INVENTORIES, NET

INVENTORIES, NET	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET Inventories are stated at the lower of cost or estimated realizable value. Cost is primarily determined based on the first-in, first-out inventory method ("FIFO") or average cost methods, which approximates current replacement cost. However, certain subsidiaries use the last-in, first-out inventory method ("LIFO"). The major classes of inventory are as follows: (In millions) June 30, December 31, Raw materials $ 478 $ 363 Work-in-process 190 143 Finished goods 1,217 1,123 Inventories, net $ 1,885 $ 1,629 The Company performs periodic assessments to determine the existence of excess and obsolete inventory and records necessary provisions to reduce such inventories to estimated realizable value. Raw materials, work-in-process and finished goods are net of valuation reserves of $189 million and $183 million as of June 30, 2021 and December 31, 2020, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is tested and reviewed annually for impairment during the third quarter or whenever there is a material change in events or circumstances that indicates that the fair value of the reporting unit may be less than its carrying value. The changes in the carrying amount of goodwill are as follows: (In millions) HVAC Refrigeration Fire & Security Total Balance as of December 31, 2020 $ 5,489 $ 1,251 $ 3,399 $ 10,139 Goodwill resulting from business combinations (1) 175 — — 175 Foreign currency translation (19) (4) (12) (35) Balance as of June 30, 2021 $ 5,645 $ 1,247 $ 3,387 $ 10,279 (1) See Note 15 - Business Acquisitions and Dispositions for more information. Indefinite-lived intangible assets are tested and reviewed annually for impairment during the third quarter or whenever there is a material change in events or circumstances that indicates that the fair value of the asset may be less than the carrying amount of the asset. All other intangible assets with finite useful lives are amortized over their estimated useful lives. Identifiable intangible assets are comprised of the following: June 30, 2021 December 31, 2020 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,593 $ (1,302) $ 291 $ 1,558 $ (1,285) $ 273 Patents and trademarks 300 (227) 73 301 (222) 79 Monitoring lines 72 (61) 11 71 (59) 12 Service portfolios and other 683 (550) 133 644 (542) 102 2,648 (2,140) 508 2,574 (2,108) 466 Unamortized: Trademarks and other 563 — 563 571 — 571 Intangible assets, net $ 3,211 $ (2,140) $ 1,071 $ 3,145 $ (2,108) $ 1,037 Amortization of intangible assets was $25 million and $25 million for the three months ended June 30, 2021 and 2020, respectively, and $49 million and $50 million for the six months ended June 30, 2021 and 2020, respectively.

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
BORROWINGS AND LINES OF CREDIT	BORROWINGS AND LINES OF CREDIT Long-term debt consisted of the following: (In millions, except percentages) June 30, December 31, 1.923% Notes due February 15, 2023 $ — (1) $ 500 2.242% Notes due February 15, 2025 2,000 2,000 2.493% Notes due February 15, 2027 1,250 1,250 2.722% Notes due February 15, 2030 2,000 2,000 2.700% Notes due February 15, 2031 750 750 3.377% Notes due April 5, 2040 1,500 1,500 3.577% Notes due April 5, 2050 2,000 2,000 Total long-term Notes 9,500 10,000 Other debt (including project financing obligations and finance leases) 300 308 Discounts and debt issuance costs (75) (81) Total debt 9,725 10,227 Less: current portion of long-term debt 125 191 Long-term debt, net of current portion $ 9,600 $ 10,036 (1) In February 2021, the Company prepaid the 1.923% Notes due in February 2023 and incurred a $17 million make-whole premium upon prepayment and wrote-off $2 million of the remaining unamortized deferred financing costs. Revolving Credit Facility On February 10, 2020, the Company entered into a revolving credit agreement with various banks permitting aggregate borrowings of up to $2.0 billion pursuant to an unsecured, unsubordinated revolving credit facility that matures on April 3, 2025 (the "Revolving Credit Facility"). The Revolving Credit Facility supports the Company's commercial paper program and cash requirements of the Company. A commitment fee of 0.125% is charged on unused commitments. Borrowings under t he Revolving Credit Facility are available in U.S. Dollars, Euros and Pounds Sterling and bear interest at a variable interest rate based on LIBOR plus a ratings-based margin, which was 125 basis points as of June 30, 2021 . As of June 30, 2021, there were no borrowings outstanding under the Revolving Credit Facility. Commercial Paper Program As of June 30, 2021, the Company had a $2.0 billion unsecured, unsubordinated commercial paper program, which can be used for general corporate purposes, including the funding of working capital and potential acquisitions. As of June 30, 2021, there were no borrowings outstanding under the commercial paper program. Project Financing Arrangements The Company is involved in several long-term construction contracts in which it arranges project financing with certain customers. As a result, the Company issued $71 million and $75 million of debt during the six months ended June 30, 2021 and 2020, respectively. Long-term debt repayments associated with these financing arrangements during the six months ended June 30, 2021 and 2020 were $83 million and $36 million, respectively. Debt Covenants The Revolving Credit Facility and the indenture for the long-term notes contain affirmative and negative covenants customary for financings of these types which, among other things, limit the Company's ability to incur additional liens, to make certain fundamental changes and to enter into sale and leaseback transactions. On June 2, 2020, the Company entered into an amendment of the Revolving Credit Facility, under which certain terms of the facility were amended for a period beginning on June 2, 2020 and ending on December 30, 2021 (the "Covenant Modification Period"). The Company may terminate the Covenant Modification Period prior to December 30, 2021, subject to the satisfaction of certain conditions. The amendment deferred testing of the Company's consolidated total net leverage ratio financial covenant until June 30, 2021 and increases the consolidated total net leverage ratio limit until December 31, 2021. The amendment also required the Company to maintain

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement ("ASC 820"), defines fair value as the price that would be received if an asset is sold or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows: • Level 1: Observable inputs such as quoted prices in active markets; • Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors, including foreign currency and commodity price risk. These exposures are managed through operational strategies and the use of undesignated hedging contracts. The Company's derivative assets and liabilities are measured at fair value on a recurring basis using internal models based on observable market inputs, such as forward, interest, contract and discount rates. The following tables provide the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company's Unaudited Condensed Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 June 30, 2021 Derivative assets $ 3 (1) $ — $ 3 $ — Derivative liabilities $ (3) (2) $ — $ (3) $ — December 31, 2020 Derivative assets $ 17 (1) $ — $ 17 $ — Derivative liabilities $ (5) (2) $ — $ (5) $ — (2) Included in Other assets, current on the accompanying Unaudited Condensed Consolidated Balance Sheet (3) Included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet The Company's long-term debt is measured at fair value based on observable market inputs which are considered Level 1 within the fair value hierarchy. The following table provides the carrying amounts and fair values of financial instruments that are not recorded at fair value in the Company's Unaudited Condensed Consolidated Balance Sheet: June 30, 2021 December 31, 2020 (In millions) Carrying Fair Carrying Fair Total Long-term Notes (1) $ 9,500 $ 9,930 $ 10,000 $ 10,811 (1) Excludes debt discount and issuance costs The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value due to the short-term nature of these accounts and would be classified as Level 1 in the fair value hierarchy. The Company's financing leases and project financing obligations, included in Long-term debt, approximate fair value and are classified as Level 3 in the fair value hierarchy.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company sponsors both funded and unfunded domestic and international defined benefit and defined contribution plans as well as other post-retirement benefit plans. In addition, the Company contributes to various domestic and international multi-employer defined benefit pension and other post-retirement benefit plans. Contributions to the plans were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Defined benefit plans $ 3 $ 2 $ 27 $ 27 Defined contribution plans $ 30 $ 25 $ 67 $ 55 Multi-employer pension plans $ 7 $ 5 $ 12 $ 10 The following table illustrates the components of net periodic pension benefits for the defined benefit pension and post-retirement benefit plans: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Service cost $ 7 $ 7 $ 14 $ 15 Interest cost 10 13 19 26 Expected return on plan assets (37) (34) (73) (69) Amortization of prior service credit — — 1 1 Recognized actuarial net (gain) loss 8 5 16 10 Net settlement, curtailment and special termination benefit (gain) loss — — — 1 Net periodic pension expense (benefit) $ (12) $ (9) $ (23) $ (16)

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company accounts for stock-based compensation plans in accordance with ASC 718, Compensation - Stock Compensation , which requires a fair-value based method for measuring the value of stock-based compensation. Fair value is measured once at the date of grant and is not adjusted for subsequent changes. The Company's stock-based compensation plans include programs for stock appreciation rights, restricted stock units and performance share units. Stock-based compensation expense is included in Selling, general and administrative in the accompanying Unaudited Condensed Consolidated Statements of Operations. The expense recognized was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Equity settled $ 21 $ 22 $ 40 $ 35 Cash settled 6 4 10 (1) Total stock-based compensation expense $ 27 $ 26 $ 50 $ 34 Prior to the Separation and the Distribution, the Company participated in UTC's long-term incentive plans, which authorized various types of market and performance-based incentive awards. For these periods, stock-based compensation expense was allocated to the Company from UTC based upon direct employee headcount. In connection with the Separation and the

GUARANTEES

GUARANTEES	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
GUARANTEES	GUARANTEES The Company provides service and warranty coverage on its products and extends performance and operating cost guarantees beyond normal service and warranty coverage on certain products. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Liabilities for performance and operating cost guarantees are based upon future product performance and durability and are estimated based upon historical experience. Adjustments are recorded to accruals based on claims data and historical experience. The changes in the carrying amount of service and product warranties and product performance guarantees, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet, are as follows: For the Six Months Ended June 30, (In millions) 2021 2020 Balance as of January 1, $ 514 $ 488 Warranties, performance guarantees issued and changes in estimated liability 89 105 Settlements made (80) (92) Balance as of June 30, $ 523 $ 501

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
EQUITY	EQUITY The authorized number of shares of common stock of Carrier is 4,000,000,000 shares of $0.01 par value. As of June 30, 2021, 870,754,214 shares of common stock were issued, which includes 3,053,847 shares of treasury stock. Share Repurchase Program On February 4, 2021, the Company's Board of Directors approved a stock repurchase program authorizing the repurchase of up to $350 million of the Company's outstanding common stock. The Company may repurchase shares from time to time subject to market conditions and at the Company's discretion in the open market or through one or more other public or private transactions, subject to compliance with the Company's obligations under the TMA and the Revolving Credit Facility. The Company records repurchases under the cost method whereby the entire cost of the acquired stock is recorded as Treasury stock as a reduction to equity. The reissuance of treasury stock uses the first-in, first-out method of accounting. The Company repurchased 2.1 million shares and 3.1 million shares of common stock for an aggregate purchase price of $92 million and $130 million for the three and six months ended June 30, 2021, respectively, which are held in Treasury stock as of June 30, 2021 as reflected on its Unaudited Condensed Consolidated Balance Sheet. Accumulated Other Comprehensive Income (Loss) A summary of changes in the components of Accumulated other comprehensive income (loss) for the three months ended June 30, 2021 and 2020 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of March 31, 2021 $ (312) $ (547) $ (859) Other comprehensive income (loss) before reclassifications, net 59 — 59 Amounts reclassified, pre-tax — 8 8 Tax expense (benefit) reclassified — (2) (2) Balance as of June 30, 2021 $ (253) $ (541) $ (794) (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of March 31, 2020 $ (1,268) $ (468) $ (1,736) Other comprehensive income (loss) before reclassifications, net 250 2 252 Amounts reclassified, pre-tax — 6 6 Tax expense (benefit) reclassified — (1) (1) Balance as of June 30, 2020 $ (1,018) $ (461) $ (1,479) A summary of changes in the components of Accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2020 $ (191) $ (554) $ (745) Other comprehensive income (loss) before reclassifications, net (62) — (62) Amounts reclassified, pre-tax — 17 17 Tax benefit reclassified — (4) (4) Balance as of June 30, 2021 $ (253) $ (541) $ (794) (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2019 $ (780) $ (473) $ (1,253) Other comprehensive income (loss) before reclassifications, net (238) 2 (236) Amounts reclassified, pre-tax — 12 12 Tax benefit reclassified — (2) (2) Balance as of June 30, 2020 $ (1,018) $ (461) $ (1,479)

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company recognizes revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefit from that good or service. A significant portion of the Company's performance obligations are recognized at a point-in-time when control of the product transfers to the customer, which is generally at the time of shipment. The remaining portion of the Company's performance obligations are recognized over time as the customer simultaneously obtains control as the Company performs work under a contract, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. Sales disaggregated by product and service are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Sales Type Product $ 2,757 $ 1,976 $ 4,904 $ 3,633 Service 363 315 702 617 HVAC sales 3,120 2,291 5,606 4,250 Product 915 609 1,807 1,322 Service 106 91 219 186 Refrigeration sales 1,021 700 2,026 1,508 Product 1,012 762 1,931 1,622 Service 391 295 776 641 Fire & Security sales 1,403 1,057 2,707 2,263 Total segment sales 5,544 4,048 10,339 8,021 Eliminations and other (104) (76) (200) (161) Net sales $ 5,440 $ 3,972 $ 10,139 $ 7,860 Contract Balances Total contract assets and liabilities arising from contracts with customers are as follows: (In millions) June 30, December 31, Contract assets, current $ 695 $ 656 Contract assets, non-current (included within Other assets) 166 98 Total contract assets $ 861 $ 754 Contract liabilities, current (576) (512) Contract liabilities, non-current (included within Other long-term liabilities) (171) (165) Total contract liabilities (747) (677) Net contract assets $ 114 $ 77

RESTRUCTURING COSTS

RESTRUCTURING COSTS	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS	RESTRUCTURING COSTSThe Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions and the consolidation of facilities. The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 HVAC $ 7 $ 1 $ 11 $ 3 Refrigeration 3 3 5 3 Fire & Security 9 6 20 9 Total Segment 19 10 36 15 General corporate expenses 2 1 3 1 Total restructuring costs $ 21 $ 11 $ 39 $ 16 Cost of sales $ 6 $ 5 $ 11 $ 6 Selling, general and administrative 15 6 28 10 Total restructuring costs $ 21 $ 11 $ 39 $ 16 The following table summarizes the reserves and charges related to restructuring actions: For the Six Months Ended June 30, (In millions) 2021 2020 Balance as of January 1, $ 49 $ 66 Net pre-tax restructuring costs 39 16 Utilization, foreign exchange and other (40) (35) Balance as of June 30, $ 48 $ 47 During the six months ended June 30, 2021, charges associated with restructuring initiatives related to cost reduction efforts. Amounts recognized primarily related to severance due to workforce reductions and exit costs due to the consolidation of field operations. As of June 30, 2021, the Company had $48 million accrued for costs associated with its announced restructuring initiatives, all of which is expected to be paid within one year.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company accounts for income tax expense in accordance with ASC 740, which requires that an estimate of the annual effective income tax rate for the full year to be applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The effective tax rate for the three months ended June 30, 2021 was 32.0% compared with 28.2% for the three months ended June 30, 2020. The period-over-period increase is primarily due to a $43 million deferred tax charge as a result of a tax rate increase enacted on June 10, 2021, with an effective date of April 2023, from 19% to 25% in the United Kingdom. The effective tax rate for the six months ended June 30, 2021 was 27.5% compared with 44.6% for the six months ended June 30, 2020. The year-over-year decrease is primarily due to the absence of a prior year charge of $51 million related to a valuation allowance recorded against a United Kingdom tax loss and credit carryforward and a $46 million charge resulting from the Company's decision to no longer permanently reinvest certain pre-2018 unremitted non-U.S. earnings. The six months ended June 30, 2021 included a $43 million deferred tax charge as a result of the tax rate increase from 19% to 25% in the United Kingdom, partially offset by the recognition of a favorable tax adjustment of $21 million resulting from a re-organization in our German subsidiaries. Income taxes through March 31, 2020 were recorded based on a "carve-out" and separate company basis. Prior to the Separation and the Distribution, the Company’s portion of income taxes for domestic and certain foreign jurisdictions were deemed settled in the period the related tax expense was recorded. After the Separation and the Distribution, the Company’s income taxes are prepared on a stand-alone basis. The Company assesses the realizability of its deferred tax assets on a quarterly basis through an analysis of potential sources of future taxable income, including prior year taxable income that may be available to absorb a carryback of tax losses, reversals of existing taxable temporary differences, tax planning strategies and forecasts of taxable income. The Company considers all negative and positive evidence, including the weight of the evidence, to determine whether valuation allowances against deferred tax assets are required. The Company maintains valuation allowances against certain deferred tax assets. The Company conducts business globally and files income tax returns in U.S. federal, state and foreign jurisdictions. In certain jurisdictions, the Company's operations were included in UTC's combined tax returns for the periods through the Distribution. The U.S. Internal Revenue Service ("IRS") commenced an audit of UTC's tax years 2017 and 2018 in the second quarter of 2020. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including Australia, Belgium, Canada, China, Czech Republic, France, Germany, Hong Kong, India, Italy, Mexico, the Netherlands, Singapore, the United Kingdom and the United States. The Company is no longer subject to U.S. federal income tax examination for years prior to 2017 and, with few exceptions, is no longer subject to state, local and foreign income tax examinations for tax years prior to 2013. In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. The Company believes that it is reasonably possible that a net decrease in unrecognized tax benefits of between $20 million and $35 million may occur within 12 months as a result of additional uncertain tax positions, the Separation, the revaluation of uncertain tax positions arising from examinations, appeals, court decisions and/or the expiration of tax statutes.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Earnings per share is computed by dividing Net income attributable to common shareowners by the weighted-average number of shares of common stock outstanding during the period (excluding treasury stock). Diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. The computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards, including stock appreciation rights and stock options, when the effect of the potential exercise would be anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share amounts) 2021 2020 2021 2020 Net income attributable to common shareowners $ 487 $ 261 $ 871 $ 357 Basic weighted-average number of shares outstanding 868.7 866.2 869.0 866.2 Stock awards and equity units (share equivalent) 22.2 4.7 21.4 4.7 Diluted weighted-average number of shares outstanding 890.9 870.9 890.4 870.9 Antidilutive shares excluded from computation of diluted earnings per share 3.1 30.9 3.1 30.9 Earnings Per Share Basic $ 0.56 $ 0.30 $ 1.00 $ 0.41 Diluted $ 0.55 $ 0.30 $ 0.98 $ 0.41 On the Distribution Date, 866,158,910 shares of the Company’s common stock, par value $0.01 per share, were distributed to UTC shareowners of record as of March 19, 2020. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation and the Distribution and such shares are treated as issued and outstanding for purposes of calculating historical earnings per share. It is assumed that there are no dilutive equity instruments for the periods prior to the Separation and Distribution because there were no Carrier stock-based awards outstanding prior to the Separation and the Distribution.

BUSINESS ACQUISITIONS AND DISPO

BUSINESS ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
BUSINESS ACQUISITIONS AND DISPOSITIONS	BUSINESS ACQUISITIONS AND DISPOSITIONS During the six months ended June 30, 2021, the Company acquired consolidated and minority-owned businesses. The aggregate cash paid, net of cash acquired, totaled $167 million and was funded through cash on hand. Acquisitions are recorded using the acquisition method of accounting in accordance with ASC 805, Business Combinations ("ASC 805"). As a result, the aggregate purchase price has been allocated to assets acquired and liabilities assumed based on the estimate of fair market value of such assets and liabilities at the date of acquisition. Intangible assets associated with these transactions totaled $94 million and primarily related to customer relationships, technology assets and a non-compete agreement. The excess purchase price over the estimated fair value of net assets acquired was recognized as goodwill and totaled $175 million. Acquisition of Giwee Group Co. On June 1, 2021, the Company acquired a 70% controlling stake in Guangdong Giwee Group and its subsidiaries ("Giwee"). Giwee is a China-based manufacturer of HVAC products, offering a portfolio of products including variable refrigerant flow, modular chillers and light commercial air conditioners. The results of Giwee are reported within the HVAC segment as of the date of acquisition. The Company has not included pro forma financial information required under ASC 805 as the pro forma impact was not deemed significant. The excess of the purchase price over the estimated fair value of the net assets acquired was recognized as goodwill and totaled $168 million, which is not deductible for tax purposes. Accounts receivable and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for inventory and property, plant and equipment was based on an assessment of the acquired assets' condition as well as an evaluation of the current market value of such assets. The Company recorded intangible assets based on its preliminary estimate of fair value, which consisted of the following: (in millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 14 $ 52 Technology 10 34 Non-compete agreement 5 8 Total intangible assets acquired $ 94 The valuation of intangible assets was determined using an income approach methodology including the multi-period excess earnings method and the relief from royalty method. Key assumptions used in estimating future cash flows included projected revenue growth rate, customer attrition rates and royalty rates. The projected future cash flows are discounted to present value using an appropriate discount rate. As of June 30, 2021, the Company has not finalized the process of allocating the purchase price and valuing the acquired assets and liabilities for the Giwee acquisition.

SEGMENT FINANCIAL DATA

SEGMENT FINANCIAL DATA	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
SEGMENT FINANCIAL DATA	SEGMENT FINANCIAL DATA The Company has three operating segments: • The HVAC segment provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers while enhancing building performance, health, energy efficiency and sustainability. • The Refrigeration segment includes transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail, as well as commercial refrigeration products. • The Fire & Security segment provides a wide range of residential, commercial and industrial technologies and systems, and service solutions to protect people and property. Our customers are in both the public and private sectors and our businesses reflect extensive geographic diversification. Inter-company sales between segments are immaterial. Net sales and Operating profit by segment are as follows: Net Sales Operating Profit For the Three Months Ended June 30, For the Three Months Ended June 30, (In millions) 2021 2020 2021 2020 HVAC $ 3,120 $ 2,291 $ 573 $ 358 Refrigeration 1,021 700 123 61 Fire & Security 1,403 1,057 148 106 Total segment 5,544 4,048 844 525 Eliminations and other (104) (76) (23) (56) General corporate expenses — — (38) (27) Total Consolidated $ 5,440 $ 3,972 $ 783 $ 442 Net Sales Operating Profit For the Six Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 HVAC $ 5,606 $ 4,250 $ 938 $ 525 Refrigeration 2,026 1,508 250 160 Fire & Security 2,707 2,263 298 226 Total segment 10,339 8,021 1,486 911 Eliminations and other (200) (161) (63) (91) General corporate expenses — — (69) (63) Total Consolidated $ 10,139 $ 7,860 $ 1,354 $ 757 Geographic external sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. presented in the table below, there were no individually significant countries with sales exceeding 10% of total sales during the six months ended June 30, 2021 and 2020. For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 United States $ 2,848 $ 2,192 $ 5,201 $ 4,203 International: Europe 1,459 969 2,857 2,148 Asia Pacific 907 645 1,649 1,164 Other 226 166 432 345 Net sales $ 5,440 $ 3,972 $ 10,139 $ 7,860

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES Equity Method Investments The Company sells products to and purchases products from unconsolidated entities accounted for under the equity method and, therefore, these entities are considered to be related parties. Amounts attributable to equity method investees are as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Sales to equity method investees included in Product sales $ 652 $ 434 $ 1,120 $ 778 Purchases from equity method investees included in Cost of products sold $ 98 $ 66 $ 174 $ 143 The Company had receivables from and payables to equity method investees as follows: (In millions) June 30, December 31, 2020 Receivables from equity method investees included in Accounts receivable, net $ 243 $ 161 Payables to equity method investees included in Accounts payable $ 59 $ 38 The Company periodically reviews the carrying value of its equity method investments to determine if there has been an other-than-temporary decline in fair value. During the three months ended March 31, 2020, the Company determined that indicators of impairment existed for a minority owned joint venture investment and performed a valuation of this investment using a discounted cash flow method. The Company determined that the loss in value was other-than-temporary due to a reduction in sales and earnings that were primarily driven by a deterioration in the oil and gas industry (the joint venture's primary market) and by the impact of the COVID-19 pandemic. As a result, the Company recorded a non-cash, other-than-temporary impairment charge of $71 million on this investment during the three months ended March 31, 2020, which is included in Other income (expense), net on the accompanying Unaudited Condensed Consolidated Statement of Operations.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental (including asbestos) and legal matters. In accordance with ASC 450, Contingencies ("ASC 450"), the Company records accruals for loss contingencies when it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. These accruals are generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. In addition, these estimates are reviewed periodically and adjusted to reflect additional information when it becomes available. The Company is unable to predict the final outcome of the following matters based on the information currently available, except as otherwise noted. However, the Company does not believe that the resolution of any of these matters will have a material adverse effect upon the Company's competitive position, results of operations, cash flows or financial condition. Environmental Matters The Company’s operations are subject to environmental regulation by various authorities. The Company has accrued for the costs of environmental remediation activities, including but not limited to investigatory, remediation, operating and maintenance costs and performance guarantees, and the Company periodically reassesses these amounts. Management believes that the likelihood of incurring losses materially in excess of the amounts accrued is remote. The outstanding liabilities for environmental obligations are as follows: (In millions) June 30, December 31, 2020 Environmental reserves included in Accrued liabilities $ 25 $ 26 Environmental reserves included in Other long-term liabilities 209 213 Total Environmental reserves $ 234 $ 239 Asbestos Matters The Company and its consolidated subsidiaries have been named as defendants in lawsuits alleging personal injury as a result of exposure to asbestos allegedly integrated into certain Carrier products or business premises. While the Company has never manufactured asbestos and no longer incorporates it into any currently-manufactured products, certain products that the Company no longer manufactures contained components incorporating asbestos. A substantial majority of these asbestos-related claims have been dismissed without payment or have been covered in full or in part by insurance or other forms of indemnity. Additional cases were litigated and settled without any insurance reimbursement. The amounts involved in asbestos-related claims were not material individually or in the aggregate in any period. The Company had asbestos liabilities and related recoveries as follows: (In millions) June 30, December 31, Asbestos liabilities included in Accrued liabilities $ 18 $ 17 Asbestos liabilities included in Other long-term liabilities 222 228 Total Asbestos liabilities $ 240 $ 245 Asbestos-related recoveries included in Other assets, current $ 6 $ 6 Asbestos-related recoveries included in Other assets 95 97 Total Asbestos-related recoveries $ 101 $ 103 The amounts recorded for asbestos-related liabilities are based on currently available information and assumptions that the Company believes are reasonable and are made with input from outside actuarial experts. Where no amount within a range of estimates is more likely, the minimum is accrued. These amounts are undiscounted and exclude the Company’s legal fees to defend the asbestos claims, which are expensed as incurred. In addition, the Company has recorded an insurance recovery receivable for probable asbestos-related recoveries. UTC Equity Awards Conversion Litigation On August 12, 2020, several former employees of UTC or its subsidiaries filed a putative class action complaint (the "Complaint") in the United States District Court for the District of Connecticut against Raytheon Technologies Corporation, Carrier, Otis, the former members of the UTC Board of Directors and the members of the Carrier and Otis Boards of Directors ( Geraud Darnis, et al. v. Raytheon Technologies Corporation, et al. ). The Complaint challenges the method by which UTC equity awards were converted to UTC, Carrier and Otis equity awards following the Separation and the Distribution. The Complaint asserted that the defendants are liable for breach of certain equity compensation plans and for breach of fiduciary duty and also asserted claims under certain provisions of the Employee Retirement Income Security Act of 1974, as amended. Plaintiffs have withdrawn, with prejudice, their claims against Otis's and Carrier's current Boards of Directors. Carrier believes that the remaining claims against the Company are without merit. Aqueous Film Forming Foam Litigation Aqueous Film Forming Foam ("AFFF") is a firefighting foam developed in the 1970s pursuant to U.S. military specification and used to extinguish certain types of fires primarily at airports and military bases. AFFF was manufactured by several companies, including National Foam and Angus Fire. UTC acquired the National Foam and Angus Fire businesses in 2005 as part of the acquisition of Kidde, which had been operated by Carrier. In 2013, UTC divested the National Foam and Angus Fire businesses to a third party. The Company and many other parties, including the third-party buyer of the National Foam and Angus Fire businesses, have been named as defendants in over 1,300 cases, including putative class actions and other lawsuits, alleging that the historic use of AFFF caused personal injuries and property damage. Additionally, several state, municipal and water utility plaintiffs have commenced litigation against the same defendants to recover remediation costs related to historic use of AFFF. In December 2018, the U.S. Judicial Panel on Multidistrict Litigation ("MDL") transferred and consolidated all of the AFFF cases pending in the federal courts to the U.S. District Court for the District of South Carolina for pre-trial proceedings. Plaintiffs in the MDL allege that a chemical ingredient in AFFF contains, or breaks down into, compounds known as perflourooctane sulfonate ("PFOS") and perflourooctane acid ("PFOA") that were released into the environment and, in some instances, ultimately leached into drinking water supplies. National Foam and Angus Fire purchased these perflourinated chemical ingredients from third-party chemical manufacturers to manufacture AFFF. Chemicals containing PFOS and PFOA (or their precursors) have also been used for decades by many third parties to manufacture carpets, clothing, fabrics, cookware and other consumer products. The individual plaintiffs in the MDL generally seek compensatory damages for alleged personal injuries, medical monitoring and diminution in property value and injunctive relief to remediate alleged contamination of water supplies. The U.S., state, municipal and water utility plaintiffs in the MDL generally seek damages and costs related to the remediation of public property and water supplies. The Company and other defendants are also party to fewer than 10 cases in state court brought by oil refining companies in the U.S. alleging product liability claims related to legacy sales of AFFF and seeking damages for the costs to replace the product and for property damage. The Company and other defendants are also party to an action related to the AFFF manufacturing facility that was operated by National Foam and Angus Fire in which the plaintiff water utility seeks remediation costs related to the alleged contamination of the local water supply. The Company believes that it has meritorious defenses to these claims and the Company is also seeking insurance coverage for these claims. At this time, however, given the numerous factual, scientific and legal issues to be resolved relating to these claims, the Company is unable to assess the probability of liability or reasonably estimate the damages, if any, to be allocated to the Company, if one or more plaintiffs were to prevail in these cases, and there can be no assurance that any such future exposure will not be material in any period. Income Taxes Under the TMA, the Company is responsible to UTC for its share of the Tax Cuts and Jobs Act ("TCJA") transition tax associated with foreign undistributed earnings as of December 31, 2017. As a result, a liability of $453 million is included within the accompanying Unaudited Condensed Consolidated Balance Sheet at June 30, 2021 . This obligation is expected to be settled in annual installments ending in April 2026 with the next installment of $36 million included within Accrued Liabilities . The Company believes that the likelihood of incurring losses materially in excess of this amount is remote. Other The Company has other commitments and contingent liabilities related to legal proceedings, self-insurance programs and matters arising in the ordinary course of business. The Company accrues for contingencies generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. In the ordinary course of business, the Company is also routinely a defendant in, party to or otherwise subject to many pending and threatened legal actions, claims, disputes and proceedings. These matters are often based on alleged violations of contract, product liability, warranty, regulatory, environmental, health and safety, employment, intellectual property, tax and other laws. In some of these proceedings, claims for substantial monetary damages are asserted against the Company and could result in fines, penalties, compensatory or treble damages or non-monetary relief. The Company does not believe that these matters will have a material adverse effect upon its competitive position, results of operations, cash flows or financial condition.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Sale of Chubb Fire & Security Business On July 26, 2021, the Company entered into an agreement to sell its Chubb Fire and Security business (Chubb) to APi Group Corporation (APi) for an enterprise value of $3.1 billion (the “Agreement”). The purchase price is subject to working capital and other adjustments as provided in the Agreement. Chubb, reported within the Company’s Fire & Security segment, delivers essential fire safety and security solutions from design and installation to monitoring, service and maintenance across more than 17 countries around the globe. At June 30, 2021, Chubb did not meet the criteria for assets held for sale in the Unaudited Condensed Consolidated Balance Sheet. On a prospective basis, the net assets of Chubb will be classified as held for sale until the divestiture is completed. This transaction is expected to close late in the fourth quarter of 2021 or early in the first quarter of 2022, subject to regulatory approvals, required works council consultation in France and customary closing conditions. Based on the carrying amount of Chubb’s net assets, foreign currency translation rates and other assumptions at June 30, 2021, the Company expects to recover the carrying value of the disposal group upon completion of the transaction. In conjunction with the Agreement, the Company has agreed to provide APi, and APi has agreed to provide the Company, certain transitional services for varying periods after the closing. Share Repurchase Program

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Accounting	The Unaudited Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and majority-owned subsidiaries in which it has control. All intra-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Non-controlling interest represents a non-controlling investor's interests in the results of subsidiaries that the Company controls and consolidates. The Company's financial statements for the periods prior to the Separation and the Distribution are prepared on a "carve-out" basis and include all amounts directly attributable to the Company. Net cash transfers and other property transferred between UTC and the Company, including related party receivables and payables between the Company and other UTC affiliates, are presented as Net transfers to UTC . In addition, the financial statements include allocations of costs for administrative functions and services performed on behalf of the Company by centralized groups within UTC. All allocations and estimates in the Unaudited Condensed Consolidated Financial Statements are based on assumptions that management believes are reasonable. The Company's financial statements for the periods subsequent to April 3, 2020 are consolidated financial statements based on the reported results of Carrier as a stand-alone company.
Recently Adopted Accounting Pronouncements	The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the sole source of authoritative U.S. GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not referenced below were assessed and determined to be either not applicable or are not expected to have a material impact on the Unaudited Condensed Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ( " ASU 2019-12"), which simplifies certain aspects of income tax accounting guidance in ASC 740, Income Taxes ("ASC 740") reducing the complexity of its application while maintaining or improving the usefulness of the information required to be reported. The ASU eliminates certain exceptions from ASC 740 including: intra-period tax allocation, deferred tax liabilities related to outside basis differences and year-to-date loss in interim periods, among others. ASU 2019-12 was effective for periods beginning after December 15, 2020, including interim periods therein with early adoption permitted. The Company adopted this ASU on January 1, 2021 with no material impact on the Unaudited Condensed Consolidated Financial Statements.
Share Repurchase Program	The Company records repurchases under the cost method whereby the entire cost of the acquired stock is recorded as Treasury stock as a reduction to equity. The reissuance of treasury stock uses the first-in, first-out method of accounting.

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The major classes of inventory are as follows: (In millions) June 30, December 31, Raw materials $ 478 $ 363 Work-in-process 190 143 Finished goods 1,217 1,123 Inventories, net $ 1,885 $ 1,629

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill are as follows: (In millions) HVAC Refrigeration Fire & Security Total Balance as of December 31, 2020 $ 5,489 $ 1,251 $ 3,399 $ 10,139 Goodwill resulting from business combinations (1) 175 — — 175 Foreign currency translation (19) (4) (12) (35) Balance as of June 30, 2021 $ 5,645 $ 1,247 $ 3,387 $ 10,279
Schedule of Finite-Lived Intangible Assets	Identifiable intangible assets are comprised of the following: June 30, 2021 December 31, 2020 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,593 $ (1,302) $ 291 $ 1,558 $ (1,285) $ 273 Patents and trademarks 300 (227) 73 301 (222) 79 Monitoring lines 72 (61) 11 71 (59) 12 Service portfolios and other 683 (550) 133 644 (542) 102 2,648 (2,140) 508 2,574 (2,108) 466 Unamortized: Trademarks and other 563 — 563 571 — 571 Intangible assets, net $ 3,211 $ (2,140) $ 1,071 $ 3,145 $ (2,108) $ 1,037
Schedule of Indefinite-Lived Intangible Assets	Identifiable intangible assets are comprised of the following: June 30, 2021 December 31, 2020 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,593 $ (1,302) $ 291 $ 1,558 $ (1,285) $ 273 Patents and trademarks 300 (227) 73 301 (222) 79 Monitoring lines 72 (61) 11 71 (59) 12 Service portfolios and other 683 (550) 133 644 (542) 102 2,648 (2,140) 508 2,574 (2,108) 466 Unamortized: Trademarks and other 563 — 563 571 — 571 Intangible assets, net $ 3,211 $ (2,140) $ 1,071 $ 3,145 $ (2,108) $ 1,037

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: (In millions, except percentages) June 30, December 31, 1.923% Notes due February 15, 2023 $ — (1) $ 500 2.242% Notes due February 15, 2025 2,000 2,000 2.493% Notes due February 15, 2027 1,250 1,250 2.722% Notes due February 15, 2030 2,000 2,000 2.700% Notes due February 15, 2031 750 750 3.377% Notes due April 5, 2040 1,500 1,500 3.577% Notes due April 5, 2050 2,000 2,000 Total long-term Notes 9,500 10,000 Other debt (including project financing obligations and finance leases) 300 308 Discounts and debt issuance costs (75) (81) Total debt 9,725 10,227 Less: current portion of long-term debt 125 191 Long-term debt, net of current portion $ 9,600 $ 10,036

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following tables provide the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company's Unaudited Condensed Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 June 30, 2021 Derivative assets $ 3 (1) $ — $ 3 $ — Derivative liabilities $ (3) (2) $ — $ (3) $ — December 31, 2020 Derivative assets $ 17 (1) $ — $ 17 $ — Derivative liabilities $ (5) (2) $ — $ (5) $ — (2) Included in Other assets, current on the accompanying Unaudited Condensed Consolidated Balance Sheet (3) Included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet The Company's long-term debt is measured at fair value based on observable market inputs which are considered Level 1 within the fair value hierarchy. The following table provides the carrying amounts and fair values of financial instruments that are not recorded at fair value in the Company's Unaudited Condensed Consolidated Balance Sheet: June 30, 2021 December 31, 2020 (In millions) Carrying Fair Carrying Fair Total Long-term Notes (1) $ 9,500 $ 9,930 $ 10,000 $ 10,811 (1) Excludes debt discount and issuance costs

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Employer Contributions to Plans	Contributions to the plans were as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Defined benefit plans $ 3 $ 2 $ 27 $ 27 Defined contribution plans $ 30 $ 25 $ 67 $ 55 Multi-employer pension plans $ 7 $ 5 $ 12 $ 10
Schedule of Defined Benefit Plans Disclosures	The following table illustrates the components of net periodic pension benefits for the defined benefit pension and post-retirement benefit plans: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Service cost $ 7 $ 7 $ 14 $ 15 Interest cost 10 13 19 26 Expected return on plan assets (37) (34) (73) (69) Amortization of prior service credit — — 1 1 Recognized actuarial net (gain) loss 8 5 16 10 Net settlement, curtailment and special termination benefit (gain) loss — — — 1 Net periodic pension expense (benefit) $ (12) $ (9) $ (23) $ (16)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The expense recognized was as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Equity settled $ 21 $ 22 $ 40 $ 35 Cash settled 6 4 10 (1) Total stock-based compensation expense $ 27 $ 26 $ 50 $ 34

GUARANTEES (Tables)

GUARANTEES (Tables)	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
Schedule of Product Warranty Liability	The changes in the carrying amount of service and product warranties and product performance guarantees, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet, are as follows: For the Six Months Ended June 30, (In millions) 2021 2020 Balance as of January 1, $ 514 $ 488 Warranties, performance guarantees issued and changes in estimated liability 89 105 Settlements made (80) (92) Balance as of June 30, $ 523 $ 501

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of changes in the components of Accumulated other comprehensive income (loss) for the three months ended June 30, 2021 and 2020 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of March 31, 2021 $ (312) $ (547) $ (859) Other comprehensive income (loss) before reclassifications, net 59 — 59 Amounts reclassified, pre-tax — 8 8 Tax expense (benefit) reclassified — (2) (2) Balance as of June 30, 2021 $ (253) $ (541) $ (794) (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of March 31, 2020 $ (1,268) $ (468) $ (1,736) Other comprehensive income (loss) before reclassifications, net 250 2 252 Amounts reclassified, pre-tax — 6 6 Tax expense (benefit) reclassified — (1) (1) Balance as of June 30, 2020 $ (1,018) $ (461) $ (1,479) A summary of changes in the components of Accumulated other comprehensive income (loss) for the six months ended June 30, 2021 and 2020 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2020 $ (191) $ (554) $ (745) Other comprehensive income (loss) before reclassifications, net (62) — (62) Amounts reclassified, pre-tax — 17 17 Tax benefit reclassified — (4) (4) Balance as of June 30, 2021 $ (253) $ (541) $ (794) (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2019 $ (780) $ (473) $ (1,253) Other comprehensive income (loss) before reclassifications, net (238) 2 (236) Amounts reclassified, pre-tax — 12 12 Tax benefit reclassified — (2) (2) Balance as of June 30, 2020 $ (1,018) $ (461) $ (1,479)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Sales Disaggregated by Product and Service	Sales disaggregated by product and service are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Sales Type Product $ 2,757 $ 1,976 $ 4,904 $ 3,633 Service 363 315 702 617 HVAC sales 3,120 2,291 5,606 4,250 Product 915 609 1,807 1,322 Service 106 91 219 186 Refrigeration sales 1,021 700 2,026 1,508 Product 1,012 762 1,931 1,622 Service 391 295 776 641 Fire & Security sales 1,403 1,057 2,707 2,263 Total segment sales 5,544 4,048 10,339 8,021 Eliminations and other (104) (76) (200) (161) Net sales $ 5,440 $ 3,972 $ 10,139 $ 7,860
Contract with Customer, Asset and Liability	Total contract assets and liabilities arising from contracts with customers are as follows: (In millions) June 30, December 31, Contract assets, current $ 695 $ 656 Contract assets, non-current (included within Other assets) 166 98 Total contract assets $ 861 $ 754 Contract liabilities, current (576) (512) Contract liabilities, non-current (included within Other long-term liabilities) (171) (165) Total contract liabilities (747) (677) Net contract assets $ 114 $ 77

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost	The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 HVAC $ 7 $ 1 $ 11 $ 3 Refrigeration 3 3 5 3 Fire & Security 9 6 20 9 Total Segment 19 10 36 15 General corporate expenses 2 1 3 1 Total restructuring costs $ 21 $ 11 $ 39 $ 16 Cost of sales $ 6 $ 5 $ 11 $ 6 Selling, general and administrative 15 6 28 10 Total restructuring costs $ 21 $ 11 $ 39 $ 16
Schedule of Restructuring and Related Costs	The following table summarizes the reserves and charges related to restructuring actions: For the Six Months Ended June 30, (In millions) 2021 2020 Balance as of January 1, $ 49 $ 66 Net pre-tax restructuring costs 39 16 Utilization, foreign exchange and other (40) (35) Balance as of June 30, $ 48 $ 47

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share amounts) 2021 2020 2021 2020 Net income attributable to common shareowners $ 487 $ 261 $ 871 $ 357 Basic weighted-average number of shares outstanding 868.7 866.2 869.0 866.2 Stock awards and equity units (share equivalent) 22.2 4.7 21.4 4.7 Diluted weighted-average number of shares outstanding 890.9 870.9 890.4 870.9 Antidilutive shares excluded from computation of diluted earnings per share 3.1 30.9 3.1 30.9 Earnings Per Share Basic $ 0.56 $ 0.30 $ 1.00 $ 0.41 Diluted $ 0.55 $ 0.30 $ 0.98 $ 0.41

BUSINESS ACQUISITIONS AND DIS_2

BUSINESS ACQUISITIONS AND DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquired Finite-Lived Intangible Assets by Major Class	The Company recorded intangible assets based on its preliminary estimate of fair value, which consisted of the following: (in millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 14 $ 52 Technology 10 34 Non-compete agreement 5 8 Total intangible assets acquired $ 94

SEGMENT FINANCIAL DATA (Tables)

SEGMENT FINANCIAL DATA (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Net sales and Operating profit by segment are as follows: Net Sales Operating Profit For the Three Months Ended June 30, For the Three Months Ended June 30, (In millions) 2021 2020 2021 2020 HVAC $ 3,120 $ 2,291 $ 573 $ 358 Refrigeration 1,021 700 123 61 Fire & Security 1,403 1,057 148 106 Total segment 5,544 4,048 844 525 Eliminations and other (104) (76) (23) (56) General corporate expenses — — (38) (27) Total Consolidated $ 5,440 $ 3,972 $ 783 $ 442 Net Sales Operating Profit For the Six Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 HVAC $ 5,606 $ 4,250 $ 938 $ 525 Refrigeration 2,026 1,508 250 160 Fire & Security 2,707 2,263 298 226 Total segment 10,339 8,021 1,486 911 Eliminations and other (200) (161) (63) (91) General corporate expenses — — (69) (63) Total Consolidated $ 10,139 $ 7,860 $ 1,354 $ 757
Revenue from External Customers by Geographic Areas	For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions) 2021 2020 2021 2020 United States $ 2,848 $ 2,192 $ 5,201 $ 4,203 International: Europe 1,459 969 2,857 2,148 Asia Pacific 907 645 1,649 1,164 Other 226 166 432 345 Net sales $ 5,440 $ 3,972 $ 10,139 $ 7,860

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Equity Method Investments	Amounts attributable to equity method investees are as follows: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2021 2020 2021 2020 Sales to equity method investees included in Product sales $ 652 $ 434 $ 1,120 $ 778 Purchases from equity method investees included in Cost of products sold $ 98 $ 66 $ 174 $ 143 The Company had receivables from and payables to equity method investees as follows: (In millions) June 30, December 31, 2020 Receivables from equity method investees included in Accounts receivable, net $ 243 $ 161 Payables to equity method investees included in Accounts payable $ 59 $ 38

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Environmental Loss Contingencies	The outstanding liabilities for environmental obligations are as follows: (In millions) June 30, December 31, 2020 Environmental reserves included in Accrued liabilities $ 25 $ 26 Environmental reserves included in Other long-term liabilities 209 213 Total Environmental reserves $ 234 $ 239
Schedule of Asbestos Liabilities and Related Recoveries	The Company had asbestos liabilities and related recoveries as follows: (In millions) June 30, December 31, Asbestos liabilities included in Accrued liabilities $ 18 $ 17 Asbestos liabilities included in Other long-term liabilities 222 228 Total Asbestos liabilities $ 240 $ 245 Asbestos-related recoveries included in Other assets, current $ 6 $ 6 Asbestos-related recoveries included in Other assets 95 97 Total Asbestos-related recoveries $ 101 $ 103

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - USD ($)	Apr. 03, 2020	Apr. 02, 2020	Mar. 27, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Feb. 27, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares converted in spinoff transaction (in shares)	1
Aggregate principal balance								$ 11,000,000,000
Net transfer to parent			$ 10,900,000,000			$ 0	$ 10,359,000,000
Capital contributions received from contributions from parent		$ 590,000,000
Separation costs						$ 19,000,000	$ 68,000,000
Spinoff
Accumulated Other Comprehensive Income (Loss) [Line Items]
Separation costs				$ 3,000,000	$ 23,000,000

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 478	$ 363
Work-in-process	190	143
Finished goods	1,217	1,123
Inventories, net	1,885	1,629
Inventory valuation reserves	$ 189	$ 183

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 10,139
Goodwill resulting from business combinations	175
Foreign currency translation	(35)
Ending balance	10,279
HVAC
Goodwill [Roll Forward]
Beginning balance	5,489
Goodwill resulting from business combinations	175
Foreign currency translation	(19)
Ending balance	5,645
Refrigeration
Goodwill [Roll Forward]
Beginning balance	1,251
Goodwill resulting from business combinations	0
Foreign currency translation	(4)
Ending balance	1,247
Fire & Security
Goodwill [Roll Forward]
Beginning balance	3,399
Goodwill resulting from business combinations	0
Foreign currency translation	(12)
Ending balance	$ 3,387

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,648	$ 2,574
Accumulated Amortization	(2,140)	(2,108)
Net Amount	508	466
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	3,211	3,145
Accumulated Amortization	(2,140)	(2,108)
Net Amount	1,071	1,037
Trademarks and other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	563	571
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,593	1,558
Accumulated Amortization	(1,302)	(1,285)
Net Amount	291	273
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(1,302)	(1,285)
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	300	301
Accumulated Amortization	(227)	(222)
Net Amount	73	79
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(227)	(222)
Monitoring lines
Finite-Lived Intangible Assets [Line Items]
Gross Amount	72	71
Accumulated Amortization	(61)	(59)
Net Amount	11	12
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(61)	(59)
Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	683	644
Accumulated Amortization	(550)	(542)
Net Amount	133	102
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (550)	$ (542)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 25	$ 25	$ 49	$ 50

BORROWINGS AND LINES OF CREDI_2

BORROWINGS AND LINES OF CREDIT - Long-term Debt (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Discounts and debt issuance costs		$ (75)	$ (81)
Total debt		9,725	10,227
Less: current portion of long-term debt		125	191
Long-term debt, net of current portion		9,600	10,036
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		9,500	10,000
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross		300	308
1.923% Notes due February 15, 2023 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		0	$ 500
Interest rate	1.923%		1.923%
Make-whole premium	$ 17
Write-off of remaining unamortized deferred financing costs	$ 2
2.242% Notes due February 15, 2025 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,000	$ 2,000
Interest rate		2.242%
2.493% Notes due February 15, 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,250	1,250
Interest rate		2.493%
2.722% Notes due February 15, 2030 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,000	2,000
Interest rate		2.722%
2.700% Notes due February 15, 2031 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 750	750
Interest rate		2.70%
3.377% Notes due April 5, 2040 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,500	1,500
Interest rate		3.377%
3.577% Notes due April 5, 2050 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,000	$ 2,000
Interest rate		3.577%

BORROWINGS AND LINES OF CREDI_3

BORROWINGS AND LINES OF CREDIT - Narrative (Details) - USD ($)	Feb. 10, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 02, 2020	Feb. 27, 2020
Debt Instrument [Line Items]
Aggregate principal balance					$ 11,000,000,000
Issuance of long-term debt		$ 74,000,000	$ 11,734,000,000
Repayment of long-term debt		605,000,000	36,000,000
Debt instrument, covenant, modification period threshold for provision of terms				$ 100,000,000
Other Debt | Project Financing Arrangements
Debt Instrument [Line Items]
Issuance of long-term debt		71,000,000	75,000,000
Repayment of long-term debt		83,000,000	$ 36,000,000
Commercial Paper
Debt Instrument [Line Items]
Aggregate principal balance		2,000,000,000
Short-term debt		0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 2,000,000,000
Commitment fee percentage	0.125%
Long-term debt		$ 0
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value and Carrying Amounts Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 3	$ 17
Derivative liabilities	(3)	(5)
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	3	17
Derivative liabilities	(3)	(5)
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

FAIR VALUES MEASUREMENTS - Carr

FAIR VALUES MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - Unsecured Debt - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 9,500	$ 10,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 9,930	$ 10,811

EMPLOYEE BENEFIT PLANS - Contri

EMPLOYEE BENEFIT PLANS - Contributions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Defined benefit plans	$ 3	$ 2	$ 27	$ 27
Defined contribution plans	30	25	67	55
Multi-employer pension plans	$ 7	$ 5	$ 12	$ 10

EMPLOYEE BENEFIT PLANS - Pensio

EMPLOYEE BENEFIT PLANS - Pension Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Service cost	$ 7	$ 7	$ 14	$ 15
Interest cost	10	13	19	26
Expected return on plan assets	(37)	(34)	(73)	(69)
Amortization of prior service credit	0	0	1	1
Recognized actuarial net (gain) loss	8	5	16	10
Net settlement, curtailment and special termination benefit (gain) loss	0	0	0	1
Net periodic pension expense (benefit)	$ (12)	$ (9)	$ (23)	$ (16)

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Equity settled	$ 21	$ 22	$ 40	$ 35
Cash settled	6	4	10	(1)
Total stock-based compensation expense	$ 27	$ 26	$ 50	$ 34

GUARANTEES (Details)

GUARANTEES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 514	$ 488
Warranties, performance guarantees issued and changes in estimated liability	89	105
Settlements made	(80)	(92)
Ending balance	$ 523	$ 501

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Feb. 04, 2021	Apr. 03, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized (in shares)	4,000,000,000		4,000,000,000
Common stock, par or stated value per share (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
Common stock, shares, issued (in shares)					866,158,910
Stock repurchase program, authorized amount				$ 350,000,000
Shares of common stock repurchased (in shares)	2,100,000		3,100,000
Treasury stock repurchase	$ 92,000,000	$ 38,000,000	$ 130,000,000
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	870,754,214		870,754,214
Treasury Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	3,053,847		3,053,847
Treasury stock repurchase	$ 92,000,000	$ 38,000,000

EQUITY - Summary of Changes in

EQUITY - Summary of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 6,818	$ 3,026	$ 6,578	$ 14,435
Balance as of end of period	7,120	4,366	7,120	4,366
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(859)	(1,736)	(745)	(1,253)
Other comprehensive income (loss) before reclassifications, net	59	252	(62)	(236)
Amounts reclassified, pre-tax	8	6	17	12
Tax expense (benefit) reclassified	(2)	(1)	(4)	(2)
Balance as of end of period	(794)	(1,479)	(794)	(1,479)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(312)	(1,268)	(191)	(780)
Other comprehensive income (loss) before reclassifications, net	59	250	(62)	(238)
Balance as of end of period	(253)	(1,018)	(253)	(1,018)
Defined Benefit Pension and Post-retirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(547)	(468)	(554)	(473)
Other comprehensive income (loss) before reclassifications, net		2		2
Amounts reclassified, pre-tax	8	6	17	12
Tax expense (benefit) reclassified	(2)	(1)	(4)	(2)
Balance as of end of period	$ (541)	$ (461)	$ (541)	$ (461)

REVENUE RECOGNITION - Sales Dis

REVENUE RECOGNITION - Sales Disaggregated by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 5,440	$ 3,972	$ 10,139	$ 7,860
Product
Segment Reporting Information [Line Items]
Net sales	4,584	3,275	8,448	6,422
Service
Segment Reporting Information [Line Items]
Net sales	856	697	1,691	1,438
Operating Segments
Segment Reporting Information [Line Items]
Net sales	5,544	4,048	10,339	8,021
Operating Segments | HVAC
Segment Reporting Information [Line Items]
Net sales	3,120	2,291	5,606	4,250
Operating Segments | HVAC | Product
Segment Reporting Information [Line Items]
Net sales	2,757	1,976	4,904	3,633
Operating Segments | HVAC | Service
Segment Reporting Information [Line Items]
Net sales	363	315	702	617
Operating Segments | Refrigeration
Segment Reporting Information [Line Items]
Net sales	1,021	700	2,026	1,508
Operating Segments | Refrigeration | Product
Segment Reporting Information [Line Items]
Net sales	915	609	1,807	1,322
Operating Segments | Refrigeration | Service
Segment Reporting Information [Line Items]
Net sales	106	91	219	186
Operating Segments | Fire & Security
Segment Reporting Information [Line Items]
Net sales	1,403	1,057	2,707	2,263
Operating Segments | Fire & Security | Product
Segment Reporting Information [Line Items]
Net sales	1,012	762	1,931	1,622
Operating Segments | Fire & Security | Service
Segment Reporting Information [Line Items]
Net sales	391	295	776	641
Eliminations and other
Segment Reporting Information [Line Items]
Net sales	$ (104)	$ (76)	$ (200)	$ (161)

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 695	$ 656
Contract assets, non-current (included within Other assets)	166	98
Total contract assets	861	754
Contract liabilities, current	(576)	(512)
Contract liabilities, non-current (included within Other long-term liabilities)	(171)	(165)
Total contract liabilities	(747)	(677)
Net contract assets	$ 114	$ 77

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 100

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 21	$ 11	$ 39	$ 16
Restructuring Reserve [Roll Forward]
Beginning balance			49	66
Net pre-tax restructuring costs	21	11	39	16
Utilization, foreign exchange and other costs			(40)	(35)
Ending balance	48	47	48	47
Restructuring reserve	48		48
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6	5	11	6
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	6	5	11	6
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	15	6	28	10
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	15	6	28	10
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	19	10	36	15
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	19	10	36	15
Operating Segments | HVAC
Restructuring Cost and Reserve [Line Items]
Restructuring costs	7	1	11	3
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	7	1	11	3
Operating Segments | Refrigeration
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3	3	5	3
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	3	3	5	3
Operating Segments | Fire & Security
Restructuring Cost and Reserve [Line Items]
Restructuring costs	9	6	20	9
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	9	6	20	9
General corporate expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2	1	3	1
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	$ 2	$ 1	$ 3	$ 1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, percent	32.00%	28.20%	27.50%	44.60%
Effective income tax rate reconciliation, change in enacted tax rate, amount	$ 43		$ 43
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance					$ 51
Effective income tax rate reconciliation, repatriation of foreign earnings, amount			46
Effective income tax rate reconciliation, favorable adjustments			21
Minimum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	20		20
Maximum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 35		$ 35

EARNINGS PER SHARE - Schedule (

EARNINGS PER SHARE - Schedule (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 02, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income attributable to common shareowners		$ 487	$ 261	$ 871	$ 357
Basic weighted-average number of shares outstanding (in shares)		868,700,000	866,200,000	869,000,000	866,200,000
Stock awards and equity units (share equivalent) (in shares)	0	22,200,000	4,700,000	21,400,000	4,700,000
Diluted weighted-average number of shares outstanding (in shares)		890,900,000	870,900,000	890,400,000	870,900,000
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		3,100,000	30,900,000	3,100,000	30,900,000
Earnings Per Share
Basic (in dollars per share)		$ 0.56	$ 0.30	$ 1	$ 0.41
Diluted (in dollars per share)		$ 0.55	$ 0.30	$ 0.98	$ 0.41

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - $ / shares	Apr. 02, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Apr. 03, 2020
Earnings Per Share [Abstract]
Common stock, shares, issued (in shares)						866,158,910
Common stock, par or stated value per share (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Stock awards and equity units (share equivalent) (in shares)	0	22,200,000	4,700,000	21,400,000	4,700,000

BUSINESS ACQUISITIONS AND DIS_3

BUSINESS ACQUISITIONS AND DISPOSITIONS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 01, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 167	$ 0
Goodwill	10,279			$ 10,139
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	167
Intangible assets acquired	94
Goodwill	$ 175
Giwee
Business Acquisition [Line Items]
Goodwill			$ 168
Controlling interest acquired			70.00%

BUSINESS ACQUISITIONS AND DIS_4

BUSINESS ACQUISITIONS AND DISPOSITIONS - Intangible Assets Acquired (Details) $ in Millions	Jun. 01, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible Assets Acquired	$ 94
Customer relationships | Giwee
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	14 years
Intangible Assets Acquired	$ 52
Technology | Giwee
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Intangible Assets Acquired	$ 34
Non-compete agreement | Giwee
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	5 years
Intangible Assets Acquired	$ 8

SEGMENT FINANCIAL DATA (Details

SEGMENT FINANCIAL DATA (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Net Sales	$ 5,440	$ 3,972	$ 10,139	$ 7,860
Operating Profit	783	442	1,354	757
United States
Segment Reporting Information [Line Items]
Net Sales	2,848	2,192	5,201	4,203
Europe
Segment Reporting Information [Line Items]
Net Sales	1,459	969	2,857	2,148
Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	907	645	1,649	1,164
Other
Segment Reporting Information [Line Items]
Net Sales	226	166	432	345
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	5,544	4,048	10,339	8,021
Operating Profit	844	525	1,486	911
Operating Segments | HVAC
Segment Reporting Information [Line Items]
Net Sales	3,120	2,291	5,606	4,250
Operating Profit	573	358	938	525
Operating Segments | Refrigeration
Segment Reporting Information [Line Items]
Net Sales	1,021	700	2,026	1,508
Operating Profit	123	61	250	160
Operating Segments | Fire & Security
Segment Reporting Information [Line Items]
Net Sales	1,403	1,057	2,707	2,263
Operating Profit	148	106	298	226
Eliminations and other
Segment Reporting Information [Line Items]
Net Sales	(104)	(76)	(200)	(161)
Operating Profit	(23)	(56)	(63)	(91)
General corporate expenses
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Operating Profit	$ (38)	$ (27)	$ (69)	$ (63)

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Impairment charge on minority-owned joint venture investments				$ 0	$ 72
Equity Method Investee
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	$ 652	$ 434		1,120	778
Purchases from equity method investees included in Cost of products sold	98	$ 66		174	$ 143
Receivables from equity method investees included in Accounts receivable, net	243			243		$ 161
Payables to equity method investees included in Accounts payable	$ 59			$ 59		$ 38
Impairment charge on minority-owned joint venture investments			$ 71

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Outstanding Liabilities for Environmental Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Environmental reserves included in Accrued liabilities	$ 25	$ 26
Environmental reserves included in Other long-term liabilities	209	213
Total Environmental reserves	$ 234	$ 239

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos Liabilities and Recoveries (Details) - Asbestos Matters - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Asbestos liabilities included in Accrued liabilities	$ 18	$ 17
Asbestos liabilities included in Other long-term liabilities	222	228
Total Asbestos liabilities	240	245
Asbestos-related recoveries included in Other assets, current	6	6
Asbestos-related recoveries included in Other assets	95	97
Total Asbestos-related recoveries	$ 101	$ 103

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions	Jun. 30, 2021USD ($)case
Other Commitments [Line Items]
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability | $	$ 453
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability, current | $	$ 36
Aqueous Film Forming Foam
Other Commitments [Line Items]
Number of litigation cases (more than) | case	1,300
Number of litigation cases in state court (fewer than) | case	10

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details)	Jul. 27, 2021USD ($)	Jul. 26, 2021USD ($)country	Feb. 04, 2021USD ($)
Subsequent Event [Line Items]
Stock repurchase program, authorized amount			$ 350,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, increased authorized amount	$ 1,750,000,000
Subsequent Event | Chubb Fire and Security | Disposal Group, Held-for-sale, Not Discontinued Operations
Subsequent Event [Line Items]
Enterprise value		$ 3,100,000,000
Subsequent Event | Chubb Fire and Security | Disposal Group, Held-for-sale, Not Discontinued Operations | Fire & Security
Subsequent Event [Line Items]
Number of countries | country		17