Carrier Global (CARR) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 15, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		848,241,752
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001783180

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net sales
Net sales	$ 4,654	$ 4,699
Costs and expenses
Research and development	(125)	(121)
Selling, general and administrative	(601)	(743)
Total Costs and expenses	(4,087)	(4,169)
Equity method investment net earnings	58	38
Other income (expense), net	1,112	3
Operating profit	1,737	571
Non-service pension (expense) benefit	(1)	18
Interest (expense) income, net	(48)	(93)
Income from operations before income taxes	1,688	496
Income tax (expense) benefit	(301)	(104)
Net income from operations	1,387	392
Less: Non-controlling interest in subsidiaries' earnings from operations	8	8
Net income attributable to common shareowners	$ 1,379	$ 384
Earnings per share
Basic (in dollars per share)	$ 1.62	$ 0.44
Diluted (in dollars per share)	$ 1.58	$ 0.43
Weighted-average number of shares outstanding
Basic (in shares)	853.3	869.3
Diluted (in shares)	874.1	889.8
Product
Net sales
Net sales	$ 4,170	$ 3,864
Costs and expenses
Cost of products and services sold	(2,998)	(2,724)
Service
Net sales
Net sales	484	835
Costs and expenses
Cost of products and services sold	$ (363)	$ (581)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income from operations	$ 1,387	$ 392
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments arising during period	(61)	(121)
Pension and post-retirement benefit plan adjustments	(2)	7
Chubb divestiture	245	0
Other comprehensive income (loss), net of tax	(308)	(114)
Comprehensive income (loss)	1,079	278
Less: Comprehensive income (loss) attributable to non-controlling interest	8	8
Comprehensive income (loss) attributable to common shareowners	$ 1,071	$ 270

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 3,604	$ 2,987
Accounts receivable, net	2,599	2,403
Contract assets, current	655	503
Inventories, net	2,358	1,970
Assets held for sale	0	3,168
Other assets, current	386	376
Total current assets	9,602	11,407
Future income tax benefits	517	563
Fixed assets, net	1,825	1,826
Operating lease right-of-use assets	596	640
Intangible assets, net	488	509
Goodwill	9,288	9,349
Pension and post-retirement assets	37	43
Equity method investments	1,638	1,593
Other assets	202	242
Total Assets	24,193	26,172
Liabilities and Equity
Accounts payable	2,519	2,334
Accrued liabilities	2,330	2,561
Contract liabilities, current	426	415
Liabilities held for sale	0	1,134
Current portion of long-term debt	256	183
Total current liabilities	5,531	6,627
Long-term debt	8,305	9,513
Future pension and post-retirement obligations	376	380
Future income tax obligations	366	354
Operating lease liabilities	491	527
Other long-term liabilities	1,694	1,677
Total Liabilities	16,763	19,078
Commitments and contingent liabilities (Note 19)
Equity
Common stock	9	9
Treasury stock	(1,270)	(529)
Additional paid-in capital	5,415	5,411
Retained earnings	4,244	2,865
Accumulated other comprehensive loss	(1,297)	(989)
Non-controlling interest	329	327
Total Equity	7,430	7,094
Total Liabilities and Equity	$ 24,193	$ 26,172

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	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, 2020	$ 6,578	$ (745)	$ 9	$ 0	$ 5,345	$ 1,643	$ 326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	392					384	8
Other comprehensive income (loss), 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	(859)	9	(38)	5,350	2,027	329
Balance as of beginning of period at Dec. 31, 2021	7,094	(989)	9	(529)	5,411	2,865	327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,387					1,379	8
Other comprehensive income (loss), net of tax	(308)	(308)
Shares issued under incentive plans, net	(17)				(17)
Stock-based compensation	21				21
Dividends attributable to non-controlling interest	(1)						(1)
Sale of non-controlling interest	(5)						(5)
Treasury stock repurchase	(741)			(741)
Balance as of end of period at Mar. 31, 2022	$ 7,430	$ (1,297)	$ 9	$ (1,270)	$ 5,415	$ 4,244	$ 329

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income from operations	$ 1,387	$ 392
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	79	83
Deferred income tax provision	48	(2)
Stock-based compensation costs	21	19
Equity method investment net earnings	(58)	(38)
(Gain) loss on extinguishment of debt	(36)	0
(Gain) loss on sale of investments	(1,112)	0
Changes in operating assets and liabilities
Accounts receivable, net	(207)	(83)
Contract assets, current	(154)	(44)
Inventories, net	(390)	(248)
Other assets, current	(15)	(23)
Accounts payable and accrued liabilities	132	151
Contract liabilities, current	13	39
Defined benefit plan contributions	(4)	(24)
Distributions from equity method investments	11	12
Other operating activities, net	83	(50)
Net cash flows provided by (used in) operating activities	(202)	184
Investing Activities
Capital expenditures	(56)	(53)
Investment in businesses, net of cash acquired	(9)	(6)
Dispositions of businesses	2,935	0
Settlement of derivative contracts, net	(32)	8
Other investing activities, net	(18)	2
Net cash flows provided by (used in) investing activities	2,820	(49)
Financing Activities
Increase (decrease) in short-term borrowings, net	(33)	28
Issuance of long-term debt	14	51
Repayment of long-term debt	(1,123)	(570)
Repurchases of common stock	(734)	(36)
Dividends paid on common stock	(129)	(104)
Dividends paid to non-controlling interest	0	(5)
Other financing activities, net	(15)	(7)
Net cash flows provided by (used in) financing activities	(2,020)	(643)
Effect of foreign exchange rate changes on cash and cash equivalents	(1)	(9)
Net increase (decrease) in cash and cash equivalents and restricted cash	597	(517)
Cash, cash equivalents and restricted cash, beginning of period	3,025	3,120
Cash, cash equivalents and restricted cash, end of period	3,622	2,603
Less: restricted cash	18	4
Cash and cash equivalents, end of period	$ 3,604	$ 2,599

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF THE BUSINESS Carrier Global Corporation is a leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions. The Company's portfolio includes industry-leading brands such as Carrier, Automated Logic, Carrier Transicold, Kidde, Edwards and LenelS2 that offer innovative heating, ventilating, air conditioning ("HVAC"), refrigeration, fire, security and building automation technologies to help make the world safer and more comfortable. 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 2021 filed with the SEC on February 8, 2022 (the "2021 Form 10-K"). 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 took several preemptive actions to manage liquidity, preserve the health and safety of its employees and customers as well as maintain the continuity of its operations. 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, including a resurgence in cases and the spread of COVID-19 variants, 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	3 Months Ended
	Mar. 31, 2022
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. Sale of Chubb Fire & Security Business On July 26, 2021, the Company entered into a stock purchase agreement to sell its Chubb Fire and Security business ("Chubb") to APi Group Corporation ("APi"). As a result, the assets and liabilities of Chubb are presented as held for sale on the accompanying Unaudited Condensed Consolidated Balance Sheet as of December 31, 2021 and recorded at the lower of their carrying value or fair value less estimated cost to sell. The sale of Chubb was completed on January 3, 2022 (the "Chubb Sale"). See Note 16 - Divestitures for additional information. Separation from United Technologies On April 3, 2020, 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. 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 $16 million for the three months ended March 31, 2021. Recently Issued and 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 pending adoption were assessed and determined to be either not applicable or not expected to have a material impact on the Unaudited Condensed Consolidated Financial Statements.

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET Inventories are stated at the lower of cost or estimated net 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"). Inventories, net consisted of the following: (In millions) March 31, 2022 December 31, 2021 Raw materials $ 670 $ 559 Work-in-process 260 197 Finished goods 1,428 1,214 Inventories, net $ 2,358 $ 1,970 The Company performs periodic assessments utilizing customer demand, production requirements and historical usage rates to determine the existence of excess and obsolete inventory and records necessary provisions to reduce such inventories to the lower of cost or estimated net realizable value. Raw materials, work-in-process and finished goods are net of valuation reserves of $160 million and $154 million as of March 31, 2022 and December 31, 2021, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2022
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 on July 1 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 were as follows: (In millions) HVAC Refrigeration Fire & Security Total Balance as of December 31, 2021 $ 5,658 $ 1,228 $ 2,463 $ 9,349 Goodwill resulting from business combinations (1) 3 — 1 4 Foreign currency translation (36) (8) (21) (65) Balance as of March 31, 2022 $ 5,625 $ 1,220 $ 2,443 $ 9,288 (1) See Note 15 - Acquisitions for additional information. Indefinite-lived intangible assets are tested and reviewed annually for impairment on July 1 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 consisted of the following: March 31, 2022 December 31, 2021 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 940 $ (705) $ 235 $ 945 $ (699) $ 246 Patents and trademarks 231 (183) 48 232 (182) 50 Service portfolios and other 683 (542) 141 688 (539) 149 1,854 (1,430) 424 1,865 (1,420) 445 Unamortized: Trademarks and other 64 — 64 64 — 64 Intangible assets, net $ 1,918 $ (1,430) $ 488 $ 1,929 $ (1,420) $ 509 Amortization of intangible assets was $21 million and $24 million for the three months ended March 31, 2022 and 2021, respectively.

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
BORROWINGS AND LINES OF CREDIT	BORROWINGS AND LINES OF CREDIT Long-term debt consisted of the following: (In millions) March 31, December 31, 2.242% Notes due February 15, 2025 $ 1,200 $ 2,000 2.493% Notes due February 15, 2027 900 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 8,350 9,500 Other debt (including project financing obligations and finance leases) 275 267 Discounts and debt issuance costs (64) (71) Total debt 8,561 9,696 Less: current portion of long-term debt 256 183 Long-term debt, net of current portion $ 8,305 $ 9,513 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 plus a ratings-based margin, which was 125 basis points as of March 31, 2022 . As of March 31, 2022, there were no borrowings outstanding under the Revolving Credit Facility. Commercial Paper Program The Company has 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 March 31, 2022, 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 $14 million and $46 million of debt during the three months ended March 31, 2022 and 2021, respectively. Long-term debt repayments associated with these financing arrangements during the three months ended March 31, 2022 and 2021 were $8 million and $53 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. As of March 31, 2022, the Company was in compliance with the covenants under the agreements governing its outstanding indebtedness. Tender Offers On March 15, 2022, the Company commenced tender offers to purchase up to $1.15 billion ("Aggregate Tender Cap") aggregate principal of the Company's 2.242% Notes due 2025 and 2.493% Notes due 2027 (together, the "Senior Notes"). The tender offers included payment of applicable accrued and unpaid interest up to the settlement date, along with a fixed spread for early repayment. Based on participation, the Company elected to settle the tender offers on March 30, 2022. The aggregate principal amount of Senior Notes validly tendered and accepted was approximately $1.15 billion, which included $800 million of Notes due 2025 and $350 million of Notes due 2027. Upon settlement, the Company recognized a net gain of $33 million and wrote off $5 million of unamortized deferred financing costs within Interest (expense) income, net on the accompanying Unaudited Condensed Consolidated Statement of Operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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 with changes in fair value reported directly in earnings. 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 March 31, 2022 Derivative assets (1) $ 19 $ — $ 19 $ — Derivative liabilities (2) $ (9) $ — $ (9) $ — December 31, 2021 Derivative assets (1) $ 8 $ — $ 8 $ — Derivative liabilities (2) $ (35) $ — $ (35) $ — (1) Included in Other assets, current on the accompanying Unaudited Condensed Consolidated Balance Sheet. (2) Included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet. The following table provides the carrying amounts and fair values of the Company's Long-term notes that are not recorded at fair value in the Unaudited Condensed Consolidated Balance Sheet: March 31, 2022 December 31, 2021 (In millions) Carrying Fair Carrying Fair Total Long-term Notes (1) $ 8,350 $ 7,812 $ 9,500 $ 9,842 (1) Excludes debt discount and issuance costs. The fair value of the Company's Long-term debt is measured based on observable market inputs which are considered Level 1 within the fair value hierarchy. 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 and Current portion of long-term debt on the accompanying Unaudited Condensed Consolidated Balance Sheet , approximate fair value and are classified as Level 3 in the fair value hierarchy.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company sponsors both funded and unfunded domestic and international defined benefit pension and defined contribution plans. In addition, the Company contributes to various domestic and international multi-employer pension plans. Contributions to the plans were as follows: For the Three Months Ended March 31, (In millions) 2022 (1) 2021 Defined benefit plans $ 4 $ 24 Defined contribution plans $ 38 $ 37 Multi-employer pension plans $ 3 $ 5 (1) See Note 16 - Divestitures for additional information. The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows: For the Three Months Ended March 31, (In millions) 2022 (1) 2021 Service cost $ 5 $ 7 Interest cost 4 9 Expected return on plan assets (7) (36) Amortization of prior service credit 1 1 Recognized actuarial net (gain) loss 2 8 Net periodic pension expense (benefit) $ 5 $ (11) (1) See Note 16 - Divestitures for additional information.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
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 at the date of grant and is generally 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, net of estimated forfeitures, is included in Cost of products sold , Selling, general and administrative and Research and development in the accompanying Unaudited Condensed Consolidated Statements of Operations. Stock-based compensation cost by award type was as follows: For the Three Months Ended March 31, (In millions) 2022 2021 Equity compensation costs - equity settled $ 21 $ 19 Equity compensation costs - cash settled (1) (6) 4 Total stock-based compensation expense $ 15 $ 23 (1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

PRODUCT WARRANTIES

PRODUCT WARRANTIES	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
PRODUCT WARRANTIES	PRODUCT WARRANTIES In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Unaudited Condensed Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities based on their anticipated settlement date. The changes in the carrying amount of warranty related provisions are as follows: For the Three Months Ended March 31, (In millions) 2022 2021 Balance as of January 1, $ 524 $ 514 Warranties, performance guarantees issued and changes in estimated liability 45 39 Settlements made (43) (38) Other — (1) Balance as of March 31, $ 526 $ 514

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, 874,460,201 and 873,064,219 shares of common stock were issued, respectively, which includes 26,043,023 and 10,375,654 shares of treasury stock, respectively. Share Repurchase Program On July 27, 2021, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to $2.1 billion of the Company's outstanding common stock. The Company may repurchase its outstanding common stock 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 and subject to compliance with the Company's obligations under certain tax agreements. 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. On December 14, 2021, the Company entered into an accelerated share repurchase agreement ("ASR Agreement") to repurchase $500 million of its common stock pursuant to the Company's existing share repurchase program. In accordance with the ASR Agreement, the Company received initial delivery of 7.6 million shares on January 4, 2022, representing approximately 80% of the expected share repurchases. The final number of shares under the ASR Agreement was based on the daily average of the volume-weighted average share price of the Company's common stock over the term of the ASR Agreement. Upon final settlement, the Company received an additional 2.7 million shares on February 8, 2022 and recognized $500 million in Treasury stock as a reduction in equity. During the three months ended March 31, 2022, the Company repurchased 15,667,369 shares of common stock, which included shares repurchased under the ASR Agreement. The total aggregate purchase price was $741 million. During the three months ended March 31, 2021, the Company repurchased 976,374 shares of common stock for an aggregate purchase price of $38 million. Accumulated Other Comprehensive Income (Loss) A summary of changes in the components of Accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021 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, 2021 $ (505) $ (484) $ (989) Other comprehensive income (loss) before reclassifications, net (61) (4) (65) Amounts reclassified, pre-tax — 3 3 Tax expense (benefit) reclassified — (1) (1) Divestitures, net (574) 329 (245) Balance as of March 31, 2022 $ (1,140) $ (157) $ (1,297) (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 (121) — (121) Amounts reclassified, pre-tax — 9 9 Tax expense (benefit) reclassified — (2) (2) Balance as of March 31, 2021 $ (312) $ (547) $ (859)

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers . Revenue is recognized 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 benefits 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 March 31, (In millions) 2022 2021 Sales Type Product $ 2,639 $ 2,147 Service 331 339 HVAC sales 2,970 2,486 Product 867 892 Service 109 113 Refrigeration sales 976 1,005 Product 771 919 Service 47 385 Fire & Security sales 818 1,304 Total segment sales 4,764 4,795 Eliminations and other (110) (96) Net sales $ 4,654 $ 4,699 Contract Balances Total contract assets and contract liabilities consisted of the following: (In millions) March 31, 2022 December 31, 2021 Contract assets, current $ 655 $ 503 Contract assets, non-current (included within Other assets ) 15 70 Total contract assets 670 573 Contract liabilities, current (426) (415) Contract liabilities, non-current (included within Other long-term liabilities ) (169) (165) Total contract liabilities (595) (580) Net contract assets $ 75 $ (7) The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities. Contract assets relate to the conditional right to consideration for any completed performance under a contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Contract liabilities relate to payments received in advance of performance under a contract or when the Company has a right to consideration that is conditioned upon transfer of a good or service to a customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS	RESTRUCTURING COSTS The 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 March 31, (In millions) 2022 2021 HVAC $ 4 $ 4 Refrigeration — 2 Fire & Security 6 11 Total Segment 10 17 General corporate expenses — 1 Total restructuring costs $ 10 $ 18 Cost of sales $ 2 $ 5 Selling, general and administrative 8 13 Total restructuring costs $ 10 $ 18 The following table summarizes the reserve and charges relating to the restructuring reserve, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet: For the Three Months Ended March 31, (In millions) 2022 2021 Balance as of January 1, $ 54 $ 49 Net pre-tax restructuring costs 10 18 Utilization, foreign exchange and other (21) (18) Balance as of March 31, $ 43 $ 49 During the three months ended March 31, 2022 and 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 March 31, 2022, the Company had $43 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	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company accounts for income tax expense in accordance with ASC 740, Income Taxes ("ASC 740"), which requires 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 was 17.8% for the three months ended March 31, 2022 compared with 21.0% for the three months ended March 31, 2021. The year-over-year decrease was primarily driven by a lower effective tax rate on the Chubb gain compared with the Company's U.S. statutory rate and a favorable tax adjustment of $32 million associated with foreign tax credits generated and expected to be utilized in the current year. The three months ended March 31, 2021 included a favorable tax adjustment of $21 million resulting from the re-organization of a German subsidiary. 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") is currently auditing UTC's tax years 2017 and 2018. 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 $10 million and $65 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	3 Months Ended
	Mar. 31, 2022
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. The following table summarizes the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations: For the Three Months Ended March 31, (In millions, except per share amounts) 2022 2021 Net income attributable to common shareowners $ 1,379 $ 384 Basic weighted-average number of shares outstanding 853.3 869.3 Stock awards and equity units (share equivalent) 20.8 20.5 Diluted weighted-average number of shares outstanding 874.1 889.8 Antidilutive shares excluded from computation of diluted earnings per share 3.2 3.3 Earnings Per Share Basic $ 1.62 $ 0.44 Diluted $ 1.58 $ 0.43

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONSDuring the three months ended March 31, 2022 and 2021, the Company acquired consolidated businesses and minority-owned businesses. The aggregate cash paid, net of cash acquired, totaled $9 million and $6 million, respectively, and was funded through cash on hand. Acquisitions are recorded using the acquisition method of accounting in accordance with ASC 805, Business Combinations . 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. The excess purchase price over the estimated fair value of net assets acquired during the three months ended March 31, 2022 and 2021 was recognized as goodwill and totaled $4 million and $5 million, respectively. Toshiba Carrier Corporation Acquisition Agreement On February 6, 2022, the Company entered into a binding agreement to acquire a majority ownership stake in Toshiba Carrier Corporation (“TCC”) for approximately $900 million. TCC, a variable refrigerant flow ("VRF") and light commercial HVAC joint venture between Carrier and Toshiba Corporation, designs and manufactures flexible, energy-efficient and high-performance VRF and light commercial HVAC systems as well as commercial products, compressors and heat pumps. The acquisition will include all of TCC’s advanced research and development centers and global manufacturing operations, product pipeline and the long-term use of Toshiba’s iconic brand. The transaction is expected to close by the end of the third quarter of 2022, subject to customary closing conditions, including regulatory approvals. Upon closing, Toshiba Corporation will retain a 5% ownership interest in TCC.

DIVESTITURES

DIVESTITURES	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES Sale of Chubb Fire & Security Business On January 3, 2022, the Company completed the Chubb Sale for net proceeds of $2.9 billion. 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. The Company recognized a net gain on the sale of $1.1 billion, which is included in Other income (expense), net on the accompanying Unaudited Condensed Consolidated Statement of Operations. The net proceeds received are subject to working capital and other adjustments as provided in the sale agreement. The following table summarizes Chubb's assets and liabilities classified as held for sale: (In millions) December 31, Cash and cash equivalents $ 60 Accounts receivable, net 445 Inventories, net 73 Contract assets, current 184 Other assets, current 27 Fixed assets, net 67 Intangible assets, net 545 Goodwill 940 Operating lease right-of-use assets 193 Pension and post-retirement assets 614 Other assets 20 Total assets disposed $ 3,168 Accounts payable $ (190) Accrued liabilities (248) Contract liabilities, current (162) Future pension and post-retirement obligations (69) Future income tax obligations (273) Operating lease liabilities (175) Other long-term liabilities (17) Total liabilities disposed $ (1,134)

SEGMENT FINANCIAL DATA

SEGMENT FINANCIAL DATA	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT FINANCIAL DATA	SEGMENT FINANCIAL DATA The Company conducts its operations through three reportable operating segments: HVAC, Refrigeration and Fire & Security. In accordance with ASC 280 - Segment Reporting , the Company's segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company's Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance. • 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 designed to help protect people and property. The customers of Carrier are in both the public and private sectors and the Company's 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 March 31, For the Three Months Ended March 31, (In millions) 2022 2021 2022 2021 HVAC $ 2,970 $ 2,486 $ 470 $ 365 Refrigeration 976 1,005 107 127 Fire & Security 818 1,304 1,218 150 Total segment 4,764 4,795 1,795 642 Eliminations and other (110) (96) (24) (40) General corporate expenses — — (34) (31) Total Consolidated $ 4,654 $ 4,699 $ 1,737 $ 571 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 three months ended March 31, 2022 and 2021. For the Three Months Ended March 31, (In millions) 2022 2021 United States $ 2,784 $ 2,353 International: Europe 1,045 1,398 Asia Pacific 652 742 Other 173 206 Net sales $ 4,654 $ 4,699

RELATED PARTIES

RELATED PARTIES	3 Months Ended
	Mar. 31, 2022
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: For the Three Months Ended March 31, (In millions) 2022 2021 Sales to equity method investees included in Product sales $ 624 $ 468 Purchases from equity method investees included in Cost of products sold $ 110 $ 75 The Company had receivables from and payables to equity method investees as follows: (In millions) March 31, December 31, 2021 Receivables from equity method investees included in Accounts receivable, net $ 228 $ 150 Payables to equity method investees included in Accounts payable $ 49 $ 51

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
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 and legal matters (including asbestos). In accordance with ASC 450, Contingencies , 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. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to individual sites, including technology required to remediate, current laws and regulations and prior remediation experience. The outstanding liabilities for environmental obligations are as follows: (In millions) March 31, December 31, 2021 Environmental reserves included in Accrued liabilities $ 29 $ 29 Environmental reserves included in Other long-term liabilities 189 191 Total Environmental reserves $ 218 $ 220 For sites with multiple responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of other parties to fulfill their obligations in establishing a provision for these costs. Accrued environmental liabilities are not reduced by potential insurance reimbursements and are undiscounted. Asbestos Matters The Company has been named as a defendant 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 insurance recoveries as follows: (In millions) March 31, December 31, Asbestos liabilities included in Accrued liabilities $ 17 $ 17 Asbestos liabilities included in Other long-term liabilities 219 220 Total Asbestos liabilities $ 236 $ 237 Asbestos-related recoveries included in Other assets, current $ 5 $ 5 Asbestos-related recoveries included in Other assets 92 93 Total Asbestos-related recoveries $ 97 $ 98 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. 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 insurance recovery receivables 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. Defendants moved to dismiss the Complaint. Plaintiffs amended their Complaint on September 13, 2021 ("the Amended Complaint"). The Amended Complaint, now with Raytheon, Carrier and Otis as the only defendants, asserts that the defendants are liable for breach of certain equity compensation plans and for breach of the implied covenant of good faith and fair dealing. The Amended Complaint also seeks specific performance. Carrier believes that the claims against the Company are without merit. Defendants moved to dismiss the Amended Complaint on October 13, 2021. The motion was fully briefed as of December 3, 2021. The court has not scheduled arguments or decided the motion. Aqueous Film Forming Foam Litigation As of March 31, 2022, the Company has been named as a defendant in more than 2,200 lawsuits filed by individuals in or removed to the federal courts of the United States alleging that the historic use of Aqueous Film Forming Foam ("AFFF") caused personal injuries and/or property damage. The Company has also been named as a defendant in more than 160 lawsuits filed by several U.S. states, municipalities and water utilities in or removed to U.S. federal courts alleging that the historic use of AFFF caused contamination of property and water supplies. In December 2018, the U.S. Judicial Panel on Multidistrict Litigation transferred and consolidated all AFFF cases pending in the U.S. federal courts against the Company and others to the U.S. District Court for the District of South Carolina ("MDL Court") for pre-trial proceedings ("MDL Proceedings"). The individual plaintiffs in the MDL Proceedings generally seek 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 Proceedings generally seek damages and costs related to the remediation of public property and water supplies. AFFF is a firefighting foam, developed beginning in the late 1960s pursuant to U.S. military specification, used to extinguish certain types of hydrocarbon-fueled fires primarily at military bases and airports. AFFF was manufactured by several companies, including National Foam and Angus Fire. UTC first entered the AFFF business with the acquisition of National Foam and Angus Fire in 2005 as part of the acquisition of Kidde. In 2013, Kidde divested the National Foam and Angus Fire businesses to a third party. The Company acquired Kidde as part of its separation from UTC in April 2020. During the eight-year period of its operation by Kidde, National Foam manufactured AFFF for sale to government (including the U.S. federal government) and non-government customers in the U.S. at a single facility located in West Chester, Pennsylvania ("Pennsylvania Site"). During the same period, Angus Fire manufactured AFFF for sale outside the United States at a single facility located in Bentham, England. The key components of AFFF that contribute to its fire-extinguishing capabilities are known as fluorosurfactants. National Foam and Angus Fire did not manufacture fluorosurfactants but instead purchased these substances from unrelated third parties. Plaintiffs in the MDL Proceedings allege that the fluorosurfactants used by various manufacturers in producing AFFF contained, or over time degraded into, compounds known as perflourooctane sulfonate ("PFOS") and/or perflourooctane acid ("PFOA"). Plaintiffs further allege that, as a result of the use of AFFF, PFOS and PFOA were released into the environment and, in some instances, ultimately reached drinking water supplies. Plaintiffs in the MDL Proceedings allege that PFOS and PFOA contamination has resulted from the use of AFFF containing fluorosurfactants manufactured using a process known as ECF. They also allege that PFOA contamination has resulted from the use of AFFF containing fluorosurfactants manufactured using a different process, known as telomerization. Plaintiffs further allege that 3M was the only AFFF manufacturer that used fluorosurfactants relying on the ECF process and that all other foam manufacturers (including National Foam and Angus Fire) relied solely on fluorosurfactants produced via telomerization. Compounds containing PFOS and PFOA (as well as many other per- and polyfluoroalkyl substances known collectively as "PFAS") have also been used for decades by many third parties in a number of different industries to manufacture carpets, clothing, fabrics, cookware, food packaging, personal care products, cleaning products, paints, varnishes and other consumer and industrial products. Plaintiffs in the MDL Proceedings have named multiple defendants, including four suppliers of chemicals and raw materials used to manufacture fluorosurfactants, four fluorosurfactant manufacturers, two toll manufacturers of fluorosurfactants and seven current (including National Foam and Angus Fire) and former (including the Company) AFFF manufacturers. General liability discovery in the MDL Proceedings continues. Preliminary stage discovery in ten "bellwether" water provider cases was concluded and three of these cases were selected for tier two site-specific discovery. That discovery is ongoing. The MDL Court previously established a briefing schedule with respect to certain aspects of the government contractor defense, potentially applicable to AFFF sold to or used by the U.S. government or other customers requiring product manufactured to meet military specification, with briefing to conclude at the end of January 2022 with a hearing to follow in late March. In late March the MDL Court postponed the planned hearing and called for briefing on additional elements of the government contractor defense. Briefing will continue through July 1, 2022. Outside of the MDL Proceedings, the Company and other defendants are also party to six lawsuits in U.S. state courts brought by oil refining companies alleging product liability claims related to legacy sales of AFFF and seeking damages for the costs to replace the product and for property damage. In addition, the Company and other defendants are party to two actions related to the Pennsylvania Site in which the plaintiff water utility company seeks remediation costs related to the alleged contamination of the local water supply. The Company believes that it has meritorious defenses to the claims in the MDL Proceedings and the other AFFF lawsuits. Based on the 2013 agreement for the sale of National Foam and Angus Fire, the Company is pursuing indemnification against these claims from the purchaser and current owner of National Foam and Angus Fire. The Company also is pursuing 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 to reasonably estimate the damages, if any, to be allocated to the Company, if one or more plaintiffs were to prevail in these cases. There can be no assurance that any such future exposure will not be material in any period. Income Taxes Under the Tax Matters Agreement relating to the Separation, 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 $417 million is included within the accompanying Unaudited Condensed Consolidated Balance Sheet within Other Long-Term Liabilities as of March 31, 2022. This obligation is expected to be settled in annual installments ending in April 2026 with the next installment of $34 million due in 2023. 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.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
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.
Recently Issued and 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 pending adoption were assessed and determined to be either not applicable or not expected to have a material impact on the Unaudited Condensed Consolidated Financial Statements.
Fair Value Measurements	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 with changes in fair value reported directly in earnings. The fair value of the Company's Long-term debt is measured based on observable market inputs which are considered Level 1 within the fair value hierarchy. 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 and Current portion of long-term debt on the accompanying Unaudited Condensed Consolidated Balance Sheet , approximate fair value and are classified as Level 3 in the fair value hierarchy.
Product Warranties	In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Unaudited Condensed Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities
Revenue Recognition	The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers
Commitments and Contingent Liabilities	The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental and legal matters (including asbestos). In accordance with ASC 450, Contingencies , 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. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to individual sites, including technology required to remediate, current laws and regulations and prior remediation experience. For sites with multiple responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of other parties to fulfill their obligations in establishing a provision for these costs. Accrued environmental liabilities are not reduced by potential insurance reimbursements and are undiscounted. Asbestos Matters The Company has been named as a defendant 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

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories, net consisted of the following: (In millions) March 31, 2022 December 31, 2021 Raw materials $ 670 $ 559 Work-in-process 260 197 Finished goods 1,428 1,214 Inventories, net $ 2,358 $ 1,970

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill were as follows: (In millions) HVAC Refrigeration Fire & Security Total Balance as of December 31, 2021 $ 5,658 $ 1,228 $ 2,463 $ 9,349 Goodwill resulting from business combinations (1) 3 — 1 4 Foreign currency translation (36) (8) (21) (65) Balance as of March 31, 2022 $ 5,625 $ 1,220 $ 2,443 $ 9,288 (1) See Note 15 - Acquisitions for additional information.
Schedule of Finite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: March 31, 2022 December 31, 2021 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 940 $ (705) $ 235 $ 945 $ (699) $ 246 Patents and trademarks 231 (183) 48 232 (182) 50 Service portfolios and other 683 (542) 141 688 (539) 149 1,854 (1,430) 424 1,865 (1,420) 445 Unamortized: Trademarks and other 64 — 64 64 — 64 Intangible assets, net $ 1,918 $ (1,430) $ 488 $ 1,929 $ (1,420) $ 509
Schedule of Indefinite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: March 31, 2022 December 31, 2021 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 940 $ (705) $ 235 $ 945 $ (699) $ 246 Patents and trademarks 231 (183) 48 232 (182) 50 Service portfolios and other 683 (542) 141 688 (539) 149 1,854 (1,430) 424 1,865 (1,420) 445 Unamortized: Trademarks and other 64 — 64 64 — 64 Intangible assets, net $ 1,918 $ (1,430) $ 488 $ 1,929 $ (1,420) $ 509

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: (In millions) March 31, December 31, 2.242% Notes due February 15, 2025 $ 1,200 $ 2,000 2.493% Notes due February 15, 2027 900 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 8,350 9,500 Other debt (including project financing obligations and finance leases) 275 267 Discounts and debt issuance costs (64) (71) Total debt 8,561 9,696 Less: current portion of long-term debt 256 183 Long-term debt, net of current portion $ 8,305 $ 9,513

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Derivative assets (1) $ 19 $ — $ 19 $ — Derivative liabilities (2) $ (9) $ — $ (9) $ — December 31, 2021 Derivative assets (1) $ 8 $ — $ 8 $ — Derivative liabilities (2) $ (35) $ — $ (35) $ — (1) Included in Other assets, current on the accompanying Unaudited Condensed Consolidated Balance Sheet. (2) Included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet. The following table provides the carrying amounts and fair values of the Company's Long-term notes that are not recorded at fair value in the Unaudited Condensed Consolidated Balance Sheet: March 31, 2022 December 31, 2021 (In millions) Carrying Fair Carrying Fair Total Long-term Notes (1) $ 8,350 $ 7,812 $ 9,500 $ 9,842 (1) Excludes debt discount and issuance costs.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Schedule of Employer Contributions to Plans	Contributions to the plans were as follows: For the Three Months Ended March 31, (In millions) 2022 (1) 2021 Defined benefit plans $ 4 $ 24 Defined contribution plans $ 38 $ 37 Multi-employer pension plans $ 3 $ 5 (1) See Note 16 - Divestitures for additional information.
Schedule of Defined Benefit Plans Disclosures	The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows: For the Three Months Ended March 31, (In millions) 2022 (1) 2021 Service cost $ 5 $ 7 Interest cost 4 9 Expected return on plan assets (7) (36) Amortization of prior service credit 1 1 Recognized actuarial net (gain) loss 2 8 Net periodic pension expense (benefit) $ 5 $ (11) (1) See Note 16 - Divestitures for additional information.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation cost by award type was as follows: For the Three Months Ended March 31, (In millions) 2022 2021 Equity compensation costs - equity settled $ 21 $ 19 Equity compensation costs - cash settled (1) (6) 4 Total stock-based compensation expense $ 15 $ 23 (1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

PRODUCT WARRANTIES (Tables)

PRODUCT WARRANTIES (Tables)	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
Schedule of Product Warranty Liability	The changes in the carrying amount of warranty related provisions are as follows: For the Three Months Ended March 31, (In millions) 2022 2021 Balance as of January 1, $ 524 $ 514 Warranties, performance guarantees issued and changes in estimated liability 45 39 Settlements made (43) (38) Other — (1) Balance as of March 31, $ 526 $ 514

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and 2021 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, 2021 $ (505) $ (484) $ (989) Other comprehensive income (loss) before reclassifications, net (61) (4) (65) Amounts reclassified, pre-tax — 3 3 Tax expense (benefit) reclassified — (1) (1) Divestitures, net (574) 329 (245) Balance as of March 31, 2022 $ (1,140) $ (157) $ (1,297) (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 (121) — (121) Amounts reclassified, pre-tax — 9 9 Tax expense (benefit) reclassified — (2) (2) Balance as of March 31, 2021 $ (312) $ (547) $ (859)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, (In millions) 2022 2021 Sales Type Product $ 2,639 $ 2,147 Service 331 339 HVAC sales 2,970 2,486 Product 867 892 Service 109 113 Refrigeration sales 976 1,005 Product 771 919 Service 47 385 Fire & Security sales 818 1,304 Total segment sales 4,764 4,795 Eliminations and other (110) (96) Net sales $ 4,654 $ 4,699
Contract with Customer, Asset and Liability	Total contract assets and contract liabilities consisted of the following: (In millions) March 31, 2022 December 31, 2021 Contract assets, current $ 655 $ 503 Contract assets, non-current (included within Other assets ) 15 70 Total contract assets 670 573 Contract liabilities, current (426) (415) Contract liabilities, non-current (included within Other long-term liabilities ) (169) (165) Total contract liabilities (595) (580) Net contract assets $ 75 $ (7)

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, (In millions) 2022 2021 HVAC $ 4 $ 4 Refrigeration — 2 Fire & Security 6 11 Total Segment 10 17 General corporate expenses — 1 Total restructuring costs $ 10 $ 18 Cost of sales $ 2 $ 5 Selling, general and administrative 8 13 Total restructuring costs $ 10 $ 18
Schedule of Restructuring and Related Costs	The following table summarizes the reserve and charges relating to the restructuring reserve, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet: For the Three Months Ended March 31, (In millions) 2022 2021 Balance as of January 1, $ 54 $ 49 Net pre-tax restructuring costs 10 18 Utilization, foreign exchange and other (21) (18) Balance as of March 31, $ 43 $ 49

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations: For the Three Months Ended March 31, (In millions, except per share amounts) 2022 2021 Net income attributable to common shareowners $ 1,379 $ 384 Basic weighted-average number of shares outstanding 853.3 869.3 Stock awards and equity units (share equivalent) 20.8 20.5 Diluted weighted-average number of shares outstanding 874.1 889.8 Antidilutive shares excluded from computation of diluted earnings per share 3.2 3.3 Earnings Per Share Basic $ 1.62 $ 0.44 Diluted $ 1.58 $ 0.43

DIVESTITURES (Tables)

DIVESTITURES (Tables)	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets Held-for-sale	The following table summarizes Chubb's assets and liabilities classified as held for sale: (In millions) December 31, Cash and cash equivalents $ 60 Accounts receivable, net 445 Inventories, net 73 Contract assets, current 184 Other assets, current 27 Fixed assets, net 67 Intangible assets, net 545 Goodwill 940 Operating lease right-of-use assets 193 Pension and post-retirement assets 614 Other assets 20 Total assets disposed $ 3,168 Accounts payable $ (190) Accrued liabilities (248) Contract liabilities, current (162) Future pension and post-retirement obligations (69) Future income tax obligations (273) Operating lease liabilities (175) Other long-term liabilities (17) Total liabilities disposed $ (1,134)

SEGMENT FINANCIAL DATA (Tables)

SEGMENT FINANCIAL DATA (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, For the Three Months Ended March 31, (In millions) 2022 2021 2022 2021 HVAC $ 2,970 $ 2,486 $ 470 $ 365 Refrigeration 976 1,005 107 127 Fire & Security 818 1,304 1,218 150 Total segment 4,764 4,795 1,795 642 Eliminations and other (110) (96) (24) (40) General corporate expenses — — (34) (31) Total Consolidated $ 4,654 $ 4,699 $ 1,737 $ 571
Revenue from External Customers by Geographic Areas	For the Three Months Ended March 31, (In millions) 2022 2021 United States $ 2,784 $ 2,353 International: Europe 1,045 1,398 Asia Pacific 652 742 Other 173 206 Net sales $ 4,654 $ 4,699

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Equity Method Investments	Amounts attributable to equity method investees are as follows: For the Three Months Ended March 31, (In millions) 2022 2021 Sales to equity method investees included in Product sales $ 624 $ 468 Purchases from equity method investees included in Cost of products sold $ 110 $ 75 The Company had receivables from and payables to equity method investees as follows: (In millions) March 31, December 31, 2021 Receivables from equity method investees included in Accounts receivable, net $ 228 $ 150 Payables to equity method investees included in Accounts payable $ 49 $ 51

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Environmental Loss Contingencies	The outstanding liabilities for environmental obligations are as follows: (In millions) March 31, December 31, 2021 Environmental reserves included in Accrued liabilities $ 29 $ 29 Environmental reserves included in Other long-term liabilities 189 191 Total Environmental reserves $ 218 $ 220
Schedule of Asbestos Liabilities and Related Recoveries	The Company had asbestos liabilities and related insurance recoveries as follows: (In millions) March 31, December 31, Asbestos liabilities included in Accrued liabilities $ 17 $ 17 Asbestos liabilities included in Other long-term liabilities 219 220 Total Asbestos liabilities $ 236 $ 237 Asbestos-related recoveries included in Other assets, current $ 5 $ 5 Asbestos-related recoveries included in Other assets 92 93 Total Asbestos-related recoveries $ 97 $ 98

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Apr. 03, 2020	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Shares converted in spinoff transaction (in shares)	1
Spinoff
Restructuring Cost and Reserve [Line Items]
Separation costs		$ 16

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 670	$ 559
Work-in-process	260	197
Finished goods	1,428	1,214
Inventories, net	2,358	1,970
Inventory valuation reserves	$ 160	$ 154

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 9,349
Goodwill resulting from business combinations	4	$ 5
Foreign currency translation	(65)
Ending balance	9,288
HVAC
Goodwill [Roll Forward]
Beginning balance	5,658
Goodwill resulting from business combinations	3
Foreign currency translation	(36)
Ending balance	5,625
Refrigeration
Goodwill [Roll Forward]
Beginning balance	1,228
Goodwill resulting from business combinations	0
Foreign currency translation	(8)
Ending balance	1,220
Fire & Security
Goodwill [Roll Forward]
Beginning balance	2,463
Goodwill resulting from business combinations	1
Foreign currency translation	(21)
Ending balance	$ 2,443

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,854	$ 1,865
Accumulated Amortization	(1,430)	(1,420)
Net Amount	424	445
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	1,918	1,929
Accumulated Amortization	(1,430)	(1,420)
Net Amount	488	509
Trademarks and other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	64	64
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	940	945
Accumulated Amortization	(705)	(699)
Net Amount	235	246
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(705)	(699)
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	231	232
Accumulated Amortization	(183)	(182)
Net Amount	48	50
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(183)	(182)
Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	683	688
Accumulated Amortization	(542)	(539)
Net Amount	141	149
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (542)	$ (539)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 21	$ 24

BORROWINGS AND LINES OF CREDI_2

BORROWINGS AND LINES OF CREDIT - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Discounts and debt issuance costs	$ (64)	$ (71)
Total debt	8,561	9,696
Less: current portion of long-term debt	256	183
Long-term debt, net of current portion	8,305	9,513
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	8,350	9,500
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	275	267
2.242% Notes due February 15, 2025 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,200	2,000
Interest rate	2.242%
2.493% Notes due February 15, 2027 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 900	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 ($)	Mar. 15, 2022	Feb. 10, 2020	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Issuance of long-term debt			$ 14,000,000	$ 51,000,000
Repayment of long-term debt			1,123,000,000	570,000,000
Other Debt | Project Financing Arrangements
Debt Instrument [Line Items]
Issuance of long-term debt			14,000,000	46,000,000
Repayment of long-term debt			$ 8,000,000	$ 53,000,000
Unsecured Debt | Senior Notes, 2.242%, Due 2025 And Senior Notes, 2.493% Due 2027
Debt Instrument [Line Items]
Aggregate principal balance	$ 1,150,000,000
Gain related to purchase debt	33,000,000
Write-off of remaining unamortized deferred financing costs	5,000,000
Unsecured Debt | 2.242% Notes due February 15, 2025
Debt Instrument [Line Items]
Interest rate			2.242%
Aggregate purchase cap	800,000,000
Unsecured Debt | 2.493% Notes due February 15, 2027
Debt Instrument [Line Items]
Aggregate principal balance	$ 350,000,000
Interest rate			2.493%
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%
Basis spread on variable rate			1.25%
Long-term debt			$ 0
Commercial Paper | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			2,000,000,000
Short-term debt			$ 0

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value and Carrying Amounts Measured on a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 19	$ 8
Derivative liabilities	(9)	(35)
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	19	8
Derivative liabilities	(9)	(35)
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	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 8,350	$ 9,500
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 7,812	$ 9,842

EMPLOYEE BENEFIT PLANS - Contri

EMPLOYEE BENEFIT PLANS - Contributions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Defined benefit plans	$ 4	$ 24
Defined contribution plans	38	37
Multi-employer pension plans	$ 3	$ 5

EMPLOYEE BENEFIT PLANS - Pensio

EMPLOYEE BENEFIT PLANS - Pension Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Service cost	$ 5	$ 7
Interest cost	4	9
Expected return on plan assets	(7)	(36)
Amortization of prior service credit	1	1
Recognized actuarial net (gain) loss	2	8
Net periodic pension expense (benefit)	$ 5	$ (11)

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 15	$ 23
Equity compensation costs - equity settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	21	19
Equity compensation costs - cash settled
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ (6)	$ 4

PRODUCT WARRANTIES (Details)

PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 524	$ 514
Warranties, performance guarantees issued and changes in estimated liability	45	39
Settlements made	(43)	(38)
Other	0	(1)
Ending balance	$ 526	$ 514

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	Feb. 08, 2022	Jan. 04, 2022	Dec. 14, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 27, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized (in shares)				4,000,000,000
Common stock, par or stated value per share (in dollars per share)				$ 0.01
Stock repurchase program, authorized amount							$ 2,100,000,000
Treasury stock repurchase	$ 500,000,000		$ 500,000,000	$ 741,000,000	$ 38,000,000
Shares of common stock repurchased (in shares)	2,700,000	7,600,000		15,667,369	976,374
Shares delivered, percentage compared to expected		80.00%
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)				874,460,201		873,064,219
Treasury Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)				26,043,023		10,375,654
Treasury stock repurchase				$ 741,000,000	$ 38,000,000

EQUITY - Summary of Changes in

EQUITY - Summary of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 7,094	$ 6,578
Other comprehensive income (loss) before reclassifications, net	(65)	(121)
Amounts reclassified, pre-tax	3	9
Tax expense (benefit) reclassified	(1)	(2)
Divestitures, net	(245)	0
Balance as of end of period	7,430	6,818
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(989)	(745)
Balance as of end of period	(1,297)	(859)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(505)	(191)
Other comprehensive income (loss) before reclassifications, net	(61)	(121)
Amounts reclassified, pre-tax	0
Divestitures, net	(574)
Balance as of end of period	(1,140)	(312)
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	(484)	(554)
Other comprehensive income (loss) before reclassifications, net	(4)
Amounts reclassified, pre-tax	3	9
Tax expense (benefit) reclassified	(1)	(2)
Divestitures, net	329
Balance as of end of period	$ (157)	$ (547)

REVENUE RECOGNITION - Sales Dis

REVENUE RECOGNITION - Sales Disaggregated by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 4,654	$ 4,699
Product
Segment Reporting Information [Line Items]
Net sales	4,170	3,864
Service
Segment Reporting Information [Line Items]
Net sales	484	835
Operating Segments
Segment Reporting Information [Line Items]
Net sales	4,764	4,795
Operating Segments | HVAC
Segment Reporting Information [Line Items]
Net sales	2,970	2,486
Operating Segments | HVAC | Product
Segment Reporting Information [Line Items]
Net sales	2,639	2,147
Operating Segments | HVAC | Service
Segment Reporting Information [Line Items]
Net sales	331	339
Operating Segments | Refrigeration
Segment Reporting Information [Line Items]
Net sales	976	1,005
Operating Segments | Refrigeration | Product
Segment Reporting Information [Line Items]
Net sales	867	892
Operating Segments | Refrigeration | Service
Segment Reporting Information [Line Items]
Net sales	109	113
Operating Segments | Fire & Security
Segment Reporting Information [Line Items]
Net sales	818	1,304
Operating Segments | Fire & Security | Product
Segment Reporting Information [Line Items]
Net sales	771	919
Operating Segments | Fire & Security | Service
Segment Reporting Information [Line Items]
Net sales	47	385
Eliminations and other
Segment Reporting Information [Line Items]
Net sales	$ (110)	$ (96)

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 655	$ 503
Contract with Customer, Asset, after Allowance for Credit Loss, Noncurrent	15	70
Total contract assets	670	573
Contract liabilities, current	(426)	(415)
Contract with Customer, Liability, Noncurrent	(169)	(165)
Total contract liabilities	(595)	(580)
Net contract assets	$ 75	$ (7)

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 157

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details)	Mar. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	12 months

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 10	$ 18
Restructuring Reserve [Roll Forward]
Beginning balance	54	49
Net pre-tax restructuring costs	10	18
Utilization, foreign exchange and other	(21)	(18)
Ending balance	43	49
Restructuring reserve	43
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2	5
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	2	5
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	8	13
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	8	13
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	10	17
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	10	17
Operating Segments | HVAC
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4	4
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	4	4
Operating Segments | Refrigeration
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	2
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	0	2
Operating Segments | Fire & Security
Restructuring Cost and Reserve [Line Items]
Restructuring costs	6	11
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	6	11
General corporate expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	1
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	$ 0	$ 1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, percent	17.80%	21.00%
United Kingdom
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, favorable adjustments	$ 32
Germany
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
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	10
Maximum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 65

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to common shareowners	$ 1,379	$ 384
Basic weighted-average number of shares outstanding (in shares)	853.3	869.3
Stock awards and equity units (share equivalent) (in shares)	20.8	20.5
Diluted weighted-average number of shares outstanding (in shares)	874.1	889.8
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	3.2	3.3
Earnings Per Share
Basic (in dollars per share)	$ 1.62	$ 0.44
Diluted (in dollars per share)	$ 1.58	$ 0.43

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($) $ in Millions	Feb. 06, 2022	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired		$ 9	$ 6
Goodwill resulting from business combinations		4	5
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired		$ 9	$ 6
Toshiba Carrier Corporation
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 900
Toshiba Carrier Corporation | Toshiba Carrier Corporation | Toshiba Corporation
Business Acquisition [Line Items]
Ownership percentage	5.00%

DIVESTITURES - Narrative (Detai

DIVESTITURES - Narrative (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Chubb Fire and Security $ in Billions	Jan. 03, 2022USD ($)country
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value	$ 2.9
Gain on sale	$ 1.1
Fire & Security
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of countries | country	17

DIVESTITURES - Schedule (Detail

DIVESTITURES - Schedule (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Chubb Fire and Security $ in Millions	Dec. 31, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 60
Accounts receivable, net	445
Inventories, net	73
Contract assets, current	184
Other assets, current	27
Fixed assets, net	67
Intangible assets, net	545
Goodwill	940
Operating lease right-of-use assets	193
Pension and post-retirement assets	614
Other assets	20
Total assets disposed	3,168
Accounts payable	(190)
Accrued liabilities	(248)
Contract liabilities, current	(162)
Future pension and post-retirement obligations	(69)
Future income tax obligations	(273)
Operating lease liabilities	(175)
Other long-term liabilities	(17)
Total liabilities disposed	$ (1,134)

SEGMENT FINANCIAL DATA (Details

SEGMENT FINANCIAL DATA (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	3
Net Sales	$ 4,654	$ 4,699
Operating Profit	1,737	571
United States
Segment Reporting Information [Line Items]
Net Sales	2,784	2,353
Europe
Segment Reporting Information [Line Items]
Net Sales	1,045	1,398
Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	652	742
Other
Segment Reporting Information [Line Items]
Net Sales	173	206
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	4,764	4,795
Operating Profit	1,795	642
Operating Segments | HVAC
Segment Reporting Information [Line Items]
Net Sales	2,970	2,486
Operating Profit	470	365
Operating Segments | Refrigeration
Segment Reporting Information [Line Items]
Net Sales	976	1,005
Operating Profit	107	127
Operating Segments | Fire & Security
Segment Reporting Information [Line Items]
Net Sales	818	1,304
Operating Profit	1,218	150
Eliminations and other
Segment Reporting Information [Line Items]
Net Sales	(110)	(96)
Operating Profit	(24)	(40)
General corporate expenses
Segment Reporting Information [Line Items]
Net Sales	0	0
Operating Profit	$ (34)	$ (31)

RELATED PARTIES (Details)

RELATED PARTIES (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	$ 624	$ 468
Purchases from equity method investees included in Cost of products sold	110	$ 75
Receivables from equity method investees included in Accounts receivable, net	228		$ 150
Payables to equity method investees included in Accounts payable	$ 49		$ 51

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Outstanding Liabilities for Environmental Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Environmental reserves included in Accrued liabilities	$ 29	$ 29
Environmental reserves included in Other long-term liabilities	189	191
Total Environmental reserves	$ 218	$ 220

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos Liabilities and Recoveries (Details) - Asbestos Matters - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Asbestos liabilities included in Accrued liabilities	$ 17	$ 17
Asbestos liabilities included in Other long-term liabilities	219	220
Total Asbestos liabilities	236	237
Asbestos-related recoveries included in Other assets, current	5	5
Asbestos-related recoveries included in Other assets	92	93
Total Asbestos-related recoveries	$ 97	$ 98

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)defendantcase
Other Commitments [Line Items]
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability | $	$ 417
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability, current | $	$ 34
Aqueous Film Forming Foam
Other Commitments [Line Items]
Number of litigation cases (more than)	2,200
Number of litigation cases filed by state, municipality, and water utilities (more than)	160
Number of supplier defendants | defendant	4
Number of fluorosurfactant manufacturer defendants | defendant	4
Number of toll manufacturer defendants | defendant	2
Number of current and former manufacturer defendants | defendant	7
Number of cases	10
Number of expected cases	3
Number of litigation cases in state court (fewer than)	6