Carrier Global (CARR) 10-K 7 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CARR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 30
Entity Common Stock, Shares Outstanding		834,187,942
Documents Incorporated by Reference	Part III hereof incorporates by reference portions of the Registrant's definitive proxy statement related to its 2023 annual meeting of shareowners.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001783180

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Hallandale Beach, Florida
Auditor Firm ID	238

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net sales
Net sales	$ 20,421	$ 20,613	$ 17,456
Costs and expenses
Research and development	(539)	(503)	(419)
Selling, general and administrative	(2,512)	(3,120)	(2,820)
Total costs and expenses	(18,008)	(18,256)	(15,586)
Equity method investment net earnings	262	249	207
Other income (expense), net	1,840	39	1,006
Operating profit	4,515	2,645	3,083
Non-service pension benefit (expense)	(4)	61	60
Interest (expense) income, net	(219)	(306)	(288)
Income from operations before income taxes	4,292	2,400	2,855
Income tax expense	(708)	(699)	(849)
Net income from operations	3,584	1,701	2,006
Less: Non-controlling interest in subsidiaries' earnings from operations	50	37	24
Net income attributable to common shareowners	$ 3,534	$ 1,664	$ 1,982
Earnings per share
Basic (in dollars per share)	$ 4.19	$ 1.92	$ 2.29
Diluted (in dollars per share)	$ 4.10	$ 1.87	$ 2.25
Weighted-average number of shares outstanding
Basic (in shares)	843.4	867.7	866.5
Diluted (in shares)	861.2	890.3	880.2
Product
Net sales
Net sales	$ 18,250	$ 17,214	$ 14,347
Costs and expenses
Cost of products and services sold	(13,337)	(12,300)	(10,185)
Service
Net sales
Net sales	2,171	3,399	3,109
Costs and expenses
Cost of products and services sold	$ (1,620)	$ (2,333)	$ (2,162)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income from operations	$ 3,584	$ 1,701	$ 2,006
Foreign currency translation:
Foreign currency translation adjustments arising during period	(551)	(322)	604
Less: reclassification adjustments for gain on sale of an investment in a foreign entity recognized in Other income (expense), net	0	8	0
Chubb divestiture	(574)	0	0
Foreign currency translation adjustments arising during period	(1,125)	(314)	604
Pension and post-retirement benefit plans:
Net actuarial gain (loss) arising during period	63	53	(94)
Amortization of actuarial (gain) loss and prior service credit	11	34	24
Chubb divestiture	329	0	0
Other	0	0	(35)
Pension and post-retirement benefit plans adjustment arising during the period, before tax	403	87	(105)
Tax (expense) benefit	(3)	(17)	22
Pension and post-retirement benefit plans adjustments arising during the period	400	70	(83)
Other comprehensive income (loss), net of tax	(725)	(244)	521
Comprehensive income (loss)	2,859	1,457	2,527
Less: Comprehensive income (loss) attributable to non-controlling interest	(24)	(37)	(37)
Comprehensive income (loss) attributable to common shareowners	$ 2,835	$ 1,420	$ 2,490

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 3,520	$ 2,987
Accounts receivable, net	2,833	2,403
Contract assets, current	537	503
Inventories, net	2,640	1,970
Assets held for sale	0	3,168
Other assets, current	349	376
Total current assets	9,879	11,407
Future income tax benefits	612	563
Fixed assets, net	2,241	1,826
Operating lease right-of-use assets	642	640
Intangible assets, net	1,342	509
Goodwill	9,977	9,349
Pension and post-retirement assets	26	43
Equity method investments	1,148	1,593
Other assets	219	242
Total assets	26,086	26,172
Liabilities and Equity
Accounts payable	2,833	2,334
Accrued liabilities	2,610	2,561
Contract liabilities, current	449	415
Liabilities held for sale	0	1,134
Current portion of long-term debt	140	183
Total current liabilities	6,032	6,627
Long-term debt	8,702	9,513
Future pension and post-retirement obligations	349	380
Future income tax obligations	568	354
Operating lease liabilities	529	527
Other long-term liabilities	1,830	1,677
Total Liabilities	18,010	19,078
Commitments and contingent liabilities (Note 23)
Equity
Common stock, par value $0.01; 4,000,000,000 shares authorized; 876,487,480 and 873,064,219 shares issued; 834,664,966 and 863,039,097 outstanding as of December 31, 2022 and 2021, respectively	9	9
Treasury stock - 42,103,995 common shares	(1,910)	(529)
Additional paid-in capital	5,481	5,411
Retained earnings	5,866	2,865
Accumulated other comprehensive income (loss)	(1,688)	(989)
Non-controlling interest	318	327
Total Equity	8,076	7,094
Total Liabilities and Equity	$ 26,086	$ 26,172

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Equity
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	4,000,000,000	4,000,000,000
Common stock, shares, outstanding (in shares)	834,664,966	863,039,097
Treasury shares (in shares)	42,103,995

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	UTC Net Investment	UTC Net Investment Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interest
Balance as of beginning of period at Dec. 31, 2019	$ 14,435	$ (4)	$ 15,355	$ (4)	$ (1,253)	$ 0	$ 0	$ 0	$ 0	$ 333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,006		96						1,886	24
Other comprehensive income (loss), net of tax	521				508					13
Capital contribution to non-controlling interest	4									4
Dividends declared on common stock	(243)								(243)
Shares issued under incentive plans, net	(15)							(15)
Stock-based compensation	77							77
Dividends attributable to non-controlling interest	(48)									(48)
Net transfers to UTC	(11,014)		(11,014)
Net transfers from UTC	859		859
Reclassification of UTC Net Investment to Common stock and Additional paid-in capital	0		(5,292)			9		5,283
Balance as of end of period at Dec. 31, 2020	6,578		$ 0		(745)	9	0	5,345	1,643	326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,701								1,664	37
Other comprehensive income (loss), net of tax	(244)				(244)
Dividends declared on common stock	(442)								(442)
Shares issued under incentive plans, net	(24)							(24)
Stock-based compensation	92							92
Acquisition (sale) of non-controlling interest, net	0							(2)		2
Dividends attributable to non-controlling interest	(38)									(38)
Treasury stock repurchases	(529)						(529)
Balance as of end 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	3,584								3,534	50
Other comprehensive income (loss), net of tax	(725)				(699)					(26)
Dividends declared on common stock	(533)								(533)
Shares issued under incentive plans, net	(12)							(12)
Stock-based compensation	77							77
Acquisition (sale) of non-controlling interest, net	27							5		22
Dividends attributable to non-controlling interest	(50)									(50)
Sale of non-controlling interest	(5)									(5)
Treasury stock repurchases	(1,381)						(1,381)
Balance as of end of period at Dec. 31, 2022	$ 8,076				$ (1,688)	$ 9	$ (1,910)	$ 5,481	$ 5,866	$ 318

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends, declared (in dollars per share)	$ 0.64	$ 0.51	$ 0.28

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net income from operations	$ 3,584	$ 1,701	$ 2,006
Adjustments to reconcile net income from operations to net cash flows from operating activities
Depreciation and amortization	380	338	336
Deferred income tax provision	(124)	(74)	97
Stock-based compensation cost	77	92	77
Equity method investment net earnings	(262)	(249)	(207)
Impairment charge on minority-owned joint venture investments	0	2	72
(Gain) loss on extinguishment of debt	(36)	0	0
(Gain) loss on sale of investments	(1,815)	2	(1,123)
Changes in operating assets and liabilities
Accounts receivable, net	(145)	(97)	49
Contract assets, current	(51)	(47)	(9)
Inventories, net	(334)	(408)	(240)
Other assets, current	104	(11)	3
Accounts payable and accrued liabilities	61	829	237
Contract liabilities, current	29	51	46
Defined benefit plan contributions	(16)	(47)	(41)
Distributions from equity method investments	148	159	169
Other operating activities, net	143	(4)	220
Net cash flows provided by (used in) operating activities	1,743	2,237	1,692
Investing Activities
Capital expenditures	(353)	(344)	(312)
Proceeds on sale of investments	0	7	1,377
Investment in businesses, net of cash acquired	(506)	(366)	0
Dispositions of businesses	2,902	0	0
Settlement of derivative contracts, net	(194)	4	40
Payment to former shareholders of TCC	(104)	0	0
Other investing activities, net	0	7	1
Net cash flows provided by (used in) investing activities	1,745	(692)	1,106
Financing Activities
(Decrease) increase in short-term borrowings, net	(140)	13	(23)
Issuance of long-term debt	432	140	11,784
Repayment of long-term debt	(1,275)	(704)	(1,911)
Repurchases of common stock	(1,380)	(527)	0
Dividends paid on common stock	(509)	(417)	(138)
Dividends paid to non-controlling interest	(46)	(42)	(48)
Net transfers to UTC	0	0	(10,359)
Other financing activities, net	(13)	(25)	14
Net cash flows provided by (used in) financing activities	(2,931)	(1,562)	(681)
Effect of foreign exchange rate changes on cash and cash equivalents	(56)	(16)	45
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	501	(33)	2,162
Less: Change in cash balances classified as assets held for sale	0	60	0
Net increase (decrease) in cash and cash equivalents and restricted cash	501	(93)	2,162
Cash, cash equivalents and restricted cash, beginning of period	3,026	3,119	957
Cash, cash equivalents and restricted cash, end of period	3,527	3,026	3,119
Less: restricted cash	7	39	4
Cash and cash equivalents, end of period	$ 3,520	$ 2,987	$ 3,115

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying Consolidated Financial Statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") as defined by the Financial Accounting Standards Board ("FASB") within the FASB Accounting Standards Codification ("ASC"). Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Certain immaterial amounts presented in prior periods have been reclassified to conform to the current period presentation. The accompanying Consolidated Financial Statements include all majority-owned subsidiaries of the Company. A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes Non-controlling interest as a component of Total equity in the accompanying Consolidated Balance Sheet and the Non-controlling interest in subsidiaries' earnings from operations are presented as an adjustment to Net income from operations used to arrive at Net income attributable to common shareowners in the accompanying Consolidated Statement of Operations. Partially-owned equity affiliates represent 20 to 50% ownership interests in investments where the Company demonstrates significant influence, but does not have a controlling financial interest. Partially-owned equity affiliates are accounted for under the equity method. Acquisition of Toshiba Carrier Corporation On February 6, 2022, the Company entered into a binding agreement to acquire a majority ownership interest in Toshiba Carrier Corporation (“TCC”), a variable refrigerant flow ("VRF") and light commercial HVAC joint venture between Carrier and Toshiba Corporation. The acquisition was completed on August 1, 2022. As a result, the assets, liabilities and results of operations of TCC are consolidated in the accompanying Consolidated Financial Statements as of the date of acquisition and reported within the Company’s HVAC segment. Upon closing, Toshiba Corporation retained a 5% ownership interest in TCC. See Note 19 - Acquisitions for additional information. 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 in the accompanying 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 20 - Divestitures for additional information. Separation from United Technologies On April 3, 2020 (the "Distribution Date"), United Technologies Corporation, since renamed Raytheon Technologies Corporation ("UTC"), completed the spin-off of the Company into an independent, publicly traded company (the "Separation") through a pro rata distribution (the "Distribution") on a one-for-one basis of all of the outstanding shares of common stock of the Company to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date for the Distribution. In connection with the Separation, the Company issued an aggregate principal balance of $11.0 billion of debt and transferred approximately $10.9 billion of cash to UTC on February 27, 2020 and March 27, 2020. On April 1, 2020 and April 2, 2020, the Company received cash contributions totaling $590 million from UTC related to the Separation. The Company's financial statements for the periods prior to the Separation and the Distribution are prepared on a "carve-out" basis and include all amounts directly attributable to the Company. Net cash transfers and other property transferred between UTC and the Company, including related party receivables and payables between the Company and other UTC affiliates, are presented as Net transfers to UTC within UTC Net Investment in the accompanying Consolidated Financial Statements. In addition, the financial statements include allocations of costs for administrative functions and services performed on behalf of the Company by centralized groups within UTC. All allocations and estimates in the accompanying Consolidated Financial Statements are based on assumptions that management believes are reasonable. The allocated centralized costs for the year ended December 31, 2020 were $43 million and are primarily included in Selling, general and administrative in the accompanying Consolidated Statement of Operations. The Company's financial statements for the periods subsequent to April 3, 2020 are consolidated financial statements based on the reported results of Carrier as a stand-alone company. Following the Separation and Distribution, the Company entered into several agreements with UTC and Otis Worldwide Corporation ("Otis") that govern various aspects of the relationship among the Company, UTC and Otis. As of December 31, 2022, only the Tax Matters Agreement ("TMA") remains in effect. In addition, the Company incurred separation-related costs of $20 million and $141 million for the years ended December 31, 2021 and 2020, respectively. These costs are primarily included in Selling, general and administrative in the accompanying Consolidated Statement of Operations and consist of employee-related costs, costs to establish certain stand-alone functions and information technology systems, professional service fees and other transaction-related costs resulting from Carrier’s transition to becoming an independent, publicly traded company.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: (In millions) 2022 2021 2020 Interest paid, net of amounts capitalized $ 297 $ 317 $ 196 Income taxes paid, net of refunds $ 833 $ 675 $ 819 Non-cash financing activity: Common stock dividends payable $ 158 $ 130 $ 108

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Carrier Global Corporation (the "Company") is the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to its customers. The Company's portfolio includes industry-leading brands such as Carrier, Toshiba, Automated Logic, Carrier Transicold, Kidde, Edwards and LenelS2 that offer innovative heating, ventilating and 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. The Company's operations are classified into three segments: HVAC, Refrigeration and Fire & Security. 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies used in the preparation of the accompanying Consolidated Financial Statements is as follows: Use of Estimates. The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Currency Translation . Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in the equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss) . Transactions that are denominated in a currency other than an entity’s functional currency are subject to changes in exchange rates with the resulting gains and losses recorded in Net income from operations . Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. On occasion, the Company is required to maintain restricted cash deposits with certain banks due to contractual or other legal obligations. Restricted cash of $7 million and $39 million is included in Other assets, current as of December 31, 2022 and 2021, respectively. Accounts Receivable. Accounts receivable consist of billed amounts owed for products shipped to or services performed for customers. Amounts are recorded net of an allowance for expected credit losses which represents the best estimate of probable loss inherent in the Company's accounts receivable portfolio. The allowance is determined using a combination of factors including a reserve based on the aging of the outstanding accounts receivable portfolio and the Company's historical credit loss experience with its end markets, customer base and products. In addition, the Company considers knowledge of specific customers, current market conditions as well as reasonable and supportable forecasts of future events and economic conditions. As of December 31, 2022 and 2021, the allowance for expected credit losses was $117 million and $88 million, respectively. These estimates and assumptions are reviewed periodically with the effects of changes, if any, reflected in the Consolidated Statement of Operations in the period that they are determined. Fixed Assets. Property, plant and equipment are stated at cost less accumulated depreciation. Assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Assets acquired in a business combination are recorded at fair value at the date of acquisition. Major expenditures for replacements and significant improvements that increase asset values and extend useful lives are capitalized. Repairs and maintenance expenditures that do not extend the useful life of an asset are charged to expense as incurred. Per ASC 360, Property, Plant and Equipment ("ASC 360"), the Company assesses the recoverability of the carrying value of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Equity Method Investments. Investments in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting and are presented on the Consolidated Balance Sheet. Under this method of accounting, the Company’s share of the net earnings or losses of the investee is presented within Operating profit on the Consolidated Statement of Operations since the activities of the investee are closely aligned with the operations of the Company. The Company evaluates its equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Distributions received from equity method investees are presented in the Consolidated Statement of Cash Flows based on the cumulative earnings approach. 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. In accordance with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), goodwill and other indefinite-lived intangibles are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset. Impairment of goodwill is assessed at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test under ASC 350. For those reporting units that bypass or fail the qualitative assessment, the test compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. To the extent that the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss will be recognized for the amount by which the reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. Intangible assets such as patents, service contracts, monitoring lines and customer relationships with finite useful lives are amortized based on the pattern in which the economic benefits of the intangible assets are consumed. If a pattern of economic benefit cannot be reliably determined or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization may be used. The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 The Company assesses the recoverability of the carrying amount of its intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying value of the asset group exceeds the fair value of the asset group. Leases. The Company accounts for leases in accordance with ASC 842, Leases ("ASC 842"), which requires a lessee to record a right-of-use ("ROU") asset and a lease liability on the Consolidated Balance Sheet for all leases with terms longer than 12 months. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company generally uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments except when an implicit interest rate is readily determinable. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to recognize ROU assets and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less. Income Taxes. The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. The Company recognizes future tax benefits to the extent that realizing these benefits is considered in its judgment to be more likely than not. For those jurisdictions where the expiration date of tax carryforwards or the projected operating results indicate that realization is not likely, a valuation allowance is provided. The Company reviews the realizability of its deferred tax asset valuation allowances on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required and will adjust its estimate if significant events so dictate. To the extent that the ultimate results differ from the Company's original or adjusted estimates, the effect will be recorded in the provision for income taxes in the period that the matter is finally resolved. 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. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Consolidated Financial Statements. Prior to the Separation, the Company’s income tax provision was prepared following the separate return methodology. The separate return method applies ASC 740 to the financial statements of each member of a consolidated group as if the group members were separate taxpayers. As a result, certain operations of the Company were included in a consolidated return with other UTC entities. The calculation of the Company's income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. See Note 17 – Income Taxes for additional information. Pension and Post-retirement Obligations. The Company provides a range of benefit plans to eligible current and former employees. The Company accounts for its benefit plans in accordance with ASC 715, Compensation - Retirement Benefits ("ASC 715") which requires balance sheet recognition of the overfunded or underfunded status of pension and post-retirement benefit plans. Determining the amounts associated with these benefits are performed by actuaries and dependent on various actuarial assumptions including discount rates, expected return on plan assets, compensation increases, mortality and health care cost trends. Actual results may differ from the actuarial assumptions and are generally recorded in Accumulated other comprehensive income (loss) and amortized into Net income from operations over future periods. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate. See Note 10 – Employee Benefit Plans for additional information. Business Combinations. In accordance with ASC 805, Business Combinations ("ASC 805"), acquisitions that meet the definition of a business are recorded using the acquisition method of accounting. We recognize and measure the identifiable assets acquired, liabilities assumed and any non-controlling interest as of the acquisition date at fair value. The valuation of intangible assets is determined by an income approach methodology, using assumptions such as projected future revenues, customer attrition rates, royalty rates, tax rates and discount rates. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-controlling interest is recognized as goodwill. Costs incurred as a result of a business combination other than costs related to the issuance of debt or equity securities are recorded in the period the costs are incurred. Asset Retirement Obligations. The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which a liability is determined to exist, if a reasonable estimate of fair value can be made. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liability is increased for changes in its present value and the capitalized cost is depreciated over the useful life of the related asset. Research and Development . The Company conducts research and development activities with a focus on new product development and technology innovation. These costs are charged to expense as incurred. For the years ended December 31, 2022, 2021 and 2020, these costs amounted to $539 million, $503 million and $419 million, respectively. Recent Pronouncements The FASB ASC is the sole source of authoritative GAAP other than United States Securities and Exchange Commission ("SEC') issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not referenced below were assessed and determined to be either not applicable or are not expected to have a material impact on the Consolidated Financial Statements. Recently Adopted Accounting Pronouncements and SEC Rules In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which updates the current guidance to require that an entity recognize and measure contract asset and contract liabilities acquired in a business combination consistent with those recorded by the acquiree immediately before the acquisition. The guidance eliminates the complexity of determining the fair value of contract liabilities and will likely increase the balance of contract liabilities acquired in a business combination with a corresponding increase in post-combination revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022 and interim periods therein, with early adoption permitted. In October 2021, the Company early adopted ASU 2021-08 and the adoption did not have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this update remove certain exceptions allowed by Topic 740 including exceptions to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or gain from other items, the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. There are also additional areas of guidance in regards to franchise and other taxes partially based on income and the interim recognition of enactment of tax laws and rate changes. The provisions of this ASU were effective for years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption did not have a material impact on the Company's Consolidated Financial Statements. In May 2020, the SEC issued Final Rule Release No. 33-10786, which amends the financial statement requirements for acquisitions and dispositions of businesses and related pro forma financial information required under SEC Regulation S-X, Rule 3-05. The final rule modifies the significance test required in SEC Regulation S-X, Rule 1-02(w) by raising the significance threshold for reporting dispositions of a business from 10% to 20% and by modifying the calculation of the investment and income tests. In accordance with Rules 3-09 or 4-08(g), the revised income test will apply to the evaluation of equity method investments for significance. The Company adopted these modifications, which were effective for fiscal years beginning after December 31, 2020. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements. In November 2020, the SEC issued Final Rule Release No. 33-10980, which amends the requirements for providing selected quarterly financial data, contractual obligations and management discussion and analysis. These modifications were required after August 9, 2021. The Company applied the requirements of this release in its 2021 Annual Report on Form 10-K.

INVENTORIES, NET

INVENTORIES, NET	12 Months Ended
	Dec. 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 Carrier entities use the last-in, first-out inventory method ("LIFO"). Inventories, net consisted of the following: (In millions) 2022 2021 Raw materials $ 884 $ 559 Work-in-process 230 197 Finished goods 1,526 1,214 Inventories, net $ 2,640 $ 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 $190 million and $154 million as of December 31, 2022 and 2021, respectively. Certain entities use LIFO to determine the cost of inventory. If inventories that were valued using the LIFO method had been valued under the FIFO method, the net book value of the inventories would have been higher by $199 million and $141 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, approximately 26% and 31%, respectively, of all inventory utilized the LIFO method.

FIXED ASSETS, NET

FIXED ASSETS, NET	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
FIXED ASSETS, NET	FIXED ASSETS, NET Fixed assets, net consisted of the following: (In millions) Estimated Useful Lives (Years) 2022 2021 Land $ 126 $ 114 Buildings and improvements 20 to 40 1,251 1,084 Machinery, tools and equipment 3 to 25 2,409 2,093 Rental assets 3 to 12 390 381 Other, including assets under construction 347 304 Fixed assets, gross 4,523 3,976 Accumulated depreciation (2,282) (2,150) Fixed assets, net $ 2,241 $ 1,826 Depreciation expense was $256 million, $238 million and $234 million for the years ended December 31, 2022, 2021 and 2020, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 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, 2020 $ 5,489 $ 1,251 $ 3,399 $ 10,139 Goodwill resulting from business combinations (1) 261 (1) 60 320 Reclassified to held for sale (2) — — (940) (940) Foreign currency translation (92) (22) (56) (170) Balance as of December 31, 2021 $ 5,658 $ 1,228 $ 2,463 $ 9,349 Goodwill resulting from business combinations (1) 904 — 1 905 Foreign currency translation (170) (31) (76) (277) Balance as of December 31, 2022 $ 6,392 $ 1,197 $ 2,388 $ 9,977 (1) See Note 19 - Acquisitions for additional information. (2) See Note 20 - Divestitures 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: 2022 2021 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,431 $ (720) $ 711 $ 945 $ (699) $ 246 Patents and trademarks 401 (191) 210 232 (182) 50 Service portfolios and other 953 (595) 358 688 (539) 149 2,785 (1,506) 1,279 1,865 (1,420) 445 Unamortized: Trademarks and other 63 — 63 64 — 64 Intangible assets, net $ 2,848 $ (1,506) $ 1,342 $ 1,929 $ (1,420) $ 509 Amortization of intangible assets was $124 million, $98 million and $102 million for the years ended December 31, 2022, 2021 and 2020, respectively. The estimated future amortization of intangible assets is as follows: (In millions) 2023 2024 2025 2026 2027 Future amortization $ 246 $ 194 $ 170 $ 136 $ 99 Annual Impairment Assessment The Company tested its goodwill and indefinite-lived intangible assets for impairment as part of its annual assessment. For each test except one, the Company qualitatively assessed all relevant events or circumstances that could impact the estimate of fair value and determined it was more likely than not that the fair value of each reporting unit and indefinite-lived intangible asset exceeded their carrying amount. The remaining test related to the TCC acquisition and the subsequent reorganization of the Company's Commercial HVAC reporting unit in order to create a separate Global Comfort Solutions reporting unit. As a result, the Company performed a quantitative goodwill impairment test on its Commercial HVAC reporting unit prior to the reorganization, the results of which did not indicate any goodwill impairment. The Company then reassigned goodwill among its Commercial HVAC and Global Comfort Solutions reporting units using a relative fair value approach and performed a goodwill impairment assessment. The results did not indicate any goodwill impairment.

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
BORROWINGS AND LINES OF CREDIT	BORROWINGS AND LINES OF CREDIT Long-term debt consisted of the following: (In millions) 2022 2021 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 Japanese Term Loan Facility 404 — Other debt (including project financing obligations and finance leases) 149 267 Discounts and debt issuance costs (61) (71) Total debt 8,842 9,696 Less: current portion of long-term debt 140 183 Long-term debt, net of current portion $ 8,702 $ 9,513 Japanese Term Loan Facility On July 15, 2022, the Company entered into a five-year, JPY 54 billion (approximately $400 million) senior unsecured term loan facility with MUFG Bank Ltd., as administrative agent and lender, and certain other lenders (the "Japanese Term Loan Facility"). Borrowings under the Japanese Term Loan Facility bear interest at a rate equal to the Tokyo Term Risk Free Rate plus 0.75%. In addition, the Japanese Term Loan Facility is subject to customary covenants including a covenant to maintain a maximum consolidated leverage ratio. On July 25, 2022, the Company borrowed JPY 54 billion under the Japanese Term Loan Facility and used the proceeds to fund a portion of the TCC acquisition and to pay related fees and expenses. 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. Pounds Sterling borrowings bear interest at a variable interest rate based on daily simple SONIA plus 0.0326% , Euro borrowings bear interest at EURIBOR rates and U.S. Dollar borrowings bear interest at LIBOR plus a ratings-based margin, which was 125 basis points as of December 31, 2022 . As of December 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 December 31, 2022, there were no borrowings outstanding under the commercial paper program. Project Financing Arrangements The Company is involved in long-term construction contracts in which it arranges project financing with certain customers. As a result, the Company issued $38 million and $124 million of debt during the year ended December 31, 2022 and 2021, respectively. Long-term debt repayments associated with these financing arrangements for the years ended December 31, 2022 and 2021 were $160 million and $181 million, respectively. Debt Covenants The Revolving Credit Facility, the indenture for the long-term Notes and the Japanese Term Loan Facility 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 December 31, 2022, t he 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. As a result, 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 Consolidated Statement of Operations during the year ended December 31, 2022. Schedule of Long-term Debt Maturities Scheduled maturities of long-term debt, excluding amortization of discount, are as follows: (In millions) 2023 $ 140 2024 $ 2 2025 $ 1,202 2026 $ 2 2027 $ 1,306 Thereafter $ 6,251 As of December 31, 2022, the average maturity of the Company's long-term notes is approximate l

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 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 in earnings in the accompanying Consolidated Statement of Operations. In connection with the TCC acquisition, the Company funded a portion of the Yen-denominated purchase price with cash on hand by entering into cross currency swaps with SMBC Capital Markets, Inc., as syndication swap arranger, and certain other financial institutions. The fair value of the cross currency swaps are measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates as well as credit default swap spreads. The Company designated the cross currency swaps as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the fair value of the swaps are recorded in Equity in the accompanying Consolidated Balance Sheet. The remaining portion of the Yen-denominated purchase price was funded by the Japanese Term Loan Facility. The carrying value of the facility is translated on a recurring basis using the exchange rate at the end of the applicable period and approximates its fair value. The Company designated the Japanese Term Loan Facility as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the carrying value of the Japanese Term Loan Facility associated with foreign exchange rate movements are recorded in Equity in the Consolidated Balance Sheet. 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 accompanying Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 December 31, 2022 Fair value measurement: Derivative assets (1)(3) $ 28 $ — $ 28 $ — Derivative liabilities (2)(3) $ (48) $ — $ (48) $ — December 31, 2021 Fair value measurement: Derivative assets (1) $ 8 $ — $ 8 $ — Derivative liabilities (2) $ (35) $ — $ (35) $ — (1) Included in Other assets, current on the accompanying Consolidated Balance Sheet. (2) Included in Accrued liabilities on the accompanying Consolidated Balance Sheet. (3) Includes cross currency swaps. 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 accompanying Consolidated Balance Sheet: 2022 2021 (In millions) Carrying Fair Carrying Fair Total long-term notes (1) $ 8,350 $ 6,832 $ 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 Consolidated Balance Sheet, approximate fair value and are classified as Level 3 in the fair value hierarchy.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES The Company enters into operating and finance leases for the use of real estate space, vehicles, information technology equipment and certain other equipment. At contract inception, the Company determines a lease exists if the arrangement conveys the right to control an identified asset for a period of time in exchange for consideration. Control is considered to exist when the lessee has the right to obtain substantially all of the economic benefits from the use of an identified asset as well as the right to direct the use of that asset. If a contract is considered to be a lease, the Company recognizes a lease liability based on the present value of the future lease payments with an offsetting entry to recognize a ROU asset. Operating lease ROU assets and liabilities are reflected on the Consolidated Balance Sheet as follows: (In millions) 2022 2021 Operating lease right-of-use assets $ 642 $ 640 Accrued liabilities $ (132) $ (130) Operating lease liabilities (529) (527) Total operating lease liabilities $ (661) $ (657) Weighted-Average Remaining Lease Term (in years) 7.7 7.8 Weighted-Average Discount Rate 3.4 % 3.0 % The operating lease ROU assets include any lease payments related to initial direct costs and prepayments and excludes lease incentives. The Company's leases generally have remaining lease terms of 1 to 26 years, some of which include options to extend. For the majority of its leases with options to extend, those options are up to 5 years with the ability to terminate the lease within 1 to 5 years of inception. The exercise of lease renewal options is at the Company's sole discretion and its lease ROU assets and liabilities reflect only the options the Company is reasonably certain that it will exercise. Supplemental cash flow and lease expense information related to operating leases were as follows: (In millions) 2022 2021 2020 Operating cash flows for measurement of operating lease liabilities $ 145 $ 197 $ 213 Operating lease ROU assets obtained in exchange for operating lease obligations $ 109 $ 180 $ 169 Operating lease expense $ 148 $ 200 $ 197 Operating lease expense is recognized on a straight-line basis over the lease term. Where applicable, the Company accounts for each separate lease component of a contract and its associated non-lease component as a single lease component. Undiscounted maturities of operating lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, as of December 31, 2022 are as follows: (In millions) 2023 $ 153 2024 132 2025 106 2026 83 2027 59 Thereafter 231 Total undiscounted lease payments 764 Less: imputed interest (103) Total discounted lease payments $ 661
LEASES	LEASES The Company enters into operating and finance leases for the use of real estate space, vehicles, information technology equipment and certain other equipment. At contract inception, the Company determines a lease exists if the arrangement conveys the right to control an identified asset for a period of time in exchange for consideration. Control is considered to exist when the lessee has the right to obtain substantially all of the economic benefits from the use of an identified asset as well as the right to direct the use of that asset. If a contract is considered to be a lease, the Company recognizes a lease liability based on the present value of the future lease payments with an offsetting entry to recognize a ROU asset. Operating lease ROU assets and liabilities are reflected on the Consolidated Balance Sheet as follows: (In millions) 2022 2021 Operating lease right-of-use assets $ 642 $ 640 Accrued liabilities $ (132) $ (130) Operating lease liabilities (529) (527) Total operating lease liabilities $ (661) $ (657) Weighted-Average Remaining Lease Term (in years) 7.7 7.8 Weighted-Average Discount Rate 3.4 % 3.0 % The operating lease ROU assets include any lease payments related to initial direct costs and prepayments and excludes lease incentives. The Company's leases generally have remaining lease terms of 1 to 26 years, some of which include options to extend. For the majority of its leases with options to extend, those options are up to 5 years with the ability to terminate the lease within 1 to 5 years of inception. The exercise of lease renewal options is at the Company's sole discretion and its lease ROU assets and liabilities reflect only the options the Company is reasonably certain that it will exercise. Supplemental cash flow and lease expense information related to operating leases were as follows: (In millions) 2022 2021 2020 Operating cash flows for measurement of operating lease liabilities $ 145 $ 197 $ 213 Operating lease ROU assets obtained in exchange for operating lease obligations $ 109 $ 180 $ 169 Operating lease expense $ 148 $ 200 $ 197 Operating lease expense is recognized on a straight-line basis over the lease term. Where applicable, the Company accounts for each separate lease component of a contract and its associated non-lease component as a single lease component. Undiscounted maturities of operating lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, as of December 31, 2022 are as follows: (In millions) 2023 $ 153 2024 132 2025 106 2026 83 2027 59 Thereafter 231 Total undiscounted lease payments 764 Less: imputed interest (103) Total discounted lease payments $ 661

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 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 defined benefit pension plans. Pension Plans Qualified domestic pension plan benefits covering collectively bargained U.S. employees comprise approximately 29% of the projected benefit obligation. This noncontributory defined benefit plan provides benefits on a flat dollar formula based on an employee's location and is closed to new entrants. The non-U.S. plans comprise approximately 71% of the projected benefit obligation; certain of these plans provide participants with one-time payments upon separation of employment rather than a retirement annuity. These plans provide benefits based on a plan specific benefit formula. Non-qualified domestic pension plans provide supplementary retirement benefits to certain employees and are not a material component of the projected benefit obligation. The following table details information regarding the Company's pension plans: (In millions) 2022 2021 Change in Benefit Obligation Benefit obligation at beginning of year $ 906 $ 3,224 Service cost 20 27 Interest cost 18 37 Actuarial (gain) loss (1) (271) (112) Benefits paid (21) (106) Curtailment, settlements and special termination benefits (7) (54) Other, including expenses paid (38) (48) Liabilities held for sale (2) — (2,062) Acquisitions (3) 153 — Benefit obligation at end of year $ 760 $ 906 Change in Plan Assets Fair value at beginning of year $ 591 $ 3,294 Actual return on plan assets (170) 67 Company contributions 16 47 Benefits paid (21) (106) Settlements (7) (54) Other, including expenses paid (18) (34) Assets held for sale (2) — (2,623) Acquisitions (3) 60 — Fair value of assets end of year $ 451 $ 591 Funded status of plans $ (309) $ (315) Amounts included in the balance sheet: Other non-current assets $ 25 $ 43 Accrued compensation and benefits (18) (10) Post-employment and other benefit liabilities (316) (348) Net amount recognized $ (309) $ (315) (1) Reflects the impact of foreign exchange translation, primarily for plans in the United Kingdom, Canada and Germany. (2) See Note 20 - Divestitures for additional information. (3) See Note 19 - Acquisitions for additional information. All plans experienced an improvement in the net deficit position due to a significant increase in the discount rates used to measure the benefit obligations of the plans. Discount rates increased over the measurement period as a result of increases in corporate bond yields. The reduction in the benefit obligation was partially offset by lower plan asset performance. In addition, the acquisition of TCC on August 1, 2022 contributed to the change in the funded position. The pretax amounts recognized in Accumulated other comprehensive (income) loss are: (In millions) Prior Service Cost (Benefit) Net Actuarial (Gain) Loss Total As of December 31, 2021 $ 15 $ 595 $ 610 Current year changes recorded in AOCI (2) (476) (478) Amortization reclassified to earnings (2) (9) (11) Settlement/curtailment reclassified to earnings — (2) (2) Currency translation and other — (15) (15) As of December 31, 2022 $ 11 $ 93 $ 104 Information for pension plans with accumulated benefit obligations in excess of plan assets: (In millions) 2022 2021 Projected benefit obligation $ 564 $ 405 Accumulated benefit obligation $ 538 $ 374 Fair value of plan assets $ 230 $ 47 Information for pension plans with projected benefit obligations in excess of plan assets: (In millions) 2022 2021 Projected benefit obligation $ 564 $ 405 Accumulated benefit obligation $ 538 $ 374 Fair value of plan assets $ 230 $ 47 The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows: (In millions) 2022 (1) 2021 2020 Service cost $ 20 $ 27 $ 29 Interest cost 18 37 52 Expected return on plan assets (27) (145) (140) Amortization of prior service cost 2 2 2 Recognized actuarial net loss 9 32 22 Net settlement, curtailment and special termination benefit loss 2 13 4 Net periodic pension expense (benefit) $ 24 $ (34) $ (31) (1) See Note 20 - Divestitures for additional information. The accumulated benefit obligation for all defined benefit plans was $0.7 billion and $0.9 billion as of December 31, 2022 and 2021, respectively. Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: Benefit Obligation Net Costs 2022 2021 2022 2021 2020 Discount rate Projected benefit obligation 4.2% 2.1 % 2.1% 1.4 % 2.0 % Interest cost (1) —% — % 1.9% 1.2 % 1.8 % Service cost (1) —% — % 2.8% 2.1 % 1.8 % Salary scale 2.4% 3.1 % 3.1% 2.8 % 3.3 % Expected return on plan assets —% — % 5.0% 4.6 % 4.9 % (1) The 2022 and 2021 discount rates used to measure the service cost and interest cost applies to the significant plans of the Company. The projected benefit obligation discount rate is used for the service cost and interest cost measurements for non-significant plans. The weighted-average discount rates used to measure pension benefit obligations and net costs are set by reference to specific analyses using each plan’s specific cash flows and high-quality bond indices to assess reasonableness. For those significant plans, the Company utilizes a full yield curve approach in the estimation of the service cost and interest cost components by applying the specific spot rates along the yield curve used in determination of the benefit obligation to the relevant projected cash flows. In determining the expected return on plan assets, the Company considered the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. Return projections are assessed for reasonableness using a simulation model that incorporates yield curves, credit spreads and risk premiums to project long-term prospective returns. The plans’ investment management objectives include providing the liquidity and asset levels needed to meet current and future benefit payments, while maintaining a prudent degree of portfolio diversification considering interest rate risk and market volatility. Globally, investment strategies target a mix of approximately 50% of growth seeking assets and 50% of income generating and hedging assets using a wide diversification of asset types, fund strategies and investment managers. The growth seeking allocation consists of global public equities in developed and emerging countries and alternative-asset class strategies. Within the income generating assets, the fixed income portfolio primarily consists of government and broadly diversified high quality corporate bonds. The plans seek to reduce interest rate risk and have incorporated liability hedging programs that include the adoption of a risk reduction objective as part of the long-term investment strategy. Under this objective, the income generating and hedging assets typically increase as funded status improves. The hedging programs incorporate a range of assets and investment tools, each with various interest rate sensitivities. As a result of the improved funded status of the plans, due to favorable asset returns and funding of the plans, the income generating and hedging assets increased in recent years. The fair values of pension plan assets by asset category are as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject (In millions) (Level 1) (Level 2) (Level 3) to Leveling Total Asset Category Public Equities: Global Equities $ — $ 27 $ — $ — $ 27 Global Equity Funds at net asset value (1) (2) — — — 119 119 Fixed Income Securities: Governments — 35 — 24 59 Corporate Bonds — 45 — — 45 Fixed Income Securities (2) — 11 — 156 167 Real Estate (3) — 1 — — 1 Other (4) (5) — 8 — — 8 Cash & Cash Equivalents (2)(6) — 25 — 1 26 Subtotal $ — $ 152 $ — $ 300 $ 452 Other assets and liabilities (7) (1) Total as of December 31, 2022 $ 451 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject (In millions) (Level 1) (Level 2) (Level 3) to Leveling Total Asset Category Public Equities: Global Equities $ — $ 29 $ — $ — $ 29 Global Equity Funds at net asset value (1) (2) — — — 208 208 Fixed Income Securities: Governments — 26 — — 26 Corporate Bonds — 103 — — 103 Fixed Income Securities (2) — — — 189 189 Real Estate (3) — 9 — — 9 Other (4)(5) — 5 — — 5 Cash & Cash Equivalents (2)(6) — 7 — 3 10 Subtotal $ — $ 179 $ — $ 400 $ 579 Other assets and liabilities (7) 12 Total as of December 31, 2021 (8) $ 591 (1) Represents commingled funds that invest primarily in common stocks. (2) In accordance with ASU 2015-07, Fair Value Measurement (Topic 820) , certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. (3) Represents investments in real estate, including commingled funds and directly held properties. (4) Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities. (5) Includes fixed income repurchase agreements entered into for purposes of pension asset and liability matching. (6) Represents short-term commercial paper, bonds and other cash or cash-like instruments. (7) Represents trust receivables and payables that are not leveled. (8) Chubb plan assets for 2021, totaling $2.6 billion are not included within this table, as the business was reclassified as held for sale. Derivatives in the plan are primarily used to manage risk and gain asset class exposure while still maintaining liquidity. Derivative instruments mainly consist of fixed income repurchase agreements, interest rate swaps, total return swaps and currency forward contracts. Quoted market prices are used to value investments when available. Investments in securities traded on exchanges, including listed futures and options, are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices. Fixed income securities are primarily measured using a market approach pricing methodology, whereby observable prices are obtained by market transactions involving identical or comparable securities of issuers with similar credit ratings. Over-the-counter securities and government obligations are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, including broker quotes. Temporary cash investments are stated at cost, which approximates fair value. For the years ended December 31, 2022, 2021 and 2020, the Company made $16 million, $47 million and $41 million, respectively, of cash contributions to its defined benefit pension plans. The Company expects to make total contributions of approximately $5 million to its defined benefit pension plans in 2023. Contributions do not reflect benefits to be paid directly from corporate assets. Benefit payments, including amounts to be paid from corporate assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: $38 million in 2023, $38 million in 2024, $40 million in 2025, $45 million in 2026, $50 million in 2027 and $243 million from 2028 through 2031. Multiemployer Benefit Plans The Company contributes to various domestic and foreign multiemployer defined benefit pension plans. The risks of participating in these multiemployer plans are different from those of single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. The Company's contributions to these plans for the years ended December 31, 2022 and 2021 was $15 million and $14 million, respectively. Employee Savings Plans The Company sponsors various employee savings plans. Certain employees of Carrier participate in these plans. Carrier’s contributions to employer sponsored defined contribution plans were $123 million, $115 million and $103 million for the years ended December 31, 2022, 2021 and 2020, respectively.

PRODUCT WARRANTIES

PRODUCT WARRANTIES	12 Months Ended
	Dec. 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 Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities based on their anticipated settlement date. The changes is the carrying amount of warranty related provisions are as follows: (In millions) 2022 2021 Balance as of January 1, $ 524 $ 514 Warranties, performance guarantees issued and changes in estimated liability 184 172 Settlements made (171) (165) Other 14 3 Balance as of December 31, $ 551 $ 524

EQUITY

EQUITY	12 Months Ended
	Dec. 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 December 31, 2022 and December 31, 2021, 876,487,480 and 873,064,219 shares of common stock were issued, respectively, which includes 42,103,995 and 10,375,654 shares of treasury stock, respectively. Share Repurchase Program The Company may purchase its outstanding common stock from time to time subject to market conditions and at our discretion. Repurchases occur in the open market or through one or more other public or private transactions pursuant to plans complying with Rules 10b5-1 and 10b-18 under the Exchange Act. Shares acquired are recognized at cost and presented separately on the balance sheet as a reduction to Equity . In July 2021, the Company's Board of Directors approved a $1.75 billion increase to the Company's existing $350 million share repurchase program authorizing the repurchase of up to $2.1 billion of the Company's outstanding common stock. During 2021, the Company repurchased 10.4 million shares of common stock for an aggregate purchase price of $529 million. 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. In addition, the Company's Board of Directors approved a $2 billion increase to the Company's existing share repurchase program in October 2022. During 2022, the Company repurchased 31.7 million shares of common stock for an aggregate purchase price of $1.4 billion, which includes shares repurchased under the ASR Agreement. As of December 31, 2022, the Company has approximately $2.2 billion remaining under the current authorization. Accumulated Other Comprehensive Income (Loss) A summary of changes in the components of Accumulated other comprehensive income (loss) is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2020 $ (780) $ (473) $ (1,253) Other comprehensive income (loss) before reclassifications, net 589 2 591 Amounts reclassified, pre-tax — (105) (105) Tax benefit reclassified — 22 22 Balance as of December 31, 2020 $ (191) $ (554) $ (745) Other comprehensive income (loss) before reclassifications, net (322) 53 (269) Amounts reclassified, pre-tax 8 34 42 Tax benefit reclassified — (17) (17) Balance as of December 31, 2021 $ (505) $ (484) $ (989) Other comprehensive income (loss) before reclassifications, net (525) 63 (462) Amounts reclassified, pre-tax — 11 11 Tax benefit reclassified — (3) (3) Chubb divestiture (574) 329 (245) Balance as of December 31, 2022 $ (1,604) $ (84) $ (1,688)

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 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 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. Performance Obligations A performance obligation is a distinct good, service or a bundle of goods and services promised in a contract. Some of the Company's contracts with customers contain a single performance obligation, while others contain multiple performance obligations most commonly when a contract spans multiple phases of a product life-cycle such as production, installation, maintenance and support. The Company identifies performance obligations at the inception of a contract and allocates the transaction price to each distinct performance obligation. Revenue is recognized when or as the performance obligation is satisfied. When there are multiple performance obligations within a contract, the Company allocates the transaction price to each performance obligation based on its relative stand-alone selling price. The Company primarily generates revenue from the sale of products to customers and recognizes revenue at a point in time when control transfers to the customer. Transfer of control is generally based on the shipping terms of the contract. In addition, the Company recognizes revenue on an over-time basis on installation and service contracts. For over-time performance obligations requiring the installation of equipment, revenue is recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with and best depict transfer of control to the customer. Contract costs include direct costs such as labor, materials and subcontractors’ costs and where applicable, indirect costs. Segment sales disaggregated by product and service are as follows: (In millions) 2022 2021 2020 Sales Type Product $ 11,882 $ 9,985 $ 8,165 Service 1,526 1,405 1,313 HVAC sales 13,408 11,390 9,478 Product 3,432 3,653 2,927 Service 451 474 406 Refrigeration sales 3,883 4,127 3,333 Product 3,372 3,985 3,585 Service 198 1,530 1,400 Fire & Security sales 3,570 5,515 4,985 Total segment sales 20,861 21,032 17,796 Eliminations and other (440) (419) (340) Consolidated $ 20,421 $ 20,613 $ 17,456 The transaction price allocated to performance obligations reflects the Company’s expectations about the consideration it will be entitled to receive from a customer. The Company includes variable consideration in the estimated transaction price when there is a basis to reasonably estimate the amount and when it is probable that a significant reversal of revenue recognized would not occur when the uncertainty associated with variable consideration is subsequently resolved. In addition, the Company customarily offers its customers incentives to purchase products to ensure an adequate supply of its products in distribution channels. The principal incentive programs provide reimbursements to distributors for offering promotional pricing for products. The Company accounts for estimated incentive payments as a reduction in sales at the time a sale is recognized. Contract Balances Total contract assets and liabilities consisted of the following: (In millions) 2022 2021 Contract assets, current $ 537 $ 503 Contract assets, non-current (included within Other assets ) 6 70 Total contract assets 543 573 Contract liabilities, current (449) (415) Contract liabilities, non-current (included within Other long-term liabilities ) (174) (165) Total contract liabilities (623) (580) Net contract assets (liabilities) $ (80) $ (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 the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. The Company recognized revenue of $321 million for the year ended December 31, 2022 that was related to contract liabilities as of January 1, 2022. The Company expects a majority of its contract liabilities at the end of the period to be recognized as revenue over the next 12 months. There were no individually significant customers with sales exceeding 10% of total sales for the years ended December 31, 2022, 2021 and 2020.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 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 and performance share units. Stock Options and Appreciation Rights Eligible participants may receive stock options or stock appreciation rights as part of the Company's long-term incentive program. The fair value of each instrument is determined as of the date of grant using a binomial lattice model and expensed on a straight-line basis over the required service period, which is generally a three-year vesting period. However, in the event of retirement, awards held for at least one year may vest and become exercisable (if applicable), subject to certain terms and conditions. The following table summarizes fair value information for stock options and stock appreciation rights: 2022 (1) 2021 (1) 2020 (1) Stock options and stock appreciation rights weighted-average fair value per award $ 10.68 $ 10.13 $ 4.67 Assumptions: Volatility 30.8% to 31.3% 31.6% to 34.1% 32.1% to 35.6% Expected term (in years) 6.1 6.6 7.0 Expected dividend yield 1.5% 1.5% 1.4% to 2.0% Range of risk-free rates 1.7% to 3.0% 0.7% to 1.4% 0.1% to 1.0% (1) Carrier has limited historical trading data and used peer group data to estimate expected volatility for the 2022, 2021 and 2020 awards. The Company used historical employee data, including data prior to the Separation and the Distribution, to estimate expected term. The expected dividend yield is consistent with management's expectations. The risk-free rate is based on the term structure of interest rates at the time the awards were granted. Changes in stock options and stock appreciation rights outstanding subsequent to the Separation and Distribution were as follows: Shares Subject to Option Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Life As of April 3, 2020 36,015 $ 19.90 Granted 3,921 $ 17.57 Exercised (2,620) $ 15.81 Cancelled (584) $ 22.31 As of December 31, 2020 36,732 $ 19.91 Granted 3,194 $ 38.92 Exercised (5,934) $ 17.59 Cancelled (1,551) $ 23.98 As of December 31, 2021 32,441 $ 22.02 Granted 2,715 $ 47.72 Exercised (3,495) $ 17.76 Cancelled (883) $ 30.33 Outstanding as of December 31, 2022 30,778 $ 24.53 $ 532 5.9 Exercisable as of December 31, 2022 17,642 $ 20.03 $ 375 4.5 Restricted Stock Units Eligible participants may receive restricted stock units ("RSU") as part of the Company's long-term incentive program. The fair value of restricted stock units are based on the closing market price of the Company's common stock on the date of grant and expensed on a straight-line basis over the required service period (which is generally a three-year vesting period). However, in the event of retirement, awards held for at least one year may vest and become exercisable (if applicable), subject to certain terms and conditions. Dividends accrue during the vesting period and are paid in shares of the Company's common stock. Changes in restricted stock units subsequent to the Separation and Distribution were as follows: RSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of April 3, 2020 5,622 $ 21.37 Granted 523 $ 21.43 Vested (483) $ 19.74 Cancelled (88) $ 23.29 Outstanding and unvested as of December 31, 2020 5,574 $ 21.57 Granted 286 $ 46.49 Vested (2,168) $ 21.45 Cancelled (122) $ 25.39 Outstanding and unvested as of December 31, 2021 3,570 $ 23.33 Granted 555 $ 41.88 Vested (1,915) $ 20.85 Cancelled (143) $ 32.92 Outstanding and unvested as of December 31, 2022 2,067 $ 29.87 Performance Share Units The Company has a performance share program for key employees whereby awards are provided in the form of performance share units ("PSU") based on performance against pre-established objectives. The annual target level is expressed as shares of the Company's common stock based on the fair value of its stock on the date of grant. Awards are earned over a three-year performance period based equally on a performance condition, measured by the compound annual growth rate of the Company's earnings per share and on a market condition, measured by the Company's relative total shareowner return compared to the total shareowner return of a subset of industrial companies in the S&P 500 Index. The fair value of the market condition is estimated using a Monte Carlo simulation approach. The fair value of the PSU awards are expensed over the required service period, which is generally a three-year vesting period. In the event of retirement, performance share units held for at least one year remain eligible to vest based on actual performance relative to pre-established metrics. Dividends do not accrue on the performance share units during the performance period. Changes in PSUs subsequent to the Separation and Distribution were as follows: PSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of April 3, 2020 68 $ 21.23 Granted 728 $ 18.23 Forfeited (24) $ 19.25 Outstanding and unvested as of December 31, 2020 772 $ 18.46 Granted 821 $ 41.48 Vested (20) $ 23.72 Forfeited (152) $ 27.28 Outstanding and unvested as of December 31, 2021 1,421 $ 30.75 Granted 653 $ 46.93 Vested (5) $ 41.81 Forfeited (139) $ 35.45 Outstanding and unvested as of December 31, 2022 1,930 $ 35.86 Compensation Expense 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 Consolidated Statement of Operations. Stock-based compensation cost by award type are as follows: (In millions) 2022 2021 2020 (1) Equity compensation costs - equity settled $ 77 $ 92 $ 77 Equity compensation costs - cash settled (2) (15) 19 11 Total stock-based compensation cost $ 62 $ 111 $ 88 Income tax benefit $ 9 $ 13 $ 9 (1) The stock-based compensation cost for 2020 include amounts allocated to Carrier by UTC related to its direct employees. (2) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date. Prior to the Separation and the Distribution, the Company participated in UTC’s long-term incentive plans, which authorized various types of market and performance-based incentive awards. Stock-based compensation expense was allocated to the Company from UTC based upon direct employee headcount. In connection with the Separation and the Distribution, all awards were converted to Carrier stock-based awards with unvested awards converted to preserve the aggregate intrinsic value immediately before and after the Separation. As of December 31, 2022 and 2021, there were $64 million and $77 million of unrecognized stock-based compensation costs related to non-vested awards granted under the plan, respectively, which will be recognized ratably over the awards weighted-average remaining vesting period of 2 years.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	12 Months Ended
	Dec. 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. Due to the size, nature and frequency of these discrete plans, they are fundamentally different from the Company’s ongoing productivity initiatives. The Company recorded net pre-tax restructuring costs for new and ongoing restructuring actions as follows: (In millions) 2022 2021 2020 HVAC $ 8 $ 33 $ 7 Refrigeration 10 25 12 Fire & Security 11 26 28 Total Segment 29 84 47 General corporate expenses 2 5 2 Total restructuring costs $ 31 $ 89 $ 49 Cost of sales $ 9 $ 28 $ 20 Selling, general and administrative 22 60 29 Other income (expense), net — 1 — Total restructuring costs $ 31 $ 89 $ 49 The following table summarizes the reserves and charges related to the restructuring reserve, included in Accrued liabilities on the accompanying Consolidated Balance Sheet: (In millions) 2022 2021 Balance as of January 1, $ 54 $ 49 Net pre-tax restructuring costs 31 89 Utilization, foreign exchange and other (61) (76) Reclassified as Liabilities held for sale (1) — (8) Balance as of December 31, $ 24 $ 54 (1) See Note 20 - Divestitures for additional information. During the year ended December 31, 2022, 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 December 31, 2022, the Company had $24 million accrued for costs associated with its announced restructuring initiatives, all of which is expected to be paid within one year.

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET Other income (expense), net consisted of the following: (In millions) 2022 2021 2020 Transaction gains (1) $ — $ — $ 1,123 Impairment charge on minority-owned joint venture investments (1) — (2) (72) Other 1,840 41 (45) Other income (expense), net $ 1,840 $ 39 $ 1,006 (1) See Note 22 - Related Parties for additional information. Other income (expense), net primarily includes the impact of gains and losses related to the sale of interests in equity method investments, foreign currency gains and losses on transactions that are denominated in a currency other than the entity's functional currency and hedging-related activities. In connection with the TCC acquisition, the carrying value of the Company's previously held TCC equity investments were recognized at fair value at the date of acquisition. As a result, the Company recognized a $705 million non-cash gain associated with the increase in our ownership interest. In addition, the Company completed the Chubb Sale and recognized a net gain on the sale of $1.1 billion during the twelve months ended December 31, 2022.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Before Income Taxes The sources of Income from operations before income taxes are as follows: (In millions) 2022 2021 2020 United States $ 1,876 $ 1,528 $ 915 Foreign 2,416 872 1,940 Total $ 4,292 $ 2,400 $ 2,855 Provision for Income Taxes The income tax expense (benefit) consisted of the following components: (In millions) 2022 2021 2020 Current: United States: Federal $ 453 $ 336 $ 434 State 120 83 74 Foreign 259 354 244 832 773 752 Future: United States: Federal (23) (125) 13 State (29) (14) 6 Foreign (72) 65 78 (124) (74) 97 Income tax expense $ 708 $ 699 $ 849 Reconciliation of Effective Income Tax Rate The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: 2022 2021 2020 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax 1.5 1.9 1.7 Tax on international activities (1.0) 7.2 4.2 Separation impact — — 3.4 TCC acquisition impact (4.2) — — Other (0.8) (1.0) (0.6) Effective income tax rate 16.5 % 29.1 % 29.7 % The effective tax rate for the year ended December 31, 2022 was lower than the Company's statutory U.S. federal income tax rate. The decrease was driven by a lower effective tax rate on the $705 million non-cash gain resulting from the recognition of the Company's previously held TCC equity investments at fair value upon acquisition of TCC, a lower effective tax rate on the $1.1 billion Chubb gain and $45 million of foreign tax credits generated and utilized in the current year. The effective tax rate for the year ended December 31, 2021 was higher than the Company's statutory U.S. federal income tax rate. The increase was driven by a net tax charge of $157 million primarily relating to the re-organization and disentanglement of certain Chubb subsidiaries executed in advance of the planned divestiture of the Chubb business and a $43 million deferred tax charge associated with a tax rate increase in the United Kingdom enacted on June 10, 2021 with an effective date of April 2023. These amounts were partially offset by the recognition of a favorable tax adjustment of $70 million due to foreign tax credits generated and expected to be utilized in the current year and $21 million resulting from the re-organization of a German subsidiary. The effective tax rate for the year ended December 31, 2020 was higher than the Company's statutory U.S. federal income tax rate. The increase was driven by a $51 million charge related to a valuation allowance recorded against a United Kingdom tax loss and credit carryforward and a charge of $46 million resulting from the Company's decision to no longer permanently reinvest certain pre-2018 unremitted non-U.S. earnings. These items were impacted by the Separation and included in "Separation impact" in the previous table. Deferred Tax Assets and Liabilities Future income taxes represent the tax effects of transactions, which are reported in different periods for tax and GAAP purposes. These amounts consist of the tax effects of differences between tax and GAAP that are expected to be reversed in the future and tax carryforwards. Future income tax benefits and payables within the same tax paying component of a particular jurisdiction are offset for presentation in the Consolidated Balance Sheet. The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables as of December 31, 2022 and 2021 are as follows: (In millions) 2022 2021 Future income tax benefits: Insurance and employee benefits $ 161 $ 198 Other assets basis differences 284 166 Other liabilities basis differences 571 512 Tax loss carryforward 177 175 Tax credit carryforward 29 24 Valuation allowances (100) (90) Future income tax benefit $ 1,122 $ 985 Future income tax payables: Goodwill and intangible assets $ (449) $ (270) Other asset basis differences (395) (307) Future income tax payables $ (844) $ (577) Valuation allowances have been established primarily for tax credit carryforwards, tax loss carryforwards and certain foreign temporary differences to reduce future income tax benefits to expected realizable amounts. As of December 31, 2021, future income tax benefits and future income tax payables exclude a net liability of $266 million classified as held for sale. See Note 20 - Divestitures for additional information. Changes to valuation allowances consisted of the following: (In millions) Balance as of January 1, 2020 $ 128 Additions charged to income tax expense (1) 112 Reduction credited to income tax expense (13) Other adjustments 4 Balance as of December 31, 2020 $ 231 Additions charged to income tax expense 32 Reduction credited to income tax expense (22) Other adjustments (41) Reclassified to held for sale (110) Balance as of December 31, 2021 $ 90 Additions charged to income tax expense 18 Reduction credited to income tax expense (22) Other adjustments 14 Balance as of December 31, 2022 $ 100 (1) Includes $89 million relating to "Separation impact" discussed in section "Reconciliation of Effective Income Tax Rate." Tax Credit and Loss Carryforwards As of December 31, 2022, tax credit carryforwards and tax loss carryforwards were as follows: (In millions) Tax Loss Carryforwards Tax Credit Carryforwards Expiration period: 2023-2027 $ 107 $ 7 2028-2032 61 5 2033-2042 33 4 Indefinite 607 13 Total $ 808 $ 29 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 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 if valuation allowances against deferred tax assets are required. The Company maintains valuation allowances against certain deferred tax assets. Unrecognized Tax Benefits As of December 31, 2022, the Company had unrecognized tax benefits of $291 million, all of which, if recognized, would impact its effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits and related interest expense is as follows: (In millions) 2022 2021 2020 Balance at beginning of period $ 251 $ 162 $ 166 Additions for tax positions related to the current year 34 86 22 Additions for tax positions of prior years (1) 32 24 14 Reductions for tax positions of prior years (2) (13) (1) (40) Settlements (13) (18) — Reclassified as held for sale — (2) — Balance at end of period $ 291 $ 251 $ 162 Gross interest expense related to unrecognized tax benefits $ 16 $ 8 $ 6 Total accrued interest balance at end of period $ 48 $ 35 $ 25 (1) Includes $14 million related to acquisitions during the year ended December 31, 2021. (2) Includes an adjustment of $37 million recorded in UTC Net investment for the year ended December 31, 2020 for tax positions of prior years. The Company conducts business globally and, as a result, the Company and its subsidiaries file income tax returns in the U.S. federal, various state and foreign jurisdictions. In certain jurisdictions, the Company's operations were included in UTC's combined tax returns for the periods through the Separation and the Distribution. The IRS commenced an audit of UTC's tax years 2017 and 2018 in the second quarter of 2020 and this audit will continue into 2023. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including the U.S., Australia, Belgium, Canada, China, Czech Republic, France, Germany, Hong Kong, India, Italy, Japan, Mexico, the Netherlands, Singapore, Thailand, and the United Kingdom. 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 U.S. state and local and foreign income tax examinations for tax years before 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 $45 million to $55 million may occur within 12 months as a result of additional uncertain tax positions, the revaluation of uncertain tax positions arising from examinations, appeals, court decisions or the closure of tax statutes.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 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: (In millions, except per share amounts) 2022 2021 2020 Net income attributable to common shareowners $ 3,534 $ 1,664 $ 1,982 Basic weighted-average number of shares outstanding 843.4 867.7 866.5 Stock awards and equity units (share equivalent) 17.8 22.6 13.7 Diluted weighted-average number of shares outstanding 861.2 890.3 880.2 Antidilutive shares excluded from computation of diluted earnings per share 2.9 0.1 (1) 0.2 Earnings Per Share Basic $ 4.19 $ 1.92 $ 2.29 Diluted $ 4.10 $ 1.87 $ 2.25

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS During the year ended December 31, 2022, the Company acquired consolidated and minority-owned businesses. The aggregate cash paid, net of cash acquired, totaled $506 million. Acquisitions are recorded using the acquisition method of accounting in accordance with ASC 805. As a result, the aggregate purchase price has been allocated to assets acquired and liabilities assumed based on the estimate of fair market value of such assets and liabilities at the date of acquisition. The excess purchase price over the estimated fair value of net assets acquired was recognized as goodwill and totaled $905 million. Toshiba Carrier Corporation On February 6, 2022, the Company entered into a binding agreement to acquire a majority ownership interest in TCC for $930 million. TCC, a 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 included 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 acquisition was completed on August 1, 2022 and funded through the Japanese Term Loan Facility and cash on hand. Upon closing, Toshiba Corporation retained a 5% ownership interest in TCC. The preliminary allocation of the purchase price is as follows: (In millions) August 1, 2022 Cash and cash equivalents $ 462 Accounts receivable 414 Inventories 373 Other assets, current 54 Fixed assets 343 Intangible assets 965 Goodwill 889 Other assets 293 Accounts payable (412) Accrued liabilities (445) Contract liabilities, current (21) Other long-term liabilities (565) Net assets acquired $ 2,350 Less: Fair value of non-controlling interests (22) Less: Fair value of previously held TCC equity investments (1,398) Total cash consideration $ 930 The excess purchase price over the estimated fair value of the net assets acquired was recognized as goodwill and totaled $889 million, which is not deductible for tax purposes. Accounts receivable and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for inventory and fixed assets was based on an assessment of the acquired assets' condition as well as an evaluation of the current market value of such assets. The sale agreement included several customary provisions to settle working capital and other transaction-related items as of the date of sale. During the year ended December 31, 2022, the parties finalized these amounts in accordance with the terms of the sale agreement. As a result, the Company recorded an accrual of $39 million which is expected to be paid to Toshiba Corporation in the first quarter of 2023. The Company recorded intangible assets based on its estimate of fair value which consisted of the following: (In millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 23 $ 497 Technology 7 220 Trademark 26 180 Backlog 1 60 Land use rights 45 8 Total intangible assets acquired $ 965 The valuation of intangible assets was determined using an income approach methodology including the multi-period excess earnings method and the relief from royalty method. Key assumptions used in estimating future cash flows included projected revenue growth rates, EBIT margins, discount rates, customer attrition rates and royalty rates among others. The projected future cash flows are discounted to present value using an appropriate discount rate. As of December 31, 2022, the Company finalized the process of allocating the purchase price and valuing the acquired assets and liabilities except for certain amounts associated with pension funding levels and income taxes. The Company previously accounted for its minority ownership in TCC under the equity method of accounting. In connection with the transaction, the carrying value of the Company's previously held TCC equity investments were recognized at fair value at the date of acquisition using an income approach methodology. As a result, the Company recognized a $705 million non-cash gain within Other income (expense), net on the accompanying Consolidated Statement of Operations. In addition, the assets, liabilities and results of operations of TCC are consolidated in the accompanying Consolidated Financial Statements as of the date of acquisition and reported within the Company's HVAC segment. During the year ended December 31, 2022, the Company incurred $29 million of acquisition-related costs which are included within Selling, general and administrative on the accompanying Consolidated Statement of Operations. The Company has not included pro forma financial information required under ASC 805 as the pro forma impact was not deemed significant. Acquisition of Guangdong Giwee Group Co. On June 1, 2021, the Company acquired a 70% controlling stake in Guangdong Giwee Group Co. and its subsidiaries ("Giwee") and subsequently acquired the remaining 30% ownership in Giwee on September 7, 2021. Giwee is a China-based manufacturer offering a portfolio of HVAC products including variable refrigerant flow, modular chillers and light commercial air conditioners. The acquisition was funded through cash on hand. The excess of the purchase price over the estimated fair value of the net assets acquired was recognized as goodwill and totaled $182 million, which is not deductible for tax purposes. Accounts receivable and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for inventory and property, plant and equipment was based on an assessment of the acquired assets' condition as well as an evaluation of the current market value of such assets. The Company recorded intangible assets which consisted of the following: (In millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 14 $ 52 Technology 10 34 Non-compete agreement 5 8 Total intangible assets acquired $ 94 The valuation of intangible assets was determined using an income approach methodology including the multi-period excess earnings method and the relief from royalty method. Key assumptions used in estimating future cash flows included projected revenue growth rates, customer attrition rates and royalty rates. The projected future cash flows are discounted to present value using an appropriate discount rate. The results of Giwee are reported within the HVAC segment as of the date of acquisition. The Company finalized the process of allocating the purchase price and valuing the acquired assets and liabilities during the year ended December 31, 2021. The Company has not included pro forma financial information required under ASC 805 as the pro forma impact was not deemed significant.

DIVESTITURES

DIVESTITURES	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES On January 3, 2022, the Company completed the Chubb Sale for net proceeds of $2.9 billion. Chubb, which was reported within the Company’s Fire & Security segment, delivered essential fire safety and security solutions from design and installation to monitoring, service and maintenance across more than 17 countries around the globe. During the year ended December 31, 2022, the Company recognized a net gain on the sale of $1.1 billion, which is included in Other income (expense), net on the accompanying Consolidated Statement of Operations. The following table summarizes Chubb's assets and liabilities classified as held for sale: (In millions) December 31, 2021 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 held for sale $ 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 held for sale $ (1,134) The sale agreement included several customary provisions to settle working capital and other transaction-related items as of the date of sale. The parties finalized these amounts in accordance with the terms of the sale agreement.

SEGMENT FINANCIAL DATA

SEGMENT FINANCIAL DATA	12 Months Ended
	Dec. 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. Inter-company sales between segments are immaterial. • 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 Company's customers are in both the public and private sectors and its 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 (In millions) 2022 2021 2020 2022 2021 2020 HVAC $ 13,408 $ 11,390 $ 9,478 $ 2,610 $ 1,738 $ 2,462 Refrigeration 3,883 4,127 3,333 483 476 357 Fire & Security 3,570 5,515 4,985 1,630 662 584 Total segment 20,861 21,032 17,796 4,723 2,876 3,403 Eliminations and other (440) (419) (340) (80) (96) (184) General corporate expenses — — — (128) (135) (136) Consolidated $ 20,421 $ 20,613 $ 17,456 $ 4,515 $ 2,645 $ 3,083 Total assets are not presented for each segment as they are not presented to or reviewed by the CODM. Segment assets in the following table represent Accounts receivable, net, Contract assets, current and Inventories, net . These assets are regularly reviewed by management and are therefore reported in the following table as segment assets. All other remaining assets and liabilities for all periods presented are managed on a company-wide basis. Segment Assets Capital Expenditures Depreciation & Amortization (In millions) 2022 2021 2022 2021 2020 2022 2021 2020 HVAC $ 3,191 $ 2,375 $ 232 $ 225 $ 188 $ 256 $ 186 $ 163 Refrigeration 1,279 1,285 32 39 26 31 36 39 Fire & Security 1,492 1,203 40 49 51 58 83 108 Total Segment 5,962 4,863 304 313 265 345 305 310 Eliminations and other 48 13 49 31 47 35 33 26 Consolidated $ 6,010 $ 4,876 $ 353 $ 344 $ 312 $ 380 $ 338 $ 336 Cash and cash equivalents 3,520 2,987 Other assets, current 349 376 Assets held for sale — 3,168 Total current assets $ 9,879 $ 11,407 Geographic External Sales Geographic external sales and operating profits are attributed to the geographic regions based on their location of origin. With the exception of the U.S. as presented in the following table, there were no individually significant countries with sales exceeding 10% of total sales for the years ended December 31, 2022, 2021 and 2020. External Sales Long-Lived Assets (In millions) 2022 2021 2020 2022 2021 United States Operations $ 11,797 $ 10,492 $ 9,105 $ 803 $ 772 International Operations Europe 4,359 5,776 4,935 453 476 Asia Pacific 3,489 3,464 2,655 573 279 Other 776 881 761 412 299 Consolidated $ 20,421 $ 20,613 $ 17,456 $ 2,241 $ 1,826

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 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. The Company has 27 directly owned unconsolidated domestic and foreign affiliates as of December 31, 2022 and 2021, respectively, of which 99% of such investments are in its HVAC segment. Amounts attributable to equity method investees are as follows: (In millions) 2022 2021 2020 Sales to equity method investees included in Product sales $ 2,845 $ 2,258 $ 1,758 Purchases from equity method investees included in Cost of products sold $ 331 $ 357 $ 292 The Company had receivables from and payables to equity method investees as follows: (In millions) 2022 2021 Receivables from equity method investees included in Accounts receivable, net $ 154 $ 150 Payables to equity method investees included in Accounts payable $ 44 $ 51 The financial results of TCC are included in the Company's consolidated results since the acquisition date of August 1, 2022. Prior to the acquisition, the Company previously accounted for its minority ownership in TCC under the equity method of accounting. As a result, prior period results may not be comparable to the current period. The Company periodically reviews the carrying value of its equity method investments to determine if there has been an other-than-temporary decline in fair value. In 2020, the Company determined that indicators of impairment existed for a minority owned joint venture investment and performed a valuation of this investment using a discounted cash flow method. The Company determined that the loss in value was other-than-temporary due to a reduction in sales and earnings that were primarily driven by a deterioration in the oil and gas industry (the joint venture's primary market) and by the impact of the COVID-19 pandemic. As a result, the Company recorded a non-cash, other-than-temporary impairment charge of $71 million on this investment in 2020, which is included in Other income (expense), net on the accompanying Consolidated Statement of Operations. In September 2020, the Company sold 9.25 million B shares of Beijer for SEK290 ($32.38) per share equal to approximately 7.9% of the outstanding B shares in Beijer, through an accelerated equity offering. The Company received proceeds of approximately $300 million and recognized a pre-tax gain on the sale of $252 million, which is included in Other income (expense), net on the Consolidated Statement of Operations. Subsequently, in December 2020, the Company sold all of its remaining A and B shares of Beijer for SEK245 ($29.03) per share. The Company received proceeds of approximately $1.1 billion and recognized a pre-tax gain on the sale of $871 million, which is included in Other income (expense), net on the Consolidated Statement of Operations. Prior to the sale of the Company's remaining shares, Beijer was reported as an equity method investment. Summarized Financial Information . Pursuant to Rule 3-10 and Rule 4-08(g) of Regulation S-X under the Securities Act, the Company presents summarized financial information of the combined accounts of its non-consolidated joint ventures accounted for by the equity method. Summarized unaudited financial information for equity method investments is as follows: (In millions) 2022 2021 Current assets $ 10,621 $ 4,275 Non-current assets 1,931 2,140 Total assets 12,552 6,415 Current liabilities (8,631) (2,596) Non-current liabilities (195) (329) Total liabilities (8,826) (2,925) Total net equity of investees $ 3,726 $ 3,490 (In millions) 2022 2021 2020 Net sales $ 11,524 $ 9,471 $ 9,299 Gross profit $ 2,274 $ 1,907 $ 1,722 Income from continuing operations $ 757 $ 650 $ 544 Net income $ 757 $ 650 $ 544

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 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 (including asbestos) and legal matters. 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 the technology required to remediate, current laws and regulations and prior remediation experience. As of December 31, 2022 and 2021, the outstanding liability for environmental obligations are as follows: (In millions) 2022 2021 Environmental reserves included in Accrued liabilities $ 24 $ 29 Environmental reserves included in Other long-term liabilities 211 191 Total environmental reserves $ 235 $ 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's asbestos liabilities and related insurance recoveries are as follows: (In millions) 2022 2021 Asbestos liabilities included in Accrued liabilities $ 16 $ 17 Asbestos liabilities included in Other long-term liabilities 212 220 Total asbestos liabilities $ 228 $ 237 Asbestos-related recoveries included in Other assets, current $ 5 $ 5 Asbestos-related recoveries included in Other assets 90 93 Total asbestos-related recoveries $ 95 $ 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 challenged 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, with Raytheon, Carrier and Otis as the only defendants, asserted 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 sought specific performance. Carrier believes all plaintiffs' claims against the Company are without merit. Defendants moved to dismiss the Amended Complaint. On September 30, 2022, the court dismissed the case against all defendants, with prejudice. Plaintiffs appealed the dismissal to the United States Court of Appeals for the Second Circuit. The briefing process is ongoing. Aqueous Film Forming Foam Litigation As of December 31, 2022, the Company and certain of its subsidiaries, including Kidde-Fenwal, Inc. ("KFI"), have been named as defendants in more than 3,150 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 and certain of its subsidiaries, including KFI, have also been named as a defendant in more than 300 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, 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 subsidiaries first entered the AFFF business with their acquisition of National Foam and Angus Fire in 2005 as part of the acquisition of KFI and Kidde Products Limited ("KPL"). In 2013, KFI and KPL divested the National Foam and Angus Fire businesses to a third party. The Company acquired KFI and KPL as part of its separation from UTC in April 2020. During the eight-year period of its operation by KFI, 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. Niether the Company nor any of its former or current subsidiaries, including National Foam/Angus Fire and KFI/KPL, respectively, manufactured fluorosurfactants; they instead purchased these substances from unrelated third parties to in turn manufacture AFFF. 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 manufactured using a process known as ECF, and that this process was used exclusively by 3M. They also allege that PFOA contamination has resulted from the use of AFFF manufactured using a different process, known as telomerization, and that this process was used exclusively by the other AFFF manufacturers (including National Foam and Angus Fire). 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 firefighters’ protective outerwear, 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 and KFI) AFFF manufacturers. The defendants moved for summary judgment on the government contractor defense, which potentially applies to AFFF sold to or used by the U.S. government. After full briefing and oral argument, on September 16, 2022, the MDL court declined to enter summary judgment for the defendants. The defense, however, remains available at any trial to which it applies. On September 23, 2022, after completion of discovery, the MDL court selected one water provider case, the City of Stuart, FL v. 3M, et al., for a bellwether trial. That trial is tentatively scheduled for June 2023. The MDL court has ordered that the bellwether process for personal injury cases will begin in 2023. The court has not yet outlined details on that process or its timing. 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 and its subsidiaries, including KFI, and other defendants are also party to one action in Arizona state court brought by a firefighter claiming that occupational exposure to AFFF has caused him certain personal injuries. The Company and its subsidiaries, including KFI, believe that they have meritorious defenses to the claims in the MDL Proceedings and the other AFFF lawsuits. Based on its 2013 agreement for the sale of National Foam and Angus Fire, the Company and its subsidiaries, including KFI, are pursuing indemnification against these claims from the purchaser and current owner of National Foam and Angus Fire. The Company and its subsidiaries, including KFI, are also 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 and its subsidiaries, including KFI, 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 TCJA transition tax associated with foreign undistributed earnings as of December 31, 2017. As a result, liabilities of $34 million and $383 million are included within the accompanying Consolidated Balance Sheet within Accrued Liabilities and Other Long-Term Liabilities as of December 31, 2022, respectively. 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. Self-Insurance The Company maintains self-insurance for a number of risks, including but not limited to, workers’ compensation, general liability, automobile liability, property and employee-related healthcare benefits. It has obtained insurance coverage for amounts exceeding individual and aggregate loss limits. The Company accrues for known future claims and incurred but not reported losses. The Company's self-insurance liabilities were as follows: (In millions) 2022 2021 Self-insurance liabilities included in Accrued liabilities $ 139 $ 154 Self-insurance liabilities included in Other long-term liabilities 53 72 Total self-insurance liabilities $ 192 $ 226 The Company incurred expenses related to self-insured risks of $155 million, $155 million and $145 million for the years ended December 31, 2022, 2021 and 2020, respectively. Other Matters 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying Consolidated Financial Statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") as defined by the Financial Accounting Standards Board ("FASB") within the FASB Accounting Standards Codification ("ASC"). Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Certain immaterial amounts presented in prior periods have been reclassified to conform to the current period presentation. The accompanying Consolidated Financial Statements include all majority-owned subsidiaries of the Company. A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes Non-controlling interest as a component of Total equity in the accompanying Consolidated Balance Sheet and the Non-controlling interest in subsidiaries' earnings from operations are presented as an adjustment to Net income from operations used to arrive at Net income attributable to common shareowners in the accompanying Consolidated Statement of Operations. Partially-owned equity affiliates represent 20 to 50% ownership interests in investments where the Company demonstrates significant influence, but does not have a controlling financial interest. Partially-owned equity affiliates are accounted for under the equity method.
Use of Estimates	The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Currency Translation	Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in the equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss) . Transactions that are denominated in a currency other than an entity’s functional currency are subject to changes in exchange rates with the resulting gains and losses recorded in Net income from operations .
Cash and Cash Equivalents	Cash and cash equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. On occasion, the Company is required to maintain restricted cash deposits with certain banks due to contractual or other legal obligations.
Accounts Receivable	Accounts receivable consist of billed amounts owed for products shipped to or services performed for customers. Amounts are recorded net of an allowance for expected credit losses which represents the best estimate of probable loss inherent in the Company's accounts receivable portfolio. The allowance is determined using a combination of factors including a reserve based on the aging of the outstanding accounts receivable portfolio and the Company's historical credit loss experience with its end markets, customer base and products. In addition, the Company considers knowledge of specific customers, current market conditions as well as reasonable and supportable forecasts of future events and economic conditions. These estimates and assumptions are reviewed periodically with the effects of changes, if any, reflected in the Consolidated Statement of Operations in the period that they are determined.
Fixed Assets	Property, plant and equipment are stated at cost less accumulated depreciation. Assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Assets acquired in a business combination are recorded at fair value at the date of acquisition. Major expenditures for replacements and significant improvements that increase asset values and extend useful lives are capitalized. Repairs and maintenance expenditures that do not extend the useful life of an asset are charged to expense as incurred. Per ASC 360, Property, Plant and Equipment ("ASC 360"), the Company assesses the recoverability of the carrying value of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.
Equity Method Investments	Investments in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting and are presented on the Consolidated Balance Sheet. Under this method of accounting, the Company’s share of the net earnings or losses of the investee is presented within Operating profit on the Consolidated Statement of Operations since the activities of the investee are closely aligned with the operations of the Company. The Company evaluates its equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Distributions received from equity method investees are presented in the Consolidated Statement of Cash Flows based on the cumulative earnings approach.
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. In accordance with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), goodwill and other indefinite-lived intangibles are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset. Impairment of goodwill is assessed at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test under ASC 350. For those reporting units that bypass or fail the qualitative assessment, the test compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. To the extent that the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss will be recognized for the amount by which the reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. Intangible assets such as patents, service contracts, monitoring lines and customer relationships with finite useful lives are amortized based on the pattern in which the economic benefits of the intangible assets are consumed. If a pattern of economic benefit cannot be reliably determined or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization may be used. The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 The Company assesses the recoverability of the carrying amount of its intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying value of the asset group exceeds the fair value of the asset group.
Leases	The Company accounts for leases in accordance with ASC 842, Leases ("ASC 842"), which requires a lessee to record a right-of-use ("ROU") asset and a lease liability on the Consolidated Balance Sheet for all leases with terms longer than 12 months. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company generally uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments except when an implicit interest rate is readily determinable. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to recognize ROU assets and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.
Income Taxes	The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. The Company recognizes future tax benefits to the extent that realizing these benefits is considered in its judgment to be more likely than not. For those jurisdictions where the expiration date of tax carryforwards or the projected operating results indicate that realization is not likely, a valuation allowance is provided. The Company reviews the realizability of its deferred tax asset valuation allowances on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required and will adjust its estimate if significant events so dictate. To the extent that the ultimate results differ from the Company's original or adjusted estimates, the effect will be recorded in the provision for income taxes in the period that the matter is finally resolved.
Pension and Post-retirement Obligations	The Company provides a range of benefit plans to eligible current and former employees. The Company accounts for its benefit plans in accordance with ASC 715, Compensation - Retirement Benefits ("ASC 715") which requires balance sheet recognition of the overfunded or underfunded status of pension and post-retirement benefit plans. Determining the amounts associated with these benefits are performed by actuaries and dependent on various actuarial assumptions including discount rates, expected return on plan assets, compensation increases, mortality and health care cost trends. Actual results may differ from the actuarial assumptions and are generally recorded in Accumulated other comprehensive income (loss) and amortized into Net income from operations
Business Combinations	In accordance with ASC 805, Business Combinations ("ASC 805"), acquisitions that meet the definition of a business are recorded using the acquisition method of accounting. We recognize and measure the identifiable assets acquired, liabilities assumed and any non-controlling interest as of the acquisition date at fair value. The valuation of intangible assets is determined by an income approach methodology, using assumptions such as projected future revenues, customer attrition rates, royalty rates, tax rates and discount rates. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-controlling interest is recognized as goodwill. Costs incurred as a result of a business combination other than costs related to the issuance of debt or equity securities are recorded in the period the costs are incurred.
Asset Retirement Obligations	The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which a liability is determined to exist, if a reasonable estimate of fair value can be made. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liability is increased for changes in its present value and the capitalized cost is depreciated over the useful life of the related asset.
Research and Development	The Company conducts research and development activities with a focus on new product development and technology innovation. These costs are charged to expense as incurred.
Recent Pronouncements	The FASB ASC is the sole source of authoritative GAAP other than United States Securities and Exchange Commission ("SEC') issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not referenced below were assessed and determined to be either not applicable or are not expected to have a material impact on the Consolidated Financial Statements. Recently Adopted Accounting Pronouncements and SEC Rules In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which updates the current guidance to require that an entity recognize and measure contract asset and contract liabilities acquired in a business combination consistent with those recorded by the acquiree immediately before the acquisition. The guidance eliminates the complexity of determining the fair value of contract liabilities and will likely increase the balance of contract liabilities acquired in a business combination with a corresponding increase in post-combination revenue recognized by the acquirer. The update is effective for fiscal years beginning after December 15, 2022 and interim periods therein, with early adoption permitted. In October 2021, the Company early adopted ASU 2021-08 and the adoption did not have a material impact on the Company's Consolidated Financial Statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this update remove certain exceptions allowed by Topic 740 including exceptions to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or gain from other items, the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. There are also additional areas of guidance in regards to franchise and other taxes partially based on income and the interim recognition of enactment of tax laws and rate changes. The provisions of this ASU were effective for years beginning after December 15, 2020, with early adoption permitted. The Company adopted ASU 2019-12 in the first quarter of 2021 and the adoption did not have a material impact on the Company's Consolidated Financial Statements. In May 2020, the SEC issued Final Rule Release No. 33-10786, which amends the financial statement requirements for acquisitions and dispositions of businesses and related pro forma financial information required under SEC Regulation S-X, Rule 3-05. The final rule modifies the significance test required in SEC Regulation S-X, Rule 1-02(w) by raising the significance threshold for reporting dispositions of a business from 10% to 20% and by modifying the calculation of the investment and income tests. In accordance with Rules 3-09 or 4-08(g), the revised income test will apply to the evaluation of equity method investments for significance. The Company adopted these modifications, which were effective for fiscal years beginning after December 31, 2020. The adoption of these amendments did not have a material impact on the Consolidated Financial Statements. In November 2020, the SEC issued Final Rule Release No. 33-10980, which amends the requirements for providing selected quarterly financial data, contractual obligations and management discussion and analysis. These modifications were required after August 9, 2021. The Company applied the requirements of this release in its 2021 Annual Report on Form 10-K.
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.
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 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. Performance Obligations A performance obligation is a distinct good, service or a bundle of goods and services promised in a contract. Some of the Company's contracts with customers contain a single performance obligation, while others contain multiple performance obligations most commonly when a contract spans multiple phases of a product life-cycle such as production, installation, maintenance and support. The Company identifies performance obligations at the inception of a contract and allocates the transaction price to each distinct performance obligation. Revenue is recognized when or as the performance obligation is satisfied. When there are multiple performance obligations within a contract, the Company allocates the transaction price to each performance obligation based on its relative stand-alone selling price. The Company primarily generates revenue from the sale of products to customers and recognizes revenue at a point in time when control transfers to the customer. Transfer of control is generally based on the shipping terms of the contract. In addition, the Company recognizes revenue on an over-time basis on installation and service contracts. For over-time performance obligations requiring the installation of equipment, revenue is recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with and best depict transfer of control to the customer. Contract costs include direct costs such as labor, materials and subcontractors’ costs and where applicable, indirect costs.
Stock Based Compensation	The Company accounts for stock-based compensation plans in accordance with ASC 718, Compensation - Stock Compensation
Commitments and Contingencies	The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental (including asbestos) and legal matters. In accordance with ASC 450, Contingencies , 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 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Range of Useful Lives	The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 Identifiable intangible assets consisted of the following: 2022 2021 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,431 $ (720) $ 711 $ 945 $ (699) $ 246 Patents and trademarks 401 (191) 210 232 (182) 50 Service portfolios and other 953 (595) 358 688 (539) 149 2,785 (1,506) 1,279 1,865 (1,420) 445 Unamortized: Trademarks and other 63 — 63 64 — 64 Intangible assets, net $ 2,848 $ (1,506) $ 1,342 $ 1,929 $ (1,420) $ 509

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net consisted of the following: (In millions) 2022 2021 Raw materials $ 884 $ 559 Work-in-process 230 197 Finished goods 1,526 1,214 Inventories, net $ 2,640 $ 1,970

FIXED ASSETS, NET (Tables)

FIXED ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Fixed assets, net consisted of the following: (In millions) Estimated Useful Lives (Years) 2022 2021 Land $ 126 $ 114 Buildings and improvements 20 to 40 1,251 1,084 Machinery, tools and equipment 3 to 25 2,409 2,093 Rental assets 3 to 12 390 381 Other, including assets under construction 347 304 Fixed assets, gross 4,523 3,976 Accumulated depreciation (2,282) (2,150) Fixed assets, net $ 2,241 $ 1,826

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount 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, 2020 $ 5,489 $ 1,251 $ 3,399 $ 10,139 Goodwill resulting from business combinations (1) 261 (1) 60 320 Reclassified to held for sale (2) — — (940) (940) Foreign currency translation (92) (22) (56) (170) Balance as of December 31, 2021 $ 5,658 $ 1,228 $ 2,463 $ 9,349 Goodwill resulting from business combinations (1) 904 — 1 905 Foreign currency translation (170) (31) (76) (277) Balance as of December 31, 2022 $ 6,392 $ 1,197 $ 2,388 $ 9,977 (1) See Note 19 - Acquisitions for additional information. (2) See Note 20 - Divestitures for additional information.
Schedule of Finite-Live Intangible Assets	The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 Identifiable intangible assets consisted of the following: 2022 2021 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,431 $ (720) $ 711 $ 945 $ (699) $ 246 Patents and trademarks 401 (191) 210 232 (182) 50 Service portfolios and other 953 (595) 358 688 (539) 149 2,785 (1,506) 1,279 1,865 (1,420) 445 Unamortized: Trademarks and other 63 — 63 64 — 64 Intangible assets, net $ 2,848 $ (1,506) $ 1,342 $ 1,929 $ (1,420) $ 509
Schedule of Indefinite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: 2022 2021 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,431 $ (720) $ 711 $ 945 $ (699) $ 246 Patents and trademarks 401 (191) 210 232 (182) 50 Service portfolios and other 953 (595) 358 688 (539) 149 2,785 (1,506) 1,279 1,865 (1,420) 445 Unamortized: Trademarks and other 63 — 63 64 — 64 Intangible assets, net $ 2,848 $ (1,506) $ 1,342 $ 1,929 $ (1,420) $ 509
Schedule of Future Amortization Expense	The estimated future amortization of intangible assets is as follows: (In millions) 2023 2024 2025 2026 2027 Future amortization $ 246 $ 194 $ 170 $ 136 $ 99

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: (In millions) 2022 2021 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 Japanese Term Loan Facility 404 — Other debt (including project financing obligations and finance leases) 149 267 Discounts and debt issuance costs (61) (71) Total debt 8,842 9,696 Less: current portion of long-term debt 140 183 Long-term debt, net of current portion $ 8,702 $ 9,513
Schedule of Maturities of Long-Term Debt	Scheduled maturities of long-term debt, excluding amortization of discount, are as follows: (In millions) 2023 $ 140 2024 $ 2 2025 $ 1,202 2026 $ 2 2027 $ 1,306 Thereafter $ 6,251

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of 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 accompanying Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 December 31, 2022 Fair value measurement: Derivative assets (1)(3) $ 28 $ — $ 28 $ — Derivative liabilities (2)(3) $ (48) $ — $ (48) $ — December 31, 2021 Fair value measurement: Derivative assets (1) $ 8 $ — $ 8 $ — Derivative liabilities (2) $ (35) $ — $ (35) $ — (1) Included in Other assets, current on the accompanying Consolidated Balance Sheet. (2) Included in Accrued liabilities on the accompanying Consolidated Balance Sheet. (3) Includes cross currency swaps. 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 accompanying Consolidated Balance Sheet: 2022 2021 (In millions) Carrying Fair Carrying Fair Total long-term notes (1) $ 8,350 $ 6,832 $ 9,500 $ 9,842 (1) Excludes debt discount and issuance costs.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Right-of-Use Assets and Liabilities	Operating lease ROU assets and liabilities are reflected on the Consolidated Balance Sheet as follows: (In millions) 2022 2021 Operating lease right-of-use assets $ 642 $ 640 Accrued liabilities $ (132) $ (130) Operating lease liabilities (529) (527) Total operating lease liabilities $ (661) $ (657) Weighted-Average Remaining Lease Term (in years) 7.7 7.8 Weighted-Average Discount Rate 3.4 % 3.0 %
Schedule of Supplemental Cash Flow and Lease Expense Information	Supplemental cash flow and lease expense information related to operating leases were as follows: (In millions) 2022 2021 2020 Operating cash flows for measurement of operating lease liabilities $ 145 $ 197 $ 213 Operating lease ROU assets obtained in exchange for operating lease obligations $ 109 $ 180 $ 169 Operating lease expense $ 148 $ 200 $ 197
Schedule of Lease Maturities	Undiscounted maturities of operating lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, as of December 31, 2022 are as follows: (In millions) 2023 $ 153 2024 132 2025 106 2026 83 2027 59 Thereafter 231 Total undiscounted lease payments 764 Less: imputed interest (103) Total discounted lease payments $ 661

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Schedule of Company's Pension Plans	The following table details information regarding the Company's pension plans: (In millions) 2022 2021 Change in Benefit Obligation Benefit obligation at beginning of year $ 906 $ 3,224 Service cost 20 27 Interest cost 18 37 Actuarial (gain) loss (1) (271) (112) Benefits paid (21) (106) Curtailment, settlements and special termination benefits (7) (54) Other, including expenses paid (38) (48) Liabilities held for sale (2) — (2,062) Acquisitions (3) 153 — Benefit obligation at end of year $ 760 $ 906 Change in Plan Assets Fair value at beginning of year $ 591 $ 3,294 Actual return on plan assets (170) 67 Company contributions 16 47 Benefits paid (21) (106) Settlements (7) (54) Other, including expenses paid (18) (34) Assets held for sale (2) — (2,623) Acquisitions (3) 60 — Fair value of assets end of year $ 451 $ 591 Funded status of plans $ (309) $ (315) Amounts included in the balance sheet: Other non-current assets $ 25 $ 43 Accrued compensation and benefits (18) (10) Post-employment and other benefit liabilities (316) (348) Net amount recognized $ (309) $ (315) (1) Reflects the impact of foreign exchange translation, primarily for plans in the United Kingdom, Canada and Germany. (2) See Note 20 - Divestitures for additional information. (3) See Note 19 - Acquisitions for additional information.
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Income) Loss	The pretax amounts recognized in Accumulated other comprehensive (income) loss are: (In millions) Prior Service Cost (Benefit) Net Actuarial (Gain) Loss Total As of December 31, 2021 $ 15 $ 595 $ 610 Current year changes recorded in AOCI (2) (476) (478) Amortization reclassified to earnings (2) (9) (11) Settlement/curtailment reclassified to earnings — (2) (2) Currency translation and other — (15) (15) As of December 31, 2022 $ 11 $ 93 $ 104
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets	Information for pension plans with accumulated benefit obligations in excess of plan assets: (In millions) 2022 2021 Projected benefit obligation $ 564 $ 405 Accumulated benefit obligation $ 538 $ 374 Fair value of plan assets $ 230 $ 47
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets	Information for pension plans with projected benefit obligations in excess of plan assets: (In millions) 2022 2021 Projected benefit obligation $ 564 $ 405 Accumulated benefit obligation $ 538 $ 374 Fair value of plan assets $ 230 $ 47
Schedule of Net Periodic Pension Expense (Benefit) for the Defined Benefit Pension Plans	The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows: (In millions) 2022 (1) 2021 2020 Service cost $ 20 $ 27 $ 29 Interest cost 18 37 52 Expected return on plan assets (27) (145) (140) Amortization of prior service cost 2 2 2 Recognized actuarial net loss 9 32 22 Net settlement, curtailment and special termination benefit loss 2 13 4 Net periodic pension expense (benefit) $ 24 $ (34) $ (31)
Defined Benefit Plan, Assumptions	Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: Benefit Obligation Net Costs 2022 2021 2022 2021 2020 Discount rate Projected benefit obligation 4.2% 2.1 % 2.1% 1.4 % 2.0 % Interest cost (1) —% — % 1.9% 1.2 % 1.8 % Service cost (1) —% — % 2.8% 2.1 % 1.8 % Salary scale 2.4% 3.1 % 3.1% 2.8 % 3.3 % Expected return on plan assets —% — % 5.0% 4.6 % 4.9 %
Schedule of Fair Values of Pension Plan Assets by Asset Category	The fair values of pension plan assets by asset category are as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject (In millions) (Level 1) (Level 2) (Level 3) to Leveling Total Asset Category Public Equities: Global Equities $ — $ 27 $ — $ — $ 27 Global Equity Funds at net asset value (1) (2) — — — 119 119 Fixed Income Securities: Governments — 35 — 24 59 Corporate Bonds — 45 — — 45 Fixed Income Securities (2) — 11 — 156 167 Real Estate (3) — 1 — — 1 Other (4) (5) — 8 — — 8 Cash & Cash Equivalents (2)(6) — 25 — 1 26 Subtotal $ — $ 152 $ — $ 300 $ 452 Other assets and liabilities (7) (1) Total as of December 31, 2022 $ 451 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject (In millions) (Level 1) (Level 2) (Level 3) to Leveling Total Asset Category Public Equities: Global Equities $ — $ 29 $ — $ — $ 29 Global Equity Funds at net asset value (1) (2) — — — 208 208 Fixed Income Securities: Governments — 26 — — 26 Corporate Bonds — 103 — — 103 Fixed Income Securities (2) — — — 189 189 Real Estate (3) — 9 — — 9 Other (4)(5) — 5 — — 5 Cash & Cash Equivalents (2)(6) — 7 — 3 10 Subtotal $ — $ 179 $ — $ 400 $ 579 Other assets and liabilities (7) 12 Total as of December 31, 2021 (8) $ 591 (1) Represents commingled funds that invest primarily in common stocks. (2) In accordance with ASU 2015-07, Fair Value Measurement (Topic 820) , certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. (3) Represents investments in real estate, including commingled funds and directly held properties. (4) Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities. (5) Includes fixed income repurchase agreements entered into for purposes of pension asset and liability matching. (6) Represents short-term commercial paper, bonds and other cash or cash-like instruments. (7) Represents trust receivables and payables that are not leveled. (8) Chubb plan assets for 2021, totaling $2.6 billion are not included within this table, as the business was reclassified as held for sale.

PRODUCT WARRANTIES (Tables)

PRODUCT WARRANTIES (Tables)	12 Months Ended
	Dec. 31, 2022
Guarantees [Abstract]
Schedule of Product Warranty Liability	The changes is the carrying amount of warranty related provisions are as follows: (In millions) 2022 2021 Balance as of January 1, $ 524 $ 514 Warranties, performance guarantees issued and changes in estimated liability 184 172 Settlements made (171) (165) Other 14 3 Balance as of December 31, $ 551 $ 524

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 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) is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2020 $ (780) $ (473) $ (1,253) Other comprehensive income (loss) before reclassifications, net 589 2 591 Amounts reclassified, pre-tax — (105) (105) Tax benefit reclassified — 22 22 Balance as of December 31, 2020 $ (191) $ (554) $ (745) Other comprehensive income (loss) before reclassifications, net (322) 53 (269) Amounts reclassified, pre-tax 8 34 42 Tax benefit reclassified — (17) (17) Balance as of December 31, 2021 $ (505) $ (484) $ (989) Other comprehensive income (loss) before reclassifications, net (525) 63 (462) Amounts reclassified, pre-tax — 11 11 Tax benefit reclassified — (3) (3) Chubb divestiture (574) 329 (245) Balance as of December 31, 2022 $ (1,604) $ (84) $ (1,688)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Sales Disaggregated by Product and Service	Segment sales disaggregated by product and service are as follows: (In millions) 2022 2021 2020 Sales Type Product $ 11,882 $ 9,985 $ 8,165 Service 1,526 1,405 1,313 HVAC sales 13,408 11,390 9,478 Product 3,432 3,653 2,927 Service 451 474 406 Refrigeration sales 3,883 4,127 3,333 Product 3,372 3,985 3,585 Service 198 1,530 1,400 Fire & Security sales 3,570 5,515 4,985 Total segment sales 20,861 21,032 17,796 Eliminations and other (440) (419) (340) Consolidated $ 20,421 $ 20,613 $ 17,456 External Sales Long-Lived Assets (In millions) 2022 2021 2020 2022 2021 United States Operations $ 11,797 $ 10,492 $ 9,105 $ 803 $ 772 International Operations Europe 4,359 5,776 4,935 453 476 Asia Pacific 3,489 3,464 2,655 573 279 Other 776 881 761 412 299 Consolidated $ 20,421 $ 20,613 $ 17,456 $ 2,241 $ 1,826
Schedule of Contract with Customer, Asset and Liability	Total contract assets and liabilities consisted of the following: (In millions) 2022 2021 Contract assets, current $ 537 $ 503 Contract assets, non-current (included within Other assets ) 6 70 Total contract assets 543 573 Contract liabilities, current (449) (415) Contract liabilities, non-current (included within Other long-term liabilities ) (174) (165) Total contract liabilities (623) (580) Net contract assets (liabilities) $ (80) $ (7)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value Information for Stock Options and Stock Appreciation Rights	The following table summarizes fair value information for stock options and stock appreciation rights: 2022 (1) 2021 (1) 2020 (1) Stock options and stock appreciation rights weighted-average fair value per award $ 10.68 $ 10.13 $ 4.67 Assumptions: Volatility 30.8% to 31.3% 31.6% to 34.1% 32.1% to 35.6% Expected term (in years) 6.1 6.6 7.0 Expected dividend yield 1.5% 1.5% 1.4% to 2.0% Range of risk-free rates 1.7% to 3.0% 0.7% to 1.4% 0.1% to 1.0% (1) Carrier has limited historical trading data and used peer group data to estimate expected volatility for the 2022, 2021 and 2020 awards.
Schedule of Share-based Payment Arrangement, Activity	Changes in stock options and stock appreciation rights outstanding subsequent to the Separation and Distribution were as follows: Shares Subject to Option Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Life As of April 3, 2020 36,015 $ 19.90 Granted 3,921 $ 17.57 Exercised (2,620) $ 15.81 Cancelled (584) $ 22.31 As of December 31, 2020 36,732 $ 19.91 Granted 3,194 $ 38.92 Exercised (5,934) $ 17.59 Cancelled (1,551) $ 23.98 As of December 31, 2021 32,441 $ 22.02 Granted 2,715 $ 47.72 Exercised (3,495) $ 17.76 Cancelled (883) $ 30.33 Outstanding as of December 31, 2022 30,778 $ 24.53 $ 532 5.9 Exercisable as of December 31, 2022 17,642 $ 20.03 $ 375 4.5 Changes in restricted stock units subsequent to the Separation and Distribution were as follows: RSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of April 3, 2020 5,622 $ 21.37 Granted 523 $ 21.43 Vested (483) $ 19.74 Cancelled (88) $ 23.29 Outstanding and unvested as of December 31, 2020 5,574 $ 21.57 Granted 286 $ 46.49 Vested (2,168) $ 21.45 Cancelled (122) $ 25.39 Outstanding and unvested as of December 31, 2021 3,570 $ 23.33 Granted 555 $ 41.88 Vested (1,915) $ 20.85 Cancelled (143) $ 32.92 Outstanding and unvested as of December 31, 2022 2,067 $ 29.87 Changes in PSUs subsequent to the Separation and Distribution were as follows: PSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of April 3, 2020 68 $ 21.23 Granted 728 $ 18.23 Forfeited (24) $ 19.25 Outstanding and unvested as of December 31, 2020 772 $ 18.46 Granted 821 $ 41.48 Vested (20) $ 23.72 Forfeited (152) $ 27.28 Outstanding and unvested as of December 31, 2021 1,421 $ 30.75 Granted 653 $ 46.93 Vested (5) $ 41.81 Forfeited (139) $ 35.45 Outstanding and unvested as of December 31, 2022 1,930 $ 35.86
Schedule of Stock-Based Compensation Cost by Award Type	Stock-based compensation cost by award type are as follows: (In millions) 2022 2021 2020 (1) Equity compensation costs - equity settled $ 77 $ 92 $ 77 Equity compensation costs - cash settled (2) (15) 19 11 Total stock-based compensation cost $ 62 $ 111 $ 88 Income tax benefit $ 9 $ 13 $ 9 (1) The stock-based compensation cost for 2020 include amounts allocated to Carrier by UTC related to its direct employees. (2) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Schedule of Net Pre-Tax Restructuring Costs for New and Ongoing Restructuring Actions	The Company recorded net pre-tax restructuring costs for new and ongoing restructuring actions as follows: (In millions) 2022 2021 2020 HVAC $ 8 $ 33 $ 7 Refrigeration 10 25 12 Fire & Security 11 26 28 Total Segment 29 84 47 General corporate expenses 2 5 2 Total restructuring costs $ 31 $ 89 $ 49 Cost of sales $ 9 $ 28 $ 20 Selling, general and administrative 22 60 29 Other income (expense), net — 1 — Total restructuring costs $ 31 $ 89 $ 49
Schedule of Reserves and Charges Related to the Restructuring Reserve	The following table summarizes the reserves and charges related to the restructuring reserve, included in Accrued liabilities on the accompanying Consolidated Balance Sheet: (In millions) 2022 2021 Balance as of January 1, $ 54 $ 49 Net pre-tax restructuring costs 31 89 Utilization, foreign exchange and other (61) (76) Reclassified as Liabilities held for sale (1) — (8) Balance as of December 31, $ 24 $ 54 (1) See Note 20 - Divestitures for additional information.

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	12 Months Ended
	Dec. 31, 2022
Other Income and Expenses [Abstract]
Schedule of Other Income (Expense), Net	Other income (expense), net consisted of the following: (In millions) 2022 2021 2020 Transaction gains (1) $ — $ — $ 1,123 Impairment charge on minority-owned joint venture investments (1) — (2) (72) Other 1,840 41 (45) Other income (expense), net $ 1,840 $ 39 $ 1,006 (1)

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The sources of Income from operations before income taxes are as follows: (In millions) 2022 2021 2020 United States $ 1,876 $ 1,528 $ 915 Foreign 2,416 872 1,940 Total $ 4,292 $ 2,400 $ 2,855
Schedule of Components of Income Tax Expense (Benefit)	The income tax expense (benefit) consisted of the following components: (In millions) 2022 2021 2020 Current: United States: Federal $ 453 $ 336 $ 434 State 120 83 74 Foreign 259 354 244 832 773 752 Future: United States: Federal (23) (125) 13 State (29) (14) 6 Foreign (72) 65 78 (124) (74) 97 Income tax expense $ 708 $ 699 $ 849
Schedule of Effective Income Tax Rate Reconciliation	The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: 2022 2021 2020 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax 1.5 1.9 1.7 Tax on international activities (1.0) 7.2 4.2 Separation impact — — 3.4 TCC acquisition impact (4.2) — — Other (0.8) (1.0) (0.6) Effective income tax rate 16.5 % 29.1 % 29.7 %
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables as of December 31, 2022 and 2021 are as follows: (In millions) 2022 2021 Future income tax benefits: Insurance and employee benefits $ 161 $ 198 Other assets basis differences 284 166 Other liabilities basis differences 571 512 Tax loss carryforward 177 175 Tax credit carryforward 29 24 Valuation allowances (100) (90) Future income tax benefit $ 1,122 $ 985 Future income tax payables: Goodwill and intangible assets $ (449) $ (270) Other asset basis differences (395) (307) Future income tax payables $ (844) $ (577)
Schedule of Valuation Allowance	Changes to valuation allowances consisted of the following: (In millions) Balance as of January 1, 2020 $ 128 Additions charged to income tax expense (1) 112 Reduction credited to income tax expense (13) Other adjustments 4 Balance as of December 31, 2020 $ 231 Additions charged to income tax expense 32 Reduction credited to income tax expense (22) Other adjustments (41) Reclassified to held for sale (110) Balance as of December 31, 2021 $ 90 Additions charged to income tax expense 18 Reduction credited to income tax expense (22) Other adjustments 14 Balance as of December 31, 2022 $ 100 (1) Includes $89 million relating to "Separation impact" discussed in section "Reconciliation of Effective Income Tax Rate."
Schedule of Tax Credit and Loss Carryforwards	As of December 31, 2022, tax credit carryforwards and tax loss carryforwards were as follows: (In millions) Tax Loss Carryforwards Tax Credit Carryforwards Expiration period: 2023-2027 $ 107 $ 7 2028-2032 61 5 2033-2042 33 4 Indefinite 607 13 Total $ 808 $ 29
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amounts of unrecognized tax benefits and related interest expense is as follows: (In millions) 2022 2021 2020 Balance at beginning of period $ 251 $ 162 $ 166 Additions for tax positions related to the current year 34 86 22 Additions for tax positions of prior years (1) 32 24 14 Reductions for tax positions of prior years (2) (13) (1) (40) Settlements (13) (18) — Reclassified as held for sale — (2) — Balance at end of period $ 291 $ 251 $ 162 Gross interest expense related to unrecognized tax benefits $ 16 $ 8 $ 6 Total accrued interest balance at end of period $ 48 $ 35 $ 25 (1) Includes $14 million related to acquisitions during the year ended December 31, 2021. (2) Includes an adjustment of $37 million recorded in UTC Net investment for the year ended December 31, 2020 for tax positions of prior years.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 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: (In millions, except per share amounts) 2022 2021 2020 Net income attributable to common shareowners $ 3,534 $ 1,664 $ 1,982 Basic weighted-average number of shares outstanding 843.4 867.7 866.5 Stock awards and equity units (share equivalent) 17.8 22.6 13.7 Diluted weighted-average number of shares outstanding 861.2 890.3 880.2 Antidilutive shares excluded from computation of diluted earnings per share 2.9 0.1 (1) 0.2 Earnings Per Share Basic $ 4.19 $ 1.92 $ 2.29 Diluted $ 4.10 $ 1.87 $ 2.25

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Allocation of the Purchase Price	The preliminary allocation of the purchase price is as follows: (In millions) August 1, 2022 Cash and cash equivalents $ 462 Accounts receivable 414 Inventories 373 Other assets, current 54 Fixed assets 343 Intangible assets 965 Goodwill 889 Other assets 293 Accounts payable (412) Accrued liabilities (445) Contract liabilities, current (21) Other long-term liabilities (565) Net assets acquired $ 2,350 Less: Fair value of non-controlling interests (22) Less: Fair value of previously held TCC equity investments (1,398) Total cash consideration $ 930
Schedule of Acquired Finite-Lived Intangible Assets	The Company recorded intangible assets based on its estimate of fair value which consisted of the following: (In millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 23 $ 497 Technology 7 220 Trademark 26 180 Backlog 1 60 Land use rights 45 8 Total intangible assets acquired $ 965 The Company recorded intangible assets which consisted of the following: (In millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 14 $ 52 Technology 10 34 Non-compete agreement 5 8 Total intangible assets acquired $ 94

DIVESTITURES (Tables)

DIVESTITURES (Tables)	12 Months Ended
	Dec. 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, 2021 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 held for sale $ 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 held for sale $ (1,134)

SEGMENT FINANCIAL DATA (Tables)

SEGMENT FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 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 (In millions) 2022 2021 2020 2022 2021 2020 HVAC $ 13,408 $ 11,390 $ 9,478 $ 2,610 $ 1,738 $ 2,462 Refrigeration 3,883 4,127 3,333 483 476 357 Fire & Security 3,570 5,515 4,985 1,630 662 584 Total segment 20,861 21,032 17,796 4,723 2,876 3,403 Eliminations and other (440) (419) (340) (80) (96) (184) General corporate expenses — — — (128) (135) (136) Consolidated $ 20,421 $ 20,613 $ 17,456 $ 4,515 $ 2,645 $ 3,083 Total assets are not presented for each segment as they are not presented to or reviewed by the CODM. Segment assets in the following table represent Accounts receivable, net, Contract assets, current and Inventories, net . These assets are regularly reviewed by management and are therefore reported in the following table as segment assets. All other remaining assets and liabilities for all periods presented are managed on a company-wide basis. Segment Assets Capital Expenditures Depreciation & Amortization (In millions) 2022 2021 2022 2021 2020 2022 2021 2020 HVAC $ 3,191 $ 2,375 $ 232 $ 225 $ 188 $ 256 $ 186 $ 163 Refrigeration 1,279 1,285 32 39 26 31 36 39 Fire & Security 1,492 1,203 40 49 51 58 83 108 Total Segment 5,962 4,863 304 313 265 345 305 310 Eliminations and other 48 13 49 31 47 35 33 26 Consolidated $ 6,010 $ 4,876 $ 353 $ 344 $ 312 $ 380 $ 338 $ 336 Cash and cash equivalents 3,520 2,987 Other assets, current 349 376 Assets held for sale — 3,168 Total current assets $ 9,879 $ 11,407
Schedule of Revenue from External Customers by Geographic Areas	Segment sales disaggregated by product and service are as follows: (In millions) 2022 2021 2020 Sales Type Product $ 11,882 $ 9,985 $ 8,165 Service 1,526 1,405 1,313 HVAC sales 13,408 11,390 9,478 Product 3,432 3,653 2,927 Service 451 474 406 Refrigeration sales 3,883 4,127 3,333 Product 3,372 3,985 3,585 Service 198 1,530 1,400 Fire & Security sales 3,570 5,515 4,985 Total segment sales 20,861 21,032 17,796 Eliminations and other (440) (419) (340) Consolidated $ 20,421 $ 20,613 $ 17,456 External Sales Long-Lived Assets (In millions) 2022 2021 2020 2022 2021 United States Operations $ 11,797 $ 10,492 $ 9,105 $ 803 $ 772 International Operations Europe 4,359 5,776 4,935 453 476 Asia Pacific 3,489 3,464 2,655 573 279 Other 776 881 761 412 299 Consolidated $ 20,421 $ 20,613 $ 17,456 $ 2,241 $ 1,826

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Equity Method Investments	Amounts attributable to equity method investees are as follows: (In millions) 2022 2021 2020 Sales to equity method investees included in Product sales $ 2,845 $ 2,258 $ 1,758 Purchases from equity method investees included in Cost of products sold $ 331 $ 357 $ 292 The Company had receivables from and payables to equity method investees as follows: (In millions) 2022 2021 Receivables from equity method investees included in Accounts receivable, net $ 154 $ 150 Payables to equity method investees included in Accounts payable $ 44 $ 51 Summarized unaudited financial information for equity method investments is as follows: (In millions) 2022 2021 Current assets $ 10,621 $ 4,275 Non-current assets 1,931 2,140 Total assets 12,552 6,415 Current liabilities (8,631) (2,596) Non-current liabilities (195) (329) Total liabilities (8,826) (2,925) Total net equity of investees $ 3,726 $ 3,490 (In millions) 2022 2021 2020 Net sales $ 11,524 $ 9,471 $ 9,299 Gross profit $ 2,274 $ 1,907 $ 1,722 Income from continuing operations $ 757 $ 650 $ 544 Net income $ 757 $ 650 $ 544

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Outstanding Liability for Environmental Obligations	As of December 31, 2022 and 2021, the outstanding liability for environmental obligations are as follows: (In millions) 2022 2021 Environmental reserves included in Accrued liabilities $ 24 $ 29 Environmental reserves included in Other long-term liabilities 211 191 Total environmental reserves $ 235 $ 220
Schedule of Asbestos Liabilities and Related Recoveries	The Company's asbestos liabilities and related insurance recoveries are as follows: (In millions) 2022 2021 Asbestos liabilities included in Accrued liabilities $ 16 $ 17 Asbestos liabilities included in Other long-term liabilities 212 220 Total asbestos liabilities $ 228 $ 237 Asbestos-related recoveries included in Other assets, current $ 5 $ 5 Asbestos-related recoveries included in Other assets 90 93 Total asbestos-related recoveries $ 95 $ 98
Schedule of Self-Insurance Liabilities	The Company's self-insurance liabilities were as follows: (In millions) 2022 2021 Self-insurance liabilities included in Accrued liabilities $ 139 $ 154 Self-insurance liabilities included in Other long-term liabilities 53 72 Total self-insurance liabilities $ 192 $ 226

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information was as follows: (In millions) 2022 2021 2020 Interest paid, net of amounts capitalized $ 297 $ 317 $ 196 Income taxes paid, net of refunds $ 833 $ 675 $ 819 Non-cash financing activity: Common stock dividends payable $ 158 $ 130 $ 108

DESCRIPTION OF THE BUSINESS (De

DESCRIPTION OF THE BUSINESS (Details)	12 Months Ended
	Dec. 31, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($)				12 Months Ended
	Apr. 03, 2020	Apr. 02, 2020	Mar. 27, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 01, 2022	Feb. 27, 2020
Related Party Transaction [Line Items]
Shares issued per common share (in shares)	1
Aggregate principal balance								$ 11,000,000,000
Net transfers to parent			$ 10,900,000,000	$ 0	$ 0	$ 10,359,000,000
Capital contributions received from contributions from parent		$ 590,000,000
Spinoff
Related Party Transaction [Line Items]
Separation costs					$ 20,000,000	141,000,000
UTC
Related Party Transaction [Line Items]
Related party transaction, selling, general and administrative expenses from transactions with related party						$ 43,000,000
TCC | TCC | Toshiba Corporation
Related Party Transaction [Line Items]
Ownership percentage							5%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Restricted cash, current	$ 7	$ 39
Allowance for expected credit losses	117	88
Research and development expense	$ 539	$ 503	$ 419

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Range of Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Minimum | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	1 year
Minimum | Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years
Minimum | Monitoring lines
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	7 years
Minimum | Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	1 year
Maximum | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	30 years
Maximum | Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	30 years
Maximum | Monitoring lines
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	10 years
Maximum | Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	23 years

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 884	$ 559
Work-in-process	230	197
Finished goods	1,526	1,214
Inventories, net	2,640	1,970
Inventory valuation reserves	190	154
Amount higher than the net book value of the inventories	$ 199	$ 141
Percentage of LIFO inventory	26%	31%

FIXED ASSETS, NET (Details)

FIXED ASSETS, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 4,523	$ 3,976
Accumulated depreciation	(2,282)	(2,150)
Fixed assets, net	2,241	1,826
Depreciation	256	238	$ 234
Land
Property, Plant and Equipment [Line Items]
Fixed assets, gross	126	114
Buildings and improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	1,251	1,084
Machinery, tools and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	2,409	2,093
Rental assets
Property, Plant and Equipment [Line Items]
Fixed assets, gross	390	381
Other, including assets under construction
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 347	$ 304
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	20 years
Minimum | Machinery, tools and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Minimum | Rental assets
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	40 years
Maximum | Machinery, tools and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	25 years
Maximum | Rental assets
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	12 years

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill - Beginning Balance	$ 9,349	$ 10,139
Goodwill resulting from business combinations	905	320
Reclassified to Held for sale		(940)
Foreign currency translation	(277)	(170)
Goodwill - Ending Balance	9,977	9,349
HVAC
Goodwill [Roll Forward]
Goodwill - Beginning Balance	5,658	5,489
Goodwill resulting from business combinations	904	261
Reclassified to Held for sale		0
Foreign currency translation	(170)	(92)
Goodwill - Ending Balance	6,392	5,658
Refrigeration
Goodwill [Roll Forward]
Goodwill - Beginning Balance	1,228	1,251
Goodwill resulting from business combinations	0	(1)
Reclassified to Held for sale		0
Foreign currency translation	(31)	(22)
Goodwill - Ending Balance	1,197	1,228
Fire & Security
Goodwill [Roll Forward]
Goodwill - Beginning Balance	2,463	3,399
Goodwill resulting from business combinations	1	60
Reclassified to Held for sale		(940)
Foreign currency translation	(76)	(56)
Goodwill - Ending Balance	$ 2,388	$ 2,463

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,785	$ 1,865
Accumulated Amortization	(1,506)	(1,420)
Net Amount	1,279	445
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	2,848	1,929
Accumulated Amortization	(1,506)	(1,420)
Net Amount	1,342	509
Trademarks and other
Indefinite-lived Intangible Assets [Line Items]
Net Amount	63	64
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,431	945
Accumulated Amortization	(720)	(699)
Net Amount	711	246
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(720)	(699)
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	401	232
Accumulated Amortization	(191)	(182)
Net Amount	210	50
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(191)	(182)
Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	953	688
Accumulated Amortization	(595)	(539)
Net Amount	358	149
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (595)	$ (539)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 124	$ 98	$ 102

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Future Amortization of Intangible Assets (Details) $ in Millions	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 246
2024	194
2025	170
2026	136
2027	$ 99

BORROWINGS AND LINES OF CREDI_2

BORROWINGS AND LINES OF CREDIT - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Discounts and debt issuance costs	$ (61)	$ (71)
Total debt	8,842	9,696
Less: current portion of long-term debt	140	183
Long-term debt, net of current portion	8,702	9,513
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	8,350	9,500
Unsecured Debt | Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	404	0
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	149	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)				12 Months Ended
	Jul. 25, 2022 JPY (¥)	Jul. 15, 2022 USD ($)	Feb. 10, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 15, 2022 JPY (¥)	Mar. 15, 2022 USD ($)	Feb. 27, 2020 USD ($)
Debt Instrument [Line Items]
Aggregate principal balance									$ 11,000,000,000
Issuance of long-term debt				$ 432,000,000	$ 140,000,000	$ 11,784,000,000
Repayment of long-term debt				$ 1,275,000,000	704,000,000	1,911,000,000
Weighted average interest rate				2.90%
Interest expense, debt				$ 302,000,000	319,000,000	$ 298,000,000
Weighted Average
Debt Instrument [Line Items]
Average maturity of long-term debt				12 years
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 (loss) on extinguishment of debt, before write off of debt issuance cost				$ 33,000,000
Interest expense, debt, financing fees expensed				$ 5,000,000
Unsecured Debt | 2.242% Notes due February 15, 2025
Debt Instrument [Line Items]
Interest Rate				2.242%
Debt instrument, 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%
Other Debt | Project Financing Arrangements
Debt Instrument [Line Items]
Issuance of long-term debt				$ 38,000,000	124,000,000
Repayment of long-term debt				160,000,000	$ 181,000,000
Term Loan Facility | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, term		5 years
Aggregate principal balance		$ 400,000,000					¥ 54,000,000,000
Proceeds from issuance of debt | ¥	¥ 54,000,000,000
Term Loan Facility | Tokyo Term Risk Free Rate | Unsecured Debt
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 2,000,000,000
Commitment fee percentage			0.125%
Long-term debt				$ 0
Revolving Credit Facility | Sterling Overnight Index Average | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate			0.0326%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Commercial Paper | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,000,000,000
Short-term debt				$ 0

BORROWINGS AND LINES OF CREDI_4

BORROWINGS AND LINES OF CREDIT - Long-term Debt Maturity (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 140
2024	2
2025	1,202
2026	2
2027	1,306
Thereafter	$ 6,251

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value and Carrying Amounts Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, current	Other assets, current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 28	$ 8
Derivative liabilities	(48)	(35)
Fair Value, Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	28	8
Derivative liabilities	(48)	(35)
Fair Value, Recurring | 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	Dec. 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	$ 6,832	$ 9,842

LEASES - Operating Lease Right-

LEASES - Operating Lease Right-of-Use Assets and Liabilities on the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 642	$ 640
Accrued liabilities	(132)	(130)
Operating lease liabilities	(529)	(527)
Total operating lease liabilities	$ (661)	$ (657)
Weighted-Average Remaining Lease Term (in years)	7 years 8 months 12 days	7 years 9 months 18 days
Weighted-Average Discount Rate	3.40%	3%
Operating lease, liability, current, statement of financial position, extensible enumeration	Accrued liabilities	Accrued liabilities

LEASES - Narrative (Details)

LEASES - Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Lessee, operating lease, termination period	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	26 years
Lessee, operating lease, termination period	5 years

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows for measurement of operating lease liabilities	$ 145	$ 197	$ 213
Operating lease ROU assets obtained in exchange for operating lease obligations	109	180	169
Operating lease expense	$ 148	$ 200	$ 197

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 153
2024	132
2025	106
2026	83
2027	59
Thereafter	231
Total undiscounted lease payments	764
Less: imputed interest	(103)
Total discounted lease payments	$ 661	$ 657

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Funds
Defined Benefit Plan Disclosure [Line Items]
Multiemployer benefit plan contribution, cost	$ 15	$ 14
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of projected benefit obligation compromised of domestic plan benefits	29%
Percentage of projected benefit obligation compromised of foreign plan benefits	71%
Defined benefit plan, accumulated benefit obligation	$ 700	900
Defined contribution plan, cost	16	47	$ 41
Defined benefit plan, expected future employer contributions, next fiscal year	5
Future payment in year 2023	38
Future payment in year 2024	38
Future payment in year 2025	40
Future payment in year 2026	45
Future payment in year 2027	50
Future payment after year 2028	$ 243
Pension Plan | Defined Benefit Plan, Growth Seeking Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plant assets, investment within plan asset category, percentage	50%
Pension Plan | Defined Benefit Plan, Income Generating And Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plant assets, investment within plan asset category, percentage	50%
Employee Savings Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost	$ 123	$ 115	$ 103

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Change in Benefit Obligation and Plan Assets, and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amounts included in the balance sheet:
Other non-current assets	$ 26	$ 43
Post-employment and other benefit liabilities	(349)	(380)
Pension Plan
Change in Benefit Obligation
Benefit obligation at beginning of year	906	3,224
Service cost	20	27	$ 29
Interest cost	18	37	52
Actuarial (gain) loss	(271)	(112)
Benefits paid	(21)	(106)
Curtailment, settlements and special termination benefits	(7)	(54)
Other, including expenses paid	(38)	(48)
Liabilities held for sale	0	(2,062)
Acquisitions	153	0
Benefit obligation at end of year	760	906	3,224
Change in Plan Assets
Fair value at beginning of year	591	3,294
Actual return on plan assets	(170)	67
Company contributions	16	47
Benefits paid	(21)	(106)
Settlements	(7)	(54)
Other, including expenses paid	(18)	(34)
Assets held for sale	0	(2,623)
Acquisitions	60	0
Fair value of assets end of year	451	591	3,294
Funded Status
Benefit obligation	760	906	3,224
Fair value of plan assets	451	591	$ 3,294
Funded status of plans	(309)	(315)
Amounts included in the balance sheet:
Other non-current assets	25	43
Accrued compensation and benefits	(18)	(10)
Post-employment and other benefit liabilities	(316)	(348)
Net amount recognized	$ (309)	$ (315)

EMPLOYEE BENEFIT PLANS - Amount

EMPLOYEE BENEFIT PLANS - Amounts Recognized Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	$ 7,094	$ 6,578	$ 14,435
Amounts reclassified, pre-tax	(11)	(42)	105
Balance as of end of period	8,076	7,094	6,578
Total
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	(484)	(554)	(473)
Amounts reclassified, pre-tax	(11)	(34)	105
Balance as of end of period	(84)	(484)	$ (554)
Pension Plan | Total
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	610
Current year changes recorded in AOCI	(478)
Amounts reclassified, pre-tax	(11)
Settlement/curtailment reclassified to earnings	(2)
Currency translation and other	(15)
Balance as of end of period	104	610
Pension Plan | Prior Service Cost (Benefit)
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	15
Current year changes recorded in AOCI	(2)
Amounts reclassified, pre-tax	(2)
Settlement/curtailment reclassified to earnings	0
Currency translation and other	0
Balance as of end of period	11	15
Pension Plan | Net Actuarial (Gain) Loss
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	595
Current year changes recorded in AOCI	(476)
Amounts reclassified, pre-tax	(9)
Settlement/curtailment reclassified to earnings	(2)
Currency translation and other	(15)
Balance as of end of period	$ 93	$ 595

EMPLOYEE BENEFIT PLANS - Accumu

EMPLOYEE BENEFIT PLANS - Accumulated and Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 564	$ 405
Accumulated benefit obligation	538	374
Fair value of plan assets	230	47
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	564	405
Accumulated benefit obligation	538	374
Fair value of plan assets	$ 230	$ 47

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Pension Expense (Benefit) (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 20	$ 27	$ 29
Interest cost	18	37	52
Expected return on plan assets	(27)	(145)	(140)
Amortization of prior service cost	2	2	2
Recognized actuarial net loss	9	32	22
Net settlement, curtailment and special termination benefit loss	2	13	4
Net periodic pension expense (benefit)	$ 24	$ (34)	$ (31)

EMPLOYEE BENEFIT PLANS - Major

EMPLOYEE BENEFIT PLANS - Major Assumptions Used in Determining the Benefit Obligation and Net Cost for Pension Plans (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Benefit Obligation
Projected benefit obligation	4.20%	2.10%
Salary scale	2.40%	3.10%
Net Costs
Projected benefit obligation	2.10%	1.40%	2%
Interest cost	1.90%	1.20%	1.80%
Service cost	2.80%	2.10%	1.80%
Salary scale	3.10%	2.80%	3.30%
Expected return on plan assets	5%	4.60%	4.90%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Values of Pension Plans (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 451	$ 591	$ 3,294
Disposal Group, Held-for-sale, Not Discontinued Operations | Chubb Fire and Security
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount		2,600
Level 1 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	152	179
Level 3 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Not Subject to Leveling | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	300	400
Defined Benefit Plan Assets, Excluding Other Assets and Liabilities | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	452	579
Global Equities | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	27	29
Global Equities | Level 1 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Global Equities | Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	27	29
Global Equities | Level 3 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Global Equity Funds at net asset value | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	119	208
Global Equity Funds at net asset value | Not Subject to Leveling | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	119	208
Governments | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	59	26
Governments | Level 1 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Governments | Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	35	26
Governments | Level 3 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Governments | Not Subject to Leveling | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	24
Corporate Bonds | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	45	103
Corporate Bonds | Level 1 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Corporate Bonds | Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	45	103
Corporate Bonds | Level 3 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Fixed Income Securities | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	167	189
Fixed Income Securities | Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	11
Fixed Income Securities | Not Subject to Leveling | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	156	189
Real Estate | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	1	9
Real Estate | Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	1	9
Real Estate | Level 3 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Other | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	8	5
Other | Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	8	5
Cash & Cash Equivalents | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	26	10
Cash & Cash Equivalents | Level 2 | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	25	7
Cash & Cash Equivalents | Not Subject to Leveling | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	1	3
Other assets and liabilities | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ (1)	$ 12

PRODUCT WARRANTIES (Details)

PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 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	184	172
Settlements made	(171)	(165)
Other	14	3
Ending balance	$ 551	$ 524

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)				12 Months Ended
	Feb. 08, 2022	Jan. 04, 2022	Dec. 14, 2021	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2022	Jul. 31, 2021	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized (in shares)				4,000,000,000	4,000,000,000
Common stock, par or stated value per share (in dollars per share)				$ 0.01	$ 0.01
Stock repurchase program, increased authorized amount						$ 2,000,000,000	$ 1,750,000,000
Stock repurchase program, authorized amount							$ 2,100,000,000	$ 350,000,000
Shares of common stock repurchased (in shares)	2,700,000	7,600,000		31,700,000	10,400,000
Treasury stock repurchase	$ 500,000,000		$ 500,000,000	$ 1,381,000,000	$ 529,000,000
Stock repurchase program, number of shares delivered, percentage of expected		80%
Stock repurchase program, remaining authorized repurchase amount				$ 2,200,000,000
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)				876,487,480	873,064,219
Treasury Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)				42,103,995	10,375,654
Treasury stock repurchase				$ 1,381,000,000	$ 529,000,000

EQUITY - Summary of Changes in

EQUITY - Summary of Changes in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 7,094	$ 6,578	$ 14,435
Other comprehensive income (loss) before reclassifications, net	(462)	(269)	591
Amounts reclassified, pre-tax	11	42	(105)
Tax benefit reclassified	(3)	(17)	22
Chubb divestiture	(245)
Balance as of end of period	8,076	7,094	6,578
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)	(1,253)
Balance as of end of period	(1,688)	(989)	(745)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(505)	(191)	(780)
Other comprehensive income (loss) before reclassifications, net	(525)	(322)	589
Amounts reclassified, pre-tax	0	8	0
Tax benefit reclassified	0	0	0
Chubb divestiture	(574)
Balance as of end of period	(1,604)	(505)	(191)
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)	(473)
Other comprehensive income (loss) before reclassifications, net	63	53	2
Amounts reclassified, pre-tax	11	34	(105)
Tax benefit reclassified	(3)	(17)	22
Chubb divestiture	329
Balance as of end of period	$ (84)	$ (484)	$ (554)

REVENUE RECOGNITION - Sales Dis

REVENUE RECOGNITION - Sales Disaggregated by Product and Service (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 20,421	$ 20,613	$ 17,456
Product
Segment Reporting Information [Line Items]
Net sales	18,250	17,214	14,347
Service
Segment Reporting Information [Line Items]
Net sales	2,171	3,399	3,109
Operating Segments
Segment Reporting Information [Line Items]
Net sales	20,861	21,032	17,796
Operating Segments | HVAC
Segment Reporting Information [Line Items]
Net sales	13,408	11,390	9,478
Operating Segments | HVAC | Product
Segment Reporting Information [Line Items]
Net sales	11,882	9,985	8,165
Operating Segments | HVAC | Service
Segment Reporting Information [Line Items]
Net sales	1,526	1,405	1,313
Operating Segments | Refrigeration
Segment Reporting Information [Line Items]
Net sales	3,883	4,127	3,333
Operating Segments | Refrigeration | Product
Segment Reporting Information [Line Items]
Net sales	3,432	3,653	2,927
Operating Segments | Refrigeration | Service
Segment Reporting Information [Line Items]
Net sales	451	474	406
Operating Segments | Fire & Security
Segment Reporting Information [Line Items]
Net sales	3,570	5,515	4,985
Operating Segments | Fire & Security | Product
Segment Reporting Information [Line Items]
Net sales	3,372	3,985	3,585
Operating Segments | Fire & Security | Service
Segment Reporting Information [Line Items]
Net sales	198	1,530	1,400
Eliminations and other
Segment Reporting Information [Line Items]
Net sales	$ (440)	$ (419)	$ (340)

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 537	$ 503
Contract assets, non-current (included within Other assets)	6	70
Total contract assets	543	573
Contract liabilities, current	(449)	(415)
Contract liabilities, non-current (included within Other long-term liabilities)	(174)	(165)
Total contract liabilities	(623)	(580)
Net contract assets (liabilities)	$ (80)	$ (7)

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 321

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details)	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	12 months

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 64	$ 77
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Award vesting period in event of retirement (in years)	1 year
Cost not yet recognized, period for recognition	2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Award vesting period in event of retirement (in years)	1 year
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Award vesting period in event of retirement (in years)	1 year
Award requisite service period (in years)	3 years

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - Stock Options and Stock Appreciation Rights - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options and stock appreciation rights weighted-average fair value per award (in dollars per shares)	$ 10.68	$ 10.13	$ 4.67
Assumptions:
Volatility, minimum	30.80%	31.60%	32.10%
Volatility, maximum	31.30%	34.10%	35.60%
Expected term (in years)	6 years 1 month 6 days	6 years 7 months 6 days	7 years
Expected dividend yield	1.50%
Range of risk-free rate, minimum	1.70%	0.70%	0.10%
Range of risk-free rate, maximum	3%	1.40%	1%
Minimum
Assumptions:
Expected dividend yield		1.50%	1.40%
Maximum
Assumptions:
Expected dividend yield			2%

STOCK-BASED COMPENSATION - Acti

STOCK-BASED COMPENSATION - Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Stock Options and Stock Appreciation Rights
Shares Subject to Option (in thousands)
Beginning balance (in shares)	36,015	32,441	36,732
Granted (in shares)	3,921	2,715	3,194
Exercised (in shares)	(2,620)	(3,495)	(5,934)
Cancelled (in shares)	(584)	(883)	(1,551)
Ending balance (in shares)	36,732	30,778	32,441
Exercisable (in shares)		17,642
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 19.90	$ 22.02	$ 19.91
Granted (in dollars per share)	17.57	47.72	38.92
Exercised (in dollars per share)	15.81	17.76	17.59
Cancelled (in dollars per share)	22.31	30.33	23.98
Ending balance (in dollars per share)	$ 19.91	24.53	$ 22.02
Exercisable (in dollars per share)		$ 20.03
Aggregate Intrinsic Value (in millions)
Outstanding		$ 532
Exercisable		$ 375
Weighted- Average Remaining Life (in years)
Outstanding		5 years 10 months 24 days
Exercisable		4 years 6 months
Restricted Stock
RSUs / PSUs (in thousands)
Beginning balance (in shares)	5,622	3,570	5,574
Granted (in shares)	523	555	286
Vested (in shares)	(483)	(1,915)	(2,168)
Forfeited/Cancelled (in shares)	(88)	(143)	(122)
Ending balance (in shares)	5,574	2,067	3,570
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.37	$ 23.33	$ 21.57
Granted (in dollars per share)	21.43	41.88	46.49
Vested (in dollars per share)	19.74	20.85	21.45
Forfeited/Cancelled (in dollars per share)	23.29	32.92	25.39
Ending balance (in dollars per share)	$ 21.57	$ 29.87	$ 23.33
Performance Shares
RSUs / PSUs (in thousands)
Beginning balance (in shares)	68	1,421	772
Granted (in shares)	728	653	821
Vested (in shares)		(5)	(20)
Forfeited/Cancelled (in shares)	(24)	(139)	(152)
Ending balance (in shares)	772	1,930	1,421
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 21.23	$ 30.75	$ 18.46
Granted (in dollars per share)	18.23	46.93	41.48
Vested (in dollars per share)		41.81	23.72
Forfeited/Cancelled (in dollars per share)	19.25	35.45	27.28
Ending balance (in dollars per share)	$ 18.46	$ 35.86	$ 30.75

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based Compensation Cost by Award Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Equity compensation costs - equity settled	$ 77	$ 92	$ 77
Equity compensation costs - cash settled	(15)	19	11
Total stock-based compensation cost	62	111	88
Income tax benefit	$ 9	$ 13	$ 9

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 31	$ 89	$ 49
Restructuring Reserve [Roll Forward]
Beginning balance	54	49
Net pre-tax restructuring costs	31	89	49
Utilization, foreign exchange and other	(61)	(76)
Reclassified as Liabilities held for sale	0	(8)
Ending balance	24	54	49
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs	9	28	20
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	9	28	20
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	22	60	29
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	22	60	29
Other income (expense), net
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	1	0
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	0	1	0
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	29	84	47
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	29	84	47
Operating Segments | HVAC
Restructuring Cost and Reserve [Line Items]
Restructuring costs	8	33	7
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	8	33	7
Operating Segments | Refrigeration
Restructuring Cost and Reserve [Line Items]
Restructuring costs	10	25	12
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	10	25	12
Operating Segments | Fire & Security
Restructuring Cost and Reserve [Line Items]
Restructuring costs	11	26	28
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	11	26	28
General corporate expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2	5	2
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	$ 2	$ 5	$ 2

OTHER INCOME (EXPENSE), NET - S

OTHER INCOME (EXPENSE), NET - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Income and Expenses [Abstract]
Transaction gains	$ 0	$ 0	$ 1,123
Impairment charge on minority-owned joint venture investments	0	(2)	(72)
Other	1,840	41	(45)
Other income (expense), net	$ 1,840	$ 39	$ 1,006

OTHER INCOME (EXPENSE), NET - N

OTHER INCOME (EXPENSE), NET - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chubb Fire and Security
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale	$ 1,100
TCC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash gain associated with increase in ownership interest	$ 705

INCOME TAXES - Income Before In

INCOME TAXES - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 1,876	$ 1,528	$ 915
Foreign	2,416	872	1,940
Income from operations before income taxes	$ 4,292	$ 2,400	$ 2,855

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 453	$ 336	$ 434
State	120	83	74
Foreign	259	354	244
Current income tax provision	832	773	752
Future:
Federal	(23)	(125)	13
State	(29)	(14)	6
Foreign	(72)	65	78
Deferred income tax provision (benefit)	(124)	(74)	97
Income tax expense	$ 708	$ 699	$ 849

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21%	21%	21%
State income tax	1.50%	1.90%	1.70%
Tax on international activities	(1.00%)	7.20%	4.20%
Separation impact	0%	0%	3.40%
TCC acquisition impact	(4.20%)	0%	0%
Other	(0.80%)	(1.00%)	(0.60%)
Effective income tax rate	16.50%	29.10%	29.70%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, equity in earnings (losses) of unconsolidated subsidiary, amount	$ 705
Effective income tax rate reconciliation, disposition of business, amount	1,100
Foreign tax credits generated and utilized in the current year	45
Net tax charge related to re-organizations and disentanglements		$ 157
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance			$ 51
Effective income tax rate reconciliation, repatriation of foreign earnings, amount			46
Unrecognized tax benefits	291	251	$ 162	$ 166
Undistributed earnings of foreign subsidiaries	10,000
Discontinued Operations, Held-for-sale
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Future income tax benefits and future income tax payables, classified as held for sale	266
Minimum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	45
Maximum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 55
United Kingdom
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, change in enacted tax rate, amount		43
Tax adjustment due to foreign tax credits		70
Germany
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Tax adjustment due to foreign tax credits		$ 21

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Future income tax benefits:
Insurance and employee benefits	$ 161	$ 198
Other assets basis differences	284	166
Other liabilities basis differences	571	512
Tax loss carryforward	177	175
Tax credit carryforward	29	24
Valuation allowances	(100)	(90)
Future income tax benefit	1,122	985
Future income tax payables:
Goodwill and intangible assets	(449)	(270)
Other asset basis differences	(395)	(307)
Future income tax payables	$ (844)	$ (577)

INCOME TAXES - Valuation and Qu

INCOME TAXES - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Effective income tax rate reconciliation, separation impact			$ 89
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of the year	$ 90	$ 231	128
Additions charged to income tax expense	18	32	112
Reduction credited to income tax expense	(22)	(22)	(13)
Other adjustments	14	(41)	4
Reclassified to held for sale		(110)
Balance at end of the year	$ 100	$ 90	$ 231

INCOME TAXES - Tax Credit and L

INCOME TAXES - Tax Credit and Loss Carryforwards (Details) $ in Millions	Dec. 31, 2022 USD ($)
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	$ 808
Tax Credit Carryforwards	29
2023-2027
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	107
Tax Credit Carryforwards	7
2028-2032
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	61
Tax Credit Carryforwards	5
2033-2042
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	33
Tax Credit Carryforwards	4
Indefinite
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	607
Tax Credit Carryforwards	$ 13

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 251	$ 162	$ 166
Additions for tax positions related to the current year	34	86	22
Additions for tax positions of prior years	32	24	14
Reductions for tax positions of prior years	(13)	(1)	(40)
Settlements	(13)	(18)	0
Reclassified as held for sale	0	(2)	0
Balance at end of period	291	251	162
Gross interest expense related to unrecognized tax benefits	16	8	6
Total accrued interest balance at end of period	$ 48	35	25
Amount as a result of acquisition		$ 14
Increase (decrease) in unrecognized tax benefits			$ (37)

EARNINGS PER SHARE - Schedule (

EARNINGS PER SHARE - Schedule (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to common shareowners	$ 3,534	$ 1,664	$ 1,982
Basic weighted-average number of shares outstanding (in shares)	843.4	867.7	866.5
Stock awards and equity units (share equivalent) (in shares)	17.8	22.6	13.7
Diluted weighted-average number of shares outstanding (in shares)	861.2	890.3	880.2
Antidilutive shares excluded from computation of diluted earnings per share (in shares)	2.9	0.1	0.2
Earnings Per Share
Basic (in dollars per share)	$ 4.19	$ 1.92	$ 2.29
Diluted (in dollars per share)	$ 4.10	$ 1.87	$ 2.25

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($)				12 Months Ended
	Aug. 01, 2022	Feb. 06, 2022	Jun. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 07, 2021
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired				$ 506,000,000	$ 366,000,000	$ 0
Goodwill resulting from business combinations				905,000,000	320,000,000
Goodwill				9,977,000,000	$ 9,349,000,000	$ 10,139,000,000
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired				506,000,000
TCC
Business Acquisition [Line Items]
Intangible assets acquired	$ 965,000,000
Long-term debt, including current portion		$ 930,000,000
Goodwill	$ 889,000,000
Non-cash gain associated with increase in ownership interest				705,000,000
Business combination, acquisition related costs				29,000,000
Working capital adjustments and other transaction-related items				$ 39,000,000
TCC | TCC | Toshiba Corporation
Business Acquisition [Line Items]
Ownership percentage	5%
Giwee
Business Acquisition [Line Items]
Intangible assets acquired			$ 94,000,000
Goodwill			$ 182,000,000
Controlling interest acquired			70%				30%
Tax deductible goodwill			$ 0

ACQUISITIONS - Purchase Price (

ACQUISITIONS - Purchase Price (Details) - USD ($) $ in Millions	Dec. 31, 2022	Aug. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 9,977		$ 9,349	$ 10,139
TCC
Business Acquisition [Line Items]
Cash and cash equivalents		$ 462
Accounts receivable		414
Inventories		373
Other assets, current		54
Fixed assets		343
Intangible assets		965
Goodwill		889
Other assets		293
Accounts payable		(412)
Accrued liabilities		(445)
Contract liabilities, current		(21)
Other long-term liabilities		(565)
Net assets acquired		2,350
Less: Fair value of non-controlling interests		(22)
Less: Fair value of previously held TCC equity investments		(1,398)
Total cash consideration		$ 930

ACQUISITIONS - Intangible Asset

ACQUISITIONS - Intangible Assets Acquired by Toshiba Carrier Corporation (Details) - TCC $ in Millions	Aug. 01, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible Assets Acquired	$ 965
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	23 years
Intangible Assets Acquired	$ 497
Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	7 years
Intangible Assets Acquired	$ 220
Trademark
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	26 years
Intangible Assets Acquired	$ 180
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	1 year
Intangible Assets Acquired	$ 60
Land use rights
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	45 years
Intangible Assets Acquired	$ 8

ACQUISITIONS - Intangible Ass_2

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

DIVESTITURES - Narrative (Detai

DIVESTITURES - Narrative (Details) $ in Billions	12 Months Ended
	Dec. 31, 2022 USD ($)	Jan. 03, 2022 USD ($) country
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chubb Fire and Security
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value		$ 2.9
Gain on sale	$ 1.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chubb Fire and Security | Fire & Security
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of countries | country		17

DIVESTITURES - Schedule of Chub

DIVESTITURES - Schedule of Chubb's Assets and Liabilities (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Chubb Fire and Security $ in Millions	Dec. 31, 2021 USD ($)
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 held for sale	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 held for sale	$ (1,134)

SEGMENT FINANCIAL DATA (Details

SEGMENT FINANCIAL DATA (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	3
Net Sales	$ 20,421	$ 20,613	$ 17,456
Operating Profit	4,515	2,645	3,083
Segment Assets	6,010	4,876
Cash and cash equivalents	3,520	2,987	3,115
Other assets, current	349	376
Assets held for sale	0	3,168
Total current assets	9,879	11,407
Capital Expenditures	353	344	312
Depreciation & Amortization	380	338	336
Long-Lived Assets	2,241	1,826
United States Operations
Segment Reporting Information [Line Items]
Net Sales	11,797	10,492	9,105
Long-Lived Assets	803	772
Europe
Segment Reporting Information [Line Items]
Net Sales	4,359	5,776	4,935
Long-Lived Assets	453	476
Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	3,489	3,464	2,655
Long-Lived Assets	573	279
Other
Segment Reporting Information [Line Items]
Net Sales	776	881	761
Long-Lived Assets	412	299
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	20,861	21,032	17,796
Operating Profit	4,723	2,876	3,403
Segment Assets	5,962	4,863
Capital Expenditures	304	313	265
Depreciation & Amortization	345	305	310
Operating Segments | HVAC
Segment Reporting Information [Line Items]
Net Sales	13,408	11,390	9,478
Operating Profit	2,610	1,738	2,462
Segment Assets	3,191	2,375
Capital Expenditures	232	225	188
Depreciation & Amortization	256	186	163
Operating Segments | Refrigeration
Segment Reporting Information [Line Items]
Net Sales	3,883	4,127	3,333
Operating Profit	483	476	357
Segment Assets	1,279	1,285
Capital Expenditures	32	39	26
Depreciation & Amortization	31	36	39
Operating Segments | Fire & Security
Segment Reporting Information [Line Items]
Net Sales	3,570	5,515	4,985
Operating Profit	1,630	662	584
Segment Assets	1,492	1,203
Capital Expenditures	40	49	51
Depreciation & Amortization	58	83	108
Eliminations and other
Segment Reporting Information [Line Items]
Net Sales	(440)	(419)	(340)
Operating Profit	(80)	(96)	(184)
Segment Assets	48	13
Capital Expenditures	49	31	47
Depreciation & Amortization	35	33	26
General corporate expenses
Segment Reporting Information [Line Items]
Net Sales	0	0	0
Operating Profit	$ (128)	$ (135)	$ (136)

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($) shares	Dec. 31, 2022 USD ($) affiliate	Dec. 31, 2021 USD ($) affiliate	Dec. 31, 2020 USD ($)	Dec. 31, 2020 kr / shares	Dec. 31, 2020 $ / shares	Sep. 30, 2020 kr / shares	Sep. 30, 2020 $ / shares
Related Party Transaction [Line Items]
Number of owned unconsolidated domestic and foreign affiliates | affiliate			27	27
Impairment charge on minority-owned joint venture investments			$ 0	$ 2	$ 72
HVAC
Related Party Transaction [Line Items]
Equity method investment, percentage of investments in segment			99%	99%
Equity Method Investee
Related Party Transaction [Line Items]
Impairment charge on minority-owned joint venture investments					$ 71
Equity Method Investee | Beijer Ref
Related Party Transaction [Line Items]
Sale of stock, consideration received on transaction	$ 1,100	$ 300
Gain (loss) on sale of investments	$ 871	$ 252
Equity Method Investee | Beijer Ref | B Shares
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares) | shares		9,250
Sale of stock, price per share (in dollars per share) | (per share)								kr 290	$ 32.38
Subsidiary or equity method investee, percentage of outstanding stock		7.90%
Equity Method Investee | Beijer Ref | A and B Shares
Related Party Transaction [Line Items]
Sale of stock, price per share (in dollars per share) | (per share)						kr 245	$ 29.03

RELATED PARTIES - Amounts Attri

RELATED PARTIES - Amounts Attributable to Equity Method Investees (Details) - Equity Method Investee - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	$ 2,845	$ 2,258	$ 1,758
Purchases from equity method investees included in Cost of products sold	331	357	$ 292
Receivables from equity method investees included in Accounts receivable, net	154	150
Payables to equity method investees included in Accounts payable	$ 44	$ 51

RELATED PARTIES - Summarized Ba

RELATED PARTIES - Summarized Balance Sheet for Equity Method Investment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Current assets	$ 9,879	$ 11,407
Total assets	26,086	26,172
Current liabilities	(6,032)	(6,627)
Total liabilities	(18,010)	(19,078)
Total Equity	8,076	7,094	$ 6,578	$ 14,435
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	10,621	4,275
Non-current assets	1,931	2,140
Total assets	12,552	6,415
Current liabilities	(8,631)	(2,596)
Non-current liabilities	(195)	(329)
Total liabilities	(8,826)	(2,925)
Total Equity	$ 3,726	$ 3,490

RELATED PARTIES - Summarized St

RELATED PARTIES - Summarized Statement of Income for Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Net Sales	$ 20,421	$ 20,613	$ 17,456
Income from continuing operations	3,584	1,701	2,006
Net income	3,534	1,664	1,982
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net Sales	11,524	9,471	9,299
Gross profit	2,274	1,907	1,722
Income from continuing operations	757	650	544
Net income	$ 757	$ 650	$ 544

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Outstanding Liabilities for Environmental Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities
Environmental reserves included in Accrued liabilities	$ 24	$ 29
Environmental reserves included in Other long-term liabilities	211	191
Total environmental reserves	$ 235	$ 220

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos Liabilities and Recoveries (Details) - Asbestos Matters - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Asbestos liabilities included in Accrued liabilities	$ 16	$ 17
Asbestos liabilities included in Other long-term liabilities	212	220
Total asbestos liabilities	228	237
Asbestos-related recoveries included in Other assets, current	5	5
Asbestos-related recoveries included in Other assets	90	93
Total asbestos-related recoveries	$ 95	$ 98

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) lawsuit defendant case	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Other Commitments [Line Items]
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability, current | $	$ 34
Liability amount | $	383
Self-insurance expense | $	155	$ 155	$ 145
Tax Matters Agreement
Other Commitments [Line Items]
Annual installment amount | $	$ 34
Aqueous Film Forming Foam
Other Commitments [Line Items]
Number of litigation cases (more than) | lawsuit	3,150
Number of litigation cases filed by state, municipality, and water utilities | lawsuit	300
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 litigation cases in state court (fewer than) | case	6

COMMITMENTS AND CONTINGENT LI_6

COMMITMENTS AND CONTINGENT LIABILITIES - Self-Insurance Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities included in Accrued liabilities	$ 139	$ 154
Self-insurance liabilities included in Other long-term liabilities	53	72
Total self-insurance liabilities	$ 192	$ 226

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 297	$ 317	$ 196
Income taxes paid, net of refunds	833	675	819
Non-cash financing activity:
Common stock dividends payable	$ 158	$ 130	$ 108

Uncategorized Items - carr-2022

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]