Carrier Global (CARR) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39220
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		897,227,361
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001783180
Common Stock
Document Information [Line Items]
Title of each class	Common Stock ($0.01 par value)
Trading Symbol(s)	CARR
Name of each exchange on which registered	NYSE
4.375%, Notes due 2025
Document Information [Line Items]
Title of each class	4.375% Notes due 2025
Trading Symbol(s)	CARR25
Name of each exchange on which registered	NYSE
4.125% Notes due 2028
Document Information [Line Items]
Title of each class	4.125% Notes due 2028
Trading Symbol(s)	CARR28
Name of each exchange on which registered	NYSE
4.500% Notes due 2032
Document Information [Line Items]
Title of each class	4.500% Notes due 2032
Trading Symbol(s)	CARR32
Name of each exchange on which registered	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales
Total Net sales	$ 5,984	$ 4,935	$ 17,338	$ 14,635
Costs and expenses
Research and development	(172)	(126)	(524)	(355)
Selling, general and administrative	(799)	(664)	(2,394)	(1,870)
Total Costs and expenses	(5,278)	(4,239)	(15,619)	(12,815)
Equity method investment net earnings	66	75	187	171
Other income (expense), net	(9)	(261)	(34)	(370)
Operating profit	763	510	1,872	1,621
Non-service pension (expense) benefit	(1)	0	(1)	0
Interest (expense) income, net	8	(39)	(290)	(126)
Earnings before income taxes	770	471	1,581	1,495
Income tax (expense) benefit	(172)	(177)	(339)	(453)
Earnings from continuing operations	598	294	1,242	1,042
Discontinued operations, net of tax	(117)	87	1,897	(41)
Net earnings (loss)	481	381	3,139	1,001
Less: Non-controlling interest in subsidiaries'	34	24	86	72
Net earnings (loss) attributable to common shareowners	447	357	3,053	929
Amounts attributable to common shareowners:
Continuing operations	564	270	1,156	970
Discontinued operations	$ (117)	$ 87	$ 1,897	$ (41)
Basic:
Continuing operations, Basic (in dollars per share)	$ 0.63	$ 0.32	$ 1.28	$ 1.16
Discontinued operations, Basic (in dollars per share)	(0.13)	0.11	2.11	(0.05)
Net earnings (loss), Basic (in dollars per share)	0.50	0.43	3.39	1.11
Diluted:
Continuing operations, Diluted (in dollars per share)	0.62	0.32	1.26	1.14
Discontinued operations, Diluted (in dollars per share)	(0.13)	0.10	2.08	(0.05)
Net earnings (loss), Diluted (in dollars per share)	$ 0.49	$ 0.42	$ 3.34	$ 1.09
Weighted-average number of shares outstanding
Basic (in shares)	901.2	838.7	900.9	836.6
Diluted (in shares)	915	854.7	914.4	852.7
Product
Net sales
Total Net sales	$ 5,307	$ 4,344	$ 15,460	$ 12,939
Costs and expenses
Cost of products and services sold	(3,796)	(2,986)	(11,245)	(9,269)
Service
Net sales
Total Net sales	677	591	1,878	1,696
Costs and expenses
Cost of products and services sold	$ (511)	$ (463)	$ (1,456)	$ (1,321)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 481	$ 381	$ 3,139	$ 1,001
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments arising during period	678	(246)	102	(255)
Pension and post-retirement benefit plan adjustments	1	0	2	0
Unrealized cash flow hedging gain (loss) arising during period	0	80	0	80
Amortization of unrealized cash flow hedging gain (loss)	(1)	0	(3)	0
Divestitures	215	0	588	0
Other comprehensive income (loss), net of tax	893	(166)	689	(175)
Comprehensive income (loss)	1,374	215	3,828	826
Less: Comprehensive income (loss) attributable to non-controlling interest	43	23	91	65
Comprehensive income (loss) attributable to common shareowners	$ 1,331	$ 192	$ 3,737	$ 761

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 2,225	$ 9,852
Accounts receivable, net	2,726	2,080
Inventories, net	2,646	1,823
Assets held for sale	2,680	5,093
Other current assets	917	728
Total current assets	11,194	19,576
Future income tax benefits	1,142	718
Fixed assets, net	3,015	2,160
Operating lease right-of-use assets	568	421
Intangible assets, net	7,118	945
Goodwill	15,294	7,520
Pension and post-retirement assets	54	32
Equity method investments	1,287	1,140
Other assets	529	310
Total Assets	40,201	32,822
Liabilities and Equity
Accounts payable	2,829	2,483
Accrued liabilities	4,233	2,997
Liabilities held for sale	1,221	1,450
Current portion of long-term debt	2,095	51
Total current liabilities	10,378	6,981
Long-term debt	10,337	14,242
Future pension and post-retirement obligations	209	149
Future income tax obligations	2,241	523
Operating lease liabilities	445	333
Other long-term liabilities	1,549	1,589
Total Liabilities	25,159	23,817
Commitments and contingent liabilities (Note 19)
Equity
Common stock	9	9
Treasury stock	(2,403)	(1,972)
Additional paid-in capital	8,588	5,535
Retained earnings	9,301	6,591
Accumulated other comprehensive loss	(802)	(1,486)
Non-controlling interest	349	328
Total Equity	15,042	9,005
Total Liabilities and Equity	$ 40,201	$ 32,822

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions		Total	Accumulated Other Comprehensive Income (Loss)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interest
Balance as of beginning of period at Dec. 31, 2022		$ 8,076	$ (1,688)	$ 9	$ (1,910)	$ 5,481	$ 5,866	$ 318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		387					373	14
Other comprehensive income (loss), net of tax		54	52					2
Shares issued under incentive plans, net		(9)				(9)
Stock-based compensation		22				22
Treasury stock repurchase		(62)			(62)
Balance as of end of period at Mar. 31, 2023		8,468	(1,636)	9	(1,972)	5,494	6,239	334
Balance as of beginning of period at Dec. 31, 2022		8,076	(1,688)	9	(1,910)	5,481	5,866	318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		1,001
Other comprehensive income (loss), net of tax		(175)
Balance as of end of period at Sep. 30, 2023		8,502	(1,856)	9	(1,972)	5,517	6,486	318
Balance as of beginning of period at Dec. 31, 2022		8,076	(1,688)	9	(1,910)	5,481	5,866	318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock repurchase		(2,000)
Balance as of end of period at Dec. 31, 2023		9,005	(1,486)	9	(1,972)	5,535	6,591	328
Balance as of beginning of period at Mar. 31, 2023		8,468	(1,636)	9	(1,972)	5,494	6,239	334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		233					199	34
Other comprehensive income (loss), net of tax		(63)	(55)					(8)
Dividends declared on common stock	[1]	(309)					(309)
Shares issued under incentive plans, net		(18)				(18)
Stock-based compensation		18				18
Dividends attributable to non-controlling interest		(41)						(41)
Balance as of end of period at Jun. 30, 2023		8,288	(1,691)	9	(1,972)	5,494	6,129	319
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		381					357	24
Other comprehensive income (loss), net of tax		(166)	(165)					(1)
Stock-based compensation		23				23
Dividends attributable to non-controlling interest		(2)						(2)
Sale of non-controlling interest		(22)						(22)
Balance as of end of period at Sep. 30, 2023		8,502	(1,856)	9	(1,972)	5,517	6,486	318
Balance as of beginning of period at Dec. 31, 2023		9,005	(1,486)	9	(1,972)	5,535	6,591	328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		289					269	20
Other comprehensive income (loss), net of tax		(389)	(386)					(3)
Shares issued under incentive plans, net		(22)				(22)
Stock-based compensation		23				23
Acquisition of VCS Business		3,000				3,000
Balance as of end of period at Mar. 31, 2024		11,906	(1,872)	9	(1,972)	8,536	6,860	345
Balance as of beginning of period at Dec. 31, 2023		9,005	(1,486)	9	(1,972)	5,535	6,591	328
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		3,139
Other comprehensive income (loss), net of tax		689
Treasury stock repurchase		(400)
Balance as of end of period at Sep. 30, 2024		15,042	(802)	9	(2,403)	8,588	9,301	349
Balance as of beginning of period at Mar. 31, 2024		11,906	(1,872)	9	(1,972)	8,536	6,860	345
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		2,369					2,337	32
Other comprehensive income (loss), net of tax		185	186					(1)
Dividends declared on common stock	[2]	(343)					(343)
Shares issued under incentive plans, net		2				2
Stock-based compensation		25				25
Dividends attributable to non-controlling interest		(65)						(65)
Balance as of end of period at Jun. 30, 2024		14,079	(1,686)	9	(1,972)	8,563	8,854	311
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)		481					447	34
Other comprehensive income (loss), net of tax		893	884					9
Shares issued under incentive plans, net		(3)				(3)
Stock-based compensation		28				28
Dividends attributable to non-controlling interest		(5)						(5)
Treasury stock repurchase		(431)			(431)
Balance as of end of period at Sep. 30, 2024		$ 15,042	$ (802)	$ 9	$ (2,403)	$ 8,588	$ 9,301	$ 349
[1] (1) Cash dividends declared were $0.37 per share for the three months ended June 30, 2023 (1) Cash dividends declared were $0.38 per share for the three months ended June 30, 2024

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends, declared (in dollars per share)	$ 0.38	$ 0.37

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net earnings (loss)	$ 3,139	$ 1,001
Discontinued operations, net of tax	(1,897)	41
Adjustments for non-cash items, net:
Depreciation and amortization	914	368
Deferred income tax provision	(296)	(150)
Stock-based compensation costs	65	55
Equity method investment net earnings	(187)	(171)
(Gain) loss on extinguishment of debt	(88)	0
(Gain) loss on sale of investments / deconsolidation	(2)	(19)
Changes in operating assets and liabilities
Accounts receivable, net	(135)	(279)
Inventories, net	76	(72)
Accounts payable and accrued liabilities	(258)	622
Distributions from equity method investments	36	45
Other operating activities, net	(159)	(96)
Net cash flows provided by (used in) continuing operating activities	1,208	1,345
Net cash flows provided by (used in) discontinued operating activities	(777)	200
Net cash flows provided by (used in) operating activities	431	1,545
Investing Activities
Capital expenditures	(302)	(217)
Investment in businesses, net of cash acquired	(10,873)	(69)
Dispositions of businesses	0	54
Settlement of derivative contracts, net	(187)	(66)
Other investing activities, net	31	14
Net cash flows provided by (used in) continuing investing activities	(11,331)	(284)
Net cash flows provided by (used in) discontinued investing activities	6,217	(147)
Net cash flows provided by (used in) investing activities	(5,114)	(431)
Financing Activities
Increase (decrease) in short-term borrowings, net	37	(27)
Issuance of long-term debt	2,586	14
Repayment of long-term debt	(4,530)	(15)
Repurchases of common stock	(431)	(62)
Dividends paid on common stock	(514)	(465)
Dividends paid to non-controlling interest	(72)	(46)
Other financing activities, net	(15)	(72)
Net cash flows provided by (used in) continuing financing activities	(2,939)	(673)
Net cash flows provided by (used in) discontinued financing activities	(11)	(15)
Net cash flows provided by (used in) financing activities	(2,950)	(688)
Effect of foreign exchange rate changes on cash and cash equivalents	(18)	(45)
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	(7,651)	381
Less: Change in cash balances classified as assets held for sale	(36)	(5)
Net increase (decrease) in cash and cash equivalents and restricted cash	(7,615)	386
Cash, cash equivalents and restricted cash, beginning of period	9,854	3,303
Cash, cash equivalents and restricted cash, end of period	2,239	3,689
Less: restricted cash	14	4
Cash and cash equivalents, end of period	$ 2,225	$ 3,685

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Carrier Global Corporation (the "Company") is a global leader in intelligent climate and energy 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, Viessmann, Toshiba, Automated Logic and Carrier Transicold that offer innovative heating, ventilating, air conditioning ("HVAC"), refrigeration and cold chain transportation solutions 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 two segments: HVAC and Refrigeration. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments) necessary to state fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The accompanying Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for 2023 filed with the SEC on February 6, 2024 (the "2023 Form 10-K").

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The Unaudited Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and majority-owned subsidiaries in which it has control. Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Non-controlling interest represents a non-controlling investor's interests in the results of subsidiaries that the Company controls and consolidates. Acquisition of Viessmann Climate Solutions On April 25, 2023, the Company announced that it entered into a Share Purchase Agreement (the “Agreement”) to acquire the climate solutions business (the "VCS Business") of Viessmann Group GmbH & Co. KG (“Viessmann”), a privately-held company. The acquisition was completed on January 2, 2024. As a result, the assets, liabilities and results of operations of the VCS Business are consolidated in the accompanying Unaudited Condensed Consolidated Financial Statements as of the date of acquisition and reported within the Company’s HVAC segment. See Note 15 – Acquisitions for additional information. Portfolio Transformation On December 7, 2023, the Company entered into a stock purchase agreement to sell its Access Solutions business ("Access Solutions") to Honeywell International Inc. As a result, the assets and liabilities of Access Solutions are presented as held for sale on the accompanying Unaudited Condensed Consolidated Balance Sheet as of December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. The sale of Access Solutions was completed on June 2, 2024. See Note 16 - Divestitures for additional information. During the fourth quarter of 2023, the net assets of the Company's Industrial Fire business ("Industrial Fire") met the criteria to be classified as held for sale. As a result, the assets and liabilities of Industrial Fire are presented as held for sale on the accompanying Unaudited Condensed Consolidated Balance Sheet as of December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. On March 5, 2024, the Company entered into a stock purchase agreement to sell Industrial Fire to Sentinel Capital Partners. The sale of Industrial Fire was completed on July 1, 2024. See Note 16 - Divestitures for additional information. On December 12, 2023, the Company entered into a stock purchase agreement to sell its Commercial Refrigeration business ("CCR") to Haier Group Corporation for an enterprise value of approximately $775 million. As a result, the assets and liabilities of CCR are presented as held for sale on the accompanying Unaudited Condensed Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. The sale of CCR was completed on October 1, 2024. See Note 16 - Divestitures for additional information. On August 15, 2024, the Company entered into a stock purchase agreement to sell its Commercial and Residential Fire business (“CRF Business”) to an affiliate of Lone Star Funds for an enterprise value of approximately $3.0 billion. As a result, the assets and liabilities of the CRF Business are presented as held for sale on the accompanying Unaudited Condensed Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. See Note 16 - Divestitures for additional information. Discontinued Operations In 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. The announced plan to exit the Fire & Security segment represents a single disposal plan to separately divest multiple businesses over different reporting periods. Upon the CRF Business qualifying as held for sale during the three months ended September 30, 2024, the components of the Fire & Security segment in aggregate met the criteria to be presented as discontinued operations in the accompanying Unaudited Condensed Consolidated Statement of Operations and Unaudited Condensed Consolidated Statement of Cash Flows. In addition, the assets and liabilities of the CRF Business have been reclassified to held for sale at December 31, 2023. The results of the CCR business did not meet the criteria to be presented in discontinued operations. See Note 16 - Divestitures for additional information. Deconsolidation of Kidde-Fenwal, Inc. On May 14, 2023, Kidde-Fenwal, Inc. ("KFI"), an indirect wholly-owned subsidiary of the Company, filed a petition for voluntary reorganization under Chapter 11 of the United States Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the District of Delaware. KFI, an industrial fire detection and suppression business historically reported in the Company's Fire & Security segment, indicated that it intended to use the bankruptcy process to explore strategic alternatives, including the sale of KFI as a going concern. As of the petition date, KFI was deconsolidated and its respective assets and liabilities were derecognized from the Company's Unaudited Condensed Consolidated Financial Statements. The sale of KFI was completed on July 1, 2024. See Note 19 - Commitments and Contingent Liabilities for additional information. Separation from United Technologies On April 3, 2020 (the "Distribution Date"), United Technologies Corporation ("UTC"), since renamed RTX Corporation ("Raytheon Technologies Corporation" or "RTX"), completed the spin-off of Carrier 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 Carrier to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date of the Distribution. 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 September 30, 2024, only certain portions of the Tax Matters Agreement ("TMA") remain in effect. Recently Issued and Adopted Accounting Pronouncements The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the sole source of authoritative U.S. GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs pending adoption were assessed and determined to be either not applicable or are not expected to have a material impact on the accompanying Unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. On March 6, 2024, the SEC adopted new rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The rules amend the provisions of both Regulation S-K and Regulation S-X to require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance as well as require disclosure of the financial effects of severe weather events and other natural conditions as well as the use of carbon offsets or renewable energy credits. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025, subject to legal challenges and the SEC's voluntary stay of the disclosure requirements. The Company will continue to assess the impact of these new rules on its financial statements while the stay is in place.

INVENTORIES, NET

INVENTORIES, NET	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET Inventories are stated at the lower of cost or estimated net realizable value. Cost is primarily determined based on the first-in, first-out inventory method ("FIFO") or average cost methods, which approximates current replacement cost. However, certain subsidiaries use the last-in, first-out inventory method ("LIFO"). Inventories, net consisted of the following: (In millions) September 30, December 31, Raw materials $ 872 $ 534 Work-in-process 246 245 Finished goods 1,528 1,044 Inventories, net $ 2,646 $ 1,823 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 $224 million and $173 million as of September 30, 2024 and December 31, 2023, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
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 Corporate and other Total Balance as of December 31, 2023 $ 6,407 $ 1,037 $ 76 $ 7,520 Acquisitions (1) 7,608 29 — 7,637 Foreign currency translation 61 76 — 137 Balance as of September 30, 2024 $ 14,076 $ 1,142 $ 76 $ 15,294 (1) See Note 15 - Acquisitions for additional information. Indefinite-lived intangible assets are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the asset may be less than the carrying amount of the asset. All other intangible assets with finite useful lives are amortized over their estimated useful lives. Identifiable intangible assets consisted of the following: September 30, 2024 December 31, 2023 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer relationships $ 5,990 $ (852) $ 5,138 $ 1,056 $ (445) $ 611 Patents and trademarks 946 (140) 806 255 (96) 159 Service portfolios and other 1,637 (463) 1,174 431 (256) 175 Total intangible assets $ 8,573 $ (1,455) $ 7,118 $ 1,742 $ (797) $ 945 Amortization of intangible assets was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Amortization expense of Intangible assets $ 213 $ 54 $ 632 $ 167 Annual Impairment Test The Company tested its goodwill and indefinite-lived intangible assets for impairment on July 1 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 assets exceeded their carrying amount. For the remaining test, the Company performed a quantitative goodwill impairment test to determine if any impairment existed. The test did not indicate any goodwill impairment .

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
BORROWINGS AND LINES OF CREDIT	BORROWINGS AND LINES OF CREDIT Long-term debt consisted of the following: (In millions) September 30, December 31, 2.242% Notes due 2025 (1) $ 1,200 $ 1,200 4.375% Notes due 2025 (2) 836 830 5.800% Notes due 2025 — 1,000 2.493% Notes due 2027 900 900 4.125% Notes due 2028 836 830 2.722% Notes due 2030 2,000 2,000 2.700% Notes due 2031 750 750 4.500% Notes due 2032 948 941 5.900% Notes due 2034 875 1,000 3.377% Notes due 2040 1,500 1,500 3.577% Notes due 2050 1,400 2,000 6.200% Notes due 2054 650 1,000 Total long-term notes 11,895 13,951 Japanese Term Loan Facility 374 379 Other debt (including project financing obligations and finance leases) 243 74 Discounts and debt issuance costs (80) (111) Total debt 12,432 14,293 Less: current portion of long-term debt 2,095 51 Long-term debt, net of current portion $ 10,337 $ 14,242 (1) 2.242% Notes due February 15, 2025; reclassified to Current portion of long-term debt . (2) 4.375% Notes due May 29, 2025; reclassified to Current portion of long-term debt . Acquisition Funding On January 2, 2024, the Company completed the acquisition of the VCS Business for total consideration of $14.2 billion. Under the terms of the Agreement, 20% of the purchase price was paid in Carrier common stock, issued directly to Viessmann and subject to certain lock up provisions and 80% was paid in cash, subject to working capital and other adjustments. In order to fund the Euro-denominated cash portion of the purchase price, the Company used cash on hand, debt financing and various term loan facilities. Debt Issuance In November 2023, the Company issued $3.0 billion principal amount of USD-denominated notes in three tranches. The tranches consisted of $1.0 billion aggregate principal amount of 5.80% notes due 2025, $1.0 billion aggregate principal amount of 5.90% notes due 2034 and $1.0 billion aggregate principal amount of 6.20% notes due 2054 (collectively, the “USD Notes”). In addition, the Company issued €2.35 billion principal amount of Euro-denominated notes in three tranches. The tranches consisted of €750 million aggregate principal amount of 4.375% notes due 2025, €750 million aggregate principal amount of 4.125% notes due 2028 and €850 million aggregate principal amount of 4.50% notes due 2032 (collectively, the “Euro Notes”). The Company capitalized $51 million of deferred financing costs which are being amortized over the term of their related notes. The notes are subject to certain customary covenants and the Company has the option to redeem the notes in whole or in part at any time prior to their stated maturity date at the redemption price set forth in the indenture agreements. In June 2024, the Company redeemed the $1.0 billion aggregate principal amount of 5.80% notes due in 2025 and incurred a $8 million make-whole premium upon prepayment and wrote off $4 million of related unamortized debt financing costs. Bridge Loan On April 25, 2023, the Company entered into commitment letters with JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Bank of America, N.A. to provide a €8.2 billion aggregate principal, senior unsecured bridge term loan facility (the “Bridge Loan”). Euro-denominated borrowings bore interest at the EURIBOR Rate plus a ratings-based margin, USD-denominated borrowings bore interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at a base rate plus a ratings-based margin. The Company capitalized $48 million of deferred financing costs associated with the Bridge Loan which were amortized over the commitment period. Upon entering into a senior unsecured delayed draw term loan facility and issuing the USD Notes and the Euro Notes, the Company reduced the Bridge Loan by €7.7 billion and accelerated the amortization on $25 million of deferred financing costs in Interest expense during 2023. On January 2, 2024, the Company entered into a 60-day senior unsecured term loan agreement consisting of a Euro-denominated tranche in an aggregate amount of €113 million and a USD-denominated tranche in an aggregate amount of $349 million (the “60-day Loan”). Upon entering into the 60-day Loan, the Company reduced the final portion of the Bridge Loan by €500 million and subsequently terminated the agreement. Borrowings under the 60-day Loan were repaid in March 2024. Delayed Draw Facility On May 19, 2023, the Company entered into a senior unsecured delayed draw term loan credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and certain other lenders that permits aggregate borrowings of up to €2.3 billion (the "Delayed Draw Facility"). The facility consisted of an 18-month, Euro-denominated tranche in an aggregate amount of €1.15 billion and a 3-year, Euro-denominated tranche in an aggregate amount of €1.15 billion. Euro-denominated borrowings bear interest at the EURIBOR Rate plus a ratings-based margin, USD-denominated borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at a base rate plus a ratings-based margin. The Company capitalized $4 million of deferred financing costs which will be amortized over the respective term of the tranches. On January 2, 2024, the Company borrowed the full amount available under the Delayed Draw Facility in U.S. Dollars. Borrowings under the Delayed Draw Facility were repaid in June 2024 and the facility was subsequently terminated. 364-Day Revolver On May 17, 2024, the Company entered into a 364-day, $500 million, senior unsecured revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and certain other lenders (the “364-day Revolver”). Borrowings are available in U.S. Dollars and Euros. USD-denominated borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at a base rate plus a ratings-based margin, Euro-denominated borrowings bear interest at the Adjusted EURIBOR Rate plus a ratings-based margin. Upon entering into the 364-day Revolver, the Company terminated its existing $500 million senior unsecured revolving credit agreement that was set to mature in May 2024. As of September 30, 2024, there were no borrowings outstanding under the 364-day Revolver. 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%. The Company capitalized $2 million of deferred financing costs which are being amortized over its term. 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 Yen-denominated purchase price of Toshiba Carrier Corporation ("TCC") and to pay related fees and expenses. Revolving Credit Facility On May 19, 2023, the Company entered into a revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, permitting aggregate borrowings of up to $2.0 billion pursuant to an unsecured, unsubordinated revolving credit facility that matures in May 2028 (the "Revolving Credit Facility"). The Revolving Credit Facility supports the Company's commercial paper program and can be used for other general corporate purposes. Borrowings are available in U.S. Dollars and Euros. U.S. Dollar borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at an alternate base rate plus a ratings-based margin. Euro borrowings bear interest at an adjusted EURIBOR rate plus a ratings-based margin. A ratings-based commitment fee is charged on unused commitments. In addition, the Company capitalized $2 million of deferred financing costs which are being amortized over its term. As of September 30, 2024, 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 September 30, 2024, 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 $40 million and $14 million of debt during the nine months ended September 30, 2024 and 2023, respectively. Long-term debt repayments associated with these financing arrangements during the nine months ended September 30, 2024 and 2023, were $7 million and $15 million, respectively. Debt Covenants The Revolving Credit Facility, 364-day Revolver, 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 certain liens, to make certain fundamental changes and to enter into sale and leaseback transactions. As of September 30, 2024, the Company was in compliance with the covenants under the agreements governing its outstanding indebtedness. Tender Offers In July 2024, the Company commenced tender offers to purchase up to $800 million ("Aggregate Tender Cap") aggregate principal of certain tranches of the Company's 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 increase the Aggregate Tender Cap and settle the tender offers early. The aggregate principal amount tendered and accepted was approximately $1.0 billion, which included $125 million of notes due 2034, $350 million of notes due 2054 and approximately $600 million of notes due 2050. Upon settlement, the Company recognized a net gain of $97 million and wrote off $11 million of unamortized deferred financing costs within Interest (expense) income, net

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
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 Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations. During 2022, the Company entered into cross currency swaps with various financial institutions to fund a portion of the Yen-denominated purchase price of TCC. 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 Unaudited Condensed Consolidated Balance Sheet. From time to time, the Company settles and enters into new cross currency swaps with the same purpose and characteristics as initially established. 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 Unaudited Condensed Consolidated Balance Sheet. During 2023, the Company entered into window forward contracts with Bank of America N.A. and JPMorgan Chase Bank N.A. to mitigate the foreign currency risk of the expected cash outflows associated with the Euro-denominated purchase price of the VCS Business. The instruments had an aggregate notional amount of €7 billion and were measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates with changes in fair value reported in Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations. During 2023, the Company recognized a $96 million loss on the mark-to-market valuation of its window forward contracts. The Company settled the window forward contracts on January 2, 2024, upon the acquisition of the VCS Business and recognized an additional $86 million loss. During 2023, the Company entered into several interest rate swap contracts to mitigate interest rate exposure on the forecasted issuance of long-term debt. The contracts had an aggregate notional amount of $1.525 billion and were designated as cash flow hedges with changes in fair value reported in Equity in the accompanying Unaudited Condensed Consolidated Balance Sheet. Fair value was measured on a recurring basis using observable market inputs, such as forward, discount and interest rates. In November 2023, the contracts were settled upon the issuance of the underlying debt. As a result, the Company deferred a net unrecognized gain of $58 million in Equity which will be subsequently recognized in Interest expense over the term of the related notes which range from 2034 to 2044. The amount expected to be amortized during 2024 is a net gain of $5 million. In July 2024, the Company entered into cross currency swaps with Barclays Bank PLC as syndication swap arranger in order to manage foreign currency translation risk on Euro-denominated assets. The swaps have an aggregate notional amount of $2.0 billion and are measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates. The Company designated the cross currency swaps as a partial hedge of its investment in certain subsidiaries whose functional currency is the Euro. As a result, changes in the fair value of the swaps are recorded in Equity in the accompanying Unaudited Condensed 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 Unaudited Condensed Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 September 30, 2024 Derivative assets (1)(3) $ 70 $ — $ 70 $ — Derivative liabilities (2)(3) $ (69) $ — $ (69) $ — December 31, 2023 Derivative assets (1) (3) $ 32 $ — $ 32 $ — Derivative liabilities (2) (3) $ (126) $ — $ (126) $ — (1) Included in Other current assets and Other assets on the accompanying Unaudited Condensed Consolidated Balance Sheet. (2) Included in Accrued liabilities and Other long-term liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet. (3) Includes cross currency swaps and window forward contracts (which were settled on January 2, 2024). 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 Unaudited Condensed Consolidated Balance Sheet: September 30, 2024 December 31, 2023 (In millions) Carrying Fair Carrying Fair Total long-term notes (1) $ 11,895 $ 11,372 $ 13,951 $ 13,194 (1) Excludes debt discount and issuance costs. The fair value of the Company's long-term debt is measured based on observable market inputs which are considered Level 1 within the fair value hierarchy. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value due to the short-term nature of these accounts and would be classified as Level 1 in the fair value hierarchy. The Company's financing leases and project financing obligations, included in Long-term debt and Current portion of long-term debt on the accompanying Unaudited Condensed Consolidated Balance Sheet , approximate fair value and are classified as Level 3 in the fair value hierarchy.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company sponsors U.S. and international defined benefit pension and defined contribution plans. In addition, the Company contributes to various U.S. and international multi-employer defined benefit pension plans. Contributions to the plans were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Defined benefit plans $ 16 $ 6 $ 34 $ 17 Defined contribution plans $ 30 $ 30 $ 104 $ 96 Multi-employer pension plans $ 4 $ 3 $ 12 $ 11 The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Service cost $ 4 $ 4 $ 11 $ 12 Interest cost 13 8 26 24 Expected return on plan assets (13) (8) (27) (24) Amortization of prior service cost — 1 — 2 Recognized actuarial net (gain) loss — (1) 1 (2) Net settlement, curtailment and special termination benefit (gain) loss 1 — 1 — Net periodic pension expense (benefit) $ 5 $ 4 $ 12 $ 12 Amounts recorded in continuing operations $ 5 $ 4 $ 12 $ 12 Amounts recorded in discontinued operations — — — — Net periodic pension expense (benefit) $ 5 $ 4 $ 12 $ 12

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company accounts for stock-based compensation plans in accordance with ASC 718, Compensation - Stock Compensation , which requires a fair-value based method for measuring the value of stock-based compensation. Fair value is measured at the date of grant and is generally not adjusted for subsequent changes. The Company's stock-based compensation plans include programs for stock appreciation rights, restricted stock units and performance share units. Stock-based compensation expense, net of estimated forfeitures, is included in Cost of products sold , Selling, general and administrative and Research and development in the accompanying Unaudited Condensed Consolidated Statements of Operations. Stock-based compensation cost by award type was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Equity compensation costs - equity settled $ 28 $ 23 $ 76 $ 63 Equity compensation costs - cash settled (1) 2 1 3 3 Total stock-based compensation expense $ 30 $ 24 $ 79 $ 66 Amounts recorded in continuing operations $ 27 $ 22 $ 68 $ 58 Amounts recorded in discontinued operations 3 2 11 8 Total stock-based compensation expense $ 30 $ 24 $ 79 $ 66 (1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

PRODUCT WARRANTIES

PRODUCT WARRANTIES	9 Months Ended
	Sep. 30, 2024
Guarantees [Abstract]
PRODUCT WARRANTIES	PRODUCT WARRANTIES In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Unaudited Condensed Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities based on their anticipated settlement date. The changes in the carrying amount of warranty related provisions are as follows: Nine Months Ended September 30, (In millions) 2024 2023 Balance as of January 1, $ 568 $ 544 Warranties, performance guarantees issued and changes in estimated liability 229 188 Settlements made (211) (146) Other 5 (14) Acquisitions (1) 202 — Balance as of September 30, $ 793 $ 572 (1) See Note 15 - Acquisitions for additional information.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, 947,450,955 and 883,068,393 shares of common stock were issued, respectively, which includes 49,659,143 and 43,490,981 shares of treasury stock, respectively. Share Repurchase Program The Company may repurchase its outstanding common stock from time to time subject to market conditions and at the Company's 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 . Since the initial authorization in February 2021, the Company's Board of Directors authorized the repurchase of up to $4.1 billion of the Company's outstanding common stock. As of December 31, 2023, the Company repurchased 43.5 million shares of common stock for an aggregate purchase price of $2.0 billion, including shares repurchased under an accelerated share repurchase agreement. As a result, the Company had approximately $2.1 billion remaining under the current authorization at December 31, 2023. During the nine months ended September 30, 2024, the Company repurchased 6.2 million shares of common stock for an aggregate purchase price of $0.4 billion. As a result, the Company had approximately $1.7 billion remaining under the current authorization at September 30, 2024. In addition, the Company's Board of Directors approved a $3 billion increase to the Company's existing share repurchase program in October 2024. Accumulated Other Comprehensive Income (Loss) A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2023 $ (1,444) $ (100) $ 58 $ (1,486) Other comprehensive income (loss) before reclassifications, net (385) — — (385) Amounts reclassified, pre-tax — — (1) (1) Balance as of March 31, 2024 $ (1,829) $ (100) $ 57 $ (1,872) Other comprehensive income (loss) before reclassifications, net (187) — — (187) Amounts reclassified, pre-tax — 1 (1) — Divestitures, net 373 — — 373 Balance as of June 30, 2024 $ (1,643) $ (99) $ 56 $ (1,686) Other comprehensive income (loss) before reclassifications, net 669 — — 669 Amounts reclassified, pre-tax — 2 (1) 1 Tax expense (benefit) reclassified — (1) — (1) Divestitures, net 215 — — 215 Balance as of September 30, 2024 $ (759) $ (98) $ 55 $ (802) A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2022 $ (1,604) $ (84) $ — $ (1,688) Other comprehensive income (loss) before reclassifications, net 52 — — 52 Balance as of March 31, 2023 $ (1,552) $ (84) $ — $ (1,636) Other comprehensive income (loss) before reclassifications, net (55) — — (55) Balance as of June 30, 2023 $ (1,607) $ (84) $ — $ (1,691) Other comprehensive income (loss) before reclassifications, net (245) — 80 (165) Balance as of September 30, 2023 $ (1,852) $ (84) $ 80 $ (1,856)

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers . Revenue is recognized when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. A significant portion of the Company's performance obligations are recognized at a point-in-time when control of the product transfers to the customer, which is generally at the time of shipment. The remaining portion of the Company’s performance obligations are recognized over time as the customer simultaneously obtains control as the Company performs work under a contract, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. Sales disaggregated by product and service are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Sales Type Product $ 4,504 $ 3,533 $ 13,045 $ 10,488 Service 554 475 1,524 1,358 HVAC sales 5,058 4,008 14,569 11,846 Product 811 808 2,434 2,453 Service 127 116 361 341 Refrigeration sales 938 924 2,795 2,794 Total segment sales 5,996 4,932 17,364 14,640 Eliminations and other (1) (12) 3 (26) (5) Net sales $ 5,984 $ 4,935 $ 17,338 $ 14,635 (1) Includes certain business activities previously reported in the Fire & Security segment. Contract Balances Total contract assets and contract liabilities consisted of the following: (In millions) September 30, December 31, Contract assets (included within Other current assets ) $ 367 $ 306 Contract assets, non-current (included within Other assets ) 55 26 Total contract assets 422 332 Contract liabilities (included within Accrued liabilities ) (563) (419) Contract liabilities, non-current (included within Other long-term liabilities ) (162) (160) Total contract liabilities (725) (579) Net contract assets (liabilities) $ (303) $ (247) The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities. Contract assets relate to the conditional right to consideration for any completed performance under a contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Contract liabilities relate to payments received in advance of performance under a contract or when the Company has a right to consideration that is conditioned upon transfer of a good or service to a customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	9 Months Ended
	Sep. 30, 2024
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 actions. The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 HVAC $ 54 $ 25 $ 86 $ 27 Refrigeration 4 4 5 14 Total Segment 58 29 91 41 General corporate expenses 2 — 6 2 Total restructuring costs (1) $ 60 $ 29 $ 97 $ 43 Cost of sales $ 15 $ 4 $ 36 $ 10 Selling, general and administrative 45 25 61 33 Total restructuring costs (1) $ 60 $ 29 $ 97 $ 43 (1) 2024 restructuring costs include period-related charges. The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet: Nine Months Ended September 30, (In millions) 2024 2023 Balance as of January 1, $ 41 $ 21 Net pre-tax restructuring costs 90 43 Acquisitions (1) 8 — Utilization, foreign exchange and other (55) (24) Balance as of September 30, $ 84 $ 40 (1) See Note 15 - Acquisitions for additional information. As of September 30, 2024, the Company had $84 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance related across each of the Company's segments, along with reserves associated with the Company's planned portfolio transformation. The Company expects a majority of the balance to be utilized within one year.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company accounts for income tax expense in accordance with ASC 740, Income Taxes ("ASC 740"), which requires an estimate of the annual effective income tax rate for the full year to be applied to the respective interim period, taking into account year-to-date amounts and projected results for the full year. The effective tax rate was 22.3% for the three months ended September 30, 2024 compared with 37.6% for the three months ended September 30, 2023. The year-over-year decrease was primarily driven by the absence of the non-deductible loss of $257 million on the mark-to-market valuation of the Company's window forward contracts associated with the expected cash outflows of the Euro-denominated purchase price of the VCS Business and a tax charge of $19 million related to the Company's intention to no longer permanently reinvest historical earnings from certain jurisdictions. The effective tax rate was 21.4% for the nine months ended September 30, 2024, compared with 30.3% for the nine months ended September 30, 2023 . The year-over-year decrease was primarily driven by the $368 million loss on the mark-to-market valuation of the Company's window forward contracts associated with the expected cash outflows of the Euro-denominated purchase price of the VCS Business during the nine months ended September 30, 2023. In addition, the Company recognized a tax benefit of $21 million associated with the TMA and UTC's conclusion of certain income tax matters from their 2017 and 2018 tax audit with the U.S. Internal Revenue Service ("IRS") during the nine months ended September 30, 2024. The Company assesses the realizability of its deferred tax assets on a quarterly basis through an analysis of potential sources of future taxable income, including prior year taxable income that may be available to absorb a carryback of tax losses, reversals of existing taxable temporary differences, tax planning strategies and forecasts of taxable income. The Company considers all negative and positive evidence, including the weight of the evidence, to determine whether valuation allowances against deferred tax assets are required. The Company maintains valuation allowances against certain deferred tax assets. The Company conducts business globally and files income tax returns in U.S. federal, state and foreign jurisdictions. In certain jurisdictions, the Company's operations were included in UTC's combined tax returns for the periods through the Distribution. The IRS has completed its audit of UTC's 2017 and 2018 tax years. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including Australia, Belgium, Canada, China, Czech Republic, France, Germany, Hong Kong, India, Italy, Mexico, the Netherlands, Singapore, the United Kingdom and the United States. The Company is no longer subject to U.S. federal income tax examination for years prior to 2020 and, with few exceptions, is no longer subject to state, local and foreign income tax examinations for tax years prior to 2013. In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. The Company believes that it is reasonably possible that a net decrease in unrecognized tax benefits of $15 million to $35 million may occur within 12 months as a result of additional uncertain tax positions, the Separation, the revaluation of uncertain tax positions arising from examinations, appeals, court decisions and/or the expiration of tax statutes.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Earnings per share is computed by dividing Net earnings (loss) 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: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 Net earnings (loss) attributable to common shareowners $ 447 $ 357 $ 3,053 $ 929 Basic weighted-average number of shares outstanding 901.2 838.7 900.9 836.6 Stock awards and equity units (share equivalent) 13.8 16.0 13.5 16.1 Diluted weighted-average number of shares outstanding 915.0 854.7 914.4 852.7 Antidilutive shares excluded from computation of diluted earnings per share 2.0 2.0 2.0 1.9

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS Acquisitions are recorded using the acquisition method of accounting in accordance with ASC 805, Business Combinations . As a result, the aggregate purchase price has been allocated to assets acquired and liabilities assumed based on the estimate of fair market value of such assets and liabilities at the date of acquisition. Viessmann Climate Solutions On January 2, 2024, the Company completed the acquisition of the VCS Business from Viessmann for total consideration of $14.2 billion. The purchase price consisted of (i) $11.2 billion in cash and (ii) 58,608,959 shares of the Company's common stock, subject to certain lock-up provisions and anti-dilution protection. The Company funded the cash portion of the purchase price with a combination of cash on hand, net proceeds from the USD Notes and Euro Notes and borrowings under the Delayed Draw Facility and the 60-day Loan. The VCS Business develops intelligent, integrated and sustainable technologies, including heat pumps, boilers, photovoltaic systems, home battery storage and digital solutions, primarily for residential customers in Europe. The Company believes that secular trends in these areas will drive significant, sustained future growth. In addition, the Company anticipates realizing significant operational synergies including savings through supplier rationalization and leverage, reduced manufacturing costs and lower general and administrative costs. Longer term, the Company expects to benefit from synergies related to service revenue expansion, leverage of distribution channels and cross-selling opportunities. The components of the purchase price are as follows: (In millions) January 2, 2024 Cash $ 11,156 Common shares (58,608,959 shares at $51.20 per share) 3,001 Total consideration $ 14,157 The preliminary allocation of the purchase price is as follows: (In millions) Preliminary January 2, 2024 Measurement Period Adjustments As Adjusted January 2, 2024 Cash and cash equivalents $ 394 $ (1) $ 393 Accounts receivable 408 5 413 Inventories 948 (28) 920 Other current assets 17 — 17 Fixed assets 913 6 919 Intangible assets 6,640 5 6,645 Other assets 284 15 299 Accounts payable (288) (2) (290) Other liabilities, current (626) (8) (634) Future income tax obligations (1,825) 6 (1,819) Other liabilities (284) (15) (299) Total identifiable net assets 6,581 (17) 6,564 Goodwill 7,576 17 7,593 Total consideration $ 14,157 $ — $ 14,157 The excess purchase price over the estimated fair value of the net identifiable assets acquired was recognized as goodwill and totaled $7.6 billion, 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 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 17 $ 4,787 Technology 10 - 20 1,051 Trademark 40 679 Backlog 1 123 Other 50 5 Total intangible assets acquired $ 6,645 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, EBITDA 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 September 30, 2024, the Company is substantially complete with the process of allocating the purchase price and valuing the acquired assets and liabilities assumed except for certain amounts associated with tax-related assets. During the three and nine months ended September 30, 2024, the Company incurred $3 million and $40 million of acquisition-related costs, respectively. During 2023, $80 million of acquisition-related costs were incurred, of which $19 million and $39 million were recognized during the three and nine months ended September 30, 2023 , respectively . These acquisition costs are reflected within Selling, general and administrative in the Unaudited Condensed Consolidated Statement of Operations. The assets, liabilities and results of operations of the VCS Business are consolidated in the accompanying Unaudited Condensed Consolidated Financial Statements as of the date of acquisition and reported within the Company's HVAC segment. The following table summarizes the results of the VCS Business since the date of acquisition: (In millions) Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Net sales $ 806 $ 2,425 Net earnings (loss) (72) (305) The financial results of the VCS Business includes amortization of the step-up to fair value of inventory and backlog as well as intangible amortization totaling $170 million and $667 million for the three and nine months ended September 30, 2024, respectively. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of the VCS Business as if the business combination had occurred on January 1, 2023: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net sales $ 5,984 $ 5,898 $ 17,338 $ 17,838 Net earnings (loss) 578 (44) 1,382 207 The pro forma amounts include the historical operating results of the Company and the VCS Business prior to the acquisition, with adjustments directly attributable to the acquisition including amortization of the step-up to fair value of inventory and amortization expense of acquired intangible assets. The unaudited pro forma financial information is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition of the VCS Business been consummated as of the dates indicated, nor is it indicative of any future results. In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the acquisition.

DIVESTITURES

DIVESTITURES	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES Discontinued Operations In 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. The announced plan to exit the Fire & Security segment represents a single disposal plan to separately divest multiple businesses over different reporting periods. Upon the CRF Business qualifying as held for sale during the three months ended September 30, 2024, the components of the Fire & Security segment in aggregate met the criteria to be presented as discontinued operations in the accompanying Unaudited Condensed Consolidated Statement of Operations and Unaudited Condensed Consolidated Statement of Cash Flows. In addition, the assets and liabilities of the CRF Business have been reclassified to held for sale at December 31, 2023. The results of the CCR business did not meet the criteria to be presented in discontinued operations. The components of Discontinued operations, net of tax are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net sales $ 475 $ 796 $ 1,992 $ 2,361 Costs of sales (285) (466) (1,179) (1,457) Research and development (16) (31) (75) (92) Selling, general and administrative (115) (167) (479) (466) Other income (expense), net (593) 7 (592) 19 Gain (loss) on divestitures and deconsolidation 509 (4) 3,390 (297) Interest (expense) income, net (5) (12) (39) (38) Earnings before income taxes (30) 123 3,018 30 Income tax (expense) benefit 112 (37) 154 (76) Tax on divestitures and deconsolidation (199) 1 (1,275) 5 Discontinued operations, net of tax $ (117) $ 87 $ 1,897 $ (41) Portfolio transformation On December 12, 2023, the Company entered into a stock purchase agreement to sell the CCR business to Haier Group Corporation for an enterprise value of approximately $775 million. CCR, historically reported in the Company's Refrigeration segment, is a global supplier of turnkey solutions for commercial refrigeration systems and services, with a primary focus on serving food retail customers, cold storage facilities and warehouses. As a result, the assets and liabilities of CCR are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. The sale of CCR was completed on October 1, 2024. On August 15, 2024, the Company entered into a stock purchase agreement to sell the CRF Business to an affiliate of Lone Star Funds for an enterprise value of approximately $3.0 billion. The CRF Business, historically reported in the Company's Fire & Security segment, is a leading manufacturer of fire detection and alarm solutions for both commercial and residential applications. As a result, the assets and liabilities of the CRF Business are presented as held for sale in the accompanying Unaudited Condensed Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023, and recorded at the lower of their carrying value or fair value less estimated cost to sell. The transaction is expected to close by the end of 2024 and is subject to regulatory approvals and customary closing conditions. The following tables summarize assets and liabilities classified as held for sale: September 30, 2024 (In millions) Commercial Commercial & Residential Fire Total Cash and cash equivalents $ 141 $ 143 $ 284 Accounts receivable, net 222 414 636 Inventories, net 96 426 522 Other current assets 157 27 184 Fixed assets, net 100 127 227 Intangible assets, net — 80 80 Goodwill 72 472 544 Operating lease right-of-use assets 58 76 134 Other assets 46 23 69 Total assets held for sale $ 892 $ 1,788 $ 2,680 Accounts payable $ 133 $ 279 $ 412 Accrued liabilities 181 280 461 Long-term debt, including current portion 7 — 7 Future pension and post-retirement obligations 204 5 209 Future income tax obligations 6 15 21 Operating lease liabilities 40 55 95 Other long-term liabilities 2 14 16 Total liabilities held for sale $ 573 $ 648 $ 1,221 December 31, 2023 (In millions) Commercial Access Industrial Commercial & Residential Fire Total Cash and cash equivalents $ 131 $ 6 $ 20 $ 163 $ 320 Accounts receivable, net 274 104 101 401 880 Inventories, net 84 31 65 394 574 Other current assets 113 5 46 25 189 Fixed assets, net 78 13 22 133 246 Intangible assets, net — 53 2 83 138 Goodwill 72 1,498 439 469 2,478 Operating lease right-of-use assets 49 13 28 70 160 Other assets 44 10 13 41 108 Total assets held for sale $ 845 $ 1,733 $ 736 $ 1,779 $ 5,093 Accounts payable $ 129 $ 20 $ 39 $ 259 $ 447 Accrued liabilities 204 74 77 239 594 Long-term debt, including current portion 8 — — — 8 Future pension and post-retirement obligations 203 — 1 6 210 Future income tax obligations 4 2 3 12 21 Operating lease liabilities 40 11 23 58 132 Other long-term liabilities 3 12 9 14 38 Total liabilities held for sale $ 591 $ 119 $ 152 $ 588 $ 1,450 On June 2, 2024, the Company completed the sale of Access Solutions for cash proceeds of $5.0 billion. Access Solutions, historically reported in the Company's Fire & Security segment, is a global supplier of physical security and digital access solutions supporting the hospitality, commercial, education and military markets. The Company recognized a net gain on the sale of $1.8 billion, which is included in Discontinued operations, net of tax on the accompanying Unaudited Condensed Consolidated Statement of Operations. The net proceeds received are subject to working capital and other adjustments provided in the stock purchase agreement governing the sale of Access Solutions. On July 1, 2024, the Company completed the sale of Industrial Fire for cash proceeds of $1.4 billion. Industrial Fire, historically reported in the Company's Fire & Security segment, is a leading manufacturer of a full spectrum of fire detection and suppression solutions and services in critical high-hazard environments, including oil and gas, power generation, marine and offshore facilities, automotive, data centers and aircraft hangars. The Company recognized a net gain on the sale of $310 million, which is included in Discontinued operations, net of tax on the accompanying Unaudited Condensed Consolidated Statement of Operations. The net proceeds received are subject to working capital and other adjustments provided in the stock purchase agreement governing the sale of Industrial Fire. The following table summarizes the assets and liabilities divested as of their respective dates of sale: (In millions) Access Industrial Cash and cash equivalents $ 82 $ 40 Accounts receivable, net 90 93 Inventories, net 43 73 Other current assets 6 55 Fixed assets, net 18 24 Intangible assets, net 53 2 Goodwill 1,467 452 Operating lease right-of-use assets 16 24 Other assets 8 2 Total assets held for sale $ 1,783 $ 765 Accounts payable $ 54 $ 43 Accrued liabilities 80 65 Operating lease liabilities 17 24 Other long-term liabilities 10 6 Total liabilities held for sale $ 161 $ 138

SEGMENT FINANCIAL DATA

SEGMENT FINANCIAL DATA	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT FINANCIAL DATA	SEGMENT FINANCIAL DATA The Company conducts its operations through two reportable operating segments: HVAC and Refrigeration. In accordance with ASC 280 - Segment Reporting , the Company's segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company's Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance. • The HVAC segment provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers while enhancing building performance, health, energy efficiency and sustainability. • The Refrigeration segment includes transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail, as well as commercial refrigeration products. The 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. Due to the Company's ongoing portfolio transformation, certain business activities previously reported within the Fire & Security segment no longer meet the criteria of a reportable segment. As a result, these business activities have been included in Eliminations and other in the following tables. Net sales and Operating profit by segment are as follows: Net Sales Operating Profit Three Months Ended September 30, Three Months Ended September 30, (In millions) 2024 2023 2024 2023 HVAC $ 5,058 $ 4,008 $ 741 $ 763 Refrigeration 938 924 109 107 Total segment 5,996 4,932 850 870 Eliminations and other (12) 3 (25) (252) General corporate expenses — — (62) (108) Total Consolidated $ 5,984 $ 4,935 $ 763 $ 510 Net Sales Operating Profit Nine Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 HVAC $ 14,569 $ 11,846 $ 1,857 $ 1,940 Refrigeration 2,795 2,794 319 327 Total segment 17,364 14,640 2,176 2,267 Eliminations and other (26) (5) (84) (399) General corporate expenses — — (220) (247) Total Consolidated $ 17,338 $ 14,635 $ 1,872 $ 1,621 Geographic external sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. presented in the table below, there were no individually significant countries with sales exceeding 10% of total sales during the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 United States $ 3,154 $ 2,882 $ 8,778 $ 8,256 International: Europe 1,723 934 5,152 2,923 Asia Pacific 923 954 2,886 2,986 Other 184 165 522 470 Net sales $ 5,984 $ 4,935 $ 17,338 $ 14,635

RELATED PARTIES

RELATED PARTIES	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES Equity Method Investments The Company sells products to and purchases products from unconsolidated entities accounted for under the equity method and, therefore, these entities are considered to be related parties. Amounts attributable to equity method investees are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Sales to equity method investees included in Product sales $ 774 $ 730 $ 2,329 $ 2,371 Purchases from equity method investees included in Cost of products sold $ 64 $ 57 $ 178 $ 159 The Company had receivables from and payables to equity method investees as follows: (In millions) September 30, December 31, Receivables from equity method investees included in Accounts receivable, net $ 287 $ 231 Payables to equity method investees included in Accounts payable $ 47 $ 44

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	9 Months Ended
	Sep. 30, 2024
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 has been 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 its results of operations 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. The outstanding liabilities for environmental obligations are as follows: (In millions) September 30, December 31, Environmental reserves included in Accrued liabilities $ 11 $ 19 Environmental reserves included in Other long-term liabilities 202 199 Total Environmental reserves $ 213 $ 218 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) September 30, December 31, Asbestos liabilities included in Accrued liabilities $ 17 $ 15 Asbestos liabilities included in Other long-term liabilities 208 206 Total Asbestos liabilities $ 225 $ 221 Asbestos-related recoveries included in Other current assets $ 7 $ 5 Asbestos-related recoveries included in Other assets 88 88 Total Asbestos-related recoveries $ 95 $ 93 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. Aqueous Film Forming Foam Litigation As of September 30, 2024, the Company, Kidde-Fenwal, Inc. ("KFI") and others have been named as defendants in more than 8,000 lawsuits filed in United States state or federal courts and a single case in Canada alleging that the historic use of Aqueous Film Forming Foam ("AFFF") caused personal injuries and damage to 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, KFI and others to the U.S. District Court for the District of South Carolina (the "MDL Proceedings"). 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. 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. The lawsuits identified above relate to Kidde Fire Fighting, Inc., which owned the “National Foam” business that 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 (the "Pennsylvania Site"). Kidde Fire Fighting, Inc. was acquired by a UTC subsidiary in 2005 and merged into KFI in 2007. In 2013, KFI divested the AFFF businesses to an unrelated third party. The Company acquired KFI as part of the Separation in April 2020. The key components that contribute to AFFF's fire-extinguishing capabilities are known as fluorosurfactants. Neither the Company, nor KFI, nor any of the Company's subsidiaries involved in the AFFF litigation manufactured fluorosurfactants. Instead, the National Foam business purchased these substances from unrelated third parties for use in manufacturing 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 per- and polyfluoroalkyl substances (referred to collectively as "PFAS"), including perflourooctanesulfonic acid ("PFOS") and perflourooctanoic 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 have named multiple defendants, including suppliers of chemicals and raw materials used to manufacture fluorosurfactants, fluorosurfactant manufacturers and AFFF manufacturers. The defendants in the MDL Proceedings 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 in which it would apply. On May 14, 2023, KFI filed a voluntary petition with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under chapter 11 of the Bankruptcy Code, after the Company determined that it would not provide financial support to KFI going forward other than ensuring KFI has access to services necessary for the effective operation of its business. As a result, all litigation against KFI was automatically stayed. By agreement, all AFFF-related litigation against the Company, its other subsidiaries and RTX also was stayed. On November 21, 2023, the Bankruptcy Court ordered certain parties, including the Company, to participate in mediation sessions with respect to claims that might be asserted by and against it in the bankruptcy proceedings. Following the conclusion of these mediation sessions in October 2024, the Company entered into a Settlement and Plan Support Agreement which contemplates that the Company will subsequently enter into three distinct settlement agreements (collectively, the “Proposed Settlement Agreements”) with KFI, the Official Committee of Unsecured Creditors appointed in KFI’s bankruptcy case (the “Committee”) and the Plaintiffs’ Executive Committee (the “MDL PEC”) appointed in the MDL Proceedings. The first of the Proposed Settlement Agreements relates to claims that the Company is responsible for liabilities arising from KFI’s manufacture or sale of AFFF (“Estate Claims Settlement”). Upon Bankruptcy Court approval, the Estate Claims Settlement will permanently resolve all present and future claims that the Company is responsible for any liabilities of KFI, including all liabilities arising from KFI’s manufacture and sale of AFFF. The second and third of the Proposed Settlement Agreements release a very substantial amount of current and future direct claims against the Company (the “Direct Claims Settlements”). Direct claims allege that UTC, which indirectly owned KFI’s AFFF business for eight years, engaged in conduct independent of KFI that caused harm to AFFF claimants. The Company agreed to indemnify UTC for these direct claims when it was spun-off from UTC. Upon approval by the MDL Court, the Direct Claims Settlements resolve and enjoin all current and future AFFF-related direct claims against the Company by participating public water providers and airports. Non-settling parties may still assert direct AFFF-related claims, although we expect a vast majority of public water providers and airports will participate in the Direct Claims Settlements. As part of the Proposed Settlement Agreements, the Company will pay $615 million in cash over five years, 100% of the net sale proceeds from the sale of KFI’s assets from its sale to Pacific Avenue Capital Partners, which are estimated to be $115 million, and contribute the right to recover proceeds under certain of its insurance policies. The Company will be entitled to receive up to $2.4 billion of proceeds from those insurance policies and will contribute the first $125 million of such proceeds as additional consideration in the Direct Claims Settlements. The Company also will be entitled to any earnouts payable to KFI under the KFI sale agreement. The Company expects insurance payments it receives in the future, in the aggregate, to cover the amount paid under the Proposed Settlement Agreements. As a result of the Proposed Settlement Agreements, the Company recorded a liability in the amount of $565 million during the three months ended September 30, 2024. The amount recognized is in addition to liabilities of $50 million that the Company recorded upon the deconsolidation of KFI on May 14, 2023, as further discussed below. As of September 30, 2024, the Company has not recorded any amounts associated with expected insurance proceeds. The Company and KFI believe that they have meritorious defenses to the remaining AFFF claims. 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 a range of possible loss at this time. There can be no assurance that any such future exposure will not be material in any period. Deconsolidation Due to Bankruptcy As of May 14, 2023, the Company no longer controlled KFI as its activities are subject to review and oversight by the Bankruptcy Court. Therefore, KFI was deconsolidated and its respective assets and liabilities were derecognized from the Company’s Unaudited Condensed Consolidated Financial Statements. Upon deconsolidation, the Company determined the fair value of its retained interest in KFI to be zero and we accounted for it prospectively using the cost method. As a result of these actions, the Company recognized a loss of $297 million in its Unaudited Condensed Consolidated Statement of Operations within within Other income/(expense), net. In addition, the deconsolidation resulted in an investing cash outflow of $134 million in the Company's Unaudited Condensed Consolidated Statement of Cash Flows. In connection with the bankruptcy filing, KFI entered into several agreements with subsidiaries of the Company to ensure they have access to services necessary for the effective operation of their business. All post-deconsolidation activity between the Company and KFI are reported as third-party transactions recorded within the Company's Unaudited Condensed Consolidated Statement of Operations. Since the petition date, there were no material transactions between the Company and KFI other than a $15 million payment by the Company to KFI under the terms of a tax sharing arrangement. Income Taxes Under the TMA relating to the Separation, the Company is responsible to UTC for its share of the Tax Cuts and Jobs Act transition tax associated with foreign undistributed earnings as of December 31, 2017. During the nine months ended September 30, 2024, the Company recognized a $46 million gain associated with the TMA and UTC's conclusion of certain income tax matters from their 2017 and 2018 tax audit with the IRS. Liabilities under the TMA of $118 million and $108 million are included within the accompanying Unaudited Condensed Consolidated Balance Sheet within Accrued Liabilities and Other Long-Term Liabilities as of September 30, 2024, respectively. This obligation is expected to be settled in annual installments with the next installment of $118 million due in April 2025 and the final installment of $108 million due in April 2026. The Company believes that the likelihood of incurring losses materially in excess of this amount is remote. Other The Company has other commitments and contingent liabilities related to legal proceedings, self-insurance programs and matters arising in the ordinary course of business. The Company accrues for contingencies generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. In the ordinary course of business, the Company is also routinely a defendant in, party to or otherwise subject to many pending and threatened legal actions, claims, disputes and proceedings. These matters are often based on alleged violations of contract, product liability, warranty, regulatory, environmental, health and safety, employment, intellectual property, tax and other laws. In some of these proceedings, claims for substantial monetary damages are asserted against the Company and could result in fines, penalties, compensatory or treble damages or non-monetary relief. The Company does not believe that these matters will have a material adverse effect upon its results of operations, cash flows or financial condition.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 447	$ 357	$ 3,053	$ 929

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	The Unaudited Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and majority-owned subsidiaries in which it has control. Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Non-controlling interest represents a non-controlling investor's interests in the results of subsidiaries that the Company controls and consolidates.
Recently Issued and Adopted Accounting Pronouncements	The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the sole source of authoritative U.S. GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs pending adoption were assessed and determined to be either not applicable or are not expected to have a material impact on the accompanying Unaudited Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. On March 6, 2024, the SEC adopted new rules designed to enhance public company disclosures related to the risks and impacts of climate-related matters. The rules amend the provisions of both Regulation S-K and Regulation S-X to require disclosure of climate-related risks, transition plans, targets and goals, risk management and governance as well as require disclosure of the financial effects of severe weather events and other natural conditions as well as the use of carbon offsets or renewable energy credits. Disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025, subject to legal challenges and the SEC's voluntary stay of the disclosure requirements. The Company will continue to assess the impact of these new rules on its financial statements while the stay is in place.
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 Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations. During 2022, the Company entered into cross currency swaps with various financial institutions to fund a portion of the Yen-denominated purchase price of TCC. 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 Unaudited Condensed Consolidated Balance Sheet. From time to time, the Company settles and enters into new cross currency swaps with the same purpose and characteristics as initially established. 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 Unaudited Condensed Consolidated Balance Sheet. During 2023, the Company entered into window forward contracts with Bank of America N.A. and JPMorgan Chase Bank N.A. to mitigate the foreign currency risk of the expected cash outflows associated with the Euro-denominated purchase price of the VCS Business. The instruments had an aggregate notional amount of €7 billion and were measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates with changes in fair value reported in Other income (expense), net in the accompanying Unaudited Condensed Consolidated Statement of Operations. During 2023, the Company recognized a $96 million loss on the mark-to-market valuation of its window forward contracts. The Company settled the window forward contracts on January 2, 2024, upon the acquisition of the VCS Business and recognized an additional $86 million loss. During 2023, the Company entered into several interest rate swap contracts to mitigate interest rate exposure on the forecasted issuance of long-term debt. The contracts had an aggregate notional amount of $1.525 billion and were designated as cash flow hedges with changes in fair value reported in Equity in the accompanying Unaudited Condensed Consolidated Balance Sheet. Fair value was measured on a recurring basis using observable market inputs, such as forward, discount and interest rates. In November 2023, the contracts were settled upon the issuance of the underlying debt. As a result, the Company deferred a net unrecognized gain of $58 million in Equity which will be subsequently recognized in Interest expense over the term of the related notes which range from 2034 to 2044. The amount expected to be amortized during 2024 is a net gain of $5 million. In July 2024, the Company entered into cross currency swaps with Barclays Bank PLC as syndication swap arranger in order to manage foreign currency translation risk on Euro-denominated assets. The swaps have an aggregate notional amount of $2.0 billion and are measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates. The Company designated the cross currency swaps as a partial hedge of its investment in certain subsidiaries whose functional currency is the Euro. As a result, changes in the fair value of the swaps are recorded in Equity in the accompanying Unaudited Condensed Consolidated Balance Sheet. The fair value of the Company's long-term debt is measured based on observable market inputs which are considered Level 1 within the fair value hierarchy. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value due to the short-term nature of these accounts and would be classified as Level 1 in the fair value hierarchy. The Company's financing leases and project financing obligations, included in Long-term debt and Current portion of long-term debt on the accompanying Unaudited Condensed Consolidated Balance Sheet , approximate fair value and are classified as Level 3 in the fair value hierarchy.
Product Warranties	In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Unaudited Condensed Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities based on their anticipated settlement date.
Revenue Recognition	The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers . Revenue is recognized when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. A significant portion of the Company's performance obligations are recognized at a point-in-time when control of the product transfers to the customer, which is generally at the time of shipment. The remaining portion of the Company’s performance obligations are recognized over time as the customer simultaneously obtains control as the Company performs work under a contract, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities. Contract assets relate to the conditional right to consideration for any completed performance under a contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Contract liabilities relate to payments received in advance of performance under a contract or when the Company has a right to consideration that is conditioned upon transfer of a good or service to a customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract.
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 has been 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 its results of operations 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. 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 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.

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net consisted of the following: (In millions) September 30, December 31, Raw materials $ 872 $ 534 Work-in-process 246 245 Finished goods 1,528 1,044 Inventories, net $ 2,646 $ 1,823

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill were as follows: (In millions) HVAC Refrigeration Corporate and other Total Balance as of December 31, 2023 $ 6,407 $ 1,037 $ 76 $ 7,520 Acquisitions (1) 7,608 29 — 7,637 Foreign currency translation 61 76 — 137 Balance as of September 30, 2024 $ 14,076 $ 1,142 $ 76 $ 15,294 (1) See Note 15 - Acquisitions for additional information.
Schedule of Finite-Live Intangible Assets	Identifiable intangible assets consisted of the following: September 30, 2024 December 31, 2023 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer relationships $ 5,990 $ (852) $ 5,138 $ 1,056 $ (445) $ 611 Patents and trademarks 946 (140) 806 255 (96) 159 Service portfolios and other 1,637 (463) 1,174 431 (256) 175 Total intangible assets $ 8,573 $ (1,455) $ 7,118 $ 1,742 $ (797) $ 945
Schedule of Indefinite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: September 30, 2024 December 31, 2023 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer relationships $ 5,990 $ (852) $ 5,138 $ 1,056 $ (445) $ 611 Patents and trademarks 946 (140) 806 255 (96) 159 Service portfolios and other 1,637 (463) 1,174 431 (256) 175 Total intangible assets $ 8,573 $ (1,455) $ 7,118 $ 1,742 $ (797) $ 945
Schedule of Amortization of Intangible Assets	Amortization of intangible assets was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Amortization expense of Intangible assets $ 213 $ 54 $ 632 $ 167

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: (In millions) September 30, December 31, 2.242% Notes due 2025 (1) $ 1,200 $ 1,200 4.375% Notes due 2025 (2) 836 830 5.800% Notes due 2025 — 1,000 2.493% Notes due 2027 900 900 4.125% Notes due 2028 836 830 2.722% Notes due 2030 2,000 2,000 2.700% Notes due 2031 750 750 4.500% Notes due 2032 948 941 5.900% Notes due 2034 875 1,000 3.377% Notes due 2040 1,500 1,500 3.577% Notes due 2050 1,400 2,000 6.200% Notes due 2054 650 1,000 Total long-term notes 11,895 13,951 Japanese Term Loan Facility 374 379 Other debt (including project financing obligations and finance leases) 243 74 Discounts and debt issuance costs (80) (111) Total debt 12,432 14,293 Less: current portion of long-term debt 2,095 51 Long-term debt, net of current portion $ 10,337 $ 14,242 (1) 2.242% Notes due February 15, 2025; reclassified to Current portion of long-term debt . (2) 4.375% Notes due May 29, 2025; reclassified to Current portion of long-term debt .

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Recurring and Nonrecurring	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 Unaudited Condensed Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 September 30, 2024 Derivative assets (1)(3) $ 70 $ — $ 70 $ — Derivative liabilities (2)(3) $ (69) $ — $ (69) $ — December 31, 2023 Derivative assets (1) (3) $ 32 $ — $ 32 $ — Derivative liabilities (2) (3) $ (126) $ — $ (126) $ — (1) Included in Other current assets and Other assets on the accompanying Unaudited Condensed Consolidated Balance Sheet. (2) Included in Accrued liabilities and Other long-term liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet. (3) Includes cross currency swaps and window forward contracts (which were settled on January 2, 2024). 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 Unaudited Condensed Consolidated Balance Sheet: September 30, 2024 December 31, 2023 (In millions) Carrying Fair Carrying Fair Total long-term notes (1) $ 11,895 $ 11,372 $ 13,951 $ 13,194 (1) Excludes debt discount and issuance costs.

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of Employer Contributions to Plans	Contributions to the plans were as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Defined benefit plans $ 16 $ 6 $ 34 $ 17 Defined contribution plans $ 30 $ 30 $ 104 $ 96 Multi-employer pension plans $ 4 $ 3 $ 12 $ 11
Schedule of Components 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: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Service cost $ 4 $ 4 $ 11 $ 12 Interest cost 13 8 26 24 Expected return on plan assets (13) (8) (27) (24) Amortization of prior service cost — 1 — 2 Recognized actuarial net (gain) loss — (1) 1 (2) Net settlement, curtailment and special termination benefit (gain) loss 1 — 1 — Net periodic pension expense (benefit) $ 5 $ 4 $ 12 $ 12 Amounts recorded in continuing operations $ 5 $ 4 $ 12 $ 12 Amounts recorded in discontinued operations — — — — Net periodic pension expense (benefit) $ 5 $ 4 $ 12 $ 12

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation cost by award type was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Equity compensation costs - equity settled $ 28 $ 23 $ 76 $ 63 Equity compensation costs - cash settled (1) 2 1 3 3 Total stock-based compensation expense $ 30 $ 24 $ 79 $ 66 Amounts recorded in continuing operations $ 27 $ 22 $ 68 $ 58 Amounts recorded in discontinued operations 3 2 11 8 Total stock-based compensation expense $ 30 $ 24 $ 79 $ 66 (1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

PRODUCT WARRANTIES (Tables)

PRODUCT WARRANTIES (Tables)	9 Months Ended
	Sep. 30, 2024
Guarantees [Abstract]
Schedule of Product Warranty Liability	The changes in the carrying amount of warranty related provisions are as follows: Nine Months Ended September 30, (In millions) 2024 2023 Balance as of January 1, $ 568 $ 544 Warranties, performance guarantees issued and changes in estimated liability 229 188 Settlements made (211) (146) Other 5 (14) Acquisitions (1) 202 — Balance as of September 30, $ 793 $ 572 (1) See Note 15 - Acquisitions for additional information.

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2024 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2023 $ (1,444) $ (100) $ 58 $ (1,486) Other comprehensive income (loss) before reclassifications, net (385) — — (385) Amounts reclassified, pre-tax — — (1) (1) Balance as of March 31, 2024 $ (1,829) $ (100) $ 57 $ (1,872) Other comprehensive income (loss) before reclassifications, net (187) — — (187) Amounts reclassified, pre-tax — 1 (1) — Divestitures, net 373 — — 373 Balance as of June 30, 2024 $ (1,643) $ (99) $ 56 $ (1,686) Other comprehensive income (loss) before reclassifications, net 669 — — 669 Amounts reclassified, pre-tax — 2 (1) 1 Tax expense (benefit) reclassified — (1) — (1) Divestitures, net 215 — — 215 Balance as of September 30, 2024 $ (759) $ (98) $ 55 $ (802) A summary of changes in the components of Accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2023 is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2022 $ (1,604) $ (84) $ — $ (1,688) Other comprehensive income (loss) before reclassifications, net 52 — — 52 Balance as of March 31, 2023 $ (1,552) $ (84) $ — $ (1,636) Other comprehensive income (loss) before reclassifications, net (55) — — (55) Balance as of June 30, 2023 $ (1,607) $ (84) $ — $ (1,691) Other comprehensive income (loss) before reclassifications, net (245) — 80 (165) Balance as of September 30, 2023 $ (1,852) $ (84) $ 80 $ (1,856)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Sales Disaggregated by Product and Service	Sales disaggregated by product and service are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Sales Type Product $ 4,504 $ 3,533 $ 13,045 $ 10,488 Service 554 475 1,524 1,358 HVAC sales 5,058 4,008 14,569 11,846 Product 811 808 2,434 2,453 Service 127 116 361 341 Refrigeration sales 938 924 2,795 2,794 Total segment sales 5,996 4,932 17,364 14,640 Eliminations and other (1) (12) 3 (26) (5) Net sales $ 5,984 $ 4,935 $ 17,338 $ 14,635 (1) Includes certain business activities previously reported in the Fire & Security segment.
Schedule of Contract Assets and Liabilities	Total contract assets and contract liabilities consisted of the following: (In millions) September 30, December 31, Contract assets (included within Other current assets ) $ 367 $ 306 Contract assets, non-current (included within Other assets ) 55 26 Total contract assets 422 332 Contract liabilities (included within Accrued liabilities ) (563) (419) Contract liabilities, non-current (included within Other long-term liabilities ) (162) (160) Total contract liabilities (725) (579) Net contract assets (liabilities) $ (303) $ (247)

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Net Pre-Tax Restructuring Costs	The Company recorded net pre-tax restructuring costs for new and ongoing restructuring initiatives as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 HVAC $ 54 $ 25 $ 86 $ 27 Refrigeration 4 4 5 14 Total Segment 58 29 91 41 General corporate expenses 2 — 6 2 Total restructuring costs (1) $ 60 $ 29 $ 97 $ 43 Cost of sales $ 15 $ 4 $ 36 $ 10 Selling, general and administrative 45 25 61 33 Total restructuring costs (1) $ 60 $ 29 $ 97 $ 43 (1) 2024 restructuring costs include period-related charges.
Schedule of Reserve and Charges Relating to Restructuring Reserve	The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Unaudited Condensed Consolidated Balance Sheet: Nine Months Ended September 30, (In millions) 2024 2023 Balance as of January 1, $ 41 $ 21 Net pre-tax restructuring costs 90 43 Acquisitions (1) 8 — Utilization, foreign exchange and other (55) (24) Balance as of September 30, $ 84 $ 40 (1) See Note 15 - Acquisitions for additional information.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 Net earnings (loss) attributable to common shareowners $ 447 $ 357 $ 3,053 $ 929 Basic weighted-average number of shares outstanding 901.2 838.7 900.9 836.6 Stock awards and equity units (share equivalent) 13.8 16.0 13.5 16.1 Diluted weighted-average number of shares outstanding 915.0 854.7 914.4 852.7 Antidilutive shares excluded from computation of diluted earnings per share 2.0 2.0 2.0 1.9

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Preliminary Allocation of the Purchase Price	The components of the purchase price are as follows: (In millions) January 2, 2024 Cash $ 11,156 Common shares (58,608,959 shares at $51.20 per share) 3,001 Total consideration $ 14,157
Schedule of Allocation of the Purchase Price	The preliminary allocation of the purchase price is as follows: (In millions) Preliminary January 2, 2024 Measurement Period Adjustments As Adjusted January 2, 2024 Cash and cash equivalents $ 394 $ (1) $ 393 Accounts receivable 408 5 413 Inventories 948 (28) 920 Other current assets 17 — 17 Fixed assets 913 6 919 Intangible assets 6,640 5 6,645 Other assets 284 15 299 Accounts payable (288) (2) (290) Other liabilities, current (626) (8) (634) Future income tax obligations (1,825) 6 (1,819) Other liabilities (284) (15) (299) Total identifiable net assets 6,581 (17) 6,564 Goodwill 7,576 17 7,593 Total consideration $ 14,157 $ — $ 14,157
Schedule of Intangible Assets Based on Estimate of Fair Value	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 17 $ 4,787 Technology 10 - 20 1,051 Trademark 40 679 Backlog 1 123 Other 50 5 Total intangible assets acquired $ 6,645
Schedule of Business Acquisition, Pro Forma Information	The following table summarizes the results of the VCS Business since the date of acquisition: (In millions) Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Net sales $ 806 $ 2,425 Net earnings (loss) (72) (305) The following unaudited pro forma financial information is presented to illustrate the estimated effects of the acquisition of the VCS Business as if the business combination had occurred on January 1, 2023: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net sales $ 5,984 $ 5,898 $ 17,338 $ 17,838 Net earnings (loss) 578 (44) 1,382 207

DIVESTITURES (Tables)

DIVESTITURES (Tables)	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The components of Discontinued operations, net of tax are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Net sales $ 475 $ 796 $ 1,992 $ 2,361 Costs of sales (285) (466) (1,179) (1,457) Research and development (16) (31) (75) (92) Selling, general and administrative (115) (167) (479) (466) Other income (expense), net (593) 7 (592) 19 Gain (loss) on divestitures and deconsolidation 509 (4) 3,390 (297) Interest (expense) income, net (5) (12) (39) (38) Earnings before income taxes (30) 123 3,018 30 Income tax (expense) benefit 112 (37) 154 (76) Tax on divestitures and deconsolidation (199) 1 (1,275) 5 Discontinued operations, net of tax $ (117) $ 87 $ 1,897 $ (41) The following tables summarize assets and liabilities classified as held for sale: September 30, 2024 (In millions) Commercial Commercial & Residential Fire Total Cash and cash equivalents $ 141 $ 143 $ 284 Accounts receivable, net 222 414 636 Inventories, net 96 426 522 Other current assets 157 27 184 Fixed assets, net 100 127 227 Intangible assets, net — 80 80 Goodwill 72 472 544 Operating lease right-of-use assets 58 76 134 Other assets 46 23 69 Total assets held for sale $ 892 $ 1,788 $ 2,680 Accounts payable $ 133 $ 279 $ 412 Accrued liabilities 181 280 461 Long-term debt, including current portion 7 — 7 Future pension and post-retirement obligations 204 5 209 Future income tax obligations 6 15 21 Operating lease liabilities 40 55 95 Other long-term liabilities 2 14 16 Total liabilities held for sale $ 573 $ 648 $ 1,221 December 31, 2023 (In millions) Commercial Access Industrial Commercial & Residential Fire Total Cash and cash equivalents $ 131 $ 6 $ 20 $ 163 $ 320 Accounts receivable, net 274 104 101 401 880 Inventories, net 84 31 65 394 574 Other current assets 113 5 46 25 189 Fixed assets, net 78 13 22 133 246 Intangible assets, net — 53 2 83 138 Goodwill 72 1,498 439 469 2,478 Operating lease right-of-use assets 49 13 28 70 160 Other assets 44 10 13 41 108 Total assets held for sale $ 845 $ 1,733 $ 736 $ 1,779 $ 5,093 Accounts payable $ 129 $ 20 $ 39 $ 259 $ 447 Accrued liabilities 204 74 77 239 594 Long-term debt, including current portion 8 — — — 8 Future pension and post-retirement obligations 203 — 1 6 210 Future income tax obligations 4 2 3 12 21 Operating lease liabilities 40 11 23 58 132 Other long-term liabilities 3 12 9 14 38 Total liabilities held for sale $ 591 $ 119 $ 152 $ 588 $ 1,450 The following table summarizes the assets and liabilities divested as of their respective dates of sale: (In millions) Access Industrial Cash and cash equivalents $ 82 $ 40 Accounts receivable, net 90 93 Inventories, net 43 73 Other current assets 6 55 Fixed assets, net 18 24 Intangible assets, net 53 2 Goodwill 1,467 452 Operating lease right-of-use assets 16 24 Other assets 8 2 Total assets held for sale $ 1,783 $ 765 Accounts payable $ 54 $ 43 Accrued liabilities 80 65 Operating lease liabilities 17 24 Other long-term liabilities 10 6 Total liabilities held for sale $ 161 $ 138

SEGMENT FINANCIAL DATA (Tables)

SEGMENT FINANCIAL DATA (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Net Sales and Operating Profit by Segment	Net sales and Operating profit by segment are as follows: Net Sales Operating Profit Three Months Ended September 30, Three Months Ended September 30, (In millions) 2024 2023 2024 2023 HVAC $ 5,058 $ 4,008 $ 741 $ 763 Refrigeration 938 924 109 107 Total segment 5,996 4,932 850 870 Eliminations and other (12) 3 (25) (252) General corporate expenses — — (62) (108) Total Consolidated $ 5,984 $ 4,935 $ 763 $ 510 Net Sales Operating Profit Nine Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 HVAC $ 14,569 $ 11,846 $ 1,857 $ 1,940 Refrigeration 2,795 2,794 319 327 Total segment 17,364 14,640 2,176 2,267 Eliminations and other (26) (5) (84) (399) General corporate expenses — — (220) (247) Total Consolidated $ 17,338 $ 14,635 $ 1,872 $ 1,621
Schedule of Sale by Geographic Areas	Geographic external sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. presented in the table below, there were no individually significant countries with sales exceeding 10% of total sales during the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 United States $ 3,154 $ 2,882 $ 8,778 $ 8,256 International: Europe 1,723 934 5,152 2,923 Asia Pacific 923 954 2,886 2,986 Other 184 165 522 470 Net sales $ 5,984 $ 4,935 $ 17,338 $ 14,635

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Equity Method Investments	Amounts attributable to equity method investees are as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Sales to equity method investees included in Product sales $ 774 $ 730 $ 2,329 $ 2,371 Purchases from equity method investees included in Cost of products sold $ 64 $ 57 $ 178 $ 159 The Company had receivables from and payables to equity method investees as follows: (In millions) September 30, December 31, Receivables from equity method investees included in Accounts receivable, net $ 287 $ 231 Payables to equity method investees included in Accounts payable $ 47 $ 44

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Outstanding Liabilities for Environmental Obligations	The outstanding liabilities for environmental obligations are as follows: (In millions) September 30, December 31, Environmental reserves included in Accrued liabilities $ 11 $ 19 Environmental reserves included in Other long-term liabilities 202 199 Total Environmental reserves $ 213 $ 218
Schedule of Asbestos Liabilities and Related Recoveries	The Company's asbestos liabilities and related insurance recoveries are as follows: (In millions) September 30, December 31, Asbestos liabilities included in Accrued liabilities $ 17 $ 15 Asbestos liabilities included in Other long-term liabilities 208 206 Total Asbestos liabilities $ 225 $ 221 Asbestos-related recoveries included in Other current assets $ 7 $ 5 Asbestos-related recoveries included in Other assets 88 88 Total Asbestos-related recoveries $ 95 $ 93

DESCRIPTION OF THE BUSINESS (De

DESCRIPTION OF THE BUSINESS (Details)	9 Months Ended
	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Apr. 03, 2020	Aug. 15, 2024	Dec. 12, 2023
Restructuring Cost and Reserve [Line Items]
Shares converted in spinoff transaction (in shares)	1
Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial Refrigeration Business
Restructuring Cost and Reserve [Line Items]
Enterprise value			$ 775
Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial and Residential Fire business
Restructuring Cost and Reserve [Line Items]
Enterprise value		$ 3,000

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 872	$ 534
Work-in-process	246	245
Finished goods	1,528	1,044
Inventories, net	2,646	1,823
Inventory valuation reserves	$ 224	$ 173

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 7,520
Acquisitions	7,637
Foreign currency translation	137
Ending balance	15,294
Corporate and other
Goodwill [Roll Forward]
Beginning balance	76
Acquisitions	0
Foreign currency translation	0
Ending balance	76
HVAC | Operating Segments
Goodwill [Roll Forward]
Beginning balance	6,407
Acquisitions	7,608
Foreign currency translation	61
Ending balance	14,076
Refrigeration | Operating Segments
Goodwill [Roll Forward]
Beginning balance	1,037
Acquisitions	29
Foreign currency translation	76
Ending balance	$ 1,142

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Finite-lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 8,573	$ 1,742
Accumulated Amortization	(1,455)	(797)
Net Amount	7,118	945
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	5,990	1,056
Accumulated Amortization	(852)	(445)
Net Amount	5,138	611
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	946	255
Accumulated Amortization	(140)	(96)
Net Amount	806	159
Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,637	431
Accumulated Amortization	(463)	(256)
Net Amount	$ 1,174	$ 175

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Amortization of Intangible Asses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of Intangible assets	$ 213	$ 54	$ 632	$ 167

BORROWINGS AND LINES OF CREDI_2

BORROWINGS AND LINES OF CREDIT - Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Nov. 30, 2023
Debt Instrument [Line Items]
Discounts and debt issuance costs	$ (80)		$ (111)
Total debt	12,432		14,293
Less: current portion of long-term debt	2,095		51
Long-term debt, net of current portion	10,337		14,242
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	11,895		13,951
Unsecured Debt | Japanese Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	374		379
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 243		74
2.242% Notes due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.242%
Long-term debt, gross	$ 1,200		1,200
4.375%, Notes due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.375%			4.375%
Long-term debt, gross	$ 836		830
5.800% Notes due 2025 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	5.80%	5.80%		5.80%
Long-term debt, gross	$ 0		1,000
2.493% Notes due 2027 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.493%
Long-term debt, gross	$ 900		900
4.125% Notes due 2028 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.125%			4.125%
Long-term debt, gross	$ 836		830
2.722% Notes due 2030 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.722%
Long-term debt, gross	$ 2,000		2,000
2.700% Notes due 2031 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.70%
Long-term debt, gross	$ 750		750
4.500% Notes due 2032 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.50%			4.50%
Long-term debt, gross	$ 948		941
5.900% Notes due 2034 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	5.90%			5.90%
Long-term debt, gross	$ 875		1,000
3.377% Notes due 2040 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	3.377%
Long-term debt, gross	$ 1,500		1,500
3.577% Notes due 2050 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	3.577%
Long-term debt, gross	$ 1,400		2,000
6.200% Notes due 2054 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate	6.20%			6.20%
Long-term debt, gross	$ 650		$ 1,000

BORROWINGS AND LINES OF CREDI_3

BORROWINGS AND LINES OF CREDIT - Narrative (Details) ¥ in Billions

1 Months Ended

9 Months Ended

May 17, 2024 USD ($)

Jan. 02, 2024 USD ($)

Jan. 02, 2024 EUR (€)

May 19, 2023 USD ($)

Apr. 25, 2023 USD ($)

Apr. 25, 2023 EUR (€)

Jul. 25, 2022 JPY (¥)

Jul. 15, 2022 USD ($)

Jul. 31, 2024 USD ($)

Jun. 30, 2024 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Jan. 02, 2024 EUR (€)

Nov. 30, 2023 USD ($) tranche

Nov. 30, 2023 EUR (€) tranche

May 19, 2023 EUR (€)

Apr. 25, 2023 EUR (€)

Jul. 15, 2022 JPY (¥)

Debt Instrument [Line Items]

Issuance of long-term debt

$ 2,586,000,000

$ 14,000,000

Repayment of long-term debt

4,530,000,000

15,000,000

Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate

0.10%

Unsecured Debt

Debt Instrument [Line Items]

Unamortized deferred financing costs write-off

$ 11,000,000

Tender offer, maximum repurchase amount

800,000,000

Tender offer, repurchase amount accepted

1,000,000,000

Tender offer, gain on debt repurchase

97,000,000

Unsecured Debt | Bridge Loan

Debt Instrument [Line Items]

Debt instrument, term

60 days

60 days

Unsecured Debt | 364 Day Revolver

Debt Instrument [Line Items]

Aggregate principal balance

$ 500,000,000

Debt instrument, term

364 days

Long-term debt

0

Unsecured Debt | 364 Day Revolver | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate

0.10%

Unsecured Debt | Term Loan

Debt Instrument [Line Items]

Aggregate principal balance

$ 400,000,000

¥ 54

Capitalized deferred financing costs

$ 2,000,000

Debt instrument, term

5 years

Proceeds from issuance of debt | ¥

¥ 54

Unsecured Debt | Term Loan | Tokyo Term Risk Free Rate

Debt Instrument [Line Items]

Basis spread on variable rate

0.75%

Line of Credit | Delayed Draw Facility

Debt Instrument [Line Items]

Capitalized deferred financing costs

$ 4,000,000

Line of Credit | Revolving Credit Facility

Debt Instrument [Line Items]

Capitalized deferred financing costs

2,000,000

Revolving credit facility, maximum borrowing capacity

$ 2,000,000,000

Long-term debt

0

Line of Credit | Commercial Paper

Debt Instrument [Line Items]

Maximum borrowing capacity

2,000,000,000

Short-term debt

$ 0

USD-Denominated Notes, Issued November 2023 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance

$ 3,000,000,000

Debt instrument, number of tranches | tranche

3

3

5.800% Notes due 2025 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance

$ 1,000,000,000

$ 1,000,000,000

Interest rate

5.80%

5.80%

5.80%

5.80%

Make-whole premium payment

$ 8,000,000

Unamortized deferred financing costs write-off

$ 4,000,000

5.900% Notes due 2034 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance

$ 1,000,000,000

Interest rate

5.90%

5.90%

5.90%

Tender offer, repurchase amount accepted

125,000,000

6.200% Notes due 2054 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance

$ 1,000,000,000

Interest rate

6.20%

6.20%

6.20%

Tender offer, repurchase amount accepted

350,000,000

Euro-Denominated Notes, Issued November 2023 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 2,350,000,000

Debt instrument, number of tranches | tranche

3

3

4.375%, Notes due 2025 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 750,000,000

Interest rate

4.375%

4.375%

4.375%

4.125% Notes due 2028 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 750,000,000

Interest rate

4.125%

4.125%

4.125%

4.500% Notes due 2032 | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 850,000,000

Interest rate

4.50%

4.50%

4.50%

Term Loan | Unsecured Debt

Debt Instrument [Line Items]

Capitalized deferred financing costs

$ 51,000,000

Bridge Loan | Bridge Loan | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate

0.10%

0.10%

Bridge Loan | Unsecured Debt

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 8,200,000,000

Bridge Loan | Unsecured Debt | Bridge Loan

Debt Instrument [Line Items]

Capitalized deferred financing costs

$ 48,000,000

Debt reduction | €

€ 500,000,000

€ 7,700,000,000

Accumulated amortization, debt issuance costs

$ 25,000,000

Debt instrument, term

60 days

60 days

Bridge Term Loan Facility, USD-Denominated Tranche | Unsecured Debt | Bridge Loan

Debt Instrument [Line Items]

Aggregate principal balance

$ 349,000,000

Bridge Term Loan Facility, Euro-Denominated Tranche | Unsecured Debt | Bridge Loan

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 113,000,000

Bridge Term Loan Facility, Euro-Denominated Tranche | Line of Credit | Delayed Draw Facility

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 1,150,000,000

Debt instrument, term

18 months

The Credit Agreement | Line of Credit | Delayed Draw Facility

Debt Instrument [Line Items]

Revolving credit facility, maximum borrowing capacity | €

2,300,000,000

The Credit Agreement | Line of Credit | Delayed Draw Facility | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate

0.10%

Bridge Term Loan Facility, Euro-Denominated Tranche 2 | Line of Credit | Delayed Draw Facility

Debt Instrument [Line Items]

Aggregate principal balance | €

€ 1,150,000,000

Debt instrument, term

3 years

Project Financing Arrangements | Other Debt

Debt Instrument [Line Items]

Issuance of long-term debt

$ 40,000,000

14,000,000

Repayment of long-term debt

$ 7,000,000

$ 15,000,000

3.577% Notes due 2050 | Unsecured Debt

Debt Instrument [Line Items]

Interest rate

3.577%

Tender offer, repurchase amount accepted

$ 600,000,000

VCS Business

Debt Instrument [Line Items]

Total consideration

$ 14,157,000,000

Business combination, percentage of purchase price to be paid in equity

20%

20%

Business combination, percentage of purchase price to be paid in cash

80%

80%

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions, € in Billions		1 Months Ended	12 Months Ended
	Jan. 02, 2024 USD ($)	Nov. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Jul. 31, 2024 EUR (€)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 USD ($)
Cross Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount | €					€ 2
VCS Business | Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount | €						€ 7
Loss on mark-to-market valuation	$ 86		$ 96
VCS Business | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount							$ 1,525
Gain on mark-to-market valuation		$ 58
Interest rate cash flow hedge gain (loss)				$ 5

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value and Carrying Amounts Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets, Other assets	Other current assets, Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 70	$ 32
Derivative liabilities	(69)	(126)
Fair Value, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	70	32
Derivative liabilities	(69)	(126)
Fair Value, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 11,895	$ 13,951
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 11,372	$ 13,194

EMPLOYEE BENEFIT PLANS - Contri

EMPLOYEE BENEFIT PLANS - Contributions to Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Defined benefit plans	$ 16	$ 6	$ 34	$ 17
Defined contribution plans	30	30	104	96
Multi-employer pension plans	$ 4	$ 3	$ 12	$ 11

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Expense (Benefit) for the Defined Benefit Pension Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4	$ 4	$ 11	$ 12
Interest cost	13	8	26	24
Expected return on plan assets	(13)	(8)	(27)	(24)
Amortization of prior service cost	0	1	0	2
Recognized actuarial net (gain) loss	0	(1)	1	(2)
Net settlement, curtailment and special termination benefit (gain) loss	1	0	1	0
Net periodic pension expense (benefit)	5	4	12	12
Continuing Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension expense (benefit)	5	4	12	12
Discontinued Operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension expense (benefit)	$ 0	$ 0	$ 0	$ 0

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation costs - equity settled	$ 28	$ 23	$ 76	$ 63
Equity compensation costs - cash settled	2	1	3	3
Total stock-based compensation expense	30	24	79	66
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	27	22	68	58
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3	$ 2	$ 11	$ 8

PRODUCT WARRANTIES (Details)

PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 568	$ 544
Warranties, performance guarantees issued and changes in estimated liability	229	188
Settlements made	(211)	(146)
Other	5	(14)
Acquisitions	202	0
Ending balance	$ 793	$ 572

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2024	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Oct. 24, 2024	Feb. 28, 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, authorized amount						$ 4,100,000,000
Treasury stock repurchased (in shares)			6,200,000	43,500,000
Treasury stock repurchase	$ 431,000,000	$ 62,000,000	$ 400,000,000	$ 2,000,000,000
Remaining authorized repurchase amount	$ 1,700,000,000		$ 1,700,000,000	$ 2,100,000,000
Subsequent Event
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share repurchase program, increase to authorized amount					$ 3,000,000,000
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	947,450,955		947,450,955	883,068,393
Treasury Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	49,659,143		49,659,143	43,490,981
Treasury stock repurchase	$ 431,000,000	$ 62,000,000

EQUITY - Schedule of Changes in

EQUITY - Schedule of Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 14,079	$ 11,906	$ 9,005	$ 8,288	$ 8,468	$ 8,076	$ 9,005	$ 8,076
Other comprehensive income (loss) before reclassifications, net	669		(385)
Amounts reclassified, pre-tax	1	0	(1)
Tax expense (benefit) reclassified	(1)
Divestitures, net	215	373		0			588	0
Balance as of end of period	15,042	14,079	11,906	8,502	8,288	8,468	15,042	8,502
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,686)	(1,872)	(1,486)	(1,691)	(1,636)	(1,688)	(1,486)	(1,688)
Other comprehensive income (loss) before reclassifications, net		(187)		(165)	(55)	52
Balance as of end of period	(802)	(1,686)	(1,872)	(1,856)	(1,691)	(1,636)	(802)	(1,856)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,643)	(1,829)	(1,444)	(1,607)	(1,552)	(1,604)	(1,444)	(1,604)
Other comprehensive income (loss) before reclassifications, net	669	(187)	(385)	(245)	(55)	52
Amounts reclassified, pre-tax	0	0	0
Tax expense (benefit) reclassified	0
Divestitures, net	215	373
Balance as of end of period	(759)	(1,643)	(1,829)	(1,852)	(1,607)	(1,552)	(759)	(1,852)
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	(99)	(100)	(100)	(84)	(84)	(84)	(100)	(84)
Other comprehensive income (loss) before reclassifications, net	0	0	0	0	0	0
Amounts reclassified, pre-tax	2	1	0
Tax expense (benefit) reclassified	(1)
Divestitures, net	0	0
Balance as of end of period	(98)	(99)	(100)	(84)	(84)	(84)	(98)	(84)
Unrealized Hedging Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	56	57	58	0	0	0	58	0
Other comprehensive income (loss) before reclassifications, net	0	0	0	80	0	0
Amounts reclassified, pre-tax	(1)	(1)	(1)
Tax expense (benefit) reclassified	0
Divestitures, net	0	0
Balance as of end of period	$ 55	$ 56	$ 57	$ 80	$ 0	$ 0	$ 55	$ 80

REVENUE RECOGNITION - Sales Dis

REVENUE RECOGNITION - Sales Disaggregated by Product and Service (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total Net sales	$ 5,984	$ 4,935	$ 17,338	$ 14,635
Product
Segment Reporting Information [Line Items]
Total Net sales	5,307	4,344	15,460	12,939
Service
Segment Reporting Information [Line Items]
Total Net sales	677	591	1,878	1,696
Operating Segments
Segment Reporting Information [Line Items]
Total Net sales	5,996	4,932	17,364	14,640
Operating Segments | HVAC sales
Segment Reporting Information [Line Items]
Total Net sales	5,058	4,008	14,569	11,846
Operating Segments | HVAC sales | Product
Segment Reporting Information [Line Items]
Total Net sales	4,504	3,533	13,045	10,488
Operating Segments | HVAC sales | Service
Segment Reporting Information [Line Items]
Total Net sales	554	475	1,524	1,358
Operating Segments | Refrigeration sales
Segment Reporting Information [Line Items]
Total Net sales	938	924	2,795	2,794
Operating Segments | Refrigeration sales | Product
Segment Reporting Information [Line Items]
Total Net sales	811	808	2,434	2,453
Operating Segments | Refrigeration sales | Service
Segment Reporting Information [Line Items]
Total Net sales	127	116	361	341
Eliminations and other
Segment Reporting Information [Line Items]
Total Net sales	$ (12)	$ 3	$ (26)	$ (5)

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets (included within Other current assets)	$ 367	$ 306
Contract assets, non-current (included within Other assets)	55	26
Total contract assets	422	332
Contract with Customer, Liability, Current	(563)	(419)
Contract liabilities, non-current (included within Other long-term liabilities)	(162)	(160)
Total contract liabilities	(725)	(579)
Net contract assets (liabilities)	$ (303)	$ (247)

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 401

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details)	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	12 months

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 60	$ 29	$ 97	$ 43
Restructuring Reserve [Roll Forward]
Beginning balance			41	21
Net pre-tax restructuring costs			90	43
Acquisitions			8	0
Utilization, foreign exchange and other			(55)	(24)
Ending balance	84	40	84	40
Restructuring reserve	84		84
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs	15	4	36	10
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	45	25	61	33
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	58	29	91	41
Operating Segments | HVAC
Restructuring Cost and Reserve [Line Items]
Restructuring costs	54	25	86	27
Operating Segments | Refrigeration
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4	4	5	14
General corporate expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2	$ 0	$ 6	$ 2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Effective income tax rate reconciliation, percent	22.30%	37.60%	21.40%	30.30%
Effective income tax rate reconciliation, repatriation of foreign earnings, amount			$ 19
Tax benefit associated with the conclusion of certain income tax matters			21
Minimum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 15		15
Maximum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 35		$ 35
The Viessmann | Foreign Exchange Forward
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Loss on mark-to-market valuation		$ 257		$ 368

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net earnings (loss) attributable to common shareowners	$ 447	$ 357	$ 3,053	$ 929
Basic weighted-average number of shares outstanding (in shares)	901.2	838.7	900.9	836.6
Stock awards and equity units (share equivalent) (in shares)	13.8	16	13.5	16.1
Diluted weighted-average number of shares outstanding (in shares)	915	854.7	914.4	852.7
Antidilutive shares excluded from computation of diluted earnings per share (in shares)	2	2	2	1.9

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 02, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 15,294		$ 15,294		$ 7,520
Bridge Loan | Unsecured Debt
Business Acquisition [Line Items]
Debt instrument, term	60 days
VCS Business
Business Acquisition [Line Items]
Total consideration	$ 14,157
Aggregate cash paid	$ 11,156
Business acquisition, equity interest issued or issuable (in shares)	58,608,959
Goodwill	$ 7,576	7,593		7,593
Acquisition-related costs		3	$ 19	40	$ 39	$ 80
Amortization of the step-up to fair value of inventory and backlog		$ 170		$ 667

ACQUISITIONS - Components of Pu

ACQUISITIONS - Components of Purchase Price (Details) - VCS Business $ / shares in Units, $ in Millions	Jan. 02, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Cash	$ 11,156
Common shares	3,001
Total consideration	$ 14,157
Business acquisition, equity interest issued or issuable (in shares) | shares	58,608,959
Business acquisition (in USD per share) | $ / shares	$ 51.20

ACQUISITIONS - Purchase Price (

ACQUISITIONS - Purchase Price (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Jan. 02, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 15,294		$ 7,520
VCS Business
Business Acquisition [Line Items]
Cash and cash equivalents	393	$ 394
Measurement Period Adjustments, Cash and cash equivalents	(1)
Accounts receivable	413	408
Measurement Period Adjustments, Accounts receivable	5
Inventories	920	948
Measurement Period Adjustments, Inventories	(28)
Other current assets	17	17
Measurement Period Adjustments, Other current assets	0
Fixed assets	919	913
Measurement Period Adjustments, Fixed assets	6
Intangible assets	6,645	6,640
Measurement Period Adjustments, Intangible assets	5
Other assets	299	284
Measurement Period Adjustments, Other assets	15
Accounts payable	(290)	(288)
Measurement Period Adjustments, Accounts payable	(2)
Other liabilities, current	(634)	(626)
Measurement Period Adjustments, Other liabilities, current	(8)
Future income tax obligations	(1,819)	(1,825)
Measurement Period Adjustments, Future income tax obligations	6
Other liabilities	(299)	(284)
Measurement Period Adjustments, Other liabilities	(15)
Total identifiable net assets	6,564	6,581
Measurement Period Adjustments, Total identifiable net assets	(17)
Goodwill	7,593	7,576
Measurement Period Adjustments, Goodwill	17
Total consideration	14,157	$ 14,157
Measurement Period Adjustments, Total consideration	$ 0

ACQUISITIONS - Intangible Asset

ACQUISITIONS - Intangible Assets Acquired (Details) - VCS Business $ in Millions	Jan. 02, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible Assets Acquired	$ 6,645
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	17 years
Intangible Assets Acquired	$ 4,787
Technology
Finite-Lived Intangible Assets [Line Items]
Intangible Assets Acquired	$ 1,051
Technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	20 years
Trademark
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	40 years
Intangible Assets Acquired	$ 679
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	1 year
Intangible Assets Acquired	$ 123
Other
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	50 years
Intangible Assets Acquired	$ 5

ACQUISITIONS - Assets, Liabilit

ACQUISITIONS - Assets, Liabilities and Results of Operations (Details) - VCS Business - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Business Acquisition [Line Items]
Net sales	$ 806	$ 2,425
Net earnings (loss)	$ (72)	$ (305)

ACQUISITIONS - Pro Forma Financ

ACQUISITIONS - Pro Forma Financial Information (Details) - VCS Business - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Net sales	$ 5,984	$ 5,898	$ 17,338	$ 17,838
Net earnings (loss)	$ 578	$ (44)	$ 1,382	$ 207

DIVESTITURES - Disposal Groups,

DIVESTITURES - Disposal Groups, Including Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operations, net of tax	$ (117)	$ 87	$ 1,897	$ (41)
Discontinued Operations, Held-for-Sale | Fire & Security Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	475	796	1,992	2,361
Costs of sales	(285)	(466)	(1,179)	(1,457)
Research and development	(16)	(31)	(75)	(92)
Selling, general and administrative	(115)	(167)	(479)	(466)
Other income (expense), net	(593)	7	(592)	19
Gain (loss) on divestitures and deconsolidation	509	(4)	3,390	(297)
Interest (expense) income, net	(5)	(12)	(39)	(38)
Earnings before income taxes	(30)	123	3,018	30
Income tax (expense) benefit	112	(37)	154	(76)
Tax on divestitures and deconsolidation	(199)	1	(1,275)	5
Discontinued operations, net of tax	$ (117)	$ 87	$ 1,897	$ (41)

DIVESTITURES - Narrative (Detai

DIVESTITURES - Narrative (Details) - USD ($) $ in Millions	Jul. 01, 2024	Jun. 02, 2024	Aug. 15, 2024	Dec. 12, 2023
Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial Refrigeration Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value				$ 775
Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial and Residential Fire business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value			$ 3,000
Discontinued Operations, Disposed of by Sale | Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds		$ 5,000
Gain on sale	$ 310	$ 1,800
Discontinued Operations, Disposed of by Sale | Industrial Fire to Sentinel Capital Partners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds	$ 1,400

DIVESTITURES - Disclosure of Lo

DIVESTITURES - Disclosure of Long-Lived Assets Held-for-Sale (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 02, 2024	Dec. 31, 2023
Discontinued Operations, Disposed of by Sale | Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		$ 82
Accounts receivable, net		90
Inventories, net		43
Other current assets		6
Fixed assets, net		18
Intangible assets, net		53
Goodwill		1,467
Operating lease right-of-use assets		16
Other assets		8
Total assets held for sale		1,783
Accounts payable		54
Accrued liabilities		80
Operating lease liabilities		17
Other long-term liabilities		10
Total liabilities held for sale		161
Discontinued Operations, Disposed of by Sale | Industrial Fire
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		40
Accounts receivable, net		93
Inventories, net		73
Other current assets		55
Fixed assets, net		24
Intangible assets, net		2
Goodwill		452
Operating lease right-of-use assets		24
Other assets		2
Total assets held for sale		765
Accounts payable		43
Accrued liabilities		65
Operating lease liabilities		24
Other long-term liabilities		6
Total liabilities held for sale		$ 138
Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 284		$ 320
Accounts receivable, net	636		880
Inventories, net	522		574
Other current assets	184		189
Fixed assets, net	227		246
Intangible assets, net	80		138
Goodwill	544		2,478
Operating lease right-of-use assets	134		160
Other assets	69		108
Total assets held for sale	2,680		5,093
Accounts payable	412		447
Accrued liabilities	461		594
Long-term debt, including current portion	7		8
Future pension and post-retirement obligations	209		210
Future income tax obligations	21		21
Operating lease liabilities	95		132
Other long-term liabilities	16		38
Total liabilities held for sale	1,221		1,450
Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial Refrigeration
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	141		131
Accounts receivable, net	222		274
Inventories, net	96		84
Other current assets	157		113
Fixed assets, net	100		78
Intangible assets, net	0		0
Goodwill	72		72
Operating lease right-of-use assets	58		49
Other assets	46		44
Total assets held for sale	892		845
Accounts payable	133		129
Accrued liabilities	181		204
Long-term debt, including current portion	7		8
Future pension and post-retirement obligations	204		203
Future income tax obligations	6		4
Operating lease liabilities	40		40
Other long-term liabilities	2		3
Total liabilities held for sale	573		591
Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial and Residential Fire business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	143		163
Accounts receivable, net	414		401
Inventories, net	426		394
Other current assets	27		25
Fixed assets, net	127		133
Intangible assets, net	80		83
Goodwill	472		469
Operating lease right-of-use assets	76		70
Other assets	23		41
Total assets held for sale	1,788		1,779
Accounts payable	279		259
Accrued liabilities	280		239
Long-term debt, including current portion	0		0
Future pension and post-retirement obligations	5		6
Future income tax obligations	15		12
Operating lease liabilities	55		58
Other long-term liabilities	14		14
Total liabilities held for sale	$ 648		588
Disposal Group, Held-for-sale, Not Discontinued Operations | Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents			6
Accounts receivable, net			104
Inventories, net			31
Other current assets			5
Fixed assets, net			13
Intangible assets, net			53
Goodwill			1,498
Operating lease right-of-use assets			13
Other assets			10
Total assets held for sale			1,733
Accounts payable			20
Accrued liabilities			74
Long-term debt, including current portion			0
Future pension and post-retirement obligations			0
Future income tax obligations			2
Operating lease liabilities			11
Other long-term liabilities			12
Total liabilities held for sale			119
Disposal Group, Held-for-sale, Not Discontinued Operations | Industrial Fire
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents			20
Accounts receivable, net			101
Inventories, net			65
Other current assets			46
Fixed assets, net			22
Intangible assets, net			2
Goodwill			439
Operating lease right-of-use assets			28
Other assets			13
Total assets held for sale			736
Accounts payable			39
Accrued liabilities			77
Long-term debt, including current portion			0
Future pension and post-retirement obligations			1
Future income tax obligations			3
Operating lease liabilities			23
Other long-term liabilities			9
Total liabilities held for sale			$ 152

SEGMENT FINANCIAL DATA (Details

SEGMENT FINANCIAL DATA (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			2
Number of reportable segments | segment			2
Net Sales	$ 5,984	$ 4,935	$ 17,338	$ 14,635
Operating Profit	763	510	1,872	1,621
United States
Segment Reporting Information [Line Items]
Net Sales	3,154	2,882	8,778	8,256
Europe
Segment Reporting Information [Line Items]
Net Sales	1,723	934	5,152	2,923
Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	923	954	2,886	2,986
Other
Segment Reporting Information [Line Items]
Net Sales	184	165	522	470
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	5,996	4,932	17,364	14,640
Operating Profit	850	870	2,176	2,267
Operating Segments | HVAC
Segment Reporting Information [Line Items]
Net Sales	5,058	4,008	14,569	11,846
Operating Profit	741	763	1,857	1,940
Operating Segments | Refrigeration
Segment Reporting Information [Line Items]
Net Sales	938	924	2,795	2,794
Operating Profit	109	107	319	327
Eliminations and other
Segment Reporting Information [Line Items]
Net Sales	(12)	3	(26)	(5)
Operating Profit	(25)	(252)	(84)	(399)
General corporate expenses
Segment Reporting Information [Line Items]
Net Sales	0	0	0	0
Operating Profit	$ (62)	$ (108)	$ (220)	$ (247)

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	$ 5,984	$ 4,935	$ 17,338	$ 14,635
Receivables from equity method investees included in Accounts receivable, net	2,726		2,726		$ 2,080
Payables to equity method investees included in Accounts payable	2,829		2,829		2,483
Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	5,307	4,344	15,460	12,939
Purchases from equity method investees included in Cost of products sold	3,796	2,986	11,245	9,269
Related Party
Related Party Transaction [Line Items]
Receivables from equity method investees included in Accounts receivable, net	287		287		231
Payables to equity method investees included in Accounts payable	47		47		$ 44
Related Party | Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	774	730	2,329	2,371
Purchases from equity method investees included in Cost of products sold	$ 64	$ 57	$ 178	$ 159

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Outstanding Liabilities for Environmental Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Environmental reserves included in Accrued liabilities	$ 11	$ 19
Environmental reserves included in Other long-term liabilities	202	199
Total Environmental reserves	$ 213	$ 218
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

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos Liabilities and Recoveries (Details) - Asbestos Matters - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Asbestos liabilities included in Accrued liabilities	$ 17	$ 15
Asbestos liabilities included in Other long-term liabilities	208	206
Total Asbestos liabilities	225	221
Asbestos-related recoveries included in Other current assets	7	5
Asbestos-related recoveries included in Other assets	88	88
Total Asbestos-related recoveries	$ 95	$ 93

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) lawsuit in Thousands	Sep. 30, 2024 USD ($) lawsuit	May 14, 2023 USD ($)
Other Commitments [Line Items]
Potential contingent liabilities		$ 0
Deconsolidation, loss amount		297,000,000
Cash divested from deconsolidation		134,000,000
Payment under tax sharing arrangement		15,000,000
Tax cuts and jobs act, recognized gain associated with share	$ 46,000,000
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability, current	118,000,000
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability	$ 108,000,000
Aqueous Film Forming Foam
Other Commitments [Line Items]
Number of litigation cases (more than) | lawsuit	8
Aqueous Film Forming Foam | Pending Litigation
Other Commitments [Line Items]
Loss contingency, litigation settlement to be paid	$ 615,000,000
Loss contingency, settlement to be paid, term	5 years
Estimated insurance recoveries	$ 2,400,000,000
Loss contingency, settlement to be paid, contribution from insurance settlement	125,000,000
Liabilities subject to compromise, litigation liability	$ 565,000,000	$ 50,000,000
Aqueous Film Forming Foam | Pending Litigation | Kidde-Fenwal, Inc.
Other Commitments [Line Items]
Loss contingency, settlement to be paid, percentage of proceeds from sale of sale of net assets	100%
Loss contingency, settlement to be paid, estimated proceeds from sale of assets	$ 115,000,000