$CARR
CARRIER GLOBAL Corp

2023 Q3 Form 10-Q Financial Statement

#000178318023000056 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $5.731B $5.992B
YoY Change 5.14% 14.99%
Cost Of Revenue $3.912B $4.234B
YoY Change -1.54% 12.64%
Gross Profit $1.819B $1.758B
YoY Change 23.07% 21.07%
Gross Profit Margin 31.74% 29.34%
Selling, General & Admin $831.0M $764.0M
YoY Change 33.17% 24.43%
% of Gross Profit 45.68% 43.46%
Research & Development $157.0M $151.0M
YoY Change 9.79% 23.77%
% of Gross Profit 8.63% 8.59%
Depreciation & Amortization $134.0M $137.0M
YoY Change 31.37% 80.26%
% of Gross Profit 7.37% 7.79%
Operating Expenses $988.0M $1.298B
YoY Change 28.81% 76.36%
Operating Profit $645.0M $460.0M
YoY Change -57.73% -43.83%
Interest Expense -$51.00M -$15.00M
YoY Change -8.93% -75.41%
% of Operating Profit -7.91% -3.26%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income $594.0M $422.0M
YoY Change -59.59% -44.25%
Income Tax $213.0M $189.0M
% Of Pretax Income 35.86% 44.79%
Net Earnings $381.0M $199.0M
YoY Change -71.4% -66.1%
Net Earnings / Revenue 6.65% 3.32%
Basic Earnings Per Share $0.43 $0.24
Diluted Earnings Per Share $0.42 $0.23
COMMON SHARES
Basic Shares Outstanding 837.6M shares 834.8M shares
Diluted Shares Outstanding 854.7M shares 850.9M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.902B $3.209B
YoY Change 30.72% 6.36%
Cash & Equivalents $3.902B $3.209B
Short-Term Investments
Other Short-Term Assets $412.0M $443.0M
YoY Change -2.37% 18.45%
Inventory $2.562B $2.699B
Prepaid Expenses
Receivables $3.635B $3.790B
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.51B $10.14B
YoY Change 7.92% 9.33%
LONG-TERM ASSETS
Property, Plant & Equipment $2.210B $2.862B
YoY Change 7.54% 58.56%
Goodwill $9.825B $9.927B
YoY Change 2.12% 9.48%
Intangibles $1.100B $1.181B
YoY Change -15.97% 157.86%
Long-Term Investments $1.166B $1.139B
YoY Change 1.3% -31.84%
Other Assets $414.0M $336.0M
YoY Change 100.0% 74.09%
Total Long-Term Assets $16.03B $16.14B
YoY Change 2.71% 12.21%
TOTAL ASSETS
Total Short-Term Assets $10.51B $10.14B
Total Long-Term Assets $16.03B $16.14B
Total Assets $26.54B $26.28B
YoY Change 4.71% 11.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.887B $2.956B
YoY Change 2.48% 23.01%
Accrued Expenses $2.832B $2.661B
YoY Change 11.63% 9.51%
Deferred Revenue $496.0M $483.0M
YoY Change 12.73% 8.78%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $134.0M $134.0M
YoY Change -38.81% -50.19%
Total Short-Term Liabilities $6.349B $6.234B
YoY Change 5.59% 12.41%
LONG-TERM LIABILITIES
Long-Term Debt $8.651B $8.655B
YoY Change -0.22% 4.3%
Other Long-Term Liabilities $1.687B $2.547B
YoY Change -2.88% 55.78%
Total Long-Term Liabilities $10.34B $11.20B
YoY Change -0.66% 12.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.349B $6.234B
Total Long-Term Liabilities $10.34B $11.20B
Total Liabilities $18.04B $18.32B
YoY Change 0.87% 9.87%
SHAREHOLDERS EQUITY
Retained Earnings $6.486B $6.129B
YoY Change 10.38% 34.29%
Common Stock $9.000M $9.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.184B $7.969B
YoY Change
Total Liabilities & Shareholders Equity $26.54B $26.28B
YoY Change 4.71% 11.08%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $381.0M $199.0M
YoY Change -71.4% -66.1%
Depreciation, Depletion And Amortization $134.0M $137.0M
YoY Change 31.37% 80.26%
Cash From Operating Activities $1.041B $384.0M
YoY Change 31.77% 1100.0%
INVESTING ACTIVITIES
Capital Expenditures $92.00M $74.00M
YoY Change -201.1% -212.12%
Acquisitions
YoY Change
Other Investing Activities -$43.00M -$122.0M
YoY Change -91.55% 11.93%
Cash From Investing Activities -$135.0M -$196.0M
YoY Change -77.5% 12.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -182.0M -293.0M
YoY Change 21.33% -29.23%
NET CHANGE
Cash From Operating Activities 1.041B 384.0M
Cash From Investing Activities -135.0M -196.0M
Cash From Financing Activities -182.0M -293.0M
Net Change In Cash 724.0M -105.0M
YoY Change 1710.0% -81.15%
FREE CASH FLOW
Cash From Operating Activities $1.041B $384.0M
Capital Expenditures $92.00M $74.00M
Free Cash Flow $949.0M $310.0M
YoY Change 7.72% 216.33%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accrued liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other long-term liabilities</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> based on their anticipated settlement date.</span>
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.25
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5992000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5211000000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
489000000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
819000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11265000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9865000000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
1044000000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
2556000000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5992000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5211000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11265000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9865000000 usd
CY2023Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
15000000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
24000000 usd
CY2023Q2 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
203000000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
211000000 usd
CY2023Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
218000000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
235000000 usd
CY2023Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures Fair Value Disclosure
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVenturesFairValueDisclosure
0 usd
CY2023Q2 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
-293000000 usd
CY2023Q2 us-gaap Cash Divested From Deconsolidation
CashDivestedFromDeconsolidation
134000000 usd
CY2023Q2 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability Current
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsLiabilityCurrent
75000000 usd
CY2023Q2 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsLiability
293000000 usd
CY2023Q2 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability Current
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsLiabilityCurrent
75000000 usd

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carr-20230630.htm Edgar Link pending
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