$CARR
CARRIER GLOBAL Corp

2024 Q2 Form 10-Q Financial Statement

#000178318024000044 Filed on April 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $6.689B $6.182B
YoY Change 11.63% 17.24%
Cost Of Revenue $4.798B $4.465B
YoY Change 13.32% 14.81%
Gross Profit $1.891B $1.717B
YoY Change 7.57% 24.06%
Gross Profit Margin 28.27% 27.77%
Selling, General & Admin $975.0M $952.0M
YoY Change 27.62% 32.04%
% of Gross Profit 51.56% 55.45%
Research & Development $187.0M $224.0M
YoY Change 23.84% 61.15%
% of Gross Profit 9.89% 13.05%
Depreciation & Amortization $311.0M $314.0M
YoY Change 127.01% 130.88%
% of Gross Profit 16.45% 18.29%
Operating Expenses $1.162B $1.117B
YoY Change -10.48% 29.88%
Operating Profit $3.691B $600.0M
YoY Change 702.39% 8.11%
Interest Expense -$166.0M -$220.0M
YoY Change 1006.67% 378.26%
% of Operating Profit -4.5% -36.67%
Other Income/Expense, Net -$1.000M
YoY Change
Pretax Income $3.524B $335.0M
YoY Change 735.07% -34.18%
Income Tax $1.155B $46.00M
% Of Pretax Income 32.78% 13.73%
Net Earnings $2.369B $269.0M
YoY Change 1090.45% -30.49%
Net Earnings / Revenue 35.42% 4.35%
Basic Earnings Per Share $2.59 $0.30
Diluted Earnings Per Share $2.55 $0.29
COMMON SHARES
Basic Shares Outstanding 901.0M shares 898.4M shares
Diluted Shares Outstanding 915.3M shares 913.0M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.919B $1.313B
YoY Change -9.04% -60.77%
Cash & Equivalents $2.919B $1.313B
Short-Term Investments
Other Short-Term Assets $488.0M $3.737B
YoY Change 10.16% 815.93%
Inventory $3.045B $3.189B
Prepaid Expenses
Receivables $3.520B $3.476B
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.57B $11.72B
YoY Change 14.12% 15.33%
LONG-TERM ASSETS
Property, Plant & Equipment $3.117B $3.812B
YoY Change 8.91% 67.41%
Goodwill $15.25B $15.37B
YoY Change 53.57% 53.86%
Intangibles $7.048B $7.351B
YoY Change 496.78% 471.17%
Long-Term Investments $1.221B $1.155B
YoY Change 7.2% 4.71%
Other Assets $565.0M $558.0M
YoY Change 68.15% 82.35%
Total Long-Term Assets $28.85B $29.10B
YoY Change 78.72% 79.01%
TOTAL ASSETS
Total Short-Term Assets $11.57B $11.72B
Total Long-Term Assets $28.85B $29.10B
Total Assets $40.42B $40.81B
YoY Change 53.8% 54.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.181B $3.074B
YoY Change 7.61% 5.06%
Accrued Expenses $4.262B $2.994B
YoY Change 60.17% 26.12%
Deferred Revenue $493.0M $501.0M
YoY Change 2.07% -2.91%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.052B $1.248B
YoY Change 1431.34% 778.87%
Total Short-Term Liabilities $10.68B $8.637B
YoY Change 71.24% 44.96%
LONG-TERM LIABILITIES
Long-Term Debt $11.27B $15.65B
YoY Change 30.21% 79.69%
Other Long-Term Liabilities $1.468B $2.348B
YoY Change -42.36% 27.89%
Total Long-Term Liabilities $12.74B $18.00B
YoY Change 13.71% 70.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.68B $8.637B
Total Long-Term Liabilities $12.74B $18.00B
Total Liabilities $26.35B $29.25B
YoY Change 43.84% 63.01%
SHAREHOLDERS EQUITY
Retained Earnings $8.854B $6.860B
YoY Change 44.46% 9.95%
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 $13.77B $11.56B
YoY Change
Total Liabilities & Shareholders Equity $40.42B $40.81B
YoY Change 53.8% 54.52%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $2.369B $269.0M
YoY Change 1090.45% -30.49%
Depreciation, Depletion And Amortization $311.0M $314.0M
YoY Change 127.01% 130.88%
Cash From Operating Activities $596.0M $70.00M
YoY Change 55.21% -41.67%
INVESTING ACTIVITIES
Capital Expenditures $111.0M $104.0M
YoY Change 50.0% 48.57%
Acquisitions $10.77B
YoY Change 20615.38%
Other Investing Activities $4.919B -$10.98B
YoY Change -4131.97% 219440.0%
Cash From Investing Activities $4.808B -$11.08B
YoY Change -2553.06% 10981.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.000M
YoY Change 150.0%
Cash From Financing Activities -3.785B 2.379B
YoY Change 1191.81% -1216.9%
NET CHANGE
Cash From Operating Activities 596.0M 70.00M
Cash From Investing Activities 4.808B -11.08B
Cash From Financing Activities -3.785B 2.379B
Net Change In Cash 1.619B -8.632B
YoY Change -1641.9% 4889.6%
FREE CASH FLOW
Cash From Operating Activities $596.0M $70.00M
Capital Expenditures $111.0M $104.0M
Free Cash Flow $485.0M -$34.00M
YoY Change 56.45% -168.0%

Facts In Submission

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<div style="text-align:justify"><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></div>
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4200000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6500000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6182000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5273000000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
500000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
555000000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6182000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5273000000 usd
CY2024Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
19000000 usd
CY2023Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
21000000 usd
CY2024Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
201000000 usd
CY2023Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
203000000 usd
CY2024Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
220000000 usd
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
224000000 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
-297000000 usd
CY2023Q2 us-gaap Cash Divested From Deconsolidation
CashDivestedFromDeconsolidation
134000000 usd
CY2024Q1 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
-46000000 usd
CY2024Q1 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability Current
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsLiabilityCurrent
96000000 usd
CY2024Q1 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsLiability
233000000 usd
CY2024Q1 us-gaap Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Liability Current
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsLiabilityCurrent
96000000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001783180-24-000044-index-headers.html Edgar Link pending
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0001783180-24-000044.txt Edgar Link pending
0001783180-24-000044-xbrl.zip Edgar Link pending
a10-10formofcarrierawardag.htm Edgar Link pending
a10-12024carrpsuscheduleof.htm Edgar Link pending
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a10-32024carrsarscheduleof.htm Edgar Link pending
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carr-20240331.htm Edgar Link pending
carr-20240331.xsd Edgar Link pending
carr-20240331_cal.xml Edgar Link unprocessable
carr-20240331_lab.xml Edgar Link unprocessable
carr-20240331_htm.xml Edgar Link completed
Financial_Report.xlsx Edgar Link pending
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q1202410-qexhibit15.htm Edgar Link pending
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carr-20240331_def.xml Edgar Link unprocessable
carr-20240331_pre.xml Edgar Link unprocessable