$OTIS
Otis Worldwide Corp

2020 Q2 Form 10-Q Financial Statement

#000178133520000016 Filed on July 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $3.029B $3.351B
YoY Change -9.61%
Cost Of Revenue $2.138B $2.367B
YoY Change -9.67%
Gross Profit $891.0M $984.0M
YoY Change -9.45%
Gross Profit Margin 29.42% 29.36%
Selling, General & Admin $441.0M $444.0M
YoY Change -0.68%
% of Gross Profit 49.49% 45.12%
Research & Development $37.00M $40.00M
YoY Change -7.5%
% of Gross Profit 4.15% 4.07%
Depreciation & Amortization $49.00M $46.00M
YoY Change 6.52%
% of Gross Profit 5.5% 4.67%
Operating Expenses $478.0M $484.0M
YoY Change -1.24%
Operating Profit $416.0M $481.0M
YoY Change -13.51%
Interest Expense -$41.00M $3.000M
YoY Change -1466.67%
% of Operating Profit -9.86% 0.62%
Other Income/Expense, Net -$1.000M $11.00M
YoY Change -109.09%
Pretax Income $374.0M $495.0M
YoY Change -24.44%
Income Tax $109.0M $143.0M
% Of Pretax Income 29.14% 28.89%
Net Earnings $224.0M $308.0M
YoY Change -27.27%
Net Earnings / Revenue 7.4% 9.19%
Basic Earnings Per Share $0.52 $0.71
Diluted Earnings Per Share $0.52 $0.71
COMMON SHARES
Basic Shares Outstanding 433.1M shares 433.1M shares
Diluted Shares Outstanding 434.1M shares 433.1M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.912B
YoY Change
Cash & Equivalents $1.912B $1.542B
Short-Term Investments
Other Short-Term Assets $502.0M
YoY Change
Inventory $629.0M
Prepaid Expenses
Receivables $2.865B
Other Receivables $0.00
Total Short-Term Assets $6.392B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $704.0M
YoY Change
Goodwill $1.639B
YoY Change
Intangibles $458.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $291.0M
YoY Change
Total Long-Term Assets $4.049B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $6.392B
Total Long-Term Assets $4.049B
Total Assets $10.44B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.349B
YoY Change
Accrued Expenses $1.917B
YoY Change
Deferred Revenue $2.463B
YoY Change
Short-Term Debt $33.00M
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $5.762B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $6.260B
YoY Change
Other Long-Term Liabilities $590.0M
YoY Change
Total Long-Term Liabilities $6.850B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.762B
Total Long-Term Liabilities $6.850B
Total Liabilities $14.02B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$3.418B
YoY Change
Common Stock $19.00M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.242B
YoY Change
Total Liabilities & Shareholders Equity $10.44B
YoY Change

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $224.0M $308.0M
YoY Change -27.27%
Depreciation, Depletion And Amortization $49.00M $46.00M
YoY Change 6.52%
Cash From Operating Activities $664.0M $354.0M
YoY Change 87.57%
INVESTING ACTIVITIES
Capital Expenditures -$36.00M -$35.00M
YoY Change 2.86%
Acquisitions
YoY Change
Other Investing Activities -$14.00M -$39.00M
YoY Change -64.1%
Cash From Investing Activities -$50.00M -$74.00M
YoY Change -32.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 76.00M -41.00M
YoY Change -285.37%
NET CHANGE
Cash From Operating Activities 664.0M 354.0M
Cash From Investing Activities -50.00M -74.00M
Cash From Financing Activities 76.00M -41.00M
Net Change In Cash 690.0M 239.0M
YoY Change 188.7%
FREE CASH FLOW
Cash From Operating Activities $664.0M $354.0M
Capital Expenditures -$36.00M -$35.00M
Free Cash Flow $700.0M $389.0M
YoY Change 79.95%

Facts In Submission

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us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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otis Noncontrolling Interest Increase Decrease From Business Combination Disposal And Other Changes
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us-gaap Temporary Equity Accretion To Redemption Value
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CY2019Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Depreciation Amortization And Accretion Net
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us-gaap Share Based Compensation
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us-gaap Asset Impairment Charges
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Pension Contributions
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Proceeds From Short Term Debt
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otis Payments For Proceeds From Net Parent Investment
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otis Payments For Proceeds From Net Parent Investment
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330000000 USD
us-gaap Payments Of Dividends Common Stock
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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-33000000 USD
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4000000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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210000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1459000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1346000000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Nature Of Operations
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<span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Condensed Consolidated Financial Statements at June 30, 2020 and for the quarters and six months ended June 30, 2020 and 2019 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The Condensed Consolidated Balance Sheet at December 31, 2019 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States. The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the financial statements and notes in our registration statement on </span><span style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;"><a href="https://www.sec.gov/Archives/edgar/data/1781335/000114036120005505/nt10003666x13_1012ba.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Form 10</a></span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> (File No. 001-39221), initially filed with the Securities and Exchange Commission (“SEC”) on February 7, 2020, as amended by Amendment No. 1 filed on March 11, 2020 ("Form 10"). </span>Description of Business and Separation from United Technologies Corporation<div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Otis (as defined below) is the world’s largest elevator and escalator manufacturing, installation and service company. Our operations are classified into two segments: New Equipment and Service. Through the New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators as well as escalators and moving walkways for residential and commercial building and infrastructure projects. The Service segment provides maintenance and repair services for both our products and those of other manufacturers, and provides modernization services to upgrade elevators and escalators.</span></div><div><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On November 26, 2018, United Technologies Corporation, subsequently renamed to Raytheon Technologies Corporation on April 3, 2020 ("UTC"), announced its intention to spin-off its Otis reportable segment into a separate publicly-traded company (the "Separation"). On April 3, 2020, the Company became an independent publicly-traded company through a pro-rata distribution of 0.5 shares of Otis common stock for every share of UTC common stock held at the close of business on the record date of March 19, 2020 (the "Distribution"). Otis began to trade as a separate public company (New York Stock Exchange ("NYSE"): OTIS) on April </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">3, 2</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">02</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">0. </span></div><div style="text-indent:22.5pt;"><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Unless the context otherwise requires, references to "Otis", "we", "us", "our" and "the Company" refer to (i) Otis Worldwide Corporation's business (the "Business") prior to the Separation and (ii) Otis Worldwide Corporation and its subsidiaries following the Separation, as applicable. </span></div><div style="text-indent:22.5pt;"><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Separation was completed pursuant to a Separation and Distribution Agreement ("Separation Agreement") and other agreements with UTC related to the Separation, including but not limited to a transition services agreement (the "Transition Service Agreement" or "TSA"), a tax matters agreement (the "Tax Matters Agreement" or "TMA"), an employee matter agreement (the "Employee Matters Agreement" or "EMA") and an intellectual property agreement (the "Intellectual Property Agreement"). For further discussion on these agreements, see Note 5.</span></div>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Prior to the Separation on April 3, 2020, our historical financial statements were prepared on a standalone combined basis and were derived from the consolidated financial statements and accounting records of UTC. For the period subsequent to April 3, 2020, our financial statements are presented on a consolidated basis as the Company became a standalone public company (collectively, the financial statements for all periods presented, including the historical results of the Company prior to April 3, 2020, are now referred to as "Condensed Consolidated Financial Statements" to reflect this change). They have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and accordingly, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. </span></div><div style="text-indent:24.76pt;"><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Prior to the Separation on April 3, 2020, the Condensed Consolidated Statements of Operations included all revenues and costs directly attributable to Otis, including costs for facilities, functions and services used by Otis. Costs for certain functions and services performed by centralized UTC organizations were directly charged to Otis based on specific identification when possible or based on a reasonable allocation driver such as net sales, headcount, usage or other allocation methods. All charges and allocations for facilities, functions and services performed by UTC organizations have been deemed settled in cash by Otis to UTC in the period in which the cost was recorded on the Condensed Consolidated Statements of Operations. Current and </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">deferred income taxes were determined based on the standalone results of Otis. However, because the Company was included in UTC’s tax group in certain jurisdictions, the Company's actual tax balances may differ from those reported. The Company's portion of its domestic income taxes and certain income taxes for jurisdictions outside the United States are deemed to have been settled in the period the related tax expense was recorded prior to the Separation. </span></div><div style="text-indent:36pt;"><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">All significant intracompany accounts and transactions within the Company have been eliminated in the preparation of the Condensed Consolidated Financial Statements. Prior to the Separation, the Condensed Consolidated Financial St</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">atements of the Company include assets and liabilities that have been determined to be specifically or otherwise attributable to the Company.</span></div><div style="text-indent:36pt;"><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Risks and Uncertainties. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In March 2020, the World Health Organization declared the outbreak of the novel strain of coronavirus ("COVID-19"), a global pandemic and recommended a number of restrictive measures to contain the spread. Many governments in the regions where we generate the majority of our revenue have adopted such policies, including social distancing and restrictions on businesses deemed non-essential. The Company continues to closely monitor the impact of the COVID-19 pandemic and manage the effects on its business globally as the situation continues to evolve. It is difficult to estimate at this time the duration and extent of the impact of the pandemic on the Company, financial position, cash flow and results of operations. The results of our operations and overall financial performance were impacted during the quarter ended and six months ended June 30, 2020.</span></div><div style="text-indent:22.5pt;"><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Due to existing conditions and uncertainty, the Company believes that COVID-19 will have an impact on its business, cash flow and results of operations for the three months ended September 30, 2020 and likely at least for the remainder of the year ending December 31, 2020. The extent of the impact will depend largely on future developments, which are highly uncertain, including the emergence of additional information concerning the severity and/or potential resurgence of the outbreak, timing, efficacy and availability of a vaccine, actions taken by government authorities to further contain the outbreak or address its impact and its longer-term impacts on the global economy, among other factors.</span></div><div style="text-indent:24.76pt;"><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">U</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">se of Estimates. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available to us and the unknown future impacts of COVID-19 at June 30, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">credit losses, the carrying value of our goodwill and other long-lived assets, financial assets and revenue recognition. While there was not a material impact to our Condensed Consolidated Financial Statements as of and for the</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> quarter and six months ended June 30, 2020 resulting from our assessments of these matters, future assessment of our current expectations at that time of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to our Condensed Consolidated Financial Statements in future reporting periods.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">U</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">se of Estimates. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">We assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available to us and the unknown future impacts of COVID-19 at June 30, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">credit losses, the carrying value of our goodwill and other long-lived assets, financial assets and revenue recognition. While there was not a material impact to our Condensed Consolidated Financial Statements as of and for the</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> quarter and six months ended June 30, 2020 resulting from our assessments of these matters, future assessment of our current expectations at that time of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to our Condensed Consolidated Financial Statements in future reporting periods.</span>
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
224000000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
308000000 USD
us-gaap Net Income Loss
NetIncomeLoss
389000000 USD
us-gaap Net Income Loss
NetIncomeLoss
581000000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
433100000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
433100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
433100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
433100000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000.0 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
434100000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
433100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
433600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
433100000 shares
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.52
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.34
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.52
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.34
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9300000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9300000 shares
CY2020Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
484000000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
529000000 USD
CY2020Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
484000000 USD
CY2019Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
529000000 USD
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2463000000 USD
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2270000000 USD
CY2020Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
28000000 USD
CY2019Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
18000000 USD
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2491000000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2288000000 USD
CY2020Q2 otis Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-2007000000 USD
CY2019Q4 otis Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-1759000000 USD
otis Contract With Customer Asset Increase Decrease
ContractWithCustomerAssetIncreaseDecrease
-45000000 USD
otis Contractwith Customer Liability Change
ContractwithCustomerLiabilityChange
203000000 USD
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1300000000 USD
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
16400000000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.90
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2019Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
16400000000 USD
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.91
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
140000000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
83000000 USD
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2865000000 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2861000000 USD
CY2020Q2 otis Trade Receivables Current
TradeReceivablesCurrent
2788000000 USD
CY2019Q4 otis Trade Receivables Current
TradeReceivablesCurrent
2723000000 USD
CY2020Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
118000000 USD
CY2019Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
108000000 USD
CY2020Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
99000000 USD
CY2019Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
113000000 USD
CY2020Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3005000000 USD
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
2944000000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
83000000 USD
us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
13000000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
6000000 USD
otis Accounts Receivable Allowance For Credit Loss Other
AccountsReceivableAllowanceForCreditLossOther
22000000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
140000000 USD
CY2020Q2 otis Accounts Receivable Allowance For Credit Loss Other
AccountsReceivableAllowanceForCreditLossOther
22000000 USD
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
117000000 USD
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
103000000 USD
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
512000000 USD
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
468000000 USD
CY2020Q2 us-gaap Inventory Net
InventoryNet
629000000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
571000000 USD
CY2020Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
108000000 USD
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
103000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
16000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
32000000 USD
CY2019Q2 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-19000000 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-19000000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
1647000000 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
6000000 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-14000000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
1639000000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2137000000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1686000000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2136000000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1653000000 USD
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7000000 USD
CY2019Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7000000 USD
CY2020Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2144000000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1686000000 USD
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2143000000 USD
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1653000000 USD
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
23000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
45000000 USD
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
25000000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
49000000 USD
CY2019Q4 us-gaap Commercial Paper
CommercialPaper
0 USD
CY2020Q2 us-gaap Commercial Paper
CommercialPaper
0 USD
CY2020Q2 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
33000000 USD
CY2019Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
34000000 USD
CY2020Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
33000000 USD
CY2019Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
34000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
CY2020Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
6300000000 USD
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6306000000 USD
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
5000000 USD
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
46000000 USD
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
0 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
6260000000 USD
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1000000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
5000000 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6260000000 USD
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5000000 USD
CY2020Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
47000000 USD
CY2020Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
46000000 USD
otis Long Term Debt Average Remaining Maturity
LongTermDebtAverageRemainingMaturity
P10Y3M18D
CY2020Q2 otis Averageinterestexpenserate
Averageinterestexpenserate
0.025
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2000000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2000000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1501000000 USD
CY2020Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
14000000 USD
CY2019Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
10000000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
30000000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
21000000 USD
CY2020Q2 us-gaap Multiemployer Plan Contributions By Employer
MultiemployerPlanContributionsByEmployer
36000000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
4800000000 USD
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6306000000 USD
CY2020Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
10000000 USD
CY2019Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
8000000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
20000000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
18000000 USD
CY2019Q2 us-gaap Multiemployer Plan Contributions By Employer
MultiemployerPlanContributionsByEmployer
40000000 USD
us-gaap Multiemployer Plan Contributions By Employer
MultiemployerPlanContributionsByEmployer
73000000 USD
us-gaap Multiemployer Plan Contributions By Employer
MultiemployerPlanContributionsByEmployer
78000000 USD
CY2020Q2 us-gaap Other Postretirement Benefit Expense
OtherPostretirementBenefitExpense
0 USD
CY2019Q2 us-gaap Other Postretirement Benefit Expense
OtherPostretirementBenefitExpense
3000000 USD
us-gaap Other Postretirement Benefit Expense
OtherPostretirementBenefitExpense
1000000 USD
us-gaap Other Postretirement Benefit Expense
OtherPostretirementBenefitExpense
7000000 USD
CY2020Q2 us-gaap Pension Expense
PensionExpense
0 USD
CY2019Q2 us-gaap Pension Expense
PensionExpense
-12000000 USD
us-gaap Pension Expense
PensionExpense
-5000000 USD
us-gaap Pension Expense
PensionExpense
-25000000 USD
CY2020Q2 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
0 USD
CY2019Q2 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-9000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-4000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-18000000 USD
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
45000000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
28000000 shares
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16000000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19000000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 USD
CY2019Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1000000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
4000000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
14000000 USD
CY2019Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
9000000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
16000000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
17000000 USD
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
96000000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2020Q2 otis Share Based Compensation Arrangement By Share Based Payment Award Options Converted From Parent During Period Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsConvertedFromParentDuringPeriodNumber
520000 shares
CY2020Q2 otis Share Based Compensation Arrangement By Share Based Payment Award Options Converted From Parent During Period Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsConvertedFromParentDuringPeriodWeightedAveragePrice
53.99
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2020Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2020Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2020Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2020Q2 otis Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExpectedToVestOutstandingNumber
1795000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
520000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
53.99
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
13231000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
59.57
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
46000000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y10M24D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
8564000 shares
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
53.27
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
45000000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y3M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodIntrinsicValue
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
102000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y2M12D
CY2020Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
15000000 USD
CY2020Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-3000000 USD
CY2020Q2 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-1000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-90000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-7000000 USD
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
2000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-39000000 USD
CY2019Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-3000000 USD
CY2019Q2 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
4000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-31000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-5000000 USD
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
15000000 USD
us-gaap Restructuring Charges
RestructuringCharges
26000000 USD
us-gaap Restructuring Charges
RestructuringCharges
40000000 USD
CY2020Q2 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
15000000 USD
us-gaap Restructuring Charges
RestructuringCharges
26000000 USD
us-gaap Restructuring Charges
RestructuringCharges
40000000 USD
CY2020Q2 otis Four Quarter Rolling Average Of Notional Amount Of Foreign Exchange Contracts Hedging Foreign Currency Transactions
FourQuarterRollingAverageOfNotionalAmountOfForeignExchangeContractsHedgingForeignCurrencyTransactions
2800000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-2000000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-1000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3000000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-12000000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-2000000 USD
CY2020Q2 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
-2000000 USD
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
27000000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
47000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
8000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
9000000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-1000000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-4000000 USD
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
27000000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
37000000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3029000000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3351000000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
416000000 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
481000000 USD
CY2020Q2 otis Operating Profit Margin
OperatingProfitMargin
0.137
CY2019Q2 otis Operating Profit Margin
OperatingProfitMargin
0.144
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5995000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6452000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
745000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
896000000 USD
otis Operating Profit Margin
OperatingProfitMargin
0.124
otis Operating Profit Margin
OperatingProfitMargin
0.139
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3029000000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3351000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5995000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6452000000 USD
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3029000000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3351000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5995000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6452000000 USD
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-77000000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-25000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-24000000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-06-30
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2000000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2000000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1501000000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1000000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
4800000000 USD

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