$OTIS
Otis Worldwide Corp

2023 Q2 Form 10-Q Financial Statement

#000178133523000016 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $3.720B $3.346B
YoY Change 6.65% -1.99%
Cost Of Revenue $2.637B $2.350B
YoY Change 5.27% -2.41%
Gross Profit $1.083B $996.0M
YoY Change 10.17% -0.99%
Gross Profit Margin 29.11% 29.77%
Selling, General & Admin $479.0M $455.0M
YoY Change 9.11% -0.87%
% of Gross Profit 44.23% 45.68%
Research & Development $36.00M $35.00M
YoY Change -5.26% -5.41%
% of Gross Profit 3.32% 3.51%
Depreciation & Amortization $52.00M $47.00M
YoY Change 6.12% -2.08%
% of Gross Profit 4.8% 4.72%
Operating Expenses $515.0M $490.0M
YoY Change 7.97% -1.21%
Operating Profit $580.0M $513.0M
YoY Change 19.1% -2.47%
Interest Expense -$37.00M -$33.00M
YoY Change 5.71% -10.81%
% of Operating Profit -6.38% -6.43%
Other Income/Expense, Net -$1.000M $0.00
YoY Change 0.0%
Pretax Income $542.0M $480.0M
YoY Change 20.18% -1.84%
Income Tax $135.0M $128.0M
% Of Pretax Income 24.91% 26.67%
Net Earnings $376.0M $331.0M
YoY Change 17.13% 6.43%
Net Earnings / Revenue 10.11% 9.89%
Basic Earnings Per Share $0.91 $0.80
Diluted Earnings Per Share $0.90 $0.79
COMMON SHARES
Basic Shares Outstanding 413.3M shares 414.9M shares
Diluted Shares Outstanding 416.0M shares 417.8M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.219B $1.117B
YoY Change 0.08% -9.55%
Cash & Equivalents $1.219B $1.117B
Short-Term Investments
Other Short-Term Assets $326.0M $320.0M
YoY Change -38.14% -6.43%
Inventory $640.0M $642.0M
Prepaid Expenses
Receivables $3.497B $3.364B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.417B $6.153B
YoY Change 4.34% -21.56%
LONG-TERM ASSETS
Property, Plant & Equipment $715.0M $719.0M
YoY Change -1.24% -5.02%
Goodwill $1.579B $1.570B
YoY Change 1.87% -4.03%
Intangibles $355.0M $360.0M
YoY Change -7.79% -9.32%
Long-Term Investments
YoY Change
Other Assets $347.0M $294.0M
YoY Change 21.33% -4.55%
Total Long-Term Assets $3.718B $3.692B
YoY Change -1.2% -6.56%
TOTAL ASSETS
Total Short-Term Assets $6.417B $6.153B
Total Long-Term Assets $3.718B $3.692B
Total Assets $10.14B $9.845B
YoY Change 2.24% -16.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.744B $1.515B
YoY Change 7.92% 0.53%
Accrued Expenses $1.779B $1.679B
YoY Change -6.52% -4.28%
Deferred Revenue $2.889B $2.983B
YoY Change 5.51% 1.81%
Short-Term Debt $200.0M $107.0M
YoY Change 146.91% 109.8%
Long-Term Debt Due $546.0M $539.0M
YoY Change
Total Short-Term Liabilities $7.158B $6.823B
YoY Change 12.94% 2.59%
LONG-TERM LIABILITIES
Long-Term Debt $6.117B $6.116B
YoY Change -7.35% -8.63%
Other Long-Term Liabilities $501.0M $546.0M
YoY Change -14.21% -9.9%
Total Long-Term Liabilities $6.618B $6.662B
YoY Change -7.9% -8.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.158B $6.823B
Total Long-Term Liabilities $6.618B $6.662B
Total Liabilities $14.76B $14.48B
YoY Change 0.65% -4.37%
SHAREHOLDERS EQUITY
Retained Earnings -$2.419B -$2.653B
YoY Change -25.45% -24.82%
Common Stock $183.0M $172.0M
YoY Change 51.24% 42.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.927B $1.750B
YoY Change 71.29% 89.19%
Treasury Stock Shares
Shareholders Equity -$4.852B -$4.857B
YoY Change
Total Liabilities & Shareholders Equity $10.14B $9.845B
YoY Change 2.24% -16.53%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $376.0M $331.0M
YoY Change 17.13% 6.43%
Depreciation, Depletion And Amortization $52.00M $47.00M
YoY Change 6.12% -2.08%
Cash From Operating Activities $446.0M $278.0M
YoY Change 26.35% -44.84%
INVESTING ACTIVITIES
Capital Expenditures $37.00M $25.00M
YoY Change -237.04% -183.33%
Acquisitions $16.00M
YoY Change 100.0%
Other Investing Activities -$33.00M -$3.000M
YoY Change -197.06%
Cash From Investing Activities -$70.00M -$21.00M
YoY Change -1100.0% 23.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -244.0M -$341.0M
YoY Change -88.46% -58.57%
NET CHANGE
Cash From Operating Activities 446.0M $278.0M
Cash From Investing Activities -70.00M -$21.00M
Cash From Financing Activities -244.0M -$341.0M
Net Change In Cash 132.0M -$74.00M
YoY Change -107.53% -81.45%
FREE CASH FLOW
Cash From Operating Activities $446.0M $278.0M
Capital Expenditures $37.00M $25.00M
Free Cash Flow $409.0M $253.0M
YoY Change 7.63% -52.62%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001781335
CY2023Q1 dei Document Type
DocumentType
10-Q
CY2023Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2023Q1 dei Document Period End Date
DocumentPeriodEndDate
2023-03-31
CY2023Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2023Q1 dei Entity File Number
EntityFileNumber
001-39221
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
OTIS WORLDWIDE CORPORATION
CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
83-3789412
CY2023Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
One Carrier Place
CY2023Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Farmington
CY2023Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
CT
CY2023Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
06032
CY2023Q1 dei City Area Code
CityAreaCode
860
CY2023Q1 dei Local Phone Number
LocalPhoneNumber
674-3000
CY2023Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2023Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2023Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2023Q1 dei Entity Shell Company
EntityShellCompany
false
CY2023Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
413291336 shares
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3346000000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3414000000 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
35000000 usd
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
37000000 usd
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
455000000 usd
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
459000000 usd
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
2840000000 usd
CY2022Q1 us-gaap Costs And Expenses
CostsAndExpenses
2904000000 usd
CY2023Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
7000000 usd
CY2022Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
16000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
513000000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
526000000 usd
CY2023Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
0 usd
CY2022Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
0 usd
CY2023Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-33000000 usd
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-37000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
480000000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
489000000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
128000000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
136000000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
352000000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
353000000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
21000000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
42000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
331000000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
311000000 usd
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
414300000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
424200000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
417800000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
427700000 shares
CY2023Q1 us-gaap Profit Loss
ProfitLoss
352000000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
353000000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-34000000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
0 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
0 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-2000000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
3000000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
0 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-31000000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2000000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
321000000 usd
CY2022Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
355000000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
24000000 usd
CY2022Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-23000000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
297000000 usd
CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
378000000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1117000000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1189000000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
139000000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
152000000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3364000000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3357000000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
710000000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
664000000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
642000000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
617000000 usd
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
320000000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
316000000 usd
CY2023Q1 us-gaap Assets Current
AssetsCurrent
6153000000 usd
CY2022Q4 us-gaap Assets Current
AssetsCurrent
6143000000 usd
CY2023Q1 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
281000000 usd
CY2022Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
285000000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1183000000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1151000000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
719000000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
719000000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
468000000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
449000000 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
360000000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
369000000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
1570000000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1567000000 usd
CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
294000000 usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
287000000 usd
CY2023Q1 us-gaap Assets
Assets
9845000000 usd
CY2022Q4 us-gaap Assets
Assets
9819000000 usd
CY2023Q1 us-gaap Debt Current
DebtCurrent
646000000 usd
CY2022Q4 us-gaap Debt Current
DebtCurrent
670000000 usd
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1515000000 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1717000000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1679000000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1794000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2983000000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2662000000 usd
CY2023Q1 us-gaap Liabilities Current
LiabilitiesCurrent
6823000000 usd
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
6843000000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6116000000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6098000000 usd
CY2023Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
391000000 usd
CY2022Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
392000000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
329000000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
315000000 usd
CY2023Q1 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
278000000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
279000000 usd
CY2023Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
546000000 usd
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
556000000 usd
CY2023Q1 us-gaap Liabilities
Liabilities
14483000000 usd
CY2022Q4 us-gaap Liabilities
Liabilities
14483000000 usd
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
129000000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
135000000 usd
CY2023Q1 us-gaap Common Stock Value
CommonStockValue
172000000 usd
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
162000000 usd
CY2023Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1750000000 usd
CY2022Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1575000000 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2653000000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-2865000000 usd
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-626000000 usd
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-592000000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-4857000000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-4870000000 usd
CY2023Q1 us-gaap Minority Interest
MinorityInterest
90000000 usd
CY2022Q4 us-gaap Minority Interest
MinorityInterest
71000000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4767000000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4799000000 usd
CY2023Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9845000000 usd
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9819000000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4799000000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
135000000 usd
CY2023Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
349000000 usd
CY2023Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
3000000 usd
CY2023Q1 otis Other Comprehensive Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
OtherComprehensiveIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-32000000 usd
CY2023Q1 otis Temporary Equity Other Comprehensive Income Loss
TemporaryEquityOtherComprehensiveIncomeLoss
1000000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
10000000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.29
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
120000000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
175000000 usd
CY2023Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1000000 usd
CY2023Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
8000000 usd
CY2023Q1 otis Noncontrolling Interest Increase Decrease From Business Combination Disposal And Other Changes
NoncontrollingInterestIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
-1000000 usd
CY2023Q1 otis Temporary Equity Increase Decrease From Business Combination Disposal And Other Changes
TemporaryEquityIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
-2000000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4767000000 usd
CY2023Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
129000000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-3144000000 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
160000000 usd
CY2022Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
344000000 usd
CY2022Q1 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
9000000 usd
CY2022Q1 otis Other Comprehensive Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
OtherComprehensiveIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
66000000 usd
CY2022Q1 otis Temporary Equity Other Comprehensive Income Loss
TemporaryEquityOtherComprehensiveIncomeLoss
-64000000 usd
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5000000 usd
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.24
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
102000000 usd
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000000 usd
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
3000000 usd
CY2022Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
10000000 usd
CY2022Q1 us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
1885000000 usd
CY2022Q1 otis Temporary Equity Increase Decrease Due To Reclassification Of Noncontrolling Interest
TemporaryEquityIncreaseDecreaseDueToReclassificationOfNoncontrollingInterest
1476000000 usd
CY2022Q1 otis Noncontrolling Interest Increase Decrease From Business Combination Disposal And Other Changes
NoncontrollingInterestIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
3000000 usd
CY2022Q1 otis Temporary Equity Increase Decrease From Business Combination Disposal And Other Changes
TemporaryEquityIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
1000000 usd
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4922000000 usd
CY2022Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
1572000000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
352000000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
353000000 usd
CY2023Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
47000000 usd
CY2022Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
48000000 usd
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2000000 usd
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
17000000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15000000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
13000000 usd
CY2023Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-14000000 usd
CY2022Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
51000000 usd
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-263000000 usd
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-278000000 usd
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
20000000 usd
CY2022Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14000000 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
12000000 usd
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-56000000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-218000000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-36000000 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-155000000 usd
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-178000000 usd
CY2023Q1 us-gaap Pension Contributions
PensionContributions
14000000 usd
CY2022Q1 us-gaap Pension Contributions
PensionContributions
12000000 usd
CY2023Q1 otis Proceeds Payments From Other Operating Activities
ProceedsPaymentsFromOtherOperatingActivities
8000000 usd
CY2022Q1 otis Proceeds Payments From Other Operating Activities
ProceedsPaymentsFromOtherOperatingActivities
30000000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
278000000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
504000000 usd
CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
25000000 usd
CY2022Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
30000000 usd
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
16000000 usd
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
8000000 usd
CY2023Q1 us-gaap Payments To Acquire Equity Securities Fv Ni
PaymentsToAcquireEquitySecuritiesFvNi
0 usd
CY2022Q1 us-gaap Payments To Acquire Equity Securities Fv Ni
PaymentsToAcquireEquitySecuritiesFvNi
7000000 usd
CY2023Q1 us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
-17000000 usd
CY2022Q1 us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
-28000000 usd
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3000000 usd
CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21000000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17000000 usd
CY2023Q1 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
-32000000 usd
CY2022Q1 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
26000000 usd
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
500000000 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
120000000 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
102000000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
175000000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
200000000 usd
CY2023Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
9000000 usd
CY2022Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
33000000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5000000 usd
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-14000000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-341000000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-823000000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10000000 usd
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-63000000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-74000000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-399000000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1195000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3477000000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1121000000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3078000000 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
4000000 usd
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
1843000000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1117000000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1235000000 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
General<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Condensed Consolidated Financial Statements as of March 31, 2023 and for the quarters ended March 31, 2023 and 2022 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 as of December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States ("U.S."). 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 Company's annual consolidated financial statements and accompanying notes included in our Annual Report on </span><span style="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/ix?doc=/Archives/edgar/data/1781335/000178133523000009/otis-20221231.htm" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for fiscal year 2022 ("2022 Form 10-K" or "Form 10-K").</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><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 Otis Worldwide Corporation and its subsidiaries.</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no changes to the Company's significant accounting policies described in the Company's Form 10-K that have a material impact on the Company's Condensed Consolidated Financial Statements and the related notes. Certain amounts presented in the prior period have been reclassified to conform to the current period presentation, which are immaterial.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><span style="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 macroeconomic developments, including inflationary pressures, higher interest rates and tighter credit conditions, as of March 31, 2023 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for 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 March 31, 2023 and for the quarters ended March 31, 2023 and 2022, respectively, resulting from our assessments of these matters, future assessment of our expectations of the magnitude and duration of these macroeconomic developments, as well as other factors, could result in material impacts to our Condensed Consolidated Financial Statements in future reporting periods.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also assessed certain accounting matters as they relate to the ongoing conflict between Russia and Ukraine, including, but not limited to our allowance for credit losses, the carrying value of long-lived assets, revenue recognition and the classification of assets. There was not a material impact to our Condensed Consolidated Financial Statements as of March 31, 2023 and for the quarter ended March 31, 2023 resulting from our assessment of these matters. We continue to assess the impact on our results of operations, financial position and overall performance as the situation develops and any broader implications it may have on the global economy. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplier Finance Programs.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> On January 1, 2023, we adopted ASU No. 2022-04, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Liabilities - Supplier Finance Programs (Topic 450-50)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Disclosure of Supplier Finance Program Obligations </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain Otis subsidiaries participate in supplier finance programs, under which we agree to pay third-party financial institutions the stated amounts of confirmed invoices from suppliers on the original maturity dates of the invoices, while the participating suppliers generally have the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions. Our obligations to suppliers, including the amounts due and scheduled payment dates, are not impacted by the suppliers' decisions to sell their receivables to the financial institutions, or otherwise pledge their receivables as collateral, under these arrangements. The Company is not a party to the arrangements between the suppliers and the financial institutions, and the Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. Based on the applicable supplier agreements, the maturity dates of these supplier invoices can range between 30 and 105 days from the invoice date. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The outstanding obligations confirmed by the Company as valid to the financial institutions under our supplier finance programs were $404 million and $564 million as of March 31, 2023 and December 31, 2022, respectively. These obligations are included in Accounts payable in the Condensed Consolidated Balance Sheets, and all activity related to the obligations is presented within operating activities on the Consolidated Statements of Cash Flows.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company or the finance institutions may terminate the agreements with advanced notice. Otis has pledged no assets in connection with its supplier finance programs.</span></div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revision.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> As previously disclosed in our Form 10-Q for the quarter ended June 30, 2022, following the filing of the Company’s Form 10-Q for the quarterly period ended March 31, 2022, we identified an error in the presentation of the shares of Zardoya Otis, S.A. ("Zardoya Otis", later renamed Otis Mobility S.A.) owned by the third party Euro Syns, S.A ("Euro Syns"). Upon revisiting the accounting as of March 31, 2022, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Company determined that the shares owned by Euro Syns that were recorded in Redeemable non-controlling interest for $409 million</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> should have been classified in Forward purchase agreement (a separate new financial statement line item within current liabilities), resulting in a net decrease in Redeemable noncontrolling interest of $409 million. The effects of these corrections are reflected in these Condensed Consolidated Financial Statements for the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">quarters ended March 31, 2023 and 2022</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, including in the Condensed Consolidated Statement of Changes in Equity for the quarter ended March 31, 2022, and will be reflected in future filings, as applicable. There was no impact of this error on the Condensed Consolidated Statement of Operations, Statement of Comprehensive Income or the Statement of Cash Flows for the quarter ended March 31, 2022.</span>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates.</span>
CY2023Q1 otis Supplier Finance Program Amount
SupplierFinanceProgramAmount
404000000 usd
CY2022Q4 otis Supplier Finance Program Amount
SupplierFinanceProgramAmount
564000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
331000000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
311000000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
331000000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
311000000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
414300000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
424200000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3500000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3500000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
417800000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
427700000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2600000 shares
CY2023Q1 otis Contract With Customer Liability Increase Decrease
ContractWithCustomerLiabilityIncreaseDecrease
318000000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
710000000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
664000000 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
710000000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
664000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2983000000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2662000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
49000000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
52000000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3032000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2714000000 usd
CY2023Q1 otis Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-2322000000 usd
CY2022Q4 otis Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-2050000000 usd
CY2023Q1 otis Contract With Customer Asset Increase Decrease
ContractWithCustomerAssetIncreaseDecrease
46000000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
900000000 usd
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1000000000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
17900000000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.90
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2023Q1 otis Trade Receivables Current
TradeReceivablesCurrent
3203000000 usd
CY2022Q4 otis Trade Receivables Current
TradeReceivablesCurrent
3231000000 usd
CY2023Q1 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
133000000 usd
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
103000000 usd
CY2023Q1 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
91000000 usd
CY2022Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
91000000 usd
CY2023Q1 otis Notes Receivable Customer Financing
NotesReceivableCustomerFinancing
76000000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
96000000 usd
CY2022Q4 otis Notes Receivable Customer Financing
NotesReceivableCustomerFinancing
84000000 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3503000000 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3509000000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
139000000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
152000000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3364000000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3357000000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
152000000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
175000000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6000000 usd
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7000000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
20000000 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2000000 usd
CY2023Q1 otis Accounts Receivable Allowance For Credit Loss Foreign Exchange Gain Loss And Other
AccountsReceivableAllowanceForCreditLossForeignExchangeGainLossAndOther
1000000 usd
CY2022Q1 otis Accounts Receivable Allowance For Credit Loss Foreign Exchange Gain Loss And Other
AccountsReceivableAllowanceForCreditLossForeignExchangeGainLossAndOther
8000000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
139000000 usd
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
188000000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
180000000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
166000000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
462000000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
451000000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
642000000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
617000000 usd
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
97000000 usd
CY2023Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
16000000 usd
CY2022Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
8000000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1567000000 usd
CY2023Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0 usd
CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
3000000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
1570000000 usd
CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2043000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1683000000 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2026000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1657000000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17000000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
19000000 usd
CY2023Q1 us-gaap Commercial Paper
CommercialPaper
75000000 usd
CY2022Q4 us-gaap Commercial Paper
CommercialPaper
94000000 usd
CY2023Q1 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
32000000 usd
CY2022Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
45000000 usd
CY2023Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
107000000 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
139000000 usd
CY2023Q1 us-gaap Commercial Paper
CommercialPaper
75000000 usd
CY2023Q1 us-gaap Commercial Paper
CommercialPaper
60000000 eur
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6695000000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6671000000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
40000000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
42000000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
6655000000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
6629000000 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
539000000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
531000000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6116000000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6098000000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3000000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3000000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
33000000 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
36000000 usd
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
40000000 usd
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
42000000 usd
CY2023Q1 otis Long Term Debt Average Remaining Maturity
LongTermDebtAverageRemainingMaturity
P8Y3M18D
CY2023Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
14000000 usd
CY2022Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
12000000 usd
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
19000000 usd
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
20000000 usd
CY2023Q1 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
34000000 usd
CY2022Q1 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
23000000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
23000000 shares
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15000000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12000000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1000000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
13000000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
11000000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
101000000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
125000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
125000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
436100000 shares
CY2023Q1 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
22900000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
435600000 shares
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
20800000 shares
CY2023Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
2000000000 usd
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1800000000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2100000 shares
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2600000 shares
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
175000000 usd
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-33000000 usd
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
1000000 usd
CY2023Q1 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
0 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
69000000 usd
CY2022Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
1000000 usd
CY2022Q1 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
1000000 usd
CY2023Q1 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
20000000 usd
CY2023Q1 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
340000000 usd
CY2023Q1 otis Increase In Unrecognized Tax Benefits Accrued Interest Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsAccruedInterestIsReasonablyPossible
5000000 usd
CY2023Q1 otis Decrease In Unrecognized Tax Benefits Accrued Interest Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsAccruedInterestIsReasonablyPossible
145000000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
5000000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
14000000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
5000000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
14000000 usd
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
5000000 usd
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
14000000 usd
CY2023Q1 otis Four Quarter Rolling Average Of Notional Amount Of Foreign Exchange Contracts Hedging Foreign Currency Transactions
FourQuarterRollingAverageOfNotionalAmountOfForeignExchangeContractsHedgingForeignCurrencyTransactions
4000000000 usd
CY2022Q4 otis Four Quarter Rolling Average Of Notional Amount Of Foreign Exchange Contracts Hedging Foreign Currency Transactions
FourQuarterRollingAverageOfNotionalAmountOfForeignExchangeContractsHedgingForeignCurrencyTransactions
3900000000 usd
CY2023Q1 otis Four Quarter Rolling Average Of Notional Amount Of Commodity Contracts Hedging Commodity Purchase Transactions
FourQuarterRollingAverageOfNotionalAmountOfCommodityContractsHedgingCommodityPurchaseTransactions
24000000 usd
CY2022Q4 otis Four Quarter Rolling Average Of Notional Amount Of Commodity Contracts Hedging Commodity Purchase Transactions
FourQuarterRollingAverageOfNotionalAmountOfCommodityContractsHedgingCommodityPurchaseTransactions
20000000 usd
CY2023Q1 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
6000000 usd
CY2022Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
3000000 usd
CY2023Q1 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
1000000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13000000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20000000 usd
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
0 usd
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
0 usd
CY2023Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1000000 usd
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4000000 usd
CY2023Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1000000 usd
CY2022Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1000000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13000000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
17000000 usd
CY2021Q3 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
3 defendent
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3346000000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3414000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
513000000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
526000000 usd
CY2023Q1 otis Operating Profit Margin
OperatingProfitMargin
0.153
CY2022Q1 otis Operating Profit Margin
OperatingProfitMargin
0.154
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3346000000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3414000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3346000000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3414000000 usd

Files In Submission

Name View Source Status
0001781335-23-000016-index-headers.html Edgar Link pending
0001781335-23-000016-index.html Edgar Link pending
0001781335-23-000016.txt Edgar Link pending
0001781335-23-000016-xbrl.zip Edgar Link pending
exhibit152023-03x3110xq.htm Edgar Link pending
exhibit3112023-03x3110xq.htm Edgar Link pending
exhibit3122023-03x3110xq.htm Edgar Link pending
exhibit3132023-03x3110xq.htm Edgar Link pending
exhibit322023-03x3110xq.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
otis-20230331.htm Edgar Link pending
otis-20230331.xsd Edgar Link pending
otis-20230331_g1.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
otis-20230331_cal.xml Edgar Link unprocessable
otis-20230331_lab.xml Edgar Link unprocessable
otis-20230331_def.xml Edgar Link unprocessable
otis-20230331_pre.xml Edgar Link unprocessable
otis-20230331_htm.xml Edgar Link completed
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R60.htm Edgar Link pending
R61.htm Edgar Link pending
R62.htm Edgar Link pending
R63.htm Edgar Link pending
R64.htm Edgar Link pending
R65.htm Edgar Link pending
R66.htm Edgar Link pending
R67.htm Edgar Link pending
R68.htm Edgar Link pending
R69.htm Edgar Link pending
R7.htm Edgar Link pending
R70.htm Edgar Link pending
R71.htm Edgar Link pending
R72.htm Edgar Link pending
R73.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending