$OTIS
Otis Worldwide Corp

2023 Q3 Form 10-Q Financial Statement

#000178133523000029 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.523B $3.720B
YoY Change 5.35% 6.65%
Cost Of Revenue $2.477B $2.637B
YoY Change 4.38% 5.27%
Gross Profit $1.046B $1.083B
YoY Change 7.72% 10.17%
Gross Profit Margin 29.69% 29.11%
Selling, General & Admin $452.0M $479.0M
YoY Change 8.39% 9.11%
% of Gross Profit 43.21% 44.23%
Research & Development $36.00M $36.00M
YoY Change -2.7% -5.26%
% of Gross Profit 3.44% 3.32%
Depreciation & Amortization $46.00M $52.00M
YoY Change -4.17% 6.12%
% of Gross Profit 4.4% 4.8%
Operating Expenses $488.0M $515.0M
YoY Change 7.49% 7.97%
Operating Profit $571.0M $580.0M
YoY Change 7.94% 19.1%
Interest Expense -$39.00M -$37.00M
YoY Change 11.43% 5.71%
% of Operating Profit -6.83% -6.38%
Other Income/Expense, Net $0.00 -$1.000M
YoY Change -100.0% 0.0%
Pretax Income $532.0M $542.0M
YoY Change 7.91% 20.18%
Income Tax $137.0M $135.0M
% Of Pretax Income 25.75% 24.91%
Net Earnings $376.0M $376.0M
YoY Change 16.05% 17.13%
Net Earnings / Revenue 10.67% 10.11%
Basic Earnings Per Share $0.92 $0.91
Diluted Earnings Per Share $0.91 $0.90
COMMON SHARES
Basic Shares Outstanding 411.7M shares 413.3M shares
Diluted Shares Outstanding 413.7M shares 416.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.636B $1.219B
YoY Change 58.22% 0.08%
Cash & Equivalents $1.636B $1.219B
Short-Term Investments
Other Short-Term Assets $301.0M $326.0M
YoY Change -31.75% -38.14%
Inventory $624.0M $640.0M
Prepaid Expenses
Receivables $3.455B $3.497B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.749B $6.417B
YoY Change 15.78% 4.34%
LONG-TERM ASSETS
Property, Plant & Equipment $708.0M $715.0M
YoY Change 2.31% -1.24%
Goodwill $1.547B $1.579B
YoY Change 6.84% 1.87%
Intangibles $336.0M $355.0M
YoY Change -2.89% -7.79%
Long-Term Investments
YoY Change
Other Assets $343.0M $347.0M
YoY Change 25.64% 21.33%
Total Long-Term Assets $3.641B $3.718B
YoY Change 3.64% -1.2%
TOTAL ASSETS
Total Short-Term Assets $6.749B $6.417B
Total Long-Term Assets $3.641B $3.718B
Total Assets $10.39B $10.14B
YoY Change 11.22% 2.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.655B $1.744B
YoY Change 8.81% 7.92%
Accrued Expenses $1.725B $1.779B
YoY Change 3.79% -6.52%
Deferred Revenue $2.784B $2.889B
YoY Change 2.88% 5.51%
Short-Term Debt $54.00M $200.0M
YoY Change -47.57% 146.91%
Long-Term Debt Due $531.0M $546.0M
YoY Change
Total Short-Term Liabilities $6.749B $7.158B
YoY Change 12.63% 12.94%
LONG-TERM LIABILITIES
Long-Term Debt $6.822B $6.117B
YoY Change 5.62% -7.35%
Other Long-Term Liabilities $488.0M $501.0M
YoY Change -11.27% -14.21%
Total Long-Term Liabilities $7.310B $6.618B
YoY Change 4.29% -7.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.749B $7.158B
Total Long-Term Liabilities $7.310B $6.618B
Total Liabilities $15.00B $14.76B
YoY Change 6.57% 0.65%
SHAREHOLDERS EQUITY
Retained Earnings -$2.183B -$2.419B
YoY Change -28.24% -25.45%
Common Stock $198.0M $183.0M
YoY Change 47.76% 51.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.155B $1.927B
YoY Change 51.23% 71.29%
Treasury Stock Shares
Shareholders Equity -$4.788B -$4.852B
YoY Change
Total Liabilities & Shareholders Equity $10.39B $10.14B
YoY Change 11.22% 2.24%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $376.0M $376.0M
YoY Change 16.05% 17.13%
Depreciation, Depletion And Amortization $46.00M $52.00M
YoY Change -4.17% 6.12%
Cash From Operating Activities $306.0M $446.0M
YoY Change 28.03% 26.35%
INVESTING ACTIVITIES
Capital Expenditures $34.00M $37.00M
YoY Change -241.67% -237.04%
Acquisitions
YoY Change
Other Investing Activities -$7.000M -$33.00M
YoY Change -107.29% -197.06%
Cash From Investing Activities -$41.00M -$70.00M
YoY Change -156.94% -1100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 167.0M -244.0M
YoY Change -135.91% -88.46%
NET CHANGE
Cash From Operating Activities 306.0M 446.0M
Cash From Investing Activities -41.00M -70.00M
Cash From Financing Activities 167.0M -244.0M
Net Change In Cash 432.0M 132.0M
YoY Change -380.52% -107.53%
FREE CASH FLOW
Cash From Operating Activities $306.0M $446.0M
Capital Expenditures $34.00M $37.00M
Free Cash Flow $272.0M $409.0M
YoY Change 3.42% 7.63%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
10000000 usd
CY2023Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.34
CY2023Q2 us-gaap Dividends Common Stock
DividendsCommonStock
141000000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
177000000 usd
CY2023Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
8000000 usd
CY2023Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
1000000 usd
CY2023Q2 otis Noncontrolling Interest Increase Decrease From Business Combination Disposal And Other Changes
NoncontrollingInterestIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
3000000 usd
CY2023Q2 otis Temporary Equity Increase Decrease From Business Combination Disposal And Other Changes
TemporaryEquityIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
2000000 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4751000000 usd
CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
126000000 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
CY2022Q2 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
346000000 usd
CY2022Q2 us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
2000000 usd
CY2022Q2 otis Other Comprehensive Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
OtherComprehensiveIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-59000000 usd
CY2022Q2 otis Temporary Equity Other Comprehensive Income Loss
TemporaryEquityOtherComprehensiveIncomeLoss
-34000000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
13000000 usd
CY2022Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.29
CY2022Q2 us-gaap Dividends Common Stock
DividendsCommonStock
122000000 usd
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
200000000 usd
CY2022Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
9000000 usd
CY2022Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
1000000 usd
CY2022Q2 otis Noncontrolling Interest Increase Decrease From Business Combination Disposal And Other Changes
NoncontrollingInterestIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
-65000000 usd
CY2022Q2 otis Temporary Equity Increase Decrease From Business Combination Disposal And Other Changes
TemporaryEquityIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
-1403000000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4888000000 usd
CY2022Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
136000000 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
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
754000000 usd
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
5000000 usd
otis Other Comprehensive Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
OtherComprehensiveIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
-102000000 usd
otis Temporary Equity Other Comprehensive Income Loss
TemporaryEquityOtherComprehensiveIncomeLoss
-5000000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
20000000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.63
us-gaap Dividends Common Stock
DividendsCommonStock
261000000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
352000000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
9000000 usd
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
9000000 usd
otis Noncontrolling Interest Increase Decrease From Business Combination Disposal And Other Changes
NoncontrollingInterestIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
2000000 usd
otis Temporary Equity Increase Decrease From Business Combination Disposal And Other Changes
TemporaryEquityIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
0 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4751000000 usd
CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
126000000 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
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
690000000 usd
us-gaap Temporary Equity Net Income
TemporaryEquityNetIncome
11000000 usd
otis Other Comprehensive Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
OtherComprehensiveIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
7000000 usd
otis Temporary Equity Other Comprehensive Income Loss
TemporaryEquityOtherComprehensiveIncomeLoss
-98000000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
18000000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.53
us-gaap Dividends Common Stock
DividendsCommonStock
224000000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
400000000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
12000000 usd
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
11000000 usd
us-gaap Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
1885000000 usd
otis Temporary Equity Increase Decrease Due To Reclassification Of Noncontrolling Interest
TemporaryEquityIncreaseDecreaseDueToReclassificationOfNoncontrollingInterest
1476000000 usd
otis Noncontrolling Interest Increase Decrease From Business Combination Disposal And Other Changes
NoncontrollingInterestIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
-62000000 usd
otis Temporary Equity Increase Decrease From Business Combination Disposal And Other Changes
TemporaryEquityIncreaseDecreaseFromBusinessCombinationDisposalAndOtherChanges
-1402000000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4888000000 usd
CY2022Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
136000000 usd
us-gaap Profit Loss
ProfitLoss
759000000 usd
us-gaap Profit Loss
ProfitLoss
701000000 usd
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
99000000 usd
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
97000000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-16000000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
34000000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
28000000 usd
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
204000000 usd
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
104000000 usd
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-154000000 usd
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-134000000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
21000000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
39000000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
38000000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
0 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
43000000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
135000000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-85000000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-140000000 usd
us-gaap Pension Contributions
PensionContributions
24000000 usd
us-gaap Pension Contributions
PensionContributions
21000000 usd
otis Proceeds Payments From Other Operating Activities
ProceedsPaymentsFromOtherOperatingActivities
23000000 usd
otis Proceeds Payments From Other Operating Activities
ProceedsPaymentsFromOtherOperatingActivities
60000000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
724000000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
857000000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
62000000 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
57000000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
20000000 usd
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
28000000 usd
us-gaap Payments To Acquire Equity Securities Fv Ni
PaymentsToAcquireEquitySecuritiesFvNi
0 usd
us-gaap Payments To Acquire Equity Securities Fv Ni
PaymentsToAcquireEquitySecuritiesFvNi
7000000 usd
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
13000000 usd
us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
PaymentsForProceedsFromDerivativeInstrumentInvestingActivities
-78000000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000000 usd
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-91000000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10000000 usd
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
57000000 usd
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
57000000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
500000000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
261000000 usd
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
224000000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
350000000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
400000000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
15000000 usd
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
41000000 usd
otis Payments To Acquire Noncontrolling Interest Shares
PaymentsToAcquireNoncontrollingInterestShares
0 usd
otis Payments To Acquire Noncontrolling Interest Shares
PaymentsToAcquireNoncontrollingInterestShares
1802000000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-16000000 usd
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-27000000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-585000000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2937000000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-16000000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-122000000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
32000000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2212000000 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1227000000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1265000000 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
8000000 usd
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
13000000 usd
CY2023Q2 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0 usd
CY2022Q2 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
34000000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1219000000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1218000000 usd
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 June 30, 2023 and for the quarters and six months ended June 30, 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 2022 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 June 30, 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 June 30, 2023 and for the quarters and six months ended June 30, 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 June 30, 2023 and for the quarters and six months ended June 30, 2023 and 2022, respectively, 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 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><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 outstanding obligations confirmed by the Company as valid to the financial institutions under our supplier finance programs were $577 million and $564 million as of June 30, 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>
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>
CY2023Q2 otis Supplier Finance Program Amount
SupplierFinanceProgramAmount
577000000 usd
CY2022Q4 otis Supplier Finance Program Amount
SupplierFinanceProgramAmount
564000000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
7000000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
1579000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
376000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
321000000 usd
us-gaap Net Income Loss
NetIncomeLoss
707000000 usd
us-gaap Net Income Loss
NetIncomeLoss
632000000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
0 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
376000000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
321000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
707000000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
632000000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
412700000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
421400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
413500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
413500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
422800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
422800000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3300000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2800000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3400000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3400000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3100000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
416000000.0 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
424200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
416900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
425900000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.49
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.70
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.48
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2700000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2500000 shares
CY2023Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2052000000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1697000000 usd
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
2026000000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
735000000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
664000000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
735000000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
664000000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2889000000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2662000000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
45000000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
52000000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2934000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2714000000 usd
CY2023Q2 otis Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-2199000000 usd
CY2022Q4 otis Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
-2050000000 usd
otis Contract With Customer Asset Increase Decrease
ContractWithCustomerAssetIncreaseDecrease
71000000 usd
otis Contract With Customer Liability Increase Decrease
ContractWithCustomerLiabilityIncreaseDecrease
220000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1500000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1600000000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
18300000000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.90
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2023Q2 otis Trade Receivables Current
TradeReceivablesCurrent
3353000000 usd
CY2022Q4 otis Trade Receivables Current
TradeReceivablesCurrent
3231000000 usd
CY2023Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
129000000 usd
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
103000000 usd
CY2023Q2 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
91000000 usd
CY2022Q4 us-gaap Other Receivables Gross Current
OtherReceivablesGrossCurrent
91000000 usd
CY2023Q2 otis Notes Receivable Customer Financing
NotesReceivableCustomerFinancing
67000000 usd
CY2022Q4 otis Notes Receivable Customer Financing
NotesReceivableCustomerFinancing
84000000 usd
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3640000000 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
3509000000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
152000000 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3497000000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3357000000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1657000000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
17000000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
34000000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18000000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
152000000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18000000 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4000000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
25000000 usd
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
13000000 usd
otis Accounts Receivable Allowance For Credit Loss Foreign Exchange Gain Loss And Other
AccountsReceivableAllowanceForCreditLossForeignExchangeGainLossAndOther
-2000000 usd
otis Accounts Receivable Allowance For Credit Loss Foreign Exchange Gain Loss And Other
AccountsReceivableAllowanceForCreditLossForeignExchangeGainLossAndOther
0 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
143000000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
166000000 usd
CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
168000000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
166000000 usd
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
472000000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
451000000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
640000000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
617000000 usd
CY2023Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
95000000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
96000000 usd
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
20000000 usd
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
28000000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1567000000 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
5000000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
37000000 usd
CY2023Q2 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
11000000 usd
CY2022Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
9000000 usd
CY2023Q2 us-gaap Commercial Paper
CommercialPaper
156000000 usd
CY2022Q4 us-gaap Commercial Paper
CommercialPaper
94000000 usd
CY2023Q2 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
44000000 usd
CY2022Q4 us-gaap Other Short Term Borrowings
OtherShortTermBorrowings
45000000 usd
CY2023Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
200000000 usd
CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
139000000 usd
CY2023Q2 us-gaap Commercial Paper
CommercialPaper
156000000 usd
CY2023Q2 us-gaap Commercial Paper
CommercialPaper
30000000 eur
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6701000000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6671000000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
38000000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
42000000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
6663000000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
6629000000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
546000000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
531000000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6117000000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6098000000 usd
CY2023Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2000000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2000000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4000000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
34000000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
35000000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
67000000 usd
CY2023Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
38000000 usd
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
42000000 usd
otis Long Term Debt Average Remaining Maturity
LongTermDebtAverageRemainingMaturity
P8Y1M6D
CY2023Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
10000000 usd
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
436700000 shares
CY2022Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
9000000 usd
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
24000000 usd
CY2023Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
15000000 usd
CY2022Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
15000000 usd
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
34000000 usd
CY2023Q2 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
41000000 usd
CY2022Q2 us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
38000000 usd
us-gaap Multiemployer Plan Employer Contribution Cost
MultiemployerPlanEmployerContributionCost
75000000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
23000000 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19000000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27000000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 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
3000000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
17000000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
13000000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
30000000 usd
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
24000000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
91000000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
125000000 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
125000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2023Q2 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
CY2023Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
25000000 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
435600000 shares
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
20800000 shares
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
2000000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1700000000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-70000000 usd
CY2023Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-9000000 usd
CY2023Q2 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
2000000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-103000000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-8000000 usd
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
2000000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
14000000 usd
CY2022Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-3000000 usd
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
83000000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-2000000 usd
us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
1000000 usd
CY2023Q2 us-gaap Increase In Unrecognized Tax Benefits Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
20000000 usd
CY2023Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
340000000 usd
CY2023Q2 otis Increase In Unrecognized Tax Benefits Accrued Interest Is Reasonably Possible
IncreaseInUnrecognizedTaxBenefitsAccruedInterestIsReasonablyPossible
5000000 usd
CY2023Q2 otis Decrease In Unrecognized Tax Benefits Accrued Interest Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsAccruedInterestIsReasonablyPossible
145000000 usd
CY2023Q2 us-gaap Restructuring Charges
RestructuringCharges
10000000 usd
CY2022Q2 us-gaap Restructuring Charges
RestructuringCharges
25000000 usd
us-gaap Restructuring Charges
RestructuringCharges
15000000 usd
CY2022Q2 us-gaap Restructuring Charges
RestructuringCharges
25000000 usd
us-gaap Restructuring Charges
RestructuringCharges
15000000 usd
us-gaap Restructuring Charges
RestructuringCharges
39000000 usd
CY2022Q4 otis Four Quarter Rolling Average Of Notional Amount Of Foreign Exchange Contracts Hedging Foreign Currency Transactions
FourQuarterRollingAverageOfNotionalAmountOfForeignExchangeContractsHedgingForeignCurrencyTransactions
3900000000 usd
CY2022Q4 otis Four Quarter Rolling Average Of Notional Amount Of Commodity Contracts Hedging Commodity Purchase Transactions
FourQuarterRollingAverageOfNotionalAmountOfCommodityContractsHedgingCommodityPurchaseTransactions
20000000 usd
CY2023Q2 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
0 usd
CY2022Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
3000000 usd
CY2023Q2 us-gaap Foreign Currency Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months
ForeignCurrencyCashFlowHedgeGainLossToBeReclassifiedDuringNext12Months
-3000000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13000000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20000000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2000000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
0 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3000000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6000000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1000000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
0 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13000000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14000000 usd
CY2021Q3 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
3 defendent
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3720000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3488000000 usd
CY2023Q2 otis Operating Profit Margin
OperatingProfitMargin
0.156
CY2022Q2 otis Operating Profit Margin
OperatingProfitMargin
0.140
otis Operating Profit Margin
OperatingProfitMargin
0.155
otis Operating Profit Margin
OperatingProfitMargin
0.147
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3720000000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3488000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7066000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6902000000 usd

Files In Submission

Name View Source Status
0001781335-23-000029-index-headers.html Edgar Link pending
0001781335-23-000029-index.html Edgar Link pending
0001781335-23-000029.txt Edgar Link pending
0001781335-23-000029-xbrl.zip Edgar Link pending
exhibit152023-06x3010xq.htm Edgar Link pending
exhibit3112023-06x3010xq.htm Edgar Link pending
exhibit3122023-06x3010xq.htm Edgar Link pending
exhibit3132023-06x3010xq.htm Edgar Link pending
exhibit322023-06x3010xq.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
otis-20230630.htm Edgar Link pending
otis-20230630.xsd Edgar Link pending
otis-20230630_g1.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
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
otis-20230630_cal.xml Edgar Link unprocessable
otis-20230630_def.xml Edgar Link unprocessable
otis-20230630_lab.xml Edgar Link unprocessable
otis-20230630_pre.xml Edgar Link unprocessable
otis-20230630_htm.xml Edgar Link completed
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
FilingSummary.xml Edgar Link unprocessable