8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2024

CARRIER GLOBAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	001-39220	83-4051582
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

13995 Pasteur Boulevard
Palm Beach Gardens	Florida	33418

(Address of principal executive offices, including zip code)

(561) 365-2000

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	CARR	New York Stock Exchange
4.375% Notes due 2025	CARR25	New York Stock Exchange
4.125% Notes due 2028	CARR28	New York Stock Exchange
4.500% Notes due 2032	CARR32	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Section 2—Financial Information

Item 2.02. Results of Operations and Financial Condition.

On April 25, 2024, Carrier Global Corporation (“Carrier” or the “Company”) issued a press release announcing its first quarter 2024 results.

The press release issued April 25, 2024 is furnished herewith as Exhibit No. 99 to this Report, and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Section 9—Financial Statements and Exhibits

Item 9. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	Exhibit Description
99	Press release, dated April 25, 2024, issued by Carrier Global Corporation.
104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CARRIER GLOBAL CORPORATION
	(Registrant)
Date: April 25, 2024	By:	/S/ PATRICK GORIS
		Patrick Goris
		Senior Vice President and Chief Financial Officer

EX-99

Exhibit 99

Carrier Reports Strong First Quarter 2024 Results

•Net sales up 17% versus first quarter 2023; organic sales up 2%

•GAAP EPS of $0.29 and adjusted EPS of $0.62

•GAAP operating margin down 240 bps year over year; adjusted operating margin expanded 280 bps

•Maintaining full year 2024 adjusted EPS guidance range despite additional $0.05 headwind from the earlier timing of business exits

•Increasing full year 2024 adjusted operating margin guidance to ~15.5%

•Expect to resume share repurchases in 2024

PALM BEACH GARDENS, Fla., April 25, 2024 – Carrier Global Corporation (NYSE:CARR), global leader in intelligent climate and energy solutions, today reported strong financial results for the first quarter of 2024 and reaffirmed its full year earnings guidance despite the expected earlier timing of business exits compared to guidance provided in February.

“We continue to perform while transforming. We expanded adjusted operating margins by 280 basis points driven by very strong productivity while continuing to invest in our future,” said Carrier Chairman & CEO David Gitlin. “We closed on Viessmann Climate Solutions at the beginning of the year, which will be transformational for Carrier and the industry. We are focused on capitalizing on the long-term secular sustainability trends, outperforming the market, and achieving and accelerating revenue and cost synergies. The business exits are also on track as we are within months of closing on three of our four transactions and are making significant progress on completing the fourth. We now expect to resume share repurchases in 2024 as the net proceeds from the announced transactions help us return to ~2x net leverage this year.”

1

First Quarter 2024 Results

Carrier’s first quarter sales of $6.2 billion were up 17% compared to the prior year including 2% organic growth and approximately 16% contribution from the acquisition of Viessmann Climate Solutions offset by about 1% from divestitures. Organic sales in the HVAC segment were up 2%. HVAC sales in the Americas were up mid-single-digits driven by continued strength in commercial and light commercial HVAC both of which were up approximately 20%, partially offset by residential HVAC which was down low-single-digits. HVAC organic sales in EMEA were down 10% with commercial HVAC up around 10% which was more than offset by a significant decline in EMEA residential and light commercial. These organic figures exclude the contribution of Viessmann Climate Solutions which was down 12% year-over-year in the quarter, more than half of which was driven by lower solar PV sales. HVAC sales in Asia Pacific were flat with strong growth in China offset by lower sales in Japan as we continue to improve our mix in that country.Refrigeration sales were down 2% organically driven by North America truck and trailer and commercial refrigeration, mostly offset by over 50% growth in container. Fire and Security showed broad-based growth and sales were up 7% organically in the quarter with commercial and residential fire up mid-single digits.

GAAP operating profit in the quarter of $500 million was down 10% from last year primarily due to acquisition costs and the amortization expense of acquired intangible assets, which more than offset the addition of Viessmann Climate Solutions. Adjusted operating profit of $927 million was up 44%, mostly driven by strong productivity and the contribution from Viessmann Climate Solutions.

Net income was $269 million and adjusted net income was $565 million. GAAP EPS was $0.29 and adjusted EPS was $0.62. Net cash flows generated in operating activities were $40 million and capital expenditures were $104 million, resulting in a free cash outflow of $64 million. The outflow was consistent with Carrier’s seasonal working capital pattern.

2

Full-Year 2024 Guidance**

Carrier updated the following guidance for 2024, which includes Access Solutions, Commercial Refrigeration, and Industrial Fire for half a year:

	Current Guidance	Prior Guidance
Sales	~$26B Organic* up MSD FX 0% Acquisitions +18% Divestitures (6%)	~$26.5B Organic* up MSD FX 0% Acquisitions +20% Divestitures (5%)
Adjusted Operating Margin*	~15.5%	15.0% - 15.5%
Adjusted EPS*	$2.80 - $2.90	$2.80 - $2.90
Free Cash Flow*	~$0.4B Includes ~$2B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs	~$0.7B Includes ~$1.7B of expected tax payments on the gains from the announced business exits, restructuring, and transaction-related costs

*Note: When the company provides expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See “Use and Definitions of Non-GAAP Financial Measures” below for additional information.

**As of April 25, 2024

Conference Call

Carrier will host a webcast of its earnings conference call today, Thursday, April 25, 2024, at 7:30 a.m. ET. To access the webcast, visit the Events & Presentations section of the Carrier Investor Relations site at ir.carrier.com/news-and-events/events-and-presentations or to listen to the earnings call by phone, participants must pre-register at Carrier Earnings Call Registration. All registrants will receive dial-in information and a PIN allowing access to the live call.

3

Cautionary Statement

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, our portfolio transformation and the use of the anticipated proceeds thereof, potential future investments, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

About Carrier

Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.

CARR-IR

Contact:                        

Investor Relations

Sam Pearlstein

561-365-2251

Sam.Pearlstein@Carrier.com

Media Inquiries

Ashley Barrie

561-365-1260

Ashley.Barrie@Carrier.com

4

SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND DEFINITIONS

Following are tables that present selected financial data of Carrier Global Corporation (“Carrier”). Also included are reconciliations of non-GAAP measures to their most comparable GAAP measures.

Use and Definitions of Non-GAAP Financial Measures

Carrier Global Corporation (“Carrier”) reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Organic sales, adjusted operating profit, adjusted operating margin, incremental margins / earnings conversion, earnings before interest, taxes and depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted net income, adjusted earnings per share (“EPS”), adjusted interest expense, net, adjusted effective tax rate and net debt are non-GAAP financial measures.

Organic sales represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a nonoperational nature (hereinafter referred to as “other significant items”). Adjusted operating profit represents operating profit (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted operating margin represents adjusted operating profit as a percentage of net sales (a GAAP measure). Incremental margins / earnings conversion represents the year-over-year change in adjusted operating profit divided by the year-over-year change in net sales. EBITDA represents net income attributable to common shareholders (a GAAP measure), adjusted for interest income and expense, income tax expense, and depreciation and amortization. Adjusted EBITDA represents EBITDA, as calculated above, excluding non-service pension benefit, non-controlling interest in subsidiaries’ earnings from operations, restructuring costs and other significant items. Adjusted net income represents net income attributable to common shareowners (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Adjusted interest expense, net represents interest expense (a GAAP measure) and interest income (a GAAP measure), net excluding other significant items. The adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. Net debt represents long-term debt (a GAAP measure) less cash and cash equivalents (a GAAP measure). For the business segments, when applicable, adjustments of operating profit and operating margins represent operating profit, excluding restructuring, amortization of acquired intangibles and other significant items.

Free cash flow is a non-GAAP financial measure that represents net cash flows provided by operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Carrier’s ability to fund its activities, including the financing of acquisitions, debt service, repurchases of Carrier's common stock and distribution of earnings to shareowners.

Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price and may not be subject to penalty if cancelled.

When we provide our expectations for organic sales, adjusted operating profit, adjusted operating margin, adjusted interest expense, net, adjusted effective tax rate, incremental margins/earnings conversion, EBITDA, adjusted EBITDA, adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected net sales, operating profit, operating margin, interest expense, effective tax rate, incremental operating margin, net income attributable to common shareowners, diluted EPS and net cash flows provided by operating activities) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, future restructuring costs, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.

5

Carrier Global Corporation

Condensed Consolidated Statement of Operations

	(Unaudited)
	Three Months Ended March 31,
(In millions, except per share amounts)	2024		2023
Net sales
Product sales	$	5,542	$	4,686
Service sales	640		587
Total Net sales	6,182		5,273
Costs and expenses
Cost of products sold	(3,998)		(3,458)
Cost of services sold	(479)		(437)
Research and development	(224)		(139)
Selling, general and administrative	(985)		(721)
Total Costs and expenses	(5,686)		(4,755)
Equity method investment net earnings	31		44
Other income (expense), net	(27)		(7)
Operating profit	500		555
Interest (expense) income, net	(165)		(46)
Income from operations before income taxes	335		509
Income tax (expense) benefit	(46)		(122)
Net income from operations	289		387
Less: Non-controlling interest in subsidiaries' earnings from operations	20		14
Net income attributable to common shareowners	$	269	$	373
Earnings per share
Basic	$	0.30	$	0.45
Diluted	$	0.29	$	0.44
Weighted-average number of shares outstanding
Basic	899.2		835.0
Diluted	913.0		852.2

6

Carrier Global Corporation

Condensed Consolidated Balance Sheet

	(Unaudited)
(In millions)	March 31, 2024		December 31, 2023
Assets
Cash and cash equivalents	$	1,313	$	10,015
Accounts receivable, net	3,156		2,481
Contract assets, current	320		306
Inventories, net	3,189		2,217
Assets held for sale, current	3,169		3,314
Other assets, current	568		447
Total current assets	11,715		18,780
Future income tax benefits	823		739
Fixed assets, net	3,179		2,293
Operating lease right-of-use assets	633		491
Intangible assets, net	7,351		1,028
Goodwill	15,366		7,989
Pension and post-retirement assets	78		32
Equity method investments	1,155		1,140
Other assets	510		330
Total Assets	$	40,810	$	32,822
Liabilities and Equity
Accounts payable	$	3,074	$	2,742
Accrued liabilities	2,994		2,811
Contract liabilities, current	501		425
Liabilities held for sale, current	820		862
Current portion of long-term debt	1,248		51
Total current liabilities	8,637		6,891
Long-term debt	15,647		14,242
Future pension and post-retirement obligations	259		155
Future income tax obligations	2,272		535
Operating lease liabilities	505		391
Other long-term liabilities	1,584		1,603
Total Liabilities	28,904		23,817
Equity
Common stock	9		9
Treasury stock	(1,972)		(1,972)
Additional paid-in capital	8,536		5,535
Retained earnings	6,860		6,591
Accumulated other comprehensive loss	(1,872)		(1,486)
Non-controlling interest	345		328
Total Equity	11,906		9,005
Total Liabilities and Equity	$	40,810	$	32,822

7

Carrier Global Corporation

Condensed Consolidated Statement of Cash Flows

	(Unaudited)
		Three Months Ended March 31,
(In millions)		2024		2023
Operating Activities
Net income from operations		$	289	$	387
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		314		136
Deferred income tax provision		(123)		(24)
Stock-based compensation costs		22		22
Equity method investment net earnings		(31)		(44)
(Gain) loss on sale of investments / deconsolidation		—		(16)
Changes in operating assets and liabilities
Accounts receivable, net		(205)		(157)
Contract assets, current		(33)		(28)
Inventories, net		(72)		(126)
Other assets, current		(52)		(60)
Accounts payable and accrued liabilities		(195)		(25)
Contract liabilities, current		(18)		64
Defined benefit plan contributions		(6)		(6)
Distributions from equity method investments		7		3
Other operating activities, net		143		(6)
Net cash flows provided by (used in) operating activities		40		120
Investing Activities
Capital expenditures		(104)		(70)
Investments in businesses, net of cash acquired		(10,772)		(52)
Disposition of businesses		—		35
Settlement of derivative contracts, net		(209)		(18)
Other investing activities, net		4		5
Net cash flows provided by (used in) investing activities		(11,081)		(100)
Financing Activities
Increase (decrease) in short-term borrowings, net		19		10
Issuance of long-term debt		2,548		5
Repayment of long-term debt		(5)		(2)
Repurchases of common stock		—		(62)
Dividends paid on common stock		(159)		(154)
Dividends paid to non-controlling interest		(2)		—
Other financing activities, net		(22)		(10)
Net cash flows provided by (used in) financing activities		2,379		(213)
Effect of foreign exchange rate changes on cash and cash equivalents		(68)		20
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale		(8,730)		(173)
Less: Change in cash balances classified as assets held for sale		(30)		—
Net increase (decrease) in cash and cash equivalents and restricted cash		(8,700)		(173)
Cash, cash equivalents and restricted cash, beginning of period		10,017		3,527
Cash, cash equivalents and restricted cash, end of period		1,317		3,354
Less: restricted cash		4		7
Cash and cash equivalents, end of period		$	1,313	$	3,347

8

Carrier Global Corporation

Segment Net Sales and Operating Profit

	(Unaudited)
	Three Months Ended March 31,
	2024						2023
(In millions)	Reported			Adjusted			Reported			Adjusted
Net sales
HVAC	$	4,541		$	4,541		$	3,622		$	3,622
Refrigeration	884			884			898			898
Fire & Security	887			887			869			869
Segment sales	6,312			6,312			5,389			5,389
Eliminations and other	(130)			(130)			(116)			(116)
Net sales	$	6,182		$	6,182		$	5,273		$	5,273
Operating profit
HVAC	$	429		$	720		$	435		$	490
Refrigeration	97			99			108			111
Fire & Security	153			164			93			108
Segment operating profit	679			983			636			709
Eliminations and other	(75)			(34)			(38)			(36)
General corporate expenses	(104)			(22)			(43)			(31)
Operating profit	$	500		$	927		$	555		$	642
Operating margin
HVAC	9.4		%	15.9		%	12.0		%	13.5		%
Refrigeration	11.0		%	11.2		%	12.0		%	12.4		%
Fire & Security	17.2		%	18.5		%	10.7		%	12.4		%
Total Carrier	8.1		%	15.0		%	10.5		%	12.2		%

9

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP)

Operating Profit

	(Unaudited)
	Three Months Ended March 31, 2024
(In millions)	HVAC			Refrigeration			Fire & Security			Eliminations and Other		General Corporate Expenses		Carrier
Net sales	$	4,541		$	884		$	887		$	(130)	$	—	$	6,182
Segment operating profit	$	429		$	97		$	153		$	(75)	$	(104)	$	500
Reported operating margin	9.4		%	11.0		%	17.2		%					8.1		%
Adjustments to segment operating profit:
Restructuring costs	$	7		$	—		$	7		$	1	$	—	$	15
Amortization of acquired intangibles	172			—			—			—		—		172
Acquisition step-up amortization (1)	111			—			—			—		—		111
Acquisition/divestiture-related costs	1			2			4			—		82		89
Viessmann-related hedges	—			—			—			86		—		86
Gain on liability adjustment (2)	—			—			—			(46)		—		(46)
Total adjustments to operating profit	$	291		$	2		$	11		$	41	$	82	$	427
Adjusted operating profit	$	720		$	99		$	164		$	(34)	$	(22)	$	927
Adjusted operating margin	15.9		%	11.2		%	18.5		%					15.0		%

	(Unaudited)
	Three Months Ended March 31, 2023
(In millions)	HVAC			Refrigeration			Fire & Security			Eliminations and Other		General Corporate Expenses		Carrier
Net sales	$	3,622		$	898		$	869		$	(116)	$	—	$	5,273
Segment operating profit	$	435		$	108		$	93		$	(38)	$	(43)	$	555
Reported operating margin	12.0		%	12.0		%	10.7		%					10.5		%
Adjustments to segment operating profit:
Restructuring costs	$	(1)		$	3		$	13		$	2	$	—	$	17
Amortization of acquired intangibles	37			—			2			—		—		39
Acquisition step-up amortization (1)	11			—			—			—		—		11
Acquisition/divestiture-related costs	—			—			—			—		12		12
TCC acquisition-related gain (3)	8			—			—			—		—		8
Total adjustments to operating profit	$	55		$	3		$	15		$	2	$	12	$	87
Adjusted operating profit	$	490		$	111		$	108		$	(36)	$	(31)	$	642
Adjusted operating margin	13.5		%	12.4		%	12.4		%					12.2		%

(1)Amortization of the step-up to fair value of acquired inventory and backlog.

(2)Gain associated with an adjustment to our tax-related liability owed to UTC.

(3)The carrying value of our previously held TCC equity investments were recognized at fair value at the TCC acquisition date.

10

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

	(Unaudited)
	Three Months Ended March 31, 2024
(In millions, except per share amounts)	Reported			Adjustments			Adjusted
Net sales	$	6,182		$	—		$	6,182
Operating profit	$	500		427		a	$	927
Operating margin	8.1		%				15.0		%
Income from operations before income taxes	$	335		427		a	$	762
Income tax expense	$	(46)		(131)		c	$	(177)
Effective tax rate	13.7		%				23.2		%
Net income attributable to common shareowners	$	269		$	296		$	565
Summary of Adjustments:
Restructuring costs				$	15	a
Amortization of acquired intangibles				172		a
Acquisition step-up amortization (1)				111		a
Acquisition/divestiture-related costs				89		a
Viessmann-related hedges				86		a
Gain on liability adjustment (2)				(46)		a
Total adjustments				$	427
Tax effect on adjustments above				$	(96)
Tax specific adjustments				(35)
Total tax adjustments				$	(131)	c
Shares outstanding - Diluted	913.0						913.0
Earnings per share - Diluted	$	0.29					$	0.62

(1)Amortization of the step-up to fair value of acquired inventory and backlog.

(2)Gain associated with an adjustment to our tax-related liability owed to UTC.

11

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Net Income, Earnings Per Share and Effective Tax Rate

	(Unaudited)
	Three Months Ended March 31, 2023
(In millions, except per share amounts)	Reported			Adjustments			Adjusted
Net sales	$	5,273		$	—		$	5,273
Operating profit	$	555		87		a	$	642
Operating margin	10.5		%				12.2		%
Income from operations before income taxes	$	509		87		a	$	596
Income tax expense	$	(122)		(18)		c	$	(140)
Effective tax rate	24.0		%				23.5		%
Net income attributable to common shareowners	$	373		$	69		$	442
Summary of Adjustments:
Restructuring costs				$	17	a
Amortization of acquired intangibles				39		a
Acquisition step-up amortization (1)				11		a
Acquisition/divestiture-related costs				12		a
TCC acquisition-related gain (2)				8		a
Total adjustments				$	87
Tax effect on adjustments above				$	(18)
Total tax adjustments				$	(18)	c
Shares outstanding - Diluted	852.2						852.2
Earnings per share - Diluted	$	0.44					$	0.52

(1)Amortization of the step-up to fair value of acquired inventory and backlog.

(2)The carrying value of our previously held TCC equity investments were recognized at fair value at the TCC acquisition date.

12

Carrier Global Corporation

Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Results

Components of Changes in Net Sales

Three Months Ended March 31, 2024 Compared withThree Months Ended March 31, 2023
	(Unaudited)
	Factors Contributing to Total % change in Net Sales
	Organic		FX Translation		Acquisitions / Divestitures, net		Other		Total
HVAC	2	%	(1)	%	24	%	—	%	25	%
Refrigeration	(2)	%	—	%	—	%	—	%	(2)	%
Fire & Security	7	%	—	%	(5)	%	—	%	2	%
Consolidated	2	%	—	%	15	%	—	%	17	%

Historical Amounts of Amortization of Acquired Intangibles

	(Unaudited)
	Q1		Q2		Q3		Q4		FY		Q1
(In millions)	2023		2023		2023		2023		2023		2024
HVAC	$	37	$	36	$	35	$	35	$	143	$	172
Fire & Security	2		2		2		—		6		—
Total Carrier	39		38		37		35		149		172
Associated tax effect	(12)		(11)		(11)		(11)		(45)		(46)
Net impact to adjusted results	$	27	$	27	$	26	$	24	$	104	$	126

Free Cash Flow Reconciliation

	(Unaudited)
	Q1		Q2		Q3		Q4		FY		Q1
(In millions)	2023		2023		2023		2023		2023		2024
Net cash flows provided by (used in) operating activities	$	120	$	384	$	1,041	$	1,062	$	2,607	$	40
Less: Capital expenditures	70		74		92		233		469		104
Free cash flow	$	50	$	310	$	949	$	829	$	2,138	$	(64)

Net Debt Reconciliation

	(Unaudited)
(In millions)	March 31, 2024		December 31, 2023
Long-term debt	$	15,647	$	14,242
Current portion of long-term debt	1,248		51
Less: Cash and cash equivalents	1,313		10,015
Net debt	$	15,582	$	4,278

13

XML

Cover Page	Apr. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 25, 2024
Entity Registrant Name	CARRIER GLOBAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39220
Entity Tax Identification Number	83-4051582
Entity Address, Address Line One	13995 Pasteur Boulevard
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33418
City Area Code	(561)
Local Phone Number	365-2000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Listings [Line Items]
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001783180
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CARR
Security Exchange Name	NYSE
4.375% Notes Due 2025
Entity Listings [Line Items]
Title of 12(b) Security	4.375% Notes due 2025
Trading Symbol	CARR25
Security Exchange Name	NYSE
4.125% Notes Due 2028
Entity Listings [Line Items]
Title of 12(b) Security	4.125% Notes due 2028
Trading Symbol	CARR28
Security Exchange Name	NYSE
4.500% Notes Due 2032
Entity Listings [Line Items]
Title of 12(b) Security	4.500% Notes due 2032
Trading Symbol	CARR32
Security Exchange Name	NYSE