Fourth Quarter 2023 Highlights
- Sales of $5.1B
- Operating margin expansion of 340 basis points and adjusted
operating margin expansion of 80 basis points
- GAAP EPS of $0.49, up 53% vs.
2022 and adjusted EPS of $0.53, up
33% vs. 2022
- Net cash flow from operating activities of $1.1B and free cash flow of $829M
Full Year 2023 Highlights
- Sales of $22.1B, up 8% compared
to 2022 including 3% organic growth
- Gross margins up 210 basis points compared to 2022
- GAAP EPS of $1.58 and adjusted
EPS of $2.73
- Net cash flow from operating activities of $2.6B and free cash flow of $2.1B, up 49% and 53% respectively
Outlook for 2024
- Global Access Solutions and Commercial Refrigeration included
through June 30, 2024
- Viessmann Climate Solutions sales expected to grow
mid-single-digits
- Assumes ~$4.5B net proceeds from
business exits are used for debt reduction
- Sales of ~$26.5B with
mid-single-digit organic* growth
- Adjusted operating margin* of 15.0% - 15.5%, up > 50 basis
points compared to 2023
- Adjusted EPS* of $2.80 -
$2.90
- Free cash flow* of ~$0.7B
(includes $1.7B of expected tax
payments on the gains from the announced business exits,
restructuring, and transaction-related costs): up ~10% excluding
these expected items
PALM
BEACH GARDENS, Fla., Feb. 6, 2024
/PRNewswire/ -- Carrier Global Corporation (NYSE:CARR), global
leader in intelligent climate and energy solutions, today reported
strong financial results for the fourth quarter and full year of
2023. The Company projects continued solid organic growth in 2024
supported by a projected fourth consecutive year of double-digit
aftermarket growth, innovation, and significant secular
tailwinds.
"Our fourth quarter results continue to show Carrier's ability
to perform while transforming with strong operating profit growth
and EPS up over 30% compared to the prior year. For full-year
2023, we grew gross margins 210 basis points on 3% organic sales
growth with both operating and free cash flow up about 50% compared
to the prior year," said Carrier Chairman & CEO David Gitlin. "In addition to delivering results
ahead of our projections for the year, we completed our
game-changing combination with Viessmann Climate Solutions in
January and reached definitive agreements to sell both our Global
Access Solutions and Commercial Refrigeration businesses for close
to $6B combined. Looking
forward to 2024, our solid backlog levels and sustainability
leadership position Carrier for another year of strong financial
performance."
Fourth Quarter 2023 Results
Carrier's fourth quarter sales of $5.1B were flat compared to the prior year
including flat organic sales growth, a 1% tailwind from currency
translation and a 1% net negative impact from acquisitions and
divestitures. Sales in the HVAC segment were down 1% organically.
North America Residential & Light Commercial HVAC sales
declined high single digits due to weaker than expected residential
sales as distributors reduced inventory levels. This was offset by
high single digit growth in Commercial HVAC globally. The
Refrigeration segment returned to growth this quarter, with organic
sales up 6% driven by growth in Transport Refrigeration. Fire
and Security organic sales were down 1% driven by Global Access
Solutions and Residential Fire partially offset by growth in
Industrial Fire.
GAAP operating profit in the quarter of $607M was up 40% from the fourth quarter of 2022.
Adjusted operating profit of $557M
was up 8%.
Net income and adjusted net income were $420M and $452M,
respectively. GAAP EPS of $0.49 and
adjusted EPS of $0.53 benefitted from
operating margin expansion and lower effective tax rates. Net cash
flows provided by operating activities for the quarter were
approximately $1.1B and capital
expenditures were $233M, resulting in
free cash flow of $829M.
Full-Year 2023 Results
Carrier's 2023 sales of $22.1B
increased 8% compared to the prior year including organic sales
growth of 3% and a 5% impact from acquisitions and divestitures.
Gross margins increased 210 basis points compared to the prior
year. GAAP operating profit of $2.3B
decreased 49% due to prior year gains on the sale of Chubb and the
acquisition of Toshiba Carrier, while adjusted operating profit
increased 11% to $3.2B.
Operating margin decreased due to the prior year impact of the
Chubb and Toshiba Carrier-related gains. Adjusted operating
margin increased despite the impact from the consolidation of
Toshiba Carrier. Strong price realization more than offset
continued inflation and productivity savings more than offset
strategic incremental investments.
GAAP EPS was $1.58 and adjusted
EPS was $2.73. Net income was
$1.3B, and adjusted net income was
$2.3B. Net cash flows provided
by operating activities were $2.6B
and capital expenditures were $469M,
resulting in free cash flow of $2.1B. During the quarter the company
issued $5.6B of debt related to the
acquisition of Viessmann Climate Solutions.
Full-Year 2024 Guidance
Carrier is announcing the following outlook for 2024:
|
2024
Guidance**
|
|
Sales
|
~$26.5B
Organic*
up MSD
FX
0%
Acquisitions
+20%
Divestitures
(5%)
|
|
Adjusted Operating
Margin*
|
15.0% -
15.5%
|
|
Adjusted
EPS*
|
$2.80 -
$2.90
|
|
|
|
Free Cash
Flow*
|
~$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 February 6,
2024
|
Conference Call
Carrier will host a webcast of its earnings conference call
today, Tuesday, February 6, 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.
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, 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
|
SELECTED FINANCIAL DATA, NON-GAAP MEASURES AND
DEFINITIONS
Following are tables that present selected financial data of
Carrier Global Corporation. 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 ("we" or "our") 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
our ability to fund its activities, including the financing of
acquisitions, debt service, repurchases of our 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, 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, 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.
|
Carrier Global
Corporation
Consolidated Statement of
Operations
|
|
|
(Unaudited)
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
(In millions,
except per share amounts)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Net
sales
|
|
|
|
|
|
|
|
|
Product
sales
|
$
4,441
|
|
$
4,527
|
|
$
19,563
|
|
$
18,250
|
|
Service
sales
|
661
|
|
578
|
|
2,535
|
|
2,171
|
|
Total Net
sales
|
5,102
|
|
5,105
|
|
22,098
|
|
20,421
|
|
Costs and
expenses
|
|
|
|
|
|
|
|
|
Cost of products
sold
|
(3,176)
|
|
(3,407)
|
|
(13,831)
|
|
(13,337)
|
|
Cost of services
sold
|
(492)
|
|
(451)
|
|
(1,884)
|
|
(1,620)
|
|
Research and
development
|
(170)
|
|
(149)
|
|
(617)
|
|
(539)
|
|
Selling, general and
administrative
|
(961)
|
|
(673)
|
|
(3,297)
|
|
(2,512)
|
|
Total Costs and
expenses
|
(4,799)
|
|
(4,680)
|
|
(19,629)
|
|
(18,008)
|
|
Equity method
investment net earnings
|
40
|
|
40
|
|
211
|
|
262
|
|
Other income (expense),
net
|
264
|
|
(32)
|
|
(384)
|
|
1,840
|
|
Operating
profit
|
607
|
|
433
|
|
2,296
|
|
4,515
|
|
Non-service pension
benefit (expense)
|
(1)
|
|
(2)
|
|
(1)
|
|
(4)
|
|
Interest (expense)
income, net
|
(47)
|
|
(54)
|
|
(211)
|
|
(219)
|
|
Income from
operations before income taxes
|
559
|
|
377
|
|
2,084
|
|
4,292
|
|
Income tax
expense
|
(120)
|
|
(99)
|
|
(644)
|
|
(708)
|
|
Net income from
operations
|
439
|
|
278
|
|
1,440
|
|
3,584
|
|
Less: Non-controlling
interest in subsidiaries' earnings from operations
|
19
|
|
8
|
|
91
|
|
50
|
|
Net income
attributable to common shareowners
|
$
420
|
|
$
270
|
|
$
1,349
|
|
$
3,534
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
Basic
|
$
0.50
|
|
$
0.32
|
|
$
1.61
|
|
$
4.19
|
|
Diluted
|
$
0.49
|
|
$
0.32
|
|
$
1.58
|
|
$
4.10
|
|
Weighted-average
number of shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
839.6
|
|
835.6
|
|
837.3
|
|
843.4
|
|
Diluted
|
854.2
|
|
852.2
|
|
853.0
|
|
861.2
|
|
|
|
|
|
|
|
|
|
Carrier Global
Corporation
Consolidated Balance Sheet
|
|
|
(Unaudited)
|
|
As of December
31,
|
|
(In
millions)
|
2023
|
|
2022
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$ 10,015
|
|
$
3,520
|
|
Accounts receivable,
net
|
2,481
|
|
2,833
|
|
Contract assets,
current
|
306
|
|
537
|
|
Inventories,
net
|
2,217
|
|
2,640
|
|
Assets held for
sale
|
3,314
|
|
—
|
|
Other assets,
current
|
447
|
|
349
|
|
Total current
assets
|
18,780
|
|
9,879
|
|
Future income tax
benefits
|
739
|
|
612
|
|
Fixed assets,
net
|
2,293
|
|
2,241
|
|
Operating lease
right-of-use assets
|
491
|
|
642
|
|
Intangible assets,
net
|
1,028
|
|
1,342
|
|
Goodwill
|
7,989
|
|
9,977
|
|
Pension and
post-retirement assets
|
32
|
|
26
|
|
Equity method
investments
|
1,140
|
|
1,148
|
|
Other assets
|
330
|
|
219
|
|
Total
Assets
|
$
32,822
|
|
$
26,086
|
|
Liabilities and
Equity
|
|
|
|
|
Accounts
payable
|
$
2,742
|
|
$
2,833
|
|
Accrued
liabilities
|
2,811
|
|
2,610
|
|
Contract liabilities,
current
|
425
|
|
449
|
|
Liabilities held for
sale
|
862
|
|
—
|
|
Current portion of
long-term debt
|
51
|
|
140
|
|
Total current
liabilities
|
6,891
|
|
6,032
|
|
Long-term
debt
|
14,242
|
|
8,702
|
|
Future pension and
post-retirement obligations
|
155
|
|
349
|
|
Future income tax
obligations
|
535
|
|
568
|
|
Operating lease
liabilities
|
391
|
|
529
|
|
Other long-term
liabilities
|
1,603
|
|
1,830
|
|
Total
Liabilities
|
23,817
|
|
18,010
|
|
|
|
|
|
Equity
|
|
|
|
|
Common stock, par value
$0.01; 4,000,000,000 shares authorized; 883,068,393 and 876,487,480
shares
issued; 839,910,275 and 834,664,966 outstanding as of
December 31, 2023 and 2022, respectively
|
9
|
|
9
|
|
Treasury
stock
|
(1,972)
|
|
(1,910)
|
|
Additional paid-in
capital
|
5,535
|
|
5,481
|
|
Retained
earnings
|
6,591
|
|
5,866
|
|
Accumulated other
comprehensive loss
|
(1,486)
|
|
(1,688)
|
|
Non-controlling
interest
|
328
|
|
318
|
|
Total
Equity
|
9,005
|
|
8,076
|
|
Total Liabilities
and Equity
|
$
32,822
|
|
$
26,086
|
|
Carrier Global
Corporation
Consolidated Statement of Cash
Flows
|
|
|
(Unaudited)
|
|
Year Ended December
31,
|
|
(In
millions)
|
2023
|
|
2022
|
|
Operating
Activities
|
|
|
|
|
Net income from
operations
|
$
1,440
|
|
$
3,584
|
|
Adjustments to
reconcile net income from operations to net cash flows from
operating activities
|
|
|
|
|
Depreciation and
amortization
|
542
|
|
380
|
|
Deferred income tax
provision
|
(233)
|
|
(124)
|
|
Stock-based
compensation cost
|
81
|
|
77
|
|
Equity method
investment net earnings
|
(211)
|
|
(262)
|
|
(Gain) loss on
extinguishment of debt
|
—
|
|
(36)
|
|
(Gain) loss on sale of
investments / deconsolidation
|
278
|
|
(1,815)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
Accounts receivable,
net
|
(148)
|
|
(145)
|
|
Contract assets,
current
|
93
|
|
(51)
|
|
Inventories,
net
|
237
|
|
(334)
|
|
Other assets,
current
|
(117)
|
|
104
|
|
Accounts payable and
accrued liabilities
|
477
|
|
61
|
|
Contract liabilities,
current
|
74
|
|
29
|
|
Defined benefit plan
contributions
|
(33)
|
|
(16)
|
|
Distributions from
equity method investments
|
129
|
|
148
|
|
Other operating
activities, net
|
(2)
|
|
143
|
|
Net cash flows provided
by (used in) operating activities
|
2,607
|
|
1,743
|
|
Investing
Activities
|
|
|
|
|
Capital
expenditures
|
(469)
|
|
(353)
|
|
Investment in
businesses, net of cash acquired
|
(84)
|
|
(506)
|
|
Dispositions of
businesses
|
54
|
|
2,902
|
|
Settlement of
derivative contracts, net
|
(50)
|
|
(194)
|
|
Payment to former
shareholders of TCC
|
—
|
|
(104)
|
|
Kidde-Fenwal, Inc.
deconsolidation
|
(134)
|
|
—
|
|
Other investing
activities, net
|
23
|
|
—
|
|
Net cash flows provided
by (used in) investing activities
|
(660)
|
|
1,745
|
|
Financing
Activities
|
|
|
|
|
(Decrease) increase in
short-term borrowings, net
|
(15)
|
|
(140)
|
|
Issuance of long-term
debt
|
5,609
|
|
432
|
|
Repayment of long-term
debt
|
(111)
|
|
(1,275)
|
|
Repurchases of common
stock
|
(62)
|
|
(1,380)
|
|
Dividends paid on
common stock
|
(620)
|
|
(509)
|
|
Dividends paid to
non-controlling interest
|
(58)
|
|
(46)
|
|
Other financing
activities, net
|
(131)
|
|
(13)
|
|
Net cash flows provided
by (used in) financing activities
|
4,612
|
|
(2,931)
|
|
Effect of foreign
exchange rate changes on cash and cash equivalents
|
88
|
|
(56)
|
|
Net increase (decrease)
in cash and cash equivalents and restricted cash, including cash
classified in
current assets held for sale
|
6,647
|
|
501
|
|
Less: Change in cash
balances classified as assets held for sale
|
157
|
|
—
|
|
Net increase (decrease)
in cash and cash equivalents and restricted cash
|
6,490
|
|
501
|
|
Cash, cash equivalents
and restricted cash, beginning of period
|
3,527
|
|
3,026
|
|
Cash, cash equivalents
and restricted cash, end of period
|
10,017
|
|
3,527
|
|
Less: restricted
cash
|
2
|
|
7
|
|
Cash and cash
equivalents, end of period
|
$
10,015
|
|
$
3,520
|
|
Carrier Global
Corporation
Segment Net Sales and Operating
Profit
|
|
|
(Unaudited)
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(In
millions)
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
|
Net
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HVAC
|
$
3,293
|
|
$
3,293
|
|
$
3,316
|
|
$
3,316
|
|
$
15,139
|
|
$
15,139
|
|
$
13,408
|
|
$
13,408
|
|
Refrigeration
|
1,024
|
|
1,024
|
|
943
|
|
943
|
|
3,818
|
|
3,818
|
|
3,883
|
|
3,883
|
|
Fire &
Security
|
909
|
|
909
|
|
960
|
|
960
|
|
3,633
|
|
3,633
|
|
3,570
|
|
3,570
|
|
Segment
sales
|
5,226
|
|
5,226
|
|
5,219
|
|
5,219
|
|
22,590
|
|
22,590
|
|
20,861
|
|
20,861
|
|
Eliminations and
other
|
(124)
|
|
(124)
|
|
(114)
|
|
(114)
|
|
(492)
|
|
(492)
|
|
(440)
|
|
(440)
|
|
Net
sales
|
$
5,102
|
|
$
5,102
|
|
$
5,105
|
|
$
5,105
|
|
$
22,098
|
|
$
22,098
|
|
$
20,421
|
|
$
20,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HVAC
|
$ 335
|
|
$
397
|
|
$ 241
|
|
$ 317
|
|
$
2,275
|
|
$
2,511
|
|
$
2,610
|
|
$
2,032
|
|
Refrigeration
|
101
|
|
108
|
|
113
|
|
114
|
|
428
|
|
449
|
|
483
|
|
496
|
|
Fire &
Security
|
109
|
|
129
|
|
136
|
|
139
|
|
209
|
|
543
|
|
1,630
|
|
541
|
|
Segment operating
profit
|
545
|
|
634
|
|
490
|
|
570
|
|
2,912
|
|
3,503
|
|
4,723
|
|
3,069
|
|
Eliminations and
other
|
207
|
|
(55)
|
|
(30)
|
|
(30)
|
|
(275)
|
|
(166)
|
|
(80)
|
|
(78)
|
|
General corporate
expenses
|
(145)
|
|
(22)
|
|
(27)
|
|
(24)
|
|
(341)
|
|
(130)
|
|
(128)
|
|
(97)
|
|
Operating
profit
|
$
607
|
|
$
557
|
|
$
433
|
|
$
516
|
|
$
2,296
|
|
$
3,207
|
|
$
4,515
|
|
$
2,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HVAC
|
10.2 %
|
|
12.1 %
|
|
7.3 %
|
|
9.6 %
|
|
15.0 %
|
|
16.6 %
|
|
19.5 %
|
|
15.2 %
|
|
Refrigeration
|
9.9 %
|
|
10.5 %
|
|
12.0 %
|
|
12.1 %
|
|
11.2 %
|
|
11.8 %
|
|
12.4 %
|
|
12.8 %
|
|
Fire &
Security
|
12.0 %
|
|
14.2 %
|
|
14.2 %
|
|
14.5 %
|
|
5.8 %
|
|
14.9 %
|
|
45.7 %
|
|
15.2 %
|
|
Total
Carrier
|
11.9 %
|
|
10.9 %
|
|
8.5 %
|
|
10.1 %
|
|
10.4 %
|
|
14.5 %
|
|
22.1 %
|
|
14.2 %
|
|
Carrier Global
Corporation
Reconciliation of Reported (GAAP) to Adjusted
(Non-GAAP)
Operating Profit
|
|
|
(Unaudited)
|
|
Three Months Ended
December 31, 2023
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Fire &
Security
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$
3,293
|
|
$
1,024
|
|
$
909
|
|
$
(124)
|
|
$
—
|
|
$
5,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
335
|
|
$
101
|
|
$
109
|
|
$
207
|
|
$
(145)
|
|
$
607
|
|
Reported operating
margin
|
10.2 %
|
|
9.9 %
|
|
12.0 %
|
|
|
|
|
|
11.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
$
17
|
|
$
7
|
|
$
11
|
|
$
8
|
|
$
—
|
|
$
43
|
|
Amortization of
acquired intangibles
|
35
|
|
—
|
|
—
|
|
—
|
|
—
|
|
35
|
|
Acquisition step-up
amortization (1)
|
10
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10
|
|
Acquisition/divestiture-related costs
|
—
|
|
—
|
|
9
|
|
—
|
|
123
|
|
132
|
|
Bridge loan financing
costs
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
2
|
|
Viessmann-related
hedges
|
—
|
|
—
|
|
—
|
|
(272)
|
|
—
|
|
(272)
|
|
Total adjustments to
operating profit
|
$
62
|
|
$
7
|
|
$
20
|
|
$
(262)
|
|
$
123
|
|
$
(50)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
397
|
|
$
108
|
|
$
129
|
|
$
(55)
|
|
$
(22)
|
|
$
557
|
|
Adjusted operating
margin
|
12.1 %
|
|
10.5 %
|
|
14.2 %
|
|
|
|
|
|
10.9 %
|
|
|
(Unaudited)
|
|
Three Months Ended
December 31, 2022
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Fire &
Security
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$
3,316
|
|
$
943
|
|
$
960
|
|
$
(114)
|
|
$
—
|
|
$
5,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
241
|
|
$
113
|
|
$
136
|
|
$
(30)
|
|
$
(27)
|
|
$
433
|
|
Reported operating
margin
|
7.3 %
|
|
12.0 %
|
|
14.2 %
|
|
|
|
|
|
8.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
$
—
|
|
$
1
|
|
$
1
|
|
$
—
|
|
$
—
|
|
$
2
|
|
Amortization of
acquired intangibles
|
22
|
|
—
|
|
1
|
|
—
|
|
—
|
|
23
|
|
Acquisition step-up
amortization (1)
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
|
27
|
|
Acquisition/divestiture-related costs
|
—
|
|
—
|
|
—
|
|
—
|
|
3
|
|
3
|
|
TCC acquisition-related
gain (2)
|
27
|
|
—
|
|
—
|
|
—
|
|
—
|
|
27
|
|
Russia/Ukraine asset
impairment
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
1
|
|
Total adjustments to
operating profit
|
$
76
|
|
$
1
|
|
$
3
|
|
$
—
|
|
$
3
|
|
$
83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
317
|
|
$
114
|
|
$
139
|
|
$
(30)
|
|
$
(24)
|
|
$
516
|
|
Adjusted operating
margin
|
9.6 %
|
|
12.1 %
|
|
14.5 %
|
|
|
|
|
|
10.1 %
|
|
|
(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.
|
|
Carrier Global
Corporation
Reconciliation of Reported (GAAP) to Adjusted
(Non-GAAP)
Operating Profit
|
|
|
(Unaudited)
|
|
Year Ended December
31, 2023
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Fire &
Security
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$ 15,139
|
|
$
3,818
|
|
$
3,633
|
|
$
(492)
|
|
$
—
|
|
$ 22,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
2,275
|
|
$
428
|
|
$
209
|
|
$
(275)
|
|
$
(341)
|
|
$
2,296
|
|
Reported operating
margin
|
15.0 %
|
|
11.2 %
|
|
5.8 %
|
|
|
|
|
|
10.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
$
44
|
|
$
21
|
|
$
22
|
|
$
10
|
|
$
—
|
|
$
97
|
|
Amortization of
acquired intangibles
|
143
|
|
—
|
|
6
|
|
—
|
|
—
|
|
149
|
|
Acquisition step-up
amortization (1)
|
41
|
|
—
|
|
—
|
|
—
|
|
—
|
|
41
|
|
Acquisition/divestiture-related costs
|
—
|
|
—
|
|
9
|
|
—
|
|
211
|
|
220
|
|
Bridge loan financing
costs
|
—
|
|
—
|
|
—
|
|
3
|
|
—
|
|
3
|
|
TCC acquisition-related
gain (2)
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
Viessmann-related
hedges
|
—
|
|
—
|
|
—
|
|
96
|
|
—
|
|
96
|
|
KFI
deconsolidation
|
—
|
|
—
|
|
297
|
|
—
|
|
—
|
|
297
|
|
Total adjustments to
operating profit
|
$
236
|
|
$
21
|
|
$
334
|
|
$
109
|
|
$
211
|
|
$
911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
2,511
|
|
$
449
|
|
$
543
|
|
$
(166)
|
|
$
(130)
|
|
$
3,207
|
|
Adjusted operating
margin
|
16.6 %
|
|
11.8 %
|
|
14.9 %
|
|
|
|
|
|
14.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
Year Ended December
31, 2022
|
|
(In
millions)
|
HVAC
|
|
Refrigeration
|
|
Fire &
Security
|
|
Eliminations
and Other
|
|
General
Corporate
Expenses
|
|
Carrier
|
|
Net
sales
|
$ 13,408
|
|
$
3,883
|
|
$
3,570
|
|
$
(440)
|
|
$
—
|
|
$ 20,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
profit
|
$
2,610
|
|
$
483
|
|
$
1,630
|
|
$
(80)
|
|
$
(128)
|
|
$
4,515
|
|
Reported operating
margin
|
19.5 %
|
|
12.4 %
|
|
45.7 %
|
|
|
|
|
|
22.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to segment
operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
Cost
|
$
8
|
|
$
10
|
|
$
11
|
|
$
2
|
|
$
—
|
|
$
31
|
|
Amortization of
acquired intangibles
|
46
|
|
—
|
|
4
|
|
—
|
|
—
|
|
50
|
|
Acquisition step-up
amortization (1)
|
51
|
|
—
|
|
—
|
|
—
|
|
—
|
|
51
|
|
Acquisition/divestiture-related costs
|
—
|
|
—
|
|
—
|
|
—
|
|
31
|
|
31
|
|
Chubb gain
|
—
|
|
—
|
|
(1,105)
|
|
—
|
|
—
|
|
(1,105)
|
|
TCC acquisition-related
gain (2)
|
(705)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(705)
|
|
Russia/Ukraine asset
impairment
|
—
|
|
3
|
|
1
|
|
—
|
|
—
|
|
4
|
|
Charge resulting from
legal matter
|
22
|
|
—
|
|
—
|
|
—
|
|
—
|
|
22
|
|
Total adjustments to
operating profit
|
$
(578)
|
|
$
13
|
|
$ (1,089)
|
|
$
2
|
|
$
31
|
|
$ (1,621)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
profit
|
$
2,032
|
|
$
496
|
|
$
541
|
|
$
(78)
|
|
$
(97)
|
|
$
2,894
|
|
Adjusted operating
margin
|
15.2 %
|
|
12.8 %
|
|
15.2 %
|
|
|
|
|
|
14.2 %
|
|
|
(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.
|
|
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
December 31, 2023
|
|
Year Ended December
31, 2023
|
|
(In millions,
except per share amounts)
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Net sales
|
$
5,102
|
|
$
—
|
|
$ 5,102
|
|
$ 22,098
|
|
$
—
|
|
$ 22,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
$ 607
|
|
(50)
|
a
|
$
557
|
|
$
2,296
|
|
911
|
a
|
$
3,207
|
|
Operating
margin
|
11.9 %
|
|
|
|
10.9 %
|
|
10.4 %
|
|
|
|
14.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
before income taxes
|
$ 559
|
|
(33)
|
a,b
|
$
526
|
|
$
2,084
|
|
960
|
a,b
|
$
3,044
|
|
Income tax
expense
|
$ (120)
|
|
65
|
c
|
$
(55)
|
|
$
(644)
|
|
20
|
c
|
$
(624)
|
|
Income tax
rate
|
21.5 %
|
|
|
|
10.5 %
|
|
30.9 %
|
|
|
|
20.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common
shareowners
|
$
420
|
|
$
32
|
|
$
452
|
|
$
1,349
|
|
$
980
|
|
$
2,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
|
|
$
43
|
a
|
|
|
|
|
$
97
|
a
|
|
|
Amortization of
acquired intangibles
|
|
|
35
|
a
|
|
|
|
|
149
|
a
|
|
|
Acquisition step-up
amortization (1)
|
|
|
10
|
a
|
|
|
|
|
41
|
a
|
|
|
Acquisition/divestiture-related costs
|
|
|
132
|
a
|
|
|
|
|
220
|
a
|
|
|
Viessmann-related
hedges
|
|
|
(272)
|
a
|
|
|
|
|
96
|
a
|
|
|
TCC acquisition-related
gain (2)
|
|
|
—
|
a
|
|
|
|
|
8
|
a
|
|
|
KFI
deconsolidation
|
|
|
—
|
a
|
|
|
|
|
297
|
a
|
|
|
Bridge loan financing
costs (3)
|
|
|
19
|
a, b
|
|
|
|
|
52
|
a, b
|
|
|
Total
adjustments
|
|
|
$
(33)
|
|
|
|
|
|
$
960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on
adjustments above
|
|
|
$
(36)
|
|
|
|
|
|
$
(114)
|
|
|
|
Tax specific
adjustments
|
|
|
101
|
|
|
|
|
|
134
|
|
|
|
Total tax
adjustments
|
|
|
$
65
|
c
|
|
|
|
|
$
20
|
c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding -
Diluted
|
854.2
|
|
|
|
854.2
|
|
853.0
|
|
|
|
853.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Diluted
|
$
0.49
|
|
|
|
$
0.53
|
|
$ 1.58
|
|
|
|
$ 2.73
|
|
|
(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 and subsequently
adjusted.
|
|
(3)
Includes commitment fees recognized in Operating
profit.
|
|
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
December 31, 2022
|
|
Year Ended December
31, 2022
|
|
(In millions,
except per share
amounts)
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Reported
|
|
Adjustments
|
|
Adjusted
|
|
Net sales
|
$
5,105
|
|
$
—
|
|
$ 5,105
|
|
$
20,421
|
|
$
—
|
|
$
20,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit
|
$ 433
|
|
83
|
a
|
$
516
|
|
$
4,515
|
|
(1,621)
|
a
|
$
2,894
|
|
Operating
margin
|
8.5 %
|
|
|
|
10.1 %
|
|
22.1 %
|
|
|
|
14.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
before income taxes
|
$ 377
|
|
83
|
a
|
$
460
|
|
$
4,292
|
|
(1,649)
|
a, b
|
$
2,643
|
|
Income tax
expense
|
$ (99)
|
|
(13)
|
c
|
$
(112)
|
|
$ (708)
|
|
135
|
c
|
$ (573)
|
|
Income tax
rate
|
26.3 %
|
|
|
|
24.3 %
|
|
16.5 %
|
|
|
|
21.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common
shareowners
|
$
270
|
|
$
70
|
|
$
340
|
|
$
3,534
|
|
$
(1,514)
|
|
$
2,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
|
|
$
2
|
a
|
|
|
|
|
$
31
|
a
|
|
|
Amortization of
acquired intangibles
|
|
|
23
|
a
|
|
|
|
|
50
|
a
|
|
|
Acquisition step-up
amortization (1)
|
|
|
27
|
a
|
|
|
|
|
51
|
a
|
|
|
Acquisition/divestiture-related costs
|
|
|
3
|
a
|
|
|
|
|
31
|
a
|
|
|
Chubb gain
|
|
|
—
|
a
|
|
|
|
|
(1,105)
|
a
|
|
|
TCC acquisition-related
gain (2)
|
|
|
27
|
a
|
|
|
|
|
(705)
|
a
|
|
|
Russia/Ukraine asset
impairment
|
|
|
1
|
a
|
|
|
|
|
4
|
a
|
|
|
Charge resulting from
legal matter
|
|
|
—
|
a
|
|
|
|
|
22
|
a
|
|
|
Debt extinguishment
(gain), net (3)
|
|
|
—
|
b
|
|
|
|
|
(28)
|
b
|
|
|
Total
adjustments
|
|
|
$
83
|
|
|
|
|
|
$
(1,649)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect on
adjustments above
|
|
|
$
(13)
|
|
|
|
|
|
$
172
|
|
|
|
Tax specific
adjustments
|
|
|
—
|
|
|
|
|
|
(37)
|
|
|
|
Total tax
adjustments
|
|
|
$
(13)
|
c
|
|
|
|
|
$
135
|
c
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding -
Diluted
|
852.2
|
|
|
|
852.2
|
|
861.2
|
|
|
|
861.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share -
Diluted
|
$
0.32
|
|
|
|
$
0.40
|
|
$
4.10
|
|
|
|
$
2.34
|
|
|
(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.
|
|
(3) The
Company repurchased approximately $1.15 billion of aggregate
principal senior notes on March 30, 2022 and recognized a net gain
of $33 million and wrote-off $5 million of unamortized deferred
financing costs in Interest (expense) income,
net.
|
|
Carrier Global
Corporation
Reconciliation of Reported (GAAP) to Adjusted
(Non-GAAP) Results
|
|
|
Components of
Changes in Net Sales
|
|
|
Three Months
Ended December 31, 2023 Compared with Three Months Ended December
31, 2022
|
|
|
(Unaudited)
|
|
Factors Contributing
to Total % change in Net Sales
|
|
Organic
|
|
FX
Translation
|
|
Acquisitions /
Divestitures, net
|
|
Other
|
|
Total
|
|
HVAC
|
(1) %
|
|
1 %
|
|
(1) %
|
|
— %
|
|
(1) %
|
|
Refrigeration
|
6 %
|
|
3 %
|
|
— %
|
|
— %
|
|
9 %
|
|
Fire &
Security
|
(1) %
|
|
1 %
|
|
(5) %
|
|
— %
|
|
(5) %
|
|
Consolidated
|
— %
|
|
1 %
|
|
(1) %
|
|
— %
|
|
— %
|
|
|
Year Ended
December 31, 2023 Compared with Year Ended December 31,
2022
|
|
|
(Unaudited)
|
|
Factors Contributing
to Total % change in Net Sales
|
|
Organic
|
|
FX
Translation
|
|
Acquisitions /
Divestitures, net
|
|
Other
|
|
Total
|
|
HVAC
|
5 %
|
|
(1) %
|
|
9 %
|
|
— %
|
|
13 %
|
|
Refrigeration
|
(2) %
|
|
1 %
|
|
(1) %
|
|
— %
|
|
(2) %
|
|
Fire &
Security
|
6 %
|
|
(1) %
|
|
(3) %
|
|
— %
|
|
2 %
|
|
Consolidated
|
3 %
|
|
— %
|
|
5 %
|
|
— %
|
|
8 %
|
|
Historical Amounts
of Amortization of Acquired Intangibles
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
FY
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
FY
|
|
(In
millions)
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
HVAC
|
|
$
4
|
|
$
4
|
|
$ 16
|
|
$ 22
|
|
$ 46
|
|
$ 37
|
|
$ 36
|
|
$ 35
|
|
$ 35
|
|
$ 143
|
|
Fire &
Security
|
|
1
|
|
1
|
|
1
|
|
1
|
|
4
|
|
2
|
|
2
|
|
2
|
|
—
|
|
6
|
|
Total
Carrier
|
|
5
|
|
5
|
|
17
|
|
23
|
|
50
|
|
39
|
|
38
|
|
37
|
|
35
|
|
149
|
|
Associated tax
effect
|
|
(1)
|
|
(1)
|
|
(7)
|
|
(4)
|
|
(13)
|
|
(12)
|
|
(11)
|
|
(11)
|
|
(11)
|
|
(45)
|
|
Net impact to
adjusted results
|
|
$
4
|
|
$
4
|
|
$
10
|
|
$
19
|
|
$
37
|
|
$
27
|
|
$
27
|
|
$
26
|
|
$
24
|
|
$ 104
|
|
Free Cash Flow
Reconciliation
|
|
|
|
(Unaudited)
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
FY
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
FY
|
|
(In
millions)
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
|
Net cash flows provided
by
operating activities
|
|
$
(202)
|
|
$ 32
|
|
$ 790
|
|
$
1,123
|
|
$
1,743
|
|
$ 120
|
|
$ 384
|
|
$
1,041
|
|
$
1,062
|
|
$
2,607
|
|
Less: Capital
expenditures
|
|
56
|
|
66
|
|
91
|
|
140
|
|
353
|
|
70
|
|
74
|
|
92
|
|
233
|
|
469
|
|
Free cash
flow
|
|
$
(258)
|
|
$ (34)
|
|
$ 699
|
|
$ 983
|
|
$
1,390
|
|
$
50
|
|
$ 310
|
|
$ 949
|
|
$ 829
|
|
$
2,138
|
|
Net Debt
Reconciliation
|
|
|
|
(Unaudited)
|
|
|
As of December
31,
|
|
(In
millions)
|
|
2023
|
|
2022
|
|
Long-term
debt
|
|
$
14,242
|
|
$
8,702
|
|
Current portion of
long-term debt
|
|
51
|
|
140
|
|
Less: Cash and cash
equivalents
|
|
10,015
|
|
3,520
|
|
Net
debt
|
|
$
4,278
|
|
$
5,322
|
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SOURCE Carrier Global Corporation