Related Parties (Tables)

9 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

Upon Separation, the following were recorded as Net transfers from UTC and Separation-related transactions on the Consolidated Statements of Changes in Equity through UTC Net Investment:

(dollars in millions)
Cash and cash equivalents	$	220
Taxes and other	187
Total	$	407

Allocated centralized costs were incurred as follows:

	Quarter Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2020		2019		2020		2019
Allocated centralized costs	$	—	$	20	$	16	$	56

In connection with the Separation as further described in Note 1, we incurred Separation costs as follows:

	Quarter Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2020		2019		2020		2019
Separation costs	$	29	$	7	$	82	$	10

Schedule of Separation and Tax Matters Agreement Impact on Balance Sheet

As a result of the Separation and the provisions of the TMA, Otis' total net tax-related liabilities on April 3, 2020 were reduced by $191 million, comprising the following impacts to the Condensed Consolidated Balance Sheet:

(dollars in millions)	Increase (Decrease)
Assets
Other current assets	$	167
Total Current Assets	167
Future income tax benefits	(4)
Total Assets	$	163
Liabilities and (Deficit) Equity
Accrued liabilities	$	110
Total Current Liabilities	110
Future income tax obligations	(377)
Other long-term liabilities	239
Total Liabilities	(28)
Total Shareholders' (Deficit) Equity	191
Total (Deficit) Equity	191
Total Liabilities and (Deficit) Equity	$	163