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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
 ____________________________________ 
FORM 10-Q
____________________________________ 
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-39220
____________________________________ 
CARRIER GLOBAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________ 
Delaware 83-4051582
(State or Other Jurisdiction of Incorporation or Organization)(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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock ($0.01 par value)CARRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐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.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of October 14, 2022, there were 836,261,515 shares of Common Stock outstanding.
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CARRIER GLOBAL CORPORATION
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Three and Nine Months Ended September 30, 2022
Page

Carrier Global Corporation and its subsidiaries' names, abbreviations thereof, logos and product and service designators are all either the registered or unregistered trademarks or trade names of Carrier Global Corporation and its subsidiaries. Names, abbreviations of names, logos and products and service designators of other companies are either the registered or unregistered trademarks or trade names of their respective owners. As used herein, the terms "we," "us," "our," "the Company" or "Carrier," unless the context otherwise requires, mean Carrier Global Corporation and its subsidiaries. References to internet websites in this Form 10-Q are provided for convenience only. Information available through these websites is not incorporated by reference into this Form 10-Q.









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PART I – FINANCIAL INFORMATION
Item 1.    Financial Statements

CARRIER GLOBAL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share amounts)2022202120222021
Net sales
Product sales$4,891 $4,510 $13,723 $12,958 
Service sales560 831 1,593 2,522 
Total Net sales5,451 5,341 15,316 15,480 
Costs and expenses
Cost of products sold(3,569)(3,172)(9,930)(9,131)
Cost of services sold(405)(568)(1,169)(1,735)
Research and development(143)(123)(390)(369)
Selling, general and administrative(624)(748)(1,839)(2,304)
Total Costs and expenses(4,741)(4,611)(13,328)(13,539)
Equity method investment net earnings63 76 222 201 
Other income (expense), net753 22 1,872 40 
Operating profit1,526 828 4,082 2,182 
Non-service pension (expense) benefit — 14 (2)51 
Interest (expense) income, net(56)(74)(165)(238)
Income from operations before income taxes1,470 768 3,915 1,995 
Income tax (expense) benefit(138)(288)(609)(626)
Net income from operations1,332 480 3,306 1,369 
Less: Non-controlling interest in subsidiaries' earnings from operations20 11 42 29 
Net income attributable to common shareowners$1,312 $469 $3,264 $1,340 
Earnings per share
Basic$1.56 $0.54 $3.86 $1.54 
Diluted $1.53 $0.53 $3.78 $1.50 
Weighted-average number of shares outstanding
Basic839.6 867.6 846.1 868.6 
Diluted856.5 892.0 864.3 890.9 
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.

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CARRIER GLOBAL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

 Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2022202120222021
Net income from operations$1,332 $480 $3,306 $1,369 
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments arising during period(645)(203)(1,195)(265)
Pension and post-retirement benefit plan adjustments2 6 2 19 
Chubb divestiture— — (245)— 
Other comprehensive income (loss), net of tax(643)(197)(1,438)(246)
Comprehensive income (loss)689 283 1,868 1,123 
Less: Comprehensive income (loss) attributable to non-controlling interest7 11 20 29 
Comprehensive income (loss) attributable to common shareowners$682 $272 $1,848 $1,094 
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.

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CARRIER GLOBAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
(In millions)September 30, 2022December 31, 2021
Assets
Cash and cash equivalents$2,985 $2,987 
Accounts receivable, net3,003 2,403 
Contract assets, current666 503 
Inventories, net2,664 1,970 
Assets held for sale— 3,168 
Other assets, current422 376 
Total current assets9,740 11,407 
Future income tax benefits619 563 
Fixed assets, net2,055 1,826 
Operating lease right-of-use assets625 640 
Intangible assets, net1,309 509 
Goodwill9,621 9,349 
Pension and post-retirement assets23 43 
Equity method investments1,151 1,593 
Other assets207 242 
Total Assets$25,350 $26,172 
Liabilities and Equity
Accounts payable$2,817 $2,334 
Accrued liabilities2,537 2,561 
Contract liabilities, current440 415 
Liabilities held for sale— 1,134 
Current portion of long-term debt219 183 
Total current liabilities6,013 6,627 
Long-term debt8,670 9,513 
Future pension and post-retirement obligations431 380 
Future income tax obligations522 354 
Operating lease liabilities514 527 
Other long-term liabilities1,737 1,677 
Total Liabilities17,887 19,078 
Commitments and contingent liabilities (Note 19)
Equity
Common stock 9 9 
Treasury stock(1,791)(529)
Additional paid-in capital5,463 5,411 
Retained earnings5,876 2,865 
Accumulated other comprehensive loss(2,405)(989)
Non-controlling interest311 327 
Total Equity7,463 7,094 
Total Liabilities and Equity$25,350 $26,172 
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.
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CARRIER GLOBAL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)

(In millions)Accumulated Other Comprehensive Income (Loss)Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsNon-Controlling InterestTotal Equity
Balance as of December 31, 2021$(989)$9 $(529)$5,411 $2,865 $327 $7,094 
Net income— — — — 1,379 8 1,387 
Other comprehensive income (loss), net of tax(308)— — — — — (308)
Shares issued under incentive plans, net— — — (17)— — (17)
Stock-based compensation— — — 21 — — 21 
Dividends attributable to non-controlling interest— — — — — (1)(1)
Sale of non-controlling interest— — — — — (5)(5)
Treasury stock repurchase— — (741)— — — (741)
Balance as of March 31, 2022$(1,297)$9 $(1,270)$5,415 $4,244 $329 $7,430 
Net income————57314587
Other comprehensive income (loss), net of tax(478)————(9)(487)
Dividends declared on common stock (1)
————(253)—(253)
Conversion of cash settled awards———6——6
Stock-based compensation———20——20
Dividends attributable to non-controlling interest—————(38)(38)
Treasury stock repurchase——(273)———(273)
Balance as of June 30, 2022$(1,775)$9 $(1,543)$5,441 $4,564 $296 $6,992 
Net income— — — — 1,312 20 1,332 
Other comprehensive income (loss), net of tax(630)— — — — (13)(643)
Stock-based compensation— — — 17 — — 17 
Dividends attributable to non-controlling interest— — — — — (1)(1)
Acquisition of non-controlling interest— — — 5 — 22 27 
Sale of non-controlling interest— — — — — (13)(13)
Treasury stock repurchase— — (248)— — — (248)
Balance as of September 30, 2022$(2,405)$9 $(1,791)$5,463 $5,876 $311 $7,463 
(1) Cash dividends declared were $0.30 per share for the three months ended June 30, 2022.
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.
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CARRIER GLOBAL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(Unaudited)
(In millions)Accumulated Other Comprehensive Income (Loss)Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsNon-Controlling InterestTotal Equity
Balance as of December 31, 2020$(745)$9 $— $5,345 $1,643 $326 $6,578 
Net income— — — — 384 8 392 
Other comprehensive income (loss), net of tax(114)— — — — — (114)
Shares issued under incentive plans, net— — — (14)— — (14)
Stock-based compensation— — — 19 — — 19 
Dividends attributable to non-controlling interest— — — — — (5)(5)
Treasury stock repurchase— — (38)— — — (38)
Balance as of March 31, 2021$(859)$9 $(38)$5,350 $2,027 $329 $6,818 
Net income— — — — 487 10 497 
Other comprehensive income (loss), net of tax65 — — — — — 65 
Dividends declared on common stock (1)
— — — — (209)— (209)
Shares issued under incentive plans, net— — — (4)— — (4)
Stock-based compensation— — — 20 — — 20 
Dividends attributable to non-controlling interest— — — — — (21)(21)
Acquisition of non-controlling interest— — — — — 46 46 
Treasury stock repurchase— — (92)— — — (92)
Balance as of June 30, 2021$(794)$9 $(130)$5,366 $2,305 $364 $7,120 
Net income— — — — 469 11 480 
Other comprehensive income (loss), net of tax(197)— — — — — (197)
Shares issued under incentive plans, net— — — (1)— — (1)
Stock-based compensation— — — 21 — — 21 
Dividends attributable to non-controlling interest— — — — — (6)(6)
Acquisition of non-controlling interest— — — (2)— (47)(49)
Treasury stock repurchase— — (146)— — — (146)
Balance as of September 30, 2021$(991)$9 $(276)$5,384 $2,774 $322 $7,222 
(1) Cash dividends declared were $0.24 per share for the three months ended June 30, 2021

The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.
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CARRIER GLOBAL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
(In millions)20222021
Operating Activities
Net income from operations$3,306 $1,369 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization257 251 
Deferred income tax provision(107)69 
Stock-based compensation costs58 60 
Equity method investment net earnings(222)(201)
Impairment charge on minority-owned joint venture investments— 2 
(Gain) loss on extinguishment of debt(36)— 
(Gain) loss on sale of investments(1,844)(4)
Changes in operating assets and liabilities
Accounts receivable, net(433)(290)
Contract assets, current(201)(66)
Inventories, net(492)(344)
Other assets, current(3)(20)
Accounts payable and accrued liabilities180 496 
Contract liabilities, current34 43 
Defined benefit plan contributions(10)(29)
Distributions from equity method investments55 65 
Other operating activities, net78 (77)
Net cash flows provided by (used in) operating activities620 1,324 
Investing Activities
Capital expenditures(213)(206)
Investment in businesses, net of cash acquired (472)(214)
Dispositions of businesses 2,944 3 
Settlement of derivative contracts, net(202)(18)
Other investing activities, net(12)9 
Net cash flows provided by (used in) investing activities2,045 (426)
Financing Activities
Increase (decrease) in short-term borrowings, net(125)(17)
Issuance of long-term debt421 122 
Repayment of long-term debt(1,185)(692)
Repurchases of common stock(1,261)(275)
Dividends paid on common stock(384)(313)
Dividends paid to non-controlling interest(22)(32)
Other financing activities, net(28)(18)
Net cash flows provided by (used in) financing activities(2,584)(1,225)
Effect of foreign exchange rate changes on cash and cash equivalents(115)(15)
Net increase (decrease) in cash and cash equivalents and restricted cash(34)(342)
Less: Change in cash balances classified as assets held for sale— 74 
Cash, cash equivalents and restricted cash, beginning of period3,025 3,120 
Cash, cash equivalents and restricted cash, end of period2,991 2,704 
Less: restricted cash6 33 
Cash and cash equivalents, end of period$2,985 $2,671 
The accompanying notes are an integral part of the Unaudited Condensed Consolidated Financial Statements.
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CARRIER GLOBAL CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1: DESCRIPTION OF THE BUSINESS
Carrier Global Corporation is the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions. The Company's portfolio includes industry-leading brands such as Carrier, Automated Logic, Carrier Transicold, Kidde, Edwards and LenelS2 that offer innovative heating, ventilating, air conditioning ("HVAC"), refrigeration, fire, security and building automation technologies to help make the world safer and more comfortable. The Company also provides a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring.

In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments) necessary to state fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). The accompanying Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for 2021 filed with the SEC on February 8, 2022 (the "2021 Form 10-K").

Impact of the COVID-19 Pandemic
In early 2020, the World Health Organization declared the outbreak of a respiratory disease known as COVID-19 as a global pandemic. In response, many countries implemented containment and mitigation measures to combat the outbreak, which severely restricted the level of economic activity and caused a significant contraction in the global economy. As a result, the Company took several preemptive actions to manage liquidity, preserve the health and safety of its employees and customers as well as maintain the continuity of its operations. The preparation of financial statements requires management to use judgments in making estimates and assumptions based on the relevant information available at the end of each period, which can have a significant effect on reported amounts. However, due to significant uncertainty surrounding the pandemic, including a resurgence in cases and the spread of COVID-19 variants, management's judgments could change. While the Company's results of operations, cash flows and financial condition could be negatively impacted, the extent of any continuing impact cannot be estimated with certainty at this time.

NOTE 2: BASIS OF PRESENTATION
The Unaudited Condensed Consolidated Financial Statements include all accounts of the Company and its wholly-owned and majority-owned subsidiaries in which it has control. All intra-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. Non-controlling interest represents a non-controlling investor's interests in the results of subsidiaries that the Company controls and consolidates.

Acquisition of Toshiba Carrier Corporation
On February 6, 2022, the Company entered into a binding agreement to acquire a majority ownership interest in Toshiba Carrier Corporation (“TCC”), a variable refrigerant flow ("VRF") and light commercial HVAC joint venture between Carrier and Toshiba Corporation. The acquisition was completed on August 1, 2022, subject to customary closing conditions. As a result, the assets, liabilities and results of operations of TCC are consolidated in the accompanying Unaudited Condensed Consolidated Financial Statements as of the date of acquisition and reported within the Company’s HVAC segment. Upon closing, Toshiba Corporation retained a 5% ownership interest in TCC. See Note 15 – Acquisitions for additional information.

Sale of Chubb Fire & Security Business
On July 26, 2021, the Company entered into a stock purchase agreement to sell its Chubb Fire and Security business ("Chubb") to APi Group Corporation ("APi"). As a result, the assets and liabilities of Chubb are presented as held for sale on the accompanying Unaudited Condensed Consolidated Balance Sheet as of December 31, 2021 and recorded at the lower of their carrying value or fair value less estimated cost to sell. The sale of Chubb was completed on January 3, 2022 (the "Chubb Sale"). See Note 16 - Divestitures for additional information.

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Separation from United Technologies
On April 3, 2020, United Technologies Corporation, since renamed Raytheon Technologies Corporation ("UTC"), completed the spin-off of the Company into an independent, publicly traded company (the "Separation") through a pro-rata distribution (the "Distribution") on a one-for-one basis of all of the outstanding shares of common stock of the Company to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date of the Distribution. The Company incurred separation-related costs including employee-related costs, costs to establish certain stand-alone functions, information technology systems, professional service fees and other costs associated with becoming an independent, publicly traded company. These costs are primarily recorded in Selling, general and administrative in the accompanying Unaudited Condensed Consolidated Statement of Operations and totaled $19 million for the nine months ended September 30, 2021.

Recently Issued and Adopted Accounting Pronouncements
The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the sole source of authoritative U.S. GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs pending adoption were assessed and determined to be either not applicable or not expected to have a material impact on the accompanying Unaudited Condensed Consolidated Financial Statements.

NOTE 3: INVENTORIES, NET
Inventories are stated at the lower of cost or estimated net realizable value. Cost is primarily determined based on the first-in, first-out inventory method ("FIFO") or average cost methods, which approximates current replacement cost. However, certain subsidiaries use the last-in, first-out inventory method ("LIFO").

Inventories, net consisted of the following:
(In millions)September 30, 2022December 31, 2021
Raw materials$822 $559 
Work-in-process217 197 
Finished goods1,625 1,214 
Inventories, net$2,664 $1,970 

The Company performs periodic assessments utilizing customer demand, production requirements and historical usage rates to determine the existence of excess and obsolete inventory and records necessary provisions to reduce such inventories to the lower of cost or estimated net realizable value. Raw materials, work-in-process and finished goods are net of valuation reserves of $157 million and $154 million as of September 30, 2022 and December 31, 2021, respectively.

NOTE 4: GOODWILL AND INTANGIBLE ASSETS
The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the reporting unit may be less than its carrying value.

The changes in the carrying amount of goodwill were as follows:

(In millions)HVACRefrigerationFire & SecurityTotal
Balance as of December 31, 2021$5,658 $1,228 $2,463 $9,349 
Goodwill resulting from business combinations (1)
877 — 1 878 
Foreign currency translation(368)(80)(158)(606)
Balance as of September 30, 2022$6,167 $1,148 $2,306 $9,621 
(1) See Note 15 - Acquisitions for additional information.

Indefinite-lived intangible assets are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the asset may be less than the carrying amount of the
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asset. All other intangible assets with finite useful lives are amortized over their estimated useful lives.

Identifiable intangible assets consisted of the following:

September 30, 2022December 31, 2021
(In millions)Gross AmountAccumulated AmortizationNet AmountGross AmountAccumulated AmortizationNet Amount
Amortized:
Customer relationships$1,367 $(691)$676 $945 $(699)$246 
Patents and trademarks380 (178)202 232 (182)50 
Service portfolios and other916 (548)368 688 (539)149 
2,663 (1,417)1,246 1,865 (1,420)445 
Unamortized:
Trademarks and other63 — 63 64 — 64 
Intangible assets, net$2,726 $(1,417)$1,309 $1,929 $(1,420)$509 

Amortization of intangible assets was as follows:

 Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2022202120222021
Amortization expense of Intangible assets$38 $25 $79 $74 

Annual Impairment Test
The Company tested its goodwill and indefinite-lived intangible assets for impairment as part of its annual assessment. For each test except one, the Company qualitatively assessed all relevant events or circumstances that could impact the estimate of fair value and determined it was more likely than not that the fair value of each reporting unit and indefinite-lived intangible asset exceeded their carrying amount. The test for one reporting unit related to the TCC acquisition and the subsequent reorganization of the Company's Commercial HVAC reporting unit in order to create a separate Global Comfort Solutions reporting unit. As a result, the Company performed a quantitative goodwill impairment test on its Commercial HVAC reporting unit prior to the reorganization, the results of which did not indicate any goodwill impairment. The Company then reassigned goodwill among its Commercial HVAC and new Global Comfort Solutions reporting units using a relative fair value approach and performed a goodwill impairment assessment. The results did not indicate any goodwill impairment.
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NOTE 5: BORROWINGS AND LINES OF CREDIT
Long-term debt consisted of the following:

(In millions)September 30,
2022		December 31,
2021
2.242% Notes due February 15, 2025
$1,200 $2,000 
2.493% Notes due February 15, 2027
900 1,250 
2.722% Notes due February 15, 2030
2,000 2,000 
2.700% Notes due February 15, 2031
750 750 
3.377% Notes due April 5, 2040