Otis Worldwide (OTIS) 10-Q27 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39221
Entity Registrant Name	OTIS WORLDWIDE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3789412
Entity Address, Address Line One	One Carrier Place
Entity Address, City or Town	Farmington
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06032
City Area Code	860
Local Phone Number	674-3000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		413,291,336
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001781335
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	OTIS
Security Exchange Name	NYSE
0.000% Notes due 2023
Document Information [Line Items]
Title of 12(b) Security	0.000% Notes due 2023
Trading Symbol	OTIS/23
Security Exchange Name	NYSE
0.318% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	0.318% Notes due 2026
Trading Symbol	OTIS/26
Security Exchange Name	NYSE
0.934% Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	0.934% Notes due 2031
Trading Symbol	OTIS/31
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net sales:
Revenues	$ 3,346	$ 3,414
Costs and expenses:
Research and development	35	37
Selling, general and administrative	455	459
Costs and expenses	2,840	2,904
Other income (expense), net	7	16
Operating profit	513	526
Non-service pension cost (benefit)	0	0
Interest expense (income), net	33	37
Net income before income taxes	480	489
Income tax expense	128	136
Net income	352	353
Less: Noncontrolling interest in subsidiaries' earnings	21	42
Net income attributable to Otis Worldwide Corporation	$ 331	$ 311
Earnings per share (Note 2):
Basic (in usd per share)	$ 0.80	$ 0.73
Diluted (in usd per share)	$ 0.79	$ 0.73
Weighted average number of shares outstanding:
Basic shares (in shares)	414,300,000	424,200,000
Diluted shares (in shares)	417,800,000	427,700,000
Product sales
Net sales:
Revenues	$ 1,307	$ 1,422
Costs and expenses:
Cost of products and services sold	1,098	1,190
Service sales
Net sales:
Revenues	2,039	1,992
Costs and expenses:
Cost of products and services sold	$ 1,252	$ 1,218

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 352	$ 353
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(34)	0
Pension and postretirement benefit plan adjustments	0	2
Change in unrealized cash flow hedging	3	0
Other comprehensive income (loss), net of tax	(31)	2
Comprehensive income (loss), net of tax	321	355
Less: Comprehensive (income) loss attributable to noncontrolling interest	(24)	23
Comprehensive income attributable to Otis Worldwide Corporation	$ 297	$ 378

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 1,117	$ 1,189
Accounts receivable (net of allowance for expected credit losses of $139 and $152)	3,364	3,357
Contract assets	710	664
Inventories	642	617
Other current assets	320	316
Total Current Assets	6,153	6,143
Future income tax benefits	281	285
Fixed assets (net of accumulated depreciation of $1,183 and $1,151)	719	719
Operating lease right-of-use assets	468	449
Intangible assets, net	360	369
Goodwill	1,570	1,567
Other assets	294	287
Total Assets	9,845	9,819
Liabilities and Equity (Deficit)
Short-term borrowings and current portion of long-term debt	646	670
Accounts payable	1,515	1,717
Accrued liabilities	1,679	1,794
Contract liabilities	2,983	2,662
Total Current Liabilities	6,823	6,843
Long-term debt	6,116	6,098
Future pension and postretirement benefit obligations	391	392
Operating lease liabilities	329	315
Future income tax obligations	278	279
Other long-term liabilities	546	556
Total Liabilities	14,483	14,483
Commitments and contingent liabilities (Note 16)
Redeemable noncontrolling interest	129	135
Shareholders' Equity (Deficit):
Common Stock and additional paid-in capital	172	162
Treasury Stock	(1,750)	(1,575)
Accumulated deficit	(2,653)	(2,865)
Accumulated other comprehensive income (loss)	(626)	(592)
Total Shareholders' Equity (Deficit)	(4,857)	(4,870)
Noncontrolling interest	90	71
Total Equity (Deficit)	(4,767)	(4,799)
Total Liabilities and Equity (Deficit)	$ 9,845	$ 9,819

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 139	$ 152
Accumulated depreciation	$ 1,183	$ 1,151

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Total Shareholders' (Deficit) Equity	Common Stock and Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ (3,144)	$ (3,625)	$ 119	$ (725)	$ (2,256)	$ (763)	$ 481
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	344	311			311		33
Other comprehensive income (loss), net of tax, and foreign currency reclassifications	66	67				67	(1)
Stock-based compensation and Common Stock issued under employee plans	5	5	5
Cash dividends declared	(102)	(102)			(102)
Repurchase of Common Shares	(200)	(200)		(200)
Dividends attributable to noncontrolling interest	(3)						(3)
Reclassification of noncontrolling interest to redeemable noncontrolling interest	(1,885)	(1,482)			(1,482)		(403)
Acquisitions, disposals and other changes	(3)	(3)	(3)
Ending balance at Mar. 31, 2022	(4,922)	(5,029)	121	(925)	(3,529)	(696)	107
Beginning balance at Dec. 31, 2021	160
Redeemable Noncontrolling Interest
Net income	9
Other comprehensive income (loss), net of tax	(64)
Dividends attributable to noncontrolling interest	(10)
Reclassification of noncontrolling interest to redeemable noncontrolling interest	1,476
Acquisitions, disposals and other changes	1
Ending balance at Mar. 31, 2022	1,572
Beginning balance at Dec. 31, 2022	(4,799)	(4,870)	162	(1,575)	(2,865)	(592)	71
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	349	331			331		18
Other comprehensive income (loss), net of tax, and foreign currency reclassifications	(32)	(34)				(34)	2
Stock-based compensation and Common Stock issued under employee plans	10	10	10
Cash dividends declared	(120)	(120)			(120)
Repurchase of Common Shares	(175)	(175)		(175)
Dividends attributable to noncontrolling interest	(1)						(1)
Acquisitions, disposals and other changes	1	1			1
Ending balance at Mar. 31, 2023	(4,767)	$ (4,857)	$ 172	$ (1,750)	$ (2,653)	$ (626)	$ 90
Beginning balance at Dec. 31, 2022	135
Redeemable Noncontrolling Interest
Net income	3
Other comprehensive income (loss), net of tax	1
Dividends attributable to noncontrolling interest	(8)
Acquisitions, disposals and other changes	(2)
Ending balance at Mar. 31, 2023	$ 129

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.29	$ 0.24

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities:
Net income	$ 352	$ 353
Adjustments to reconcile net income to net cash flows provided by operating activities, net of acquisitions and dispositions:
Depreciation and amortization	47	48
Deferred income tax expense (benefit)	(2)	17
Stock compensation cost	15	13
Change in operating assets and liabilities:
Accounts receivable, net	14	(51)
Contract assets and liabilities, current	263	278
Inventories	(20)	(14)
Other current assets	(12)	56
Accounts payable	(218)	(36)
Accrued liabilities	(155)	(178)
Pension contributions	(14)	(12)
Other operating activities, net	8	30
Net cash flows provided by operating activities	278	504
Investing Activities:
Capital expenditures	(25)	(30)
Acquisitions of businesses and intangible assets, net of cash (Note 6)	(16)	(8)
Proceeds from the sale of (investments in) marketable securities	0	(7)
Receipts (payments) on settlements of derivative contracts	17	28
Other investing activities, net	3	0
Net cash flows provided by (used in) investing activities	(21)	(17)
Financing Activities:
Net proceeds from (repayments of) borrowings (maturities of 90 days or less)	(32)	26
Repayment of long-term debt	0	(500)
Dividends paid on Common Stock	(120)	(102)
Repurchases of Common Stock	(175)	(200)
Dividends paid to noncontrolling interest	(9)	(33)
Other financing activities, net	(5)	(14)
Net cash flows provided by (used in) financing activities	(341)	(823)
Effect of foreign exchange rate changes on cash and cash equivalents	10	(63)
Net increase (decrease) in cash, cash equivalents and restricted cash	(74)	(399)
Cash, cash equivalents and restricted cash, beginning of year	1,195	3,477
Cash, cash equivalents and restricted cash, end of period	1,121	3,078
Less: Restricted cash	4	1,843
Cash and cash equivalents	$ 1,117	$ 1,235

General

General	3 Months Ended
General	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The Condensed Consolidated Financial Statements as of March 31, 2023 and for the quarters ended March 31, 2023 and 2022 are unaudited, but in the opinion of management include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results for the interim periods. The Condensed Consolidated Balance Sheet as of December 31, 2022 was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles ("GAAP") in the United States ("U.S."). The results reported in these Condensed Consolidated Financial Statements should not necessarily be taken as indicative of results that may be expected for the entire year. The financial information included herein should be read in conjunction with the Company's annual consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for fiscal year 2022 ("2022 Form 10-K" or "Form 10-K"). Unless the context otherwise requires, references to "Otis", "we", "us", "our" and "the Company" refer to Otis Worldwide Corporation and its subsidiaries. There have been no changes to the Company's significant accounting policies described in the Company's Form 10-K that have a material impact on the Company's Condensed Consolidated Financial Statements and the related notes. Certain amounts presented in the prior period have been reclassified to conform to the current period presentation, which are immaterial. Use of Estimates. The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. We assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available to us and the unknown future impacts of macroeconomic developments, including inflationary pressures, higher interest rates and tighter credit conditions, as of March 31, 2023 and through the date of this report. The accounting matters assessed included, but were not limited to, our allowance for credit losses, the carrying value of our goodwill and other long-lived assets, financial assets and revenue recognition. While there was not a material impact to our Condensed Consolidated Financial Statements as of March 31, 2023 and for the quarters ended March 31, 2023 and 2022, respectively, resulting from our assessments of these matters, future assessment of our expectations of the magnitude and duration of these macroeconomic developments, as well as other factors, could result in material impacts to our Condensed Consolidated Financial Statements in future reporting periods. We also assessed certain accounting matters as they relate to the ongoing conflict between Russia and Ukraine, including, but not limited to our allowance for credit losses, the carrying value of long-lived assets, revenue recognition and the classification of assets. There was not a material impact to our Condensed Consolidated Financial Statements as of March 31, 2023 and for the quarter ended March 31, 2023 resulting from our assessment of these matters. We continue to assess the impact on our results of operations, financial position and overall performance as the situation develops and any broader implications it may have on the global economy. Supplier Finance Programs. On January 1, 2023, we adopted ASU No. 2022-04, Liabilities - Supplier Finance Programs (Topic 450-50) : Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period. Certain Otis subsidiaries participate in supplier finance programs, under which we agree to pay third-party financial institutions the stated amounts of confirmed invoices from suppliers on the original maturity dates of the invoices, while the participating suppliers generally have the ability to sell, or otherwise pledge as collateral, their receivables from the Company to the participating financial institutions. Our obligations to suppliers, including the amounts due and scheduled payment dates, are not impacted by the suppliers' decisions to sell their receivables to the financial institutions, or otherwise pledge their receivables as collateral, under these arrangements. The Company is not a party to the arrangements between the suppliers and the financial institutions, and the Company's payment terms to the financial institutions, including the timing and amount of payments, are based on the original supplier invoices. Based on the applicable supplier agreements, the maturity dates of these supplier invoices can range between 30 and 105 days from the invoice date. The outstanding obligations confirmed by the Company as valid to the financial institutions under our supplier finance programs were $404 million and $564 million as of March 31, 2023 and December 31, 2022, respectively. These obligations are included in Accounts payable in the Condensed Consolidated Balance Sheets, and all activity related to the obligations is presented within operating activities on the Consolidated Statements of Cash Flows. The Company or the finance institutions may terminate the agreements with advanced notice. Otis has pledged no assets in connection with its supplier finance programs. Revision. As previously disclosed in our Form 10-Q for the quarter ended June 30, 2022, following the filing of the Company’s Form 10-Q for the quarterly period ended March 31, 2022, we identified an error in the presentation of the shares of Zardoya Otis, S.A. ("Zardoya Otis", later renamed Otis Mobility S.A.) owned by the third party Euro Syns, S.A ("Euro Syns"). Upon revisiting the accounting as of March 31, 2022, the Company determined that the shares owned by Euro Syns that were recorded in Redeemable non-controlling interest for $409 million should have been classified in Forward purchase agreement (a separate new financial statement line item within current liabilities), resulting in a net decrease in Redeemable noncontrolling interest of $409 million. The effects of these corrections are reflected in these Condensed Consolidated Financial Statements for the quarters ended March 31, 2023 and 2022 , including in the Condensed Consolidated Statement of Changes in Equity for the quarter ended March 31, 2022, and will be reflected in future filings, as applicable. There was no impact of this error on the Condensed Consolidated Statement of Operations, Statement of Comprehensive Income or the Statement of Cash Flows for the quarter ended March 31, 2022.

Earnings per Share

Earnings per Share	3 Months Ended
Earnings per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Quarter Ended March 31, (dollars in millions, except per share amounts; shares in millions) 2023 2022 Net income attributable to Otis Worldwide Corporation $ 331 $ 311 Impact of redeemable noncontrolling interest — — Net income attributable to common shareholders $ 331 $ 311 Basic weighted average number of shares outstanding 414.3 424.2 Stock awards and equity units (share equivalent) 3.5 3.5 Diluted weighted average number of shares outstanding 417.8 427.7 Earnings Per Share of Common Stock: Basic $ 0.80 $ 0.73 Diluted $ 0.79 $ 0.73 The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock appreciation rights and stock options, when the average market price of the Common Stock is lower than the exercise price of the related stock awards during the period because the effect would be anti-dilutive. In addition, the computation of diluted earnings per share excludes the effect of the potential exercise of stock awards when the awards' assumed proceeds exceed the average market price of the common shares during the period. There were 1.1 million and 2.6 million of anti-dilutive stock awards excluded from the computation for the quarters ended March 31, 2023 and 2022, respectively.

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition We account for revenue in accordance with Accounting Standards Codification ("ASC") Topic 606: Revenue from Contracts with Customers. Contract Assets and Liabilities. Contract assets reflect revenue recognized in advance of customer billing. Contract liabilities are recognized when a customer pays consideration, or we have a right to receive an amount of unconditional consideration, in advance of the satisfaction of performance obligations under the contract. We typically receive progress payments from our customers as we perform our work over time. Total Contract assets and Contract liabilities as of March 31, 2023 and December 31, 2022 are as follows: (dollars in millions) March 31, 2023 December 31, 2022 Contract assets, current $ 710 $ 664 Total contract assets 710 664 Contract liabilities, current 2,983 2,662 Contract liabilities, non-current (included within Other long-term liabilities) 49 52 Total contract liabilities 3,032 2,714 Net contract liabilities $ 2,322 $ 2,050 Contract assets increased by $46 million during the quarter ended March 31, 2023 as a result of the progression of current contracts and timing of billing on customer contracts. Contract liabilities increased by $318 million during the quarter ended March 31, 2023 primarily due to contract billings in excess of revenue earned. In the quarters ended March 31, 2023 and 2022, we recognized revenue of $0.9 billion and $1.0 billion related to contract liabilities as of January 1, 2023 and 2022, respectively. Remaining Performance Obligations ("RPO"). RPO represents the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied. As of March 31, 2023, our total RPO was $17.9 billion. Of the total RPO as of March 31, 2023, we expect 90% will be recognized as sales over the following 24 months.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
Accounts Receivable, Net	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consisted of the following as of March 31, 2023 and December 31, 2022: (dollars in millions) March 31, 2023 December 31, 2022 Trade receivables $ 3,203 $ 3,231 Unbilled receivables 133 103 Miscellaneous receivables 91 91 Customer financing notes receivable 76 84 3,503 3,509 Less: allowance for expected credit losses 139 152 Accounts receivable, net $ 3,364 $ 3,357 The changes in allowance for expected credit losses related to Accounts receivable, net for the quarters ended March 31, 2023 and 2022, respectively, are as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Balance as of January 1 $ 152 $ 175 Provision for expected credit losses 6 7 Write-offs charged against the allowance for expected credit losses (20) (2) Foreign exchange and other 1 8 Balance as of March 31 $ 139 $ 188

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories (dollars in millions) March 31, 2023 December 31, 2022 Raw materials and work-in-process $ 180 $ 166 Finished goods 462 451 Total $ 642 $ 617 Raw materials, work-in-process and finished goods are net of valuation write-downs of $97 million and $96 million as of March 31, 2023 and December 31, 2022, respectively.

Business Acquisitions, Goodwill

Business Acquisitions, Goodwill and Intangible Assets	3 Months Ended
Business Acquisitions, Goodwill and Intangible Assets	Mar. 31, 2023
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Business Acquisitions, Goodwill and Intangible Assets	Business Acquisitions, Goodwill and Intangible Assets Business Acquisitions. Our acquisitions of businesses and intangible assets, net of cash, totaled $16 million and $8 million in the quarters ended March 31, 2023 and 2022, respectively. The acquisitions consisted of a number of acquisitions primarily in our Service segment. Transaction costs incurred were not considered significant. Goodwill. Changes in our Goodwill balances during the quarter ended March 31, 2023 were as follows: (dollars in millions) Balance as of December 31, 2022 Goodwill Resulting Foreign Currency Balance as of March 31, 2023 New Equipment $ 292 $ — $ 1 $ 293 Service 1,275 — 2 1,277 Total $ 1,567 $ — $ 3 $ 1,570 Intangible Assets. Intangible assets cost and accumulated amortization were $2,043 million and $1,683 million, respectively, as of March 31, 2023, and $2,026 million and $1,657 million, respectively, as of December 31, 2022. Amortization of intangible assets for the quarters ended March 31, 2023 and 2022 was $17 million and $19 million, respectively. Excluding the impact of currency translation adjustments, there were no other significant changes in our Intangible assets during the quarters ended March 31, 2023 and 2022.

Borrowings and Lines of Credit

Borrowings and Lines of Credit	3 Months Ended
Borrowings and Lines of Credit	Mar. 31, 2023
Debt Disclosure [Abstract]
Borrowings and Lines of Credit	Borrowings and Lines of Credit (dollars in millions) March 31, 2023 December 31, 2022 Commercial paper $ 75 $ 94 Other borrowings 32 45 Total short-term borrowings $ 107 $ 139 Commercial Paper. As of March 31, 2023, there were $75 million in borrowings outstanding under the Company's $1.5 billion commercial paper programs, including €60 million of Euro denominated commercial paper. We use our commercial paper borrowings for general corporate purposes including to finance acquisitions, pay dividends, repurchase shares and for debt refinancing. The need for commercial paper borrowings may arise if the use of domestic cash for general corporate purposes exceeds the sum of domestic cash generation and foreign cash repatriated to the U.S. For details regarding the Company's short-term borrowings activity in 2022, refer to Note 10 of the Company's audited consolidated financial statements and notes thereto included in our 2022 Form 10-K . Long-term debt. On March 10, 2023, the Company entered into a new credit agreement ("Credit Agreement") with various banks providing for a $1.5 billion unsecured, unsubordinated 5-year revolving credit facility, with an interest rate on US Dollar denominated borrowings at Otis' option of the Term Secured Overnight Financing Rate ("SOFR") plus 0.10% or a base rate, and an interest rate on Euro denominated borrowings at Otis' option of the EURIBO rate or a daily simple Euro Short Term Rate ("ESTR"), plus, in each case, an applicable margin. The applicable margin initially is 1.25% for Term SOFR rate, EURIBO rate and daily simple ESTR rate borrowings, and 0.25% for base rate borrowings, and can fluctuate determined by reference to Otis' public debt ratings, as specified in the Credit Agreement. As of March 31, 2023, there were no borrowings under the Credit Agreement. The undrawn portion of the Credit Agreement serves as a backstop for the issuance of commercial paper. On March 10, 2023, we also terminated all commitments outstanding under the previous existing credit agreement, which was scheduled to expire on April 3, 2025. As of March 31, 2023, the Company is in compliance with all covenants in the revolving credit agreement and the indentures governing all outstanding long-term debt. Long-term debt consisted of the following: (dollars in millions) March 31, 2023 December 31, 2022 0.000% notes due 2023 (€500 million principal value) $ 539 $ 531 2.056% notes due 2025 1,300 1,300 0.37% notes due 2026 (¥21.5 billion principal value) 163 163 0.318% notes due 2026 (€600 million principal value) 646 638 2.293% notes due 2027 500 500 2.565% notes due 2030 1,500 1,500 0.934% notes due 2031 (€500 million principal value) 539 531 3.112% notes due 2040 750 750 3.362% notes due 2050 750 750 Other (including finance leases) 8 8 Total principal long-term debt 6,695 6,671 Other (discounts and debt issuance costs) (40) (42) Total long-term debt 6,655 6,629 Less: current portion 539 531 Long-term debt, net of current portion $ 6,116 $ 6,098 We may redeem the notes at our option pursuant to certain terms. For additional details regarding the Company's debt activity in 2022, refer to Note 10 of the Company's audited consolidated financial statements and notes thereto included in our 2022 Form 10-K . Debt discounts and debt issuance costs are presented as a reduction of debt on the Condensed Consolidated Balance Sheets and are amortized as a component of interest expense over the term of the related debt using the effective interest method. The Condensed Consolidated Statements of Operations for the quarters ended March 31, 2023 and 2022 reflects the following: Quarter Ended March 31, (dollars in millions) 2023 2022 Debt issuance costs amortization $ 3 $ 3 Total interest expense on external debt 33 36 The unamortized debt issuance costs as of March 31, 2023 and December 31, 2022 were $40 million and $42 million, respectively. The weighted average maturity of our long-term debt as of March 31, 2023 is approximately 8.3 years. The weighted average interest expense rate on our borrowings outstanding as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Short-term borrowings 3.4 % 4.7 % Total long-term debt 2.0 % 2.0 % The weighted average interest expense rate on our borrowings during the quarters ended March 31, 2023 and 2022 was as follows: Quarter Ended March 31, 2023 2022 Short-term borrowings 4.8 % 0.4 % Total long-term debt 2.0 % 2.0 %

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Mar. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Pension and Postretirement Plans. The Company sponsors both funded and unfunded domestic and foreign defined benefit pension and other postretirement benefit plans, and defined contribution plans. Contributions to our plans were as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Defined benefit plans $ 14 $ 12 Defined contribution plans 19 20 Multi-employer pension and postretirement plans 34 23 The following table illustrates the components of net periodic benefit cost for the Company's defined benefit pension plans: Quarter Ended March 31, (dollars in millions) 2023 2022 Service cost $ 7 $ 10 Interest cost 8 4 Expected return on plan assets (8) (6) Recognized actuarial net loss — 3 Total net periodic benefit cost $ 7 $ 11 Postretirement Benefit Plans. The Company sponsors postretirement benefit plans that provide health benefits to eligible retirees. The postretirement plans are unfunded. The net periodic benefit cost was less than $1 million for the quarters ended March 31, 2023 and 2022, respectively. Stock-based Compensation. The Company adopted the 2020 Long-Term Incentive Plan (the "Plan") effective April 3, 2020. As of March 31, 2023, approximately 23 million shares remain available for awards under the Plan. Stock-based Compensation Expense The Company measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes this cost in the Condensed Consolidated Statements of Operations over the award's applicable vesting period. A forfeiture rate assumption is applied on grant date to adjust the expense recognition for awards that are not expected to vest. Stock-based compensation expense and the resulting tax benefits were as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Stock-based compensation expense (Share Based) $ 15 $ 13 Stock-based compensation expense (income) (Liability Awards) — (1) Total gross stock-based compensation expense 15 12 Less: future tax benefit 2 1 Stock-based compensation expense, net of tax $ 13 $ 11

Stock

Stock	3 Months Ended
Stock	Mar. 31, 2023
Equity [Abstract]
Stock	Stock Preferred Stock. There are 125 million shares of $0.01 par value Preferred Stock authorized, of which none were issued as of March 31, 2023 and December 31, 2022. Common Stock. There are 2 billion shares of $0.01 par value Common Stock authorized. As of March 31, 2023, 436.1 million shares of Common Stock were issued, which includes 22.9 million shares of treasury stock. As of December 31, 2022, 435.6 million shares of Common Stock were issued, which included 20.8 million shares of treasury stock. Share Repurchase Program. As of March 31, 2023, the Company was authorized by the Board of Directors to purchase up to $2.0 billion of Common Stock under a share repurchase program, of which $1.8 billion was remaining at such time. During the quarters ended March 31, 2023 and 2022, the Company repurchased 2.1 million and 2.6 million shares, respectively, for approximately $175 million and $200 million, respectively. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be purchased in the open market, in privately negotiated transactions, under accelerated share repurchase programs or under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) A summary of the changes in each component of Accumulated other comprehensive income (loss), net of tax, for the quarters ended March 31, 2023 and 2022 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended March 31, 2023 Balance as of December 31, 2022 $ (587) $ (8) $ 3 $ (592) Other comprehensive income (loss) before reclassifications, net (37) — 4 (33) Amounts reclassified, pre-tax — — (1) (1) Tax expense (benefit) reclassified — — — — Balance as of March 31, 2023 $ (624) $ (8) $ 6 $ (626) (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended March 31, 2022 Balance as of December 31, 2021 $ (642) $ (128) $ 7 $ (763) Other comprehensive income (loss) before 65 — 4 69 Amounts reclassified, pre-tax — 3 (4) (1) Tax expense (benefit) reclassified — (1) — (1) Balance as of March 31, 2022 $ (577) $ (126) $ 7 $ (696) Amounts reclassified that relate to defined benefit pension and postretirement plans include amortization of prior service costs and actuarial net losses recognized during each period presented. These costs are recorded as components of net periodic pension cost for each period presented. See Note 8, "Employee Benefit Plans" for additional information.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The decrease in the effective tax rate for the quarter ended March 31, 2023, is primarily due to the impact of foreign currency on a distribution of previously taxed income and a change in the mix of earnings. Otis conducts business globally and, as a result, Otis or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the ordinary course of business, Otis could be subject to examination by taxing authorities throughout the world, including such major jurisdictions as Austria, Belgium, Brazil, Canada, China, France, Germany, Hong Kong, India, Italy, Japan, Mexico, Netherlands, Portugal, South Korea, Spain, Switzerland, the United Kingdom, and the United States. With a few exceptions, Otis is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2010. A subsidiary of Otis engaged in tax-related litigation in Belgium received a favorable appellate court decision in 2018. The Belgian Tax Authorities appealed the decision to the Court of Cassation (the equivalent of Supreme Court in Belgium). On December 4, 2020, the Court of Cassation overturned the decision of the appellate court and remanded the case to the appellate court for reconsideration. Following a hearing on March 20, 2023, the Antwerp Appellate Court ruled against the Company. Otis is evaluating the decision to determine if grounds for appeal exist. The associated tax and interest have been fully reserved and are included in the range below. In the ordinary course of business, there is inherent uncertainty in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting date. The evaluation considers any additional worldwide uncertain tax positions, the closure of tax statutes or the re-valuation of current uncertain tax positions arising from the issuance of legislation, regulatory or other guidance or developments in examinations, in appeals, or in the courts. Based on the preceding factors, it is reasonably possible that within the next 12 months unrecognized tax benefits could change within the range of a $20 million increase to a $340 million decrease and associated interest could change within the range of a $5 million increase to a $145 million decrease. See Note 16, “Contingent Liabilities” for discussion regarding uncertain tax positions, included in the above range, related to pending litigation with respect to certain deductions claimed in Germany.

Restructuring Costs

Restructuring Costs	3 Months Ended
Restructuring Costs	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs We initiate restructuring actions to keep our cost structure competitive. Charges generally arise from severance related to workforce reductions, and to a lesser degree, facility exit and lease termination costs associated with the consolidation of office and manufacturing operations. During the quarters ended March 31, 2023 and 2022, we recorded restructuring costs totaling $5 million and $14 million, respectively, for new and ongoing restructuring actions. We recorded these charges as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 New Equipment $ 2 $ 4 Service 3 10 Total $ 5 $ 14 Quarter Ended March 31, (dollars in millions) 2023 2022 Cost of products and services sold $ 2 $ 3 Selling, general and administrative 3 11 Total $ 5 $ 14 The restructuring expenses incurred during the quarters ended March 31, 2023 and 2022, were primarily the result of restructuring programs initiated during 2023 and 2022. We are targeting to complete in 2023 the majority of remaining restructuring actions initiated in the quarter ended March 31, 2023 and the full year 2022, with certain utilization beyond 2023 due to legal requirements in the applicable jurisdictions. Expected total costs for the restructuring actions initiated are $71 million, including $26 million to New Equipment and $45 million to Service operating segments, respectively. Remaining costs to incur for the restructuring actions initiated are expected to be $10 million, including $3 million to New Equipment and $7 million to Service operating segments, respectively. The following table summarizes the accrual balance and utilization for restructuring actions, which are primarily for severance costs and most will require cash payment: (dollars in millions) Restructuring accruals as of December 31, 2022 $ 41 Net restructuring costs 5 Utilization, foreign exchange and other costs (10) Balance as of March 31, 2023 $ 36

Financial Instruments

Financial Instruments	3 Months Ended
Financial Instruments	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments We enter into derivative instruments primarily for risk management purposes, including derivatives designated as hedging instruments under ASC 815, Derivatives and Hedging . We operate internationally and, in the normal course of business, are exposed to fluctuations in interest rates, commodity prices and foreign exchange rates. These fluctuations can increase the costs of financing, investing in and operating the business. We may use derivative instruments, including swaps, forward contracts and options, to manage certain foreign currency, commodity price and interest rate exposures. The average of the notional amount of foreign exchange contracts hedging foreign currency transactions was $4.0 billion and $3.9 billion as of March 31, 2023 and December 31, 2022, respectively. The average of the notional amount of contracts hedging commodity purchases was $24 million and $20 million as of March 31, 2023 and December 31, 2022, respectively. The following table summarizes the fair value and presentation on the Condensed Consolidated Balance Sheets for derivative instruments as of March 31, 2023 and December 31, 2022: (dollars in millions) Balance Sheet Classification March 31, 2023 December 31, 2022 Derivatives designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 3 $ 3 Commodity contracts Other current assets 1 — Foreign exchange contracts Other assets 3 2 Total asset derivatives $ 7 $ 5 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (2) $ (4) Commodity contracts Accrued liabilities (1) (1) Total liability derivatives $ (3) $ (5) Derivatives not designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 20 $ 25 Commodity contracts Other current assets 1 — Foreign exchange contracts Other assets 4 3 Total asset derivatives $ 25 $ 28 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (42) $ (20) Commodity contracts Accrued liabilities (2) (4) Foreign exchange contracts Other long-term liabilities (2) (2) Total liability derivatives $ (46) $ (26) Derivatives designated as Cash flow hedging instruments . The amounts of gain or (loss) attributable to foreign exchange and commodity contract activity reclassified from Accumulated other comprehensive income (loss) were immaterial for the quarters ended March 31, 2023 and 2022, respectively. The effect of cash flow hedging relationships on Accumulated other comprehensive income (loss) as of March 31, 2023 and December 31, 2022 are presented in the table below: (dollars in millions) March 31, 2023 December 31, 2022 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ 6 $ 3 The Company utilizes the critical terms match method in assessing firm commitment derivatives and regression testing in assessing commodity derivatives for hedge effectiveness. Accordingly, the hedged items and derivativ es designated as hedging instruments are highly effective. Assuming current market conditions continue, a pre-tax gain of $1 million is expected to be reclassified from Accumulated other comprehensive income (loss) into Cost of products sold to reflect the fixed prices obtained from foreign exchange and commodity hedging within the next 12 months. All derivative contracts accounted for as cash flow hedges as of March 31, 2023 will mature by February 2027. Net Investment Hedges. We have foreign-denominated long-term debt and foreign exchange forward contracts that qualify as net investment hedges. Changes in the value of these net investment hedges due to foreign currency gains or losses are deferred as foreign currency translation adjustments in Other comprehensive income (loss) on the Condensed Consolidated Statements of Comprehensive Income, and will remain in Accumulated other comprehensive income (loss) until the hedged investment is sold or substantially liquidated. We evaluate the effectiveness of the net investment hedges each quarter. We have ¥21.5 billion of Japanese Yen denominated long-term debt, which qualifies as a net investment hedge against our investments in Japanese businesses. As of March 31, 2023, the net investment hedge is deemed to be effective. During the quarters ended March 31, 2023 and 2022, we recognized a loss of $1 million and a gain of $12 million, respectively, associated with this net investment hedge in Other comprehensive income (loss). As of March 31, 2023, we have a notional amount of a foreign exchange forward contract of €95 million, which qualifies as a net investment hedge against our investments in certain European businesses. The maturity date of this derivative instrument is in 2023. As of March 31, 2023, the net investment hedge is deemed to be effective. During the quarter ended March 31, 2023, we recognized a gain of $1 million associated with this net investment hedge in Other comprehensive income (loss). Derivatives not designated as Cash flow hedging instruments. The net effect of derivatives not designated as Cash flow hedging instruments within Other income (expense) net, o n the Condensed Consolidated Statements of Operations was as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Foreign exchange contracts $ 3 $ 6 The effects of derivatives not designated as Cash flow hedge instruments within Cost of products sold on the Condensed Consolidated Statements of Operations were gains of $1 million and losses of $3 million in the quarters ended March 31, 2023 and 2022, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Valuation Techniques . Our marketable securities include investments that are traded in active markets, either domestically or internationally, and are measured at fair value using closing stock prices from active markets. The fair value gains or losses related to our marketable securities are recorded through net income. Our derivative assets and liabilities include foreign exchange and commodity contracts that are measured at fair value using internal models based on observable market inputs such as forward rates, interest rates, our own credit risk and our counterparties' credit risks. As of March 31, 2023, there has not been any significant impact to the fair value of our derivative liabilities due to our own credit risk. Similarly, there has not been any significant adverse impact to our derivative assets based on our evaluation of our counterparties' credit risks. The fair values of the current portion of the Company's financial instruments that are not carried at fair value approximated their carrying values because of the short-term nature of the current portion. The fair value of receivables, including customer financing notes receivable, net, that were issued long-term are based on the discounted values of their related cash flows at interest rates reflecting the attributes of the counterparties, including geographic location. Customer-specific risk, including credit risk, is already considered in the carrying value of those receivables. Our notes, as described in Note 7, "Borrowings and Lines of Credit", are measured at fair value using closing bond prices from active markets. Recurring Fair Value Measurements. In accordance with the provisions of ASC 820: Fair Value Measurements , the following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring and non-recurring basis in our Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 30 $ 30 $ — $ — Derivative assets 32 — 32 — Derivative liabilities (49) — (49) — December 31, 2022 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 30 $ 30 $ — $ — Derivative assets 33 — 33 — Derivative liabilities (31) — (31) — Fair Value of Financial Instruments. The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 47 $ 45 $ 55 $ 53 Customer financing notes receivable, net 44 40 55 51 Short-term borrowings (107) (107) (139) (139) Long-term debt, including current portion (excluding leases and other) (6,687) (5,818) (6,663) (5,661) Long-term liabilities, including current portion (222) (197) (222) (197) The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 45 $ — $ 45 $ — Customer financing notes receivable, net 40 — 40 — Short-term borrowings (107) — (107) — Long-term debt, including current portion (excluding leases and other) (5,818) — (5,818) — Long-term liabilities, including current portion (197) — (197) — December 31, 2022 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 53 $ — $ 53 $ — Customer financing notes receivable, net 51 — 51 — Short-term borrowings (139) — (139) — Long-term debt, including current portion (excluding leases and other) (5,661) — (5,661) — Long-term liabilities, including current portion (197) — (197) —

Guarantees

Guarantees	3 Months Ended
Guarantees	Mar. 31, 2023
Guarantees and Product Warranties [Abstract]
Guarantees	Guarantees The Company provides service and warranty on its products beyond normal service and warranty policies. The changes in the carrying amount of service and product guarantees for the quarters ended March 31, 2023 and 2022 are as follows: (dollars in millions) 2023 2022 Balance as of December 31 $ 13 $ 20 Warranties — — Settlements made (1) (4) Foreign exchange and other 1 1 Balance as of March 31 $ 13 $ 17 The Company provides certain financial guarantees to third parties. As of March 31, 2023, Otis has stand-by letters of credit with maximum potential payment totaling $151 million. We accrue costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. The most likely cost to be incurred is accrued based on an evaluation of currently available facts, and where no amount within a range of estimates is more likely, the minimum is accrued. In accordance with ASC Topic 460: Guarantees , we record these liabilities at fair value. As of March 31, 2023, Otis has determined there are no estimated costs probable under these guarantees.

Contingent Liabilities

Contingent Liabilities	3 Months Ended
Contingent Liabilities	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities Except as otherwise noted, while we are unable to predict the final outcome, based on information currently available, we do not believe that resolution of any of the following matters will have a material adverse effect upon our competitive position, results of operations, cash flows or financial condition. In addition to the specific amounts noted below, where we have recorded loss contingency accruals for the below and other matters, the amounts in aggregate are not material. Legal costs generally are expensed when incurred. Environmental. As previously disclosed, the Company's operations are subject to environmental regulation by authorities with jurisdiction over its operations. The Company has accrued for the costs of environmental remediation activities, including, but not limited to, investigatory, remediation, operating and maintenance costs and performance guarantees, and periodically reassesses these amounts. Management believes that the likelihood of incurring losses materially in excess of amounts accrued is remote. The outstanding liability for environmental obligations w as $5 million as of March 31, 2023 and December 31, 2022, and is principally included in Other long-term liabilities on the Condensed Consolidated Balance Sheets. Legal Proceedings. German Tax Litigation As previously disclosed, we have been involved in administrative review proceedings with the German Tax Office, which concern approximately €215 million (approximately $232 million as of March 31, 2023) of tax benefits that we have claimed related to a 1998 reorganization of the corporate structure of our operations in Germany. Upon audit, these tax benefits were disallowed by the German Tax Office. We estimate interest associated with the aforementioned tax benefits is an additional approximately €118 million (approximately $127 million as of March 31, 2023). In August 2012, a suit was filed in the local German Tax Court (Berlin-Brandenburg). In 2015, our former parent United Technologies Corporation ("UTC"), now Raytheon Technologies Corporation ("RTX"), made tax and interest payments to German tax authorities of €275 million (approximately $300 million) in order to avoid additional interest accruals pending final resolution of this matter. In March 2016, the local German Tax Court dismissed the suit, and we appealed this decision to the German Federal Tax Court. Following a hearing in July 2018, the German Federal Tax Court remanded the matter to the local German Tax Court for further proceedings. In December 2020, the local German Tax Court ruled against the Company. On January 26, 2021, the Company filed an appeal with the German Federal Tax Court. On February 8, 2022, the Company received the decision of the German Federal Tax Court, in which the Court remanded the case for reconsideration by the local German Tax Court. Despite the remand, there is no assurance that the local German Tax Court will rule in the Company's favor, and the decision of the German Tax Office ultimately could be sustained. The local German Tax Court has scheduled a hearing for June 12, 2023, and a decision is expected later this year. Pursuant to the Tax Matters Agreement ("TMA") with our former parent, UTC, the Company retains the liability associated with the remaining interest, and has recorded an interest accrual of €45 million (approximately $48 million as of March 31, 2023), net of payments and other deductions, included within Accrued liabilities on the Condensed Consolidated Balance Sheets as of March 31, 2023. If the Company prevails in this matter, any recoveries would be allocated between RTX and the Company pursuant to the terms of the TMA. Asbestos Matters As previously disclosed, we have been named as defendants in lawsuits alleging personal injury as a result of exposure to asbestos. While we have never manufactured any asbestos-containing component parts, and no longer incorporate asbestos in any current products, certain of our historical products have contained components manufactured by third parties incorporating asbestos. A substantial majority of these asbestos-related claims have been dismissed without payment or were covered in full or in part by insurance or other forms of indemnity. Additional cases were litigated and settled without any insurance reimbursement. The amounts involved in asbestos-related claims were not material individually or in the aggregate as of and for the periods ended March 31, 2023 and December 31, 2022. The estimated range of total liabilities to resolve all pending and unasserted potential future asbestos claims through 2059 is approximately $21 million to $43 million as of March 31, 2023 and December 31, 2022. Because no amount within the range of estimates is more likely to occur than any other, we have recorded the minimum amount of $21 million, which is principally recorded in Other long-term liabilities on our Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022. Amounts are on a pre-tax basis, not discounted, and exclude the Company's legal fees to defend the asbestos claims (which will continue to be expensed as they are incurred). In addition, the Company has an insurance recovery receivable for probable asbestos-related recoveries of approximately $5 million, which is principally included in Other assets on our Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022. Putative Class Action Lawsuit On August 12, 2020, a putative class action lawsuit, (Geraud Darnis et al. v. Raytheon Technologies Corporation et al.), was filed in the United States District Court for the District of Connecticut (the "Court") against Otis, RTX, Carrier Global Corporation ("Carrier"), each of their directors, and various incentive and deferred compensation plans in connection with the separation of Otis and Carrier from UTC (the "Separation") in April 2020. On September 13, 2021, plaintiffs filed an amended complaint against the three company defendants only. The named plaintiffs are former employees of UTC and its current and former subsidiaries, including Otis and Carrier. They seek to recover monetary damages, as well as related declaratory and equitable relief, based on claimed decreases in the value of long-term incentive awards and deferred compensation under nonqualified deferred compensation plans allegedly caused by the formula used to calculate the adjustments to such awards and deferred compensation from RTX, Carrier, and Otis following the spin-offs of Carrier and Otis and the subsequent combination of UTC and Raytheon Company. On September 30, 2022, in response to motions to dismiss filed by the defendants, the Court dismissed the class action in its entirety with prejudice. The plaintiffs appealed the decision on October 26, 2022. At this time, we do not believe this action will have a material adverse effect on our business, financial conditions, cash flows or results of operations. Other. As previously disclosed, we have commitments and contingent liabilities related to legal proceedings, self-insurance programs and matters arising out of the normal course of business. We accrue contingencies based on a range of possible outcomes. If no amount within this range is a better estimate than any other, we accrue the minimum amount. While it is not possible to determine the ultimate disposition of each of these claims and whether they will be resolved consistent with our beliefs, we expect that the outcome of such claims, individually or in the aggregate, will not have a material adverse effect on our business, financial condition, cash flows or results of operations. As previously disclosed, in certain European countries, claims for overcharges on elevators and escalators related to civil cartel cases have been made, which we have accrued for based on our evaluation of the claims. While it is not possible to determine the ultimate disposition of each of these claims and whether they will be resolved consistent with our beliefs, historical settlement experience of these cases has not been material to the business, financial condition, cash flows or results of operations, however the future outcome of these cases cannot be determined. As previously disclosed, in the ordinary course of business, the Company is also routinely a defendant in, party to or otherwise subject to many pending and threatened legal actions, claims, disputes and proceedings. These matters are often based on alleged violations of contract, product liability, warranty, regulatory, environmental, health and safety, employment, intellectual property, tax and other laws. In some of these proceedings, claims for substantial monetary damages are asserted against the Company and its subsidiaries and could result in fines, penalties, compensatory or treble damages or non-monetary relief. We do not believe that these matters will have a material adverse effect upon our competitive position, results of operations, cash flows or financial condition.

Segment Financial Data

Segment Financial Data	3 Months Ended
Segment Financial Data	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Financial Data	Segment Financial Data Our operations are classified into two operating segments: New Equipment and Service. Through the New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators as well as escalators and moving walkways to customers in the residential and commercial building and infrastructure projects. The Service segment provides maintenance and repair services for both our products and those of other manufacturers, and provides modernization services to upgrade elevators and escalators. The operating segments are generally based on the management structure of the Company, how management allocates resources, assesses performance and makes strategic and operational decisions. Segment Information. Segment information for the quarters ended March 31, 2023 and 2022 are as follows: Net Sales Operating Profit Operating Profit Margin (dollars in millions) 2023 2022 2023 2022 2023 2022 New Equipment $ 1,307 $ 1,422 $ 67 $ 93 5.1 % 6.5 % Service 2,039 1,992 476 447 23.3 % 22.4 % Total segments 3,346 3,414 543 540 16.2 % 15.8 % General corporate expenses and other — — (30) (14) — — Total $ 3,346 $ 3,414 $ 513 $ 526 15.3 % 15.4 % Total assets are not presented for each segment as they are not presented to, or reviewed by, the Chief Operating Decision Maker. Geographic Sales. Geographic Net sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. and China, there were no individually significant countries with sales exceeding 10% of Net sales during the quarters ended March 31, 2023 and 2022. Quarter Ended March 31, (dollars in millions) 2023 2022 United States Operations $ 976 $ 977 International Operations China 501 568 Other 1,869 1,869 Total $ 3,346 $ 3,414 Disaggregated Sales by Type . Segment Net sales disaggregated by product and service type for the quarters ended March 31, 2023 and 2022 are as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 New Equipment $ 1,307 $ 1,422 Maintenance and Repair 1,679 1,633 Modernization 360 359 Total Service 2,039 1,992 Total $ 3,346 $ 3,414 Major Customers. There were no customers that individually accounted for 10% or more of the Company's consolidated Net sales for the quarters ended March 31, 2023 and 2022.

Accounting Pronouncements

Accounting Pronouncements	3 Months Ended
Accounting Pronouncements	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Accounting Pronouncements Recent Accounting Pronouncements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . This ASU clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, with early application permitted. The Company adopted ASU 2021-08 effective January 1, 2023. The adoption of this ASU did not have a material impact on our Condensed Consolidated Financial Statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Topic 450-50) : Disclosure of Supplier Finance Program Obligations that requires entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of the programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations. The guidance does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted ASU 2022-04 effective January 1, 2023. The adoption of this ASU did not have a material impact on our Condensed Consolidated Financial Statements, as disclosed in Note 1, "General". Future Accounting Pronouncements. In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reportin g ("ASU 2020-04") , which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform . Additionally, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), which allows ASU 2020-04 to be adopted and applied prospectively to contract modifications made on or before December 31, 2024. We are currently evaluating the impact of adopting this standard but do not expect it to have a material impact on our Condensed Consolidated Financial Statements.

General (Policies)

General (Policies)	3 Months Ended
General (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates. The preparation of these Condensed Consolidated Financial Statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Quarter Ended March 31, (dollars in millions, except per share amounts; shares in millions) 2023 2022 Net income attributable to Otis Worldwide Corporation $ 331 $ 311 Impact of redeemable noncontrolling interest — — Net income attributable to common shareholders $ 331 $ 311 Basic weighted average number of shares outstanding 414.3 424.2 Stock awards and equity units (share equivalent) 3.5 3.5 Diluted weighted average number of shares outstanding 417.8 427.7 Earnings Per Share of Common Stock: Basic $ 0.80 $ 0.73 Diluted $ 0.79 $ 0.73

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of contract assets and liabilities	Total Contract assets and Contract liabilities as of March 31, 2023 and December 31, 2022 are as follows: (dollars in millions) March 31, 2023 December 31, 2022 Contract assets, current $ 710 $ 664 Total contract assets 710 664 Contract liabilities, current 2,983 2,662 Contract liabilities, non-current (included within Other long-term liabilities) 49 52 Total contract liabilities 3,032 2,714 Net contract liabilities $ 2,322 $ 2,050

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
Accounts Receivable, Net (Tables)	Mar. 31, 2023
Receivables [Abstract]
Schedule of accounts, notes, loans and financing receivable	Accounts receivable, net consisted of the following as of March 31, 2023 and December 31, 2022: (dollars in millions) March 31, 2023 December 31, 2022 Trade receivables $ 3,203 $ 3,231 Unbilled receivables 133 103 Miscellaneous receivables 91 91 Customer financing notes receivable 76 84 3,503 3,509 Less: allowance for expected credit losses 139 152 Accounts receivable, net $ 3,364 $ 3,357
Accounts receivable, allowance for credit loss	The changes in allowance for expected credit losses related to Accounts receivable, net for the quarters ended March 31, 2023 and 2022, respectively, are as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Balance as of January 1 $ 152 $ 175 Provision for expected credit losses 6 7 Write-offs charged against the allowance for expected credit losses (20) (2) Foreign exchange and other 1 8 Balance as of March 31 $ 139 $ 188

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of inventory	(dollars in millions) March 31, 2023 December 31, 2022 Raw materials and work-in-process $ 180 $ 166 Finished goods 462 451 Total $ 642 $ 617

Business Acquisitions, Goodwi_2

Business Acquisitions, Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Schedule of goodwill	Changes in our Goodwill balances during the quarter ended March 31, 2023 were as follows: (dollars in millions) Balance as of December 31, 2022 Goodwill Resulting Foreign Currency Balance as of March 31, 2023 New Equipment $ 292 $ — $ 1 $ 293 Service 1,275 — 2 1,277 Total $ 1,567 $ — $ 3 $ 1,570

Borrowings and Lines of Credit

Borrowings and Lines of Credit (Tables)	3 Months Ended
Borrowings and Lines of Credit (Tables)	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of short-term debt	(dollars in millions) March 31, 2023 December 31, 2022 Commercial paper $ 75 $ 94 Other borrowings 32 45 Total short-term borrowings $ 107 $ 139
Schedule of long-term debt	Long-term debt consisted of the following: (dollars in millions) March 31, 2023 December 31, 2022 0.000% notes due 2023 (€500 million principal value) $ 539 $ 531 2.056% notes due 2025 1,300 1,300 0.37% notes due 2026 (¥21.5 billion principal value) 163 163 0.318% notes due 2026 (€600 million principal value) 646 638 2.293% notes due 2027 500 500 2.565% notes due 2030 1,500 1,500 0.934% notes due 2031 (€500 million principal value) 539 531 3.112% notes due 2040 750 750 3.362% notes due 2050 750 750 Other (including finance leases) 8 8 Total principal long-term debt 6,695 6,671 Other (discounts and debt issuance costs) (40) (42) Total long-term debt 6,655 6,629 Less: current portion 539 531 Long-term debt, net of current portion $ 6,116 $ 6,098
Schedule of debt	Debt discounts and debt issuance costs are presented as a reduction of debt on the Condensed Consolidated Balance Sheets and are amortized as a component of interest expense over the term of the related debt using the effective interest method. The Condensed Consolidated Statements of Operations for the quarters ended March 31, 2023 and 2022 reflects the following: Quarter Ended March 31, (dollars in millions) 2023 2022 Debt issuance costs amortization $ 3 $ 3 Total interest expense on external debt 33 36 March 31, 2023 December 31, 2022 Short-term borrowings 3.4 % 4.7 % Total long-term debt 2.0 % 2.0 % The weighted average interest expense rate on our borrowings during the quarters ended March 31, 2023 and 2022 was as follows: Quarter Ended March 31, 2023 2022 Short-term borrowings 4.8 % 0.4 % Total long-term debt 2.0 % 2.0 %

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
Employee Benefit Plans (Tables)	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of defined benefit plans disclosures	Contributions to our plans were as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Defined benefit plans $ 14 $ 12 Defined contribution plans 19 20 Multi-employer pension and postretirement plans 34 23 The following table illustrates the components of net periodic benefit cost for the Company's defined benefit pension plans: Quarter Ended March 31, (dollars in millions) 2023 2022 Service cost $ 7 $ 10 Interest cost 8 4 Expected return on plan assets (8) (6) Recognized actuarial net loss — 3 Total net periodic benefit cost $ 7 $ 11
Share-based payment arrangement, expensed and capitalized, amount	Stock-based compensation expense and the resulting tax benefits were as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Stock-based compensation expense (Share Based) $ 15 $ 13 Stock-based compensation expense (income) (Liability Awards) — (1) Total gross stock-based compensation expense 15 12 Less: future tax benefit 2 1 Stock-based compensation expense, net of tax $ 13 $ 11

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of accumulated other comprehensive income (loss)	A summary of the changes in each component of Accumulated other comprehensive income (loss), net of tax, for the quarters ended March 31, 2023 and 2022 is provided below: (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended March 31, 2023 Balance as of December 31, 2022 $ (587) $ (8) $ 3 $ (592) Other comprehensive income (loss) before reclassifications, net (37) — 4 (33) Amounts reclassified, pre-tax — — (1) (1) Tax expense (benefit) reclassified — — — — Balance as of March 31, 2023 $ (624) $ (8) $ 6 $ (626) (dollars in millions) Foreign Defined Benefit Unrealized Accumulated Quarter Ended March 31, 2022 Balance as of December 31, 2021 $ (642) $ (128) $ 7 $ (763) Other comprehensive income (loss) before 65 — 4 69 Amounts reclassified, pre-tax — 3 (4) (1) Tax expense (benefit) reclassified — (1) — (1) Balance as of March 31, 2022 $ (577) $ (126) $ 7 $ (696)

Restructuring Costs (Tables)

Restructuring Costs (Tables)	3 Months Ended
Restructuring Costs (Tables)	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of restructuring and related costs	We recorded these charges as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 New Equipment $ 2 $ 4 Service 3 10 Total $ 5 $ 14 Quarter Ended March 31, (dollars in millions) 2023 2022 Cost of products and services sold $ 2 $ 3 Selling, general and administrative 3 11 Total $ 5 $ 14
Schedule of restructuring reserve by type of cost	The following table summarizes the accrual balance and utilization for restructuring actions, which are primarily for severance costs and most will require cash payment: (dollars in millions) Restructuring accruals as of December 31, 2022 $ 41 Net restructuring costs 5 Utilization, foreign exchange and other costs (10) Balance as of March 31, 2023 $ 36

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
Financial Instruments (Tables)	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments in statement of financial position, fair value	The following table summarizes the fair value and presentation on the Condensed Consolidated Balance Sheets for derivative instruments as of March 31, 2023 and December 31, 2022: (dollars in millions) Balance Sheet Classification March 31, 2023 December 31, 2022 Derivatives designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 3 $ 3 Commodity contracts Other current assets 1 — Foreign exchange contracts Other assets 3 2 Total asset derivatives $ 7 $ 5 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (2) $ (4) Commodity contracts Accrued liabilities (1) (1) Total liability derivatives $ (3) $ (5) Derivatives not designated as Cash flow hedging instruments: Asset Derivatives: Foreign exchange contracts Other current assets $ 20 $ 25 Commodity contracts Other current assets 1 — Foreign exchange contracts Other assets 4 3 Total asset derivatives $ 25 $ 28 Liability Derivatives: Foreign exchange contracts Accrued liabilities $ (42) $ (20) Commodity contracts Accrued liabilities (2) (4) Foreign exchange contracts Other long-term liabilities (2) (2) Total liability derivatives $ (46) $ (26)
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The effect of cash flow hedging relationships on Accumulated other comprehensive income (loss) as of March 31, 2023 and December 31, 2022 are presented in the table below: (dollars in millions) March 31, 2023 December 31, 2022 Gain (loss) recorded in Accumulated other comprehensive income (loss) $ 6 $ 3
Derivative instruments, gain (loss)	The net effect of derivatives not designated as Cash flow hedging instruments within Other income (expense) net, o n the Condensed Consolidated Statements of Operations was as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 Foreign exchange contracts $ 3 $ 6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair value measurements, recurring and nonrecurring	In accordance with the provisions of ASC 820: Fair Value Measurements , the following tables provide the valuation hierarchy classification of assets and liabilities that are carried at fair value and measured on a recurring and non-recurring basis in our Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 30 $ 30 $ — $ — Derivative assets 32 — 32 — Derivative liabilities (49) — (49) — December 31, 2022 (dollars in millions) Total Level 1 Level 2 Level 3 Recurring fair value measurements: Marketable securities $ 30 $ 30 $ — $ — Derivative assets 33 — 33 — Derivative liabilities (31) — (31) —
Fair value, by balance sheet grouping	The following table provides carrying amounts and fair values of financial instruments that are not carried at fair value as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (dollars in millions) Carrying Fair Carrying Fair Long-term receivables, net $ 47 $ 45 $ 55 $ 53 Customer financing notes receivable, net 44 40 55 51 Short-term borrowings (107) (107) (139) (139) Long-term debt, including current portion (excluding leases and other) (6,687) (5,818) (6,663) (5,661) Long-term liabilities, including current portion (222) (197) (222) (197) The following tables provide the valuation hierarchy classification of assets and liabilities that are not carried at fair value in the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022: March 31, 2023 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 45 $ — $ 45 $ — Customer financing notes receivable, net 40 — 40 — Short-term borrowings (107) — (107) — Long-term debt, including current portion (excluding leases and other) (5,818) — (5,818) — Long-term liabilities, including current portion (197) — (197) — December 31, 2022 (dollars in millions) Total Level 1 Level 2 Level 3 Long-term receivables, net $ 53 $ — $ 53 $ — Customer financing notes receivable, net 51 — 51 — Short-term borrowings (139) — (139) — Long-term debt, including current portion (excluding leases and other) (5,661) — (5,661) — Long-term liabilities, including current portion (197) — (197) —

Guarantees (Tables)

Guarantees (Tables)	3 Months Ended
Guarantees (Tables)	Mar. 31, 2023
Guarantees and Product Warranties [Abstract]
Product warranty disclosure	The changes in the carrying amount of service and product guarantees for the quarters ended March 31, 2023 and 2022 are as follows: (dollars in millions) 2023 2022 Balance as of December 31 $ 13 $ 20 Warranties — — Settlements made (1) (4) Foreign exchange and other 1 1 Balance as of March 31 $ 13 $ 17

Segment Financial Data (Tables)

Segment Financial Data (Tables)	3 Months Ended
Segment Financial Data (Tables)	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Segment information for the quarters ended March 31, 2023 and 2022 are as follows: Net Sales Operating Profit Operating Profit Margin (dollars in millions) 2023 2022 2023 2022 2023 2022 New Equipment $ 1,307 $ 1,422 $ 67 $ 93 5.1 % 6.5 % Service 2,039 1,992 476 447 23.3 % 22.4 % Total segments 3,346 3,414 543 540 16.2 % 15.8 % General corporate expenses and other — — (30) (14) — — Total $ 3,346 $ 3,414 $ 513 $ 526 15.3 % 15.4 %
Schedule of segment reporting information, by geographic markets	Geographic Net sales are attributed to the geographic regions based on their location of origin. With the exception of the U.S. and China, there were no individually significant countries with sales exceeding 10% of Net sales during the quarters ended March 31, 2023 and 2022. Quarter Ended March 31, (dollars in millions) 2023 2022 United States Operations $ 976 $ 977 International Operations China 501 568 Other 1,869 1,869 Total $ 3,346 $ 3,414
Segment reporting disclosure, sales type	Segment Net sales disaggregated by product and service type for the quarters ended March 31, 2023 and 2022 are as follows: Quarter Ended March 31, (dollars in millions) 2023 2022 New Equipment $ 1,307 $ 1,422 Maintenance and Repair 1,679 1,633 Modernization 360 359 Total Service 2,039 1,992 Total $ 3,346 $ 3,414

General (Details)

General (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Outstanding obligations under supplier finance programs	$ 404	$ 564
Redeemable noncontrolling interest	$ (129)	$ (135)		$ (1,572)	$ (160)
Previously Reported
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Forward purchase agreement			$ 409
Revision of Prior Period, Error Correction, Adjustment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Redeemable noncontrolling interest			$ 409
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maturity term	30 days
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maturity term	105 days

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income (Loss) Attributable to Parent [Abstract]
Net income attributable to Otis Worldwide Corporation	$ 331	$ 311
Impact of redeemable noncontrolling interest	0	0
Net income attributable to common shareholders	$ 331	$ 311
Basic weighted average number of shares outstanding (in shares)	414,300,000	424,200,000
Stock awards and equity units (share equivalent) (in shares)	3,500,000	3,500,000
Diluted weighted average number of shares outstanding (in shares)	417,800,000	427,700,000
Earnings Per Share of Common Stock:
Basic (in usd per share)	$ 0.80	$ 0.73
Diluted (in usd per share)	$ 0.79	$ 0.73
Antidilutive securities excluded from computation of EPS (in shares)	1,100,000	2,600,000

Revenue Recognition - Contract

Revenue Recognition - Contract With Customer, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 710	$ 664
Total contract assets	710	664
Contract liabilities, current	2,983	2,662
Contract liabilities, non-current (included within Other long-term liabilities)	49	52
Total contract liabilities	3,032	2,714
Net contract liabilities	$ 2,322	$ 2,050

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Increase in contract assets	$ 46
Increase in contract liabilities	318
Revenue recognized	900	$ 1,000
Revenue, remaining performance obligation	$ 17,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	90%
Remaining performance obligation, expected timing of satisfaction period	24 months

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade receivables	$ 3,203	$ 3,231
Unbilled receivables	133	103
Miscellaneous receivables	91	91
Customer financing notes receivable	76	84
Total receivables	3,503	3,509
Less: allowance for expected credit losses	139	152	$ 188	$ 175
Accounts receivable, net	$ 3,364	$ 3,357

Accounts Receivable, Net - Sc_2

Accounts Receivable, Net - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 152	$ 175
Provision for expected credit losses	6	7
Write-offs charged against the allowance for expected credit losses	(20)	(2)
Foreign exchange and other	1	8
Ending balance	$ 139	$ 188

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 180	$ 166
Finished goods	462	451
Total	642	617
Inventory valuation reserves	$ 97	$ 96

Business Acquisitions, Goodwi_3

Business Acquisitions, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Combinations, Goodwill, and Intangible Assets [Abstract]
Investments in businesses, net of cash acquired	$ 16	$ 8
Intangible assets cost	2,043		$ 2,026
Intangible assets, accumulated amortization	1,683		$ 1,657
Amortization of intangible assets	$ 17	$ 19

Business Acquisitions, Goodwi_4

Business Acquisitions, Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill - Beginning Balance	$ 1,567
Goodwill Resulting from Business Combinations	0
Foreign Currency Translation and Other	3
Goodwill - Ending Balance	1,570
New Equipment
Goodwill [Roll Forward]
Goodwill - Beginning Balance	292
Goodwill Resulting from Business Combinations	0
Foreign Currency Translation and Other	1
Goodwill - Ending Balance	293
Services
Goodwill [Roll Forward]
Goodwill - Beginning Balance	1,275
Goodwill Resulting from Business Combinations	0
Foreign Currency Translation and Other	2
Goodwill - Ending Balance	$ 1,277

Borrowings and Lines of Credi_2

Borrowings and Lines of Credit - Short-Term Borrowings (Details) € in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Commercial paper	$ 75	€ 60	$ 94
Other borrowings	32		45
Total short-term borrowings	$ 107		$ 139

Borrowings and Lines of Credi_3

Borrowings and Lines of Credit - Narrative (Details) € in Millions, $ in Millions		3 Months Ended
	Mar. 10, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Commercial paper		$ 75	€ 60	$ 94
Unamortized debt issuance cost		$ 40		$ 42
Long term debt, average remaining maturity		8 years 3 months 18 days
Unsubordinated Commercial Paper \| Unsecured Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 1,500
Five Year Revolving Credit Facility, Amended \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Credit spread adjustment	0.10%
Debt instrument, basis spread on variable rate	1.25%
Five Year Revolving Credit Facility, Amended \| Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Five Year Revolving Credit Facility, Amended \| Unsecured Notes
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500
Debt instrument, term	5 years

Borrowings and Lines of Credi_4

Borrowings and Lines of Credit - Long-Term Debt (Details) ¥ in Millions, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 JPY (¥)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 6,695		$ 6,671
Other (discounts and debt issuance costs)	(40)		(42)
Total long-term debt	6,655		6,629
Less: current portion	539		531
Long-term debt	6,116		6,098
Notes 0.000% due 2023
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 539		531
Debt instrument, interest rate, stated percentage	0%	0%
Notes 0.000% due 2023 \| Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| ¥		¥ 500
Notes 2.056% due 2025
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 1,300		1,300
Debt instrument, interest rate, stated percentage	2.056%	2.056%
Notes 0.37% due 2026
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 163		163
Debt instrument, interest rate, stated percentage	0.37%	0.37%
Notes 0.37% due 2026 \| Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| ¥		¥ 21,500
Notes 0.318% due 2026
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 646		638
Debt instrument, interest rate, stated percentage	0.318%	0.318%
Notes 0.318% due 2026 \| Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| ¥		¥ 600
Notes 2.293% due 2027
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 500		500
Debt instrument, interest rate, stated percentage	2.293%	2.293%
Notes 2.565% due 2030
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 1,500		1,500
Debt instrument, interest rate, stated percentage	2.565%	2.565%
Notes 0.934% due 2031
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 539		531
Debt instrument, interest rate, stated percentage	0.934%	0.934%
Notes 0.934% due 2031 \| Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| ¥		¥ 500
Notes 3.112% due 2040
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 750		750
Debt instrument, interest rate, stated percentage	3.112%	3.112%
Notes 3.362% due 2050
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 750		750
Debt instrument, interest rate, stated percentage	3.362%	3.362%
Other Including Finance Leases
Debt Instrument [Line Items]
Debt instrument, carrying amount	$ 8		$ 8

Borrowings and Lines of Credi_5

Borrowings and Lines of Credit - Schedule of Debt Issuance Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt issuance costs amortization	$ 3	$ 3
Total interest expense on external debt	$ 33	$ 36

Borrowings and Lines of Credi_6

Borrowings and Lines of Credit - Schedule of Average Interest Rates on Borrowings (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Long-term Debt
Debt Instrument [Line Items]
Average interest expense rate on borrowings	2%		2%
Average interest expense rate during period	2%	2%
Short-term Debt
Debt Instrument [Line Items]
Average interest expense rate on borrowings	3.40%		4.70%
Average interest expense rate during period	4.80%	0.40%

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Defined Benefit Plan Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plans	$ 14	$ 12
Defined contribution plans	19	20
Multi-employer pension and postretirement plans	34	23
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	10
Interest cost	8	4
Expected return on plan assets	(8)	(6)
Recognized actuarial net loss	0	3
Total net periodic benefit cost	7	11
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Total net periodic benefit cost	$ 1	$ 1

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Share-based Compensation and Related Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	$ 15	$ 12
Less: future tax benefit	2	1
Stock-based compensation expense, net of tax	13	11
Share-based Payment Arrangement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	15	13
Liability Awards, Share-Based Compensation Arrangement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Stock-based compensation expense	$ 0	$ (1)

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Retirement Benefits [Abstract]
Common stock shares available for awards (in shares) \| shares	23
Unrecognized compensation cost \| $	$ 101
Unrecognized compensation cost, period for recognition	2 years 1 month 6 days

Stock (Details)

Stock (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity [Abstract]
Preferred stock, shares authorized (in shares)	125		125
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares)	0		0
Preferred stock, shares issued (in shares)	0		0
Common stock, shares authorized (in shares)	2,000		2,000
Common stock, par value (in usd per share)	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	436.1		435.6
Treasury stock (in shares)	22.9		20.8
Stock repurchase program, authorized amount	$ 2,000,000,000
Stock repurchase program, remaining authorized shares amount	$ 1,800,000,000
Stock repurchase during period (in shares)	2.1	2.6
Stock repurchased during period	$ 175,000,000	$ 200,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (4,799)	$ (3,144)
Other comprehensive income (loss) before reclassifications, net	(33)	69
Amounts reclassified, pre-tax	(1)	(1)
Tax (benefit) expense reclassified	0	(1)
Ending balance	(4,767)	(4,922)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(587)	(642)
Other comprehensive income (loss) before reclassifications, net	(37)	65
Amounts reclassified, pre-tax	0	0
Tax (benefit) expense reclassified	0	0
Ending balance	(624)	(577)
Defined Benefit Pension and Postretirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(8)	(128)
Other comprehensive income (loss) before reclassifications, net	0	0
Amounts reclassified, pre-tax	0	3
Tax (benefit) expense reclassified	0	(1)
Ending balance	(8)	(126)
Unrealized Hedging Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3	7
Other comprehensive income (loss) before reclassifications, net	4	4
Amounts reclassified, pre-tax	(1)	(4)
Tax (benefit) expense reclassified	0	0
Ending balance	6	7
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(592)	(763)
Ending balance	$ (626)	$ (696)

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Mar. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Increase in unrecognized tax benefits reasonably possible	$ 20
Decrease in unrecognized tax benefits reasonably possible	340
Increase in unrecognized tax benefits, accrued interest, is reasonably possible	5
Decrease in unrecognized tax benefits, accrued interest, is reasonably possible	$ 145

Restructuring Costs - Narrative

Restructuring Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 5	$ 14
New Equipment
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	2	4
Services
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	3	$ 10
2022 Actions
Restructuring Cost and Reserve [Line Items]
Expected costs	71
Remaining costs	10
2022 Actions \| New Equipment
Restructuring Cost and Reserve [Line Items]
Expected costs	26
Remaining costs	3
2022 Actions \| Services
Restructuring Cost and Reserve [Line Items]
Expected costs	45
Remaining costs	$ 7

Restructuring Costs - Schedule

Restructuring Costs - Schedule of Pretax Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 5	$ 14
New Equipment
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	2	4
Services
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	3	10
Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	2	3
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 3	$ 11

Restructuring Costs - Pre-Tax R

Restructuring Costs - Pre-Tax Restructuring Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 5	$ 14
Cost of products and services sold
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	2	3
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Net restructuring costs	$ 3	$ 11

Restructuring Costs - Restructu

Restructuring Costs - Restructuring Roll forward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Reserve [Roll Forward]
Net restructuring costs	$ 5	$ 14
2022 Actions \| Severance costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	41
Net restructuring costs	5
Utilization, foreign exchange and other costs	(10)
Restructuring reserve, ending balance	$ 36

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) € in Millions, $ in Millions, ¥ in Billions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 JPY (¥)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average of notional amount of foreign exchange contracts hedging foreign currency transactions	$ 4,000				$ 3,900
Average of notional amount of commodity contracts hedging commodity purchase transactions	24				$ 20
Foreign currency cash flow hedge gain to be reclassified during next 12 months	1
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	3	$ 6
Foreign Exchange Contract and Commodity \| Cost of products and services sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	1	3
Net Investment Hedging \| Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of foreign exchange forward contracts \| €				€ 95
Gain (loss) on net investment hedge in OCI	(1)
Yen Denominated Investment Hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on net investment hedge in OCI	$ 1	$ (12)
Yen Denominated Investment Hedge \| Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, face amount \| ¥			¥ 21.5

Financial Instruments - Schedul

Financial Instruments - Schedule of Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	$ 7	$ 5
Liability derivatives	(3)	(5)
Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	25	28
Liability derivatives	(46)	(26)
Foreign Exchange Contract \| Designated as Hedging Instrument \| Cash Flow Hedging \| Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	3	3
Foreign Exchange Contract \| Designated as Hedging Instrument \| Cash Flow Hedging \| Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	3	2
Foreign Exchange Contract \| Designated as Hedging Instrument \| Cash Flow Hedging \| Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(2)	(4)
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	20	25
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	4	3
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(42)	(20)
Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Other long-term liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(2)	(2)
Commodity Contract \| Designated as Hedging Instrument \| Cash Flow Hedging \| Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	1	0
Commodity Contract \| Designated as Hedging Instrument \| Cash Flow Hedging \| Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	(1)	(1)
Commodity Contract \| Not Designated as Hedging Instrument \| Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset derivatives	1	0
Commodity Contract \| Not Designated as Hedging Instrument \| Accrued liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability derivatives	$ (2)	$ (4)

Financial Instruments - Sched_2

Financial Instruments - Schedule of Gain (Loss) on Derivative Instruments Reclassified From OCI (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) recorded in Accumulated other comprehensive income (loss)	$ 6	$ 3

Financial Instruments - Sched_3

Financial Instruments - Schedule of Gain (Loss) on Derivative Instruments in Other Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign exchange contracts	$ 3	$ 6

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term borrowings	$ (107)	$ (139)
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	47	55
Customer financing notes receivable, net	44	55
Short-term borrowings	(107)	(139)
Long-term debt, including current portion (excluding leases and other)	(6,687)	(6,663)
Long-term liabilities, including current portion	(222)	(222)
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	45	53
Customer financing notes receivable, net	40	51
Short-term borrowings	(107)	(139)
Long-term debt, including current portion (excluding leases and other)	(5,818)	(5,661)
Long-term liabilities, including current portion	(197)	(197)
Fair Value Level 1 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	0	0
Customer financing notes receivable, net	0	0
Short-term borrowings	0	0
Long-term debt, including current portion (excluding leases and other)	0	0
Long-term liabilities, including current portion	0	0
Fair Value Level 2 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	45	53
Customer financing notes receivable, net	40	51
Short-term borrowings	(107)	(139)
Long-term debt, including current portion (excluding leases and other)	(5,818)	(5,661)
Long-term liabilities, including current portion	(197)	(197)
Fair Value Level 3 \| Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term receivables, net	0	0
Customer financing notes receivable, net	0	0
Short-term borrowings	0	0
Long-term debt, including current portion (excluding leases and other)	0	0
Long-term liabilities, including current portion	0	0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	30	30
Derivative assets	32	33
Derivative liabilities	(49)	(31)
Fair Value, Recurring \| Fair Value Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	30	30
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring \| Fair Value Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivative assets	32	33
Derivative liabilities	(49)	(31)
Fair Value, Recurring \| Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

Guarantees - Guarantees and Pro

Guarantees - Guarantees and Product Warranties Rollforward (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement Warranties [Roll Forward]
Beginning balance	$ 13	$ 20
Warranties	0	0
Settlements made	(1)	(4)
Foreign exchange and other	1	1
Ending balance	$ 13	$ 17

Guarantees - Narrative (Details

Guarantees - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Standby Letter of Credit
Guarantor Obligations [Line Items]
Guarantor obligation, maximum exposure	$ 151

Contingent Liabilities (Details

Contingent Liabilities (Details) € in Millions, $ in Millions		3 Months Ended			12 Months Ended
	Sep. 13, 2021 defendent	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2022 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Income tax expense		$ 128		$ 136
Number of defendants \| defendent	3
Environmental Regulation
Loss Contingencies [Line Items]
Loss contingency accrual		5						$ 5
German Tax Office Against Otis
Loss Contingencies [Line Items]
Income tax expense		232	€ 215
Disallowed tax benefit, estimated interest expense		127	€ 118
Unrecognized tax benefits, interest on income taxes expense					$ 300	€ 275
Unrecognized tax benefits, interest on income taxes accrued		48					€ 45
Asbestos Matter
Loss Contingencies [Line Items]
Insurance recovery receivable		5						5
Asbestos Matter \| Minimum
Loss Contingencies [Line Items]
Estimate of possible loss		21						21
Asbestos Matter \| Maximum
Loss Contingencies [Line Items]
Estimate of possible loss		$ 43						$ 43

Segment Financial Data (Details

Segment Financial Data (Details) $ in Millions	3 Months Ended
Segment Financial Data (Details) $ in Millions	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Revenues	$ 3,346	$ 3,414
Operating profit	$ 513	$ 526
Operating profit margin	15.30%	15.40%
New Equipment
Segment Reporting Information [Line Items]
Revenues	$ 1,307	$ 1,422
Maintenance and Repair
Segment Reporting Information [Line Items]
Revenues	1,679	1,633
Modernization
Segment Reporting Information [Line Items]
Revenues	360	359
Service sales
Segment Reporting Information [Line Items]
Revenues	2,039	1,992
United States Operations
Segment Reporting Information [Line Items]
Revenues	976	977
China
Segment Reporting Information [Line Items]
Revenues	501	568
Other
Segment Reporting Information [Line Items]
Revenues	1,869	1,869
Operating Segments
Segment Reporting Information [Line Items]
Revenues	3,346	3,414
Operating profit	$ 543	$ 540
Operating profit margin	16.20%	15.80%
General corporate expenses and other
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0
Operating profit	$ (30)	$ (14)
Operating profit margin	0%	0%
New Equipment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 1,307	$ 1,422
Operating profit	$ 67	$ 93
Operating profit margin	5.10%	6.50%
Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 2,039	$ 1,992
Operating profit	$ 476	$ 447
Operating profit margin	23.30%	22.40%