Carrier Global (CARR) 10-K6 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39220
Entity Registrant Name	CARRIER GLOBAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-4051582
Entity Address, Address Line One	13995 Pasteur Boulevard
Entity Address, City or Town	Palm Beach Gardens
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33418
City Area Code	(561)
Local Phone Number	365-2000
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CARR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 41.6
Entity Common Stock, Shares Outstanding		898,364,047
Documents Incorporated by Reference	Part III hereof incorporates by reference portions of the Registrant's definitive proxy statement related to its 2024 annual meeting of shareowners.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001783180

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Miami, Florida
Auditor Firm ID	238

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales
Sales to equity method investees included in Product sales	$ 22,098	$ 20,421	$ 20,613
Costs and expenses
Research and development	(617)	(539)	(503)
Selling, general and administrative	(3,297)	(2,512)	(3,120)
Total costs and expenses	(19,629)	(18,008)	(18,256)
Equity method investment net earnings	211	262	249
Other income (expense), net	(384)	1,840	39
Operating profit	2,296	4,515	2,645
Non-service pension benefit (expense)	(1)	(4)	61
Interest (expense) income, net	(211)	(219)	(306)
Income from operations before income taxes	2,084	4,292	2,400
Income tax expense	(644)	(708)	(699)
Net income from operations	1,440	3,584	1,701
Less: Non-controlling interest in subsidiaries' earnings from operations	91	50	37
Net income attributable to common shareowners	$ 1,349	$ 3,534	$ 1,664
Earnings per share
Basic (in dollars per share)	$ 1.61	$ 4.19	$ 1.92
Diluted (in dollars per share)	$ 1.58	$ 4.10	$ 1.87
Weighted-average number of shares outstanding
Basic (in shares)	837.3	843.4	867.7
Diluted (in shares)	853	861.2	890.3
Product
Net sales
Sales to equity method investees included in Product sales	$ 19,563	$ 18,250	$ 17,214
Costs and expenses
Cost of products and services sold	(13,831)	(13,337)	(12,300)
Service
Net sales
Sales to equity method investees included in Product sales	2,535	2,171	3,399
Costs and expenses
Cost of products and services sold	$ (1,884)	$ (1,620)	$ (2,333)

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income from operations	$ 1,440	$ 3,584	$ 1,701
Foreign currency translation:
Foreign currency translation adjustments arising during period	157	(551)	(322)
Chubb divestiture	0	0	8
Chubb divestiture	0	(574)	0
Foreign currency translation adjustments arising during period	157	(1,125)	(314)
Pension and post-retirement benefit plans:
Net actuarial gain (loss) arising during period	(17)	63	53
Amortization of actuarial (gain) loss and prior service credit	1	11	34
Chubb divestiture	0	329	0
Pension and post-retirement benefit plans adjustment arising during the period, before tax	(16)	403	87
Tax (expense) benefit	0	(3)	(17)
Pension and post-retirement benefit plans adjustments arising during period	(16)	400	70
Change in unrealized cash flow hedging:
Unrealized cash flow hedging gain (loss) arising during period	58	0	0
Other comprehensive income (loss), net of tax	199	(725)	(244)
Comprehensive income (loss)	1,639	2,859	1,457
Less: Comprehensive income (loss) attributable to non-controlling interest	(88)	(24)	(37)
Comprehensive income (loss) attributable to common shareowners	$ 1,551	$ 2,835	$ 1,420

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 10,015	$ 3,520
Accounts receivable, net	2,481	2,833
Contract assets, current	306	537
Inventories, net	2,217	2,640
Assets held for sale	3,314	0
Other assets, current	447	349
Total current assets	18,780	9,879
Future income tax benefits	739	612
Fixed assets, net	2,293	2,241
Operating lease right-of-use assets	491	642
Intangible assets, net	1,028	1,342
Goodwill	7,989	9,977
Pension and post-retirement assets	32	26
Equity method investments	1,140	1,148
Other assets	330	219
Total assets	32,822	26,086
Liabilities and Equity
Accounts payable	2,742	2,833
Accrued liabilities	2,811	2,610
Contract liabilities, current	425	449
Liabilities held for sale	862	0
Current portion of long-term debt	51	140
Total current liabilities	6,891	6,032
Long-term debt	14,242	8,702
Future pension and post-retirement obligations	155	349
Future income tax obligations	535	568
Operating lease liabilities	391	529
Other long-term liabilities	1,603	1,830
Total Liabilities	23,817	18,010
Commitments and contingent liabilities (Note 23)
Equity
Common stock, par value $0.01; 4,000,000,000 shares authorized; 883,068,393 and 876,487,480 shares issued; 839,910,275 and 834,664,966 outstanding as of December 31, 2023 and 2022, respectively	9	9
Treasury stock - 43,490,981 common shares	(1,972)	(1,910)
Additional paid-in capital	5,535	5,481
Retained earnings	6,591	5,866
Accumulated other comprehensive income (loss)	(1,486)	(1,688)
Non-controlling interest	328	318
Total Equity	9,005	8,076
Total Liabilities and Equity	$ 32,822	$ 26,086

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Equity
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	4,000,000,000	4,000,000,000
Common stock, shares, outstanding (in shares)	839,910,275	834,664,966
Treasury shares (in shares)	43,490,981

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income (Loss)	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Non-Controlling Interest
Balance as of beginning of period at Dec. 31, 2020	$ 6,578	$ (745)	$ 9	$ 0	$ 5,345	$ 1,643	$ 326
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,701					1,664	37
Other comprehensive income (loss), net of tax	(244)	(244)
Dividends declared on common stock	(442)					(442)
Shares issued under incentive plans, net	(24)				(24)
Stock-based compensation	92				92
Acquisition of non-controlling interest	0				(2)		2
Dividends attributable to non-controlling interest	(38)						(38)
Treasury stock repurchases	(529)			(529)
Balance as of end of period at Dec. 31, 2021	7,094	(989)	9	(529)	5,411	2,865	327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,584					3,534	50
Other comprehensive income (loss), net of tax	(725)	(699)					(26)
Dividends declared on common stock	(533)					(533)
Shares issued under incentive plans, net	(12)				(12)
Stock-based compensation	77				77
Acquisition of non-controlling interest	27				5		22
Dividends attributable to non-controlling interest	(50)						(50)
Acquisition (sale) of non-controlling interest, net	(5)						(5)
Treasury stock repurchases	(1,381)			(1,381)
Balance as of end of period at Dec. 31, 2022	8,076	(1,688)	9	(1,910)	5,481	5,866	318
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,440					1,349	91
Other comprehensive income (loss), net of tax	199	202					(3)
Dividends declared on common stock	(624)					(624)
Shares issued under incentive plans, net	(27)				(27)
Stock-based compensation	81				81
Dividends attributable to non-controlling interest	(56)						(56)
Acquisition (sale) of non-controlling interest, net	(22)						(22)
Treasury stock repurchases	(62)			(62)
Balance as of end of period at Dec. 31, 2023	$ 9,005	$ (1,486)	$ 9	$ (1,972)	$ 5,535	$ 6,591	$ 328

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends, declared (in dollars per share)	$ 0.745	$ 0.635	$ 0.510

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income from operations	$ 1,440	$ 3,584	$ 1,701
Adjustments to reconcile net income from operations to net cash flows from operating activities
Depreciation and amortization	542	380	338
Deferred income tax provision	(233)	(124)	(74)
Stock-based compensation cost	81	77	92
Equity method investment net earnings	(211)	(262)	(249)
Impairment charge on minority-owned joint venture investments	0	0	2
(Gain) loss on extinguishment of debt	0	(36)	0
(Gain) loss on sale of investments / deconsolidation	278	(1,815)	2
Changes in operating assets and liabilities
Accounts receivable, net	(148)	(145)	(97)
Contract assets, current	93	(51)	(47)
Inventories, net	237	(334)	(408)
Other assets, current	(117)	104	(11)
Accounts payable and accrued liabilities	477	61	829
Contract liabilities, current	74	29	51
Defined benefit plan contributions	(33)	(16)	(47)
Distributions from equity method investments	129	148	159
Other operating activities, net	(2)	143	(4)
Net cash flows provided by (used in) operating activities	2,607	1,743	2,237
Investing Activities
Capital expenditures	(469)	(353)	(344)
Proceeds on sale of investments	0	0	7
Investment in businesses, net of cash acquired	(84)	(506)	(366)
Dispositions of businesses	54	2,902	0
Settlement of derivative contracts, net	(50)	(194)	4
Payment to former shareholders of TCC	0	(104)	0
Kidde-Fenwal, Inc. deconsolidation	(134)	0	0
Other investing activities, net	23	0	7
Net cash flows provided by (used in) investing activities	(660)	1,745	(692)
Financing Activities
(Decrease) increase in short-term borrowings, net	(15)	(140)	13
Issuance of long-term debt	5,609	432	140
Repayment of long-term debt	(111)	(1,275)	(704)
Repurchases of common stock	(62)	(1,380)	(527)
Dividends paid on common stock	(620)	(509)	(417)
Dividends paid to non-controlling interest	(58)	(46)	(42)
Other financing activities, net	(131)	(13)	(25)
Net cash flows provided by (used in) financing activities	4,612	(2,931)	(1,562)
Effect of foreign exchange rate changes on cash and cash equivalents	88	(56)	(16)
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	6,647	501	(33)
Less: Change in cash balances classified as assets held for sale	157	0	60
Net increase (decrease) in cash and cash equivalents and restricted cash	6,490	501	(93)
Cash, cash equivalents and restricted cash, beginning of period	3,527	3,026	3,119
Cash, cash equivalents and restricted cash, end of period	10,017	3,527	3,026
Less: restricted cash	2	7	39
Cash and cash equivalents, end of period	$ 10,015	$ 3,520	$ 2,987

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying Consolidated Financial Statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") as defined by the Financial Accounting Standards Board ("FASB") within the FASB Accounting Standards Codification ("ASC"). Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. The accompanying Consolidated Financial Statements include all majority-owned subsidiaries of the Company. A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes Non-controlling interest as a component of Total equity in the accompanying Consolidated Balance Sheet and the Non-controlling interest in subsidiaries' earnings from operations are presented as an adjustment to Net income from operations used to arrive at Net income attributable to common shareowners in the accompanying Consolidated Statement of Operations. Partially-owned equity affiliates represent 20 to 50% ownership interests in investments where the Company demonstrates significant influence, but does not have a controlling financial interest. Partially-owned equity affiliates are accounted for under the equity method. Planned Portfolio Transformation On April 25, 2023, the Company announced that it entered into a Share Purchase Agreement (the “Agreement”) to acquire the climate solutions business (the "VCS Business") of Viessmann Group GmbH & Co. KG (“Viessmann”), a privately-held company. The VCS Business develops intelligent, integrated and sustainable technologies, including heat pumps, boilers, photovoltaic systems, home battery storage and digital solutions, primarily for residential customers in Europe. The acquisition was completed on January 2, 2024 for total consideration of $14.2 billion. On April 25, 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. On December 7, 2023, the Company entered into a stock purchase agreement to sell its Access Solutions business ("Access Solutions") to Honeywell International Inc. for an enterprise value of approximately $4.95 billion. Access Solutions, historically reported in the Company's Fire & Security segment, is a global supplier of physical security and digital access solutions supporting the hospitality, commercial, education and military markets. On December 12, 2023, the Company entered into a stock purchase agreement to sell its Commercial Refrigeration business ("CCR") to Haier Group Corporation for an enterprise value of approximately $775 million. CCR, historically reported in the Company's Refrigeration segment, is a global supplier of turnkey solutions for commercial refrigeration systems and services, with a primary focus on serving food retail customers, cold storage facilities and warehouses. As a result, the assets and liabilities of both businesses are presented as held for sale in the accompanying Consolidated Balance Sheets as of December 31, 2023 and recorded at the lower of their carrying value or fair value less estimated cost to sell. In addition, the net assets of the Company’s Industrial Fire business met the criteria to be classified as held for sale during the fourth quarter of 2023. Industrial Fire, historically reported in the Company's Fire & Security segment, is a leading manufacturer of a full spectrum of fire detection and suppression solutions and services in critical high-hazard environments, including oil and gas, power generation, marine and offshore facilities, automotive, data centers and aircraft hangars. As a result, the assets and liabilities of the business are presented as held for sale in the accompanying Consolidated Balance Sheet as of December 31, 2023 and recorded at the lower of their carrying value or fair value less estimated cost to sell. Deconsolidation of Kidde-Fenwal, Inc. On May 14, 2023, Kidde-Fenwal, Inc. ("KFI"), an indirect wholly-owned subsidiary of the Company, filed a petition for voluntary reorganization under Chapter 11 of the United States Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the District of Delaware. KFI, an industrial fire detection and suppression business historically reported in the Company's Fire & Security segment, has indicated that it intends to use the bankruptcy process to explore strategic alternatives, including the sale of KFI as a going concern. KFI has further stated that, during the Chapter 11 process, KFI expects that there will be no significant interruptions to its business operations. As of the petition date, KFI was deconsolidated and its respective assets and liabilities were derecognized from the Company's Consolidated Financial Statements. Acquisition of Toshiba Carrier Corporation On February 6, 2022, the Company entered into a binding agreement to acquire a majority ownership interest in Toshiba Carrier Corporation (“TCC”), a variable refrigerant flow ("VRF") and light commercial HVAC joint venture between Carrier and Toshiba Corporation. The acquisition was completed on August 1, 2022. As a result, the assets, liabilities and results of operations of TCC are consolidated in the accompanying Consolidated Financial Statements as of the date of acquisition and reported within the Company’s HVAC segment. Upon closing, Toshiba Corporation retained a 5% ownership interest in TCC. Sale of Chubb Fire & Security Business On July 26, 2021, the Company entered into a stock purchase agreement to sell its Chubb Fire and Security business ("Chubb") to APi Group Corporation ("APi"). Chubb, which was reported within the Company's Fire & Security segment, delivered essential fire safety and security solutions from design and installation to monitoring, service and maintenance across more than 17 countries around the globe. On January 3, 2022, the Company completed the sale of Chubb (the "Chubb Sale") for net proceeds of $2.9 billion and recognized a gain on the sale of $1.1 billion during the year ended December 31, 2022. Separation from United Technologies On April 3, 2020 (the "Distribution Date"), United Technologies Corporation ("UTC"), since renamed RTX Corporation ("Raytheon Technologies Corporation" or "RTX"), completed the spin-off of Carrier into an independent, publicly traded company (the "Separation") through a pro rata distribution (the "Distribution") on a one-for-one basis of all of the outstanding shares of common stock of Carrier to UTC shareowners who held shares of UTC common stock as of the close of business on March 19, 2020, the record date for the Distribution. In connection with the Separation, the Company issued an aggregate principal balance of $11.0 billion of debt and transferred approximately $10.9 billion of cash to UTC on February 27, 2020 and March 27, 2020. On April 1, 2020 and April 2, 2020, the Company received cash contributions totaling $590 million from UTC related to the Separation. Following the Separation and Distribution, the Company entered into several agreements with UTC and Otis Worldwide Corporation ("Otis") that govern various aspects of the relationship among the Company, UTC and Otis. As of December 31, 2023, only certain portions of the Tax Matters Agreement ("TMA") remain in effect. The Company incurred separation-related costs of $20 million for the year ended December 31, 2021. These costs are primarily included in Selling, general and administrative in the accompanying Consolidated Statement of Operations and consist of employee-related costs, costs to establish certain stand-alone functions and information technology systems, professional service fees and other transaction-related costs resulting from Carrier’s transition to becoming an independent, publicly traded company.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information was as follows: (In millions) 2023 2022 2021 Interest paid, net of amounts capitalized $ 320 $ 297 $ 317 Income taxes paid, net of refunds $ 942 $ 833 $ 675 Non-cash financing activity: Common stock dividends payable $ 161 $ 158 $ 130

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	12 Months Ended
DESCRIPTION OF THE BUSINESS	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Carrier Global Corporation (the "Company") is a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to its customers. The Company's portfolio includes industry-leading brands such as Carrier, Toshiba, Automated Logic, Carrier Transicold, Kidde, Edwards and LenelS2 that offer innovative heating, ventilating and air conditioning ("HVAC"), refrigeration, fire, security and building automation technologies to help make the world safer and more comfortable. The Company also provides a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. The Company's operations are classified into three segments: HVAC, Refrigeration and Fire & Security.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies used in the preparation of the accompanying Consolidated Financial Statements is as follows: Use of Estimates. The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Currency Translation . Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in the equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss) . Transactions that are denominated in a currency other than an entity’s functional currency are subject to changes in exchange rates with the resulting gains and losses recorded in Net income from operations . Cash and Cash Equivalents. Cash and cash equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. On occasion, the Company is required to maintain restricted cash deposits with certain banks due to contractual or other legal obligations. Restricted cash of $2 million and $7 million is included in Other assets, current as of December 31, 2023 and 2022, respectively. Accounts Receivable. Accounts receivable consist of billed amounts owed for products shipped to or services performed for customers. Amounts are recorded net of an allowance for expected credit losses which represents the best estimate of probable loss inherent in the Company's accounts receivable portfolio. The allowance is determined using a combination of factors including a reserve based on the aging of the outstanding accounts receivable portfolio and the Company's historical credit loss experience with its end markets, customer base and products. In addition, the Company considers knowledge of specific customers, current market conditions as well as reasonable and supportable forecasts of future events and economic conditions. As of December 31, 2023 and 2022, the allowance for expected credit losses was $108 million and $117 million, respectively. These estimates and assumptions are reviewed periodically with the effects of changes, if any, reflected in the Consolidated Statement of Operations in the period that they are determined. Fixed Assets. Property, plant and equipment are stated at cost less accumulated depreciation. Assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Assets acquired in a business combination are recorded at fair value at the date of acquisition. Major expenditures for replacements and significant improvements that increase asset values and extend useful lives are capitalized. Repairs and maintenance expenditures that do not extend the useful life of an asset are charged to expense as incurred. Per ASC 360, Property, Plant and Equipment ("ASC 360"), the Company assesses the recoverability of the carrying value of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying amount of the asset group exceeds the fair value of the asset group. Equity Method Investments. Investments in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting and are presented on the Consolidated Balance Sheet. Under this method of accounting, the Company’s share of the net earnings or losses of the investee is presented within Operating profit on the Consolidated Statement of Operations since the activities of the investee are closely aligned with the operations of the Company. The Company evaluates its equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Distributions received from equity method investees are presented in the Consolidated Statement of Cash Flows based on the cumulative earnings approach. Goodwill and Intangible Assets. The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. In accordance with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), goodwill and other indefinite-lived intangibles are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset. Impairment of goodwill is assessed at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test under ASC 350. For those reporting units that bypass or fail the qualitative assessment, the test compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. To the extent that the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss will be recognized for the amount by which the reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. Intangible assets such as patents, service contracts, monitoring lines and customer relationships with finite useful lives are amortized based on the pattern in which the economic benefits of the intangible assets are consumed. If a pattern of economic benefit cannot be reliably determined or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization may be used. The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 The Company assesses the recoverability of the carrying amount of its intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying value of the asset group exceeds the fair value of the asset group. Leases. The Company accounts for leases in accordance with ASC 842, Leases ("ASC 842"), which requires a lessee to record a right-of-use ("ROU") asset and a lease liability on the Consolidated Balance Sheet for all leases with terms longer than 12 months. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company generally uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments except when an implicit interest rate is readily determinable. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to recognize ROU assets and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less. Income Taxes. The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. The Company recognizes future tax benefits to the extent that realizing these benefits is considered in its judgment to be more likely than not. For those jurisdictions where the expiration date of tax carryforwards or the projected operating results indicate that realization is not likely, a valuation allowance is provided. The Company reviews the realizability of its deferred tax asset valuation allowances on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required and will adjust its estimate if significant events so dictate. To the extent that the ultimate results differ from the Company's original or adjusted estimates, the effect will be recorded in the provision for income taxes in the period that the matter is finally resolved. In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Consolidated Financial Statements. Pension and Post-retirement Obligations. The Company provides a range of benefit plans to eligible current and former employees. The Company accounts for its benefit plans in accordance with ASC 715, Compensation - Retirement Benefits ("ASC 715") which requires balance sheet recognition of the overfunded or underfunded status of pension and post-retirement benefit plans. Determining the amounts associated with these benefits are performed by actuaries and dependent on various actuarial assumptions including discount rates, expected return on plan assets, compensation increases, mortality and health care cost trends. Actual results may differ from the actuarial assumptions and are generally recorded in Accumulated other comprehensive income (loss) and amortized into Net income from operations over future periods. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate. See Note 10 – Employee Benefit Plans for additional information. Business Combinations. In accordance with ASC 805, Business Combinations ("ASC 805"), acquisitions that meet the definition of a business are recorded using the acquisition method of accounting. We recognize and measure the identifiable assets acquired, liabilities assumed and any non-controlling interest as of the acquisition date at fair value. The valuation of intangible assets is determined by an income approach methodology, using assumptions such as projected future revenues, customer attrition rates, royalty rates, tax rates and discount rates. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-controlling interest is recognized as goodwill. Costs incurred as a result of a business combination other than costs related to the issuance of debt or equity securities are recorded in the period the costs are incurred. Asset Retirement Obligations. The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which a liability is determined to exist, if a reasonable estimate of fair value can be made. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liability is increased for changes in its present value and the capitalized cost is depreciated over the useful life of the related asset. Research and Development . The Company conducts research and development activities with a focus on new product development and technology innovation. These costs are charged to expense as incurred. For the years ended December 31, 2023, 2022 and 2021, these costs amounted to $617 million, $539 million and $503 million, respectively. Recent Pronouncements The FASB ASC is the sole source of authoritative GAAP other than United States Securities and Exchange Commission ("SEC') issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not referenced below were assessed and determined to be either not applicable or are not expected to have a material impact on the Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements.

INVENTORIES, NET

INVENTORIES, NET	12 Months Ended
INVENTORIES, NET	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES, NET	INVENTORIES, NET Inventories are stated at the lower of cost or estimated net realizable value. Cost is primarily determined based on the first-in, first-out inventory method ("FIFO") or average cost methods, which approximates current replacement cost. However, certain Carrier entities use the last-in, first-out inventory method ("LIFO"). Inventories, net consisted of the following: (In millions) 2023 2022 Raw materials $ 695 $ 884 Work-in-process 259 230 Finished goods 1,263 1,526 Inventories, net $ 2,217 $ 2,640 The Company performs periodic assessments utilizing customer demand, production requirements and historical usage rates to determine the existence of excess and obsolete inventory and records necessary provisions to reduce such inventories to the lower of cost or estimated net realizable value. Raw materials, work-in-process and finished goods are net of valuation reserves of $223 million and $190 million as of December 31, 2023 and 2022, respectively. Certain entities use LIFO to determine the cost of inventory. If inventories that were valued using the LIFO method had been valued under the FIFO method, the net book value of the inventories would have been higher by $226 million and $199 million as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, approximately 35% and 26%, respectively, of all inventory utilized the LIFO method.

FIXED ASSETS, NET

FIXED ASSETS, NET	12 Months Ended
FIXED ASSETS, NET	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
FIXED ASSETS, NET	FIXED ASSETS, NET Fixed assets, net consisted of the following: (In millions) Estimated Useful Lives (Years) 2023 2022 Land $ 112 $ 126 Buildings and improvements 20 to 40 1,122 1,251 Machinery, tools and equipment 3 to 25 2,515 2,409 Rental assets 3 to 12 346 390 Other, including assets under construction 442 347 Fixed assets, gross 4,537 4,523 Accumulated depreciation (2,244) (2,282) Fixed assets, net $ 2,293 $ 2,241 Depreciation expense was $300 million, $256 million and $238 million for the years ended December 31, 2023, 2022 and 2021, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the reporting unit may be less than its carrying value. The changes in the carrying amount of goodwill were as follows: (In millions) HVAC Refrigeration Fire & Security Total Balance at December 31, 2021 $ 5,658 $ 1,228 $ 2,463 $ 9,349 Goodwill resulting from business combinations (1) 904 — 1 905 Foreign currency translation (170) (31) (76) (277) Balance at December 31, 2022 $ 6,392 $ 1,197 $ 2,388 $ 9,977 Goodwill resulting from business combinations 1 (4) — (3) Reclassified to held for sale (2) — (72) (1,937) (2,009) Foreign currency translation 14 3 7 24 Balance as of December 31, 2023 $ 6,407 $ 1,124 $ 458 $ 7,989 (1) See Note 19 - Acquisitions for additional information. (2) See Note 20 - Divestitures for additional information. Indefinite-lived intangible assets are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the asset may be less than the carrying amount of the asset. All other intangible assets with finite useful lives are amortized over their estimated useful lives. Identifiable intangible assets consisted of the following: 2023 2022 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,222 $ (610) $ 612 $ 1,431 $ (720) $ 711 Patents and trademarks 332 (163) 169 401 (191) 210 Service portfolios and other 686 (503) 183 953 (595) 358 2,240 (1,276) 964 2,785 (1,506) 1,279 Unamortized: Trademarks and other 64 — 64 63 — 63 Intangible assets, net $ 2,304 $ (1,276) $ 1,028 $ 2,848 $ (1,506) $ 1,342 Amortization of intangible assets was $242 million, $124 million and $98 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated future amortization of intangible assets is as follows: (In millions) 2024 2025 2026 2027 2028 Thereafter Future amortization $ 175 $ 155 $ 122 $ 95 $ 75 $ 342 Annual Impairment Assessment The Company tested its goodwill and indefinite-lived intangible assets for impairment on July 1 as part of its annual assessment. For each test, the Company qualitatively assessed all relevant events or circumstances that could impact the estimate of fair value and determined it was more likely than not that the fair value of each reporting unit and indefinite-lived intangible asset exceeded their carrying amount. In connection with the presentation of CCR, Access Solutions and Industrial Fire as held for sale at December 31, 2023, the Company reassigned goodwill between each of the remaining reporting units within its Fire & Security segment using a relative fair value approach. As a result, the Company performed a quantitative goodwill impairment test to determine if any impairment existed. The test did not indicate any goodwill impairment.

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT	12 Months Ended
BORROWINGS AND LINES OF CREDIT	Dec. 31, 2023
Debt Disclosure [Abstract]
BORROWINGS AND LINES OF CREDIT	BORROWINGS AND LINES OF CREDIT Long-term debt consisted of the following: (In millions) 2023 2022 2.242% Notes due 2025 1,200 1,200 4.375% Notes due 2025 830 — 5.800% Notes due 2025 1,000 — 2.493% Notes due 2027 900 900 4.125% Notes due 2028 830 — 2.722% Notes due 2030 2,000 2,000 2.700% Notes due 2031 750 750 4.500% Notes due 2032 941 — 5.900% Notes due 2034 1,000 — 3.377% Notes due 2040 1,500 1,500 3.577% Notes due 2050 2,000 2,000 6.200% Notes due 2054 1,000 — Total long-term notes 13,951 8,350 Japanese Term Loan Facility 379 404 Other debt (including project financing obligations and finance leases) 74 149 Discounts and debt issuance costs (111) (61) Total debt 14,293 8,842 Less: current portion of long-term debt 51 140 Long-term debt, net of current portion $ 14,242 $ 8,702 Debt Issuance In November 2023, the Company issued $3.0 billion principal amount of USD-denominated notes in three tranches. The tranches consist of $1.0 billion aggregate principal amount of 5.800% notes due 2025, $1.0 billion aggregate principal amount of 5.900% notes due 2034 and $1.0 billion aggregate principal amount of 6.200% notes due 2054 (collectively, the “USD Notes”). In addition, the Company issued €2.35 billion principal amount of Euro-denominated notes in three tranches. The tranches consist of €750 million aggregate principal amount of 4.375% notes due 2025, €750 million aggregate principal amount of 4.125% notes due 2028 and €850 million aggregate principal amount of 4.500% notes due 2032 (collectively, the “Euro Notes”). The Company capitalized $51 million of deferred financing costs which are being amortized over the term of their related notes. The Company used the USD Notes and the Euro Notes to fund a portion of the Euro-denominated purchase price of the VCS Business. The Company has the option to redeem the notes in whole or in part at any time, prior to their stated maturity date at redemption prices set forth in the indenture agreements. The notes are subject to certain customary covenants. Japanese Term Loan Facility On July 15, 2022, the Company entered into a five-year, JPY 54 billion (approximately $400 million) senior unsecured term loan facility with MUFG Bank Ltd., as administrative agent and lender, and certain other lenders (the "Japanese Term Loan Facility"). Borrowings under the Japanese Term Loan Facility bear interest at a rate equal to the Tokyo Term Risk Free Rate plus 0.75%. In addition, the Japanese Term Loan Facility is subject to customary covenants including a covenant to maintain a maximum consolidated leverage ratio. The Company capitalized $2 million of deferred financing costs which are being amortized over the term of the facility. On July 25, 2022, the Company borrowed JPY 54 billion under the Japanese Term Loan Facility and used the proceeds to fund a portion of the TCC acquisition and to pay related fees and expenses. Revolving Credit Facility On May 19, 2023, the Company entered into a revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, permitting aggregate borrowings of up to $2.0 billion pursuant to an unsecured, unsubordinated revolving credit facility that matures in May 2028 (the "Revolving Credit Facility"). The Revolving Credit Facility supports the Company's commercial paper program and can be used for other general corporate purposes. Borrowings are available in U.S. Dollars and Euros. U.S. Dollar borrowings can bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at an alternate base rate plus a ratings-based margin. Euro borrowings bear interest at an adjusted EURIBOR rate plus a ratings-based margin. A ratings-based commitment fee is charged on unused commitments. Upon entering into the agreement, the Company terminated its existing revolving credit facility that was set to mature in April 2025. In addition, the Company capitalized $2 million of deferred financing costs which are being amortized over the term of the facility. As of December 31, 2023, there were no borrowings outstanding under the Revolving Credit Facility. Commercial Paper Program The Company has a $2.0 billion unsecured, unsubordinated commercial paper program, which can be used for general corporate purposes, including the funding of working capital and potential acquisitions. As of December 31, 2023, there were no borrowings outstanding under the commercial paper program. Project Financing Arrangements The Company is involved in long-term construction contracts in which it arranges project financing with certain customers. As a result, the Company issued $39 million and $38 million of debt during the year ended December 31, 2023 and 2022, respectively. Long-term debt repayments associated with these financing arrangements for the years ended December 31, 2023 and 2022 were $111 million and $160 million, respectively. Debt Covenants The Revolving Credit Facility, the indenture for the long-term notes and the Japanese Term Loan Facility contain affirmative and negative covenants customary for financings of these types, which, among other things, limit the Company's ability to incur additional liens, to make certain fundamental changes and to enter into sale and leaseback transactions. As of December 31, 2023, t he Company was in compliance with the covenants under the agreements governing its outstanding indebtedness. Tender Offers On March 15, 2022, the Company commenced tender offers to purchase up to $1.15 billion ("Aggregate Tender Cap") aggregate principal of the Company's 2.242% Notes due 2025 and 2.493% Notes due 2027 (together, the "Senior Notes"). The tender offers included payment of applicable accrued and unpaid interest up to the settlement date, along with a fixed spread for early repayment. Based on participation, the Company elected to settle the tender offers on March 30, 2022. The aggregate principal amount of Senior Notes validly tendered and accepted was approximately $1.15 billion, which included $800 million of Notes due 2025 and $350 million of Notes due 2027. As a result, the Company recognized a net gain of $33 million and wrote off $5 million of unamortized deferred financing costs within Interest (expense) income, net on the accompanying Consolidated Statement of Operations during the year ended December 31, 2022. Schedule of Long-term Debt Maturities Scheduled maturities of long-term debt, excluding amortization of discount, are as follows: (In millions) 2024 $ 51 2025 $ 3,053 2026 $ 4 2027 $ 1,245 2028 $ 832 Thereafter $ 9,191 As of December 31, 2023, the average maturity of the Company's long-term notes is approximate l

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
FAIR VALUE MEASUREMENTS	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS ASC 820, Fair Value Measurement ("ASC 820"), defines fair value as the price that would be received if an asset is sold or the price paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-level fair value hierarchy that prioritizes information used in developing assumptions when pricing an asset or liability as follows: • Level 1: Observable inputs such as quoted prices in active markets; • Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and • Level 3: Unobservable inputs where there is little or no market data, which requires the reporting entity to develop its own assumptions. ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. In the normal course of business, the Company is exposed to certain risks arising from business operations and economic factors, including foreign currency and commodity price risk. These exposures are managed through operational strategies and the use of undesignated hedging contracts. The Company's derivative assets and liabilities are measured at fair value on a recurring basis using internal models based on observable market inputs, such as forward, interest, contract and discount rates with changes in fair value reported in Other income (expense), net in the accompanying Consolidated Statement of Operations. In connection with the TCC acquisition, the Company funded a portion of the Yen-denominated purchase price with cash on hand by entering into cross currency swaps with various financial institutions. The cross currency swaps are measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates as well as credit default swap spreads. The Company designated the cross currency swaps as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the fair value of the swaps are recorded in Equity in the accompanying Consolidated Balance Sheet. The remaining portion of the Yen-denominated purchase price was funded by the Japanese Term Loan Facility. The carrying value of the facility is translated on a recurring basis using the exchange rate at the end of the applicable period and approximates its fair value. The Company designated the Japanese Term Loan Facility as a partial hedge of its investment in certain subsidiaries whose functional currency is the Japanese Yen in order to manage foreign currency translation risk. As a result, changes in the carrying value of the Japanese Term Loan Facility associated with foreign exchange rate movements are recorded in Equity in the Consolidated Balance Sheet. In connection with the acquisition of the VCS Business, the Company entered into window forward contracts with Bank of America N.A. and JPMorgan Chase Bank N.A. to mitigate the foreign currency risk of the expected cash outflows associated with the Euro-denominated purchase price. The instruments have an aggregate notional amount of €7 billion and are measured at fair value on a recurring basis using observable market inputs, such as forward, discount and interest rates with changes in fair value reported in Other income (expense), net in the accompanying Consolidated Statement of Operations. During the year ended December 31, 2023, the Company recognized a $96 million loss on the mark-to-market valuation of its window forward contracts. The Company settled the window forward contracts on January 2, 2024 upon the acquisition of the VCS Business. During 2023, the Company entered into several interest rate swap contracts to mitigate interest rate exposure on the forecasted issuance of long-term debt. The contracts had an aggregate notional amount of $1.525 billion and were designated as cash flow hedges with changes in fair value reported in Equity in the accompanying Consolidated Balance Sheet. Fair value was measured on a recurring basis using observable market inputs, such as forward, discount and interest rates. In November 2023, the contracts were settled upon the issuance of the underlying debt. As a result, the Company deferred a net unrecognized gain of $58 million in Equity which will be subsequently recognized in Interest expense over the term of the related notes which range from 2034 to 2044. The amount expected to be amortized over the next twelve months is a net gain of $3 million. The following tables provide the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the accompanying Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 December 31, 2023 Fair value measurement: Derivative assets (1)(3) $ 32 $ — $ 32 $ — Derivative liabilities (2)(3) $ (126) $ — $ (126) $ — December 31, 2022 Fair value measurement: Derivative assets (1) (3) $ 28 $ — $ 28 $ — Derivative liabilities (2)(3) $ (48) $ — $ (48) $ — (1) Included in Other assets, current and Other assets on the accompanying Consolidated Balance Sheet. (2) Included in Accrued liabilities and Other long-tern liabilities on the accompanying Consolidated Balance Sheet. (3) Includes cross currency swaps, window forward contracts and interest rate swap contracts. The following table provides the carrying amounts and fair values of the Company's long-term notes that are not recorded at fair value in the accompanying Consolidated Balance Sheet: 2023 2022 (In millions) Carrying Fair Carrying Fair Total long-term notes (1) $ 13,951 $ 13,194 $ 8,350 $ 6,832 (1) Excludes debt discount and issuance costs. The fair value of the Company's long-term debt is measured based on observable market inputs which are considered Level 1 within the fair value hierarchy. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value due to the short-term nature of these accounts and would be classified as Level 1 in the fair value hierarchy. The Company's financing leases and project financing obligations, included in Long-term debt and Current portion of long-term debt on the accompanying Consolidated Balance Sheet, approximate fair value and are classified as Level 3 in the fair value hierarchy.

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company enters into operating and finance leases for the use of real estate space, vehicles, information technology equipment and certain other equipment. At contract inception, the Company determines a lease exists if the arrangement conveys the right to control an identified asset for a period of time in exchange for consideration. Control is considered to exist when the lessee has the right to obtain substantially all of the economic benefits from the use of an identified asset as well as the right to direct the use of that asset. If a contract is considered to be a lease, the Company recognizes a lease liability based on the present value of the future lease payments with an offsetting entry to recognize a right-of-use asset. Operating lease right-of-use assets and liabilities are reflected on the Consolidated Balance Sheet as follows: (In millions) 2023 2022 Operating lease right-of-use assets $ 491 $ 642 Accrued liabilities $ (108) $ (132) Operating lease liabilities (391) (529) Total operating lease liabilities $ (499) $ (661) Weighted-Average Remaining Lease Term (in years) 7.0 7.7 Weighted-Average Discount Rate 3.9 % 3.4 % Where applicable, the Company accounts for each separate lease component of a contract and its associated non-lease component as a single lease component. Supplemental cash flow and lease expense information related to operating leases were as follows: (In millions) 2023 2022 2021 Operating cash flows for measurement of operating lease liabilities $ 166 $ 145 $ 197 Operating lease ROU assets obtained in exchange for operating lease obligations $ 63 $ 109 $ 180 Operating lease expense $ 158 $ 148 $ 200 Operating lease expense is recognized on a straight-line basis over the lease term. In addition, the Company has certain leases that contain variable lease payments which are based on an index, a rate referenced in the lease or on the actual usage of the leased asset. These payments are not included in the right-of-use asset or lease liability and are expensed as incurred as variable lease expense. Undiscounted maturities of operating lease liabilities as of December 31, 2023 are as follows: (In millions) 2024 $ 126 2025 107 2026 87 2027 62 2028 45 Thereafter 149 Total undiscounted lease payments 576 Less: imputed interest (77) Total discounted lease payments $ 499
LEASES	LEASES The Company enters into operating and finance leases for the use of real estate space, vehicles, information technology equipment and certain other equipment. At contract inception, the Company determines a lease exists if the arrangement conveys the right to control an identified asset for a period of time in exchange for consideration. Control is considered to exist when the lessee has the right to obtain substantially all of the economic benefits from the use of an identified asset as well as the right to direct the use of that asset. If a contract is considered to be a lease, the Company recognizes a lease liability based on the present value of the future lease payments with an offsetting entry to recognize a right-of-use asset. Operating lease right-of-use assets and liabilities are reflected on the Consolidated Balance Sheet as follows: (In millions) 2023 2022 Operating lease right-of-use assets $ 491 $ 642 Accrued liabilities $ (108) $ (132) Operating lease liabilities (391) (529) Total operating lease liabilities $ (499) $ (661) Weighted-Average Remaining Lease Term (in years) 7.0 7.7 Weighted-Average Discount Rate 3.9 % 3.4 % Where applicable, the Company accounts for each separate lease component of a contract and its associated non-lease component as a single lease component. Supplemental cash flow and lease expense information related to operating leases were as follows: (In millions) 2023 2022 2021 Operating cash flows for measurement of operating lease liabilities $ 166 $ 145 $ 197 Operating lease ROU assets obtained in exchange for operating lease obligations $ 63 $ 109 $ 180 Operating lease expense $ 158 $ 148 $ 200 Operating lease expense is recognized on a straight-line basis over the lease term. In addition, the Company has certain leases that contain variable lease payments which are based on an index, a rate referenced in the lease or on the actual usage of the leased asset. These payments are not included in the right-of-use asset or lease liability and are expensed as incurred as variable lease expense. Undiscounted maturities of operating lease liabilities as of December 31, 2023 are as follows: (In millions) 2024 $ 126 2025 107 2026 87 2027 62 2028 45 Thereafter 149 Total undiscounted lease payments 576 Less: imputed interest (77) Total discounted lease payments $ 499

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company sponsors U.S. and international defined benefit pension and defined contribution plans. In addition, the Company contributes to various U.S. and international multi-employer defined benefit pension plans. Pension Plans Qualified U.S. pension plan benefits covering collectively bargained employees comprise approximately 42% of the projected benefit obligation. This noncontributory defined benefit plan provides benefits on a flat dollar formula based on an employee's location and is closed to new entrants. The non-U.S. plans comprise approximately 58% of the projected benefit obligation; certain of these plans provide participants with one-time payments upon separation of employment rather than a retirement annuity. The plans' benefits provided are based on plan specific parameters. Non-qualified U.S. pension plans provide supplementary retirement benefits to certain employees and are not a material component of the projected benefit obligation. The following table details information regarding the Company's pension plans: (In millions) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 760 $ 906 Service cost 15 20 Interest cost 31 18 Actuarial (gain) loss 27 (271) Benefits paid (25) (21) Curtailment, settlements and special termination benefits (24) (7) Other, including expenses paid 3 (38) Reclassified to held for sale (1) (212) — Acquisitions (2) — 153 Benefit obligation at end of year $ 575 $ 760 Change in Plan Assets Fair value at beginning of year $ 451 $ 591 Actual return on plan assets 39 (170) Company contributions 33 16 Benefits paid (25) (21) Settlements (24) (7) Other, including expenses paid 2 (18) Reclassified to held for sale (1) (8) — Acquisitions (2) — 60 Fair value of assets end of year $ 468 $ 451 Funded status of plans $ (107) $ (309) Amounts included in the balance sheet: Other non-current assets $ 32 $ 25 Accrued compensation and benefits (12) (18) Post-employment and other benefit liabilities (127) (316) Net amount recognized $ (107) $ (309) (1) See Note 20 - Divestitures for additional information. (2) See Note 19 - Acquisitions for additional information. The change in funded status was primarily driven by the presentation of the Company's CCR business as held for sale. In addition, the discount rates for our significant pension plans in Germany and the U.S. decreased over the measurement period, resulting in higher benefit obligations. The pretax amounts recognized in Accumulated other comprehensive (income) loss are: (In millions) Prior Service Cost (Benefit) Net Actuarial (Gain) Loss Total As of December 31, 2022 $ 11 $ 93 $ 104 Current year changes recorded in AOCI — 20 20 Amortization reclassified to earnings (2) 1 (1) Settlement/curtailment reclassified to earnings (3) 1 (2) Currency translation and other — 5 5 As of December 31, 2023 $ 6 $ 120 $ 126 Information for pension plans with accumulated benefit obligations in excess of plan assets: (In millions) 2023 2022 Projected benefit obligation $ 378 $ 564 Accumulated benefit obligation $ 362 $ 538 Fair value of plan assets $ 239 $ 230 Information for pension plans with projected benefit obligations in excess of plan assets: (In millions) 2023 2022 Projected benefit obligation $ 378 $ 564 Accumulated benefit obligation $ 362 $ 538 Fair value of plan assets $ 239 $ 230 The accumulated benefit obligation for all defined benefit plans was $0.6 billion and $0.7 billion as of December 31, 2023 and 2022, respectively. Pension benefit payments, including amounts to be paid from corporate assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: (In millions) 2024 $ 31 2025 $ 33 2026 $ 37 2027 $ 42 2028 $ 38 2029 through 2033 $ 201 For the years ended December 31, 2023, 2022 and 2021, the Company made $33 million, $16 million and $47 million, respectively, of cash contributions to its defined benefit pension plans. The Company expects to make total contributions of approximately $5 million to its defined benefit pension plans in 2024. The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows: (In millions) 2023 2022 2021 Service cost $ 15 $ 20 $ 27 Interest cost 31 18 37 Expected return on plan assets (32) (27) (145) Amortization of prior service cost 3 2 2 Recognized actuarial net loss (2) 9 32 Net settlement, curtailment and special termination benefit loss 1 2 13 Net periodic pension expense (benefit) $ 16 $ 24 $ (34) Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: Benefit Obligation Net Costs 2023 2022 2023 2022 2021 Discount rate Projected benefit obligation 4.3% 4.2 % 4.2% 2.1 % 1.4 % Interest cost (1) —% — % 4.1% 1.9 % 1.2 % Service cost (1) —% — % 4.5% 2.8 % 2.1 % Salary scale 2.2% 2.4 % 2.4% 3.1 % 2.8 % Expected return on plan assets —% — % 5.7% 5.0 % 4.6 % (1) The 2023 and 2022 discount rates used to measure the service cost and interest cost applies to the significant plans of the Company. The projected benefit obligation discount rate is used for the service cost and interest cost measurements for non-significant plans. The expected long-term rate of return on plan assets is determined by considering the relative weighting of plan assets, the historical performance of total plan assets, individual asset classes, economic and other indicators of future performance. Return projections are assessed for reasonableness using a simulation model that incorporates yield curves, credit spreads and risk premiums to project long-term prospective returns. The Company's investment objective is to provide liquidity and asset levels needed to meet current and future benefit payments, while maintaining a prudent degree of portfolio diversification considering interest rate risk and market volatility. Globally, investment strategies target a mix of approximately 30% of growth seeking assets and 70% of income generating and hedging assets using a wide diversification of asset types, fund strategies and investment managers. The growth seeking allocation consists of global public equities in developed and emerging countries and alternative asset class strategies. The income generating assets primarily consist of government and broadly diversified high quality corporate bonds. In addition, the Company's investment strategies seek to reduce interest rate risk and have incorporated liability hedging programs as part of the long-term investment strategy. Under this objective, the income generating and hedging assets typically increase as the plans' funded status improves. The Company monitors plan funded status and asset allocation regularly in addition to investment manager performance. The fair values of pension plan assets by asset category are as follows: (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject Total Asset Category (Level 1) (Level 2) (Level 3) Public Equities: Global Equities $ — $ 26 $ — $ — $ 26 Global Equity Funds at net asset value (1) (2) — — — 125 125 Fixed Income Securities: Governments — 40 — 23 63 Corporate Bonds — 44 — — 44 Fixed Income Securities (2) — 9 — 172 181 Real Estate (3) — 1 — — 1 Other (4) (5) — 10 — — 10 Cash & Cash Equivalents (2)(6) — 13 — 3 16 Subtotal $ — $ 143 $ — $ 323 $ 466 Other assets and liabilities (7) 2 Total as of December 31, 2023 $ 468 (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject Total Asset Category (Level 1) (Level 2) (Level 3) Public Equities: Global Equities $ — $ 27 $ — $ — $ 27 Global Equity Funds at net asset value (1) (2) — — — 119 119 Fixed Income Securities: Governments — 35 — 24 59 Corporate Bonds — 45 — — 45 Fixed Income Securities (2) — 11 — 156 167 Real Estate (3) — 1 — — 1 Other (4)(5) — 8 — — 8 Cash & Cash Equivalents (2)(6) — 25 — 1 26 Subtotal $ — $ 152 $ — $ 300 $ 452 Other assets and liabilities (7) (1) Total as of December 31, 2022 $ 451 (1) Represents commingled funds that invest primarily in common stocks. (2) In accordance with ASU 2015-07, Fair Value Measurement (Topic 820) , certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. (3) Represents investments in real estate, including commingled funds and directly held properties. (4) Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities. (5) Includes fixed income repurchase agreements entered into for purposes of pension asset and liability matching. (6) Represents short-term commercial paper, bonds and other cash or cash-like instruments. (7) Represents trust receivables and payables that are not leveled. Derivatives in the plan are primarily used to manage risk and gain asset class exposure while still maintaining liquidity. Derivative instruments mainly consist of fixed income repurchase agreements, interest rate swaps, total return swaps and currency forward contracts. Quoted market prices are used to value investments when available. Investments in securities traded on exchanges, including listed futures and options, are valued at the last reported sale prices on the last business day of the year or, if not available, the last reported bid prices. Fixed income securities are primarily measured using a market approach pricing methodology, whereby observable prices are obtained by market transactions involving identical or comparable securities of issuers with similar credit ratings. Over-the-counter securities and government obligations are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable, including broker quotes. Temporary cash investments are stated at cost, which approximates fair value. Multiemployer Benefit Plans The Company contributes to various domestic and foreign multiemployer defined benefit pension plans. The risks of participating in these multiemployer plans are different from those of single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. The Company's contributions to these plans for the years ended December 31, 2023 and 2022 was $15 million and $15 million, respectively. Employee Savings Plans The Company sponsors various employee savings plans. Employer contributions are determined based on criteria specific to each plan and were $125 million, $123 million and $115 million for the year ended December 31, 2023, 2022 and 2021, respectively.

PRODUCT WARRANTIES

PRODUCT WARRANTIES	12 Months Ended
PRODUCT WARRANTIES	Dec. 31, 2023
Guarantees [Abstract]
PRODUCT WARRANTIES	PRODUCT WARRANTIES In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts. Amounts associated with these provisions are classified on the accompanying Consolidated Balance Sheet as Accrued liabilities or Other long-term liabilities based on their anticipated settlement date. The changes in the carrying amount of warranty related provisions are as follows: (In millions) 2023 2022 Balance as of January 1, $ 551 $ 524 Warranties, performance guarantees issued and changes in estimated liability 237 184 Settlements made (194) (171) Other (13) 14 Reclassified to held for sale (1) (13) — Balance as of December 31, $ 568 $ 551 (1) See Note 20 - Divestitures for additional information.

EQUITY

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
EQUITY	EQUITY The authorized number of shares of common stock of Carrier is 4,000,000,000 shares of $0.01 par value. As of December 31, 2023 and December 31, 2022, 883,068,393 and 876,487,480 shares of common stock were issued, respectively, which includes 43,490,981 and 42,103,995 shares of treasury stock, respectively. Share Repurchase Program The Company may purchase its outstanding common stock from time to time subject to market conditions and at the Company's discretion. Repurchases occur in the open market or through one or more other public or private transactions pursuant to plans complying with Rules 10b5-1 and 10b-18 under the Exchange Act. Shares acquired are recognized at cost and presented separately on the balance sheet as a reduction to Equity . Since the initial authorization in February 2021, the Company's Board of Directors authorized the repurchase of up to $4.1 billion of the Company's outstanding common stock. As of December 31, 2023, the Company repurchased 43.5 million shares of common stock for an aggregate purchase price of $2.0 billion, which includes shares repurchased under an accelerated share repurchase agreement. As a result, the Company has approximately $2.1 billion remaining under the current authorization at December 31, 2023. Upon announcement of the proposed acquisition of the VCS Business, the Company temporarily paused its share repurchase program in order to advance its capital allocation strategy. As a result, there is no share repurchase activity to report for the fourth quarter of 2023. Accumulated Other Comprehensive Income (Loss) A summary of changes in the components of Accumulated other comprehensive income (loss) is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2021 $ (191) $ (554) $ — $ (745) Other comprehensive income (loss) before reclassifications, net (322) 53 — (269) Amounts reclassified, pre-tax 8 34 — 42 Tax benefit reclassified — (17) — (17) Balance as of December 31, 2021 $ (505) $ (484) $ — $ (989) Other comprehensive income (loss) before reclassifications, net (525) 63 — (462) Amounts reclassified, pre-tax — 11 — 11 Tax benefit reclassified — (3) — (3) Chubb divestiture (574) 329 — (245) Balance as of December 31, 2022 $ (1,604) $ (84) $ — $ (1,688) Other comprehensive income (loss) before reclassifications, net 160 (17) 58 201 Amounts reclassified, pre-tax — 1 — 1 Balance as of December 31, 2023 $ (1,444) $ (100) $ 58 $ (1,486)

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
REVENUE RECOGNITION	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers. Revenue is recognized when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. A significant portion of the Company's performance obligations are recognized at a point-in-time when control of the product transfers to the customer, which is generally the time of shipment. The remaining portion of the Company’s performance obligations are recognized over time as the customer simultaneously obtains control as the Company performs work under a contract, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. Performance Obligations A performance obligation is a distinct good, service or a bundle of goods and services promised in a contract. Some of the Company's contracts with customers contain a single performance obligation, while others contain multiple performance obligations most commonly when a contract spans multiple phases of a product life-cycle such as production, installation, maintenance and support. The Company identifies performance obligations at the inception of a contract and allocates the transaction price to each distinct performance obligation. Revenue is recognized when or as the performance obligation is satisfied. When there are multiple performance obligations within a contract, the Company allocates the transaction price to each performance obligation based on its relative stand-alone selling price. The Company primarily generates revenue from the sale of products to customers and recognizes revenue at a point in time when control transfers to the customer. Transfer of control is generally based on the shipping terms of the contract. In addition, the Company recognizes revenue on an over-time basis on installation and service contracts. For over-time performance obligations requiring the installation of equipment, revenue is recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with and best depict transfer of control to the customer. Contract costs include direct costs such as labor, materials and subcontractors’ costs and where applicable, indirect costs. Segment sales disaggregated by product and service are as follows: (In millions) 2023 2022 2021 Sales Type Product $ 13,313 $ 11,882 $ 9,985 Service 1,826 1,526 1,405 HVAC sales 15,139 13,408 11,390 Product 3,352 3,432 3,653 Service 466 451 474 Refrigeration sales 3,818 3,883 4,127 Product 3,384 3,372 3,985 Service 249 198 1,530 Fire & Security sales 3,633 3,570 5,515 Total segment sales 22,590 20,861 21,032 Eliminations and other (492) (440) (419) Consolidated $ 22,098 $ 20,421 $ 20,613 The transaction price allocated to performance obligations reflects the Company’s expectations about the consideration it will be entitled to receive from a customer. The Company includes variable consideration in the estimated transaction price when there is a basis to reasonably estimate the amount and when it is probable that a significant reversal of revenue recognized would not occur when the uncertainty associated with variable consideration is subsequently resolved. In addition, the Company customarily offers its customers incentives to purchase products to ensure an adequate supply of its products in distribution channels. The principal incentive programs provide reimbursements to distributors for offering promotional pricing for products. The Company accounts for estimated incentive payments as a reduction in sales at the time a sale is recognized. Contract Balances Total contract assets and liabilities consisted of the following: (In millions) 2023 2022 Contract assets, current $ 306 $ 537 Contract assets, non-current (included within Other assets ) 26 6 Total contract assets 332 543 Contract liabilities, current (425) (449) Contract liabilities, non-current (included within Other long-term liabilities ) (160) (174) Total contract liabilities (585) (623) Net contract assets (liabilities) $ (253) $ (80) The timing of revenue recognition, billings and cash collections results in contract assets and contract liabilities. Contract assets relate to the conditional right to consideration for any completed performance under a contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Contract liabilities relate to payments received in advance of performance under a contract or when the Company has a right to consideration that is conditioned upon transfer of a good or service to the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. The Company recognized revenue of $347 million for the year ended December 31, 2023 that was related to contract liabilities as of January 1, 2023. The Company expects a majority of its contract liabilities at the end of the period to be recognized as revenue over the next 12 months. There were no individually significant customers with sales exceeding 10% of total sales for the years ended December 31, 2023, 2022 and 2021.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
STOCK-BASED COMPENSATION	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company accounts for stock-based compensation plans in accordance with ASC 718, Compensation - Stock Compensation , which requires a fair-value based method for measuring the value of stock-based compensation. Fair value is measured at the date of grant and is generally not adjusted for subsequent changes. The Company's stock-based compensation plans include programs for stock appreciation rights, restricted stock and performance share units. Stock Options and Appreciation Rights Eligible participants may receive stock options or stock appreciation rights as part of the Company's long-term incentive program. The fair value of each instrument is determined as of the date of grant using a binomial lattice model and expensed on a straight-line basis over the required service period, which is generally a three-year vesting period. However, in the event of retirement, awards held for at least one year may vest and become exercisable (if applicable), subject to certain terms and conditions. The following table summarizes fair value information for stock options and stock appreciation rights: 2023 (1) 2022 (1) 2021 (1) Stock options and stock appreciation rights weighted-average fair value per award $ 11.64 $ 10.68 $ 10.13 Assumptions: Volatility 30.9% 30.8% to 31.3% 31.6% to 34.1% Expected term (in years) 5.8 6.1 6.6 Expected dividend yield 1.8% 1.5% 1.5% Range of risk-free rates 3.6% 1.7% to 3.0% 0.7% to 1.4% (1) Carrier has limited historical trading data and used peer group data to estimate expected volatility for the 2023, 2022 and 2021 awards. The Company used historical employee data, including data prior to the Separation and the Distribution, to estimate expected term. The expected dividend yield is consistent with management's expectations. The risk-free rate is based on the term structure of interest rates at the time the awards were granted. Changes in stock options and stock appreciation rights outstanding were as follows: Shares Subject to Option Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Life As of December 31, 2020 36,732 $ 19.91 Granted 3,194 $ 38.92 Exercised (5,934) $ 17.59 Cancelled (1,551) $ 23.98 As of December 31, 2021 32,441 $ 22.02 Granted 2,715 $ 47.72 Exercised (3,495) $ 17.76 Cancelled (883) $ 30.33 As of December 31, 2022 30,778 $ 24.53 Granted 3,494 $ 46.13 Exercised (8,432) $ 20.48 Cancelled (769) $ 42.94 Outstanding as of December 31, 2023 25,071 $ 28.34 $ 730 5.8 Exercisable as of December 31, 2023 17,662 $ 22.05 $ 625 4.8 Restricted Stock Units Eligible participants may receive restricted stock units ("RSU") as part of the Company's long-term incentive program. The fair value of restricted stock units are based on the closing market price of the Company's common stock on the date of grant and expensed on a straight-line basis over the required service period (which is generally a three-year vesting period). However, in the event of retirement, awards held for at least one year may vest and become exercisable (if applicable), subject to certain terms and conditions. Dividends accrue during the vesting period and are paid in shares of the Company's common stock. Changes in restricted stock units were as follows: RSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of December 31, 2020 5,574 $ 21.57 Granted 286 $ 46.49 Vested (2,168) $ 21.45 Cancelled (122) $ 25.39 Outstanding and unvested as of December 31, 2021 3,570 $ 23.33 Granted 555 $ 41.88 Vested (1,915) $ 20.85 Cancelled (143) $ 32.92 Outstanding and unvested as of December 31, 2022 2,067 $ 29.87 Granted 577 $ 45.71 Vested (1,140) $ 26.09 Cancelled (161) $ 35.09 Outstanding and unvested as of December 31, 2023 1,343 $ 39.22 Performance Share Units The Company has a performance share program for key employees whereby awards are provided in the form of performance share units ("PSU") based on performance against pre-established objectives. The annual target level is expressed as shares of the Company's common stock based on the fair value of its stock on the date of grant. Awards are earned over a three-year performance period based equally on a performance condition, measured by the compound annual growth rate of the Company's earnings per share and on a market condition, measured by the Company's relative total shareowner return compared to the total shareowner return of a subset of industrial companies in the S&P 500 Index. The fair value of the market condition is estimated using a Monte Carlo simulation approach. The fair value of the PSU awards are expensed over the required service period, which is generally a three-year vesting period. In the event of retirement, performance share units held for at least one year remain eligible to vest based on actual performance relative to pre-established metrics. Dividends do not accrue on the performance share units during the performance period. Changes in PSUs were as follows: PSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of December 31, 2020 772 $ 18.46 Granted 821 $ 41.48 Vested (20) $ 23.72 Forfeited (152) $ 27.28 Outstanding and unvested as of December 31, 2021 1,421 $ 30.75 Granted 653 $ 46.93 Vested (5) $ 41.81 Forfeited (139) $ 35.45 Outstanding and unvested as of December 31, 2022 1,930 $ 35.86 Granted 902 $ 47.93 Vested (607) $ 18.23 Forfeited (183) $ 46.52 Outstanding and unvested as of December 31, 2023 2,042 $ 45.47 Compensation Expense Stock-based compensation expense, net of estimated forfeitures, is included in Cost of products sold, Selling, general and administrative and Research and development, in the accompanying Consolidated Statement of Operations. Stock-based compensation cost by award type are as follows: (In millions) 2023 2022 2021 Equity compensation costs - equity settled $ 81 $ 77 $ 92 Equity compensation costs - cash settled (1) 3 (15) 19 Total stock-based compensation cost $ 84 $ 62 $ 111 Income tax benefit $ 11 $ 9 $ 13 (1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date. As of December 31, 2023 and 2022, there were $76 million and $64 million of unrecognized stock-based compensation costs related to non-vested awards granted under the plan, respectively, which will be recognized ratably over the awards weighted-average remaining vesting period of 2 years.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	12 Months Ended
RESTRUCTURING COSTS	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS	RESTRUCTURING COSTS The Company incurs costs associated with restructuring initiatives intended to improve operating performance, profitability and working capital levels. Actions associated with these initiatives may include improving productivity, workforce reductions and the consolidation of facilities. Due to the size, nature and frequency of these discrete plans, they are fundamentally different from the Company’s ongoing productivity initiatives. The Company recorded net pre-tax restructuring costs for new and ongoing restructuring actions as follows: (In millions) 2023 2022 2021 HVAC $ 44 $ 8 $ 33 Refrigeration 21 10 25 Fire & Security 22 11 26 Total Segment 87 29 84 General corporate expenses 10 2 5 Total restructuring costs $ 97 $ 31 $ 89 Cost of sales $ 18 $ 9 $ 28 Selling, general and administrative 79 22 60 Other income (expense), net — — 1 Total restructuring costs $ 97 $ 31 $ 89 The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Consolidated Balance Sheet: (In millions) 2023 2022 Balance as of January 1, $ 24 $ 54 Net pre-tax restructuring costs 97 31 Utilization, foreign exchange and other (58) (61) Reclassified to held for sale (1) (8) — Balance as of December 31, $ 55 $ 24 (1) See Note 20 - Divestitures for additional information. As of December 31, 2023, the Company had $55 million accrued for costs associated with its announced restructuring initiatives. The balance relates to cost reduction efforts, primarily severance, across each of the Company's segments. In addition, reserves associated with the Company's planned portfolio transformation were established during the year, all of which are expected to be paid within 12 months.

OTHER INCOME (EXPENSE), NET

OTHER INCOME (EXPENSE), NET	12 Months Ended
OTHER INCOME (EXPENSE), NET	Dec. 31, 2023
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET Other income (expense), net consisted of the following: (In millions) 2023 2022 2021 Impairment charge on minority-owned joint venture investments — — (2) Viessmann-related hedges (96) — — KFI deconsolidation (297) — — TCC acquisition-related gain (8) 705 — Chubb gain — 1,105 — Other 17 30 41 Other income (expense), net $ (384) $ 1,840 $ 39 Other income (expense), net primarily includes the impact of gains and losses related to the sale of businesses or interests in equity method investments, foreign currency gains and losses on transactions that are denominated in a currency other than the entity's functional currency and hedging-related activities. In connection with the proposed acquisition of the VCS Business, the Company recognized a $96 million loss during the year ended December 31, 2023 on the mark-to-market valuation of our window forward contracts associated with the expected cash outflows of the Euro-denominated purchase price. In addition, the Company recognized a loss of $297 million on the deconsolidation of KFI due to its Chapter 11 filing. In connection with the TCC acquisition, the carrying value of the Company's previously held TCC equity investments were recognized at fair value at the date of acquisition. As a result, the Company recognized a $697 million non-cash gain associated with the increase in our ownership interest. In addition, the Company completed the Chubb Sale and recognized a net gain on the sale of $1.1 billion during the twelve months ended December 31, 2022.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Before Income Taxes The sources of Income from operations before income taxes are as follows: (In millions) 2023 2022 2021 United States $ 1,311 $ 1,876 $ 1,528 Foreign 773 2,416 872 Total $ 2,084 $ 4,292 $ 2,400 Provision for Income Taxes The income tax expense (benefit) consisted of the following components: (In millions) 2023 2022 2021 Current: United States: Federal $ 412 $ 453 $ 336 State 124 120 83 Foreign 341 259 354 877 832 773 Future: United States: Federal (138) (23) (125) State (33) (29) (14) Foreign (62) (72) 65 (233) (124) (74) Income tax expense $ 644 $ 708 $ 699 Reconciliation of Effective Income Tax Rate The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax 2.7 1.5 1.9 Taxes on international activities 6.3 (1.0) 7.2 TCC acquisition impact — (4.2) — Other 0.9 (0.8) (1.0) Effective income tax rate 30.9 % 16.5 % 29.1 % The effective tax rate for the year ended December 31, 2023 was higher than the Company's statutory U.S. federal income tax rate. The increase was primarily driven by a net tax charge of $90 million relating to the re-organization and disentanglement of CCR and certain Fire & Security industrial businesses in advance of the planned divestitures and a deferred tax charge of $65 million related to basis differences in certain companies presented as held-for-sale. In addition, the effective tax rate was impacted by the recognition of a deferred tax liability for withholding tax of $33 million on repatriated foreign earnings, non-deductible divestiture-related costs and a non-deductible loss of $96 million on the mark-to-market valuation of the Company's window forward contracts associated with the expected cash outflows of the Euro-denominated purchase price of the VCS Business. The unfavorable impact of the above items is partially offset by a $53 million tax benefit recorded from the announced KFI bankruptcy and deconsolidation and $49 million of foreign tax credits generated and utilized in 2023. The effective tax rate for the year ended December 31, 2022 was lower than the Company's statutory U.S. federal income tax rate. The decrease was driven by a lower effective tax rate on the $705 million non-cash gain resulting from the recognition of the Company's previously held TCC equity investments at fair value upon acquisition of TCC, a lower effective tax rate on the $1.1 billion Chubb gain and $45 million of foreign tax credits generated and utilized in the current year. The effective tax rate for the year ended December 31, 2021 was higher than the Company's statutory U.S. federal income tax rate. The increase was driven by a net tax charge of $157 million primarily relating to the re-organization and disentanglement of certain Chubb subsidiaries executed in advance of the planned divestiture of the Chubb business and a $43 million deferred tax charge associated with a tax rate increase in the United Kingdom enacted on June 10, 2021 with an effective date of April 2023. These amounts were partially offset by the recognition of a favorable tax adjustment of $70 million due to foreign tax credits generated and expected to be utilized in the current year and $21 million resulting from the re-organization of a German subsidiary. Deferred Tax Assets and Liabilities Future income taxes represent the tax effects of transactions, which are reported in different periods for tax and GAAP purposes. These amounts consist of the tax effects of differences between tax and GAAP that are expected to be reversed in the future and tax carryforwards. Future income tax benefits and payables within the same tax paying component of a particular jurisdiction are offset for presentation in the Consolidated Balance Sheet. The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables as of December 31, 2023 and 2022 are as follows: (In millions) 2023 2022 Future income tax benefits: Insurance and employee benefits $ 158 $ 161 Other assets basis differences 420 284 Other liabilities basis differences 547 571 Tax loss carryforwards 185 177 Tax credit carryforwards 1,333 29 Valuation allowances (1,399) (100) Future income tax benefit $ 1,244 $ 1,122 Future income tax payables: Goodwill and intangible assets $ (412) $ (449) Other asset basis differences (388) (395) Future income tax payables $ (800) $ (844) Valuation allowances have been established primarily for tax credit carryforwards, tax loss carryforwards and certain foreign temporary differences to reduce future income tax benefits to expected realizable amounts. As of December 31, 2023, future income tax benefits and future income tax payables exclude a net liability of $9 million classified as held for sale. See Note 20 - Divestitures for additional information. Changes to valuation allowances consisted of the following: (In millions) Balance as of January 1, 2021 $ 231 Additions charged to income tax expense 32 Reduction credited to income tax expense (22) Other adjustments (41) Reclassified to held for sale (110) Balance at December 31, 2021 $ 90 Additions charged to income tax expense 18 Reduction credited to income tax expense (22) Other adjustments 14 Balance at December 31, 2022 $ 100 Additions charged to income tax expense 27 Reduction credited to income tax expense (22) Other adjustments (1) 1,303 Reclassified to held for sale (9) Balance as of December 31, 2023 $ 1,399 (1) See discussion below regarding the Swiss tax credit Tax Credit and Loss Carryforwards As of December 31, 2023, tax credit carryforwards and tax loss carryforwards were as follows: (In millions) Tax Loss Carryforwards Tax Credit Carryforwards Expiration period: 2024-2028 $ 70 $ 28 2029-2033 96 1,289 2034-2043 96 — Indefinite 574 16 Total $ 836 $ 1,333 The Company assesses the realizability of its deferred tax assets on a quarterly basis through an analysis of potential sources of future taxable income, including prior year taxable income available to absorb a carryback of tax losses, reversals of existing taxable temporary differences, tax planning strategies and forecasts of taxable income. The Company considers all negative and positive evidence, including the weight of the evidence, to determine if valuation allowances against deferred tax assets are required. The Company maintains valuation allowances against certain deferred tax assets. In conjunction with the announced portfolio transformation, the Company is implementing changes to its corporate structure, including intra-entity transfers of certain intellectual property to a subsidiary in Switzerland. During 2024, the Company will begin transferring certain intellectual property from wholly-owned legal entities to the Swiss subsidiary. During the three months ended December 31, 2023, the Company’s Swiss subsidiary was granted a tax credit of approximately $1.3 billion that is immediately available to offset cantonal income tax liability over a ten-year period. As the Company is in the preliminary stages of the reorganization, a full valuation allowance was recorded against this tax credit. As operations in the Swiss subsidiary expand in future years it will be necessary to reassess the estimated realizable tax benefit associated with the tax credit. Unrecognized Tax Benefits As of December 31, 2023, the Company had unrecognized tax benefits of $382 million, all of which, if recognized, would impact its effective tax rate. A reconciliation of the beginning and ending amounts of unrecognized tax benefits and related interest expense is as follows: (In millions) 2023 2022 2021 Balance at beginning of period $ 291 $ 251 $ 162 Additions for tax positions related to the current year 37 34 86 Additions for tax positions of prior years (1) 81 32 24 Reductions for tax positions of prior years — (13) (1) Settlements (27) (13) (18) Reclassified to held for sale — — (2) Balance at end of period $ 382 $ 291 $ 251 Gross interest expense related to unrecognized tax benefits $ 18 $ 16 $ 8 Total accrued interest balance at end of period $ 64 $ 48 $ 35 (1) Includes $73 million during the year ended December 31, 2023 and $14 million during the year ended December 31, 2021 related to acquisitions. The Company conducts business globally and, as a result, the Company and its subsidiaries file income tax returns in the U.S. federal, various state and foreign jurisdictions. In certain jurisdictions, the Company's operations were included in UTC's combined tax returns for the periods through the Separation and the Distribution. The IRS commenced an audit of UTC's tax years 2017 and 2018 in the second quarter of 2020 and this audit is expected to conclude in 2024. However, the Company expects that certain of the IRS proposed adjustments will be disputed at the Appeals Division of the IRS. The U.S. Federal statute of limitations for UTC's tax year 2019 expired during the three months ended December 31, 2023. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including the U.S., Australia, Belgium, Canada, China, Czech Republic, France, Germany, Hong Kong, India, Italy, Japan, Mexico, the Netherlands, Singapore, Thailand, and the United Kingdom. The Company is no longer subject to U.S. federal income tax examination for years prior to 2017 and, with few exceptions, is no longer subject to U.S. state and local and foreign income tax examinations for tax years before 2013. In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records 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 Company believes that it is reasonably possible that a net decrease in unrecognized tax benefits of $60 million to $80 million may occur within 12 months as a result of additional uncertain tax positions, the revaluation of uncertain tax positions arising from examinations, appeals, court decisions or the closure of tax statutes. In October 2021, the Organization for Economic Co-operation and Development ("OECD")/G20 finalized the significant components of a two-pillar global tax reform plan, which has now been agreed to by the majority of OECD members. Pillar One allows countries to reallocate amongst other taxing jurisdictions a portion of residual profits earned by multinational enterprises ("MNE"), with annual global revenue exceeding €20 billion and a profit margin over 10%. The adoption of Pillar One and its potential effective date remain uncertain. Pillar Two requires MNEs with annual global revenue exceeding €750 million to pay a global minimum tax of 15%. The Company does not currently expect the impact of Pillar Two to be material to its effective tax rate, but the impact may be modified as legislation is adopted. As a result of the Tax Cuts and Jobs Act ("TCJA"), the Company no longer intends to reinvest certain undistributed earnings of its international subsidiaries that have been previously taxed in the U.S. As such, the Company has recorded tax liabilities associated with the future remittance of these earnings. For the remainder of the Company's undistributed international earnings, unless it becomes tax effective to repatriate, the Company intends to continue to permanently reinvest these earnings. As of December 31, 2023, such undistributed earnings were approximately $10 billion, excluding other comprehensive income amounts. It is not practicable to estimate the amount of tax that might be payable on the remaining amounts. In addition, the TCJA subjects the Company to a tax on global intangible low-taxed income ("GILTI"). GILTI is a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations which the Company has elected to account for as a period cost.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Earnings per share is computed by dividing Net income attributable to common shareowners by the weighted-average number of shares of common stock outstanding during the period (excluding treasury stock). Diluted earnings per share is computed by giving effect to all potentially dilutive stock awards that are outstanding. The computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards, including stock appreciation rights and stock options, when the effect of the potential exercise would be anti-dilutive. The following table summarizes the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations: (In millions, except per share amounts) 2023 2022 2021 Net income attributable to common shareowners $ 1,349 $ 3,534 $ 1,664 Basic weighted-average number of shares outstanding 837.3 843.4 867.7 Stock awards and equity units (share equivalent) 15.7 17.8 22.6 Diluted weighted-average number of shares outstanding 853.0 861.2 890.3 Antidilutive shares excluded from computation of diluted earnings per share 2.0 2.9 0.1 Earnings Per Share Basic $ 1.61 $ 4.19 $ 1.92 Diluted $ 1.58 $ 4.10 $ 1.87

ACQUISITIONS

ACQUISITIONS	12 Months Ended
ACQUISITIONS	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS During the year ended December 31, 2023, the Company acquired consolidated and minority-owned businesses. The aggregate cash paid, net of cash acquired, totaled $84 million. Acquisitions are recorded using the acquisition method of accounting in accordance with ASC 805. As a result, the aggregate purchase price has been allocated to assets acquired and liabilities assumed based on the estimate of fair market value of such assets and liabilities at the date of acquisition. The excess purchase price over the estimated fair value of net assets acquired is recognized as goodwill. Toshiba Carrier Corporation On February 6, 2022, the Company entered into a binding agreement to acquire a majority ownership interest in TCC for $920 million. TCC, a VRF and light commercial HVAC joint venture between Carrier and Toshiba Corporation, designs and manufactures flexible, energy-efficient and high-performance VRF and light commercial HVAC systems as well as commercial products, compressors and heat pumps. The acquisition included all of TCC’s advanced research and development centers and global manufacturing operations, product pipeline and the long-term use of Toshiba’s iconic brand. The acquisition was completed on August 1, 2022 and funded through the Japanese Term Loan Facility and cash on hand. Upon closing, Toshiba Corporation retained a 5% ownership interest in TCC. The allocation of the purchase price is as follows: (In millions) August 1, 2022 Cash and cash equivalents $ 462 Accounts receivable 428 Inventories 373 Other assets, current 54 Fixed assets 330 Intangible assets 965 Goodwill 876 Other assets 299 Accounts payable (412) Accrued liabilities (445) Contract liabilities, current (21) Other long-term liabilities (569) Net assets acquired $ 2,340 Less: Fair value of non-controlling interests (22) Less: Fair value of previously held TCC equity investments (1,398) Total cash consideration $ 920 The excess purchase price over the estimated fair value of the net assets acquired was recognized as goodwill and totaled $876 million, which is not deductible for tax purposes. Accounts receivable and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for inventory and fixed assets was based on an assessment of the acquired assets' condition as well as an evaluation of the current market value of such assets. The sale agreement included several customary provisions to settle working capital and other transaction-related items as of the date of sale. During 2022, the parties finalized these amounts in accordance with the terms of the sale agreement and the Company paid an additional $41 million to Toshiba Corporation in 2023. In addition, the parties finalized amounts related to pension funding levels during 2023 which resulted in the Company receiving $12 million from Toshiba Corporation. The Company recorded intangible assets based on its estimate of fair value which consisted of the following: (In millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 23 $ 497 Technology 7 220 Trademark 26 180 Backlog 1 60 Land use rights 45 8 Total intangible assets acquired $ 965 The valuation of intangible assets was determined using an income approach methodology including the multi-period excess earnings method and the relief from royalty method. Key assumptions used in estimating future cash flows included projected revenue growth rates, EBIT margins, discount rates, customer attrition rates and royalty rates among others. The projected future cash flows are discounted to present value using an appropriate discount rate. The Company finalized the process of allocating the purchase price and valuing the acquired assets and liabilities during the year ended December 31, 2023. The Company previously accounted for its minority ownership in TCC under the equity method of accounting. In connection with the transaction, the carrying value of the Company's previously held TCC equity investments were recognized at fair value at the date of acquisition using an income approach methodology. As a result, the Company recognized a $697 million non-cash gain within Other income (expense), net on the accompanying Consolidated Statement of Operations. In addition, the assets, liabilities and results of operations of TCC are consolidated in the accompanying Consolidated Financial Statements as of the date of acquisition and reported within the Company's HVAC segment. The Company incurred $29 million of acquisition-related costs during 2022 which are included within Selling, general and administrative on the accompanying Consolidated Statement of Operations. The Company has not included pro forma financial information required under ASC 805 as the pro forma impact was not deemed significant. Announced Acquisition On April 25, 2023, the Company announced that it entered into an Agreement to acquire the VCS Business, a privately-held company. The VCS Business develops intelligent, integrated and sustainable technologies, including heat pumps, boilers, photovoltaic systems, home battery storage and digital solutions, primarily for residential customers in Europe. Under the terms of the Agreement, 20% of the purchase price was to be paid in Carrier common stock, issued directly to Viessmann and subject to long-term lock-up provisions and 80% was to be paid in cash, subject to working capital and other adjustments. The acquisition was completed on January 2, 2024. See Note 25 - Subsequent Events for additional information. On April 25, 2023, the Company entered into commitment letters with JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Bank of America, N.A. to provide a €8.2 billion aggregate principal, senior unsecured bridge term loan facility (the "Bridge Loan"). The Company capitalized $48 million of deferred financing costs associated with the Bridge Loan which are being amortized over the commitment period. In May 2023, the aggregate principal amount of the Bridge Loan was reduced by €2.3 billion upon entering into a senior unsecured delayed draw term loan credit agreement. As a result, the Company accelerated the amortization on $10 million of deferred financing costs in Interest expense . In November 2023, the aggregate principle amount of the Bridge Loan was reduced by €5.4 billion upon the issuance of the USD Notes and the Euro Notes. As a result, the Company accelerated the amortization on $15 million of deferred financing costs in Interest expense . On May 19, 2023, the Company entered into a senior unsecured delayed draw term loan credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and certain other lenders that permits aggregate borrowings of up to €2.3 billion (the "Delayed Draw Facility"). The Company capitalized $4 million of deferred financing costs associated with the Delayed Draw Facility which will be amortized over the term once the facility is drawn upon. In addition, the Company entered into a 364-day, $500 million, senior unsecured revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and certain other lenders (the "Revolver") on May 19, 2023. Proceeds from the Revolver became available upon closing the purchase of the VCS Business.

DIVESTITURES

DIVESTITURES	12 Months Ended
DIVESTITURES	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES Planned Portfolio Transformation On April 25, 2023, the Company announced plans to exit its Fire & Security and Commercial Refrigeration businesses over the course of 2024. On December 7, 2023, the Company entered into a stock purchase agreement to sell its Access Solutions business to Honeywell International Inc. for an enterprise value of approximately $4.95 billion. Access Solutions, historically reported in the Company's Fire & Security segment, is a global supplier of physical security and digital access solutions supporting the hospitality, commercial, education and military markets. On December 12, 2023, the Company entered into a stock purchase agreement to sell the CCR business to Haier Group Corporation for an enterprise value of approximately $775 million. CCR, historically reported in the Company's Refrigeration segment, is a global supplier of turnkey solutions for commercial refrigeration systems and services, with a primary focus on serving food retail customers, cold storage facilities and warehouses. As a result, the assets and liabilities of both businesses are presented as held for sale in the accompanying Consolidated Balance Sheets as of December 31, 2023 and recorded at the lower of their carrying value or fair value less estimated cost to sell. Both transactions are expected to close in 2024 and are subject to customary closing conditions. In addition, the net assets of the Company’s Industrial Fire business met the criteria to be classified as held for sale during the fourth quarter of 2023. Industrial Fire, historically reported in the Company's Fire & Security segment, is a leading manufacturer of a full spectrum of fire detection and suppression solutions and services in critical high-hazard environments, including oil and gas, power generation, marine and offshore facilities, automotive, data centers and aircraft hangars. As a result, the assets and liabilities of the business are presented as held for sale in the accompanying Consolidated Balance Sheet as of December 31, 2023 and recorded at the lower of their carrying value or fair value less estimated cost to sell. The following table summarizes assets and liabilities classified as held for sale: December 31, 2023 (In millions) Commercial Access Industrial Total Cash and cash equivalents $ 131 $ 6 $ 20 $ 157 Accounts receivable, net 274 104 101 479 Inventories, net 84 31 65 180 Contract assets, current 98 2 42 142 Other assets, current 15 3 4 22 Fixed assets, net 78 13 22 113 Intangible assets, net — 53 2 55 Goodwill 72 1,498 439 2,009 Operating lease right-of-use assets 49 13 28 90 Other assets 44 10 13 67 Total assets held for sale $ 845 $ 1,733 $ 736 $ 3,314 Accounts payable $ 129 $ 20 $ 39 $ 188 Accrued liabilities 181 21 55 257 Contract liabilities, current 23 53 22 98 Long-term debt, including current portion 8 — — 8 Future pension and post-retirement obligations 203 — 1 204 Future income tax obligations 4 2 3 9 Operating lease liabilities 40 11 23 74 Other long-term liabilities 3 12 9 24 Total liabilities held for sale $ 591 $ 119 $ 152 $ 862

SEGMENT FINANCIAL DATA

SEGMENT FINANCIAL DATA	12 Months Ended
SEGMENT FINANCIAL DATA	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT FINANCIAL DATA	SEGMENT FINANCIAL DATA The Company conducts its operations through three reportable operating segments: HVAC, Refrigeration and Fire & Security. In accordance with ASC 280 - Segment Reporting , the Company’s segments maintain separate financial information for which results of operations are evaluated on a regular basis by the Company’s Chief Operating Decision Maker in deciding how to allocate resources and in assessing performance. Inter-company sales between segments are immaterial. • The HVAC segment provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers while enhancing building performance, health, energy efficiency and sustainability. • The Refrigeration segment includes transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail, as well as commercial refrigeration products. • The Fire & Security segment provides a wide range of residential, commercial and industrial technologies designed to help protect people and property. The Company's customers are in both the public and private sectors and its businesses reflect extensive geographic diversification. Inter-company sales between segments are immaterial. Net sales and Operating profit by segment are as follows: Net Sales Operating Profit (In millions) 2023 2022 2021 2023 2022 2021 HVAC $ 15,139 $ 13,408 $ 11,390 $ 2,275 $ 2,610 $ 1,738 Refrigeration 3,818 3,883 4,127 428 483 476 Fire & Security 3,633 3,570 5,515 209 1,630 662 Total segment 22,590 20,861 21,032 2,912 4,723 2,876 Eliminations and other (492) (440) (419) (275) (80) (96) General corporate expenses — — — (341) (128) (135) Consolidated $ 22,098 $ 20,421 $ 20,613 $ 2,296 $ 4,515 $ 2,645 Total assets are not presented for each segment as they are not presented to or reviewed by the CODM. Segment assets in the following table represent Accounts receivable, net, Contract assets, current and Inventories, net . These assets are regularly reviewed by management and are therefore reported in the following table as segment assets. All other remaining assets and liabilities for all periods presented are managed on a company-wide basis. Segment Assets Capital Expenditures Depreciation & Amortization (In millions) 2023 2022 2023 2022 2021 2023 2022 2021 HVAC $ 3,204 $ 3,191 $ 313 $ 232 $ 225 $ 413 $ 256 $ 186 Refrigeration 834 1,279 30 32 39 34 31 36 Fire & Security 940 1,492 33 40 49 54 58 83 Total Segment 4,978 5,962 376 304 313 501 345 305 Eliminations and other 26 48 93 49 31 41 35 33 Consolidated $ 5,004 $ 6,010 $ 469 $ 353 $ 344 $ 542 $ 380 $ 338 Cash and cash equivalents 10,015 3,520 Other assets, current 447 349 Assets held for sale 3,314 — Total current assets $ 18,780 $ 9,879 Geographic External Sales Geographic external sales and operating profits are attributed to the geographic regions based on their location of origin. With the exception of the U.S. as presented in the following table, there were no individually significant countries with sales exceeding 10% of total sales for the years ended December 31, 2023, 2022 and 2021. External Sales Long-Lived Assets (In millions) 2023 2022 2021 2023 2022 United States Operations $ 12,205 $ 11,797 $ 10,492 $ 857 $ 803 International Operations Europe 4,729 4,359 5,776 497 453 Asia Pacific 4,352 3,489 3,464 543 573 Other 812 776 881 396 412 Consolidated $ 22,098 $ 20,421 $ 20,613 $ 2,293 $ 2,241

RELATED PARTIES

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES Equity Method Investments The Company sells products to and purchases products from unconsolidated entities accounted for under the equity method and, therefore, these entities are considered to be related parties. The Company has 26 directly owned unconsolidated domestic and foreign affiliates as of December 31, 2023, of which 97% of such investments are in its HVAC segment. The Company periodically reviews the carrying value of its equity method investments to determine if there has been an other-than-temporary decline in fair value. Amounts attributable to equity method investees are as follows: (In millions) 2023 2022 2021 Sales to equity method investees included in Product sales $ 2,920 $ 2,845 $ 2,258 Purchases from equity method investees included in Cost of products sold $ 214 $ 331 $ 357 The Company had receivables from and payables to equity method investees as follows: (In millions) 2023 2022 Receivables from equity method investees included in Accounts receivable, net $ 231 $ 154 Payables to equity method investees included in Accounts payable $ 44 $ 44 The financial results of TCC are included in the Company's consolidated results since the acquisition date of August 1, 2022. Prior to the acquisition, the Company previously accounted for its minority ownership in TCC under the equity method of accounting. As a result, prior period results may not be comparable to the current period. Summarized Financial Information . Pursuant to Rule 3-10 and Rule 4-08(g) of Regulation S-X under the Securities Act, the Company presents summarized financial information of the combined accounts of its non-consolidated joint ventures accounted for by the equity method. Summarized unaudited financial information for equity method investments is as follows: (In millions) 2023 2022 Current assets $ 11,432 $ 10,621 Non-current assets 1,834 1,931 Total assets 13,266 12,552 Current liabilities (9,296) (8,631) Non-current liabilities (190) (195) Total liabilities (9,486) (8,826) Total net equity of investees $ 3,780 $ 3,726 (In millions) 2023 2022 2021 Net sales $ 16,180 $ 11,524 $ 9,471 Gross profit $ 2,862 $ 2,274 $ 1,907 Income from continuing operations $ 655 $ 757 $ 650 Net income $ 655 $ 757 $ 650

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental (including asbestos) and legal matters. In accordance with ASC 450, Contingencies , the Company records accruals for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These accruals are generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. In addition, these estimates are reviewed periodically and adjusted to reflect additional information when it becomes available. The Company is unable to predict the final outcome of the following matters based on the information currently available, except as otherwise noted. However, the Company does not believe that the resolution of any of these matters will have a material adverse effect upon its results of operations or financial condition. Environmental Matters The Company’s operations are subject to environmental regulation by various authorities. 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. The most likely cost to be incurred is accrued based on an evaluation of currently available facts with respect to individual sites, including the technology required to remediate, current laws and regulations and prior remediation experience. As of December 31, 2023 and 2022, the outstanding liability for environmental obligations are as follows: (In millions) 2023 2022 Environmental reserves included in Accrued liabilities $ 21 $ 24 Environmental reserves included in Other long-term liabilities 203 211 Total environmental reserves $ 224 $ 235 For sites with multiple responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of other parties to fulfill their obligations in establishing a provision for these costs. Accrued environmental liabilities are not reduced by potential insurance reimbursements and are undiscounted. Asbestos Matters The Company has been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos allegedly integrated into certain Carrier products or business premises. While the Company has never manufactured asbestos and no longer incorporates it into any currently-manufactured products, certain products that the Company no longer manufactures contained components incorporating asbestos. A substantial majority of these asbestos-related claims have been dismissed without payment or have been 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 in any period. The Company's asbestos liabilities and related insurance recoveries are as follows: (In millions) 2023 2022 Asbestos liabilities included in Accrued liabilities $ 15 $ 16 Asbestos liabilities included in Other long-term liabilities 206 212 Total asbestos liabilities $ 221 $ 228 Asbestos-related recoveries included in Other assets, current $ 5 $ 5 Asbestos-related recoveries included in Other assets 88 90 Total asbestos-related recoveries $ 93 $ 95 The amounts recorded for asbestos-related liabilities are based on currently available information and assumptions that the Company believes are reasonable and are made with input from outside actuarial experts. These amounts are undiscounted and exclude the Company's legal fees to defend the asbestos claims, which are expensed as incurred. In addition, the Company has recorded insurance recovery receivables for probable asbestos-related recoveries. UTC Equity Awards Conversion Litigation On August 12, 2020, several former employees of UTC or its subsidiaries filed a putative class action complaint (the "Complaint") in the United States District Court for the District of Connecticut against RTX, Carrier, Otis, the former members of the UTC Board of Directors and the members of the Carrier and Otis Boards of Directors ( Geraud Darnis, et al. v. Raytheon Technologies Corporation, et al .). The Complaint challenged the method by which UTC equity awards were converted to UTC, Carrier and Otis equity awards following the Separation and the Distribution. Defendants moved to dismiss the Complaint. Plaintiffs amended their Complaint on September 13, 2021 (the "Amended Complaint"). The Amended Complaint, with RTX, Carrier and Otis as the only defendants, asserted that the defendants are liable for breach of certain equity compensation plans and for breach of the implied covenant of good faith and fair dealing. The Amended Complaint also sought specific performance. The Company believes all plaintiffs' claims against it are without merit. Defendants moved to dismiss the Amended Complaint. On September 30, 2022, the court dismissed the case against all defendants, with prejudice. Plaintiffs appealed the dismissal to the United States Court of Appeals for the Second Circuit. On August 3, 2023, the Second Circuit of Appeals affirmed the district court's ruling. The Second Circuit’s judgment is final and non-appealable. Aqueous Film Forming Foam Litigation As of December 31, 2022, the Company, KFI and others have been named as defendants in more than 6,000 lawsuits filed by individuals in or removed to the federal courts of the United States alleging that the historic use of Aqueous Film Forming Foam ("AFFF") caused personal injuries and/or property damage. The Company, KFI and others have also been named as defendants in more than 700 lawsuits filed by several U.S. states, municipalities and water utilities in or removed to U.S. federal courts alleging that the historic use of AFFF caused contamination of property and water supplies. In December 2018, the U.S. Judicial Panel on Multidistrict Litigation transferred and consolidated all AFFF cases pending in the U.S. federal courts against the Company, KFI and others to the U.S. District Court for the District of South Carolina (the "MDL Proceedings"). The individual plaintiffs in the MDL Proceedings generally seek damages for alleged personal injuries, medical monitoring, diminution in property value and injunctive relief to remediate alleged contamination of water supplies. The U.S. state, municipal and water utility plaintiffs in the MDL Proceedings generally seek damages and costs related to the remediation of public property and water supplies. AFFF is a firefighting foam, developed beginning in the late 1960s pursuant to U.S. military specification, used to extinguish certain types of hydrocarbon-fueled fires. The lawsuits identified above relate to Kidde Fire Fighting, Inc., which owned the National Foam business. Kidde Fire Fighting, Inc. was acquired by a UTC subsidiary in 2005 and merged into KFI in 2007. The National Foam business manufactured AFFF for sale to government (including the U.S. federal government) and non-government customers in the U.S. at a single facility located in West Chester, Pennsylvania (the "Pennsylvania Site"). In 2013, KFI divested the AFFF businesses to an unrelated third party. The Company acquired KFI as part of the Separation in April 2020. The key components of AFFF that contribute to its fire-extinguishing capabilities are known as fluorosurfactants. Neither the Company nor KFI, nor any of the Company's subsidiaries involved in the AFFF litigation manufactured fluorosurfactants. Instead, the National Foam business purchased these substances from unrelated third parties to in turn manufacture AFFF. Plaintiffs in the MDL Proceedings allege that the fluorosurfactants used by various manufacturers in producing AFFF contained, or over time degraded into, compounds known as per- and polyfluoroalkyl substances (referred to collectively as "PFAS"), including perflourooctanesulfonic acid ("PFOS") and perflourooctanoic acid ("PFOA"). Plaintiffs further allege that, as a result of the use of AFFF, PFOS and PFOA were released into the environment and, in some instances, ultimately reached drinking water supplies. Plaintiffs in the MDL Proceedings allege that PFOS and PFOA contamination has resulted from the use of AFFF manufactured using a process known as ECF, and that this process was used exclusively by 3M. They also allege that PFOA contamination has resulted from the use of AFFF manufactured using a different process, known as telomerization, and that this process was used exclusively by the other AFFF manufacturers (including the National Foam business). Compounds containing PFOS and PFOA (as well as many other PFAS) have also been used for decades by many third parties in a number of different industries to manufacture firefighters’ protective outerwear, carpets, clothing, fabrics, cookware, food packaging, personal care products, cleaning products, paints, varnishes and other consumer and industrial products. Plaintiffs in the MDL Proceedings have named multiple defendants, including suppliers of chemicals and raw materials used to manufacture fluorosurfactants, fluorosurfactant manufacturers and AFFF manufactures. The defendants in the MDL Proceedings moved for summary judgment on the government contractor defense, which potentially applies to AFFF sold to or used by the U.S. government. After full briefing and oral argument, on September 16, 2022, the MDL court declined to enter summary judgment for the defendants. The defense, however, remains available at any trial to which it applies. On September 23, 2022, after completion of discovery, the MDL court selected one water provider case, the City of Stuart, FL v. 3M, et al., for a bellwether trial. That trial was scheduled to begin in early June 2023 but was postponed indefinitely. The MDL court has ordered that the bellwether process for personal injury cases to begin in 2023. However, the court has not yet outlined details on that process or its timing. Outside of the MDL Proceedings, the Company and other defendants are also party to six lawsuits in U.S. state courts brought by oil refining companies alleging product liability claims related to legacy sales of AFFF and seeking damages for the costs to replace the product and for property damage. In addition, the Company and other defendants are party to two actions related to the Pennsylvania Site in which the plaintiff water utility company seeks remediation costs related to the alleged contamination of the local water supply. The Company, KFI and other defendants are also party to one action in Arizona state court brought by a firefighter claiming that occupational exposure to AFFF has caused certain personal injuries. The Company and KFI believe that they have meritorious defenses to the claims in the MDL Proceedings and the other AFFF lawsuits. Given the numerous factual, scientific and legal issues to be resolved relating to these claims, the Company is unable to assess the probability of liability or to reasonably estimate a range of possible loss at this time. There can be no assurance that any such future exposure will not be material in any period. On May 14, 2023, KFI filed a voluntary petition with the United States Bankruptcy court for the District of Delaware seeking relief under Chapter 11 of the Bankruptcy Code after the Company determined that it would not provide financial support to KFI going forward, other than ensuring KFI has access to services necessary for the effective operation of its business. As a result, all litigation against KFI is automatically stayed. KFI filed an adversary complaint and motion in the Chapter 11 case seeking an order staying or enjoining all AFFF-related litigation against the Company, its other subsidiaries and RTX. That motion was resolved through an agreement that effectively stays the AFFF litigation against these parties. KFI has also indicated to the bankruptcy court that it intends to pursue insurance coverage for AFFF-related liabilities and contractual indemnification for AFFF-related liabilities from the third party to which KFI sold National Foam. On November 21, 2023, the bankruptcy court ordered certain parties, including the Company, to participate in a mediation with respect to claims that might be asserted by and against it in the bankruptcy proceedings. The parties have engaged in several mediation sessions and anticipate further sessions in the future. Deconsolidation Due to Bankruptcy As of May 14, 2023, the Company no longer controlled KFI as their activities are subject to review and oversight by the bankruptcy court. Therefore, KFI was deconsolidated and their respective assets and liabilities were derecognized from the Company’s Consolidated Financial Statements. Upon deconsolidation, the Company determined the fair value of its retained interest in KFI to be zero and accounted for it prospectively using the cost method. As a result of these actions, the Company recognized a loss of $297 million in its Consolidated Statements of Operations within Other income/(expense), net . In addition, the deconsolidation resulted in an investing cash outflow of $134 million in the Company's Consolidated Statements of Cash Flows. In connection with the bankruptcy filing, KFI entered into several agreements with subsidiaries of the Company to ensure they have access to services necessary for the effective operation of their business. All post-deconsolidation activity between the Company and KFI are reported as third-party transactions recorded within the Company's Consolidated Statements of Operations. Since the petition date, there were no material transactions between the Company and KFI. Income Taxes Under the Tax Matters Agreement relating to the Separation, the Company is responsible to UTC for its share of the Tax Cuts and Jobs Act transition tax associated with foreign undistributed earnings as of December 31, 2017. As a result, liabilities of $132 million and $243 million are included within the accompanying Consolidated Balance Sheet within Accrued Liabilities and Other Long-Term Liabilities as of December 31, 2023, respectively. This obligation is expected to be settled in annual installments ending in April 2026 with the next installment of $89 million due in 2024. The Company believes that the likelihood of incurring losses materially in excess of this amount is remote. Self-Insurance The Company maintains self-insurance for a number of risks, including but not limited to, workers’ compensation, general liability, automobile liability, property and employee-related healthcare benefits. It has obtained insurance coverage for amounts exceeding individual and aggregate loss limits. The Company accrues for known future claims and incurred but not reported losses. The Company's self-insurance liabilities were as follows: (In millions) 2023 2022 Self-insurance liabilities included in Accrued liabilities $ 160 $ 139 Self-insurance liabilities included in Other long-term liabilities 55 53 Total self-insurance liabilities $ 215 $ 192 The Company incurred expenses related to self-insured risks of $180 million, $155 million and $155 million for the years ended December 31, 2023, 2022 and 2021, respectively. Other Matters The Company has other commitments and contingent liabilities related to legal proceedings, self-insurance programs and matters arising in the ordinary course of business. The Company accrues for contingencies generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. 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 could result in fines, penalties, compensatory or treble damages or non-monetary relief. The Company does not believe that these matters will have a material adverse effect upon its competitive position, results of operations, cash flows or financial condition.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On January 2, 2024, the Company entered into a 60-day senior unsecured bridge term loan agreement with JPMorgan Chase Bank, N.A., as administrative agent ("60-day Bridge Loan"). The facility consisted of a Euro-denominated tranche in an aggregate amount of €113 million and a USD-denominated tranche in an aggregate amount of $349 million. Euro-denominated borrowings bear interest at the EURIBOR Rate plus a ratings-based margin, USD-denominated borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at a base rate plus a ratings-based margin. The proceeds of the senior unsecured bridge term loan were used to fund a portion of the Euro-denominated purchase price of the VCS Business. On January 2, 2024, the Company completed the previously announced acquisition of the VCS Business from Viessmann for total consideration of $14.2 billion. The purchase price consisted of (i) US$11.2 billion in cash and (ii) 58,608,959 shares of the Company's common stock, subject to long-term lock-up provisions and anti-dilution protection. The Company funded the cash portion of the base purchase price with a combination of cash on hand, net proceeds from the USD Notes and Euro Notes and borrowings under the Delayed Draw Facility and the 60-day Bridge Loan. The VCS Business develops intelligent, integrated and sustainable technologies, including heat pumps, boilers, photovoltaic systems, home battery storage and digital solutions, primarily for residential customers in Europe. The Company believes that secular trends in these areas will drive significant, sustained future growth. In addition, the Company anticipates realizing significant operational synergies including purchase material savings through supplier rationalization and procurement leverage, improvement in manufacturing costs and lower general and administrative costs. Longer term, the Company expects to benefit from synergies related to service revenue expansion, leverage of distribution channels and vertical cross selling through certain vertical markets. The net sales of the VCS Business were €3.4 billion during the twelve months ended December 31, 2022. The transaction will be accounted for as a business combination under ASC 805 and the results of operations from the date of acquisition will be reflected within the HVAC segment. The Company is in the process of completing its appraisals of tangible and intangible assets relating to this acquisition and the allocation of the purchase price to the assets acquired and liabilities assumed will be completed once the appraisal process has been finalized. During the year ended December 31, 2023, the Company recognized acquisition-related costs of $80 million, which are reflected within Selling, general and administrative in the Consolidated Statement of Operations.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	The accompanying Consolidated Financial Statements reflect the consolidated operations of the Company and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") as defined by the Financial Accounting Standards Board ("FASB") within the FASB Accounting Standards Codification ("ASC"). Inter-company accounts and transactions have been eliminated. Related party transactions between the Company and its equity method investees have not been eliminated. The accompanying Consolidated Financial Statements include all majority-owned subsidiaries of the Company. A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes Non-controlling interest as a component of Total equity in the accompanying Consolidated Balance Sheet and the Non-controlling interest in subsidiaries' earnings from operations are presented as an adjustment to Net income from operations used to arrive at Net income attributable to common shareowners in the accompanying Consolidated Statement of Operations. Partially-owned equity affiliates represent 20 to 50% ownership interests in investments where the Company demonstrates significant influence, but does not have a controlling financial interest. Partially-owned equity affiliates are accounted for under the equity method.
Use of Estimates	The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Currency Translation	Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in the equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss) . Transactions that are denominated in a currency other than an entity’s functional currency are subject to changes in exchange rates with the resulting gains and losses recorded in Net income from operations .
Cash and Cash Equivalents	Cash and cash equivalents include cash on hand, demand deposits and short-term cash investments that are highly liquid in nature and have original maturities of three months or less. On occasion, the Company is required to maintain restricted cash deposits with certain banks due to contractual or other legal obligations.
Accounts Receivable	Accounts receivable consist of billed amounts owed for products shipped to or services performed for customers. Amounts are recorded net of an allowance for expected credit losses which represents the best estimate of probable loss inherent in the Company's accounts receivable portfolio. The allowance is determined using a combination of factors including a reserve based on the aging of the outstanding accounts receivable portfolio and the Company's historical credit loss experience with its end markets, customer base and products. In addition, the Company considers knowledge of specific customers, current market conditions as well as reasonable and supportable forecasts of future events and economic conditions. These estimates and assumptions are reviewed periodically with the effects of changes, if any, reflected in the Consolidated Statement of Operations in the period that they are determined.
Fixed Assets	Property, plant and equipment are stated at cost less accumulated depreciation. Assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset. Assets acquired in a business combination are recorded at fair value at the date of acquisition. Major expenditures for replacements and significant improvements that increase asset values and extend useful lives are capitalized. Repairs and maintenance expenditures that do not extend the useful life of an asset are charged to expense as incurred. Per ASC 360, Property, Plant and Equipment ("ASC 360"), the Company assesses the recoverability of the carrying value of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying amount of the asset group exceeds the fair value of the asset group.
Equity Method Investments	Investments in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting and are presented on the Consolidated Balance Sheet. Under this method of accounting, the Company’s share of the net earnings or losses of the investee is presented within Operating profit on the Consolidated Statement of Operations since the activities of the investee are closely aligned with the operations of the Company. The Company evaluates its equity method investments whenever events or changes in circumstance indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Distributions received from equity method investees are presented in the Consolidated Statement of Cash Flows based on the cumulative earnings approach.
Goodwill and Intangible Assets	The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. In accordance with ASC 350, Intangibles - Goodwill and Other ("ASC 350"), goodwill and other indefinite-lived intangibles are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicate that the fair value of the asset is more likely than not less than the carrying amount of the asset. Impairment of goodwill is assessed at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the goodwill impairment test under ASC 350. For those reporting units that bypass or fail the qualitative assessment, the test compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. To the extent that the carrying amount of the reporting unit exceeds its estimated fair value, an impairment loss will be recognized for the amount by which the reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. Intangible assets such as patents, service contracts, monitoring lines and customer relationships with finite useful lives are amortized based on the pattern in which the economic benefits of the intangible assets are consumed. If a pattern of economic benefit cannot be reliably determined or if straight-line amortization approximates the pattern of economic benefit, a straight-line amortization may be used. The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 The Company assesses the recoverability of the carrying amount of its intangible assets with finite useful lives whenever events or changes in circumstances indicate that the carrying amount of the asset group may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset group to the future net undiscounted cash flows expected to be generated by the asset group. If the undiscounted cash flows are less than the carrying amount of the asset group, an impairment loss is recognized for the amount by which the carrying value of the asset group exceeds the fair value of the asset group.
Leases	The Company accounts for leases in accordance with ASC 842, Leases ("ASC 842"), which requires a lessee to record a right-of-use ("ROU") asset and a lease liability on the Consolidated Balance Sheet for all leases with terms longer than 12 months. ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company generally uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments except when an implicit interest rate is readily determinable. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to recognize ROU assets and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less.
Income Taxes	The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. The Company recognizes future tax benefits to the extent that realizing these benefits is considered in its judgment to be more likely than not. For those jurisdictions where the expiration date of tax carryforwards or the projected operating results indicate that realization is not likely, a valuation allowance is provided. The Company reviews the realizability of its deferred tax asset valuation allowances on a quarterly basis, or whenever events or changes in circumstances indicate that a review is required and will adjust its estimate if significant events so dictate. To the extent that the ultimate results differ from the Company's original or adjusted estimates, the effect will be recorded in the provision for income taxes in the period that the matter is finally resolved. In the ordinary course of business, there is inherent uncertainty in quantifying the Company's income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Consolidated Financial Statements.
Pension and Post-retirement Obligations	The Company provides a range of benefit plans to eligible current and former employees. The Company accounts for its benefit plans in accordance with ASC 715, Compensation - Retirement Benefits ("ASC 715") which requires balance sheet recognition of the overfunded or underfunded status of pension and post-retirement benefit plans. Determining the amounts associated with these benefits are performed by actuaries and dependent on various actuarial assumptions including discount rates, expected return on plan assets, compensation increases, mortality and health care cost trends. Actual results may differ from the actuarial assumptions and are generally recorded in Accumulated other comprehensive income (loss) and amortized into Net income from operations
Business Combinations	In accordance with ASC 805, Business Combinations ("ASC 805"), acquisitions that meet the definition of a business are recorded using the acquisition method of accounting. We recognize and measure the identifiable assets acquired, liabilities assumed and any non-controlling interest as of the acquisition date at fair value. The valuation of intangible assets is determined by an income approach methodology, using assumptions such as projected future revenues, customer attrition rates, royalty rates, tax rates and discount rates. The excess, if any, of total consideration transferred in a business combination over the fair value of identifiable assets acquired, liabilities assumed and any non-controlling interest is recognized as goodwill. Costs incurred as a result of a business combination other than costs related to the issuance of debt or equity securities are recorded in the period the costs are incurred.
Asset Retirement Obligations	The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which a liability is determined to exist, if a reasonable estimate of fair value can be made. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liability is increased for changes in its present value and the capitalized cost is depreciated over the useful life of the related asset.
Research and Development	The Company conducts research and development activities with a focus on new product development and technology innovation. These costs are charged to expense as incurred.
Recently Issued and Adopted Accounting Pronouncements	The FASB ASC is the sole source of authoritative GAAP other than United States Securities and Exchange Commission ("SEC') issued rules and regulations that apply only to SEC registrants. The FASB issues Accounting Standards Updates ("ASU") to communicate changes to the codification. The Company considers the applicability and impact of all ASUs. ASUs not referenced below were assessed and determined to be either not applicable or are not expected to have a material impact on the Consolidated Financial Statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. In addition, the amendments clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the impact of this ASU on its financial statements.
Product Warranties	In the ordinary course of business, the Company provides standard warranty coverage on its products. Provisions for these amounts are established at the time of sale and estimated primarily based on product warranty terms and historical claims experience. In addition, the Company incurs discretionary costs to service its products in connection with specific product performance issues. Provisions for these amounts are established when they are known and estimable. The Company assesses the adequacy of its initial provisions and will make adjustments as necessary based on known or anticipated claims or as new information becomes available that suggests it is probable that future costs will be different than estimated amounts.
Revenue Recognition	The Company accounts for revenue in accordance with ASC 606: Revenue from Contracts with Customers. Revenue is recognized when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. A significant portion of the Company's performance obligations are recognized at a point-in-time when control of the product transfers to the customer, which is generally the time of shipment. The remaining portion of the Company’s performance obligations are recognized over time as the customer simultaneously obtains control as the Company performs work under a contract, or if the product being produced for the customer has no alternative use and the Company has a contractual right to payment. Performance Obligations A performance obligation is a distinct good, service or a bundle of goods and services promised in a contract. Some of the Company's contracts with customers contain a single performance obligation, while others contain multiple performance obligations most commonly when a contract spans multiple phases of a product life-cycle such as production, installation, maintenance and support. The Company identifies performance obligations at the inception of a contract and allocates the transaction price to each distinct performance obligation. Revenue is recognized when or as the performance obligation is satisfied. When there are multiple performance obligations within a contract, the Company allocates the transaction price to each performance obligation based on its relative stand-alone selling price. The Company primarily generates revenue from the sale of products to customers and recognizes revenue at a point in time when control transfers to the customer. Transfer of control is generally based on the shipping terms of the contract. In addition, the Company recognizes revenue on an over-time basis on installation and service contracts. For over-time performance obligations requiring the installation of equipment, revenue is recognized using costs incurred to date relative to total estimated costs at completion to measure progress. Incurred costs represent work performed, which correspond with and best depict transfer of control to the customer. Contract costs include direct costs such as labor, materials and subcontractors’ costs and where applicable, indirect costs. The transaction price allocated to performance obligations reflects the Company’s expectations about the consideration it will be entitled to receive from a customer. The Company includes variable consideration in the estimated transaction price when there is a basis to reasonably estimate the amount and when it is probable that a significant reversal of revenue recognized would not occur when the uncertainty associated with variable consideration is subsequently resolved. In addition, the Company customarily offers its customers incentives to purchase products to ensure an adequate supply of its products in distribution channels. The principal incentive programs provide reimbursements to distributors for offering promotional pricing for products. The Company accounts for estimated incentive payments as a reduction in sales at the time a sale is recognized.
Stock Based Compensation	The Company accounts for stock-based compensation plans in accordance with ASC 718, Compensation - Stock Compensation
Commitments and Contingencies	The Company is involved in various litigation, claims and administrative proceedings, including those related to environmental (including asbestos) and legal matters. In accordance with ASC 450, Contingencies , the Company records accruals for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These accruals are generally based upon a range of possible outcomes. If no amount within the range is a better estimate than any other, the Company accrues the minimum amount. In addition, these estimates are reviewed periodically and adjusted to reflect additional information when it becomes available. The Company is unable to predict the final outcome of the following matters based on the information currently available, except as otherwise noted. However, the Company does not believe that the resolution of any of these matters will have a material adverse effect upon its results of operations or financial condition. Environmental Matters For sites with multiple responsible parties, the Company considers its likely proportionate share of the anticipated remediation costs and the ability of other parties to fulfill their obligations in establishing a provision for these costs. Accrued environmental liabilities are not reduced by potential insurance reimbursements and are undiscounted. Asbestos Matters The Company has been named as a defendant in lawsuits alleging personal injury as a result of exposure to asbestos allegedly integrated into certain Carrier products or business premises. While the Company has never manufactured asbestos and no longer incorporates it into any currently-manufactured products, certain products that the Company no longer manufactures contained components incorporating asbestos. A substantial majority of these asbestos-related claims have been dismissed without payment or have been 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 in any period. The amounts recorded for asbestos-related liabilities are based on currently available information and assumptions that the Company believes are reasonable and are made with input from outside actuarial experts. These amounts are undiscounted and exclude the Company's legal fees to defend the asbestos claims, which are expensed as incurred. In addition, the Company has recorded insurance recovery receivables for probable asbestos-related recoveries.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Range of Useful Lives	The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 Identifiable intangible assets consisted of the following: 2023 2022 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,222 $ (610) $ 612 $ 1,431 $ (720) $ 711 Patents and trademarks 332 (163) 169 401 (191) 210 Service portfolios and other 686 (503) 183 953 (595) 358 2,240 (1,276) 964 2,785 (1,506) 1,279 Unamortized: Trademarks and other 64 — 64 63 — 63 Intangible assets, net $ 2,304 $ (1,276) $ 1,028 $ 2,848 $ (1,506) $ 1,342

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	12 Months Ended
INVENTORIES, NET (Tables)	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net consisted of the following: (In millions) 2023 2022 Raw materials $ 695 $ 884 Work-in-process 259 230 Finished goods 1,263 1,526 Inventories, net $ 2,217 $ 2,640

FIXED ASSETS, NET (Tables)

FIXED ASSETS, NET (Tables)	12 Months Ended
FIXED ASSETS, NET (Tables)	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Fixed assets, net consisted of the following: (In millions) Estimated Useful Lives (Years) 2023 2022 Land $ 112 $ 126 Buildings and improvements 20 to 40 1,122 1,251 Machinery, tools and equipment 3 to 25 2,515 2,409 Rental assets 3 to 12 346 390 Other, including assets under construction 442 347 Fixed assets, gross 4,537 4,523 Accumulated depreciation (2,244) (2,282) Fixed assets, net $ 2,293 $ 2,241

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	The changes in the carrying amount of goodwill were as follows: (In millions) HVAC Refrigeration Fire & Security Total Balance at December 31, 2021 $ 5,658 $ 1,228 $ 2,463 $ 9,349 Goodwill resulting from business combinations (1) 904 — 1 905 Foreign currency translation (170) (31) (76) (277) Balance at December 31, 2022 $ 6,392 $ 1,197 $ 2,388 $ 9,977 Goodwill resulting from business combinations 1 (4) — (3) Reclassified to held for sale (2) — (72) (1,937) (2,009) Foreign currency translation 14 3 7 24 Balance as of December 31, 2023 $ 6,407 $ 1,124 $ 458 $ 7,989 (1) See Note 19 - Acquisitions for additional information. (2) See Note 20 - Divestitures for additional information.
Schedule of Finite-Live Intangible Assets	The range of useful lives approximate the following (in years): Customer relationships 1 to 30 Patents and trademarks 5 to 30 Monitoring lines 7 to 10 Service portfolio and other 1 to 23 Identifiable intangible assets consisted of the following: 2023 2022 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,222 $ (610) $ 612 $ 1,431 $ (720) $ 711 Patents and trademarks 332 (163) 169 401 (191) 210 Service portfolios and other 686 (503) 183 953 (595) 358 2,240 (1,276) 964 2,785 (1,506) 1,279 Unamortized: Trademarks and other 64 — 64 63 — 63 Intangible assets, net $ 2,304 $ (1,276) $ 1,028 $ 2,848 $ (1,506) $ 1,342
Schedule of Indefinite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: 2023 2022 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Amortized: Customer relationships $ 1,222 $ (610) $ 612 $ 1,431 $ (720) $ 711 Patents and trademarks 332 (163) 169 401 (191) 210 Service portfolios and other 686 (503) 183 953 (595) 358 2,240 (1,276) 964 2,785 (1,506) 1,279 Unamortized: Trademarks and other 64 — 64 63 — 63 Intangible assets, net $ 2,304 $ (1,276) $ 1,028 $ 2,848 $ (1,506) $ 1,342
Schedule of Future Amortization Expense	The estimated future amortization of intangible assets is as follows: (In millions) 2024 2025 2026 2027 2028 Thereafter Future amortization $ 175 $ 155 $ 122 $ 95 $ 75 $ 342

BORROWINGS AND LINES OF CREDIT

BORROWINGS AND LINES OF CREDIT (Tables)	12 Months Ended
BORROWINGS AND LINES OF CREDIT (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following: (In millions) 2023 2022 2.242% Notes due 2025 1,200 1,200 4.375% Notes due 2025 830 — 5.800% Notes due 2025 1,000 — 2.493% Notes due 2027 900 900 4.125% Notes due 2028 830 — 2.722% Notes due 2030 2,000 2,000 2.700% Notes due 2031 750 750 4.500% Notes due 2032 941 — 5.900% Notes due 2034 1,000 — 3.377% Notes due 2040 1,500 1,500 3.577% Notes due 2050 2,000 2,000 6.200% Notes due 2054 1,000 — Total long-term notes 13,951 8,350 Japanese Term Loan Facility 379 404 Other debt (including project financing obligations and finance leases) 74 149 Discounts and debt issuance costs (111) (61) Total debt 14,293 8,842 Less: current portion of long-term debt 51 140 Long-term debt, net of current portion $ 14,242 $ 8,702
Schedule of Maturities of Long-Term Debt	Scheduled maturities of long-term debt, excluding amortization of discount, are as follows: (In millions) 2024 $ 51 2025 $ 3,053 2026 $ 4 2027 $ 1,245 2028 $ 832 Thereafter $ 9,191

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Recurring and Nonrecurring	The following tables provide the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the accompanying Consolidated Balance Sheet: (In millions) Total Level 1 Level 2 Level 3 December 31, 2023 Fair value measurement: Derivative assets (1)(3) $ 32 $ — $ 32 $ — Derivative liabilities (2)(3) $ (126) $ — $ (126) $ — December 31, 2022 Fair value measurement: Derivative assets (1) (3) $ 28 $ — $ 28 $ — Derivative liabilities (2)(3) $ (48) $ — $ (48) $ — (1) Included in Other assets, current and Other assets on the accompanying Consolidated Balance Sheet. (2) Included in Accrued liabilities and Other long-tern liabilities on the accompanying Consolidated Balance Sheet. (3) Includes cross currency swaps, window forward contracts and interest rate swap contracts. The following table provides the carrying amounts and fair values of the Company's long-term notes that are not recorded at fair value in the accompanying Consolidated Balance Sheet: 2023 2022 (In millions) Carrying Fair Carrying Fair Total long-term notes (1) $ 13,951 $ 13,194 $ 8,350 $ 6,832 (1) Excludes debt discount and issuance costs.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2023
Leases [Abstract]
Schedule of Right-of-Use Assets and Liabilities	Operating lease right-of-use assets and liabilities are reflected on the Consolidated Balance Sheet as follows: (In millions) 2023 2022 Operating lease right-of-use assets $ 491 $ 642 Accrued liabilities $ (108) $ (132) Operating lease liabilities (391) (529) Total operating lease liabilities $ (499) $ (661) Weighted-Average Remaining Lease Term (in years) 7.0 7.7 Weighted-Average Discount Rate 3.9 % 3.4 %
Schedule of Supplemental Cash Flow and Lease Expense Information	Supplemental cash flow and lease expense information related to operating leases were as follows: (In millions) 2023 2022 2021 Operating cash flows for measurement of operating lease liabilities $ 166 $ 145 $ 197 Operating lease ROU assets obtained in exchange for operating lease obligations $ 63 $ 109 $ 180 Operating lease expense $ 158 $ 148 $ 200
Schedule of Lease Maturities	Undiscounted maturities of operating lease liabilities as of December 31, 2023 are as follows: (In millions) 2024 $ 126 2025 107 2026 87 2027 62 2028 45 Thereafter 149 Total undiscounted lease payments 576 Less: imputed interest (77) Total discounted lease payments $ 499

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
EMPLOYEE BENEFIT PLANS (Tables)	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Company's Pension Plans	The following table details information regarding the Company's pension plans: (In millions) 2023 2022 Change in Benefit Obligation Benefit obligation at beginning of year $ 760 $ 906 Service cost 15 20 Interest cost 31 18 Actuarial (gain) loss 27 (271) Benefits paid (25) (21) Curtailment, settlements and special termination benefits (24) (7) Other, including expenses paid 3 (38) Reclassified to held for sale (1) (212) — Acquisitions (2) — 153 Benefit obligation at end of year $ 575 $ 760 Change in Plan Assets Fair value at beginning of year $ 451 $ 591 Actual return on plan assets 39 (170) Company contributions 33 16 Benefits paid (25) (21) Settlements (24) (7) Other, including expenses paid 2 (18) Reclassified to held for sale (1) (8) — Acquisitions (2) — 60 Fair value of assets end of year $ 468 $ 451 Funded status of plans $ (107) $ (309) Amounts included in the balance sheet: Other non-current assets $ 32 $ 25 Accrued compensation and benefits (12) (18) Post-employment and other benefit liabilities (127) (316) Net amount recognized $ (107) $ (309) (1) See Note 20 - Divestitures for additional information. (2) See Note 19 - Acquisitions for additional information.
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Income) Loss	The pretax amounts recognized in Accumulated other comprehensive (income) loss are: (In millions) Prior Service Cost (Benefit) Net Actuarial (Gain) Loss Total As of December 31, 2022 $ 11 $ 93 $ 104 Current year changes recorded in AOCI — 20 20 Amortization reclassified to earnings (2) 1 (1) Settlement/curtailment reclassified to earnings (3) 1 (2) Currency translation and other — 5 5 As of December 31, 2023 $ 6 $ 120 $ 126
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets	Information for pension plans with accumulated benefit obligations in excess of plan assets: (In millions) 2023 2022 Projected benefit obligation $ 378 $ 564 Accumulated benefit obligation $ 362 $ 538 Fair value of plan assets $ 239 $ 230
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets	Information for pension plans with projected benefit obligations in excess of plan assets: (In millions) 2023 2022 Projected benefit obligation $ 378 $ 564 Accumulated benefit obligation $ 362 $ 538 Fair value of plan assets $ 239 $ 230
Schedule of Expected Benefit Payments	Pension benefit payments, including amounts to be paid from corporate assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: (In millions) 2024 $ 31 2025 $ 33 2026 $ 37 2027 $ 42 2028 $ 38 2029 through 2033 $ 201
Schedule of Net Periodic Pension Expense (Benefit) for the Defined Benefit Pension Plans	The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows: (In millions) 2023 2022 2021 Service cost $ 15 $ 20 $ 27 Interest cost 31 18 37 Expected return on plan assets (32) (27) (145) Amortization of prior service cost 3 2 2 Recognized actuarial net loss (2) 9 32 Net settlement, curtailment and special termination benefit loss 1 2 13 Net periodic pension expense (benefit) $ 16 $ 24 $ (34)
Schedule of Defined Benefit Plan, Assumptions	Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages: Benefit Obligation Net Costs 2023 2022 2023 2022 2021 Discount rate Projected benefit obligation 4.3% 4.2 % 4.2% 2.1 % 1.4 % Interest cost (1) —% — % 4.1% 1.9 % 1.2 % Service cost (1) —% — % 4.5% 2.8 % 2.1 % Salary scale 2.2% 2.4 % 2.4% 3.1 % 2.8 % Expected return on plan assets —% — % 5.7% 5.0 % 4.6 % (1)
Schedule of Fair Values of Pension Plan Assets by Asset Category	The fair values of pension plan assets by asset category are as follows: (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject Total Asset Category (Level 1) (Level 2) (Level 3) Public Equities: Global Equities $ — $ 26 $ — $ — $ 26 Global Equity Funds at net asset value (1) (2) — — — 125 125 Fixed Income Securities: Governments — 40 — 23 63 Corporate Bonds — 44 — — 44 Fixed Income Securities (2) — 9 — 172 181 Real Estate (3) — 1 — — 1 Other (4) (5) — 10 — — 10 Cash & Cash Equivalents (2)(6) — 13 — 3 16 Subtotal $ — $ 143 $ — $ 323 $ 466 Other assets and liabilities (7) 2 Total as of December 31, 2023 $ 468 (In millions) Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Not Subject Total Asset Category (Level 1) (Level 2) (Level 3) Public Equities: Global Equities $ — $ 27 $ — $ — $ 27 Global Equity Funds at net asset value (1) (2) — — — 119 119 Fixed Income Securities: Governments — 35 — 24 59 Corporate Bonds — 45 — — 45 Fixed Income Securities (2) — 11 — 156 167 Real Estate (3) — 1 — — 1 Other (4)(5) — 8 — — 8 Cash & Cash Equivalents (2)(6) — 25 — 1 26 Subtotal $ — $ 152 $ — $ 300 $ 452 Other assets and liabilities (7) (1) Total as of December 31, 2022 $ 451 (1) Represents commingled funds that invest primarily in common stocks. (2) In accordance with ASU 2015-07, Fair Value Measurement (Topic 820) , certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. (3) Represents investments in real estate, including commingled funds and directly held properties. (4) Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities. (5) Includes fixed income repurchase agreements entered into for purposes of pension asset and liability matching. (6) Represents short-term commercial paper, bonds and other cash or cash-like instruments. (7)

PRODUCT WARRANTIES (Tables)

PRODUCT WARRANTIES (Tables)	12 Months Ended
PRODUCT WARRANTIES (Tables)	Dec. 31, 2023
Guarantees [Abstract]
Schedule of Product Warranty Liability	The changes in the carrying amount of warranty related provisions are as follows: (In millions) 2023 2022 Balance as of January 1, $ 551 $ 524 Warranties, performance guarantees issued and changes in estimated liability 237 184 Settlements made (194) (171) Other (13) 14 Reclassified to held for sale (1) (13) — Balance as of December 31, $ 568 $ 551 (1) See Note 20 - Divestitures for additional information.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
EQUITY (Tables)	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	A summary of changes in the components of Accumulated other comprehensive income (loss) is as follows: (In millions) Foreign Currency Translation Defined Benefit Pension and Post-retirement Plans Unrealized Hedging Gains (Losses) Accumulated Other Comprehensive Income (Loss) Balance as of January 1, 2021 $ (191) $ (554) $ — $ (745) Other comprehensive income (loss) before reclassifications, net (322) 53 — (269) Amounts reclassified, pre-tax 8 34 — 42 Tax benefit reclassified — (17) — (17) Balance as of December 31, 2021 $ (505) $ (484) $ — $ (989) Other comprehensive income (loss) before reclassifications, net (525) 63 — (462) Amounts reclassified, pre-tax — 11 — 11 Tax benefit reclassified — (3) — (3) Chubb divestiture (574) 329 — (245) Balance as of December 31, 2022 $ (1,604) $ (84) $ — $ (1,688) Other comprehensive income (loss) before reclassifications, net 160 (17) 58 201 Amounts reclassified, pre-tax — 1 — 1 Balance as of December 31, 2023 $ (1,444) $ (100) $ 58 $ (1,486)

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
REVENUE RECOGNITION (Tables)	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Sales Disaggregated by Product and Service	Segment sales disaggregated by product and service are as follows: (In millions) 2023 2022 2021 Sales Type Product $ 13,313 $ 11,882 $ 9,985 Service 1,826 1,526 1,405 HVAC sales 15,139 13,408 11,390 Product 3,352 3,432 3,653 Service 466 451 474 Refrigeration sales 3,818 3,883 4,127 Product 3,384 3,372 3,985 Service 249 198 1,530 Fire & Security sales 3,633 3,570 5,515 Total segment sales 22,590 20,861 21,032 Eliminations and other (492) (440) (419) Consolidated $ 22,098 $ 20,421 $ 20,613 External Sales Long-Lived Assets (In millions) 2023 2022 2021 2023 2022 United States Operations $ 12,205 $ 11,797 $ 10,492 $ 857 $ 803 International Operations Europe 4,729 4,359 5,776 497 453 Asia Pacific 4,352 3,489 3,464 543 573 Other 812 776 881 396 412 Consolidated $ 22,098 $ 20,421 $ 20,613 $ 2,293 $ 2,241
Schedule of Contract with Customer, Asset and Liability	Total contract assets and liabilities consisted of the following: (In millions) 2023 2022 Contract assets, current $ 306 $ 537 Contract assets, non-current (included within Other assets ) 26 6 Total contract assets 332 543 Contract liabilities, current (425) (449) Contract liabilities, non-current (included within Other long-term liabilities ) (160) (174) Total contract liabilities (585) (623) Net contract assets (liabilities) $ (253) $ (80)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
STOCK-BASED COMPENSATION (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value Information for Stock Options and Stock Appreciation Rights	The following table summarizes fair value information for stock options and stock appreciation rights: 2023 (1) 2022 (1) 2021 (1) Stock options and stock appreciation rights weighted-average fair value per award $ 11.64 $ 10.68 $ 10.13 Assumptions: Volatility 30.9% 30.8% to 31.3% 31.6% to 34.1% Expected term (in years) 5.8 6.1 6.6 Expected dividend yield 1.8% 1.5% 1.5% Range of risk-free rates 3.6% 1.7% to 3.0% 0.7% to 1.4% (1) Carrier has limited historical trading data and used peer group data to estimate expected volatility for the 2023, 2022 and 2021 awards.
Schedule of Share-based Payment Arrangement, Activity	Changes in stock options and stock appreciation rights outstanding were as follows: Shares Subject to Option Weighted-Average Exercise Price Aggregate Intrinsic Value Weighted- Average Remaining Life As of December 31, 2020 36,732 $ 19.91 Granted 3,194 $ 38.92 Exercised (5,934) $ 17.59 Cancelled (1,551) $ 23.98 As of December 31, 2021 32,441 $ 22.02 Granted 2,715 $ 47.72 Exercised (3,495) $ 17.76 Cancelled (883) $ 30.33 As of December 31, 2022 30,778 $ 24.53 Granted 3,494 $ 46.13 Exercised (8,432) $ 20.48 Cancelled (769) $ 42.94 Outstanding as of December 31, 2023 25,071 $ 28.34 $ 730 5.8 Exercisable as of December 31, 2023 17,662 $ 22.05 $ 625 4.8 Changes in restricted stock units were as follows: RSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of December 31, 2020 5,574 $ 21.57 Granted 286 $ 46.49 Vested (2,168) $ 21.45 Cancelled (122) $ 25.39 Outstanding and unvested as of December 31, 2021 3,570 $ 23.33 Granted 555 $ 41.88 Vested (1,915) $ 20.85 Cancelled (143) $ 32.92 Outstanding and unvested as of December 31, 2022 2,067 $ 29.87 Granted 577 $ 45.71 Vested (1,140) $ 26.09 Cancelled (161) $ 35.09 Outstanding and unvested as of December 31, 2023 1,343 $ 39.22 Changes in PSUs were as follows: PSUs (in thousands) Weighted-Average Grant Date Fair Value Outstanding and unvested as of December 31, 2020 772 $ 18.46 Granted 821 $ 41.48 Vested (20) $ 23.72 Forfeited (152) $ 27.28 Outstanding and unvested as of December 31, 2021 1,421 $ 30.75 Granted 653 $ 46.93 Vested (5) $ 41.81 Forfeited (139) $ 35.45 Outstanding and unvested as of December 31, 2022 1,930 $ 35.86 Granted 902 $ 47.93 Vested (607) $ 18.23 Forfeited (183) $ 46.52 Outstanding and unvested as of December 31, 2023 2,042 $ 45.47
Schedule of Stock-Based Compensation Cost by Award Type	Stock-based compensation cost by award type are as follows: (In millions) 2023 2022 2021 Equity compensation costs - equity settled $ 81 $ 77 $ 92 Equity compensation costs - cash settled (1) 3 (15) 19 Total stock-based compensation cost $ 84 $ 62 $ 111 Income tax benefit $ 11 $ 9 $ 13 (1) The cash settled awards are classified as liability awards and are measured at fair value at each balance sheet date.

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	12 Months Ended
RESTRUCTURING COSTS (Tables)	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Net Pre-Tax Restructuring Costs for New and Ongoing Restructuring Actions	The Company recorded net pre-tax restructuring costs for new and ongoing restructuring actions as follows: (In millions) 2023 2022 2021 HVAC $ 44 $ 8 $ 33 Refrigeration 21 10 25 Fire & Security 22 11 26 Total Segment 87 29 84 General corporate expenses 10 2 5 Total restructuring costs $ 97 $ 31 $ 89 Cost of sales $ 18 $ 9 $ 28 Selling, general and administrative 79 22 60 Other income (expense), net — — 1 Total restructuring costs $ 97 $ 31 $ 89
Schedule of Reserves and Charges Related to the Restructuring Reserve	The following table summarizes changes in the restructuring reserve, included in Accrued liabilities on the accompanying Consolidated Balance Sheet: (In millions) 2023 2022 Balance as of January 1, $ 24 $ 54 Net pre-tax restructuring costs 97 31 Utilization, foreign exchange and other (58) (61) Reclassified to held for sale (1) (8) — Balance as of December 31, $ 55 $ 24 (1) See Note 20 - Divestitures for additional information.

OTHER INCOME (EXPENSE), NET (Ta

OTHER INCOME (EXPENSE), NET (Tables)	12 Months Ended
OTHER INCOME (EXPENSE), NET (Tables)	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Income (Expense), Net	Other income (expense), net consisted of the following: (In millions) 2023 2022 2021 Impairment charge on minority-owned joint venture investments — — (2) Viessmann-related hedges (96) — — KFI deconsolidation (297) — — TCC acquisition-related gain (8) 705 — Chubb gain — 1,105 — Other 17 30 41 Other income (expense), net $ (384) $ 1,840 $ 39

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The sources of Income from operations before income taxes are as follows: (In millions) 2023 2022 2021 United States $ 1,311 $ 1,876 $ 1,528 Foreign 773 2,416 872 Total $ 2,084 $ 4,292 $ 2,400
Schedule of Components of Income Tax Expense (Benefit)	The income tax expense (benefit) consisted of the following components: (In millions) 2023 2022 2021 Current: United States: Federal $ 412 $ 453 $ 336 State 124 120 83 Foreign 341 259 354 877 832 773 Future: United States: Federal (138) (23) (125) State (33) (29) (14) Foreign (62) (72) 65 (233) (124) (74) Income tax expense $ 644 $ 708 $ 699
Schedule of Effective Income Tax Rate Reconciliation	The differences between the effective income tax rate and the statutory U.S. federal income tax rate are as follows: 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax 2.7 1.5 1.9 Taxes on international activities 6.3 (1.0) 7.2 TCC acquisition impact — (4.2) — Other 0.9 (0.8) (1.0) Effective income tax rate 30.9 % 16.5 % 29.1 %
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables as of December 31, 2023 and 2022 are as follows: (In millions) 2023 2022 Future income tax benefits: Insurance and employee benefits $ 158 $ 161 Other assets basis differences 420 284 Other liabilities basis differences 547 571 Tax loss carryforwards 185 177 Tax credit carryforwards 1,333 29 Valuation allowances (1,399) (100) Future income tax benefit $ 1,244 $ 1,122 Future income tax payables: Goodwill and intangible assets $ (412) $ (449) Other asset basis differences (388) (395) Future income tax payables $ (800) $ (844)
Schedule of Valuation Allowance	Changes to valuation allowances consisted of the following: (In millions) Balance as of January 1, 2021 $ 231 Additions charged to income tax expense 32 Reduction credited to income tax expense (22) Other adjustments (41) Reclassified to held for sale (110) Balance at December 31, 2021 $ 90 Additions charged to income tax expense 18 Reduction credited to income tax expense (22) Other adjustments 14 Balance at December 31, 2022 $ 100 Additions charged to income tax expense 27 Reduction credited to income tax expense (22) Other adjustments (1) 1,303 Reclassified to held for sale (9) Balance as of December 31, 2023 $ 1,399 (1) See discussion below regarding the Swiss tax credit
Schedule of Tax Credit and Loss Carryforwards	As of December 31, 2023, tax credit carryforwards and tax loss carryforwards were as follows: (In millions) Tax Loss Carryforwards Tax Credit Carryforwards Expiration period: 2024-2028 $ 70 $ 28 2029-2033 96 1,289 2034-2043 96 — Indefinite 574 16 Total $ 836 $ 1,333
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amounts of unrecognized tax benefits and related interest expense is as follows: (In millions) 2023 2022 2021 Balance at beginning of period $ 291 $ 251 $ 162 Additions for tax positions related to the current year 37 34 86 Additions for tax positions of prior years (1) 81 32 24 Reductions for tax positions of prior years — (13) (1) Settlements (27) (13) (18) Reclassified to held for sale — — (2) Balance at end of period $ 382 $ 291 $ 251 Gross interest expense related to unrecognized tax benefits $ 18 $ 16 $ 8 Total accrued interest balance at end of period $ 64 $ 48 $ 35 (1) Includes $73 million during the year ended December 31, 2023 and $14 million during the year ended December 31, 2021 related to acquisitions.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations: (In millions, except per share amounts) 2023 2022 2021 Net income attributable to common shareowners $ 1,349 $ 3,534 $ 1,664 Basic weighted-average number of shares outstanding 837.3 843.4 867.7 Stock awards and equity units (share equivalent) 15.7 17.8 22.6 Diluted weighted-average number of shares outstanding 853.0 861.2 890.3 Antidilutive shares excluded from computation of diluted earnings per share 2.0 2.9 0.1 Earnings Per Share Basic $ 1.61 $ 4.19 $ 1.92 Diluted $ 1.58 $ 4.10 $ 1.87

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
ACQUISITIONS (Tables)	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Preliminary Allocation of the Purchase Price	The allocation of the purchase price is as follows: (In millions) August 1, 2022 Cash and cash equivalents $ 462 Accounts receivable 428 Inventories 373 Other assets, current 54 Fixed assets 330 Intangible assets 965 Goodwill 876 Other assets 299 Accounts payable (412) Accrued liabilities (445) Contract liabilities, current (21) Other long-term liabilities (569) Net assets acquired $ 2,340 Less: Fair value of non-controlling interests (22) Less: Fair value of previously held TCC equity investments (1,398) Total cash consideration $ 920
Schedule of Acquired Finite-Lived Intangible Assets	The Company recorded intangible assets based on its estimate of fair value which consisted of the following: (In millions) Estimated Useful Life (in years) Intangible Assets Acquired Customer relationships 23 $ 497 Technology 7 220 Trademark 26 180 Backlog 1 60 Land use rights 45 8 Total intangible assets acquired $ 965

DIVESTITURES (Tables)

DIVESTITURES (Tables)	12 Months Ended
DIVESTITURES (Tables)	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disclosure of Long Lived Assets Held-for-sale	The following table summarizes assets and liabilities classified as held for sale: December 31, 2023 (In millions) Commercial Access Industrial Total Cash and cash equivalents $ 131 $ 6 $ 20 $ 157 Accounts receivable, net 274 104 101 479 Inventories, net 84 31 65 180 Contract assets, current 98 2 42 142 Other assets, current 15 3 4 22 Fixed assets, net 78 13 22 113 Intangible assets, net — 53 2 55 Goodwill 72 1,498 439 2,009 Operating lease right-of-use assets 49 13 28 90 Other assets 44 10 13 67 Total assets held for sale $ 845 $ 1,733 $ 736 $ 3,314 Accounts payable $ 129 $ 20 $ 39 $ 188 Accrued liabilities 181 21 55 257 Contract liabilities, current 23 53 22 98 Long-term debt, including current portion 8 — — 8 Future pension and post-retirement obligations 203 — 1 204 Future income tax obligations 4 2 3 9 Operating lease liabilities 40 11 23 74 Other long-term liabilities 3 12 9 24 Total liabilities held for sale $ 591 $ 119 $ 152 $ 862

SEGMENT FINANCIAL DATA (Tables)

SEGMENT FINANCIAL DATA (Tables)	12 Months Ended
SEGMENT FINANCIAL DATA (Tables)	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Net sales and Operating profit by segment are as follows: Net Sales Operating Profit (In millions) 2023 2022 2021 2023 2022 2021 HVAC $ 15,139 $ 13,408 $ 11,390 $ 2,275 $ 2,610 $ 1,738 Refrigeration 3,818 3,883 4,127 428 483 476 Fire & Security 3,633 3,570 5,515 209 1,630 662 Total segment 22,590 20,861 21,032 2,912 4,723 2,876 Eliminations and other (492) (440) (419) (275) (80) (96) General corporate expenses — — — (341) (128) (135) Consolidated $ 22,098 $ 20,421 $ 20,613 $ 2,296 $ 4,515 $ 2,645 Total assets are not presented for each segment as they are not presented to or reviewed by the CODM. Segment assets in the following table represent Accounts receivable, net, Contract assets, current and Inventories, net . These assets are regularly reviewed by management and are therefore reported in the following table as segment assets. All other remaining assets and liabilities for all periods presented are managed on a company-wide basis. Segment Assets Capital Expenditures Depreciation & Amortization (In millions) 2023 2022 2023 2022 2021 2023 2022 2021 HVAC $ 3,204 $ 3,191 $ 313 $ 232 $ 225 $ 413 $ 256 $ 186 Refrigeration 834 1,279 30 32 39 34 31 36 Fire & Security 940 1,492 33 40 49 54 58 83 Total Segment 4,978 5,962 376 304 313 501 345 305 Eliminations and other 26 48 93 49 31 41 35 33 Consolidated $ 5,004 $ 6,010 $ 469 $ 353 $ 344 $ 542 $ 380 $ 338 Cash and cash equivalents 10,015 3,520 Other assets, current 447 349 Assets held for sale 3,314 — Total current assets $ 18,780 $ 9,879
Schedule of Revenue from External Customers by Geographic Areas	Segment sales disaggregated by product and service are as follows: (In millions) 2023 2022 2021 Sales Type Product $ 13,313 $ 11,882 $ 9,985 Service 1,826 1,526 1,405 HVAC sales 15,139 13,408 11,390 Product 3,352 3,432 3,653 Service 466 451 474 Refrigeration sales 3,818 3,883 4,127 Product 3,384 3,372 3,985 Service 249 198 1,530 Fire & Security sales 3,633 3,570 5,515 Total segment sales 22,590 20,861 21,032 Eliminations and other (492) (440) (419) Consolidated $ 22,098 $ 20,421 $ 20,613 External Sales Long-Lived Assets (In millions) 2023 2022 2021 2023 2022 United States Operations $ 12,205 $ 11,797 $ 10,492 $ 857 $ 803 International Operations Europe 4,729 4,359 5,776 497 453 Asia Pacific 4,352 3,489 3,464 543 573 Other 812 776 881 396 412 Consolidated $ 22,098 $ 20,421 $ 20,613 $ 2,293 $ 2,241

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
RELATED PARTIES (Tables)	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Equity Method Investments	Amounts attributable to equity method investees are as follows: (In millions) 2023 2022 2021 Sales to equity method investees included in Product sales $ 2,920 $ 2,845 $ 2,258 Purchases from equity method investees included in Cost of products sold $ 214 $ 331 $ 357 The Company had receivables from and payables to equity method investees as follows: (In millions) 2023 2022 Receivables from equity method investees included in Accounts receivable, net $ 231 $ 154 Payables to equity method investees included in Accounts payable $ 44 $ 44 Summarized unaudited financial information for equity method investments is as follows: (In millions) 2023 2022 Current assets $ 11,432 $ 10,621 Non-current assets 1,834 1,931 Total assets 13,266 12,552 Current liabilities (9,296) (8,631) Non-current liabilities (190) (195) Total liabilities (9,486) (8,826) Total net equity of investees $ 3,780 $ 3,726 (In millions) 2023 2022 2021 Net sales $ 16,180 $ 11,524 $ 9,471 Gross profit $ 2,862 $ 2,274 $ 1,907 Income from continuing operations $ 655 $ 757 $ 650 Net income $ 655 $ 757 $ 650

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Outstanding Liability for Environmental Obligations	As of December 31, 2023 and 2022, the outstanding liability for environmental obligations are as follows: (In millions) 2023 2022 Environmental reserves included in Accrued liabilities $ 21 $ 24 Environmental reserves included in Other long-term liabilities 203 211 Total environmental reserves $ 224 $ 235
Schedule of Asbestos Liabilities and Related Recoveries	The Company's asbestos liabilities and related insurance recoveries are as follows: (In millions) 2023 2022 Asbestos liabilities included in Accrued liabilities $ 15 $ 16 Asbestos liabilities included in Other long-term liabilities 206 212 Total asbestos liabilities $ 221 $ 228 Asbestos-related recoveries included in Other assets, current $ 5 $ 5 Asbestos-related recoveries included in Other assets 88 90 Total asbestos-related recoveries $ 93 $ 95
Schedule of Self-Insurance Liabilities	The Company's self-insurance liabilities were as follows: (In millions) 2023 2022 Self-insurance liabilities included in Accrued liabilities $ 160 $ 139 Self-insurance liabilities included in Other long-term liabilities 55 53 Total self-insurance liabilities $ 215 $ 192

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental cash flow information was as follows: (In millions) 2023 2022 2021 Interest paid, net of amounts capitalized $ 320 $ 297 $ 317 Income taxes paid, net of refunds $ 942 $ 833 $ 675 Non-cash financing activity: Common stock dividends payable $ 161 $ 158 $ 130

DESCRIPTION OF THE BUSINESS (De

DESCRIPTION OF THE BUSINESS (Details)	12 Months Ended
DESCRIPTION OF THE BUSINESS (Details)	Dec. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Millions

12 Months Ended

Jan. 02, 2024 USD ($)

Feb. 06, 2022 USD ($)

Apr. 03, 2020 shares

Apr. 02, 2020 USD ($)

Mar. 27, 2020 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 12, 2023 USD ($)

Dec. 07, 2023 USD ($)

Aug. 01, 2022

Jan. 03, 2022 USD ($)

Jul. 26, 2021 country

Feb. 27, 2020 USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Chubb gain

$ 0

$ 1,105

$ 0

Shares issued per common share (in shares) | shares

Aggregate principal balance

$ 11,000

Net transfers to parent

$ 10,900

Capital contributions received from contributions from parent

$ 590

Spinoff

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Separation costs

Disposal Group, Held-for-sale, Not Discontinued Operations | Access Solutions

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Enterprise value

$ 4,950

Disposal Group, Held-for-sale, Not Discontinued Operations | Commercial Refrigeration Business (CCR)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Enterprise value

$ 775

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chubb Fire and Security

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Enterprise value

$ 2,900

Chubb gain

$ 1,100

Disposal Group, Disposed of by Sale, Not Discontinued Operations | Chubb Fire and Security | Fire & Security

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of countries | country

TCC

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration transferred

$ 920

TCC | TCC | Toshiba Corporation

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Ownership percentage

Subsequent Event | VCS Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Consideration transferred

$ 14,200

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Restricted cash, current	$ 2	$ 7
Allowance for expected credit losses	108	117
Research and development expense	$ 617	$ 539	$ 503

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Range of Useful Lives (Details)	Dec. 31, 2023
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	1 year
Minimum \| Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	5 years
Minimum \| Monitoring lines
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	7 years
Minimum \| Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	1 year
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	30 years
Maximum \| Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	30 years
Maximum \| Monitoring lines
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	10 years
Maximum \| Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life (in years)	23 years

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 695	$ 884
Work-in-process	259	230
Finished goods	1,263	1,526
Inventories, net	2,217	2,640
Inventory valuation reserves	223	190
Amount higher than the net book value of the inventories	$ 226	$ 199
Percentage of LIFO inventory	35%	26%

FIXED ASSETS, NET (Details)

FIXED ASSETS, NET (Details) - USD ($) $ in Millions	12 Months Ended
FIXED ASSETS, NET (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 4,537	$ 4,523
Accumulated depreciation	(2,244)	(2,282)
Fixed assets, net	2,293	2,241
Depreciation	300	256	$ 238
Land
Property, Plant and Equipment [Line Items]
Fixed assets, gross	112	126
Buildings and improvements
Property, Plant and Equipment [Line Items]
Fixed assets, gross	1,122	1,251
Machinery, tools and equipment
Property, Plant and Equipment [Line Items]
Fixed assets, gross	2,515	2,409
Rental assets
Property, Plant and Equipment [Line Items]
Fixed assets, gross	346	390
Other, including assets under construction
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 442	$ 347
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	20 years
Minimum \| Machinery, tools and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Minimum \| Rental assets
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	3 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	40 years
Maximum \| Machinery, tools and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	25 years
Maximum \| Rental assets
Property, Plant and Equipment [Line Items]
Estimated Useful Lives (Years)	12 years

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill - Beginning Balance	$ 9,977	$ 9,349
Goodwill resulting from business combinations		905
Goodwill resulting from business combinations	(3)
Reclassified to held for sale	(2,009)
Foreign currency translation	24	(277)
Goodwill - Ending Balance	7,989	9,977
HVAC
Goodwill [Roll Forward]
Goodwill - Beginning Balance	6,392	5,658
Goodwill resulting from business combinations		904
Goodwill resulting from business combinations	1
Reclassified to held for sale	0
Foreign currency translation	14	(170)
Goodwill - Ending Balance	6,407	6,392
Refrigeration
Goodwill [Roll Forward]
Goodwill - Beginning Balance	1,197	1,228
Goodwill resulting from business combinations		0
Goodwill resulting from business combinations	(4)
Reclassified to held for sale	(72)
Foreign currency translation	3	(31)
Goodwill - Ending Balance	1,124	1,197
Fire & Security
Goodwill [Roll Forward]
Goodwill - Beginning Balance	2,388	2,463
Goodwill resulting from business combinations		1
Goodwill resulting from business combinations	0
Reclassified to held for sale	(1,937)
Foreign currency translation	7	(76)
Goodwill - Ending Balance	$ 458	$ 2,388

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Finite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,240	$ 2,785
Accumulated Amortization	(1,276)	(1,506)
Net Amount	964	1,279
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	2,304	2,848
Accumulated Amortization	(1,276)	(1,506)
Net Amount	1,028	1,342
Trademarks and other
Indefinite-lived Intangible Assets [Line Items]
Net Amount	64	63
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,222	1,431
Accumulated Amortization	(610)	(720)
Net Amount	612	711
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(610)	(720)
Patents and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	332	401
Accumulated Amortization	(163)	(191)
Net Amount	169	210
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	(163)	(191)
Service portfolios and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	686	953
Accumulated Amortization	(503)	(595)
Net Amount	183	358
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (503)	$ (595)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 242	$ 124	$ 98

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Future Amortization of Intangible Assets (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 175
2025	155
2026	122
2027	95
2028	75
Thereafter	$ 342

BORROWINGS AND LINES OF CREDI_2

BORROWINGS AND LINES OF CREDIT - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022	Mar. 15, 2022
Debt Instrument [Line Items]
Discounts and debt issuance costs	$ (111)		$ (61)
Total debt	14,293		8,842
Less: current portion of long-term debt	51		140
Long-term debt, net of current portion	14,242		8,702
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	13,951		8,350
Unsecured Debt \| Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	379		404
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 74		149
2.242% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.242%			2.242%
Long-term debt, gross	$ 1,200		1,200
4.375% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.375%	4.375%
Long-term debt, gross	$ 830		0
5.800% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	5.80%	5.80%
Long-term debt, gross	$ 1,000		0
2.493% Notes due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.493%			2.493%
Long-term debt, gross	$ 900		900
4.125% Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.125%	4.125%
Long-term debt, gross	$ 830		0
2.722% Notes due 2030 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.722%
Long-term debt, gross	$ 2,000		2,000
2.700% Notes due 2031 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	2.70%
Long-term debt, gross	$ 750		750
4.500% Notes due 2032 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	4.50%	4.50%
Long-term debt, gross	$ 941		0
5.900% Notes due 2034 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	5.90%	5.90%
Long-term debt, gross	$ 1,000		0
3.377% Notes due 2040 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	3.377%
Long-term debt, gross	$ 1,500		1,500
3.577% Notes due 2050 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	3.577%
Long-term debt, gross	$ 2,000		2,000
6.200% Notes due 2054 \| Unsecured Debt
Debt Instrument [Line Items]
Interest rate	6.20%	6.20%
Long-term debt, gross	$ 1,000		$ 0

BORROWINGS AND LINES OF CREDI_3

BORROWINGS AND LINES OF CREDIT - Narrative (Details)				12 Months Ended
BORROWINGS AND LINES OF CREDIT - Narrative (Details)	May 19, 2023 USD ($)	Jul. 25, 2022 JPY (¥)	Jul. 15, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2023 EUR (€)	Jul. 15, 2022 JPY (¥)	Mar. 15, 2022 USD ($)	Feb. 27, 2020 USD ($)
Debt Instrument [Line Items]
Aggregate principal balance											$ 11,000,000,000
Issuance of long-term debt				$ 5,609,000,000	$ 432,000,000	$ 140,000,000
Repayment of long-term debt				$ 111,000,000	1,275,000,000	704,000,000
Weighted average interest rate				3.80%
Interest expense, debt				$ 362,000,000	302,000,000	$ 319,000,000
Weighted Average
Debt Instrument [Line Items]
Average maturity of long-term debt				11 years
Revolving Credit Facility \| Secured Overnight Financing Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Commercial Paper \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,000,000,000
Short-term debt				0
Unsecured Debt \| Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal balance			$ 400,000,000						¥ 54,000,000,000
Debt issuance costs, gross			$ 2,000,000
Debt instrument, term			5 years
Proceeds from issuance of debt \| ¥		¥ 54,000,000,000
Unsecured Debt \| Term Loan Facility \| Tokyo Term Risk Free Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross	$ 2,000,000
Revolving credit facility, maximum borrowing capacity	$ 2,000,000,000
Long-term debt				$ 0
Senior Notes issue November 2023 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance							$ 3,000,000,000
5.800% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance							$ 1,000,000,000
Debt instrument, interest rate, stated percentage				5.80%			5.80%	5.80%
5.900% Notes due 2034 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance							$ 1,000,000,000
Debt instrument, interest rate, stated percentage				5.90%			5.90%	5.90%
6.200% Notes due 2054 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance							$ 1,000,000,000
Debt instrument, interest rate, stated percentage				6.20%			6.20%	6.20%
Senior Notes \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €								€ 2,350,000,000
4.375% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €								€ 750,000,000
Debt instrument, interest rate, stated percentage				4.375%			4.375%	4.375%
4.125% Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €								€ 750,000,000
Debt instrument, interest rate, stated percentage				4.125%			4.125%	4.125%
4.500% Notes due 2032 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance \| €								€ 850,000,000
Debt instrument, interest rate, stated percentage				4.50%			4.50%	4.50%
Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt issuance costs, gross							$ 51,000,000
Project Financing Arrangements \| Other Debt
Debt Instrument [Line Items]
Issuance of long-term debt				$ 39,000,000	38,000,000
Repayment of long-term debt				$ 111,000,000	160,000,000
Senior Notes, 2.242%, Due 2025 And Senior Notes, 2.493% Due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance										$ 1,150,000,000
Gain (loss) on extinguishment of debt, before write off of debt issuance cost					33,000,000
Interest expense, debt, financing fees expensed					$ 5,000,000
2.242% Notes due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage				2.242%						2.242%
Debt instrument, aggregate purchase cap										$ 800,000,000
2.493% Notes due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal balance										$ 350,000,000
Debt instrument, interest rate, stated percentage				2.493%						2.493%

BORROWINGS AND LINES OF CREDI_4

BORROWINGS AND LINES OF CREDIT - Long-term Debt Maturity (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 51
2025	3,053
2026	4
2027	1,245
2028	832
Thereafter	$ 9,191

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - VCS Business $ in Millions, € in Billions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Apr. 25, 2023 EUR (€)
Foreign Exchange Forward
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount \| €				€ 7
Loss on derivative instruments, pretax	$ 96	$ 0	$ 0
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	1,525
Gain on mark-to-market valuation	58
Interest rate cash flow hedge, net gain to be reclassified during next 12 months	$ 3

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value and Carrying Amounts Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, current, Other assets	Other assets, current, Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	$ 32	$ 28
Derivative liabilities	(126)	(48)
Fair Value, Recurring \| Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Fair Value, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	32	28
Derivative liabilities	(126)	(48)
Fair Value, Recurring \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

FAIR VALUES MEASUREMENTS - Carr

FAIR VALUES MEASUREMENTS - Carrying Amounts and Fair Values of Financial Instruments (Details) - Unsecured Debt - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 13,951	$ 8,350
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 13,194	$ 6,832

LEASES - Operating Lease Right-

LEASES - Operating Lease Right-of-Use Assets and Liabilities on the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 491	$ 642
Accrued liabilities	(108)	(132)
Operating lease liabilities	(391)	(529)
Total operating lease liabilities	$ (499)	$ (661)
Weighted-Average Remaining Lease Term (in years)	7 years	7 years 8 months 12 days
Weighted-Average Discount Rate	3.90%	3.40%
Operating lease, liability, current, statement of financial position, extensible enumeration	Accrued liabilities	Accrued liabilities

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows for measurement of operating lease liabilities	$ 166	$ 145	$ 197
Operating lease ROU assets obtained in exchange for operating lease obligations	63	109	180
Operating lease expense	$ 158	$ 148	$ 200

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 126
2025	107
2026	87
2027	62
2028	45
Thereafter	149
Total undiscounted lease payments	576
Less: imputed interest	(77)
Total discounted lease payments	$ 499	$ 661

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Funds
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plan, employer contribution, cost	$ 15	$ 15
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of projected benefit obligation compromised of domestic plan benefits	42%
Percentage of projected benefit obligation compromised of foreign plan benefits	58%
Defined benefit plan, accumulated benefit obligation	$ 600	700
Defined contribution plan, cost	33	16	$ 47
Defined benefit plan, expected future employer contributions, next fiscal year	$ 5
Pension Plan \| Defined Benefit Plan, Growth Seeking Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plant assets, investment within plan asset category, percentage	30%
Pension Plan \| Defined Benefit Plan, Income Generating And Hedging Assets
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plant assets, investment within plan asset category, percentage	70%
Employee Savings Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost	$ 125	$ 123	$ 115

EMPLOYEE BENEFIT PLANS - Schedu

EMPLOYEE BENEFIT PLANS - Schedule of Change in Benefit Obligation and Plan Assets, and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amounts included in the balance sheet:
Other non-current assets	$ 32	$ 26
Post-employment and other benefit liabilities	(155)	(349)
Pension Plan
Change in Benefit Obligation
Benefit obligation at beginning of year	760	906
Service cost	15	20	$ 27
Interest cost	31	18	37
Actuarial (gain) loss	27	(271)
Benefits paid	(25)	(21)
Curtailment, settlements and special termination benefits	(24)	(7)
Other, including expenses paid	3	(38)
Reclassified to held for sale	(212)	0
Acquisitions	0	153
Benefit obligation at end of year	575	760	906
Change in Plan Assets
Fair value at beginning of year	451	591
Actual return on plan assets	39	(170)
Company contributions	33	16
Benefits paid	(25)	(21)
Settlements	(24)	(7)
Other, including expenses paid	2	(18)
Reclassified to held for sale	(8)	0
Acquisitions	0	60
Fair value of assets end of year	468	451	591
Funded Status
Benefit obligation	575	760	906
Fair value of plan assets	468	451	$ 591
Funded status of plans	(107)	(309)
Amounts included in the balance sheet:
Other non-current assets	32	25
Accrued compensation and benefits	(12)	(18)
Post-employment and other benefit liabilities	(127)	(316)
Net amount recognized	$ (107)	$ (309)

EMPLOYEE BENEFIT PLANS - Amount

EMPLOYEE BENEFIT PLANS - Amounts Recognized Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	$ 8,076	$ 7,094	$ 6,578
Amortization reclassified to earnings	(1)	(11)	(42)
Balance as of end of period	9,005	8,076	7,094
Total
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	(84)	(484)	(554)
Amortization reclassified to earnings	(1)	(11)	(34)
Balance as of end of period	(100)	(84)	$ (484)
Pension Plan \| Total
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	104
Current year changes recorded in AOCI	20
Amortization reclassified to earnings	(1)
Settlement/curtailment reclassified to earnings	(2)
Currency translation and other	5
Balance as of end of period	126	104
Pension Plan \| Prior Service Cost (Benefit)
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	11
Current year changes recorded in AOCI	0
Amortization reclassified to earnings	(2)
Settlement/curtailment reclassified to earnings	(3)
Currency translation and other	0
Balance as of end of period	6	11
Pension Plan \| Net Actuarial (Gain) Loss
AOCI Attributable to Parent, before tax [Roll Forward]
Balance as of beginning of period	93
Current year changes recorded in AOCI	20
Amortization reclassified to earnings	1
Settlement/curtailment reclassified to earnings	1
Currency translation and other	5
Balance as of end of period	$ 120	$ 93

EMPLOYEE BENEFIT PLANS - Accumu

EMPLOYEE BENEFIT PLANS - Accumulated and Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	$ 378	$ 564
Accumulated benefit obligation	362	538
Fair value of plan assets	239	230
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	378	564
Accumulated benefit obligation	362	538
Fair value of plan assets	$ 239	$ 230

EMPLOYEE BENEFIT PLANS - Pensio

EMPLOYEE BENEFIT PLANS - Pension Benefit Payments (Details) - Pension Plan $ in Millions	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2024	$ 31
2025	33
2026	37
2027	42
2028	38
2029 through 2033	$ 201

EMPLOYEE BENEFIT PLANS - Net Pe

EMPLOYEE BENEFIT PLANS - Net Periodic Pension Expense (Benefit) (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 15	$ 20	$ 27
Interest cost	31	18	37
Expected return on plan assets	(32)	(27)	(145)
Amortization of prior service cost	3	2	2
Recognized actuarial net loss	(2)	9	32
Net settlement, curtailment and special termination benefit loss	1	2	13
Net periodic pension expense (benefit)	$ 16	$ 24	$ (34)

EMPLOYEE BENEFIT PLANS - Major

EMPLOYEE BENEFIT PLANS - Major Assumptions Used in Determining the Benefit Obligation and Net Cost for Pension Plans (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Benefit Obligation
Projected benefit obligation	4.30%	4.20%
Interest cost	0%	0%
Service cost	0%	0%
Salary scale	2.20%	2.40%
Expected return on plan assets	0%	0%
Net Costs
Projected benefit obligation	4.20%	2.10%	1.40%
Interest cost	4.10%	1.90%	1.20%
Service cost	4.50%	2.80%	2.10%
Salary scale	2.40%	3.10%	2.80%
Expected return on plan assets	5.70%	5%	4.60%

EMPLOYEE BENEFIT PLANS - Fair V

EMPLOYEE BENEFIT PLANS - Fair Values of Pension Plans (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 468	$ 451	$ 591
Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	143	152
Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Not Subject to Leveling
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	323	300
Defined Benefit Plan Assets, Excluding Other Assets and Liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	466	452
Global Equities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	26	27
Global Equities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Global Equities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	26	27
Global Equities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Global Equity Funds at net asset value
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	125	119
Global Equity Funds at net asset value \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Global Equity Funds at net asset value \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Global Equity Funds at net asset value \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Global Equity Funds at net asset value \| Not Subject to Leveling
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	125	119
Governments
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	63	59
Governments \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Governments \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	40	35
Governments \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Governments \| Not Subject to Leveling
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	23	24
Corporate Bonds
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	44	45
Corporate Bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Corporate Bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	44	45
Corporate Bonds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	181	167
Fixed Income Securities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Fixed Income Securities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	9	11
Fixed Income Securities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Fixed Income Securities \| Not Subject to Leveling
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	172	156
Real Estate
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	1	1
Real Estate \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Real Estate \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	1	1
Real Estate \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Other
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	10	8
Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	10	8
Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Cash & Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	16	26
Cash & Cash Equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Cash & Cash Equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	13	25
Cash & Cash Equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	0	0
Cash & Cash Equivalents \| Not Subject to Leveling
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	3	1
Other assets and liabilities
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, plan assets, amount	$ 2	$ (1)

PRODUCT WARRANTIES (Details)

PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	12 Months Ended
PRODUCT WARRANTIES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Beginning balance	$ 551	$ 524
Warranties, performance guarantees issued and changes in estimated liability	237	184
Settlements made	(194)	(171)
Other	(13)	14
Reclassified to held for sale	(13)	0
Ending balance	$ 568	$ 551

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	12 Months Ended			35 Months Ended
EQUITY - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Feb. 28, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized (in shares)	4,000,000,000	4,000,000,000		4,000,000,000
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Stock repurchase program, authorized amount					$ 4,100,000,000
Common stock repurchased (in shares)				43,500,000
Common stock repurchased	$ 62,000,000	$ 1,381,000,000	$ 529,000,000	$ 2,000,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 2,100,000,000			$ 2,100,000,000
Common Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	883,068,393	876,487,480		883,068,393
Treasury Stock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares, issued (in shares)	43,490,981	42,103,995		43,490,981
Common stock repurchased	$ 62,000,000	$ 1,381,000,000	$ 529,000,000

EQUITY - Summary of Changes in

EQUITY - Summary of Changes in AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	$ 8,076	$ 7,094	$ 6,578
Other comprehensive income (loss) before reclassifications, net	201	(462)	(269)
Amounts reclassified, pre-tax	1	11	42
Tax benefit reclassified		(3)	(17)
Chubb divestiture		(245)
Balance as of end of period	9,005	8,076	7,094
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,688)	(989)	(745)
Balance as of end of period	(1,486)	(1,688)	(989)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(1,604)	(505)	(191)
Other comprehensive income (loss) before reclassifications, net	160	(525)	(322)
Amounts reclassified, pre-tax	0	0	8
Tax benefit reclassified		0	0
Chubb divestiture		(574)
Balance as of end of period	(1,444)	(1,604)	(505)
Defined Benefit Pension and Post-retirement Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	(84)	(484)	(554)
Other comprehensive income (loss) before reclassifications, net	(17)	63	53
Amounts reclassified, pre-tax	1	11	34
Tax benefit reclassified		(3)	(17)
Chubb divestiture		329
Balance as of end of period	(100)	(84)	(484)
Unrealized Hedging Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance as of beginning of period	0	0	0
Other comprehensive income (loss) before reclassifications, net	58	0	0
Amounts reclassified, pre-tax	0	0	0
Tax benefit reclassified		0	0
Chubb divestiture		0
Balance as of end of period	$ 58	$ 0	$ 0

REVENUE RECOGNITION - Sales Dis

REVENUE RECOGNITION - Sales Disaggregated by Product and Service (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	$ 22,098	$ 20,421	$ 20,613
Product
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	19,563	18,250	17,214
Service
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	2,535	2,171	3,399
Operating Segments
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	22,590	20,861	21,032
Operating Segments \| HVAC
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	15,139	13,408	11,390
Operating Segments \| HVAC \| Product
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	13,313	11,882	9,985
Operating Segments \| HVAC \| Service
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	1,826	1,526	1,405
Operating Segments \| Refrigeration
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	3,818	3,883	4,127
Operating Segments \| Refrigeration \| Product
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	3,352	3,432	3,653
Operating Segments \| Refrigeration \| Service
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	466	451	474
Operating Segments \| Fire & Security
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	3,633	3,570	5,515
Operating Segments \| Fire & Security \| Product
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	3,384	3,372	3,985
Operating Segments \| Fire & Security \| Service
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	249	198	1,530
Eliminations and other
Segment Reporting Information [Line Items]
Sales to equity method investees included in Product sales	$ (492)	$ (440)	$ (419)

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 306	$ 537
Contract assets, non-current (included within Other assets)	26	6
Total contract assets	332	543
Contract liabilities, current	(425)	(449)
Contract liabilities, non-current (included within Other long-term liabilities)	(160)	(174)
Total contract liabilities	(585)	(623)
Net contract assets (liabilities)	$ (253)	$ (80)

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) $ in Millions	12 Months Ended
REVENUE RECOGNITION - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, revenue recognized	$ 347

REVENUE RECOGNITION - Remaining

REVENUE RECOGNITION - Remaining Performance Obligations (Details)	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period	12 months

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 76	$ 64
Cost not yet recognized, period for recognition	2 years
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Award vesting period in event of retirement (in years)	1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Award vesting period in event of retirement (in years)	1 year
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Award vesting period in event of retirement (in years)	1 year
Award requisite service period (in years)	3 years

STOCK-BASED COMPENSATION - Fair

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - Stock Options and Stock Appreciation Rights - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options and stock appreciation rights weighted-average fair value per award (in dollars per shares)	$ 11.64	$ 10.68	$ 10.13
Assumptions:
Volatility, minimum	30.90%	30.80%	31.60%
Volatility, maximum		31.30%	34.10%
Expected term (in years)	5 years 9 months 18 days	6 years 1 month 6 days	6 years 7 months 6 days
Expected dividend yield	1.80%	1.50%	1.50%
Range of risk-free rate, minimum	3.60%	1.70%	0.70%
Range of risk-free rate, maximum		3%	1.40%

STOCK-BASED COMPENSATION - Acti

STOCK-BASED COMPENSATION - Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options and Stock Appreciation Rights
Shares Subject to Option (in thousands)
Beginning balance (in shares)	30,778	32,441	36,732
Granted (in shares)	3,494	2,715	3,194
Exercised (in shares)	(8,432)	(3,495)	(5,934)
Cancelled (in shares)	(769)	(883)	(1,551)
Ending balance (in shares)	25,071	30,778	32,441
Exercisable (in shares)	17,662
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 24.53	$ 22.02	$ 19.91
Granted (in dollars per share)	46.13	47.72	38.92
Exercised (in dollars per share)	20.48	17.76	17.59
Cancelled (in dollars per share)	42.94	30.33	23.98
Ending balance (in dollars per share)	28.34	$ 24.53	$ 22.02
Exercisable (in dollars per share)	$ 22.05
Aggregate Intrinsic Value (in millions)
Outstanding	$ 730
Exercisable	$ 625
Weighted- Average Remaining Life (in years)
Outstanding	5 years 9 months 18 days
Exercisable	4 years 9 months 18 days
Restricted Stock
RSUs / PSUs (in thousands)
Beginning balance (in shares)	2,067	3,570	5,574
Granted (in shares)	577	555	286
Vested (in shares)	(1,140)	(1,915)	(2,168)
Forfeited/Cancelled (in shares)	(161)	(143)	(122)
Ending balance (in shares)	1,343	2,067	3,570
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 29.87	$ 23.33	$ 21.57
Granted (in dollars per share)	45.71	41.88	46.49
Vested (in dollars per share)	26.09	20.85	21.45
Forfeited/Cancelled (in dollars per share)	35.09	32.92	25.39
Ending balance (in dollars per share)	$ 39.22	$ 29.87	$ 23.33
Performance Shares
RSUs / PSUs (in thousands)
Beginning balance (in shares)	1,930	1,421	772
Granted (in shares)	902	653	821
Vested (in shares)	(607)	(5)	(20)
Forfeited/Cancelled (in shares)	(183)	(139)	(152)
Ending balance (in shares)	2,042	1,930	1,421
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 35.86	$ 30.75	$ 18.46
Granted (in dollars per share)	47.93	46.93	41.48
Vested (in dollars per share)	18.23	41.81	23.72
Forfeited/Cancelled (in dollars per share)	46.52	35.45	27.28
Ending balance (in dollars per share)	$ 45.47	$ 35.86	$ 30.75

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based Compensation Cost by Award Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Equity compensation costs - equity settled	$ 81	$ 77	$ 92
Equity compensation costs - cash settled	3	(15)	19
Total stock-based compensation cost	84	62	111
Income tax benefit	$ 11	$ 9	$ 13

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	12 Months Ended
RESTRUCTURING COSTS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 97	$ 31	$ 89
Restructuring Reserve [Roll Forward]
Beginning balance	24	54
Net pre-tax restructuring costs	97	31	89
Utilization, foreign exchange and other	(58)	(61)
Reclassified to held for sale	(8)	0
Ending balance	55	24	54
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring costs	18	9	28
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	18	9	28
Selling, general and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring costs	79	22	60
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	79	22	60
Other income (expense), net
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0	0	1
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	0	0	1
Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	87	29	84
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	87	29	84
General corporate expenses
Restructuring Cost and Reserve [Line Items]
Restructuring costs	10	2	5
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	10	2	5
HVAC \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	44	8	33
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	44	8	33
Refrigeration \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	21	10	25
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	21	10	25
Fire & Security \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring costs	22	11	26
Restructuring Reserve [Roll Forward]
Net pre-tax restructuring costs	$ 22	$ 11	$ 26

RESTRUCTURING COSTS - Narrative

RESTRUCTURING COSTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring reserve	$ 55	$ 24	$ 54

OTHER INCOME (EXPENSE), NET - S

OTHER INCOME (EXPENSE), NET - Schedule of Other Income (Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Impairment charge on minority-owned joint venture investments	$ 0	$ 0	$ (2)
KFI deconsolidation	(297)	0	0
TCC acquisition-related gain	(8)	705	0
Chubb gain	0	1,105	0
Other	17	30	41
Other income (expense), net	$ (384)	$ 1,840	$ 39

OTHER INCOME (EXPENSE), NET - N

OTHER INCOME (EXPENSE), NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deconsolidation, gain (loss), amount	$ (297)	$ 0	$ 0
Chubb gain	0	1,105	0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Chubb Fire and Security
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Chubb gain		1,100
VCS Business \| Foreign Exchange Forward
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on derivative instruments, pretax	96	$ 0	$ 0
TCC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
TCC acquisition-related gain	$ 697

INCOME TAXES - Income Before In

INCOME TAXES - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 1,311	$ 1,876	$ 1,528
Foreign	773	2,416	872
Income from operations before income taxes	$ 2,084	$ 4,292	$ 2,400

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 412	$ 453	$ 336
State	124	120	83
Foreign	341	259	354
Current income tax provision	877	832	773
Future:
Federal	(138)	(23)	(125)
State	(33)	(29)	(14)
Foreign	(62)	(72)	65
Deferred income tax provision (benefit)	(233)	(124)	(74)
Income tax expense	$ 644	$ 708	$ 699

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21%	21%	21%
State income tax	2.70%	1.50%	1.90%
Taxes on international activities	6.30%	(1.00%)	7.20%
TCC acquisition impact	0%	(4.20%)	0%
Other	0.90%	(0.80%)	(1.00%)
Effective income tax rate	30.90%	16.50%	29.10%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Net tax charge related to re-organizations and disentanglements	$ 90		$ 157
Change in enacted tax rate, amount	65
Withholding tax of repatriated foreign earnings	33
Tax benefit on deconsolidation of subsidiary	53
Foreign tax credits generated and utilized in the current year	49	$ 45
Chubb gain	0	1,105	0
Tax credit carryforward, amount	1,333
Unrecognized tax benefits	382	291	251	$ 162
Undistributed earnings of foreign subsidiaries	10,000
Minimum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	60
Maximum
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	80
Swiss Federal Tax Administration (FTA)
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Tax credit carryforward, amount	$ 1,300
Tax credit carryforward, offset period	10 years
United Kingdom
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Change in enacted tax rate, amount			43
Tax adjustment due to foreign tax credits			70
Germany
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Tax adjustment due to foreign tax credits		21
Disposal Group, Held-for-sale, Not Discontinued Operations
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Future income tax obligations	$ 9
Chubb Fire and Security \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Chubb gain		1,100
VCS Business \| Foreign Exchange Forward
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items]
Loss on derivative instruments, pretax	$ 96	$ 0	$ 0

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Future income tax benefits:
Insurance and employee benefits	$ 158	$ 161
Other assets basis differences	420	284
Other liabilities basis differences	547	571
Tax loss carryforwards	185	177
Tax credit carryforwards	1,333	29
Valuation allowances	(1,399)	(100)
Future income tax benefit	1,244	1,122
Future income tax payables:
Goodwill and intangible assets	(412)	(449)
Other asset basis differences	(388)	(395)
Future income tax payables	$ (800)	$ (844)

INCOME TAXES - Valuation and Qu

INCOME TAXES - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Reclassified to held for sale	$ (9)
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of the year	100	$ 90	$ 231
Additions charged to income tax expense	27	18	32
Reduction credited to income tax expense	(22)	(22)	(22)
Other adjustments	1,303	14	(41)
Reclassified to held for sale		(110)
Balance at end of the year	$ 1,399	$ 100	$ 90

INCOME TAXES - Tax Credit and L

INCOME TAXES - Tax Credit and Loss Carryforwards (Details) $ in Millions	Dec. 31, 2023 USD ($)
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	$ 836
Tax Credit Carryforwards	1,333
Swiss Federal Tax Administration (FTA)
Tax Credit Carryforward [Line Items]
Tax Credit Carryforwards	1,300
2024-2028
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	70
Tax Credit Carryforwards	28
2029-2033
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	96
Tax Credit Carryforwards	1,289
2034-2043
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	96
Tax Credit Carryforwards	0
Indefinite
Tax Credit Carryforward [Line Items]
Tax Loss Carryforwards	574
Tax Credit Carryforwards	$ 16

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 291	$ 251	$ 162
Additions for tax positions related to the current year	37	34	86
Additions for tax positions of prior years	81	32	24
Reductions for tax positions of prior years	0	(13)	(1)
Settlements	(27)	(13)	(18)
Reclassified to held for sale	0	0	(2)
Balance at end of period	382	291	251
Gross interest expense related to unrecognized tax benefits	18	16	8
Total accrued interest balance at end of period	64	$ 48	35
Amount as a result of acquisition	$ 73		$ 14

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income attributable to common shareowners	$ 1,349	$ 3,534	$ 1,664
Basic weighted-average number of shares outstanding (in shares)	837.3	843.4	867.7
Stock awards and equity units (share equivalent) (in shares)	15.7	17.8	22.6
Diluted weighted-average number of shares outstanding (in shares)	853	861.2	890.3
Antidilutive shares excluded from computation of diluted earnings per share (in shares)	2	2.9	0.1
Earnings Per Share
Basic (in dollars per share)	$ 1.61	$ 4.19	$ 1.92
Diluted (in dollars per share)	$ 1.58	$ 4.10	$ 1.87

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) € in Billions

1 Months Ended

12 Months Ended

May 19, 2023 USD ($)

Apr. 25, 2023 USD ($)

Feb. 06, 2022 USD ($)

Nov. 30, 2023 USD ($)

Nov. 30, 2023 EUR (€)

May 31, 2023 USD ($)

May 31, 2023 EUR (€)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

May 19, 2023 EUR (€)

Apr. 25, 2023 EUR (€)

Aug. 01, 2022 USD ($)

Feb. 27, 2020 USD ($)

Business Acquisition [Line Items]

Payments to acquire businesses, net of cash acquired

$ 84,000,000

$ 506,000,000

$ 366,000,000

Goodwill

7,989,000,000

9,977,000,000

$ 9,349,000,000

Aggregate principal amount

$ 11,000,000,000

Bridge Loan | Unsecured Debt

Business Acquisition [Line Items]

Aggregate principal amount | €

€ 8.2

Debt issuance costs, gross

$ 48,000,000

Principal reduction | €

€ 5.4

€ 2.3

Accumulated amortization, debt issuance costs

$ 15,000,000

$ 10,000,000

Delayed Draw Facility | Line of Credit | The Credit Agreement

Business Acquisition [Line Items]

Maximum borrowing capacity | €

€ 2.3

Debt issuance costs, net

$ 4,000,000

Revolving Credit Facility | Line of Credit

Business Acquisition [Line Items]

Debt issuance costs, gross

2,000,000

Maximum borrowing capacity

2,000,000,000

Revolving Credit Facility | Senior Unsecured Revolving Credit Facility | The Credit Agreement

Business Acquisition [Line Items]

Maximum borrowing capacity

$ 500,000,000

Debt instrument, term

364 days

Series of Individually Immaterial Business Acquisitions

Business Acquisition [Line Items]

Payments to acquire businesses, net of cash acquired

84,000,000

TCC

Business Acquisition [Line Items]

Consideration transferred

$ 920,000,000

Goodwill

$ 876,000,000

Working capital adjustments and other transaction-related items

$ 41,000,000

Accounts receivable

12,000,000

$ 428,000,000

TCC acquisition-related gain

697,000,000

Acquisition-related costs

29,000,000

TCC | TCC | Toshiba Corporation

Business Acquisition [Line Items]

Ownership percentage

VCS Business

Business Acquisition [Line Items]

Acquisition-related costs

$ 80,000,000

Business combination, percentage of purchase price to be paid in equity

20%

Business combination, percentage of purchase price to be paid in cash

80%

ACQUISITIONS - Purchase Price (

ACQUISITIONS - Purchase Price (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Aug. 01, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 7,989	$ 9,977		$ 9,349
TCC
Business Acquisition [Line Items]
Cash and cash equivalents			$ 462
Accounts receivable	$ 12		428
Inventories			373
Other assets, current			54
Fixed assets			330
Intangible assets			965
Goodwill			876
Other assets			299
Accounts payable			(412)
Accrued liabilities			(445)
Contract liabilities, current			(21)
Other long-term liabilities			(569)
Net assets acquired			2,340
Less: Fair value of non-controlling interests			(22)
Less: Fair value of previously held TCC equity investments			(1,398)
Total cash consideration			$ 920

ACQUISITIONS - Intangible Asset

ACQUISITIONS - Intangible Assets Acquired by Toshiba Carrier Corporation (Details) - TCC $ in Millions	Aug. 01, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible Assets Acquired	$ 965
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	23 years
Intangible Assets Acquired	$ 497
Technology
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	7 years
Intangible Assets Acquired	$ 220
Trademark
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	26 years
Intangible Assets Acquired	$ 180
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	1 year
Intangible Assets Acquired	$ 60
Land use rights
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (in years)	45 years
Intangible Assets Acquired	$ 8

DIVESTITURES - Narrative (Detai

DIVESTITURES - Narrative (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions	Dec. 12, 2023	Dec. 07, 2023
Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value		$ 4,950
Commercial Refrigeration Business (CCR)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Enterprise value	$ 775

DIVESTITURES - Schedule of Chub

DIVESTITURES - Schedule of Chubb's Assets and Liabilities (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations $ in Millions	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 157
Accounts receivable, net	479
Inventories, net	180
Contract assets, current	142
Other assets, current	22
Fixed assets, net	113
Intangible assets, net	55
Goodwill	2,009
Operating lease right-of-use assets	90
Other assets	67
Total assets held for sale	3,314
Accounts payable	188
Accrued liabilities	257
Contract liabilities, current	98
Long-term debt, including current portion	8
Future pension and post-retirement obligations	204
Future income tax obligations	9
Operating lease liabilities	74
Other long-term liabilities	24
Total liabilities held for sale	862
Commercial Refrigeration
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	131
Accounts receivable, net	274
Inventories, net	84
Contract assets, current	98
Other assets, current	15
Fixed assets, net	78
Intangible assets, net	0
Goodwill	72
Operating lease right-of-use assets	49
Other assets	44
Total assets held for sale	845
Accounts payable	129
Accrued liabilities	181
Contract liabilities, current	23
Long-term debt, including current portion	8
Future pension and post-retirement obligations	203
Future income tax obligations	4
Operating lease liabilities	40
Other long-term liabilities	3
Total liabilities held for sale	591
Access Solutions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	6
Accounts receivable, net	104
Inventories, net	31
Contract assets, current	2
Other assets, current	3
Fixed assets, net	13
Intangible assets, net	53
Goodwill	1,498
Operating lease right-of-use assets	13
Other assets	10
Total assets held for sale	1,733
Accounts payable	20
Accrued liabilities	21
Contract liabilities, current	53
Long-term debt, including current portion	0
Future pension and post-retirement obligations	0
Future income tax obligations	2
Operating lease liabilities	11
Other long-term liabilities	12
Total liabilities held for sale	119
Industrial Fire
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	20
Accounts receivable, net	101
Inventories, net	65
Contract assets, current	42
Other assets, current	4
Fixed assets, net	22
Intangible assets, net	2
Goodwill	439
Operating lease right-of-use assets	28
Other assets	13
Total assets held for sale	736
Accounts payable	39
Accrued liabilities	55
Contract liabilities, current	22
Long-term debt, including current portion	0
Future pension and post-retirement obligations	1
Future income tax obligations	3
Operating lease liabilities	23
Other long-term liabilities	9
Total liabilities held for sale	$ 152

SEGMENT FINANCIAL DATA (Details

SEGMENT FINANCIAL DATA (Details) $ in Millions	12 Months Ended
SEGMENT FINANCIAL DATA (Details) $ in Millions	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	3
Net Sales	$ 22,098	$ 20,421	$ 20,613
Operating Profit	2,296	4,515	2,645
Segment Assets	5,004	6,010
Cash and cash equivalents	10,015	3,520	2,987
Other assets, current	447	349
Assets held for sale	3,314	0
Total current assets	18,780	9,879
Capital Expenditures	469	353	344
Depreciation & Amortization	542	380	338
Fixed assets, net	2,293	2,241
United States Operations
Segment Reporting Information [Line Items]
Net Sales	12,205	11,797	10,492
Fixed assets, net	857	803
Europe
Segment Reporting Information [Line Items]
Net Sales	4,729	4,359	5,776
Fixed assets, net	497	453
Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	4,352	3,489	3,464
Fixed assets, net	543	573
Other
Segment Reporting Information [Line Items]
Net Sales	812	776	881
Fixed assets, net	396	412
Operating Segments
Segment Reporting Information [Line Items]
Net Sales	22,590	20,861	21,032
Operating Profit	2,912	4,723	2,876
Segment Assets	4,978	5,962
Capital Expenditures	376	304	313
Depreciation & Amortization	501	345	305
Operating Segments \| HVAC
Segment Reporting Information [Line Items]
Net Sales	15,139	13,408	11,390
Operating Profit	2,275	2,610	1,738
Segment Assets	3,204	3,191
Capital Expenditures	313	232	225
Depreciation & Amortization	413	256	186
Operating Segments \| Refrigeration
Segment Reporting Information [Line Items]
Net Sales	3,818	3,883	4,127
Operating Profit	428	483	476
Segment Assets	834	1,279
Capital Expenditures	30	32	39
Depreciation & Amortization	34	31	36
Operating Segments \| Fire & Security
Segment Reporting Information [Line Items]
Net Sales	3,633	3,570	5,515
Operating Profit	209	1,630	662
Segment Assets	940	1,492
Capital Expenditures	33	40	49
Depreciation & Amortization	54	58	83
Eliminations and other
Segment Reporting Information [Line Items]
Net Sales	(492)	(440)	(419)
Operating Profit	(275)	(80)	(96)
Segment Assets	26	48
Capital Expenditures	93	49	31
Depreciation & Amortization	41	35	33
General corporate expenses
Segment Reporting Information [Line Items]
Net Sales	0	0	0
Operating Profit	$ (341)	$ (128)	$ (135)

RELATED PARTIES - Narrative (De

RELATED PARTIES - Narrative (Details)	Dec. 31, 2023 affiliate
Related Party Transaction [Line Items]
Number of owned unconsolidated domestic and foreign affiliates	26
HVAC
Related Party Transaction [Line Items]
Equity method investment, percentage of investments in segment	97%

RELATED PARTIES - Amounts Attri

RELATED PARTIES - Amounts Attributable to Equity Method Investees (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	$ 22,098	$ 20,421	$ 20,613
Receivables from equity method investees included in Accounts receivable, net	2,481	2,833
Payables to equity method investees included in Accounts payable	2,742	2,833
Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	19,563	18,250	17,214
Purchases from equity method investees included in Cost of products sold	13,831	13,337	12,300
Related Party
Related Party Transaction [Line Items]
Receivables from equity method investees included in Accounts receivable, net	231	154
Payables to equity method investees included in Accounts payable	44	44
Related Party \| Product
Related Party Transaction [Line Items]
Sales to equity method investees included in Product sales	2,920	2,845	2,258
Purchases from equity method investees included in Cost of products sold	$ 214	$ 331	$ 357

RELATED PARTIES - Summarized Ba

RELATED PARTIES - Summarized Balance Sheet for Equity Method Investment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Current assets	$ 18,780	$ 9,879
Total assets	32,822	26,086
Current liabilities	(6,891)	(6,032)
Total liabilities	(23,817)	(18,010)
Total Equity	9,005	8,076	$ 7,094	$ 6,578
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	11,432	10,621
Non-current assets	1,834	1,931
Total assets	13,266	12,552
Current liabilities	(9,296)	(8,631)
Non-current liabilities	(190)	(195)
Total liabilities	(9,486)	(8,826)
Total Equity	$ 3,780	$ 3,726

RELATED PARTIES - Summarized St

RELATED PARTIES - Summarized Statement of Income for Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net Sales	$ 22,098	$ 20,421	$ 20,613
Income from continuing operations	1,440	3,584	1,701
Net income	1,349	3,534	1,664
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net Sales	16,180	11,524	9,471
Gross profit	2,862	2,274	1,907
Income from continuing operations	655	757	650
Net income	$ 655	$ 757	$ 650

COMMITMENTS AND CONTINGENT LI_3

COMMITMENTS AND CONTINGENT LIABILITIES - Outstanding Liabilities for Environmental Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities, Other long-term liabilities	Accrued liabilities, Other long-term liabilities
Environmental reserves included in Accrued liabilities	$ 21	$ 24
Environmental reserves included in Other long-term liabilities	203	211
Total environmental reserves	$ 224	$ 235

COMMITMENTS AND CONTINGENT LI_4

COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos Liabilities and Recoveries (Details) - Asbestos Matters - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Asbestos liabilities included in Accrued liabilities	$ 15	$ 16
Asbestos liabilities included in Other long-term liabilities	206	212
Total asbestos liabilities	221	228
Asbestos-related recoveries included in Other assets, current	5	5
Asbestos-related recoveries included in Other assets	88	90
Total asbestos-related recoveries	$ 93	$ 95

COMMITMENTS AND CONTINGENT LI_5

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details)		12 Months Ended
	May 14, 2023 USD ($)	Dec. 31, 2023 USD ($) case	Dec. 31, 2022 USD ($) case	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Potential contingent liabilities	$ 0
Deconsolidation, gain (loss), amount		$ (297,000,000)	$ 0	$ 0
Kidde-Fenwal, Inc. deconsolidation	$ 134,000,000	134,000,000	0	0
Tax cuts and jobs act, transition tax for accumulated foreign earnings, liability, current		132,000,000
Liability amount		243,000,000
Self-insurance expense		180,000,000	$ 155,000,000	$ 155,000,000
Tax Matters Agreement
Other Commitments [Line Items]
Annual installment amount		$ 89,000,000
Aqueous Film Forming Foam
Other Commitments [Line Items]
Number of litigation cases (more than) \| case			6,000
Number of litigation cases filed by state, municipality, and water utilities \| case		700
Number of litigation cases in state court (fewer than) \| case		6

COMMITMENTS AND CONTINGENT LI_6

COMMITMENTS AND CONTINGENT LIABILITIES - Self-Insurance Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Self-insurance liabilities included in Accrued liabilities	$ 160	$ 139
Self-insurance liabilities included in Other long-term liabilities	55	53
Total self-insurance liabilities	$ 215	$ 192

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of amounts capitalized	$ 320	$ 297	$ 317
Income taxes paid, net of refunds	942	833	675
Non-cash financing activity:
Common stock dividends payable	$ 161	$ 158	$ 130

Subsequent Events (Details)

Subsequent Events (Details) € in Millions, $ in Millions		12 Months Ended
Subsequent Events (Details) € in Millions, $ in Millions	Jan. 02, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Jan. 02, 2024 EUR (€)	Apr. 25, 2023 EUR (€)	Feb. 27, 2020 USD ($)
Subsequent Event [Line Items]
Aggregate principal balance						$ 11,000
VCS Business
Subsequent Event [Line Items]
Net sales value of the business \| €			€ 3,400
Acquisition-related costs		$ 80
Bridge Loan \| Unsecured Debt
Subsequent Event [Line Items]
Aggregate principal balance \| €					€ 8,200
Subsequent Event \| VCS Business
Subsequent Event [Line Items]
Consideration transferred	$ 14,200
Payments to acquire businesses, gross	$ 11,200
Business acquisition, equity interest issued( in shares) \| shares	58,608,959
Subsequent Event \| Bridge Loan \| Unsecured Debt
Subsequent Event [Line Items]
Debt instrument, term	60 days
Subsequent Event \| Bridge Loan \| Unsecured Debt \| Bridge Term Loan Facility, Euro-denominated tranche
Subsequent Event [Line Items]
Aggregate principal balance	$ 349
Subsequent Event \| Bridge Loan \| Unsecured Debt \| Bridge Term Loan Facility, USD-denominated Tranche
Subsequent Event [Line Items]
Aggregate principal balance \| €				€ 113
Subsequent Event \| Bridge Loan \| Unsecured Debt \| Bridge Term Loan Facility, USD-denominated Tranche \| Secured Overnight Financing Rate
Subsequent Event [Line Items]
Basis spread on variable rate	0.10%