Carrier Global Corp Files 2024 10-K

TL;DR

Carrier Global filed its 2024 10-K. Full financials and biz details inside.

AI Summary

Carrier Global Corp filed its 2024 10-K report on February 11, 2025, detailing its financial performance for the fiscal year ending December 31, 2024. The company, headquartered in Palm Beach Gardens, FL, operates in the air conditioning, heating, and refrigeration equipment sector. This filing provides a comprehensive overview of its business, financial condition, and results of operations for the period.

Why It Matters

This 10-K filing is crucial for investors and analysts to understand Carrier Global's financial health, operational performance, and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: medium — This is a standard annual report filing providing historical financial data and business overview, not indicating immediate new risks.

Key Players & Entities

• CARRIER GLOBAL Corp (company) — Filer of the 10-K report
• 20241231 (date) — Fiscal year end date
• 20250211 (date) — Filing date of the 10-K
• Palm Beach Gardens, FL (location) — Company headquarters location
• 3585 (industry_code) — Standard Industrial Classification code for the company's business

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) CARR New York Stock Exchange
• $22.5 billion — d December 31, 2024, our net sales were $22.5 billion and our operating profit was $2.6 billi
• $2.6 billion — .5 billion and our operating profit was $2.6 billion. Our net sales for 2024 were derived fr
• $5.0 billion — Inc. ("Honeywell") for cash proceeds of $5.0 billion. Access Solutions, historically reporte
• $1.8 billion — We recognized a net gain on the sale of $1.8 billion. On July 1, 2024, we completed the sa
• $1.4 billion — "Industrial Fire") for cash proceeds of $1.4 billion. Industrial Fire, historically reported
• $319 million — We recognized a net gain on the sale of $319 million. On October 1, 2024, we completed the
• $679 million — n business ("CCR") for cash proceeds of $679 million. CCR, historically reported in our Refr
• $292 million — We recognized a net gain on the sale of $292 million. The net proceeds received are subject
• $2.9 billion — s ("CRF Business") for cash proceeds of $2.9 billion. The CRF Business, historically reporte

Filing Documents

• carr-20241231.htm (10-K) — 3016KB
• exhibit45-carrierxdescript.htm (EX-4.5) — 148KB
• exhibit1011-carrierglobalc.htm (EX-10.11) — 99KB
• exhibit1025-2022summaryofc.htm (EX-10.25) — 20KB
• a2024-12x3110xkex21xsubsid.htm (EX-21) — 243KB
• a2024-12x3110xkexhibit23.htm (EX-23) — 2KB
• a2024-12x3110xkexhibit311.htm (EX-31.1) — 10KB
• a2024-12x3110xkexhibit312.htm (EX-31.2) — 10KB
• a2024-12x3110xkexhibit313.htm (EX-31.3) — 10KB
• a2024-12x3110xkexhibit32.htm (EX-32) — 7KB
• exhibit97-clawbackpolicyas.htm (EX-97) — 28KB
• carr-20241231_g1.jpg (GRAPHIC) — 21KB
• carr-20241231_g2.jpg (GRAPHIC) — 25KB
• carr-20241231_g3.jpg (GRAPHIC) — 23KB
• carr-20241231_g4.jpg (GRAPHIC) — 84KB
• image_01.jpg (GRAPHIC) — 13KB
• image_0b.jpg (GRAPHIC) — 16KB
• 0001783180-25-000008.txt ( ) — 19172KB
• carr-20241231.xsd (EX-101.SCH) — 104KB
• carr-20241231_cal.xml (EX-101.CAL) — 188KB
• carr-20241231_def.xml (EX-101.DEF) — 560KB
• carr-20241231_lab.xml (EX-101.LAB) — 1291KB
• carr-20241231_pre.xml (EX-101.PRE) — 955KB
• carr-20241231_htm.xml (XML) — 3419KB

B usiness

Item 1. B usiness 4

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II 32

Market for Registrant's Common Equity, Related Shareowner Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Shareowner Matters and Issuer Purchases of Equity Securities 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 48 Report of Independent Registered Public Accounting Firm (PCAOB ID 238 ) 48 Consolidated Statement of Operations 51 Consolidated Statement of Comprehensive Income (Loss) 52 Consolidated Balance Sheet 53 Consolidated Statement of Changes in Equity 54 Consolidated Statement of Cash Flows 55

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 56

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 99

Controls and Procedures

Item 9A. Controls and Procedures 99

Other Information

Item 9B. Other Information 100

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 100 PART III 100

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 100

Executive Compensation

Item 11. Executive Compensation 101

Security Ownership of Certain Beneficial Owners and Management and Related Shareowner Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareowner Matters 101

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 102

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 102 PART IV 103

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 103

Form 10-K Summary

Item 16. Form 10-K Summary 108

SIGNATURES

SIGNATURES 109 1 Table of Contents Carrier Global Corporation and its subsidiaries' names, abbreviations thereof, logos and product and service designators are all either the registered or unregistered trademarks or trade names of Carrier Global Corporation and its subsidiaries. Names, abbreviations of names, logos and products and service designators of other companies are either the registered or unregistered trademarks or trade names of their respective owners. As used herein, the terms "we," "us," "our," "the Company" or "Carrier," unless the context otherwise requires, mean Carrier Global Corporation and its subsidiaries. References to internet websites in this Annual Report on Form 10-K (the "Annual Report") are provided for convenience only. Information available through these websites is not incorporated by reference into this Annual Report. CAUTIONARY NOTE CONCERNING FACTORS THAT MAY AFFECT FUTURE RESULTS This Annual Report contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchase

BUSINESS

ITEM 1. BUSINESS General Carrier Global Corporation ("we" or "our" or the "Company") is a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to our customers. Our portfolio includes industry-leading brands such as Carrier, Viessmann, Toshiba, Automated Logic and Carrier Transicold that offer innovative heating, ventilating and air conditioning ("HVAC"), refrigeration and cold chain transportation solutions to help make the world safer and more comfortable. We also provide a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. Through our performance-driven culture, we anticipate creating long-term shareowner value by investing strategically to strengthen our product position in homes, buildings and across the cold chain in order to drive profitable growth. We believe our business segments are well positioned to benefit from favorable secular trends, including the mega-trends of urbanization, population growth and demographic shifts, food security and safety, digitalization, global connectivity and energy efficiency. Coupled with our industry-leading brands and track record of innovation, we continue to provide market-leading solutions for our customers. In addition, we continue to invest in product and technology innovation within our offerings as well as invest in new business models including Carrier Energy, our solution to reduce demands on power grids and energy infrastructure by better managing energy consumption and reducing end-customer energy costs. This new business model is also expected to provide a digital connection between the end-customers and Carrier, providing us with opportunities to offer services and aftermarket parts and components over the life of a product. For the year ended December 31, 2024, our net sales were $22.5 billion and our operating profit was $2.6 billi

View Full Filing

View this 10-K filing on SEC EDGAR