Otis Worldwide Corp Files 2024 10-K
Ticker: OTIS · Form: 10-K · Filed: Feb 4, 2025 · CIK: 1781335
Sentiment: neutral
Topics: 10-K, annual-report, financials
TL;DR
Otis filed its 2024 10-K. Full financials are in.
AI Summary
Otis Worldwide Corp filed its 2024 10-K on February 4, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The filing provides detailed financial statements and disclosures as required by the SEC. Key financial data and operational highlights for the year are presented within the report.
Why It Matters
This 10-K filing provides investors and analysts with a comprehensive overview of Otis Worldwide Corp's financial health and operational performance for the fiscal year 2024, enabling informed investment decisions.
Risk Assessment
Risk Level: low — This is a standard annual financial filing with no immediate red flags.
Key Players & Entities
- Otis Worldwide Corp (company) — Filer of the 10-K
- 2024 (date) — Fiscal year end
- February 4, 2025 (date) — Filing date
FAQ
What is the primary business of Otis Worldwide Corp?
Otis Worldwide Corp is primarily involved in the manufacturing and servicing of elevators and escalators, as indicated by its SIC code for 'ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP)' and its business operations.
When did Otis Worldwide Corp file its 2024 10-K report?
Otis Worldwide Corp filed its 2024 10-K report on February 4, 2025.
What is the fiscal year end for Otis Worldwide Corp?
The fiscal year end for Otis Worldwide Corp is December 31.
What is the SEC file number for Otis Worldwide Corp?
The SEC file number for Otis Worldwide Corp is 001-39221.
Where is Otis Worldwide Corp headquartered?
Otis Worldwide Corp is headquartered at One Carrier Place, Farmington, CT 06032.
Filing Stats: 4,417 words · 18 min read · ~15 pages · Grade level 14.1 · Accepted 2025-02-04 16:50:42
Key Financial Figures
- $0.01 — nge on which registered Common Stock ($0.01 par value) OTIS New York Stock Exchange
- $152 million — ch and development ("R&D") expense wa s $152 million and 1.1% as a percentage of net sales.
- $53 million — in digital and strategic initiatives of $53 million , which in combination with R&D expense
Filing Documents
- otis-20241231.htm (10-K) — 2921KB
- exhibit492024-12x3110xk.htm (EX-4.9) — 291KB
- exhibit10462024-12x3110xk.htm (EX-10.46) — 176KB
- exhibit192024-12x3110xk.htm (EX-19) — 97KB
- exhibit212024-12x3110xk.htm (EX-21) — 26KB
- exhibit222024-12x3110xk.htm (EX-22) — 3KB
- exhibit232024-12x3110xk.htm (EX-23) — 3KB
- exhibit242024-12x3110xk.htm (EX-24) — 44KB
- exhibit3112024-12x3110xk.htm (EX-31.1) — 10KB
- exhibit3122024-12x3110xk.htm (EX-31.2) — 10KB
- exhibit3132024-12x3110xk.htm (EX-31.3) — 10KB
- exhibit322024-12x3110xk.htm (EX-32) — 9KB
- image_0.jpg (GRAPHIC) — 6KB
- otis-20241231_g1.jpg (GRAPHIC) — 4KB
- otis-20241231_g2.jpg (GRAPHIC) — 204KB
- 0001781335-25-000010.txt ( ) — 17077KB
- otis-20241231.xsd (EX-101.SCH) — 89KB
- otis-20241231_cal.xml (EX-101.CAL) — 132KB
- otis-20241231_def.xml (EX-101.DEF) — 532KB
- otis-20241231_lab.xml (EX-101.LAB) — 1164KB
- otis-20241231_pre.xml (EX-101.PRE) — 849KB
- otis-20241231_htm.xml (XML) — 2882KB
Business
Item 1. Business 1 Cautionary Note Concerning Factors That May Affect Future Results 9
Risk Factors
Item 1A. Risk Factors 10
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 21
Cybersecurity
Item 1C. Cybersecurity 22
Properties
Item 2. Properties 23
Legal Proceedings
Item 3. Legal Proceedings 23
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 23 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer of Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer of Purchases of Equity Securities 24
[Reserved]
Item 6. [Reserved] 25
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 26
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 49
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 99
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 99 PART III
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 Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 103
Principal Accounting Fees and Services
Item 14. Principal Accounting Fees and Services 103 PART IV
Exhibits and Financial Statement Schedule
Item 15. Exhibits and Financial Statement Schedule 104
Form 10-K Summary
Item 16. Form 10-K Summary 109
SIGNATURES
SIGNATURES 110 Table of Contents Otis Worldwide Corporation's and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or tradenames of Otis Worldwide Corporation and its subsidiaries. Names, abbreviations of names, logos, and product and service designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. As used herein, the terms "we", "us", "our", "the Company" or "Otis", unless the context otherwise requires, mean Otis Worldwide Corporation and its subsidiaries. References to Internet websites in this Form 10-K are provided for convenience only. Information available through these websites is not incorporated by reference into this Form 10-K. PART I
Business
Item 1. Business Our Company Otis is t he world's leading elevator and escalator manufacturing, installation and service company. We serve customers in ov er 200 countries and territories around t he world. Otis has global scale and local focus, with more than 1,400 branc hes and offices, and a direct physical presence in more than 70 co untries. The following description of our busin ess should be read in conjunction with Item 7 in this Form 10-K, including the information contained therein under the heading "Business Overview." Description of Business by Segment Our Company is organized into two segments, New Equipment and Service, which, for 2024, contributed 38% and 62% of our net sales, and 13% and 87% of our segment operating profit, respectively. Our international operations represented appro ximately 70% of our net sales for 2024. New Equipment Through our New Equipment segment, we design, manufacture, sell and install a wide range of passenger and freight elevators, as well as escalators and moving walkways for residential, commercial and infrastructure projects. Our New Equipment customers include real estate and building developers and general contractors who develop and/or design buildings for residential, commercial, retail or mixed-use activity. We also sell New Equipment to government agencies, particularly, to support infrastructure projects, such as airports, railways or metros. We generally sell directly to our customers through our New Equipment sales personnel. Due to the nature of the customer base in China and certain other geographies, our direct sales force is augmented by agents and distributors. Given the breadth of our customer base and the large number of customers to whom we deliver new equipment on an annual basis, we are not dependent on any single customer and do not have any contracts material to Otis as a whole with any single customer. The same is true for our broad and geographically dispersed network of agents and