CARRIER GLOBAL CorpCARR
CARRIER GLOBAL Corp Segments Disclosure
SEGMENT FINANCIAL DATA
The Company conducts its operations through four reportable operating segments. 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 CODM in deciding how to allocate resources and in assessing performance.
•Climate Solutions Americas ("CSA") provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in North and South America while enhancing building performance, health, energy efficiency and sustainability.
•Climate Solutions Europe ("CSE") provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Europe while enhancing building performance, health, energy efficiency and sustainability.
•Climate Solutions Asia Pacific, Middle East & Africa ("CSAME") provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Asia Pacific, the Middle East and Africa while enhancing building performance, health, energy efficiency and sustainability.
•Climate Solutions Transportation ("CST") includes global transport refrigeration and monitoring products, services and digital solutions for trucks, trailers, shipping containers, intermodal and rail.
The Corporate and other category primarily includes corporate administrative functions such as tax, treasury, internal audit, legal and human resources. A portion of these costs and costs associated with shared service centers that provide transaction processing, accounting and other business support functions are allocated to the reportable segments.
Segment operating profit is the measure of profit and loss that the Company’s CODM, the Chief Executive Officer (“CEO”), uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. It represents operating profit (a GAAP measure) adjusted to exclude restructuring costs, amortization of acquired intangible assets and other significant items of a nonoperational nature. Targets are established on an annual basis and used by the CODM throughout the year to compare with actual results. Quarterly forecasts supplement annual targets and provide incremental information utilized to assess the performance of a segment. Variance analysis further provides insight into segment end-markets and operational cost optimization. These results also support the CODM to manage the Company’s business portfolio.
Consistent with the management approach for segment reporting, the tables below present reported external net sales and significant expense categories for each of the Company’s segments that are regularly provided to the CODM and included in its reported measure of segment profit or loss. The Company manages research and development costs on a global basis and allocates these costs to the reportable segments.
A summary of results by reportable segment are as follows:
For the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| (In millions) | CSA | CSE | CSAME | CST | Segment Total | ||||||||||||||||||||||||
| Net sales | $ | 10,470 | $ | 5,044 | $ | 3,339 | $ | 2,894 | $ | 21,747 | |||||||||||||||||||
| Cost of goods sold | (7,073) | (3,494) | (2,499) | (2,112) | (15,178) | ||||||||||||||||||||||||
| Research and development | (347) | (75) | (61) | (66) | (549) | ||||||||||||||||||||||||
| Selling, general and administrative | (1,036) | (1,039) | (476) | (287) | (2,838) | ||||||||||||||||||||||||
| Equity method investment net earnings | 126 | (3) | 100 | 6 | 229 | ||||||||||||||||||||||||
| Other income (expense), net | 10 | 11 | 45 | 17 | 83 | ||||||||||||||||||||||||
| Segment operating profit | $ | 2,150 | $ | 444 | $ | 448 | $ | 452 | $ | 3,494 | |||||||||||||||||||
For the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| (In millions) | CSA | CSE | CSAME | CST | Segment Total | ||||||||||||||||||||||||
| Net sales | $ | 10,527 | $ | 4,984 | $ | 3,500 | $ | 3,475 | $ | 22,486 | |||||||||||||||||||
| Cost of goods sold | (6,997) | (3,368) | (2,579) | (2,540) | (15,484) | ||||||||||||||||||||||||
| Research and development | (390) | (81) | (69) | (80) | (620) | ||||||||||||||||||||||||
| Selling, general and administrative | (962) | (1,062) | (520) | (369) | (2,913) | ||||||||||||||||||||||||
| Equity method investment net earnings | 135 | (1) | 92 | 6 | 232 | ||||||||||||||||||||||||
| Other income (expense), net | 10 | (3) | 42 | (7) | 42 | ||||||||||||||||||||||||
| Segment operating profit | $ | 2,323 | $ | 469 | $ | 466 | $ | 485 | $ | 3,743 | |||||||||||||||||||
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| (In millions) | CSA | CSE | CSAME | CST | Segment Total | ||||||||||||||||||||||||
| Net sales | $ | 9,615 | $ | 1,937 | $ | 3,581 | $ | 3,818 | $ | 18,951 | |||||||||||||||||||
| Cost of goods sold | (6,629) | (1,410) | (2,697) | (2,854) | (13,590) | ||||||||||||||||||||||||
| Research and development | (294) | (28) | (52) | (74) | (448) | ||||||||||||||||||||||||
| Selling, general and administrative | (974) | (327) | (573) | (431) | (2,305) | ||||||||||||||||||||||||
| Equity method investment net earnings | 145 | — | 61 | 6 | 212 | ||||||||||||||||||||||||
| Other income (expense), net | (32) | 5 | 41 | 29 | 43 | ||||||||||||||||||||||||
| Segment operating profit | $ | 1,831 | $ | 177 | $ | 361 | $ | 494 | $ | 2,863 | |||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Reconciliation to Earnings before income taxes | ||||||||||||||||||||
| Segment operating profit | $ | 3,494 | $ | 3,743 | $ | 2,863 | ||||||||||||||
| Corporate and other | (202) | (201) | (214) | |||||||||||||||||
| Restructuring costs | (178) | (108) | (75) | |||||||||||||||||
| Amortization of acquired intangibles | (856) | (689) | (143) | |||||||||||||||||
| Acquisition step-up amortization | — | (282) | (41) | |||||||||||||||||
| Acquisition/divestiture-related costs | (55) | (95) | (123) | |||||||||||||||||
| Viessmann-related hedges | — | (86) | (96) | |||||||||||||||||
| CCR gain | 7 | 318 | — | |||||||||||||||||
| VCS pre-acquisition product replacement cost | (38) | — | — | |||||||||||||||||
| Gain on liability adjustment | — | 46 | — | |||||||||||||||||
| Bridge loan financing costs | — | — | (3) | |||||||||||||||||
| TCC Acquisition-related adjustment | — | — | (8) | |||||||||||||||||
| Non-service pension (expense) benefit | (10) | (1) | (1) | |||||||||||||||||
| Interest (expense) income, net | (364) | (371) | (160) | |||||||||||||||||
| Earnings before income taxes | $ | 1,798 | $ | 2,274 | $ | 1,999 | ||||||||||||||
Segment operating profit is not defined under GAAP and may not be comparable to similarly titled measures used by other companies. Measures of capital expenditures, depreciation expense, amortization expense and total assets by reportable segment are not provided to the CODM and therefore not disclosed.
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 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) | 2025 | 2024 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||
| CSA | $ | 1,472 | $ | 1,405 | $ | 151 | $ | 198 | $ | 179 | $ | 133 | $ | 134 | $ | 120 | |||||||||||||||||||||||||||||||
| CSE | 1,660 | 1,590 | 135 | 197 | 63 | 878 | 813 | 56 | |||||||||||||||||||||||||||||||||||||||
| CSAME | 988 | 952 | 39 | 48 | 74 | 198 | 213 | 241 | |||||||||||||||||||||||||||||||||||||||
| CST | 915 | 818 | 25 | 32 | 30 | 26 | 35 | 34 | |||||||||||||||||||||||||||||||||||||||
| Total Segment | 5,035 | 4,765 | 350 | 475 | 346 | 1,235 | 1,195 | 451 | |||||||||||||||||||||||||||||||||||||||
| Corporate and other | 87 | 185 | 42 | 44 | 93 | 39 | 37 | 40 | |||||||||||||||||||||||||||||||||||||||
| Consolidated | $ | 5,122 | $ | 4,950 | $ | 392 | $ | 519 | $ | 439 | $ | 1,274 | $ | 1,232 | $ | 491 | |||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,555 | 3,969 | |||||||||||||||||||||||||||||||||||||||||||||
| Other assets, current | 1,264 | 972 | |||||||||||||||||||||||||||||||||||||||||||||
| Assets held for sale | 592 | — | |||||||||||||||||||||||||||||||||||||||||||||
| Total current assets | $ | 8,533 | $ | 9,891 | |||||||||||||||||||||||||||||||||||||||||||
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, 2025, 2024 and 2023.
| External Sales | Long-Lived Assets | |||||||||||||||||||||||||||||||
| (In millions) | 2025 | 2024 | 2023 | 2025 | 2024 | |||||||||||||||||||||||||||
| United States Operations | $ | 11,136 | $ | 11,294 | $ | 10,457 | $ | 789 | $ | 807 | ||||||||||||||||||||||
| International Operations | ||||||||||||||||||||||||||||||||
| Europe | 6,092 | 6,687 | 3,910 | 1,404 | 1,253 | |||||||||||||||||||||||||||
| Asia Pacific | 3,841 | 3,817 | 3,949 | 482 | 486 | |||||||||||||||||||||||||||
| Other | 678 | 688 | 635 | 490 | 453 | |||||||||||||||||||||||||||
| Consolidated | $ | 21,747 | $ | 22,486 | $ | 18,951 | $ | 3,165 | $ | 2,999 | ||||||||||||||||||||||
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.