Carrier Global Corporation

NYSE-CARR

Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18
Net Income	4,094	5,708	1,440	3,584	1,701	2,006	2,155	2,769
Net Earnings
Depreciation & Amortization	1,263	1,232	491	328	338	336	335	357
Depreciation and Amortization
Stock Based Compensation	76	86	71	65	92	77	52	44
Stock-Based Compensation Costs
Other Adjustments	-3,538	-5,483	-435	-2,596	-319	-1,161	-250	-886
Discontinued Operations, Net of Tax
Deferred Income Tax Provision
Equity Method Investment Net Earnings
Impairment Charge on Minority-Owned Joint Venture Investments
Gain on Extinguishment of Debt
Gain on Sale of Investments
Changes in Trade Receivables	-395	-40	-161	-51	-97	49	-129	-211
Accounts Receivable, Net
Changes in Inventories	-312	292	123	-173	-408	-240	-2	-151
Inventories, Net
Changes in Accounts Payable	515	87	541	-17	829	237	-296	88
Accounts Payable and Accrued Liabilities
Changes in Unearned Revenue	—	—	—	—	51	46	-18	24
Contract Liabilities
Changes in Other Operating Activities	-270	-311	182	365	50	342	216	21
Contract Assets
Change in Other Current Assets
Defined Benefit Plan Contributions
Distributions from Equity Method Investments
Other Operating Activities, Net
Cash from Operating Activities	1,605	563	2,607	1,743	2,237	1,692	2,063	2,055
Net Cash Flows Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18
Capital Expenditure	-478	-519	-439	-317	-344	-312	-243	-263
Capital Expenditures
Proceeds from Sale of Investments	—	—	—	—	7	1,377	6	—
Proceeds on Sale of Investments
Payments for Business Acquisitions	-109	-10,890	-84	-506	-366	—	—	-310
Investment in Businesses, Net of Cash Acquired
Proceeds from Business Divestments	646	634	54	2,902	—	—	—	1,032
Dispositions of Businesses
Other Investing Activities	19	-250	-35	-278	11	41	-22	-44
Settlement of Derivative Contracts, Net
Payment to Former Shareholders of TCC
Other Investing Activities, Net
Cash from Investing Activities	2,892	-2,025	-660	1,745	-692	1,106	-259	415
Net Cash Flows Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18
Issuance of Short-Term Debt	400	50	-5	-149	13	-23	25	3
Change in Short-Term Borrowings, Net
Net Issuance / (Repayments) of Short-Term Debt	400	50	-5	-149	13	-23	25	3
Issuance of Long-Term Debt	858	3,412	5,609	432	140	11,784	107	117
Issuance of Long-Term Debt
Repayments of Long-Term Debt	-2,024	-5,345	-111	-1,275	-704	-1,911	-138	—
Repayment of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-1,166	-1,933	5,498	-843	-564	9,873	-31	117
Repurchases of Common Shares	-3,926	-1,944	-62	-1,380	-527	—	—	—
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-3,926	-1,944	-62	-1,380	-527	—	—	—
Common Share Dividends Paid	-739	-670	-620	-509	-417	-138	—	—
Dividends Paid on Common Stock
Other Financing Activities	-126	-114	-179	-47	-67	-10,393	-1,976	-2,747
Dividends Paid to Non-Controlling Interest
Net Transfers to UTC
Other Financing Activities, Net
Cash from Financing Activities	-5,571	-4,636	4,612	-2,931	-1,562	-681	-1,982	-2,627
Net Cash Flows Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18
Free Cash Flow	1,127	44	2,168	1,426	1,893	1,380	1,820	1,792
NOPAT	1,706.3	1,410.3	1,597	3,342.1	2,645	3,083	2,491	3,637
Levered Free Cash Flow	3,934	4,502	7,740	2,728	1,629	12,241	2,102	2,930
Unlevered Free Cash Flow	2,424.3	2,191.3	2,495	3,528.1	3,161	3,492	2,483	3,713
Net Change in Cash	-1,074	-6,098	6,559	557	-17	2,117	-178	-157