CARRIER GLOBAL Corp
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
CARR$53.01-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statement of Cash Flows
| For the Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 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 | — | — | 2 |
| (Gain) loss on extinguishment of debt | — | (36) | — |
| (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 | — | — | 7 |
| Investment in businesses, net of cash acquired | (84) | (506) | (366) |
| Dispositions of businesses | 54 | 2,902 | — |
| Settlement of derivative contracts, net | (50) | (194) | 4 |
| Payment to former shareholders of TCC | — | (104) | — |
| Kidde-Fenwal, Inc. deconsolidation | (134) | — | — |
| Other investing activities, net | 23 | — | 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 | — | 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 |
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