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Pay vs Performance Disclosure | 12 Months Ended
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Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares
Pay vs Performance Disclosure |  |  |  |
Pay vs Performance Disclosure, Table |
Year (a) | SUMMARY COMPENSATION TABLE (SCT) TOTAL FOR CEO ($)1 (b) | COMPENSATION ACTUALLY PAID ("CAP") TO CEO ($)2 (c) | AVERAGE SCT TOTAL FOR NON-CEO NEOS ($)3 (d) | AVERAGE CAP TO NON-CEO NEOS ($)4 (e) | VALUE OF INITIAL FIXED $100 INVESTED BASED ON | NET INCOME (GAAP) REPORTED ($B)7 (h) | ADJUSTED DILUTED EARNINGS PER SHARE (EPS) ($)8 (i)
CUMULATIVE TOTAL SHAREHOLDER RETURN (TSR) ($)5 (f) | CUMULATIVE DOW JONES INDUSTRIAL INDEX TSR ($)6 (g)
2023 | 17,695,200 |  | 42,696,403 |  | 5,310,858 |  | 8,750,047 |  | 441 |  | 179 |  | 1.349 |  | 2.73 |
2022 | 13,222,247 |  | (20,060,104) |  | 3,819,391 |  | (6,280,707) |  | 317 |  | 157 |  | 3.534 |  | 2.34 |
2021 | 14,892,815 |  | 61,128,628 |  | 4,734,191 |  | 17,061,157 |  | 417 |  | 176 |  | 1.664 |  | 2.27 |
2020 | 15,440,951 |  | 64,414,726 |  | 5,764,240 |  | 18,823,830 |  | 287 |  | 145 |  | 1.982 |  | 1.66 |
Company Selected Measure Name | 8Adjusted EPS |  |  |
Named Executive Officers, Footnote | The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Gitlin (our CEO) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Compensation Tables – Summary Compensation Table.”The dollar amounts reported in column (d) represent the average of the amounts reported for the company’s NEOs as a group (excluding Mr. Gitlin, who has served as our CEO since 2020) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs (excluding Mr. Gitlin) included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Messrs. Goris, Timperman, White, O'Connor and Nelson; (ii) for 2022 and 2021, Messrs. Goris, Nelson, White and Timperman; and (ii) for 2020, Messrs. Goris, Nelson, McLevish, Appel and O'Connor. |  |  |
Peer Group Issuers, Footnote | Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: Dow Jones Industrial Index. |  |  |
PEO Total Compensation Amount | $ 17,695,200 | $ 13,222,247 | $ 14,892,815 | $ 15,440,951
PEO Actually Paid Compensation Amount | $ 42,696,403 | (20,060,104) | 61,128,628 | 64,414,726
Adjustment To PEO Compensation, Footnote | The dollar amounts reported in column (c) represent the amount of CAP to Mr. Gitlin, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Gitlin during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Gitlin's total compensation for each year to determine the CAP:
Year | REPORTED SCT TOTAL FOR CEO ($) | REPORTED VALUE OF EQUITY AWARDS ($)a | EQUITY AWARD ADJUSTMENTS ($)b | REPORTED CHANGE IN THE ACTUARIAL PRESENT VALUE OF PENSION BENEFITS ($)c | PENSION BENEFIT ADJUSTMENTS ($)d | CAP TO CEO
2023 | 17,695,200 |  | (12,021,241) |  | 37,058,763 |  | (36,319) |  | — |  | 42,696,403 |
2022 | 13,222,247 |  | (9,013,937) |  | (24,268,414) |  | — |  | — |  | (20,060,104) |
2021 | 14,892,815 |  | (9,067,330) |  | 55,303,143 |  | — |  | — |  | 61,128,628 |
2020 | 15,440,951 |  | (10,997,911) |  | 60,274,303 |  | (302,617) |  | — |  | 64,414,726 |
a.The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year for the CEO. b.The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vested in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. For 2020 only, the change in fair value uses a starting measurement period beginning at the Separation date of April 3, 2020. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:
Year | YEAR-END FAIR VALUE (FV) OF EQUITY AWARDS GRANTED IN THE YEAR ($) | YEAR-OVER- YEAR CHANGE IN FV OF OUTSTANDING AND UNVESTED EQUITY AWARDS ($) | FV AS OF VESTING DATE OF EQUITY AWARDS GRANTED AND VESTED IN THE YEAR ($) | YEAR-OVER- YEAR CHANGE IN FV OF EQUITY AWARDS GRANTED IN PRIOR YEARS THAT VESTED IN THE YEAR ($) | FV AT THE END OF THE PRIOR YEAR OF EQUITY AWARDS THAT FAILED TO MEET VESTING CONDITIONS IN THE YEAR ($) | VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON STOCK OR OPTION AWARDS NOT OTHERWISE REFLECTED IN FV OR TOTAL COMPENSATION ($) | TOTAL EQUITY AWARD ADJUSTMENTS ($)
2023 | 18,973,490 |  | 14,865,035 |  | — |  | 3,220,238 |  | — |  | — |  | 37,058,763 |
2022 | 7,609,658 |  | (30,657,192) |  | — |  | (1,220,880) |  | — |  | — |  | (24,268,414) |
2021 | 17,023,203 |  | 38,207,535 |  | — |  | 72,405 |  | — |  | — |  | 55,303,143 |
2020 | 35,607,693 |  | 21,373,460 |  | — |  | 3,293,150 |  | — |  | — |  | 60,274,303 |
c.The amounts included in this column are the amounts reported in the "Change in Pension Value and Nonqualified Deferred Compensation Earnings" column of the Summary Compensation Table for each applicable year for the CEO. d.As described in the Pension Benefits Table on page 53 the PPP, the company's nonqualified and unfunded defined benefit plan, was frozen effective December 31, 2019. Therefore, there are no service costs or prior service costs to report. |  |  |
Non-PEO NEO Average Total Compensation Amount | $ 5,310,858 | 3,819,391 | 4,734,191 | 5,764,240
Non-PEO NEO Average Compensation Actually Paid Amount | $ 8,750,047 | (6,280,707) | 17,061,157 | 18,823,830
Adjustment to Non-PEO NEO Compensation Footnote | The dollar amounts reported in column (e) represent the average amount of CAP to the NEOs as a group (excluding Mr. Gitlin), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Gitlin) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Gitlin) for each year to determine the CAP, using the same methodology described above in Note 2:
Year | AVERAGE REPORTED SCT TOTAL FOR NON-CEO NEOS | AVERAGE REPORTED VALUE OF EQUITY AWARDS ($)a | AVERAGE EQUITY AWARD ADJUSTMENTS ($)b | AVERAGE REPORTED CHANGE IN THE ACTUARIAL PRESENT VALUE OF PENSION BENEFITS ($)c | AVERAGE PENSION BENEFIT ADJUSTMENTS ($)d | AVERAGE CAP TO NON-CEO NEOS
2023 | 5,310,858 |  | (3,784,413) |  | 7,229,085 |  | (5,483) |  | — |  | 8,750,047 |
2022 | 3,819,391 |  | (2,189,525) |  | (7,910,573) |  | — |  | — |  | (6,280,707) |
2021 | 4,734,191 |  | (2,724,373) |  | 15,051,339 |  | — |  | — |  | 17,061,157 |
2020 | 5,764,240 |  | (4,198,950) |  | 17,333,302 |  | (74,762) |  | — |  | 18,823,830 |
a.The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year for the non-CEO NEOs. b.The amounts deducted or added in calculating the total average equity award adjustments for non-CEO NEOs in accordance with the methodology outlined in footnote 2(b) above are as follows:
Year | YEAR-END AVERAGE FAIR VALUE (FV) OF EQUITY AWARDS GRANTED IN THE YEAR ($) | YEAR-OVER- YEAR AVERAGE CHANGE IN FV OF OUTSTANDING AND UNVESTED EQUITY AWARDS ($) | AVERAGE FV AS OF VESTING DATE OF EQUITY AWARDS GRANTED AND VESTED IN THE YEAR ($) | YEAR-OVER- YEAR AVERAGE CHANGE IN FV OF EQUITY AWARDS GRANTED IN PRIOR YEARS THAT VESTED IN THE YEAR ($) | AVERAGE FV AT THE END OF THE PRIOR YEAR OF EQUITY AWARDS THAT FAILED TO MEET VESTING CONDITIONS IN THE YEAR ($) | AVERAGE VALUE OF DIVIDENDS OR OTHER EARNINGS PAID ON STOCK OR OPTION AWARDS NOT OTHERWISE REFLECTED IN FV OR TOTAL COMPENSATION ($) | TOTAL AVERAGE EQUITY AWARD ADJUSTMENTS ($)
2023 | 4,271,355 |  | 2,152,742 |  | — |  | 804,988 |  | — |  | — |  | 7,229,085 |
2022 | 1,848,414 |  | (4,513,074) |  | — |  | (5,245,913) |  | — |  | — |  | (7,910,573) |
2021 | 4,292,775 |  | 9,886,398 |  | — |  | 872,166 |  | — |  | — |  | 15,051,339 |
2020 | 10,834,669 |  | 6,498,633 |  | — |  | — |  | — |  | — |  | 17,333,302 |
c.The amounts included in this column are the total average amounts reported in the "Change in Pension Value and Nonqualified Deferred Compensation Earnings" column of the Summary Compensation Table for each applicable year for non-CEO NEOs. d.As described in the Pension Benefits Table on page 53, the PPP, the company's nonqualified and unfunded defined benefit plan, was frozen effective December 31, 2019. Therefore, there are no service costs or prior service costs to report. |  |  |
Compensation Actually Paid vs. Total Shareholder Return | As demonstrated by the CAP vs. Cumulative TSR graph below, the amount of CAP to Mr. Gitlin and the average amount of CAP to the company’s NEOs as a group (excluding Mr. Gitlin) is aligned with the company’s cumulative TSR over the four years presented in the table. The alignment of CAP with the company’s cumulative TSR over the period presented is the result of a significant portion of the CAP to Mr. Gitlin and to the other NEOs being composed of equity awards. As described in more detail in “Compensation Discussion and Analysis,” the company targets that 75% of the value of total compensation for Mr. Gitlin and more than 60% of the value of total compensation awarded to the other NEOs is to be composed of equity awards, the value of which is 100% performance-based. In addition, since the company's Separation, 75% of the annual LTI Plan awards for Mr. Gitlin and the NEOs have been linked to stock price performance through the use of SARs and the relative TSR metric included in our PSUs. As reflected in the graphs below, both the company's TSR and our NEO's CAP both increased in 2023, while the company delivered solid financial results and outpaced comparators in the S&P 500 Index and Dow Jones Industrials Index. This further illustrates the strong correlation between delivering shareowner value and our NEO's CAP.
Carrier Cumulative TSR vs. Cumulative TSR of Comparators 1 | CAP vs. Cumulative TSR
1 This graph compares the cumulative TSR of our common stock against the cumulative total return of the S&P 500 Index and the Dow Jones Industrials Index for the period from April 3, 2020, to December 31, 2023, assuming in each case a fixed investment of $100 at the respective closing prices of April 3, 2020, the date of Carrier's Separation, including reinvestment of dividends. |  |  |
Compensation Actually Paid vs. Net Income | As demonstrated by the graph below, the CAP to Mr. Gitlin and the average amount of CAP to the company’s NEOs as a group (excluding Mr. Gitlin) is generally aligned with the company’s net income over the four years presented in the table, with the exception of 2022. In 2023, the CAP to Mr. Gitlin and the company's other NEOs increased as the company delivered solid financial results. As noted previously, the 2022 GAAP Net Income was significantly higher than in other years due to proceeds received from the divestiture of the Chubb business, which occurred in January 2022. While the company does not use net income as a performance measure in the overall executive compensation program, the measure of net income is correlated with the measure of adjusted operating profit, which is a performance metric in the company's Annual Bonus Plan. As described in more detail in "Compensation Discussion and Analysis,” approximately 18% of the value of total target compensation awarded to the NEOs consists of amounts determined under the company's Annual Bonus Plan.
CAP vs. GAAP Net Income
Compensation Actually Paid vs. Company Selected Measure | As demonstrated by the following graph, the CAP to Mr. Gitlin and the average CAP to the company’s NEOs as a group (excluding Mr. Gitlin) is generally aligned with the company’s adjusted EPS over the four years presented in the table. Adjusted EPS represents diluted earnings per share, excluding restructuring costs, amortization of acquired intangibles and other significant items. While the company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the company’s compensation programs, the company has assessed and determined that adjusted EPS is the most important financial performance measure (that is not otherwise required to be disclosed in the table) used to link NEO's CAP to company performance. In support of this determination, the company utilizes adjusted EPS when setting goals in the company’s LTI compensation program, comprised of SARs and PSUs in 2023. The company targets 75% of the value of total compensation for Mr. Gitlin and more than 60% of the value of total compensation awarded to the NEOs is to be comprised of equity awards, of which 100% is performance-based with a specific emphasis on stock price. 50% of the PSUs awarded to Mr. Gitlin and the NEOs in 2023 are linked to the company's adjusted EPS CAGR over a three-year performance period. Adjusted EPS has increased each of the four years following the company's Separation in 2020, further highlighting the company's exceptional financial performance and creation of shareowner value during this time. As noted previously, CAP declined in 2022 due to stock price decline, despite continuing to deliver solid financial results, including a 3% increase in adjusted EPS.
CAP vs. Adjusted EPS
Total Shareholder Return Vs Peer Group | As demonstrated by the CAP vs. Cumulative TSR graph below, the amount of CAP to Mr. Gitlin and the average amount of CAP to the company’s NEOs as a group (excluding Mr. Gitlin) is aligned with the company’s cumulative TSR over the four years presented in the table. The alignment of CAP with the company’s cumulative TSR over the period presented is the result of a significant portion of the CAP to Mr. Gitlin and to the other NEOs being composed of equity awards. As described in more detail in “Compensation Discussion and Analysis,” the company targets that 75% of the value of total compensation for Mr. Gitlin and more than 60% of the value of total compensation awarded to the other NEOs is to be composed of equity awards, the value of which is 100% performance-based. In addition, since the company's Separation, 75% of the annual LTI Plan awards for Mr. Gitlin and the NEOs have been linked to stock price performance through the use of SARs and the relative TSR metric included in our PSUs. As reflected in the graphs below, both the company's TSR and our NEO's CAP both increased in 2023, while the company delivered solid financial results and outpaced comparators in the S&P 500 Index and Dow Jones Industrials Index. This further illustrates the strong correlation between delivering shareowner value and our NEO's CAP.
Carrier Cumulative TSR vs. Cumulative TSR of Comparators 1 | CAP vs. Cumulative TSR
1 This graph compares the cumulative TSR of our common stock against the cumulative total return of the S&P 500 Index and the Dow Jones Industrials Index for the period from April 3, 2020, to December 31, 2023, assuming in each case a fixed investment of $100 at the respective closing prices of April 3, 2020, the date of Carrier's Separation, including reinvestment of dividends. |  |  |
Total Shareholder Return Amount | $ 441 | 317 | 417 | 287
Peer Group Total Shareholder Return Amount | 179 | 157 | 176 | 145
Net Income (Loss) | $ 1,349,000,000 | $ 3,534,000,000 | $ 1,664,000,000 | $ 1,982,000,000
Company Selected Measure Amount | $ / shares | 2.73 | 2.34 | 2.27 | 1.66
PEO Name | Mr. Gitlin |  |  |
Additional 402(v) Disclosure | Cumulative TSR is calculated by (i) dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment; and (ii) the difference between the company’s share price at the end and the beginning of the measurement period by the company’s share price at the beginning of the measurement period. The company’s TSR and Dow Jones Industrial Index TSR are calculated using a measurement period beginning at the Separation date of April 3, 2020, through and including the end of the applicable fiscal year and based on a fixed investment of $100 at the measurement point.The dollar amounts reported represent the amount of net income reflected in the company’s audited financial statements for the applicable year. While the company utilizes several performance measures to align executive compensation with company performance, not all of those performance measures are presented in the Pay Versus Performance Disclosure Table. Moreover, the company generally seeks to incentivize long-term performance, and, therefore, does not specifically align the company’s performance measures with CAP (as computed in accordance with Item 402(v) of Regulation S-K) for a particular year. In accordance with Item 402(v) of Regulation S-K, the company is providing the following descriptions of the relationships between information presented in the Pay Versus Performance Disclosure Table. |  |  |
Measure:: 1 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | ▪Relative TSR |  |  |
Measure:: 2 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | ▪Adjusted EPS |  |  |
Non-GAAP Measure Description | Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, amortization of acquired intangibles and other significant items. |  |  |
Measure:: 3 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | ▪Sales |  |  |
Measure:: 4 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | ▪Adjusted Operating Profit |  |  |
Measure:: 5 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | ▪Free Cash Flow |  |  |
PEO | Adjustment, Equity Awards Reported Value [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ (12,021,241) | $ (9,013,937) | $ (9,067,330) | $ (10,997,911)
PEO | Adjustment, Equity Award Adjustments [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 37,058,763 | (24,268,414) | 55,303,143 | 60,274,303
PEO | Adjustment, Change in Actuarial Present Value of Pension Benefits [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (36,319) | 0 | 0 | (302,617)
PEO | Adjustment, Pension Benefits Adjustments [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0
PEO | Equity Awards Granted During the Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 18,973,490 | 7,609,658 | 17,023,203 | 35,607,693
PEO | Equity Awards Outstanding And Unvested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 14,865,035 | (30,657,192) | 38,207,535 | 21,373,460
PEO | Equity Awards Granted During the Year, Vested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0
PEO | Equity Awards Granted in Prior Years, Vested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 3,220,238 | (1,220,880) | 72,405 | 3,293,150
PEO | Equity Awards that Failed to Meet Vesting Conditions [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0
PEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0
Non-PEO NEO | Adjustment, Equity Awards Reported Value [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (3,784,413) | (2,189,525) | (2,724,373) | (4,198,950)
Non-PEO NEO | Adjustment, Equity Award Adjustments [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 7,229,085 | (7,910,573) | 15,051,339 | 17,333,302
Non-PEO NEO | Adjustment, Change in Actuarial Present Value of Pension Benefits [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (5,483) | 0 | 0 | (74,762)
Non-PEO NEO | Adjustment, Pension Benefits Adjustments [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0
Non-PEO NEO | Equity Awards Granted During the Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 4,271,355 | 1,848,414 | 4,292,775 | 10,834,669
Non-PEO NEO | Equity Awards Outstanding And Unvested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 2,152,742 | (4,513,074) | 9,886,398 | 6,498,633
Non-PEO NEO | Equity Awards Granted During the Year, Vested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 804,988 | (5,245,913) | 872,166 | 0
Non-PEO NEO | Equity Awards that Failed to Meet Vesting Conditions [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | 0 | 0 | 0 | 0
Non-PEO NEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation Amount, Equity Awards | $ 0 | $ 0 | $ 0 | $ 0

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