CARRIER GLOBAL Corp (CARR) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	S-1	S-1	S-1
Revenues:
Refrigeration	3,883	4,127	2,927	3,405	4,095
HVAC	11,882	9,985	9,478	9,712	9,713
Fire & Security	3,372	5,515	4,985	4,072	5,531
Other	1,284	986	66	1,419
Total revenues [+]	20,421	20,613	17,456	18,608	18,914
Products	20,421	20,613	17,456	18,608	18,914
Revenue growth [+]	-0.9%	18.1%	-6.2%	-1.6%
Refrigeration	-5.9%	41.0%	-14.0%	-16.8%
HVAC	19.0%	5.3%	-2.4%	0.0%
Fire & Security	-38.9%	10.6%	22.4%	-26.4%
Europe	-24.5%	17.0%	-7.4%	-6.7%
Cost of goods sold	12,855	14,345	11,134	12,955	12,188
Gross profit	7,566	6,268	6,322	5,653	6,726
Gross margin	37.1%	30.4%	36.2%	30.4%	35.6%
Selling, general and administrative	2,512	3,120	2,820	2,761	2,689
Research and development	539	503	419	401	400
Equity in earnings	262	249	207	236	220
Other operating expenses	1,840	41	-45	106	138
EBITDA [+]	3,055	2,942	3,464	2,720	3,856
EBITDA growth	3.8%	-15.1%	27.4%	-29.5%
EBITDA margin	15.0%	14.3%	19.8%	14.6%	20.4%
Depreciation	256	240	234	219	221
EBITA	2,799	2,702	3,230	2,501	3,635
EBITA margin	13.7%	13.1%	18.5%	13.4%	19.2%
Amortization of intangibles	124	98	102	116	136
EBIT [+]	2,675	2,604	3,128	2,385	3,499
EBIT growth	2.7%	-16.8%	31.2%	-31.8%
EBIT margin	13.1%	12.6%	17.9%	12.8%	18.5%
Non-recurring items	-1,840	-41	45	-106	-138
Interest expense, net [+]	219	306	288	-27	-37
Interest expense	219	306	288
Interest income				27	37
Other income (expense), net	-4	61	60	154	168
Pre-tax income	4,292	2,400	2,855	2,672	3,842
Income taxes	708	699	849	517	1,073
Tax rate	16.5%	29.1%	29.7%	19.3%	27.9%
Minority interest	50	37	24	39	35
Net income	3,534	1,664	1,982	2,116	2,734
Net margin	17.3%	8.1%	11.4%	11.4%	14.5%

Basic EPS [+]	$4.19	$1.92	$2.29	$2.44	$3.16
Growth	118.5%	-16.2%	-6.4%	-22.6%
Diluted EPS [+]	$4.10	$1.87	$2.25	$2.44	$3.16
Growth	119.6%	-17.0%	-7.8%	-22.6%

Shares outstanding (basic) [+]	843	868	867	866	866
Growth	-2.8%	0.1%	0.0%	0.0%
Shares outstanding (diluted) [+]	861	890	880	866	866
Growth	-3.3%	1.1%	1.6%	0.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.