Adjustments to Current Assets
Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Reported Income

Carrier Global Corp., adjusted current assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current assets	9,879)	11,407)	8,524)
Adjustments
Add: Allowance for expected credit losses	117)	88)	89)
Add: LIFO reserve¹	199)	141)	118)
After Adjustment
Adjusted current assets	10,195)	11,636)	8,731)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ LIFO reserve. See details »

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Carrier Global Corp., adjusted total assets

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	26,086)	26,172)	25,093)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)
Add: Allowance for expected credit losses	117)	88)	89)
Add: LIFO reserve²	199)	141)	118)
Less: Future income tax benefits³	612)	563)	449)
After Adjustment
Adjusted total assets	25,790)	25,838)	24,851)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² LIFO reserve. See details »

³ Future income tax benefits. See details »

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Carrier Global Corp., adjusted current liabilities

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current liabilities	6,032)	6,627)	5,110)
Adjustments
Less: Current restructuring reserve	24)	54)	49)
After Adjustment
Adjusted current liabilities	6,008)	6,573)	5,061)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Carrier Global Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	18,010)	19,078)	18,515)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)
Less: Future income tax obligations²	568)	354)	479)
Less: Product warranty provisions	551)	524)	514)
Less: Restructuring reserve	24)	54)	49)
After Adjustment
Adjusted total liabilities	16,867)	18,146)	17,473)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Future income tax obligations. See details »

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Carrier Global Corp., adjusted equity attributable to common shareowners

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Equity attributable to common shareowners	7,758)	6,767)	6,252)
Adjustments
Less: Future income tax benefit (payables)¹	278)	408)	91)
Add: Allowance for expected credit losses	117)	88)	89)
Add: LIFO reserve²	199)	141)	118)
Add: Product warranty provisions	551)	524)	514)
Add: Restructuring reserve	24)	54)	49)
Add: Non-controlling interest	318)	327)	326)
After Adjustment
Adjusted total equity	8,689)	7,493)	7,257)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Future income tax benefit (payables). See details »

² LIFO reserve. See details »

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Carrier Global Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current portion of long-term debt	140)	183)	191)
Long-term debt, net of current portion	8,702)	9,513)	10,036)
Total reported debt	8,842)	9,696)	10,227)
Equity attributable to common shareowners	7,758)	6,767)	6,252)
Total reported capital	16,600)	16,463)	16,479)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)
Add: Current operating lease liabilities (included in Accrued liabilities)²	132)	130)	161)
Add: Long-term operating lease liabilities³	529)	527)	642)
Adjusted total debt	9,503)	10,353)	11,030)
Adjustments to Equity
Less: Future income tax benefit (payables)⁴	278)	408)	91)
Add: Allowance for expected credit losses	117)	88)	89)
Add: LIFO reserve⁵	199)	141)	118)
Add: Product warranty provisions	551)	524)	514)
Add: Restructuring reserve	24)	54)	49)
Add: Non-controlling interest	318)	327)	326)
Adjusted total equity	8,689)	7,493)	7,257)
After Adjustment
Adjusted total capital	18,192)	17,846)	18,287)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities (included in Accrued liabilities). See details »

³ Long-term operating lease liabilities. See details »

⁴ Future income tax benefit (payables). See details »

⁵ LIFO reserve. See details »

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Carrier Global Corp., adjusted net income attributable to common shareowners

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net income attributable to common shareowners	3,534)	1,664)	1,982)
Adjustments
Add: Deferred income tax expense (benefit)¹	(124)	(74)	97)
Add: Increase (decrease) in allowance for expected credit losses	29)	(1)	—)
Add: Increase (decrease) in LIFO reserve²	58)	23)	(2)
Add: Increase (decrease) in product warranty provisions	27)	10)	26)
Add: Increase (decrease) in restructuring reserve	(30)	5)	(17)
Add: Other comprehensive income (loss), net of tax	(725)	(244)	521)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	24)	37)	37)
After Adjustment
Adjusted net income from operations	2,793)	1,420)	2,644)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

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Carrier Global Corp. (NYSE:CARR)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Reported Income