Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Carrier Global Corp., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income from operations	387)	278)	1,332)	587)	1,387)	332)	480)	497)	392)	887)	748)	269)	102)
Depreciation and amortization	136)	123)	102)	76)	79)	87)	83)	85)	83)	95)	82)	78)	81)
Deferred income tax provision	(24)	(17)	(90)	(65)	48)	(143)	36)	35)	(2)	(24)	(14)	—)	135)
Stock-based compensation costs	22)	19)	17)	20)	21)	32)	20)	21)	19)	21)	21)	22)	13)
Equity method investment net earnings	(44)	(40)	(63)	(101)	(58)	(48)	(76)	(87)	(38)	(59)	(62)	(57)	(29)
Impairment charge on minority-owned joint venture investments	—)	—)	—)	—)	—)	—)	2)	—)	—)	—)	—)	1)	71)
Gain on extinguishment of debt	—)	—)	—)	—)	(36)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on sale of investments	(16)	29)	(725)	(7)	(1,112)	6)	(4)	—)	—)	(871)	(252)	—)	—)
Accounts receivable, net	(157)	288)	50)	(276)	(207)	193)	(2)	(205)	(83)	166)	(144)	46)	(19)
Contract assets, current	(28)	150)	23)	(70)	(154)	19)	(25)	3)	(44)	111)	20)	(101)	(39)
Inventories, net	(126)	158)	(57)	(45)	(390)	(64)	(134)	38)	(248)	(3)	88)	(61)	(264)
Other assets, current	(60)	107)	34)	(22)	(15)	9)	7)	(4)	(23)	(49)	20)	42)	(10)
Accounts payable and accrued liabilities	(25)	(119)	101)	(53)	132)	333)	128)	217)	151)	(292)	377)	176)	(24)
Contract liabilities, current	64)	(5)	(8)	29)	13)	8)	1)	3)	39)	2)	7)	(14)	51)
Changes in operating assets and liabilities	(332)	579)	143)	(437)	(621)	498)	(25)	52)	(208)	(65)	368)	88)	(305)
Defined benefit plan contributions	(6)	(6)	(4)	(2)	(4)	(18)	(2)	(3)	(24)	(12)	(2)	(2)	(25)
Distributions from equity method investments	3)	93)	40)	4)	11)	94)	23)	30)	12)	81)	39)	39)	10)
Other operating activities, net	(6)	65)	38)	(43)	83)	73)	42)	(69)	(50)	146)	9)	71)	(6)
Adjustments to reconcile net income to net cash flows from operating activities	(267)	845)	(542)	(555)	(1,589)	581)	99)	64)	(208)	(688)	189)	240)	(55)
Net cash flows provided by (used in) operating activities	120)	1,123)	790)	32)	(202)	913)	579)	561)	184)	199)	937)	509)	47)
Capital expenditures	(70)	(140)	(91)	(66)	(56)	(138)	(74)	(79)	(53)	(161)	(57)	(46)	(48)
Investment in businesses, net of cash acquired	(52)	(34)	(434)	(29)	(9)	(152)	(47)	(161)	(6)	—)	—)	—)	—)
Dispositions of businesses	35)	(42)	—)	9)	2,935)	(3)	2)	1)	—)	—)	—)	—)	—)
Proceeds on sale of investments	—)	—)	—)	—)	—)	7)	—)	—)	—)	1,077)	300)	—)	—)
Settlement of derivative contracts, net	(18)	8)	(79)	(91)	(32)	22)	(12)	(14)	8)	(27)	90)	72)	(95)
Payment to former shareholders of TCC	—)	(104)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities, net	5)	12)	4)	2)	(18)	(2)	6)	1)	2)	(13)	—)	(1)	15)
Net cash flows (used in) provided by investing activities	(100)	(300)	(600)	(175)	2,820)	(266)	(125)	(252)	(49)	876)	333)	25)	(128)
Increase (decrease) in short-term borrowings, net	10)	(15)	(103)	11)	(33)	30)	(4)	(41)	28)	(1)	(5)	27)	(44)
Issuance of long-term debt	5)	11)	400)	7)	14)	18)	48)	23)	51)	22)	28)	773)	10,961)
Repayment of long-term debt	(2)	(90)	(58)	(4)	(1,123)	(12)	(87)	(35)	(570)	(1,787)	(88)	(2)	(34)
Repurchases of common stock	(62)	(119)	(247)	(280)	(734)	(252)	(145)	(94)	(36)	—)	—)	—)	—)
Dividends paid on common stock	(154)	(125)	(127)	(128)	(129)	(104)	(104)	(105)	(104)	(68)	(70)	—)	—)
Dividends paid to non-controlling interest	—)	(24)	—)	(22)	—)	(10)	(2)	(25)	(5)	(31)	(9)	—)	(8)
Net transfers to UTC	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	589)	(10,948)
Other financing activities, net	(10)	15)	(15)	2)	(15)	(7)	(33)	22)	(7)	11)	2)	4)	(3)
Net cash flows provided by (used in) financing activities	(213)	(347)	(150)	(414)	(2,020)	(337)	(327)	(255)	(643)	(1,854)	(142)	1,391)	(76)
Effect of foreign exchange rate changes on cash and cash equivalents	20)	59)	(74)	(40)	(1)	(1)	(13)	7)	(9)	45)	17)	11)	(28)
Net increase (decrease) in cash and cash equivalents and restricted cash, including cash classified in current assets held for sale	(173)	535)	(34)	(597)	597)	309)	114)	61)	(517)	(734)	1,145)	1,936)	(185)
Change in cash balances classified as assets held for sale	—)	—)	—)	—)	—)	14)	(74)	—)	—)	—)	—)	—)	—)
Net increase (decrease) in cash and cash equivalents and restricted cash	(173)	535)	(34)	(597)	597)	323)	40)	61)	(517)	(734)	1,145)	1,936)	(185)

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

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Cash flow statement item	Description	The company
Net cash flows provided by (used in) operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Carrier Global Corp. net cash flows provided by (used in) operating activities increased from Q3 2022 to Q4 2022 but then decreased significantly from Q4 2022 to Q1 2023.
Net cash flows (used in) provided by investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Carrier Global Corp. net cash flows (used in) provided by investing activities increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.
Net cash flows provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Carrier Global Corp. net cash flows provided by (used in) financing activities decreased from Q3 2022 to Q4 2022 but then increased from Q4 2022 to Q1 2023 not reaching Q3 2022 level.

Carrier Global Corp. (NYSE:CARR)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data