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Sankey diagram of Carrier Global Corporation. A complete text table follows the diagram.
A global installed base adds recurring service, but factory utilization still matters when equipment demand softens
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Segment operating-cost nodes are exact sales-minus-segment-profit residuals. They are used to compare Carrier's four operating platforms without mixing consolidated acquisition accounting into segment economics. The filing reports consolidated gross margin of $1,244M, or 23.3%; the replaced draft's 28.1% was incorrect.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Climate Solutions Americas | 1 | $2.5B | Residential and commercial HVAC; -3% |
| Climate Solutions Europe | 1 | $1.3B | Viessmann-led heating and cooling; +11% |
| Asia Pacific, Middle East & Africa | 1 | $834M | Regional climate systems; +1% |
| Climate Solutions Transportation | 1 | $713M | Truck, trailer and container refrigeration; +10% |
| Americas segment profit | 2 | $373M | 14.9% margin; -35% |
| Americas operating cost residual | 2 | $2.1B | Equipment, labor, R&D and selling |
| Europe segment profit | 2 | $89M | 6.9% margin; -15% |
| Europe operating cost residual | 2 | $1.2B | Equipment, labor, R&D and selling |
| APMEA segment profit | 2 | $81M | 9.7% margin; -33% |
| APMEA operating cost residual | 2 | $753M | Equipment, labor, R&D and selling |
| Transportation segment profit | 2 | $101M | 14.2% margin; +4% |
| Transportation operating cost residual | 2 | $612M | Cold-chain equipment and service |
| Total segment operating profit | 3 | $644M | 12.1% of sales |
| Non-service pension benefit | 3 | $1M | Reported reconciliation benefit |
| Segment profit plus pension | 4 | $645M | Before corporate and acquisition accounting |
| Pretax earnings | 5 | $170M | Reported result |
| Corporate & other | 5 | $50M | Unallocated corporate cost |
| Restructuring | 5 | $108M | Primarily Europe |
| Acquired-intangible amortization | 5 | $213M | Portfolio acquisition accounting |
| Acquisition & divestiture costs | 5 | $14M | Portfolio reshaping |
| Net interest expense | 5 | $90M | Financing cost |
| Continuing earnings | 6 | $266M | Includes $96M tax benefit |
| Income tax benefit | 5 | $96M | Reported tax benefit |
| Net earnings | 7 | $265M | After discontinued operations |
| Discontinued-operations loss | 7 | $1M | Reported discontinued result |
| Carrier shareholders | 8 | $238M | $0.28 diluted EPS |
| Noncontrolling interests | 8 | $27M | Minority ownership |
| From | To | Value |
|---|---|---|
| Climate Solutions Americas | Americas segment profit | $373M |
| Climate Solutions Americas | Americas operating cost residual | $2.1B |
| Climate Solutions Europe | Europe segment profit | $89M |
| Climate Solutions Europe | Europe operating cost residual | $1.2B |
| Asia Pacific, Middle East & Africa | APMEA segment profit | $81M |
| Asia Pacific, Middle East & Africa | APMEA operating cost residual | $753M |
| Climate Solutions Transportation | Transportation segment profit | $101M |
| Climate Solutions Transportation | Transportation operating cost residual | $612M |
| Americas segment profit | Total segment operating profit | $373M |
| Europe segment profit | Total segment operating profit | $89M |
| APMEA segment profit | Total segment operating profit | $81M |
| Transportation segment profit | Total segment operating profit | $101M |
| Total segment operating profit | Segment profit plus pension | $644M |
| Non-service pension benefit | Segment profit plus pension | $1M |
| Segment profit plus pension | Pretax earnings | $170M |
| Segment profit plus pension | Corporate & other | $50M |
| Segment profit plus pension | Restructuring | $108M |
| Segment profit plus pension | Acquired-intangible amortization | $213M |
| Segment profit plus pension | Acquisition & divestiture costs | $14M |
| Segment profit plus pension | Net interest expense | $90M |
| Pretax earnings | Continuing earnings | $170M |
| Income tax benefit | Continuing earnings | $96M |
| Continuing earnings | Net earnings | $265M |
| Continuing earnings | Discontinued-operations loss | $1M |
| Net earnings | Carrier shareholders | $238M |
| Net earnings | Noncontrolling interests | $27M |