Otis Worldwide Corporation (OTIS) Financial Statements (2023 and earlier)
Company Profile
| Business Address |
ONE CARRIER PLACE FARMINGTON, CT 06032 |
| State of Incorp. | DE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 36 - Electronic And Other Electrical Equipment And Components, Except Computer Equipment (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
| 6/30/2023 MRQ | 12/31/2022 | 12/31/2021 | 12/31/2020 | |||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Current Assets | ||||||
| Cash, cash equivalents, and short-term investments | 1,189 | 1,565 | 1,782 | |||
| Cash and cash equivalents | 1,189 | 1,565 | 1,782 | |||
| Restricted cash and investments | 5 | 1,910 | ||||
| Receivables | 3,357 | 3,232 | 3,148 | |||
| Inventory, net of allowances, customer advances and progress billings | 617 | 622 | 659 | |||
| Inventory | 617 | 622 | 659 | |||
| Contract with customer, asset, after allowance for credit loss | 664 | 550 | 458 | |||
| Other current assets | 311 | 382 | 446 | |||
| Total current assets: | 6,143 | 8,261 | 6,493 | |||
| Noncurrent Assets | ||||||
| Operating lease, right-of-use asset | 449 | 526 | 542 | |||
| Property, plant and equipment | 719 | 774 | 774 | |||
| Intangible assets, net (including goodwill) | 1,936 | 2,086 | 2,257 | |||
| Goodwill | 1,567 | 1,667 | 1,773 | |||
| Intangible assets, net (excluding goodwill) | 369 | 419 | 484 | |||
| Deferred income tax assets | 285 | 335 | 334 | |||
| Other noncurrent assets | 287 | 297 | 310 | |||
| Total noncurrent assets: | 3,676 | 4,018 | 4,217 | |||
| TOTAL ASSETS: | 9,819 | 12,279 | 10,710 | |||
| LIABILITIES AND EQUITY | ||||||
| Liabilities | ||||||
| Current Liabilities | ||||||
| Accounts payable and accrued liabilities | 3,511 | 3,549 | 3,430 | |||
| Accounts payable | 1,717 | 1,556 | 1,453 | |||
| Accrued liabilities | 1,794 | 1,993 | 1,977 | |||
| Deferred revenue | 2,662 | 2,674 | 2,542 | |||
| Debt | 670 | 24 | 701 | |||
| Total current liabilities: | 6,843 | 6,247 | 6,673 | |||
| Noncurrent Liabilities | ||||||
| Long-term debt and lease obligation | 6,098 | 7,585 | 5,629 | |||
| Long-term debt, excluding current maturities | 6,098 | 7,249 | 5,262 | |||
| Liabilities, other than long-term debt | 1,542 | 1,431 | 1,609 | |||
| Deferred income tax liabilities | 279 | 267 | 321 | |||
| Liability, pension and other postretirement and postemployment benefits | 392 | 558 | 654 | |||
| Other liabilities | 556 | 606 | 634 | |||
| Operating lease, liability | 315 | 336 | 367 | |||
| Total noncurrent liabilities: | 7,640 | 9,016 | 7,238 | |||
| Total liabilities: | 14,483 | 15,263 | 13,911 | |||
| Temporary equity, carrying amount | 135 | 160 | 83 | |||
| Equity | ||||||
| Equity, attributable to parent | (4,870) | (3,625) | (3,832) | |||
| Common stock | 162 | 119 | 59 | |||
| Treasury stock, value | (1,575) | (725) | ||||
| Accumulated other comprehensive loss | (592) | (763) | (815) | |||
| Accumulated deficit | (2,865) | (2,256) | (3,076) | |||
| Equity, attributable to noncontrolling interest | 71 | 481 | 548 | |||
| Total equity: | (4,799) | (3,144) | (3,284) | |||
| TOTAL LIABILITIES AND EQUITY: | 9,819 | 12,279 | 10,710 | |||
Income Statement (P&L) ($ in millions)
| 6/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | ||
|---|---|---|---|---|---|
| Revenues | 13,685 | 14,298 | 12,756 | ||
| Cost of revenue | (9,632) | (9,962) | (8,738) | ||
| Gross profit: | 4,053 | 4,336 | 4,018 | ||
| Operating expenses | (2,046) | (2,250) | (2,315) | ||
| Other operating income (expense), net | 26 | 22 | (64) | ||
| Operating income: | 2,033 | 2,108 | 1,639 | ||
| Nonoperating expense (Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component) | (2) | (11) | (6) | ||
| Interest and debt expense | (140) | (136) | (5) | ||
| Income from continuing operations before equity method investments, income taxes: | 1,891 | 1,961 | 1,628 | ||
| Other undisclosed loss from continuing operations before income taxes | (3) | (117) | |||
| Income from continuing operations before income taxes: | 1,888 | 1,961 | 1,511 | ||
| Income tax expense | (519) | (541) | (455) | ||
| Income from continuing operations: | 1,369 | 1,420 | 1,056 | ||
| Income before gain (loss) on sale of properties: | ✕ | 1,420 | 1,056 | ||
| Net income: | 1,369 | 1,420 | 1,056 | ||
| Net loss attributable to noncontrolling interest | (116) | (174) | (150) | ||
| Net income available to common stockholders, diluted: | 1,253 | 1,246 | 906 | ||
Comprehensive Income ($ in millions)
| 6/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | ||
|---|---|---|---|---|---|
| Net income: | 1,369 | 1,420 | 1,056 | ||
| Other comprehensive income (loss) | 61 | 25 | (21) | ||
| Comprehensive income: | 1,430 | 1,445 | 1,035 | ||
| Comprehensive loss, net of tax, attributable to noncontrolling interest | (6) | (147) | (186) | ||
| Comprehensive income, net of tax, attributable to parent: | 1,424 | 1,298 | 849 | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.