AI English summary of an SEC filing — figures as filed
Carrier Global CARRThe company said its full-year net sales for 2023 were $22.1 billion, up 8% from 2022. The company attributed 3% of organic growth separately, with the TCC acquisition adding 6% and the KFI deconsolidation having a 1% impact.
Key points
AI summaryThe company said its full-year net sales for 2023 were $22.1 billion, up 8% from 2022. The company attributed 3% of organic growth separately, with the TCC acquisition adding 6% and the KFI deconsolidation having a 1% impact.
Carrier said it completed its acquisition of the VCS Business from Viessmann on January 2, 2024 for total consideration of $14.2 billion, under a Share Purchase Agreement it entered into on April 25, 2023. It said 20% of the purchase price was to be paid in Carrier common stock and 80% in cash.
Carrier said it entered into agreements on December 2023 to sell its Fire and Security Access Solutions business to Honeywell International Inc. at an enterprise value of about $4.95 billion, and its Commercial Refrigeration business (CCR) to Haier Group Corporation at about $775 million. It said both transactions are expected to close in 2024.
Carrier said Kidde-Fenwal, Inc. (KFI) was deconsolidated after it filed for Chapter 11 on May 14, 2023. It said it recognized a deconsolidation loss of $297 million for the full year 2023. Cash outflows from investing activities related to the KFI deconsolidation were $134 million in the same year.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $22.1B
- Operating income
- $2.3B
- EPS
- $1.58
- Operating cash flow
- $2.6B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Full-Year Net Sales $22.1 billion
The company said its full-year net sales for 2023 were $22.1 billion, up 8% from 2022. The company attributed 3% of organic growth separately, with the TCC acquisition adding 6% and the KFI deconsolidation having a 1% impact.
Source · Based on the MD&A text of the filing
VCS Business Acquisition from Viessmann $14.2 billion
Carrier said it completed its acquisition of the VCS Business from Viessmann on January 2, 2024 for total consideration of $14.2 billion, under a Share Purchase Agreement it entered into on April 25, 2023. It said 20% of the purchase price was to be paid in Carrier common stock and 80% in cash.
Source · Based on the MD&A text of the filing
Divestiture of Fire & Security and Commercial Refrigeration
Carrier said it entered into agreements on December 2023 to sell its Fire and Security Access Solutions business to Honeywell International Inc. at an enterprise value of about $4.95 billion, and its Commercial Refrigeration business (CCR) to Haier Group Corporation at about $775 million. It said both transactions are expected to close in 2024.
Source · Based on the MD&A text of the filing
KFI Chapter 11 and $297 million Loss
Carrier said Kidde-Fenwal, Inc. (KFI) was deconsolidated after it filed for Chapter 11 on May 14, 2023. It said it recognized a deconsolidation loss of $297 million for the full year 2023. Cash outflows from investing activities related to the KFI deconsolidation were $134 million in the same year.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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