Name: Carrier Global Corp. (NYSE:CARR) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Carrier Global Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Product sales	18,250)	17,214)	14,347)
Service sales	2,171)	3,399)	3,109)
Net sales	20,421)	20,613)	17,456)
Cost of products sold	(13,337)	(12,300)	(10,185)
Cost of services sold	(1,620)	(2,333)	(2,162)
Cost of products and services sold	(14,957)	(14,633)	(12,347)
Gross margin	5,464)	5,980)	5,109)
Research and development	(539)	(503)	(419)
Selling, general and administrative	(2,512)	(3,120)	(2,820)
Equity method investment net earnings	262)	249)	207)
Transaction gains	—)	—)	1,123)
Impairment charge on minority-owned joint venture investments	—)	(2)	(72)
Other	1,840)	41)	(45)
Other income (expense), net	1,840)	39)	1,006)
Operating profit	4,515)	2,645)	3,083)
Non-service pension benefit (expense)	(4)	61)	60)
Interest expense	(302)	(319)	(298)
Interest income	83)	13)	10)
Interest income (expense), net	(219)	(306)	(288)
Income from operations before income taxes	4,292)	2,400)	2,855)
Income tax expense	(708)	(699)	(849)
Net income from operations	3,584)	1,701)	2,006)
Non-controlling interest in subsidiaries’ earnings from operations	(50)	(37)	(24)
Net income attributable to common shareowners	3,534)	1,664)	1,982)

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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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Carrier Global Corp. net sales increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.
Operating profit	The net result for the period of deducting operating expenses from operating revenues.	Carrier Global Corp. operating profit decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Income from operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Carrier Global Corp. income from operations before income taxes decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Net income attributable to common shareowners	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Carrier Global Corp. net income attributable to common shareowners decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.