Stock Analysis on Net
Stock Analysis on Net

Carrier Global Corp. (NYSE:CARR)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 26, 2023.

Analysis of Income Taxes

Microsoft Excel

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Income Tax Expense (Benefit)

Carrier Global Corp., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Federal
State
United States
Foreign
Current
Federal
State
United States
Foreign
Future
Income tax expense

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Carrier Global Corp. current increased from 2020 to 2021 and from 2021 to 2022.
Future Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Carrier Global Corp. future decreased from 2020 to 2021 and from 2021 to 2022.
Income tax expense Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Carrier Global Corp. income tax expense decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

Effective Income Tax Rate (EITR)

Carrier Global Corp., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Statutory U.S. federal income tax rate
State income tax
Tax on international activities
Separation impact
TCC acquisition impact
Other
Effective income tax rate

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Carrier Global Corp. effective income tax rate decreased from 2020 to 2021 and from 2021 to 2022.

Components of Deferred Tax Assets and Liabilities

Carrier Global Corp., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Insurance and employee benefits
Other assets basis differences
Other liabilities basis differences
Tax loss carryforward
Tax credit carryforward
Valuation allowances
Future income tax benefits
Goodwill and intangible assets
Other asset basis differences
Future income tax payables
Future income tax benefit (payables)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Item Description The company
Future income tax benefits Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Carrier Global Corp. future income tax benefits increased from 2020 to 2021 and from 2021 to 2022.
Future income tax benefit (payables) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Carrier Global Corp. future income tax benefit (payables) increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Adjustments to Financial Statements: Removal of Deferred Taxes

Carrier Global Corp., adjustments to financial statements

US$ in millions

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Equity Attributable To Common Shareowners
Equity attributable to common shareowners (as reported)
Less: Net deferred tax assets (liabilities)
Equity attributable to common shareowners (adjusted)
Adjustment to Net Income Attributable To Common Shareowners
Net income attributable to common shareowners (as reported)
Add: Deferred income tax expense (benefit)
Net income attributable to common shareowners (adjusted)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Carrier Global Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Carrier Global Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Carrier Global Corp. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Carrier Global Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Carrier Global Corp. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Carrier Global Corp. adjusted ROE deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Carrier Global Corp. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Carrier Global Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common shareowners
Net sales
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common shareowners
Net sales
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2022 Calculations

1 Net profit margin = 100 × Net income attributable to common shareowners ÷ Net sales
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income attributable to common shareowners ÷ Net sales
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Carrier Global Corp. adjusted net profit margin ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net sales
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net sales
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2022 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Carrier Global Corp. adjusted total asset turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets
Equity attributable to common shareowners
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted equity attributable to common shareowners
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2022 Calculations

1 Financial leverage = Total assets ÷ Equity attributable to common shareowners
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity attributable to common shareowners
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Carrier Global Corp. adjusted financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common shareowners
Equity attributable to common shareowners
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common shareowners
Adjusted equity attributable to common shareowners
Profitability Ratio
Adjusted ROE2

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2022 Calculations

1 ROE = 100 × Net income attributable to common shareowners ÷ Equity attributable to common shareowners
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income attributable to common shareowners ÷ Adjusted equity attributable to common shareowners
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Carrier Global Corp. adjusted ROE deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to common shareowners
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to common shareowners
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2022 Calculations

1 ROA = 100 × Net income attributable to common shareowners ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income attributable to common shareowners ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Carrier Global Corp. adjusted ROA deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.