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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
____________________________________
FORM 10-Q
____________________________________
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 001-39221
____________________________________
OTIS WORLDWIDE CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________
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Delaware | | 83-3789412 |
(State or other jurisdiction of incorporation) | | (I.R.S. Employer Identification No.) |
One Carrier Place, Farmington, Connecticut 06032
(Address of principal executive offices, including zip code)
(860) 233-6847
(Registrant's telephone number, including area code)
____________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock ($0.01 par value) | OTIS | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý. No ¨.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý. No ¨.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | ý | Accelerated Filer | ¨ |
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Non-accelerated Filer | ¨ | Smaller Reporting Company | ☐ |
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| | Emerging Growth Company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐. No ý.
At June 30, 2020 there were 433,079,455 shares of Common Stock outstanding.
OTIS WORLDWIDE CORPORATION
CONTENTS OF QUARTERLY REPORT ON FORM 10-Q
Quarter Ended June 30, 2020
Otis Worldwide Corporation and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the registered or unregistered trademarks or tradenames of Otis Worldwide Corporation and its subsidiaries. Names, abbreviations of names, logos, and products and service designators of other companies are either the registered or unregistered trademarks or tradenames of their respective owners. As used herein, the terms "we," "us," "our," " the Company" "the Business," or "Otis," unless the context otherwise requires, mean Otis Worldwide Corporation and its subsidiaries. References to internet websites in this Form 10-Q are provided for convenience only. Information available through these websites is not incorporated by reference into this Form 10-Q.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | |
| Quarter Ended June 30, | | |
(dollars in millions, except per share amounts) | 2020 | | 2019 |
Net sales: | | | |
Product sales | $ | 1,294 | | | $ | 1,500 | |
Service sales | 1,735 | | | 1,851 | |
| 3,029 | | | 3,351 | |
Costs and expenses: | | | |
Cost of products sold | 1,072 | | | 1,209 | |
Cost of services sold | 1,066 | | | 1,158 | |
Research and development | 37 | | | 40 | |
Selling, general and administrative | 441 | | | 444 | |
| 2,616 | | | 2,851 | |
Other income (expense), net | 3 | | | (19) | |
Operating profit | 416 | | | 481 | |
Non-service pension cost (benefit) | 1 | | | (11) | |
Interest expense (income), net | 41 | | | (3) | |
Income from operations before income taxes | 374 | | | 495 | |
Income tax expense | 109 | | | 143 | |
Net income | 265 | | | 352 | |
Less: Noncontrolling interest in subsidiaries' earnings | 41 | | | 44 | |
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| | | |
Net income attributable to common shareholders | $ | 224 | | | $ | 308 | |
Earnings Per Share of Common Stock - Basic: | | | |
| | | |
Net income attributable to common shareholders | $ | 0.52 | | | $ | 0.71 | |
Earnings Per Share of Common Stock - Diluted: | | | |
| | | |
Net income attributable to common shareholders | $ | 0.52 | | | $ | 0.71 | |
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See accompanying Notes to Condensed Consolidated Financial Statements
OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | |
| | | |
| Six Months Ended June 30, | | |
(dollars in millions, except per share amounts) | 2020 | | 2019 |
Net sales: | | | |
Product sales | $ | 2,417 | | | $ | 2,771 | |
Service sales | 3,578 | | | 3,681 | |
| 5,995 | | | 6,452 | |
Costs and expenses: | | | |
Cost of products sold | 1,986 | | | 2,269 | |
Cost of services sold | 2,221 | | | 2,298 | |
Research and development | 75 | | | 79 | |
Selling, general and administrative | 906 | | | 885 | |
| 5,188 | | | 5,531 | |
Other expense, net | (62) | | | (25) | |
Operating profit | 745 | | | 896 | |
Non-service pension benefit | (2) | | | (22) | |
Interest expense (income), net | 46 | | | (2) | |
Income before income taxes | 701 | | | 920 | |
Income tax expense | 234 | | | 268 | |
Net income | 467 | | | 652 | |
Less: Noncontrolling interest in subsidiaries' earnings | 78 | | | 71 | |
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Net income attributable to common shareholders | $ | 389 | | | $ | 581 | |
Earnings Per Share of Common Stock - Basic: | | | |
| | | |
Net income attributable to common shareholders | $ | 0.90 | | | $ | 1.34 | |
Earnings Per Share of Common Stock - Diluted: | | | |
| | | |
Net income attributable to common shareholders | $ | 0.90 | | | $ | 1.34 | |
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See accompanying Notes to Condensed Consolidated Financial Statements
OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Quarter Ended June 30, | | | | Six Months Ended June 30, | | |
(dollars in millions) | 2020 | | 2019 | | 2020 | | 2019 |
| | | | | | | |
| | | | | | | |
Net income | 265 | | | 352 | | | 467 | | | 652 | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Foreign currency translation adjustments | 38 | | | (40) | | | (84) | | | (5) | |
Pension and postretirement benefit plan adjustments | 3 | | | 3 | | | 4 | | | (19) | |
| | | | | | | |
Change in unrealized cash flow hedging | (12) | | | (2) | | | (1) | | | (2) | |
Other comprehensive income (loss), net of tax | 29 | | | (39) | | | (81) | | | (26) | |
Comprehensive income | 294 | | | 313 | | | 386 | | | 626 | |
Less: Comprehensive income attributable to noncontrolling interest | (51) | | | (45) | | | (82) | | | (71) | |
Comprehensive income attributable to common shareholders | $ | 243 | | | $ | 268 | | | $ | 304 | | | $ | 555 | |
See accompanying Notes to Condensed Consolidated Financial Statements
OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
(amounts in millions, except per share amounts) | June 30, 2020 | | December 31, 2019 |
Assets | | | |
Cash and cash equivalents | $ | 1,912 | | | $ | 1,446 | |
Accounts receivable (net of allowance for expected credit losses of $140 and $83) | 2,865 | | | 2,861 | |
Contract assets, current | 484 | | | 529 | |
Inventories, net | 629 | | | 571 | |
Other assets, current | 502 | | | 251 | |
Total Current Assets | 6,392 | | | 5,658 | |
Future income tax benefits | 427 | | | 373 | |
Fixed assets | 1,828 | | | 1,803 | |
Less: Accumulated depreciation | (1,124) | | | (1,082) | |
Fixed assets, net | 704 | | | 721 | |
Operating lease right-of-use assets | 530 | | | 535 | |
Intangible assets, net | 458 | | | 490 | |
Goodwill | 1,639 | | | 1,647 | |
Other assets | 291 | | | 263 | |
Total Assets | $ | 10,441 | | | $ | 9,687 | |
Liabilities and (Deficit) Equity | | | |
Short-term borrowings | $ | 33 | | | $ | 34 | |
Accounts payable | 1,349 | | | 1,331 | |
Accrued liabilities | 1,917 | | | 1,739 | |
Contract liabilities, current | 2,463 | | | 2,270 | |
| | | |
Total Current Liabilities | 5,762 | | | 5,374 | |
Long-term debt | 6,260 | | | 5 | |
Future pension and postretirement benefit obligations | 589 | | | 590 | |
Operating lease liabilities | 377 | | | 386 | |
Future income tax obligations | 439 | | | 695 | |
Other long-term liabilities | 590 | | | 311 | |
Total Liabilities | 14,017 | | | 7,361 | |
Commitments and contingent liabilities (Note 17) | | | |
Redeemable noncontrolling interest | 96 | | | 95 | |
Shareholders' (Deficit) Equity: | | | |
Preferred Stock, $0.01 par value, 125 shares authorized; None issued or outstanding | — | | | — | |
Common Stock, $0.01 par value, 2,000 shares authorized; 433.1 shares issued and outstanding | 4 | | | — | |
Additional paid-in capital | 15 | | | — | |
Accumulated deficit | (3,418) | | | — | |
UTC Net Investment | — | | | 2,458 | |
Accumulated other comprehensive loss | (843) | | | (758) | |
Total Shareholders' (Deficit) Equity | (4,242) | | | 1,700 | |
Noncontrolling interest | 570 | | | 531 | |
Total (Deficit) Equity | (3,672) | | | 2,231 | |
Total Liabilities and (Deficit) Equity | $ | 10,441 | | | $ | 9,687 | |
See accompanying Notes to Condensed Consolidated Financial Statements
OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | Additional Paid-In Capital | | Accumulated Deficit | | UTC Net (Deficit) Investment | | Accumulated Other Comprehensive (Loss) | | Total Shareholders' (Deficit) Equity | | Noncontrolling Interest | | Total (Deficit) Equity | | Redeemable Noncontrolling Interest | |
| | | | | | | | | | | | | | | | | | | | |
(amounts in millions) | Shares | | Amount | | | | | | | | | | | | | | | | | |
Quarter Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | | |
Balance April 1, 2020 | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (3,959) | | | $ | (862) | | | $ | (4,821) | | | $ | 537 | | | $ | (4,284) | | | $ | 95 | | |
Net transfers from UTC and Separation-related transactions | — | | | — | | | — | | | — | | | 407 | | | — | | | 407 | | | — | | | 407 | | | — | | |
Issuance of common stock and reclassification of deficit | 433 | | | 4 | | | — | | | (3,556) | | | 3,552 | | | — | | | — | | | — | | | — | | | — | | |
Net income | — | | | — | | | — | | | 224 | | | — | | | — | | | 224 | | | 41 | | | 265 | | | — | | |
Stock-based compensation | — | | | — | | | 15 | | | — | | | — | | | — | | | 15 | | | — | | | 15 | | | — | | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss), net of tax | — | | | — | | | — | | | — | | | — | | | 19 | | | 19 | | | 11 | | | 30 | | | (1) | | |
| | | | | | | | | | | | | | | | | | | | |
Cash dividends declared ($0.20 per common share) | — | | | — | | | — | | | (87) | | | — | | | — | | | (87) | | | — | | | (87) | | | — | | |
Dividends attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (18) | | | (18) | | | — | | |
Acquisition, disposal and other changes in noncontrolling interest | — | | | — | | | — | | | 4 | | | — | | | — | | | 4 | | | (1) | | | 3 | | | — | | |
Changes in redeemable noncontrolling interest redemption value | — | | | — | | | — | | | (3) | | | — | | | — | | | (3) | | | — | | | (3) | | | 2 | | |
| | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2020 | 433 | | | $ | 4 | | | $ | 15 | | | $ | (3,418) | | | $ | — | | | $ | (843) | | | $ | (4,242) | | | $ | 570 | | | $ | (3,672) | | | $ | 96 | | |
| | | | | | | | | | | | | | | | | | | | |
Quarter Ended June 30, 2019 | | | | | | | | | | | | | | | | | | | | |
Balance April 1, 2019 | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,252 | | | $ | (694) | | | $ | 1,558 | | | $ | 542 | | | $ | 2,100 | | | $ | 109 | | |
Net transfers to UTC | — | | | — | | | — | | | — | | | (15) | | | — | | | (15) | | | — | | | (15) | | | — | | |
Net income | — | | | — | | | — | | | — | | | 308 | | | — | | | 308 | | | 44 | | | 352 | | | — | | |
Redeemable noncontrolling interest in subsidiaries' earnings | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | | | 3 | | | (3) | | |
Other comprehensive (loss) income, net of tax | — | | | — | | | — | | | — | | | — | | | (40) | | | (40) | | | 1 | | | (39) | | | — | | |
Purchase of subsidiary shares from noncontrolling interest | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1) | | | (1) | | | — | | |
Dividends attributable to noncontrolling interest | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (76) | | | (76) | | | — | | |
| | | | | | | | | | | | | | | | | | | | |
Changes in redeemable noncontrolling interest redemption value | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3 | | |
Balance at June 30, 2019 | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,545 | | | $ | (734) | | | $ | 1,811 | | | $ | 513 | | | $ | 2,324 | | | $ | 109 | | |
See accompanying Notes to Condensed Consolidated Financial Statements
OTIS WORLDWIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock | | | | Additional Paid-In Capital | | Accumulated Deficit | | UTC Net Investment (Deficit) | | Accumulated Other Comprehensive (Loss) | | Total Shareholders' (Deficit) Equity | | Noncontrolling Interest | | Total (Deficit) Equity | | Redeemable Noncontrolling Interest |
| | | | | | | | | | | | | | | | | | | | |
(amounts in millions) | | Shares | | Amount | | | | | | | | | | | | | | | | |
Six Months Ended June 30, 2020 | | | | | | | | | | | | | | | | | | | | |
Balance January 1, 2020 | | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,458 | | | $ | (758) | | | $ | 1,700 | | | $ | 531 | | | $ | 2,231 | | | $ | 95 | |
Net transfers to UTC and Separation-related transactions | | — | | | — | | | — | | | — | | | (6,150) | | | — | | | (6,150) | | | — | | | (6,150) | | | — | |
Issuance of common stock and reclassification of deficit | | 433 | | | 4 | | | — | | | (3,556) | | | 3,552 | | | — | | | — | | | — | | | — | | | — | |
Net income | | — | | | — | | | — | | | 224 | | | 165 | | | — | | | 389 | | | 78 | | | 467 | | | — | |
Stock-based compensation | | — | | | — | | | 15 | | | — | | | — | | | — | | | 15 | | | — | | | 15 | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive (loss) income, net of tax | | — | | | — | | | — | | | — | | | — | | | (85) | | | (85) | | | 7 | | | (78) | | | (3) | |
| | | | | | | | | | | | | | | | | | | | |
Cash dividends declared ($0.20 per common share) | | — | | | — | | | — | | | (87) | | | — | | | — | | | (87) | | | — | | | (87) | | | — | |
Dividends attributable to noncontrolling interest | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (39) | | | (39) | | | — | |
Acquisition, disposal and other changes in noncontrolling interest | | — | | | — | | | — | | | 4 | | | — | | | — | | | |