Finance History | 11 Wall Street — One UTC Share Became One CARR and Half an Otis

People treat Carrier as a Palm Beach Gardens climate-control house that always printed CARR.

The 2020 issuer was a slice of United Technologies.

UTC's board declared a pro rata dividend of all outstanding Carrier common shares, effective at 12:01 a.m. Eastern Time on 3 April 2020, to holders of record at 5:00 p.m. Eastern Time on 19 March 2020.

Each UTC share received one Carrier share and one-half share of Otis Worldwide, with cash in lieu of fractions.

UTC holders kept their UTC stock, which that same morning became Raytheon Technologies under the ticker RTX.

Carrier's own release that day said regular-way trading in CARR began at the New York open.

S&P Dow Jones Indices had already said Carrier would join the S&P 500 prior to that open, replacing Macy's.

The Form 10 information statement dated 16 March 2020 had described when-issued trading under CARR WI from about 18 March.

The mechanism is a tax-free spin. Holders did not write a check.

An HVAC-and-refrigeration book left an aerospace conglomerate so each line could trade on its own multiple.

The pin is the Broad Street facade of the Exchange, where CARR first printed. Interior trading is not visitable from the sidewalk.

Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.