Otis Worldwide layoffs, on the record
Every job cut, severance charge and restructuring Otis Worldwide reported in its annual reports, 2023 to 2025, quoted from the filings.
Job cuts, severance and restructuring
Our summaryOtis announced UpLift, a program to transform its operating model that includes restructuring actions, with restructuring action costs of $25 million recorded in 2023.
Word for word“UpLift restructuring action costs in 2023 were primarily severance costs, and are recorded in Selling, general and administrative in the Consolidated Statements of Operations.” 10-K for 2023
Our summaryOtis approved UpLift restructuring actions, primarily severance related costs, expected to be mostly completed and paid by the end of 2024.
Word for word“UpLift restructuring actions of up to $ 55 million were approved in 2023, which are primarily severance related costs.” 10-K for 2023
Our summaryOtis recorded other restructuring action costs from new and ongoing programs, mainly severance tied to workforce reductions.
Word for word“Charges generally arise from severance related to workforce reductions, an d to a lesser degree, facility exit and lease termination costs associated with the consolidation of office and manufacturing operations.” 10-K for 2023
Our summaryOtis recorded UpLift transformation costs, mainly consulting and incremental personnel costs, which are not restructuring costs.
Word for word“In 2023, we incurred $ 16 million of incremental, non-restructuring costs associated with transforming our operating model as a part of UpLift ("UpLift transformation costs"), including consulting and personnel costs, which are recorded in Other income (expense), net in the Consolidated Statements of Operations.” 10-K for 2023
Our summaryOtis reported restructuring cash outflows and remaining expected cash payments for its restructuring actions.
Word for word“The table below presents approximate cash outflows related to the restructuring actions during the year ended December 31, 2023, and the expected cash payments to complete the actions announced: (dollars in millions) UpLift Actions Other Actions Total Restructuring Cash outflows during the year ended December 31, 2023 $ 12 $ 47 $ 59 Expected cash payments remaining to complete actions announced 38 65 103” 10-K for 2023
Our summaryOtis runs the UpLift program, announced in July 2023, which includes organizational changes that result in restructuring actions.
Word for word“UpLift Announced in July 2023, UpLift is a program with the goal of transforming our operating model.” 10-K for 2024
Our summaryOtis recorded other restructuring action costs, which generally arise from severance related to workforce reductions and facility exit costs.
Word for word“Charges generally arise from severance related to workforce reductions and, to a lesser degree, facility exit and lease termination costs associated with the consolidation of office and manufacturing operations.” 10-K for 2024
Our summaryOtis expects UpLift restructuring and transformation costs to complete the transformation and cash payments remaining on announced actions.
Word for word“The table below presents approximate cash outflows related to the restructuring actions during 2024, and the expected cash payments to complete the actions announced: (dollars in millions) UpLift Actions Other Actions Total Restructuring Cash outflows during the year ended December 31, 2024 $ 31 $ 34 $ 65 Expected cash payments remaining to complete actions announced 37 53 90 The approved UpLift restructuring actions are expected to generate approximately $80 million in annual recurring savings by the end of 2025, primarily in Selling, general and administrative expenses, and of which approximately $39 million was realized during 2024.” 10-K for 2024
Our summaryOtis announced UpLift in July 2023, a program to transform its operating model that includes organizational changes leading to restructuring actions.
Word for word“Announced in July 2023, UpLift is a program with the goal of transforming our operating model.” 10-K for 2025
Our summaryOtis reported total UpLift costs to date, split between restructuring and transformation costs.
Word for word“Total UpLift costs incurred to date are $282 million, including $132 million of restructuring costs and $150 million of transformation costs.” 10-K for 2025
Our summaryOtis said UpLift restructuring costs are mainly severance and are recorded mainly in selling, general and administrative expenses.
Word for word“UpLift restructuring costs are primarily severance costs and are recorded primarily in Selling, general and administrative in the Consolidated Statements of Operations.” 10-K for 2025
Our summaryOtis reported its UpLift restructuring costs for 2025 and 2024.
Word for word“UpLift restructuring costs were $76 million and $31 million in 2025 and 2024, respectively.” 10-K for 2025
Our summaryOtis reported costs of other restructuring actions in 2025, covering 2025 and 2024 actions.
Word for word“Other restructuring action costs were $54 million in 2025 and included $36 million of costs related to 2025 actions and $18 million of costs related to 2024 actions.” 10-K for 2025
| Fiscal year ended | Restructuring charges |
|---|---|
| 2018-12-31 | $69 million |
| 2019-12-31 | $54 million |
| 2020-12-31 | $77 million |
| 2021-12-31 | $56 million |
| 2022-12-31 | $60 million |
| 2023-12-31 | $67 million |
| 2024-12-31 | $71 million |
| 2025-12-31 | $130 million |
Otis Worldwide has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Otis Worldwide’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-05. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.