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Delaware
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22-2640650
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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115 Tabor Road
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07950
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Morris Plains,
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NJ
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(Address of principal executive offices)
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(Zip Code)
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973
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455-2000
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(Registrant’s telephone number, including area code)
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Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $1 per share*
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HON
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The New York Stock Exchange
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0.650% Senior Notes due 2020
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HON 20
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The New York Stock Exchange
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1.300% Senior Notes due 2023
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HON 23A
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The New York Stock Exchange
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2.250% Senior Notes due 2028
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HON 28A
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The New York Stock Exchange
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Large Accelerated Filer
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x
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Accelerated filer
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☐
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Non-Accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page No.
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|||
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|||
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Three Months Ended June 30,
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Six Months Ended June 30,
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||||||||||||
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2019
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2018
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2019
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2018
|
||||||||
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|
(Dollars in millions, except per share amounts)
|
||||||||||||||
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Product sales
|
$
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6,990
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$
|
8,703
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|
$
|
13,703
|
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|
$
|
16,937
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|
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Service sales
|
2,253
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|
2,216
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|
4,424
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|
4,374
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||||
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Net sales
|
9,243
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|
10,919
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18,127
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21,311
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||||
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Costs, expenses and other
|
|
|
|
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||||||||
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Cost of products sold
|
4,848
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|
|
6,202
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9,470
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|
12,107
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||||
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Cost of services sold
|
1,246
|
|
|
1,412
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|
|
2,503
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|
|
2,698
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||||
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|
6,094
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|
|
7,614
|
|
|
11,973
|
|
|
14,805
|
|
||||
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Selling, general and administrative expenses
|
1,387
|
|
|
1,528
|
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|
2,750
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|
|
3,003
|
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||||
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Other (income) expense
|
(305
|
)
|
|
(316
|
)
|
|
(590
|
)
|
|
(584
|
)
|
||||
|
Interest and other financial charges
|
85
|
|
|
95
|
|
|
170
|
|
|
178
|
|
||||
|
|
7,261
|
|
|
8,921
|
|
|
14,303
|
|
|
17,402
|
|
||||
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Income before taxes
|
1,982
|
|
|
1,998
|
|
|
3,824
|
|
|
3,909
|
|
||||
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Tax expense
|
426
|
|
|
718
|
|
|
832
|
|
|
1,177
|
|
||||
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Net income
|
1,556
|
|
|
1,280
|
|
|
2,992
|
|
|
2,732
|
|
||||
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Less: Net income attributable to the noncontrolling interest
|
15
|
|
|
13
|
|
|
35
|
|
|
26
|
|
||||
|
Net income attributable to Honeywell
|
$
|
1,541
|
|
|
$
|
1,267
|
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$
|
2,957
|
|
|
$
|
2,706
|
|
|
Earnings per share of common stock - basic
|
$
|
2.13
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|
|
$
|
1.70
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$
|
4.07
|
|
|
$
|
3.62
|
|
|
Earnings per share of common stock - assuming dilution
|
$
|
2.10
|
|
|
$
|
1.68
|
|
|
$
|
4.02
|
|
|
$
|
3.57
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(Dollars in millions)
|
||||||||||||||
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Net income
|
$
|
1,556
|
|
|
$
|
1,280
|
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|
$
|
2,992
|
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$
|
2,732
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
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||||||||
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Foreign exchange translation adjustment
|
(191
|
)
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|
(79
|
)
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14
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12
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Actuarial (gains) losses recognized
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—
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3
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—
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5
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||||
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Prior service (credit) cost recognized
|
(20
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)
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(19
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)
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(39
|
)
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|
(37
|
)
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||||
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Pension and other postretirement benefits adjustments
|
(20
|
)
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|
(16
|
)
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(39
|
)
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(32
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)
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||||
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Cash flow hedges recognized in other comprehensive income (loss)
|
10
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|
34
|
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|
48
|
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|
2
|
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||||
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Less: Reclassification adjustment for gains (losses) included in net income
|
7
|
|
|
(13
|
)
|
|
39
|
|
|
(31
|
)
|
||||
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Changes in fair value of cash flow hedges
|
3
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|
|
47
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9
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33
|
|
||||
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Other comprehensive income (loss), net of tax
|
(208
|
)
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|
(48
|
)
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|
(16
|
)
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13
|
|
||||
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Comprehensive income
|
1,348
|
|
|
1,232
|
|
|
2,976
|
|
|
2,745
|
|
||||
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Less: Comprehensive income attributable to the noncontrolling interest
|
13
|
|
|
5
|
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|
37
|
|
|
23
|
|
||||
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Comprehensive income attributable to Honeywell
|
$
|
1,335
|
|
|
$
|
1,227
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|
$
|
2,939
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$
|
2,722
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June 30, 2019
|
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December 31, 2018
|
||||
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(Dollars in millions)
|
||||||
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ASSETS
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|
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|
||||
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Current assets:
|
|
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||
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Cash and cash equivalents
|
$
|
8,225
|
|
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$
|
9,287
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Short-term investments
|
1,718
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|
|
1,623
|
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||
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Accounts receivable - net
|
7,407
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|
|
7,508
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||
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Inventories
|
4,600
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|
|
4,326
|
|
||
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Other current assets
|
1,818
|
|
|
1,618
|
|
||
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Total current assets
|
23,768
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|
|
24,362
|
|
||
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Investments and long-term receivables
|
747
|
|
|
742
|
|
||
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Property, plant and equipment - net
|
5,260
|
|
|
5,296
|
|
||
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Goodwill
|
15,573
|
|
|
15,546
|
|
||
|
Other intangible assets - net
|
3,933
|
|
|
4,139
|
|
||
|
Insurance recoveries for asbestos related liabilities
|
422
|
|
|
437
|
|
||
|
Deferred income taxes
|
259
|
|
|
382
|
|
||
|
Other assets
|
7,788
|
|
|
6,869
|
|
||
|
Total assets
|
$
|
57,750
|
|
|
$
|
57,773
|
|
|
LIABILITIES
|
|
|
|
||||
|
Current liabilities:
|
|
|
|
||||
|
Accounts payable
|
$
|
5,602
|
|
|
$
|
5,607
|
|
|
Commercial paper and other short-term borrowings
|
3,558
|
|
|
3,586
|
|
||
|
Current maturities of long-term debt
|
4,017
|
|
|
2,872
|
|
||
|
Accrued liabilities
|
6,717
|
|
|
6,859
|
|
||
|
Total current liabilities
|
19,894
|
|
|
18,924
|
|
||
|
Long-term debt
|
8,608
|
|
|
9,756
|
|
||
|
Deferred income taxes
|
1,722
|
|
|
1,713
|
|
||
|
Postretirement benefit obligations other than pensions
|
326
|
|
|
344
|
|
||
|
Asbestos related liabilities
|
2,226
|
|
|
2,269
|
|
||
|
Other liabilities
|
6,907
|
|
|
6,402
|
|
||
|
Redeemable noncontrolling interest
|
7
|
|
|
7
|
|
||
|
SHAREOWNERS’ EQUITY
|
|
|
|
||||
|
Capital - common stock issued
|
958
|
|
|
958
|
|
||
|
- additional paid-in capital
|
6,780
|
|
|
6,452
|
|
||
|
Common stock held in treasury, at cost
|
(22,156
|
)
|
|
(19,771
|
)
|
||
|
Accumulated other comprehensive loss
|
(3,453
|
)
|
|
(3,437
|
)
|
||
|
Retained earnings
|
35,741
|
|
|
33,978
|
|
||
|
Total Honeywell shareowners’ equity
|
17,870
|
|
|
18,180
|
|
||
|
Noncontrolling interest
|
190
|
|
|
178
|
|
||
|
Total shareowners’ equity
|
18,060
|
|
|
18,358
|
|
||
|
Total liabilities, redeemable noncontrolling interest and shareowners’ equity
|
$
|
57,750
|
|
|
$
|
57,773
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(Dollars in millions)
|
||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
||
|
Net income
|
$
|
2,992
|
|
|
$
|
2,732
|
|
|
Less: Net income attributable to the noncontrolling interest
|
35
|
|
|
26
|
|
||
|
Net income attributable to Honeywell
|
2,957
|
|
|
2,706
|
|
||
|
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities:
|
|
|
|
||||
|
Depreciation
|
335
|
|
|
372
|
|
||
|
Amortization
|
221
|
|
|
204
|
|
||
|
Repositioning and other charges
|
210
|
|
|
457
|
|
||
|
Net payments for repositioning and other charges
|
(85
|
)
|
|
(328
|
)
|
||
|
Pension and other postretirement income
|
(322
|
)
|
|
(510
|
)
|
||
|
Pension and other postretirement benefit payments
|
(45
|
)
|
|
(44
|
)
|
||
|
Stock compensation expense
|
75
|
|
|
90
|
|
||
|
Deferred income taxes
|
44
|
|
|
114
|
|
||
|
Other
|
5
|
|
|
78
|
|
||
|
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
|
|
|
|
||||
|
Accounts receivable
|
98
|
|
|
97
|
|
||
|
Inventories
|
(273
|
)
|
|
(189
|
)
|
||
|
Other current assets
|
(239
|
)
|
|
174
|
|
||
|
Accounts payable
|
(8
|
)
|
|
224
|
|
||
|
Accrued liabilities
|
(161
|
)
|
|
(448
|
)
|
||
|
Net cash provided by (used for) operating activities
|
2,812
|
|
|
2,997
|
|
||
|
Cash flows from investing activities:
|
|
|
|
||||
|
Expenditures for property, plant and equipment
|
(312
|
)
|
|
(339
|
)
|
||
|
Proceeds from disposals of property, plant and equipment
|
10
|
|
|
3
|
|
||
|
Increase in investments
|
(2,274
|
)
|
|
(1,787
|
)
|
||
|
Decrease in investments
|
2,163
|
|
|
3,508
|
|
||
|
Other
|
70
|
|
|
220
|
|
||
|
Net cash provided by (used for) investing activities
|
(343
|
)
|
|
1,605
|
|
||
|
Cash flows from financing activities:
|
|
|
|
||||
|
Proceeds from issuance of commercial paper and other short-term borrowings
|
7,114
|
|
|
12,749
|
|
||
|
Payments of commercial paper and other short-term borrowings
|
(7,115
|
)
|
|
(12,152
|
)
|
||
|
Proceeds from issuance of common stock
|
378
|
|
|
127
|
|
||
|
Proceeds from issuance of long-term debt
|
29
|
|
|
5
|
|
||
|
Payments of long-term debt
|
(84
|
)
|
|
(1,277
|
)
|
||
|
Repurchases of common stock
|
(2,650
|
)
|
|
(1,704
|
)
|
||
|
Cash dividends paid
|
(1,203
|
)
|
|
(1,116
|
)
|
||
|
Other
|
(32
|
)
|
|
(118
|
)
|
||
|
Net cash provided by (used for) financing activities
|
(3,563
|
)
|
|
(3,486
|
)
|
||
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
32
|
|
|
(93
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(1,062
|
)
|
|
1,023
|
|
||
|
Cash and cash equivalents at beginning of period
|
9,287
|
|
|
7,059
|
|
||
|
Cash and cash equivalents at end of period
|
$
|
8,225
|
|
|
$
|
8,082
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||||||||||||||
|
Shares
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
$
|
|
Shares
|
|
$
|
|||||||||||||
|
|
(Dollars in millions, except per share amounts)
|
||||||||||||||||||||||||||
|
Common stock, par value
|
957.6
|
|
|
958
|
|
|
957.6
|
|
|
958
|
|
|
957.6
|
|
|
958
|
|
|
957.6
|
|
|
958
|
|
||||
|
Additional paid-in capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
|
|
6,652
|
|
|
|
|
6,250
|
|
|
|
|
6,452
|
|
|
|
|
6,212
|
|
||||||||
|
Issued for employee savings and option plans
|
|
|
94
|
|
|
|
|
30
|
|
|
|
|
253
|
|
|
|
|
16
|
|
||||||||
|
Stock-based compensation expense
|
|
|
34
|
|
|
|
|
37
|
|
|
|
|
75
|
|
|
|
|
89
|
|
||||||||
|
Ending balance
|
|
|
6,780
|
|
|
|
|
6,317
|
|
|
|
|
6,780
|
|
|
|
|
6,317
|
|
||||||||
|
Treasury stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
(229.9
|
)
|
|
(20,392
|
)
|
|
(210.7
|
)
|
|
(16,834
|
)
|
|
(228.0
|
)
|
|
(19,771
|
)
|
|
(206.7
|
)
|
|
(15,914
|
)
|
||||
|
Reacquired stock or repurchases of common stock
|
(11.1
|
)
|
|
(1,900
|
)
|
|
(5.3
|
)
|
|
(764
|
)
|
|
(16.2
|
)
|
|
(2,650
|
)
|
|
(11.4
|
)
|
|
(1,704
|
)
|
||||
|
Issued for employee savings and option plans
|
2.9
|
|
|
136
|
|
|
1.0
|
|
|
41
|
|
|
6.1
|
|
|
265
|
|
|
3.1
|
|
|
61
|
|
||||
|
Ending balance
|
(238.1
|
)
|
|
(22,156
|
)
|
|
(215.0
|
)
|
|
(17,557
|
)
|
|
(238.1
|
)
|
|
(22,156
|
)
|
|
(215.0
|
)
|
|
(17,557
|
)
|
||||
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
|
|
34,794
|
|
|
|
|
28,623
|
|
|
|
|
33,978
|
|
|
|
|
27,481
|
|
||||||||
|
Adoption of new accounting standards
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
264
|
|
||||||||
|
Net income attributable to Honeywell
|
|
|
1,541
|
|
|
|
|
1,267
|
|
|
|
|
2,957
|
|
|
|
|
2,706
|
|
||||||||
|
Dividends on common stock
|
|
|
(594
|
)
|
|
|
|
(559
|
)
|
|
|
|
(1,194
|
)
|
|
|
|
(1,120
|
)
|
||||||||
|
Ending balance
|
|
|
35,741
|
|
|
|
|
29,331
|
|
|
|
|
35,741
|
|
|
|
|
29,331
|
|
||||||||
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
|
|
(3,246
|
)
|
|
|
|
(2,174
|
)
|
|
|
|
(3,437
|
)
|
|
|
|
(2,235
|
)
|
||||||||
|
Foreign exchange translation adjustment
|
|
|
(191
|
)
|
|
|
|
(79
|
)
|
|
|
|
14
|
|
|
|
|
12
|
|
||||||||
|
Pensions and other postretirement benefit adjustments
|
|
|
(19
|
)
|
|
|
|
(16
|
)
|
|
|
|
(39
|
)
|
|
|
|
(32
|
)
|
||||||||
|
Changes in fair value of cash flow hedges
|
|
|
3
|
|
|
|
|
47
|
|
|
|
|
9
|
|
|
|
|
33
|
|
||||||||
|
Ending balance
|
|
|
(3,453
|
)
|
|
|
|
(2,222
|
)
|
|
|
|
(3,453
|
)
|
|
|
|
(2,222
|
)
|
||||||||
|
Noncontrolling interest
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Beginning balance
|
|
|
189
|
|
|
|
|
179
|
|
|
|
|
178
|
|
|
|
|
163
|
|
||||||||
|
Acquisitions, divestitures, and other
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
1
|
|
||||||||
|
Net income attributable to noncontrolling interest
|
|
|
15
|
|
|
|
|
12
|
|
|
|
|
35
|
|
|
|
|
26
|
|
||||||||
|
Foreign exchange translation adjustment
|
|
|
(2
|
)
|
|
|
|
(7
|
)
|
|
|
|
2
|
|
|
|
|
(3
|
)
|
||||||||
|
Dividends paid
|
|
|
(12
|
)
|
|
|
|
(11
|
)
|
|
|
|
(25
|
)
|
|
|
|
(14
|
)
|
||||||||
|
Ending balance
|
|
|
190
|
|
|
|
|
173
|
|
|
|
|
190
|
|
|
|
|
173
|
|
||||||||
|
Total shareowners' equity
|
719.5
|
|
|
18,060
|
|
|
742.6
|
|
|
17,000
|
|
|
719.5
|
|
|
18,060
|
|
|
742.6
|
|
|
17,000
|
|
||||
|
Cash dividends per share of common stock
|
|
|
$
|
0.820
|
|
|
|
|
$
|
0.745
|
|
|
|
|
$
|
1.640
|
|
|
|
|
$
|
1.490
|
|
||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Severance
|
$
|
75
|
|
|
$
|
30
|
|
|
$
|
106
|
|
|
$
|
61
|
|
|
Asset impairments
|
—
|
|
|
1
|
|
|
11
|
|
|
48
|
|
||||
|
Exit costs
|
11
|
|
|
32
|
|
|
29
|
|
|
40
|
|
||||
|
Reserve adjustments
|
(2
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(3
|
)
|
||||
|
Total net repositioning charge
|
84
|
|
|
61
|
|
|
142
|
|
|
146
|
|
||||
|
Asbestos related litigation charges, net of insurance and indemnities
|
6
|
|
|
49
|
|
|
17
|
|
|
98
|
|
||||
|
Probable and reasonably estimable environmental liabilities, net of indemnities
|
39
|
|
|
127
|
|
|
53
|
|
|
184
|
|
||||
|
Other
|
(3
|
)
|
|
29
|
|
|
(2
|
)
|
|
29
|
|
||||
|
Total net repositioning and other charges
|
$
|
126
|
|
|
$
|
266
|
|
|
$
|
210
|
|
|
$
|
457
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Cost of products and services sold
|
$
|
74
|
|
|
$
|
216
|
|
|
$
|
129
|
|
|
$
|
344
|
|
|
Selling, general and administrative expenses
|
52
|
|
|
50
|
|
|
81
|
|
|
72
|
|
||||
|
Other (income) expense
|
—
|
|
|
—
|
|
|
—
|
|
|
41
|
|
||||
|
|
$
|
126
|
|
|
$
|
266
|
|
|
$
|
210
|
|
|
$
|
457
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Aerospace
|
$
|
4
|
|
|
$
|
35
|
|
|
$
|
20
|
|
|
$
|
103
|
|
|
Honeywell Building Technologies
|
—
|
|
|
9
|
|
|
8
|
|
|
13
|
|
||||
|
Performance Materials and Technologies
|
34
|
|
|
69
|
|
|
33
|
|
|
73
|
|
||||
|
Safety and Productivity Solutions
|
43
|
|
|
6
|
|
|
48
|
|
|
13
|
|
||||
|
Corporate
|
45
|
|
|
147
|
|
|
101
|
|
|
255
|
|
||||
|
|
$
|
126
|
|
|
$
|
266
|
|
|
$
|
210
|
|
|
$
|
457
|
|
|
|
Severance
Costs
|
|
Asset
Impairments
|
|
Exit
Costs
|
|
Total
|
||||||||
|
December 31, 2018
|
$
|
489
|
|
|
$
|
—
|
|
|
$
|
77
|
|
|
$
|
566
|
|
|
Charges
|
106
|
|
|
11
|
|
|
29
|
|
|
146
|
|
||||
|
Usage - cash
|
(73
|
)
|
|
—
|
|
|
(19
|
)
|
|
(92
|
)
|
||||
|
Usage - noncash
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
||||
|
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
Adjustments
|
(4
|
)
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
||||
|
June 30, 2019
|
$
|
518
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
606
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Interest income
|
$
|
(63
|
)
|
|
$
|
(49
|
)
|
|
$
|
(130
|
)
|
|
$
|
(99
|
)
|
|
Pension ongoing income – non-service
|
(185
|
)
|
|
(301
|
)
|
|
(369
|
)
|
|
(605
|
)
|
||||
|
Other postretirement income – non-service
|
(11
|
)
|
|
(6
|
)
|
|
(23
|
)
|
|
(12
|
)
|
||||
|
Equity income of affiliated companies
|
(11
|
)
|
|
(13
|
)
|
|
(20
|
)
|
|
(24
|
)
|
||||
|
Loss (gain) on sale of non-strategic business and assets
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
|
Foreign exchange
|
(43
|
)
|
|
(11
|
)
|
|
(54
|
)
|
|
(12
|
)
|
||||
|
Separation costs
|
—
|
|
|
63
|
|
|
—
|
|
|
118
|
|
||||
|
Other (net)
|
9
|
|
|
1
|
|
|
7
|
|
|
50
|
|
||||
|
|
$
|
(305
|
)
|
|
$
|
(316
|
)
|
|
$
|
(590
|
)
|
|
$
|
(584
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
Basic
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net income attributable to Honeywell
|
$
|
1,541
|
|
|
$
|
1,267
|
|
|
$
|
2,957
|
|
|
$
|
2,706
|
|
|
Weighted average shares outstanding
|
723.2
|
|
|
745.5
|
|
|
726.4
|
|
|
748.0
|
|
||||
|
Earnings per share of common stock
|
$
|
2.13
|
|
|
$
|
1.70
|
|
|
$
|
4.07
|
|
|
$
|
3.62
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
Assuming Dilution
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net income attributable to Honeywell
|
$
|
1,541
|
|
|
$
|
1,267
|
|
|
$
|
2,957
|
|
|
$
|
2,706
|
|
|
Average Shares
|
|
|
|
|
|
|
|
||||||||
|
Weighted average shares outstanding
|
723.2
|
|
|
745.5
|
|
|
726.4
|
|
|
748.0
|
|
||||
|
Dilutive securities issuable - stock plans
|
9.8
|
|
|
9.5
|
|
|
9.5
|
|
|
10.0
|
|
||||
|
Total weighted average shares outstanding
|
733.0
|
|
|
755.0
|
|
|
735.9
|
|
|
758.0
|
|
||||
|
Earnings per share of common stock
|
$
|
2.10
|
|
|
$
|
1.68
|
|
|
$
|
4.02
|
|
|
$
|
3.57
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Aerospace
|
|
|
|
|
|
|
|
||||||||
|
Commercial Aviation Original Equipment
|
$
|
734
|
|
|
$
|
712
|
|
|
$
|
1,493
|
|
|
$
|
1,407
|
|
|
Commercial Aviation Aftermarket
|
1,421
|
|
|
1,326
|
|
|
2,782
|
|
|
2,594
|
|
||||
|
Defense and Space
|
1,353
|
|
|
1,128
|
|
|
2,574
|
|
|
2,214
|
|
||||
|
Transportation Systems
|
—
|
|
|
892
|
|
|
—
|
|
|
1,820
|
|
||||
|
|
3,508
|
|
|
4,058
|
|
|
6,849
|
|
|
8,035
|
|
||||
|
Honeywell Building Technologies
|
|
|
|
|
|
|
|
||||||||
|
Homes Products and Software
|
—
|
|
|
514
|
|
|
—
|
|
|
1,033
|
|
||||
|
Distribution (ADI)
|
—
|
|
|
676
|
|
|
—
|
|
|
1,314
|
|
||||
|
Products
|
843
|
|
|
754
|
|
|
1,653
|
|
|
1,468
|
|
||||
|
Building Solutions
|
607
|
|
|
602
|
|
|
1,186
|
|
|
1,164
|
|
||||
|
|
1,450
|
|
|
2,546
|
|
|
2,839
|
|
|
4,979
|
|
||||
|
Performance Materials and Technologies
|
|
|
|
|
|
|
|
||||||||
|
UOP
|
703
|
|
|
678
|
|
|
1,313
|
|
|
1,290
|
|
||||
|
Process Solutions
|
1,289
|
|
|
1,273
|
|
|
2,535
|
|
|
2,487
|
|
||||
|
Specialty Products
|
265
|
|
|
291
|
|
|
534
|
|
|
568
|
|
||||
|
Fluorine Products
|
478
|
|
|
456
|
|
|
925
|
|
|
887
|
|
||||
|
|
2,735
|
|
|
2,698
|
|
|
5,307
|
|
|
5,232
|
|
||||
|
Safety and Productivity Solutions
|
|
|
|
|
|
|
|
||||||||
|
Safety and Retail
|
557
|
|
|
565
|
|
|
1,095
|
|
|
1,116
|
|
||||
|
Productivity Products
|
267
|
|
|
359
|
|
|
538
|
|
|
688
|
|
||||
|
Warehouse and Workflow Solutions
|
501
|
|
|
469
|
|
|
1,060
|
|
|
836
|
|
||||
|
Sensing & Internet-of-Things (IoT)
|
225
|
|
|
224
|
|
|
439
|
|
|
425
|
|
||||
|
|
1,550
|
|
|
1,617
|
|
|
3,132
|
|
|
3,065
|
|
||||
|
Net sales
|
$
|
9,243
|
|
|
$
|
10,919
|
|
|
$
|
18,127
|
|
|
$
|
21,311
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
Products, transferred point in time
|
61
|
%
|
|
69
|
%
|
|
61
|
%
|
|
69
|
%
|
|
Products, transferred over time
|
14
|
|
|
11
|
|
|
15
|
|
|
11
|
|
|
Net product sales
|
75
|
|
|
80
|
|
|
76
|
|
|
80
|
|
|
Services, transferred point in time
|
8
|
|
|
6
|
|
|
8
|
|
|
6
|
|
|
Services, transferred over time
|
17
|
|
|
14
|
|
|
16
|
|
|
14
|
|
|
Net service sales
|
25
|
|
|
20
|
|
|
24
|
|
|
20
|
|
|
Net sales
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
2019
|
|
2018
|
||||
|
Contract assets - Beginning period
|
$
|
1,548
|
|
|
$
|
1,721
|
|
|
Contract assets - June 30,
|
1,777
|
|
|
1,650
|
|
||
|
Change in contract assets - increase (decrease)
|
$
|
229
|
|
|
$
|
(71
|
)
|
|
|
|
|
|
||||
|
Contract liabilities - Beginning period
|
$
|
(3,378
|
)
|
|
$
|
(2,973
|
)
|
|
Contract liabilities - June 30,
|
(3,237
|
)
|
|
(3,109
|
)
|
||
|
Change in contract liabilities - (increase) decrease
|
$
|
141
|
|
|
$
|
(136
|
)
|
|
|
|
|
|
||||
|
Net change
|
$
|
370
|
|
|
$
|
(207
|
)
|
|
|
June 30, 2019
|
||
|
Aerospace
|
$
|
10,869
|
|
|
Honeywell Building Technologies
|
5,682
|
|
|
|
Performance Materials and Technologies
|
6,295
|
|
|
|
Safety and Productivity Solutions
|
1,615
|
|
|
|
|
$
|
24,461
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Trade
|
$
|
7,584
|
|
|
$
|
7,705
|
|
|
Less - Allowance for doubtful accounts
|
(177
|
)
|
|
(197
|
)
|
||
|
|
$
|
7,407
|
|
|
$
|
7,508
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Raw materials
|
$
|
1,121
|
|
|
$
|
1,109
|
|
|
Work in process
|
849
|
|
|
811
|
|
||
|
Finished products
|
2,675
|
|
|
2,445
|
|
||
|
|
4,645
|
|
|
4,365
|
|
||
|
Reduction to LIFO cost basis
|
(45
|
)
|
|
(39
|
)
|
||
|
|
$
|
4,600
|
|
|
$
|
4,326
|
|
|
|
Three Months Ended
June 30, 2019 |
|
Six Months Ended
June 30, 2019 |
||||
|
Operating lease cost
|
$
|
56
|
|
|
$
|
110
|
|
|
Variable lease cost
|
6
|
|
|
14
|
|
||
|
Short-term lease cost
|
3
|
|
|
6
|
|
||
|
Financing lease cost:
|
|
|
|
||||
|
Amortization of right-of-use assets
|
14
|
|
|
28
|
|
||
|
Interest on lease liability
|
7
|
|
|
15
|
|
||
|
Total financing lease cost
|
21
|
|
|
43
|
|
||
|
Total lease cost
|
$
|
86
|
|
|
$
|
173
|
|
|
|
Three Months Ended
June 30, 2019 |
|
Six Months Ended
June 30, 2019 |
||||
|
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
|
|
||
|
Operating cash flows from operating leases
|
$
|
54
|
|
|
$
|
109
|
|
|
Operating cash flows from finance leases
|
7
|
|
|
15
|
|
||
|
Financing cash flows from finance leases
|
13
|
|
|
26
|
|
||
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
|
|
|||
|
Operating leases
|
$
|
16
|
|
|
$
|
26
|
|
|
Finance leases
|
4
|
|
|
8
|
|
||
|
|
June 30, 2019
|
||
|
Operating leases
|
|
||
|
Other assets
|
$
|
646
|
|
|
Accrued liabilities
|
178
|
|
|
|
Other liabilities
|
503
|
|
|
|
Total operating lease liabilities
|
$
|
681
|
|
|
Financing leases
|
|
||
|
Property, plant and equipment
|
$
|
312
|
|
|
Accumulated depreciation
|
(110
|
)
|
|
|
Property, plant and equipment - net
|
$
|
202
|
|
|
Current maturities of long-term debt
|
49
|
|
|
|
Long-term debt
|
153
|
|
|
|
Total financing lease liabilities
|
$
|
202
|
|
|
Weighted-average remaining lease term
|
|
||
|
Operating leases
|
6 years
|
|
|
|
Financing leases
|
4 years
|
|
|
|
Weighted-average discount rate
|
|
||
|
Operating leases
|
3.3
|
%
|
|
|
Financing leases
|
17.4
|
%
|
|
|
|
Operating Leases
|
Financing Leases
|
||||
|
2019
|
$
|
111
|
|
$
|
40
|
|
|
2020
|
176
|
|
72
|
|
||
|
2021
|
144
|
|
60
|
|
||
|
2022
|
110
|
|
45
|
|
||
|
2023
|
78
|
|
39
|
|
||
|
Thereafter
|
147
|
|
49
|
|
||
|
Total lease payments
|
766
|
|
305
|
|
||
|
Less: interest
|
(85
|
)
|
(103
|
)
|
||
|
Total
|
$
|
681
|
|
$
|
202
|
|
|
|
At December 31, 2018
|
||
|
2019
|
$
|
210
|
|
|
2020
|
168
|
|
|
|
2021
|
142
|
|
|
|
2022
|
109
|
|
|
|
2023
|
80
|
|
|
|
Thereafter
|
147
|
|
|
|
|
$
|
856
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
1.40% notes due 2019
|
$
|
1,250
|
|
|
$
|
1,250
|
|
|
Three year floating rate notes due 2019
|
250
|
|
|
250
|
|
||
|
Two year floating rate notes due 2019
|
450
|
|
|
450
|
|
||
|
1.80% notes due 2019
|
750
|
|
|
750
|
|
||
|
0.65% Euro notes due 2020
|
1,137
|
|
|
1,145
|
|
||
|
4.25% notes due 2021
|
800
|
|
|
800
|
|
||
|
1.85% notes due 2021
|
1,500
|
|
|
1,500
|
|
||
|
1.30% Euro notes due 2023
|
1,421
|
|
|
1,432
|
|
||
|
3.35% notes due 2023
|
300
|
|
|
300
|
|
||
|
2.50% notes due 2026
|
1,500
|
|
|
1,500
|
|
||
|
2.25% Euro notes due 2028
|
853
|
|
|
859
|
|
||
|
5.70% notes due 2036
|
441
|
|
|
441
|
|
||
|
5.70% notes due 2037
|
462
|
|
|
462
|
|
||
|
5.375% notes due 2041
|
417
|
|
|
417
|
|
||
|
3.812% notes due 2047
|
445
|
|
|
445
|
|
||
|
Industrial development bond obligations, floating rate maturing at various dates through 2037
|
22
|
|
|
22
|
|
||
|
6.625% debentures due 2028
|
201
|
|
|
201
|
|
||
|
9.065% debentures due 2033
|
51
|
|
|
51
|
|
||
|
Other (including capitalized leases and debt issuance costs), 5.7% weighted average maturing at various dates through 2025
|
375
|
|
|
353
|
|
||
|
|
12,625
|
|
|
12,628
|
|
||
|
Less: current portion
|
(4,017
|
)
|
|
(2,872
|
)
|
||
|
|
$
|
8,608
|
|
|
$
|
9,756
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Assets:
|
|
|
|
||||
|
Foreign currency exchange contracts
|
$
|
189
|
|
|
$
|
119
|
|
|
Available for sale investments
|
1,879
|
|
|
1,784
|
|
||
|
Interest rate swap agreements
|
36
|
|
|
20
|
|
||
|
Cross currency swap agreements
|
37
|
|
|
32
|
|
||
|
Liabilities:
|
|
|
|
||||
|
Foreign currency exchange contracts
|
$
|
5
|
|
|
$
|
4
|
|
|
Interest rate swap agreements
|
18
|
|
|
65
|
|
||
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
|
Carrying
Value
|
|
Fair
Value
|
|
Carrying
Value
|
|
Fair
Value
|
||||||||
|
Assets
|
|
|
|
|
|
|
|
||||||||
|
Long-term receivables
|
$
|
322
|
|
|
$
|
316
|
|
|
$
|
333
|
|
|
$
|
329
|
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
|
Long-term debt and related current maturities
|
$
|
12,625
|
|
|
$
|
13,286
|
|
|
$
|
12,628
|
|
|
$
|
13,133
|
|
|
Line in the Consolidated Balance Sheet of Hedged Item
|
|
Carrying Amount of the Hedged Item
|
|
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item
|
||||||||||||
|
|
June 30, 2019
|
|
December 31, 2018
|
|
June 30, 2019
|
|
December 31, 2018
|
|||||||||
|
Long-term debt
|
|
$
|
2,618
|
|
|
$
|
2,555
|
|
|
$
|
18
|
|
|
$
|
(45
|
)
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||
|
|
Revenue
|
|
Cost of Products Sold
|
|
SG&A
|
|
Other (Income) Expense
|
|
Interest and Other Financial Charges
|
||||||||||
|
|
$
|
9,243
|
|
|
$
|
4,848
|
|
|
$
|
1,387
|
|
|
$
|
(305
|
)
|
|
$
|
85
|
|
|
Gain or (loss) on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Currency Exchange Contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amount reclassified from accumulated other comprehensive income into income
|
1
|
|
|
8
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
|
Amount excluded from effectiveness testing recognized in earnings using an amortization approach
|
—
|
|
|
6
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|||||
|
Gain or (loss) on fair value hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest Rate Swap Agreements:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Hedged Items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|||||
|
Derivatives designated as hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|||||
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
|
Revenue
|
|
Cost of Products Sold
|
|
SG&A
|
|
Other (Income) Expense
|
|
Interest and Other Financial Charges
|
||||||||||
|
|
$
|
10,919
|
|
|
$
|
6,202
|
|
|
$
|
1,528
|
|
|
$
|
(316
|
)
|
|
$
|
95
|
|
|
Gain or (loss) on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Currency Exchange Contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amount reclassified from accumulated other comprehensive income into income
|
(3
|
)
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Gain or (loss) on fair value hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest Rate Swap Agreements:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Hedged Items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||
|
Derivatives designated as hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|||||
|
|
Six Months Ended June 30, 2019
|
|||||||||||||||||
|
|
Revenue
|
|
Cost of Products Sold
|
|
SG&A
|
|
Other (Income) Expense
|
|
Interest and Other Financial Charges
|
|||||||||
|
|
$
|
18,127
|
|
|
$
|
9,470
|
|
|
$
|
2,750
|
|
|
(590
|
)
|
|
$
|
170
|
|
|
Gain or (loss) on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Foreign Currency Exchange Contracts:
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Amount reclassified from accumulated other comprehensive income into income
|
1
|
|
|
24
|
|
|
1
|
|
|
24
|
|
|
—
|
|
||||
|
Amount excluded from effectiveness testing recognized in earnings using an amortization approach
|
—
|
|
|
11
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
|
Gain or (loss) on fair value hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interest Rate Swap Agreements:
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Hedged Items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
||||
|
Derivatives designated as hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
||||
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||
|
|
Revenue
|
|
Cost of Products Sold
|
|
SG&A
|
|
Other (Income) Expense
|
|
Interest and Other Financial Charges
|
||||||||||
|
|
$
|
21,311
|
|
|
$
|
12,107
|
|
|
$
|
3,003
|
|
|
$
|
(584
|
)
|
|
$
|
178
|
|
|
Gain or (loss) on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign Currency Exchange Contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Amount reclassified from accumulated other comprehensive income into income
|
(6
|
)
|
|
(34
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||
|
Amount excluded from effectiveness testing recognized in earnings using an amortization approach
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Gain or (loss) on fair value hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest Rate Swap Agreements:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Hedged Items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|||||
|
Derivatives designated as hedges
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
Derivatives Net Investment Hedging Relationships
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Euro-denominated long-term debt
|
$
|
(43
|
)
|
|
$
|
201
|
|
|
$
|
26
|
|
|
$
|
119
|
|
|
Euro-denominated commercial paper
|
(44
|
)
|
|
209
|
|
|
27
|
|
|
108
|
|
||||
|
Cross currency swap
|
(8
|
)
|
|
78
|
|
|
5
|
|
|
20
|
|
||||
|
Foreign currency exchange contracts
|
(2
|
)
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
|
|
Foreign
Exchange
Translation
Adjustment
|
|
Pension
and Other
Postretirement
Benefits
Adjustments
|
|
Changes in
Fair Value
of Cash Flow
Hedges
|
|
Total
|
||||||||
|
Balance at December 31, 2018
|
$
|
(2,709
|
)
|
|
$
|
(761
|
)
|
|
$
|
33
|
|
|
$
|
(3,437
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
21
|
|
|
—
|
|
|
48
|
|
|
69
|
|
||||
|
Amounts reclassified from accumulated other comprehensive income
|
(7
|
)
|
|
(39
|
)
|
|
(39
|
)
|
|
(85
|
)
|
||||
|
Net current period other comprehensive income (loss)
|
14
|
|
|
(39
|
)
|
|
9
|
|
|
(16
|
)
|
||||
|
Balance at June 30, 2019
|
$
|
(2,695
|
)
|
|
$
|
(800
|
)
|
|
$
|
42
|
|
|
$
|
(3,453
|
)
|
|
|
Foreign
Exchange
Translation
Adjustment
|
|
Pension
and Other
Postretirement
Benefits
Adjustments
|
|
Changes in
Fair Value
of
Cash Flow
Hedges
|
|
Total
|
||||||||
|
Balance at December 31, 2017
|
$
|
(1,981
|
)
|
|
$
|
(202
|
)
|
|
$
|
(52
|
)
|
|
$
|
(2,235
|
)
|
|
Other comprehensive income (loss) before reclassifications
|
12
|
|
|
—
|
|
|
2
|
|
|
14
|
|
||||
|
Amounts reclassified from accumulated other comprehensive income
|
—
|
|
|
(32
|
)
|
|
31
|
|
|
(1
|
)
|
||||
|
Net current period other comprehensive income (loss)
|
12
|
|
|
(32
|
)
|
|
33
|
|
|
13
|
|
||||
|
Balance at June 30, 2018
|
$
|
(1,969
|
)
|
|
$
|
(234
|
)
|
|
$
|
(19
|
)
|
|
$
|
(2,222
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Aerospace
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Products
|
$
|
2,174
|
|
|
$
|
2,800
|
|
|
$
|
4,249
|
|
|
$
|
5,528
|
|
|
Services
|
1,334
|
|
|
1,258
|
|
|
2,600
|
|
|
2,507
|
|
||||
|
Total
|
3,508
|
|
|
4,058
|
|
|
6,849
|
|
|
8,035
|
|
||||
|
Honeywell Building Technologies
|
|
|
|
|
|
|
|
||||||||
|
Products
|
1,119
|
|
|
2,183
|
|
|
2,192
|
|
|
4,266
|
|
||||
|
Services
|
331
|
|
|
363
|
|
|
647
|
|
|
713
|
|
||||
|
Total
|
1,450
|
|
|
2,546
|
|
|
2,839
|
|
|
4,979
|
|
||||
|
Performance Materials and Technologies
|
|
|
|
|
|
|
|
||||||||
|
Products
|
2,238
|
|
|
2,194
|
|
|
4,308
|
|
|
4,257
|
|
||||
|
Services
|
497
|
|
|
504
|
|
|
999
|
|
|
975
|
|
||||
|
Total
|
2,735
|
|
|
2,698
|
|
|
5,307
|
|
|
5,232
|
|
||||
|
Safety and Productivity Solutions
|
|
|
|
|
|
|
|
||||||||
|
Products
|
1,459
|
|
|
1,526
|
|
|
2,954
|
|
|
2,886
|
|
||||
|
Services
|
91
|
|
|
91
|
|
|
178
|
|
|
179
|
|
||||
|
Total
|
1,550
|
|
|
1,617
|
|
|
3,132
|
|
|
3,065
|
|
||||
|
|
$
|
9,243
|
|
|
$
|
10,919
|
|
|
$
|
18,127
|
|
|
$
|
21,311
|
|
|
Segment profit
|
|
|
|
|
|
|
|
||||||||
|
Aerospace
|
$
|
907
|
|
|
$
|
918
|
|
|
$
|
1,745
|
|
|
$
|
1,811
|
|
|
Honeywell Building Technologies
|
300
|
|
|
427
|
|
|
571
|
|
|
843
|
|
||||
|
Performance Materials and Technologies
|
644
|
|
|
597
|
|
|
1,208
|
|
|
1,116
|
|
||||
|
Safety and Productivity Solutions
|
191
|
|
|
267
|
|
|
403
|
|
|
498
|
|
||||
|
Corporate
|
(72
|
)
|
|
(64
|
)
|
|
(148
|
)
|
|
(128
|
)
|
||||
|
Total segment profit
|
1,970
|
|
|
2,145
|
|
|
3,779
|
|
|
4,140
|
|
||||
|
Interest and other financial charges
|
(85
|
)
|
|
(95
|
)
|
|
(170
|
)
|
|
(178
|
)
|
||||
|
Stock compensation expense(a)
|
(34
|
)
|
|
(38
|
)
|
|
(75
|
)
|
|
(90
|
)
|
||||
|
Pension ongoing income(b)
|
148
|
|
|
250
|
|
|
299
|
|
|
498
|
|
||||
|
Other postretirement income(b)
|
11
|
|
|
6
|
|
|
23
|
|
|
12
|
|
||||
|
Repositioning and other charges(c)
|
(126
|
)
|
|
(266
|
)
|
|
(210
|
)
|
|
(457
|
)
|
||||
|
Other(d)
|
98
|
|
|
(4
|
)
|
|
178
|
|
|
(16
|
)
|
||||
|
Income before taxes
|
$
|
1,982
|
|
|
$
|
1,998
|
|
|
$
|
3,824
|
|
|
$
|
3,909
|
|
|
|
U.S. Plans
|
||||||||||||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Service cost
|
$
|
21
|
|
|
$
|
35
|
|
|
$
|
42
|
|
|
$
|
70
|
|
|
Interest cost
|
154
|
|
|
144
|
|
|
307
|
|
|
287
|
|
||||
|
Expected return on plan assets
|
(279
|
)
|
|
(357
|
)
|
|
(558
|
)
|
|
(714
|
)
|
||||
|
Amortization of prior service (credit)
|
(11
|
)
|
|
(11
|
)
|
|
(22
|
)
|
|
(22
|
)
|
||||
|
|
$
|
(115
|
)
|
|
$
|
(189
|
)
|
|
$
|
(231
|
)
|
|
$
|
(379
|
)
|
|
|
Non-U.S. Plans
|
||||||||||||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Service cost
|
$
|
6
|
|
|
$
|
7
|
|
|
$
|
12
|
|
|
$
|
14
|
|
|
Interest cost
|
36
|
|
|
36
|
|
|
72
|
|
|
73
|
|
||||
|
Expected return on plan assets
|
(83
|
)
|
|
(113
|
)
|
|
(167
|
)
|
|
(228
|
)
|
||||
|
Amortization of prior service (credit)
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
|
|
$
|
(41
|
)
|
|
$
|
(71
|
)
|
|
$
|
(83
|
)
|
|
$
|
(142
|
)
|
|
December 31, 2018
|
$
|
755
|
|
|
Accruals for environmental matters deemed probable and reasonably estimable
|
129
|
|
|
|
Environmental liability payments
|
(87
|
)
|
|
|
Other
|
(3
|
)
|
|
|
June 30, 2019
|
$
|
794
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Accrued liabilities
|
$
|
184
|
|
|
$
|
175
|
|
|
Other liabilities
|
610
|
|
|
580
|
|
||
|
|
$
|
794
|
|
|
$
|
755
|
|
|
Asbestos-Related Liabilities
|
|
|
|
|
|
||||||
|
|
Bendix
|
|
NARCO
|
|
Total
|
||||||
|
December 31, 2018
|
$
|
1,623
|
|
|
$
|
891
|
|
|
$
|
2,514
|
|
|
Accrual for update to estimated liability
|
33
|
|
|
13
|
|
|
46
|
|
|||
|
Asbestos related liability payments
|
(87
|
)
|
|
(2
|
)
|
|
(89
|
)
|
|||
|
June 30, 2019
|
$
|
1,569
|
|
|
$
|
902
|
|
|
$
|
2,471
|
|
|
Insurance Recoveries for Asbestos-Related Liabilities
|
|
|
|
|
|
|
|
|
|||
|
|
Bendix
|
|
NARCO
|
|
Total
|
||||||
|
December 31, 2018
|
$
|
170
|
|
|
$
|
307
|
|
|
$
|
477
|
|
|
Insurance receipts for asbestos related liabilities
|
(26
|
)
|
|
(11
|
)
|
|
(37
|
)
|
|||
|
Insurance receivables settlements
|
19
|
|
|
3
|
|
|
22
|
|
|||
|
June 30, 2019
|
$
|
163
|
|
|
$
|
299
|
|
|
$
|
462
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
Other current assets
|
$
|
40
|
|
|
$
|
40
|
|
|
Insurance recoveries for asbestos-related liabilities
|
422
|
|
|
437
|
|
||
|
|
$
|
462
|
|
|
$
|
477
|
|
|
Accrued liabilities
|
$
|
245
|
|
|
$
|
245
|
|
|
Asbestos-related liabilities
|
2,226
|
|
|
2,269
|
|
||
|
|
$
|
2,471
|
|
|
$
|
2,514
|
|
|
(i)
|
liability for unasserted claims; and
|
|
(ii)
|
liability for claims asserted after the NARCO Trust became operational but not yet paid.
|
|
|
Six Months Ended
June 30, |
|
Years Ended
December 31, |
|||||
|
Claims Activity
|
2019
|
|
2018
|
|
2017
|
|||
|
Claims unresolved at the beginning of period
|
6,209
|
|
|
6,280
|
|
|
7,724
|
|
|
Claims filed
|
1,291
|
|
|
2,430
|
|
|
2,645
|
|
|
Claims resolved
|
(1,165
|
)
|
|
(2,501
|
)
|
|
(4,089
|
)
|
|
Claims unresolved at the end of period
|
6,335
|
|
|
6,209
|
|
|
6,280
|
|
|
Disease Distribution of Unresolved Claims
|
June 30,
|
|
December 31,
|
|||||
|
|
2019
|
|
2018
|
|
2017
|
|||
|
Mesothelioma and other cancer claims
|
3,217
|
|
|
2,949
|
|
|
3,062
|
|
|
Nonmalignant claims
|
3,118
|
|
|
3,260
|
|
|
3,218
|
|
|
Total claims
|
6,335
|
|
|
6,209
|
|
|
6,280
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
|
(in whole dollars)
|
||||||||||||||||||
|
Malignant claims
|
$
|
55,300
|
|
|
$
|
56,000
|
|
|
$
|
44,000
|
|
|
$
|
44,000
|
|
|
$
|
53,500
|
|
|
Nonmalignant claims
|
$
|
4,700
|
|
|
$
|
2,800
|
|
|
$
|
4,485
|
|
|
$
|
100
|
|
|
$
|
120
|
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF
|
|
|
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
(Dollars in millions, except per share amounts)
|
|
A.
|
Results of Operations – three and six months ended June 30, 2019 compared with the three and six months ended June 30, 2018
|
|
Net Sales
|
|
|
|
||||||||||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net sales
|
$
|
9,243
|
|
|
$
|
10,919
|
|
|
$
|
18,127
|
|
|
$
|
21,311
|
|
|
% change compared with prior period
|
(15
|
)%
|
|
|
|
|
(15
|
)%
|
|
|
|
||||
|
|
Three Months
|
|
Year to Date
|
||
|
Volume
|
3
|
%
|
|
5
|
%
|
|
Price
|
2
|
%
|
|
2
|
%
|
|
Foreign Currency Translation
|
(2
|
)%
|
|
(2
|
)%
|
|
Acquisitions/Divestitures
|
(18
|
)%
|
|
(20
|
)%
|
|
|
(15
|
)%
|
|
(15
|
)%
|
|
Cost of Products and Services Sold
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Cost of products and services sold
|
$
|
6,094
|
|
|
$
|
7,614
|
|
|
$
|
11,973
|
|
|
$
|
14,805
|
|
|
% change compared with prior period
|
(20
|
)%
|
|
|
|
|
(19
|
)%
|
|
|
|
||||
|
Gross margin percentage
|
34.1
|
%
|
|
30.3
|
%
|
|
33.9
|
%
|
|
30.5
|
%
|
||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Selling, general and administrative expense
|
$
|
1,387
|
|
|
$
|
1,528
|
|
|
$
|
2,750
|
|
|
$
|
3,003
|
|
|
% of sales
|
15.0
|
%
|
|
14.0
|
%
|
|
15.2
|
%
|
|
14.1
|
%
|
||||
|
Other (Income) Expense
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Other (income) expense
|
$
|
(305
|
)
|
|
$
|
(316
|
)
|
|
$
|
(590
|
)
|
|
$
|
(584
|
)
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Tax expense (benefit)
|
$
|
426
|
|
|
$
|
718
|
|
|
$
|
832
|
|
|
$
|
1,177
|
|
|
Effective tax rate
|
21.5
|
%
|
|
35.9
|
%
|
|
21.8
|
%
|
|
30.1
|
%
|
||||
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net income attributable to Honeywell
|
$
|
1,541
|
|
|
$
|
1,267
|
|
|
$
|
2,957
|
|
|
$
|
2,706
|
|
|
Earnings per share of common stock – assuming dilution
|
$
|
2.10
|
|
|
$
|
1.68
|
|
|
$
|
4.02
|
|
|
$
|
3.57
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
||||||||||
|
Aerospace sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Commercial Aviation Original Equipment
|
$
|
734
|
|
|
$
|
712
|
|
|
3
|
%
|
|
$
|
1,493
|
|
|
$
|
1,407
|
|
|
6
|
%
|
|
Commercial Aviation Aftermarket
|
1,421
|
|
|
1,326
|
|
|
7
|
%
|
|
2,782
|
|
|
2,594
|
|
|
7
|
%
|
||||
|
Defense and Space
|
1,353
|
|
|
1,128
|
|
|
20
|
%
|
|
2,574
|
|
|
2,214
|
|
|
16
|
%
|
||||
|
Transportation Systems
|
—
|
|
|
892
|
|
|
(100
|
)%
|
|
—
|
|
|
1,820
|
|
|
(100
|
)%
|
||||
|
Total Aerospace sales
|
3,508
|
|
|
4,058
|
|
|
|
|
6,849
|
|
|
8,035
|
|
|
|
||||||
|
Honeywell Building Technologies sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Homes
|
—
|
|
|
1,190
|
|
|
(100
|
)%
|
|
—
|
|
|
2,347
|
|
|
(100
|
)%
|
||||
|
Buildings
|
1,450
|
|
|
1,356
|
|
|
7
|
%
|
|
2,839
|
|
|
2,632
|
|
|
8
|
%
|
||||
|
Total Honeywell Building Technologies sales
|
1,450
|
|
|
2,546
|
|
|
|
|
2,839
|
|
|
4,979
|
|
|
|
||||||
|
Performance Materials and Technologies sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
UOP
|
703
|
|
|
678
|
|
|
4
|
%
|
|
1,313
|
|
|
1,290
|
|
|
2
|
%
|
||||
|
Process Solutions
|
1,289
|
|
|
1,273
|
|
|
1
|
%
|
|
2,535
|
|
|
2,487
|
|
|
2
|
%
|
||||
|
Advanced Materials
|
743
|
|
|
747
|
|
|
—
|
%
|
|
1,459
|
|
|
1,455
|
|
|
—
|
%
|
||||
|
Total Performance Materials and Technologies sales
|
2,735
|
|
|
2,698
|
|
|
|
|
5,307
|
|
|
5,232
|
|
|
|
||||||
|
Safety and Productivity Solutions sales
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Safety
|
557
|
|
|
565
|
|
|
(1
|
)%
|
|
1,095
|
|
|
1,116
|
|
|
(2
|
)%
|
||||
|
Productivity Solutions
|
993
|
|
|
1,052
|
|
|
(6
|
)%
|
|
2,037
|
|
|
1,949
|
|
|
5
|
%
|
||||
|
Total Safety and Productivity Solutions sales
|
1,550
|
|
|
1,617
|
|
|
|
|
3,132
|
|
|
3,065
|
|
|
|
||||||
|
Net sales
|
$
|
9,243
|
|
|
$
|
10,919
|
|
|
|
|
$
|
18,127
|
|
|
$
|
21,311
|
|
|
|
||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
||||||||||
|
Net sales
|
$
|
3,508
|
|
|
$
|
4,058
|
|
|
(14
|
)%
|
|
$
|
6,849
|
|
|
$
|
8,035
|
|
|
(15
|
)%
|
|
Cost of products and services sold
|
2,337
|
|
|
2,837
|
|
|
|
|
4,569
|
|
|
5,627
|
|
|
|
||||||
|
Selling, general and administrative and other expenses
|
264
|
|
|
303
|
|
|
|
|
535
|
|
|
597
|
|
|
|
||||||
|
Segment profit
|
$
|
907
|
|
|
$
|
918
|
|
|
(1
|
)%
|
|
$
|
1,745
|
|
|
$
|
1,811
|
|
|
(4
|
)%
|
|
|
2019 vs. 2018
|
||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
Factors Contributing to Year-Over-Year Change
|
Sales
|
|
Segment
Profit
|
|
Sales
|
|
Segment
Profit
|
||||
|
Organic growth/ Operational segment profit
|
11
|
%
|
|
24
|
%
|
|
11
|
%
|
|
22
|
%
|
|
Foreign currency translation
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
(1
|
)%
|
|
Acquisitions, divestitures and other, net
|
(25
|
)%
|
|
(25
|
)%
|
|
(26
|
)%
|
|
(25
|
)%
|
|
Total % change
|
(14
|
)%
|
|
(1
|
)%
|
|
(15
|
)%
|
|
(4
|
)%
|
|
•
|
Commercial Aviation Original Equipment sales increased 3% (increased 4% organic) in the quarter and 6% (increased 7% organic) in the six months primarily due to increased demand from business aviation customers.
|
|
•
|
Commercial Aviation Aftermarket sales increased 7% (increased 8% organic) in the quarter and six months with growth in both air transport and regional, and business aviation.
|
|
•
|
Defense and Space sales increased 20% (increased 20% organic) in the quarter and 16% (increased 17% organic) in the six months primarily driven by growth in U.S. and international defense.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
||||||||||
|
Net sales
|
$
|
1,450
|
|
|
$
|
2,546
|
|
|
(43
|
)%
|
|
$
|
2,839
|
|
|
$
|
4,979
|
|
|
(43
|
)%
|
|
Cost of products and services sold
|
876
|
|
|
1,688
|
|
|
|
|
1,722
|
|
|
3,274
|
|
|
|
||||||
|
Selling, general and administrative and other expenses
|
274
|
|
|
431
|
|
|
|
|
546
|
|
|
862
|
|
|
|
||||||
|
Segment profit
|
$
|
300
|
|
|
$
|
427
|
|
|
(30
|
)%
|
|
$
|
571
|
|
|
$
|
843
|
|
|
(32
|
)%
|
|
|
2019 vs. 2018
|
||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
Factors Contributing to Year-Over-Year Change
|
Sales
|
|
Segment
Profit
|
|
Sales
|
|
Segment
Profit
|
||||
|
Organic growth/ Operational segment profit
|
5
|
%
|
|
10
|
%
|
|
7
|
%
|
|
9
|
%
|
|
Foreign currency translation
|
(2
|
)%
|
|
(2
|
)%
|
|
(2
|
)%
|
|
(3
|
)%
|
|
Acquisitions, divestitures and other, net
|
(46
|
)%
|
|
(38
|
)%
|
|
(48
|
)%
|
|
(38
|
)%
|
|
Total % change
|
(43
|
)%
|
|
(30
|
)%
|
|
(43
|
)%
|
|
(32
|
)%
|
|
•
|
Sales in Building Technologies, excluding the Homes divestiture and related impacts, increased 7% (increased 5% organic) in the quarter and increased 8% (increased 7% organic) in the six months primarily due to higher organic sales growth in both Building Products and Solutions.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
||||||||||
|
Net sales
|
$
|
2,735
|
|
|
$
|
2,698
|
|
|
1
|
%
|
|
$
|
5,307
|
|
|
$
|
5,232
|
|
|
1
|
%
|
|
Cost of products and services sold
|
1,731
|
|
|
1,745
|
|
|
|
|
|
3,379
|
|
|
3,426
|
|
|
|
|
||||
|
Selling, general and administrative and other expenses
|
360
|
|
|
356
|
|
|
|
|
|
720
|
|
|
690
|
|
|
|
|
||||
|
Segment profit
|
$
|
644
|
|
|
$
|
597
|
|
|
8
|
%
|
|
$
|
1,208
|
|
|
$
|
1,116
|
|
|
8
|
%
|
|
|
2019 vs. 2018
|
||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
Factors Contributing to Year-Over-Year Change
|
Sales
|
|
Segment
Profit
|
|
Sales
|
|
Segment
Profit
|
||||
|
Organic growth/ Operational segment profit
|
4
|
%
|
|
10
|
%
|
|
4
|
%
|
|
11
|
%
|
|
Foreign currency translation
|
(3
|
)%
|
|
(2
|
)%
|
|
(3
|
)%
|
|
(3
|
)%
|
|
Acquisitions, divestitures, and other, net
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Total % change
|
1
|
%
|
|
8
|
%
|
|
1
|
%
|
|
8
|
%
|
|
•
|
UOP sales increased 4% (increased 5% organic) in the quarter driven primarily by growth in licensing revenues and increased catalyst sales volumes, partially offset by lower gas processing equipment volumes. UOP sales increased 2% (increased 3% organic) in the six months driven primarily by growth in licensing revenues, partially offset by lower gas processing equipment volumes.
|
|
•
|
Process Solutions sales increased 1% (increased 5% organic) in the quarter primarily driven by increases in maintenance and migration services, partially offset by a decline in projects. Process Solutions sales increased 2% (increased 6% organic) in the six months driven primarily by increases in maintenance and migration services and field products, partially offset by decreased smart energy volumes.
|
|
•
|
Advanced Materials sales were flat in the quarter and in the six months (increased 2% and 3% organic, respectively) driven primarily by increases in fluorine products, offset by decreases in specialty products.
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
||||||||||
|
Net sales
|
$
|
1,550
|
|
|
$
|
1,617
|
|
|
(4
|
)%
|
|
$
|
3,132
|
|
|
$
|
3,065
|
|
|
2
|
%
|
|
Cost of products and services sold
|
1,065
|
|
|
1,074
|
|
|
|
|
|
2,144
|
|
|
2,023
|
|
|
|
|||||
|
Selling, general and administrative and other expenses
|
294
|
|
|
276
|
|
|
|
|
|
585
|
|
|
544
|
|
|
|
|||||
|
Segment profit
|
$
|
191
|
|
|
$
|
267
|
|
|
(28
|
)%
|
|
$
|
403
|
|
|
$
|
498
|
|
|
(19
|
)%
|
|
|
2019 vs. 2018
|
||||||||||
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
Factors Contributing to Year-Over-Year Change
|
Sales
|
|
Segment
Profit
|
|
Sales
|
|
Segment
Profit
|
||||
|
Organic growth/ Operational segment profit
|
(4
|
)%
|
|
(28
|
)%
|
|
2
|
%
|
|
(18
|
)%
|
|
Foreign currency translation
|
(2
|
)%
|
|
(2
|
)%
|
|
(2
|
)%
|
|
(3
|
)%
|
|
Acquisitions, divestitures, and other, net
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
Total % change
|
(4
|
)%
|
|
(28
|
)%
|
|
2
|
%
|
|
(19
|
)%
|
|
•
|
Sales in Safety decreased 1% (increased 1% organic) for the quarter and decreased 2% (increased 1% organic) for the six months. The decreases in sales were driven by the unfavorable impact of foreign currency translation partially offset by favorable pricing.
|
|
•
|
Sales in Productivity Solutions decreased 6% (decreased 7% organic) for the quarter and increased 5% (increased 3% organic) for the six months. The decrease in sales for the quarter is primarily attributable to lower sales volumes in Productivity Products and the unfavorable impact of foreign currency translation, partially offset by acquisitions. The increase in sales for the six months is primarily attributable to higher sales volumes, favorable pricing and the impact of acquisitions in Warehouse and Workflow Solutions, partially offset by lower sales volumes in Productivity Products and the unfavorable impact of foreign currency translation.
|
|
B.
|
Liquidity and Capital Resources
|
|
|
Six Months Ended
June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
|
Cash provided by (used for):
|
|
|
|
|
|
||
|
Operating activities
|
$
|
2,812
|
|
|
$
|
2,997
|
|
|
Investing activities
|
(343
|
)
|
|
1,605
|
|
||
|
Financing activities
|
(3,563
|
)
|
|
(3,486
|
)
|
||
|
Effect of exchange rate changes on cash
|
32
|
|
|
(93
|
)
|
||
|
Net increase (decrease) in cash and cash equivalents
|
$
|
(1,062
|
)
|
|
$
|
1,023
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risks
|
|
Item 4.
|
Controls and Procedures
|
|
Item 1.
|
Legal Proceedings
|
|
|
|
|
|
General Legal Matters
|
|
|
Environmental Matters Involving Potential Monetary Sanctions in Excess of $100,000
|
|
Item 1A.
|
Risk Factors
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Issuer Purchases of Equity Securities
|
|||||||||||||
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
||||||
|
Period
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Approximate Dollar Value of Shares that May Yet be Purchased Under Plans or Programs (Dollars in millions)
|
||||||
|
April 2019
|
2,475,703
|
|
|
$
|
166.96
|
|
|
2,475,703
|
|
|
$
|
2,574
|
|
|
May 2019
|
7,681,463
|
|
|
$
|
171.57
|
|
|
7,681,463
|
|
|
$
|
8,908
|
|
|
June 2019
|
977,311
|
|
|
$
|
172.45
|
|
|
977,311
|
|
|
$
|
8,739
|
|
|
Item 6.
|
Exhibits
|
|
Exhibit
No.
|
|
Description
|
|
|
10.1
|
|
|
|
|
|
|
|
|
|
10.2
|
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
|
XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
|
|
|
|
|
|
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema (filed herewith)
|
|
|
|
|
|
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
|
|
|
|
|
|
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase (filed herewith)
|
|
|
|
|
|
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase (filed herewith)
|
|
|
|
|
|
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
|
|
|
Honeywell International Inc.
|
|
|
|
|
|
|
Date: July 18, 2019
|
By:
|
/s/ John J. Tus
|
|
|
|
John J. Tus
Vice President and Controller
(on behalf of the Registrant
and as the Registrant’s
Principal Accounting Officer)
|
|
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of Honeywell International Inc.;
|
|
|
|
|
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
|
|
|
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
|
|
|
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
|
|
|
|
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
|
|
|
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
|
|
|
|
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: July 18, 2019
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By:
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/s/ Darius Adamczyk
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Darius Adamczyk
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Chairman and Chief Executive Officer
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1.
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I have reviewed this Quarterly Report on Form 10-Q of Honeywell International Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
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5.
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The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date: July 18, 2019
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By:
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/s/ Gregory P. Lewis
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Gregory P. Lewis
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Senior Vice President and Chief Financial Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: July 18, 2019
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By:
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/s/ Darius Adamczyk
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Darius Adamczyk
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Chairman and Chief Executive Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: July 18, 2019
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By:
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/s/ Gregory P. Lewis
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Gregory P. Lewis
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Senior Vice President and Chief Financial Officer
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