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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
__________________
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
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 1-8974

Honeywell International Inc.
(Exact name of registrant as specified in its charter)
Delaware22-2640650
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
300 South Tryon Street28202
Charlotte, NC
(Address of principal executive offices)(Zip Code)
704627-6200
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per share*HONThe New York Stock Exchange
1.300% Senior Notes due 2023HON 23AThe New York Stock Exchange
0.000% Senior Notes due 2024HON 24AThe New York Stock Exchange
2.250% Senior Notes due 2028HON 28AThe New York Stock Exchange
0.750% Senior Notes due 2032HON 32The New York Stock Exchange
* The common stock is also listed on the London 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 x  No o
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 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x  No o
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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated FilerxAccelerated filer
Non-Accelerated filerSmaller reporting company
  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 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 x
There were 701,783,165 shares of Common Stock outstanding at June 30, 2020.




Honeywell International Inc.
Index
Page No.
 
Cautionary Statement about Forward-Looking Statements
 
This report contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management’s assumptions and assessments in the light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, including the impact of the coronavirus pandemic (COVID-19), which can affect our performance and financial results in both the near- and long-term. These forward-looking statements should be considered in the light of the information included in this report and our other filings with the Securities and Exchange Commission, including, without limitation, the Risk Factors, as well as the description of trends and other factors in Management’s Discussion and Analysis of Financial Condition and Results of Operations, set forth in this report and our 2019 Annual Report on Form 10-K.

2




PART I. FINANCIAL INFORMATION
 
The financial statements and related footnotes as of June 30, 2020 should be read in conjunction with the financial statements for the year ended December 31, 2019 contained in our 2019 Annual Report on Form 10-K. 

ITEM 1. FINANCIAL STATEMENTS
 

Honeywell International Inc.
Consolidated Statement of Operations
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (Dollars in millions, except per share amounts)
Product sales$5,743  $6,990  $12,048  $13,703  
Service sales1,734  2,253  3,892  4,424  
Net sales7,477  9,243  15,940  18,127  
Costs, expenses and other
Cost of products sold4,163  4,848  8,537  9,470  
Cost of services sold1,113  1,246  2,273  2,503  
 5,276  6,094  10,810  11,973  
Selling, general and administrative expenses1,183  1,387  2,421  2,750  
Other (income) expense(291) (305) (608) (590) 
Interest and other financial charges90  85  163  170  
 6,258  7,261  12,786  14,303  
Income before taxes1,219  1,982  3,154  3,824  
Tax expense (benefit)120  426  449  832  
Net income1,099  1,556  2,705  2,992  
Less: Net income attributable to the noncontrolling interest
18  15  43  35  
Net income attributable to Honeywell$1,081  $1,541  $2,662  $2,957  
Earnings per share of common stock - basic$1.54  $2.13  $3.77  $4.07  
Earnings per share of common stock - assuming dilution$1.53  $2.10  $3.74  $4.02  
 
The Notes to Consolidated Financial Statements are an integral part of this statement.
3




Honeywell International Inc.
Consolidated Statement of Comprehensive Income
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
 (Dollars in millions)
Net income$1,099  $1,556  $2,705  $2,992  
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment121  (191) (155) 14  
Prior service (credit) cost recognized(20) (20) (40) (39) 
Pension and other postretirement benefits adjustments(20) (20) (40) (39) 
Cash flow hedges recognized in other comprehensive income (loss)(91) 10  104  48  
Less: Reclassification adjustment for gains (losses) included in net income(33) 7  22  39  
Changes in fair value of effective cash flow hedges(58) 3  82  9  
Other comprehensive income (loss), net of tax43  (208) (113) (16) 
Comprehensive income1,142  1,348  2,592  2,976  
Less: Comprehensive income attributable to the noncontrolling interest21  13  39  37  
Comprehensive income attributable to Honeywell$1,121  $1,335  $2,553  $2,939  
 
The Notes to Consolidated Financial Statements are an integral part of this statement.
4




Honeywell International Inc.
Consolidated Balance Sheet
(Unaudited)
 June 30, 2020December 31, 2019
 (Dollars in millions)
ASSETS 
Current assets:  
Cash and cash equivalents$13,778  $9,067  
Short-term investments1,349  1,349  
Accounts receivable - net6,717  7,493  
Inventories4,753  4,421  
Other current assets1,724  1,973  
Total current assets28,321  24,303  
Investments and long-term receivables626  588  
Property, plant and equipment - net5,327  5,325  
Goodwill15,518  15,563  
Other intangible assets - net3,551  3,734  
Insurance recoveries for asbestos related liabilities379  392  
Deferred income taxes106  86  
Other assets9,776  8,688  
Total assets$63,604  $58,679  
LIABILITIES
Current liabilities:
Accounts payable$5,366  $5,730  
Commercial paper and other short-term borrowings3,531  3,516  
Current maturities of long-term debt967  1,376  
Accrued liabilities7,477  7,476  
Total current liabilities17,341  18,098  
Long-term debt17,591  11,110  
Deferred income taxes1,461  1,670  
Postretirement benefit obligations other than pensions317  326  
Asbestos related liabilities1,894  1,996  
Other liabilities6,627  6,766  
Redeemable noncontrolling interest7  7  
SHAREOWNERS’ EQUITY
Capital - common stock issued958  958  
- additional paid-in capital7,104  6,876  
Common stock held in treasury, at cost(25,685) (23,836) 
Accumulated other comprehensive loss(3,310) (3,197) 
Retained earnings39,080  37,693  
Total Honeywell shareowners’ equity18,147  18,494  
Noncontrolling interest219  212  
Total shareowners’ equity18,366  18,706  
Total liabilities, redeemable noncontrolling interest and shareowners’ equity$63,604  $58,679  
 
The Notes to Consolidated Financial Statements are an integral part of this statement.
5




Honeywell International Inc.
Consolidated Statement of Cash Flows
(Unaudited)
 Six Months Ended June 30,
 20202019
 (Dollars in millions)
Cash flows from operating activities:  
Net income$2,705  $2,992  
Less: Net income attributable to the noncontrolling interest43  35  
Net income attributable to Honeywell2,662  2,957  
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities:
Depreciation314  335  
Amortization179  221  
Repositioning and other charges342  210  
Net payments for repositioning and other charges(309) (85) 
Pension and other postretirement income(423) (322) 
Pension and other postretirement benefit payments(23) (45) 
Stock compensation expense78  75  
Deferred income taxes(277) 44  
Other(285) 5  
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable776  98  
Inventories(331) (273) 
Other current assets106  (239) 
Accounts payable(364) (8) 
Accrued liabilities(26) (161) 
Net cash provided by (used for) operating activities2,419  2,812  
Cash flows from investing activities:
Expenditures for property, plant and equipment(366) (312) 
Proceeds from disposals of property, plant and equipment7  10  
Increase in investments(1,671) (2,274) 
Decrease in investments1,589  2,163  
Receipts (payments) from settlements of derivative contracts83  70  
Net cash provided by (used for) investing activities(358) (343) 
Cash flows from financing activities:
Proceeds from issuance of commercial paper and other short-term borrowings7,165  7,114  
Payments of commercial paper and other short-term borrowings(7,094) (7,115) 
Proceeds from issuance of common stock97  378  
Proceeds from issuance of long-term debt7,101  29  
Payments of long-term debt(1,218) (84) 
Repurchases of common stock(1,985) (2,650) 
Cash dividends paid(1,285) (1,203) 
Other(40) (32) 
Net cash provided by (used for) financing activities2,741  (3,563) 
Effect of foreign exchange rate changes on cash and cash equivalents(91) 32  
Net increase (decrease) in cash and cash equivalents4,711  (1,062) 
Cash and cash equivalents at beginning of period9,067  9,287  
Cash and cash equivalents at end of period$13,778  $8,225  
 
The Notes to Consolidated Financial Statements are an integral part of this statement.
6




Honeywell International Inc.
Consolidated Statement of Shareowners' Equity
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Shares$Shares$Shares$Shares$
 (Dollars in millions, except per share amounts)
Common stock, par value957.6  958  957.6  958  957.6  958  957.6  958  
Additional paid-in capital
Beginning balance7,047  6,652  6,876  6,452  
   Issued for employee savings and option plans23  94  150  253  
   Stock-based compensation expense 34  34  78  75  
Ending balance7,104  6,780  7,104  6,780  
Treasury stock
Beginning balance(255.8) (25,643) (229.9) (20,392) (246.5) (23,836) (228.0) (19,771) 
   Reacquired stock or repurchases of common stock(0.4) (62) (11.1) (1,900) (12.1) (1,985) (16.2) (2,650) 
   Issued for employee savings and option plans0.4  20  2.9  136  2.8  136  6.1  265  
Ending balance(255.8) (25,685) (238.1) (22,156) (255.8) (25,685) (238.1) (22,156) 
Retained earnings
Beginning balance38,635  34,794  37,693  33,978  
   Net income attributable to Honeywell1,081  1,541  2,662  2,957  
   Dividends on common stock(636) (594) (1,275) (1,194) 
Ending balance39,080  35,741  39,080  35,741  
Accumulated other comprehensive income (loss)
Beginning balance(3,353) (3,246) (3,197) (3,437) 
   Foreign exchange translation adjustment121  (191) (155) 14  
   Pensions and other postretirement benefit adjustments(20) (19) (40) (39) 
   Changes in fair value of effective cash flow hedges(58) 3  82  9  
Ending balance(3,310) (3,453) (3,310) (3,453) 
Noncontrolling interest
Beginning balance221  189  212  178  
   Acquisitions, divestitures, and other     (6)   
   Net income attributable to noncontrolling interest18  15  43  35  
   Foreign exchange translation adjustment3  (2) (4) 2  
   Dividends paid(23) (12) (26) (25) 
Ending balance219  190  219  190  
Total shareowners' equity701.8  18,366  719.5  18,060  701.8  18,366  719.5  18,060  
Cash dividends per share of common stock$0.900  $0.820  $1.800  $1.640  
Notes to Consolidated Financial Statements are an integral part of this statement.
7


Honeywell International Inc.
Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in millions, except per share amounts)




Note 1. Basis of Presentation
 
In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of Honeywell International Inc. and its consolidated subsidiaries (“Honeywell” or “the Company”) at June 30, 2020 and December 31, 2019, the cash flows for the six months ended June 30, 2020 and June 30, 2019 and the results of operations for the three and six months ended June 30, 2020 and June 30, 2019. The results of operations for the three and six months ended June 30, 2020 and cash flows for the six months ended June 30, 2020 should not necessarily be taken as indicative of the entire year.
 
We report our quarterly financial information using a calendar convention; the first, second and third quarters are consistently reported as ending on March 31, June 30 and September 30. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on our business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. In the event that differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, we will provide appropriate disclosures. Our actual closing dates for the three and six months ended June 30, 2020 and June 30, 2019 were June 27, 2020 and June 29, 2019. 

Note 2. Summary of Significant Accounting Policies
 
The accounting policies of the Company are set forth in Note 1 to Consolidated Financial Statements contained in the Company’s 2019 Annual Report on Form 10-K. We include herein certain updates to those policies.
 
Recent Accounting Pronouncements—The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated results of operations, financial position and cash flows (Consolidated Financial Statements).

In December 2019, the FASB issued an accounting standard update to simplify the accounting for income taxes. The standard's amendments include changes in various subtopics of accounting for income taxes including, but not limited to, accounting for "hybrid" tax regimes, tax basis step-up in goodwill obtained in a transaction that is not a business combination, intraperiod tax allocation exception to incremental approach, ownership changes in investments, interim-period accounting for enacted changes in tax law, and year-to-date loss limitation in interim-period tax accounting. The guidance is effective for fiscal years beginning after December 15, 2020 with early adoption permitted, including the interim periods within those years. We are currently evaluating impacts of these amendments on our Consolidated Financial Statements, and related notes to the Financial Statements. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements.
        
In June 2016, the FASB issued an accounting standard that requires companies to utilize an impairment model (current expected credit loss, or CECL) for most financial assets measured at amortized cost and certain other financial instruments, which include, but are not limited to, trade and other receivables. This accounting standard replaced the incurred loss model with a model that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate those losses. Effective January 1, 2020, the Company adopted this standard. The adoption of this standard did not have a material impact on our Consolidated Financial Statements.
 
8


Honeywell International Inc.
Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in millions, except per share amounts)



Note 3. Repositioning and Other Charges
 
A summary of repositioning and other charges follows:
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Severance$254  $75  $320  $106  
Asset impairments4    6  11  
Exit costs15  11  30  29  
Reserve adjustments(18) (2) (31) (4) 
Total net repositioning charge255  84  325  142  
Asbestos related litigation charges, net of insurance and reimbursements9  6  20  17  
Probable and reasonably estimable environmental liabilities, net of reimbursements6  39  14  53  
Other10  (3) (17) (2) 
Total net repositioning and other charges$280  $126  $342  $210  

The following table summarizes the pretax distribution of total net repositioning and other charges by classification:
 Three Months Ended June 30,Six Months Ended June 30,
 202020192020