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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 September 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 701,685,768 shares of Common Stock outstanding at September 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 no 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.

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PART I. FINANCIAL INFORMATION
 
The financial statements and related footnotes as of September 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 September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in millions, except per share amounts)
Product sales$5,885 $6,793 $17,933 $20,496 
Service sales1,912 2,293 5,804 6,717 
Net sales7,797 9,086 23,737 27,213 
Costs, expenses and other
Cost of products sold4,315 4,775 12,852 14,244 
Cost of services sold1,068 1,263 3,341 3,767 
 5,383 6,038 16,193 18,011 
Selling, general and administrative expenses1,103 1,296 3,524 4,046 
Other (income) expense62 (311)(546)(901)
Interest and other financial charges101 96 264 266 
 6,649 7,119 19,435 21,422 
Income before taxes1,148 1,967 4,302 5,791 
Tax expense (benefit)367 319 816 1,151 
Net income781 1,648 3,486 4,640 
Less: Net income attributable to the noncontrolling interest
23 24 66 59 
Net income attributable to Honeywell$758 $1,624 $3,420 $4,581 
Earnings per share of common stock - basic$1.08 $2.26 $4.85 $6.33 
Earnings per share of common stock - assuming dilution$1.07 $2.23 $4.81 $6.25 
 
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 September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in millions)
Net income$781 $1,648 $3,486 $4,640 
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment(82)163 (237)177 
Prior service (credit) cost recognized(20)(20)(60)(59)
Pension and other postretirement benefit adjustments(20)(20)(60)(59)
Cash flow hedges recognized in other comprehensive income (loss)(54)62 50 110 
Less: Reclassification adjustment for gains (losses) included in net income(30)47 (8)86 
Changes in fair value of effective cash flow hedges(24)15 58 24 
Other comprehensive income (loss), net of tax(126)158 (239)142 
Comprehensive income655 1,806 3,247 4,782 
Less: Comprehensive income attributable to the noncontrolling interest29 19 68 56 
Comprehensive income attributable to Honeywell$626 $1,787 $3,179 $4,726 
 
The Notes to Consolidated Financial Statements are an integral part of this statement.
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Honeywell International Inc.
Consolidated Balance Sheet
(Unaudited)
 September 30, 2020December 31, 2019
 (Dollars in millions)
ASSETS 
Current assets:  
Cash and cash equivalents$14,036 $9,067 
Short-term investments972 1,349 
Accounts receivable - net6,878 7,493 
Inventories4,705 4,421 
Other current assets1,609 1,973 
Total current assets28,200 24,303 
Investments and long-term receivables673 588 
Property, plant and equipment - net5,419 5,325 
Goodwill15,666 15,563 
Other intangible assets - net3,494 3,734 
Insurance recoveries for asbestos related liabilities374 392 
Deferred income taxes154 86 
Other assets9,479 8,688 
Total assets$63,459 $58,679 
LIABILITIES
Current liabilities:
Accounts payable$5,270 $5,730 
Commercial paper and other short-term borrowings3,550 3,516 
Current maturities of long-term debt985 1,376 
Accrued liabilities7,379 7,476 
Total current liabilities17,184 18,098 
Long-term debt17,687 11,110 
Deferred income taxes1,474 1,670 
Postretirement benefit obligations other than pensions309 326 
Asbestos related liabilities1,845 1,996 
Other liabilities6,640 6,766 
Redeemable noncontrolling interest7 7 
SHAREOWNERS’ EQUITY
Capital - common stock issued958 958 
- additional paid-in capital7,155 6,876 
Common stock held in treasury, at cost(25,806)(23,836)
Accumulated other comprehensive loss(3,436)(3,197)
Retained earnings39,203 37,693 
Total Honeywell shareowners’ equity18,074 18,494 
Noncontrolling interest239 212 
Total shareowners’ equity18,313 18,706 
Total liabilities, redeemable noncontrolling interest and shareowners’ equity$63,459 $58,679 
 
The Notes to Consolidated Financial Statements are an integral part of this statement.
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Honeywell International Inc.
Consolidated Statement of Cash Flows
(Unaudited)
 Nine Months Ended September 30,
 20202019
 (Dollars in millions)
Cash flows from operating activities:  
Net income$3,486 $4,640 
Less: Net income attributable to the noncontrolling interest66 59 
Net income attributable to Honeywell3,420 4,581 
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities:
Depreciation480 500 
Amortization268 319 
Repositioning and other charges486 306 
Net payments for repositioning and other charges(652)(157)
Pension and other postretirement income(633)(484)
Pension and other postretirement benefit payments(37)(50)
Stock compensation expense118 112 
Deferred income taxes(289)(298)
Reimbursement receivables charge350  
Other(369)98 
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable615 (78)
Inventories(284)(276)
Other current assets246 (68)
Accounts payable(460)(89)
Accrued liabilities167 (133)
Net cash provided by (used for) operating activities3,426 4,283 
Cash flows from investing activities:
Expenditures for property, plant and equipment(615)(504)
Proceeds from disposals of property, plant and equipment17 41 
Increase in investments(2,371)(3,218)
Decrease in investments2,634 3,318 
Receipts (payments) from settlements of derivative contracts(75)245 
Other (4)
Net cash provided by (used for) investing activities(410)(122)
Cash flows from financing activities:
Proceeds from issuance of commercial paper and other short-term borrowings8,577 10,292 
Payments of commercial paper and other short-term borrowings(8,512)(10,293)
Proceeds from issuance of common stock163 425 
Proceeds from issuance of long-term debt10,105 2,725 
Payments of long-term debt(4,237)(120)
Repurchases of common stock(2,149)(3,650)
Cash dividends paid(1,921)(1,798)
Other(54)(72)
Net cash provided by (used for) financing activities1,972 (2,491)
Effect of foreign exchange rate changes on cash and cash equivalents(19)(49)
Net increase (decrease) in cash and cash equivalents4,969 1,621 
Cash and cash equivalents at beginning of period9,067 9,287 
Cash and cash equivalents at end of period$14,036 $10,908 
 
The Notes to Consolidated Financial Statements are an integral part of this statement.
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Honeywell International Inc.
Consolidated Statement of Shareowners' Equity
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 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 balance7,104 6,780 6,876 6,452 
   Issued for employee savings and option plans11 (11)161 242 
   Stock-based compensation expense 40 37 118 112 
Ending balance7,155 6,806 7,155 6,806 
Treasury stock
Beginning balance(255.8)(25,685)(238.1)(22,156)(246.5)(23,836)(228.0)(19,771)
   Reacquired stock or repurchases of common stock(1.0)(164)(5.9)(1,000)(13.1)(2,149)(22.1)(3,650)
   Issued for employee savings and option plans0.9 43 0.9 21 3.7 179 7.0 286 
Ending balance(255.9)(25,806)(243.1)(23,135)(255.9)(25,806)(243.1)(23,135)
Retained earnings
Beginning balance39,080 35,741 37,693 33,978 
   Net income attributable to Honeywell758 1,624 3,420 4,581 
   Dividends on common stock(635)(590)(1,910)(1,784)
Ending balance39,203 36,775 39,203 36,775 
Accumulated other comprehensive income (loss)
Beginning balance(3,310)(3,453)(3,197)(3,437)
   Foreign exchange translation adjustment(82)163 (237)177 
   Pension and other postretirement benefit adjustments(20)(20)(60)(59)
   Changes in fair value of effective cash flow hedges(24)15 58 24 
Ending balance(3,436)(3,295)(3,436)(3,295)
Noncontrolling interest
Beginning balance219 190 212 178 
   Acquisitions, divestitures, and other  1 (6)1 
   Net income attributable to noncontrolling interest23 24 66 59 
   Foreign exchange translation adjustment6 (5)2 (3)
   Dividends paid(9)(13)(35)(38)
Ending balance239 197 239 197 
Total shareowners' equity701.7 18,313 714.5 18,306 701.7 18,313 714.5 18,306 
Cash dividends per share of common stock$0.900 $0.820 $2.700 $2.460 
Notes to Consolidated Financial Statements are an integral part of this statement.
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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 September 30, 2020 and December 31, 2019, the cash flows for the nine months ended September 30, 2020 and September 30, 2019 and the results of operations for the three and nine months ended September 30, 2020 and September 30, 2019. The results of operations for the three and nine months ended September 30, 2020 and cash flows for the nine months ended September 30, 2020 should not necessarily be taken as indicative of the entire year.
 
Honeywell reports its 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 Honeywell's practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires Honeywell's 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, Honeywell will provide appropriate disclosures. Honeywell's actual closing dates for the three and nine months ended September 30, 2020 and September 30, 2019 were September 26, 2020 and September 28, 2019. 

Note 2. Summary of Significant Accounting Policies
 
The accounting policies of the Company are set forth in Note 1 to the Company's Consolidated Financial Statements contained in the Company’s 2019 Annual Report on Form 10-K. The Company includes herein certain updates to those policies.

Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation.
 
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. The Company is currently evaluating impacts of these amendments on the Company's Consolidated Financial Statements, and related notes to the Financial Statements. The Company does not expect the adoption of this standard to have a material impact on the Company's 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 the Company's Consolidated Financial Statements.
 
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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 September 30,Nine Months Ended September 30,
 2020201920202019
Severance$113 $41 $433 $147 
Asset impairments5 15 11 26 
Exit costs17 33 47 62 
Reserve adjustments(11)(3)(42)(7)
Total net repositioning charge124 86 449 228 
Asbestos related litigation charges, net of insurance and reimbursements13 9 33 26 
Probable and reasonably estimable environmental liabilities, net of reimbursements6 6 20 59 
Other1 (5)(16)(7)
Total net repositioning and other charges$144 $96 $486 $306 

The following table summarizes the pretax distribution of total net repositioning and other charges by classification:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Cost of products and services sold$91 $75 $286 $204 
Selling, general and administrative expenses53 21 200 102 
 $144 $96 $486 $306 

The following table summarizes the pretax impact of total net repositioning and other charges by segment:
Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Aerospace$33 $12 $151 $32 
Honeywell Building Technologies29 28 87 36 
Performance Materials and Technologies34 28 139 61 
Safety and Productivity Solutions15 6 32 54 
Corporate33 22 77 123 
 $144 $96 $486 $306 
 
In the three months ended September 30, 2020, the Company recognized gross repositioning charges totaling $135 million including severance costs of $113 million related to workforce reductions of 3,113 manufacturing and administrative positions across all of the Company's segments, with a majority of the workforce reductions in Aerospace and Performance Materials and Technologies. The workforce reductions primarily related to the Company aligning its cost structure with the current slowdown in demand for many of the Company's products and services due to the global recession.
    
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Honeywell International Inc.
Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in millions, except per share amounts)



In the three months ended September 30, 2019, the Company recognized gross repositioning charges totaling $89 million including severance costs of $41 million related to workforce reductions of 1,123 manufacturing and administrative positions across the Company's segments. The workforce reductions primarily related to cost savings actions taken in connection with our productivity and ongoing functional transformation initiatives. The repositioning charges included exit costs of $33 million primarily related to termination fees associated with the early cancellation of supply agreements for certain raw materials in Performance Materials and Technologies and Honeywell Building Technologies and current period exit costs incurred for previously approved repositioning projects.

In the nine months ended September 30, 2020, the Company recognized gross repositioning charges totaling $491 million including severance costs of $433 million related to workforce reductions of 13,042 manufacturing and administrative positions across the Company's segments, with a majority of the workforce reductions in Aerospace and Performance Materials and Technologies. The workforce reductions primarily related to the Company aligning its cost structure with the current slowdown in demand for many of the Company's products and services due to the global recession, and the Company's productivity and ongoing functional transformation initiatives. The repositioning charges included exit costs of $47 million primarily related to current period exit costs incurred for previously approved repositioning projects. Also, $42 million of previously established reserves, primarily for severance, were returned to income mainly as a result of higher attrition than anticipated in prior severance actions resulting in lower severance payments.

In the nine months ended September 30, 2019, the Company recognized gross repositioning charges totaling $235 million including severance costs of $147 million related to workforce reductions of 3,436 manufacturing and administrative positions across the Company's segments. The workforce reductions primarily related to cost savings actions taken in connection with the Company's productivity and functional transformation initiatives and to site transitions in Aerospace to more cost-effective locations. The repositioning charges included exit costs of $62 million primarily related to current period exit costs incurred for previously approved repositioning projects, termination fees associated with the early cancellation of supply agreements for certain raw materials in Performance Materials and Technologies and Honeywell Building Technologies and closure obligations associated with site transitions.

The following table summarizes the status of the Company's total repositioning reserves:
Severance
Costs
Asset
Impairments
Exit
Costs
Total
December 31, 2019$555 $ $96 $651 
Charges433 11 47 491 
Usage - cash(343) (56)(399)
Usage - noncash (11) (11)
Foreign currency translation9   9 
Adjustments(40) (2)(42)
September 30, 2020$614 $ $85 $699 
 
Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in the nine months ended September 30, 2020 and 2019 were $32 million and $21 million, respectively.
 
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Honeywell International Inc.
Notes to Consolidated Financial Statements
(Unaudited)
(Dollars in millions, except per share amounts)



Note 4. Other (Income) Expense
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Interest income$(20)$(64)$(86)$(194)
Pension ongoing income – non-service(238)(180)(711)(549)
Other postretirement income – non-service(13)(12)(40)(35)
Equity income of affiliated companies(17)(13)(44)(33)
Loss (gain) on sale of non-strategic business and assets   (1)
Foreign exchange(1)(43)(16)(97)
Reimbursement receivables charge350  350  
Other (net)1 1 1 8 
 $62 $(311)$(546)$(901)

For more information on the reimbursement receivables related to Garrett Motion Inc. (Garrett), see Note 16 Commitments and Contingencies.

Note 5. Income Taxes
 
The effective tax rate was lower than the U.S. federal statutory rate of 21% and decreased during 2020 compared to 2019 primarily due to the favorable resolution of a foreign tax matter related to the previously completed spin-off transactions, tax law changes in India, and the resolution of certain U.S. tax matters offset by a non-cash charge related to the reduction of the aggregate carrying value of certain receivables with no corresponding tax benefit.

Note 6. Earnings Per Share
Three Months Ended September 30,Nine Months Ended September 30,
Basic2020201920202019
Net income attributable to Honeywell$758 $1,624 $3,420 $4,581 
Weighted average shares outstanding702.6 717.6 704.8 723.5 
Earnings per share of common stock$1.08 $2.26 $4.85 $6.33 
 
 Three Months Ended September 30,Nine Months Ended September 30,
Assuming Dilution2020201920202019
Net income attributable to Honeywell$758 $1,624 $3,420 $4,581 
Average Shares
Weighted average shares outstanding702.6 717.6 704.8 723.5 
Dilutive securities issuable - stock plans7.0 9.1 6.8 9.3 
Total weighted average shares outstanding709.6 726.7 711.6 732.8 
Earnings per share of common stock$1.07 $2.23 $4.81 $6.25 

The diluted earnings per share calculations exclude the effect of stock options when the options’ exercise price exceed the average market price of the common shares during the period. For the three and nine months ended September 30, 2020, the weighted average number of stock options excluded from the computations were 7.1 million and 6.4 million. For the three and nine months ended September 30, 2019, the weighted average number of stock options excluded from the computations were