XML 82 R17.htm IDEA: XBRL DOCUMENT v3.22.4
LONG-TERM DEBT AND CREDIT AGREEMENTS
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND CREDIT AGREEMENTS LONG-TERM DEBT AND CREDIT AGREEMENTS
 December 31,
20222021
0.483% notes due 2022
$— $500 
2.15% notes due 2022
— 600 
Floating rate notes due 2022
— 600 
1.30% Euro notes due 2023
1,334 1,416 
3.35% notes due 2023
300 300 
0.00% Euro notes due 2024
534 566 
2.30% notes due 2024
750 750 
4.85% notes due 2024
400 — 
1.35% notes due 2025
1,250 1,250 
2.50% notes due 2026
1,500 1,500 
1.10% notes due 2027
1,000 1,000 
4.95% notes due 2028
500 — 
2.25% Euro notes due 2028
800 849 
2.70% notes due 2029
750 750 
1.95% notes due 2030
1,000 1,000 
1.75% notes due 2031
1,500 1,500 
0.75% Euro notes due 2032
534 566 
5.00% notes due 2033
1,100 — 
4.125% Euro notes due 2034
1,067 — 
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 
2.80% notes due 2050
750 750 
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), 8.0% weighted average interest rate maturing at various dates through 2029
265 272 
Fair value of hedging instruments(287)60 
Debt issuance costs(233)(211)
16,853 16,057 
Less—Current maturities of long-term debt
(1,730)(1,803)
$15,123 $14,254 
The schedule of principal payments on long-term debt is as follows:
 December 31, 2022
2023$1,730 
20241,787 
20251,272 
20261,515 
20271,008 
Thereafter9,541 
16,853 
Less—Current maturities of long-term debt(1,730)
$15,123 
On November 2, 2022, the Company issued $400 million 4.85% Senior Notes due 2024, $500 million 4.95% Senior Notes due 2028, and $1.1 billion 5.00% Senior Notes due 2033 (collectively, the 2022 USD Notes). The Company may redeem the 2022 USD Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $2.0 billion, offset by $22 million in discount and closing costs related to the offering.
On November 2, 2022, the Company issued €1.0 billion 4.125% Senior Notes due 2034 (the 2022 Euro Notes). The Company may redeem the 2022 Euro Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $990 million, offset by $17 million in discount and closing costs related to the offering.
The 2022 USD Notes and 2022 Euro Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The Company intends to use the proceeds from the issuance for general corporate purposes.
On August 8, 2022, the Company repaid its 2.15% and its Floating rate notes due 2022. On August 19, 2022, the Company repaid its 0.483% notes due 2022.
On March 24, 2022, the Company entered into a $4.0 billion Amended and Restated Five-Year Credit Agreement (the 5-Year Credit Agreement) and a $1.5 billion 364-Day Credit Agreement (the 364-Day Credit Agreement). The 5-Year Credit Agreement amended and restated the previously reported $4.0 billion amended and restated five-year credit agreement dated as of March 31, 2021. Commitments under the 5-Year Credit Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion. The 364-Day Credit Agreement replaced the $1.5 billion 364-day credit agreement dated as of March 31, 2021, which was terminated in accordance with its terms effective March 24, 2022. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than March 23, 2023, unless (i) Honeywell elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 23, 2024, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms. The 5-Year Credit Agreement and the 364-Day Credit Agreement are maintained for general corporate purposes.
As of December 31, 2022, there were no outstanding borrowings under the 364-Day Credit Agreement or 5-Year Credit Agreement.
On November 1, 2021, the Company repaid its 1.85% notes due 2021.
On August 16, 2021, the Company issued $1.0 billion 1.10% Senior Notes due 2027 and $1.5 billion 1.75% Senior Notes due 2031 (collectively, the Notes). The Company may redeem the Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable make-whole redemption price. The Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The offering provided gross proceeds of $2.5 billion, offset by $18 million in discount and closing costs related to the offering. The Company used the proceeds of the offering to redeem at par $2 billion of the $2.5 billion in outstanding principal amount of the callable 0.483% Senior Notes due 2022 and to redeem in full and at par $500 million callable Floating rate Senior Notes due 2022 that the Company issued in August 2020.
On March 1, 2021, the Company repaid its 4.25% notes due 2021.