DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 25, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-8974 | ||
Entity Registrant Name | Honeywell International Inc. | ||
Entity Central Index Key | 0000773840 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-2640650 | ||
Entity Address, Address Line One | 300 South Tryon Street | ||
Entity Address, City or Town | Charlotte, | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28202 | ||
City Area Code | 704 | ||
Local Phone Number | 627-6200 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 125.6 | ||
Entity Common Stock, Shares Outstanding | 712,599,803 | ||
Documents Incorporated by Reference | Part III: Proxy Statement for Annual Meeting of Shareowners to be held April 27, 2020. | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $1 per share* | ||
Trading Symbol | HON | ||
Security Exchange Name | NYSE | ||
Euro Notes .65% Due 2020 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.650% Senior Notes due 2020 | ||
Trading Symbol | HON 20 | ||
Security Exchange Name | NYSE | ||
Euro Notes 1.30% Due 2023 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.300% Senior Notes due 2023 | ||
Trading Symbol | HON 23A | ||
Security Exchange Name | NYSE | ||
Euro Notes 2.25% Due 2028 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.250% Senior Notes due 2028 | ||
Trading Symbol | HON 28A | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net Sales | $ 36,709 | $ 41,802 | $ 40,534 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | 24,339 | 29,046 | 28,144 |
Selling, general and administrative expenses | 5,519 | 6,051 | 6,087 |
Other (income) expense | (1,065) | (1,149) | (963) |
Interest and other financial charges | 357 | 367 | 316 |
Cost, operating and non-operating expenses | 29,150 | 34,315 | 33,584 |
Income before taxes | 7,559 | 7,487 | 6,950 |
Tax expense | 1,329 | 659 | 5,362 |
Net income | 6,230 | 6,828 | 1,588 |
Less: Net income attributable to the noncontrolling interest | 87 | 63 | 43 |
Net income attributable to Honeywell | $ 6,143 | $ 6,765 | $ 1,545 |
Earnings per share of common stock - basic | $ 8.52 | $ 9.10 | $ 2.03 |
Earnings per share of common stock - assuming dilution | $ 8.41 | $ 8.98 | $ 2 |
Products [Member] | |||
Income Statement [Abstract] | |||
Net Sales | $ 27,629 | $ 32,848 | $ 32,317 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | 19,269 | 23,634 | 23,176 |
Services [Member] | |||
Income Statement [Abstract] | |||
Net Sales | 9,080 | 8,954 | 8,217 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | $ 5,070 | $ 5,412 | $ 4,968 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 6,230,000,000 | $ 6,828,000,000 | $ 1,588,000,000 |
Other Comprehensive Income (Loss), Net Of Tax [Abstract] | |||
Foreign exchange translation adjustment | 143,000,000 | (685,000,000) | (37,000,000) |
Actuarial gains (losses) recognized | 162,000,000 | (602,000,000) | 753,000,000 |
Prior service credit (cost) recognized | 1,000,000 | 2,000,000 | (59,000,000) |
Prior service credit recognized during year | (79,000,000) | (74,000,000) | (70,000,000) |
Actuarial (gains) losses recognized during year | 16,000,000 | 35,000,000 | 83,000,000 |
Settlements and curtailments | 0 | 2,000,000 | 19,000,000 |
Foreign exchange translation and other | (14,000,000) | 31,000,000 | (49,000,000) |
Pensions and other postretirement benefit adjustments | 86,000,000 | (606,000,000) | 677,000,000 |
Cash flow hedges recognized in other comprehensive income | 103,000,000 | 89,000,000 | (101,000,000) |
Less: Reclassification adjustment for gains (losses) included in net income | 92,000,000 | 4,000,000 | 60,000,000 |
Changes in fair value of cash flow hedges | 11,000,000 | 85,000,000 | (161,000,000) |
Other comprehensive income (loss), net of tax | 240,000,000 | (1,206,000,000) | 479,000,000 |
Comprehensive income | 6,470,000,000 | 5,622,000,000 | 2,067,000,000 |
Less: Comprehensive income attributable to the noncontrolling interest | 82,000,000 | 53,000,000 | 51,000,000 |
Comprehensive income attributable to Honeywell | $ 6,388,000,000 | $ 5,569,000,000 | $ 2,016,000,000 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 9,067 | $ 9,287 |
Short-term investments | 1,349 | 1,623 |
Accounts receivable - net | 7,493 | 7,508 |
Inventories | 4,421 | 4,326 |
Other current assets | 1,973 | 1,618 |
Total current assets | 24,303 | 24,362 |
Investments and long-term receivables | 588 | 742 |
Property, plant and equipment - net | 5,325 | 5,296 |
Goodwill | 15,563 | 15,546 |
Other intangible assets - net | 3,734 | 4,139 |
Insurance recoveries for asbestos related liabilities | 392 | 437 |
Deferred income taxes | 86 | 382 |
Other assets | 8,688 | 6,869 |
Total assets | 58,679 | 57,773 |
Liabilities, Current [Abstract] | ||
Accounts payable | 5,730 | 5,607 |
Commercial paper and other short-term borrowings | 3,516 | 3,586 |
Current maturities of long-term debt | 1,376 | 2,872 |
Accrued liabilities | 7,476 | 6,859 |
Total current liabilities | 18,098 | 18,924 |
Long-term debt | 11,110 | 9,756 |
Deferred income taxes | 1,670 | 1,713 |
Postretirement benefit obligations other than pensions | 326 | 344 |
Asbestos related liabilities | 1,996 | 2,269 |
Other liabilities | 6,766 | 6,402 |
Redeemable noncontrolling interest | 7 | 7 |
SHAREOWNERS' EQUITY [Abstract] | ||
Capital - common stock issued | 958 | 958 |
Capital - additional paid in capital | 6,876 | 6,452 |
Common stock held in treasury, at cost | (23,836) | (19,771) |
Accumulated other comprehensive income (loss) | (3,197) | (3,437) |
Retained earnings | 37,693 | 33,978 |
Total Honeywell shareowners' equity | 18,494 | 18,180 |
Noncontrolling interest | 212 | 178 |
Total shareowners' equity | 18,706 | 18,358 |
Total liabilities, redeemable noncontrolling interest, and shareowners' equity | $ 58,679 | $ 57,773 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 6,230,000,000 | $ 6,828,000,000 | $ 1,588,000,000 |
Less: Net income attributable to the noncontrolling interest | 87,000,000 | 63,000,000 | 43,000,000 |
Net income attributable to Honeywell | 6,143,000,000 | 6,765,000,000 | 1,545,000,000 |
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities [Abstract] | |||
Depreciation | 673,000,000 | 721,000,000 | 717,000,000 |
Amortization | 415,000,000 | 395,000,000 | 398,000,000 |
{Gain) loss on sale of non-strategic businesses and assets | 1,000,000 | 0 | 7,000,000 |
Repositioning and other charges | 546,000,000 | 1,091,000,000 | 973,000,000 |
Net payments for repositioning and other charges | (376,000,000) | (652,000,000) | (628,000,000) |
Pension and other postretirement income | (516,000,000) | (987,000,000) | (647,000,000) |
Pension and other postretirement benefit payments | (78,000,000) | (80,000,000) | (106,000,000) |
Stock compensation expense | 153,000,000 | 175,000,000 | 176,000,000 |
Deferred income taxes | 179,000,000 | (586,000,000) | 2,452,000,000 |
Other | (287,000,000) | (694,000,000) | 1,642,000,000 |
Changes in assets and liabilities, net of the effects of acquisitions and divestitures: [Abstract] | |||
Accounts receivable | 11,000,000 | (236,000,000) | (682,000,000) |
Inventories | (100,000,000) | (503,000,000) | (259,000,000) |
Other current assets | (430,000,000) | 218,000,000 | (568,000,000) |
Accounts payable | 118,000,000 | 733,000,000 | 924,000,000 |
Accrued liabilities | 445,000,000 | 74,000,000 | 22,000,000 |
Net cash provided by (used for) operating activities | 6,897,000,000 | 6,434,000,000 | 5,966,000,000 |
Cash flows from investing activities: [Abstract] | |||
Expenditures for property, plant and equipment | (839,000,000) | (828,000,000) | (1,031,000,000) |
Proceeds from disposals of property, plant and equipment | 43,000,000 | 15,000,000 | 86,000,000 |
Increase in investments | (4,253,000,000) | (4,059,000,000) | (6,743,000,000) |
Decrease in investments | 4,464,000,000 | 6,032,000,000 | 4,414,000,000 |
Cash paid for acquisitions, net of cash acquired | (50,000,000) | (535,000,000) | (82,000,000) |
Other | 102,000,000 | 402,000,000 | (218,000,000) |
Net cash provided by (used for) investing activities | (533,000,000) | 1,027,000,000 | (3,574,000,000) |
Cash flows from financing activities: [Abstract] | |||
Proceeds from issuance of commercial paper and other short-term borrowings | 14,199,000,000 | 23,891,000,000 | 13,701,000,000 |
Payments of commercial paper and other short-term borrowings | (14,199,000,000) | (24,095,000,000) | (13,532,000,000) |
Proceeds from issuance of common stock | 498,000,000 | 267,000,000 | 520,000,000 |
Proceeds from issuance of long-term debt | 2,726,000,000 | 27,000,000 | 1,238,000,000 |
Payments of long-term debt | (2,903,000,000) | (1,330,000,000) | (292,000,000) |
Repurchases of common stock | (4,400,000,000) | (4,000,000,000) | (2,889,000,000) |
Cash dividends paid | (2,442,000,000) | (2,272,000,000) | (2,119,000,000) |
Pre-separation funding | 0 | 2,801,000,000 | 0 |
Spin-off cash | 0 | (179,000,000) | 0 |
Other | (79,000,000) | (142,000,000) | (143,000,000) |
Net cash provided by (used for) financing activities | (6,600,000,000) | (5,032,000,000) | (3,516,000,000) |
Effect of foreign exchange rate changes on cash and cash equivalents | 16,000,000 | (201,000,000) | 340,000,000 |
Net increase (decrease) in cash and cash equivalents | (220,000,000) | 2,228,000,000 | (784,000,000) |
Cash and cash equivalents at beginning of period | 9,287,000,000 | 7,059,000,000 | 7,843,000,000 |
Cash and cash equivalents at end of period | $ 9,067,000,000 | $ 9,287,000,000 | $ 7,059,000,000 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREOWNERS EQUITY - USD ($) shares in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at, beginning of period at Dec. 31, 2016 | $ 5,781,000,000 | $ (13,366,000,000) | $ 28,046,000,000 | $ (2,714,000,000) | $ 178,000,000 | ||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2016 | (196.8) | ||||||
Reacquired stock or repurchases of common stock | $ (2,889,000,000) | ||||||
Reacquired stock or repurchases of common stock, shares | (20.5) | ||||||
Issued for employee savings and option plans | 255,000,000 | $ 341,000,000 | |||||
Issued for employee savings and option plans, shares | 10.6 | ||||||
Stock-based compensation expense | 176,000,000 | ||||||
Net income attributable to Honeywell | $ 1,545,000,000 | 1,545,000,000 | |||||
Dividends on common stock | (2,101,000,000) | ||||||
Redemption value adjustment | 0 | ||||||
Foreign exchange translation adjustment | (37,000,000) | (37,000,000) | 8,000,000 | ||||
Dividends paid | (55,000,000) | ||||||
Pensions and other postretirement benefit adjustments | 677,000,000 | 677,000,000 | |||||
Changes in fair value of cash flow hedges | (161,000,000) | (161,000,000) | |||||
Acquisitions, divestitures, and other | (11,000,000) | ||||||
Spin-offs | (9,000,000) | ||||||
Net income attributable to the noncontrolling interest | 43,000,000 | 43,000,000 | |||||
Balance at, end of period at Dec. 31, 2017 | $ 16,665,000,000 | $ 958,000,000 | 6,212,000,000 | $ (15,914,000,000) | 27,481,000,000 | (2,235,000,000) | 163,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2017 | (206.7) | ||||||
Cash dividends per share of common stock | $ 2.740 | ||||||
Common Stock Shares Issued | 957.6 | ||||||
Adoption of new accounting standards | 0 | ||||||
Common stock, shares | 750.9 | ||||||
Reacquired stock or repurchases of common stock | $ (4,000,000,000) | ||||||
Reacquired stock or repurchases of common stock, shares | (26.5) | (26.5) | |||||
Issued for employee savings and option plans | 65,000,000 | $ 143,000,000 | |||||
Issued for employee savings and option plans, shares | 5.2 | ||||||
Stock-based compensation expense | 175,000,000 | ||||||
Net income attributable to Honeywell | $ 6,765,000,000 | 6,765,000,000 | |||||
Dividends on common stock | (2,279,000,000) | ||||||
Redemption value adjustment | (2,000,000) | ||||||
Foreign exchange translation adjustment | (685,000,000) | (728,000,000) | (10,000,000) | ||||
Dividends paid | (26,000,000) | ||||||
Pensions and other postretirement benefit adjustments | (606,000,000) | (559,000,000) | |||||
Changes in fair value of cash flow hedges | 85,000,000 | 85,000,000 | |||||
Acquisitions, divestitures, and other | (12,000,000) | ||||||
Spin-offs | 1,749,000,000 | ||||||
Net income attributable to the noncontrolling interest | 63,000,000 | 63,000,000 | |||||
Balance at, end of period at Dec. 31, 2018 | $ 18,358,000,000 | $ 958,000,000 | 6,452,000,000 | $ (19,771,000,000) | 33,978,000,000 | (3,437,000,000) | 178,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2018 | (228) | ||||||
Cash dividends per share of common stock | $ 3.055 | ||||||
Common Stock Shares Issued | 957.6 | ||||||
Adoption of new accounting standards | 264,000,000 | ||||||
Common stock, shares | 729.6 | ||||||
Reacquired stock or repurchases of common stock | $ (4,400,000,000) | ||||||
Reacquired stock or repurchases of common stock, shares | (26.5) | ||||||
Issued for employee savings and option plans | 271,000,000 | $ 335,000,000 | |||||
Issued for employee savings and option plans, shares | 8 | ||||||
Stock-based compensation expense | 153,000,000 | ||||||
Net income attributable to Honeywell | $ 6,143,000,000 | 6,143,000,000 | |||||
Dividends on common stock | (2,428,000,000) | ||||||
Redemption value adjustment | 0 | ||||||
Foreign exchange translation adjustment | 143,000,000 | 143,000,000 | (5,000,000) | ||||
Dividends paid | (45,000,000) | ||||||
Pensions and other postretirement benefit adjustments | 86,000,000 | 86,000,000 | |||||
Changes in fair value of cash flow hedges | 11,000,000 | 11,000,000 | |||||
Acquisitions, divestitures, and other | (3,000,000) | ||||||
Spin-offs | 0 | ||||||
Net income attributable to the noncontrolling interest | 87,000,000 | 87,000,000 | |||||
Balance at, end of period at Dec. 31, 2019 | $ 18,706,000,000 | $ 958,000,000 | $ 6,876,000,000 | $ (23,836,000,000) | 37,693,000,000 | $ (3,197,000,000) | $ 212,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2019 | (246.5) | ||||||
Cash dividends per share of common stock | $ 3.360 | ||||||
Common Stock Shares Issued | 957.6 | ||||||
Adoption of new accounting standards | $ 0 | ||||||
Common stock, shares | 711.1 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting Principles —The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The following is a description of Honeywell’s significant accounting policies. Principles of Consolidation —The consolidated financial statements include the accounts of Honeywell International Inc. and all of its subsidiaries and entities in which a controlling interest is maintained. Our consolidation policy requires equity investments that we exercise significant influence over but do not control the investee and are not the primary beneficiary of the investee’s activities to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation. Property, Plant and Equipment —Property, plant and equipment are recorded at cost, including any asset retirement obligations, less accumulated depreciation. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements and 2 to 16 years for machinery and equipment. Recognition of the fair value of obligations associated with the retirement of tangible long-lived assets is required when there is a legal obligation to incur such costs. Upon initial recognition of a liability, the cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. Goodwill and Indefinite-Lived Intangible Assets —Goodwill and indefinite-lived intangible assets are subject to impairment testing annually as of March 31, and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. We completed our annual goodwill impairment test as of March 31, 2019 and determined that there was no impairment as of that date. Other Intangible Assets with Determinable Lives —Other intangible assets with determinable lives consist of customer lists, technology, patents and trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 2 to 24 years. Sales Recognition —Product and service sales are recognized when or as the Company transfers control of the promised products or services to its customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Service sales, principally representing repair, maintenance and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. We recognize revenue over time as we perform on these contracts because of the continuous transfer of control to the customer. With control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost input method of progress for our contracts because it best depicts the transfer of control to the customer that occurs as we incur costs. Under the cost-to-cost method, the extent of progress towards completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. We review our cost estimates on significant contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required. The customer funding for costs incurred for nonrecurring engineering and development activities of our products under agreements with commercial customers is deferred and subsequently recognized as revenue as products are delivered to the customers. Additionally, expenses incurred, up to the customer agreed funded amount, are deferred as an asset and recognized as cost of sales when products are delivered to the customer. The deferred customer funding and costs result in recognition of deferred costs (asset) and deferred revenue (liability) on our Consolidated Balance Sheet. Capitalized contract fulfillment costs were approximately $1 billion as of December 31, 2019 and 2018. The amounts recognized as cost of sales were approximately $0.1 billion for the years ended December 31, 2019 and 2018. Revenues for our mechanical service programs are recognized as performance obligations are satisfied over time, with recognition reflecting a series of distinct services using the output method. The terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, cash-based incentives, rebates, performance awards, or credits. We estimate variable consideration at the most likely amount we will receive from customers. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. For the year ended 2017 , prior to the adoption of the revenue recognition standard (see Note 7 Revenue Recognition and Contracts with Customers), product and service sales were recognized when persuasive evidence of an arrangement existed, product delivery had occurred or services had been rendered, pricing was fixed or determinable, and collection was reasonably assured. Service sales, principally representing repair, maintenance and engineering activities were recognized over the contractual period or as services were rendered. Sales under long-term contracts were recorded on a percentage-of-completion method measured on the cost-to-cost basis for engineering-type contracts and the units-of-delivery basis for production-type contracts. Provisions for anticipated losses on long-term contracts were recorded in full when such losses became evident. Revenues from contracts with multiple element arrangements were recognized as each element was earned based on the relative fair value of each element provided the delivered elements had value to customers on a standalone basis. Amounts allocated to each element were based on its objectively determined fair value, such as the sales price for the product or service when it was sold separately or competitor prices for similar products or services. Environmental —The Company accrues costs related to environmental matters when it is probable that we have incurred a liability related to a contaminated site and the amount can be reasonably estimated. For additional information, see Note 20 Commitments and Contingencies. Asbestos Related Liabilities and Insurance Recoveries —The Company recognizes a liability for any asbestos related contingency that is probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos related matters, we record asbestos related insurance recoveries that are deemed probable. For additional information, see Note 20 Commitments and Contingencies. Reimbursement Receivables —In conjunction with the Garrett Motion Inc. (“Garrett”) and Resideo Technologies, Inc. (“Resideo”) spin-offs, the Company entered into reimbursement agreements under which Honeywell receives cash payments as reimbursement primarily for asbestos related liability payments related to the Bendix business in the U.S. (Garrett) and net spending for environmental matters at certain sites as defined in the agreement (Resideo). Accordingly, the Company has recorded a receivable based on estimates in the underlying reimbursable Honeywell spend, and we monitor the recoverability of such receivable, which is subject to terms of applicable credit agreements and general ability to pay. For additional information, see Note 20 Commitments and Contingencies. Aerospace Sales Incentives —The Company provides sales incentives to commercial aircraft manufacturers and airlines in connection with their selection of its aircraft equipment, predominately wheel and braking system hardware, avionics, and auxiliary power units, for installation on commercial aircraft. These incentives consist of free or deeply discounted products, credits for future purchases of product or upfront cash payments. These costs are generally recognized in the period incurred as cost of products sold or as a reduction to relevant sales, as appropriate. Research and Development —Research and development costs for company-sponsored research and development projects are expensed as incurred. Such costs are included in cost of products and services sold and were $1,556 million , $1,809 million and $1,835 million in 2019 , 2018 and 2017 . Customer-sponsored research and development activities under contracts with customers are included as a contract cost and included in cost of products and services sold when revenue from such contracts is recognized. Such customer-sponsored research and development activities amounted to an additional $1,079 million, $1,069 million and $876 million in 2019 , 2018 and 2017 . Stock-Based Compensation Plans —The principal awards issued under our stock-based compensation plans, which are described in Note 19 Stock-Based Compensation Plans, are non-qualified stock options and restricted stock units. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in selling, general and administrative expenses. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. Pension Benefits —The Company presents net periodic pensions costs by disaggregating the service cost component of net benefit costs and reports those costs in the same line item or items in the Consolidated Statement of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other non-service components of net benefit costs are required to be presented separately from the service cost component. The Company records the service cost component of Pension ongoing (income) expense in Costs of products and services sold and Selling, general and administrative expenses. The remaining components of net benefit costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Other (income) expense. We recognize net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment). The MTM Adjustment is also reported in Other (income) expense. Foreign Currency Translation —Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. Dollars are translated into U.S. Dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss). For subsidiaries operating in highly inflationary environments, inventories and property, plant and equipment, including related expenses, are remeasured at the exchange rate in effect on the date the assets were acquired, while monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement adjustments for these subsidiaries are included in earnings. Derivative Financial Instruments —The Company reduces our risks from interest and foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. We do not use leveraged derivative financial instruments. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the changes in fair value of the derivatives are recorded in Accumulated other comprehensive income (loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. We have elected to exclude the time value of the derivatives (i.e., the forward points) from the assessment of hedge effectiveness and recognize the initial value of the excluded component in earnings using the amortization approach. For derivative instruments that are designated and qualify as a net investment hedge, the gain or loss is reported as a component of Other comprehensive income (loss) and recorded in Accumulated other comprehensive income (loss). The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. Income Taxes —Significant judgment is required in evaluating tax positions. We establish reserves for income taxes when, despite the belief that tax positions are fully supportable, there remain certain positions that do not meet the minimum recognition threshold. The approach for evaluating certain and uncertain tax positions is defined by the authoritative guidance which determines when a tax position is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a change in estimate become known. For discussion of the impacts from what is commonly referred to as the U.S. Tax Cuts and Jobs Act (“U.S Tax Reform”), see Note 5 Income Taxes. Cash and cash equivalents —Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less. Earnings Per Share —Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Reclassifications —Certain prior year amounts have been reclassified to conform to the current year presentation. Leases —At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset. All significant lease arrangements are generally recognized at lease commencement. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement. An ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases), and we recognize lease expense for these leases as incurred over the lease term. ROU assets represent our right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in determining the lease liability. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. The operating lease ROU asset also includes any lease payments related to initial direct cost and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. The Company primarily uses our incremental borrowing rate, which is based on the information available at the lease commencement date, in determining the present value of the lease payments. In determining the borrowing rate, we consider the lease term, secured incremental borrowing rate, and for leases denominated in a currency different than U.S. dollar, the collateralized borrowing rate in the foreign currency using the U.S. dollar and foreign currency swap spread, when availab le. 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 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 position, results of operations, cash flows, and related notes to the Financial Statements. In February 2018, the FASB issued guidance that allows for an entity to elect to reclassify the income tax effects on items resulting from what is commonly referred to as the U.S. Tax Cuts and Jobs Act ("U.S. Tax Reform") from accumulated other comprehensive income to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018 with early adoption permitted, including interim periods within those years. The Company has elected to not reclassify the stranded income tax effects of U.S. Tax Reform from accumulated other comprehensive income to retained earnings. In June 2016, the FASB issued 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 will replace the incurred loss model under current GAAP 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 does not have a material impact on our Consolidated Financial Statements. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions and Divestitures During 2019 , there were no significant acquisitions individually or in aggregate. During 2018 , the Company acquired businesses for an aggregate cost (net of cash and debt assumed) of approximately $535 million , mainly due to the November 2018 acquisition of Transnorm , a global leader in high-performance conveyor and warehouse solutions, including approximately $380 million allocated to goodwill. Transnorm is part of Safety and Productivity Solutions. The goodwill is non-deductible for tax purposes. During 2017 , there were no significant acquisitions individually or in the aggregate. On October 1, 2018 , the Company completed the tax-free spin-off to Honeywell shareowners of its Transportation Systems business, part of Aerospace, into a standalone publicly-traded company, Garrett Motion Inc. (“Garrett”). On October 29, 2018 , the Company completed the tax-free spin-off to Honeywell shareowners of its Homes and Global Distribution business, part of Home and Building Technologies (renamed Honeywell Building Technologies following the spin-off), into a standalone publicly-traded company, Resideo Technologies, Inc. (“Resideo”). The assets of approximately $5.5 billion , including approximately $2.8 billion of goodwill and net of recorded receivables, and liabilities of approximately $7.2 billion associated with spin-off entities have been removed through Retained Earnings from the Company’s Consolidated Balance Sheet as of the effective date of the spin-off. The results of operations and cash flows are included in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows through the effective date of the spin-off. The Income before taxes attributable to the spin-off businesses were $0.4 billion and $0.5 billion for 2018 and 2017 . Honeywell shareowners of record as of the close of business on October 16, 2018 received one share of Resideo common stock for every 6 shares of Honeywell common stock. Immediately prior to the effective date of the spin-off, Resideo incurred debt of $1.2 billion to make a cash distribution to the Company. Honeywell shareowners of record as of the close of business on September 18, 2018 received one share of Garrett common stock for every 10 shares of Honeywell common stock. Immediately prior to the effective date of the spin-off, Garrett incurred debt of $1.6 billion to make a cash distribution to the Company. In 2018 in connection with the spin-off, the Company entered into certain agreements with Resideo and Garrett to affect our legal and structural separation, including transition services agreements to provide certain administrative and other services for a limited time, and tax matters and indemnification and reimbursement agreements. As of the end of 2019 , most of those agreements are still in effect. |
REPOSITIONING AND OTHER CHARGES
REPOSITIONING AND OTHER CHARGES | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Repositioning and Other Charges | Repositioning and Other Charges A summary of repositioning and other charges follows: Years Ended December 31, 2019 2018 2017 Severance $ 260 $ 289 $ 305 Asset impairments 95 162 142 Exit costs 83 79 60 Reserve adjustments (5 ) (10 ) (16 ) Total net repositioning charge 433 520 491 Asbestos related litigation charges, net of insurance and reimbursements 42 163 159 Probable and reasonably estimable environmental liabilities, net of reimbursements 59 345 287 Other 12 63 36 Total net repositioning and other charges $ 546 $ 1,091 $ 973 The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification: Years Ended December 31, 2019 2018 2017 Cost of products and services sold $ 276 $ 811 $ 736 Selling, general and administrative expenses 270 239 187 Other (income) expense — 41 50 $ 546 $ 1,091 $ 973 The following table summarizes the pre-tax impact of total net repositioning and other charges by segment: Years Ended December 31, 2019 2018 2017 Aerospace $ 33 $ 154 $ 248 Honeywell Building Technologies 108 111 78 Performance Materials and Technologies 93 191 102 Safety and Productivity Solutions 71 133 51 Corporate 241 502 494 $ 546 $ 1,091 $ 973 In 2019 , the Company recognized repositioning charges totaling $438 million including severance costs of $260 million related to workforce reductions of 5,336 manufacturing and administrative positions across our segments. The workforce reductions related to costs savings actions taken in connection with our productivity and ongoing functional transformation initiatives and to site transitions, mainly in Honeywell Building Technologies, as we transition manufacturing to more cost-effective locations. The repositioning charge included asset impairments of $95 million largely related to a write down in connection with assets held for sale. The repositioning charge included exit costs of $83 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 for closure obligations associated with site transitions. In 2018 , the Company recognized repositioning charges totaling $530 million including severance costs of $289 million related to workforce reductions of 6,486 manufacturing and administrative positions across our segments. The workforce reductions were primarily related to planned site closures, mainly in Safety and Productivity Solutions, Performance Materials and Technologies and Honeywell Building Technologies, as we transition manufacturing sites to more cost-effective locations. The workforce reductions were also related to our productivity and ongoing functional transformation initiatives. The repositioning charge included asset impairments of $162 million mainly related to manufacturing plant and equipment associated with planned site closures. Asset impairments also included the write-down of a legacy property in Corporate in connection with its planned disposition and the write-off of certain capitalized assets in Corporate. The repositioning charge included exit costs of $79 million primarily related to a termination fee associated with the early cancellation of a supply agreement for certain raw materials in Performance Materials and Technologies and for closure obligations associated with planned site closures. In 2017 , the Company recognized repositioning charges totaling $507 million including severance costs of $305 million related to workforce reductions of 7,096 manufacturing and administrative positions across its segments. The workforce reductions were primarily related to cost savings actions taken in connection with our productivity and ongoing functional transformation initiatives and with site transitions, in each of our segments, to more cost-effective locations. The repositioning charge included asset impairments of $142 million principally in our Corporate segment related to the write-down of legacy properties and certain equipment in connection with their planned disposition and the write-down of a research and development facility in connection with a planned exit from such facility. The repositioning charge included exit costs of $60 million principally for closure obligations associated with site transitions in each of our segments and for lease exit obligations in our Corporate segment. The following table summarizes the status of the Company's total repositioning reserves: Severance Costs Asset Impairments Exit Costs Total Balance at December 31, 2016 $ 298 $ — $ 33 $ 331 Charges 305 142 60 507 Usage—cash (163 ) — (14 ) (177 ) Usage—noncash — (142 ) — (142 ) Adjustments and reclassifications (13 ) — (10 ) (23 ) Foreign currency translation 15 — 2 17 Balance at December 31, 2017 442 — 71 513 Charges 289 162 79 530 Usage—cash (218 ) — (67 ) (285 ) Usage—noncash — (163 ) — (163 ) Divestitures (11 ) — (3 ) (14 ) Adjustments (8 ) 1 (3 ) (10 ) Foreign currency translation (5 ) — — (5 ) Balance at December 31, 2018 489 — 77 566 Charges 260 95 83 438 Usage—cash (186 ) — (63 ) (249 ) Usage—noncash — (100 ) — (100 ) Divestitures — — — — Adjustments (8 ) 5 (2 ) (5 ) Foreign currency translation — — 1 1 Balance at December 31, 2019 $ 555 $ — $ 96 $ 651 Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in 2019 , 2018 and 2017 were not significant. In 2018, the other charge of $63 million mainly relates to reserves taken due to the required wind-down of the Company's activities in Iran and the evaluation of potential resolution of a certain legal matter. |
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other (income) expense Text Block | Other (Income) Expense Years Ended December 31, 2019 2018 2017 Interest income $ (255 ) $ (217 ) $ (151 ) Pension ongoing income—non-service (606 ) (1,165 ) (875 ) Other postretirement income—non-service (47 ) (32 ) (21 ) Equity income of affiliated companies (52 ) (50 ) (39 ) Loss (gain) on sale of non-strategic business and assets 1 — 7 Foreign exchange (120 ) (63 ) 18 Separation costs — 321 16 Other (net) 14 57 82 $ (1,065 ) $ (1,149 ) $ (963 ) Separation costs are associated with the spin-offs of the Company's Homes and Global Distribution business and Transportation Systems business, and are primarily associated with third party services. For the year ended December 31, 2018 and 2017, Other (net) includes asset impairments in Corporate related to the write-down of a legacy property in connection with its planned disposition. See Note 3 Repositioning and Other Charges. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income before taxes Years Ended December 31, 2019 2018 2017 U.S. $ 4,178 $ 2,919 $ 2,873 Non-U.S. 3,381 4,568 4,077 $ 7,559 $ 7,487 $ 6,950 Tax expense (benefit) Years Ended December 31, 2019 2018 2017 Tax expense (benefit) consists of Current: U.S. Federal $ 8 $ (21 ) $ 2,061 U.S. State 43 89 62 Non-U.S. 1,099 1,177 787 $ 1,150 $ 1,245 $ 2,910 Deferred: U.S. Federal $ 332 $ 396 $ 190 U.S. State 63 8 139 Non-U.S. (216 ) (990 ) 2,123 179 (586 ) 2,452 $ 1,329 $ 659 $ 5,362 Years Ended December 31, 2019 2018 2017 The U.S. federal statutory income tax rate is reconciled to our effective income tax rate as follows: U.S. federal statutory income tax rate 21.0 % 21.0 % 35.0 % Taxes on non-U.S. earnings (1)(2) (0.5 ) 0.2 (12.8 ) U.S. state income taxes (1) 1.1 1.6 1.4 Reserves for tax contingencies 2.0 0.3 1.6 Employee share-based payments (1.2 ) (0.7 ) (2.9 ) U.S. Tax Reform (3.6 ) (5.8 ) 56.0 Reduction of taxes on unremitted earnings — (14.2 ) — Separation tax costs — 5.5 — All other items—net (1.2 ) 0.9 (1.1 ) 17.6 % 8.8 % 77.2 % (1) Net of changes in valuation allowance (2) Includes U.S. taxes on non-U.S. earnings The effective tax rate increased by 8.8 percentage points in 2019 compared to 2018 . The increase was primarily attributable to a lower income tax benefit resulting from revised guidance related to U.S. Tax Reform and internal restructuring initiatives that resulted in a $281 million reduction of accrued withholding taxes related to unremitted foreign earnings when compared to the prior year. The Company’s non-U.S. effective tax rate was 26.1% , an increase of approximately 22.0 percentage points compared to 2018 . The increase in the foreign effective tax rate was primarily attributable to a lower income tax benefit related to the Company’s internal restructuring initiatives when compared to the prior year. The effective tax rate decreased by 68.4 percentage points in 2018 compared to 2017 . The decrease was primarily attributable to internal restructuring initiatives that resulted in a reduction of accrued withholding taxes of approximately $1.1 billion related to unremitted foreign earnings. In addition, we recorded a tax benefit of approximately $440 million as a reduction to our 2017 provisional estimate of impacts from U.S. Tax Reform, which was partially offset by $411 million of tax costs associated with the internal restructuring of the Homes and Global Distribution business and Transportation Systems business in advance of their spin-offs. The Company’s non-U.S. effective tax rate was 4.1% , a decrease of approximately 67.3 percentage points compared to 2017 . The year over year decrease in the foreign effective tax rate was primarily attributable to the impact of the Company’s internal restructuring initiatives and the reduction of accrued withholding taxes on unremitted foreign earnings, partially offset by the spin-off transactions. Deferred tax assets (liabilities) The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows: Deferred tax assets: December 31, 2019 2018 Postretirement benefits other than pensions $ 111 $ 120 Asbestos and environmental 531 589 Employee compensation and benefits 205 262 Other accruals and reserves 279 336 Net operating and capital losses 652 688 Tax credit carryforwards 246 154 Gross deferred tax assets 2,024 2,149 Valuation allowance (656 ) (689 ) Total deferred tax assets $ 1,368 $ 1,460 Deferred tax liabilities: Pension $ (469 ) $ (40 ) Property, plant and equipment (469 ) (422 ) Intangibles (1,296 ) (1,553 ) Unremitted earnings of foreign subsidiaries (419 ) (616 ) Other asset basis differences (136 ) (110 ) Other (163 ) (50 ) Total deferred tax liabilities (2,952 ) (2,791 ) Net deferred tax liability $ (1,584 ) $ (1,331 ) The Company's gross deferred tax assets include $767 million related to non-U.S. operations comprised principally of net operating losses, capital loss and tax credit carryforwards (mainly in Canada, France, Germany, Luxembourg and the United Kingdom) and deductible temporary differences. We maintain a valuation allowance of $653 million against a portion of the non-U.S. gross deferred tax assets. The change in the valuation allowance resulted in a decrease of $23 million and increases of $57 million and $4 million to income tax expense in 2019 , 2018 and 2017 . In the event we determine that we will not be able to realize our net deferred tax assets in the future, we will reduce such amounts through an increase to income tax expense in the period such determination is made. Conversely, if we determine that we will be able to realize net deferred tax assets in excess of the carrying amounts, we will decrease the recorded valuation allowance through a reduction to income tax expense in the period that such determination is made. As of December 31, 2019 , the Company recorded a $419 million deferred tax liability on all of our unremitted foreign earnings based on estimated earnings and profits of approximately $16.7 billion as of the balance sheet date. As of December 31, 2019 , the Company's net operating loss, capital loss and tax credit carryforwards were as follows: Jurisdiction Expiration Period Net Operating and Capital Loss Carryforwards Tax Credit Carryforwards U.S. Federal 2039 $ 16 $ 89 U.S. State 2039 389 20 Non-U.S. 2039 277 142 Non-U.S. Indefinite 2,324 — $ 3,006 $ 251 Many jurisdictions impose limitations on the timing and utilization of net operating loss and tax credit carryforwards. In those instances, whereby there is an expected permanent limitation on the utilization of the net operating loss or tax credit carryforward, the deferred tax asset and amount of the carryforward have been reduced. 2019 2018 2017 Change in unrecognized tax benefits: Balance at beginning of year $ 1,089 $ 947 $ 877 Gross increases related to current period tax positions 51 370 94 Gross increases related to prior periods tax positions 83 82 153 Gross decreases related to prior periods tax positions (34 ) (201 ) (91 ) Decrease related to resolutions of audits with tax authorities (3 ) (40 ) (76 ) Expiration of the statute of limitations for the assessment of taxes (13 ) (50 ) (54 ) Foreign currency translation (9 ) (19 ) 44 Balance at end of year $ 1,164 $ 1,089 $ 947 As of December 31, 2019 , 2018 , and 2017 there were $1,164 million , $1,089 million , and $947 million of unrecognized tax benefits that if recognized would be recorded as a component of Tax expense. The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2019 : Jurisdiction Open Tax Years Based on Originally Filed Returns Examination in progress Examination not yet initiated U.S. Federal 2015 - 2016 2017-2019 U.S. State 2011 - 2017 2012-2018 Australia N/A 2016-2019 Canada (1) 2015-2017 2018-2019 China 2009-2018 2019 France N/A 2017-2019 Germany (1) 2008-2017 2018-2019 India 1999-2017 2018-2019 Italy 2012-2017 2018-2019 Netherlands 2016-2017 2018-2019 Switzerland (1) 2012-2018 2019 United Kingdom 2013-2017 2018-2019 (1) Includes provincial or similar local jurisdictions, as applicable. Based on the outcome of these examinations, or as a result of the expiration of statute of limitations for specific jurisdictions, it is reasonably possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities in our financial statements. In addition, the outcome of these examinations may impact the valuation of certain deferred tax assets (such as net operating losses) in future periods. Unrecognized tax benefits for examinations in progress were $413 million , $304 million and $487 million , as of December 31, 2019 , 2018 , and 2017 . Estimated interest and penalties related to the underpayment of income taxes are classified as a component of Tax expense in the Consolidated Statement of Operations and totaled $73 million , $45 million and $28 million for the years ended December 31, 2019 , 2018 , and 2017 . Accrued interest and penalties were $487 million , $426 million and $423 million , as of December 31, 2019 , 2018 , and 2017 . U.S. Tax Reform During the quarter ending December 31, 2018, the Company completed the accounting for the tax effects of U.S. Tax Reform which amounted to a total tax charge of approximately $3.5 billion , most of which was recorded as a provisional estimate at the end of 2017. During 2018, we reduced our provisional estimate by approximately $440 million as a reduction to Tax expense. Corporate Tax Rate Change —During the years 2018 and 2017, the Company recorded a total tax benefit of approximately $190 million due to the decrease in the corporate statutory tax rate from 35% to 21% . This includes a measurement period adjustment of approximately $90 million recorded during 2018 as a reduction to Tax expense. The change in the provisional estimate primarily relates to information contained in tax returns that were filed during the quarter ending December 31, 2018, some of which require approval from U.S. tax authorities. The tax benefit from the change in tax rates results from the Company’s deferred tax liability position for the excess of its net book value over its tax basis of its U.S. assets and liabilities that will generate future taxable income in excess of book income. This additional taxable income will be subject to tax at a lower corporate tax rate, consequently reducing the Company’s deferred tax liability. Mandatory Transition Tax —During the years 2018 and 2017, the Company recorded a total tax charge of approximately $1,950 million due to the imposition of the mandatory transition tax (“MTT”) on the deemed repatriation of undistributed foreign earnings. This includes a measurement period adjustment of approximately $50 million recorded during 2018 as an increase to Tax expense. The change in the provisional estimate primarily relates to updated amounts from tax returns that were finalized during 2018, computations based on 2018 testing dates and guidance from the taxing authorities that was received during the year. The Company has elected to pay the MTT liability over a period of eight years. Undistributed Foreign Earnings —During the years 2018 and 2017, the Company recorded a total tax charge of approximately $1,700 million due to the Company’s intent to no longer permanently reinvest the historical unremitted earnings of its foreign affiliates that existed as of December 31, 2017. This includes a measurement period adjustment of approximately $400 million recorded during 2018 as a reduction to Tax expense. The change in the provisional estimate primarily relates to updated amounts from tax returns that were finalized during 2018, the application of foreign tax credits based on guidance issued during the year and changes to the applicable withholding tax rates in local jurisdictions. The Company also reduced these taxes on unremitted foreign earnings by $281 million and $1.1 billion in 2019 and 2018, respectively, that were recorded as reductions to Tax expense. Global Intangible Low Taxed Income —U.S. Tax Reform imposes a U.S. tax on global intangible low taxed income (“GILTI”) that is earned by certain foreign affiliates owned by a U.S. shareholder. GILTI is generally intended to impose tax on the earnings of a foreign corporation that are deemed to exceed a certain threshold return relative to the underlying business investment. The Company has made a policy election to treat future taxes related to GILTI as a current period expense in the reporting period in which the tax is incurred. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The details of the earnings per share calculations for the years ended December 31, 2019 , 2018 and 2017 are as follows: Basic Years Ended December 31, 2019 2018 2017 Net income attributable to Honeywell $ 6,143 $ 6,765 $ 1,545 Weighted average shares outstanding 721.0 743.0 762.1 Earnings per share of common stock $ 8.52 $ 9.10 $ 2.03 Assuming Dilution Years Ended December 31, 2019 2018 2017 Net income attributable to Honeywell $ 6,143 $ 6,765 $ 1,545 Average Shares Weighted average shares outstanding 721.0 743.0 762.1 Dilutive securities issuable—stock plans 9.3 10.0 10.0 Total weighted average diluted shares outstanding 730.3 753.0 772.1 Earnings per share of common stock—assuming dilution $ 8.41 $ 8.98 $ 2.00 The diluted earnings per share calculations exclude the effect of stock options when the options’ assumed proceeds exceed the average market price of the common shares during the period. In 2019 , 2018 , and 2017 the weighted number of stock options excluded from the computations were 2.5 million, 2.5 million, and 2.8 million. These stock options were outstanding at the end of each of the respective periods. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue Recognition and Contracts with Customers The Company has a comprehensive offering of products and services, including software and technologies, that are sold to a variety of customers in multiple end markets. See the following disaggregated revenue table and related discussions by operating segment for details. Year Ended December 31, 2019 2018 Aerospace Commercial Aviation Original Equipment $ 2,997 $ 2,833 Commercial Aviation Aftermarket 5,731 5,373 Defense and Space 5,326 4,665 Transportation Systems — 2,622 14,054 15,493 Honeywell Building Technologies Homes Products and Software — 1,732 Distribution (ADI) — 2,196 Products 3,314 2,953 Building Solutions 2,403 2,417 5,717 9,298 Performance Materials and Technologies UOP 2,890 2,845 Process Solutions 5,146 4,981 Specialty Products 1,062 1,134 Fluorine Products 1,736 1,714 10,834 10,674 Safety and Productivity Solutions Safety and Retail 2,215 2,278 Productivity Products 1,110 1,373 Warehouse and Workflow Solutions 1,931 1,829 Sensing & Internet-of-Things (IoT) 848 857 6,104 6,337 Net sales $ 36,709 $ 41,802 Aerospace – A global supplier of products, software and services for aircraft. Products include aircraft propulsion engines, auxiliary power units, environmental control systems, integrated avionics, electric power systems, hardware for engine controls, flight safety, communications and navigation, satellite and space components, aircraft wheels and brakes, and thermal systems. Software includes engine controls, flight safety, communications, navigation, radar and surveillance systems, internet connectivity and aircraft instrumentation. Services are provided to customers for the repair, overhaul, retrofit and modification of propulsion engines, auxiliary power units, avionics and mechanical systems and aircraft wheels and brakes. Additionally, Aerospace provides Honeywell Forge for aircraft connected solutions, software and data services designed to improve customers’ efficiency and enable improved operations. Honeywell Building Technologies – A global provider of products, software, solutions and technologies for buildings. Products include controls and displays for heating, cooling, indoor air quality, ventilation, humidification, combustion, and lighting; sensors, switches, control systems and instruments for measuring pressure, air flow, temperature and electrical current; access control; video surveillance; fire detection; and installation, maintenance and upgrades of systems that keep buildings safe, comfortable and productive. Software includes monitoring and managing heating, cooling, indoor air quality, ventilation, humidification, combustion, and lighting; advanced applications for building control and optimization; video surveillance; and remote patient monitoring systems. Installation, maintenance and upgrade services of products used in commercial building applications for heating, cooling, maintaining indoor air quality, ventilation, humidification, combustion, lighting, video surveillance and fire safety. These offerings, including Honeywell Forge for buildings connected solutions, address key energy challenges, keep people and places safe, enhance the building occupant experience, and improve critical infrastructure. Performance Materials and Technologies – A global provider of products, software, solutions and technologies. Products include catalysts, adsorbents, equipment and high-performance materials, devices for measurement, regulation, control and metering of gases and electricity, and metering and communications systems for water utilities and industries, including Honeywell Forge connected solutions. Honeywell Forge for plant provides seamless integration and connectivity within plants and facilities to provide a holistic view of operations, turning data into clear actions, and Honeywell Forge for cybersecurity helps identify risks and act on cyber-related incidents, together enabling the best operations and protecting process, people and assets. Software is provided to support process technologies supporting automation and to monitor a variety of industrial processes used in industries such as oil and gas, chemicals, petrochemicals, metals, minerals and mining industries. Services are provided for installation and maintenance of products. Safety and Productivity Solutions – A global provider of products, software and Honeywell Forge for workers connected solutions. Products include personal protection equipment and footwear, gas detection devices, mobile computing, data collection and thermal printing devices, automation equipment for supply chain and warehouse automation and custom-engineered sensors, switches and controls. Software and solutions are provided to customers for supply chain and warehouse automation, to manage data and assets to drive productivity and for computing, data collection and thermal printing. For a summary by disaggregated product and services sales for each segment, refer to Note 22 Segment Financial Data. The Company recognizes revenue arising from performance obligations outlined in contracts with its customers that are satisfied at a point in time and over time. The disaggregation of our revenue based off timing of recognition is as follows: Year Ended December 31, 2019 2018 Products, transferred point in time 61 % 67 % Products, transferred over time 14 12 Net product sales 75 79 Services, transferred point in time 9 7 Services, transferred over time 16 14 Net service sales 25 21 Net sales 100 % 100 % Contract Balances Progress on satisfying performance obligations under contracts with customers and the related billings and cash collections are recorded on the Consolidated Balance Sheet in Accounts receivable - net and Other assets (unbilled receivables (contract assets) and billed receivables) and Accrued liabilities and Other liabilities (customer advances and deposits (contract liabilities)). Unbilled receivables (contract assets) arise when the timing of cash collected from customers differs from the timing of revenue recognition, such as when contract provisions require specific milestones to be met before a customer can be billed. Those assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Contract liabilities are recorded when customers remit contractual cash payments in advance of us satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities are derecognized when revenue is recorded, either when a milestone is met triggering the contractual right to bill or when the performance obligation is satisfied. Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes the Company's contract assets and liabilities balances: 2019 2018 Contract assets—January 1 $ 1,548 $ 1,721 Contract assets—December 31 1,602 1,548 Change in contract assets—increase (decrease) $ 54 $ (173 ) Contract liabilities—January 1 $ (3,378 ) $ (2,973 ) Contract liabilities—December 31 (3,501 ) (3,378 ) Change in contract liabilities—(increase) decrease $ (123 ) $ (405 ) Net change $ (69 ) $ (578 ) The net change in 2019 was primarily driven by the receipt of advance payments from customers exceeding recognition of revenue as performance obligations were satisfied prior to billing. The net change in 2018 was primarily driven by the receipt of advance payments from customers exceeding reductions from recognition of revenue as performance obligations were satisfied and related billings. For the year ended December 31, 2019 and 2018 , we recognized revenue of $1,543 million and $1,166 million that was previously included in the beginning balance of contract liabilities. When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications for goods or services and not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. When our contracts with customers require highly complex integration or manufacturing services that are not separately identifiable from other promises in the contracts and, therefore, not distinct, then the entire contract is accounted for as a single performance obligation. In situations when our contract includes distinct goods or services that are substantially the same and have the same pattern of transfer to the customer over time, they are recognized as a series of distinct goods or services. For any contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation based on the estimated relative standalone selling price of each distinct good or service in the contract. For product sales, each product sold to a customer typically represents a distinct performance obligation. In such cases, the observable standalone sales are used to determine the stand alone selling price. Performance obligations are satisfied as of a point in time or over time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. The following table outlines the Company's remaining performance obligations disaggregated by segment: December 31, 2019 Aerospace $ 11,315 Honeywell Building Technologies 5,515 Performance Materials and Technologies 6,527 Safety and Productivity Solutions 2,255 $ 25,612 Performance obligations recognized as of December 31, 2019 will be satisfied over the course of future periods. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. Performance obligations expected to be satisfied within one year and greater than one year are 57% and 43% . The timing of satisfaction of the Company's performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of our fixed-price over time contracts include progress payments based on specified events or milestones, or based on project progress. For some contracts we may be entitled to receive an advance payment. The Company has applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which we recognize revenue in proportion to the amount we have the right to invoice for services performed. |
ACCOUNTS RECEIVABLES
ACCOUNTS RECEIVABLES | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | |
Accounts, Notes and Other Receivables | Accounts Receivable December 31, 2019 2018 Trade $ 7,639 $ 7,705 Less—Allowance for doubtful accounts (146 ) (197 ) $ 7,493 $ 7,508 Trade Receivables includes $1,586 million and $1,543 million of unbilled balances under long-term contracts as of December 31, 2019 and 2018 . These amounts are billed in accordance with the terms of customer contracts to which they relate. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Inventories December 31, 2019 2018 Raw materials $ 1,056 $ 1,109 Work in process 817 811 Finished products 2,593 2,445 4,466 4,365 Reduction to LIFO cost basis (45 ) (39 ) $ 4,421 $ 4,326 Inventories valued at LIFO amounted to $292 million and $294 million at December 31, 2019 and 2018 . Had such LIFO inventories been valued at current costs, the carrying values would have been approximately $45 million and $39 million higher at December 31, 2019 and 2018 . |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment—Net December 31, 2019 2018 Land and improvements $ 251 $ 262 Machinery and equipment 9,586 9,435 Buildings and improvements 3,152 3,125 Construction in progress 724 588 13,713 13,410 Less—Accumulated depreciation (8,388 ) (8,114 ) $ 5,325 $ 5,296 Depreciation expense was $673 million , $721 million and $717 million in 2019 , 2018 and 2017 . |
GOODWILL AND OTHER INTANGIBLES-
GOODWILL AND OTHER INTANGIBLES-NET | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Other Intangible Assets Net [Abstract] | |
Goodwill and Other Intangible Assets, Net | Goodwill and Other Intangible Assets—Net The following table summarizes the change in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 by segment. December 31, 2018 Acquisitions/ Divestitures Currency Translation Adjustment December 31, 2019 Aerospace $ 2,258 $ — $ 8 $ 2,266 Honeywell Building Technologies 3,238 (1 ) (22 ) 3,215 Performance Materials and Technologies 5,147 — (42 ) 5,105 Safety and Productivity Solutions 4,903 75 (1 ) 4,977 $ 15,546 $ 74 $ (57 ) $ 15,563 Other intangible assets are comprised of: December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Determinable life intangibles: Patents and technology $ 2,060 $ (1,481 ) $ 579 $ 1,996 $ (1,332 ) $ 664 Customer relationships 3,769 (1,766 ) 2,003 3,785 (1,510 ) 2,275 Trademarks 317 (228 ) 89 326 (206 ) 120 Other 297 (262 ) 35 349 (299 ) 50 6,443 (3,737 ) 2,706 6,456 (3,347 ) 3,109 Indefinite life intangibles: Trademarks 1,028 — 1,028 1,030 — 1,030 $ 7,471 $ (3,737 ) $ 3,734 $ 7,486 $ (3,347 ) $ 4,139 Intangible assets amortization expense was $415 million , $395 million , and $398 million in 2019 , 2018 , 2017 . Estimated intangible asset amortization expense for each of the next five years approximates $355 million in 2020 , $317 million in 2021 , $293 million in 2022 , $256 million in 2023 , and $234 million in 2024 . |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities December 31, 2019 2018 Customer advances and deferred income $ 2,490 $ 2,403 Compensation, benefit and other employee related 1,551 1,469 Repositioning 640 566 Asbestos related liabilities 361 245 Income taxes 253 166 Other taxes 239 234 Environmental costs 222 175 Product warranties and performance guarantees 213 243 Operating lease liabilities 171 — Insurance 143 170 Accrued interest 91 94 Other (primarily operating expenses) 1,102 1,094 $ 7,476 $ 6,859 |
LONG-TERM DEBT AND CREDIT AGREE
LONG-TERM DEBT AND CREDIT AGREEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Long Term Debt And Credit Agreements [Abstract] | |
Long-term Debt and Credit Agreements | Long-term Debt and Credit Agreements December 31, 2019 2018 1.40% notes due 2019 $ — $ 1,250 Three year floating rate notes due 2019 — 250 Two year floating rate notes due 2019 — 450 1.80% notes due 2019 — 750 0.65% Euro notes due 2020 1,123 1,145 4.25% notes due 2021 800 800 1.85% notes due 2021 1,500 1,500 2.15% notes due 2022 600 — Floating rate notes due 2022 600 — 1.30% Euro notes due 2023 1,404 1,432 3.35% notes due 2023 300 300 2.30% notes due 2024 750 — 2.50% notes due 2026 1,500 1,500 2.25% Euro notes due 2028 842 859 2.70% notes due 2029 750 — 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 finance leases and debt issuance costs), 6.6% weighted average maturing at various dates through 2025 278 353 12,486 12,628 Less: current portion (1,376 ) (2,872 ) $ 11,110 $ 9,756 The schedule of principal payments on long-term debt is as follows: December 31, 2019 2020 $ 1,376 2021 2,375 2022 1,242 2023 1,733 2024 780 Thereafter 4,980 12,486 Less-current portion (1,376 ) $ 11,110 On August 8, 2019, the Company issued $600 million 2.15% Senior Notes due 2022, $600 million Floating Rate Senior Notes due 2022, $750 million 2.30% Senior Notes due 2024 and $750 million 2.70% Senior Notes due 2029 (collectively the "2019 Notes"). The 2019 Notes are senior unsecured and unsubordinated obligations of Honeywell and rank equally with all of Honeywell's existing and future senior unsecured debt and senior to all of Honeywell's subordinated debt. The offering resulted in gross proceeds of $2,700 million , offset by $18 million in discount and closing costs related to the offering. For the issuances described above, unless otherwise noted, all debt issuance costs are deferred and recognized as a direct deduction to the related debt liability and are amortized to interest expense over the debt term. On October 30, 2019, the Company paid its 1.40% notes due 2019, Three year floating rate notes due 2019, Two year floating rate notes due 2019 and 1.80% notes due 2019. In connection with the Garrett spin-off, wholly owned subsidiaries of Garrett issued notes and entered new credit facilities, which obligations were retained by Garrett in the spin-off. On September 27, 2018 the Company received net proceeds of $1,604 million from such borrowings. In connection with the Resideo spin-off, wholly owned subsidiaries of Resideo issued notes and entered new credit facilities, which obligations were retained by Resideo in the spin-off. On October 25, 2018 the Company received net proceeds of $1,197 million from such borrowings. On April 26, 2019, the Company entered into a $4.0 billion Amended and Restated Five Year Credit Agreement (the “5-Year Credit Agreement”), with a syndicate of banks. The 5-Year Credit Agreement is maintained for general corporate purposes. 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 5-Year Credit Agreement amends and restates the previously reported $4.0 billion amended and restated five-year credit agreement dated as of April 27, 2018 (the "Prior Agreement"). The 5-Year Credit Agreement has substantially the same material terms and conditions as the Prior Agreement. On April 26, 2019, the Company entered into a $1.5 billion 364-Day Credit Agreement with a syndicate of banks. This 364-Day Credit Agreement is maintained for general corporate purposes. There have been no borrowings under any of the credit agreements previously described. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Leases Adoption Effective January 1, 2019, the Company adopted the new lease accounting standard using the modified retrospective method of applying the new standard at the adoption date. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard. This allowed us to carry forward the historical lease classification. Adoption of this standard resulted in the recording of net operating lease right-of-use (ROU) assets and corresponding operating lease liabilities of $ 0.7 billion. Financial position for reporting periods beginning on or after January 1, 2019 are presented under the new guidance, while prior periods amounts are not adjusted and continue to be reported in accordance with previous guidance. A significant portion of the Company's operating and finance lease portfolio includes corporate offices, research and development facilities, manufacturing sites, information technology (IT) equipment, and automobiles. The majority of our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. Operating lease ROU assets are presented within Other assets. The current portion of operating lease liabilities are presented within Accrued liabilities, and the non-current portion of operating lease liabilities are presented within Other liabilities on the Consolidated Balance Sheet. Finance lease assets are included in Property, plant and equipment - net, and the finance lease obligations are included in Current maturities of long-term debt, and in Long-term debt on the Consolidated Balance Sheet. A portion of the Company's real estate leases is generally subject to annual changes in the Consumer Price Index (CPI). The changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. In addition, a subset of our automobile leases is considered variable. The variable lease payments for such automobiles leases are based on actual mileage incurred at the stated contractual rate and recognized in the period in which the obligation for those payments was incurred. Year Ended December 31, 2019 Operating lease cost $ 222 Variable lease cost 27 Short-term lease cost 12 Finance lease cost: Amortization of right-of-use assets 65 Interest on lease liability 30 Total finance lease cost 95 Total lease cost $ 356 Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 224 Operating cash flows from finance leases 32 Financing cash flows from finance leases 61 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 179 Finance leases 34 Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating leases Other assets $ 673 Accrued liabilities 171 Other liabilities 534 Total operating lease liabilities $ 705 Finance leases Property, plant and equipment $ 361 Accumulated depreciation (152 ) Property, plant and equipment - net $ 209 Current maturities of long-term debt 59 Long-term debt 156 Total finance lease liabilities $ 215 Weighted-average remaining lease term Operating leases 6 years Finance leases 4 years Weighted-average discount rate Operating leases 3.3 % Finance leases 16.2 % As of December 31, 2019 , maturities of lease liabilities were as follows: Operating Leases Finance Leases 2020 $ 195 $ 86 2021 162 73 2022 128 53 2023 97 41 2024 63 37 Thereafter 145 12 Total lease payments 790 302 Less: interest (85 ) (87 ) Total $ 705 $ 215 As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year would have been as follows: At December 31, 2018 2019 $ 210 2020 168 2021 142 2022 109 2023 80 Thereafter 147 $ 856 |
FINANCIAL INSTRUMENTS AND FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments And Fair Value Measures [Abstract] | |
Financial Instruments and Fair Value Measures | Financial Instruments and Fair Value Measures Credit and Market Risk —Financial instruments, including derivatives, expose the Company to counterparty credit risk for nonperformance and to market risk related to changes in interest and currency exchange rates. Our counterparties in derivative transactions are substantial investment and commercial banks with significant experience using such derivative instruments. The Company continually monitors the creditworthiness of its customers to which it grants credit terms in the normal course of business. The terms and conditions of our credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer. Our sales are not materially dependent on a single customer or a small group of customers. Foreign Currency Risk Management —The Company conducts business on a multinational basis in a wide variety of foreign currencies. Our exposure to market risk for changes in foreign currency exchange rates arises from international financing activities between subsidiaries, foreign currency denominated monetary assets and liabilities and transactions arising from international trade. Our primary objective is to preserve the U.S. Dollar value of foreign currency denominated cash flows and earnings. We monitor our collective foreign currency exposure and enter into foreign currency exchange forward and option contracts (foreign currency exchange contracts) with third parties, when necessary, to minimize the impact of changes in foreign currency exchange rates. The Company has monetary assets and liabilities denominated in non-functional currencies. Prior to conversion into U.S. dollars, these assets and liabilities are remeasured at spot exchange rates in effect on the balance sheet date. The effects of changes in spot rates are recognized in earnings and included in other (income) expense. We may purchase or enter into derivative instruments to hedge our foreign currency exposure. We hedge forecasted sales and purchases, which are denominated in non-functional currencies, with foreign currency exchange contracts. Changes in the forecasted non-functional currency cash flows due to movements in exchange rates are substantially offset by changes in the fair value of these foreign currency exchange contracts designated as hedges. Market value gains and losses on these contracts are recognized in earnings when the hedged transaction is recognized. As of December 31, 2019 and 2018 , we had contracts with notional amounts of $12,746 million and $14,995 million to exchange foreign currencies, principally the U.S. Dollar, Euro, Canadian Dollar, British Pound, Mexican Peso, Chinese Renminbi, Indian Rupee, Malaysian Ringgit, and Swiss Franc. As of December 31, 2019 , we estimate that approximately $52 million of net derivative gains related to our cash flow hedges included in Accumulated other comprehensive income (loss) will be reclassified into earnings within the next 12 months. The Company has also designated foreign currency debt and certain derivative contracts as hedges against portions of its net investment in foreign operations during the year ended December 31, 2019 . Gains or losses of the foreign currency debt and derivative contracts designated as a net investment hedge are recorded in the same manner as foreign currency translation adjustments. Interest Rate Risk Management —Financial instruments, including derivatives, expose the Company to market risk related to changes in interest rates. The Company uses a combination of financial instruments, including long-term, medium-term and short-term financing, variable-rate commercial paper, and interest rate swaps to manage the interest rate mix of our total debt portfolio and related overall cost of borrowing. At December 31, 2019 and 2018 , interest rate swap agreements designated as fair value hedges effectively changed $3,950 million and $2,600 million of fixed rate debt at 2.87% and 2.93% to LIBOR based floating rate debt. Our interest rate swaps mature at various dates through 2029. Fair Value of Financial Instruments —The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy. • Level 1-Inputs are based on quoted prices in active markets for identical assets and liabilities. • Level 2-Inputs are based on observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. • Level 3-One or more inputs are unobservable and significant. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2019 and 2018 : December 31, 2019 2018 Assets: Foreign currency exchange contracts $ 291 $ 119 Available for sale investments 1,523 1,784 Interest rate swap agreements 38 20 Cross currency swap agreements 51 32 Liabilities: Foreign currency exchange contracts $ 21 $ 4 Interest rate swap agreements 13 65 The foreign currency exchange contracts, interest rate swap agreements, and cross currency swap agreements are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within level 2. The Company also holds investments in commercial paper, certificates of deposits, and time deposits that are designated as available for sale and are valued using published prices based off observable market data. As such, these investments are classified within level 2. The Company also holds available for sale investments in U.S. government and corporate debt securities valued utilizing published prices based on quoted market pricing, which are classified within level 1. The carrying value of cash and cash equivalents, trade accounts and notes receivables, payables, commercial paper (of which $3,513 million and $3,583 million was Euro denominated as of December 31, 2019 and 2018 ) and short-term borrowings contained in the Consolidated Balance Sheet approximates fair value. The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value: December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Assets Long-term receivables $ 129 $ 127 $ 333 $ 329 Liabilities Long-term debt and related current maturities $ 12,486 $ 13,578 $ 12,628 $ 13,133 The following table sets forth the amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges: 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 December 31, December 31, December 31, December 31, Long-term debt $ 3,975 $ 2,555 $ 25 $ (45 ) The Company determined the fair value of the long-term receivables by utilizing transactions in the listed markets for identical or similar assets. As such, the fair value of these receivables is considered level 2. The Company determined the fair value of the long-term debt and related current maturities utilizing transactions in the listed markets for identical or similar liabilities. As such, the fair value of the long-term debt and related current maturities is considered level 2. Interest rate swap agreements are designated as hedge relationships with gains or losses on the derivative recognized in interest and other financial charges offsetting the gains and losses on the underlying debt being hedged. Gains and losses on interest rate swap agreements recognized in earnings were $70 million of income, $37 million of expense and $29 million of expense in the years ended December 31, 2019 , 2018 and 2017 . Gains and losses are fully offset by losses and gains on the underlying debt being hedged. The Company economically hedges its exposure to changes in foreign exchange rates principally with forward contracts. These contracts are marked-to-market with the resulting gains and losses recognized in earnings offsetting the gains and losses on the non-functional currency denominated monetary assets and liabilities being hedged. We recognized $106 million of income, $394 million of income, and $207 million of expense in Other (income) expense in the years ended December 31, 2019 , 2018 and 2017 . The following tables summarize the location and impact to the Consolidated Statement of Operations related to fair value and cash flow hedging relationships: Year Ended December 31, 2019 Revenue Cost of Products Sold SG&A Other (Income) Expense Interest and Other Financial Charges $ 36,709 $ 19,269 $ 5,519 $ (1,065 ) $ 357 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income 3 44 1 73 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 22 — 35 — Gain or (loss) on fair value hedges: Interest Rate Swap Agreements: Hedged Items — — — — (70 ) Derivatives designated as hedges — — — — 70 Year Ended December 31, 2018 Revenue Cost of Products Sold SG&A Other (Income) Expense Interest and Other Financial Charges $ 41,802 $ 23,634 $ 6,051 $ (1,149 ) $ 367 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income (9 ) (35 ) (2 ) 47 — 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 ) The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss): Derivatives Net Investment Hedging Relationships Years Ended December 31, 2019 2018 Euro-denominated long-term debt $ 68 $ 177 Euro-denominated commercial paper 71 168 Cross currency swap 32 44 Foreign currency exchange contracts 23 — |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities December 31, 2019 2018 Income taxes $ 2,115 $ 2,236 Pension and other employee related 1,873 1,795 Deferred income 1,310 1,264 Operating lease liabilities 534 — Environmental 487 580 Insurance 247 236 Asset retirement obligations 61 74 Product warranties and performance guarantees 56 67 Other 83 150 $ 6,766 $ 6,402 |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2019 | |
Capital Stock [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Capital Stock Honeywell is authorized to issue up to 2,000,000,000 shares of common stock, with a par value of $1 . Common shareowners are entitled to receive such dividends as may be declared by the Board of Directors, are entitled to one vote per share, and are entitled, in the event of liquidation, to share ratably in all the assets of Honeywell which are available for distribution to the common shareowners. Common shareowners do not have preemptive or conversion rights. Shares of common stock issued and outstanding or held in the treasury are not liable to further calls or assessments. There are no restrictions on us relative to dividends or the repurchase or redemption of common stock. On April 29, 2019, the Board of Directors authorized the repurchase of up to a total of $10.0 billion of Honeywell common stock, which included amounts remaining under, and replaced, the previously approved share repurchase program. Approximately $7.0 billion and $3.7 billion remained available as of December 31, 2019 , and December 31, 2018 for additional share repurchases. Honeywell repurchased approximately 26.5 million shares of its common stock in both 2019 and 2018 , for $ 4,400 million and $ 4,000 million. Honeywell is authorized to issue up to 40,000,000 shares of preferred stock, without par value, and can determine the number of shares of each series, and the rights, preferences and limitations of each series. At December 31, 2019 , there was no preferred stock outstanding. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) are provided in the tables below. Comprehensive income (loss) attributable to noncontrolling interest consists predominantly of net income. Pre-tax Tax After-Tax Year Ended December 31, 2019 Foreign exchange translation adjustment $ 143 $ — $ 143 Pensions and other postretirement benefit adjustments 115 (29 ) 86 Changes in fair value of designated cash flow hedges 20 (9 ) 11 $ 278 $ (38 ) $ 240 Year Ended December 31, 2018 Foreign exchange translation adjustment $ (728 ) $ — $ (728 ) Pensions and other postretirement benefit adjustments (727 ) 168 (559 ) Changes in fair value of designated cash flow hedges 102 (17 ) 85 $ (1,353 ) $ 151 $ (1,202 ) Year Ended December 31, 2017 Foreign exchange translation adjustment $ (37 ) $ — $ (37 ) Pensions and other postretirement benefit adjustments 847 (170 ) 677 Changes in fair value of designated cash flow hedges (194 ) 33 (161 ) $ 616 $ (137 ) $ 479 Components of Accumulated Other Comprehensive Income (Loss) December 31, 2019 2018 Cumulative foreign exchange translation adjustment $ (2,566 ) $ (2,709 ) Pensions and other postretirement benefit adjustments (675 ) (761 ) Fair value of designated cash flow hedges 44 33 $ (3,197 ) $ (3,437 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign Exchange Translation Adjustment Pension and Other Postretirement 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 (685 ) (569 ) 89 (1,165 ) Amounts reclassified from accumulated other comprehensive income — (37 ) (4 ) (41 ) Spin-off (43 ) 47 — 4 Net current period other comprehensive income (loss) (728 ) (559 ) 85 (1,202 ) Balance at December 31, 2018 $ (2,709 ) $ (761 ) $ 33 $ (3,437 ) Other comprehensive income (loss) before reclassifications 156 149 103 408 Amounts reclassified from accumulated other comprehensive income (13 ) (63 ) (92 ) (168 ) Net current period other comprehensive income (loss) 143 86 11 240 Balance at December 31, 2019 $ (2,566 ) $ (675 ) $ 44 $ (3,197 ) Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Year Ended December 31, 2019 Product Sales Cost of Products Sold Cost of Services Sold Selling, General and Admin. Expenses Other (Income) Expense Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 135 $ 135 Prior service (credit) recognized — — — — (104 ) (104 ) Settlements and curtailments — — — — — — Losses (gains) on cash flow hedges (3 ) (35 ) (9 ) (1 ) (73 ) (121 ) Losses (gains) on net investment hedges — — — — (19 ) (19 ) Total before tax $ (3 ) $ (35 ) $ (9 ) $ (1 ) $ (61 ) $ (109 ) Tax expense (benefit) (59 ) Total reclassifications for the period, net of tax $ (168 ) Year Ended December 31, 2018 Product Sales Cost of Products Sold Cost of Services Sold Selling, General and Admin. Expenses Other (Income) Expense Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 45 $ 45 Prior service (credit) recognized — — — — (99 ) (99 ) Settlements and curtailments — — — — 2 2 Losses (gains) on cash flow hedges 10 30 6 2 (47 ) 1 Total before tax $ 10 $ 30 $ 6 $ 2 $ (99 ) $ (51 ) Tax expense (benefit) 10 Total reclassifications for the period, net of tax $ (41 ) |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | Stock-Based Compensation Plans The 2016 Stock Incentive Plan of Honeywell International Inc. and its Affiliates (2016 Plan) and 2016 Stock Plan for Non-Employee Directors of Honeywell International Inc. (2016 Directors Plan) were both approved by the shareowners at the Annual Meeting of Shareowners effective on April 25, 2016. Following approval of both plans, we have not and will not grant any new awards under any previously existing stock-based compensation plans. At December 31, 2019 , there were 37,364,854 , and 866,273 shares of Honeywell common stock available for future grants under terms of the 2016 Plan and 2016 Directors Plan, respectively. Stock Options —The exercise price, term and other conditions applicable to each option granted under the Company's stock plans are generally determined by the Management Development and Compensation Committee of the Board. The exercise price of stock options is set on the grant date and may not be less than the fair market value per share of our stock on that date. The fair value is recognized as an expense over the employee’s requisite service period (generally the vesting period of the award). Options generally vest over a four-year period and expire after ten years. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on implied volatilities from traded options on our common stock and historical volatility of our common stock. We used a Monte Carlo simulation model to derive an expected term which represents an estimate of the time options are expected to remain outstanding. Such model uses historical data to estimate option exercise activity and post-vest termination behavior. The risk-free rate for periods within the contractual life of the option is based on the U.S. treasury yield curve in effect at the time of grant. The following table summarizes the impact to the Consolidated Statement of Operations from stock options: Years Ended December 31, 2019 2018 2017 Compensation expense $ 47 $ 64 $ 79 Future income tax benefit recognized 10 13 17 The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost. Years Ended December 31, 2019 2018 2017 Weighted average fair value per share of options granted during the year (1) $ 21.57 $ 23.63 $ 16.68 Assumptions: Expected annual dividend yield 2.65 % 2.49 % 2.81 % Expected volatility 18.40 % 18.93 % 18.96 % Risk-free rate of return 2.46 % 2.71 % 2.02 % Expected option term (years) 4.87 4.95 5.04 (1) Estimated on date of grant using Black-Scholes option-pricing model. The following table summarizes information about stock option activity for the three years ended December 31, 2019 : Number of Options Weighted Average Exercise Price Outstanding at December 31, 2016 28,667,300 $ 79.57 Granted 5,098,569 125.16 Exercised (8,840,019 ) 62.34 Lapsed or canceled (1,516,557 ) 109.04 Outstanding at December 31, 2017 23,409,293 94.16 Spin related adjustment (1) 989,158 Granted 3,303,722 148.48 Exercised (3,399,375 ) 78.29 Lapsed or canceled (1,824,217 ) 123.01 Outstanding at December 31, 2018 22,478,581 97.83 Granted 3,136,058 155.43 Exercised (5,897,060 ) 84.31 Lapsed or canceled (986,017 ) 136.15 Outstanding at December 31, 2019 18,731,562 $ 109.87 Vested and expected to vest at December 31, 2019 (2) 17,636,444 $ 107.39 Exercisable at December 31, 2019 11,620,992 $ 92.19 (1) Additional options granted to offset the dilutive impact of the spin-offs on outstanding options. (2) Represents the sum of vested options of 11.6 million and expected to vest options of 6.0 million . Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 7.1 million . The following table summarizes information about stock options outstanding and exercisable at December 31, 2019 : Range of Exercise Prices Options Outstanding Options Exercisable Number Outstanding Weighted Average Life (1) Weighted Average Exercise Price Aggregate Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $27.00–$64.99 1,621,042 1.87 $ 55.38 $ 197 1,621,042 $ 55.38 $ 197 $65.00–$89.99 3,388,800 3.74 79.79 329 3,388,800 79.79 329 $90.00–$99.99 5,266,409 5.70 98.80 412 4,461,659 98.81 349 $100.00–$134.99 3,344,472 7.11 119.07 194 1,636,518 118.65 95 $135.00–$180.99 5,110,839 8.76 152.49 125 512,973 148.52 15 18,731,562 6.10 $ 109.87 $ 1,257 11,620,992 $ 92.19 $ 985 (1) Average remaining contractual life in years. T here were 14,073,120 and 12,288,854 options exercisable at weighted average exercise prices of $83.42 and $78.35 at December 31, 2018 and 2017 . The following table summarizes the financial statement impact from stock options exercised: Options Exercised Years Ended December 31, 2019 2018 2017 Intrinsic value (1) $ 483 $ 238 $ 620 Tax benefit realized 117 47 221 (1) Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise. At December 31, 2019 there was $88 million of total unrecognized compensation cost related to non-vested stock option awards which is expected to be recognized over a weighted-average period of 2.47 years. The total fair value of options vested during 2019 , 2018 and 2017 was $61 million , $73 million and $87 million . Restricted Stock Units —Restricted stock unit (RSU) awards entitle the holder to receive one share of common stock for each unit when the units vest. RSUs are issued to certain key employees and directors as compensation at fair market value at the date of grant. RSUs typically become fully vested over periods ranging from three to six years and are payable in Honeywell common stock upon vesting. The following table summarizes information about RSU activity for the three years ended December 31, 2019 : Number of Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2016 4,467,343 $ 94.17 Granted 1,274,791 129.71 Vested (1,289,892 ) 81.37 Forfeited (505,415 ) 103.06 Non-vested at December 31, 2017 3,946,827 108.60 Spin related adjustment (1) 154,346 Granted 1,360,338 153.46 Vested (988,787 ) 91.68 Forfeited (814,851 ) 117.40 Non-vested at December 31, 2018 3,657,873 125.35 Granted 1,200,202 162.43 Vested (1,160,333 ) 104.32 Forfeited (457,677 ) 134.50 Non-vested at December 31, 2019 3,240,065 $ 143.07 (1) Additional RSU grants to offset the dilutive impact of the spin-offs on non-vested RSUs. As of December 31, 2019 , there was approximately $217 million of total unrecognized compensation cost related to non-vested RSUs granted under our stock plans which is expected to be recognized over a weighted-average period of 2.86 years. The following table summarizes the impact to the Consolidated Statement of Operations from RSUs: Years Ended December 31, 2019 2018 2017 Compensation expense $ 106 $ 111 $ 97 Future income tax benefit recognized 21 21 19 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Environmental Matters The Company is subject to various federal, state, local and foreign government requirements relating to the protection of the environment. We believe that, as a general matter, our policies, practices and procedures are properly designed to prevent unreasonable risk of environmental damage and personal injury and that our handling, manufacture, use and disposal of hazardous substances are in accordance with environmental and safety laws and regulations. However, mainly because of past operations and operations of predecessor companies, we, like other companies engaged in similar businesses, have incurred remedial response and voluntary cleanup costs for site contamination and are a party to lawsuits and claims associated with environmental and safety matters, including past production of products containing hazardous substances. Additional lawsuits, claims and costs involving environmental matters are likely to continue to arise in the future. With respect to environmental matters involving site contamination, the Company continually conducts studies, individually or jointly with other potentially responsible parties, to determine the feasibility of various remedial techniques. It is our policy to record appropriate liabilities for environmental matters when remedial efforts or damage claim payments are probable and the costs can be reasonably estimated. Such liabilities are based on our best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical, regulatory or legal information becomes available. Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other potentially responsible parties, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of our recorded liabilities. We expect to fund expenditures for these matters from operating cash flow. The timing of cash expenditures depends on a number of factors, including the timing of remedial investigations and feasibility studies, the timing of litigation and settlements of remediation liability, personal injury and property damage claims, regulatory approval of cleanup projects, remedial techniques to be utilized and agreements with other parties. The following table summarizes information concerning the Company's recorded liabilities for environmental costs: Years Ended December 31, 2019 2018 2017 Beginning of year $ 755 $ 595 $ 511 Accruals for environmental matters deemed probable and reasonably estimable 213 395 287 Environmental liability payments (256 ) (218 ) (212 ) Other (3 ) (17 ) 9 End of year $ 709 $ 755 $ 595 Environmental liabilities are included in the following balance sheet accounts: December 31, 2019 2018 Accrued liabilities $ 222 $ 175 Other liabilities 487 580 $ 709 $ 755 The Company does not currently possess sufficient information to reasonably estimate the amounts of environmental liabilities to be recorded upon future completion of studies, litigation or settlements, and neither the timing nor the amount of the ultimate costs associated with environmental matters can be determined although they could be material to our consolidated results of operations and operating cash flows in the periods recognized or paid. However, considering our past experience and existing reserves, we do not expect that environmental matters will have a material adverse effect on our consolidated financial position. In conjunction with the Resideo spin-off, the Company entered into an indemnification and reimbursement agreement with a Resideo subsidiary, pursuant to which Resideo’s subsidiary has an ongoing obligation to make cash payments to Honeywell in amounts equal to 90 percent of Honeywell’s annual net spending for environmental matters at certain sites as defined in the agreement. The amount payable to Honeywell in any given year is subject to a cap of $140 million , and the obligation will continue until the earlier of December 31, 2043, or December 31 of the third consecutive year during which the annual payment obligation has been less than $25 million . Reimbursements associated with this agreement were $140 million and $ 25 million in 2019 and 2018 , respectively and offset operating cash outflows incurred by the Company. As the Company records the accruals for environmental matters deemed probable and reasonably estimable related to the sites covered by the indemnification and reimbursement agreement, a corresponding receivable from Resideo for 90 percent of that accrual is also recorded. This receivable amount recorded in 2019 and 2018 , subsequent to the spin-off, was $109 million and $50 million . As of December 31, 2019 , Other Current Assets and Other Assets includes $140 million and $445 million representing the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. As of December 31, 2018 , Other Current Assets and Other Assets includes $ 140 million and $ 476 million representing the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. Asbestos Matters Honeywell is named in asbestos related personal injury claims related to North American Refractories Company (“NARCO”), which was sold in 1986, and Bendix Friction Materials (“Bendix”) business, which was sold in 2014. The following tables summarize information concerning NARCO and Bendix asbestos related balances: Asbestos Related Liabilities Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 1,623 $ 891 $ 2,514 $ 1,703 $ 907 $ 2,610 $ 1,789 $ 919 $ 2,708 Accrual for update to estimated liability 78 22 100 197 32 229 199 31 230 Change in estimated cost of future claims (22 ) — (22 ) (72 ) — (72 ) (65 ) — (65 ) Update of expected resolution values for pending claims (4 ) — (4 ) 1 — 1 3 — 3 Asbestos related liability payments (176 ) (55 ) (231 ) (206 ) (48 ) (254 ) (223 ) (43 ) (266 ) End of year $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 $ 1,703 $ 907 $ 2,610 Insurance Recoveries for Asbestos Related Liabilities Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 170 $ 307 $ 477 $ 191 $ 312 $ 503 $ 201 $ 319 $ 520 Probable insurance recoveries related to estimated liability 3 — 3 11 — 11 10 — 10 Insurance receipts for asbestos related liabilities (39 ) (29 ) (68 ) (33 ) (5 ) (38 ) (20 ) (7 ) (27 ) Insurance receivables settlements and write offs 19 3 22 1 — 1 — — — Other — — — — — — — — — End of year $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 $ 191 $ 312 $ 503 NARCO and Bendix asbestos related balances are included in the following balance sheet accounts: December 31, 2019 2018 Other current assets $ 42 $ 40 Insurance recoveries for asbestos related liabilities 392 437 $ 434 $ 477 Accrued liabilities $ 361 $ 245 Asbestos related liabilities 1,996 2,269 $ 2,357 $ 2,514 NARCO Products —Honeywell’s predecessor, Allied Corporation owned NARCO from 1979 to 1986. When the NARCO business was sold, Honeywell’s predecessor entered into a cross-indemnity agreement with NARCO which included an obligation to indemnify the purchaser for asbestos claims. Such claims arise primarily from alleged occupational exposure to asbestos-containing refractory brick and mortar for high-temperature applications. NARCO ceased manufacturing these products in 1980, and the first asbestos claims were filed in the tort system against NARCO in 1983. Claims filings and related costs increased dramatically in the late 1990s through 2001, which led to NARCO filing for bankruptcy in January 2002. Once NARCO filed for bankruptcy, all then current and future NARCO asbestos claims were stayed against both NARCO and Honeywell pending the reorganization of NARCO. Following the bankruptcy filing, in December 2002 Honeywell recorded a total NARCO asbestos liability of $3.2 billion , which was comprised of three components: (i) the estimated liability to settle pre-bankruptcy petition NARCO claims and certain post-petition settlements ( $2.2 billion , referred to as “Pre-bankruptcy NARCO Liability”), (ii) the estimated liability related to then unasserted NARCO claims for the period 2004 through 2018 ( $950 million , referred to as “NARCO Trust Liability”), and (iii) other NARCO bankruptcy-related obligations totaling $73 million . When the NARCO Trust Liability of $950 million was established in 2002, the methodology for estimating the potential liability was based primarily on: (a) epidemiological projections of the future incidence of disease for the period 2004 through 2018, a fifteen-year period; (b) historical claims rates in the tort system for the five-year period prior to the bankruptcy filing date; and (c) anticipated NARCO Trust payment values set forth in the then current draft of the NARCO Trust Distribution Procedures. The methodology required estimating, by disease, three critical inputs: (i) likely number of claims to be asserted against the NARCO Trust in the future, (ii) percentage of those claims likely to receive payment, and (iii) payment values. The Company utilized outside asbestos liability valuation specialists to support our preparation of the NARCO Trust Liability estimate, which was based on a commonly accepted methodology used by numerous bankruptcy courts addressing 524(g) trusts. In 2002, when the Company first established its initial liability, NARCO asbestos claims resolution shifted from the tort system to an anticipated NARCO Trust framework, where claims would be processed in accordance with established NARCO Trust Distribution Procedures, including strict medical and exposure criteria for a plaintiff to receive compensation. We believed at the time that the NARCO Trust’s claims filing and resolution experience after the NARCO Trust became operational would be significantly different from pre-bankruptcy tort system experience in light of these more rigorous claims processing requirements in the NARCO Trust Distribution Procedures and Honeywell’s active oversight of claims processing and approval. Given these anticipated differences, we believed that a 15-year time period was the appropriate horizon for establishing a probable and reasonably estimable liability for then unasserted NARCO claims as it represented our best estimate of the time period it would take for the NARCO Trust to be approved by the Bankruptcy Court, become fully operational and generate sufficiently reliable claims data (i.e., a data set which is statistically representative) to enable us to update our NARCO Trust Liability. The NARCO Trust Distribution Procedures were finalized in 2006, and the Company updated its NARCO Trust Liability to reflect the final terms and payment values. The original 15-year period (from 2004 through 2018) for unasserted claims did not change as asbestos claims filings continued to be stayed against both Honeywell and NARCO. The 2006 update resulted in a range of the estimated liability for unasserted claims of $743 million to $961 million , and we believed that no amount within this range was a better estimate than any other amount. In accordance with ASC 450–Contingencies (“ASC 450”), we recorded the low end of the range of $743 million (the “2006 NARCO Trust Liability Estimate”) which resulted in a reduction of $207 million in our NARCO Trust Liability. NARCO emerged from bankruptcy on April 30, 2013, at which time a federally authorized 524(g) trust was established for the evaluation and resolution of all existing and future NARCO asbestos claims. Both Honeywell and NARCO are protected by a permanent channeling injunction barring all present and future individual actions in state or federal courts and requiring all asbestos related claims based on exposure to NARCO asbestos-containing products to be made against the NARCO Trust. The NARCO Trust Agreement and the NARCO Trust Distribution Procedures are the principal documents setting forth the structure of the NARCO Trust. These documents establish Honeywell’s evergreen funding obligations. Honeywell is obligated to fund NARCO asbestos claims submitted to the NARCO Trust which qualify for payment under the Trust Distribution Procedures (Annual Contribution Claims), subject to an annual cap of $145 million . However, the initial $100 million of claims processed through the NARCO Trust (the Initial Claims Amount) will not count against the annual cap and any unused portion of the Initial Claims Amount will roll over to subsequent years until fully utilized. These documents also establish the material operating rules for the NARCO Trust, including Honeywell audit rights and the criteria claimants must meet to have a valid claim paid. These claims payment criteria include providing the NARCO Trust with adequate medical evidence of the claimant’s asbestos-related condition and credible evidence of exposure to a specific NARCO asbestos-containing product. Further, the NARCO Trust is eligible to receive cash dividends from Harbison-Walker International Inc (“HWI”), the reorganized and renamed entity that emerged, fully operational, from the NARCO bankruptcy. The NARCO Trust is required to use any funding received from HWI to pay Annual Contribution Claims until those funds are exhausted. It is only at this point that Honeywell’s funding obligation to the Trust is triggered. Thus, there is an unrelated primary source for funding that affects Honeywell’s funding of the NARCO Trust Liability. Once operational, the NARCO Trust began to receive, process and pay claims that had been previously stayed pending the Trust becoming operational. As the NARCO Trust began to pay claims in 2014, we began to assert our on-going audit rights to review and monitor the claims processor’s adherence to the established requirements of the NARCO Trust Distribution Procedures. While doing so, we identified several issues with the way the Trust was implementing the NARCO Trust Distribution Procedures. In 2015, Honeywell filed suit against the NARCO Trust in Bankruptcy Court alleging breach of certain provisions of the NARCO Trust Agreement and NARCO Trust Distribution Procedures. The parties agreed to dismiss the proceeding without prejudice pursuant to an 18-month Standstill Agreement, which expired in October 2017. Notwithstanding its expiration, claims processing continues, and Honeywell continues to negotiate and attempt to resolve remaining disputed issues (that is, instances where Honeywell believes the NARCO Trust is not processing claims in accordance with established NARCO Trust Distribution Procedures). Honeywell reserves the right to seek judicial intervention should negotiations fail. After the NARCO Trust became effective in 2013, the $743 million NARCO Trust Liability was then comprised of: (i) liability for unasserted claims; and (ii) liability for claims asserted after the NARCO Trust became operational but not yet paid. Although the Company knows the number of claims filed with the NARCO Trust each year, it is not able to determine at this time the portion of the NARCO Trust Liability which represents asserted versus unasserted claims due to the lack of sufficiently reliable claims data because of the claims processing issues described previously. Honeywell continues to maintain the 2006 NARCO Trust Liability (the $743 million accrual less payments made to the NARCO Trust for Annual Contribution Claims), as there has not been sufficiently reliable claims data history to enable the Company to update that liability. As of December 31, 2019, all cash dividends paid to the NARCO Trust by HWI has been used to pay Annual Contribution Claims. In the fourth quarter of 2019, Honeywell funded $29 million to the NARCO Trust for the payment of Annual Contribution Claims. As of December 31, 2019 , the Company's total NARCO asbestos liability of $858 million reflects Pre-bankruptcy NARCO liability of $144 million and NARCO Trust Liability of $714 million (the $743 million accrual for NARCO Trust Liability was reduced by the $29 million payment to the NARCO Trust in the fourth quarter of 2019 for Annual Contribution Claims). Through December 31, 2019 , Pre-bankruptcy NARCO Liability has been reduced by approximately $2 billion since first established in 2002, largely related to settlement payments. The remaining Pre-bankruptcy NARCO liability principally represents estimated amounts owed pursuant to settlement agreements reached during the pendency of the NARCO bankruptcy proceedings that provide for the right to submit claims to the NARCO Trust subject to qualification under the terms of the settlement agreements and Trust Distribution Procedures. The other NARCO bankruptcy obligations were paid in 2013 and no further liability is recorded. Honeywell continues to evaluate the appropriateness of the 2006 NARCO Trust Liability Estimate. Despite becoming effective in 2013, the NARCO Trust has experienced delays in becoming fully operational. Violations of the Trust Distribution Procedures and the resulting disputes and challenges, a standstill pending dispute resolution, and limited claims payments, have all contributed to the lack of sufficient normalized data based on actual claims processing experience in the Trust since it became operational. As a result, we have not been able to further update the NARCO Trust Liability aside from deducting payments to the NARCO Trust for Annual Contribution Claims. The 2006 million NARCO Trust Liability Estimate continues to be appropriate because of the unresolved pending claims in the Trust, some portion of which will result in payouts in the future, and because new claims continue to be filed with the NARCO Trust. When sufficiently reliable claims data exists, we will update our estimate of the NARCO Trust Liability and it is possible that a material change may need to be recognized. The Company's insurance receivable of $281 million as of December 31, 2019 , corresponding to the estimated liability for asserted and unasserted NARCO asbestos claims, reflects coverage which reimburses Honeywell for portions of NARCO-related indemnity and defense costs and is provided by a large number of insurance policies written by dozens of insurance companies in both the domestic insurance market and the London excess market. We conduct analyses to estimate the probable amount of insurance that is recoverable for asbestos claims. While the substantial majority of our insurance carriers are solvent, some of our individual carriers are insolvent, which has been considered in our analysis of probable recoveries. We made judgments concerning insurance coverage that we believe are reasonable and consistent with our historical dealings and our knowledge of any pertinent solvency issues surrounding insurers. Bendix Products —Bendix manufactured automotive brake linings that contained chrysotile asbestos in an encapsulated form. Claimants consist largely of individuals who allege exposure to asbestos from brakes from either performing or being in the vicinity of individuals who performed brake replacements. The following tables present information regarding Bendix related asbestos claims activity: Claims Activity Years Ended December 31, 2019 2018 Claims Unresolved at the beginning of year 6,209 6,280 Claims Filed 2,659 2,430 Claims Resolved (2,388 ) (2,501 ) Claims Unresolved at the end of year 6,480 6,209 Disease Distribution of Unresolved Claims December 31, 2019 2018 Mesothelioma and Other Cancer Claims 3,399 2,949 Nonmalignant Claims 3,081 3,260 Total Claims 6,480 6,209 Honeywell has experienced average resolution values per claim excluding legal costs as follows: Years Ended December 31, 2019 2018 2017 2016 2015 (in whole dollars) Malignant claims $ 50,200 $ 55,300 $ 56,000 $ 44,000 $ 44,000 Nonmalignant claims $ 3,900 $ 4,700 $ 2,800 $ 4,485 $ 100 It is not possible to predict whether resolution values for Bendix-related asbestos claims will increase, decrease or stabilize in the future. The Company's consolidated financial statements reflect an estimated liability for resolution of asserted (claims filed as of the financial statement date) and unasserted Bendix-related asbestos claims and excludes the Company’s legal fees to defend such asbestos claims which will continue to be expensed by the Company as they are incurred. We have valued Bendix asserted and unasserted claims using average resolution values for the previous five years. We update the resolution values used to estimate the cost of Bendix asserted and unasserted claims during the fourth quarter each year. Honeywell reflects the inclusion of all years of epidemiological disease projection through 2059 when estimating the liability for unasserted Bendix-related asbestos claims. Such liability for unasserted Bendix-related asbestos claims is based on historic and anticipated claims filing experience and dismissal rates, disease classifications, and resolution values in the tort system for the previous five years. Our insurance receivable corresponding to the liability for settlement of asserted and unasserted Bendix asbestos claims reflects coverage which is provided by a large number of insurance policies written by dozens of insurance companies in both the domestic insurance market and the London excess market. Based on our ongoing analysis of the probable insurance recovery, insurance receivables are recorded in the financial statements simultaneous with the recording of the estimated liability for the underlying asbestos claims. This determination is based on our analysis of the underlying insurance policies, our historical experience with our insurers, our ongoing review of the solvency of our insurers, judicial determinations relevant to our insurance programs, and our consideration of the impacts of any settlements reached with our insurers. In conjunction with the Garrett spin-off, the Company entered into an indemnification and reimbursement agreement with a Garrett subsidiary, pursuant to which Garrett’s subsidiary will have an obligation to make cash payments to Honeywell in amounts equal to (i) 90% of Honeywell’s asbestos-related liability payments primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments, in each case related to legacy elements of the Garrett business, including the legal costs of defending and resolving such liabilities, less (ii) 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. The amount payable to Honeywell in respect of such liabilities arising in any given year will be subject to a cap of approximately Euro 150 million (equivalent to $175 million at the time the indemnification and reimbursement agreement was entered into). The obligation will continue until the earlier of December 31, 2048, or December 31 of the third consecutive year during which the annual obligation has been less than the Euro equivalent, at the fixed exchange rate at time of the indemnification and reimbursement agreement was entered into, of $25 million . Reimbursements associated with this agreement were $152 million and $42 million in 2019 and 2018 , respectively, and offset operating cash outflows incurred by the Company. As the Company records the accruals for matters covered by the agreement, a corresponding receivable from Garrett is recorded for 90 percent of that accrual as determined by the terms of the agreement. This receivable amount recorded in 2019 was $16 million . In 2018 , subsequent to the spin-off, the Company recorded a reversal to the receivable for $17 million in the fourth quarter of 2018 . As of December 31, 2019 , Other Current Assets and Other Assets includes $115 million and $947 million representing the short-term and long-term portion of the receivable amount due from Garrett under the indemnification and reimbursement agreement. As of December 31, 2018, Other Current Assets and Other Assets includes $171 million and $1,058 million representing the short-term and long-term portion of the receivable amount due from Garrett under the indemnification and reimbursement agreement. On December 2, 2019, Garrett Motion Inc. and Garrett ASASCO Inc. filed a Summons with Notice and commenced a lawsuit in the Commercial Division of the Supreme Court of the State of New York, County of New York seeking to invalidate the indemnification and reimbursement agreement between Garrett and Honeywell. Garrett seeks damages and a declaratory judgment based on various claims set forth in the Summons with Notice. On January 15, 2020, Garrett filed its complaint in the action, which asserted the same claims. We strongly believe that Garrett's allegations have no merit, nor are they material to Honeywell. We believe we have fully complied with our obligations under the Agreement and that the Agreement is enforceable. On September 13, 2018, following completion of the Securities and Exchange Commission (SEC) Division of Corporation Finance’s review of our prior accounting for liabilities for unasserted Bendix-related asbestos claims, the SEC Division of Enforcement advised that it had opened an investigation related to this matter. On August 28, 2019, the SEC informed the Company that it had concluded its investigation and that it does not intend to recommend any enforcement action against Honeywell. On October 31, 2018, David Kanefsky, a Honeywell shareholder, filed a putative class action complaint in the U.S. District Court for the District of New Jersey alleging violations of the Securities Exchange Act of 1934 and Rule 10b-5 related to the prior accounting for Bendix asbestos claims. On May 15, 2019, Wayne County Employees’ Retirement System, another Honeywell shareholder, filed a putative class action asserting the same claims relating to substantially the same alleged conduct in the same jurisdiction. On December 16, 2019, the court denied Wayne County Employees' Retirement System's motion to be appointed as substitute lead plaintiff in the Kanefsky action. On December 30, 2019, the lead plaintiff filed an amended complaint in the Kanefsky action. We believe the claims related to the prior accounting for Bendix asbestos claims have no merit. Other Matters The Company is subject to a number of other lawsuits, investigations and disputes (some of which involve substantial amounts claimed) arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property, and environmental, health and safety matters. We recognize a liability for any contingency that is probable of occurrence and reasonably estimable. We continually assess the likelihood of adverse judgments of outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Included in these other matters are the following: Honeywell v. United Auto Workers (UAW) et. al —In September 2011, the UAW and certain Honeywell retirees (Plaintiffs) filed a suit in the Eastern District of Michigan (the District Court) alleging that a series of Master Collective Bargaining Agreements (MCBAs) between Honeywell and the UAW provided the retirees with rights to lifetime, vested healthcare benefits that could never be changed or reduced. Plaintiffs alleged that Honeywell had violated those vested rights by implementing express limitations (CAPS) on the amount Honeywell contributed toward healthcare coverage for the retirees. Honeywell subsequently answered the UAW’s complaint and asserted counterclaims, including for breach of implied warranty. Between 2014 and 2015, Honeywell began enforcing the CAPS against former employees. In response, the UAW and certain of the Plaintiffs filed a motion seeking a ruling that the MCBAs do not limit Honeywell’s obligation to contribute to healthcare coverage for those retirees. On March 29, 2018, the District Court issued its opinion resolving all pending summary judgment motions, except for Honeywell’s counterclaim for breach of implied warranty, which has since been dismissed without prejudice. In the opinion, the District Court held that the MCBAs do not promise retirees vested, lifetime benefits that survive expiration of the MCBAs. Based on this ruling, Honeywell terminated the retirees healthcare coverage benefits altogether as of July 31, 2018. In response, the UAW filed a motion to enjoin Honeywell from completely terminating coverage as of July 31, 2018, arguing that the CAPS themselves are vested and that Honeywell must continue to provide retiree medical benefits at the capped level. On July 28, 2018, the District Court denied the UAW’s motion and entered a final judgment consistent with its March 2018 ruling. The UAW has appealed this decision to the Sixth Circuit Court of Appeals. Honeywell believes the District Court’s ruling will be upheld. In the March 2018 opinion, the District Court also held that Honeywell is obligated under the MCBAs to pay the “full premium” for retiree healthcare rather than the capped amount. Based on this ruling, Honeywell would be required to pay monetary damages to retirees for any past years in which Honeywell paid less than the “full premium” of their healthcare coverage. Such damages would be limited, depending on the retiree group, to a two to three-year period ending when the 2017 MCBA expired, and Honeywell would have no ongoing obligation to continue funding healthcare coverage for subsequent periods. Honeywell has appealed the District Court’s ruling on this “full premium” damages issue, and believes that the Sixth Circuit Court of Appeals will reverse the District Court on that issue. In the event the Sixth Circuit were to sustain the District Court’s ruling on this issue, Honeywell would be liable for damages of at least $12 million . Petrobras and Unaoil —We are cooperating with certain investigations by the U.S. Department of Justice (DOJ), the SEC and Brazilian authorities relating to our use of third parties who previously worked for our UOP business in Brazil in relation to Petróleo Brasileiro S.A. (Petrobras). The investigations are focused on compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws, and involve, among other things, document production and interviews with former and current management and employees. The DOJ and the SEC are also examining a matter involving a foreign subsidiary’s prior engagement of Unaoil S.A.M. in Algeria. We are cooperating with the authorities in each of the above matters. While we cannot predict the outcome of these matters, based on the facts currently known to us, we do not anticipate that these matters will have a material adverse effect on our financial condition, results of operations, or cash flows. In re Resideo Technologies, Inc. Securities Litigation —On January 7, 2020, The Gabelli Asset Fund and certain related parties filed a putative class action complaint against Resideo and Honeywell in the U.S. District Court for the District of Minnesota alleging violations of the Securities Exchange Act of 1934 and Rule 10b-5 related to Resideo's spinoff from Honeywell in October 2018. On January 27, 2020, this putative class action was consolidated with certain previously-filed actions asserting claims relating to substantially the same matters into a single class action under the title In re Resideo Technologies, Inc. Securities Litigation. We believe the allegations against Honeywell regarding the Resideo spinoff have no merit. Given the uncertainty inherent in litigation and investigations (including the specific matters referenced above), we do not believe it is possible to develop estimates of reasonably possible loss in excess of current accruals for these matters (other than as specifically set forth above). Considering our past experience and existing accruals, we do not expect the outcome of these matters, either individually |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits, Description [Abstract] | |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The Company sponsors a number of both funded and unfunded U.S. and non-U.S. defined benefit pension plans. Pension benefits for many of our U.S. employees are provided through non-contributory, qualified and non-qualified defined benefit plans. All non-union hourly and salaried employees joining Honeywell for the first time after December 31, 2012, are not eligible to participate in Honeywell’s U.S. defined benefit pension plans. We also sponsor defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in certain jurisdictions, principally the UK, Netherlands, Germany, and Canada. Other pension plans outside of the U.S. are not material to the Company either individually or in the aggregate. The Company also sponsors postretirement benefit plans that provide health care benefits and life insurance coverage mainly to U.S. eligible retirees. None of Honeywell’s U.S. employees are eligible for a retiree medical subsidy from the Company. In addition, the vast majority of Honeywell’s U.S. retirees either have no Company subsidy or have a fixed-dollar subsidy amount. This significantly limits our exposure to the impact of future health care cost increases. The retiree medical and life insurance plans are not funded. Claims and expenses are paid from our operating cash flow. The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with the Company's significant pension and other postretirement benefit plans. Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 16,141 $ 18,151 $ 6,182 $ 7,019 Service cost 82 140 22 26 Interest cost 613 573 142 143 Plan amendments — — — 30 Actuarial (gains) losses 2,064 (1,111 ) 708 (356 ) Benefits paid (1,111 ) (1,137 ) (269 ) (264 ) Settlements and curtailments (507 ) — — (9 ) Foreign currency translation — — 107 (342 ) Other 1 (475 ) 5 (65 ) Benefit obligation at end of year 17,283 16,141 6,897 6,182 Change in plan assets: Fair value of plan assets at beginning of year 17,109 18,985 6,481 7,151 Actual return on plan assets 3,458 (303 ) 863 (173 ) Company contributions 45 34 62 137 Benefits paid (1,111 ) (1,137 ) (269 ) (264 ) Settlements and curtailments (507 ) — — — Foreign currency translation — — 165 (378 ) Other 1 (470 ) 5 8 Fair value of plan assets at end of year 18,995 17,109 7,307 6,481 Funded status of plans $ 1,712 $ 968 $ 410 $ 299 Amounts recognized in Consolidated Balance Sheet consist of: Prepaid pension benefit cost (1) $ 2,069 $ 1,295 $ 1,196 $ 1,094 Accrued pension liabilities—current (2) (32 ) (27 ) (13 ) (12 ) Accrued pension liabilities—noncurrent (3) (325 ) (300 ) (773 ) (783 ) Net amount recognized $ 1,712 $ 968 $ 410 $ 299 (1) Included in Other assets on Consolidated Balance Sheet (2) Included in Accrued liabilities on Consolidated Balance Sheet (3) Included in Other liabilities on Consolidated Balance Sheet Other Postretirement Benefits 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 364 $ 530 Service cost — — Interest cost 14 15 Plan amendments (2 ) (34 ) Actuarial (gains) losses (16 ) (110 ) Benefits paid (35 ) (37 ) Benefit obligation at end of year 325 364 Change in plan assets: Fair value of plan assets at beginning of year — — Actual return on plan assets — — Company contributions — — Benefits paid — — Fair value of plan assets at end of year — — Funded status of plans $ (325 ) $ (364 ) Amounts recognized in Consolidated Balance Sheet consist of: Accrued liabilities $ (40 ) $ (62 ) Postretirement benefit obligations other than pensions (1) (285 ) (302 ) Net amount recognized $ (325 ) $ (364 ) (1) Excludes non-U.S. plans of $41 million and $42 million in 2019 and 2018 . Amounts recognized in Accumulated other comprehensive (income) loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2019 and 2018 are as follows: Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Prior service (credit) cost $ (176 ) $ (218 ) $ 21 $ 20 Net actuarial loss 544 860 701 600 Net amount recognized $ 368 $ 642 $ 722 $ 620 Other Postretirement Benefits 2019 2018 Prior service (credit) $ (166 ) $ (226 ) Net actuarial (gain) loss (20 ) (4 ) Net amount recognized $ (186 ) $ (230 ) The components of net periodic benefit (income) cost and other amounts recognized in Other comprehensive (income) loss for the Company's significant pension and other postretirement benefit plans include the following components: Net Periodic Benefit Cost Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Service cost $ 82 $ 140 $ 172 $ 22 $ 26 $ 40 Interest cost 613 573 586 142 143 147 Expected return on plan assets (1,117 ) (1,426 ) (1,262 ) (331 ) (443 ) (411 ) Amortization of prior service (credit) cost (42 ) (43 ) (43 ) — (1 ) (1 ) Recognition of actuarial losses 35 — 41 88 37 46 Settlements and curtailments 4 — 18 — (3 ) — Net periodic benefit (income) cost $ (425 ) $ (756 ) $ (488 ) $ (79 ) $ (241 ) $ (179 ) Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Actuarial (gains) losses $ (277 ) $ 619 $ (792 ) $ 176 $ 250 $ (153 ) Prior service cost (credit) — — — — 30 (1 ) Prior service credit recognized during year 42 43 43 — 4 1 Actuarial losses recognized during year (39 ) — (59 ) (88 ) (37 ) (46 ) Foreign currency translation — — — 14 (34 ) 43 Total recognized in other comprehensive (income) loss $ (274 ) $ 662 $ (808 ) $ 102 $ 213 $ (156 ) Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (699 ) $ (94 ) $ (1,296 ) $ 23 $ (28 ) $ (335 ) The estimated prior service (credit) for pension benefits that will be amortized from Accumulated other comprehensive (income) loss into net periodic benefit (income) cost in 2020 are expected to be $(42) million and $0 million for U.S. and non-U.S. pension plans. Net Periodic Benefit Cost Other Postretirement Benefits Years Ended December 31, 2019 2018 2017 Service cost $ — $ — $ — Interest cost 14 15 19 Amortization of prior service (credit) (62 ) (52 ) (58 ) Recognition of actuarial losses — 3 13 Net periodic benefit (income) cost $ (48 ) $ (34 ) $ (26 ) Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss Years Ended December 31, 2019 2018 2017 Actuarial (gains) losses $ (16 ) $ (110 ) $ (14 ) Prior service cost (credit) (2 ) (34 ) 91 Prior service credit recognized during year 62 52 58 Actuarial losses recognized during year — (3 ) (13 ) Total recognized in other comprehensive (income) loss $ 44 $ (95 ) $ 122 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (4 ) $ (129 ) $ 96 The estimated net (gain) and prior service (credit) for other postretirement benefits that will be amortized from Accumulated other comprehensive (income) loss into net periodic benefit (income) cost in 2020 are expected to be $0 and $(63) million . Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for our significant benefit plans are presented in the following table as weighted averages. Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 3.22 % 4.35 % 3.68 % 1.81 % 2.63 % 2.36 % Expected annual rate of compensation increase 3.25 % 3.25 % 4.50 % 2.47 % 2.46 % 0.73 % Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: Discount rate—benefit obligation 4.35 % 3.68 % 4.20 % 2.63 % 2.36 % 2.51 % Discount rate—service cost 4.47 % 3.77 % 4.42 % 2.26 % 2.20 % 2.14 % Discount rate—interest cost 3.94 % 3.27 % 3.49 % 2.34 % 2.08 % 2.19 % Expected rate of return on plan assets 6.75 % 7.75 % 7.75 % 5.14 % 6.23 % 6.43 % Expected annual rate of compensation increase 3.25 % 4.50 % 4.50 % 2.46 % 2.49 % 2.17 % Other Postretirement Benefits 2019 2018 2017 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 3.03 % 4.07 % 3.39 % Actuarial assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (1) 4.07 % 3.39 % 3.60 % (1) Discount rate was 3.65% for 1/1/2017 through 2/28/2017. Rate was changed to 3.60% for the remainder of 2017 due to a Plan remeasurement as of 3/1/2017. The discount rate for the Company's U.S. pension and other postretirement benefits plans reflects the current rate at which the associated liabilities could be settled at the measurement date of December 31. To determine discount rates for our U.S. pension and other postretirement benefit plans, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark. We utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension benefit (income) for our significant pension plans. This approach applies the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. For our U.S. pension plans, the single weighted average spot rates used to determine service and interest costs for 2020 are 3.33% and 2.76% . The discount rate used to determine the other postretirement benefit obligation is lower principally due to a shorter expected duration of other postretirement plan obligations as compared to pension plan obligations. The Company plans to use an expected rate of return on U.S. plan assets of 6.15% for 2020 down from 6.75% for 2019 reflecting a decline in interest rates and additional re-balancing of assets to more fixed income. Our asset return assumption is based on historical plan asset returns over varying long-term periods combined with current market conditions and broad asset mix considerations with a focus on long-term trends rather than short-term market conditions. We review the expected rate of return on an annual basis and revise it as appropriate. For non-U.S. benefit plans actuarial assumptions reflect economic and market factors relevant to each country. Pension Benefits The following amounts relate to the Company's significant pension plans with accumulated benefit obligations exceeding the fair value of plan assets: December 31, U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Projected benefit obligation $ 357 $ 327 $ 1,018 $ 1,668 Accumulated benefit obligation $ 347 $ 321 $ 973 $ 1,604 Fair value of plan assets $ — $ — $ 233 $ 873 The accumulated benefit obligation for the Company's U.S. defined benefit pension plans was $17.2 billion and $16.1 billion and for our Non-U.S. defined benefit pension plans was $6.8 billion and $6.1 billion at December 31, 2019 and 2018 . The Company's asset investment strategy for our U.S. pension plans focuses on maintaining a diversified portfolio using various asset classes in order to achieve our long-term investment objectives on a risk adjusted basis. During 2019 , we continued to employ a de-risking strategy which increases the matching characteristics of our assets relative to our obligation. Our long-term target allocations are as follows: 55% - 70% fixed income securities and cash, 25% - 40% equity securities, 5% - 10% real estate investments, and 10% - 20% other types of investments. Equity securities include publicly-traded stock of companies located both inside and outside the United States. Fixed income securities include corporate bonds of companies from diversified industries, mortgage-backed securities, and U.S. Treasuries. Real estate investments include direct investments in commercial properties and investments in real estate funds. Other types of investments include investments in private equity and hedge funds that follow several different strategies. We review our assets on a regular basis to ensure that we are within the targeted asset allocation ranges and, if necessary, asset balances are adjusted back within target allocations. The Company's non-U.S. pension assets are typically managed by decentralized fiduciary committees with the Honeywell Corporate Investments group providing funding and investment guidance. Our non-U.S. investment policies are different for each country as local regulations, funding requirements, and financial and tax considerations are part of the funding and investment allocation process in each country. In accordance with ASU 2015-07, “Fair Value Measurement (Topic 820)”, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefits plan assets. The fair values of both the Company's U.S. and non-U.S. pension plans assets by asset category are as follows: U.S. Plans December 31, 2019 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 2,857 $ 2,857 $ — $ — U.S. equities 1,227 1,227 — — Non-U.S. equities — — — — Real estate investment trusts — — — — Fixed income: Short term investments 1,395 1,395 — — Government securities 1,146 — 1,146 — Corporate bonds 8,603 — 8,603 — Mortgage/Asset-backed securities 1,023 — 1,023 — Insurance contracts 8 — 8 — Direct investments: Direct private investments 950 — — 950 Real estate properties 619 — — 619 Total $ 17,828 $ 5,479 $ 10,780 $ 1,569 Investments measured at NAV: Private funds 1,019 Real estate funds 42 Hedge funds — Commingled Funds 106 Total assets at fair value $ 18,995 U.S. Plans December 31, 2018 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 2,438 $ 2,438 $ — $ — U.S. equities 1,365 1,365 — — Non-U.S. equities 753 753 — — Real estate investment trusts 244 244 — — Fixed income: Short term investments 877 877 — — Government securities 993 — 993 — Corporate bonds 6,824 — 6,824 — Mortgage/Asset-backed securities 1,032 — 1,032 — Insurance contracts 8 — 8 — Direct investments: Direct private investments 829 — — 829 Real estate properties 657 — — 657 Total $ 16,020 $ 5,677 $ 8,857 $ 1,486 Investments measured at NAV: Private funds 931 Real estate funds 56 Hedge funds 1 Commingled funds 101 Total assets at fair value $ 17,109 Non-U.S. Plans December 31, 2019 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 149 $ — $ 149 $ — Non-U.S. equities 1,384 54 1,330 — Fixed income: Short-term investments 522 522 — — Government securities 3,006 — 3,006 — Corporate bonds 1,746 — 1,746 — Mortgage/Asset-backed securities 84 — 84 — Insurance contracts 120 — 120 — Investments in private funds: Private funds 69 — 35 34 Real estate funds 150 — — 150 Total $ 7,230 $ 576 $ 6,470 $ 184 Investments measured at NAV: Private funds 21 Real estate funds 56 Total assets at fair value $ 7,307 Non-U.S. Plans December 31, 2018 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 429 $ 297 $ 132 $ — Non-U.S. equities 1,356 44 1,312 — Fixed income: Short-term investments 189 189 — — Government securities 2,572 — 2,572 — Corporate bonds 1,468 — 1,468 — Mortgage/Asset-backed securities 60 — 60 — Insurance contracts 137 — 137 — Investments in private funds: Private funds 46 — 12 34 Real estate funds 144 — — 144 Total $ 6,401 $ 530 $ 5,693 $ 178 Investments measured at NAV: Private funds 26 Real estate funds 54 Total assets at fair value $ 6,481 The following table summarizes changes in the fair value of Level 3 assets for both U.S. and Non-U.S. plans: U.S. Plans Non-U.S. Plans Direct Private Investments Real Estate Properties Private Funds Real Estate Funds Balance at December 31, 2017 $ 752 $ 597 $ 31 $ 149 Actual return on plan assets: Relating to assets still held at year-end 36 33 1 (4 ) Relating to assets sold during the year 65 2 — — Purchases 95 47 2 — Sales and settlements (119 ) (22 ) — (1 ) Balance at December 31, 2018 $ 829 $ 657 $ 34 $ 144 Actual return on plan assets: Relating to assets still held at year-end 15 40 — 7 Relating to assets sold during the year 89 (23 ) — 1 Purchases 216 48 — — Sales and settlements (199 ) (103 ) — (2 ) Balance at December 31, 2019 $ 950 $ 619 $ 34 $ 150 The Company enters into futures contracts to gain exposure to certain markets. Sufficient cash or cash equivalents are held by our pension plans to cover the notional value of the futures contracts. At December 31, 2019 and 2018 , our U.S. plans had contracts with notional amounts of $4,463 million and $2,808 million . At December 31, 2019 and 2018 , our non-U.S. plans had contracts with notional amounts of $479 million and $111 million . In both our U.S. and non-U.S. pension plans, the notional derivative exposure is related to outstanding equity and fixed income futures contracts. Common stocks, preferred stocks, real estate investment trusts, and short-term investments are valued at the closing price reported in the active market in which the individual securities are traded. Corporate bonds, mortgages, asset-backed securities, and government securities are valued either by using pricing models, bids provided by brokers or dealers, quoted prices of securities with similar characteristics or discounted cash flows and as such include adjustments for certain risks that may not be observable such as credit and liquidity risks. Certain securities are held in collective trust funds which are valued using net asset values provided by the administrators of the funds. Investments in private equity, debt, real estate and hedge funds and direct private investments are valued at estimated fair value based on quarterly financial information received from the investment advisor and/or general partner. Investments in real estate properties are valued on a quarterly basis using the income approach. Valuation estimates are periodically supplemented by third party appraisals. The Company's funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. In 2019 , 2018 , and 2017 , we were not required to make contributions to our U.S. pension plans and no contributions were made. We are not required to make any contributions to our U.S. pension plans in 2020 . In 2019 , contributions of $43 million were made to our non-U.S. pension plans to satisfy regulatory funding requirements. In 2020 , we expect to make contributions of cash and/or marketable securities of approximately $112 million to our non-U.S. pension plans to satisfy regulatory funding standards. Contributions for both our U.S. and non-U.S. pension plans do not reflect benefits paid directly from Company assets. Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: U.S. Plans Non-U.S. Plans 2020 $ 1,159 $ 282 2021 1,151 288 2022 1,145 296 2023 1,138 303 2024 1,128 311 2025-2029 5,353 1,690 Other Postretirement Benefits December 31, 2019 2018 Assumed health care cost trend rate: Health care cost trend rate assumed for next year 7.00 % 7.00 % Rate that the cost trend rate gradually declines to 5.00 % 5.00 % Year that the rate reaches the rate it is assumed to remain at 2029 2029 The assumed health care cost trend rate has a significant effect on the amounts reported. A one-percentage-point change in the assumed health care cost trend rate would have the following effects: 1 percentage point Increase Decrease Effect on total of service and interest cost components $ 1 $ (1 ) Effect on postretirement benefit obligation $ 14 $ (12 ) Benefit payments reflecting expected future service, as appropriate, are expected to be paid as follows: Without Impact of Medicare Subsidy Net of Medicare Subsidy 2020 $ 46 $ 41 2021 42 38 2022 39 35 2023 36 32 2024 22 20 2025-2029 95 84 |
SEGMENT FINANCIAL DATA
SEGMENT FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Financial Data | Segment Financial Data Honeywell globally manages its business operations through four reportable operating segments. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Honeywell’s senior management evaluates segment performance based on segment profit. Each segment’s profit is measured as segment income (loss) before taxes excluding general corporate unallocated expense, interest and other financial charges, stock compensation expense, pension and other postretirement income (expense), repositioning and other charges, and other items within Other (income) expense. Years Ended December 31, 2019 2018 2017 Net Sales Aerospace Product $ 8,766 $ 10,415 $ 10,067 Service 5,288 5,078 4,712 Total 14,054 15,493 14,779 Honeywell Building Technologies Product 4,395 7,868 8,396 Service 1,322 1,430 1,381 Total 5,717 9,298 9,777 Performance Materials and Technologies Product 8,732 8,589 8,521 Service 2,102 2,085 1,818 Total 10,834 10,674 10,339 Safety and Productivity Solutions Product 5,736 5,976 5,333 Service 368 361 306 Total 6,104 6,337 5,639 $ 36,709 $ 41,802 $ 40,534 Depreciation and amortization Aerospace $ 234 $ 281 $ 279 Honeywell Building Technologies 63 112 118 Performance Materials and Technologies 493 452 441 Safety and Productivity Solutions 222 216 219 Corporate 76 55 58 $ 1,088 $ 1,116 $ 1,115 Segment Profit Aerospace $ 3,607 $ 3,503 $ 3,288 Honeywell Building Technologies 1,165 1,608 1,650 Performance Materials and Technologies 2,433 2,328 2,206 Safety and Productivity Solutions 790 1,032 852 Corporate (256 ) (281 ) (306 ) $ 7,739 $ 8,190 $ 7,690 December 31, 2019 2018 2017 Capital expenditures Aerospace $ 272 $ 308 $ 380 Honeywell Building Technologies 43 125 88 Performance Materials and Technologies 314 254 303 Safety and Productivity Solutions 82 78 79 Corporate 128 63 181 $ 839 $ 828 $ 1,031 Total Assets Aerospace $ 11,378 $ 11,234 $ 11,769 Honeywell Building Technologies 5,968 6,010 10,592 Performance Materials and Technologies 16,888 17,827 17,203 Safety and Productivity Solutions 9,888 9,886 9,456 Corporate 14,557 12,816 10,450 $ 58,679 $ 57,773 $ 59,470 A reconciliation of segment profit to consolidated income from continuing operations before taxes are as follows: Years Ended December 31, 2019 2018 2017 Segment Profit $ 7,739 $ 8,190 $ 7,690 Interest and other financial charges (357 ) (367 ) (316 ) Stock compensation expense (1) (153 ) (175 ) (176 ) Pension ongoing income (expense) (2) 592 992 713 Pension mark-to-market expense (2) (123 ) (37 ) (87 ) Other postretirement income (2) 47 32 21 Repositioning and other charges (3) (546 ) (1,091 ) (973 ) Other (4) 360 (57 ) 78 Income before taxes $ 7,559 $ 7,487 $ 6,950 (1) Amounts included in Selling, general and administrative expenses. (2) Amounts included in Cost of products and services sold and Selling, general and administrative expenses (service costs) and Other income/expense (non-service cost components). (3) Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other income/expense. (4) Amounts include the other components of Other income/expense not included within other categories in this reconciliation. Equity income/loss of affiliated companies is included in segment profit. |
GEOGRAPHIC AREAS FINANCIAL DATA
GEOGRAPHIC AREAS FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2019 | |
Geographic Areas Financial Data [Abstract] | |
Geographic Areas - Financial Data | Geographic Areas—Financial Data Net Sales (1) Long-lived Assets (2) Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 United States $ 21,910 $ 23,841 $ 22,722 $ 3,649 $ 3,601 $ 3,604 Europe 7,424 10,066 10,400 579 571 927 Other International 7,375 7,895 7,412 1,097 1,124 1,395 $ 36,709 $ 41,802 $ 40,534 $ 5,325 $ 5,296 $ 5,926 (1) Sales between geographic areas approximate market and are not significant. Net sales are classified according to their country of origin. Included in United States net sales are export sales of $5,415 million , $5,293 million and $4,974 million in 2019 , 2018 and 2017 . (2) Long-lived assets are comprised of property, plant and equipment - net. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information Years Ended December 31, 2019 2018 2017 Net payments for repositioning and other charges: Severance and exit cost payments $ (249 ) $ (285 ) $ (177 ) Environmental payments (256 ) (218 ) (212 ) Reimbursement receipts 292 67 — Insurance receipts for asbestos related liabilities 68 38 27 Asbestos related liability payments (231 ) (254 ) (266 ) $ (376 ) $ (652 ) $ (628 ) Interest paid, net of amounts capitalized $ 344 $ 353 $ 306 Income taxes paid, net of refunds 1,564 1,566 1,751 Non-cash investing and financing activities: Common stock contributed to savings plans 159 52 172 Marketable securities contributed to non-U.S. pension plans — 99 89 |
UNAUDITED QUARTERLY FINANCIAL I
UNAUDITED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | Unaudited Quarterly Financial Information 2019 Mar. 31 June 30 Sept. 30 Dec. 31 Year Net sales $ 8,884 $ 9,243 $ 9,086 $ 9,496 $ 36,709 Gross profit 3,005 3,149 3,048 3,168 12,370 Net income attributable to Honeywell 1,416 1,541 1,624 1,562 6,143 Earnings per common share—basic (1) 1.94 2.13 2.26 2.19 8.52 Earnings per common share—assuming dilution (1) 1.92 2.10 2.23 2.16 8.41 Cash dividends per common share 0.820 0.820 0.820 0.900 3.360 2018 (2) Mar. 31 June 30 Sept. 30 Dec. 31 Year Net sales $ 10,392 $ 10,919 $ 10,762 $ 9,729 $ 41,802 Gross profit 3,201 3,305 3,206 3,044 12,756 Net income attributable to Honeywell 1,439 1,267 2,338 1,721 6,765 Earnings per common share—basic (1) 1.92 1.70 3.15 2.34 9.10 Earnings per common share—assuming dilution (1) 1.89 1.68 3.11 2.31 8.98 Cash dividends per common share 0.745 0.745 0.745 0.820 3.055 (1) Total for the full year may differ from the sum of the individual quarters due to the requirement to use weighted average shares each quarter, which may fluctuate with share repurchases and share issuances, and due to the impact of losses in a quarter. (2) The results of operations for Transportation Systems business and Homes and Global Distribution business are included in the Consolidated Statement of Operations through the effective dates of the respective spin-offs. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Principles | Accounting Principles —The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The following is a description of Honeywell’s significant accounting policies. |
Principles of Consolidation | Principles of Consolidation —The consolidated financial statements include the accounts of Honeywell International Inc. and all of its subsidiaries and entities in which a controlling interest is maintained. Our consolidation policy requires equity investments that we exercise significant influence over but do not control the investee and are not the primary beneficiary of the investee’s activities to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation. |
Property, Plant and Equipment | Property, Plant and Equipment —Property, plant and equipment are recorded at cost, including any asset retirement obligations, less accumulated depreciation. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements and 2 to 16 years for machinery and equipment. Recognition of the fair value of obligations associated with the retirement of tangible long-lived assets is required when there is a legal obligation to incur such costs. Upon initial recognition of a liability, the cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets —Goodwill and indefinite-lived intangible assets are subject to impairment testing annually as of March 31, and whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. We completed our annual goodwill impairment test as of March 31, 2019 and determined that there was no impairment as of that date. |
Other Intangible Assets with Determinable Lives | Other Intangible Assets with Determinable Lives —Other intangible assets with determinable lives consist of customer lists, technology, patents and trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 2 to 24 years. |
Sales Recognition | Sales Recognition —Product and service sales are recognized when or as the Company transfers control of the promised products or services to its customers. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Service sales, principally representing repair, maintenance and engineering activities are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. We recognize revenue over time as we perform on these contracts because of the continuous transfer of control to the customer. With control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost input method of progress for our contracts because it best depicts the transfer of control to the customer that occurs as we incur costs. Under the cost-to-cost method, the extent of progress towards completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. We review our cost estimates on significant contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required. The customer funding for costs incurred for nonrecurring engineering and development activities of our products under agreements with commercial customers is deferred and subsequently recognized as revenue as products are delivered to the customers. Additionally, expenses incurred, up to the customer agreed funded amount, are deferred as an asset and recognized as cost of sales when products are delivered to the customer. The deferred customer funding and costs result in recognition of deferred costs (asset) and deferred revenue (liability) on our Consolidated Balance Sheet. Capitalized contract fulfillment costs were approximately $1 billion as of December 31, 2019 and 2018. The amounts recognized as cost of sales were approximately $0.1 billion for the years ended December 31, 2019 and 2018. Revenues for our mechanical service programs are recognized as performance obligations are satisfied over time, with recognition reflecting a series of distinct services using the output method. The terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, cash-based incentives, rebates, performance awards, or credits. We estimate variable consideration at the most likely amount we will receive from customers. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. For the year ended 2017 , prior to the adoption of the revenue recognition standard (see Note 7 Revenue Recognition and Contracts with Customers), product and service sales were recognized when persuasive evidence of an arrangement existed, product delivery had occurred or services had been rendered, pricing was fixed or determinable, and collection was reasonably assured. Service sales, principally representing repair, maintenance and engineering activities were recognized over the contractual period or as services were rendered. Sales under long-term contracts were recorded on a percentage-of-completion method measured on the cost-to-cost basis for engineering-type contracts and the units-of-delivery basis for production-type contracts. Provisions for anticipated losses on long-term contracts were recorded in full when such losses became evident. Revenues from contracts with multiple element arrangements were recognized as each element was earned based on the relative fair value of each element provided the delivered elements had value to customers on a standalone basis. Amounts allocated to each element were based on its objectively determined fair value, such as the sales price for the product or service when it was sold separately or competitor prices for similar products or services. |
Environmental | Environmental —The Company accrues costs related to environmental matters when it is probable that we have incurred a liability related to a contaminated site and the amount can be reasonably estimated. For additional information, see Note 20 Commitments and Contingencies. |
Asbestos Related Liabilities and Insurance Recoveries | Asbestos Related Liabilities and Insurance Recoveries —The Company recognizes a liability for any asbestos related contingency that is probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos related matters, we record asbestos related insurance recoveries that are deemed probable. For additional information, see Note 20 Commitments and Contingencies. |
Reimbursement Receivables [Policy Text Block] | Reimbursement Receivables —In conjunction with the Garrett Motion Inc. (“Garrett”) and Resideo Technologies, Inc. (“Resideo”) spin-offs, the Company entered into reimbursement agreements under which Honeywell receives cash payments as reimbursement primarily for asbestos related liability payments related to the Bendix business in the U.S. (Garrett) and net spending for environmental matters at certain sites as defined in the agreement (Resideo). Accordingly, the Company has recorded a receivable based on estimates in the underlying reimbursable Honeywell spend, and we monitor the recoverability of such receivable, which is subject to terms of applicable credit agreements and general ability to pay. For additional information, see Note 20 Commitments and Contingencies. |
Aerospace Sales Incentive | Aerospace Sales Incentives —The Company provides sales incentives to commercial aircraft manufacturers and airlines in connection with their selection of its aircraft equipment, predominately wheel and braking system hardware, avionics, and auxiliary power units, for installation on commercial aircraft. These incentives consist of free or deeply discounted products, credits for future purchases of product or upfront cash payments. These costs are generally recognized in the period incurred as cost of products sold or as a reduction to relevant sales, as appropriate. |
Research and Development | Research and Development —Research and development costs for company-sponsored research and development projects are expensed as incurred. Such costs are included in cost of products and services sold and were $1,556 million , $1,809 million and $1,835 million in 2019 , 2018 and 2017 . Customer-sponsored research and development activities under contracts with customers are included as a contract cost and included in cost of products and services sold when revenue from such contracts is recognized. Such customer-sponsored research and development activities amounted to an additional $1,079 million, $1,069 million and $876 million in 2019 , 2018 and 2017 . |
Stock-Based Compensation Plans | Stock-Based Compensation Plans —The principal awards issued under our stock-based compensation plans, which are described in Note 19 Stock-Based Compensation Plans, are non-qualified stock options and restricted stock units. The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in selling, general and administrative expenses. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. |
Pension Benefits | Pension Benefits —The Company presents net periodic pensions costs by disaggregating the service cost component of net benefit costs and reports those costs in the same line item or items in the Consolidated Statement of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other non-service components of net benefit costs are required to be presented separately from the service cost component. The Company records the service cost component of Pension ongoing (income) expense in Costs of products and services sold and Selling, general and administrative expenses. The remaining components of net benefit costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Other (income) expense. We recognize net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment). The MTM Adjustment is also reported in Other (income) expense. |
Foreign Currency Translation | Foreign Currency Translation —Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. Dollars are translated into U.S. Dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated other comprehensive income (loss). For subsidiaries operating in highly inflationary environments, inventories and property, plant and equipment, including related expenses, are remeasured at the exchange rate in effect on the date the assets were acquired, while monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement adjustments for these subsidiaries are included in earnings. |
Derivative Financial Instruments | —The Company reduces our risks from interest and foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes. We do not use leveraged derivative financial instruments. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the changes in fair value of the derivatives are recorded in Accumulated other comprehensive income (loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. We have elected to exclude the time value of the derivatives (i.e., the forward points) from the assessment of hedge effectiveness and recognize the initial value of the excluded component in earnings using the amortization approach. For derivative instruments that are designated and qualify as a net investment hedge, the gain or loss is reported as a component of Other comprehensive income (loss) and recorded in Accumulated other comprehensive income (loss). The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. |
Income Taxes | Income Taxes —Significant judgment is required in evaluating tax positions. We establish reserves for income taxes when, despite the belief that tax positions are fully supportable, there remain certain positions that do not meet the minimum recognition threshold. The approach for evaluating certain and uncertain tax positions is defined by the authoritative guidance which determines when a tax position is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a change in estimate become known. For discussion of the impacts from what is commonly referred to as the U.S. Tax Cuts and Jobs Act (“U.S Tax Reform”), see Note 5 Income Taxes. |
Cash And Cash Equivalents | Cash and cash equivalents —Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less. |
Earnings Per Share | Earnings Per Share —Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. |
Reclassifications | Reclassifications —Certain prior year amounts have been reclassified to conform to the current year presentation. |
Leases | Leases —At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset. All significant lease arrangements are generally recognized at lease commencement. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement. An ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases), and we recognize lease expense for these leases as incurred over the lease term. ROU assets represent our right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in determining the lease liability. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. The operating lease ROU asset also includes any lease payments related to initial direct cost and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately. The Company primarily uses our incremental borrowing rate, which is based on the information available at the lease commencement date, in determining the present value of the lease payments. In determining the borrowing rate, we consider the lease term, secured incremental borrowing rate, and for leases denominated in a currency different than U.S. dollar, the collateralized borrowing rate in the foreign currency using the U.S. dollar and foreign currency swap spread, when availab le. |
Recent Accounting Pronouncements | 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 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 position, results of operations, cash flows, and related notes to the Financial Statements. In February 2018, the FASB issued guidance that allows for an entity to elect to reclassify the income tax effects on items resulting from what is commonly referred to as the U.S. Tax Cuts and Jobs Act ("U.S. Tax Reform") from accumulated other comprehensive income to retained earnings. The guidance is effective for fiscal years beginning after December 15, 2018 with early adoption permitted, including interim periods within those years. The Company has elected to not reclassify the stranded income tax effects of U.S. Tax Reform from accumulated other comprehensive income to retained earnings. In June 2016, the FASB issued 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 will replace the incurred loss model under current GAAP 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 does not have a material impact on our Consolidated Financial Statements. |
REPOSITIONING AND OTHER CHARG_2
REPOSITIONING AND OTHER CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Repositioning and other charges text block | A summary of repositioning and other charges follows: Years Ended December 31, 2019 2018 2017 Severance $ 260 $ 289 $ 305 Asset impairments 95 162 142 Exit costs 83 79 60 Reserve adjustments (5 ) (10 ) (16 ) Total net repositioning charge 433 520 491 Asbestos related litigation charges, net of insurance and reimbursements 42 163 159 Probable and reasonably estimable environmental liabilities, net of reimbursements 59 345 287 Other 12 63 36 Total net repositioning and other charges $ 546 $ 1,091 $ 973 |
Pretax distribution of total net repositioning and other charges by income statement classification | The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification: Years Ended December 31, 2019 2018 2017 Cost of products and services sold $ 276 $ 811 $ 736 Selling, general and administrative expenses 270 239 187 Other (income) expense — 41 50 $ 546 $ 1,091 $ 973 |
Pretax Impact of Total Net Repositioning and Other Charges by Segment | The following table summarizes the pre-tax impact of total net repositioning and other charges by segment: Years Ended December 31, 2019 2018 2017 Aerospace $ 33 $ 154 $ 248 Honeywell Building Technologies 108 111 78 Performance Materials and Technologies 93 191 102 Safety and Productivity Solutions 71 133 51 Corporate 241 502 494 $ 546 $ 1,091 $ 973 |
Total Repositioning Reserves | The following table summarizes the status of the Company's total repositioning reserves: Severance Costs Asset Impairments Exit Costs Total Balance at December 31, 2016 $ 298 $ — $ 33 $ 331 Charges 305 142 60 507 Usage—cash (163 ) — (14 ) (177 ) Usage—noncash — (142 ) — (142 ) Adjustments and reclassifications (13 ) — (10 ) (23 ) Foreign currency translation 15 — 2 17 Balance at December 31, 2017 442 — 71 513 Charges 289 162 79 530 Usage—cash (218 ) — (67 ) (285 ) Usage—noncash — (163 ) — (163 ) Divestitures (11 ) — (3 ) (14 ) Adjustments (8 ) 1 (3 ) (10 ) Foreign currency translation (5 ) — — (5 ) Balance at December 31, 2018 489 — 77 566 Charges 260 95 83 438 Usage—cash (186 ) — (63 ) (249 ) Usage—noncash — (100 ) — (100 ) Divestitures — — — — Adjustments (8 ) 5 (2 ) (5 ) Foreign currency translation — — 1 1 Balance at December 31, 2019 $ 555 $ — $ 96 $ 651 |
OTHER (INCOME) EXPENSE (Tables)
OTHER (INCOME) EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other (income) expense | Years Ended December 31, 2019 2018 2017 Interest income $ (255 ) $ (217 ) $ (151 ) Pension ongoing income—non-service (606 ) (1,165 ) (875 ) Other postretirement income—non-service (47 ) (32 ) (21 ) Equity income of affiliated companies (52 ) (50 ) (39 ) Loss (gain) on sale of non-strategic business and assets 1 — 7 Foreign exchange (120 ) (63 ) 18 Separation costs — 321 16 Other (net) 14 57 82 $ (1,065 ) $ (1,149 ) $ (963 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income by region | Income before taxes Years Ended December 31, 2019 2018 2017 U.S. $ 4,178 $ 2,919 $ 2,873 Non-U.S. 3,381 4,568 4,077 $ 7,559 $ 7,487 $ 6,950 |
Tax Expense Current and Deferred | Years Ended December 31, 2019 2018 2017 Tax expense (benefit) consists of Current: U.S. Federal $ 8 $ (21 ) $ 2,061 U.S. State 43 89 62 Non-U.S. 1,099 1,177 787 $ 1,150 $ 1,245 $ 2,910 Deferred: U.S. Federal $ 332 $ 396 $ 190 U.S. State 63 8 139 Non-U.S. (216 ) (990 ) 2,123 179 (586 ) 2,452 $ 1,329 $ 659 $ 5,362 |
Effective income tax rate reconciliation | Years Ended December 31, 2019 2018 2017 The U.S. federal statutory income tax rate is reconciled to our effective income tax rate as follows: U.S. federal statutory income tax rate 21.0 % 21.0 % 35.0 % Taxes on non-U.S. earnings (1)(2) (0.5 ) 0.2 (12.8 ) U.S. state income taxes (1) 1.1 1.6 1.4 Reserves for tax contingencies 2.0 0.3 1.6 Employee share-based payments (1.2 ) (0.7 ) (2.9 ) U.S. Tax Reform (3.6 ) (5.8 ) 56.0 Reduction of taxes on unremitted earnings — (14.2 ) — Separation tax costs — 5.5 — All other items—net (1.2 ) 0.9 (1.1 ) 17.6 % 8.8 % 77.2 % (1) Net of changes in valuation allowance (2) Includes U.S. taxes on non-U.S. earnings |
Deferred Tax Assets, Liabilities | Deferred tax assets (liabilities) The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows: Deferred tax assets: December 31, 2019 2018 Postretirement benefits other than pensions $ 111 $ 120 Asbestos and environmental 531 589 Employee compensation and benefits 205 262 Other accruals and reserves 279 336 Net operating and capital losses 652 688 Tax credit carryforwards 246 154 Gross deferred tax assets 2,024 2,149 Valuation allowance (656 ) (689 ) Total deferred tax assets $ 1,368 $ 1,460 Deferred tax liabilities: Pension $ (469 ) $ (40 ) Property, plant and equipment (469 ) (422 ) Intangibles (1,296 ) (1,553 ) Unremitted earnings of foreign subsidiaries (419 ) (616 ) Other asset basis differences (136 ) (110 ) Other (163 ) (50 ) Total deferred tax liabilities (2,952 ) (2,791 ) Net deferred tax liability $ (1,584 ) $ (1,331 ) |
Summary of Operating Loss Carryforwards | Jurisdiction Expiration Period Net Operating and Capital Loss Carryforwards Tax Credit Carryforwards U.S. Federal 2039 $ 16 $ 89 U.S. State 2039 389 20 Non-U.S. 2039 277 142 Non-U.S. Indefinite 2,324 — $ 3,006 $ 251 |
Change in unrecognized tax benefits | 2019 2018 2017 Change in unrecognized tax benefits: Balance at beginning of year $ 1,089 $ 947 $ 877 Gross increases related to current period tax positions 51 370 94 Gross increases related to prior periods tax positions 83 82 153 Gross decreases related to prior periods tax positions (34 ) (201 ) (91 ) Decrease related to resolutions of audits with tax authorities (3 ) (40 ) (76 ) Expiration of the statute of limitations for the assessment of taxes (13 ) (50 ) (54 ) Foreign currency translation (9 ) (19 ) 44 Balance at end of year $ 1,164 $ 1,089 $ 947 |
Summary of Income Tax Examinations | Jurisdiction Open Tax Years Based on Originally Filed Returns Examination in progress Examination not yet initiated U.S. Federal 2015 - 2016 2017-2019 U.S. State 2011 - 2017 2012-2018 Australia N/A 2016-2019 Canada (1) 2015-2017 2018-2019 China 2009-2018 2019 France N/A 2017-2019 Germany (1) 2008-2017 2018-2019 India 1999-2017 2018-2019 Italy 2012-2017 2018-2019 Netherlands 2016-2017 2018-2019 Switzerland (1) 2012-2018 2019 United Kingdom 2013-2017 2018-2019 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share (Tables) [Abstract] | |
Earnings per share basic | Basic Years Ended December 31, 2019 2018 2017 Net income attributable to Honeywell $ 6,143 $ 6,765 $ 1,545 Weighted average shares outstanding 721.0 743.0 762.1 Earnings per share of common stock $ 8.52 $ 9.10 $ 2.03 |
Earnings per share diluted | Assuming Dilution Years Ended December 31, 2019 2018 2017 Net income attributable to Honeywell $ 6,143 $ 6,765 $ 1,545 Average Shares Weighted average shares outstanding 721.0 743.0 762.1 Dilutive securities issuable—stock plans 9.3 10.0 10.0 Total weighted average diluted shares outstanding 730.3 753.0 772.1 Earnings per share of common stock—assuming dilution $ 8.41 $ 8.98 $ 2.00 |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Year Ended December 31, 2019 2018 Products, transferred point in time 61 % 67 % Products, transferred over time 14 12 Net product sales 75 79 Services, transferred point in time 9 7 Services, transferred over time 16 14 Net service sales 25 21 Net sales 100 % 100 % Year Ended December 31, 2019 2018 Aerospace Commercial Aviation Original Equipment $ 2,997 $ 2,833 Commercial Aviation Aftermarket 5,731 5,373 Defense and Space 5,326 4,665 Transportation Systems — 2,622 14,054 15,493 Honeywell Building Technologies Homes Products and Software — 1,732 Distribution (ADI) — 2,196 Products 3,314 2,953 Building Solutions 2,403 2,417 5,717 9,298 Performance Materials and Technologies UOP 2,890 2,845 Process Solutions 5,146 4,981 Specialty Products 1,062 1,134 Fluorine Products 1,736 1,714 10,834 10,674 Safety and Productivity Solutions Safety and Retail 2,215 2,278 Productivity Products 1,110 1,373 Warehouse and Workflow Solutions 1,931 1,829 Sensing & Internet-of-Things (IoT) 848 857 6,104 6,337 Net sales $ 36,709 $ 41,802 |
Contract with Customer, Asset and Liability [Table Text Block] | 2019 2018 Contract assets—January 1 $ 1,548 $ 1,721 Contract assets—December 31 1,602 1,548 Change in contract assets—increase (decrease) $ 54 $ (173 ) Contract liabilities—January 1 $ (3,378 ) $ (2,973 ) Contract liabilities—December 31 (3,501 ) (3,378 ) Change in contract liabilities—(increase) decrease $ (123 ) $ (405 ) Net change $ (69 ) $ (578 ) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Table Text Block] | December 31, 2019 Aerospace $ 11,315 Honeywell Building Technologies 5,515 Performance Materials and Technologies 6,527 Safety and Productivity Solutions 2,255 $ 25,612 |
ACCOUNTS RECEIVABLES (Tables)
ACCOUNTS RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | |
Schedule of trade, notes, and other receivables | December 31, 2019 2018 Trade $ 7,639 $ 7,705 Less—Allowance for doubtful accounts (146 ) (197 ) $ 7,493 $ 7,508 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories | December 31, 2019 2018 Raw materials $ 1,056 $ 1,109 Work in process 817 811 Finished products 2,593 2,445 4,466 4,365 Reduction to LIFO cost basis (45 ) (39 ) $ 4,421 $ 4,326 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 Land and improvements $ 251 $ 262 Machinery and equipment 9,586 9,435 Buildings and improvements 3,152 3,125 Construction in progress 724 588 13,713 13,410 Less—Accumulated depreciation (8,388 ) (8,114 ) $ 5,325 $ 5,296 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES-NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Other Intangible Assets, Net (Tables) [Abstract] | |
Schedule of Goodwill [Table Text Block] | December 31, 2018 Acquisitions/ Divestitures Currency Translation Adjustment December 31, 2019 Aerospace $ 2,258 $ — $ 8 $ 2,266 Honeywell Building Technologies 3,238 (1 ) (22 ) 3,215 Performance Materials and Technologies 5,147 — (42 ) 5,105 Safety and Productivity Solutions 4,903 75 (1 ) 4,977 $ 15,546 $ 74 $ (57 ) $ 15,563 |
Acquired Finite-Lived Intangible Assets [Table Text Block] | December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Determinable life intangibles: Patents and technology $ 2,060 $ (1,481 ) $ 579 $ 1,996 $ (1,332 ) $ 664 Customer relationships 3,769 (1,766 ) 2,003 3,785 (1,510 ) 2,275 Trademarks 317 (228 ) 89 326 (206 ) 120 Other 297 (262 ) 35 349 (299 ) 50 6,443 (3,737 ) 2,706 6,456 (3,347 ) 3,109 Indefinite life intangibles: Trademarks 1,028 — 1,028 1,030 — 1,030 $ 7,471 $ (3,737 ) $ 3,734 $ 7,486 $ (3,347 ) $ 4,139 |
Acquired Indefinite-Lived Intangible Assets [Table Text Block] | Other intangible assets are comprised of: December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Determinable life intangibles: Patents and technology $ 2,060 $ (1,481 ) $ 579 $ 1,996 $ (1,332 ) $ 664 Customer relationships 3,769 (1,766 ) 2,003 3,785 (1,510 ) 2,275 Trademarks 317 (228 ) 89 326 (206 ) 120 Other 297 (262 ) 35 349 (299 ) 50 6,443 (3,737 ) 2,706 6,456 (3,347 ) 3,109 Indefinite life intangibles: Trademarks 1,028 — 1,028 1,030 — 1,030 $ 7,471 $ (3,737 ) $ 3,734 $ 7,486 $ (3,347 ) $ 4,139 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities Current (Tables) [Abstract] | |
Accrued liabilities | December 31, 2019 2018 Customer advances and deferred income $ 2,490 $ 2,403 Compensation, benefit and other employee related 1,551 1,469 Repositioning 640 566 Asbestos related liabilities 361 245 Income taxes 253 166 Other taxes 239 234 Environmental costs 222 175 Product warranties and performance guarantees 213 243 Operating lease liabilities 171 — Insurance 143 170 Accrued interest 91 94 Other (primarily operating expenses) 1,102 1,094 $ 7,476 $ 6,859 |
LONG-TERM DEBT AND CREDIT AGR_2
LONG-TERM DEBT AND CREDIT AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long Term Debt And Credit Agreements Tables [Abstract] | |
Long-Term Debt and Credit Agreements | December 31, 2019 2018 1.40% notes due 2019 $ — $ 1,250 Three year floating rate notes due 2019 — 250 Two year floating rate notes due 2019 — 450 1.80% notes due 2019 — 750 0.65% Euro notes due 2020 1,123 1,145 4.25% notes due 2021 800 800 1.85% notes due 2021 1,500 1,500 2.15% notes due 2022 600 — Floating rate notes due 2022 600 — 1.30% Euro notes due 2023 1,404 1,432 3.35% notes due 2023 300 300 2.30% notes due 2024 750 — 2.50% notes due 2026 1,500 1,500 2.25% Euro notes due 2028 842 859 2.70% notes due 2029 750 — 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 finance leases and debt issuance costs), 6.6% weighted average maturing at various dates through 2025 278 353 12,486 12,628 Less: current portion (1,376 ) (2,872 ) $ 11,110 $ 9,756 |
Principal Payments on Long-Term Debt | The schedule of principal payments on long-term debt is as follows: December 31, 2019 2020 $ 1,376 2021 2,375 2022 1,242 2023 1,733 2024 780 Thereafter 4,980 12,486 Less-current portion (1,376 ) $ 11,110 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Supplemental cash flow information related to leases was as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 224 Operating cash flows from finance leases 32 Financing cash flows from finance leases 61 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 179 Finance leases 34 Year Ended December 31, 2019 Operating lease cost $ 222 Variable lease cost 27 Short-term lease cost 12 Finance lease cost: Amortization of right-of-use assets 65 Interest on lease liability 30 Total finance lease cost 95 Total lease cost $ 356 Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating leases Other assets $ 673 Accrued liabilities 171 Other liabilities 534 Total operating lease liabilities $ 705 Finance leases Property, plant and equipment $ 361 Accumulated depreciation (152 ) Property, plant and equipment - net $ 209 Current maturities of long-term debt 59 Long-term debt 156 Total finance lease liabilities $ 215 Weighted-average remaining lease term Operating leases 6 years Finance leases 4 years Weighted-average discount rate Operating leases 3.3 % Finance leases 16.2 % |
Finance Lease, Liability, Maturity [Table Text Block] | As of December 31, 2019 , maturities of lease liabilities were as follows: Operating Leases Finance Leases 2020 $ 195 $ 86 2021 162 73 2022 128 53 2023 97 41 2024 63 37 Thereafter 145 12 Total lease payments 790 302 Less: interest (85 ) (87 ) Total $ 705 $ 215 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2019 , maturities of lease liabilities were as follows: Operating Leases Finance Leases 2020 $ 195 $ 86 2021 162 73 2022 128 53 2023 97 41 2024 63 37 Thereafter 145 12 Total lease payments 790 302 Less: interest (85 ) (87 ) Total $ 705 $ 215 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2018 2019 $ 210 2020 168 2021 142 2022 109 2023 80 Thereafter 147 $ 856 |
FINANCIAL INSTRUMENTS AND FAI_2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments And Fair Value Measures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2019 2018 Assets: Foreign currency exchange contracts $ 291 $ 119 Available for sale investments 1,523 1,784 Interest rate swap agreements 38 20 Cross currency swap agreements 51 32 Liabilities: Foreign currency exchange contracts $ 21 $ 4 Interest rate swap agreements 13 65 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Assets Long-term receivables $ 129 $ 127 $ 333 $ 329 Liabilities Long-term debt and related current maturities $ 12,486 $ 13,578 $ 12,628 $ 13,133 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 December 31, December 31, December 31, December 31, Long-term debt $ 3,975 $ 2,555 $ 25 $ (45 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, 2019 Revenue Cost of Products Sold SG&A Other (Income) Expense Interest and Other Financial Charges $ 36,709 $ 19,269 $ 5,519 $ (1,065 ) $ 357 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income 3 44 1 73 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 22 — 35 — Gain or (loss) on fair value hedges: Interest Rate Swap Agreements: Hedged Items — — — — (70 ) Derivatives designated as hedges — — — — 70 Year Ended December 31, 2018 Revenue Cost of Products Sold SG&A Other (Income) Expense Interest and Other Financial Charges $ 41,802 $ 23,634 $ 6,051 $ (1,149 ) $ 367 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income (9 ) (35 ) (2 ) 47 — 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 ) The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss): Derivatives Net Investment Hedging Relationships Years Ended December 31, 2019 2018 Euro-denominated long-term debt $ 68 $ 177 Euro-denominated commercial paper 71 168 Cross currency swap 32 44 Foreign currency exchange contracts 23 — |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Current (Tables) [Abstract] | |
Other liabilities | December 31, 2019 2018 Income taxes $ 2,115 $ 2,236 Pension and other employee related 1,873 1,795 Deferred income 1,310 1,264 Operating lease liabilities 534 — Environmental 487 580 Insurance 247 236 Asset retirement obligations 61 74 Product warranties and performance guarantees 56 67 Other 83 150 $ 6,766 $ 6,402 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated other comprehensive income (loss) | Pre-tax Tax After-Tax Year Ended December 31, 2019 Foreign exchange translation adjustment $ 143 $ — $ 143 Pensions and other postretirement benefit adjustments 115 (29 ) 86 Changes in fair value of designated cash flow hedges 20 (9 ) 11 $ 278 $ (38 ) $ 240 Year Ended December 31, 2018 Foreign exchange translation adjustment $ (728 ) $ — $ (728 ) Pensions and other postretirement benefit adjustments (727 ) 168 (559 ) Changes in fair value of designated cash flow hedges 102 (17 ) 85 $ (1,353 ) $ 151 $ (1,202 ) Year Ended December 31, 2017 Foreign exchange translation adjustment $ (37 ) $ — $ (37 ) Pensions and other postretirement benefit adjustments 847 (170 ) 677 Changes in fair value of designated cash flow hedges (194 ) 33 (161 ) $ 616 $ (137 ) $ 479 Components of Accumulated Other Comprehensive Income (Loss) December 31, 2019 2018 Cumulative foreign exchange translation adjustment $ (2,566 ) $ (2,709 ) Pensions and other postretirement benefit adjustments (675 ) (761 ) Fair value of designated cash flow hedges 44 33 $ (3,197 ) $ (3,437 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign Exchange Translation Adjustment Pension and Other Postretirement 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 (685 ) (569 ) 89 (1,165 ) Amounts reclassified from accumulated other comprehensive income — (37 ) (4 ) (41 ) Spin-off (43 ) 47 — 4 Net current period other comprehensive income (loss) (728 ) (559 ) 85 (1,202 ) Balance at December 31, 2018 $ (2,709 ) $ (761 ) $ 33 $ (3,437 ) Other comprehensive income (loss) before reclassifications 156 149 103 408 Amounts reclassified from accumulated other comprehensive income (13 ) (63 ) (92 ) (168 ) Net current period other comprehensive income (loss) 143 86 11 240 Balance at December 31, 2019 $ (2,566 ) $ (675 ) $ 44 $ (3,197 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) Year Ended December 31, 2019 Product Sales Cost of Products Sold Cost of Services Sold Selling, General and Admin. Expenses Other (Income) Expense Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 135 $ 135 Prior service (credit) recognized — — — — (104 ) (104 ) Settlements and curtailments — — — — — — Losses (gains) on cash flow hedges (3 ) (35 ) (9 ) (1 ) (73 ) (121 ) Losses (gains) on net investment hedges — — — — (19 ) (19 ) Total before tax $ (3 ) $ (35 ) $ (9 ) $ (1 ) $ (61 ) $ (109 ) Tax expense (benefit) (59 ) Total reclassifications for the period, net of tax $ (168 ) Year Ended December 31, 2018 Product Sales Cost of Products Sold Cost of Services Sold Selling, General and Admin. Expenses Other (Income) Expense Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 45 $ 45 Prior service (credit) recognized — — — — (99 ) (99 ) Settlements and curtailments — — — — 2 2 Losses (gains) on cash flow hedges 10 30 6 2 (47 ) 1 Total before tax $ 10 $ 30 $ 6 $ 2 $ (99 ) $ (51 ) Tax expense (benefit) 10 Total reclassifications for the period, net of tax $ (41 ) |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Income Statement Impact from Stock Options | Years Ended December 31, 2019 2018 2017 Compensation expense $ 47 $ 64 $ 79 Future income tax benefit recognized 10 13 17 |
Share based compensation fair value assumptions | Years Ended December 31, 2019 2018 2017 Weighted average fair value per share of options granted during the year (1) $ 21.57 $ 23.63 $ 16.68 Assumptions: Expected annual dividend yield 2.65 % 2.49 % 2.81 % Expected volatility 18.40 % 18.93 % 18.96 % Risk-free rate of return 2.46 % 2.71 % 2.02 % Expected option term (years) 4.87 4.95 5.04 (1) Estimated on date of grant using Black-Scholes option-pricing model. |
Stock Options Activity | Number of Options Weighted Average Exercise Price Outstanding at December 31, 2016 28,667,300 $ 79.57 Granted 5,098,569 125.16 Exercised (8,840,019 ) 62.34 Lapsed or canceled (1,516,557 ) 109.04 Outstanding at December 31, 2017 23,409,293 94.16 Spin related adjustment (1) 989,158 Granted 3,303,722 148.48 Exercised (3,399,375 ) 78.29 Lapsed or canceled (1,824,217 ) 123.01 Outstanding at December 31, 2018 22,478,581 97.83 Granted 3,136,058 155.43 Exercised (5,897,060 ) 84.31 Lapsed or canceled (986,017 ) 136.15 Outstanding at December 31, 2019 18,731,562 $ 109.87 Vested and expected to vest at December 31, 2019 (2) 17,636,444 $ 107.39 Exercisable at December 31, 2019 11,620,992 $ 92.19 (1) Additional options granted to offset the dilutive impact of the spin-offs on outstanding options. (2) Represents the sum of vested options of 11.6 million and expected to vest options of 6.0 million . Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 7.1 million . |
Schedule of share based compensation by price ranges | Range of Exercise Prices Options Outstanding Options Exercisable Number Outstanding Weighted Average Life (1) Weighted Average Exercise Price Aggregate Intrinsic Value Number Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value $27.00–$64.99 1,621,042 1.87 $ 55.38 $ 197 1,621,042 $ 55.38 $ 197 $65.00–$89.99 3,388,800 3.74 79.79 329 3,388,800 79.79 329 $90.00–$99.99 5,266,409 5.70 98.80 412 4,461,659 98.81 349 $100.00–$134.99 3,344,472 7.11 119.07 194 1,636,518 118.65 95 $135.00–$180.99 5,110,839 8.76 152.49 125 512,973 148.52 15 18,731,562 6.10 $ 109.87 $ 1,257 11,620,992 $ 92.19 $ 985 (1) Average remaining contractual life in years. |
Financial Statement Impact From Stock Options Exercised | Options Exercised Years Ended December 31, 2019 2018 2017 Intrinsic value (1) $ 483 $ 238 $ 620 Tax benefit realized 117 47 221 (1) Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise. |
Restricted stock units activity | ended December 31, 2019 : Number of Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested at December 31, 2016 4,467,343 $ 94.17 Granted 1,274,791 129.71 Vested (1,289,892 ) 81.37 Forfeited (505,415 ) 103.06 Non-vested at December 31, 2017 3,946,827 108.60 Spin related adjustment (1) 154,346 Granted 1,360,338 153.46 Vested (988,787 ) 91.68 Forfeited (814,851 ) 117.40 Non-vested at December 31, 2018 3,657,873 125.35 Granted 1,200,202 162.43 Vested (1,160,333 ) 104.32 Forfeited (457,677 ) 134.50 Non-vested at December 31, 2019 3,240,065 $ 143.07 (1) |
Income Statement Impact from RSUs | The following table summarizes the impact to the Consolidated Statement of Operations from RSUs: Years Ended December 31, 2019 2018 2017 Compensation expense $ 106 $ 111 $ 97 Future income tax benefit recognized 21 21 19 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency | Years Ended December 31, 2019 2018 2017 Beginning of year $ 755 $ 595 $ 511 Accruals for environmental matters deemed probable and reasonably estimable 213 395 287 Environmental liability payments (256 ) (218 ) (212 ) Other (3 ) (17 ) 9 End of year $ 709 $ 755 $ 595 |
Environmental liabilities are included in the following balance sheet accounts: | Environmental liabilities are included in the following balance sheet accounts: December 31, 2019 2018 Accrued liabilities $ 222 $ 175 Other liabilities 487 580 $ 709 $ 755 |
Asbestos Related Liabilities | Asbestos Related Liabilities Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 1,623 $ 891 $ 2,514 $ 1,703 $ 907 $ 2,610 $ 1,789 $ 919 $ 2,708 Accrual for update to estimated liability 78 22 100 197 32 229 199 31 230 Change in estimated cost of future claims (22 ) — (22 ) (72 ) — (72 ) (65 ) — (65 ) Update of expected resolution values for pending claims (4 ) — (4 ) 1 — 1 3 — 3 Asbestos related liability payments (176 ) (55 ) (231 ) (206 ) (48 ) (254 ) (223 ) (43 ) (266 ) End of year $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 $ 1,703 $ 907 $ 2,610 |
Insurance Recoveries for Asbestos Related Liabilities | Insurance Recoveries for Asbestos Related Liabilities Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 170 $ 307 $ 477 $ 191 $ 312 $ 503 $ 201 $ 319 $ 520 Probable insurance recoveries related to estimated liability 3 — 3 11 — 11 10 — 10 Insurance receipts for asbestos related liabilities (39 ) (29 ) (68 ) (33 ) (5 ) (38 ) (20 ) (7 ) (27 ) Insurance receivables settlements and write offs 19 3 22 1 — 1 — — — Other — — — — — — — — — End of year $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 $ 191 $ 312 $ 503 |
NARCO and Bendix asbestos related balances are included in the following balance sheet accounts | NARCO and Bendix asbestos related balances are included in the following balance sheet accounts: December 31, 2019 2018 Other current assets $ 42 $ 40 Insurance recoveries for asbestos related liabilities 392 437 $ 434 $ 477 Accrued liabilities $ 361 $ 245 Asbestos related liabilities 1,996 2,269 $ 2,357 $ 2,514 |
The following tables present information regarding Bendix related asbestos claims activity | Claims Activity Years Ended December 31, 2019 2018 Claims Unresolved at the beginning of year 6,209 6,280 Claims Filed 2,659 2,430 Claims Resolved (2,388 ) (2,501 ) Claims Unresolved at the end of year 6,480 6,209 |
Disease distribution of claims | Disease Distribution of Unresolved Claims December 31, 2019 2018 Mesothelioma and Other Cancer Claims 3,399 2,949 Nonmalignant Claims 3,081 3,260 Total Claims 6,480 6,209 |
Average resolution values per asbestos claim | Honeywell has experienced average resolution values per claim excluding legal costs as follows: Years Ended December 31, 2019 2018 2017 2016 2015 (in whole dollars) Malignant claims $ 50,200 $ 55,300 $ 56,000 $ 44,000 $ 44,000 Nonmalignant claims $ 3,900 $ 4,700 $ 2,800 $ 4,485 $ 100 |
Movement In Standard Product Warranty Rollforward And Balances | Years Ended December 31, 2019 2018 2017 Beginning of year $ 310 $ 408 $ 487 Accruals for warranties/guarantees issued during the year 173 208 215 Adjustment of pre-existing warranties/guarantees (34 ) (78 ) (27 ) Settlement of warranty/guarantee claims (180 ) (228 ) (267 ) End of year $ 269 $ 310 $ 408 Product warranties and product performance guarantees are included in the following balance sheet accounts: December 31, 2019 2018 Accrued liabilities $ 213 $ 243 Other liabilities 56 67 $ 269 $ 310 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans Disclosure | Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 16,141 $ 18,151 $ 6,182 $ 7,019 Service cost 82 140 22 26 Interest cost 613 573 142 143 Plan amendments — — — 30 Actuarial (gains) losses 2,064 (1,111 ) 708 (356 ) Benefits paid (1,111 ) (1,137 ) (269 ) (264 ) Settlements and curtailments (507 ) — — (9 ) Foreign currency translation — — 107 (342 ) Other 1 (475 ) 5 (65 ) Benefit obligation at end of year 17,283 16,141 6,897 6,182 Change in plan assets: Fair value of plan assets at beginning of year 17,109 18,985 6,481 7,151 Actual return on plan assets 3,458 (303 ) 863 (173 ) Company contributions 45 34 62 137 Benefits paid (1,111 ) (1,137 ) (269 ) (264 ) Settlements and curtailments (507 ) — — — Foreign currency translation — — 165 (378 ) Other 1 (470 ) 5 8 Fair value of plan assets at end of year 18,995 17,109 7,307 6,481 Funded status of plans $ 1,712 $ 968 $ 410 $ 299 Amounts recognized in Consolidated Balance Sheet consist of: Prepaid pension benefit cost (1) $ 2,069 $ 1,295 $ 1,196 $ 1,094 Accrued pension liabilities—current (2) (32 ) (27 ) (13 ) (12 ) Accrued pension liabilities—noncurrent (3) (325 ) (300 ) (773 ) (783 ) Net amount recognized $ 1,712 $ 968 $ 410 $ 299 (1) Included in Other assets on Consolidated Balance Sheet (2) Included in Accrued liabilities on Consolidated Balance Sheet (3) Included in Other liabilities on Consolidated Balance Sheet Other Postretirement Benefits 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 364 $ 530 Service cost — — Interest cost 14 15 Plan amendments (2 ) (34 ) Actuarial (gains) losses (16 ) (110 ) Benefits paid (35 ) (37 ) Benefit obligation at end of year 325 364 Change in plan assets: Fair value of plan assets at beginning of year — — Actual return on plan assets — — Company contributions — — Benefits paid — — Fair value of plan assets at end of year — — Funded status of plans $ (325 ) $ (364 ) Amounts recognized in Consolidated Balance Sheet consist of: Accrued liabilities $ (40 ) $ (62 ) Postretirement benefit obligations other than pensions (1) (285 ) (302 ) Net amount recognized $ (325 ) $ (364 ) (1) Excludes non-U.S. plans of $41 million and $42 million in 2019 and 2018 . |
Other Changes in Plan Assets Recognized in Other Comprehensive Income | Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Prior service (credit) cost $ (176 ) $ (218 ) $ 21 $ 20 Net actuarial loss 544 860 701 600 Net amount recognized $ 368 $ 642 $ 722 $ 620 Other Postretirement Benefits 2019 2018 Prior service (credit) $ (166 ) $ (226 ) Net actuarial (gain) loss (20 ) (4 ) Net amount recognized $ (186 ) $ (230 ) |
Net Periodic Benefit Cost | Net Periodic Benefit Cost Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Service cost $ 82 $ 140 $ 172 $ 22 $ 26 $ 40 Interest cost 613 573 586 142 143 147 Expected return on plan assets (1,117 ) (1,426 ) (1,262 ) (331 ) (443 ) (411 ) Amortization of prior service (credit) cost (42 ) (43 ) (43 ) — (1 ) (1 ) Recognition of actuarial losses 35 — 41 88 37 46 Settlements and curtailments 4 — 18 — (3 ) — Net periodic benefit (income) cost $ (425 ) $ (756 ) $ (488 ) $ (79 ) $ (241 ) $ (179 ) Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Actuarial (gains) losses $ (277 ) $ 619 $ (792 ) $ 176 $ 250 $ (153 ) Prior service cost (credit) — — — — 30 (1 ) Prior service credit recognized during year 42 43 43 — 4 1 Actuarial losses recognized during year (39 ) — (59 ) (88 ) (37 ) (46 ) Foreign currency translation — — — 14 (34 ) 43 Total recognized in other comprehensive (income) loss $ (274 ) $ 662 $ (808 ) $ 102 $ 213 $ (156 ) Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (699 ) $ (94 ) $ (1,296 ) $ 23 $ (28 ) $ (335 ) Net Periodic Benefit Cost Other Postretirement Benefits Years Ended December 31, 2019 2018 2017 Service cost $ — $ — $ — Interest cost 14 15 19 Amortization of prior service (credit) (62 ) (52 ) (58 ) Recognition of actuarial losses — 3 13 Net periodic benefit (income) cost $ (48 ) $ (34 ) $ (26 ) Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Income) Loss Years Ended December 31, 2019 2018 2017 Actuarial (gains) losses $ (16 ) $ (110 ) $ (14 ) Prior service cost (credit) (2 ) (34 ) 91 Prior service credit recognized during year 62 52 58 Actuarial losses recognized during year — (3 ) (13 ) Total recognized in other comprehensive (income) loss $ 44 $ (95 ) $ 122 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (4 ) $ (129 ) $ 96 |
Assumptions Used in Calculations | Pension Benefits U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 3.22 % 4.35 % 3.68 % 1.81 % 2.63 % 2.36 % Expected annual rate of compensation increase 3.25 % 3.25 % 4.50 % 2.47 % 2.46 % 0.73 % Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: Discount rate—benefit obligation 4.35 % 3.68 % 4.20 % 2.63 % 2.36 % 2.51 % Discount rate—service cost 4.47 % 3.77 % 4.42 % 2.26 % 2.20 % 2.14 % Discount rate—interest cost 3.94 % 3.27 % 3.49 % 2.34 % 2.08 % 2.19 % Expected rate of return on plan assets 6.75 % 7.75 % 7.75 % 5.14 % 6.23 % 6.43 % Expected annual rate of compensation increase 3.25 % 4.50 % 4.50 % 2.46 % 2.49 % 2.17 % Other Postretirement Benefits 2019 2018 2017 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 3.03 % 4.07 % 3.39 % Actuarial assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (1) 4.07 % 3.39 % 3.60 % (1) Discount rate was 3.65% for 1/1/2017 through 2/28/2017. Rate was changed to 3.60% for the remainder of 2017 due to a Plan remeasurement as of 3/1/2017. |
Accumulated Benefit Obligations in Excess of Plan Assets | December 31, U.S. Plans Non-U.S. Plans 2019 2018 2019 2018 Projected benefit obligation $ 357 $ 327 $ 1,018 $ 1,668 Accumulated benefit obligation $ 347 $ 321 $ 973 $ 1,604 Fair value of plan assets $ — $ — $ 233 $ 873 |
Fair Value of Plan Assets | U.S. Plans December 31, 2019 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 2,857 $ 2,857 $ — $ — U.S. equities 1,227 1,227 — — Non-U.S. equities — — — — Real estate investment trusts — — — — Fixed income: Short term investments 1,395 1,395 — — Government securities 1,146 — 1,146 — Corporate bonds 8,603 — 8,603 — Mortgage/Asset-backed securities 1,023 — 1,023 — Insurance contracts 8 — 8 — Direct investments: Direct private investments 950 — — 950 Real estate properties 619 — — 619 Total $ 17,828 $ 5,479 $ 10,780 $ 1,569 Investments measured at NAV: Private funds 1,019 Real estate funds 42 Hedge funds — Commingled Funds 106 Total assets at fair value $ 18,995 U.S. Plans December 31, 2018 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 2,438 $ 2,438 $ — $ — U.S. equities 1,365 1,365 — — Non-U.S. equities 753 753 — — Real estate investment trusts 244 244 — — Fixed income: Short term investments 877 877 — — Government securities 993 — 993 — Corporate bonds 6,824 — 6,824 — Mortgage/Asset-backed securities 1,032 — 1,032 — Insurance contracts 8 — 8 — Direct investments: Direct private investments 829 — — 829 Real estate properties 657 — — 657 Total $ 16,020 $ 5,677 $ 8,857 $ 1,486 Investments measured at NAV: Private funds 931 Real estate funds 56 Hedge funds 1 Commingled funds 101 Total assets at fair value $ 17,109 Non-U.S. Plans December 31, 2019 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 149 $ — $ 149 $ — Non-U.S. equities 1,384 54 1,330 — Fixed income: Short-term investments 522 522 — — Government securities 3,006 — 3,006 — Corporate bonds 1,746 — 1,746 — Mortgage/Asset-backed securities 84 — 84 — Insurance contracts 120 — 120 — Investments in private funds: Private funds 69 — 35 34 Real estate funds 150 — — 150 Total $ 7,230 $ 576 $ 6,470 $ 184 Investments measured at NAV: Private funds 21 Real estate funds 56 Total assets at fair value $ 7,307 Non-U.S. Plans December 31, 2018 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 429 $ 297 $ 132 $ — Non-U.S. equities 1,356 44 1,312 — Fixed income: Short-term investments 189 189 — — Government securities 2,572 — 2,572 — Corporate bonds 1,468 — 1,468 — Mortgage/Asset-backed securities 60 — 60 — Insurance contracts 137 — 137 — Investments in private funds: Private funds 46 — 12 34 Real estate funds 144 — — 144 Total $ 6,401 $ 530 $ 5,693 $ 178 Investments measured at NAV: Private funds 26 Real estate funds 54 Total assets at fair value $ 6,481 |
Changes in Fair Value of Level 3 Plan Assets | U.S. Plans Non-U.S. Plans Direct Private Investments Real Estate Properties Private Funds Real Estate Funds Balance at December 31, 2017 $ 752 $ 597 $ 31 $ 149 Actual return on plan assets: Relating to assets still held at year-end 36 33 1 (4 ) Relating to assets sold during the year 65 2 — — Purchases 95 47 2 — Sales and settlements (119 ) (22 ) — (1 ) Balance at December 31, 2018 $ 829 $ 657 $ 34 $ 144 Actual return on plan assets: Relating to assets still held at year-end 15 40 — 7 Relating to assets sold during the year 89 (23 ) — 1 Purchases 216 48 — — Sales and settlements (199 ) (103 ) — (2 ) Balance at December 31, 2019 $ 950 $ 619 $ 34 $ 150 |
Estimated Future Benefit Payments | U.S. Plans Non-U.S. Plans 2020 $ 1,159 $ 282 2021 1,151 288 2022 1,145 296 2023 1,138 303 2024 1,128 311 2025-2029 5,353 1,690 |
Assumed Health Care Cost Trend Rates | December 31, 2019 2018 Assumed health care cost trend rate: Health care cost trend rate assumed for next year 7.00 % 7.00 % Rate that the cost trend rate gradually declines to 5.00 % 5.00 % Year that the rate reaches the rate it is assumed to remain at 2029 2029 |
Effect of One Percentage Point Change | 1 percentage point Increase Decrease Effect on total of service and interest cost components $ 1 $ (1 ) Effect on postretirement benefit obligation $ 14 $ (12 ) |
Schedule Of Benefit Payments Reflecting Expected Future Service [Table Text Block] | Without Impact of Medicare Subsidy Net of Medicare Subsidy 2020 $ 46 $ 41 2021 42 38 2022 39 35 2023 36 32 2024 22 20 2025-2029 95 84 |
SEGMENT FINANCIAL DATA (Tables)
SEGMENT FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Financial Data | Years Ended December 31, 2019 2018 2017 Net Sales Aerospace Product $ 8,766 $ 10,415 $ 10,067 Service 5,288 5,078 4,712 Total 14,054 15,493 14,779 Honeywell Building Technologies Product 4,395 7,868 8,396 Service 1,322 1,430 1,381 Total 5,717 9,298 9,777 Performance Materials and Technologies Product 8,732 8,589 8,521 Service 2,102 2,085 1,818 Total 10,834 10,674 10,339 Safety and Productivity Solutions Product 5,736 5,976 5,333 Service 368 361 306 Total 6,104 6,337 5,639 $ 36,709 $ 41,802 $ 40,534 Depreciation and amortization Aerospace $ 234 $ 281 $ 279 Honeywell Building Technologies 63 112 118 Performance Materials and Technologies 493 452 441 Safety and Productivity Solutions 222 216 219 Corporate 76 55 58 $ 1,088 $ 1,116 $ 1,115 Segment Profit Aerospace $ 3,607 $ 3,503 $ 3,288 Honeywell Building Technologies 1,165 1,608 1,650 Performance Materials and Technologies 2,433 2,328 2,206 Safety and Productivity Solutions 790 1,032 852 Corporate (256 ) (281 ) (306 ) $ 7,739 $ 8,190 $ 7,690 December 31, 2019 2018 2017 Capital expenditures Aerospace $ 272 $ 308 $ 380 Honeywell Building Technologies 43 125 88 Performance Materials and Technologies 314 254 303 Safety and Productivity Solutions 82 78 79 Corporate 128 63 181 $ 839 $ 828 $ 1,031 Total Assets Aerospace $ 11,378 $ 11,234 $ 11,769 Honeywell Building Technologies 5,968 6,010 10,592 Performance Materials and Technologies 16,888 17,827 17,203 Safety and Productivity Solutions 9,888 9,886 9,456 Corporate 14,557 12,816 10,450 $ 58,679 $ 57,773 $ 59,470 |
Reconciliation of Operating Profit Loss From Segments to Consolidated | A reconciliation of segment profit to consolidated income from continuing operations before taxes are as follows: Years Ended December 31, 2019 2018 2017 Segment Profit $ 7,739 $ 8,190 $ 7,690 Interest and other financial charges (357 ) (367 ) (316 ) Stock compensation expense (1) (153 ) (175 ) (176 ) Pension ongoing income (expense) (2) 592 992 713 Pension mark-to-market expense (2) (123 ) (37 ) (87 ) Other postretirement income (2) 47 32 21 Repositioning and other charges (3) (546 ) (1,091 ) (973 ) Other (4) 360 (57 ) 78 Income before taxes $ 7,559 $ 7,487 $ 6,950 (1) Amounts included in Selling, general and administrative expenses. (2) Amounts included in Cost of products and services sold and Selling, general and administrative expenses (service costs) and Other income/expense (non-service cost components). (3) Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other income/expense. (4) Amounts include the other components of Other income/expense not included within other categories in this reconciliation. Equity income/loss of affiliated companies is included in segment profit. |
GEOGRAPHIC AREAS FINANCIAL DA_2
GEOGRAPHIC AREAS FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Geographic Areas Financial Data [Abstract] | |
Geographic Areas Financial Data | Net Sales (1) Long-lived Assets (2) Years Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 United States $ 21,910 $ 23,841 $ 22,722 $ 3,649 $ 3,601 $ 3,604 Europe 7,424 10,066 10,400 579 571 927 Other International 7,375 7,895 7,412 1,097 1,124 1,395 $ 36,709 $ 41,802 $ 40,534 $ 5,325 $ 5,296 $ 5,926 (1) Sales between geographic areas approximate market and are not significant. Net sales are classified according to their country of origin. Included in United States net sales are export sales of $5,415 million , $5,293 million and $4,974 million in 2019 , 2018 and 2017 . (2) Long-lived assets are comprised of property, plant and equipment - net. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Years Ended December 31, 2019 2018 2017 Net payments for repositioning and other charges: Severance and exit cost payments $ (249 ) $ (285 ) $ (177 ) Environmental payments (256 ) (218 ) (212 ) Reimbursement receipts 292 67 — Insurance receipts for asbestos related liabilities 68 38 27 Asbestos related liability payments (231 ) (254 ) (266 ) $ (376 ) $ (652 ) $ (628 ) Interest paid, net of amounts capitalized $ 344 $ 353 $ 306 Income taxes paid, net of refunds 1,564 1,566 1,751 Non-cash investing and financing activities: Common stock contributed to savings plans 159 52 172 Marketable securities contributed to non-U.S. pension plans — 99 89 |
UNAUDITED QUARTERLY FINANCIAL_2
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information Table Text Block | 2019 Mar. 31 June 30 Sept. 30 Dec. 31 Year Net sales $ 8,884 $ 9,243 $ 9,086 $ 9,496 $ 36,709 Gross profit 3,005 3,149 3,048 3,168 12,370 Net income attributable to Honeywell 1,416 1,541 1,624 1,562 6,143 Earnings per common share—basic (1) 1.94 2.13 2.26 2.19 8.52 Earnings per common share—assuming dilution (1) 1.92 2.10 2.23 2.16 8.41 Cash dividends per common share 0.820 0.820 0.820 0.900 3.360 2018 (2) Mar. 31 June 30 Sept. 30 Dec. 31 Year Net sales $ 10,392 $ 10,919 $ 10,762 $ 9,729 $ 41,802 Gross profit 3,201 3,305 3,206 3,044 12,756 Net income attributable to Honeywell 1,439 1,267 2,338 1,721 6,765 Earnings per common share—basic (1) 1.92 1.70 3.15 2.34 9.10 Earnings per common share—assuming dilution (1) 1.89 1.68 3.11 2.31 8.98 Cash dividends per common share 0.745 0.745 0.745 0.820 3.055 (1) Total for the full year may differ from the sum of the individual quarters due to the requirement to use weighted average shares each quarter, which may fluctuate with share repurchases and share issuances, and due to the impact of losses in a quarter. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies Other Details [Abstract] | |||
Research and development expense | $ 1,556 | $ 1,809 | $ 1,835 |
Customer-sponsored research and development | $ 1,079 | $ 1,069 | $ 876 |
Minimum [Member] | |||
Other Assets With Determinable Lives [Line Items] | |||
Finite Lived Intangible Assets Estimated Useful Lives | 2 years | ||
Maximum [Member] | |||
Other Assets With Determinable Lives [Line Items] | |||
Finite Lived Intangible Assets Estimated Useful Lives | 24 years | ||
Building and Building Improvements [Member] | Minimum [Member] | |||
Property Plant And Equipment Details [Line Items] | |||
Property, plant and equipment, estimated useful lives | P10Y | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property Plant And Equipment Details [Line Items] | |||
Property, plant and equipment, estimated useful lives | P50Y | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property Plant And Equipment Details [Line Items] | |||
Property, plant and equipment, estimated useful lives | P2Y | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property Plant And Equipment Details [Line Items] | |||
Property, plant and equipment, estimated useful lives | P16Y |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Divestiture/Spinoff [Abstract] | |||
Pretax gain on sale | $ (1,000,000) | $ 0 | $ (7,000,000) |
Pre-separation funding | 0 | 2,801,000,000 | 0 |
Income before taxes | 7,559,000,000 | 7,487,000,000 | 6,950,000,000 |
Goodwill | 15,563,000,000 | 15,546,000,000 | |
Assets | $ 58,679,000,000 | 57,773,000,000 | 59,470,000,000 |
Resideo [Member] | |||
Divestiture/Spinoff [Abstract] | |||
Spinoff Activities Description | On October 29, 2018, the Company completed the tax-free spin-off to Honeywell shareowners of its Homes and Global Distribution business, part of Home and Building Technologies (renamed Honeywell Building Technologies following the spin-off), into a standalone publicly-traded company, Resideo Technologies, Inc. (“Resideo”). | ||
Spinoff Transaction Share Conversion | 0.17 | ||
Pre-separation funding | $ 1,200,000,000 | ||
Garrett [Member] | |||
Divestiture/Spinoff [Abstract] | |||
Spinoff Activities Description | On October 1, 2018, the Company completed the tax-free spin-off to Honeywell shareowners of its Transportation Systems business, part of Aerospace, into a standalone publicly-traded company, Garrett Motion Inc. (“Garrett”). | ||
Spinoff Transaction Share Conversion | 0.1 | ||
Pre-separation funding | $ 1,600,000,000 | ||
Spinoff [Member] | |||
Divestiture/Spinoff [Abstract] | |||
Income before taxes | $ 400,000,000 | $ 500,000,000 | |
Goodwill | 2,800,000,000 | ||
Assets | 5,500,000,000 | ||
Liabilities | 7,200,000,000 | ||
Total Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 535,000,000 | ||
Transnorm [Member] | |||
Business Acquisition [Line Items] | |||
Name of acquired entity | Transnorm | ||
Description of acquired entity | a global leader in high-performance conveyor and warehouse solutions. Transnorm is part of Safety and Productivity Solutions. | ||
Divestiture/Spinoff [Abstract] | |||
Goodwill | $ 380,000,000 |
REPOSITIONING AND OTHER CHARG_3
REPOSITIONING AND OTHER CHARGES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | $ 433 | $ 520 | $ 491 |
Asbestos related litigation charges, net of insurance and reimbursements | 42 | 163 | 159 |
Probable and reasonably estimable environmental liabilities, net of reimbursements | 59 | 345 | 287 |
Other | 12 | 63 | 36 |
Total net repositioning and other charges | 546 | 1,091 | 973 |
Severance [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 260 | 289 | 305 |
Asset Impairments [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 95 | 162 | 142 |
Exit costs [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 83 | 79 | 60 |
Reserve Adjustments [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | $ (5) | $ (10) | $ (16) |
REPOSITIONING AND OTHER CHARG_4
REPOSITIONING AND OTHER CHARGES 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | $ 546,000,000 | $ 1,091,000,000 | $ 973,000,000 |
Cost of products and services sold [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | 276,000,000 | 811,000,000 | 736,000,000 |
Selling, general and administrative expenses [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | 270,000,000 | 239,000,000 | 187,000,000 |
Other (Income) Expense [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | $ 0 | $ 41,000,000 | $ 50,000,000 |
REPOSITIONING AND OTHER CHARG_5
REPOSITIONING AND OTHER CHARGES 3 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | $ 546 | $ 1,091 | $ 973 |
Corporate [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 241 | 502 | 494 |
Aerospace [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 33 | 154 | 248 |
Honeywell Building Technologies [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 108 | 111 | 78 |
Performance Materials And Technologies [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 93 | 191 | 102 |
Safety And Productivity Solutions [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | $ 71 | $ 133 | $ 51 |
REPOSITIONING AND OTHER CHARG_6
REPOSITIONING AND OTHER CHARGES 4 (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Employees | Dec. 31, 2018USD ($)Employees | Dec. 31, 2017USD ($)Employees | Dec. 31, 2016USD ($) | |
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | $ 651,000,000 | $ 566,000,000 | $ 513,000,000 | $ 331,000,000 |
Charges | 438,000,000 | 530,000,000 | 507,000,000 | |
Usage - cash | (249,000,000) | (285,000,000) | (177,000,000) | |
Usage - noncash | (100,000,000) | (163,000,000) | (142,000,000) | |
Divestitures | 0 | 14,000,000 | ||
Adjustments | (5,000,000) | (10,000,000) | (23,000,000) | |
Foreign currency translation | (1,000,000) | 5,000,000 | (17,000,000) | |
Restructuring and Related Cost, Incurred Cost | 433,000,000 | 520,000,000 | 491,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Gross Repositioning Charge | $ 438,000,000 | $ 530,000,000 | $ 507,000,000 | |
Number Of Employees Severed | Employees | 5,336 | 6,486 | 7,096 | |
Severance [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | $ 555,000,000 | $ 489,000,000 | $ 442,000,000 | 298,000,000 |
Charges | 260,000,000 | 289,000,000 | 305,000,000 | |
Usage - cash | (186,000,000) | (218,000,000) | (163,000,000) | |
Usage - noncash | 0 | 0 | 0 | |
Divestitures | 0 | 11,000,000 | ||
Adjustments | (8,000,000) | (8,000,000) | (13,000,000) | |
Foreign currency translation | 0 | 5,000,000 | (15,000,000) | |
Restructuring and Related Cost, Incurred Cost | 260,000,000 | 289,000,000 | 305,000,000 | |
Asset Impairments [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | 0 |
Charges | 95,000,000 | 162,000,000 | 142,000,000 | |
Usage - cash | 0 | 0 | 0 | |
Usage - noncash | (100,000,000) | (163,000,000) | (142,000,000) | |
Divestitures | 0 | 0 | ||
Adjustments | 5,000,000 | 1,000,000 | 0 | |
Foreign currency translation | 0 | 0 | 0 | |
Restructuring and Related Cost, Incurred Cost | 95,000,000 | 162,000,000 | 142,000,000 | |
Exit costs [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | 96,000,000 | 77,000,000 | 71,000,000 | $ 33,000,000 |
Charges | 83,000,000 | 79,000,000 | 60,000,000 | |
Usage - cash | (63,000,000) | (67,000,000) | (14,000,000) | |
Usage - noncash | 0 | 0 | 0 | |
Divestitures | 0 | 3,000,000 | ||
Adjustments | (2,000,000) | (3,000,000) | (10,000,000) | |
Foreign currency translation | (1,000,000) | 0 | (2,000,000) | |
Restructuring and Related Cost, Incurred Cost | $ 83,000,000 | $ 79,000,000 | $ 60,000,000 |
REPOSITIONING AND OTHER CHARG_7
REPOSITIONING AND OTHER CHARGES 5 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Reserve Disclosures [Abstract] | |||
Balance at beginning of period, | $ 566,000,000 | $ 513,000,000 | $ 331,000,000 |
Charges | 438,000,000 | 530,000,000 | 507,000,000 |
Usage - cash | (249,000,000) | (285,000,000) | (177,000,000) |
Usage - noncash | (100,000,000) | (163,000,000) | (142,000,000) |
Divestitures | 0 | (14,000,000) | |
Adjustments | (5,000,000) | (10,000,000) | (23,000,000) |
Foreign currency translation | 1,000,000 | (5,000,000) | 17,000,000 |
Balance at end of period, | 651,000,000 | 566,000,000 | 513,000,000 |
Other | 12,000,000 | 63,000,000 | 36,000,000 |
Severance [Member] | |||
Restructuring Reserve Disclosures [Abstract] | |||
Balance at beginning of period, | 489,000,000 | 442,000,000 | 298,000,000 |
Charges | 260,000,000 | 289,000,000 | 305,000,000 |
Usage - cash | (186,000,000) | (218,000,000) | (163,000,000) |
Usage - noncash | 0 | 0 | 0 |
Divestitures | 0 | (11,000,000) | |
Adjustments | (8,000,000) | (8,000,000) | (13,000,000) |
Foreign currency translation | 0 | (5,000,000) | 15,000,000 |
Balance at end of period, | 555,000,000 | 489,000,000 | 442,000,000 |
Asset Impairments [Member] | |||
Restructuring Reserve Disclosures [Abstract] | |||
Balance at beginning of period, | 0 | 0 | 0 |
Charges | 95,000,000 | 162,000,000 | 142,000,000 |
Usage - cash | 0 | 0 | 0 |
Usage - noncash | (100,000,000) | (163,000,000) | (142,000,000) |
Divestitures | 0 | 0 | |
Adjustments | 5,000,000 | 1,000,000 | 0 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period, | 0 | 0 | 0 |
Exit costs [Member] | |||
Restructuring Reserve Disclosures [Abstract] | |||
Balance at beginning of period, | 77,000,000 | 71,000,000 | 33,000,000 |
Charges | 83,000,000 | 79,000,000 | 60,000,000 |
Usage - cash | (63,000,000) | (67,000,000) | (14,000,000) |
Usage - noncash | 0 | 0 | 0 |
Divestitures | 0 | (3,000,000) | |
Adjustments | (2,000,000) | (3,000,000) | (10,000,000) |
Foreign currency translation | 1,000,000 | 0 | 2,000,000 |
Balance at end of period, | $ 96,000,000 | $ 77,000,000 | $ 71,000,000 |
OTHER (INCOME) EXPENSE (Details
OTHER (INCOME) EXPENSE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Line Items] | |||
Interest Income | $ (255,000,000) | $ (217,000,000) | $ (151,000,000) |
Equity income of affiliated companies | (52,000,000) | (50,000,000) | (39,000,000) |
Loss (gain) on sale of non-strategic businesses and assets | 1,000,000 | 0 | 7,000,000 |
Foreign exchange | (120,000,000) | (63,000,000) | 18,000,000 |
Separation Costs | 0 | 321,000,000 | 16,000,000 |
Other, net | 14,000,000 | 57,000,000 | 82,000,000 |
Other (Income) Expense, Total | (1,065,000,000) | (1,149,000,000) | (963,000,000) |
Pension Plan [Member] | |||
Other Income and Expenses [Line Items] | |||
Ongoing income - non-service | (606,000,000) | (1,165,000,000) | (875,000,000) |
Other Postretirement Benefit Plans [Member] | |||
Other Income and Expenses [Line Items] | |||
Ongoing income - non-service | $ (47,000,000) | $ (32,000,000) | $ (21,000,000) |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | $ 8 | $ (21) | $ 2,061 |
U.S. State | 43 | 89 | 62 |
Non-U.S. | 1,099 | 1,177 | 787 |
Current tax expense | 1,150 | 1,245 | 2,910 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | 332 | 396 | 190 |
U.S. State | 63 | 8 | 139 |
Non-U.S. | (216) | (990) | 2,123 |
Deferred tax expense | 179 | (586) | 2,452 |
Tax expense | 1,329 | 659 | 5,362 |
Income before taxes | |||
U.S. | 4,178 | 2,919 | 2,873 |
Non-U.S. | 3,381 | 4,568 | 4,077 |
Income before taxes | $ 7,559 | $ 7,487 | $ 6,950 |
INCOME TAX 2 (Details)
INCOME TAX 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
Taxes on non-U.S. earnings | (0.50%) | 0.20% | (12.80%) |
U.S. state income taxes | 1.10% | 1.60% | 1.40% |
Reserves for tax contingencies | 2.00% | 0.30% | 1.60% |
Employee share-based payments | (1.20%) | (0.70%) | (2.90%) |
U.S. Tax Reform | (3.60%) | (5.80%) | 56.00% |
Reduction of taxes on unremitted earnings | 0.00% | (14.20%) | 0.00% |
Separation tax costs | 0.00% | 5.50% | 0.00% |
All other items net | (1.20%) | 0.90% | (1.10%) |
Effective Income Tax Rate Reconciliation, Percent | 17.60% | 8.80% | 77.20% |
Tax Expense Paragraph Details [Abstract] | |||
Net (decrease) increase in the effective tax rate from prior period | 8.80% | (68.40%) | |
Net (decrease) increase in non-U.S. income tax rate | 22.00% | (67.30%) | |
Non-U.S. effective income tax rate | 26.10% | 4.10% | |
Measurement period adjustment | $ (440) | ||
Deferred Tax Liability Change In Amount | $ (281) | ||
Spinoff Transactions Tax Impact | $ 411 |
INCOME TAX 3 (Details)
INCOME TAX 3 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Tax Assets, Net [Abstract] | |||
Postretirement benefits other than pensions | $ 111 | $ 120 | |
Asbestos and environmental | 531 | 589 | |
Employee compensation and benefits | 205 | 262 | |
Other accruals and reserves | 279 | 336 | |
Net operating and capital losses | 652 | 688 | |
Tax credit carryforwards | 246 | 154 | |
Gross deferred tax assets | 2,024 | 2,149 | |
Valuation allowance | (656) | (689) | |
Total deferred tax assets | 1,368 | 1,460 | |
Deferred Tax Liabilities, Net [Abstract] | |||
Pension | (469) | (40) | |
Property, plant and equipment | (469) | (422) | |
Intangibles | (1,296) | (1,553) | |
Unremitted earnings of foreign subsidiaries | (419) | (616) | |
Other asset basis differences | (136) | (110) | |
Other | (163) | (50) | |
Total deferred tax liabilities | (2,952) | (2,791) | |
Net deferred tax liability | (1,584) | (1,331) | |
Deferred Tax Assets [Line Items] | |||
Gross deferred tax assets | 2,024 | 2,149 | |
Tax charge on earnings of foreign subsidiaries | 419 | 616 | |
Valuation allowance | 656 | 689 | |
Foreign Tax Authority [Member] | |||
Deferred Tax Assets, Net [Abstract] | |||
Gross deferred tax assets | 767 | ||
Valuation allowance | (653) | ||
Deferred Tax Assets [Line Items] | |||
Gross deferred tax assets | 767 | ||
Undistributed Earnings And Profits Of Foreign Affiliates | 16,700 | ||
Valuation allowance | 653 | ||
Valuation Allowance Impact To Tax Expense | $ (23) | $ 57 | $ 4 |
INCOME TAX 4 (Details)
INCOME TAX 4 (Details) | Dec. 31, 2019USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 3,006,000,000 |
Tax Credit Carryforward, Amount | 251,000,000 |
U.S. Federal | 2039 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 16,000,000 |
Tax Credit Carryforward, Amount | 89,000,000 |
Foreign Tax Authority [Member] | Indefinite [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 2,324,000,000 |
Tax Credit Carryforward, Amount | 0 |
Foreign Tax Authority [Member] | 2039 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 277,000,000 |
Tax Credit Carryforward, Amount | 142,000,000 |
U.S. State | 2039 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 389,000,000 |
Tax Credit Carryforward, Amount | $ 20,000,000 |
INCOME TAX 5 (Details)
INCOME TAX 5 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 1,089 | $ 947 | $ 877 |
Gross increases related to current period tax positions | 51 | 370 | 94 |
Gross increases related to prior periods tax positions | 83 | 82 | 153 |
Gross decreases related to prior periods tax positions | (34) | (201) | (91) |
Decrease related to resolutions of audits with tax authorities | (3) | (40) | (76) |
Expiration of the statue of limitations for the assessment of taxes | (13) | (50) | (54) |
Foreign currency translation | (9) | (19) | 44 |
Balance at end of year | $ 1,164 | $ 1,089 | $ 947 |
INCOME TAX 6 (Details)
INCOME TAX 6 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Examination Paragraph Details [Abstract] | |||
Income tax Examination Unrecognized Tax Benefits From Examination | $ 413 | $ 304 | $ 487 |
Income Tax Examination Estimated Interest and Penalties From Examination | 73 | 45 | 28 |
Income Tax Examination Accrued Interest and Penalties From Examination | 487 | 426 | 423 |
Tax Cuts And Jobs Act [Line Items] | |||
Measurement period adjustment | (440) | ||
Tax charge on earnings of foreign subsidiaries | 419 | 616 | |
Deferred Tax Liability Change In Amount | (281) | ||
Tax Cuts and Jobs Act 2017 [Member] | |||
Tax Cuts And Jobs Act [Line Items] | |||
Total tax charge | 3,500 | ||
Measurement period adjustment | (440) | ||
Corporate Tax Rate Change [Member] | |||
Tax Cuts And Jobs Act [Line Items] | |||
Measurement period adjustment | (90) | ||
Tax benefit due to decrease in corporate statutory tax rate | (190) | (190) | |
Mandatory Transition Tax [Member] | |||
Tax Cuts And Jobs Act [Line Items] | |||
Measurement period adjustment | 50 | ||
Tax charge due to imposition of the mandatory transition tax | 1,950 | ||
Undistributed Foreign Earnings [Member] | |||
Tax Cuts And Jobs Act [Line Items] | |||
Measurement period adjustment | 400 | ||
Tax charge on earnings of foreign subsidiaries | 1,700 | $ 1,700 | |
Deferred Tax Liability Change In Amount | $ (281) | $ (1,100) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Honeywell | $ 1,562 | $ 1,624 | $ 1,541 | $ 1,416 | $ 1,721 | $ 2,338 | $ 1,267 | $ 1,439 | $ 6,143 | $ 6,765 | $ 1,545 |
Weighted average shares outstanding | 721 | 743 | 762.1 | ||||||||
Earnings per share of common stock - basic | $ 2.19 | $ 2.26 | $ 2.13 | $ 1.94 | $ 2.34 | $ 3.15 | $ 1.70 | $ 1.92 | $ 8.52 | $ 9.10 | $ 2.03 |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Net income attributable to Honeywell | $ 1,562 | $ 1,624 | $ 1,541 | $ 1,416 | $ 1,721 | $ 2,338 | $ 1,267 | $ 1,439 | $ 6,143 | $ 6,765 | $ 1,545 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted average shares outstanding | 721 | 743 | 762.1 | ||||||||
Dilutive securities issuable - stock plans | 9.3 | 10 | 10 | ||||||||
Total weighted average diluted shares outstanding | 730.3 | 753 | 772.1 | ||||||||
Earnings per share of common stock - assuming dilution | $ 2.16 | $ 2.23 | $ 2.10 | $ 1.92 | $ 2.31 | $ 3.11 | $ 1.68 | $ 1.89 | $ 8.41 | $ 8.98 | $ 2 |
Earnings Per Share Paragraph Details [Abstract] | |||||||||||
Stock options excluded from diluted computations | 2.5 | 2.5 | 2.8 |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 9,496,000,000 | $ 9,086,000,000 | $ 9,243,000,000 | $ 8,884,000,000 | $ 9,729,000,000 | $ 10,762,000,000 | $ 10,919,000,000 | $ 10,392,000,000 | $ 36,709,000,000 | $ 41,802,000,000 | $ 40,534,000,000 |
Disaggregation of revenue, timing of recognition - percentage | 100.00% | 100.00% | |||||||||
Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 27,629,000,000 | $ 32,848,000,000 | 32,317,000,000 | ||||||||
Disaggregation of revenue, timing of recognition - percentage | 75.00% | 79.00% | |||||||||
Products [Member] | Transferred at Point in Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Disaggregation of revenue, timing of recognition - percentage | 61.00% | 67.00% | |||||||||
Products [Member] | Transferred over Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Disaggregation of revenue, timing of recognition - percentage | 14.00% | 12.00% | |||||||||
Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 9,080,000,000 | $ 8,954,000,000 | 8,217,000,000 | ||||||||
Disaggregation of revenue, timing of recognition - percentage | 25.00% | 21.00% | |||||||||
Services [Member] | Transferred at Point in Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Disaggregation of revenue, timing of recognition - percentage | 9.00% | 7.00% | |||||||||
Services [Member] | Transferred over Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Disaggregation of revenue, timing of recognition - percentage | 16.00% | 14.00% | |||||||||
Aerospace [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 14,054,000,000 | $ 15,493,000,000 | |||||||||
Aerospace [Member] | Commercial Aviation Original Equipment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,997,000,000 | 2,833,000,000 | |||||||||
Aerospace [Member] | Commercial Aviation Aftermarket [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,731,000,000 | 5,373,000,000 | |||||||||
Aerospace [Member] | Defense and Space [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,326,000,000 | 4,665,000,000 | |||||||||
Aerospace [Member] | Transportation Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 2,622,000,000 | |||||||||
Aerospace [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 8,766,000,000 | 10,415,000,000 | 10,067,000,000 | ||||||||
Aerospace [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,288,000,000 | 5,078,000,000 | 4,712,000,000 | ||||||||
Honeywell Building Technologies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,717,000,000 | 9,298,000,000 | |||||||||
Honeywell Building Technologies [Member] | Homes Products And Software [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 1,732,000,000 | |||||||||
Honeywell Building Technologies [Member] | Distribution ADI [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 2,196,000,000 | |||||||||
Honeywell Building Technologies [Member] | Building Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,403,000,000 | 2,417,000,000 | |||||||||
Honeywell Building Technologies [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,314,000,000 | 2,953,000,000 | |||||||||
Honeywell Building Technologies [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 4,395,000,000 | 7,868,000,000 | 8,396,000,000 | ||||||||
Honeywell Building Technologies [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,322,000,000 | 1,430,000,000 | 1,381,000,000 | ||||||||
Performance Materials And Technologies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 10,834,000,000 | 10,674,000,000 | |||||||||
Performance Materials And Technologies [Member] | UOP [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,890,000,000 | 2,845,000,000 | |||||||||
Performance Materials And Technologies [Member] | Honeywell Process Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,146,000,000 | 4,981,000,000 | |||||||||
Performance Materials And Technologies [Member] | Specialty Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,062,000,000 | 1,134,000,000 | |||||||||
Performance Materials And Technologies [Member] | Fluorine Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,736,000,000 | 1,714,000,000 | |||||||||
Performance Materials And Technologies [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 8,732,000,000 | 8,589,000,000 | 8,521,000,000 | ||||||||
Performance Materials And Technologies [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,102,000,000 | 2,085,000,000 | 1,818,000,000 | ||||||||
Safety And Productivity Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 6,104,000,000 | 6,337,000,000 | |||||||||
Safety And Productivity Solutions [Member] | Safety and Retail [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,215,000,000 | 2,278,000,000 | |||||||||
Safety And Productivity Solutions [Member] | Productivity Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,110,000,000 | 1,373,000,000 | |||||||||
Safety And Productivity Solutions [Member] | Warehouse and Workflow Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,931,000,000 | 1,829,000,000 | |||||||||
Safety And Productivity Solutions [Member] | Sensing & Internet-of-Things (IoT) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 848,000,000 | 857,000,000 | |||||||||
Safety And Productivity Solutions [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,736,000,000 | 5,976,000,000 | 5,333,000,000 | ||||||||
Safety And Productivity Solutions [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 368,000,000 | $ 361,000,000 | $ 306,000,000 |
REVENUE RECOGNITION AND CONTR_4
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS 2 (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Change in Contract with Customer, Asset and Liability [Abstract] | ||||
Contract assets | $ 1,602 | $ 1,548 | $ 1,548 | $ 1,721 |
Change in contract assets - increase (decrease) | 54 | (173) | ||
Contract liability | (3,501) | (3,378) | $ (3,378) | $ (2,973) |
Change in contract liability - (increase) decrease | (123) | (405) | ||
Net change | (69) | (578) | ||
Contract With Customer Liability Revenue Recognized | $ 1,543 | $ 1,166 |
REVENUE RECOGNITION AND CONTR_5
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS 3 (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 25,612 |
Within One Year [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 57.00% |
Greater Than One Year [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 43.00% |
Aerospace [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 11,315 |
Honeywell Building Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | 5,515 |
Performance Materials And Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | 6,527 |
Safety And Productivity Solutions [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 2,255 |
ACCOUNTS, NOTES AND OTHER RECEI
ACCOUNTS, NOTES AND OTHER RECEIVABLES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Trade | $ 7,639 | $ 7,705 |
Less - Allowance for doubtful accounts | (146) | (197) |
Accounts receivable, Net | 7,493 | 7,508 |
Accounts Notes And Other Receivables Paragraph Details [Abstract] | ||
Unbilled Contracts Receivable | $ 1,586 | $ 1,543 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory, Combining Work in Process and Raw Materials Alternative, Gross [Abstract] | ||
Raw materials | $ 1,056 | $ 1,109 |
Work in process | 817 | 811 |
Finished products | 2,593 | 2,445 |
Inventory, Gross | 4,466 | 4,365 |
Reduction to LIFO cost basis | (45) | (39) |
Inventories | 4,421 | 4,326 |
Inventories Paragraph Details [Abstract] | ||
LIFO Inventory Amount | 292 | 294 |
LIFO reserve | $ 45 | $ 39 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 13,713 | $ 13,410 | |
Less: Accumulated depreciation | (8,388) | (8,114) | |
Property, plant and equipment - net | 5,325 | 5,296 | |
Property, Plant and Equipment Paragraph Details [Abstract] | |||
Depreciation | 673 | 721 | $ 717 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 251 | 262 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 9,586 | 9,435 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,152 | 3,125 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 724 | $ 588 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Future Amortization Expense - 2020 | $ 355,000,000 | ||
Future Amortization Expense - 2021 | 317,000,000 | ||
Future Amortization Expense - 2022 | 293,000,000 | ||
Future Amortization Expense - 2023 | 256,000,000 | ||
Future Amortization Expense - 2024 | 234,000,000 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 6,443,000,000 | $ 6,456,000,000 | |
Accumulated Amortization | (3,737,000,000) | (3,347,000,000) | |
Net Carrying Amount | 2,706,000,000 | 3,109,000,000 | |
Goodwill [Line Items] | |||
Balance at beginning of period, | 15,546,000,000 | ||
Acquisitions/Divestitures | 74,000,000 | ||
Currency Translation Adjustment | (57,000,000) | ||
Balance at end of period, | 15,563,000,000 | 15,546,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Trademarks with indefinite lives | 1,028,000,000 | 1,030,000,000 | |
Gross carrying amount | 7,471,000,000 | 7,486,000,000 | |
Accumulated Amortization | (3,737,000,000) | (3,347,000,000) | |
Net carrying amount | 3,734,000,000 | 4,139,000,000 | |
Goodwill and Intangible Assets Paragraph Details [Abstract] | |||
Amortization of Intangible Assets | 415,000,000 | 395,000,000 | $ 398,000,000 |
Aerospace [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 2,258,000,000 | ||
Acquisitions/Divestitures | 0 | ||
Currency Translation Adjustment | 8,000,000 | ||
Balance at end of period, | 2,266,000,000 | 2,258,000,000 | |
Performance Materials And Technologies [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 5,147,000,000 | ||
Acquisitions/Divestitures | 0 | ||
Currency Translation Adjustment | (42,000,000) | ||
Balance at end of period, | 5,105,000,000 | 5,147,000,000 | |
Honeywell Building Technologies [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 3,238,000,000 | ||
Acquisitions/Divestitures | (1,000,000) | ||
Currency Translation Adjustment | (22,000,000) | ||
Balance at end of period, | 3,215,000,000 | 3,238,000,000 | |
Safety And Productivity Solutions [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 4,903,000,000 | ||
Acquisitions/Divestitures | 75,000,000 | ||
Currency Translation Adjustment | (1,000,000) | ||
Balance at end of period, | 4,977,000,000 | 4,903,000,000 | |
Patents and Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 2,060,000,000 | 1,996,000,000 | |
Accumulated Amortization | (1,481,000,000) | (1,332,000,000) | |
Net Carrying Amount | 579,000,000 | 664,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (1,481,000,000) | (1,332,000,000) | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 3,769,000,000 | 3,785,000,000 | |
Accumulated Amortization | (1,766,000,000) | (1,510,000,000) | |
Net Carrying Amount | 2,003,000,000 | 2,275,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (1,766,000,000) | (1,510,000,000) | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 317,000,000 | 326,000,000 | |
Accumulated Amortization | (228,000,000) | (206,000,000) | |
Net Carrying Amount | 89,000,000 | 120,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (228,000,000) | (206,000,000) | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 297,000,000 | 349,000,000 | |
Accumulated Amortization | (262,000,000) | (299,000,000) | |
Net Carrying Amount | 35,000,000 | 50,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | $ (262,000,000) | $ (299,000,000) |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Customer advances and deferred income | $ 2,490,000,000 | $ 2,403,000,000 |
Compensation, benefit and other employee related | 1,551,000,000 | 1,469,000,000 |
Repositioning | 640,000,000 | 566,000,000 |
Asbestos related liabilities | 361,000,000 | 245,000,000 |
Income taxes | 253,000,000 | 166,000,000 |
Other taxes | 239,000,000 | 234,000,000 |
Environmental costs | 222,000,000 | 175,000,000 |
Product warranties and performance guarantees | 213,000,000 | 243,000,000 |
Operating lease liabilities | 171,000,000 | 0 |
Insurance | 143,000,000 | 170,000,000 |
Accrued interest | 91,000,000 | 94,000,000 |
Other (primarily operating expenses) | 1,102,000,000 | 1,094,000,000 |
Accrued Liabilities | $ 7,476,000,000 | $ 6,859,000,000 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
LONG-TERM DEBT AND CREDIT AGR_3
LONG-TERM DEBT AND CREDIT AGREEMENTS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Total long-term debt, including current portion | $ 12,486,000,000 | $ 12,628,000,000 |
Less current portion | (1,376,000,000) | (2,872,000,000) |
Total Long-term debt | 11,110,000,000 | 9,756,000,000 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2020 | 1,376,000,000 | |
2021 | 2,375,000,000 | |
2022 | 1,242,000,000 | |
2023 | 1,733,000,000 | |
2024 | 780,000,000 | |
Thereafter | 4,980,000,000 | |
Total long-term debt, including current portion | 12,486,000,000 | 12,628,000,000 |
Less current portion | (1,376,000,000) | (2,872,000,000) |
Total Long-term debt | 11,110,000,000 | 9,756,000,000 |
Notes 1.40% due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 0 | 1,250,000,000 |
Various interest rates | 1.40% | |
Repayments of Debt | $ 1,250,000,000 | |
Three year floating rate notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 0 | 250,000,000 |
Repayments of Debt | 250,000,000 | |
Two Year Floating Rate Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 0 | 450,000,000 |
Repayments of Debt | 450,000,000 | |
Notes 1.8% due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 0 | 750,000,000 |
Various interest rates | 1.80% | |
Repayments of Debt | $ 750,000,000 | |
Euro notes .65% due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,123,000,000 | 1,145,000,000 |
Various interest rates | 0.65% | |
Notes 4.25% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 800,000,000 | 800,000,000 |
Various interest rates | 4.25% | |
Notes 1.85% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,500,000,000 | 1,500,000,000 |
Various interest rates | 1.85% | |
Notes 2.15% Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 600,000,000 | 0 |
Various interest rates | 2.15% | |
Floating Rate Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 600,000,000 | 0 |
Euro notes 1.30% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,404,000,000 | 1,432,000,000 |
Various interest rates | 1.30% | |
Notes 3.35% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 300,000,000 | 300,000,000 |
Various interest rates | 3.35% | |
Notes 2.30& Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 750,000,000 | 0 |
Various interest rates | 2.30% | |
Notes 2.50% due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,500,000,000 | 1,500,000,000 |
Various interest rates | 2.50% | |
Euro Notes 2.25% due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 842,000,000 | 859,000,000 |
Various interest rates | 2.25% | |
Notes 2.70% Due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 750,000,000 | 0 |
Various interest rates | 2.70% | |
Notes 5.70% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 441,000,000 | 441,000,000 |
Various interest rates | 5.70% | |
Notes 5.70% due 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 462,000,000 | 462,000,000 |
Various interest rates | 5.70% | |
Notes 5.375% due 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 417,000,000 | 417,000,000 |
Various interest rates | 5.375% | |
Notes 3.812% due 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 445,000,000 | 445,000,000 |
Various interest rates | 3.812% | |
Industrial development bond obligations, floating rate maturing at various dates through 2037 [Member] | ||
Debt Instrument [Line Items] | ||
Industrial development bond | $ 22,000,000 | 22,000,000 |
Debentures 6.625% due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debentures | $ 201,000,000 | 201,000,000 |
Various interest rates | 6.625% | |
Debentures 9.065% due 2033 [Member] | ||
Debt Instrument [Line Items] | ||
Debentures | $ 51,000,000 | 51,000,000 |
Various interest rates | 9.065% | |
Other (including finance leases and debt issuance costs), 6.6% weighted average maturing at various dates through 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Other long term debt | $ 278,000,000 | $ 353,000,000 |
Debt, Weighted Average Interest Rate | 6.60% | |
Notes 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Long-term Debt | $ 2,700,000,000 | |
Payments of Debt Issuance Costs | $ 18,000,000 | |
Debt Instrument, Description | On August 8, 2019, the Company issued $600 million 2.15% Senior Notes due 2022, $600 million Floating Rate Senior Notes due 2022, $750 million 2.30% Senior Notes due 2024 and $750 million 2.70% Senior Notes due 2029 (collectively the "2019 Notes"). | |
Garrett Preseparation Funding [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Long-term Debt | $ 1,604,000,000 | |
Resideo Pre-separation Funding [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Long-term Debt | 1,197,000,000 | |
Syndicate Of Banks [Member] | $1.5B Second 364-Day Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, current borrowing capacity | 1,500,000,000 | |
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Borrowing capacity description | On April 26, 2019, the Company entered into a $1.5 billion 364-Day Credit Agreement with a syndicate of banks. This 364-Day Credit Agreement is maintained for general corporate purposes. | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,500,000,000 | |
Syndicate Of Banks [Member] | 5 Year Credit Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, current borrowing capacity | 4,000,000,000 | |
Line of credit facility, maximum borrowing capacity | $ 4,500,000,000 | |
Borrowing capacity description | On April 26, 2019, the Company entered into a $4.0 billion Amended and Restated Five Year Credit Agreement (the “5-Year Credit Agreement”), with a syndicate of banks. The 5-Year Credit Agreement is maintained for general corporate purposes. | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,000,000,000 | |
Syndicate Of Banks [Member] | Prior Agreement [Member] | ||
Line of Credit Facility [Line Items] | ||
Line Of Credit Facility Borrowing Capacity Of Prior Agreement | $ 4,000,000,000 |
LEASES (Details)
LEASES (Details) $ in Billions | Jan. 01, 2019USD ($) |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 0.7 |
LEASES 2 (Details)
LEASES 2 (Details) | Dec. 31, 2019 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Lessee, Operating Lease, Renewal Term | 5 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 20 years |
LEASES 3 (Details)
LEASES 3 (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 222 |
Variable lease cost | 27 |
Short-term lease cost | 12 |
Amortization of right-of-use assets | 65 |
Interest on lease liability | 30 |
Total financing lease cost | 95 |
Total lease cost | $ 356 |
LEASES 4 (Details)
LEASES 4 (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 224 |
Operating cash flows from finance leases | 32 |
Financing cash flows from finance leases | 61 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | 179 |
Finance leases | $ 34 |
LEASES 5 (Details)
LEASES 5 (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets and Liabilities [Abstract] | ||
Other assets | $ 673,000,000 | |
Accrued liabilities | 171,000,000 | $ 0 |
Other liabilities | 534,000,000 | $ 0 |
Total operating lease liabilities | 705,000,000 | |
Property, plant and equipment | 361,000,000 | |
Accumulated depreciation | (152,000,000) | |
Property, plant and equipment - net | 209,000,000 | |
Current maturities of long-term debt | 59,000,000 | |
Long-term debt | 156,000,000 | |
Total financing lease liability | $ 215,000,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years | |
Finance Lease, Weighted Average Remaining Lease Term | 4 years | |
Lease, Cost [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.30% | |
Finance Lease, Weighted Average Discount Rate, Percent | 16.20% |
LEASES 6 (Details)
LEASES 6 (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent us-gaap:OtherLiabilitiesNoncurrent | |
Operating Leases | ||
2020 | $ 195 | |
2021 | 162 | |
2022 | 128 | |
2023 | 97 | |
2024 | 63 | |
Thereafter | 145 | |
Total lease payments | 790 | |
Less: interest | (85) | |
Total | 705 | |
Financing Leases | ||
2020 | 86 | |
2021 | 73 | |
2022 | 53 | |
2023 | 41 | |
2024 | 37 | |
Thereafter | 12 | |
Total lease payments | 302 | |
Less: Interest | (87) | |
Total | $ 215 | |
Operating Leases, Future Minimum Payments Due | ||
2019 | $ 210 | |
2020 | 168 | |
2021 | 142 | |
2022 | 109 | |
2023 | 80 | |
Thereafter | 147 | |
Total | $ 856 |
FINANCIAL INSTRUMENTS AND FAI_3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ (168) | $ (41) | |
Foreign Currency Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 12,746 | 14,995 | |
Amount of hedged item | $ 3,513 | $ 3,583 | |
Foreign Currency Exchange Contracts [Member] | Forecast [Member] | |||
Derivative [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 52 | ||
Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Fixed Rate Debt Percent changed to LIBOR | 2.87% | 2.93% | |
Amount of hedged item | $ 3,950 | $ 2,600 |
FINANCIAL INSTRUMENTS AND FAI_4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 2 (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Fair Value Of Derivative Asset | $ 291 | $ 119 |
Derivative Fair Value Of Derivative Liability | 21 | 4 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 38 | 20 |
Derivative Fair Value Of Derivative Liability | 13 | 65 |
Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 51 | 32 |
Fair Value Inputs Level 1 And Level 2 [Member] | Available for sale investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | $ 1,523 | $ 1,784 |
FINANCIAL INSTRUMENTS AND FAI_5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 3 (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | $ 129 | $ 333 |
Long-term debt and related current maturities | 12,486 | 12,628 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 127 | 329 |
Long-term debt and related current maturities | $ 13,578 | $ 13,133 |
FINANCIAL INSTRUMENTS AND FAI_6
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow Hedge Gain Loss Reclassified To Income Statement Locations Paragraph Details [Abstract] | |||
Gain (Loss) on interest rate swap agreements | $ 70 | $ (37) | $ (29) |
Foreign Exchange Mark to Market income (expense) | $ 106 | $ 394 | $ (207) |
FINANCIAL INSTRUMENTS AND FAI_7
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 5 (Details) - Designated as Hedging Instrument [Member] - Long-term debt [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Derivative Instruments By Hedge Designation [Line Items] | ||
Carrying Amount of the Hedged Item | $ 3,975 | $ 2,555 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item | $ 25 | $ (45) |
FINANCIAL INSTRUMENTS AND FAI_8
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 6 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 9,496,000,000 | $ 9,086,000,000 | $ 9,243,000,000 | $ 8,884,000,000 | $ 9,729,000,000 | $ 10,762,000,000 | $ 10,919,000,000 | $ 10,392,000,000 | $ 36,709,000,000 | $ 41,802,000,000 | $ 40,534,000,000 |
Cost of products and services sold | 24,339,000,000 | 29,046,000,000 | 28,144,000,000 | ||||||||
Selling, general and administrative expenses | 5,519,000,000 | 6,051,000,000 | 6,087,000,000 | ||||||||
Other (income) expense | (1,065,000,000) | (1,149,000,000) | (963,000,000) | ||||||||
Interest and other financial charges | 357,000,000 | 367,000,000 | 316,000,000 | ||||||||
Designated as Hedging Instrument [Member] | Euro-denominated long-term debt | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||||||||||
Gain (Loss) on net investment hedges recognized in accumulated other comprehensive income | 68,000,000 | 177,000,000 | |||||||||
Designated as Hedging Instrument [Member] | Euro-denominated commercial paper [Member] | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||||||||||
Gain (Loss) on net investment hedges recognized in accumulated other comprehensive income | 71,000,000 | 168,000,000 | |||||||||
Designated as Hedging Instrument [Member] | Net Investment Cross Currency Swap [Member] | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||||||||||
Gain (Loss) on net investment hedges recognized in accumulated other comprehensive income | 32,000,000 | 44,000,000 | |||||||||
Foreign Currency Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | |||||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax [Abstract] | |||||||||||
Gain (Loss) on net investment hedges recognized in accumulated other comprehensive income | 23,000,000 | 0 | |||||||||
(Gains) losses on cash flow hedges | Foreign Currency Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Revenue [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | 3,000,000 | (9,000,000) | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
(Gains) losses on cash flow hedges | Foreign Currency Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Cost of Products Sold [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | 44,000,000 | (35,000,000) | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 22,000,000 | 6,000,000 | |||||||||
(Gains) losses on cash flow hedges | Foreign Currency Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | SG&A [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | 1,000,000 | (2,000,000) | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
(Gains) losses on cash flow hedges | Foreign Currency Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Other (Income) Expense [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | 73,000,000 | 47,000,000 | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 35,000,000 | 9,000,000 | |||||||||
(Gains) losses on cash flow hedges | Foreign Currency Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Interest and Other Financial Charges [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | 0 | 0 | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
Gain or (loss) on fair value hedges [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Revenue [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Gain or (loss) on fair value hedges [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cost of Products Sold [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Gain or (loss) on fair value hedges [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | SG&A [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Gain or (loss) on fair value hedges [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other (Income) Expense [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Gain or (loss) on fair value hedges [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest and Other Financial Charges [Member] | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||
Hedged items | (70,000,000) | 37,000,000 | |||||||||
Derivatives designated as hedges | 70,000,000 | (37,000,000) | |||||||||
Products [Member] | |||||||||||
Revenue | 27,629,000,000 | 32,848,000,000 | 32,317,000,000 | ||||||||
Cost of products and services sold | $ 19,269,000,000 | $ 23,634,000,000 | $ 23,176,000,000 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Other Liabilities, Noncurrent [Abstract] | ||
Income Taxes | $ 2,115,000,000 | $ 2,236,000,000 |
Pension and other employee related | 1,873,000,000 | 1,795,000,000 |
Deferred income | 1,310,000,000 | 1,264,000,000 |
Operating lease liabilities | 534,000,000 | 0 |
Environmental | 487,000,000 | 580,000,000 |
Insurance | 247,000,000 | 236,000,000 |
Asset retirement obligations | 61,000,000 | 74,000,000 |
Product warranties and performance guarantees | 56,000,000 | 67,000,000 |
Other | 83,000,000 | 150,000,000 |
Total other liabilities | $ 6,766,000,000 | $ 6,402,000,000 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Capital Stock Paragraph Details [Abstract] | ||
Common Stock, Shares Authorized | 2,000,000,000 | |
Common Shares par value | $ 1 | |
Preferred Stock, Shares Authorized | 40,000,000 | |
Stock Repurchased During Period Shares | (26,500,000) | (26,500,000) |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program Remaining Authorized Repurchase Amount | $ 7 | $ 3.7 |
Authorized Amount Of Common Stock Value Of Share Repurchase Program | $ 10 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Cumulative foreign exchange translation adjustment | $ (2,566,000,000) | $ (2,709,000,000) | |
Pension and other postretirement benefit adjustments | (675,000,000) | (761,000,000) | |
Fair value of designated cash flow hedges | 44,000,000 | 33,000,000 | |
Accumulated Other Comprehensive Income (Loss) | (3,197,000,000) | (3,437,000,000) | $ (2,235,000,000) |
Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Foreign exchange translation adjustment | 143,000,000 | (37,000,000) | |
Pension and other postretirement benefit adjustments | 115,000,000 | 847,000,000 | |
Changes in fair value of designated cash flow hedges | 20,000,000 | (194,000,000) | |
Changes in accumulated other comprehensive income, pretax | 278,000,000 | 616,000,000 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Foreign exchange translation adjustment | 0 | 0 | |
Pensions and other postretirement benefit adjustments | (29,000,000) | (170,000,000) | |
Changes in fair value of designated cash flow hedges | (9,000,000) | 33,000,000 | |
Other comprehensive income (loss), tax | (38,000,000) | (137,000,000) | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign exchange translation adjustment | 143,000,000 | (685,000,000) | (37,000,000) |
Pensions and other postretirement benefit adjustments | 86,000,000 | (606,000,000) | 677,000,000 |
Changes in fair value of designated cash flow hedges | 11,000,000 | 85,000,000 | (161,000,000) |
Components of other comprehensive income (loss), net of tax | $ 240,000,000 | (1,202,000,000) | $ 479,000,000 |
AOCI Including Spin Transactions [Member] | |||
Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Foreign exchange translation adjustment | (728,000,000) | ||
Pension and other postretirement benefit adjustments | (727,000,000) | ||
Changes in fair value of designated cash flow hedges | 102,000,000 | ||
Changes in accumulated other comprehensive income, pretax | (1,353,000,000) | ||
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Foreign exchange translation adjustment | 0 | ||
Pensions and other postretirement benefit adjustments | 168,000,000 | ||
Changes in fair value of designated cash flow hedges | (17,000,000) | ||
Other comprehensive income (loss), tax | 151,000,000 | ||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign exchange translation adjustment | (728,000,000) | ||
Pensions and other postretirement benefit adjustments | (559,000,000) | ||
Changes in fair value of designated cash flow hedges | 85,000,000 | ||
Components of other comprehensive income (loss), net of tax | $ (1,202,000,000) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period December 31 | $ (3,437,000,000) | $ (2,235,000,000) | |
Other comprehensive income (loss) before reclassifications | 408,000,000 | (1,165,000,000) | |
Amounts reclassified from accumulated other comprehensive income | (168,000,000) | (41,000,000) | |
Spin-off | 4,000,000 | ||
Net current period other comprehensive income (loss) | 240,000,000 | (1,202,000,000) | $ 479,000,000 |
Balance end of period | (3,197,000,000) | (3,437,000,000) | (2,235,000,000) |
Foreign Exchange Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period December 31 | (2,709,000,000) | (1,981,000,000) | |
Other comprehensive income (loss) before reclassifications | 156,000,000 | (685,000,000) | |
Amounts reclassified from accumulated other comprehensive income | (13,000,000) | 0 | |
Spin-off | (43,000,000) | ||
Net current period other comprehensive income (loss) | 143,000,000 | (728,000,000) | |
Balance end of period | (2,566,000,000) | (2,709,000,000) | (1,981,000,000) |
Pension and Other Postretirement Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period December 31 | (761,000,000) | (202,000,000) | |
Other comprehensive income (loss) before reclassifications | 149,000,000 | (569,000,000) | |
Amounts reclassified from accumulated other comprehensive income | (63,000,000) | (37,000,000) | |
Spin-off | 47,000,000 | ||
Net current period other comprehensive income (loss) | 86,000,000 | (559,000,000) | |
Balance end of period | (675,000,000) | (761,000,000) | (202,000,000) |
Changes in Fair Value of Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period December 31 | 33,000,000 | (52,000,000) | |
Other comprehensive income (loss) before reclassifications | 103,000,000 | 89,000,000 | |
Amounts reclassified from accumulated other comprehensive income | (92,000,000) | (4,000,000) | |
Spin-off | 0 | ||
Net current period other comprehensive income (loss) | 11,000,000 | 85,000,000 | |
Balance end of period | $ 44,000,000 | $ 33,000,000 | $ (52,000,000) |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 3 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | $ (9,496,000,000) | $ (9,086,000,000) | $ (9,243,000,000) | $ (8,884,000,000) | $ (9,729,000,000) | $ (10,762,000,000) | $ (10,919,000,000) | $ (10,392,000,000) | $ (36,709,000,000) | $ (41,802,000,000) | $ (40,534,000,000) |
Cost of products and services sold | 24,339,000,000 | 29,046,000,000 | 28,144,000,000 | ||||||||
Selling, general and administrative expenses | 5,519,000,000 | 6,051,000,000 | 6,087,000,000 | ||||||||
Other (income) expense | (1,065,000,000) | (1,149,000,000) | (963,000,000) | ||||||||
Tax expense (benefit) | 1,329,000,000 | 659,000,000 | 5,362,000,000 | ||||||||
Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | (27,629,000,000) | (32,848,000,000) | (32,317,000,000) | ||||||||
Cost of products and services sold | 19,269,000,000 | 23,634,000,000 | 23,176,000,000 | ||||||||
Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | (9,080,000,000) | (8,954,000,000) | (8,217,000,000) | ||||||||
Cost of products and services sold | 5,070,000,000 | 5,412,000,000 | $ 4,968,000,000 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | (3,000,000) | 10,000,000 | |||||||||
Selling, general and administrative expenses | (1,000,000) | 2,000,000 | |||||||||
Other (income) expense | (61,000,000) | (99,000,000) | |||||||||
Total before tax | (109,000,000) | (51,000,000) | |||||||||
Tax expense (benefit) | (59,000,000) | 10,000,000 | |||||||||
Total reclassification for the period, net of tax | (168,000,000) | (41,000,000) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | (35,000,000) | 30,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | (9,000,000) | 6,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | (Gains) losses on cash flow hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | (3,000,000) | 10,000,000 | |||||||||
Selling, general and administrative expenses | (1,000,000) | 2,000,000 | |||||||||
Other (income) expense | (73,000,000) | (47,000,000) | |||||||||
Total before tax | (121,000,000) | 1,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | (Gains) losses on cash flow hedges | Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | (35,000,000) | 30,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | (Gains) losses on cash flow hedges | Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | (9,000,000) | 6,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Actuarial losses recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | 0 | 0 | |||||||||
Selling, general and administrative expenses | 0 | 0 | |||||||||
Other (income) expense | 135,000,000 | 45,000,000 | |||||||||
Total before tax | 135,000,000 | 45,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Actuarial losses recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | 0 | 0 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Actuarial losses recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | 0 | 0 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service (credit) recognized [Member] | Losses (gains) on net investment hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | 0 | ||||||||||
Selling, general and administrative expenses | 0 | ||||||||||
Other (income) expense | (19,000,000) | ||||||||||
Total before tax | (19,000,000) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service (credit) recognized [Member] | Losses (gains) on net investment hedges | Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | 0 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service (credit) recognized [Member] | Losses (gains) on net investment hedges | Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | 0 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service (credit) recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | 0 | 0 | |||||||||
Selling, general and administrative expenses | 0 | 0 | |||||||||
Other (income) expense | (104,000,000) | (99,000,000) | |||||||||
Total before tax | (104,000,000) | (99,000,000) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service (credit) recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | 0 | 0 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Prior service (credit) recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | 0 | 0 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Settlements and curtailments [Member] | Amortization of Pension and Other Postretirement Items [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product sales | 0 | 0 | |||||||||
Selling, general and administrative expenses | 0 | 0 | |||||||||
Other (income) expense | 0 | 2,000,000 | |||||||||
Total before tax | 0 | 2,000,000 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Settlements and curtailments [Member] | Amortization of Pension and Other Postretirement Items [Member] | Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | 0 | 0 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Settlements and curtailments [Member] | Amortization of Pension and Other Postretirement Items [Member] | Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of products and services sold | $ 0 | $ 0 |
STOCK-BASED COMPENSATION PLAN_2
STOCK-BASED COMPENSATION PLANS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options Weighted Average Exercise Price [Abstract] | |||
Exercisable at December 31, | $ 92.19 | ||
2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Weighted average fair value per share of options granted during the year | $ 21.57 | $ 23.63 | $ 16.68 |
Expected annual dividend yield | 2.65% | 2.49% | 2.81% |
Expected volatility | 18.40% | 18.93% | 18.96% |
Risk-free rate of return | 2.46% | 2.71% | 2.02% |
Expected option term (years) | 4 years 10 months 13 days | 4 years 11 months 12 days | 5 years 14 days |
Stock Options Number of Options [Abstract] | |||
Outstanding at beginning of period, | 22,478,581 | 23,409,293 | 28,667,300 |
Spin related adjustment | 989,158 | ||
Granted | 3,136,058 | 3,303,722 | 5,098,569 |
Exercised | (5,897,060) | (3,399,375) | (8,840,019) |
Lapsed or Canceled | (986,017) | (1,824,217) | (1,516,557) |
Outstanding at end of period, | 18,731,562 | 22,478,581 | 23,409,293 |
Vested and Expected to Vest at December 31, | 17,636,444 | ||
Exercisable at December 31, | 11,620,992 | 14,073,120 | 12,288,854 |
Options Activity Footnote [Abstract] | |||
Vested options | 11,600,000 | ||
Options expected to vest | 6,000,000 | ||
Outstanding unvested options | 7,100,000 | ||
Stock Options Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of period, | $ 97.83 | $ 94.16 | $ 79.57 |
Granted | 155.43 | 148.48 | 125.16 |
Exercised | 84.31 | 78.29 | 62.34 |
Lapsed or Canceled | 136.15 | 123.01 | 109.04 |
Outstanding at end of period, | 109.87 | 97.83 | 94.16 |
Vested and Expected to Vest at December 31, | 107.39 | ||
Exercisable at December 31, | $ 92.19 | $ 83.42 | $ 78.35 |
Income Statement Impact From Stock Options [Abstract] | |||
Compensation expense | $ 47 | $ 64 | $ 79 |
Future income tax benefit recognized | 10 | 13 | 17 |
2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Income Statement Impact From Stock Options [Abstract] | |||
Compensation expense | 106 | 111 | 97 |
Future income tax benefit recognized | $ 21 | $ 21 | $ 19 |
STOCK-BASED COMPENSATION PLAN_3
STOCK-BASED COMPENSATION PLANS 2 (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | 18,731,562 | ||
Options Outstanding, Weighted Average Life | 6 years 1 month 6 days | ||
Options Outstanding, Weighted Average Exercise Price | 109.87 | ||
Options Outstanding Aggregate Intrinsic Value | $ 1,257 | ||
Options Exercisable Number of Options | 11,620,992 | ||
Weighted Average Exercise Price | $ 92.19 | ||
Options Exercisable Aggregate Intrinsic Value | $ 985 | ||
2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Weighted Average Exercise Price | $ 92.19 | $ 83.42 | $ 78.35 |
Exercise Price Range $27.00-64.99 [Member] | 2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | 1,621,042 | ||
Options Outstanding, Weighted Average Life | 1 year 10 months 13 days | ||
Options Outstanding, Weighted Average Exercise Price | 55.38 | ||
Options Outstanding Aggregate Intrinsic Value | $ 197 | ||
Options Exercisable Number of Options | 1,621,042 | ||
Weighted Average Exercise Price | $ 55.38 | ||
Options Exercisable Aggregate Intrinsic Value | $ 197 | ||
Exercise Price Range $65.00-$89.99 [Member] | 2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | 3,388,800 | ||
Options Outstanding, Weighted Average Life | 3 years 8 months 26 days | ||
Options Outstanding, Weighted Average Exercise Price | 79.79 | ||
Options Outstanding Aggregate Intrinsic Value | $ 329 | ||
Options Exercisable Number of Options | 3,388,800 | ||
Weighted Average Exercise Price | $ 79.79 | ||
Options Exercisable Aggregate Intrinsic Value | $ 329 | ||
Exercise Price Range $90.00-$99.99 [Member] | 2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | 5,266,409 | ||
Options Outstanding, Weighted Average Life | 5 years 8 months 12 days | ||
Options Outstanding, Weighted Average Exercise Price | 98.80 | ||
Options Outstanding Aggregate Intrinsic Value | $ 412 | ||
Options Exercisable Number of Options | 4,461,659 | ||
Weighted Average Exercise Price | $ 98.81 | ||
Options Exercisable Aggregate Intrinsic Value | $ 349 | ||
Exercise Price Range $100.00-$134.99 [Member] | 2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | 3,344,472 | ||
Options Outstanding, Weighted Average Life | 7 years 1 month 9 days | ||
Options Outstanding, Weighted Average Exercise Price | 119.07 | ||
Options Outstanding Aggregate Intrinsic Value | $ 194 | ||
Options Exercisable Number of Options | 1,636,518 | ||
Weighted Average Exercise Price | $ 118.65 | ||
Options Exercisable Aggregate Intrinsic Value | $ 95 | ||
Exercise Price Range $135.00-$180.99 [Member] | 2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | 5,110,839 | ||
Options Outstanding, Weighted Average Life | 8 years 9 months 3 days | ||
Options Outstanding, Weighted Average Exercise Price | 152.49 | ||
Options Outstanding Aggregate Intrinsic Value | $ 125 | ||
Options Exercisable Number of Options | 512,973 | ||
Weighted Average Exercise Price | $ 148.52 | ||
Options Exercisable Aggregate Intrinsic Value | $ 15 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS 3 (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | |||
Weighted Average Exercise Price | $ 92.19 | ||
2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 11,620,992 | 14,073,120 | 12,288,854 |
Weighted Average Exercise Price | $ 92.19 | $ 83.42 | $ 78.35 |
Shares of Honeywell common stock available for future grants | 37,364,854 | ||
Unrecognized compensation on nonvested stock options | $ 88 | ||
Nonvested options recognized over weighted average period, years | 2 years 4 months | ||
Fair value of options vested | $ 61 | $ 73 | $ 87 |
Compensation expense | 47 | 64 | 79 |
Future income tax benefit recognized | 10 | 13 | 17 |
Financial Statement Impact From Stock Options Exercised [Abstract] | |||
Intrinsic value | 483 | 238 | 620 |
Tax benefit realized | 117 | 47 | 221 |
2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | |||
Unrecognized compensation on nonvested stock options | $ 217 | ||
Nonvested options recognized over weighted average period, years | 2 years 10 months | ||
Compensation expense | $ 106 | 111 | 97 |
Future income tax benefit recognized | $ 21 | $ 21 | $ 19 |
2016 Directors Plan | Share-based Payment Arrangement, Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | |||
Shares of Honeywell common stock available for future grants | 866,273 |
STOCK-BASED COMPENSATION PLAN_4
STOCK-BASED COMPENSATION PLANS - RSUS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting periods | 3 years | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting periods | 6 years | ||
2016 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested options recognized over weighted average period, years | 2 years 4 months | ||
Unrecognized compensation on nonvested stock options | $ 88 | ||
Income Statement Impact From RSUs [Abstract] | |||
Compensation expense | 47 | $ 64 | $ 79 |
Future income tax benefit recognized | $ 10 | $ 13 | $ 17 |
2016 Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested options recognized over weighted average period, years | 2 years 10 months | ||
Unrecognized compensation on nonvested stock options | $ 217 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested at beginning of period, | 3,657,873 | 3,946,827 | 4,467,343 |
Spin related adjustment | 154,346 | ||
Granted | 1,200,202 | 1,360,338 | 1,274,791 |
Vested | (1,160,333) | (988,787) | (1,289,892) |
Forfeited | (457,677) | (814,851) | (505,415) |
Non-vested at end of period, | 3,240,065 | 3,657,873 | 3,946,827 |
Weighted average grant date fair value per share [Abstract] | |||
Non-vested at beginning of period, | $ 125.35 | $ 108.60 | $ 94.17 |
Granted | 162.43 | 153.46 | 129.71 |
Vested | 104.32 | 91.68 | 81.37 |
Forfeited | 134.50 | 117.40 | 103.06 |
Non-vested at end of period, | $ 143.07 | $ 125.35 | $ 108.60 |
Income Statement Impact From RSUs [Abstract] | |||
Compensation expense | $ 106 | $ 111 | $ 97 |
Future income tax benefit recognized | $ 21 | $ 21 | $ 19 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingency, Classification of Accrual [Abstract] | |||||
Accrued liabilities | $ 222 | $ 175 | |||
Other liabilities | 487 | 580 | |||
Total environmental liabilities | $ 755 | $ 755 | $ 511 | $ 709 | $ 755 |
Environmental Matters [Abstract] | |||||
Beginning of period | 755 | 595 | 511 | ||
Accruals for environmental matters deemed probable and reasonably estimable | 213 | 395 | 287 | ||
Environmental liability payments | (256) | (218) | (212) | ||
Other | (3) | (17) | 9 | ||
End of period | $ 709 | $ 755 | $ 595 |
COMMITMENTS AND CONTINGENCIES 2
COMMITMENTS AND CONTINGENCIES 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | $ 2,514,000,000 | $ 2,610,000,000 | $ 2,708,000,000 |
Accrual for update to estimated liability | 100,000,000 | 229,000,000 | 230,000,000 |
Change in estimated cost of future claims | (22,000,000) | (72,000,000) | (65,000,000) |
Update of expected resolution values for pending claims | (4,000,000) | 1,000,000 | 3,000,000 |
Asbestos related liability payments | (231,000,000) | (254,000,000) | (266,000,000) |
Asbestos Related Liabilities, End of Period | 2,357,000,000 | 2,514,000,000 | 2,610,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 477,000,000 | 503,000,000 | 520,000,000 |
Probable insurance recoveries related to estimated liability | 3,000,000 | 11,000,000 | 10,000,000 |
Insurance receipts for asbestos related liabilities | (68,000,000) | (38,000,000) | (27,000,000) |
Insurance receivables settlements and write offs | 22,000,000 | 1,000,000 | 0 |
Other | 0 | 0 | 0 |
Insurance recoveries, end of period | 434,000,000 | 477,000,000 | 503,000,000 |
Bendix Asbestos Loss Contingency Liability [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | 1,623,000,000 | 1,703,000,000 | 1,789,000,000 |
Accrual for update to estimated liability | 78,000,000 | 197,000,000 | 199,000,000 |
Change in estimated cost of future claims | (22,000,000) | (72,000,000) | (65,000,000) |
Update of expected resolution values for pending claims | (4,000,000) | 1,000,000 | 3,000,000 |
Asbestos related liability payments | (176,000,000) | (206,000,000) | (223,000,000) |
Asbestos Related Liabilities, End of Period | 1,499,000,000 | 1,623,000,000 | 1,703,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 170,000,000 | 191,000,000 | 201,000,000 |
Probable insurance recoveries related to estimated liability | 3,000,000 | 11,000,000 | 10,000,000 |
Insurance receipts for asbestos related liabilities | (39,000,000) | (33,000,000) | (20,000,000) |
Insurance receivables settlements and write offs | 19,000,000 | 1,000,000 | 0 |
Other | 0 | 0 | 0 |
Insurance recoveries, end of period | 153,000,000 | 170,000,000 | 191,000,000 |
Narco Asbestos Loss Contingency Liability [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | 891,000,000 | 907,000,000 | 919,000,000 |
Accrual for update to estimated liability | 22,000,000 | 32,000,000 | 31,000,000 |
Change in estimated cost of future claims | 0 | 0 | 0 |
Update of expected resolution values for pending claims | 0 | 0 | 0 |
Asbestos related liability payments | (55,000,000) | (48,000,000) | (43,000,000) |
Asbestos Related Liabilities, End of Period | 858,000,000 | 891,000,000 | 907,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 307,000,000 | 312,000,000 | 319,000,000 |
Probable insurance recoveries related to estimated liability | 0 | 0 | 0 |
Insurance receipts for asbestos related liabilities | (29,000,000) | (5,000,000) | (7,000,000) |
Insurance receivables settlements and write offs | 3,000,000 | 0 | 0 |
Other | 0 | 0 | 0 |
Insurance recoveries, end of period | $ 281,000,000 | $ 307,000,000 | $ 312,000,000 |
COMMITMENTS AND CONTINGENCIES 3
COMMITMENTS AND CONTINGENCIES 3 (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||||
Other current assets | $ 42 | $ 40 | ||
Insurance recoveries for asbestos related liabilities | 392 | 437 | ||
Total assets | 434 | 477 | $ 503 | $ 520 |
Accrued liabilities | 361 | 245 | ||
Asbestos related liabilities | 1,996 | 2,269 | ||
Total liabilities | $ 2,357 | $ 2,514 | $ 2,610 | $ 2,708 |
COMMITMENTS AND CONTINGENCIES 4
COMMITMENTS AND CONTINGENCIES 4 (Details) - Narco Asbestos Loss Contingency Liability [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 31, 2002 |
Loss Contingency By Nature Of Contingency [Line Items] | ||||
Estimated Liability | $ 858 | $ 3,200 | ||
Annual Trust Cap | 145 | |||
Exceptions To Cap [Abstract] | ||||
Value Not Included In Cap | 100 | |||
Change in NARCO Trust liability | $ (207) | |||
Other NARCO bankruptcy-related obligations [Member] | ||||
Loss Contingency By Nature Of Contingency [Line Items] | ||||
Estimated Liability | 73 | |||
Narco Trust Liability [Member] | ||||
Loss Contingency By Nature Of Contingency [Line Items] | ||||
Estimated Liability | 714 | $ 743 | 950 | |
Exceptions To Cap [Abstract] | ||||
Change in NARCO Trust liability | (29) | |||
Narco Trust Liability [Member] | Minimum [Member] | ||||
Loss Contingency By Nature Of Contingency [Line Items] | ||||
Estimated Liability | 743 | |||
Narco Trust Liability [Member] | Maximum [Member] | ||||
Loss Contingency By Nature Of Contingency [Line Items] | ||||
Estimated Liability | $ 961 | |||
Pre-bankruptcy NARCO liability [Member] | ||||
Loss Contingency By Nature Of Contingency [Line Items] | ||||
Estimated Liability | 144 | $ 2,200 | ||
Exceptions To Cap [Abstract] | ||||
Change in NARCO Trust liability | $ (2,000) |
COMMITMENTS AND CONTINGENCIES 5
COMMITMENTS AND CONTINGENCIES 5 (Details) - Bendix Asbestos Loss Contingency Liability [Member] | 12 Months Ended | ||||
Dec. 31, 2019claims$ / claims | Dec. 31, 2018claims$ / claims | Dec. 31, 2017claims$ / claims | Dec. 31, 2016$ / claims | Dec. 31, 2015$ / claims | |
Loss Contingency Claims [Abstract] | |||||
Claims unresolved at the beginning of period | 6,209 | 6,280 | |||
Claims Filed | 2,659 | 2,430 | |||
Claims Resolved | (2,388) | (2,501) | |||
Claims unresolved at the end of period | 6,480 | 6,209 | 6,280 | ||
Loss Contingency, Disease Distribution of Unresolved Claims [Abstract] | |||||
Mesothelioma and Other Cancer Claims | 3,399 | 2,949 | |||
Nonmalignant Claims | 3,081 | 3,260 | |||
Claims unresolved at the end of period | 6,480 | 6,209 | 6,280 | ||
Resolution Values Per Claim [Abstract] | |||||
Malignant claims | $ / claims | 50,200 | 55,300 | 56,000 | 44,000 | 44,000 |
Nonmalignant claims | $ / claims | 3,900 | 4,700 | 2,800 | 4,485 | 100 |
COMMITMENTS AND CONTINGENCIES 6
COMMITMENTS AND CONTINGENCIES 6 (Details) - United Auto Workers [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Other Matters [Line Items] | |
Actions taken by Honeywell | . Honeywell has appealed the District Court’s ruling on this “full premium” damages issue, and believes that the Sixth Circuit Court of Appeals will reverse the District Court on that issue. In the event the Sixth Circuit were to sustain the District Court’s ruling on this issue, Honeywell would be liable for damages of at least $12 million. |
Loss Contingency, Damages Awarded, Value | $ 12 |
COMMITMENTS AND CONTINGENCIES 7
COMMITMENTS AND CONTINGENCIES 7 (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||||
Beginning of year | $ 310 | $ 408 | $ 487 | ||
Accruals for warranties/guarantees issued during the year | 173 | 208 | 215 | ||
Adjustments of pre-existing warranties/guarantees | (34) | (78) | (27) | ||
Settlement of warranty/guarantee claims | (180) | (228) | (267) | ||
End of year | 269 | 310 | 408 | ||
Standard Product Warranty Accrual, Balance Sheet Classification [Abstract] | |||||
Accrued liabilities | $ 213 | $ 243 | |||
Other liabilities | 56 | 67 | |||
Total Product Warranties and Guarantees Liabilities | $ 310 | $ 310 | $ 408 | $ 269 | $ 310 |
COMMITMENTS AND CONTINGENCIES 8
COMMITMENTS AND CONTINGENCIES 8 (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Bendix Asbestos Loss Contingency Liability [Member] | Garrett [Member] | |||
Loss Contingency Indemnification Agreements Disclosure [Line Items] | |||
Spinoff - Indemnification and reimbursement agreement description | In conjunction with the Garrett spin-off, the Company entered into an indemnification and reimbursement agreement with a Garrett subsidiary, pursuant to which Garrett’s subsidiary will have an obligation to make cash payments to Honeywell in amounts equal to (i) 90% of Honeywell’s asbestos-related liability payments primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments, in each case related to legacy elements of the Garrett business, including the legal costs of defending and resolving such liabilities, less (ii) 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. The amount payable to Honeywell in respect of such liabilities arising in any given year will be subject to a cap of approximately Euro 150 million (equivalent to $175 million at the time the indemnification and reimbursement agreement was entered into). The obligation will continue until the earlier of December 31, 2048, or December 31 of the third consecutive year during which the annual obligation has been less than the Euro equivalent, at the fixed exchange rate at time of the indemnification and reimbursement agreement was entered into, of $25 million. Reimbursements associated with this agreement were $152 million and $42 million in 2019 and 2018, respectively, and offset operating cash outflows incurred by the Company. As the Company records the accruals for matters covered by the agreement, a corresponding receivable from Garrett is recorded for 90 percent of that accrual as determined by the terms of the agreement. This receivable amount recorded in 2019 was $16 million. In 2018, subsequent to the spin-off, the Company recorded a reversal to the receivable for $17 million in the fourth quarter of 2018. As of December 31, 2019, Other Current Assets and Other Assets includes $115 million and $947 million representing the short-term and long-term portion of the receivable amount due from Garrett under the indemnification and reimbursement agreement. As of December 31, 2018, Other Current Assets and Other Assets includes $171 million and $1,058 million representing the short-term and long-term portion of the receivable amount due from Garrett under the indemnification and reimbursement agreement. | ||
Indemnification and reimbursement agreement annual cap | $ 175 | € 150 | |
Indemnification and reimbursement agreement minimum amount | 25 | ||
Reimbursements from indemnification and reimbursement agreement | 152 | $ 42 | |
Reimbursement receivable indemnification and reimbursement agreement | (16) | (17) | |
Indemnity and reimbursement receivable recorded in Other Current Assets | 115 | 171 | |
Indemnity and reimbursement receivable recorded in Other Assets | $ 947 | 1,058 | |
Narco Asbestos Loss Contingency Liability [Member] | Resideo [Member] | |||
Loss Contingency Indemnification Agreements Disclosure [Line Items] | |||
Spinoff - Indemnification and reimbursement agreement description | In conjunction with the Resideo spin-off, the Company entered into an indemnification and reimbursement agreement with a Resideo subsidiary, pursuant to which Resideo’s subsidiary has an ongoing obligation to make cash payments to Honeywell in amounts equal to 90 percent of Honeywell’s annual net spending for environmental matters at certain sites as defined in the agreement. The amount payable to Honeywell in any given year is subject to a cap of $140 million, and the obligation will continue until the earlier of December 31, 2043, or December 31 of the third consecutive year during which the annual payment obligation has been less than $25 million. Reimbursements associated with this agreement were $140 million and $25 million in 2019 and 2018, respectively and offset operating cash outflows incurred by the Company. As the Company records the accruals for environmental matters deemed probable and reasonably estimable related to the sites covered by the indemnification and reimbursement agreement, a corresponding receivable from Resideo for 90 percent of that accrual is also recorded. This receivable amount recorded in 2019 and 2018, subsequent to the spin-off, was $109 million and $50 million. As of December 31, 2019, Other Current Assets and Other Assets includes $140 million and $445 million representing the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. As of December 31, 2018, Other Current Assets and Other Assets includes $140 million and $476 million representing the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. | ||
Environmental Liabilities [Member] | Resideo [Member] | |||
Loss Contingency Indemnification Agreements Disclosure [Line Items] | |||
Indemnification and reimbursement agreement annual cap | $ 140 | ||
Indemnification and reimbursement agreement minimum amount | 25 | ||
Reimbursements from indemnification and reimbursement agreement | 140 | 25 | |
Reimbursement receivable indemnification and reimbursement agreement | (109) | (50) | |
Indemnity and reimbursement receivable recorded in Other Current Assets | 140 | 140 | |
Indemnity and reimbursement receivable recorded in Other Assets | $ 445 | $ 476 |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | ||||
Postretirement benefit obligations other than pensions | $ (326,000,000) | $ (344,000,000) | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ||||
Total recognized in other comprehensive (income) loss | (115,000,000) | $ (847,000,000) | ||
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | $ 325,000,000 | 364,000,000 | 530,000,000 | |
Service cost | 0 | 0 | 0 | |
Interest cost | 14,000,000 | 15,000,000 | 19,000,000 | |
Plan amendments | (2,000,000) | (34,000,000) | ||
Actuarial (gains) losses | (16,000,000) | (110,000,000) | ||
Benefits paid - OPEB | (35,000,000) | (37,000,000) | ||
Benefit obligation at end of year | 325,000,000 | 364,000,000 | 530,000,000 | |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | ||
Company contributions | 0 | 0 | ||
Benefits paid - OPEB | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | |
Funded status of plans | (325,000,000) | (364,000,000) | ||
Amounts recognized in Consolidated Balance Sheet [Abstract] | ||||
Accrued Liabilities - Current | (40,000,000) | (62,000,000) | ||
Postretirement benefit obligations other than pensions | (285,000,000) | (302,000,000) | ||
Net amount recognized | (325,000,000) | (364,000,000) | ||
Foreign plans excluded from postretirement benefits other than pensions | 41,000,000 | 42,000,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||||
Prior service (credit) cost | (166,000,000) | (226,000,000) | ||
Net actuarial (gain) loss | (20,000,000) | (4,000,000) | ||
Net amount recognized | (186,000,000) | (230,000,000) | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 14,000,000 | 15,000,000 | 19,000,000 | |
Amortization of prior service (credit) cost | (62,000,000) | (52,000,000) | (58,000,000) | |
Recognition of actuarial losses | 0 | 3,000,000 | 13,000,000 | |
Net periodic benefit (income) cost | (48,000,000) | (34,000,000) | (26,000,000) | |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ||||
Actuarial (gains) losses | (16,000,000) | (110,000,000) | (14,000,000) | |
Prior service cost (credit) | (2,000,000) | (34,000,000) | 91,000,000 | |
Prior service credit recognized during year | 62,000,000 | 52,000,000 | 58,000,000 | |
Actuarial losses recognized during year | 0 | (3,000,000) | (13,000,000) | |
Total recognized in other comprehensive (income) loss | 44,000,000 | (95,000,000) | 122,000,000 | |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | (4,000,000) | (129,000,000) | 96,000,000 | |
Other Postretirement Benefits [Member] | Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Abstract] | ||||
Amortization of prior service (credit) cost | (63,000,000) | |||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ||||
Net loss to be amortized | 0 | |||
UNITED STATES | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 17,283,000,000 | 16,141,000,000 | 18,151,000,000 | |
Service cost | 82,000,000 | 140,000,000 | 172,000,000 | |
Interest cost | 613,000,000 | 573,000,000 | 586,000,000 | |
Plan amendments | 0 | 0 | ||
Actuarial (gains) losses | 2,064,000,000 | (1,111,000,000) | ||
Benefits paid | (1,111,000,000) | (1,137,000,000) | ||
Settlements and curtailments | (507,000,000) | 0 | ||
Foreign currency translation | 0 | 0 | ||
Other | 1,000,000 | (475,000,000) | ||
Benefit obligation at end of year | 17,283,000,000 | 16,141,000,000 | 18,151,000,000 | |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 18,995,000,000 | 17,109,000,000 | 18,985,000,000 | |
Actual return on plan assets | 3,458,000,000 | (303,000,000) | ||
Company contributions | 45,000,000 | 34,000,000 | ||
Benefits paid | (1,111,000,000) | (1,137,000,000) | ||
Settlements and curtailments | (507,000,000) | 0 | ||
Foreign currency translation | 0 | 0 | ||
Other | 1,000,000 | (470,000,000) | ||
Fair value of plan assets at end of year | 18,995,000,000 | 17,109,000,000 | 18,985,000,000 | |
Funded status of plans | 1,712,000,000 | 968,000,000 | ||
Amounts recognized in Consolidated Balance Sheet [Abstract] | ||||
Other Assets | 2,069,000,000 | 1,295,000,000 | ||
Accrued Liabilities - Current | (32,000,000) | (27,000,000) | ||
Other Liabilities - Noncurrent | (325,000,000) | (300,000,000) | ||
Net amount recognized | 1,712,000,000 | 968,000,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||||
Prior service (credit) cost | (176,000,000) | (218,000,000) | ||
Net actuarial (gain) loss | 544,000,000 | 860,000,000 | ||
Net amount recognized | 368,000,000 | 642,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Service cost | 82,000,000 | 140,000,000 | 172,000,000 | |
Interest cost | 613,000,000 | 573,000,000 | 586,000,000 | |
Expected return on plan assets | (1,117,000,000) | (1,426,000,000) | (1,262,000,000) | |
Amortization of prior service (credit) cost | (42,000,000) | (43,000,000) | (43,000,000) | |
Recognition of actuarial losses | 35,000,000 | 0 | 41,000,000 | |
Settlements and curtailments | 4,000,000 | 0 | 18,000,000 | |
Net periodic benefit (income) cost | (425,000,000) | (756,000,000) | (488,000,000) | |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ||||
Actuarial (gains) losses | (277,000,000) | 619,000,000 | (792,000,000) | |
Prior service cost (credit) | 0 | 0 | 0 | |
Prior service credit recognized during year | 42,000,000 | 43,000,000 | 43,000,000 | |
Actuarial losses recognized during year | (39,000,000) | 0 | (59,000,000) | |
Foreign currency translation | 0 | 0 | 0 | |
Total recognized in other comprehensive (income) loss | (274,000,000) | 662,000,000 | (808,000,000) | |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | (699,000,000) | (94,000,000) | (1,296,000,000) | |
UNITED STATES | Forecast [Member] | ||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ||||
Net loss to be amortized | (42,000,000) | |||
Foreign Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 6,897,000,000 | 6,182,000,000 | 7,019,000,000 | |
Service cost | 22,000,000 | 26,000,000 | 40,000,000 | |
Interest cost | 142,000,000 | 143,000,000 | 147,000,000 | |
Plan amendments | 0 | 30,000,000 | ||
Actuarial (gains) losses | 708,000,000 | (356,000,000) | ||
Benefits paid | (269,000,000) | (264,000,000) | ||
Settlements and curtailments | 0 | (9,000,000) | ||
Foreign currency translation | 107,000,000 | (342,000,000) | ||
Other | 5,000,000 | (65,000,000) | ||
Benefit obligation at end of year | 6,897,000,000 | 6,182,000,000 | 7,019,000,000 | |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 7,307,000,000 | 6,481,000,000 | 7,151,000,000 | |
Actual return on plan assets | 863,000,000 | (173,000,000) | ||
Company contributions | 62,000,000 | 137,000,000 | ||
Benefits paid | (269,000,000) | (264,000,000) | ||
Settlements and curtailments | 0 | 0 | ||
Foreign currency translation | 165,000,000 | (378,000,000) | ||
Other | 5,000,000 | 8,000,000 | ||
Fair value of plan assets at end of year | 7,307,000,000 | 6,481,000,000 | 7,151,000,000 | |
Funded status of plans | 410,000,000 | 299,000,000 | ||
Amounts recognized in Consolidated Balance Sheet [Abstract] | ||||
Other Assets | 1,196,000,000 | 1,094,000,000 | ||
Accrued Liabilities - Current | (13,000,000) | (12,000,000) | ||
Other Liabilities - Noncurrent | (773,000,000) | (783,000,000) | ||
Net amount recognized | 410,000,000 | 299,000,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | ||||
Prior service (credit) cost | 21,000,000 | 20,000,000 | ||
Net actuarial (gain) loss | 701,000,000 | 600,000,000 | ||
Net amount recognized | 722,000,000 | 620,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Service cost | 22,000,000 | 26,000,000 | 40,000,000 | |
Interest cost | 142,000,000 | 143,000,000 | 147,000,000 | |
Expected return on plan assets | (331,000,000) | (443,000,000) | (411,000,000) | |
Amortization of prior service (credit) cost | 0 | (1,000,000) | (1,000,000) | |
Recognition of actuarial losses | 88,000,000 | 37,000,000 | 46,000,000 | |
Settlements and curtailments | 0 | (3,000,000) | 0 | |
Net periodic benefit (income) cost | (79,000,000) | (241,000,000) | (179,000,000) | |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ||||
Actuarial (gains) losses | 176,000,000 | 250,000,000 | (153,000,000) | |
Prior service cost (credit) | 0 | 30,000,000 | (1,000,000) | |
Prior service credit recognized during year | 0 | 4,000,000 | 1,000,000 | |
Actuarial losses recognized during year | (88,000,000) | (37,000,000) | (46,000,000) | |
Foreign currency translation | 14,000,000 | (34,000,000) | 43,000,000 | |
Total recognized in other comprehensive (income) loss | 102,000,000 | 213,000,000 | (156,000,000) | |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | $ 23,000,000 | $ (28,000,000) | $ (335,000,000) | |
Foreign Plan [Member] | Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Abstract] | ||||
Amortization of prior service (credit) cost | $ 0 |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFITS 2 (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |||
Feb. 28, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Postretirement Benefits [Member] | |||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | |||||
Discount rate | 3.03% | 4.07% | 3.39% | ||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Support Methodology And Source Data | To determine discount rates for our U.S. pension and other postretirement benefit plans, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark. We utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension benefit (income) for our significant pension plans. This approach applies the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. For our U.S. pension plans, the single weighted average spot rates used to determine service and interest costs for 2020 are 3.33% and 2.76%. The discount rate used to determine the other postretirement benefit obligation is lower principally due to a shorter expected duration of other postretirement plan obligations as compared to pension plan obligations. | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 3.65% | 4.07% | 3.39% | 3.60% | |
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Support Methodology And Source Data | To determine discount rates for our U.S. pension and other postretirement benefit plans, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark. We utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension benefit (income) for our significant pension plans. This approach applies the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. For our U.S. pension plans, the single weighted average spot rates used to determine service and interest costs for 2020 are 3.33% and 2.76%. The discount rate used to determine the other postretirement benefit obligation is lower principally due to a shorter expected duration of other postretirement plan obligations as compared to pension plan obligations. | ||||
UNITED STATES | |||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | |||||
Discount rate | 3.22% | 4.35% | 3.68% | ||
Expected annual rate of compensation increase | 3.25% | 3.25% | 4.50% | ||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Support Methodology And Source Data | To determine discount rates for our U.S. pension and other postretirement benefit plans, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark. We utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension benefit (income) for our significant pension plans. This approach applies the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. For our U.S. pension plans, the single weighted average spot rates used to determine service and interest costs for 2020 are 3.33% and 2.76%. The discount rate used to determine the other postretirement benefit obligation is lower principally due to a shorter expected duration of other postretirement plan obligations as compared to pension plan obligations. | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 4.35% | 3.68% | 4.20% | ||
Expected rate of return on plan assets | 6.75% | 7.75% | 7.75% | ||
Expected annual rate of compensation increase | 3.25% | 4.50% | 4.50% | ||
Defined Benefit Plan Assumptions Used Calculating Benefit Obligation Discount Rate Support Methodology And Source Data | To determine discount rates for our U.S. pension and other postretirement benefit plans, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark. We utilize a full yield curve approach in the estimation of the service and interest cost components of net periodic pension benefit (income) for our significant pension plans. This approach applies the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. For our U.S. pension plans, the single weighted average spot rates used to determine service and interest costs for 2020 are 3.33% and 2.76%. The discount rate used to determine the other postretirement benefit obligation is lower principally due to a shorter expected duration of other postretirement plan obligations as compared to pension plan obligations. | ||||
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligations | $ 357,000,000 | $ 327,000,000 | |||
Accumulated benefit obligations | 347,000,000 | 321,000,000 | |||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | |||||
Accumulated benefit obligation | $ 17,200,000,000 | $ 16,100,000,000 | |||
UNITED STATES | Service Cost | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 4.47% | 3.77% | 4.42% | ||
UNITED STATES | Interest Costs | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 3.94% | 3.27% | 3.49% | ||
UNITED STATES | Forecast [Member] | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Expected rate of return on plan assets | 6.15% | ||||
UNITED STATES | Forecast [Member] | Service Cost | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 3.33% | ||||
UNITED STATES | Forecast [Member] | Interest Costs | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 2.76% | ||||
Foreign Plan [Member] | |||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | |||||
Discount rate | 1.81% | 2.63% | 2.36% | ||
Expected annual rate of compensation increase | 2.47% | 2.46% | 0.73% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 2.63% | 2.36% | 2.51% | ||
Expected rate of return on plan assets | 5.14% | 6.23% | 6.43% | ||
Expected annual rate of compensation increase | 2.46% | 2.49% | 2.17% | ||
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligations | $ 1,018,000,000 | $ 1,668,000,000 | |||
Accumulated benefit obligations | 973,000,000 | 1,604,000,000 | |||
Fair value of plan assets | 233,000,000 | 873,000,000 | |||
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | |||||
Accumulated benefit obligation | $ 6,800,000,000 | $ 6,100,000,000 | |||
Foreign Plan [Member] | Service Cost | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 2.26% | 2.20% | 2.14% | ||
Foreign Plan [Member] | Interest Costs | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 2.34% | 2.08% | 2.19% |
PENSION AND OTHER POSTRETIREM_5
PENSION AND OTHER POSTRETIREMENT BENEFITS 3 (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Postretirement Benefits [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 0 | $ 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | $ 0 | $ 0 |
UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 17,109,000,000 | 18,985,000,000 | ||
Fair value of plan assets at end of year | 18,995,000,000 | 17,109,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 18,995,000,000 | 18,985,000,000 | 18,995,000,000 | 17,109,000,000 |
Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 6,481,000,000 | 7,151,000,000 | ||
Fair value of plan assets at end of year | 7,307,000,000 | 6,481,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 6,481,000,000 | 6,481,000,000 | 7,307,000,000 | 6,481,000,000 |
Honeywell common stock | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,438,000,000 | |||
Fair value of plan assets at end of year | 2,857,000,000 | 2,438,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 2,438,000,000 | 2,438,000,000 | 2,857,000,000 | 2,438,000,000 |
U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,365,000,000 | |||
Fair value of plan assets at end of year | 1,227,000,000 | 1,365,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,365,000,000 | 1,365,000,000 | 1,227,000,000 | 1,365,000,000 |
U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 429,000,000 | |||
Fair value of plan assets at end of year | 149,000,000 | 429,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 429,000,000 | 429,000,000 | 149,000,000 | 429,000,000 |
Non-U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 753,000,000 | |||
Fair value of plan assets at end of year | 0 | 753,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 753,000,000 | 753,000,000 | 0 | 753,000,000 |
Non-U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,356,000,000 | |||
Fair value of plan assets at end of year | 1,384,000,000 | 1,356,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,356,000,000 | 1,356,000,000 | 1,384,000,000 | 1,356,000,000 |
Real estate investment trusts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 244,000,000 | |||
Fair value of plan assets at end of year | 0 | 244,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 244,000,000 | 244,000,000 | 0 | 244,000,000 |
Short Term investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 877,000,000 | |||
Fair value of plan assets at end of year | 1,395,000,000 | 877,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 877,000,000 | 877,000,000 | 1,395,000,000 | 877,000,000 |
Short Term investments [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 189,000,000 | |||
Fair value of plan assets at end of year | 522,000,000 | 189,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 189,000,000 | 189,000,000 | 522,000,000 | 189,000,000 |
Government securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 993,000,000 | |||
Fair value of plan assets at end of year | 1,146,000,000 | 993,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 993,000,000 | 993,000,000 | 1,146,000,000 | 993,000,000 |
Government securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,572,000,000 | |||
Fair value of plan assets at end of year | 3,006,000,000 | 2,572,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 2,572,000,000 | 2,572,000,000 | 3,006,000,000 | 2,572,000,000 |
Corporate bonds | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 6,824,000,000 | |||
Fair value of plan assets at end of year | 8,603,000,000 | 6,824,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 6,824,000,000 | 6,824,000,000 | 8,603,000,000 | 6,824,000,000 |
Corporate bonds | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,468,000,000 | |||
Fair value of plan assets at end of year | 1,746,000,000 | 1,468,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,468,000,000 | 1,468,000,000 | 1,746,000,000 | 1,468,000,000 |
Mortgage/Asset-backed securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,032,000,000 | |||
Fair value of plan assets at end of year | 1,023,000,000 | 1,032,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,032,000,000 | 1,032,000,000 | 1,023,000,000 | 1,032,000,000 |
Mortgage/Asset-backed securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 60,000,000 | |||
Fair value of plan assets at end of year | 84,000,000 | 60,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 60,000,000 | 60,000,000 | 84,000,000 | 60,000,000 |
Insurance contracts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 8,000,000 | |||
Fair value of plan assets at end of year | 8,000,000 | 8,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 |
Insurance contracts | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 137,000,000 | |||
Fair value of plan assets at end of year | 120,000,000 | 137,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 137,000,000 | 137,000,000 | 120,000,000 | 137,000,000 |
Private Funds [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 46,000,000 | |||
Fair value of plan assets at end of year | 69,000,000 | 46,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 46,000,000 | 46,000,000 | 69,000,000 | 46,000,000 |
Real Estate Funds - Global [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 144,000,000 | |||
Fair value of plan assets at end of year | 150,000,000 | 144,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 144,000,000 | 144,000,000 | 150,000,000 | 144,000,000 |
Direct Private Investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 829,000,000 | |||
Fair value of plan assets at end of year | 950,000,000 | 829,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 829,000,000 | 829,000,000 | 950,000,000 | 829,000,000 |
Real Estate Properties [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 657,000,000 | |||
Fair value of plan assets at end of year | 619,000,000 | 657,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 657,000,000 | 657,000,000 | 619,000,000 | 657,000,000 |
Total plan assets, excluding NAV assets [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 16,020,000,000 | |||
Fair value of plan assets at end of year | 17,828,000,000 | 16,020,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 16,020,000,000 | 16,020,000,000 | 17,828,000,000 | 16,020,000,000 |
Total plan assets, excluding NAV assets [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 6,401,000,000 | |||
Fair value of plan assets at end of year | 7,230,000,000 | 6,401,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 6,401,000,000 | 6,401,000,000 | 7,230,000,000 | 6,401,000,000 |
NAV assets, Private funds [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 931,000,000 | |||
Fair value of plan assets at end of year | 1,019,000,000 | 931,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 931,000,000 | 931,000,000 | 1,019,000,000 | 931,000,000 |
NAV assets, Private funds [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 26,000,000 | |||
Fair value of plan assets at end of year | 21,000,000 | 26,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 26,000,000 | 26,000,000 | 21,000,000 | 26,000,000 |
NAV assets, Real estate funds [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 56,000,000 | |||
Fair value of plan assets at end of year | 42,000,000 | 56,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 56,000,000 | 56,000,000 | 42,000,000 | 56,000,000 |
NAV assets, Real estate funds [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 54,000,000 | |||
Fair value of plan assets at end of year | 56,000,000 | 54,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 54,000,000 | 54,000,000 | 56,000,000 | 54,000,000 |
NAV assets, Hedge funds [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,000,000 | |||
Fair value of plan assets at end of year | 0 | 1,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,000,000 | 1,000,000 | 0 | 1,000,000 |
NAV Assets Comingled Funds [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 101,000,000 | |||
Fair value of plan assets at end of year | 106,000,000 | 101,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 101,000,000 | 101,000,000 | $ 106,000,000 | 101,000,000 |
Equity Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 25.00% | |||
Equity Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 40.00% | |||
Fixed Income Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 55.00% | |||
Fixed Income Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 70.00% | |||
Real Estate [Member] | Minimum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 5.00% | |||
Real Estate [Member] | Maximum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 10.00% | |||
Other than Securities Investment [Member] | Minimum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 10.00% | |||
Other than Securities Investment [Member] | Maximum [Member] | ||||
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ||||
Target allocations percentage | 20.00% | |||
Fair Value, Inputs, Level 1 [Member] | Honeywell common stock | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,438,000,000 | |||
Fair value of plan assets at end of year | 2,857,000,000 | 2,438,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 2,438,000,000 | 2,438,000,000 | $ 2,857,000,000 | 2,438,000,000 |
Fair Value, Inputs, Level 1 [Member] | U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,365,000,000 | |||
Fair value of plan assets at end of year | 1,227,000,000 | 1,365,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,365,000,000 | 1,365,000,000 | 1,227,000,000 | 1,365,000,000 |
Fair Value, Inputs, Level 1 [Member] | U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 297,000,000 | |||
Fair value of plan assets at end of year | 0 | 297,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 297,000,000 | 297,000,000 | 0 | 297,000,000 |
Fair Value, Inputs, Level 1 [Member] | Non-U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 753,000,000 | |||
Fair value of plan assets at end of year | 0 | 753,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 753,000,000 | 753,000,000 | 0 | 753,000,000 |
Fair Value, Inputs, Level 1 [Member] | Non-U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 44,000,000 | |||
Fair value of plan assets at end of year | 54,000,000 | 44,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 44,000,000 | 44,000,000 | 54,000,000 | 44,000,000 |
Fair Value, Inputs, Level 1 [Member] | Real estate investment trusts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 244,000,000 | |||
Fair value of plan assets at end of year | 0 | 244,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 244,000,000 | 244,000,000 | 0 | 244,000,000 |
Fair Value, Inputs, Level 1 [Member] | Short Term investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 877,000,000 | |||
Fair value of plan assets at end of year | 1,395,000,000 | 877,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 877,000,000 | 877,000,000 | 1,395,000,000 | 877,000,000 |
Fair Value, Inputs, Level 1 [Member] | Short Term investments [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 189,000,000 | |||
Fair value of plan assets at end of year | 522,000,000 | 189,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 189,000,000 | 189,000,000 | 522,000,000 | 189,000,000 |
Fair Value, Inputs, Level 1 [Member] | Government securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Government securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate bonds | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate bonds | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage/Asset-backed securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage/Asset-backed securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Insurance contracts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Insurance contracts | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Private Funds [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds - Global [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Direct Private Investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Real Estate Properties [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Total plan assets, excluding NAV assets [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 5,677,000,000 | |||
Fair value of plan assets at end of year | 5,479,000,000 | 5,677,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 5,677,000,000 | 5,677,000,000 | 5,479,000,000 | 5,677,000,000 |
Fair Value, Inputs, Level 1 [Member] | Total plan assets, excluding NAV assets [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 530,000,000 | |||
Fair value of plan assets at end of year | 576,000,000 | 530,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 530,000,000 | 530,000,000 | 576,000,000 | 530,000,000 |
Fair Value, Inputs, Level 2 [Member] | Honeywell common stock | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 132,000,000 | |||
Fair value of plan assets at end of year | 149,000,000 | 132,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 132,000,000 | 132,000,000 | 149,000,000 | 132,000,000 |
Fair Value, Inputs, Level 2 [Member] | Non-U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Non-U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,312,000,000 | |||
Fair value of plan assets at end of year | 1,330,000,000 | 1,312,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,312,000,000 | 1,312,000,000 | 1,330,000,000 | 1,312,000,000 |
Fair Value, Inputs, Level 2 [Member] | Real estate investment trusts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Short Term investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Short Term investments [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Government securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 993,000,000 | |||
Fair value of plan assets at end of year | 1,146,000,000 | 993,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 993,000,000 | 993,000,000 | 1,146,000,000 | 993,000,000 |
Fair Value, Inputs, Level 2 [Member] | Government securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 2,572,000,000 | |||
Fair value of plan assets at end of year | 3,006,000,000 | 2,572,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 2,572,000,000 | 2,572,000,000 | 3,006,000,000 | 2,572,000,000 |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 6,824,000,000 | |||
Fair value of plan assets at end of year | 8,603,000,000 | 6,824,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 6,824,000,000 | 6,824,000,000 | 8,603,000,000 | 6,824,000,000 |
Fair Value, Inputs, Level 2 [Member] | Corporate bonds | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,468,000,000 | |||
Fair value of plan assets at end of year | 1,746,000,000 | 1,468,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,468,000,000 | 1,468,000,000 | 1,746,000,000 | 1,468,000,000 |
Fair Value, Inputs, Level 2 [Member] | Mortgage/Asset-backed securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,032,000,000 | |||
Fair value of plan assets at end of year | 1,023,000,000 | 1,032,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,032,000,000 | 1,032,000,000 | 1,023,000,000 | 1,032,000,000 |
Fair Value, Inputs, Level 2 [Member] | Mortgage/Asset-backed securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 60,000,000 | |||
Fair value of plan assets at end of year | 84,000,000 | 60,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 60,000,000 | 60,000,000 | 84,000,000 | 60,000,000 |
Fair Value, Inputs, Level 2 [Member] | Insurance contracts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 8,000,000 | |||
Fair value of plan assets at end of year | 8,000,000 | 8,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 |
Fair Value, Inputs, Level 2 [Member] | Insurance contracts | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 137,000,000 | |||
Fair value of plan assets at end of year | 120,000,000 | 137,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 137,000,000 | 137,000,000 | 120,000,000 | 137,000,000 |
Fair Value, Inputs, Level 2 [Member] | Private Funds [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 12,000,000 | |||
Fair value of plan assets at end of year | 35,000,000 | 12,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 12,000,000 | 12,000,000 | 35,000,000 | 12,000,000 |
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds - Global [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Direct Private Investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Real Estate Properties [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Total plan assets, excluding NAV assets [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 8,857,000,000 | |||
Fair value of plan assets at end of year | 10,780,000,000 | 8,857,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 8,857,000,000 | 8,857,000,000 | 10,780,000,000 | 8,857,000,000 |
Fair Value, Inputs, Level 2 [Member] | Total plan assets, excluding NAV assets [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 5,693,000,000 | |||
Fair value of plan assets at end of year | 6,470,000,000 | 5,693,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 5,693,000,000 | 5,693,000,000 | 6,470,000,000 | 5,693,000,000 |
Fair Value, Inputs, Level 3 [Member] | Honeywell common stock | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Non-U.S. equities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Non-U.S. equities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Real estate investment trusts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short Term investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short Term investments [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Government securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Government securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate bonds | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate bonds | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage/Asset-backed securities | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mortgage/Asset-backed securities | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Insurance contracts | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Insurance contracts | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | |||
Fair value of plan assets at end of year | 0 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Private Funds [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 34,000,000 | 31,000,000 | ||
Relating to assets still held at year-end | 0 | 1,000,000 | ||
Relating to assets sold during the year | 0 | 0 | ||
Purchases | 0 | 2,000,000 | ||
Sales and settlements | 0 | 0 | ||
Fair value of plan assets at end of year | 34,000,000 | 34,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 34,000,000 | 34,000,000 | 34,000,000 | 34,000,000 |
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds - Global [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 144,000,000 | 149,000,000 | ||
Relating to assets still held at year-end | 7,000,000 | (4,000,000) | ||
Relating to assets sold during the year | 1,000,000 | 0 | ||
Purchases | 0 | 0 | ||
Sales and settlements | (2,000,000) | (1,000,000) | ||
Fair value of plan assets at end of year | 150,000,000 | 144,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 150,000,000 | 144,000,000 | 150,000,000 | 144,000,000 |
Fair Value, Inputs, Level 3 [Member] | Direct Private Investments [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 829,000,000 | 752,000,000 | ||
Relating to assets still held at year-end | 15,000,000 | 36,000,000 | ||
Relating to assets sold during the year | 89,000,000 | 65,000,000 | ||
Purchases | 216,000,000 | 95,000,000 | ||
Sales and settlements | (199,000,000) | (119,000,000) | ||
Fair value of plan assets at end of year | 950,000,000 | 829,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 829,000,000 | 829,000,000 | 950,000,000 | 829,000,000 |
Fair Value, Inputs, Level 3 [Member] | Real Estate Properties [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 657,000,000 | 597,000,000 | ||
Relating to assets still held at year-end | 40,000,000 | 33,000,000 | ||
Relating to assets sold during the year | (23,000,000) | 2,000,000 | ||
Purchases | 48,000,000 | 47,000,000 | ||
Sales and settlements | (103,000,000) | (22,000,000) | ||
Fair value of plan assets at end of year | 619,000,000 | 657,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 657,000,000 | 597,000,000 | 619,000,000 | 657,000,000 |
Fair Value, Inputs, Level 3 [Member] | Total plan assets, excluding NAV assets [Member] | UNITED STATES | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 1,486,000,000 | |||
Fair value of plan assets at end of year | 1,569,000,000 | 1,486,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,486,000,000 | 1,486,000,000 | 1,569,000,000 | 1,486,000,000 |
Fair Value, Inputs, Level 3 [Member] | Total plan assets, excluding NAV assets [Member] | Foreign Plan [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 178,000,000 | |||
Fair value of plan assets at end of year | 184,000,000 | 178,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | $ 178,000,000 | $ 178,000,000 | $ 184,000,000 | $ 178,000,000 |
PENSION AND OTHER POSTRETIREM_6
PENSION AND OTHER POSTRETIREMENT BENEFITS 4 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
UNITED STATES | |||
Future Benefit Payments [Abstract] | |||
2020 | $ 1,159 | ||
2021 | 1,151 | ||
2022 | 1,145 | ||
2023 | 1,138 | ||
2024 | 1,128 | ||
2025-2029 | 5,353 | ||
Funding Policy Paragraph Details [Line Items] | |||
Pension notional amount | 4,463 | $ 2,808 | |
Foreign Plan [Member] | |||
Future Benefit Payments [Abstract] | |||
2020 | 282 | ||
2021 | 288 | ||
2022 | 296 | ||
2023 | 303 | ||
2024 | 311 | ||
2025-2029 | 1,690 | ||
Funding Policy Paragraph Details [Line Items] | |||
Pension notional amount | 479 | $ 111 | |
Cash pension contributions | $ 43 | ||
Foreign Plan [Member] | Forecast [Member] | |||
Funding Policy Paragraph Details [Line Items] | |||
Contributions to pension plans | $ 112 | ||
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend rate assumed for next year | 7.00% | 7.00% | |
Rate that the cost trend rate gradually declines to | 5.00% | 5.00% | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |||
Increase on service and interest | $ 1 | ||
Decrease on service and interest | (1) | ||
Increase on postretirement benefit obligation | 14 | ||
Decrease on postretirement benefit obligation | (12) | ||
Other Postretirement Benefits [Member] | Without Impact of Medicare Subsidy [Member] | |||
Future Benefit Payments [Abstract] | |||
2020 | 46 | ||
2021 | 42 | ||
2022 | 39 | ||
2023 | 36 | ||
2024 | 22 | ||
2025-2029 | 95 | ||
Other Postretirement Benefits [Member] | Net of Medicare Subsidy [Member] | |||
Future Benefit Payments [Abstract] | |||
2020 | 41 | ||
2021 | 38 | ||
2022 | 35 | ||
2023 | 32 | ||
2024 | 20 | ||
2025-2029 | $ 84 |
SEGMENT FINANCIAL DATA 2 (Detai
SEGMENT FINANCIAL DATA 2 (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 9,496 | $ 9,086 | $ 9,243 | $ 8,884 | $ 9,729 | $ 10,762 | $ 10,919 | $ 10,392 | $ 36,709 | $ 41,802 | $ 40,534 |
Depreciation and amortization | 1,088 | 1,116 | 1,115 | ||||||||
Segment Reporting Segment Profit Loss | 7,739 | 8,190 | 7,690 | ||||||||
Capital expenditures | 839 | 828 | 1,031 | ||||||||
Total Assets | 58,679 | 57,773 | $ 58,679 | 57,773 | 59,470 | ||||||
Number of Operating Segments | Segments | 4 | ||||||||||
Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 27,629 | 32,848 | 32,317 | ||||||||
Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 9,080 | 8,954 | 8,217 | ||||||||
Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 14,054 | 15,493 | |||||||||
Aerospace [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 8,766 | 10,415 | 10,067 | ||||||||
Aerospace [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,288 | 5,078 | 4,712 | ||||||||
Honeywell Building Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,717 | 9,298 | |||||||||
Honeywell Building Technologies [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,395 | 7,868 | 8,396 | ||||||||
Honeywell Building Technologies [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,322 | 1,430 | 1,381 | ||||||||
Performance Materials And Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 10,834 | 10,674 | |||||||||
Performance Materials And Technologies [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 8,732 | 8,589 | 8,521 | ||||||||
Performance Materials And Technologies [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 2,102 | 2,085 | 1,818 | ||||||||
Safety And Productivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,104 | 6,337 | |||||||||
Safety And Productivity Solutions [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,736 | 5,976 | 5,333 | ||||||||
Safety And Productivity Solutions [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 368 | 361 | 306 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 76 | 55 | 58 | ||||||||
Segment Reporting Segment Profit Loss | (256) | (281) | (306) | ||||||||
Capital expenditures | 128 | 63 | 181 | ||||||||
Total Assets | 14,557 | 12,816 | 14,557 | 12,816 | 10,450 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 36,709 | 41,802 | 40,534 | ||||||||
Operating Segments [Member] | Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 14,054 | 15,493 | 14,779 | ||||||||
Depreciation and amortization | 234 | 281 | 279 | ||||||||
Segment Reporting Segment Profit Loss | 3,607 | 3,503 | 3,288 | ||||||||
Capital expenditures | 272 | 308 | 380 | ||||||||
Total Assets | 11,378 | 11,234 | 11,378 | 11,234 | 11,769 | ||||||
Operating Segments [Member] | Honeywell Building Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,717 | 9,298 | 9,777 | ||||||||
Depreciation and amortization | 63 | 112 | 118 | ||||||||
Segment Reporting Segment Profit Loss | 1,165 | 1,608 | 1,650 | ||||||||
Capital expenditures | 43 | 125 | 88 | ||||||||
Total Assets | 5,968 | 6,010 | 5,968 | 6,010 | 10,592 | ||||||
Operating Segments [Member] | Performance Materials And Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 10,834 | 10,674 | 10,339 | ||||||||
Depreciation and amortization | 493 | 452 | 441 | ||||||||
Segment Reporting Segment Profit Loss | 2,433 | 2,328 | 2,206 | ||||||||
Capital expenditures | 314 | 254 | 303 | ||||||||
Total Assets | 16,888 | 17,827 | 16,888 | 17,827 | 17,203 | ||||||
Operating Segments [Member] | Safety And Productivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,104 | 6,337 | 5,639 | ||||||||
Depreciation and amortization | 222 | 216 | 219 | ||||||||
Segment Reporting Segment Profit Loss | 790 | 1,032 | 852 | ||||||||
Capital expenditures | 82 | 78 | 79 | ||||||||
Total Assets | $ 9,888 | $ 9,886 | $ 9,888 | $ 9,886 | $ 9,456 |
SEGMENT FINANCIAL DATA (Details
SEGMENT FINANCIAL DATA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | |||
Segment Reporting Segment Profit Loss | $ 7,739 | $ 8,190 | $ 7,690 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Interest and other financial charges | (357) | (367) | (316) |
Repositioning and other charges | (546) | (1,091) | (973) |
Income before taxes | 7,559 | 7,487 | 6,950 |
Other Postretirement Benefits [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Benefit plans income/(expense) | 48 | 34 | 26 |
Corporate [Member] | |||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | |||
Segment Reporting Segment Profit Loss | (256) | (281) | (306) |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Repositioning and other charges | (241) | (502) | (494) |
Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Pension mark-to-market expense | (123) | (37) | (87) |
Other income (expense) | 360 | (57) | 78 |
Interest and other financial charges | (357) | (367) | (316) |
Stock compensation expense | (153) | (175) | (176) |
Repositioning and other charges | (546) | (1,091) | (973) |
Income before taxes | 7,559 | 7,487 | 6,950 |
Segment Reconciling Items [Member] | Pension Plan [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Benefit plans income/(expense) | 592 | 992 | 713 |
Segment Reconciling Items [Member] | Other Postretirement Benefits [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Benefit plans income/(expense) | $ 47 | $ 32 | $ 21 |
GEOGRAPHIC AREAS FINANCIAL DA_3
GEOGRAPHIC AREAS FINANCIAL DATA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Geographic Areas [Line Items] | |||||||||||
Revenue | $ 9,496 | $ 9,086 | $ 9,243 | $ 8,884 | $ 9,729 | $ 10,762 | $ 10,919 | $ 10,392 | $ 36,709 | $ 41,802 | $ 40,534 |
Long-Lived Assets | 5,325 | 5,296 | 5,325 | 5,296 | 5,926 | ||||||
UNITED STATES | |||||||||||
Geographic Areas [Line Items] | |||||||||||
Revenue | 21,910 | 23,841 | 22,722 | ||||||||
Export sales included in United States net sales | 5,415 | 5,293 | 4,974 | ||||||||
Long-Lived Assets | 3,649 | 3,601 | 3,649 | 3,601 | 3,604 | ||||||
Europe [Member] | |||||||||||
Geographic Areas [Line Items] | |||||||||||
Revenue | 7,424 | 10,066 | 10,400 | ||||||||
Long-Lived Assets | 579 | 571 | 579 | 571 | 927 | ||||||
Other International [Member] | |||||||||||
Geographic Areas [Line Items] | |||||||||||
Revenue | 7,375 | 7,895 | 7,412 | ||||||||
Long-Lived Assets | $ 1,097 | $ 1,124 | $ 1,097 | $ 1,124 | $ 1,395 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Common stock contributed to savings plans | $ 159,000,000 | $ 52,000,000 | $ 172,000,000 |
Marketable securities contributed to non-U.S. pension plans | 0 | 99,000,000 | 89,000,000 |
Payments for repositioning and other charges [Abstract] | |||
Severance and exit cost payments | (249,000,000) | (285,000,000) | (177,000,000) |
Environmental payments | (256,000,000) | (218,000,000) | (212,000,000) |
Reimbursement receipts | 292,000,000 | 67,000,000 | 0 |
Insurance receipts for asbestos related liabilities | 68,000,000 | 38,000,000 | 27,000,000 |
Asbestos related liability payments | (231,000,000) | (254,000,000) | (266,000,000) |
Net payments for repositioning and other charges | (376,000,000) | (652,000,000) | (628,000,000) |
Interest paid, net of amounts capitalized | 344,000,000 | 353,000,000 | 306,000,000 |
Income taxes paid, net of refunds | $ 1,564,000,000 | $ 1,566,000,000 | $ 1,751,000,000 |
UNAUDITED QUARTERLY FINANCIAL_3
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 9,496 | $ 9,086 | $ 9,243 | $ 8,884 | $ 9,729 | $ 10,762 | $ 10,919 | $ 10,392 | $ 36,709 | $ 41,802 | $ 40,534 |
Gross Profit | 3,168 | 3,048 | 3,149 | 3,005 | 3,044 | 3,206 | 3,305 | 3,201 | 12,370 | 12,756 | |
Net income attributable to Honeywell | $ 1,562 | $ 1,624 | $ 1,541 | $ 1,416 | $ 1,721 | $ 2,338 | $ 1,267 | $ 1,439 | $ 6,143 | $ 6,765 | $ 1,545 |
Earnings per common share - Basic | $ 2.19 | $ 2.26 | $ 2.13 | $ 1.94 | $ 2.34 | $ 3.15 | $ 1.70 | $ 1.92 | $ 8.52 | $ 9.10 | $ 2.03 |
Earnings per common share - assuming dilution | 2.16 | 2.23 | 2.10 | 1.92 | 2.31 | 3.11 | 1.68 | 1.89 | 8.41 | 8.98 | 2 |
Cash dividends per common share | $ 0.900 | $ 0.820 | $ 0.820 | $ 0.820 | $ 0.820 | $ 0.745 | $ 0.745 | $ 0.745 | $ 3.360 | $ 3.055 | $ 2.740 |