DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
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 | 2020 | ||
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 | ||
Icfr Auditor Attestation Flag | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 97 | ||
Entity Common Stock, Shares Outstanding | 695,501,159 | ||
Documents Incorporated by Reference | Part III: Proxy Statement for Annual Meeting of Shareowners to be held May 21, 2021. | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $1 per share* | ||
Trading Symbol | HON | ||
Security Exchange Name | NYSE | ||
Euro Notes 1.30% Due 2023 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.300% Senior Notes due 2023 | ||
Trading Symbol | HON 23A | ||
Security Exchange Name | NYSE | ||
0.000% Senior Notes due 2024 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.000% Senior Notes due 2024 | ||
Trading Symbol | HON 24A | ||
Security Exchange Name | NYSE | ||
Euro Notes 2.25% Due 2028 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.250% Senior Notes due 2028 | ||
Trading Symbol | HON 28A | ||
Security Exchange Name | NYSE | ||
0.750% Senior Notes due 2032 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.750% Senior Notes due 2032 | ||
Trading Symbol | HON 32 | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net Sales | $ 32,637 | $ 36,709 | $ 41,802 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | 22,169 | 24,339 | 29,046 |
Selling, general and administrative expenses | 4,772 | 5,519 | 6,051 |
Other (income) expense | (675) | (1,065) | (1,149) |
Interest and other financial charges | 359 | 357 | 367 |
Cost, operating and non-operating expenses | 26,625 | 29,150 | 34,315 |
Income before taxes | 6,012 | 7,559 | 7,487 |
Tax expense | 1,147 | 1,329 | 659 |
Net income | 4,865 | 6,230 | 6,828 |
Less: Net income attributable to the noncontrolling interest | 86 | 87 | 63 |
Net income attributable to Honeywell | $ 4,779 | $ 6,143 | $ 6,765 |
Earnings per share of common stock - basic | $ 6.79 | $ 8.52 | $ 9.10 |
Earnings per share of common stock - assuming dilution | $ 6.72 | $ 8.41 | $ 8.98 |
Products [Member] | |||
Income Statement [Abstract] | |||
Net Sales | $ 24,737 | $ 27,629 | $ 32,848 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | 17,638 | 19,269 | 23,634 |
Services [Member] | |||
Income Statement [Abstract] | |||
Net Sales | 7,900 | 9,080 | 8,954 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | $ 4,531 | $ 5,070 | $ 5,412 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 4,865,000,000 | $ 6,230,000,000 | $ 6,828,000,000 |
Other Comprehensive Income (Loss), Net Of Tax [Abstract] | |||
Foreign exchange translation adjustment | (211,000,000) | 143,000,000 | (685,000,000) |
Actuarial gains (losses) recognized | 91,000,000 | 162,000,000 | (602,000,000) |
Prior service credit (cost) recognized | 47,000,000 | 1,000,000 | 2,000,000 |
Prior service credit recognized during year | (82,000,000) | (79,000,000) | (74,000,000) |
Actuarial (gains) losses recognized during year | 41,000,000 | 16,000,000 | 35,000,000 |
Settlements and curtailments | 0 | 0 | 2,000,000 |
Foreign exchange translation and other | (23,000,000) | (14,000,000) | 31,000,000 |
Pensions and other postretirement benefit adjustments | 74,000,000 | 86,000,000 | (606,000,000) |
Changes in fair value of available for sale investments | 4,000,000 | 0 | 0 |
Cash flow hedges recognized in other comprehensive income | 10,000,000 | 103,000,000 | 89,000,000 |
Less: Reclassification adjustment for gains (losses) included in net income | 54,000,000 | 92,000,000 | 4,000,000 |
Changes in fair value of cash flow hedges | (44,000,000) | 11,000,000 | 85,000,000 |
Other comprehensive income (loss), net of tax | (177,000,000) | 240,000,000 | (1,206,000,000) |
Comprehensive income | 4,688,000,000 | 6,470,000,000 | 5,622,000,000 |
Less: Comprehensive income attributable to the noncontrolling interest | 89,000,000 | 82,000,000 | 53,000,000 |
Comprehensive income attributable to Honeywell | $ 4,599,000,000 | $ 6,388,000,000 | $ 5,569,000,000 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 14,275 | $ 9,067 |
Short-term investments | 945 | 1,349 |
Accounts receivable - net | 6,827 | 7,493 |
Inventories | 4,489 | 4,421 |
Other current assets | 1,639 | 1,973 |
Total current assets | 28,175 | 24,303 |
Investments and long-term receivables | 685 | 588 |
Property, plant and equipment - net | 5,570 | 5,325 |
Goodwill | 16,058 | 15,563 |
Other intangible assets - net | 3,560 | 3,734 |
Insurance recoveries for asbestos related liabilities | 366 | 392 |
Deferred income taxes | 760 | 86 |
Other assets | 9,412 | 8,688 |
Total assets | 64,586 | 58,679 |
Liabilities, Current [Abstract] | ||
Accounts payable | 5,750 | 5,730 |
Commercial paper and other short-term borrowings | 3,597 | 3,516 |
Current maturities of long-term debt | 2,445 | 1,376 |
Accrued liabilities | 7,405 | 7,476 |
Total current liabilities | 19,197 | 18,098 |
Long-term debt | 16,342 | 11,110 |
Deferred income taxes | 2,113 | 1,670 |
Postretirement benefit obligations other than pensions | 242 | 326 |
Asbestos related liabilities | 1,920 | 1,996 |
Other liabilities | 6,975 | 6,766 |
Redeemable noncontrolling interest | 7 | 7 |
SHAREOWNERS' EQUITY [Abstract] | ||
Capital - common stock issued | 958 | 958 |
Capital - additional paid in capital | 7,292 | 6,876 |
Common stock held in treasury, at cost | (27,229) | (23,836) |
Accumulated other comprehensive income (loss) | (3,377) | (3,197) |
Retained earnings | 39,905 | 37,693 |
Total Honeywell shareowners' equity | 17,549 | 18,494 |
Noncontrolling interest | 241 | 212 |
Total shareowners' equity | 17,790 | 18,706 |
Total liabilities, redeemable noncontrolling interest, and shareowners' equity | $ 64,586 | $ 58,679 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 4,865,000,000 | $ 6,230,000,000 | $ 6,828,000,000 |
Less: Net income attributable to the noncontrolling interest | 86,000,000 | 87,000,000 | 63,000,000 |
Net income attributable to Honeywell | 4,779,000,000 | 6,143,000,000 | 6,765,000,000 |
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities [Abstract] | |||
Depreciation | 644,000,000 | 673,000,000 | 721,000,000 |
Amortization | 358,000,000 | 415,000,000 | 395,000,000 |
Repositioning and other charges | 575,000,000 | 546,000,000 | 1,091,000,000 |
Net payments for repositioning and other charges | (833,000,000) | (376,000,000) | (652,000,000) |
Pension and other postretirement income | (798,000,000) | (516,000,000) | (987,000,000) |
Pension and other postretirement benefit payments | (47,000,000) | (78,000,000) | (80,000,000) |
Stock compensation expense | 168,000,000 | 153,000,000 | 175,000,000 |
Deferred income taxes | (175,000,000) | 179,000,000 | (586,000,000) |
Reimbursement receivables charge | 509,000,000 | 0 | 0 |
Other | (335,000,000) | (286,000,000) | (694,000,000) |
Changes in assets and liabilities, net of the effects of acquisitions and divestitures: [Abstract] | |||
Accounts receivable | 669,000,000 | 11,000,000 | (236,000,000) |
Inventories | (67,000,000) | (100,000,000) | (503,000,000) |
Other current assets | 191,000,000 | (430,000,000) | 218,000,000 |
Accounts payable | 15,000,000 | 118,000,000 | 733,000,000 |
Accrued liabilities | 555,000,000 | 445,000,000 | 74,000,000 |
Net cash provided by (used for) operating activities | 6,208,000,000 | 6,897,000,000 | 6,434,000,000 |
Cash flows from investing activities: [Abstract] | |||
Expenditures for property, plant and equipment | (906,000,000) | (839,000,000) | (828,000,000) |
Proceeds from disposals of property, plant and equipment | 57,000,000 | 43,000,000 | 15,000,000 |
Increase in investments | (3,236,000,000) | (4,253,000,000) | (4,059,000,000) |
Decrease in investments | 3,508,000,000 | 4,464,000,000 | 6,032,000,000 |
Receipts (payments) from settlements of derivative contracts | (149,000,000) | 102,000,000 | 402,000,000 |
Cash paid for acquisitions, net of cash acquired | (261,000,000) | (50,000,000) | (535,000,000) |
Net cash provided by (used for) investing activities | (987,000,000) | (533,000,000) | 1,027,000,000 |
Cash flows from financing activities: [Abstract] | |||
Proceeds from issuance of commercial paper and other short-term borrowings | 10,474,000,000 | 14,199,000,000 | 23,891,000,000 |
Payments of commercial paper and other short-term borrowings | (10,400,000,000) | (14,199,000,000) | (24,095,000,000) |
Proceeds from issuance of common stock | 393,000,000 | 498,000,000 | 267,000,000 |
Proceeds from issuance of long-term debt | 10,125,000,000 | 2,726,000,000 | 27,000,000 |
Payments of long-term debt | (4,308,000,000) | (2,903,000,000) | (1,330,000,000) |
Repurchases of common stock | (3,714,000,000) | (4,400,000,000) | (4,000,000,000) |
Cash dividends paid | (2,592,000,000) | (2,442,000,000) | (2,272,000,000) |
Pre-separation funding | 0 | 0 | 2,801,000,000 |
Spin-off cash | 0 | 0 | (179,000,000) |
Other | (59,000,000) | (79,000,000) | (142,000,000) |
Net cash provided by (used for) financing activities | (81,000,000) | (6,600,000,000) | (5,032,000,000) |
Effect of foreign exchange rate changes on cash and cash equivalents | 68,000,000 | 16,000,000 | (201,000,000) |
Net increase (decrease) in cash and cash equivalents | 5,208,000,000 | (220,000,000) | 2,228,000,000 |
Cash and cash equivalents at beginning of period | 9,067,000,000 | 9,287,000,000 | 7,059,000,000 |
Cash and cash equivalents at end of period | $ 14,275,000,000 | $ 9,067,000,000 | $ 9,287,000,000 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREOWNERS EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect Of New Accounting Principle In Period of Adoption [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at, beginning of period at Dec. 31, 2017 | $ 6,212,000,000 | $ (15,914,000,000) | $ 27,481,000,000 | $ (2,235,000,000) | $ 163,000,000 | |||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2017 | (206,700,000) | |||||||
Reacquired stock or repurchases of common stock | $ (4,000,000,000) | |||||||
Reacquired stock or repurchases of common stock, shares | (26,500,000) | |||||||
Issued for employee savings and option plans | 65,000,000 | $ 143,000,000 | ||||||
Issued for employee savings and option plans, shares | 5,200,000 | |||||||
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 available for sale investments | 0 | |||||||
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 | |||||||
Adoption of new accounting standards | $ 264,000,000 | |||||||
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 | (228,000,000) | |||||||
Cash dividends per share of common stock | $ 3.055 | |||||||
Common Stock Shares Issued | 957,600,000 | |||||||
Common stock, shares | 729,600,000 | |||||||
Reacquired stock or repurchases of common stock | $ (4,400,000,000) | |||||||
Reacquired stock or repurchases of common stock, shares | (26,500,000) | |||||||
Issued for employee savings and option plans | 271,000,000 | $ 335,000,000 | ||||||
Issued for employee savings and option plans, shares | 8,000,000 | |||||||
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 available for sale investments | 0 | |||||||
Changes in fair value of cash flow hedges | 11,000,000 | 11,000,000 | ||||||
Acquisitions, divestitures, and other | (3,000,000) | |||||||
Spin-offs | 0 | |||||||
Adoption of new accounting standards | 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 | (246,500,000) | |||||||
Cash dividends per share of common stock | $ 3.360 | |||||||
Common Stock Shares Issued | 957,600,000 | |||||||
Common stock, shares | 711,100,000 | |||||||
Reacquired stock or repurchases of common stock | $ (3,714,000,000) | |||||||
Reacquired stock or repurchases of common stock, shares | (20,700,000) | |||||||
Issued for employee savings and option plans | 248,000,000 | $ 321,000,000 | ||||||
Issued for employee savings and option plans, shares | 6,400,000 | |||||||
Stock-based compensation expense | 168,000,000 | |||||||
Net income attributable to Honeywell | $ 4,779,000,000 | 4,779,000,000 | ||||||
Dividends on common stock | (2,567,000,000) | |||||||
Redemption value adjustment | 0 | |||||||
Foreign exchange translation adjustment | (211,000,000) | (214,000,000) | 3,000,000 | |||||
Dividends paid | (54,000,000) | |||||||
Pensions and other postretirement benefit adjustments | 74,000,000 | 74,000,000 | ||||||
Changes in fair value of available for sale investments | 4,000,000 | |||||||
Changes in fair value of cash flow hedges | (44,000,000) | (44,000,000) | ||||||
Acquisitions, divestitures, and other | (6,000,000) | |||||||
Spin-offs | 0 | |||||||
Adoption of new accounting standards | $ 0 | |||||||
Net income attributable to the noncontrolling interest | 86,000,000 | 86,000,000 | ||||||
Balance at, end of period at Dec. 31, 2020 | $ 17,790,000,000 | $ 958,000,000 | $ 7,292,000,000 | $ (27,229,000,000) | $ 39,905,000,000 | $ (3,377,000,000) | $ 241,000,000 | |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2020 | (260,800,000) | |||||||
Cash dividends per share of common stock | $ 3.630 | |||||||
Common Stock Shares Issued | 957,600,000 | |||||||
Common stock, shares | 696,800,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current year presentation. RECENT ACCOUNTING PRONOUNCEMENTS The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated statement of operations, balance sheet and cash flows (Consolidated Financial Statements). In December 2019, the FASB issued an ASU 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. Effective January 1, 2021, the Company adopted this standard. The adoption of this standard does not have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued guidance that provides optional expedients and exceptions for applying generally accepted accounted principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. The Company does not expect the adoption of this standard to have a material impact on the Company’s Consolidated Financial Statements. RESEARCH AND DEVELOPMENT Research and development costs for projects are expensed as incurred, unless these costs relate to contracts with customers where we receive reimbursements. Amounts expensed as incurred for Company-sponsored research and development projects are included in Cost of products and services sold and were $1,334 million, $1,556 million and $1,809 million for the years ended December 31, 2020, 2019 and 2018. Costs related to contracts with customers for customer-sponsored research and development projects are included as a contract cost and included in Cost of products and services sold when revenue from such contracts is recognized, consistent with our sales recognition policies. This revenue was $1,200 million, $1,079 million and $1,069 million for the years ended December 31, 2020, 2019 and 2018. 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. 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, 2020 and determined that there was no impairment as of that date. In addition, due to the economic impact of COVID-19, we updated our assessment as of June 30, 2020, and determined there was no impairment. We are not aware of any additional triggering events. FINITE-LIVED INTANGIBLE ASSETS 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. 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 All derivative financial instruments 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. Derivative financial instruments designated as hedges must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception and over the life of the hedge contract. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. We 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. 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. PENSION BENEFITS The Company presents net periodic pensions costs by disaggregating the service cost component of such 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 such 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 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 plan's projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment). The MTM Adjustment is also reported in Other (income) expense. 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 $1.3 billion and $1 billion as of December 31, 2020 and 2019. The amounts recognized as Cost of products and services sold were approximately $0.1 billion for the years ended December 31, 2020, 2019 and 2018. Revenues for our mechanical service programs are recognized as performance obligations that 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. STOCK-BASED COMPENSATION PLANS The principal awards issued under our stock-based compensation plans, which are described in Note 16 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. 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. During 2020, the Company revised the disclosure of deferred tax assets and deferred tax liabilities in Note 5 Income Taxes as of December 31, 2019, to present separately the deferred tax liability for Right-of-use assets of $159 million and the deferred tax asset for Lease liabilities of $167 million, which were previously reported net within the deferred tax liability for Property, plant and equipment. This had no other impact to our Consolidated Financial Statements. For additional information, see Note 5 Income Taxes. 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. ENVIRONMENTAL The Company accrues costs related to environmental matters when it is probable that it has 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 |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS AND DIVESTITURES During 2020, the Company acquired businesses for an aggregate cost (net of cash and debt assumed) of approximately $261 million, which included the October 2020 acquisition of Rocky Research and the December 2020 acquisition of Sine Group. Rocky Research is a technology leader specializing in thermal, energy and power management solutions and is included within our Aerospace segment. Sine Group offers a Software-as-a-Service (SaaS) that handles visitor management, workplace and supply chain solutions and is included in the Honeywell Building Technologies segment. The preliminary determination of the assets and liabilities acquired with Rocky Research and Sine Group is included in the Consolidated Balance Sheet as of December 31, 2020, including $167 million allocated to goodwill, which is non-deductible for tax purposes. There were no significant divestitures during 2020. On December 22, 2020, the Company agreed to acquire 100% of the outstanding stock of Sparta Systems from New Mountain Capital in an all-cash transaction for $1.3 billion. Sparta Systems is a leading provider of enterprise quality management software for the life sciences industry and is expected to further strengthen the Company's leadership in industrial automation, digital transformation solutions, and enterprise performance management software. The transaction is subject to regulatory review and approval and customary closing conditions. The transaction is expected to close in the first quarter of 2021 and the business will be reported within the Performance Materials and Technologies segment. During 2019, there were no significant acquisitions or divestitures individually or in the 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. 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. 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. 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 the spin-off entities were 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 for 2018. 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 effect 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. For additional information, see Note 20 Commitments and Contingencies. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2020 | |
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. Years Ended December 31, 2020 2019 2018 Aerospace Commercial Aviation Original Equipment $ 1,932 $ 2,997 $ 2,833 Commercial Aviation Aftermarket 3,786 5,731 5,373 Defense and Space 5,826 5,326 4,665 Transportation Systems — — 2,622 11,544 14,054 15,493 Honeywell Building Technologies Homes Products and Software — — 1,732 Distribution (ADI) — — 2,196 Products 2,995 3,314 2,953 Building Solutions 2,194 2,403 2,417 5,189 5,717 9,298 Performance Materials and Technologies UOP 2,177 2,890 2,845 Process Solutions 4,590 5,146 4,981 Specialty Products 1,075 1,062 1,134 Fluorine Products 1,581 1,736 1,714 9,423 10,834 10,674 Safety and Productivity Solutions Safety and Retail 2,414 2,215 2,278 Productivity Solutions and Services 1,256 1,270 1,540 Warehouse and Workflow Solutions 2,018 1,771 1,662 Sensing & Internet-of-Things (IoT) 793 848 857 6,481 6,104 6,337 Net sales $ 32,637 $ 36,709 $ 41,802 – A global supplier of products, software and services for aircrafts that it sells to OEM and other customers in a variety of end markets including: air transport, regional, business and general aviation aircraft, airlines, aircraft operators and defense and space contractors. Aerospace products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics, wireless connectivity services, electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, management and technical services, advanced systems and instruments, satellite and space components, aircraft wheels and brakes, repair and overhaul services and thermal systems. Aerospace also provides spare parts, repair, overhaul and maintenance services (principally to aircraft operators) for the aftermarket. Honeywell Forge solutions are leveraged by our customers as tools to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient. Honeywell Building Technologies – A global provider of products, software, solutions and technologies that enable building owners and occupants to ensure their facilities are safe, energy efficient, sustainable and productive. Honeywell Building Technologies products and services include advanced software applications for building control and optimization; sensors, switches, control systems and instruments for energy management; access control; video surveillance; fire products; remote patient monitoring systems; and installation, maintenance and upgrades of systems. Honeywell Forge solutions enable our customers to digitally manage buildings, connecting data from different assets to enable smart maintenance, improve building performance and even protect from incoming security threats. Performance Materials and Technologies – A global provider in developing and manufacturing high-quality performance chemicals and materials, process technologies and automation solutions. The segment is comprised of Process Solutions, UOP and Advanced Materials. Process Solutions provides automation control, instrumentation, advanced software and related services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals and mining industries. Through its smart energy products, Process Solutions enables utilities and distribution companies to deploy advanced capabilities to improve operations, reliability and environmental sustainability. UOP provides process technology, products, including catalysts and adsorbents, equipment, and consulting services that enable customers to efficiently produce gasoline, diesel, jet fuel, petrochemicals and renewable fuels for the petroleum refining, gas processing, petrochemical, and other industries. Advanced Materials manufactures a wide variety of high-performance products, including materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips and pharmaceutical packaging, and provides reduced and low global-warming-potential materials based on hydrofluoro-olefin technology. In the industrial environment, Honeywell Forge solutions enable integration and connectivity to provide a holistic view of operations and turn data into clear actions to maximize productivity and efficiency. Honeywell Forge's cybersecurity capabilities help identify risks and act on cyber-related incidents, together enabling improved operations and protecting processes, people and assets. Safety and Productivity Solutions – A global provider of products and software that improve productivity, workplace safety and asset performance to customers around the globe. Safety products include PPE, apparel, gear, and footwear designed for work, play and outdoor activities; gas detection technology; and cloud-based notification and emergency messaging. Productivity Solutions products and services include mobile devices and software for computing, data collection and thermal printing; supply chain and warehouse automation equipment, software and solutions; custom-engineered sensors, switches and controls for sensing and productivity solutions; and software-based data and asset management productivity solutions. Honeywell Forge solutions digitally automate processes to improve efficiency while reducing downtime and safety costs. For a summary by disaggregated product and services sales for each segment, refer to Note 23 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: Years Ended December 31, 2020 2019 2018 Products, transferred point in time 61 % 61 % 67 % Products, transferred over time 15 14 12 Net product sales 76 75 79 Services, transferred point in time 8 9 7 Services, transferred over time 16 16 14 Net service sales 24 25 21 Net sales 100 % 100 % 100 % CONTRACT BALANCES The Company records 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: 2020 2019 Contract assets—January 1 $ 1,602 $ 1,548 Contract assets—December 31 1,618 1,602 Change in contract assets—increase (decrease) $ 16 $ 54 Contract liabilities—January 1 $ (3,501) $ (3,378) Contract liabilities—December 31 (4,033) (3,501) Change in contract liabilities—(increase) decrease $ (532) $ (123) Net change $ (516) $ (69) 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, 2020 Aerospace $ 9,493 Honeywell Building Technologies 5,924 Performance Materials and Technologies 6,704 Safety and Productivity Solutions 4,255 $ 26,376 Performance obligations recognized as of December 31, 2020 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 55% and 45%, respectively. 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. |
REPOSITIONING AND OTHER CHARGES
REPOSITIONING AND OTHER CHARGES | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Repositioning and Other Charges | A summary of repositioning and other charges follows: Years Ended December 31, 2020 2019 2018 Severance $ 475 $ 260 $ 289 Asset impairments 21 95 162 Exit costs 69 83 79 Reserve adjustments (47) (5) (10) Total net repositioning charge 518 433 520 Asbestos related litigation charges, net of insurance and reimbursements 50 42 163 Probable and reasonably estimable environmental liabilities, net of reimbursements 27 59 345 Other (20) 12 63 Total net repositioning and other charges $ 575 $ 546 $ 1,091 The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification: Years Ended December 31, 2020 2019 2018 Cost of products and services sold $ 308 $ 276 $ 811 Selling, general and administrative expenses 267 270 239 Other (income) expense — — 41 $ 575 $ 546 $ 1,091 The following table summarizes the pre-tax impact of total net repositioning and other charges by segment: Years Ended December 31, 2020 2019 2018 Aerospace $ 157 $ 33 $ 154 Honeywell Building Technologies 100 108 111 Performance Materials and Technologies 167 93 191 Safety and Productivity Solutions 41 71 133 Corporate 110 241 502 $ 575 $ 546 $ 1,091 In 2020, the Company recognized repositioning charges totaling $565 million, including severance costs of $475 million related to workforce reductions of 14,159 manufacturing and administrative positions across our segments, with a majority of the workforce reductions in Aerospace and Performance Materials and Technologies. The workforce reductions primarily related to the Company aligning its cost structure with the slowdown in demand for many of its products and services due to the global recession, and with our productivity and ongoing functional transformation initiatives and to site consolidations and hub strategies. The repositioning charge included exit costs of $69 million primarily related to current period exit costs incurred for previously approved repositioning projects. Also, $47 million of previously established reserves, primarily for severance, were returned to income mainly as a result of higher attrition than anticipated in prior severance actions resulting in lower payments. 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 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. The following table summarizes the status of the Company's total repositioning reserves: Severance Asset Exit Total 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 Charges 475 21 69 565 Usage—cash (474) — (90) (564) Usage—noncash — (21) — (21) Divestitures — — — — Adjustments (44) — (3) (47) Foreign currency translation 15 — 2 17 Balance at December 31, 2020 $ 527 $ — $ 74 $ 601 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME BEFORE TAXES Years Ended December 31, 2020 2019 2018 U.S. $ 3,318 $ 4,178 $ 2,919 Non-U.S. 2,694 3,381 4,568 $ 6,012 $ 7,559 $ 7,487 TAX EXPENSE (BENEFIT) Years Ended December 31, 2020 2019 2018 Tax expense (benefit) consists of Current: U.S. Federal $ 475 $ 8 $ (21) U.S. State 79 43 89 Non-U.S. 768 1,099 1,177 $ 1,322 $ 1,150 $ 1,245 Deferred: U.S. Federal $ 234 $ 332 $ 396 U.S. State 39 63 8 Non-U.S. (448) (216) (990) (175) 179 (586) $ 1,147 $ 1,329 $ 659 Years Ended December 31, 2020 2019 2018 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 % 21.0 % Taxes on non-U.S. earnings (1)(2) (0.8) (0.5) 0.2 U.S. state income taxes (1) 1.3 1.1 1.6 Reserves for tax contingencies (2.6) 2.0 0.3 Employee share-based payments (1.2) (1.2) (0.7) Reduction of certain receivables 2.0 — — U.S. Tax Cuts and Jobs Act — (3.6) (5.8) Reduction of taxes on unremitted earnings — — (14.2) Separation tax costs — — 5.5 All other items—net (0.6) (1.2) 0.9 19.1 % 17.6 % 8.8 % (1) Net of changes in valuation allowance (2) Includes U.S. taxes on non-U.S. earnings The effective tax rate increased by 1.5 percentage points in 2020 compared to 2019. The increase was primarily attributable to accrued withholding taxes related to unremitted foreign earnings and non-cash charges related to the reduction of the aggregate carrying value of certain receivables with no corresponding tax benefit, offset by the favorable resolution of a foreign tax matter related to the previously completed spin-off transactions, tax impact of restructuring, tax law changes in India, and the resolution of certain U.S. tax matters. The Company’s non-U.S. effective tax rate was 11.9%, a decrease of approximately 14.2 percentage points compared to 2019. The decrease in the foreign effective tax rate was primarily attributable to the favorable resolution of a foreign tax matter related to the previously completed spin-off transactions, tax impact of restructuring, and tax law changes in India offset by accrued withholding taxes related to unremitted foreign 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 the U.S. Tax Cuts and Jobs Act 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. 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, 2020 2019 Postretirement benefits other than pensions $ 85 $ 111 Asbestos and environmental 508 531 Employee compensation and benefits 180 205 Lease liabilities 197 167 Other accruals and reserves 110 279 Net operating and capital losses 779 652 Tax credit carryforwards 219 246 Gross deferred tax assets 2,078 2,191 Valuation allowance (766) (656) Total deferred tax assets $ 1,312 $ 1,535 Deferred tax liabilities: Pension $ (548) $ (469) Property, plant and equipment (437) (477) Right-of-use asset (184) (159) Intangibles (898) (1,296) Unremitted earnings of foreign subsidiaries (398) (419) Other asset basis differences (169) (136) Other (31) (163) Total deferred tax liabilities (2,665) (3,119) Net deferred tax liability $ (1,353) $ (1,584) The Company's gross deferred tax assets include $872 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 $758 million against a portion of the non-U.S. gross deferred tax assets. The change in the valuation allowance resulted in an increase of $105 million, a decrease of $23 million and an increase of $57 million to income tax expense in 2020, 2019 and 2018. 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, 2020, the Company recorded a $398 million deferred tax liability on all our unremitted foreign earnings based on estimated earnings and profits of approximately $22.4 billion as of the balance sheet date. As of December 31, 2020, the Company's net operating loss, capital loss and tax credit carryforwards were as follows: Jurisdiction Expiration Net Operating Tax Credit U.S. Federal 2040 $ 24 $ 92 U.S. State 2040 382 21 Non-U.S. 2040 314 111 Non-U.S. Indefinite 2,532 — $ 3,252 $ 224 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. Years Ended December 31, 2020 2019 2018 Change in unrecognized tax benefits: Balance at beginning of year $ 1,164 $ 1,089 $ 947 Gross increases related to current period tax positions 94 51 370 Gross increases related to prior periods tax positions 68 83 82 Gross decreases related to prior periods tax positions (256) (34) (201) Decrease related to resolutions of audits with tax authorities (35) (3) (40) Expiration of the statute of limitations for the assessment of taxes (76) (13) (50) Foreign currency translation 32 (9) (19) Balance at end of year $ 991 $ 1,164 $ 1,089 The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2020: Jurisdiction Open Tax Years Examination in Examination not yet U.S. Federal 2017 - 2018 2019 - 2020 U.S. State 2011 - 2019 2016 - 2019 Australia N/A 2017 - 2020 Canada (1) 2015 - 2018 2019 - 2020 China 2010 - 2019 2020 France 2017 - 2019 2020 Germany (1) 2008 - 2018 2019 - 2020 India 1999 - 2018 2019 - 2020 Italy 2012 - 2017 2018 - 2020 Netherlands 2016 - 2017 2018 - 2020 Switzerland (1) 2015 - 2018 2019 - 2020 United Kingdom 2013 - 2018 2019 - 2020 (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 $556 million, $413 million and $304 million, as of December 31, 2020, 2019 and 2018. 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 $80 million, $73 million and $45 million for the years ended December 31, 2020, 2019 and 2018. Accrued interest and penalties were $507 million, $487 million and $426 million, as of December 31, 2020, 2019 and 2018. |
ACCOUNTS RECEIVABLES
ACCOUNTS RECEIVABLES | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | |
Accounts, Notes and Other Receivables | December 31, 2020 2019 Trade $ 7,029 $ 7,639 Less—Allowance for doubtful accounts (202) (146) $ 6,827 $ 7,493 Trade Receivables includes $1,589 million and $1,586 million of unbilled balances under long-term contracts as of December 31, 2020 and 2019. These amounts are billed in accordance with the terms of customer contracts to which they relate. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31, 2020 2019 Raw materials $ 1,079 $ 1,056 Work in process 798 817 Finished products 2,612 2,593 4,489 4,466 Reduction to LIFO cost basis — (45) $ 4,489 $ 4,421 |
PROPERTY, PLANT AND EQUIPMENT-N
PROPERTY, PLANT AND EQUIPMENT-NET | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | December 31, 2020 2019 Land and improvements $ 259 $ 251 Machinery and equipment 10,008 9,586 Buildings and improvements 3,245 3,152 Construction in progress 825 724 14,337 13,713 Less—Accumulated depreciation (8,767) (8,388) $ 5,570 $ 5,325 Depreciation expense was $644 million, $673 million and $721 million for the years ended December 31, 2020, 2019 and 2018. |
GOODWILL AND OTHER INTANGIBLES-
GOODWILL AND OTHER INTANGIBLES-NET | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Other Intangible Assets Net [Abstract] | |
Goodwill and Other Intangible Assets, Net | The following table summarizes the change in the carrying amount of goodwill for the years ended December 31, 2020 and 2019 by segment. December 31, 2019 Acquisitions/ Divestitures Currency December 31, 2020 Aerospace $ 2,266 $ 105 $ 7 $ 2,378 Honeywell Building Technologies 3,215 62 108 3,385 Performance Materials and Technologies 5,105 — 150 5,255 Safety and Productivity Solutions 4,977 — 63 5,040 $ 15,563 $ 167 $ 328 $ 16,058 Other intangible assets are comprised of: December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Determinable life intangibles: Patents and technology $ 2,159 $ (1,595) $ 564 $ 2,060 $ (1,481) $ 579 Customer relationships 3,889 (2,050) 1,839 3,769 (1,766) 2,003 Trademarks 327 (247) 80 317 (228) 89 Other 298 (267) 31 297 (262) 35 6,673 (4,159) 2,514 6,443 (3,737) 2,706 Indefinite life intangibles: Trademarks 1,046 — 1,046 1,028 — 1,028 $ 7,719 $ (4,159) $ 3,560 $ 7,471 $ (3,737) $ 3,734 Intangible assets amortization expense was $358 million, $415 million and $395 million for the years ended December 31, 2020, 2019 and 2018. Estimated intangible asset amortization expense for each of the next five years approximates $335 million in 2021, $311 million in 2022, $272 million in 2023, $250 million in 2024 and $239 million in 2025. |
LONG-TERM DEBT AND CREDIT AGREE
LONG-TERM DEBT AND CREDIT AGREEMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Long Term Debt And Credit Agreements [Abstract] | |
Long-term Debt and Credit Agreements | LONG-TERM DEBT AND CREDIT AGREEMENTS December 31, 2020 2019 0.65% Euro notes due 2020 $ — $ 1,123 4.25% notes due 2021 800 800 1.85% notes due 2021 1,500 1,500 0.483% notes due 2022 2,500 — 2.15% notes due 2022 600 600 Floating rate notes due 2022 1,100 600 1.30% Euro notes due 2023 1,534 1,404 3.35% notes due 2023 300 300 0.00% Euro notes due 2024 614 — 2.30% notes due 2024 750 750 1.35% notes due 2025 1,250 — 2.50% notes due 2026 1,500 1,500 2.25% Euro notes due 2028 920 842 2.70% notes due 2029 750 750 1.95% notes due 2030 1,000 — 0.75% Euro notes due 2032 614 — 5.70% notes due 2036 441 441 5.70% notes due 2037 462 462 5.375% notes due 2041 417 417 3.812% notes due 2047 445 445 2.80% notes due 2050 750 — Industrial development bond obligations, floating rate maturing at various dates through 2037 22 22 6.625% debentures due 2028 201 201 9.065% debentures due 2033 51 51 Other (including capitalized leases and debt issuance costs), 8.9% weighted average interest rate maturing at various dates through 2025 266 278 18,787 12,486 Less-current portion (2,445) (1,376) $ 16,342 $ 11,110 The schedule of principal payments on long-term debt is as follows: December 31, 2020 2021 $ 2,445 2022 4,240 2023 1,862 2024 1,392 2025 1,255 Thereafter 7,593 18,787 Less-current portion (2,445) $ 16,342 On August 19, 2020, the Company issued $2.5 billion 0.483% Senior Notes due 2022 and $500 million Floating Rate Senior Notes due 2022 (collectively, the 2022 Callable Notes). The $500 million Floating Rate Senior Notes due 2022 were issued at a variable interest rate equal to the three-month LIBOR plus the applicable margin of 0.23%. The Company may redeem the 2022 fixed rate notes at any time, in whole or in part, at the Company's option. The Company may redeem the 2022 floating rate notes at any time, in whole or in part, on or after August 19, 2021. The 2022 Callable Notes resulted in gross proceeds of $3.0 billion, offset by $10 million in discount and closing costs related to the offering. The Company used the proceeds of the offering to repay $3.0 billion of borrowings under the Term Loan Agreement (defined below). On May 18, 2020, the Company issued $1.25 billion 1.35% Senior Notes due 2025, $1.0 billion 1.95% Senior Notes due 2030, and $750 million 2.80% Senior Notes due 2050 (collectively, the 2020 Notes) to replace and, accordingly, permanently reduce $3.0 billion of undrawn commitments under the Term Loan Agreement, referenced below. The Company may redeem the 2020 Notes at any time, in whole or in part, at the Company's option. The offering provided gross proceeds of $3.0 billion, offset by $27 million in discount and closing costs related to the offering. On March 10, 2020, the Company issued €500 million 0.00% Senior Notes due 2024 and €500 million 0.75% Senior Notes due 2032 (collectively, the 2020 Euro Notes). The offering provided gross proceeds of $1.1 billion, offset by $9 million in discount and closing costs related to the offering. The 2022 Callable Notes, 2020 Notes, and 2020 Euro Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. On April 10, 2020, the Company entered into a $1.5 billion 364-Day Credit Agreement (the 364-Day Credit Agreement) with a syndicate of banks. This 364-Day Credit Agreement is maintained for general corporate purposes. The 364-Day Credit Agreement replaced the previous 364-day credit agreement dated as of April 26, 2019, which was terminated on April 10, 2020. On March 26, 2020, the Company entered into a Delayed Draw Term Loan Agreement (the Term Loan Agreement) with a syndicate of banks. The Term Loan Agreement provided for a two-year, delayed draw term loan facility in the aggregate principal amount of $6.0 billion. Effective May 22, 2020, the Company permanently reduced the undrawn commitments under the Term Loan Agreement by an aggregate amount of $3.0 billion. On June 24, 2020, the Company drew on the remaining $3.0 billion of commitments under the Term Loan Agreement at a variable interest rate equal to the one-month LIBOR plus the applicable margin of 1.25%. The draw provided gross proceeds of $3.0 billion, offset by $7 million in closing costs related to the borrowing. On August 20, 2020, the Company prepaid the outstanding principal amount of $3.0 billion, using the proceeds from the offering of the 2022 Callable Notes. On February 21, 2020, the Company paid its 0.65% Euro notes due 2020. On April 26, 2019, the Company entered into a $4.0 billion Five Year Credit Agreement (the 5-Year Credit Agreement) with a syndicate of banks, dated April 26, 2019. This 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. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | A significant portion of the Company's operating and finance lease portfolio includes corporate offices, research and development facilities, manufacturing sites, information technology 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 included in Other assets. The current portion of operating lease liabilities are included in Accrued liabilities, and the non-current portion of operating lease liabilities are included in Other liabilities on the Consolidated Balance Sheet. Finance lease ROU assets are included in Property, plant and equipment—net. The current portion of finance lease liabilities are included in Current maturities of long-term debt, and the non-current portion of finance lease liabilities are included 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. Years Ended December 31, 2020 2019 Operating lease cost $ 214 $ 222 Variable lease cost 18 27 Short-term lease cost 17 12 Finance lease cost: Amortization of right-of-use assets 69 65 Interest on lease liability 27 30 Total finance lease cost 96 95 Total lease cost $ 345 $ 356 Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 206 $ 224 Operating cash flows for finance leases 32 32 Financing cash flows for finance leases 65 61 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 245 $ 179 Finance leases 27 34 Supplemental balance sheet information related to leases was as follows: December 31, 2020 2019 Operating leases Other assets $ 773 $ 673 Accrued liabilities 187 171 Other liabilities 641 534 Total operating lease liabilities $ 828 $ 705 Finance leases Property, plant and equipment $ 357 $ 361 Accumulated depreciation (180) (152) Property, plant and equipment—net $ 177 $ 209 Current maturities of long-term debt 60 59 Long-term debt 124 156 Total finance lease liabilities $ 184 $ 215 Weighted-average remaining lease term Operating leases 7 years 6 years Finance leases 3 years 4 years Weighted-average discount rate Operating leases 2.9 % 3.3 % Finance leases 16.3 % 16.2 % As of December 31, 2020, maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 $ 204 $ 83 2022 169 63 2023 137 46 2024 103 40 2025 69 13 Thereafter 231 — Total lease payments 913 245 Less-interest (85) (61) Total $ 828 $ 184 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVES AND HEDGING ACTIVITIES The Company uses derivative financial instruments to manage its risks related to interest rates and foreign currency exchange rate fluctuations. Derivative financial instruments are not used for trading or other speculative purposes. To qualify as a hedge, derivative financial instruments must be evaluated for hedge effectiveness at the inception of the contract and designated as a hedge. Changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception and over the life of the hedge contract. FOREIGN CURRENCY RISK MANAGEMENT The Company operates a global business 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. The Company's objective is to preserve the U.S. Dollar value of foreign currency denominated cash flows and earnings. The Company monitors its collective foreign currency exposure and enters 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 use foreign currency exchange contracts to hedge our foreign currency exposure. 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. The Company uses foreign currency contracts to hedge forecasted sales and purchases, which are denominated in non-functional currencies. 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, 2020 and 2019, the Company held contracts with notional amounts of $16,123 million and $12,746 million to exchange foreign currencies, principally the U.S. Dollar, Euro, Canadian Dollar, British Pound, Swiss Franc, Mexican Peso, Chinese Renminbi, Indian Rupee, and Malaysian Ringgit. The Company also designates certain foreign currency debt and derivative contracts as hedges against portions of its net investment in foreign operations. Gains or losses of the foreign currency debt and derivative contracts designated as net investment hedges 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 convert the interest rate mix of our total debt portfolio and related overall cost of borrowing. CREDIT RISK MANAGEMENT The Company continues to monitor the creditworthiness of its counterparties to mitigate the risk of nonperformance. Financial instruments, including derivatives, expose the Company to counterparty credit risk. In addition, the Company grants credit terms to its customers 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. DERIVATIVE AND HEDGING INSTRUMENTS The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the Consolidated Balance Sheet as of December 31, 2020 and 2019: Notional Fair Value Asset Fair Value (Liability) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives in Fair Value Hedging Relationships: Interest rate swap agreements $ 3,950 $ 3,950 $ 194 $ 38 $ — $ (13) Derivatives in Cash Flow Hedging Relationships: Foreign currency exchange contracts 488 3,340 65 218 (58) (16) Derivatives in Net Investment Hedging Relationships: Foreign currency exchange contracts 806 866 45 71 (1) — Cross currency swap agreements 1,200 1,200 — 51 (50) — Total Derivatives Designated as Hedging Instruments 6,444 9,356 304 378 (109) (29) Derivatives Not Designated as Hedging Instruments: Foreign currency exchange contracts 14,829 8,540 92 2 (91) (5) Total Derivatives at Fair Value $ 21,273 $ 17,896 $ 396 $ 380 $ (200) $ (34) All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Accrued liabilities or Other liabilities. As of December 31, 2020, cash collateral received that has not been offset against our derivatives of $34 million was recorded in Accrued liabilities and Other assets. In addition to the foreign currency derivative contracts designated as net investment hedges, certain of the Company's foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $4,414 million and $6,882 million as of December 31, 2020 and 2019. 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 $169 million of income, $70 million of income and $37 million of expense for the years ended December 31, 2020, 2019 and 2018. Gains and losses are fully offset by losses and gains on the underlying debt being hedged. 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 Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Long-term debt $ 4,144 $ 3,975 $ 194 $ 25 The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments: Year Ended December 31, 2020 Revenue Cost of SG&A Other Interest $ 32,637 $ 22,169 $ 4,772 $ (675) $ 359 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income (3) 54 (4) 28 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 13 — 29 — Gain or (loss) on fair value hedges: Interest Rate Swap Agreements: Hedged items — — — — (169) Derivatives designated as hedges — — — — 169 Gain or (loss) on net investment hedges: Foreign Currency Exchange Contracts: Amount excluded from effectiveness testing recognized in earnings using an amortization approach — — — — 18 Gain or (loss) on derivatives not designated as hedging instruments: Foreign currency exchange contracts — — — (166) — Year Ended December 31, 2019 Revenue Cost of SG&A Other (Income) Expense Interest $ 36,709 $ 24,339 $ 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 Gain or (loss) on net investment hedges: Foreign Currency Exchange Contracts: Amount excluded from effectiveness testing recognized in earnings using an amortization approach — — — — 19 Gain or (loss) on derivatives not designated as hedging instruments: Foreign currency exchange contracts — — — 106 — As of December 31, 2020, the Company estimates that approximately $8 million of net derivative gains related to its cash flow hedges included in Accumulated other comprehensive income (loss) will be reclassified into earnings within the next 12 months. 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, 2020 2019 Euro-denominated long-term debt $ (256) $ 68 Euro-denominated commercial paper (8) 71 Cross currency swap (109) 32 Foreign currency exchange contracts (94) 23 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measures | FAIR VALUE MEASUREMENTS 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, 2020 and 2019: December 31, 2020 2019 Assets: Foreign currency exchange contracts $ 202 $ 291 Available for sale investments 1,118 1,523 Interest rate swap agreements 194 38 Cross currency swap agreements — 51 Liabilities: Foreign currency exchange contracts $ 150 $ 21 Interest rate swap agreements — 13 Cross currency swap agreements 50 — 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 on 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 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, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Long-term receivables $ 137 $ 132 $ 129 $ 127 Liabilities: Long-term debt and related current maturities $ 18,787 $ 20,176 $ 12,486 $ 13,578 |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | December 31, 2020 2019 Customer advances and deferred income $ 2,932 $ 2,490 Compensation, benefit and other employee related 1,244 1,551 Repositioning 601 640 Asbestos related liabilities 300 361 Income taxes 307 253 Other taxes 281 239 Environmental costs 225 222 Operating lease liabilities 187 171 Product warranties and performance guarantees 183 213 Insurance 140 143 Accrued interest 102 91 Other (primarily operating expenses) 903 1,102 $ 7,405 $ 7,476 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | December 31, 2020 2019 Income taxes $ 2,009 $ 2,115 Pension and other employee related 1,923 1,873 Deferred income 1,356 1,310 Operating lease liabilities 641 534 Environmental 435 487 Insurance 280 247 Product warranties and performance guarantees 60 56 Asset retirement obligations 31 61 Other 240 83 $ 6,975 $ 6,766 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | 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. At December 31, 2020, there were 34,104,522, and 832,309 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 of Directors. 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 ten 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, 2020 2019 2018 Compensation expense $ 50 $ 47 $ 64 Future income tax benefit recognized 10 10 13 The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost. Years Ended December 31, 2020 2019 2018 Weighted average fair value per share of options granted during the year (1) $ 21.30 $ 21.57 $ 23.63 Assumptions: Expected annual dividend yield 2.59 % 2.65 % 2.49 % Expected volatility 18.76 % 18.40 % 18.93 % Risk-free rate of return 1.32 % 2.46 % 2.71 % Expected option term (years) 4.62 4.87 4.95 (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, 2020: Number of Weighted 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 Granted 3,192,693 176.93 Exercised (4,424,754) 88.96 Lapsed or canceled (930,972) 156.62 Outstanding at December 31, 2020 16,568,529 $ 125.75 Vested and expected to vest at December 31, 2020 (2) 15,442,367 $ 122.63 Exercisable at December 31, 2020 10,120,793 $ 103.89 (1) Additional options granted to offset the dilutive impact of the spin-offs on outstanding options. (2) Represents the sum of vested options of 10.1 million and expected to vest options of 5.3 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 6.4 million. The following table summarizes information about stock options outstanding and exercisable at December 31, 2020: Range of Exercise Prices Options Outstanding Options Exercisable Number Weighted Average Life (1) Weighted Aggregate Number Weighted Aggregate $27.00–$64.99 236,938 1 $ 56.58 $ 37 236,938 $ 56.58 $ 37 $65.00–$89.99 2,541,403 2.7 78.96 340 2,541,403 78.96 340 $90.00–$99.99 3,980,975 4.68 98.80 453 3,980,975 98.80 453 $100.00–$134.99 2,892,011 6.78 119.58 270 1,985,364 118.64 187 $135.00–$180.99 6,917,202 8.34 163.40 341 1,376,113 151.53 84 16,568,529 6.22 $ 125.75 $ 1,441 10,120,793 $ 103.89 $ 1,101 (1) Average remaining contractual life in years. T here were 11,620,992 and 14,073,120 options exercisable at weighted average exercise prices of $92.19 and $83.42 at December 31, 2019 and 2018. The following table summarizes the financial statement impact from stock options exercised: Options Exercised Years Ended December 31, 2020 2019 2018 Intrinsic value (1) $ 379 $ 483 $ 238 Tax benefit realized 84 117 47 (1) Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise. At December 31, 2020, 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 2.46 years. The total fair value of options vested for the years ended December 31, 2020, 2019 and 2018 was $55 million, $61 million and $73 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 generally become fully vested over periods ranging from three six The following table summarizes information about RSU activity for the three years ended December 31, 2020: Number of Weighted 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 Granted 1,551,675 158.52 Vested (1,001,101) 117.84 Forfeited (394,116) 145.42 Non-vested at December 31, 2020 3,396,523 $ 148.23 (1) Additional RSU grants to offset the dilutive impact of the spin-offs on non-vested RSUs. As of December 31, 2020, there was approximately $290 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 3.30 years. The following table summarizes the impact to the Consolidated Statement of Operations from RSUs: Years Ended December 31, 2020 2019 2018 Compensation expense $ 118 $ 106 $ 111 Future income tax benefit recognized 24 21 21 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The details of the earnings per share calculations for the years ended December 31, 2020, 2019 and 2018 are as follows (shares in millions): Basic Years Ended December 31, 2020 2019 2018 Net income attributable to Honeywell $ 4,779 $ 6,143 $ 6,765 Weighted average shares outstanding 704.1 721.0 743.0 Earnings per share of common stock $ 6.79 $ 8.52 $ 9.10 Assuming Dilution Years Ended December 31, 2020 2019 2018 Net income attributable to Honeywell $ 4,779 $ 6,143 $ 6,765 Average Shares Weighted average shares outstanding 704.1 721.0 743.0 Dilutive securities issuable—stock plans 7.1 9.3 10.0 Total weighted average diluted shares outstanding 711.2 730.3 753.0 Earnings per share of common stock—assuming dilution $ 6.72 $ 8.41 $ 8.98 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 2020, 2019 and 2018 the weighted number of stock options excluded from the computations were 5.5 million, 2.5 million and 2.5 million. These stock options were outstanding at the end of each of the respective periods. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 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, 2020 Foreign exchange translation adjustment $ (214) $ — $ (214) Pensions and other postretirement benefit adjustments 76 (2) 74 Changes in fair value of available for sale investments 4 — 4 Changes in fair value of designated cash flow hedges (61) 17 (44) $ (195) $ 15 $ (180) 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) COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) December 31, 2020 2019 Cumulative foreign exchange translation adjustment $ (2,780) $ (2,566) Pensions and other postretirement benefit adjustments (601) (675) Changes in fair value of available for sale investments 4 — Changes in fair value of designated cash flow hedges — 44 $ (3,377) $ (3,197) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT Foreign Pension Changes in Fair Value of Available for Sale Investments Changes in Total 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) Other comprehensive income (loss) before reclassifications (201) 115 4 10 (72) Amounts reclassified from accumulated other comprehensive income (13) (41) — (54) (108) Net current period other comprehensive income (loss) (214) 74 4 (44) (180) Balance at December 31, 2020 $ (2,780) $ (601) $ 4 $ — $ (3,377) RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2020 Affected Line in the Consolidated Statement of Operations Product Cost of Cost of Selling, Other Interest and Other Financial Charges Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 57 $ — $ 57 Prior service (credit) recognized — — — — (108) — (108) Losses (gains) on cash flow hedges 3 (43) (11) 4 (28) — (75) Losses (gains) on excluded component of net investment hedges — — — — — (18) (18) Total before tax $ 3 $ (43) $ (11) $ 4 $ (79) $ (18) $ (144) Tax expense (benefit) 36 Total reclassifications for the period, net of tax $ (108) Year Ended December 31, 2019 Affected Line in the Consolidated Statement of Operations Product Cost of Cost of Selling, Other Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 135 $ 135 Prior service (credit) recognized — — — — (104) (104) Losses (gains) on cash flow hedges (3) (35) (9) (1) (73) (121) Losses (gains) on excluded component of 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) |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2020 | |
Capital Stock [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | The Company 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 the Company 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 the Company relative to dividends or the repurchase or redemption of common stock. In April 2019, the Board of Directors authorized the repurchase of up to a total of $10.0 billion of Honeywell common stock. Approximately $3.3 billion and $7.0 billion remained available as of December 31, 2020 and 2019 for additional share repurchases. Honeywell repurchased approximately 20.7 million and 26.5 million shares of its common stock during the years ended December 31, 2020 and 2019, for $3,714 million and $4,400 million. The Company 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, 2020, there was no preferred stock outstanding. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
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, 2020 2019 2018 Beginning of year $ 709 $ 755 $ 595 Accruals for environmental matters deemed probable and reasonably estimable 173 213 395 Environmental liability payments (216) (256) (218) Other (6) (3) (17) End of year $ 660 $ 709 $ 755 December 31, 2020 2019 Accrued liabilities $ 225 $ 222 Other liabilities 435 487 $ 660 $ 709 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 Statement of Operations and operating cash flows in the periods recognized or paid. However, considering our past experience and existing reserves, the Company does not expect that environmental matters will have a material adverse effect on its Consolidated Balance Sheet. 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% 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 is less than $25 million. Reimbursements associated with this agreement are collected from Resideo quarterly and were $140 million in both 2020 and 2019 and offset operating cash outflows incurred by the Company. On July 28, 2020, the Company and Resideo agreed to a second amendment of the indemnification and reimbursement agreement to extend the payment due date to October 30, 2020 for the reimbursement amount of $35 million (originally due on April 30, 2020). The Company had previously agreed to extend the payment date for such amount to July 30, 2020. On October 30, 2020, Resideo paid Honeywell the regularly scheduled reimbursement amount of $35 million due on that date as well as the deferred reimbursement amount of $35 million. As the Company incurs costs 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% of such costs is also recorded. This receivable amount recorded in 2020 and 2019 was $146 million and $109 million, respectively. As of December 31, 2020, Other Current Assets and Other Assets included $140 million and $451 million, respectively, for the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. As of December 31, 2019, Other Current Assets and Other Assets included $140 million and $445 million, respectively, for 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 the 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, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 $ 1,703 $ 907 $ 2,610 Accrual for update to estimated liability 80 18 98 78 22 100 197 32 229 Change in estimated cost of future claims 42 — 42 (22) — (22) (72) — (72) Update of expected resolution values for pending claims 10 — 10 (4) — (4) 1 — 1 Asbestos related liability payments (190) (97) (287) (176) (55) (231) (206) (48) (254) End of year $ 1,441 $ 779 $ 2,220 $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 INSURANCE RECOVERIES FOR ASBESTOS RELATED LIABILITIES Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 $ 191 $ 312 $ 503 Probable insurance recoveries related to estimated liability 10 — 10 3 — 3 11 — 11 Insurance receipts for asbestos related liabilities (33) (25) (58) (39) (29) (68) (33) (5) (38) Insurance receivables settlements and write offs 18 (2) 16 19 3 22 1 — 1 End of year $ 148 $ 254 $ 402 $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 NARCO and Bendix asbestos related balances are included in the following balance sheet accounts: December 31, 2020 2019 Other current assets $ 36 $ 42 Insurance recoveries for asbestos related liabilities 366 392 $ 402 $ 434 Accrued liabilities $ 300 $ 361 Asbestos related liabilities 1,920 1,996 $ 2,220 $ 2,357 NARCO Products – NARCO manufactured high-grade, heat-resistant, refractory products for various industries. Honeywell’s predecessor, Allied Corporation, owned NARCO from 1979 to 1986. Allied Corporation sold the NARCO business in 1986 and entered into a cross-indemnity agreement 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 ultimately filed for bankruptcy in January 2002, at which point in time all then current and future NARCO asbestos claims were stayed against both NARCO and Honeywell pending the reorganization of NARCO. The Company established its initial liability for NARCO asbestos claims in 2002. NARCO emerged from bankruptcy in April 2013, at which time a federally authorized 524(g) trust was established to evaluate and resolve all existing NARCO asbestos claims (the Trust). 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 Trust. The NARCO Trust Agreement (TA) and the NARCO Trust Distribution Procedures (TDP) are the principal documents setting forth the structure of the Trust, establishing Honeywell’s evergreen funding obligations and the material operating rules for the Trust. Per the TA, the 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 cash dividends are required to be used to pay claims which qualify for payment under the TDP (Annual Contribution Claims) until those funds are exhausted, at which point Honeywell’s funding obligation, subject to an annual cap of $145 million, is triggered. The Company is also required to fund 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 Trust subject to qualification under the terms of the settlement agreements and TDP (Pre-Established Unliquidated Claims), as well as fund the annual operating costs of the Trust. There is no annual funding cap relative to Pre-Established Unliquidated Claims. Dividends from HWI were exhausted during the fourth quarter of 2019 and there have been no further dividends from HWI to date. The operating rules per the TDP include Honeywell’s audit rights and the criteria claimants must meet for a claim to be considered valid and paid, which include adequate medical evidence of the claimant’s asbestos-related condition and credible evidence of exposure to a specific NARCO asbestos-containing product. Once operational in 2014, the Trust began to receive, process and pay claims, at which point the Company began to assert its audit rights to review and monitor the claims processor’s adherence to the established requirements of the TDP. While doing so, the Company identified several issues with the way the Trust was adhering to the TDP and the Company continues to identify and dispute these matters as further claims are processed. Although the Company is attempting to resolve instances where it believes the Trust is not processing claims in accordance with the established TDP, the Company reserves the right to seek judicial intervention should it fail to resolve the disputed issues. Due to the bankruptcy filing in 2002, claimants were not permitted to file additional claims until the Trust became operative in 2014. As a consequence, there was a large backlog of claims that were filed with the Trust upon becoming operative through December 31, 2017, the date by which these claims had to be filed or else be barred by the statute of limitations (subject to tolling exceptions in the TDP). Therefore, the claims filing rate did not start to normalize until 2018 and thereafter. As a result, between 2002 and 2018, the Company lacked a history of sufficiently reliable claims data to derive a reasonable estimate and the Company continued to update its original NARCO asbestos liability, as appropriate, using all available information. With three years of sufficiently reliable claims data, the Company updated its estimate of the NARCO asbestos liability utilizing claims data from January 1, 2018 through December 31, 2020. The Company utilized an asbestos liability valuation specialist to support our preparation of the NARCO asbestos liability estimates. Our estimates, which involve significant management judgment, include consideration of multiple scenarios, including the impact of the COVID-19 pandemic on the Trust's ability to process claims during 2020. The estimate for the resolution of asserted Annual Contribution Claims and Pre-Established Unliquidated Claims uses average payment values for the relevant historical period. For unasserted claims, the estimate is based on historic and anticipated claims filing experience and payment rates, disease classifications and type of claim, and average payment values by the Trust for the relevant historical period. The Company's estimate also includes all years of epidemiological disease projection through 2059. Our updated estimate of NARCO asbestos liability, which was consistent with the previously recorded NARCO liability estimate, was $779 million as of December 31, 2020. The liability reflects an estimate for the resolution of Annual Contribution Claims and Pre-Established Unliquidated Claims filed with the Trust, as well as unasserted Annual Contribution Claims and Pre-Established Unliquidated Claims. The NARCO asbestos liability excludes the annual operating expenses of the Trust which are expensed as they are incurred. The Company's insurance receivable of $254 million as of December 31, 2020, 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. Honeywell conducts analyses to estimate the probable amount of insurance that is recoverable for asbestos claims. Most of our insurance carriers remain solvent. However, select individual insurance carriers are now insolvent, which we have considered in our analysis of probable recoveries. Our judgments related to our insurance carriers and insurance coverages are reasonable and consistent with Honeywell's historical dealings and Honeywell's 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, 2020 2019 Claims Unresolved at the beginning of year 6,480 6,209 Claims Filed 2,233 2,659 Claims Resolved (2,471) (2,388) Claims Unresolved at the end of year 6,242 6,480 Disease Distribution of Unresolved Claims December 31, 2020 2019 Mesothelioma and Other Cancer Claims 3,422 3,399 Nonmalignant Claims 2,820 3,081 Total Claims 6,242 6,480 Years Ended December 31, 2020 2019 2018 2017 2016 (in whole dollars) Malignant claims $ 61,500 $ 50,200 $ 55,300 $ 56,000 $ 44,000 Nonmalignant claims $ 550 $ 3,900 $ 4,700 $ 2,800 $ 4,485 It is not possible to predict whether resolution values for Bendix-related asbestos claims will increase, decrease or stabilize in the future. The 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 ongoing legal fees to defend such asbestos claims which will continue to be expensed as they are incurred. The Company has valued Bendix asserted and unasserted claims using average resolution values for the previous five years. The Company updates the resolution values used to estimate the cost of Bendix asserted and unasserted claims during the fourth quarter each year. The Company 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. The Company's 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. 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. An Amended Complaint was filed on December 30, 2019, and on February 7, 2020, we filed a Motion to Dismiss. On May 18, 2020, the court denied our Motion to Dismiss. We believe the claims have no merit. GARRETT MATTER In conjunction with the Garrett spin-off, the Company entered into a binding indemnification and reimbursement agreement (Garrett Indemnity) with a Garrett subsidiary, pursuant to which Garrett’s subsidiary has an ongoing 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, 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 is subject to a cap of approximately Euro 150 million (equivalent to $175 million at the time the Garrett Indemnity was entered into). The obligation under the terms of the Garrett Indemnity continues until the earlier of December 31, 2048, or December 31 of the third consecutive year during which the annual obligation is less than the Euro equivalent, at the fixed exchange rate at the time the indemnification and reimbursement agreement was entered into, of $25 million. On June 12, 2020, the Company and Garrett entered into an amendment of the Garrett Indemnity in connection with Garrett’s amendment of its 2018 credit agreement. These amendments provided Garrett with temporary financial covenant relief with respect to the total leverage and interest coverage ratios, for a period that could extend to as late as June 30, 2022. Garrett’s payments to the Company under the Garrett Indemnity were deferred to the extent Garrett is (or to the extent such payments would cause Garrett to be) out of compliance with the original financial covenants and resume to the extent Garrett is in compliance with such original financial covenants. Any deferred amounts were to be paid to the extent Garrett was in compliance with such original financial covenants and had available capacity to make such payments pursuant to the terms of the Garrett Indemnity and its current credit agreement. Reimbursements associated with the Garrett Indemnity are scheduled under the agreement to be collected from Garrett quarterly and offset operating cash outflows incurred by the Company. As a result of the extension referenced above and below, such amounts were $36 million in 2020 as compared with $152 million in 2019. As the Company records the accruals for matters covered by the Garrett Indemnity, a corresponding receivable from Garrett is recorded for 90% of that accrual as determined by the terms of the Garrett Indemnity. In conjunction with the spin-off, Honeywell also entered into a binding tax matters agreement with Garrett and a Garrett subsidiary (the Tax Matters Agreement). The Tax Matters Agreement generally provides that Garrett is responsible and must indemnify Honeywell for all ordinary operating taxes, including income taxes, sales taxes, value-added taxes and payroll taxes, relating to Garrett for all periods, including periods prior to the spin-off, to the extent not paid prior to the spin-off date. In addition, among other items, as a result of the mandatory transition tax imposed by the U.S. Tax Cuts and Jobs Act, Garrett is required to make payments to Honeywell in the amount representing the net tax liability of Honeywell under the mandatory transition tax attributable to Garrett. GARRETT LITIGATION AND BANKRUPTCY PROCEEDINGS On December 2, 2019, Garrett 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 (the State Court), seeking to invalidate the Garrett Indemnity. Garrett sought 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, and on March 5, 2020, we filed a Motion to Dismiss. On June 12, 2020, given the challenges of operating in the COVID-19 environment, Honeywell and Garrett entered into a litigation status agreement pursuant to which (i) the parties agreed to make good faith efforts to limit near-term litigation spend on this matter, and (ii) the Company agreed to extend both the $2 million payment owed by Garrett to the Company on May 1, 2020 under the Garrett Indemnity and the $18 million payment owed by Garrett to the Company on April 1, 2020 under the Tax Matters Agreement until December 31, 2020 (which amounts, as previously disclosed, had been deferred to May 31, 2020). On July 17, 2020, the Company received a notice from Garrett asserting that Honeywell has caused material breaches of the Tax Matters Agreement and that the Tax Matters Agreement is unenforceable. On September 20, 2020, Garrett and 36 of its affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). On September 23, 2020, Garrett moved the existing State Court litigation against Honeywell to the Bankruptcy Court. Honeywell again moved to dismiss all of Garrett’s claims on October 13, 2020. On November 2, 2020, Garrett filed a motion seeking to establish procedures to estimate the value of Honeywell’s claims. Honeywell objected to the motion. On November 18, 2020, the Bankruptcy Court did not rule on the motion to dismiss but suggested that two weeks be set aside in February 2021 for an evidentiary hearing to establish the actual allowed amount or net amount of Honeywell’s claim against Garrett. Honeywell and Garrett agreed to proceed with the estimation of Honeywell’s claims. We believe we have fully complied with our obligations under the Garrett Indemnity and the Tax Matters Agreement and that both agreements are valid and enforceable. Garrett’s operations have and are expected to continue, without interruption, throughout the bankruptcy proceedings. Garrett initially proposed to sell its business while in bankruptcy, and entered into a Share and Asset Purchase Agreement, dated as of September 20, 2020, with KPS Capital Partners, LP (the Stalking Horse Agreement) and filed proposed bidding procedures for a marketing and sale process, auction and other procedures related to the proposed sale. In October 2020, Honeywell signed a coordination agreement with Oaktree Capital Management, L.P. (Oaktree) and Centerbridge Partners, L.P. (Centerbridge), which was subsequently signed by additional equity holders that, collectively with Honeywell, Centerbridge and Oaktree, represent approximately 58% of Garrett’s outstanding common stock and noteholders representing approximately 88% of the principal amount of Garrett’s outstanding senior notes (the Coordination Agreement). The Coordination Agreement and related term sheet set forth the terms of a proposed plan of reorganization (the Initial COH Proposal). In October 2020, the Bankruptcy Court approved the bidding procedures and the Stalking Horse Agreement (as amended), and Garrett conducted a marketing and auction process through January 8, 2021. On January 11, 2021, after further revisions to the Initial COH Proposal, Garrett determined that the revised proposal (the Final COH Plan) was higher and better than all other proposals received and entered into a plan support agreement (the Plan Support Agreement), pursuant to which all parties agreed to pursue Bankruptcy Court confirmation of the Final COH Plan. On January 15, 2021, KPS Capital Partners, LP terminated the Stalking Horse Agreement with Garrett. As set forth in the Plan Support Agreement, the Final COH Plan provides that, if it is confirmed by the Bankruptcy Court, Honeywell will receive from Garrett at the time of Garrett’s emergence from bankruptcy an initial payment of $375 million in cash and Series B Preferred Stock, which will provide for cash payments to Honeywell of $35 million in 2022 and $100 million per year from 2023 to 2030 (inclusive), subject to various put and call rights set forth therein. The initial cash payment, together with the Series B Preferred Stock, would be paid/issued in full and final satisfaction of Garrett’s obligations to Honeywell under the Garrett Indemnity and the Tax Matters Agreement. Upon Garrett’s emergence from bankruptcy, both agreements would be terminated, Honeywell and Garrett would mutually release each other from the claims asserted in all pending legal actions, and all pending litigation with Garrett would be resolved. In light of these developments, the hearing scheduled to estimate Honeywell’s claims and the adversary proceeding seeking to invalidate the Indemnity Agreement have been stayed and all related litigation suspended. If the Final COH Plan is confirmed by the Bankruptcy Court, both proceedings would be dismissed with prejudice on the effective date of the Final COH Plan. We regularly review the aggregate carrying value of the receivable amounts due in connection with the Garrett Indemnity and the Tax Matters Agreement. Following Garrett’s bankruptcy filing on September 20, 2020, the Company reduced the aggregate carrying value of the receivable by $350 million to reflect the present value of amounts owed to us over the full term of these agreements. Because Garrett is now a party to the Plan Support Agreement, we believe the present value of payments to Honeywell under the Final COH Plan, discounted at a rate reflective of the terms of the agreement, is an appropriate estimate of receivable amounts. On this basis, Honeywell recorded an additional adjustment of $92 million to lower the aggregate carrying value of the receivable amounts due in connection with the Garrett Indemnity and Tax Matters Agreement to $959 million as of December 31, 2020. Other Current Assets and Other Assets include $10 million and $949 million, respectively, for the short-term and long-term portion of the receivable amount due from the Garrett Indemnity and Tax Matters Agreement. As of December 31, 2019, Other Current Assets and Other Assets include $133 million and $1,188 million, respectively, for the short-term and long-term portion of the receivable amount due from the Garrett Indemnity and Tax Matters Agreement. For the year ended December 31, 2020, a non-cash charge of $509 million is recognized in Other (income) expense, which includes the adjustments to the carrying value of the receivable described above. There can be no assurance that the Final COH Plan will be confirmed by the Bankruptcy Court or that Garrett will be able to substantially consummate the restructuring transactions contemplated in the Final COH Plan. The ultimate outcome of the bankruptcy process is uncertain. Depending on the transaction and/or plan of reorganization ultimately approved and confirmed by the Bankruptcy Court, the amount collected could differ from the receivable amounts currently recorded in our financial statements. There can be no assurance that recording an additional adjustment (positive or negative) against the remaining receivable amounts in whole or in part (together with a related statement of operations charge) will not be necessary in a future period or periods. Honeywell will continue to participate in the Bankruptcy Court proceedings in order to appropriately assess and enforce our rights in this matter. Should the Final COH Plan not be confirmed in the form currently contemplated, Honeywell intends to vigorously defend its rights to collect amounts due under the Garrett Indemnity and Tax Matters Agreement with Garrett. 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 or 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 is 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 appealed this decision to the Sixth Circuit Court of Appeals. In the March 2018 opinion, the District Court also held that Honeywell is obligated under the MCBAs to pay th |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits, Description [Abstract] | |
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 cash flows from operations. 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 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 17,283 $ 16,141 $ 6,897 $ 6,182 Service cost 99 82 23 22 Interest cost 461 613 106 142 Plan amendments — — 2 — Actuarial (gains) losses (1) 1,331 2,064 509 708 Benefits paid (1,100) (1,111) (246) (269) Settlements and curtailments (21) (507) — — Foreign currency translation — — 291 107 Other 1 1 88 5 Benefit obligation at end of year 18,054 17,283 7,670 6,897 Change in plan assets: Fair value of plan assets at beginning of year 18,995 17,109 7,307 6,481 Actual return on plan assets 2,475 3,458 918 863 Company contributions 46 45 116 62 Benefits paid (1,100) (1,111) (246) (269) Settlements and curtailments (21) (507) — — Foreign currency translation — — 253 165 Other 1 1 102 5 Fair value of plan assets at end of year 20,396 18,995 8,450 7,307 Funded status of plans $ 2,342 $ 1,712 $ 780 $ 410 Amounts recognized in Consolidated Balance Sheet consist of: Prepaid pension benefit cost (2) $ 2,695 $ 2,069 $ 1,688 $ 1,196 Accrued pension liabilities—current (3) (29) (32) (14) (13) Accrued pension liabilities—noncurrent (4) (324) (325) (894) (773) Net amount recognized $ 2,342 $ 1,712 $ 780 $ 410 (1) Actuarial losses incurred in 2020 related to our U.S. and non-U.S. plans are primarily the result of a decrease in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2020 compared to December 31, 2019. Actuarial losses incurred in 2019 related to our U.S. and non-U.S. plans are primarily the result of a decrease in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2019 compared to December 31, 2018. (2) Included in Other assets on the Consolidated Balance Sheet (3) Included in Accrued liabilities on the Consolidated Balance Sheet (4) Included in Other liabilities on the Consolidated Balance Sheet Other 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 325 $ 364 Service cost — — Interest cost 8 14 Plan amendments (65) (2) Actuarial (gains) losses (8) (16) Benefits paid (31) (35) Benefit obligation at end of year 229 325 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 $ (229) $ (325) Amounts recognized in Consolidated Balance Sheet consist of: Accrued liabilities $ (27) $ (40) Postretirement benefit obligations other than pensions (1) (202) (285) Net amount recognized $ (229) $ (325) (1) Excludes non-U.S. plan of $40 million and $41 million as of December 31, 2020 and 2019. Amounts recognized in Accumulated other comprehensive (income) loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2020 and 2019 are as follows: Pension Benefits U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Prior service (credit) cost $ (134) $ (176) $ 23 $ 21 Net actuarial (gain) loss 505 544 629 701 Net amount recognized $ 371 $ 368 $ 652 $ 722 Other Postretirement Benefits 2020 2019 Prior service (credit) cost $ (165) $ (166) Net actuarial (gain) loss (28) (20) Net amount recognized $ (193) $ (186) 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 2020 2019 2018 2020 2019 2018 Service cost $ 99 $ 82 $ 140 $ 23 $ 22 $ 26 Interest cost 461 613 573 106 142 143 Expected return on plan assets (1,135) (1,117) (1,426) (336) (331) (443) Amortization of prior service (credit) cost (42) (42) (43) — — (1) Recognition of actuarial losses 26 35 — 18 88 37 Settlements and curtailments 4 4 — — — (3) Net periodic benefit (income) cost $ (587) $ (425) $ (756) $ (189) $ (79) $ (241) Other Changes in Plan Assets and U.S. Plans Non-U.S. Plans 2020 2019 2018 2020 2019 2018 Actuarial (gains) losses $ (9) $ (277) $ 619 $ (73) $ 176 $ 250 Prior service (credit) cost — — — 2 — 30 Prior service credit recognized during year 42 42 43 — — 4 Actuarial losses recognized during year (30) (39) — (18) (88) (37) Foreign currency translation — — — 19 14 (34) Total recognized in other comprehensive (income) loss $ 3 $ (274) $ 662 $ (70) $ 102 $ 213 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (584) $ (699) $ (94) $ (259) $ 23 $ (28) Net Periodic Benefit Cost Other Postretirement Benefits Years Ended December 31, 2020 2019 2018 Service cost $ — $ — $ — Interest cost 8 14 15 Amortization of prior service (credit) cost (66) (62) (52) Recognition of actuarial losses — — 3 Net periodic benefit (income) cost $ (58) $ (48) $ (34) Other Changes in Plan Assets and Benefits Obligations Years Ended December 31, 2020 2019 2018 Actuarial (gains) losses $ (8) $ (16) $ (110) Prior service (credit) cost (65) (2) (34) Prior service credit recognized during year 66 62 52 Actuarial losses recognized during year — — (3) Total recognized in other comprehensive (income) loss $ (7) $ 44 $ (95) Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (65) $ (4) $ (129) 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 2020 2019 2018 2020 2019 2018 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.50 % 3.22 % 4.35 % 1.23 % 1.81 % 2.63 % Expected annual rate of compensation increase 3.25 % 3.25 % 3.25 % 2.43 % 2.47 % 2.46 % Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: Discount rate—benefit obligation 3.22 % 4.35 % 3.68 % 1.81 % 2.63 % 2.36 % Discount rate—service cost 3.33 % 4.47 % 3.77 % 1.48 % 2.26 % 2.20 % Discount rate—interest cost 2.76 % 3.94 % 3.27 % 1.56 % 2.34 % 2.08 % Expected rate of return on plan assets 6.15 % 6.75 % 7.75 % 4.66 % 5.14 % 6.23 % Expected annual rate of compensation increase 3.25 % 3.25 % 4.50 % 2.47 % 2.46 % 2.49 % Other Postretirement Benefits 2020 2019 2018 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.20 % 3.03 % 4.07 % Actuarial assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (1) 2.36 % 4.07 % 3.39 % (1) Discount rate was 3.03% for January 1, 2020 through September 30, 2020. The rate was changed to 2.36% for the remainder of 2020 due to a Plan remeasurement as of October 1, 2020. 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 2021 are 2.67% and 1.76%. 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 2021, matching the 6.15% assumption used for 2020. 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 2020 2019 2020 2019 Projected benefit obligation $ 353 $ 357 $ 2,116 $ 1,018 Accumulated benefit obligation $ 341 $ 347 $ 2,042 $ 973 Fair value of plan assets $ — $ — $ 1,208 $ 233 The accumulated benefit obligation for the Company's U.S. defined benefit pension plans was $17.9 billion and $17.2 billion and for our Non-U.S. defined benefit pension plans was $7.6 billion and $6.8 billion at December 31, 2020 and 2019. 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 2020, 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, 2020 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 3,319 $ 3,319 $ — $ — U.S. equities — — — — Fixed income: Short term investments 1,314 1,314 — — Government securities 1,520 — 1,520 — Corporate bonds 10,190 — 10,190 — Mortgage/Asset-backed securities 982 — 982 — Insurance contracts 7 — 7 — Direct investments: Direct private investments 1,220 — — 1,220 Real estate properties 651 — — 651 Total 19,203 $ 4,633 $ 12,699 $ 1,871 Investments measured at NAV: Private funds 1,105 Real estate funds 26 Commingled Funds 62 Total assets at fair value $ 20,396 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 — — 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 Commingled funds 106 Total assets at fair value $ 18,995 Non-U.S. Plans December 31, 2020 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 207 $ — $ 207 $ — Non-U.S. equities 1,614 66 1,548 — Fixed income: Short-term investments 596 596 — — Government securities 3,105 — 3,105 — Corporate bonds 1,649 — 1,649 — Mortgage/Asset-backed securities 93 — 93 — Insurance contracts 142 — 142 — Insurance buy-in contracts 767 — — 767 Investments in private funds: Private funds 65 — 36 29 Real estate funds 147 — — 147 Total 8,385 $ 662 $ 6,780 $ 943 Investments measured at NAV: Private funds 18 Real estate funds 47 Total assets at fair value $ 8,450 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 — Insurance buy-in contracts — — — — 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 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 Real Estate Private Real Estate Insurance Buy-in Contracts 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 — Actual return on plan assets: Relating to assets still held at year-end 100 (4) (5) (3) — Relating to assets sold during the year 53 — — — — Purchases 221 59 — — 767 Sales and settlements (104) (23) — — — Balance at December 31, 2020 $ 1,220 $ 651 $ 29 $ 147 $ 767 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, 2020 and 2019, our U.S. plans had contracts with notional amounts of $3,673 million and $4,463 million. At December 31, 2020 and 2019, our non-U.S. plans had contracts with notional amounts of $564 million and $479 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 insurance buy-in contracts represent policies held by the Honeywell UK Pension Scheme, whereby the cost of providing pension benefits to plan participants is funded by the policies. The cash flows from the policies are intended to match the pension benefits. The fair value of these policies is based on an estimate of the policies' exit price. The Company's funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. In 2020, 2019, and 2018, 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 2021. In 2020, contributions of $109 million were made to our non-U.S. pension plans to satisfy regulatory funding requirements. In 2021, we expect to make contributions of cash and/or marketable securities of approximately $85 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 2021 $ 1,147 $ 240 2022 1,143 242 2023 1,139 247 2024 1,130 252 2025 1,116 257 2026-2030 5,246 1,365 OTHER POSTRETIREMENT BENEFITS December 31, 2020 2019 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 Benefit payments reflecting expected future service, as appropriate, are expected to be paid as follows: Without Impact of Net of 2021 $ 29 $ 27 2022 28 25 2023 26 24 2024 15 14 2025 14 13 2026-2030 61 57 |
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other (income) expense Text Block | Years Ended December 31, 2020 2019 2018 Interest income $ (107) $ (255) $ (217) Pension ongoing income—non-service (901) (606) (1,165) Other postretirement income—non-service (57) (47) (32) Equity income of affiliated companies (66) (52) (50) Loss (gain) on sale of non-strategic business and assets 3 1 — Foreign exchange (68) (120) (63) Separation costs — — 321 Reimbursement receivables charge 509 — — Other (net) 12 14 57 $ (675) $ (1,065) $ (1,149) 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 more information on the reimbursement receivables related to Garrett, see Note 20 Commitments and Contingencies. For the year ended December 31, 2018, Other (net) includes asset impairments in Corporate related to the write-down of a legacy property in connection with its planned disposition. See Note 4 Repositioning and Other Charges. |
SEGMENT FINANCIAL DATA
SEGMENT FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
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, 2020 2019 2018 Net Sales Aerospace Product $ 7,194 $ 8,766 $ 10,415 Service 4,350 5,288 5,078 Total 11,544 14,054 15,493 Honeywell Building Technologies Product 3,868 4,395 7,868 Service 1,321 1,322 1,430 Total 5,189 5,717 9,298 Performance Materials and Technologies Product 7,548 8,732 8,589 Service 1,875 2,102 2,085 Total 9,423 10,834 10,674 Safety and Productivity Solutions Product 6,127 5,736 5,976 Service 354 368 361 Total 6,481 6,104 6,337 $ 32,637 $ 36,709 $ 41,802 Depreciation and amortization Aerospace $ 241 $ 234 $ 281 Honeywell Building Technologies 55 63 112 Performance Materials and Technologies 440 493 452 Safety and Productivity Solutions 223 222 216 Corporate 44 76 55 $ 1,003 $ 1,088 $ 1,116 Segment Profit Aerospace $ 2,904 $ 3,607 $ 3,503 Honeywell Building Technologies 1,099 1,165 1,608 Performance Materials and Technologies 1,851 2,433 2,328 Safety and Productivity Solutions 907 790 1,032 Corporate (96) (256) (281) $ 6,665 $ 7,739 $ 8,190 Years Ended December 31, 2020 2019 2018 Capital expenditures Aerospace $ 248 $ 272 $ 308 Honeywell Building Technologies 66 43 125 Performance Materials and Technologies 252 314 254 Safety and Productivity Solutions 288 82 78 Corporate 52 128 63 $ 906 $ 839 $ 828 Total Assets Aerospace $ 11,035 $ 11,378 $ 11,234 Honeywell Building Technologies 6,351 5,968 6,010 Performance Materials and Technologies 16,772 16,888 17,827 Safety and Productivity Solutions 10,640 9,888 9,886 Corporate 19,788 14,557 12,816 $ 64,586 $ 58,679 $ 57,773 A reconciliation of segment profit to consolidated income before taxes are as follows: Years Ended December 31, 2020 2019 2018 Segment Profit $ 6,665 $ 7,739 $ 8,190 Interest and other financial charges (359) (357) (367) Stock compensation expense (1) (168) (153) (175) Pension ongoing income (expense) (2) 785 592 992 Pension mark-to-market expense (2) (44) (123) (37) Other postretirement income (2) 57 47 32 Repositioning and other charges (3) (575) (546) (1,091) Other (4) (349) 360 (57) Income before taxes $ 6,012 $ 7,559 $ 7,487 (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 cost component) and Other (income) expense (non-service cost component). (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 of affiliated companies is included in segment profit. |
GEOGRAPHIC AREAS FINANCIAL DATA
GEOGRAPHIC AREAS FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2020 | |
Geographic Areas Financial Data [Abstract] | |
Geographic Areas - Financial Data | Net Sales (1) Long-lived Assets (2) Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 United States $ 19,665 $ 21,910 $ 23,841 $ 3,823 $ 3,649 $ 3,601 Europe 6,356 7,424 10,066 628 579 571 Other International 6,616 7,375 7,895 1,119 1,097 1,124 $ 32,637 $ 36,709 $ 41,802 $ 5,570 $ 5,325 $ 5,296 (1) Sales between geographic areas approximate market value and are not significant. Net sales are classified according to their country of origin. Included in United States Net sales are export sales of $4,000 million, $5,415 million and $5,293 million for the years ended December 31, 2020, 2019 and 2018. (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, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Years Ended December 31, 2020 2019 2018 Net payments for repositioning and other charges: Severance and exit cost payments $ (564) $ (249) $ (285) Environmental payments (216) (256) (218) Reimbursement receipts 176 292 67 Insurance receipts for asbestos related liabilities 58 68 38 Asbestos related liability payments (287) (231) (254) $ (833) $ (376) $ (652) Interest paid, net of amounts capitalized $ 329 $ 344 $ 353 Income taxes paid, net of refunds 1,173 1,564 1,566 Non-cash investing and financing activities: Common stock contributed to savings plans 211 159 52 Marketable securities contributed to non-U.S. pension plans 93 — 99 |
UNAUDITED QUARTERLY FINANCIAL I
UNAUDITED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | 2020 March 31 June 30 September 30 December 31 Year Net sales $ 8,463 $ 7,477 $ 7,797 $ 8,900 $ 32,637 Gross profit 2,929 2,201 2,414 2,924 10,468 Net income attributable to Honeywell 1,581 1,081 758 1,359 4,779 Earnings per common share—basic (1) 2.23 1.54 1.08 1.94 6.79 Earnings per common share—assuming dilution (1) 2.21 1.53 1.07 1.91 6.72 Cash dividends per common share 0.900 0.900 0.900 0.930 3.630 2019 March 31 June 30 September 30 December 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 (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_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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. |
Reclassifications | RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current year presentation. |
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 statement of operations, balance sheet and cash flows (Consolidated Financial Statements). In December 2019, the FASB issued an ASU 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. Effective January 1, 2021, the Company adopted this standard. The adoption of this standard does not have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued guidance that provides optional expedients and exceptions for applying generally accepted accounted principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. The Company does not expect the adoption of this standard to have a material impact on the Company’s Consolidated Financial Statements. |
Research and Development | RESEARCH AND DEVELOPMENT Research and development costs for projects are expensed as incurred, unless these costs relate to contracts with customers where we receive reimbursements. Amounts expensed as incurred for Company-sponsored research and development projects are included in Cost of products and services sold and were $1,334 million, $1,556 million and $1,809 million for the years ended December 31, 2020, 2019 and 2018. Costs related to contracts with customers for customer-sponsored research and development projects are included as a contract cost and included in Cost of products and services sold when revenue from such contracts is recognized, consistent with our sales recognition policies. This revenue was $1,200 million, $1,079 million and $1,069 million for the years ended December 31, 2020, 2019 and 2018. |
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. |
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 ASSETSGoodwill 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, 2020 and determined that there was no impairment as of that date. In addition, due to the economic impact of COVID-19, we updated our assessment as of June 30, 2020, and determined there was no impairment. We are not aware of any additional triggering events. |
Finite-Lived Intangible Assets | FINITE-LIVED INTANGIBLE ASSETS 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. |
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 | DERIVATIVE FINANCIAL INSTRUMENTS All derivative financial instruments 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. Derivative financial instruments designated as hedges must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception and over the life of the hedge contract. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. We 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. |
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. |
Pension Benefits | PENSION BENEFITS The Company presents net periodic pensions costs by disaggregating the service cost component of such 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 such 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 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 plan's projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment). The MTM Adjustment is also reported in Other (income) expense. |
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 $1.3 billion and $1 billion as of December 31, 2020 and 2019. The amounts recognized as Cost of products and services sold were approximately $0.1 billion for the years ended December 31, 2020, 2019 and 2018. Revenues for our mechanical service programs are recognized as performance obligations that 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. |
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS The principal awards issued under our stock-based compensation plans, which are described in Note 16 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. |
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. During 2020, the Company revised the disclosure of deferred tax assets and deferred tax liabilities in Note 5 Income Taxes as of December 31, 2019, to present separately the deferred tax liability for Right-of-use assets of $159 million and the deferred tax asset for Lease liabilities of $167 million, which were previously reported net within the deferred tax liability for Property, plant and equipment. This had no other impact to our Consolidated Financial Statements. For additional information, see Note 5 Income Taxes. |
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. |
Environmental | ENVIRONMENTAL The Company accrues costs related to environmental matters when it is probable that it has 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 |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Years Ended December 31, 2020 2019 2018 Aerospace Commercial Aviation Original Equipment $ 1,932 $ 2,997 $ 2,833 Commercial Aviation Aftermarket 3,786 5,731 5,373 Defense and Space 5,826 5,326 4,665 Transportation Systems — — 2,622 11,544 14,054 15,493 Honeywell Building Technologies Homes Products and Software — — 1,732 Distribution (ADI) — — 2,196 Products 2,995 3,314 2,953 Building Solutions 2,194 2,403 2,417 5,189 5,717 9,298 Performance Materials and Technologies UOP 2,177 2,890 2,845 Process Solutions 4,590 5,146 4,981 Specialty Products 1,075 1,062 1,134 Fluorine Products 1,581 1,736 1,714 9,423 10,834 10,674 Safety and Productivity Solutions Safety and Retail 2,414 2,215 2,278 Productivity Solutions and Services 1,256 1,270 1,540 Warehouse and Workflow Solutions 2,018 1,771 1,662 Sensing & Internet-of-Things (IoT) 793 848 857 6,481 6,104 6,337 Net sales $ 32,637 $ 36,709 $ 41,802 Years Ended December 31, 2020 2019 2018 Products, transferred point in time 61 % 61 % 67 % Products, transferred over time 15 14 12 Net product sales 76 75 79 Services, transferred point in time 8 9 7 Services, transferred over time 16 16 14 Net service sales 24 25 21 Net sales 100 % 100 % 100 % |
Contract with Customer, Asset and Liability [Table Text Block] | 2020 2019 Contract assets—January 1 $ 1,602 $ 1,548 Contract assets—December 31 1,618 1,602 Change in contract assets—increase (decrease) $ 16 $ 54 Contract liabilities—January 1 $ (3,501) $ (3,378) Contract liabilities—December 31 (4,033) (3,501) Change in contract liabilities—(increase) decrease $ (532) $ (123) Net change $ (516) $ (69) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Table Text Block] | December 31, 2020 Aerospace $ 9,493 Honeywell Building Technologies 5,924 Performance Materials and Technologies 6,704 Safety and Productivity Solutions 4,255 $ 26,376 |
REPOSITIONING AND OTHER CHARG_2
REPOSITIONING AND OTHER CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Repositioning and other charges text block | A summary of repositioning and other charges follows: Years Ended December 31, 2020 2019 2018 Severance $ 475 $ 260 $ 289 Asset impairments 21 95 162 Exit costs 69 83 79 Reserve adjustments (47) (5) (10) Total net repositioning charge 518 433 520 Asbestos related litigation charges, net of insurance and reimbursements 50 42 163 Probable and reasonably estimable environmental liabilities, net of reimbursements 27 59 345 Other (20) 12 63 Total net repositioning and other charges $ 575 $ 546 $ 1,091 |
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, 2020 2019 2018 Cost of products and services sold $ 308 $ 276 $ 811 Selling, general and administrative expenses 267 270 239 Other (income) expense — — 41 $ 575 $ 546 $ 1,091 |
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, 2020 2019 2018 Aerospace $ 157 $ 33 $ 154 Honeywell Building Technologies 100 108 111 Performance Materials and Technologies 167 93 191 Safety and Productivity Solutions 41 71 133 Corporate 110 241 502 $ 575 $ 546 $ 1,091 |
Total Repositioning Reserves | The following table summarizes the status of the Company's total repositioning reserves: Severance Asset Exit Total 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 Charges 475 21 69 565 Usage—cash (474) — (90) (564) Usage—noncash — (21) — (21) Divestitures — — — — Adjustments (44) — (3) (47) Foreign currency translation 15 — 2 17 Balance at December 31, 2020 $ 527 $ — $ 74 $ 601 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income by region | Years Ended December 31, 2020 2019 2018 U.S. $ 3,318 $ 4,178 $ 2,919 Non-U.S. 2,694 3,381 4,568 $ 6,012 $ 7,559 $ 7,487 |
Tax Expense Current and Deferred | Years Ended December 31, 2020 2019 2018 Tax expense (benefit) consists of Current: U.S. Federal $ 475 $ 8 $ (21) U.S. State 79 43 89 Non-U.S. 768 1,099 1,177 $ 1,322 $ 1,150 $ 1,245 Deferred: U.S. Federal $ 234 $ 332 $ 396 U.S. State 39 63 8 Non-U.S. (448) (216) (990) (175) 179 (586) $ 1,147 $ 1,329 $ 659 |
Effective income tax rate reconciliation | Years Ended December 31, 2020 2019 2018 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 % 21.0 % Taxes on non-U.S. earnings (1)(2) (0.8) (0.5) 0.2 U.S. state income taxes (1) 1.3 1.1 1.6 Reserves for tax contingencies (2.6) 2.0 0.3 Employee share-based payments (1.2) (1.2) (0.7) Reduction of certain receivables 2.0 — — U.S. Tax Cuts and Jobs Act — (3.6) (5.8) Reduction of taxes on unremitted earnings — — (14.2) Separation tax costs — — 5.5 All other items—net (0.6) (1.2) 0.9 19.1 % 17.6 % 8.8 % (1) Net of changes in valuation allowance (2) Includes U.S. taxes on non-U.S. earnings |
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, 2020 2019 Postretirement benefits other than pensions $ 85 $ 111 Asbestos and environmental 508 531 Employee compensation and benefits 180 205 Lease liabilities 197 167 Other accruals and reserves 110 279 Net operating and capital losses 779 652 Tax credit carryforwards 219 246 Gross deferred tax assets 2,078 2,191 Valuation allowance (766) (656) Total deferred tax assets $ 1,312 $ 1,535 Deferred tax liabilities: Pension $ (548) $ (469) Property, plant and equipment (437) (477) Right-of-use asset (184) (159) Intangibles (898) (1,296) Unremitted earnings of foreign subsidiaries (398) (419) Other asset basis differences (169) (136) Other (31) (163) Total deferred tax liabilities (2,665) (3,119) Net deferred tax liability $ (1,353) $ (1,584) |
Summary of Operating Loss Carryforwards | Jurisdiction Expiration Net Operating Tax Credit U.S. Federal 2040 $ 24 $ 92 U.S. State 2040 382 21 Non-U.S. 2040 314 111 Non-U.S. Indefinite 2,532 — $ 3,252 $ 224 |
Change in unrecognized tax benefits | Years Ended December 31, 2020 2019 2018 Change in unrecognized tax benefits: Balance at beginning of year $ 1,164 $ 1,089 $ 947 Gross increases related to current period tax positions 94 51 370 Gross increases related to prior periods tax positions 68 83 82 Gross decreases related to prior periods tax positions (256) (34) (201) Decrease related to resolutions of audits with tax authorities (35) (3) (40) Expiration of the statute of limitations for the assessment of taxes (76) (13) (50) Foreign currency translation 32 (9) (19) Balance at end of year $ 991 $ 1,164 $ 1,089 |
Summary of Income Tax Examinations | Jurisdiction Open Tax Years Examination in Examination not yet U.S. Federal 2017 - 2018 2019 - 2020 U.S. State 2011 - 2019 2016 - 2019 Australia N/A 2017 - 2020 Canada (1) 2015 - 2018 2019 - 2020 China 2010 - 2019 2020 France 2017 - 2019 2020 Germany (1) 2008 - 2018 2019 - 2020 India 1999 - 2018 2019 - 2020 Italy 2012 - 2017 2018 - 2020 Netherlands 2016 - 2017 2018 - 2020 Switzerland (1) 2015 - 2018 2019 - 2020 United Kingdom 2013 - 2018 2019 - 2020 |
ACCOUNTS RECEIVABLES (Tables)
ACCOUNTS RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | |
Schedule of trade, notes, and other receivables | December 31, 2020 2019 Trade $ 7,029 $ 7,639 Less—Allowance for doubtful accounts (202) (146) $ 6,827 $ 7,493 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31, 2020 2019 Raw materials $ 1,079 $ 1,056 Work in process 798 817 Finished products 2,612 2,593 4,489 4,466 Reduction to LIFO cost basis — (45) $ 4,489 $ 4,421 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT-NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Land and improvements $ 259 $ 251 Machinery and equipment 10,008 9,586 Buildings and improvements 3,245 3,152 Construction in progress 825 724 14,337 13,713 Less—Accumulated depreciation (8,767) (8,388) $ 5,570 $ 5,325 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES-NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Other Intangible Assets, Net (Tables) [Abstract] | |
Schedule of Goodwill [Table Text Block] | December 31, 2019 Acquisitions/ Divestitures Currency December 31, 2020 Aerospace $ 2,266 $ 105 $ 7 $ 2,378 Honeywell Building Technologies 3,215 62 108 3,385 Performance Materials and Technologies 5,105 — 150 5,255 Safety and Productivity Solutions 4,977 — 63 5,040 $ 15,563 $ 167 $ 328 $ 16,058 |
Acquired Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Determinable life intangibles: Patents and technology $ 2,159 $ (1,595) $ 564 $ 2,060 $ (1,481) $ 579 Customer relationships 3,889 (2,050) 1,839 3,769 (1,766) 2,003 Trademarks 327 (247) 80 317 (228) 89 Other 298 (267) 31 297 (262) 35 6,673 (4,159) 2,514 6,443 (3,737) 2,706 Indefinite life intangibles: Trademarks 1,046 — 1,046 1,028 — 1,028 $ 7,719 $ (4,159) $ 3,560 $ 7,471 $ (3,737) $ 3,734 |
Acquired Indefinite-Lived Intangible Assets [Table Text Block] | Other intangible assets are comprised of: December 31, 2020 December 31, 2019 Gross Accumulated Net Gross Accumulated Net Determinable life intangibles: Patents and technology $ 2,159 $ (1,595) $ 564 $ 2,060 $ (1,481) $ 579 Customer relationships 3,889 (2,050) 1,839 3,769 (1,766) 2,003 Trademarks 327 (247) 80 317 (228) 89 Other 298 (267) 31 297 (262) 35 6,673 (4,159) 2,514 6,443 (3,737) 2,706 Indefinite life intangibles: Trademarks 1,046 — 1,046 1,028 — 1,028 $ 7,719 $ (4,159) $ 3,560 $ 7,471 $ (3,737) $ 3,734 |
LONG-TERM DEBT AND CREDIT AGR_2
LONG-TERM DEBT AND CREDIT AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long Term Debt And Credit Agreements Tables [Abstract] | |
Long-Term Debt and Credit Agreements | December 31, 2020 2019 0.65% Euro notes due 2020 $ — $ 1,123 4.25% notes due 2021 800 800 1.85% notes due 2021 1,500 1,500 0.483% notes due 2022 2,500 — 2.15% notes due 2022 600 600 Floating rate notes due 2022 1,100 600 1.30% Euro notes due 2023 1,534 1,404 3.35% notes due 2023 300 300 0.00% Euro notes due 2024 614 — 2.30% notes due 2024 750 750 1.35% notes due 2025 1,250 — 2.50% notes due 2026 1,500 1,500 2.25% Euro notes due 2028 920 842 2.70% notes due 2029 750 750 1.95% notes due 2030 1,000 — 0.75% Euro notes due 2032 614 — 5.70% notes due 2036 441 441 5.70% notes due 2037 462 462 5.375% notes due 2041 417 417 3.812% notes due 2047 445 445 2.80% notes due 2050 750 — Industrial development bond obligations, floating rate maturing at various dates through 2037 22 22 6.625% debentures due 2028 201 201 9.065% debentures due 2033 51 51 Other (including capitalized leases and debt issuance costs), 8.9% weighted average interest rate maturing at various dates through 2025 266 278 18,787 12,486 Less-current portion (2,445) (1,376) $ 16,342 $ 11,110 |
Principal Payments on Long-Term Debt | The schedule of principal payments on long-term debt is as follows: December 31, 2020 2021 $ 2,445 2022 4,240 2023 1,862 2024 1,392 2025 1,255 Thereafter 7,593 18,787 Less-current portion (2,445) $ 16,342 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2020 2019 Operating lease cost $ 214 $ 222 Variable lease cost 18 27 Short-term lease cost 17 12 Finance lease cost: Amortization of right-of-use assets 69 65 Interest on lease liability 27 30 Total finance lease cost 96 95 Total lease cost $ 345 $ 356 Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 206 $ 224 Operating cash flows for finance leases 32 32 Financing cash flows for finance leases 65 61 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 245 $ 179 Finance leases 27 34 Supplemental balance sheet information related to leases was as follows: December 31, 2020 2019 Operating leases Other assets $ 773 $ 673 Accrued liabilities 187 171 Other liabilities 641 534 Total operating lease liabilities $ 828 $ 705 Finance leases Property, plant and equipment $ 357 $ 361 Accumulated depreciation (180) (152) Property, plant and equipment—net $ 177 $ 209 Current maturities of long-term debt 60 59 Long-term debt 124 156 Total finance lease liabilities $ 184 $ 215 Weighted-average remaining lease term Operating leases 7 years 6 years Finance leases 3 years 4 years Weighted-average discount rate Operating leases 2.9 % 3.3 % Finance leases 16.3 % 16.2 % |
Finance Lease, Liability, Maturity [Table Text Block] | As of December 31, 2020, maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 $ 204 $ 83 2022 169 63 2023 137 46 2024 103 40 2025 69 13 Thereafter 231 — Total lease payments 913 245 Less-interest (85) (61) Total $ 828 $ 184 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2020, maturities of lease liabilities were as follows: Operating Leases Finance Leases 2021 $ 204 $ 83 2022 169 63 2023 137 46 2024 103 40 2025 69 13 Thereafter 231 — Total lease payments 913 245 Less-interest (85) (61) Total $ 828 $ 184 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Notional Fair Value Asset Fair Value (Liability) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Derivatives in Fair Value Hedging Relationships: Interest rate swap agreements $ 3,950 $ 3,950 $ 194 $ 38 $ — $ (13) Derivatives in Cash Flow Hedging Relationships: Foreign currency exchange contracts 488 3,340 65 218 (58) (16) Derivatives in Net Investment Hedging Relationships: Foreign currency exchange contracts 806 866 45 71 (1) — Cross currency swap agreements 1,200 1,200 — 51 (50) — Total Derivatives Designated as Hedging Instruments 6,444 9,356 304 378 (109) (29) Derivatives Not Designated as Hedging Instruments: Foreign currency exchange contracts 14,829 8,540 92 2 (91) (5) Total Derivatives at Fair Value $ 21,273 $ 17,896 $ 396 $ 380 $ (200) $ (34) |
Schedule of Derivative Instruments [Table Text Block] | Line in the Consolidated Balance Carrying Amount of the Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Long-term debt $ 4,144 $ 3,975 $ 194 $ 25 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments: Year Ended December 31, 2020 Revenue Cost of SG&A Other Interest $ 32,637 $ 22,169 $ 4,772 $ (675) $ 359 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income (3) 54 (4) 28 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 13 — 29 — Gain or (loss) on fair value hedges: Interest Rate Swap Agreements: Hedged items — — — — (169) Derivatives designated as hedges — — — — 169 Gain or (loss) on net investment hedges: Foreign Currency Exchange Contracts: Amount excluded from effectiveness testing recognized in earnings using an amortization approach — — — — 18 Gain or (loss) on derivatives not designated as hedging instruments: Foreign currency exchange contracts — — — (166) — Year Ended December 31, 2019 Revenue Cost of SG&A Other (Income) Expense Interest $ 36,709 $ 24,339 $ 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 Gain or (loss) on net investment hedges: Foreign Currency Exchange Contracts: Amount excluded from effectiveness testing recognized in earnings using an amortization approach — — — — 19 Gain or (loss) on derivatives not designated as hedging instruments: Foreign currency exchange contracts — — — 106 — |
Derivative Instruments Gain Loss Recognized In AOCI [Table Text Block] | 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, 2020 2019 Euro-denominated long-term debt $ (256) $ 68 Euro-denominated commercial paper (8) 71 Cross currency swap (109) 32 Foreign currency exchange contracts (94) 23 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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, 2020 and 2019: December 31, 2020 2019 Assets: Foreign currency exchange contracts $ 202 $ 291 Available for sale investments 1,118 1,523 Interest rate swap agreements 194 38 Cross currency swap agreements — 51 Liabilities: Foreign currency exchange contracts $ 150 $ 21 Interest rate swap agreements — 13 Cross currency swap agreements 50 — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value: December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Assets: Long-term receivables $ 137 $ 132 $ 129 $ 127 Liabilities: Long-term debt and related current maturities $ 18,787 $ 20,176 $ 12,486 $ 13,578 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Liabilities Current (Tables) [Abstract] | |
Accrued liabilities | December 31, 2020 2019 Customer advances and deferred income $ 2,932 $ 2,490 Compensation, benefit and other employee related 1,244 1,551 Repositioning 601 640 Asbestos related liabilities 300 361 Income taxes 307 253 Other taxes 281 239 Environmental costs 225 222 Operating lease liabilities 187 171 Product warranties and performance guarantees 183 213 Insurance 140 143 Accrued interest 102 91 Other (primarily operating expenses) 903 1,102 $ 7,405 $ 7,476 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Current (Tables) [Abstract] | |
Other liabilities | December 31, 2020 2019 Income taxes $ 2,009 $ 2,115 Pension and other employee related 1,923 1,873 Deferred income 1,356 1,310 Operating lease liabilities 641 534 Environmental 435 487 Insurance 280 247 Product warranties and performance guarantees 60 56 Asset retirement obligations 31 61 Other 240 83 $ 6,975 $ 6,766 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Income Statement Impact from Stock Options | Years Ended December 31, 2020 2019 2018 Compensation expense $ 50 $ 47 $ 64 Future income tax benefit recognized 10 10 13 |
Share based compensation fair value assumptions | Years Ended December 31, 2020 2019 2018 Weighted average fair value per share of options granted during the year (1) $ 21.30 $ 21.57 $ 23.63 Assumptions: Expected annual dividend yield 2.59 % 2.65 % 2.49 % Expected volatility 18.76 % 18.40 % 18.93 % Risk-free rate of return 1.32 % 2.46 % 2.71 % Expected option term (years) 4.62 4.87 4.95 (1) Estimated on date of grant using Black-Scholes option-pricing model. |
Stock Options Activity | Number of Weighted 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 Granted 3,192,693 176.93 Exercised (4,424,754) 88.96 Lapsed or canceled (930,972) 156.62 Outstanding at December 31, 2020 16,568,529 $ 125.75 Vested and expected to vest at December 31, 2020 (2) 15,442,367 $ 122.63 Exercisable at December 31, 2020 10,120,793 $ 103.89 (1) Additional options granted to offset the dilutive impact of the spin-offs on outstanding options. (2) Represents the sum of vested options of 10.1 million and expected to vest options of 5.3 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 6.4 million. |
Schedule of share based compensation by price ranges | Range of Exercise Prices Options Outstanding Options Exercisable Number Weighted Average Life (1) Weighted Aggregate Number Weighted Aggregate $27.00–$64.99 236,938 1 $ 56.58 $ 37 236,938 $ 56.58 $ 37 $65.00–$89.99 2,541,403 2.7 78.96 340 2,541,403 78.96 340 $90.00–$99.99 3,980,975 4.68 98.80 453 3,980,975 98.80 453 $100.00–$134.99 2,892,011 6.78 119.58 270 1,985,364 118.64 187 $135.00–$180.99 6,917,202 8.34 163.40 341 1,376,113 151.53 84 16,568,529 6.22 $ 125.75 $ 1,441 10,120,793 $ 103.89 $ 1,101 (1) Average remaining contractual life in years. |
Financial Statement Impact From Stock Options Exercised | Options Exercised Years Ended December 31, 2020 2019 2018 Intrinsic value (1) $ 379 $ 483 $ 238 Tax benefit realized 84 117 47 (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, 2020: Number of Weighted 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 Granted 1,551,675 158.52 Vested (1,001,101) 117.84 Forfeited (394,116) 145.42 Non-vested at December 31, 2020 3,396,523 $ 148.23 |
Income Statement Impact from RSUs | The following table summarizes the impact to the Consolidated Statement of Operations from RSUs: Years Ended December 31, 2020 2019 2018 Compensation expense $ 118 $ 106 $ 111 Future income tax benefit recognized 24 21 21 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share (Tables) [Abstract] | |
Earnings per share basic | Basic Years Ended December 31, 2020 2019 2018 Net income attributable to Honeywell $ 4,779 $ 6,143 $ 6,765 Weighted average shares outstanding 704.1 721.0 743.0 Earnings per share of common stock $ 6.79 $ 8.52 $ 9.10 |
Earnings per share diluted | Assuming Dilution Years Ended December 31, 2020 2019 2018 Net income attributable to Honeywell $ 4,779 $ 6,143 $ 6,765 Average Shares Weighted average shares outstanding 704.1 721.0 743.0 Dilutive securities issuable—stock plans 7.1 9.3 10.0 Total weighted average diluted shares outstanding 711.2 730.3 753.0 Earnings per share of common stock—assuming dilution $ 6.72 $ 8.41 $ 8.98 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated other comprehensive income (loss) | Pre-tax Tax After-Tax Year Ended December 31, 2020 Foreign exchange translation adjustment $ (214) $ — $ (214) Pensions and other postretirement benefit adjustments 76 (2) 74 Changes in fair value of available for sale investments 4 — 4 Changes in fair value of designated cash flow hedges (61) 17 (44) $ (195) $ 15 $ (180) 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) COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) December 31, 2020 2019 Cumulative foreign exchange translation adjustment $ (2,780) $ (2,566) Pensions and other postretirement benefit adjustments (601) (675) Changes in fair value of available for sale investments 4 — Changes in fair value of designated cash flow hedges — 44 $ (3,377) $ (3,197) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT Foreign Pension Changes in Fair Value of Available for Sale Investments Changes in Total 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) Other comprehensive income (loss) before reclassifications (201) 115 4 10 (72) Amounts reclassified from accumulated other comprehensive income (13) (41) — (54) (108) Net current period other comprehensive income (loss) (214) 74 4 (44) (180) Balance at December 31, 2020 $ (2,780) $ (601) $ 4 $ — $ (3,377) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, 2020 Affected Line in the Consolidated Statement of Operations Product Cost of Cost of Selling, Other Interest and Other Financial Charges Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 57 $ — $ 57 Prior service (credit) recognized — — — — (108) — (108) Losses (gains) on cash flow hedges 3 (43) (11) 4 (28) — (75) Losses (gains) on excluded component of net investment hedges — — — — — (18) (18) Total before tax $ 3 $ (43) $ (11) $ 4 $ (79) $ (18) $ (144) Tax expense (benefit) 36 Total reclassifications for the period, net of tax $ (108) Year Ended December 31, 2019 Affected Line in the Consolidated Statement of Operations Product Cost of Cost of Selling, Other Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 135 $ 135 Prior service (credit) recognized — — — — (104) (104) Losses (gains) on cash flow hedges (3) (35) (9) (1) (73) (121) Losses (gains) on excluded component of 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) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency | Years Ended December 31, 2020 2019 2018 Beginning of year $ 709 $ 755 $ 595 Accruals for environmental matters deemed probable and reasonably estimable 173 213 395 Environmental liability payments (216) (256) (218) Other (6) (3) (17) End of year $ 660 $ 709 $ 755 |
Environmental liabilities are included in the following balance sheet accounts: | December 31, 2020 2019 Accrued liabilities $ 225 $ 222 Other liabilities 435 487 $ 660 $ 709 |
Asbestos Related Liabilities | Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 $ 1,703 $ 907 $ 2,610 Accrual for update to estimated liability 80 18 98 78 22 100 197 32 229 Change in estimated cost of future claims 42 — 42 (22) — (22) (72) — (72) Update of expected resolution values for pending claims 10 — 10 (4) — (4) 1 — 1 Asbestos related liability payments (190) (97) (287) (176) (55) (231) (206) (48) (254) End of year $ 1,441 $ 779 $ 2,220 $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 |
Insurance Recoveries for Asbestos Related Liabilities | Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 $ 191 $ 312 $ 503 Probable insurance recoveries related to estimated liability 10 — 10 3 — 3 11 — 11 Insurance receipts for asbestos related liabilities (33) (25) (58) (39) (29) (68) (33) (5) (38) Insurance receivables settlements and write offs 18 (2) 16 19 3 22 1 — 1 End of year $ 148 $ 254 $ 402 $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 |
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, 2020 2019 Other current assets $ 36 $ 42 Insurance recoveries for asbestos related liabilities 366 392 $ 402 $ 434 Accrued liabilities $ 300 $ 361 Asbestos related liabilities 1,920 1,996 $ 2,220 $ 2,357 |
Schedule Of Bendix Loss Contingencies Litigation Claims Activity [Table Text Block] | Claims Activity Years Ended December 31, 2020 2019 Claims Unresolved at the beginning of year 6,480 6,209 Claims Filed 2,233 2,659 Claims Resolved (2,471) (2,388) Claims Unresolved at the end of year 6,242 6,480 |
Bendix related disease distribution of claims | Disease Distribution of Unresolved Claims December 31, 2020 2019 Mesothelioma and Other Cancer Claims 3,422 3,399 Nonmalignant Claims 2,820 3,081 Total Claims 6,242 6,480 |
Bendix related average resolution values per asbestos claim | Years Ended December 31, 2020 2019 2018 2017 2016 (in whole dollars) Malignant claims $ 61,500 $ 50,200 $ 55,300 $ 56,000 $ 44,000 Nonmalignant claims $ 550 $ 3,900 $ 4,700 $ 2,800 $ 4,485 |
Movement In Standard Product Warranty Rollforward And Balances | Years Ended December 31, 2020 2019 2018 Beginning of year $ 269 $ 310 $ 408 Accruals for warranties/guarantees issued during the year 164 173 208 Adjustment of pre-existing warranties/guarantees (18) (34) (78) Settlement of warranty/guarantee claims (172) (180) (228) End of year $ 243 $ 269 $ 310 Product warranties and product performance guarantees are included in the following balance sheet accounts: December 31, 2020 2019 Accrued liabilities $ 183 $ 213 Other liabilities 60 56 $ 243 $ 269 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans Disclosure | Pension Benefits U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 17,283 $ 16,141 $ 6,897 $ 6,182 Service cost 99 82 23 22 Interest cost 461 613 106 142 Plan amendments — — 2 — Actuarial (gains) losses (1) 1,331 2,064 509 708 Benefits paid (1,100) (1,111) (246) (269) Settlements and curtailments (21) (507) — — Foreign currency translation — — 291 107 Other 1 1 88 5 Benefit obligation at end of year 18,054 17,283 7,670 6,897 Change in plan assets: Fair value of plan assets at beginning of year 18,995 17,109 7,307 6,481 Actual return on plan assets 2,475 3,458 918 863 Company contributions 46 45 116 62 Benefits paid (1,100) (1,111) (246) (269) Settlements and curtailments (21) (507) — — Foreign currency translation — — 253 165 Other 1 1 102 5 Fair value of plan assets at end of year 20,396 18,995 8,450 7,307 Funded status of plans $ 2,342 $ 1,712 $ 780 $ 410 Amounts recognized in Consolidated Balance Sheet consist of: Prepaid pension benefit cost (2) $ 2,695 $ 2,069 $ 1,688 $ 1,196 Accrued pension liabilities—current (3) (29) (32) (14) (13) Accrued pension liabilities—noncurrent (4) (324) (325) (894) (773) Net amount recognized $ 2,342 $ 1,712 $ 780 $ 410 (1) Actuarial losses incurred in 2020 related to our U.S. and non-U.S. plans are primarily the result of a decrease in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2020 compared to December 31, 2019. Actuarial losses incurred in 2019 related to our U.S. and non-U.S. plans are primarily the result of a decrease in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2019 compared to December 31, 2018. (2) Included in Other assets on the Consolidated Balance Sheet (3) Included in Accrued liabilities on the Consolidated Balance Sheet (4) Included in Other liabilities on the Consolidated Balance Sheet Other 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 325 $ 364 Service cost — — Interest cost 8 14 Plan amendments (65) (2) Actuarial (gains) losses (8) (16) Benefits paid (31) (35) Benefit obligation at end of year 229 325 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 $ (229) $ (325) Amounts recognized in Consolidated Balance Sheet consist of: Accrued liabilities $ (27) $ (40) Postretirement benefit obligations other than pensions (1) (202) (285) Net amount recognized $ (229) $ (325) (1) Excludes non-U.S. plan of $40 million and $41 million as of December 31, 2020 and 2019. |
Other Changes in Plan Assets Recognized in Other Comprehensive Income | Pension Benefits U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Prior service (credit) cost $ (134) $ (176) $ 23 $ 21 Net actuarial (gain) loss 505 544 629 701 Net amount recognized $ 371 $ 368 $ 652 $ 722 Other Postretirement Benefits 2020 2019 Prior service (credit) cost $ (165) $ (166) Net actuarial (gain) loss (28) (20) Net amount recognized $ (193) $ (186) |
Net Periodic Benefit Cost | Net Periodic Benefit Cost Pension Benefits U.S. Plans Non-U.S. Plans 2020 2019 2018 2020 2019 2018 Service cost $ 99 $ 82 $ 140 $ 23 $ 22 $ 26 Interest cost 461 613 573 106 142 143 Expected return on plan assets (1,135) (1,117) (1,426) (336) (331) (443) Amortization of prior service (credit) cost (42) (42) (43) — — (1) Recognition of actuarial losses 26 35 — 18 88 37 Settlements and curtailments 4 4 — — — (3) Net periodic benefit (income) cost $ (587) $ (425) $ (756) $ (189) $ (79) $ (241) Other Changes in Plan Assets and U.S. Plans Non-U.S. Plans 2020 2019 2018 2020 2019 2018 Actuarial (gains) losses $ (9) $ (277) $ 619 $ (73) $ 176 $ 250 Prior service (credit) cost — — — 2 — 30 Prior service credit recognized during year 42 42 43 — — 4 Actuarial losses recognized during year (30) (39) — (18) (88) (37) Foreign currency translation — — — 19 14 (34) Total recognized in other comprehensive (income) loss $ 3 $ (274) $ 662 $ (70) $ 102 $ 213 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (584) $ (699) $ (94) $ (259) $ 23 $ (28) Net Periodic Benefit Cost Other Postretirement Benefits Years Ended December 31, 2020 2019 2018 Service cost $ — $ — $ — Interest cost 8 14 15 Amortization of prior service (credit) cost (66) (62) (52) Recognition of actuarial losses — — 3 Net periodic benefit (income) cost $ (58) $ (48) $ (34) Other Changes in Plan Assets and Benefits Obligations Years Ended December 31, 2020 2019 2018 Actuarial (gains) losses $ (8) $ (16) $ (110) Prior service (credit) cost (65) (2) (34) Prior service credit recognized during year 66 62 52 Actuarial losses recognized during year — — (3) Total recognized in other comprehensive (income) loss $ (7) $ 44 $ (95) Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (65) $ (4) $ (129) |
Assumptions Used in Calculations | Pension Benefits U.S. Plans Non-U.S. Plans 2020 2019 2018 2020 2019 2018 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.50 % 3.22 % 4.35 % 1.23 % 1.81 % 2.63 % Expected annual rate of compensation increase 3.25 % 3.25 % 3.25 % 2.43 % 2.47 % 2.46 % Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: Discount rate—benefit obligation 3.22 % 4.35 % 3.68 % 1.81 % 2.63 % 2.36 % Discount rate—service cost 3.33 % 4.47 % 3.77 % 1.48 % 2.26 % 2.20 % Discount rate—interest cost 2.76 % 3.94 % 3.27 % 1.56 % 2.34 % 2.08 % Expected rate of return on plan assets 6.15 % 6.75 % 7.75 % 4.66 % 5.14 % 6.23 % Expected annual rate of compensation increase 3.25 % 3.25 % 4.50 % 2.47 % 2.46 % 2.49 % Other Postretirement Benefits 2020 2019 2018 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.20 % 3.03 % 4.07 % Actuarial assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (1) 2.36 % 4.07 % 3.39 % (1) Discount rate was 3.03% for January 1, 2020 through September 30, 2020. The rate was changed to 2.36% for the remainder of 2020 due to a Plan remeasurement as of October 1, 2020. |
Accumulated Benefit Obligations in Excess of Plan Assets | December 31, U.S. Plans Non-U.S. Plans 2020 2019 2020 2019 Projected benefit obligation $ 353 $ 357 $ 2,116 $ 1,018 Accumulated benefit obligation $ 341 $ 347 $ 2,042 $ 973 Fair value of plan assets $ — $ — $ 1,208 $ 233 |
Fair Value of Plan Assets | U.S. Plans December 31, 2020 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 3,319 $ 3,319 $ — $ — U.S. equities — — — — Fixed income: Short term investments 1,314 1,314 — — Government securities 1,520 — 1,520 — Corporate bonds 10,190 — 10,190 — Mortgage/Asset-backed securities 982 — 982 — Insurance contracts 7 — 7 — Direct investments: Direct private investments 1,220 — — 1,220 Real estate properties 651 — — 651 Total 19,203 $ 4,633 $ 12,699 $ 1,871 Investments measured at NAV: Private funds 1,105 Real estate funds 26 Commingled Funds 62 Total assets at fair value $ 20,396 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 — — 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 Commingled funds 106 Total assets at fair value $ 18,995 Non-U.S. Plans December 31, 2020 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 207 $ — $ 207 $ — Non-U.S. equities 1,614 66 1,548 — Fixed income: Short-term investments 596 596 — — Government securities 3,105 — 3,105 — Corporate bonds 1,649 — 1,649 — Mortgage/Asset-backed securities 93 — 93 — Insurance contracts 142 — 142 — Insurance buy-in contracts 767 — — 767 Investments in private funds: Private funds 65 — 36 29 Real estate funds 147 — — 147 Total 8,385 $ 662 $ 6,780 $ 943 Investments measured at NAV: Private funds 18 Real estate funds 47 Total assets at fair value $ 8,450 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 — Insurance buy-in contracts — — — — 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 |
Changes in Fair Value of Level 3 Plan Assets | U.S. Plans Non-U.S. Plans Direct Real Estate Private Real Estate Insurance Buy-in Contracts 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 — Actual return on plan assets: Relating to assets still held at year-end 100 (4) (5) (3) — Relating to assets sold during the year 53 — — — — Purchases 221 59 — — 767 Sales and settlements (104) (23) — — — Balance at December 31, 2020 $ 1,220 $ 651 $ 29 $ 147 $ 767 |
Estimated Future Benefit Payments | U.S. Plans Non-U.S. Plans 2021 $ 1,147 $ 240 2022 1,143 242 2023 1,139 247 2024 1,130 252 2025 1,116 257 2026-2030 5,246 1,365 |
Assumed Health Care Cost Trend Rates | December 31, 2020 2019 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 |
Schedule Of Benefit Payments Reflecting Expected Future Service [Table Text Block] | Without Impact of Net of 2021 $ 29 $ 27 2022 28 25 2023 26 24 2024 15 14 2025 14 13 2026-2030 61 57 |
OTHER (INCOME) EXPENSE (Tables)
OTHER (INCOME) EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other (income) expense | Years Ended December 31, 2020 2019 2018 Interest income $ (107) $ (255) $ (217) Pension ongoing income—non-service (901) (606) (1,165) Other postretirement income—non-service (57) (47) (32) Equity income of affiliated companies (66) (52) (50) Loss (gain) on sale of non-strategic business and assets 3 1 — Foreign exchange (68) (120) (63) Separation costs — — 321 Reimbursement receivables charge 509 — — Other (net) 12 14 57 $ (675) $ (1,065) $ (1,149) |
SEGMENT FINANCIAL DATA (Tables)
SEGMENT FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Financial Data | Years Ended December 31, 2020 2019 2018 Net Sales Aerospace Product $ 7,194 $ 8,766 $ 10,415 Service 4,350 5,288 5,078 Total 11,544 14,054 15,493 Honeywell Building Technologies Product 3,868 4,395 7,868 Service 1,321 1,322 1,430 Total 5,189 5,717 9,298 Performance Materials and Technologies Product 7,548 8,732 8,589 Service 1,875 2,102 2,085 Total 9,423 10,834 10,674 Safety and Productivity Solutions Product 6,127 5,736 5,976 Service 354 368 361 Total 6,481 6,104 6,337 $ 32,637 $ 36,709 $ 41,802 Depreciation and amortization Aerospace $ 241 $ 234 $ 281 Honeywell Building Technologies 55 63 112 Performance Materials and Technologies 440 493 452 Safety and Productivity Solutions 223 222 216 Corporate 44 76 55 $ 1,003 $ 1,088 $ 1,116 Segment Profit Aerospace $ 2,904 $ 3,607 $ 3,503 Honeywell Building Technologies 1,099 1,165 1,608 Performance Materials and Technologies 1,851 2,433 2,328 Safety and Productivity Solutions 907 790 1,032 Corporate (96) (256) (281) $ 6,665 $ 7,739 $ 8,190 Years Ended December 31, 2020 2019 2018 Capital expenditures Aerospace $ 248 $ 272 $ 308 Honeywell Building Technologies 66 43 125 Performance Materials and Technologies 252 314 254 Safety and Productivity Solutions 288 82 78 Corporate 52 128 63 $ 906 $ 839 $ 828 Total Assets Aerospace $ 11,035 $ 11,378 $ 11,234 Honeywell Building Technologies 6,351 5,968 6,010 Performance Materials and Technologies 16,772 16,888 17,827 Safety and Productivity Solutions 10,640 9,888 9,886 Corporate 19,788 14,557 12,816 $ 64,586 $ 58,679 $ 57,773 |
Reconciliation of Operating Profit Loss From Segments to Consolidated | A reconciliation of segment profit to consolidated income before taxes are as follows: Years Ended December 31, 2020 2019 2018 Segment Profit $ 6,665 $ 7,739 $ 8,190 Interest and other financial charges (359) (357) (367) Stock compensation expense (1) (168) (153) (175) Pension ongoing income (expense) (2) 785 592 992 Pension mark-to-market expense (2) (44) (123) (37) Other postretirement income (2) 57 47 32 Repositioning and other charges (3) (575) (546) (1,091) Other (4) (349) 360 (57) Income before taxes $ 6,012 $ 7,559 $ 7,487 (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 cost component) and Other (income) expense (non-service cost component). (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 of affiliated companies is included in segment profit. |
GEOGRAPHIC AREAS FINANCIAL DA_2
GEOGRAPHIC AREAS FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Geographic Areas Financial Data [Abstract] | |
Geographic Areas Financial Data | Net Sales (1) Long-lived Assets (2) Years Ended December 31, Years Ended December 31, 2020 2019 2018 2020 2019 2018 United States $ 19,665 $ 21,910 $ 23,841 $ 3,823 $ 3,649 $ 3,601 Europe 6,356 7,424 10,066 628 579 571 Other International 6,616 7,375 7,895 1,119 1,097 1,124 $ 32,637 $ 36,709 $ 41,802 $ 5,570 $ 5,325 $ 5,296 (1) Sales between geographic areas approximate market value and are not significant. Net sales are classified according to their country of origin. Included in United States Net sales are export sales of $4,000 million, $5,415 million and $5,293 million for the years ended December 31, 2020, 2019 and 2018. (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, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Years Ended December 31, 2020 2019 2018 Net payments for repositioning and other charges: Severance and exit cost payments $ (564) $ (249) $ (285) Environmental payments (216) (256) (218) Reimbursement receipts 176 292 67 Insurance receipts for asbestos related liabilities 58 68 38 Asbestos related liability payments (287) (231) (254) $ (833) $ (376) $ (652) Interest paid, net of amounts capitalized $ 329 $ 344 $ 353 Income taxes paid, net of refunds 1,173 1,564 1,566 Non-cash investing and financing activities: Common stock contributed to savings plans 211 159 52 Marketable securities contributed to non-U.S. pension plans 93 — 99 |
UNAUDITED QUARTERLY FINANCIAL_2
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information Table Text Block | 2020 March 31 June 30 September 30 December 31 Year Net sales $ 8,463 $ 7,477 $ 7,797 $ 8,900 $ 32,637 Gross profit 2,929 2,201 2,414 2,924 10,468 Net income attributable to Honeywell 1,581 1,081 758 1,359 4,779 Earnings per common share—basic (1) 2.23 1.54 1.08 1.94 6.79 Earnings per common share—assuming dilution (1) 2.21 1.53 1.07 1.91 6.72 Cash dividends per common share 0.900 0.900 0.900 0.930 3.630 2019 March 31 June 30 September 30 December 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 (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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Assets With Determinable Lives [Line Items] | |||
Research and development expense | $ 1,334 | $ 1,556 | $ 1,809 |
Customer-sponsored research and development | 1,200 | 1,079 | 1,069 |
Capitalized contract fulfillment costs | 1,300 | 1,000 | |
Capitalized Contract amounts recognized as Cost of products and services sold | 100 | 100 | $ 100 |
Lease liabilities | 197 | 167 | |
Right-of-use-assets | $ 184 | $ 159 | |
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 | 10 | ||
Building and Building Improvements [Member] | Maximum [Member] | |||
Property Plant And Equipment Details [Line Items] | |||
Property, plant and equipment, estimated useful lives | 50 | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property Plant And Equipment Details [Line Items] | |||
Property, plant and equipment, estimated useful lives | 2 | ||
Machinery and Equipment [Member] | Maximum [Member] | |||
Property Plant And Equipment Details [Line Items] | |||
Property, plant and equipment, estimated useful lives | 16 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Divestiture/Spinoff [Abstract] | |||
Pretax gain on sale | $ (3,000,000) | $ (1,000,000) | $ 0 |
Pre-separation funding | 0 | 0 | 2,801,000,000 |
Income before taxes | 6,012,000,000 | 7,559,000,000 | 7,487,000,000 |
Goodwill | 16,058,000,000 | 15,563,000,000 | |
Assets | 64,586,000,000 | $ 58,679,000,000 | $ 57,773,000,000 |
Garrett [Member] | |||
Divestiture/Spinoff [Abstract] | |||
Spinoff Transaction Share Conversion | 0.1 | ||
Pre-separation funding | $ 1,600,000,000 | ||
Resideo [Member] | |||
Divestiture/Spinoff [Abstract] | |||
Spinoff Transaction Share Conversion | 0.17 | ||
Pre-separation funding | $ 1,200,000,000 | ||
Spinoff [Member] | |||
Divestiture/Spinoff [Abstract] | |||
Income before taxes | 400,000,000 | ||
Goodwill | 2,800,000,000 | ||
Assets | 5,500,000,000 | ||
Liabilities | 7,200,000,000 | ||
Total Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | 261,000,000 | 535,000,000 | |
Divestiture/Spinoff [Abstract] | |||
Goodwill | $ 167,000,000 | ||
Transnorm [Member] | |||
Business Acquisition [Line Items] | |||
Name of acquired entity | Transnorm | ||
Divestiture/Spinoff [Abstract] | |||
Goodwill | $ 380,000,000 | ||
Sparta Systems [Member] | |||
Business Acquisition [Line Items] | |||
Name of acquired entity | Sparta Systems | ||
Purchase price | $ 1,300,000,000 |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 8,900,000,000 | $ 7,797,000,000 | $ 7,477,000,000 | $ 8,463,000,000 | $ 9,496,000,000 | $ 9,086,000,000 | $ 9,243,000,000 | $ 8,884,000,000 | $ 32,637,000,000 | $ 36,709,000,000 | $ 41,802,000,000 |
Disaggregation of revenue, timing of recognition - percentage | 100.00% | 100.00% | 100.00% | ||||||||
Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 24,737,000,000 | $ 27,629,000,000 | $ 32,848,000,000 | ||||||||
Disaggregation of revenue, timing of recognition - percentage | 76.00% | 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% | 61.00% | 67.00% | ||||||||
Products [Member] | Transferred over Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Disaggregation of revenue, timing of recognition - percentage | 15.00% | 14.00% | 12.00% | ||||||||
Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 7,900,000,000 | $ 9,080,000,000 | $ 8,954,000,000 | ||||||||
Disaggregation of revenue, timing of recognition - percentage | 24.00% | 25.00% | 21.00% | ||||||||
Services [Member] | Transferred at Point in Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Disaggregation of revenue, timing of recognition - percentage | 8.00% | 9.00% | 7.00% | ||||||||
Services [Member] | Transferred over Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Disaggregation of revenue, timing of recognition - percentage | 16.00% | 16.00% | 14.00% | ||||||||
Aerospace [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 11,544,000,000 | $ 14,054,000,000 | $ 15,493,000,000 | ||||||||
Aerospace [Member] | Commercial Aviation Original Equipment [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,932,000,000 | 2,997,000,000 | 2,833,000,000 | ||||||||
Aerospace [Member] | Commercial Aviation Aftermarket [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,786,000,000 | 5,731,000,000 | 5,373,000,000 | ||||||||
Aerospace [Member] | Defense and Space [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,826,000,000 | 5,326,000,000 | 4,665,000,000 | ||||||||
Aerospace [Member] | Transportation Systems [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 0 | 2,622,000,000 | ||||||||
Aerospace [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 7,194,000,000 | 8,766,000,000 | 10,415,000,000 | ||||||||
Aerospace [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 4,350,000,000 | 5,288,000,000 | 5,078,000,000 | ||||||||
Honeywell Building Technologies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 5,189,000,000 | 5,717,000,000 | 9,298,000,000 | ||||||||
Honeywell Building Technologies [Member] | Homes Products And Software [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 0 | 1,732,000,000 | ||||||||
Honeywell Building Technologies [Member] | Distribution (ADI) [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 0 | 0 | 2,196,000,000 | ||||||||
Honeywell Building Technologies [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,995,000,000 | 3,314,000,000 | 2,953,000,000 | ||||||||
Honeywell Building Technologies [Member] | Building Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,194,000,000 | 2,403,000,000 | 2,417,000,000 | ||||||||
Honeywell Building Technologies [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,868,000,000 | 4,395,000,000 | 7,868,000,000 | ||||||||
Honeywell Building Technologies [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,321,000,000 | 1,322,000,000 | 1,430,000,000 | ||||||||
Performance Materials And Technologies [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 9,423,000,000 | 10,834,000,000 | 10,674,000,000 | ||||||||
Performance Materials And Technologies [Member] | UOP [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,177,000,000 | 2,890,000,000 | 2,845,000,000 | ||||||||
Performance Materials And Technologies [Member] | Process Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 4,590,000,000 | 5,146,000,000 | 4,981,000,000 | ||||||||
Performance Materials And Technologies [Member] | Specialty Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,075,000,000 | 1,062,000,000 | 1,134,000,000 | ||||||||
Performance Materials And Technologies [Member] | Fluorine Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,581,000,000 | 1,736,000,000 | 1,714,000,000 | ||||||||
Performance Materials And Technologies [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 7,548,000,000 | 8,732,000,000 | 8,589,000,000 | ||||||||
Performance Materials And Technologies [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,875,000,000 | 2,102,000,000 | 2,085,000,000 | ||||||||
Safety And Productivity Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 6,481,000,000 | 6,104,000,000 | 6,337,000,000 | ||||||||
Safety And Productivity Solutions [Member] | Safety and Retail [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,414,000,000 | 2,215,000,000 | 2,278,000,000 | ||||||||
Safety And Productivity Solutions [Member] | Productivity Solutions and Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 1,256,000,000 | 1,270,000,000 | 1,540,000,000 | ||||||||
Safety And Productivity Solutions [Member] | Warehouse and Workflow Solutions [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 2,018,000,000 | 1,771,000,000 | 1,662,000,000 | ||||||||
Safety And Productivity Solutions [Member] | Sensing & Internet-of-Things (IoT) | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 793,000,000 | 848,000,000 | 857,000,000 | ||||||||
Safety And Productivity Solutions [Member] | Products [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 6,127,000,000 | 5,736,000,000 | 5,976,000,000 | ||||||||
Safety And Productivity Solutions [Member] | Services [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 354,000,000 | $ 368,000,000 | $ 361,000,000 |
REVENUE RECOGNITION AND CONTR_4
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS 2 (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Jan. 01, 2019 | |
Change in Contract with Customer, Asset and Liability [Abstract] | ||||
Contract assets | $ 1,618 | $ 1,602 | $ 1,602 | $ 1,548 |
Change in contract assets - increase (decrease) | 16 | 54 | ||
Contract liability | (4,033) | (3,501) | $ (3,501) | $ (3,378) |
Change in contract liability - (increase) decrease | (532) | (123) | ||
Net change | (516) | (69) | ||
Contract With Customer Liability Revenue Recognized | $ 1,709 | $ 1,543 |
REVENUE RECOGNITION AND CONTR_5
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS 3 (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 26,376 |
Within One Year [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 55.00% |
Greater Than One Year [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 45.00% |
Aerospace [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 9,493 |
Honeywell Building Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | 5,924 |
Performance Materials And Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | 6,704 |
Safety And Productivity Solutions [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 4,255 |
REPOSITIONING AND OTHER CHARG_3
REPOSITIONING AND OTHER CHARGES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | $ 518 | $ 433 | $ 520 |
Asbestos related litigation charges, net of insurance and reimbursements | 50 | 42 | 163 |
Probable and reasonably estimable environmental liabilities, net of reimbursements | 27 | 59 | 345 |
Other | (20) | 12 | 63 |
Total net repositioning and other charges | 575 | 546 | 1,091 |
Severance [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 475 | 260 | 289 |
Asset Impairments [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 21 | 95 | 162 |
Exit costs [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 69 | 83 | 79 |
Reserve Adjustments [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | $ (47) | $ (5) | (10) |
Other | $ 63 |
REPOSITIONING AND OTHER CHARG_4
REPOSITIONING AND OTHER CHARGES 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | $ 575,000,000 | $ 546,000,000 | $ 1,091,000,000 |
Cost of products and services sold [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | 308,000,000 | 276,000,000 | 811,000,000 |
Selling, general and administrative expenses [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | 267,000,000 | 270,000,000 | 239,000,000 |
Other (Income) Expense [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | $ 0 | $ 0 | $ 41,000,000 |
REPOSITIONING AND OTHER CHARG_5
REPOSITIONING AND OTHER CHARGES 3 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | $ 575 | $ 546 | $ 1,091 |
Corporate [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 110 | 241 | 502 |
Aerospace [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 157 | 33 | 154 |
Honeywell Building Technologies [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 100 | 108 | 111 |
Performance Materials And Technologies [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 167 | 93 | 191 |
Safety And Productivity Solutions [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | $ 41 | $ 71 | $ 133 |
REPOSITIONING AND OTHER CHARG_6
REPOSITIONING AND OTHER CHARGES 4 (Details) | 12 Months Ended | |||
Dec. 31, 2020USD ($)Employees | Dec. 31, 2019USD ($)Employees | Dec. 31, 2018USD ($)Employees | Dec. 31, 2017USD ($) | |
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | $ 601,000,000 | $ 651,000,000 | $ 566,000,000 | $ 513,000,000 |
Repositioning Charges | 565,000,000 | 438,000,000 | 530,000,000 | |
Usage - cash | (564,000,000) | (249,000,000) | (285,000,000) | |
Usage - noncash | (21,000,000) | (100,000,000) | (163,000,000) | |
Divestitures | 0 | 0 | (14,000,000) | |
Adjustments | (47,000,000) | (5,000,000) | (10,000,000) | |
Foreign currency translation | (17,000,000) | (1,000,000) | 5,000,000 | |
Restructuring and Related Cost, Incurred Cost | 518,000,000 | 433,000,000 | 520,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | $ 565,000,000 | $ 438,000,000 | $ 530,000,000 | |
Number Of Employees Severed | Employees | 14,159 | 5,336 | 6,486 | |
Severance [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | $ 527,000,000 | $ 555,000,000 | $ 489,000,000 | 442,000,000 |
Repositioning Charges | 475,000,000 | 260,000,000 | 289,000,000 | |
Usage - cash | (474,000,000) | (186,000,000) | (218,000,000) | |
Usage - noncash | 0 | 0 | 0 | |
Divestitures | 0 | 0 | (11,000,000) | |
Adjustments | (44,000,000) | (8,000,000) | (8,000,000) | |
Foreign currency translation | (15,000,000) | 0 | 5,000,000 | |
Restructuring and Related Cost, Incurred Cost | 475,000,000 | 260,000,000 | 289,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | 475,000,000 | 260,000,000 | 289,000,000 | |
Asset Impairments [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | 0 |
Repositioning Charges | 21,000,000 | 95,000,000 | 162,000,000 | |
Usage - cash | 0 | 0 | 0 | |
Usage - noncash | (21,000,000) | (100,000,000) | (163,000,000) | |
Divestitures | 0 | 0 | 0 | |
Adjustments | 0 | 5,000,000 | 1,000,000 | |
Foreign currency translation | 0 | 0 | 0 | |
Restructuring and Related Cost, Incurred Cost | 21,000,000 | 95,000,000 | 162,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | 21,000,000 | 95,000,000 | 162,000,000 | |
Exit costs [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | 74,000,000 | 96,000,000 | 77,000,000 | $ 71,000,000 |
Repositioning Charges | 69,000,000 | 83,000,000 | 79,000,000 | |
Usage - cash | (90,000,000) | (63,000,000) | (67,000,000) | |
Usage - noncash | 0 | 0 | 0 | |
Divestitures | 0 | 0 | (3,000,000) | |
Adjustments | (3,000,000) | (2,000,000) | (3,000,000) | |
Foreign currency translation | (2,000,000) | (1,000,000) | 0 | |
Restructuring and Related Cost, Incurred Cost | 69,000,000 | 83,000,000 | 79,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | $ 69,000,000 | $ 83,000,000 | $ 79,000,000 |
REPOSITIONING AND OTHER CHARG_7
REPOSITIONING AND OTHER CHARGES 5 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve Disclosures [Abstract] | |||
Balance at beginning of period, | $ 651,000,000 | $ 566,000,000 | $ 513,000,000 |
Repositioning Charges | 565,000,000 | 438,000,000 | 530,000,000 |
Usage - cash | (564,000,000) | (249,000,000) | (285,000,000) |
Usage - noncash | (21,000,000) | (100,000,000) | (163,000,000) |
Divestitures | 0 | 0 | (14,000,000) |
Adjustments | (47,000,000) | (5,000,000) | (10,000,000) |
Foreign currency translation | 17,000,000 | 1,000,000 | (5,000,000) |
Balance at end of period, | 601,000,000 | 651,000,000 | 566,000,000 |
Other | (20,000,000) | 12,000,000 | 63,000,000 |
Severance [Member] | |||
Restructuring Reserve Disclosures [Abstract] | |||
Balance at beginning of period, | 555,000,000 | 489,000,000 | 442,000,000 |
Repositioning Charges | 475,000,000 | 260,000,000 | 289,000,000 |
Usage - cash | (474,000,000) | (186,000,000) | (218,000,000) |
Usage - noncash | 0 | 0 | 0 |
Divestitures | 0 | 0 | (11,000,000) |
Adjustments | (44,000,000) | (8,000,000) | (8,000,000) |
Foreign currency translation | 15,000,000 | 0 | (5,000,000) |
Balance at end of period, | 527,000,000 | 555,000,000 | 489,000,000 |
Asset Impairments [Member] | |||
Restructuring Reserve Disclosures [Abstract] | |||
Balance at beginning of period, | 0 | 0 | 0 |
Repositioning Charges | 21,000,000 | 95,000,000 | 162,000,000 |
Usage - cash | 0 | 0 | 0 |
Usage - noncash | (21,000,000) | (100,000,000) | (163,000,000) |
Divestitures | 0 | 0 | 0 |
Adjustments | 0 | 5,000,000 | 1,000,000 |
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, | 96,000,000 | 77,000,000 | 71,000,000 |
Repositioning Charges | 69,000,000 | 83,000,000 | 79,000,000 |
Usage - cash | (90,000,000) | (63,000,000) | (67,000,000) |
Usage - noncash | 0 | 0 | 0 |
Divestitures | 0 | 0 | (3,000,000) |
Adjustments | (3,000,000) | (2,000,000) | (3,000,000) |
Foreign currency translation | 2,000,000 | 1,000,000 | 0 |
Balance at end of period, | $ 74,000,000 | $ 96,000,000 | 77,000,000 |
Reserve Adjustments [Member] | |||
Restructuring Reserve Disclosures [Abstract] | |||
Other | $ 63,000,000 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | $ 475 | $ 8 | $ (21) |
U.S. State | 79 | 43 | 89 |
Non-U.S. | 768 | 1,099 | 1,177 |
Current tax expense | 1,322 | 1,150 | 1,245 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | 234 | 332 | 396 |
U.S. State | 39 | 63 | 8 |
Non-U.S. | (448) | (216) | (990) |
Deferred tax expense | (175) | 179 | (586) |
Tax expense | 1,147 | 1,329 | 659 |
Income before taxes | |||
U.S. | 3,318 | 4,178 | 2,919 |
Non-U.S. | 2,694 | 3,381 | 4,568 |
Income before taxes | $ 6,012 | $ 7,559 | $ 7,487 |
INCOME TAX 2 (Details)
INCOME TAX 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Taxes on non-U.S. earnings | (0.80%) | (0.50%) | 0.20% |
U.S. state income taxes | 1.30% | 1.10% | 1.60% |
Reserves for tax contingencies | (2.60%) | 2.00% | 0.30% |
Employee share-based payments | (1.20%) | (1.20%) | (0.70%) |
Reduction of certain receivables | 2.00% | 0.00% | 0.00% |
U.S. Tax Cuts and Jobs Act | 0.00% | (3.60%) | (5.80%) |
Reduction of taxes on unremitted earnings | 0.00% | 0.00% | (14.20%) |
Separation tax costs | 0.00% | 0.00% | 5.50% |
All other items net | (0.60%) | (1.20%) | 0.90% |
Effective Income Tax Rate Reconciliation, Percent | 19.10% | 17.60% | 8.80% |
Tax Expense Paragraph Details [Abstract] | |||
Net (decrease) increase in the effective tax rate from prior period | 1.50% | 8.80% | |
Net (decrease) increase in non-U.S. income tax rate | (14.20%) | 22.00% | |
Non-U.S. effective income tax rate | 11.90% | 26.10% | |
Deferred Tax Liability Change In Amount | $ 281 |
INCOME TAX 3 (Details)
INCOME TAX 3 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Net [Abstract] | |||
Postretirement benefits other than pensions | $ 85 | $ 111 | |
Asbestos and environmental | 508 | 531 | |
Employee compensation and benefits | 180 | 205 | |
Lease liabilities | 197 | 167 | |
Other accruals and reserves | 110 | 279 | |
Net operating and capital losses | 779 | 652 | |
Tax credit carryforwards | 219 | 246 | |
Gross deferred tax assets | 2,078 | 2,191 | |
Valuation allowance | (766) | (656) | |
Total deferred tax assets | 1,312 | 1,535 | |
Deferred Tax Liabilities, Net [Abstract] | |||
Pension | (548) | (469) | |
Property, plant and equipment | (437) | (477) | |
Right-of-use asset | (184) | (159) | |
Intangibles | (898) | (1,296) | |
Unremitted earnings of foreign subsidiaries | (398) | (419) | |
Other asset basis differences | (169) | (136) | |
Other | (31) | (163) | |
Total deferred tax liabilities | (2,665) | (3,119) | |
Net deferred tax liability | (1,353) | (1,584) | |
Deferred Tax Assets [Line Items] | |||
Gross deferred tax assets | 2,078 | 2,191 | |
Tax charge on earnings of foreign subsidiaries | 398 | 419 | |
Valuation allowance | 766 | 656 | |
Foreign Tax Authority [Member] | |||
Deferred Tax Assets, Net [Abstract] | |||
Gross deferred tax assets | 872 | ||
Valuation allowance | (758) | ||
Deferred Tax Liabilities, Net [Abstract] | |||
Unremitted earnings of foreign subsidiaries | (398) | ||
Deferred Tax Assets [Line Items] | |||
Gross deferred tax assets | 872 | ||
Tax charge on earnings of foreign subsidiaries | 398 | ||
Undistributed Earnings And Profits Of Foreign Affiliates | 22,400 | ||
Valuation allowance | 758 | ||
Valuation Allowance Impact To Tax Expense | $ 105 | $ (23) | $ 57 |
INCOME TAX 4 (Details)
INCOME TAX 4 (Details) | Dec. 31, 2020USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 3,252,000,000 |
Tax Credit Carryforward, Amount | 224,000,000 |
U.S. Federal | 2040 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 24,000,000 |
Tax Credit Carryforward, Amount | 92,000,000 |
Foreign Tax Authority [Member] | Indefinite [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 2,532,000,000 |
Tax Credit Carryforward, Amount | 0 |
Foreign Tax Authority [Member] | 2040 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 314,000,000 |
Tax Credit Carryforward, Amount | 111,000,000 |
U.S. State | 2040 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 382,000,000 |
Tax Credit Carryforward, Amount | $ 21,000,000 |
INCOME TAX 5 (Details)
INCOME TAX 5 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 1,164 | $ 1,089 | $ 947 |
Gross increases related to current period tax positions | 94 | 51 | 370 |
Gross increases related to prior periods tax positions | 68 | 83 | 82 |
Gross decreases related to prior periods tax positions | (256) | (34) | (201) |
Decrease related to resolutions of audits with tax authorities | (35) | (3) | (40) |
Expiration of the statue of limitations for the assessment of taxes | (76) | (13) | (50) |
Foreign currency translation | 32 | (9) | (19) |
Balance at end of year | $ 991 | $ 1,164 | $ 1,089 |
INCOME TAX 6 (Details)
INCOME TAX 6 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination Paragraph Details [Abstract] | |||
Income tax Examination Unrecognized Tax Benefits From Examination | $ 556 | $ 413 | $ 304 |
Income Tax Examination Estimated Interest and Penalties From Examination | 80 | 73 | 45 |
Income Tax Examination Accrued Interest and Penalties From Examination | $ 507 | $ 487 | $ 426 |
ACCOUNTS, NOTES AND OTHER RECEI
ACCOUNTS, NOTES AND OTHER RECEIVABLES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Trade | $ 7,029 | $ 7,639 |
Less - Allowance for doubtful accounts | (202) | (146) |
Accounts receivable, Net | 6,827 | 7,493 |
Accounts Notes And Other Receivables Paragraph Details [Abstract] | ||
Unbilled Contracts Receivable | $ 1,589 | $ 1,586 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory, Combining Work in Process and Raw Materials Alternative, Gross [Abstract] | ||
Raw materials | $ 1,079,000,000 | $ 1,056,000,000 |
Work in process | 798,000,000 | 817,000,000 |
Finished products | 2,612,000,000 | 2,593,000,000 |
Inventory, Gross | 4,489,000,000 | 4,466,000,000 |
Reduction to LIFO cost basis | 0 | (45,000,000) |
Inventories | 4,489,000,000 | 4,421,000,000 |
Inventories Paragraph Details [Abstract] | ||
LIFO Inventory Amount | 292,000,000 | |
Inventory, LIFO Reserve | $ 0 | $ (45,000,000) |
INVENTORIES 2 (Details)
INVENTORIES 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of products and services sold | $ 22,169 | $ 24,339 | $ 29,046 |
Change In Accounting Principle Other [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Percentage of LIFO Inventory | 6.00% | ||
Change In Accounting Principle Other [Member] | Product [Member] | Performance Materials And Technologies [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cost of products and services sold | $ (7) |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT-NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 14,337 | $ 13,713 | |
Less: Accumulated depreciation | (8,767) | (8,388) | |
Property, plant and equipment - net | 5,570 | 5,325 | |
Property, Plant and Equipment Paragraph Details [Abstract] | |||
Depreciation | 644 | 673 | $ 721 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 259 | 251 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 10,008 | 9,586 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,245 | 3,152 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 825 | $ 724 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Future Amortization Expense - 2021 | $ 335,000,000 | ||
Future Amortization Expense - 2022 | 311,000,000 | ||
Future Amortization Expense - 2023 | 272,000,000 | ||
Future Amortization Expense - 2024 | 250,000,000 | ||
Future Amortization Expense - 2025 | 239,000,000 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 6,673,000,000 | $ 6,443,000,000 | |
Accumulated Amortization | (4,159,000,000) | (3,737,000,000) | |
Net Carrying Amount | 2,514,000,000 | 2,706,000,000 | |
Goodwill [Line Items] | |||
Balance at beginning of period, | 15,563,000,000 | ||
Acquisitions/Divestitures | 167,000,000 | ||
Currency Translation Adjustment | 328,000,000 | ||
Balance at end of period, | 16,058,000,000 | 15,563,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Trademarks with indefinite lives | 1,046,000,000 | 1,028,000,000 | |
Gross carrying amount | 7,719,000,000 | 7,471,000,000 | |
Accumulated Amortization | (4,159,000,000) | (3,737,000,000) | |
Net carrying amount | 3,560,000,000 | 3,734,000,000 | |
Goodwill and Intangible Assets Paragraph Details [Abstract] | |||
Amortization of Intangible Assets | 358,000,000 | 415,000,000 | $ 395,000,000 |
Aerospace [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 2,266,000,000 | ||
Acquisitions/Divestitures | 105,000,000 | ||
Currency Translation Adjustment | 7,000,000 | ||
Balance at end of period, | 2,378,000,000 | 2,266,000,000 | |
Performance Materials And Technologies [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 5,105,000,000 | ||
Acquisitions/Divestitures | 0 | ||
Currency Translation Adjustment | 150,000,000 | ||
Balance at end of period, | 5,255,000,000 | 5,105,000,000 | |
Honeywell Building Technologies [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 3,215,000,000 | ||
Acquisitions/Divestitures | 62,000,000 | ||
Currency Translation Adjustment | 108,000,000 | ||
Balance at end of period, | 3,385,000,000 | 3,215,000,000 | |
Safety And Productivity Solutions [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 4,977,000,000 | ||
Acquisitions/Divestitures | 0 | ||
Currency Translation Adjustment | 63,000,000 | ||
Balance at end of period, | 5,040,000,000 | 4,977,000,000 | |
Patents and Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 2,159,000,000 | 2,060,000,000 | |
Accumulated Amortization | (1,595,000,000) | (1,481,000,000) | |
Net Carrying Amount | 564,000,000 | 579,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (1,595,000,000) | (1,481,000,000) | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 3,889,000,000 | 3,769,000,000 | |
Accumulated Amortization | (2,050,000,000) | (1,766,000,000) | |
Net Carrying Amount | 1,839,000,000 | 2,003,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (2,050,000,000) | (1,766,000,000) | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 327,000,000 | 317,000,000 | |
Accumulated Amortization | (247,000,000) | (228,000,000) | |
Net Carrying Amount | 80,000,000 | 89,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (247,000,000) | (228,000,000) | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 298,000,000 | 297,000,000 | |
Accumulated Amortization | (267,000,000) | (262,000,000) | |
Net Carrying Amount | 31,000,000 | 35,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | $ (267,000,000) | $ (262,000,000) |
LONG-TERM DEBT AND CREDIT AGR_3
LONG-TERM DEBT AND CREDIT AGREEMENTS (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Total long-term debt, including current portion | $ 18,787,000,000 | $ 12,486,000,000 | |
Less-current portion | (2,445,000,000) | (1,376,000,000) | |
Total Long-term debt | 16,342,000,000 | 11,110,000,000 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2021 | 2,445,000,000 | ||
2022 | 4,240,000,000 | ||
2023 | 1,862,000,000 | ||
2024 | 1,392,000,000 | ||
2025 | 1,255,000,000 | ||
Thereafter | 7,593,000,000 | ||
Total long-term debt, including current portion | 18,787,000,000 | 12,486,000,000 | |
Less-current portion | (2,445,000,000) | (1,376,000,000) | |
Total Long-term debt | 16,342,000,000 | 11,110,000,000 | |
0.65% Euro notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 0 | 1,123,000,000 | |
Various interest rates | 0.65% | 0.65% | |
4.25% notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 800,000,000 | 800,000,000 | |
Various interest rates | 4.25% | 4.25% | |
1.85% notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,500,000,000 | 1,500,000,000 | |
Various interest rates | 1.85% | 1.85% | |
0.483% notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 2,500,000,000 | 0 | |
Various interest rates | 0.483% | 0.483% | |
2.15% notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 600,000,000 | 600,000,000 | |
Various interest rates | 2.15% | 2.15% | |
Floating Rate Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,100,000,000 | 600,000,000 | |
Floating Rate Notes Due 2022 [Member] | August 19, 2020 (Issuance date of additional Floating Rates Senior Notes due 2022) [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 500,000,000 | ||
Loans Receivable, Basis Spread on Variable Rate | 0.23% | 0.23% | |
1.30% Euro notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,534,000,000 | 1,404,000,000 | |
Various interest rates | 1.30% | 1.30% | |
3.35% notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 300,000,000 | 300,000,000 | |
Various interest rates | 3.35% | 3.35% | |
0.00% Euro notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 614,000,000 | € 500 | 0 |
Various interest rates | 0.00% | 0.00% | |
2.30% notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 750,000,000 | 750,000,000 | |
Various interest rates | 2.30% | 2.30% | |
1.350% notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,250,000,000 | 0 | |
Various interest rates | 1.35% | 1.35% | |
2.50% notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,500,000,000 | 1,500,000,000 | |
Various interest rates | 2.50% | 2.50% | |
2.25% Euro notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 920,000,000 | 842,000,000 | |
Various interest rates | 2.25% | 2.25% | |
2.70% notes due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 750,000,000 | 750,000,000 | |
Various interest rates | 2.70% | 2.70% | |
1.95% notes due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,000,000,000 | 0 | |
Various interest rates | 1.95% | 1.95% | |
0.75% Euro notes due 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 614,000,000 | € 500 | 0 |
Various interest rates | 0.75% | 0.75% | |
5.70% notes due 2036 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 441,000,000 | 441,000,000 | |
Various interest rates | 5.70% | 5.70% | |
5.70% notes due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 462,000,000 | 462,000,000 | |
Various interest rates | 5.70% | 5.70% | |
5.375% notes due 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 417,000,000 | 417,000,000 | |
Various interest rates | 5.375% | 5.375% | |
3.812% notes due 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 445,000,000 | 445,000,000 | |
Various interest rates | 3.812% | 3.812% | |
2.8% notes due 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 750,000,000 | 0 | |
Various interest rates | 2.80% | 2.80% | |
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 | |
6.625% debentures due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Debentures | $ 201,000,000 | 201,000,000 | |
Various interest rates | 6.625% | 6.625% | |
9.065% debentures due 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Debentures | $ 51,000,000 | 51,000,000 | |
Various interest rates | 9.065% | 9.065% | |
Other (including capitalized leases and debt issuance costs), 8.9% weighted average interest rate maturing at various dates through 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Other long term debt | $ 266,000,000 | $ 278,000,000 | |
Debt, Weighted Average Interest Rate | 8.90% | 8.90% | |
The 2022 Callable Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | $ 3,000,000,000 | ||
Payments of Debt Issuance Costs | 10,000,000 | ||
The 2020 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 3,000,000,000 | ||
Payments of Debt Issuance Costs | 27,000,000 | ||
The 2020 Euro Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | 1,100,000,000 | ||
Payments of Debt Issuance Costs | 9,000,000 | ||
Term Loan Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 3,000,000,000 | ||
Proceeds from Issuance of Long-term Debt | 3,000,000,000 | ||
Payments of Debt Issuance Costs | 7,000,000 | ||
Repayments of Debt | $ 3,000,000,000 | ||
Loans Receivable, Basis Spread on Variable Rate | 1.25% | 1.25% | |
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, 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 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 4,000,000,000 | ||
Syndicate Of Banks [Member] | Term Loan Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line Of Credit Facility Borrowing Capacity Of Prior Agreement | 6,000,000,000 | ||
Amount of permanent reduction of the Unused Commitments | $ 3,000,000,000 |
LEASES (Details)
LEASES (Details) | Dec. 31, 2020 |
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 2 (Details)
LEASES 2 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 214 | $ 222 |
Variable lease cost | 18 | 27 |
Short-term lease cost | 17 | 12 |
Amortization of right-of-use assets | 69 | 65 |
Interest on lease liability | 27 | 30 |
Total finance lease cost | 96 | 95 |
Total lease cost | $ 345 | $ 356 |
LEASES 3 (Details)
LEASES 3 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 206 | $ 224 |
Operating cash flows for finance leases | 32 | 32 |
Financing cash flows for finance leases | 65 | 61 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 245 | 179 |
Finance leases | $ 27 | $ 34 |
LEASES 4 (Details)
LEASES 4 (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets and Liabilities [Abstract] | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |
Other assets | $ 773 | $ 673 |
Accrued liabilities | 187 | 171 |
Other liabilities | 641 | 534 |
Total operating lease liabilities | 828 | 705 |
Property, plant and equipment | 357 | 361 |
Accumulated depreciation | (180) | (152) |
Property, plant and equipment - net | 177 | 209 |
Current maturities of long-term debt | 60 | 59 |
Long-term debt | 124 | 156 |
Total finance lease liabilities | $ 184 | $ 215 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 6 years |
Finance Lease, Weighted Average Remaining Lease Term | 3 years | 4 years |
Lease, Cost [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 2.90% | 3.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 16.30% | 16.20% |
LEASES 5 (Details)
LEASES 5 (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 204,000,000 | |
2022 | 169,000,000 | |
2023 | 137,000,000 | |
2024 | 103,000,000 | |
2025 | 69,000,000 | |
Thereafter | 231,000,000 | |
Total lease payments | 913,000,000 | |
Less: interest | (85,000,000) | |
Total | 828,000,000 | $ 705,000,000 |
Financing Leases | ||
2021 | 83,000,000 | |
2022 | 63,000,000 | |
2023 | 46,000,000 | |
2024 | 40,000,000 | |
2025 | 13,000,000 | |
Thereafter | 0 | |
Total lease payments | 245,000,000 | |
Less: Interest | (61,000,000) | |
Total | $ 184,000,000 | $ 215,000,000 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Notional | $ 21,273,000,000 | $ 17,896,000,000 | |
Fair Value Asset | 396,000,000 | 380,000,000 | |
Fair value (Liability) | (200,000,000) | (34,000,000) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (108,000,000) | (168,000,000) | |
Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Notional | 16,123,000,000 | 12,746,000,000 | |
Amount of hedged item | 4,414,000,000 | 6,882,000,000 | |
Foreign Exchange Forward [Member] | Forecast [Member] | |||
Derivative [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 8,000,000 | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional | 6,444,000,000 | 9,356,000,000 | |
Fair Value Asset | 304,000,000 | 378,000,000 | |
Fair value (Liability) | (109,000,000) | (29,000,000) | |
Designated as Hedging Instrument [Member] | Derivatives in Fair Value Hedging Relationships [Member] | Interest rate swap agreements [Member] | |||
Derivative [Line Items] | |||
Notional | 3,950,000,000 | 3,950,000,000 | |
Fair Value Asset | 194,000,000 | 38,000,000 | |
Fair value (Liability) | 0 | (13,000,000) | |
Designated as Hedging Instrument [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | Foreign Currency Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional | 488,000,000 | 3,340,000,000 | |
Fair Value Asset | 65,000,000 | 218,000,000 | |
Fair value (Liability) | (58,000,000) | (16,000,000) | |
Designated as Hedging Instrument [Member] | Derivatives in Net Investment Hedging Relationships [Member] | Foreign Currency Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional | 806,000,000 | 866,000,000 | |
Fair Value Asset | 45,000,000 | 71,000,000 | |
Fair value (Liability) | (1,000,000) | 0 | |
Designated as Hedging Instrument [Member] | Derivatives in Net Investment Hedging Relationships [Member] | Cross currency swap agreements [Member] | |||
Derivative [Line Items] | |||
Notional | 1,200,000,000 | 1,200,000,000 | |
Fair Value Asset | 0 | 51,000,000 | |
Fair value (Liability) | (50,000,000) | 0 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Notional | 14,829,000,000 | 8,540,000,000 | |
Fair Value Asset | 92,000,000 | 2,000,000 | |
Fair value (Liability) | $ (91,000,000) | $ (5,000,000) |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments And Hedging Activity Paragragh [Abstract] | |||
Cash collateral received | $ 34 | ||
Gain (Loss) on interest rate swap agreements | $ 169 | $ 70 | $ (37) |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS 3 (Details) - Designated as Hedging Instrument [Member] - Long-term debt [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Summary Of Derivative Instruments By Hedge Designation [Line Items] | ||
Carrying Amount of the Hedged Item | $ 4,144 | $ 3,975 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item | $ 194 | $ 25 |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS 4 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 8,900,000,000 | $ 7,797,000,000 | $ 7,477,000,000 | $ 8,463,000,000 | $ 9,496,000,000 | $ 9,086,000,000 | $ 9,243,000,000 | $ 8,884,000,000 | $ 32,637,000,000 | $ 36,709,000,000 | $ 41,802,000,000 |
Cost of products and services sold | 22,169,000,000 | 24,339,000,000 | 29,046,000,000 | ||||||||
Selling, general and administrative expenses | 4,772,000,000 | 5,519,000,000 | 6,051,000,000 | ||||||||
Other (income) expense | (675,000,000) | (1,065,000,000) | (1,149,000,000) | ||||||||
Interest and other financial charges | 359,000,000 | 357,000,000 | 367,000,000 | ||||||||
Foreign Currency Exchange Contracts [Member] | Revenue [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Gain or (loss) on derivatives not designated as hedging instruments | 0 | 0 | |||||||||
Foreign Currency Exchange Contracts [Member] | Cost of products and services sold [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Gain or (loss) on derivatives not designated as hedging instruments | 0 | 0 | |||||||||
Foreign Currency Exchange Contracts [Member] | SG&A [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Gain or (loss) on derivatives not designated as hedging instruments | 0 | 0 | |||||||||
Foreign Currency Exchange Contracts [Member] | Other (Income) Expense [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Gain or (loss) on derivatives not designated as hedging instruments | (166,000,000) | 106,000,000 | |||||||||
Foreign Currency Exchange Contracts [Member] | Interest and Other Financial Charges [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Gain or (loss) on derivatives not designated as hedging instruments | 0 | 0 | |||||||||
Products [Member] | |||||||||||
Revenue | 24,737,000,000 | 27,629,000,000 | 32,848,000,000 | ||||||||
Cost of products and services sold | 17,638,000,000 | 19,269,000,000 | $ 23,634,000,000 | ||||||||
Designated as Hedging Instrument [Member] | Foreign Currency Exchange Contracts [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 | (94,000,000) | 23,000,000 | |||||||||
Designated as Hedging Instrument [Member] | Gain or {loss) on cash flow hedges [Member] | Foreign Currency Exchange Contracts [Member] | Revenue [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | (3,000,000) | 3,000,000 | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or {loss) on cash flow hedges [Member] | Foreign Currency Exchange Contracts [Member] | Cost of products and services sold [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | 54,000,000 | 44,000,000 | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 13,000,000 | 22,000,000 | |||||||||
Designated as Hedging Instrument [Member] | Gain or {loss) on cash flow hedges [Member] | Foreign Currency Exchange Contracts [Member] | SG&A [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | (4,000,000) | 1,000,000 | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or {loss) on cash flow hedges [Member] | Foreign Currency Exchange Contracts [Member] | Other (Income) Expense [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount reclassified from accumulated other comprehensive inome into income | 28,000,000 | 73,000,000 | |||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 29,000,000 | 35,000,000 | |||||||||
Designated as Hedging Instrument [Member] | Gain or {loss) on cash flow hedges [Member] | Foreign Currency Exchange Contracts [Member] | Interest and Other Financial Charges [Member] | |||||||||||
Derivative Instrument Gain (Loss) [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 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on fair value hedges [Member] | Interest rate swap agreements [Member] | Revenue [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on fair value hedges [Member] | Interest rate swap agreements [Member] | Cost of products and services sold [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on fair value hedges [Member] | Interest rate swap agreements [Member] | SG&A [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on fair value hedges [Member] | Interest rate swap agreements [Member] | Other (Income) Expense [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Hedged items | 0 | 0 | |||||||||
Derivatives designated as hedges | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on fair value hedges [Member] | Interest rate swap agreements [Member] | Interest and Other Financial Charges [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Hedged items | (169,000,000) | (70,000,000) | |||||||||
Derivatives designated as hedges | 169,000,000 | 70,000,000 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on net investment hedges [Member] | Foreign Currency Exchange Contracts [Member] | Revenue [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on net investment hedges [Member] | Foreign Currency Exchange Contracts [Member] | Cost of products and services sold [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on net investment hedges [Member] | Foreign Currency Exchange Contracts [Member] | SG&A [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on net investment hedges [Member] | Foreign Currency Exchange Contracts [Member] | Other (Income) Expense [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | |||||||||
Designated as Hedging Instrument [Member] | Gain or (loss) on net investment hedges [Member] | Foreign Currency Exchange Contracts [Member] | Interest and Other Financial Charges [Member] | |||||||||||
Derivative Instrument Gain (Loss) [Abstract] | |||||||||||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 18,000,000 | 19,000,000 | |||||||||
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 | (256,000,000) | 68,000,000 | |||||||||
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 | (8,000,000) | 71,000,000 | |||||||||
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 | $ (109,000,000) | $ 32,000,000 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | $ 21,273,000,000 | $ 17,896,000,000 |
Derivative Fair Value Of Derivative Asset | 396,000,000 | 380,000,000 |
Derivative Fair Value Of Derivative Liability | 200,000,000 | 34,000,000 |
Foreign currency exchange contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | 16,123,000,000 | 12,746,000,000 |
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 | 202,000,000 | 291,000,000 |
Derivative Fair Value Of Derivative Liability | 150,000,000 | 21,000,000 |
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 | 194,000,000 | 38,000,000 |
Derivative Fair Value Of Derivative Liability | 0 | 13,000,000 |
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 | 0 | 51,000,000 |
Derivative Fair Value Of Derivative Liability | 50,000,000 | 0 |
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 | $ 1,118,000,000 | $ 1,523,000,000 |
FAIR VALUE MEASUREMENTS 2 (Deta
FAIR VALUE MEASUREMENTS 2 (Details) - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | $ 137 | $ 129 |
Long-term debt and related current maturities | 18,787 | 12,486 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivables | 132 | 127 |
Long-term debt and related current maturities | $ 20,176 | $ 13,578 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities, Current [Abstract] | ||
Customer advances and deferred income | $ 2,932 | $ 2,490 |
Compensation, benefit and other employee related | 1,244 | 1,551 |
Repositioning | 601 | 640 |
Asbestos related liabilities | 300 | 361 |
Income taxes | 307 | 253 |
Other taxes | 281 | 239 |
Environmental costs | 225 | 222 |
Operating lease liabilities | 187 | 171 |
Product warranties and performance guarantees | 183 | 213 |
Insurance | 140 | 143 |
Accrued interest | 102 | 91 |
Other (primarily operating expenses) | 903 | 1,102 |
Accrued Liabilities | $ 7,405 | $ 7,476 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |
Other Liabilities, Noncurrent [Abstract] | ||
Income Taxes | $ 2,009 | $ 2,115 |
Pension and other employee related | 1,923 | 1,873 |
Deferred income | 1,356 | 1,310 |
Operating lease liabilities | 641 | 534 |
Environmental | 435 | 487 |
Insurance | 280 | 247 |
Product warranties and performance guarantees | 60 | 56 |
Asset retirement obligations | 31 | 61 |
Other | 240 | 83 |
Total other liabilities | $ 6,975 | $ 6,766 |
STOCK-BASED COMPENSATION PLAN_2
STOCK-BASED COMPENSATION PLANS (Details) - 2016 Plan [Member] - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 21.30 | $ 21.57 | $ 23.63 |
Expected annual dividend yield | 2.59% | 2.65% | 2.49% |
Expected volatility | 18.76% | 18.40% | 18.93% |
Risk-free rate of return | 1.32% | 2.46% | 2.71% |
Expected option term (years) | 4 years 7 months 13 days | 4 years 10 months 13 days | 4 years 11 months 12 days |
Stock Options Number of Options [Abstract] | |||
Outstanding at beginning of period, | 18,731,562 | 22,478,581 | 23,409,293 |
Spin related adjustment | 989,158 | ||
Granted | 3,192,693 | 3,136,058 | 3,303,722 |
Exercised | (4,424,754) | (5,897,060) | (3,399,375) |
Lapsed or Canceled | (930,972) | (986,017) | (1,824,217) |
Outstanding at end of period, | 16,568,529 | 18,731,562 | 22,478,581 |
Vested and Expected to Vest at December 31, | 15,442,367 | ||
Exercisable at December 31, | 10,120,793 | 11,620,992 | 14,073,120 |
Options Activity Footnote [Abstract] | |||
Vested options | 10,100,000 | ||
Options expected to vest | 5,300,000 | ||
Outstanding unvested options | 6,400,000 | ||
Stock Options Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of period, | $ 109.87 | $ 97.83 | $ 94.16 |
Granted | 176.93 | 155.43 | 148.48 |
Exercised | 88.96 | 84.31 | 78.29 |
Lapsed or Canceled | 156.62 | 136.15 | 123.01 |
Outstanding at end of period, | 125.75 | 109.87 | 97.83 |
Vested and Expected to Vest at December 31, | 122.63 | ||
Exercisable at December 31, | $ 103.89 | $ 92.19 | $ 83.42 |
Income Statement Impact From Stock Options [Abstract] | |||
Compensation expense | $ 50 | $ 47 | $ 64 |
Future income tax benefit recognized | $ 10 | $ 10 | $ 13 |
STOCK-BASED COMPENSATION PLAN_3
STOCK-BASED COMPENSATION PLANS 2 (Details) - 2016 Plan [Member] - Share-based Payment Arrangement, Option [Member] $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | |
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | shares | 16,568,529 | ||
Options Outstanding, Weighted Average Life | 6 years 2 months 19 days | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | 125.75 | ||
Options Outstanding Aggregate Intrinsic Value | $ | $ 1,441 | ||
Options Exercisable Number of Options | shares | 10,120,793 | ||
Weighted Average Exercise Price | $ / shares | $ 103.89 | $ 92.19 | $ 83.42 |
Options Exercisable Aggregate Intrinsic Value | $ | $ 1,101 | ||
Minimum [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Vesting periods | 4 years | ||
Maximum [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Vesting periods | 10 years | ||
Exercise Price Range $27.00-64.99 [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | shares | 236,938 | ||
Options Outstanding, Weighted Average Life | 1 year | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | 56.58 | ||
Options Outstanding Aggregate Intrinsic Value | $ | $ 37 | ||
Options Exercisable Number of Options | shares | 236,938 | ||
Weighted Average Exercise Price | $ / shares | $ 56.58 | ||
Options Exercisable Aggregate Intrinsic Value | $ | $ 37 | ||
Exercise Price Range $65.00-$89.99 [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | shares | 2,541,403 | ||
Options Outstanding, Weighted Average Life | 2 years 8 months 12 days | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | 78.96 | ||
Options Outstanding Aggregate Intrinsic Value | $ | $ 340 | ||
Options Exercisable Number of Options | shares | 2,541,403 | ||
Weighted Average Exercise Price | $ / shares | $ 78.96 | ||
Options Exercisable Aggregate Intrinsic Value | $ | $ 340 | ||
Exercise Price Range $90.00-$99.99 [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | shares | 3,980,975 | ||
Options Outstanding, Weighted Average Life | 4 years 8 months 4 days | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | 98.80 | ||
Options Outstanding Aggregate Intrinsic Value | $ | $ 453 | ||
Options Exercisable Number of Options | shares | 3,980,975 | ||
Weighted Average Exercise Price | $ / shares | $ 98.80 | ||
Options Exercisable Aggregate Intrinsic Value | $ | $ 453 | ||
Exercise Price Range $100.00-$134.99 [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | shares | 2,892,011 | ||
Options Outstanding, Weighted Average Life | 6 years 9 months 10 days | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | 119.58 | ||
Options Outstanding Aggregate Intrinsic Value | $ | $ 270 | ||
Options Exercisable Number of Options | shares | 1,985,364 | ||
Weighted Average Exercise Price | $ / shares | $ 118.64 | ||
Options Exercisable Aggregate Intrinsic Value | $ | $ 187 | ||
Exercise Price Range $135.00-$180.99 [Member] | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | shares | 6,917,202 | ||
Options Outstanding, Weighted Average Life | 8 years 4 months 2 days | ||
Options Outstanding, Weighted Average Exercise Price | $ / shares | 163.40 | ||
Options Outstanding Aggregate Intrinsic Value | $ | $ 341 | ||
Options Exercisable Number of Options | shares | 1,376,113 | ||
Weighted Average Exercise Price | $ / shares | $ 151.53 | ||
Options Exercisable Aggregate Intrinsic Value | $ | $ 84 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS 3 (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 10,120,793 | 11,620,992 | 14,073,120 |
Weighted Average Exercise Price | $ 103.89 | $ 92.19 | $ 83.42 |
Shares of Honeywell common stock available for future grants | 34,104,522 | ||
Unrecognized compensation on nonvested stock options | $ 88 | ||
Nonvested options recognized over weighted average period, years | 2 years 5 months 15 days | ||
Fair value of options vested | $ 55 | $ 61 | $ 73 |
Compensation expense | 50 | 47 | 64 |
Future income tax benefit recognized | 10 | 10 | 13 |
Financial Statement Impact From Stock Options Exercised [Abstract] | |||
Intrinsic value | 379 | 483 | 238 |
Tax benefit realized | 84 | 117 | 47 |
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 | $ 290 | ||
Nonvested options recognized over weighted average period, years | 3 years 3 months 18 days | ||
Compensation expense | $ 118 | 106 | 111 |
Future income tax benefit recognized | $ 24 | $ 21 | $ 21 |
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 | 832,309 |
STOCK-BASED COMPENSATION PLAN_4
STOCK-BASED COMPENSATION PLANS - RSUS (Details) - 2016 Plan [Member] - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested options recognized over weighted average period, years | 3 years 3 months 18 days | ||
Unrecognized compensation on nonvested stock options | $ 290 | ||
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, | 3,240,065 | 3,657,873 | 3,946,827 |
Spin related adjustment | 154,346 | ||
Granted | 1,551,675 | 1,200,202 | 1,360,338 |
Vested | (1,001,101) | (1,160,333) | (988,787) |
Forfeited | (394,116) | (457,677) | (814,851) |
Non-vested at end of period, | 3,396,523 | 3,240,065 | 3,657,873 |
Weighted average grant date fair value per share [Abstract] | |||
Non-vested at beginning of period, | $ 143.07 | $ 125.35 | $ 108.60 |
Granted | 158.52 | 162.43 | 153.46 |
Vested | 117.84 | 104.32 | 91.68 |
Forfeited | 145.42 | 134.50 | 117.40 |
Non-vested at end of period, | $ 148.23 | $ 143.07 | $ 125.35 |
Income Statement Impact From RSUs [Abstract] | |||
Compensation expense | $ 118 | $ 106 | $ 111 |
Future income tax benefit recognized | $ 24 | $ 21 | $ 21 |
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 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to Honeywell | $ 1,359 | $ 758 | $ 1,081 | $ 1,581 | $ 1,562 | $ 1,624 | $ 1,541 | $ 1,416 | $ 4,779 | $ 6,143 | $ 6,765 |
Weighted average shares outstanding | 704.1 | 721 | 743 | ||||||||
Earnings per share of common stock - basic | $ 1.94 | $ 1.08 | $ 1.54 | $ 2.23 | $ 2.19 | $ 2.26 | $ 2.13 | $ 1.94 | $ 6.79 | $ 8.52 | $ 9.10 |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Net income attributable to Honeywell | $ 1,359 | $ 758 | $ 1,081 | $ 1,581 | $ 1,562 | $ 1,624 | $ 1,541 | $ 1,416 | $ 4,779 | $ 6,143 | $ 6,765 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted average shares outstanding | 704.1 | 721 | 743 | ||||||||
Dilutive securities issuable - stock plans | 7.1 | 9.3 | 10 | ||||||||
Total weighted average diluted shares outstanding | 711.2 | 730.3 | 753 | ||||||||
Earnings per share of common stock - assuming dilution | $ 1.91 | $ 1.07 | $ 1.53 | $ 2.21 | $ 2.16 | $ 2.23 | $ 2.10 | $ 1.92 | $ 6.72 | $ 8.41 | $ 8.98 |
Earnings Per Share Paragraph Details [Abstract] | |||||||||||
Stock options excluded from diluted computations | 5.5 | 2.5 | 2.5 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Cumulative foreign exchange translation adjustment | $ (2,780,000,000) | $ (2,566,000,000) | |
Pension and other postretirement benefit adjustments | (601,000,000) | (675,000,000) | |
Changes in fair value of available for sale investments | 4,000,000 | 0 | |
Changes in fair value of designated cash flow hedges | 0 | 44,000,000 | |
Accumulated Other Comprehensive Income (Loss) | (3,377,000,000) | (3,197,000,000) | $ (3,437,000,000) |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign exchange translation adjustment | (211,000,000) | 143,000,000 | (685,000,000) |
Pensions and other postretirement benefit adjustments | 74,000,000 | 86,000,000 | (606,000,000) |
Changes in fair value of available for sale investments | 4,000,000 | 0 | 0 |
Changes in fair value of designated cash flow hedges | (44,000,000) | 11,000,000 | 85,000,000 |
Components of other comprehensive income (loss), net of tax | (180,000,000) | 240,000,000 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Other Comprehensive Income (Loss), before Tax [Abstract] | |||
Foreign exchange translation adjustment | (214,000,000) | 143,000,000 | |
Pension and other postretirement benefit adjustments | 76,000,000 | 115,000,000 | |
Changes in fair value of available for sale investments | 4,000,000 | ||
Changes in fair value of designated cash flow hedges | (61,000,000) | 20,000,000 | |
Changes in accumulated other comprehensive income, pretax | (195,000,000) | 278,000,000 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |||
Foreign exchange translation adjustment | 0 | 0 | |
Pensions and other postretirement benefit adjustments | (2,000,000) | (29,000,000) | |
Changes in fair value of available for sale investments | 0 | ||
Changes in fair value of designated cash flow hedges | 17,000,000 | (9,000,000) | |
Other comprehensive income (loss), tax | 15,000,000 | (38,000,000) | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign exchange translation adjustment | (214,000,000) | 143,000,000 | (728,000,000) |
Pensions and other postretirement benefit adjustments | 74,000,000 | 86,000,000 | (559,000,000) |
Changes in fair value of available for sale investments | 4,000,000 | ||
Changes in fair value of designated cash flow hedges | (44,000,000) | 11,000,000 | 85,000,000 |
Components of other comprehensive income (loss), net of tax | $ (180,000,000) | $ 240,000,000 | |
AOCI Including Spin Transactions [Member] | Accumulated Other Comprehensive Income (Loss) [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, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance beginning of period December 31 | $ (3,197,000,000) | $ (3,437,000,000) |
Other comprehensive income (loss) before reclassifications | (72,000,000) | 408,000,000 |
Amounts reclassified from accumulated other comprehensive income | (108,000,000) | (168,000,000) |
Net current period other comprehensive income (loss) | (180,000,000) | 240,000,000 |
Balance end of period | (3,377,000,000) | (3,197,000,000) |
Foreign Exchange Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance beginning of period December 31 | (2,566,000,000) | (2,709,000,000) |
Other comprehensive income (loss) before reclassifications | (201,000,000) | 156,000,000 |
Amounts reclassified from accumulated other comprehensive income | (13,000,000) | (13,000,000) |
Net current period other comprehensive income (loss) | (214,000,000) | 143,000,000 |
Balance end of period | (2,780,000,000) | (2,566,000,000) |
Pension and Other Postretirement Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance beginning of period December 31 | (675,000,000) | (761,000,000) |
Other comprehensive income (loss) before reclassifications | 115,000,000 | 149,000,000 |
Amounts reclassified from accumulated other comprehensive income | (41,000,000) | (63,000,000) |
Net current period other comprehensive income (loss) | 74,000,000 | 86,000,000 |
Balance end of period | (601,000,000) | (675,000,000) |
Changes in Fair Value of Available for Sale Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance beginning of period December 31 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 4,000,000 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Net current period other comprehensive income (loss) | 4,000,000 | 0 |
Balance end of period | 4,000,000 | 0 |
Changes in Fair Value of Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance beginning of period December 31 | 44,000,000 | 33,000,000 |
Other comprehensive income (loss) before reclassifications | 10,000,000 | 103,000,000 |
Amounts reclassified from accumulated other comprehensive income | (54,000,000) | (92,000,000) |
Net current period other comprehensive income (loss) | (44,000,000) | 11,000,000 |
Balance end of period | $ 0 | $ 44,000,000 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 3 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product Sales | $ (8,900,000,000) | $ (7,797,000,000) | $ (7,477,000,000) | $ (8,463,000,000) | $ (9,496,000,000) | $ (9,086,000,000) | $ (9,243,000,000) | $ (8,884,000,000) | $ (32,637,000,000) | $ (36,709,000,000) | $ (41,802,000,000) |
Cost of Products and Services Sold | 22,169,000,000 | 24,339,000,000 | 29,046,000,000 | ||||||||
Selling, General and Administrative Expenses | 4,772,000,000 | 5,519,000,000 | 6,051,000,000 | ||||||||
Other (Income) Expense | (675,000,000) | (1,065,000,000) | (1,149,000,000) | ||||||||
Interest and other financial charges | 359,000,000 | 357,000,000 | 367,000,000 | ||||||||
Tax expense (benefit) | 1,147,000,000 | 1,329,000,000 | 659,000,000 | ||||||||
Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product Sales | (24,737,000,000) | (27,629,000,000) | (32,848,000,000) | ||||||||
Cost of Products and Services Sold | 17,638,000,000 | 19,269,000,000 | 23,634,000,000 | ||||||||
Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product Sales | (7,900,000,000) | (9,080,000,000) | (8,954,000,000) | ||||||||
Cost of Products and Services Sold | 4,531,000,000 | 5,070,000,000 | $ 5,412,000,000 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product Sales | 3,000,000 | (3,000,000) | |||||||||
Selling, General and Administrative Expenses | 4,000,000 | (1,000,000) | |||||||||
Other (Income) Expense | (79,000,000) | (61,000,000) | |||||||||
Interest and other financial charges | (18,000,000) | ||||||||||
Total | (144,000,000) | (109,000,000) | |||||||||
Tax expense (benefit) | 36,000,000 | (59,000,000) | |||||||||
Total reclassifications for the period, net of tax | (108,000,000) | (168,000,000) | |||||||||
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 | (43,000,000) | (35,000,000) | |||||||||
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 | (11,000,000) | (9,000,000) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Losses (gains) on cash flow hedges | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Product Sales | 3,000,000 | (3,000,000) | |||||||||
Selling, General and Administrative Expenses | 4,000,000 | (1,000,000) | |||||||||
Other (Income) Expense | (28,000,000) | (73,000,000) | |||||||||
Interest and other financial charges | 0 | ||||||||||
Total | (75,000,000) | (121,000,000) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Losses (gains) on cash flow hedges | Products [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of Products and Services Sold | (43,000,000) | (35,000,000) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Losses (gains) on cash flow hedges | Services [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of Products and Services Sold | (11,000,000) | (9,000,000) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Losses (gains) on excluded component of net investment hedges | |||||||||||
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 | (19,000,000) | |||||||||
Interest and other financial charges | (18,000,000) | ||||||||||
Total | (18,000,000) | (19,000,000) | |||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Losses (gains) on excluded component of net investment hedges | 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] | Losses (gains) on excluded component of net investment hedges | 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] | 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 | 57,000,000 | 135,000,000 | |||||||||
Interest and other financial charges | 0 | ||||||||||
Total | 57,000,000 | 135,000,000 | |||||||||
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] | 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 | (108,000,000) | (104,000,000) | |||||||||
Interest and other financial charges | 0 | ||||||||||
Total | (108,000,000) | (104,000,000) | |||||||||
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 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Capital Stock Paragraph Details [Abstract] | ||
Preferred Stock, Shares Authorized | 40,000,000 | |
Common Stock [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common Stock, Shares Authorized | 2,000,000,000 | |
Common Shares par value | $ 1 | |
Treasury Stock [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Authorized Amount Of Common Stock Value Of Share Repurchase Program | $ 10,000 | |
Stock Repurchase Program Remaining Authorized Repurchase Amount | $ 3,300 | $ 7,000 |
Stock Repurchased During Period Shares | (20,700,000) | (26,500,000) |
Reacquired stock or repurchases of common stock | $ 3,714 | $ 4,400 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingency, Classification of Accrual [Abstract] | |||||
Accrued liabilities | $ 225 | $ 222 | |||
Other liabilities | 435 | 487 | |||
Total environmental liabilities | $ 660 | $ 755 | $ 595 | $ 660 | $ 709 |
Environmental Matters [Abstract] | |||||
Beginning of period | 709 | 755 | 595 | ||
Accruals for environmental matters deemed probable and reasonably estimable | 173 | 213 | 395 | ||
Environmental liability payments | (216) | (256) | (218) | ||
Other | (6) | (3) | (17) | ||
End of period | $ 660 | $ 709 | $ 755 |
COMMITMENTS AND CONTINGENCIES 2
COMMITMENTS AND CONTINGENCIES 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | $ 2,357,000,000 | $ 2,514,000,000 | $ 2,610,000,000 |
Accrual for update to estimated liability | 98,000,000 | 100,000,000 | 229,000,000 |
Change in estimated cost of future claims | 42,000,000 | (22,000,000) | (72,000,000) |
Update of expected resolution values for pending claims | 10,000,000 | (4,000,000) | 1,000,000 |
Asbestos related liability payments | (287,000,000) | (231,000,000) | (254,000,000) |
Asbestos Related Liabilities, End of Period | 2,220,000,000 | 2,357,000,000 | 2,514,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 434,000,000 | 477,000,000 | 503,000,000 |
Probable insurance recoveries related to estimated liability | 10,000,000 | 3,000,000 | 11,000,000 |
Insurance receipts for asbestos related liabilities | (58,000,000) | (68,000,000) | (38,000,000) |
Insurance receivables settlements and write offs | 16,000,000 | 22,000,000 | 1,000,000 |
Insurance recoveries, end of period | 402,000,000 | 434,000,000 | 477,000,000 |
Bendix Asbestos Loss Contingency Liability [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | 1,499,000,000 | 1,623,000,000 | 1,703,000,000 |
Accrual for update to estimated liability | 80,000,000 | 78,000,000 | 197,000,000 |
Change in estimated cost of future claims | 42,000,000 | (22,000,000) | (72,000,000) |
Update of expected resolution values for pending claims | 10,000,000 | (4,000,000) | 1,000,000 |
Asbestos related liability payments | (190,000,000) | (176,000,000) | (206,000,000) |
Asbestos Related Liabilities, End of Period | 1,441,000,000 | 1,499,000,000 | 1,623,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 153,000,000 | 170,000,000 | 191,000,000 |
Probable insurance recoveries related to estimated liability | 10,000,000 | 3,000,000 | 11,000,000 |
Insurance receipts for asbestos related liabilities | (33,000,000) | (39,000,000) | (33,000,000) |
Insurance receivables settlements and write offs | 18,000,000 | 19,000,000 | 1,000,000 |
Insurance recoveries, end of period | 148,000,000 | 153,000,000 | 170,000,000 |
Narco Asbestos Loss Contingency Liability [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | 858,000,000 | 891,000,000 | 907,000,000 |
Accrual for update to estimated liability | 18,000,000 | 22,000,000 | 32,000,000 |
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 | (97,000,000) | (55,000,000) | (48,000,000) |
Asbestos Related Liabilities, End of Period | 779,000,000 | 858,000,000 | 891,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 281,000,000 | 307,000,000 | 312,000,000 |
Probable insurance recoveries related to estimated liability | 0 | 0 | 0 |
Insurance receipts for asbestos related liabilities | (25,000,000) | (29,000,000) | (5,000,000) |
Insurance receivables settlements and write offs | (2,000,000) | 3,000,000 | 0 |
Insurance recoveries, end of period | $ 254,000,000 | $ 281,000,000 | $ 307,000,000 |
COMMITMENTS AND CONTINGENCIES 3
COMMITMENTS AND CONTINGENCIES 3 (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss Contingencies [Line Items] | ||||
Insurance recoveries for asbestos related liabilities | $ 366 | $ 392 | ||
Total assets | 402 | 434 | $ 477 | $ 503 |
Accrued liabilities | 300 | 361 | ||
Asbestos related liabilities | 1,920 | 1,996 | ||
Total liabilities | 2,220 | 2,357 | $ 2,514 | $ 2,610 |
NARCO And Bendix Asbestos Related Loss Contingency [Member] | ||||
Loss Contingencies [Line Items] | ||||
Other current assets | 36 | 42 | ||
Insurance recoveries for asbestos related liabilities | 366 | 392 | ||
Total assets | 402 | 434 | ||
Accrued liabilities | 300 | 361 | ||
Asbestos related liabilities | 1,920 | 1,996 | ||
Total liabilities | $ 2,220 | $ 2,357 |
COMMITMENTS AND CONTINGENCIES 4
COMMITMENTS AND CONTINGENCIES 4 (Details) - Narco Asbestos Loss Contingency Liability [Member] $ in Millions | Dec. 31, 2020USD ($) |
Loss Contingency By Nature Of Contingency [Line Items] | |
Annual Trust Cap | $ 145 |
Estimated Liability | $ 779 |
COMMITMENTS AND CONTINGENCIES 5
COMMITMENTS AND CONTINGENCIES 5 (Details) - Bendix Asbestos Loss Contingency Liability [Member] | 12 Months Ended | ||||
Dec. 31, 2020claims$ / claims | Dec. 31, 2019claims$ / claims | Dec. 31, 2018claims$ / claims | Dec. 31, 2017$ / claims | Dec. 31, 2016$ / claims | |
Loss Contingency Claims [Abstract] | |||||
Claims unresolved at the beginning of period | 6,480 | 6,209 | |||
Claims Filed | 2,233 | 2,659 | |||
Claims Resolved | (2,471) | (2,388) | |||
Claims unresolved at the end of period | 6,242 | 6,480 | 6,209 | ||
Loss Contingency, Disease Distribution of Unresolved Claims [Abstract] | |||||
Mesothelioma and Other Cancer Claims | 3,422 | 3,399 | |||
Nonmalignant Claims | 2,820 | 3,081 | |||
Claims unresolved at the end of period | 6,242 | 6,480 | 6,209 | ||
Resolution Values Per Claim [Abstract] | |||||
Malignant claims | $ / claims | 61,500 | 50,200 | 55,300 | 56,000 | 44,000 |
Nonmalignant claims | $ / claims | 550 | 3,900 | 4,700 | 2,800 | 4,485 |
COMMITMENTS AND CONTINGENCIES 6
COMMITMENTS AND CONTINGENCIES 6 (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Oct. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Bendix Asbestos Loss Contingency Liability [Member] | Garrett [Member] | ||||
Loss Contingency Indemnification Agreements Disclosure [Line Items] | ||||
Spinoff - Indemnification and reimbursement agreement description | ||||
Indemnification and reimbursement agreement annual cap | $ 175 | € 150 | ||
Indemnification and reimbursement agreement minimum amount | 25 | |||
Reimbursements from indemnification and reimbursement agreement | 36 | $ 152 | ||
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 | $ 35 | 140 | |
Reimbursement Receivable Indemnification And Reimbursement Agreement | 146 | 109 | ||
Indemnity and reimbursement receivable recorded in Other Current Assets | 140 | 140 | ||
Indemnity and reimbursement receivable recorded in Other Assets | $ 451 | $ 445 | ||
Environmental Liabilities [Member] | Resideo [Member] | Original Due Date April 30, 2020 [Member] | ||||
Loss Contingency Indemnification Agreements Disclosure [Line Items] | ||||
Reimbursements from indemnification and reimbursement agreement | $ 35 |
COMMITMENTS ND CONTINGENCIES 7
COMMITMENTS ND CONTINGENCIES 7 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Reimbursement receivables charge | $ 509,000,000 | $ 0 | $ 0 | ||
Garrett Indemnification And Reimbursement Agreement [Member] | Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Reimbursement receivables charge | $ 350,000,000 | 509,000,000 | |||
Indemnity and reimbursement receivable recorded in Other Current Assets | $ 10,000,000 | 10,000,000 | 133,000,000 | ||
Indemnity and reimbursement receivable recorded in Other Assets | 949,000,000 | 949,000,000 | $ 1,188,000,000 | ||
Garrett Indemnification And Reimbursement Agreement [Member] | Original Due Date May 1, 2020 [Member] | Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Reimbursement Receivable Indemnification And Reimbursement Agreement | 2,000,000 | 2,000,000 | |||
Garrett Tax Matters Agreement [Member] | Original Due Date April 1, 2020 [Member] | Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Reimbursement Receivable Indemnification And Reimbursement Agreement | 18,000,000 | 18,000,000 | |||
Final COH Agreement [Member] | Garrett Indemnification And Reimbursement Agreement [Member] | Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Reimbursement Receivable Indemnification And Reimbursement Agreement | 959,000,000 | 959,000,000 | |||
Reimbursement receivables charge | 92,000,000 | ||||
Final COH Agreement [Member] | Garrett Indemnity And Tax Matters Agreement [Member] | Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Initial cash and Series B Preferred Stock to be received by Honeywell | 375,000,000 | 375,000,000 | |||
Final COH Agreement [Member] | 2022 [Member] | Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Cash Received Ongoing Amount | 35,000,000 | 35,000,000 | |||
Final COH Agreement [Member] | Years 2023 to 2030 (Inclusive) [Member] | Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Cash Received Ongoing Amount | $ 100,000,000 | $ 100,000,000 |
COMMITMENTS AND CONTINGENCIES 8
COMMITMENTS AND CONTINGENCIES 8 (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||||
Beginning of year | $ 269 | $ 310 | $ 408 | ||
Accruals for warranties/guarantees issued during the year | 164 | 173 | 208 | ||
Adjustments of pre-existing warranties/guarantees | (18) | (34) | (78) | ||
Settlement of warranty/guarantee claims | (172) | (180) | (228) | ||
End of year | 243 | 269 | 310 | ||
Standard Product Warranty Accrual, Balance Sheet Classification [Abstract] | |||||
Accrued liabilities | $ 183 | $ 213 | |||
Other liabilities | 60 | 56 | |||
Total Product Warranties and Guarantees Liabilities | $ 269 | $ 310 | $ 310 | $ 243 | $ 269 |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Postretirement benefit obligations other than pensions | $ (242,000,000) | $ (326,000,000) | |
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 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 8,000,000 | 14,000,000 | 15,000,000 |
Plan amendments | (65,000,000) | (2,000,000) | |
Actuarial (gains) losses | (8,000,000) | (16,000,000) | |
Benefits paid - OPEB | (31,000,000) | (35,000,000) | |
Benefit obligation at end of year | 229,000,000 | 325,000,000 | 364,000,000 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 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 | (229,000,000) | (325,000,000) | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Accrued Liabilities - Current | (27,000,000) | (40,000,000) | |
Postretirement benefit obligations other than pensions | (202,000,000) | (285,000,000) | |
Net amount recognized | (229,000,000) | (325,000,000) | |
Foreign plans excluded from postretirement benefits other than pensions | 40,000,000 | 41,000,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Prior service (credit) cost | (165,000,000) | (166,000,000) | |
Net actuarial (gain) loss | (28,000,000) | (20,000,000) | |
Net amount recognized | (193,000,000) | (186,000,000) | |
Defined Benefit Plan Disclosure [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 8,000,000 | 14,000,000 | 15,000,000 |
Amortization of prior service (credit) cost | (66,000,000) | (62,000,000) | (52,000,000) |
Recognition of actuarial losses | 0 | 0 | 3,000,000 |
Net periodic benefit (income) cost | (58,000,000) | (48,000,000) | (34,000,000) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | |||
Actuarial (gains) losses | (8,000,000) | (16,000,000) | (110,000,000) |
Prior service cost (credit) | (65,000,000) | (2,000,000) | (34,000,000) |
Prior service credit recognized during year | 66,000,000 | 62,000,000 | 52,000,000 |
Actuarial losses recognized during year | 0 | 0 | (3,000,000) |
Total recognized in other comprehensive (income) loss | (7,000,000) | 44,000,000 | (95,000,000) |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | (65,000,000) | (4,000,000) | (129,000,000) |
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 | |
Service cost | 99,000,000 | 82,000,000 | 140,000,000 |
Interest cost | 461,000,000 | 613,000,000 | 573,000,000 |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | 1,331,000,000 | 2,064,000,000 | |
Benefits paid | (1,100,000,000) | (1,111,000,000) | |
Settlements and curtailments | (21,000,000) | (507,000,000) | |
Foreign currency translation | 0 | 0 | |
Other | 1,000,000 | 1,000,000 | |
Benefit obligation at end of year | 18,054,000,000 | 17,283,000,000 | 16,141,000,000 |
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 | |
Actual return on plan assets | 2,475,000,000 | 3,458,000,000 | |
Company contributions | 46,000,000 | 45,000,000 | |
Benefits paid | (1,100,000,000) | (1,111,000,000) | |
Settlements and curtailments | (21,000,000) | (507,000,000) | |
Foreign currency translation | 0 | 0 | |
Other | 1,000,000 | 1,000,000 | |
Fair value of plan assets at end of year | 20,396,000,000 | 18,995,000,000 | 17,109,000,000 |
Funded status of plans | 2,342,000,000 | 1,712,000,000 | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Other Assets | 2,695,000,000 | 2,069,000,000 | |
Accrued Liabilities - Current | (29,000,000) | (32,000,000) | |
Other Liabilities - Noncurrent | (324,000,000) | (325,000,000) | |
Net amount recognized | 2,342,000,000 | 1,712,000,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Prior service (credit) cost | (134,000,000) | (176,000,000) | |
Net actuarial (gain) loss | 505,000,000 | 544,000,000 | |
Net amount recognized | 371,000,000 | 368,000,000 | |
Defined Benefit Plan Disclosure [Abstract] | |||
Service cost | 99,000,000 | 82,000,000 | 140,000,000 |
Interest cost | 461,000,000 | 613,000,000 | 573,000,000 |
Expected return on plan assets | (1,135,000,000) | (1,117,000,000) | (1,426,000,000) |
Amortization of prior service (credit) cost | (42,000,000) | (42,000,000) | (43,000,000) |
Recognition of actuarial losses | 26,000,000 | 35,000,000 | 0 |
Settlements and curtailments | 4,000,000 | 4,000,000 | 0 |
Net periodic benefit (income) cost | (587,000,000) | (425,000,000) | (756,000,000) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | |||
Actuarial (gains) losses | (9,000,000) | (277,000,000) | 619,000,000 |
Prior service cost (credit) | 0 | 0 | 0 |
Prior service credit recognized during year | 42,000,000 | 42,000,000 | 43,000,000 |
Actuarial losses recognized during year | (30,000,000) | (39,000,000) | 0 |
Foreign currency translation | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | 3,000,000 | (274,000,000) | 662,000,000 |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | (584,000,000) | (699,000,000) | (94,000,000) |
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 | |
Service cost | 23,000,000 | 22,000,000 | 26,000,000 |
Interest cost | 106,000,000 | 142,000,000 | 143,000,000 |
Plan amendments | 2,000,000 | 0 | |
Actuarial (gains) losses | 509,000,000 | 708,000,000 | |
Benefits paid | (246,000,000) | (269,000,000) | |
Settlements and curtailments | 0 | 0 | |
Foreign currency translation | 291,000,000 | 107,000,000 | |
Other | 88,000,000 | 5,000,000 | |
Benefit obligation at end of year | 7,670,000,000 | 6,897,000,000 | 6,182,000,000 |
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 | |
Actual return on plan assets | 918,000,000 | 863,000,000 | |
Company contributions | 116,000,000 | 62,000,000 | |
Benefits paid | (246,000,000) | (269,000,000) | |
Settlements and curtailments | 0 | 0 | |
Foreign currency translation | 253,000,000 | 165,000,000 | |
Other | 102,000,000 | 5,000,000 | |
Fair value of plan assets at end of year | 8,450,000,000 | 7,307,000,000 | 6,481,000,000 |
Funded status of plans | 780,000,000 | 410,000,000 | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Other Assets | 1,688,000,000 | 1,196,000,000 | |
Accrued Liabilities - Current | (14,000,000) | (13,000,000) | |
Other Liabilities - Noncurrent | (894,000,000) | (773,000,000) | |
Net amount recognized | 780,000,000 | 410,000,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Prior service (credit) cost | 23,000,000 | 21,000,000 | |
Net actuarial (gain) loss | 629,000,000 | 701,000,000 | |
Net amount recognized | 652,000,000 | 722,000,000 | |
Defined Benefit Plan Disclosure [Abstract] | |||
Service cost | 23,000,000 | 22,000,000 | 26,000,000 |
Interest cost | 106,000,000 | 142,000,000 | 143,000,000 |
Expected return on plan assets | (336,000,000) | (331,000,000) | (443,000,000) |
Amortization of prior service (credit) cost | 0 | 0 | (1,000,000) |
Recognition of actuarial losses | 18,000,000 | 88,000,000 | 37,000,000 |
Settlements and curtailments | 0 | 0 | (3,000,000) |
Net periodic benefit (income) cost | (189,000,000) | (79,000,000) | (241,000,000) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | |||
Actuarial (gains) losses | (73,000,000) | 176,000,000 | 250,000,000 |
Prior service cost (credit) | 2,000,000 | 0 | 30,000,000 |
Prior service credit recognized during year | 0 | 0 | 4,000,000 |
Actuarial losses recognized during year | (18,000,000) | (88,000,000) | (37,000,000) |
Foreign currency translation | 19,000,000 | 14,000,000 | (34,000,000) |
Total recognized in other comprehensive (income) loss | (70,000,000) | 102,000,000 | 213,000,000 |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | $ (259,000,000) | $ 23,000,000 | $ (28,000,000) |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFITS 2 (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Postretirement Benefits [Member] | |||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | |||||
Discount rate | 2.20% | 3.03% | 4.07% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 3.03% | 2.36% | 4.07% | 3.39% | |
UNITED STATES | |||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | |||||
Discount rate | 2.50% | 3.22% | 4.35% | ||
Expected annual rate of compensation increase | 3.25% | 3.25% | 3.25% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 3.22% | 4.35% | 3.68% | ||
Expected rate of return on plan assets | 6.15% | 6.75% | 7.75% | ||
Expected annual rate of compensation increase | 3.25% | 3.25% | 4.50% | ||
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligations | $ 353,000,000 | $ 357,000,000 | |||
Accumulated benefit obligations | 341,000,000 | 347,000,000 | |||
Fair value of plan assets | 0 | 0 | |||
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | |||||
Accumulated benefit obligation | $ 17,900,000,000 | $ 17,200,000,000 | |||
UNITED STATES | Service Cost | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 3.33% | 4.47% | 3.77% | ||
UNITED STATES | Interest Costs | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 2.76% | 3.94% | 3.27% | ||
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 | 2.67% | ||||
UNITED STATES | Forecast [Member] | Interest Costs | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 1.76% | ||||
Foreign Plan [Member] | |||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | |||||
Discount rate | 1.23% | 1.81% | 2.63% | ||
Expected annual rate of compensation increase | 2.43% | 2.47% | 2.46% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 1.81% | 2.63% | 2.36% | ||
Expected rate of return on plan assets | 4.66% | 5.14% | 6.23% | ||
Expected annual rate of compensation increase | 2.47% | 2.46% | 2.49% | ||
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |||||
Projected benefit obligations | $ 2,116,000,000 | $ 1,018,000,000 | |||
Accumulated benefit obligations | 2,042,000,000 | 973,000,000 | |||
Fair value of plan assets | 1,208,000,000 | 233,000,000 | |||
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | |||||
Accumulated benefit obligation | $ 7,600,000,000 | $ 6,800,000,000 | |||
Foreign Plan [Member] | Service Cost | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 1.48% | 2.26% | 2.20% | ||
Foreign Plan [Member] | Interest Costs | |||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||||
Discount rate - benefit obligation | 1.56% | 2.34% | 2.08% |
PENSION AND OTHER POSTRETIREM_5
PENSION AND OTHER POSTRETIREMENT BENEFITS 3 (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 18,995,000,000 | 17,109,000,000 | ||
Fair value of plan assets at end of year | 20,396,000,000 | 18,995,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 18,995,000,000 | 18,995,000,000 | 20,396,000,000 | 18,995,000,000 |
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 | 7,307,000,000 | 6,481,000,000 | ||
Fair value of plan assets at end of year | 8,450,000,000 | 7,307,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 7,307,000,000 | 7,307,000,000 | 8,450,000,000 | 7,307,000,000 |
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 | 2,857,000,000 | |||
Fair value of plan assets at end of year | 3,319,000,000 | 2,857,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 2,857,000,000 | 2,857,000,000 | 3,319,000,000 | 2,857,000,000 |
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 | 1,227,000,000 | |||
Fair value of plan assets at end of year | 0 | 1,227,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,227,000,000 | 1,227,000,000 | 0 | 1,227,000,000 |
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 | 149,000,000 | |||
Fair value of plan assets at end of year | 207,000,000 | 149,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 149,000,000 | 149,000,000 | 207,000,000 | 149,000,000 |
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 | 1,384,000,000 | |||
Fair value of plan assets at end of year | 1,614,000,000 | 1,384,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,384,000,000 | 1,384,000,000 | 1,614,000,000 | 1,384,000,000 |
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 | 1,395,000,000 | |||
Fair value of plan assets at end of year | 1,314,000,000 | 1,395,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,395,000,000 | 1,395,000,000 | 1,314,000,000 | 1,395,000,000 |
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 | 522,000,000 | |||
Fair value of plan assets at end of year | 596,000,000 | 522,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 522,000,000 | 522,000,000 | 596,000,000 | 522,000,000 |
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 | 1,146,000,000 | |||
Fair value of plan assets at end of year | 1,520,000,000 | 1,146,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,146,000,000 | 1,146,000,000 | 1,520,000,000 | 1,146,000,000 |
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 | 3,006,000,000 | |||
Fair value of plan assets at end of year | 3,105,000,000 | 3,006,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 3,006,000,000 | 3,006,000,000 | 3,105,000,000 | 3,006,000,000 |
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 | 8,603,000,000 | |||
Fair value of plan assets at end of year | 10,190,000,000 | 8,603,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 8,603,000,000 | 8,603,000,000 | 10,190,000,000 | 8,603,000,000 |
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 | 1,746,000,000 | |||
Fair value of plan assets at end of year | 1,649,000,000 | 1,746,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,746,000,000 | 1,746,000,000 | 1,649,000,000 | 1,746,000,000 |
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 | 1,023,000,000 | |||
Fair value of plan assets at end of year | 982,000,000 | 1,023,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,023,000,000 | 1,023,000,000 | 982,000,000 | 1,023,000,000 |
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 | 84,000,000 | |||
Fair value of plan assets at end of year | 93,000,000 | 84,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 84,000,000 | 84,000,000 | 93,000,000 | 84,000,000 |
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 | 7,000,000 | 8,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 8,000,000 | 8,000,000 | 7,000,000 | 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 | 120,000,000 | |||
Fair value of plan assets at end of year | 142,000,000 | 120,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 120,000,000 | 120,000,000 | 142,000,000 | 120,000,000 |
Insurance Buy-in contracts [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 | 767,000,000 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 767,000,000 | 0 |
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 | 69,000,000 | |||
Fair value of plan assets at end of year | 65,000,000 | 69,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 69,000,000 | 69,000,000 | 65,000,000 | 69,000,000 |
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 | 150,000,000 | |||
Fair value of plan assets at end of year | 147,000,000 | 150,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 150,000,000 | 150,000,000 | 147,000,000 | 150,000,000 |
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 | 950,000,000 | |||
Fair value of plan assets at end of year | 1,220,000,000 | 950,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 950,000,000 | 950,000,000 | 1,220,000,000 | 950,000,000 |
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 | 619,000,000 | |||
Fair value of plan assets at end of year | 651,000,000 | 619,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 619,000,000 | 619,000,000 | 651,000,000 | 619,000,000 |
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 | 17,828,000,000 | |||
Fair value of plan assets at end of year | 19,203,000,000 | 17,828,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 17,828,000,000 | 17,828,000,000 | 19,203,000,000 | 17,828,000,000 |
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 | 7,230,000,000 | |||
Fair value of plan assets at end of year | 8,385,000,000 | 7,230,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 7,230,000,000 | 7,230,000,000 | 8,385,000,000 | 7,230,000,000 |
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 | 1,019,000,000 | |||
Fair value of plan assets at end of year | 1,105,000,000 | 1,019,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,019,000,000 | 1,019,000,000 | 1,105,000,000 | 1,019,000,000 |
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 | 21,000,000 | |||
Fair value of plan assets at end of year | 18,000,000 | 21,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 21,000,000 | 21,000,000 | 18,000,000 | 21,000,000 |
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 | 42,000,000 | |||
Fair value of plan assets at end of year | 26,000,000 | 42,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 42,000,000 | 42,000,000 | 26,000,000 | 42,000,000 |
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 | 56,000,000 | |||
Fair value of plan assets at end of year | 47,000,000 | 56,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 56,000,000 | 56,000,000 | 47,000,000 | 56,000,000 |
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 | 106,000,000 | |||
Fair value of plan assets at end of year | 62,000,000 | 106,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 106,000,000 | 106,000,000 | 62,000,000 | 106,000,000 |
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 | 2,857,000,000 | |||
Fair value of plan assets at end of year | 3,319,000,000 | 2,857,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 2,857,000,000 | 2,857,000,000 | 3,319,000,000 | 2,857,000,000 |
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 | 1,227,000,000 | |||
Fair value of plan assets at end of year | 0 | 1,227,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,227,000,000 | 1,227,000,000 | 0 | 1,227,000,000 |
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 | 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] | 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 | 54,000,000 | |||
Fair value of plan assets at end of year | 66,000,000 | 54,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 54,000,000 | 54,000,000 | 66,000,000 | 54,000,000 |
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 | 1,395,000,000 | |||
Fair value of plan assets at end of year | 1,314,000,000 | 1,395,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,395,000,000 | 1,395,000,000 | 1,314,000,000 | 1,395,000,000 |
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 | 522,000,000 | |||
Fair value of plan assets at end of year | 596,000,000 | 522,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 522,000,000 | 522,000,000 | 596,000,000 | 522,000,000 |
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] | Insurance Buy-in contracts [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] | 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 | 5,479,000,000 | |||
Fair value of plan assets at end of year | 4,633,000,000 | 5,479,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 5,479,000,000 | 5,479,000,000 | 4,633,000,000 | 5,479,000,000 |
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 | 576,000,000 | |||
Fair value of plan assets at end of year | 662,000,000 | 576,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 576,000,000 | 576,000,000 | 662,000,000 | 576,000,000 |
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 | 149,000,000 | |||
Fair value of plan assets at end of year | 207,000,000 | 149,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 149,000,000 | 149,000,000 | 207,000,000 | 149,000,000 |
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 | 1,330,000,000 | |||
Fair value of plan assets at end of year | 1,548,000,000 | 1,330,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,330,000,000 | 1,330,000,000 | 1,548,000,000 | 1,330,000,000 |
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 | 1,146,000,000 | |||
Fair value of plan assets at end of year | 1,520,000,000 | 1,146,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,146,000,000 | 1,146,000,000 | 1,520,000,000 | 1,146,000,000 |
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 | 3,006,000,000 | |||
Fair value of plan assets at end of year | 3,105,000,000 | 3,006,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 3,006,000,000 | 3,006,000,000 | 3,105,000,000 | 3,006,000,000 |
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 | 8,603,000,000 | |||
Fair value of plan assets at end of year | 10,190,000,000 | 8,603,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 8,603,000,000 | 8,603,000,000 | 10,190,000,000 | 8,603,000,000 |
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 | 1,746,000,000 | |||
Fair value of plan assets at end of year | 1,649,000,000 | 1,746,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,746,000,000 | 1,746,000,000 | 1,649,000,000 | 1,746,000,000 |
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 | 1,023,000,000 | |||
Fair value of plan assets at end of year | 982,000,000 | 1,023,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,023,000,000 | 1,023,000,000 | 982,000,000 | 1,023,000,000 |
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 | 84,000,000 | |||
Fair value of plan assets at end of year | 93,000,000 | 84,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 84,000,000 | 84,000,000 | 93,000,000 | 84,000,000 |
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 | 7,000,000 | 8,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 8,000,000 | 8,000,000 | 7,000,000 | 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 | 120,000,000 | |||
Fair value of plan assets at end of year | 142,000,000 | 120,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 120,000,000 | 120,000,000 | 142,000,000 | 120,000,000 |
Fair Value, Inputs, Level 2 [Member] | Insurance Buy-in contracts [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] | 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 | 35,000,000 | |||
Fair value of plan assets at end of year | 36,000,000 | 35,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 35,000,000 | 35,000,000 | 36,000,000 | 35,000,000 |
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 | 10,780,000,000 | |||
Fair value of plan assets at end of year | 12,699,000,000 | 10,780,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 10,780,000,000 | 10,780,000,000 | 12,699,000,000 | 10,780,000,000 |
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 | 6,470,000,000 | |||
Fair value of plan assets at end of year | 6,780,000,000 | 6,470,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 6,470,000,000 | 6,470,000,000 | 6,780,000,000 | 6,470,000,000 |
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 | 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] | 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] | Insurance Buy-in contracts [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 | 0 | ||
Relating to assets still held at year-end | 0 | 0 | ||
Relating to assets sold during the year | 0 | 0 | ||
Purchases | 767,000,000 | 0 | ||
Sales and settlements | 0 | 0 | ||
Fair value of plan assets at end of year | 767,000,000 | 0 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 0 | 0 | 767,000,000 | 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 | 34,000,000 | ||
Relating to assets still held at year-end | (5,000,000) | 0 | ||
Relating to assets sold during the year | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales and settlements | 0 | 0 | ||
Fair value of plan assets at end of year | 29,000,000 | 34,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 29,000,000 | 34,000,000 | 29,000,000 | 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 | 150,000,000 | 144,000,000 | ||
Relating to assets still held at year-end | (3,000,000) | 7,000,000 | ||
Relating to assets sold during the year | 0 | 1,000,000 | ||
Purchases | 0 | 0 | ||
Sales and settlements | 0 | (2,000,000) | ||
Fair value of plan assets at end of year | 147,000,000 | 150,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 150,000,000 | 144,000,000 | 147,000,000 | 150,000,000 |
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 | 950,000,000 | 829,000,000 | ||
Relating to assets still held at year-end | 100,000,000 | 15,000,000 | ||
Relating to assets sold during the year | 53,000,000 | 89,000,000 | ||
Purchases | 221,000,000 | 216,000,000 | ||
Sales and settlements | (104,000,000) | (199,000,000) | ||
Fair value of plan assets at end of year | 1,220,000,000 | 950,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 950,000,000 | 829,000,000 | 1,220,000,000 | 950,000,000 |
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 | 619,000,000 | 657,000,000 | ||
Relating to assets still held at year-end | (4,000,000) | 40,000,000 | ||
Relating to assets sold during the year | 0 | (23,000,000) | ||
Purchases | 59,000,000 | 48,000,000 | ||
Sales and settlements | (23,000,000) | (103,000,000) | ||
Fair value of plan assets at end of year | 651,000,000 | 619,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 619,000,000 | 619,000,000 | 651,000,000 | 619,000,000 |
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 | 1,569,000,000 | |||
Fair value of plan assets at end of year | 1,871,000,000 | 1,569,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | 1,569,000,000 | 1,569,000,000 | 1,871,000,000 | 1,569,000,000 |
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 | 184,000,000 | |||
Fair value of plan assets at end of year | 943,000,000 | 184,000,000 | ||
Defined Benefit Plan Disclosure [Abstract] | ||||
Fair value of pension plan assets | $ 184,000,000 | $ 184,000,000 | $ 943,000,000 | $ 184,000,000 |
PENSOION AND OTHER POSTRETIREME
PENSOION AND OTHER POSTRETIREMENT BENEFITS 4 (Details) | Dec. 31, 2020 |
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% |
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% |
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% |
PENSION AND OTHER POSTRETIREM_6
PENSION AND OTHER POSTRETIREMENT BENEFITS 5 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
UNITED STATES | |||
Future Benefit Payments [Abstract] | |||
2021 | $ 1,147 | ||
2022 | 1,143 | ||
2023 | 1,139 | ||
2024 | 1,130 | ||
2025 | 1,116 | ||
2026-2030 | 5,246 | ||
Funding Policy Paragraph Details [Line Items] | |||
Pension notional amount | 3,673 | $ 4,463 | |
Foreign Plan [Member] | |||
Future Benefit Payments [Abstract] | |||
2021 | 240 | ||
2022 | 242 | ||
2023 | 247 | ||
2024 | 252 | ||
2025 | 257 | ||
2026-2030 | 1,365 | ||
Funding Policy Paragraph Details [Line Items] | |||
Pension notional amount | 564 | $ 479 | |
Cash pension contributions | $ 109 | ||
Foreign Plan [Member] | Forecast [Member] | |||
Funding Policy Paragraph Details [Line Items] | |||
Contributions to pension plans | $ 85 | ||
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, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2029 | 2029 | |
Other Postretirement Benefits [Member] | Without Impact of Medicare Subsidy [Member] | |||
Future Benefit Payments [Abstract] | |||
2021 | $ 29 | ||
2022 | 28 | ||
2023 | 26 | ||
2024 | 15 | ||
2025 | 14 | ||
2026-2030 | 61 | ||
Other Postretirement Benefits [Member] | Net of Medicare Subsidy [Member] | |||
Future Benefit Payments [Abstract] | |||
2021 | 27 | ||
2022 | 25 | ||
2023 | 24 | ||
2024 | 14 | ||
2025 | 13 | ||
2026-2030 | $ 57 |
OTHER (INCOME) EXPENSE (Details
OTHER (INCOME) EXPENSE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Line Items] | |||
Interest Income | $ (107,000,000) | $ (255,000,000) | $ (217,000,000) |
Equity income of affiliated companies | (66,000,000) | (52,000,000) | (50,000,000) |
Loss (gain) on sale of non-strategic businesses and assets | 3,000,000 | 1,000,000 | 0 |
Foreign exchange | (68,000,000) | (120,000,000) | (63,000,000) |
Separation Costs | 0 | 0 | 321,000,000 |
Reimbursement receivables charge | 509,000,000 | 0 | 0 |
Other, net | 12,000,000 | 14,000,000 | 57,000,000 |
Other (Income) Expense, Total | (675,000,000) | (1,065,000,000) | (1,149,000,000) |
Pension Plan [Member] | |||
Other Income and Expenses [Line Items] | |||
Ongoing income - non-service | (901,000,000) | (606,000,000) | (1,165,000,000) |
Other Postretirement Benefit Plans [Member] | |||
Other Income and Expenses [Line Items] | |||
Ongoing income - non-service | $ (57,000,000) | $ (47,000,000) | $ (32,000,000) |
SEGMENT FINANCIAL DATA 2 (Detai
SEGMENT FINANCIAL DATA 2 (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Segments | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 8,900 | $ 7,797 | $ 7,477 | $ 8,463 | $ 9,496 | $ 9,086 | $ 9,243 | $ 8,884 | $ 32,637 | $ 36,709 | $ 41,802 |
Depreciation and amortization | 1,003 | 1,088 | 1,116 | ||||||||
Segment Reporting Segment Profit Loss | 6,665 | 7,739 | 8,190 | ||||||||
Capital expenditures | 906 | 839 | 828 | ||||||||
Total Assets | 64,586 | 58,679 | $ 64,586 | 58,679 | 57,773 | ||||||
Number of Operating Segments | Segments | 4 | ||||||||||
Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 24,737 | 27,629 | 32,848 | ||||||||
Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,900 | 9,080 | 8,954 | ||||||||
Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 11,544 | 14,054 | 15,493 | ||||||||
Aerospace [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,194 | 8,766 | 10,415 | ||||||||
Aerospace [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,350 | 5,288 | 5,078 | ||||||||
Honeywell Building Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,189 | 5,717 | 9,298 | ||||||||
Honeywell Building Technologies [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 3,868 | 4,395 | 7,868 | ||||||||
Honeywell Building Technologies [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,321 | 1,322 | 1,430 | ||||||||
Performance Materials And Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 9,423 | 10,834 | 10,674 | ||||||||
Performance Materials And Technologies [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,548 | 8,732 | 8,589 | ||||||||
Performance Materials And Technologies [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,875 | 2,102 | 2,085 | ||||||||
Safety And Productivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,481 | 6,104 | 6,337 | ||||||||
Safety And Productivity Solutions [Member] | Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,127 | 5,736 | 5,976 | ||||||||
Safety And Productivity Solutions [Member] | Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 354 | 368 | 361 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | 44 | 76 | 55 | ||||||||
Segment Reporting Segment Profit Loss | (96) | (256) | (281) | ||||||||
Capital expenditures | 52 | 128 | 63 | ||||||||
Total Assets | 19,788 | 14,557 | 19,788 | 14,557 | 12,816 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 32,637 | 36,709 | 41,802 | ||||||||
Operating Segments [Member] | Aerospace [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 11,544 | 14,054 | 15,493 | ||||||||
Depreciation and amortization | 241 | 234 | 281 | ||||||||
Segment Reporting Segment Profit Loss | 2,904 | 3,607 | 3,503 | ||||||||
Capital expenditures | 248 | 272 | 308 | ||||||||
Total Assets | 11,035 | 11,378 | 11,035 | 11,378 | 11,234 | ||||||
Operating Segments [Member] | Honeywell Building Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,189 | 5,717 | 9,298 | ||||||||
Depreciation and amortization | 55 | 63 | 112 | ||||||||
Segment Reporting Segment Profit Loss | 1,099 | 1,165 | 1,608 | ||||||||
Capital expenditures | 66 | 43 | 125 | ||||||||
Total Assets | 6,351 | 5,968 | 6,351 | 5,968 | 6,010 | ||||||
Operating Segments [Member] | Performance Materials And Technologies [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 9,423 | 10,834 | 10,674 | ||||||||
Depreciation and amortization | 440 | 493 | 452 | ||||||||
Segment Reporting Segment Profit Loss | 1,851 | 2,433 | 2,328 | ||||||||
Capital expenditures | 252 | 314 | 254 | ||||||||
Total Assets | 16,772 | 16,888 | 16,772 | 16,888 | 17,827 | ||||||
Operating Segments [Member] | Safety And Productivity Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,481 | 6,104 | 6,337 | ||||||||
Depreciation and amortization | 223 | 222 | 216 | ||||||||
Segment Reporting Segment Profit Loss | 907 | 790 | 1,032 | ||||||||
Capital expenditures | 288 | 82 | 78 | ||||||||
Total Assets | $ 10,640 | $ 9,888 | $ 10,640 | $ 9,888 | $ 9,886 |
SEGMENT FINANCIAL DATA (Details
SEGMENT FINANCIAL DATA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | |||
Segment Reporting Segment Profit Loss | $ 6,665 | $ 7,739 | $ 8,190 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Interest and other financial charges | (359) | (357) | (367) |
Repositioning and other charges | (575) | (546) | (1,091) |
Income before taxes | 6,012 | 7,559 | 7,487 |
Other Postretirement Benefits [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Benefit plans income/(expense) | 58 | 48 | 34 |
Corporate [Member] | |||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | |||
Segment Reporting Segment Profit Loss | (96) | (256) | (281) |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Repositioning and other charges | (110) | (241) | (502) |
Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Pension mark-to-market expense | (44) | (123) | (37) |
Other income (expense) | (349) | 360 | (57) |
Interest and other financial charges | (359) | (357) | (367) |
Stock compensation expense | (168) | (153) | (175) |
Repositioning and other charges | (575) | (546) | (1,091) |
Income before taxes | 6,012 | 7,559 | 7,487 |
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) | 785 | 592 | 992 |
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) | $ 57 | $ 47 | $ 32 |
GEOGRAPHIC AREAS FINANCIAL DA_3
GEOGRAPHIC AREAS FINANCIAL DATA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Geographic Areas [Line Items] | |||||||||||
Revenue | $ 8,900 | $ 7,797 | $ 7,477 | $ 8,463 | $ 9,496 | $ 9,086 | $ 9,243 | $ 8,884 | $ 32,637 | $ 36,709 | $ 41,802 |
Long-Lived Assets | 5,570 | 5,325 | 5,570 | 5,325 | 5,296 | ||||||
UNITED STATES | |||||||||||
Geographic Areas [Line Items] | |||||||||||
Revenue | 19,665 | 21,910 | 23,841 | ||||||||
Export sales included in United States net sales | 4,000 | 5,415 | 5,293 | ||||||||
Long-Lived Assets | 3,823 | 3,649 | 3,823 | 3,649 | 3,601 | ||||||
Europe [Member] | |||||||||||
Geographic Areas [Line Items] | |||||||||||
Revenue | 6,356 | 7,424 | 10,066 | ||||||||
Long-Lived Assets | 628 | 579 | 628 | 579 | 571 | ||||||
Other International [Member] | |||||||||||
Geographic Areas [Line Items] | |||||||||||
Revenue | 6,616 | 7,375 | 7,895 | ||||||||
Long-Lived Assets | $ 1,119 | $ 1,097 | $ 1,119 | $ 1,097 | $ 1,124 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Common stock contributed to savings plans | $ 211,000,000 | $ 159,000,000 | $ 52,000,000 |
Marketable securities contributed to non-U.S. pension plans | 93,000,000 | 0 | 99,000,000 |
Payments for repositioning and other charges [Abstract] | |||
Severance and exit cost payments | (564,000,000) | (249,000,000) | (285,000,000) |
Environmental payments | (216,000,000) | (256,000,000) | (218,000,000) |
Reimbursement receipts | 176,000,000 | 292,000,000 | 67,000,000 |
Insurance receipts for asbestos related liabilities | 58,000,000 | 68,000,000 | 38,000,000 |
Asbestos related liability payments | (287,000,000) | (231,000,000) | (254,000,000) |
Net payments for repositioning and other charges | (833,000,000) | (376,000,000) | (652,000,000) |
Interest paid, net of amounts capitalized | 329,000,000 | 344,000,000 | 353,000,000 |
Income taxes paid, net of refunds | $ 1,173,000,000 | $ 1,564,000,000 | $ 1,566,000,000 |
UNAUDITED QUARTERLY FINANCIAL_3
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 8,900 | $ 7,797 | $ 7,477 | $ 8,463 | $ 9,496 | $ 9,086 | $ 9,243 | $ 8,884 | $ 32,637 | $ 36,709 | $ 41,802 |
Gross Profit | 2,924 | 2,414 | 2,201 | 2,929 | 3,168 | 3,048 | 3,149 | 3,005 | 10,468 | 12,370 | |
Net income attributable to Honeywell | $ 1,359 | $ 758 | $ 1,081 | $ 1,581 | $ 1,562 | $ 1,624 | $ 1,541 | $ 1,416 | $ 4,779 | $ 6,143 | $ 6,765 |
Earnings per common share - Basic | $ 1.94 | $ 1.08 | $ 1.54 | $ 2.23 | $ 2.19 | $ 2.26 | $ 2.13 | $ 1.94 | $ 6.79 | $ 8.52 | $ 9.10 |
Earnings per common share - assuming dilution | 1.91 | 1.07 | 1.53 | 2.21 | 2.16 | 2.23 | 2.10 | 1.92 | 6.72 | 8.41 | 8.98 |
Cash dividends per common share | $ 0.930 | $ 0.900 | $ 0.900 | $ 0.900 | $ 0.900 | $ 0.820 | $ 0.820 | $ 0.820 | $ 3.630 | $ 3.360 | $ 3.055 |