DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 28, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | 855 South Mint 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 Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Icfr Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 152.8 | ||
Entity Common Stock, Shares Outstanding | 685,818,771 | ||
Documents Incorporated by Reference | Part III: Proxy Statement for Annual Meeting of Shareowners to be held April 25, 2022. | ||
Common Stock [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $1 per share* | ||
Trading Symbol | HON | ||
Security Exchange Name | NASDAQ | ||
Euro Notes 1.30% Due 2023 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.300% Senior Notes due 2023 | ||
Trading Symbol | HON 23A | ||
Security Exchange Name | NASDAQ | ||
0.000% Senior Notes due 2024 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.000% Senior Notes due 2024 | ||
Trading Symbol | HON 24A | ||
Security Exchange Name | NASDAQ | ||
Euro Notes 2.25% Due 2028 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.250% Senior Notes due 2028 | ||
Trading Symbol | HON 28A | ||
Security Exchange Name | NASDAQ | ||
0.750% Senior Notes due 2032 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.750% Senior Notes due 2032 | ||
Trading Symbol | HON 32 | ||
Security Exchange Name | NASDAQ |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Firm ID | 34 |
Auditor Location | Charlotte, North Carolina |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net Sales | $ 34,392 | $ 32,637 | $ 36,709 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | 23,394 | 22,169 | 24,339 |
Selling, general and administrative expenses | 4,798 | 4,772 | 5,519 |
Other (income) expense | (1,378) | (675) | (1,065) |
Interest and other financial charges | 343 | 359 | 357 |
Cost, operating and non-operating expenses | 27,157 | 26,625 | 29,150 |
Income before taxes | 7,235 | 6,012 | 7,559 |
Tax expense | 1,625 | 1,147 | 1,329 |
Net income | 5,610 | 4,865 | 6,230 |
Less: Net income attributable to the noncontrolling interest | 68 | 86 | 87 |
Net income attributable to Honeywell | $ 5,542 | $ 4,779 | $ 6,143 |
Earnings per share of common stock - basic | $ 8.01 | $ 6.79 | $ 8.52 |
Earnings per share of common stock - assuming dilution | $ 7.91 | $ 6.72 | $ 8.41 |
Products [Member] | |||
Income Statement [Abstract] | |||
Net Sales | $ 25,643 | $ 24,737 | $ 27,629 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | 18,344 | 17,638 | 19,269 |
Services [Member] | |||
Income Statement [Abstract] | |||
Net Sales | 8,749 | 7,900 | 9,080 |
Costs and Expenses [Abstract] | |||
Cost of products and services sold | $ 5,050 | $ 4,531 | $ 5,070 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 5,610,000,000 | $ 4,865,000,000 | $ 6,230,000,000 |
Other Comprehensive Income (Loss), Net Of Tax [Abstract] | |||
Foreign exchange translation adjustment | 302,000,000 | (211,000,000) | 143,000,000 |
Actuarial gains (losses) recognized | 256,000,000 | 91,000,000 | 162,000,000 |
Prior service credit (cost) recognized | 7,000,000 | 47,000,000 | 1,000,000 |
Prior service credit recognized during year | (87,000,000) | (82,000,000) | (79,000,000) |
Actuarial (gains) losses recognized during year | 5,000,000 | 41,000,000 | 16,000,000 |
Foreign exchange translation and other | 5,000,000 | (23,000,000) | (14,000,000) |
Pensions and other postretirement benefit adjustments | 186,000,000 | 74,000,000 | 86,000,000 |
Changes in fair value of available for sale investments | (3,000,000) | 4,000,000 | 0 |
Cash flow hedges recognized in other comprehensive income | 17,000,000 | 10,000,000 | 103,000,000 |
Less: Reclassification adjustment for gains (losses) included in net income | 20,000,000 | 54,000,000 | 92,000,000 |
Changes in fair value of cash flow hedges | (3,000,000) | (44,000,000) | 11,000,000 |
Other comprehensive income (loss), net of tax | 482,000,000 | (177,000,000) | 240,000,000 |
Comprehensive income | 6,092,000,000 | 4,688,000,000 | 6,470,000,000 |
Less: Comprehensive income attributable to the noncontrolling interest | 64,000,000 | 89,000,000 | 82,000,000 |
Comprehensive income attributable to Honeywell | $ 6,028,000,000 | $ 4,599,000,000 | $ 6,388,000,000 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 10,959 | $ 14,275 |
Short-term investments | 564 | 945 |
Accounts receivable, less allowances | 6,830 | 6,827 |
Inventories | 5,138 | 4,489 |
Other current assets | 1,881 | 1,639 |
Total current assets | 25,372 | 28,175 |
Investments and long-term receivables | 1,222 | 685 |
Property, plant and equipment - net | 5,562 | 5,570 |
Goodwill | 17,756 | 16,058 |
Other intangible assets - net | 3,613 | 3,560 |
Insurance recoveries for asbestos related liabilities | 322 | 366 |
Deferred income taxes | 489 | 760 |
Other assets | 10,134 | 9,412 |
Total assets | 64,470 | 64,586 |
Liabilities, Current [Abstract] | ||
Accounts payable | 6,484 | 5,750 |
Commercial paper and other short-term borrowings | 3,542 | 3,597 |
Current maturities of long-term debt | 1,803 | 2,445 |
Accrued liabilities | 7,679 | 7,405 |
Total current liabilities | 19,508 | 19,197 |
Long-term debt | 14,254 | 16,342 |
Deferred income taxes | 2,364 | 2,113 |
Postretirement benefit obligations other than pensions | 208 | 242 |
Asbestos related liabilities | 1,800 | 1,920 |
Other liabilities | 7,087 | 6,975 |
Redeemable noncontrolling interest | 7 | 7 |
SHAREOWNERS' EQUITY [Abstract] | ||
Capital - common stock issued | 958 | 958 |
Capital - additional paid in capital | 8,141 | 7,292 |
Common stock held in treasury, at cost | (30,462) | (27,229) |
Accumulated other comprehensive income (loss) | (2,895) | (3,377) |
Retained earnings | 42,827 | 39,905 |
Total Honeywell shareowners' equity | 18,569 | 17,549 |
Noncontrolling interest | 673 | 241 |
Total shareowners' equity | 19,242 | 17,790 |
Total liabilities, redeemable noncontrolling interest, and shareowners' equity | $ 64,470 | $ 64,586 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 5,610,000,000 | $ 4,865,000,000 | $ 6,230,000,000 |
Less: Net income attributable to the noncontrolling interest | 68,000,000 | 86,000,000 | 87,000,000 |
Net income attributable to Honeywell | 5,542,000,000 | 4,779,000,000 | 6,143,000,000 |
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities [Abstract] | |||
Depreciation | 674,000,000 | 644,000,000 | 673,000,000 |
Amortization | 549,000,000 | 358,000,000 | 415,000,000 |
Loss (gain) on sale of non-strategic businesses and assets | (102,000,000) | 3,000,000 | 1,000,000 |
Repositioning and other charges | 569,000,000 | 575,000,000 | 546,000,000 |
Net payments for repositioning and other charges | (692,000,000) | (833,000,000) | (376,000,000) |
Pension and other postretirement income | (1,114,000,000) | (798,000,000) | (516,000,000) |
Pension and other postretirement benefit payments | (43,000,000) | (47,000,000) | (78,000,000) |
Stock compensation expense | 217,000,000 | 168,000,000 | 153,000,000 |
Deferred income taxes | 178,000,000 | (175,000,000) | 179,000,000 |
Reimbursement receivables charge | 0 | 509,000,000 | 0 |
Other | (28,000,000) | (338,000,000) | (287,000,000) |
Changes in assets and liabilities, net of the effects of acquisitions and divestitures: [Abstract] | |||
Accounts receivable | (8,000,000) | 669,000,000 | 11,000,000 |
Inventories | (685,000,000) | (67,000,000) | (100,000,000) |
Other current assets | (276,000,000) | 191,000,000 | (430,000,000) |
Accounts payable | 744,000,000 | 15,000,000 | 118,000,000 |
Accrued liabilities | 513,000,000 | 555,000,000 | 445,000,000 |
Net cash provided by (used for) operating activities | 6,038,000,000 | 6,208,000,000 | 6,897,000,000 |
Cash flows from investing activities: [Abstract] | |||
Expenditures for property, plant and equipment | (895,000,000) | (906,000,000) | (839,000,000) |
Proceeds from disposals of property, plant and equipment | 27,000,000 | 57,000,000 | 43,000,000 |
Increase in investments | (2,373,000,000) | (3,236,000,000) | (4,253,000,000) |
Decrease in investments | 2,525,000,000 | 3,508,000,000 | 4,464,000,000 |
Receipts from Garrett Motion Inc. | 586,000,000 | 0 | 0 |
Receipts (payments) from settlements of derivative contracts | 192,000,000 | (149,000,000) | 102,000,000 |
Cash paid for acquisitions, net of cash acquired | (1,326,000,000) | (261,000,000) | (50,000,000) |
Proceeds from sales of businesses, net of fees paid | 203,000,000 | 0 | 0 |
Net cash provided by (used for) investing activities | (1,061,000,000) | (987,000,000) | (533,000,000) |
Cash flows from financing activities: [Abstract] | |||
Proceeds from issuance of commercial paper and other short-term borrowings | 5,194,000,000 | 10,474,000,000 | 14,199,000,000 |
Payments of commercial paper and other short-term borrowings | (5,190,000,000) | (10,400,000,000) | (14,199,000,000) |
Proceeds from issuance of common stock | 229,000,000 | 393,000,000 | 498,000,000 |
Proceeds from issuance of long-term debt | 2,517,000,000 | 10,125,000,000 | 2,726,000,000 |
Payments of long-term debt | (4,917,000,000) | (4,308,000,000) | (2,903,000,000) |
Repurchases of common stock | (3,380,000,000) | (3,714,000,000) | (4,400,000,000) |
Cash dividends paid | (2,626,000,000) | (2,592,000,000) | (2,442,000,000) |
Other | (81,000,000) | (59,000,000) | (79,000,000) |
Net cash provided by (used for) financing activities | (8,254,000,000) | (81,000,000) | (6,600,000,000) |
Effect of foreign exchange rate changes on cash and cash equivalents | (39,000,000) | 68,000,000 | 16,000,000 |
Net increase (decrease) in cash and cash equivalents | (3,316,000,000) | 5,208,000,000 | (220,000,000) |
Cash and cash equivalents at beginning of period | 14,275,000,000 | 9,067,000,000 | 9,287,000,000 |
Cash and cash equivalents at end of period | $ 10,959,000,000 | $ 14,275,000,000 | $ 9,067,000,000 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREOWNERS EQUITY - USD ($) shares in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Balance at, beginning of period at Dec. 31, 2018 | $ 6,452,000,000 | $ (19,771,000,000) | $ 33,978,000,000 | $ (3,437,000,000) | $ 178,000,000 | ||
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2018 | (228) | ||||||
Reacquired stock or repurchases of common stock | $ (4,400,000,000) | ||||||
Reacquired stock or repurchases of common stock, shares | (26.5) | ||||||
Issued for employee savings and option plans | 271,000,000 | $ 335,000,000 | |||||
Issued for employee savings and option plans, shares | 8 | ||||||
Stock-based compensation expense | 153,000,000 | ||||||
Non-cash adjustment to APIC | $ 0 | 0 | |||||
Net income attributable to Honeywell | 6,143,000,000 | 6,143,000,000 | |||||
Dividends on common stock | (2,428,000,000) | ||||||
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) | ||||||
Net income attributable to the noncontrolling interest | 87,000,000 | 87,000,000 | |||||
Contributions from noncontrolling interest holders | 0 | ||||||
Balance at, end of period at Dec. 31, 2019 | $ 18,706,000,000 | $ 958,000,000 | 6,876,000,000 | $ (23,836,000,000) | 37,693,000,000 | (3,197,000,000) | 212,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2019 | (246.5) | ||||||
Cash dividends per share of common stock | $ 3.360 | ||||||
Common Stock Shares Issued | 957.6 | ||||||
Common stock, shares | 711.1 | ||||||
Reacquired stock or repurchases of common stock | $ (3,714,000,000) | ||||||
Reacquired stock or repurchases of common stock, shares | (20.7) | ||||||
Issued for employee savings and option plans | 248,000,000 | $ 321,000,000 | |||||
Issued for employee savings and option plans, shares | 6.4 | ||||||
Stock-based compensation expense | 168,000,000 | ||||||
Non-cash adjustment to APIC | $ 0 | 0 | |||||
Net income attributable to Honeywell | 4,779,000,000 | 4,779,000,000 | |||||
Dividends on common stock | (2,567,000,000) | ||||||
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) | ||||||
Net income attributable to the noncontrolling interest | 86,000,000 | 86,000,000 | |||||
Contributions from noncontrolling interest holders | 0 | ||||||
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 | (260.8) | ||||||
Cash dividends per share of common stock | $ 3.630 | ||||||
Common Stock Shares Issued | 957.6 | ||||||
Common stock, shares | 696.8 | ||||||
Reacquired stock or repurchases of common stock | $ (3,380,000,000) | ||||||
Reacquired stock or repurchases of common stock, shares | (15.8) | ||||||
Issued for employee savings and option plans | 184,000,000 | $ 147,000,000 | |||||
Issued for employee savings and option plans, shares | 3.8 | ||||||
Stock-based compensation expense | 217,000,000 | ||||||
Non-cash adjustment to APIC | $ 460,000,000 | 448,000,000 | |||||
Net income attributable to Honeywell | 5,542,000,000 | 5,542,000,000 | |||||
Dividends on common stock | (2,620,000,000) | ||||||
Foreign exchange translation adjustment | 302,000,000 | 302,000,000 | (4,000,000) | ||||
Dividends paid | (33,000,000) | ||||||
Pensions and other postretirement benefit adjustments | 186,000,000 | 186,000,000 | |||||
Changes in fair value of available for sale investments | (3,000,000) | ||||||
Changes in fair value of cash flow hedges | (3,000,000) | (3,000,000) | |||||
Acquisitions, divestitures, and other | 397,000,000 | ||||||
Net income attributable to the noncontrolling interest | 68,000,000 | 68,000,000 | |||||
Contributions from noncontrolling interest holders | 4,000,000 | ||||||
Balance at, end of period at Dec. 31, 2021 | $ 19,242,000,000 | $ 958,000,000 | $ 8,141,000,000 | $ (30,462,000,000) | $ 42,827,000,000 | $ (2,895,000,000) | $ 673,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2021 | (272.8) | ||||||
Cash dividends per share of common stock | $ 3.770 | ||||||
Common Stock Shares Issued | 957.6 | ||||||
Common stock, shares | 684.8 |
Statement of Financial Position
Statement of Financial Position, Classified (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for credit loss | $ 177 | $ 202 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
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. The Company's consolidation policy requires equity investments that the Company exercises 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 the Company is not able to exercise significant influence over the investee and which the Company does 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 the Company's consolidated statement of operations, balance sheet and cash flows (Consolidated Financial Statements). In December 2019, the FASB issued ASU 2019-12, Simplifying 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 did not have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , to expand the scope of this guidance to include derivatives. 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 will apply the guidance to impacted transactions during the transition period. The Company does not expect the adoption of this standard to have a material impact on the Company’s Consolidated Financial Statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted. 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 the Company receives reimbursements. Amounts expensed as incurred for Company-sponsored research and development projects are included in Cost of products and services sold and were $1,333 million, $1,334 million and $1,556 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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 the Company's sales recognition policies. This revenue was $1,284 million, $1,200 million and $1,079 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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. INVENTORIES Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out (FIFO) basis. Carrying value adjustments for inventory obsolescence is equal to the difference between the cost and net realizable value. Net realizable value is the estimate selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. 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 an d 3 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, or if a triggering event occurs 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. The Company completed its annual goodwill impairment test as of March 31, 2021, and determined that there was no impairment as of that date. The Company is 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 22 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. The Company 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 the Company's right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company 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. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. The Company primarily uses its 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, the Company considers 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 available. 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. The Company recognizes 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. See Note 22 Segment Financial Data for a definition of Pension ongoing (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 the Company expects 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. The Company recognizes revenue over time as the Company performs 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. The Company generally uses the cost-to-cost input method of progress for contracts because it best depicts the transfer of control to the customer that occurs as the Company incurs costs. Under the cost-to-cost input 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. The Company reviews its 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 the Company's 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 the Company's Consolidated Balance Sheet. Capitalized contract fulfillment costs were approximately $1.3 billion as of December 31, 2021 and 2020. The amounts recognized as Cost of products and services sold were approximately $0.1 billion for the years ended December 31, 2021, 2020 and 2019. Revenues for the Company's 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. The Company estimates variable consideration at the most likely amount the Company will receive from customers. The Company includes 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. The Company's estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. STOCK-BASED COMPENSATION PLANS The principal awards issued under the Company's stock-based compensation plans, which are described in Note 15 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 the Company's historical forfeiture rates. INCOME TAXES Significant judgment is required in evaluating tax positions. The Company establishes 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. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of the Company's provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a change in estimate become known. For 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 19 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, the Company records asbestos related insurance recoveries that are deemed probable. For additional information, see Note 19 Commitments and Contingencies. REIMBURSEMENT RECEIVABLES In conjunction with the Resideo Technologies, Inc. (Resideo) spin-off, the Company entered into a reimbursement agreement under which Honeywell receives cash payments as reimbursement primarily related to net spending for environmental matters at certain sites as defined in the reimbursement agreement. Accordingly, the Company recorded receivables based on estimates of the underlying reimbursable Honeywell environmental spend, and the Company monitors the recoverability of such receivables, which are subject to the terms of applicable credit agreements and general ability to pay. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS AND DIVESTITURES ACQUISITIONS On November 29, 2021, Honeywell Quantum Solutions, a wholly-owned subsidiary of Honeywell, and Cambridge Quantum Computing, a leading developer of quantum computing and quantum software, combined to form Quantinuum. Prior to closing the transaction, Honeywell held a 4.2% ownership interest in Cambridge Quantum Computing. At closing of the business combination, Honeywell contributed an additional $270 million of cash and is the controlling majority-owner of Quantinuum, with an overall 54% ownership in the business. Quantinuum is well positioned to lead the quantum computing industry by offering advanced, fully integrated hardware and software solutions at an unprecedented pace, scale and level of performance to large high-growth markets worldwide. Quantinuum supports customer needs for improved computation in cyber security, drug discovery and delivery, material science, finance, and optimization across all major industrial markets. The business is included within Corporate and All Other, which is not considered a reportable business segment. The combination was accounted for under the acquisition method of accounting; as such, assets and liabilities of Quantinuum are consolidated by Honeywell and included in the Consolidated Balance Sheet. Upon close of the transaction, Honeywell recorded a non-cash adjustment of $460 million in Additional paid-in-capital on the Consolidated Balance Sheet as the contribution of ownership interest in Honeywell Quantum Solutions and Cambridge Quantum Computing for the formation of Quantinuum. In addition, Honeywell recognized a gain of $22 million related to the fair value remeasurement of Honeywell's existing 4.2% ownership interest in Cambridge Quantum Computing, which was recorded in Other (income) expense on in the Consolidated Statement of Operations. At close of the transaction, the fair value of Cambridge Quantum Computing's noncontrolling interest in Quantinuum was $419 million. In December 2021, Cambridge Quantum Computing contributed cash of $12 million to Quantinuum, increasing their noncontrolling interest and decreasing Honeywell's additional-paid-in-capital. As of December 31, 2021, the assets and liabilities in Honeywell's Consolidated Balance Sheet includes $90 million of intangible assets and $943 million allocated to goodwill, which is non-deductible for tax purposes. The purchase accounting is subject to final adjustments, primarily for the valuation of intangible assets and goodwill. On February 12, 2021, the Company acquired 100% of the shares outstanding of Sparta Systems, a leading provider of enterprise quality management software for the life sciences industry, for $1,303 million. Sparta Systems is expected to further strengthen the Company's leadership in industrial automation, digital transformation solutions, and enterprise performance management software. The business is included within the Performance Materials and Technologies segment. The assets and liabilities acquired with Sparta Systems are included in the Consolidated Balance Sheet as of December 31, 2021, including $383 million of intangible assets and $1,011 million allocated to goodwill, which is nondeductible for tax purposes. The purchase accounting is subject to final adjustment, primarily for the valuation of intangible assets, amounts allocated to goodwill, tax balances, and certain pre-acquisition contingencies. During 2020, the Company acquired businesses for an aggregate cost (net of cash and debt assumed) of $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 the 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 acquisition of Rocky Research and Sine Group included approximately $167 million allocated to goodwill, which is non-deductible for tax purposes. During 2019, there were no significant acquisitions that closed individually or in the aggregate. DIVESTITURES On March 15, 2021, the Company completed the sale of its retail footwear business in exchange for gross cash consideration of $230 million. The Company recognized a pre-tax gain of $95 million for the twelve months ended December 31, 2021, which was recorded in Other (income) expense. The retail footwear business was previously included in the Safety and Productivity Solutions segment. During 2020 and 2019, there were no significant divestitures that closed individually or in the aggregate. |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Aerospace Commercial Aviation Original Equipment $ 1,720 $ 1,940 $ 2,999 Commercial Aviation Aftermarket 4,155 3,812 5,761 Defense and Space 5,151 5,792 5,294 11,026 11,544 14,054 Honeywell Building Technologies Products 3,243 2,971 3,293 Building Solutions 2,296 2,218 2,424 5,539 5,189 5,717 Performance Materials and Technologies UOP 2,348 2,177 2,890 Process Solutions 4,611 4,590 5,146 Advanced Materials 3,054 2,656 2,798 10,013 9,423 10,834 Safety and Productivity Solutions Safety and Retail 2,387 2,414 2,215 Productivity Solutions and Services 1,610 1,270 1,285 Warehouse and Workflow Solutions 2,944 1,965 1,719 Advanced Sensing Technologies 873 832 885 7,814 6,481 6,104 Corporate and All Other — — — Net sales $ 34,392 $ 32,637 $ 36,709 Aerospace – 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 the Company's 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; and installation, maintenance and upgrades of systems. Honeywell Forge solutions enable the Company's 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; 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. Corporate and All Other – Corporate and All Other includes revenue from Honeywell's majority-owned investment in Quantinuum. Through Quantinuum, Honeywell provides a wide range of service offerings of fully integrated quantum computing hardware and software solutions. For a summary by disaggregated product and services sales for each segment, refer to Note 22 Segment Financial Data. The Company recognizes revenue arising from performance obligations outlined in contracts with its customers that are satisfied at a point in time and over time. The disaggregation of the Company's revenue based off timing of recognition is as follows: Years Ended December 31, 2021 2020 2019 Products, transferred point in time 58 % 61 % 61 % Products, transferred over time 17 15 14 Net product sales 75 76 75 Services, transferred point in time 8 8 9 Services, transferred over time 17 16 16 Net service sales 25 24 25 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. Contract 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: 2021 2020 Contract assets—January 1 $ 1,618 $ 1,602 Contract assets—December 31 2,060 1,618 Change in contract assets—increase (decrease) $ 442 $ 16 Contract liabilities—January 1 $ (4,033) $ (3,501) Contract liabilities—December 31 (4,290) (4,033) Change in contract liabilities—(increase) decrease $ (257) $ (532) Net change $ 185 $ (516) The net change in 2021 and 2020 was primarily driven by the receipt of advance payments from customers exceeding recognition of revenue as performance obligations were satisfied prior to billing. For the years ended December 31, 2021 and 2020, the Company recognized revenue of $1,925 million and $1,709 million, respectively, that was previously included in the beginning balance of contract liabilities. Contract assets include $2,035 million and $1,589 million of unbilled balances under long-term contracts as of December 31, 2021 and 2020, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate. 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 the Company's 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 the Company's 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 the Company's contracts 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, the Company allocates 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, 2021 Aerospace $ 9,423 Honeywell Building Technologies 6,871 Performance Materials and Technologies 7,243 Safety and Productivity Solutions 4,143 Corporate and All Other (1) 2 $ 27,682 (1) The remaining performance obligations within Corporate and All Other relate to the Quantinuum business. Performance obligations recognized as of December 31, 2021 will be satisfied over the course of future periods. The Company's 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 59% and 41%, 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 the Company's fixed-price over time contracts include progress payments based on specified events or milestones, or based on project progress. For some contracts the Company 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 the Company recognizes revenue in proportion to the amount the Company has the right to invoice for services performed. |
REPOSITIONING AND OTHER CHARGES
REPOSITIONING AND OTHER CHARGES | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Repositioning and Other Charges | A summary of repositioning and other charges follows: Years Ended December 31, 2021 2020 2019 Severance $ 80 $ 475 $ 260 Asset impairments 117 21 95 Exit costs 134 69 83 Reserve adjustments (13) (47) (5) Total net repositioning charge 318 518 433 Asbestos related litigation charges, net of insurance and reimbursements 129 50 42 Probable and reasonably estimable environmental liabilities, net of reimbursements 22 27 59 Other charges 100 (20) 12 Total net repositioning and other charges $ 569 $ 575 $ 546 The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations: Years Ended December 31, 2021 2020 2019 Cost of products and services sold $ 457 $ 308 $ 276 Selling, general and administrative expenses 112 267 270 Other (income) expense — — — $ 569 $ 575 $ 546 The following table summarizes the pre-tax amount of total net repositioning and other charges by segment. These amounts are excluded from segment profit as described in Note 22 Segment Financial Data. Years Ended December 31, 2021 2020 2019 Aerospace $ 62 $ 157 $ 33 Honeywell Building Technologies 13 100 108 Performance Materials and Technologies 24 167 93 Safety and Productivity Solutions 268 41 71 Corporate and All Other 202 110 241 $ 569 $ 575 $ 546 In 2021, the Company recognized repositioning charges totaling $331 million, including severance costs of $80 million related to workforce reductions of 6,432 manufacturing and administrative positions mainly in the Company's Safety and Productivity Solutions and Aerospace segments. The workforce reductions were primarily related to the re-alignment of a product line in the Company's Safety and Productivity Solutions segment, site transitions, mainly in Aerospace, to more cost-effective locations, and the Company's productivity and ongoing functional transformation initiatives. The repositioning charge included asset impairments of $117 million primarily related to the write-down of certain manufacturing and other equipment. The repositioning charge included exit costs of $134 million primarily for current period exit costs incurred for previously approved repositioning projects, closure obligations associated with site transitions, and lease obligations for equipment. Also, $13 million of previously established reserves, primarily for severance, were returned to income due to adjustments to the scope of previously announced repositioning actions. In 2021, Other charges include $105 million of incremental long-term contract labor cost inefficiencies due to severe supply chain disruptions (attributable to the COVID-19 pandemic) relating to the warehouse automation business within the Safety and Productivity Solutions segment. Certain of these costs incurred include amounts and provisions for anticipated losses recognized during the fourth quarter when total estimated costs at completion for certain of the business’ long-term contracts exceeded total estimated revenue. These costs represent unproductive labor costs due to unexpected supply delays and the resulting downstream installation issues, demobilization and remobilization of contract workers, and resolution of contractor disputes. These costs do not include normal operational inefficiencies experienced during a challenging operating environment in 2021. 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 the Company's segments, with a majority of the workforce reductions in Aerospace and Performance Materials and Technologies. The workforce reductions primarily related to the Company aligning its cost structure with the slowdown in demand for many of its products and services due to the global recession, the Company's 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 the Company's segments. The workforce reductions related to the Company's productivity and ongoing functional transformation initiatives and to site transitions, mainly in Honeywell Building Technologies, as the Company transitions 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. The following table summarizes the status of the Company's total repositioning reserves: Severance Asset Exit Total 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 Charges 80 117 134 331 Usage—cash (299) — (83) (382) Usage—noncash — (119) — (119) Divestitures — — — — Adjustments (14) 2 (1) (13) Foreign currency translation (5) — (2) (7) Balance at December 31, 2021 $ 289 $ — $ 122 $ 411 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME BEFORE TAXES Years Ended December 31, 2021 2020 2019 U.S. $ 3,955 $ 3,318 $ 4,178 Non-U.S. 3,280 2,694 3,381 $ 7,235 $ 6,012 $ 7,559 TAX EXPENSE (BENEFIT) Years Ended December 31, 2021 2020 2019 Tax expense (benefit) consists of Current: U.S. Federal $ 415 $ 475 $ 8 U.S. State 146 79 43 Non-U.S. 886 768 1,099 $ 1,447 $ 1,322 $ 1,150 Deferred: U.S. Federal $ 173 $ 234 $ 332 U.S. State 37 39 63 Non-U.S. (32) (448) (216) 178 (175) 179 $ 1,625 $ 1,147 $ 1,329 Years Ended December 31, 2021 2020 2019 The U.S. federal statutory income tax rate is reconciled to the 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) (1.4) (0.8) (0.5) U.S. state income taxes (1) 1.5 1.3 1.1 Reserves for tax contingencies 2.2 (2.6) 2.0 Employee share-based payments (0.7) (1.2) (1.2) Reduction of certain receivables — 2.0 — U.S. Tax Cuts and Jobs Act — — (3.6) Restructuring (1.4) — — U.S. Valuation Allowance 2.0 0.1 — All other items—net (0.7) (0.7) (1.2) 22.5 % 19.1 % 17.6 % (1) Net of changes in valuation allowance (2) Includes U.S. taxes on non-U.S. earnings The effective tax rate increased by 3.4 percentage points in 2021 compared to 2020. The increase was primarily due to the establishment of a valuation allowance for deferred tax assets not expected to be realized, incremental tax reserves, a lower tax benefit from restructuring and the absence of prior year items including tax benefits realized as a result of the favorable resolution of a foreign tax matter related to the spin-off transactions, tax law changes in India and the resolution of certain U.S. tax matters offset by a non-cash charge related to the reduction of the aggregate carrying value of certain receivables with no corresponding tax benefit. The Company’s non-U.S. effective tax rate was 26.0%, an increase of approximately 14.1 percentage points compared to 2020. The increase in the foreign effective tax rate was primarily attributable to incremental tax reserves, the tax impact of restructuring and the absence of prior year items including the favorable resolution of a foreign tax matter related to the previously completed spin-off transactions and tax law changes in India. 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. 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, 2021 2020 Postretirement benefits other than pensions $ 77 $ 85 Asbestos and environmental 468 508 Employee compensation and benefits 174 180 Lease liabilities 242 197 Other accruals and reserves 260 110 Net operating and capital losses 734 779 Capital loss limitation and carryover 151 — Tax credit carryforwards 164 219 Gross deferred tax assets 2,270 2,078 Valuation allowance (857) (766) Total deferred tax assets $ 1,413 $ 1,312 Deferred tax liabilities: Pension $ (948) $ (548) Property, plant and equipment (464) (437) Right-of-use asset (230) (184) Intangibles (883) (898) Unremitted earnings of foreign subsidiaries (426) (398) Other asset basis differences (334) (169) Other (2) (31) Total deferred tax liabilities (3,287) (2,665) Net deferred tax liability $ (1,874) $ (1,353) The Company's gross deferred tax assets include $901 million related to non-U.S. operations comprised principally of net operating losses, capital loss and tax credit carryforwards, primarily in Canada, France, Germany, Luxembourg, and the United Kingdom, and deductible temporary differences. The Company maintains a valuation allowance of $703 million against a portion of the non-U.S. gross deferred tax assets. Additionally, a valuation allowance of $150 million was established against the U.S. gross deferred tax asset for capital losses generated from restructuring transactions during the year. The change in the valuation allowance resulted in an increase of $124 million, increase of $105 million, and a decrease of $23 million to income tax expense in 2021, 2020 and 2019, respectively. In the event the Company determines that it will not be able to realize its net deferred tax assets in the future, the Company will reduce such amounts through an increase to income tax expense in the period such determination is made. Conversely, if the Company determines that it will be able to realize net deferred tax assets in excess of the carrying amounts, the Company 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, 2021, the Company recorded a $426 million deferred tax liability on all unremitted foreign earnings based on estimated earnings and profits of approximately $17.1 billion as of the balance sheet date. As of December 31, 2021, 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 $ 684 $ 97 U.S. State 2040 390 21 Non-U.S. 2041 466 50 Non-U.S. Indefinite 2,185 — $ 3,725 $ 168 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, 2021 2020 2019 Change in unrecognized tax benefits: Balance at beginning of year $ 991 $ 1,164 $ 1,089 Gross increases related to current period tax positions 93 94 51 Gross increases related to prior periods tax positions 39 68 83 Gross decreases related to prior periods tax positions (27) (256) (34) Decrease related to resolutions of audits with tax authorities (1) (35) (3) Expiration of the statute of limitations for the assessment of taxes (12) (76) (13) Foreign currency translation (22) 32 (9) Balance at end of year $ 1,061 $ 991 $ 1,164 As of December 31, 2021, 2020 and 2019, there were $1,061 million, $991 million, and $1,164 million, respectively, of unrecognized tax benefits that if recognized would be recorded as a component of Tax expense. The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2021: Jurisdiction Open Tax Years Based on Originally Filed Returns Examination in progress Examination not yet initiated U.S. Federal 2017-2018 2019-2021 U.S. State 2013-2019 2017-2021 Australia n/a 2018-2021 Canada (1) 2015-2018 2019-2021 China 2011-2020 2021 France 2018-2020 2021 Germany (1) 2009-2018 2019-2021 India 1999-2020 2021 Italy 2012-2018 2019-2021 Netherlands n/a 2018-2021 Switzerland (1) 2016-2018 2019-2021 United Kingdom 2013-2019 2020-2021 (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 the Company's 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 $592 million, $556 million, and $413 million, as of December 31, 2021, 2020 and 2019, respectively. 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 $79 million, $80 million, and $73 million for the years ended December 31, 2021, 2020 and 2019, respectively. Accrued interest and penalties were $580 million, $507 million, and $487 million, as of December 31, 2021, 2020 and 2019, respectively. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31, 2021 2020 Raw materials $ 1,352 $ 1,079 Work in process 861 798 Finished products 2,925 2,612 $ 5,138 $ 4,489 |
PROPERTY, PLANT AND EQUIPMENT-N
PROPERTY, PLANT AND EQUIPMENT-NET | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | December 31, 2021 2020 Land and improvements $ 226 $ 259 Machinery and equipment 10,143 10,008 Buildings and improvements 3,225 3,245 Construction in progress 856 825 14,450 14,337 Less—Accumulated depreciation (8,888) (8,767) $ 5,562 $ 5,570 Depreciation expense was $674 million, $644 million and $673 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
GOODWILL AND OTHER INTANGIBLES-
GOODWILL AND OTHER INTANGIBLES-NET | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 by segment. December 31, 2020 Acquisitions/ Currency December 31, 2021 Aerospace $ 2,378 $ 21 $ — $ 2,399 Honeywell Building Technologies 3,385 20 (88) 3,317 Performance Materials and Technologies 5,255 1,019 (136) 6,138 Safety and Productivity Solutions 5,040 (32) (47) 4,961 Corporate and All Other — 943 (2) 941 $ 16,058 $ 1,971 $ (273) $ 17,756 Other intangible assets are comprised of: December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Determinable life intangibles: Patents and technology $ 2,345 $ (1,678) $ 667 $ 2,159 $ (1,595) $ 564 Customer relationships 4,045 (2,235) 1,810 3,889 (2,050) 1,839 Trademarks 356 (261) 95 327 (247) 80 Other 298 (271) 27 298 (267) 31 7,044 (4,445) 2,599 6,673 (4,159) 2,514 Indefinite life intangibles: Trademarks 1,014 — 1,014 1,046 — 1,046 $ 8,058 $ (4,445) $ 3,613 $ 7,719 $ (4,159) $ 3,560 Intangible assets amortization expense was $465 million, $358 million and $415 million for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated intangible asset amortization expense for each of the next five years approximates $310 million in 2022, $273 million in 2023, $250 million in 2024, $241 million in 2025 and $203 million in 2026. |
LONG-TERM DEBT AND CREDIT AGREE
LONG-TERM DEBT AND CREDIT AGREEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Long Term Debt And Credit Agreements [Abstract] | |
Long-term Debt and Credit Agreements | LONG-TERM DEBT AND CREDIT AGREEMENTS December 31, 2021 2020 4.25% notes due 2021 $ — $ 800 1.85% notes due 2021 — 1,500 0.483% notes due 2022 500 2,500 2.15% notes due 2022 600 600 Floating rate notes due 2022 600 1,100 1.30% Euro notes due 2023 1,416 1,534 3.35% notes due 2023 300 300 0.00% Euro notes due 2024 566 614 2.30% notes due 2024 750 750 1.35% notes due 2025 1,250 1,250 2.50% notes due 2026 1,500 1,500 1.10% notes due 2027 1,000 — 2.25% Euro notes due 2028 849 920 2.70% notes due 2029 750 750 1.95% notes due 2030 1,000 1,000 1.75% notes due 2031 1,500 — 0.75% Euro notes due 2032 566 614 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 750 750 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), 8.2% weighted average interest rate maturing at various dates through 2026 121 266 16,057 18,787 Less-current portion (1,803) (2,445) $ 14,254 $ 16,342 The schedule of principal payments on long-term debt is as follows: December 31, 2021 2022 $ 1,803 2023 1,810 2024 1,344 2025 1,258 2026 1,503 Thereafter 8,339 16,057 Less-current portion (1,803) $ 14,254 On November 1, 2021, the Company repaid its 1.85% notes due 2021. On August 16, 2021 the Company issued $1.0 billion 1.10% Senior Notes due 2027 and $1.5 billion 1.75% Senior Notes due 2031 (collectively, the Notes). The Company may redeem the Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable make-whole redemption price. The Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The offering provided gross proceeds of $2.5 billion, offset by $18.0 million in discount and closing costs related to the offering. The Company used the proceeds of the offering to redeem at par $2 billion of the $2.5 billion in outstanding principal amount of the callable 0.483% Senior Notes due 2022 and to redeem in full and at par $500 million callable Floating rate Senior Notes due 2022 that the Company issued in August 2020. On March 31, 2021, the Company entered into a $4.0 billion Amended and Restated Five Year Credit Agreement (the 5-Year Credit Agreement) and a $1.5 billion 364-Day Credit Agreement (the 364-Day Credit Agreement). The 5-Year Credit Agreement amended and restated the previously reported $4.0 billion amended and restated five-year credit agreement dated as of April 26, 2019. Commitments under the 5-Year Credit Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion. The 364-Day Credit Agreement replaced the $1.5 billion 364-day credit agreement dated as of April 10, 2020, which was terminated in accordance with its terms effective March 31, 2021. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than March 30, 2022, unless (i) Honeywell elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 30, 2023, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms. The 5-Year Credit Agreement and the 364-Day Credit Agreement are maintained for general corporate purposes. On November 18, 2021, the Company amended the 364-Day Credit Agreement and the 5-Year Credit Agreement to transition from LIBOR-based benchmark rates to the appropriate replacement rates. On March 1, 2021, the Company repaid its 4.25% notes due 2021. As of December 31, 2021, there were no outstanding borrowings under the 364-Day Credit Agreement or 5-Year Credit Agreement. 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. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [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 the Company's 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 the Company's automobile leases are 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, 2021 2020 Operating lease cost $ 228 $ 214 Variable lease cost 14 18 Short-term lease cost 15 17 Finance lease cost: Amortization of right-of-use assets 65 69 Interest on lease liability 24 27 Total finance lease cost 89 96 Total lease cost $ 346 $ 345 Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 215 $ 206 Operating cash flows for finance leases 24 32 Financing cash flows for finance leases 67 65 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 350 $ 245 Finance leases 32 27 Supplemental balance sheet information related to leases was as follows: December 31, 2021 2020 Operating leases: Other assets $ 947 $ 773 Accrued liabilities 185 187 Other liabilities 847 641 Total operating lease liabilities $ 1,032 $ 828 Finance leases: Property, plant and equipment $ 325 $ 357 Accumulated depreciation (177) (180) Property, plant and equipment—net $ 148 $ 177 Current maturities of long-term debt $ 57 $ 60 Long-term debt 99 124 Total finance lease liabilities $ 156 $ 184 Weighted-average remaining lease term: Operating leases 9 years 7 years Finance leases 3 years 3 years Weighted-average discount rate: Operating leases 2.3 % 2.9 % Finance leases 11.0 % 16.3 % As of December 31, 2021, maturities of lease liabilities were as follows: Operating Finance Leases 2022 $ 215 $ 77 2023 188 59 2024 153 47 2025 113 14 2026 91 — Thereafter 404 — Total lease payments 1,164 197 Less-interest (132) (41) Total $ 1,032 $ 156 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
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. The Company's 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. The Company uses foreign currency exchange contracts to hedge its 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, 2021, and 2020, the Company held contracts with notional amounts of $12,671 million and $16,123 million to exchange foreign currencies, principally the U.S. Dollar, Euro, Canadian Dollar, British Pound, Mexican Peso, Chinese Renminbi, and Indian Rupee. 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 the Company's 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 the Company's credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer. The Company's 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: Notional Fair Value Asset Fair Value (Liability) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Derivatives in Fair Value Hedging Relationships: Interest rate swap agreements $ 3,150 $ 3,950 $ 60 $ 194 $ — $ — Derivatives in Cash Flow Hedging Relationships: Foreign currency exchange contracts 647 488 4 65 — (58) Derivatives in Net Investment Hedging Relationships: Foreign currency exchange contracts 746 806 92 45 — (1) Cross currency swap agreements 1,200 1,200 39 — — (50) Total Derivatives Designated as Hedging Instruments 5,743 6,444 195 304 — (109) Derivatives Not Designated as Hedging Instruments: Foreign currency exchange contracts 11,278 14,829 278 92 (282) (91) Total Derivatives at Fair Value $ 17,021 $ 21,273 $ 473 $ 396 $ (282) $ (200) All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Accrued liabilities or Other liabilities. 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 $4,074 million and $4,414 million as of December 31, 2021 and 2020, respectively. 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 $135 million of expense, $169 million of income and $70 million of expense for the years ended December 31, 2021, 2020 and 2019, respectively. 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 Sheet of Hedged Item Carrying Amount Cumulative Amount of December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Long-term debt $ 3,210 $ 4,144 $ 60 $ 194 The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments: Year Ended December 31, 2021 Net Sales Cost of Cost of Selling, general and administrative expenses Other Interest and Other $ 34,392 $ 18,344 $ 5,050 $ 4,798 $ (1,378) $ 343 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income 5 8 2 9 — — Gain or (loss) on fair value hedges: Interest Rate Swap Agreements: Hedged items — — — — — 135 Derivatives designated as hedges — — — — — (135) Gain or (loss) on net investment hedges: Foreign Currency Exchange Contracts: Amount excluded from effectiveness testing recognized in earnings using an amortization approach — — — — — 16 Gain or (loss) on derivatives not designated as hedging instruments: Foreign currency exchange contracts — — — — 195 — Year Ended December 31, 2020 Net Sales Cost of Cost of Services Sold Selling, general and administrative expenses Other Interest and Other $ 32,637 $ 17,638 $ 4,531 $ 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) 43 11 (4) 28 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 10 3 — 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 Net Sales Cost of Cost of Services Sold Selling, general and administrative expenses Other Interest and Other $ 36,709 $ 19,269 $ 5,070 $ 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 35 9 1 73 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 16 6 — 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, 2021, the Company estimates that approximately $10 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, 2021 2020 Euro-denominated long-term debt $ 284 $ (256) Euro-denominated commercial paper 57 (8) Cross currency swap 88 (109) Foreign currency exchange contracts 40 (94) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
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: December 31, 2021 2020 Assets: Foreign currency exchange contracts $ 374 $ 202 Available for sale investments 742 1,118 Interest rate swap agreements 60 194 Cross currency swap agreements 39 — Investments in equity securities 57 11 Liabilities: Foreign currency exchange contracts $ 282 $ 150 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, as well as investments in equity securities, which are valued using published prices based on observable market data. As such, these investments are classified within level 2. The Company holds certain available for sale investments in U.S. government and corporate debt securities, as well as investments in equity securities, which are 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, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Short-term investment $ 34 $ 34 $ — $ — Long-term receivables 170 152 137 132 Long-term investment 366 366 — — Liabilities: Long-term debt and related current maturities $ 16,057 $ 17,022 $ 18,787 $ 20,176 The Company determined the fair value of the long-term receivables by utilizing transactions in the listed markets for identical or similar assets. As such, the fair value of these receivables is considered level 2. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | December 31, 2021 2020 Customer advances and deferred income $ 3,163 $ 2,932 Compensation, benefit and other employee related 1,273 1,244 Repositioning 411 601 Asbestos related liabilities 261 300 Income taxes 393 307 Other taxes 269 281 Environmental costs 225 225 Operating lease liabilities 185 187 Product warranties and performance guarantees 180 183 Insurance 101 140 Accrued interest 100 102 Other (primarily operating expenses) 1,118 903 $ 7,679 $ 7,405 |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | December 31, 2021 2020 Income taxes $ 2,152 $ 2,009 Pension and other employee related 1,672 1,923 Deferred income 1,324 1,356 Operating lease liabilities 847 641 Environmental 393 435 Insurance 299 280 Product warranties and performance guarantees 43 60 Asset retirement obligations 26 31 Other 331 240 $ 7,087 $ 6,975 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, there were 32,337,638, and 815,299 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 the Company's 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 the Company's common stock. The Company 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, 2021 2020 2019 Compensation expense $ 55 $ 50 $ 47 Future income tax benefit recognized 11 10 10 The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost. Years Ended December 31, 2021 2020 2019 Weighted average fair value per share of options granted during the year (1) $ 32.42 $ 21.30 $ 21.57 Assumptions: Expected annual dividend yield 2.31 % 2.59 % 2.65 % Expected volatility 24.69 % 18.76 % 18.40 % Risk-free rate of return 0.48 % 1.32 % 2.46 % Expected option term (years) 4.54 4.62 4.87 (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, 2021: Number of Weighted Average 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 Granted 2,065,574 204.99 Exercised (2,016,489) 113.01 Lapsed or canceled (764,675) 175.42 Outstanding at December 31, 2021 15,852,939 $ 135.31 Vested and expected to vest at December 31, 2021 (1) 14,694,701 $ 131.08 Exercisable at December 31, 2021 10,664,625 $ 113.30 (1) Represents the sum of vested options of 10.7 million and expected to vest options of 4.0 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 5.2 million. The following table summarizes information about stock options outstanding and exercisable at December 31, 2021: Range of Exercise Prices Options Outstanding Options Exercisable Number Weighted Average Life (1) Weighted Aggregate Number Weighted Aggregate $27.00–$64.99 90,181 0.17 $ 56.97 $ 14 90,181 $ 56.97 $ 14 $65.00–$89.99 2,293,585 1.68 79.39 296 2,293,585 79.39 296 $90.00–$99.99 3,341,048 3.44 98.80 367 3,341,048 98.80 366 $100.00–$134.99 2,435,321 5.04 119.69 216 2,314,755 119.19 214 $135.00–$232.99 7,692,804 7.55 173.71 271 2,625,056 158.14 232 15,852,939 5.41 $ 135.28 $ 1,164 10,664,625 $ 113.30 $ 1,122 (1) Average remaining contractual life in years. There were 10,120,793 and 11,620,992 options exercisable at weighted average exercise prices of $103.89 and $92.19 at December 31, 2020 and 2019, respectively. The following table summarizes the financial statement impact from stock options exercised: Options Exercised Years Ended December 31, 2021 2020 2019 Intrinsic value (1) $ 219 $ 379 $ 483 Tax benefit realized 48 84 117 (1) Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise. At December 31, 2021, there was $100 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, 2021, 2020 and 2019 was $52 million, $55 million and $61 million, respectively. 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, 2021: Number of Weighted 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 Granted 992,854 214.61 Vested (1,123,547) 144.34 Forfeited (308,293) 156.74 Non-vested at December 31, 2021 2,957,536 $ 171.73 As of December 31, 2021, there was approximately $273 million of total unrecognized compensation cost related to non-vested RSUs granted under the Company's stock plans which is expected to be recognized over a weighted-average period of 2.23 years. The following table summarizes the impact to the Consolidated Statement of Operations from RSUs: Years Ended December 31, 2021 2020 2019 Compensation expense $ 162 $ 118 $ 106 Future income tax benefit recognized 23 24 21 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The details of the earnings per share calculations for the years ended December 31, 2021, 2020 and 2019 are as follows (shares in millions): Basic Years Ended December 31, 2021 2020 2019 Net income attributable to Honeywell $ 5,542 $ 4,779 $ 6,143 Weighted average shares outstanding 692.3 704.1 721.0 Earnings per share of common stock $ 8.01 $ 6.79 $ 8.52 Assuming Dilution Years Ended December 31, 2021 2020 2019 Net income attributable to Honeywell $ 5,542 $ 4,779 $ 6,143 Average Shares Weighted average shares outstanding 692.3 704.1 721.0 Dilutive securities issuable—stock plans 8.1 7.1 9.3 Total weighted average diluted shares outstanding 700.4 711.2 730.3 Earnings per share of common stock—assuming dilution $ 7.91 $ 6.72 $ 8.41 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Foreign exchange translation adjustment $ 302 $ — $ 302 Pensions and other postretirement benefit adjustments 245 (59) 186 Changes in fair value of available for sale investments (3) — (3) Changes in fair value of designated cash flow hedges (4) 1 (3) $ 540 $ (58) $ 482 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 COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) December 31, 2021 2020 Cumulative foreign exchange translation adjustment $ (2,478) $ (2,780) Pensions and other postretirement benefit adjustments (415) (601) Fair value adjustments of available for sale investments 1 4 Fair value adjustments of designated cash flow hedges (3) — $ (2,895) $ (3,377) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT Foreign Pension Changes in 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) Other comprehensive income (loss) before reclassifications 314 268 (3) 17 596 Amounts reclassified from accumulated other comprehensive income (12) (82) — (20) (114) Net current period other comprehensive income (loss) 302 186 (3) (3) 482 Balance at December 31, 2021 $ (2,478) $ (415) $ 1 $ (3) $ (2,895) RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Year Ended December 31, 2021 Affected Line in the Consolidated Statement of Operations Net Sales Cost of Cost of Selling, general and administrative expenses Other Interest and Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 7 $ — $ 7 Prior service (credit) recognized — — — — (116) — (116) Losses (gains) on cash flow hedges (5) (8) (2) (9) — — (24) Losses (gains) on excluded component of net investment hedges — — — — — (16) (16) Total before tax $ (5) $ (8) $ (2) $ (9) $ (109) $ (16) $ (149) Tax expense (benefit) 35 Total reclassifications for the period, net of tax $ (114) Year Ended December 31, 2020 Affected Line in the Consolidated Statement of Operations Net Sales Cost of Cost of Selling, general and administrative expenses Other Interest 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) |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2021 | |
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 billion of Honeywell common stock. On February 12, 2021 the Board of Directors authorized another repurchase of up to a total of $10 billion of Honeywell common stock, which included $2.8 billion remaining under, and replaced, the previously approved share repurchase authorization. Approximately $7.1 billion and $3.3 billion remained available as of December 31, 2021 and 2020, respectively, for additional share repurchases. Honeywell repurchased approximately 15.8 million and 20.7 million shares of its common stock during the years ended December 31, 2021 and 2020, for $3,380 million and $3,714 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, 2021, there was no preferred stock outstanding. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
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. The Company believes that, as a general matter, the Company's policies, practices, and procedures are properly designed to prevent unreasonable risk of environmental damage and personal injury and that the 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, the Company, 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 the Company's 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, the Company does not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of the Company's recorded liabilities. The Company expects 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 our recorded liabilities for environmental costs: Years Ended December 31, 2021 2020 2019 Beginning of year $ 660 $ 709 $ 755 Accruals for environmental matters deemed probable and reasonably estimable 168 173 213 Environmental liability payments (210) (216) (256) Other — (6) (3) End of year $ 618 $ 660 $ 709 Environmental liabilities are included in the following balance sheet accounts: December 31, 2021 2020 Accrued liabilities $ 225 $ 225 Other liabilities 393 435 $ 618 $ 660 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 the Company's consolidated results of operations and operating cash flows in the periods recognized or paid. However, considering the Company's past experience and existing reserves, the Company does not expect that environmental matters will have a material adverse effect on its consolidated financial position. In conjunction with the Resideo spin-off, the Company entered into an indemnification and reimbursement agreement with a Resideo subsidiary, pursuant to which Resideo’s subsidiary has an ongoing obligation to make cash payments to Honeywell in amounts equal to 90% 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 2021 and 2020 and offset operating cash outflows incurred by the Company. 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 2021 and 2020 was $146 million and $146 million, respectively. As of December 31, 2021, Other current assets and Other assets included $140 million and $457 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, 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. ASBESTOS RELATED LIABILITIES 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: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 1,441 $ 779 $ 2,220 $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 Accrual for update to estimated liability 64 31 95 80 18 98 78 22 100 Change in estimated cost of future claims 29 — 29 42 — 42 (22) — (22) Update of expected resolution values for pending claims 3 — 3 10 — 10 (4) — (4) Asbestos related liability payments (165) (121) (286) (190) (97) (287) (176) (55) (231) End of year $ 1,372 $ 689 $ 2,061 $ 1,441 $ 779 $ 2,220 $ 1,499 $ 858 $ 2,357 INSURANCE RECOVERIES FOR ASBESTOS RELATED LIABILITIES Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 148 $ 254 $ 402 $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 Probable insurance recoveries related to estimated liability 7 — 7 10 — 10 3 — 3 Insurance receipts for asbestos related liabilities (13) (33) (46) (33) (25) (58) (39) (29) (68) Insurance receivables settlements and write offs — — — 18 (2) 16 19 3 22 End of year $ 142 $ 221 $ 363 $ 148 $ 254 $ 402 $ 153 $ 281 $ 434 NARCO and Bendix asbestos related balances are included in the following balance sheet accounts: December 31, 2021 2020 Other current assets $ 41 $ 36 Insurance recoveries for asbestos related liabilities 322 366 $ 363 $ 402 Accrued liabilities $ 261 $ 300 Asbestos related liabilities 1,800 1,920 $ 2,061 $ 2,220 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, arising primarily from alleged occupational exposure to asbestos-containing refractory brick and mortar for high-temperature applications. NARCO ceased manufacturing these products in 1980 and 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) set forth the structure and operating rules of the Trust, and established Honeywell’s evergreen funding obligations. In accordance with the TA, the Trust is eligible to receive cash dividends from Harbison-Walker International Inc. (HWI), the reorganized and renamed entity that emerged from the NARCO bankruptcy. HWI cash dividends are required to be used to pay asbestos-related 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 Trust received dividend payments from HWI in 2021. 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. The operating rules per the TDP define 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. The TDP allows Honeywell to audit claim support documents against these criteria. Once operational in 2014, the Trust began to receive, process and pay claims. The Company identified several issues with the way the Trust was adhering to the TDP in audits subsequent to the Trust becoming operational. The Company consistently raised with the Trust concern that the Trust adopted an improper practice of paying claimants who have not demonstrated the requisite exposure. The Trust refused to alter its practices for payment of claims, and in September 2021, Honeywell filed suit against the Trust in the United States Bankruptcy Court for the Western District of Pennsylvania (Bankruptcy Court) alleging that the Trust has breached its duties in managing the Trust, including breaches of certain provisions of the TA and TDP. Honeywell's lawsuit seeks appropriate relief preventing the Trust from continuing these practices. The Trust also filed suit against Honeywell, alleging Honeywell has breached its obligations under the Trust's governing documents. Honeywell moved to dismiss the Trust’s suit, and on December 15, 2021, the Bankruptcy Court granted Honeywell’s motion to dismiss subject to granting the Trust leave to file an amended complaint. On December 28, 2021, the Trust filed an answer with counterclaims in response to Honeywell’s complaint and in lieu of filing an amended complaint. At this time, the Company cannot predict the outcome of these matters, or the potential impact on the asbestos-related liabilities. 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 filed with the Trust upon it becoming operative in 2014 through December 31, 2017, the date by which these claims had to be filed or else be barred by the expiration of the statute of limitations. 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 of its NARCO asbestos-related liability, and the Company continued to update its original estimate, as appropriate, using all available information. Beginning in 2020, with three years of sufficiently reliable claims data, the Company updated its estimate of the NARCO asbestos-related liability. The estimate for the resolution of asserted Annual Contribution Claims and Pre-Established Unliquidated Claims uses average payment values for the relevant historical period. The estimate for unasserted claims 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 utilizes an asbestos liability valuation specialist to support the preparation of the NARCO asbestos-related liability estimates during the fourth quarter each year. The Company's estimates, which involve significant management judgment, and consider multiple scenarios, include all years of epidemiological disease projection through 2059. The NARCO asbestos-related liability reflects an estimate for the resolution of Annual Contribution Claims and Pre-Established Unliquidated Claims filed with the Trust, as well as for unasserted Annual Contribution Claims and Pre-Established Unliquidated Claims. The NARCO asbestos-related liability excludes the annual operating expenses of the Trust which are expensed as they are incurred. The Company's NARCO-related insurance receivable reflects coverage which reimburses Honeywell for portions of NARCO-related claims and defense costs. This coverage 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's NARCO-related insurance receivable is an estimate of the probable amount of insurance that is recoverable for asbestos claims. The Company's judgments related to the Company's 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, 2021 2020 Claims Unresolved at the beginning of year 6,242 6,480 Claims Filed 2,611 2,233 Claims Resolved (2,452) (2,471) Claims Unresolved at the end of year 6,401 6,242 Disease Distribution of Unresolved Claims Years Ended December 31, 2021 2020 Mesothelioma and Other Cancer Claims 3,760 3,422 Nonmalignant Claims 2,641 2,820 Total Claims 6,401 6,242 Honeywell has experienced average resolution values per claim excluding legal costs as follows: Years Ended December 31, 2021 2020 2019 2018 2017 (in whole dollars) Malignant claims $ 56,000 $ 61,500 $ 50,200 $ 55,300 $ 56,000 Nonmalignant claims $ 400 $ 550 $ 3,900 $ 4,700 $ 2,800 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, which exclude the Company’s ongoing legal fees to defend such asbestos claims which will continue to be expensed as they are incurred. 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 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'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 the Company's 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 the Company's analysis of the underlying insurance policies, historical experience with insurers, ongoing review of the solvency of insurers, judicial determinations relevant to insurance programs, and consideration of the impacts of any settlements reached with the Company's insurers. On October 31, 2018, David Kanefsky (Plaintiff), a Honeywell shareholder, filed a putative class action complaint in the U.S. District Court for the District of New Jersey (the Court) 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, the Company filed a Motion to Dismiss. On May 18, 2020, the Court denied the Motion to Dismiss. On December 7, 2021, the parties filed a Stipulation of Settlement (Settlement Agreement) and Plaintiff filed a motion for preliminary approval of the Settlement Agreement, which includes payment by Honeywell of $10 million to settle the claims in dispute. Honeywell continues to believe the claims lack merit and denies wrongdoing as well as any liability for the claims made against Honeywell in the action. The Settlement Agreement remains subject to final court approval and other conditions. GARRETT LITIGATION AND BANKRUPTCY PROCEEDINGS In conjunction with the Garrett spin-off, the Company entered into a binding indemnification and reimbursement agreement (Garrett Indemnity) and a binding tax matters agreement (Tax Matters Agreement) with Garrett and a Garrett subsidiary. 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 July 17, 2020, the Company received a notice from Garrett asserting that the Company had caused material breaches of the Tax Matters Agreement and that the Tax Matters Agreement was 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 24, 2020, Garrett moved the existing State Court litigation against Honeywell to the Bankruptcy Court. For the year ended December 31, 2020, the Company reviewed the aggregate carrying value of the receivable amounts due in connection with the Garrett Indemnity and Tax Matters Agreement and reduced the aggregate carrying value of the receivable by $509 million to reflect the present value of the amounts owed to the Company over the full term of these agreements. On April 26, 2021, the Bankruptcy Court confirmed Garrett’s amended Chapter 11 plan of reorganization (the Confirmed Plan), and on April 30, 2021 (the Effective Date), Garrett emerged from bankruptcy. On the Effective Date, and in accordance with the Confirmed Plan, (i) the Company received from Garrett an initial payment of $375 million and 834.8 million shares of Garrett's Series B Preferred Stock in full and final satisfaction of the Garrett Indemnity and Tax Matters Agreement, (ii) the Garrett Indemnity and Tax Matters Agreement were terminated, (iii) the Company and Garrett mutually released each other from the claims asserted in all pending legal actions related to the Garrett Indemnity and Tax Matters Agreement, and (iv) all pending litigation between the Company and Garrett in connection with those agreements was resolved. The original Series B Preferred Stock Certificate of Designation provides for mandatory redemptions by Garrett of $35 million in 2022 and $100 million per year from 2023 to 2030 (inclusive) at the anniversary of the Effective Date, unless (i) Garrett’s consolidated EBITDA as of the end of the most recently completed fiscal year is less than $425 million, or (ii) Garrett does not have sufficient funds available to pay the redemption, at which point the redemption amounts past due will accrue interest. The Series B Preferred Stock Certificate of Designation also includes rights which allow (a) the Company to put the Series B Preferred Stock to Garrett if certain EBITDA conditions are met, and (b) Garrett to call the Series B Preferred Stock in whole or in part if certain EBITDA conditions are met. On September 30, 2021, Garrett filed an Amended and Restated Series B Preferred Stock Certificate of Designation (Amendment) with the Secretary of State of Delaware. The Amendment required Garrett to partially redeem a portion of the Series B Preferred Stock on or before March 31, 2022, such that the present value of remaining outstanding shares of the Series B Preferred Stock would be $400 million (First Partial Redemption), subject to applicable law, including that Garrett had funds legally available for the partial redemption. The First Partial Redemption would be applied to the latest scheduled redemption dates, beginning with the shares to be redeemed in 2030. The Amendment also provides that the Company cannot exercise its right to put the Series B Preferred Stock to Garrett until after December 31, 2022, subject to the EBITDA conditions described in the above section, unless the partial redemption does not occur on or before March 31, 2022. All other material terms and conditions in the Amendment were unchanged from the original Series B Preferred Stock Certificate of Designation. On December 16, 2021, Garrett filed a Second Amended and Restated Series B Preferred Stock Certificate of Designation (Second Amendment) with the Secretary of State of Delaware. The Second Amendment accelerates the First Partial Redemption from March 31, 2022, to December 30, 2021, and allows Garrett to partially redeem an additional portion of the Series B Preferred Stock on or before March 31, 2022, such that the present value of remaining outstanding shares of the Series B Preferred Stock will be $207 million (Second Partial Redemption). The Second Partial Redemption is subject to similar terms as the First Partial Redemption, including that Garrett has funds legally available for the partial redemption. However, the Second Partial Redemption is also contingent upon Garrett completing the First Partial Redemption and either (i) increasing their revolving credit facility, or (ii) the Garrett Board of Directors determining that Garrett otherwise has sufficient liquidity to effect the Second Partial Redemption. The Second Partial Redemption would be applied to the earliest scheduled redemptions beginning with the shares to be redeemed on April 30, 2022. On December 17, 2021, Garrett announced their intention to effect the First Partial Redemption on December 28, 2021, in the amount of $211 million, and plan to effect the Second Partial Redemption during the first quarter of 2022 for a corresponding payment of $200 million. On December 28, 2021, Garrett paid $211 million for the amount due as the First Partial Redemption. The Company recorded the Series B Preferred Stock at fair value at the Effective Date. The Company believes the present value of the mandatory redemptions is an appropriate basis for determining the fair value of the Series B Preferred Stock. The Company's present value reflects amortized cost determined by the present value of the mandatory redemptions discounted at 7.25%, which is the rate reflected in the Series B Preferred Stock Certificate of Designation. The discount amount will accrete into interest income over the mandatory redemption period. In addition to the Series B Preferred Stock, the Company subscribed for 4.2 million shares of Garrett's Series A Preferred Stock, which are convertible into Garrett’s Common Stock if certain conditions are met. Prior to and following Garrett’s emergence from bankruptcy, the Company also held 2.9 million shares of Garrett’s Common Stock. As of December 31, 2021, Short-term investments included $34 million and Investments and long-term receivables included $423 million for the Company's investments in Garrett's Series B Preferred Stock, Series A Preferred Stock and Common Stock. 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 the Company's 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 (including the matter described below). The Company recognizes liabilities for any contingency that is probable of occurrence and reasonably estimable. The Company continually assesses the likelihood of adverse judgments or outcomes in such 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. Such matters include: • Petrobras and Unaoil – The Company continues to cooperate with investigations by the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC) and the Brazilian authorities relating to the Company's use of third parties who previously worked for the Company's UOP business in Brazil in relation to Petróleo Brasileiro S.A. (Petrobras) in connection with a project awarded in 2010. The investigations focus on compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws (the UOP Matters), and involve, among other things, document production and interviews with former and current management and employees. The DOJ and the SEC are also examining a matter involving a foreign subsidiary’s prior contract with Unaoil S.A.M. in Algeria executed in 2011. The Company continues to be engaged in discussions with the authorities with respect to a potential comprehensive resolution of these matters. As the discussions are both ongoing and at different stages with regards to each respective authority, there can be no assurance as to whether the Company will reach a resolution with such authorities or as to the potential timing, terms, or collateral consequences of any such resolution. As a result, the Company cannot predict the ultimate outcome of these UOP Matters or the potential impact on the Company. Based on available information to date, the Company estimates that a potential comprehensive resolution of these UOP Matters would result in a probable loss of at least $160 million, and the Company has recorded a charge in this amount in the Company's Consolidated Statement of Operations, and accrued a corresponding liability on the Consolidated Balance Sheet. Amounts payable to authorities pursuant to any potential final comprehensive resolution could differ from the amount recorded in the Company's consolidated financial statements. Based on available information to date, the Company does not expect that any such difference would be material with respect to the Company's consolidated financial position. Given the uncertainty inherent in litigation and investigations, the Company does not believe it is possible to develop estimates of reasonably possible losses (or a range of possible losses) in excess of current accruals for such matters. Considering the Company's past experience and existing accruals, the Company does not expect the outcome of such matters, either individually or in the aggregate, to have a material adverse effect on the Company's consolidated financial position. Because most contingencies are resolved over long periods of time, potential liabilities are subject to change due to new developments, changes in settlement strategy or the impact of evidentiary requirements, which could cause us to pay damage awards or settlements (or become subject to equitable remedies) that could have a material adverse effect on the Company's consolidated results of operations or operating cash flows in the periods recognized or paid. WARRANTIES AND GUARANTEES In the normal course of business, the Company issues product warranties and product performance guarantees. The Company accrues for the estimated cost of product warranties and performance guarantees based on contract terms and historical experience at the time of sale. Adjustments to initial obligations for warranties and guarantees are made as changes to the obligations become reasonably estimable. The following table summarizes information concerning the Company's recorded obligations for product warranties and product performance guarantees. Years Ended December 31, 2021 2020 2019 Beginning of year $ 243 $ 269 $ 310 Accruals for warranties/guarantees issued during the year 146 164 173 Adjustment of pre-existing warranties/guarantees (7) (18) (34) Settlement of warranty/guarantee claims (159) (172) (180) End of year $ 223 $ 243 $ 269 Product warranties and product performance guarantees are included in the following balance sheet accounts: December 31, 2021 2020 Accrued liabilities $ 180 $ 183 Other liabilities 43 60 $ 223 $ 243 |
PENSION AND OTHER POSTRETIREMEN
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
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 the Company's 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. The Company also sponsors 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 the Company's 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 the Company's 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 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 18,054 $ 17,283 $ 7,670 $ 6,897 Service cost 105 99 26 23 Interest cost 306 461 77 106 Plan amendments — — (3) 2 Actuarial (gains) losses (1) 141 1,331 (403) 509 Benefits paid (1,221) (1,100) (249) (246) Settlements and curtailments — (21) — — Foreign currency translation — — (121) 291 Other 6 1 2 88 Benefit obligation at end of year 17,391 18,054 6,999 7,670 Change in plan assets: Fair value of plan assets at beginning of year 20,396 18,995 8,450 7,307 Actual return on plan assets 1,344 2,475 166 918 Company contributions 35 46 101 116 Benefits paid (1,221) (1,100) (249) (246) Settlements and curtailments — (21) — — Foreign currency translation — — (74) 253 Other 6 1 2 102 Fair value of plan assets at end of year 20,560 20,396 8,396 8,450 Funded status of plans $ 3,169 $ 2,342 $ 1,397 $ 780 Amounts recognized in Consolidated Balance Sheet consist of: Prepaid pension benefit cost (2) $ 3,528 $ 2,695 $ 2,105 $ 1,688 Accrued pension liabilities—current (3) (33) (29) (14) (14) Accrued pension liabilities—noncurrent (4) (326) (324) (694) (894) Net amount recognized $ 3,169 $ 2,342 $ 1,397 $ 780 (1) The actuarial losses incurred in 2021 related to the Company's U.S. plans are primarily the result of changes in demographic experience and demographic assumptions, partially offset by actuarial gains due to an increase in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2021 compared to December 31, 2020. Actuarial gains incurred in 2021 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption used to estimate the benefit obligations as of December 31, 2021 compared to December 31, 2020. Actuarial losses incurred in 2020 related to the Company's 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. (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 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 229 $ 325 Service cost — — Interest cost 5 8 Plan amendments — (65) Actuarial (gains) losses (8) (8) Benefits paid (30) (31) Benefit obligation at end of year 196 229 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 $ (196) $ (229) Amounts recognized in Consolidated Balance Sheet consist of: Accrued liabilities $ (25) $ (27) Postretirement benefit obligations other than pensions (1) (171) (202) Net amount recognized $ (196) $ (229) (1) Excludes non-U.S. plan of $37 million and $40 million as of December 31, 2021 and 2020. Amounts recognized in Accumulated other comprehensive (income) loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2021 and 2020 are as follows: Pension Benefits U.S. Plans Non-U.S. Plans 2021 2020 2021 2020 Prior service (credit) cost $ (92) $ (134) $ 20 $ 23 Net actuarial (gain) loss 492 505 397 629 Net amount recognized $ 400 $ 371 $ 417 $ 652 Other 2021 2020 Prior service (credit) cost $ (92) $ (165) Net actuarial (gain) loss (34) (28) Net amount recognized $ (126) $ (193) 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 2021 2020 2019 2021 2020 2019 Service cost $ 105 $ 99 $ 82 $ 26 $ 23 $ 22 Interest cost 306 461 613 77 106 142 Expected return on plan assets (1,220) (1,135) (1,117) (348) (336) (331) Amortization of prior service (credit) cost (42) (42) (42) — — — Recognition of actuarial losses 31 26 35 9 18 88 Settlements and curtailments — 4 4 — — — Net periodic benefit (income) cost $ (820) $ (587) $ (425) $ (236) $ (189) $ (79) Other Changes in Plan Assets and U.S. Plans Non-U.S. Plans 2021 2020 2019 2021 2020 2019 Actuarial (gains) losses $ (14) $ (9) $ (277) $ (221) $ (73) $ 176 Prior service (credit) cost — — — (3) 2 — Prior service credit recognized during year 43 42 42 (1) — — Actuarial losses recognized during year — (30) (39) (9) (18) (88) Foreign currency translation — — — (1) 19 14 Total recognized in other comprehensive (income) loss $ 29 $ 3 $ (274) $ (235) $ (70) $ 102 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (791) $ (584) $ (699) $ (471) $ (259) $ 23 Net Periodic Benefit Cost Other Postretirement Benefits Years Ended December 31, 2021 2020 2019 Service cost $ — $ — $ — Interest cost 5 8 14 Amortization of prior service (credit) cost (74) (66) (62) Recognition of actuarial (gains) losses (2) — — Net periodic benefit (income) cost $ (71) $ (58) $ (48) Other Changes in Plan Assets and Benefits Obligations Years Ended December 31, 2021 2020 2019 Actuarial (gains) losses $ (8) $ (8) $ (16) Prior service (credit) cost — (65) (2) Prior service credit recognized during year 74 66 62 Actuarial (gains) losses recognized during year 2 — — Total recognized in other comprehensive (income) loss $ 68 $ (7) $ 44 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (3) $ (65) $ (4) Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for the Company's significant benefit plans are presented in the following table as weighted averages. Pension Benefits U.S. Plans Non-U.S. Plans 2021 2020 2019 2021 2020 2019 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.87 % 2.50 % 3.22 % 1.79 % 1.23 % 1.81 % Expected annual rate of compensation increase 3.25 % 3.25 % 3.25 % 2.56 % 2.43 % 2.47 % Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: Discount rate—benefit obligation 2.50 % 3.22 % 4.35 % 1.24 % 1.81 % 2.63 % Discount rate—service cost 2.68 % 3.33 % 4.47 % 1.00 % 1.48 % 2.26 % Discount rate—interest cost 1.76 % 2.76 % 3.94 % 1.00 % 1.56 % 2.34 % Expected rate of return on plan assets 6.15 % 6.15 % 6.75 % 4.03 % 4.66 % 5.14 % Expected annual rate of compensation increase 3.25 % 3.25 % 3.25 % 2.43 % 2.47 % 2.46 % Other Postretirement Benefits 2021 2020 2019 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.66 % 2.20 % 3.03 % Actuarial assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (1) 2.20 % 2.36 % 4.07 % (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 the Company's U.S. pension and other postretirement benefit plans, the Company uses a modeling process that involves matching the expected cash outflows of the Company's benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. The Company uses the single weighted-average yield of this hypothetical portfolio as a discount rate benchmark. The Company utilizes a full yield curve approach in the estimation of the service and interest cost components of net periodic pension benefit (income) for the Company's 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 the Company's U.S. pension plans, the single weighted average spot rates used to determine service and interest costs for 2022 are 2.97% and 2.26%. 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 6.40% for 2022, which represents an increase from the 6.15% assumption used for 2021. The Company's 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. The Company reviews 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 2021 2020 2021 2020 Projected benefit obligation $ 359 $ 353 $ 964 $ 2,116 Accumulated benefit obligation $ 346 $ 341 $ 932 $ 2,042 Fair value of plan assets $ — $ — $ 256 $ 1,208 The accumulated benefit obligation for the Company's U.S. defined benefit pension plans was $17.3 billion and $17.9 billion and for the Company's Non-U.S. defined benefit pension plans was $6.9 billion and $7.6 billion at December 31, 2021 and 2020. The Company's asset investment strategy for its U.S. pension plans focuses on maintaining a diversified portfolio using various asset classes in order to achieve the Company's long-term investment objectives on a risk adjusted basis. The Company's 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 inside 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 that follow several different strategies. The Company reviews its assets on a regular basis to ensure that the Company is 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. The Company's 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, 2021 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 3,251 $ 3,251 $ — $ — U.S. equities — — — — Fixed income: Short term investments 1,767 1,767 — — Government securities 1,373 — 1,373 — Corporate bonds 9,588 — 9,588 — Mortgage/Asset-backed securities 1,072 — 1,072 — Insurance contracts 8 — 8 — Direct investments: Direct private investments 1,336 — — 1,336 Real estate properties 843 — — 843 Total $ 19,238 $ 5,018 $ 12,041 $ 2,179 Investments measured at NAV: Private funds 1,244 Real estate funds 14 Commingled Funds 64 Total assets at fair value $ 20,560 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 Non-U.S. Plans December 31, 2021 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 229 $ 1 $ 228 $ — Non-U.S. equities 824 — 824 — Fixed income: Short-term investments 571 571 — — Government securities 3,893 — 3,893 — Corporate bonds 1,681 — 1,681 — Mortgage/Asset-backed securities 79 — 79 — Insurance contracts 123 — 123 — Insurance buy-in contracts 691 — — 691 Investments in private funds: Private funds 74 — 41 33 Real estate funds 163 — — 163 Total $ 8,328 $ 572 $ 6,869 $ 887 Investments measured at NAV: Private funds 17 Real estate funds 51 Total assets at fair value $ 8,396 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 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, 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 Actual return on plan assets: Relating to assets still held at year-end 11 96 4 23 (76) Relating to assets sold during the year 174 — — 4 — Purchases 194 99 — — — Sales and settlements (263) (3) — (11) — Balance at December 31, 2021 $ 1,336 $ 843 $ 33 $ 163 $ 691 The Company enters into futures contracts to gain exposure to certain markets. Sufficient cash or cash equivalents are held by the Company's pension plans to cover the notional value of the futures contracts. At December 31, 2021 and 2020, the Company's U.S. plans had contracts with notional amounts of $4,415 million and $3,673 million. At December 31, 2021 and 2020, the Company's non-U.S. plans had contracts with notional amounts of $311 million and $564 million, respectively. In both the Company's 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 2021, 2020, and 2019, the Company was not required to make contributions to the U.S. pension plans and no contributions were made. The Company is not required to make any contributions to the U.S. pension plans in 2022. In 2021, contributions of $94 million were made to the non-U.S. pension plans to satisfy regulatory funding requirements. In 2022, the Company expects to make contributions of cash and/or marketable securities of approximately $11 million to the non-U.S. pension plans to satisfy regulatory funding standards. Contributions for both the 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 2022 $ 1,135 $ 261 2023 1,124 263 2024 1,115 268 2025 1,107 275 2026 1,097 284 2027-2031 5,152 1,455 OTHER POSTRETIREMENT BENEFITS December 31, 2021 2020 Assumed health care cost trend rate: Health care cost trend rate assumed for next year 6.50 % 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 2022 $ 27 $ 25 2023 25 24 2024 14 14 2025 14 13 2026 13 12 2027-2031 57 53 |
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other (income) expense Text Block | Years Ended December 31, 2021 2020 2019 Interest income $ (102) $ (107) $ (255) Pension ongoing income—non-service (1,202) (901) (606) Other postretirement income—non-service (71) (57) (47) Equity income of affiliated companies (67) (66) (52) Loss (gain) on sale of non-strategic business and assets (102) 3 1 Foreign exchange 25 (68) (120) Expense related to UOP Matters 160 — — Reimbursement receivables charge — 509 — Other (net) (19) 12 14 $ (1,378) $ (675) $ (1,065) For more information on the UOP Matters and reimbursement receivables related to Garrett, see Note 19 Commitments and Contingencies. |
SEGMENT FINANCIAL DATA
SEGMENT FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Net Sales Aerospace Products $ 6,158 $ 7,194 $ 8,766 Services 4,868 4,350 5,288 Total 11,026 11,544 14,054 Honeywell Building Technologies Products 4,098 3,868 4,395 Services 1,441 1,321 1,322 Total 5,539 5,189 5,717 Performance Materials and Technologies Products 8,008 7,548 8,732 Services 2,005 1,875 2,102 Total 10,013 9,423 10,834 Safety and Productivity Solutions Products 7,379 6,127 5,736 Services 435 354 368 Total 7,814 6,481 6,104 Corporate and All Other Services — — — Total — — — $ 34,392 $ 32,637 $ 36,709 Depreciation and amortization Aerospace $ 278 $ 241 $ 234 Honeywell Building Technologies 67 55 63 Performance Materials and Technologies 454 440 493 Safety and Productivity Solutions 237 223 222 Corporate and All Other 102 44 76 $ 1,138 $ 1,003 $ 1,088 Segment Profit Aerospace $ 3,051 $ 2,904 $ 3,607 Honeywell Building Technologies 1,238 1,099 1,165 Performance Materials and Technologies 2,120 1,851 2,433 Safety and Productivity Solutions 1,029 907 790 Corporate and All Other (226) (96) (256) $ 7,212 $ 6,665 $ 7,739 Years Ended December 31, 2021 2020 2019 Capital expenditures Aerospace $ 284 $ 248 $ 272 Honeywell Building Technologies 62 66 43 Performance Materials and Technologies 265 252 314 Safety and Productivity Solutions 190 288 82 Corporate and All Other 94 52 128 $ 895 $ 906 $ 839 Total Assets Aerospace $ 11,490 $ 11,035 $ 11,378 Honeywell Building Technologies 6,543 6,351 5,968 Performance Materials and Technologies 18,021 16,772 16,888 Safety and Productivity Solutions 11,242 10,640 9,888 Corporate and All Other 17,174 19,788 14,557 $ 64,470 $ 64,586 $ 58,679 A reconciliation of segment profit to consolidated income before taxes are as follows: Years Ended December 31, 2021 2020 2019 Segment Profit $ 7,212 $ 6,665 $ 7,739 Interest and other financial charges (343) (359) (357) Stock compensation expense (1) (217) (168) (153) Pension ongoing income (expense) (2) 1,083 785 592 Pension mark-to-market expense (40) (44) (123) Other postretirement income (2) 71 57 47 Repositioning and other charges (3) (569) (575) (546) Other (4) 38 (349) 360 Income before taxes $ 7,235 $ 6,012 $ 7,559 (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, 2021 | |
Geographic Areas Financial Data [Abstract] | |
Geographic Areas - Financial Data | Net Sales (1) Long-lived Assets (2) Years Ended December 31, Years Ended December 31, 2021 2020 2019 2021 2020 2019 United States $ 20,662 $ 19,665 $ 21,910 $ 3,964 $ 3,823 $ 3,649 Europe 6,800 6,356 7,424 566 628 579 Other International 6,930 6,616 7,375 1,032 1,119 1,097 $ 34,392 $ 32,637 $ 36,709 $ 5,562 $ 5,570 $ 5,325 (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 $4,037 million, $4,000 million and $5,415 million for the years ended December 31, 2021, 2020 and 2019, respectively. (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, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Years Ended December 31, 2021 2020 2019 Net payments for repositioning and other charges: Severance and exit cost payments $ (382) $ (564) $ (249) Environmental payments (210) (216) (256) Reimbursement receipts 140 176 292 Insurance receipts for asbestos related liabilities 46 58 68 Asbestos related liability payments (286) (287) (231) $ (692) $ (833) $ (376) Interest paid, net of amounts capitalized $ 339 $ 329 $ 344 Income taxes paid, net of refunds 1,202 1,173 1,564 Non-cash investing and financing activities: Common stock contributed to savings plans 191 211 159 Marketable securities contributed to non-U.S. pension plans 81 93 — Impact of Quantinuum contribution (1) 460 — — Noncontrolling interest non-cash contribution (1) 419 — — Loan in exchange for prepaid assets 25 — — Receipt of Garrett Series B Preferred Stock (2) 577 — — (1) See Note 2 Acquisitions and Divestitures for additional information for non-cash amounts recognized related to the combination of Honeywell Quantum Solutions and Cambridge Quantum Computing to form Quantinuum, a newly formed entity, Honeywell consolidates as the controlling majority-owner. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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. The Company's consolidation policy requires equity investments that the Company exercises 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 the Company is not able to exercise significant influence over the investee and which the Company does 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 the Company's consolidated statement of operations, balance sheet and cash flows (Consolidated Financial Statements). In December 2019, the FASB issued ASU 2019-12, Simplifying 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 did not have a material impact on the Company's Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , to expand the scope of this guidance to include derivatives. 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 will apply the guidance to impacted transactions during the transition period. The Company does not expect the adoption of this standard to have a material impact on the Company’s Consolidated Financial Statements. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted. 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 the Company receives reimbursements. Amounts expensed as incurred for Company-sponsored research and development projects are included in Cost of products and services sold and were $1,333 million, $1,334 million and $1,556 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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 the Company's sales recognition policies. This revenue was $1,284 million, $1,200 million and $1,079 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
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. |
Inventories | INVENTORIES Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out (FIFO) basis. Carrying value adjustments for inventory obsolescence is equal to the difference between the cost and net realizable value. Net realizable value is the estimate selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. |
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 an d 3 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, or if a triggering event occurs 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. The Company completed its annual goodwill impairment test as of March 31, 2021, and determined that there was no impairment as of that date. The Company is 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 22 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. The Company 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 the Company's right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company 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. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. The Company primarily uses its 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, the Company considers 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 available. |
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. |
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 the Company expects 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. The Company recognizes revenue over time as the Company performs 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. The Company generally uses the cost-to-cost input method of progress for contracts because it best depicts the transfer of control to the customer that occurs as the Company incurs costs. Under the cost-to-cost input 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. The Company reviews its 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 the Company's 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 the Company's Consolidated Balance Sheet. Capitalized contract fulfillment costs were approximately $1.3 billion as of December 31, 2021 and 2020. The amounts recognized as Cost of products and services sold were approximately $0.1 billion for the years ended December 31, 2021, 2020 and 2019. Revenues for the Company's 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. The Company estimates variable consideration at the most likely amount the Company will receive from customers. The Company includes 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. The Company's estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. |
Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS The principal awards issued under the Company's stock-based compensation plans, which are described in Note 15 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 the Company's historical forfeiture rates. |
Income Taxes | INCOME TAXES Significant judgment is required in evaluating tax positions. The Company establishes 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. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of the Company's provision for income taxes. The Company continually assesses the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a change in estimate become known. For 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 19 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, the Company records asbestos related insurance recoveries that are deemed probable. For additional information, see Note 19 Commitments and Contingencies. |
Reimbursement Receivables [Policy Text Block] | REIMBURSEMENT RECEIVABLES In conjunction with the Resideo Technologies, Inc. (Resideo) spin-off, the Company entered into a reimbursement agreement under which Honeywell receives cash payments as reimbursement primarily related to net spending for environmental matters at certain sites as defined in the reimbursement agreement. Accordingly, the Company recorded receivables based on estimates of the underlying reimbursable Honeywell environmental spend, and the Company monitors the recoverability of such receivables, which are subject to the terms of applicable credit agreements and general ability to pay. |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue [Table Text Block] | Years Ended December 31, 2021 2020 2019 Aerospace Commercial Aviation Original Equipment $ 1,720 $ 1,940 $ 2,999 Commercial Aviation Aftermarket 4,155 3,812 5,761 Defense and Space 5,151 5,792 5,294 11,026 11,544 14,054 Honeywell Building Technologies Products 3,243 2,971 3,293 Building Solutions 2,296 2,218 2,424 5,539 5,189 5,717 Performance Materials and Technologies UOP 2,348 2,177 2,890 Process Solutions 4,611 4,590 5,146 Advanced Materials 3,054 2,656 2,798 10,013 9,423 10,834 Safety and Productivity Solutions Safety and Retail 2,387 2,414 2,215 Productivity Solutions and Services 1,610 1,270 1,285 Warehouse and Workflow Solutions 2,944 1,965 1,719 Advanced Sensing Technologies 873 832 885 7,814 6,481 6,104 Corporate and All Other — — — Net sales $ 34,392 $ 32,637 $ 36,709 Years Ended December 31, 2021 2020 2019 Products, transferred point in time 58 % 61 % 61 % Products, transferred over time 17 15 14 Net product sales 75 76 75 Services, transferred point in time 8 8 9 Services, transferred over time 17 16 16 Net service sales 25 24 25 Net sales 100 % 100 % 100 % |
Contract with Customer, Asset and Liability [Table Text Block] | 2021 2020 Contract assets—January 1 $ 1,618 $ 1,602 Contract assets—December 31 2,060 1,618 Change in contract assets—increase (decrease) $ 442 $ 16 Contract liabilities—January 1 $ (4,033) $ (3,501) Contract liabilities—December 31 (4,290) (4,033) Change in contract liabilities—(increase) decrease $ (257) $ (532) Net change $ 185 $ (516) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Table Text Block] | December 31, 2021 Aerospace $ 9,423 Honeywell Building Technologies 6,871 Performance Materials and Technologies 7,243 Safety and Productivity Solutions 4,143 Corporate and All Other (1) 2 $ 27,682 (1) The remaining performance obligations within Corporate and All Other relate to the Quantinuum business. |
REPOSITIONING AND OTHER CHARG_2
REPOSITIONING AND OTHER CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Repositioning and other charges text block | A summary of repositioning and other charges follows: Years Ended December 31, 2021 2020 2019 Severance $ 80 $ 475 $ 260 Asset impairments 117 21 95 Exit costs 134 69 83 Reserve adjustments (13) (47) (5) Total net repositioning charge 318 518 433 Asbestos related litigation charges, net of insurance and reimbursements 129 50 42 Probable and reasonably estimable environmental liabilities, net of reimbursements 22 27 59 Other charges 100 (20) 12 Total net repositioning and other charges $ 569 $ 575 $ 546 |
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 in the Consolidated Statement of Operations: Years Ended December 31, 2021 2020 2019 Cost of products and services sold $ 457 $ 308 $ 276 Selling, general and administrative expenses 112 267 270 Other (income) expense — — — $ 569 $ 575 $ 546 |
Pretax Impact of Total Net Repositioning and Other Charges by Segment | The following table summarizes the pre-tax amount of total net repositioning and other charges by segment. These amounts are excluded from segment profit as described in Note 22 Segment Financial Data. Years Ended December 31, 2021 2020 2019 Aerospace $ 62 $ 157 $ 33 Honeywell Building Technologies 13 100 108 Performance Materials and Technologies 24 167 93 Safety and Productivity Solutions 268 41 71 Corporate and All Other 202 110 241 $ 569 $ 575 $ 546 |
Total Repositioning Reserves | The following table summarizes the status of the Company's total repositioning reserves: Severance Asset Exit Total 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 Charges 80 117 134 331 Usage—cash (299) — (83) (382) Usage—noncash — (119) — (119) Divestitures — — — — Adjustments (14) 2 (1) (13) Foreign currency translation (5) — (2) (7) Balance at December 31, 2021 $ 289 $ — $ 122 $ 411 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income by region | Years Ended December 31, 2021 2020 2019 U.S. $ 3,955 $ 3,318 $ 4,178 Non-U.S. 3,280 2,694 3,381 $ 7,235 $ 6,012 $ 7,559 |
Tax Expense Current and Deferred | Years Ended December 31, 2021 2020 2019 Tax expense (benefit) consists of Current: U.S. Federal $ 415 $ 475 $ 8 U.S. State 146 79 43 Non-U.S. 886 768 1,099 $ 1,447 $ 1,322 $ 1,150 Deferred: U.S. Federal $ 173 $ 234 $ 332 U.S. State 37 39 63 Non-U.S. (32) (448) (216) 178 (175) 179 $ 1,625 $ 1,147 $ 1,329 Years Ended December 31, 2021 2020 2019 The U.S. federal statutory income tax rate is reconciled to the 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) (1.4) (0.8) (0.5) U.S. state income taxes (1) 1.5 1.3 1.1 Reserves for tax contingencies 2.2 (2.6) 2.0 Employee share-based payments (0.7) (1.2) (1.2) Reduction of certain receivables — 2.0 — U.S. Tax Cuts and Jobs Act — — (3.6) Restructuring (1.4) — — U.S. Valuation Allowance 2.0 0.1 — All other items—net (0.7) (0.7) (1.2) 22.5 % 19.1 % 17.6 % |
Effective income tax rate reconciliation | (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, 2021 2020 Postretirement benefits other than pensions $ 77 $ 85 Asbestos and environmental 468 508 Employee compensation and benefits 174 180 Lease liabilities 242 197 Other accruals and reserves 260 110 Net operating and capital losses 734 779 Capital loss limitation and carryover 151 — Tax credit carryforwards 164 219 Gross deferred tax assets 2,270 2,078 Valuation allowance (857) (766) Total deferred tax assets $ 1,413 $ 1,312 Deferred tax liabilities: Pension $ (948) $ (548) Property, plant and equipment (464) (437) Right-of-use asset (230) (184) Intangibles (883) (898) Unremitted earnings of foreign subsidiaries (426) (398) Other asset basis differences (334) (169) Other (2) (31) Total deferred tax liabilities (3,287) (2,665) Net deferred tax liability $ (1,874) $ (1,353) |
Summary of Operating Loss Carryforwards | Jurisdiction Expiration Net Operating Tax Credit U.S. Federal 2040 $ 684 $ 97 U.S. State 2040 390 21 Non-U.S. 2041 466 50 Non-U.S. Indefinite 2,185 — $ 3,725 $ 168 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. |
Change in unrecognized tax benefits | Years Ended December 31, 2021 2020 2019 Change in unrecognized tax benefits: Balance at beginning of year $ 991 $ 1,164 $ 1,089 Gross increases related to current period tax positions 93 94 51 Gross increases related to prior periods tax positions 39 68 83 Gross decreases related to prior periods tax positions (27) (256) (34) Decrease related to resolutions of audits with tax authorities (1) (35) (3) Expiration of the statute of limitations for the assessment of taxes (12) (76) (13) Foreign currency translation (22) 32 (9) Balance at end of year $ 1,061 $ 991 $ 1,164 |
Summary of Income Tax Examinations | Jurisdiction Open Tax Years Based on Originally Filed Returns Examination in progress Examination not yet initiated U.S. Federal 2017-2018 2019-2021 U.S. State 2013-2019 2017-2021 Australia n/a 2018-2021 Canada (1) 2015-2018 2019-2021 China 2011-2020 2021 France 2018-2020 2021 Germany (1) 2009-2018 2019-2021 India 1999-2020 2021 Italy 2012-2018 2019-2021 Netherlands n/a 2018-2021 Switzerland (1) 2016-2018 2019-2021 United Kingdom 2013-2019 2020-2021 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31, 2021 2020 Raw materials $ 1,352 $ 1,079 Work in process 861 798 Finished products 2,925 2,612 $ 5,138 $ 4,489 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT-NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Land and improvements $ 226 $ 259 Machinery and equipment 10,143 10,008 Buildings and improvements 3,225 3,245 Construction in progress 856 825 14,450 14,337 Less—Accumulated depreciation (8,888) (8,767) $ 5,562 $ 5,570 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES-NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Other Intangible Assets, Net (Tables) [Abstract] | |
Schedule of Goodwill [Table Text Block] | December 31, 2020 Acquisitions/ Currency December 31, 2021 Aerospace $ 2,378 $ 21 $ — $ 2,399 Honeywell Building Technologies 3,385 20 (88) 3,317 Performance Materials and Technologies 5,255 1,019 (136) 6,138 Safety and Productivity Solutions 5,040 (32) (47) 4,961 Corporate and All Other — 943 (2) 941 $ 16,058 $ 1,971 $ (273) $ 17,756 |
Acquired Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Determinable life intangibles: Patents and technology $ 2,345 $ (1,678) $ 667 $ 2,159 $ (1,595) $ 564 Customer relationships 4,045 (2,235) 1,810 3,889 (2,050) 1,839 Trademarks 356 (261) 95 327 (247) 80 Other 298 (271) 27 298 (267) 31 7,044 (4,445) 2,599 6,673 (4,159) 2,514 Indefinite life intangibles: Trademarks 1,014 — 1,014 1,046 — 1,046 $ 8,058 $ (4,445) $ 3,613 $ 7,719 $ (4,159) $ 3,560 |
Acquired Indefinite-Lived Intangible Assets [Table Text Block] | Other intangible assets are comprised of: December 31, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net Determinable life intangibles: Patents and technology $ 2,345 $ (1,678) $ 667 $ 2,159 $ (1,595) $ 564 Customer relationships 4,045 (2,235) 1,810 3,889 (2,050) 1,839 Trademarks 356 (261) 95 327 (247) 80 Other 298 (271) 27 298 (267) 31 7,044 (4,445) 2,599 6,673 (4,159) 2,514 Indefinite life intangibles: Trademarks 1,014 — 1,014 1,046 — 1,046 $ 8,058 $ (4,445) $ 3,613 $ 7,719 $ (4,159) $ 3,560 |
LONG-TERM DEBT AND CREDIT AGR_2
LONG-TERM DEBT AND CREDIT AGREEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Long Term Debt And Credit Agreements Tables [Abstract] | |
Long-Term Debt and Credit Agreements | December 31, 2021 2020 4.25% notes due 2021 $ — $ 800 1.85% notes due 2021 — 1,500 0.483% notes due 2022 500 2,500 2.15% notes due 2022 600 600 Floating rate notes due 2022 600 1,100 1.30% Euro notes due 2023 1,416 1,534 3.35% notes due 2023 300 300 0.00% Euro notes due 2024 566 614 2.30% notes due 2024 750 750 1.35% notes due 2025 1,250 1,250 2.50% notes due 2026 1,500 1,500 1.10% notes due 2027 1,000 — 2.25% Euro notes due 2028 849 920 2.70% notes due 2029 750 750 1.95% notes due 2030 1,000 1,000 1.75% notes due 2031 1,500 — 0.75% Euro notes due 2032 566 614 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 750 750 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), 8.2% weighted average interest rate maturing at various dates through 2026 121 266 16,057 18,787 Less-current portion (1,803) (2,445) $ 14,254 $ 16,342 |
Principal Payments on Long-Term Debt | The schedule of principal payments on long-term debt is as follows: December 31, 2021 2022 $ 1,803 2023 1,810 2024 1,344 2025 1,258 2026 1,503 Thereafter 8,339 16,057 Less-current portion (1,803) $ 14,254 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2021 2020 Operating lease cost $ 228 $ 214 Variable lease cost 14 18 Short-term lease cost 15 17 Finance lease cost: Amortization of right-of-use assets 65 69 Interest on lease liability 24 27 Total finance lease cost 89 96 Total lease cost $ 346 $ 345 Supplemental cash flow information related to leases was as follows: Years Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 215 $ 206 Operating cash flows for finance leases 24 32 Financing cash flows for finance leases 67 65 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 350 $ 245 Finance leases 32 27 Supplemental balance sheet information related to leases was as follows: December 31, 2021 2020 Operating leases: Other assets $ 947 $ 773 Accrued liabilities 185 187 Other liabilities 847 641 Total operating lease liabilities $ 1,032 $ 828 Finance leases: Property, plant and equipment $ 325 $ 357 Accumulated depreciation (177) (180) Property, plant and equipment—net $ 148 $ 177 Current maturities of long-term debt $ 57 $ 60 Long-term debt 99 124 Total finance lease liabilities $ 156 $ 184 Weighted-average remaining lease term: Operating leases 9 years 7 years Finance leases 3 years 3 years Weighted-average discount rate: Operating leases 2.3 % 2.9 % Finance leases 11.0 % 16.3 % |
Finance Lease, Liability, Maturity [Table Text Block] | As of December 31, 2021, maturities of lease liabilities were as follows: Operating Finance Leases 2022 $ 215 $ 77 2023 188 59 2024 153 47 2025 113 14 2026 91 — Thereafter 404 — Total lease payments 1,164 197 Less-interest (132) (41) Total $ 1,032 $ 156 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2021, maturities of lease liabilities were as follows: Operating Finance Leases 2022 $ 215 $ 77 2023 188 59 2024 153 47 2025 113 14 2026 91 — Thereafter 404 — Total lease payments 1,164 197 Less-interest (132) (41) Total $ 1,032 $ 156 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 December 31, 2020 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Derivatives in Fair Value Hedging Relationships: Interest rate swap agreements $ 3,150 $ 3,950 $ 60 $ 194 $ — $ — Derivatives in Cash Flow Hedging Relationships: Foreign currency exchange contracts 647 488 4 65 — (58) Derivatives in Net Investment Hedging Relationships: Foreign currency exchange contracts 746 806 92 45 — (1) Cross currency swap agreements 1,200 1,200 39 — — (50) Total Derivatives Designated as Hedging Instruments 5,743 6,444 195 304 — (109) Derivatives Not Designated as Hedging Instruments: Foreign currency exchange contracts 11,278 14,829 278 92 (282) (91) Total Derivatives at Fair Value $ 17,021 $ 21,273 $ 473 $ 396 $ (282) $ (200) All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Accrued liabilities or Other liabilities. |
Schedule of Derivative Instruments [Table Text Block] | Line in the Consolidated Balance Sheet of Hedged Item Carrying Amount Cumulative Amount of December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Long-term debt $ 3,210 $ 4,144 $ 60 $ 194 |
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, 2021 Net Sales Cost of Cost of Selling, general and administrative expenses Other Interest and Other $ 34,392 $ 18,344 $ 5,050 $ 4,798 $ (1,378) $ 343 Gain or (loss) on cash flow hedges: Foreign Currency Exchange Contracts: Amount reclassified from accumulated other comprehensive income into income 5 8 2 9 — — Gain or (loss) on fair value hedges: Interest Rate Swap Agreements: Hedged items — — — — — 135 Derivatives designated as hedges — — — — — (135) Gain or (loss) on net investment hedges: Foreign Currency Exchange Contracts: Amount excluded from effectiveness testing recognized in earnings using an amortization approach — — — — — 16 Gain or (loss) on derivatives not designated as hedging instruments: Foreign currency exchange contracts — — — — 195 — Year Ended December 31, 2020 Net Sales Cost of Cost of Services Sold Selling, general and administrative expenses Other Interest and Other $ 32,637 $ 17,638 $ 4,531 $ 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) 43 11 (4) 28 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 10 3 — 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 Net Sales Cost of Cost of Services Sold Selling, general and administrative expenses Other Interest and Other $ 36,709 $ 19,269 $ 5,070 $ 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 35 9 1 73 — Amount excluded from effectiveness testing recognized in earnings using an amortization approach — 16 6 — 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, 2021 2020 Euro-denominated long-term debt $ 284 $ (256) Euro-denominated commercial paper 57 (8) Cross currency swap 88 (109) Foreign currency exchange contracts 40 (94) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: December 31, 2021 2020 Assets: Foreign currency exchange contracts $ 374 $ 202 Available for sale investments 742 1,118 Interest rate swap agreements 60 194 Cross currency swap agreements 39 — Investments in equity securities 57 11 Liabilities: Foreign currency exchange contracts $ 282 $ 150 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, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Short-term investment $ 34 $ 34 $ — $ — Long-term receivables 170 152 137 132 Long-term investment 366 366 — — Liabilities: Long-term debt and related current maturities $ 16,057 $ 17,022 $ 18,787 $ 20,176 |
ACCRUED LIABILITIES (Tables)
ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities Current (Tables) [Abstract] | |
Accrued liabilities | December 31, 2021 2020 Customer advances and deferred income $ 3,163 $ 2,932 Compensation, benefit and other employee related 1,273 1,244 Repositioning 411 601 Asbestos related liabilities 261 300 Income taxes 393 307 Other taxes 269 281 Environmental costs 225 225 Operating lease liabilities 185 187 Product warranties and performance guarantees 180 183 Insurance 101 140 Accrued interest 100 102 Other (primarily operating expenses) 1,118 903 $ 7,679 $ 7,405 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Current (Tables) [Abstract] | |
Other liabilities | December 31, 2021 2020 Income taxes $ 2,152 $ 2,009 Pension and other employee related 1,672 1,923 Deferred income 1,324 1,356 Operating lease liabilities 847 641 Environmental 393 435 Insurance 299 280 Product warranties and performance guarantees 43 60 Asset retirement obligations 26 31 Other 331 240 $ 7,087 $ 6,975 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Income Statement Impact from Stock Options | Years Ended December 31, 2021 2020 2019 Compensation expense $ 55 $ 50 $ 47 Future income tax benefit recognized 11 10 10 |
Share based compensation fair value assumptions | Years Ended December 31, 2021 2020 2019 Weighted average fair value per share of options granted during the year (1) $ 32.42 $ 21.30 $ 21.57 Assumptions: Expected annual dividend yield 2.31 % 2.59 % 2.65 % Expected volatility 24.69 % 18.76 % 18.40 % Risk-free rate of return 0.48 % 1.32 % 2.46 % Expected option term (years) 4.54 4.62 4.87 (1) Estimated on date of grant using Black-Scholes option-pricing model. |
Stock Options Activity | Number of Weighted Average 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 Granted 2,065,574 204.99 Exercised (2,016,489) 113.01 Lapsed or canceled (764,675) 175.42 Outstanding at December 31, 2021 15,852,939 $ 135.31 Vested and expected to vest at December 31, 2021 (1) 14,694,701 $ 131.08 Exercisable at December 31, 2021 10,664,625 $ 113.30 (1) Represents the sum of vested options of 10.7 million and expected to vest options of 4.0 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 5.2 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 90,181 0.17 $ 56.97 $ 14 90,181 $ 56.97 $ 14 $65.00–$89.99 2,293,585 1.68 79.39 296 2,293,585 79.39 296 $90.00–$99.99 3,341,048 3.44 98.80 367 3,341,048 98.80 366 $100.00–$134.99 2,435,321 5.04 119.69 216 2,314,755 119.19 214 $135.00–$232.99 7,692,804 7.55 173.71 271 2,625,056 158.14 232 15,852,939 5.41 $ 135.28 $ 1,164 10,664,625 $ 113.30 $ 1,122 (1) Average remaining contractual life in years. |
Financial Statement Impact From Stock Options Exercised | Options Exercised Years Ended December 31, 2021 2020 2019 Intrinsic value (1) $ 219 $ 379 $ 483 Tax benefit realized 48 84 117 (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, 2021: Number of Weighted 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 Granted 992,854 214.61 Vested (1,123,547) 144.34 Forfeited (308,293) 156.74 Non-vested at December 31, 2021 2,957,536 $ 171.73 |
Income Statement Impact from RSUs | The following table summarizes the impact to the Consolidated Statement of Operations from RSUs: Years Ended December 31, 2021 2020 2019 Compensation expense $ 162 $ 118 $ 106 Future income tax benefit recognized 23 24 21 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share (Tables) [Abstract] | |
Earnings per share basic | Basic Years Ended December 31, 2021 2020 2019 Net income attributable to Honeywell $ 5,542 $ 4,779 $ 6,143 Weighted average shares outstanding 692.3 704.1 721.0 Earnings per share of common stock $ 8.01 $ 6.79 $ 8.52 |
Earnings per share diluted | Assuming Dilution Years Ended December 31, 2021 2020 2019 Net income attributable to Honeywell $ 5,542 $ 4,779 $ 6,143 Average Shares Weighted average shares outstanding 692.3 704.1 721.0 Dilutive securities issuable—stock plans 8.1 7.1 9.3 Total weighted average diluted shares outstanding 700.4 711.2 730.3 Earnings per share of common stock—assuming dilution $ 7.91 $ 6.72 $ 8.41 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated other comprehensive income (loss) | Pre-tax Tax After-Tax Year Ended December 31, 2021 Foreign exchange translation adjustment $ 302 $ — $ 302 Pensions and other postretirement benefit adjustments 245 (59) 186 Changes in fair value of available for sale investments (3) — (3) Changes in fair value of designated cash flow hedges (4) 1 (3) $ 540 $ (58) $ 482 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 COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) December 31, 2021 2020 Cumulative foreign exchange translation adjustment $ (2,478) $ (2,780) Pensions and other postretirement benefit adjustments (415) (601) Fair value adjustments of available for sale investments 1 4 Fair value adjustments of designated cash flow hedges (3) — $ (2,895) $ (3,377) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT Foreign Pension Changes in 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) Other comprehensive income (loss) before reclassifications 314 268 (3) 17 596 Amounts reclassified from accumulated other comprehensive income (12) (82) — (20) (114) Net current period other comprehensive income (loss) 302 186 (3) (3) 482 Balance at December 31, 2021 $ (2,478) $ (415) $ 1 $ (3) $ (2,895) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, 2021 Affected Line in the Consolidated Statement of Operations Net Sales Cost of Cost of Selling, general and administrative expenses Other Interest and Total Amortization of Pension and Other Postretirement Items: Actuarial losses recognized $ — $ — $ — $ — $ 7 $ — $ 7 Prior service (credit) recognized — — — — (116) — (116) Losses (gains) on cash flow hedges (5) (8) (2) (9) — — (24) Losses (gains) on excluded component of net investment hedges — — — — — (16) (16) Total before tax $ (5) $ (8) $ (2) $ (9) $ (109) $ (16) $ (149) Tax expense (benefit) 35 Total reclassifications for the period, net of tax $ (114) Year Ended December 31, 2020 Affected Line in the Consolidated Statement of Operations Net Sales Cost of Cost of Selling, general and administrative expenses Other Interest 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) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency | Years Ended December 31, 2021 2020 2019 Beginning of year $ 660 $ 709 $ 755 Accruals for environmental matters deemed probable and reasonably estimable 168 173 213 Environmental liability payments (210) (216) (256) Other — (6) (3) End of year $ 618 $ 660 $ 709 |
Environmental liabilities are included in the following balance sheet accounts: | Environmental liabilities are included in the following balance sheet accounts: December 31, 2021 2020 Accrued liabilities $ 225 $ 225 Other liabilities 393 435 $ 618 $ 660 |
Asbestos Related Liabilities | Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 1,441 $ 779 $ 2,220 $ 1,499 $ 858 $ 2,357 $ 1,623 $ 891 $ 2,514 Accrual for update to estimated liability 64 31 95 80 18 98 78 22 100 Change in estimated cost of future claims 29 — 29 42 — 42 (22) — (22) Update of expected resolution values for pending claims 3 — 3 10 — 10 (4) — (4) Asbestos related liability payments (165) (121) (286) (190) (97) (287) (176) (55) (231) End of year $ 1,372 $ 689 $ 2,061 $ 1,441 $ 779 $ 2,220 $ 1,499 $ 858 $ 2,357 |
Insurance Recoveries for Asbestos Related Liabilities | Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total Beginning of year $ 148 $ 254 $ 402 $ 153 $ 281 $ 434 $ 170 $ 307 $ 477 Probable insurance recoveries related to estimated liability 7 — 7 10 — 10 3 — 3 Insurance receipts for asbestos related liabilities (13) (33) (46) (33) (25) (58) (39) (29) (68) Insurance receivables settlements and write offs — — — 18 (2) 16 19 3 22 End of year $ 142 $ 221 $ 363 $ 148 $ 254 $ 402 $ 153 $ 281 $ 434 |
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, 2021 2020 Other current assets $ 41 $ 36 Insurance recoveries for asbestos related liabilities 322 366 $ 363 $ 402 Accrued liabilities $ 261 $ 300 Asbestos related liabilities 1,800 1,920 $ 2,061 $ 2,220 |
Schedule Of Bendix Loss Contingencies Litigation Claims Activity [Table Text Block] | Claims Activity Years Ended December 31, 2021 2020 Claims Unresolved at the beginning of year 6,242 6,480 Claims Filed 2,611 2,233 Claims Resolved (2,452) (2,471) Claims Unresolved at the end of year 6,401 6,242 |
Bendix related disease distribution of claims | Disease Distribution of Unresolved Claims Years Ended December 31, 2021 2020 Mesothelioma and Other Cancer Claims 3,760 3,422 Nonmalignant Claims 2,641 2,820 Total Claims 6,401 6,242 |
Bendix related average resolution values per asbestos claim | Honeywell has experienced average resolution values per claim excluding legal costs as follows: Years Ended December 31, 2021 2020 2019 2018 2017 (in whole dollars) Malignant claims $ 56,000 $ 61,500 $ 50,200 $ 55,300 $ 56,000 Nonmalignant claims $ 400 $ 550 $ 3,900 $ 4,700 $ 2,800 |
Movement In Standard Product Warranty Rollforward And Balances | Years Ended December 31, 2021 2020 2019 Beginning of year $ 243 $ 269 $ 310 Accruals for warranties/guarantees issued during the year 146 164 173 Adjustment of pre-existing warranties/guarantees (7) (18) (34) Settlement of warranty/guarantee claims (159) (172) (180) End of year $ 223 $ 243 $ 269 Product warranties and product performance guarantees are included in the following balance sheet accounts: December 31, 2021 2020 Accrued liabilities $ 180 $ 183 Other liabilities 43 60 $ 223 $ 243 |
PENSION AND OTHER POSTRETIREM_2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans Disclosure | Pension Benefits U.S. Plans Non-U.S. Plans 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 18,054 $ 17,283 $ 7,670 $ 6,897 Service cost 105 99 26 23 Interest cost 306 461 77 106 Plan amendments — — (3) 2 Actuarial (gains) losses (1) 141 1,331 (403) 509 Benefits paid (1,221) (1,100) (249) (246) Settlements and curtailments — (21) — — Foreign currency translation — — (121) 291 Other 6 1 2 88 Benefit obligation at end of year 17,391 18,054 6,999 7,670 Change in plan assets: Fair value of plan assets at beginning of year 20,396 18,995 8,450 7,307 Actual return on plan assets 1,344 2,475 166 918 Company contributions 35 46 101 116 Benefits paid (1,221) (1,100) (249) (246) Settlements and curtailments — (21) — — Foreign currency translation — — (74) 253 Other 6 1 2 102 Fair value of plan assets at end of year 20,560 20,396 8,396 8,450 Funded status of plans $ 3,169 $ 2,342 $ 1,397 $ 780 Amounts recognized in Consolidated Balance Sheet consist of: Prepaid pension benefit cost (2) $ 3,528 $ 2,695 $ 2,105 $ 1,688 Accrued pension liabilities—current (3) (33) (29) (14) (14) Accrued pension liabilities—noncurrent (4) (326) (324) (694) (894) Net amount recognized $ 3,169 $ 2,342 $ 1,397 $ 780 (1) The actuarial losses incurred in 2021 related to the Company's U.S. plans are primarily the result of changes in demographic experience and demographic assumptions, partially offset by actuarial gains due to an increase in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2021 compared to December 31, 2020. Actuarial gains incurred in 2021 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption used to estimate the benefit obligations as of December 31, 2021 compared to December 31, 2020. Actuarial losses incurred in 2020 related to the Company's 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. (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 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 229 $ 325 Service cost — — Interest cost 5 8 Plan amendments — (65) Actuarial (gains) losses (8) (8) Benefits paid (30) (31) Benefit obligation at end of year 196 229 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 $ (196) $ (229) Amounts recognized in Consolidated Balance Sheet consist of: Accrued liabilities $ (25) $ (27) Postretirement benefit obligations other than pensions (1) (171) (202) Net amount recognized $ (196) $ (229) (1) Excludes non-U.S. plan of $37 million and $40 million as of December 31, 2021 and 2020. |
Other Changes in Plan Assets Recognized in Other Comprehensive Income | Pension Benefits U.S. Plans Non-U.S. Plans 2021 2020 2021 2020 Prior service (credit) cost $ (92) $ (134) $ 20 $ 23 Net actuarial (gain) loss 492 505 397 629 Net amount recognized $ 400 $ 371 $ 417 $ 652 Other 2021 2020 Prior service (credit) cost $ (92) $ (165) Net actuarial (gain) loss (34) (28) Net amount recognized $ (126) $ (193) |
Net Periodic Benefit Cost | Net Periodic Benefit Cost Pension Benefits U.S. Plans Non-U.S. Plans 2021 2020 2019 2021 2020 2019 Service cost $ 105 $ 99 $ 82 $ 26 $ 23 $ 22 Interest cost 306 461 613 77 106 142 Expected return on plan assets (1,220) (1,135) (1,117) (348) (336) (331) Amortization of prior service (credit) cost (42) (42) (42) — — — Recognition of actuarial losses 31 26 35 9 18 88 Settlements and curtailments — 4 4 — — — Net periodic benefit (income) cost $ (820) $ (587) $ (425) $ (236) $ (189) $ (79) Other Changes in Plan Assets and U.S. Plans Non-U.S. Plans 2021 2020 2019 2021 2020 2019 Actuarial (gains) losses $ (14) $ (9) $ (277) $ (221) $ (73) $ 176 Prior service (credit) cost — — — (3) 2 — Prior service credit recognized during year 43 42 42 (1) — — Actuarial losses recognized during year — (30) (39) (9) (18) (88) Foreign currency translation — — — (1) 19 14 Total recognized in other comprehensive (income) loss $ 29 $ 3 $ (274) $ (235) $ (70) $ 102 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (791) $ (584) $ (699) $ (471) $ (259) $ 23 Net Periodic Benefit Cost Other Postretirement Benefits Years Ended December 31, 2021 2020 2019 Service cost $ — $ — $ — Interest cost 5 8 14 Amortization of prior service (credit) cost (74) (66) (62) Recognition of actuarial (gains) losses (2) — — Net periodic benefit (income) cost $ (71) $ (58) $ (48) Other Changes in Plan Assets and Benefits Obligations Years Ended December 31, 2021 2020 2019 Actuarial (gains) losses $ (8) $ (8) $ (16) Prior service (credit) cost — (65) (2) Prior service credit recognized during year 74 66 62 Actuarial (gains) losses recognized during year 2 — — Total recognized in other comprehensive (income) loss $ 68 $ (7) $ 44 Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss $ (3) $ (65) $ (4) |
Assumptions Used in Calculations | Pension Benefits U.S. Plans Non-U.S. Plans 2021 2020 2019 2021 2020 2019 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.87 % 2.50 % 3.22 % 1.79 % 1.23 % 1.81 % Expected annual rate of compensation increase 3.25 % 3.25 % 3.25 % 2.56 % 2.43 % 2.47 % Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: Discount rate—benefit obligation 2.50 % 3.22 % 4.35 % 1.24 % 1.81 % 2.63 % Discount rate—service cost 2.68 % 3.33 % 4.47 % 1.00 % 1.48 % 2.26 % Discount rate—interest cost 1.76 % 2.76 % 3.94 % 1.00 % 1.56 % 2.34 % Expected rate of return on plan assets 6.15 % 6.15 % 6.75 % 4.03 % 4.66 % 5.14 % Expected annual rate of compensation increase 3.25 % 3.25 % 3.25 % 2.43 % 2.47 % 2.46 % Other Postretirement Benefits 2021 2020 2019 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate 2.66 % 2.20 % 3.03 % Actuarial assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate (1) 2.20 % 2.36 % 4.07 % (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 2021 2020 2021 2020 Projected benefit obligation $ 359 $ 353 $ 964 $ 2,116 Accumulated benefit obligation $ 346 $ 341 $ 932 $ 2,042 Fair value of plan assets $ — $ — $ 256 $ 1,208 |
Fair Value of Plan Assets | U.S. Plans December 31, 2021 Total Level 1 Level 2 Level 3 Equities: Honeywell common stock $ 3,251 $ 3,251 $ — $ — U.S. equities — — — — Fixed income: Short term investments 1,767 1,767 — — Government securities 1,373 — 1,373 — Corporate bonds 9,588 — 9,588 — Mortgage/Asset-backed securities 1,072 — 1,072 — Insurance contracts 8 — 8 — Direct investments: Direct private investments 1,336 — — 1,336 Real estate properties 843 — — 843 Total $ 19,238 $ 5,018 $ 12,041 $ 2,179 Investments measured at NAV: Private funds 1,244 Real estate funds 14 Commingled Funds 64 Total assets at fair value $ 20,560 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 Non-U.S. Plans December 31, 2021 Total Level 1 Level 2 Level 3 Equities: U.S. equities $ 229 $ 1 $ 228 $ — Non-U.S. equities 824 — 824 — Fixed income: Short-term investments 571 571 — — Government securities 3,893 — 3,893 — Corporate bonds 1,681 — 1,681 — Mortgage/Asset-backed securities 79 — 79 — Insurance contracts 123 — 123 — Insurance buy-in contracts 691 — — 691 Investments in private funds: Private funds 74 — 41 33 Real estate funds 163 — — 163 Total $ 8,328 $ 572 $ 6,869 $ 887 Investments measured at NAV: Private funds 17 Real estate funds 51 Total assets at fair value $ 8,396 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 |
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, 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 Actual return on plan assets: Relating to assets still held at year-end 11 96 4 23 (76) Relating to assets sold during the year 174 — — 4 — Purchases 194 99 — — — Sales and settlements (263) (3) — (11) — Balance at December 31, 2021 $ 1,336 $ 843 $ 33 $ 163 $ 691 |
Estimated Future Benefit Payments | U.S. Plans Non-U.S. Plans 2022 $ 1,135 $ 261 2023 1,124 263 2024 1,115 268 2025 1,107 275 2026 1,097 284 2027-2031 5,152 1,455 |
Assumed Health Care Cost Trend Rates | December 31, 2021 2020 Assumed health care cost trend rate: Health care cost trend rate assumed for next year 6.50 % 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 2022 $ 27 $ 25 2023 25 24 2024 14 14 2025 14 13 2026 13 12 2027-2031 57 53 |
OTHER (INCOME) EXPENSE (Tables)
OTHER (INCOME) EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other (income) expense | Years Ended December 31, 2021 2020 2019 Interest income $ (102) $ (107) $ (255) Pension ongoing income—non-service (1,202) (901) (606) Other postretirement income—non-service (71) (57) (47) Equity income of affiliated companies (67) (66) (52) Loss (gain) on sale of non-strategic business and assets (102) 3 1 Foreign exchange 25 (68) (120) Expense related to UOP Matters 160 — — Reimbursement receivables charge — 509 — Other (net) (19) 12 14 $ (1,378) $ (675) $ (1,065) |
SEGMENT FINANCIAL DATA (Tables)
SEGMENT FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Financial Data | Years Ended December 31, 2021 2020 2019 Net Sales Aerospace Products $ 6,158 $ 7,194 $ 8,766 Services 4,868 4,350 5,288 Total 11,026 11,544 14,054 Honeywell Building Technologies Products 4,098 3,868 4,395 Services 1,441 1,321 1,322 Total 5,539 5,189 5,717 Performance Materials and Technologies Products 8,008 7,548 8,732 Services 2,005 1,875 2,102 Total 10,013 9,423 10,834 Safety and Productivity Solutions Products 7,379 6,127 5,736 Services 435 354 368 Total 7,814 6,481 6,104 Corporate and All Other Services — — — Total — — — $ 34,392 $ 32,637 $ 36,709 Depreciation and amortization Aerospace $ 278 $ 241 $ 234 Honeywell Building Technologies 67 55 63 Performance Materials and Technologies 454 440 493 Safety and Productivity Solutions 237 223 222 Corporate and All Other 102 44 76 $ 1,138 $ 1,003 $ 1,088 Segment Profit Aerospace $ 3,051 $ 2,904 $ 3,607 Honeywell Building Technologies 1,238 1,099 1,165 Performance Materials and Technologies 2,120 1,851 2,433 Safety and Productivity Solutions 1,029 907 790 Corporate and All Other (226) (96) (256) $ 7,212 $ 6,665 $ 7,739 Years Ended December 31, 2021 2020 2019 Capital expenditures Aerospace $ 284 $ 248 $ 272 Honeywell Building Technologies 62 66 43 Performance Materials and Technologies 265 252 314 Safety and Productivity Solutions 190 288 82 Corporate and All Other 94 52 128 $ 895 $ 906 $ 839 Total Assets Aerospace $ 11,490 $ 11,035 $ 11,378 Honeywell Building Technologies 6,543 6,351 5,968 Performance Materials and Technologies 18,021 16,772 16,888 Safety and Productivity Solutions 11,242 10,640 9,888 Corporate and All Other 17,174 19,788 14,557 $ 64,470 $ 64,586 $ 58,679 |
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, 2021 2020 2019 Segment Profit $ 7,212 $ 6,665 $ 7,739 Interest and other financial charges (343) (359) (357) Stock compensation expense (1) (217) (168) (153) Pension ongoing income (expense) (2) 1,083 785 592 Pension mark-to-market expense (40) (44) (123) Other postretirement income (2) 71 57 47 Repositioning and other charges (3) (569) (575) (546) Other (4) 38 (349) 360 Income before taxes $ 7,235 $ 6,012 $ 7,559 (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, 2021 | |
Geographic Areas Financial Data [Abstract] | |
Geographic Areas Financial Data | Net Sales (1) Long-lived Assets (2) Years Ended December 31, Years Ended December 31, 2021 2020 2019 2021 2020 2019 United States $ 20,662 $ 19,665 $ 21,910 $ 3,964 $ 3,823 $ 3,649 Europe 6,800 6,356 7,424 566 628 579 Other International 6,930 6,616 7,375 1,032 1,119 1,097 $ 34,392 $ 32,637 $ 36,709 $ 5,562 $ 5,570 $ 5,325 (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 $4,037 million, $4,000 million and $5,415 million for the years ended December 31, 2021, 2020 and 2019, respectively. (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, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Years Ended December 31, 2021 2020 2019 Net payments for repositioning and other charges: Severance and exit cost payments $ (382) $ (564) $ (249) Environmental payments (210) (216) (256) Reimbursement receipts 140 176 292 Insurance receipts for asbestos related liabilities 46 58 68 Asbestos related liability payments (286) (287) (231) $ (692) $ (833) $ (376) Interest paid, net of amounts capitalized $ 339 $ 329 $ 344 Income taxes paid, net of refunds 1,202 1,173 1,564 Non-cash investing and financing activities: Common stock contributed to savings plans 191 211 159 Marketable securities contributed to non-U.S. pension plans 81 93 — Impact of Quantinuum contribution (1) 460 — — Noncontrolling interest non-cash contribution (1) 419 — — Loan in exchange for prepaid assets 25 — — Receipt of Garrett Series B Preferred Stock (2) 577 — — (1) See Note 2 Acquisitions and Divestitures for additional information for non-cash amounts recognized related to the combination of Honeywell Quantum Solutions and Cambridge Quantum Computing to form Quantinuum, a newly formed entity, Honeywell consolidates as the controlling majority-owner. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Assets With Determinable Lives [Line Items] | |||
Research and development expense | $ 1,333 | $ 1,334 | $ 1,556 |
Customer-sponsored research and development | 1,284 | 1,200 | 1,079 |
Capitalized contract fulfillment costs | 1,300 | 1,300 | |
Capitalized Contract amounts recognized as Cost of products and services sold | 100 | 100 | $ 100 |
Lease liabilities | 242 | 197 | |
Right-of-use-assets | $ 230 | $ 184 | |
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 | 22 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 | 3 | ||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 17,756,000,000 | $ 16,058,000,000 | |
Assets | 64,470,000,000 | 64,586,000,000 | $ 58,679,000,000 |
Non-cash adjustment to APIC | 460,000,000 | 0 | 0 |
Noncontrolling interest non-cash contribution | 419,000,000 | 0 | 0 |
Divestiture [Abstract] | |||
Pretax gain on sale | 102,000,000 | (3,000,000) | (1,000,000) |
Income before taxes | 7,235,000,000 | 6,012,000,000 | 7,559,000,000 |
Proceeds from sales of businesses, net of fees paid | $ 203,000,000 | 0 | $ 0 |
Honeywell International [Member] | |||
Business Acquisition [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 4.20% | ||
Retail Footwear [Member] | |||
Divestiture [Abstract] | |||
Pretax gain on sale | $ 95,000,000 | ||
Proceeds from sales of businesses, net of fees paid | $ 230,000,000 | ||
Total Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 261,000,000 | ||
Sparta Systems [Member] | |||
Business Acquisition [Line Items] | |||
Name of acquired entity | Sparta Systems | ||
Purchase price | $ 1,303,000,000 | ||
Goodwill | $ 1,011,000,000 | ||
Controlling Interest Ownership Percentage By Parent | 100.00% | ||
Intangible Assets | $ 383,000,000 | ||
Quantinuum [Member] | |||
Business Acquisition [Line Items] | |||
Name of acquired entity | Quantinuum | ||
Goodwill | $ 943,000,000 | ||
Intangible Assets | 90,000,000 | ||
Payments to Acquire Interest in Joint Venture | 270,000,000 | ||
Non-cash adjustment to APIC | 460,000,000 | ||
Fair value adjustment of initial ownership interest in acquired entity | $ 22,000,000 | ||
Quantinuum [Member] | Honeywell International [Member] | |||
Business Acquisition [Line Items] | |||
Controlling Interest Ownership Percentage By Parent | 54.00% | ||
Noncontrolling Interest, Ownership Percentage by Parent | 4.20% | ||
Quantinuum [Member] | Cambridge Quantum Computing [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Interest in Joint Venture | $ 12,000,000 | ||
Noncontrolling interest non-cash contribution | $ 419,000,000 | ||
Rocky Research And Sine Group [Member] | |||
Business Acquisition [Line Items] | |||
Name of acquired entity | Rocky Research and Sine Group | ||
Goodwill | $ 167,000,000 |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 34,392,000,000 | $ 32,637,000,000 | $ 36,709,000,000 |
Disaggregation of revenue, timing of recognition - percentage | 100.00% | 100.00% | 100.00% |
Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 25,643,000,000 | $ 24,737,000,000 | $ 27,629,000,000 |
Disaggregation of revenue, timing of recognition - percentage | 75.00% | 76.00% | 75.00% |
Products [Member] | Transferred at Point in Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of revenue, timing of recognition - percentage | 58.00% | 61.00% | 61.00% |
Products [Member] | Transferred over Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of revenue, timing of recognition - percentage | 17.00% | 15.00% | 14.00% |
Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 8,749,000,000 | $ 7,900,000,000 | $ 9,080,000,000 |
Disaggregation of revenue, timing of recognition - percentage | 25.00% | 24.00% | 25.00% |
Services [Member] | Transferred at Point in Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of revenue, timing of recognition - percentage | 8.00% | 8.00% | 9.00% |
Services [Member] | Transferred over Time [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregation of revenue, timing of recognition - percentage | 17.00% | 16.00% | 16.00% |
Corporate and All Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
Corporate and All Other [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Aerospace [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 11,026,000,000 | 11,544,000,000 | 14,054,000,000 |
Aerospace [Member] | Commercial Aviation Original Equipment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,720,000,000 | 1,940,000,000 | 2,999,000,000 |
Aerospace [Member] | Commercial Aviation Aftermarket [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,155,000,000 | 3,812,000,000 | 5,761,000,000 |
Aerospace [Member] | Defense and Space [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,151,000,000 | 5,792,000,000 | 5,294,000,000 |
Aerospace [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 6,158,000,000 | 7,194,000,000 | 8,766,000,000 |
Aerospace [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,868,000,000 | 4,350,000,000 | 5,288,000,000 |
Honeywell Building Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,539,000,000 | 5,189,000,000 | 5,717,000,000 |
Honeywell Building Technologies [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,243,000,000 | 2,971,000,000 | 3,293,000,000 |
Honeywell Building Technologies [Member] | Building Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,296,000,000 | 2,218,000,000 | 2,424,000,000 |
Honeywell Building Technologies [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,098,000,000 | 3,868,000,000 | 4,395,000,000 |
Honeywell Building Technologies [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,441,000,000 | 1,321,000,000 | 1,322,000,000 |
Performance Materials And Technologies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,013,000,000 | 9,423,000,000 | 10,834,000,000 |
Performance Materials And Technologies [Member] | UOP [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,348,000,000 | 2,177,000,000 | 2,890,000,000 |
Performance Materials And Technologies [Member] | Process Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,611,000,000 | 4,590,000,000 | 5,146,000,000 |
Performance Materials And Technologies [Member] | Specialty Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,054,000,000 | 2,656,000,000 | 2,798,000,000 |
Performance Materials And Technologies [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,008,000,000 | 7,548,000,000 | 8,732,000,000 |
Performance Materials And Technologies [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,005,000,000 | 1,875,000,000 | 2,102,000,000 |
Safety And Productivity Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 7,814,000,000 | 6,481,000,000 | 6,104,000,000 |
Safety And Productivity Solutions [Member] | Safety and Retail [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,387,000,000 | 2,414,000,000 | 2,215,000,000 |
Safety And Productivity Solutions [Member] | Productivity Solutions and Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,610,000,000 | 1,270,000,000 | 1,285,000,000 |
Safety And Productivity Solutions [Member] | Warehouse and Workflow Solutions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,944,000,000 | 1,965,000,000 | 1,719,000,000 |
Safety And Productivity Solutions [Member] | Advanced Sensing Technologies | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 873,000,000 | 832,000,000 | 885,000,000 |
Safety And Productivity Solutions [Member] | Products [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 7,379,000,000 | 6,127,000,000 | 5,736,000,000 |
Safety And Productivity Solutions [Member] | Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 435,000,000 | $ 354,000,000 | $ 368,000,000 |
REVENUE RECOGNITION AND CONTR_4
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS 2 (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Jan. 01, 2019 | |
Change in Contract with Customer, Asset and Liability [Abstract] | ||||
Contract assets | $ 2,060 | $ 1,618 | $ 1,618 | $ 1,602 |
Contract with Customer, Asset, Reclassified to Receivable | 442 | 16 | ||
Contract liability | (4,290) | (4,033) | $ (4,033) | $ (3,501) |
Change in contract liability - (increase) decrease | (257) | (532) | ||
Net change | 185 | (516) | ||
Contract With Customer Liability Revenue Recognized | 1,925 | 1,709 | ||
Unbilled Contracts Receivable | $ 2,035 | $ 1,589 |
REVENUE RECOGNITION AND CONTR_5
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS 3 (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 27,682 |
Within One Year [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 59.00% |
Greater Than One Year [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Percentage | 41.00% |
Corporate and All Other [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 2 |
Aerospace [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | 9,423 |
Honeywell Building Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | 6,871 |
Performance Materials And Technologies [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | 7,243 |
Safety And Productivity Solutions [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation - amount | $ 4,143 |
REPOSITIONING AND OTHER CHARG_3
REPOSITIONING AND OTHER CHARGES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | $ 318 | $ 518 | $ 433 |
Asbestos related litigation charges, net of insurance and reimbursements | 129 | 50 | 42 |
Probable and reasonably estimable environmental liabilities, net of reimbursements | 22 | 27 | 59 |
Other charges | 100 | (20) | 12 |
Total net repositioning and other charges | 569 | 575 | 546 |
Severance [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 80 | 475 | 260 |
Asset Impairments [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 117 | 21 | 95 |
Exit costs [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | 134 | 69 | 83 |
Reserve Adjustments [Member] | |||
Component of Operating Other Cost and Expense [Abstract] | |||
Total net repositioning charge | $ (13) | $ (47) | $ (5) |
REPOSITIONING AND OTHER CHARG_4
REPOSITIONING AND OTHER CHARGES 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | $ 569,000,000 | $ 575,000,000 | $ 546,000,000 |
Cost of products and services sold [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | 457,000,000 | 308,000,000 | 276,000,000 |
Selling, general and administrative expenses [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | 112,000,000 | 267,000,000 | 270,000,000 |
Other (Income) Expense [Member] | |||
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
Total net repositioning charges | $ 0 | $ 0 | $ 0 |
REPOSITIONING AND OTHER CHARG_5
REPOSITIONING AND OTHER CHARGES 3 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | $ 569 | $ 575 | $ 546 |
Corporate and All Other [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 202 | 110 | 241 |
Aerospace [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 62 | 157 | 33 |
Honeywell Building Technologies [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 13 | 100 | 108 |
Performance Materials And Technologies [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | 24 | 167 | 93 |
Safety And Productivity Solutions [Member] | |||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | |||
Total net repositioning charges | $ 268 | $ 41 | $ 71 |
REPOSITIONING AND OTHER CHARG_6
REPOSITIONING AND OTHER CHARGES 4 (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)Employees | Dec. 31, 2020USD ($)Employees | Dec. 31, 2019USD ($)Employees | Dec. 31, 2018USD ($) | |
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | $ 411,000,000 | $ 601,000,000 | $ 651,000,000 | $ 566,000,000 |
Repositioning Charges | 331,000,000 | 565,000,000 | 438,000,000 | |
Severance and exit cost payments | (382,000,000) | (564,000,000) | (249,000,000) | |
Usage - noncash | (119,000,000) | (21,000,000) | (100,000,000) | |
Divestitures | 0 | 0 | 0 | |
Adjustments | (13,000,000) | (47,000,000) | (5,000,000) | |
Foreign currency translation | (7,000,000) | 17,000,000 | 1,000,000 | |
Restructuring and Related Cost, Incurred Cost | 318,000,000 | 518,000,000 | 433,000,000 | |
Other charges | (100,000,000) | 20,000,000 | (12,000,000) | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | $ 331,000,000 | $ 565,000,000 | $ 438,000,000 | |
Number Of Employees Severed | Employees | 6,432 | 14,159 | 5,336 | |
Severance [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | $ 289,000,000 | $ 527,000,000 | $ 555,000,000 | 489,000,000 |
Repositioning Charges | 80,000,000 | 475,000,000 | 260,000,000 | |
Severance and exit cost payments | (299,000,000) | (474,000,000) | (186,000,000) | |
Usage - noncash | 0 | 0 | 0 | |
Divestitures | 0 | 0 | 0 | |
Adjustments | (14,000,000) | (44,000,000) | (8,000,000) | |
Foreign currency translation | (5,000,000) | 15,000,000 | 0 | |
Restructuring and Related Cost, Incurred Cost | 80,000,000 | 475,000,000 | 260,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | 80,000,000 | 475,000,000 | 260,000,000 | |
Asset Impairments [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | 0 | 0 | 0 | 0 |
Repositioning Charges | 117,000,000 | 21,000,000 | 95,000,000 | |
Severance and exit cost payments | 0 | 0 | 0 | |
Usage - noncash | (119,000,000) | (21,000,000) | (100,000,000) | |
Divestitures | 0 | 0 | 0 | |
Adjustments | 2,000,000 | 0 | 5,000,000 | |
Foreign currency translation | 0 | 0 | 0 | |
Restructuring and Related Cost, Incurred Cost | 117,000,000 | 21,000,000 | 95,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | 117,000,000 | 21,000,000 | 95,000,000 | |
Exit costs [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring Reserve | 122,000,000 | 74,000,000 | 96,000,000 | $ 77,000,000 |
Repositioning Charges | 134,000,000 | 69,000,000 | 83,000,000 | |
Severance and exit cost payments | (83,000,000) | (90,000,000) | (63,000,000) | |
Usage - noncash | 0 | 0 | 0 | |
Divestitures | 0 | 0 | 0 | |
Adjustments | (1,000,000) | (3,000,000) | (2,000,000) | |
Foreign currency translation | (2,000,000) | 2,000,000 | 1,000,000 | |
Restructuring and Related Cost, Incurred Cost | 134,000,000 | 69,000,000 | 83,000,000 | |
Net repositioning and other charges Paragraph Details [Abstract] | ||||
Repositioning Charges | 134,000,000 | 69,000,000 | 83,000,000 | |
Reserve Adjustments [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Restructuring and Related Cost, Incurred Cost | (13,000,000) | $ (47,000,000) | $ (5,000,000) | |
COVID-19 Related [Member] | ||||
Net Repositioning And Other Charges [Line Items] | ||||
Other charges | $ 105,000,000 |
REPOSITIONING AND OTHER CHARG_7
REPOSITIONING AND OTHER CHARGES 5 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Reserve Disclosures [Line Items] | |||
Balance at beginning of period, | $ 601,000,000 | $ 651,000,000 | $ 566,000,000 |
Repositioning Charges | 331,000,000 | 565,000,000 | 438,000,000 |
Severance and exit cost payments | (382,000,000) | (564,000,000) | (249,000,000) |
Usage - noncash | (119,000,000) | (21,000,000) | (100,000,000) |
Divestitures | 0 | 0 | 0 |
Adjustments | (13,000,000) | (47,000,000) | (5,000,000) |
Foreign currency translation | (7,000,000) | 17,000,000 | 1,000,000 |
Balance at end of period, | 411,000,000 | 601,000,000 | 651,000,000 |
Other charges | 100,000,000 | (20,000,000) | 12,000,000 |
Severance [Member] | |||
Restructuring Reserve Disclosures [Line Items] | |||
Balance at beginning of period, | 527,000,000 | 555,000,000 | 489,000,000 |
Repositioning Charges | 80,000,000 | 475,000,000 | 260,000,000 |
Severance and exit cost payments | (299,000,000) | (474,000,000) | (186,000,000) |
Usage - noncash | 0 | 0 | 0 |
Divestitures | 0 | 0 | 0 |
Adjustments | (14,000,000) | (44,000,000) | (8,000,000) |
Foreign currency translation | (5,000,000) | 15,000,000 | 0 |
Balance at end of period, | 289,000,000 | 527,000,000 | 555,000,000 |
Asset Impairments [Member] | |||
Restructuring Reserve Disclosures [Line Items] | |||
Balance at beginning of period, | 0 | 0 | 0 |
Repositioning Charges | 117,000,000 | 21,000,000 | 95,000,000 |
Severance and exit cost payments | 0 | 0 | 0 |
Usage - noncash | (119,000,000) | (21,000,000) | (100,000,000) |
Divestitures | 0 | 0 | 0 |
Adjustments | 2,000,000 | 0 | 5,000,000 |
Foreign currency translation | 0 | 0 | 0 |
Balance at end of period, | 0 | 0 | 0 |
Exit costs [Member] | |||
Restructuring Reserve Disclosures [Line Items] | |||
Balance at beginning of period, | 74,000,000 | 96,000,000 | 77,000,000 |
Repositioning Charges | 134,000,000 | 69,000,000 | 83,000,000 |
Severance and exit cost payments | (83,000,000) | (90,000,000) | (63,000,000) |
Usage - noncash | 0 | 0 | 0 |
Divestitures | 0 | 0 | 0 |
Adjustments | (1,000,000) | (3,000,000) | (2,000,000) |
Foreign currency translation | (2,000,000) | 2,000,000 | 1,000,000 |
Balance at end of period, | $ 122,000,000 | $ 74,000,000 | $ 96,000,000 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | $ 415 | $ 475 | $ 8 |
U.S. State | 146 | 79 | 43 |
Non-U.S. | 886 | 768 | 1,099 |
Current tax expense | 1,447 | 1,322 | 1,150 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. Federal | 173 | 234 | 332 |
U.S. State | 37 | 39 | 63 |
Non-U.S. | (32) | (448) | (216) |
Deferred tax expense | 178 | (175) | 179 |
Tax expense | 1,625 | 1,147 | 1,329 |
Income before taxes | |||
U.S. | 3,955 | 3,318 | 4,178 |
Non-U.S. | 3,280 | 2,694 | 3,381 |
Income before taxes | $ 7,235 | $ 6,012 | $ 7,559 |
INCOME TAX 2 (Details)
INCOME TAX 2 (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | (1.40%) | (0.80%) | (0.50%) |
U.S. state income taxes | 1.50% | 1.30% | 1.10% |
Reserves for tax contingencies | 2.20% | (2.60%) | 2.00% |
Employee share-based payments | (0.70%) | (1.20%) | (1.20%) |
Reduction of certain receivables | 0.00% | 2.00% | 0.00% |
U.S. Tax Cuts and Jobs Act | 0.00% | 0.00% | (3.60%) |
Restructuring | (1.40%) | 0.00% | 0.00% |
U.S. Valuation Allowance | 2.00% | 0.10% | 0.00% |
All other items net | (0.70%) | (0.70%) | (1.20%) |
Effective Income Tax Rate Reconciliation, Percent | 22.50% | 19.10% | 17.60% |
Tax Expense Paragraph Details [Abstract] | |||
Net (decrease) increase in the effective tax rate from prior period | 3.40% | 1.50% | |
Net (decrease) increase in non-U.S. income tax rate | 14.10% | (14.20%) | |
Non-U.S. effective income tax rate | 26.00% | 11.90% |
INCOME TAX 3 (Details)
INCOME TAX 3 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Tax Assets, Net [Abstract] | |||
Postretirement benefits other than pensions | $ 77,000,000 | $ 85,000,000 | |
Asbestos and environmental | 468,000,000 | 508,000,000 | |
Employee compensation and benefits | 174,000,000 | 180,000,000 | |
Lease liabilities | 242,000,000 | 197,000,000 | |
Other accruals and reserves | 260,000,000 | 110,000,000 | |
Net operating and capital losses | 734,000,000 | 779,000,000 | |
Capital loss limitation and carryover | 151,000,000 | 0 | |
Tax credit carryforwards | 164,000,000 | 219,000,000 | |
Gross deferred tax assets | 2,270,000,000 | 2,078,000,000 | |
Valuation allowance | (857,000,000) | (766,000,000) | |
Total deferred tax assets | 1,413,000,000 | 1,312,000,000 | |
Deferred Tax Liabilities, Net [Abstract] | |||
Pension | (948,000,000) | (548,000,000) | |
Property, plant and equipment | (464,000,000) | (437,000,000) | |
Right-of-use asset | (230,000,000) | (184,000,000) | |
Intangibles | (883,000,000) | (898,000,000) | |
Unremitted earnings of foreign subsidiaries | (426,000,000) | (398,000,000) | |
Other asset basis differences | (334,000,000) | (169,000,000) | |
Other | (2,000,000) | (31,000,000) | |
Total deferred tax liabilities | (3,287,000,000) | (2,665,000,000) | |
Net deferred tax liability | (1,874,000,000) | (1,353,000,000) | |
Deferred Tax Assets [Line Items] | |||
Gross deferred tax assets | 2,270,000,000 | 2,078,000,000 | |
Tax charge on earnings of foreign subsidiaries | 426,000,000 | 398,000,000 | |
Undistributed Earnings And Profits Of Foreign Affiliates | 17,100,000,000 | ||
Valuation allowance | 857,000,000 | 766,000,000 | |
Valuation Allowance Impact To Tax Expense | 124,000,000 | $ 105,000,000 | $ (23,000,000) |
Foreign Tax Authority [Member] | |||
Deferred Tax Assets, Net [Abstract] | |||
Gross deferred tax assets | 901,000,000 | ||
Valuation allowance | (703,000,000) | ||
Deferred Tax Assets [Line Items] | |||
Gross deferred tax assets | 901,000,000 | ||
Valuation allowance | 703,000,000 | ||
Domestic Tax Authority [Member] | |||
Deferred Tax Assets, Net [Abstract] | |||
Valuation allowance | (150,000,000) | ||
Deferred Tax Assets [Line Items] | |||
Valuation allowance | $ 150,000,000 |
INCOME TAX 4 (Details)
INCOME TAX 4 (Details) | Dec. 31, 2021USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 3,725,000,000 |
Tax Credit Carryforward, Amount | 168,000,000 |
U.S. Federal | 2040 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 684,000,000 |
Tax Credit Carryforward, Amount | 97,000,000 |
Foreign Tax Authority [Member] | Indefinite [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 2,185,000,000 |
Tax Credit Carryforward, Amount | 0 |
Foreign Tax Authority [Member] | Tax Year 2041 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 466,000,000 |
Tax Credit Carryforward, Amount | 50,000,000 |
U.S. State | 2040 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 390,000,000 |
Tax Credit Carryforward, Amount | $ 21,000,000 |
INCOME TAX 5 (Details)
INCOME TAX 5 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 991 | $ 1,164 | $ 1,089 |
Gross increases related to current period tax positions | 93 | 94 | 51 |
Gross increases related to prior periods tax positions | 39 | 68 | 83 |
Gross decreases related to prior periods tax positions | (27) | (256) | (34) |
Decrease related to resolutions of audits with tax authorities | (1) | (35) | (3) |
Expiration of the statue of limitations for the assessment of taxes | (12) | (76) | (13) |
Foreign currency translation | (22) | 32 | (9) |
Balance at end of year | $ 1,061 | $ 991 | $ 1,164 |
INCOME TAX 6 (Details)
INCOME TAX 6 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Examination Paragraph Details [Abstract] | |||
Income tax Examination Unrecognized Tax Benefits From Examination | $ 592 | $ 556 | $ 413 |
Income Tax Examination Estimated Interest and Penalties From Examination | 79 | 80 | 73 |
Income Tax Examination Accrued Interest and Penalties From Examination | $ 580 | $ 507 | $ 487 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory, Combining Work in Process and Raw Materials Alternative, Gross [Abstract] | ||
Raw materials | $ 1,352 | $ 1,079 |
Work in process | 861 | 798 |
Finished products | 2,925 | 2,612 |
Inventories | $ 5,138 | $ 4,489 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT-NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 14,450 | $ 14,337 | |
Less: Accumulated depreciation | (8,888) | (8,767) | |
Property, plant and equipment - net | 5,562 | 5,570 | |
Property, Plant and Equipment Paragraph Details [Abstract] | |||
Depreciation | 674 | 644 | $ 673 |
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 226 | 259 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 10,143 | 10,008 | |
Buildings and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 3,225 | 3,245 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 856 | $ 825 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Future Amortization Expense - 2021 | $ 310,000,000 | ||
Future Amortization Expense - 2022 | 273,000,000 | ||
Future Amortization Expense - 2023 | 250,000,000 | ||
Future Amortization Expense - 2024 | 241,000,000 | ||
Future Amortization Expense - 2025 | 203,000,000 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 7,044,000,000 | $ 6,673,000,000 | |
Accumulated Amortization | (4,445,000,000) | (4,159,000,000) | |
Net Carrying Amount | 2,599,000,000 | 2,514,000,000 | |
Goodwill [Line Items] | |||
Balance at beginning of period, | 16,058,000,000 | ||
Acquisitions/Divestitures | 1,971,000,000 | ||
Currency Translation Adjustment | (273,000,000) | ||
Balance at end of period, | 17,756,000,000 | 16,058,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Trademarks with indefinite lives | 1,014,000,000 | 1,046,000,000 | |
Gross carrying amount | 8,058,000,000 | 7,719,000,000 | |
Accumulated Amortization | (4,445,000,000) | (4,159,000,000) | |
Net carrying amount | 3,613,000,000 | 3,560,000,000 | |
Goodwill and Intangible Assets Paragraph Details [Abstract] | |||
Amortization of Intangible Assets | 465,000,000 | 358,000,000 | $ 415,000,000 |
Corporate and All Other [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 0 | ||
Acquisitions/Divestitures | 943,000,000 | ||
Currency Translation Adjustment | (2,000,000) | ||
Balance at end of period, | 941,000,000 | 0 | |
Aerospace [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 2,378,000,000 | ||
Acquisitions/Divestitures | 21,000,000 | ||
Currency Translation Adjustment | 0 | ||
Balance at end of period, | 2,399,000,000 | 2,378,000,000 | |
Honeywell Building Technologies [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 3,385,000,000 | ||
Acquisitions/Divestitures | 20,000,000 | ||
Currency Translation Adjustment | (88,000,000) | ||
Balance at end of period, | 3,317,000,000 | 3,385,000,000 | |
Performance Materials And Technologies [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 5,255,000,000 | ||
Acquisitions/Divestitures | 1,019,000,000 | ||
Currency Translation Adjustment | (136,000,000) | ||
Balance at end of period, | 6,138,000,000 | 5,255,000,000 | |
Safety And Productivity Solutions [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period, | 5,040,000,000 | ||
Acquisitions/Divestitures | (32,000,000) | ||
Currency Translation Adjustment | (47,000,000) | ||
Balance at end of period, | 4,961,000,000 | 5,040,000,000 | |
Patents and Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 2,345,000,000 | 2,159,000,000 | |
Accumulated Amortization | (1,678,000,000) | (1,595,000,000) | |
Net Carrying Amount | 667,000,000 | 564,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (1,678,000,000) | (1,595,000,000) | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 4,045,000,000 | 3,889,000,000 | |
Accumulated Amortization | (2,235,000,000) | (2,050,000,000) | |
Net Carrying Amount | 1,810,000,000 | 1,839,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (2,235,000,000) | (2,050,000,000) | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 356,000,000 | 327,000,000 | |
Accumulated Amortization | (261,000,000) | (247,000,000) | |
Net Carrying Amount | 95,000,000 | 80,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | (261,000,000) | (247,000,000) | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 298,000,000 | 298,000,000 | |
Accumulated Amortization | (271,000,000) | (267,000,000) | |
Net Carrying Amount | 27,000,000 | 31,000,000 | |
Finite And Indefinite Other Intangible Assets [Abstract] | |||
Accumulated Amortization | $ (271,000,000) | $ (267,000,000) |
LONG-TERM DEBT AND CREDIT AGR_3
LONG-TERM DEBT AND CREDIT AGREEMENTS (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | |
Debt Instrument [Line Items] | |||
Total long-term debt, including current portion | $ 16,057,000,000 | $ 18,787,000,000 | |
Less-current portion | (1,803,000,000) | (2,445,000,000) | |
Total Long-term debt | 14,254,000,000 | 16,342,000,000 | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |||
2021 | 1,803,000,000 | ||
2022 | 1,810,000,000 | ||
2023 | 1,344,000,000 | ||
2024 | 1,258,000,000 | ||
2025 | 1,503,000,000 | ||
Thereafter | 8,339,000,000 | ||
Total long-term debt, including current portion | 16,057,000,000 | 18,787,000,000 | |
Less-current portion | (1,803,000,000) | (2,445,000,000) | |
Total Long-term debt | 14,254,000,000 | $ 16,342,000,000 | |
The $1.5 Billion 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 | ||
Term Loan Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 3,000,000,000 | ||
0.65% Euro notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Various interest rates | 0.65% | 0.65% | |
4.25% notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 0 | $ 800,000,000 | |
Various interest rates | 4.25% | ||
1.85% notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 0 | 1,500,000,000 | |
Various interest rates | 1.85% | ||
0.483% notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 500,000,000 | $ 2,500,000,000 | |
Various interest rates | 0.483% | 0.483% | |
Repayments of Debt | 2,000,000,000 | ||
2.15% notes due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 600,000,000 | $ 600,000,000 | |
Various interest rates | 2.15% | ||
Floating Rate Notes Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 600,000,000 | 1,100,000,000 | |
Repayments of Debt | 500,000,000 | ||
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 | $ 1,416,000,000 | $ 1,534,000,000 | |
Various interest rates | 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% | ||
0.00% Euro notes due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 566,000,000 | $ 614,000,000 | € 500 |
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% | ||
1.350% notes due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,250,000,000 | 1,250,000,000 | |
Various interest rates | 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% | ||
1.10% notes due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,000,000,000 | 0 | |
Various interest rates | 1.10% | ||
2.25% Euro notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 849,000,000 | 920,000,000 | |
Various interest rates | 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% | ||
1.95% notes due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,000,000,000 | $ 1,000,000,000 | |
Various interest rates | 1.95% | 1.95% | |
1.75% notes due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,500,000,000 | $ 0 | |
Various interest rates | 1.75% | ||
0.75% Euro notes due 2032 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 566,000,000 | $ 614,000,000 | € 500 |
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% notes due 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 462,000,000 | 462,000,000 | |
Various interest rates | 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% | ||
3.812% notes due 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 445,000,000 | 445,000,000 | |
Various interest rates | 3.812% | ||
2.8% notes due 2050 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 750,000,000 | $ 750,000,000 | |
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% | ||
9.065% debentures due 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Debentures | $ 51,000,000 | 51,000,000 | |
Various interest rates | 9.065% | ||
Other (including capitalized leases and debt issuance costs), 8.2% weighted average interest rate maturing at various dates through 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Other long term debt | $ 121,000,000 | 266,000,000 | |
Debt, Weighted Average Interest Rate | 8.20% | ||
Notes [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Long-term Debt | $ 2,500,000,000 | ||
Payments of Debt Issuance Costs | 18,000,000 | ||
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] | 5 Year Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 4,500,000,000 | ||
Line Of Credit Facility Borrowing Capacity Of Prior Agreement | 4,000,000,000 | ||
Line of credit facility, current borrowing capacity | 4,000,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 4,000,000,000 | ||
Syndicate Of Banks [Member] | $1.5B Second 364-Day Credit Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Line Of Credit Facility Borrowing Capacity Of Prior Agreement | $ 1,500,000,000 | ||
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, 2021 |
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, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 228 | $ 214 |
Variable lease cost | 14 | 18 |
Short-term lease cost | 15 | 17 |
Amortization of right-of-use assets | 65 | 69 |
Interest on lease liability | 24 | 27 |
Total finance lease cost | 89 | 96 |
Total lease cost | $ 346 | $ 345 |
LEASES 3 (Details)
LEASES 3 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 215 | $ 206 |
Operating cash flows for finance leases | 24 | 32 |
Financing cash flows for finance leases | 67 | 65 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | 350 | 245 |
Finance leases | $ 32 | $ 27 |
LEASES 4 (Details)
LEASES 4 (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets and Liabilities [Abstract] | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment - net | Property, plant and equipment - net |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total Long-term debt, Long-term Debt and Lease Obligation, Current | Total Long-term debt, Long-term Debt and Lease Obligation, Current |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Liabilities, Current, Other liabilities | Accrued Liabilities, Current, Other liabilities |
Other assets | $ 947 | $ 773 |
Accrued liabilities | 185 | 187 |
Other liabilities | 847 | 641 |
Total operating lease liabilities | 1,032 | 828 |
Property, plant and equipment | 325 | 357 |
Accumulated depreciation | (177) | (180) |
Property, plant and equipment - net | 148 | 177 |
Current maturities of long-term debt | 57 | 60 |
Long-term debt | 99 | 124 |
Total finance lease liabilities | $ 156 | $ 184 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years | 7 years |
Finance Lease, Weighted Average Remaining Lease Term | 3 years | 3 years |
Lease, Cost [Abstract] | ||
Operating Lease, Weighted Average Discount Rate, Percent | 2.30% | 2.90% |
Finance Lease, Weighted Average Discount Rate, Percent | 11.00% | 16.30% |
LEASES 5 (Details)
LEASES 5 (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2022 | $ 215,000,000 | |
2023 | 188,000,000 | |
2024 | 153,000,000 | |
2025 | 113,000,000 | |
2026 | 91,000,000 | |
Thereafter | 404,000,000 | |
Total lease payments | 1,164,000,000 | |
Less: interest | (132,000,000) | |
Total | 1,032,000,000 | $ 828,000,000 |
Financing Leases | ||
2022 | 77,000,000 | |
2023 | 59,000,000 | |
2024 | 47,000,000 | |
2025 | 14,000,000 | |
2026 | 0 | |
Thereafter | 0 | |
Total lease payments | 197,000,000 | |
Less: Interest | (41,000,000) | |
Total | $ 156,000,000 | $ 184,000,000 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||||
Notional | $ 17,021,000,000 | $ 21,273,000,000 | ||
Fair Value Asset | 473,000,000 | 396,000,000 | ||
Fair value (Liability) | (282,000,000) | (200,000,000) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (114,000,000) | (108,000,000) | $ (168,000,000) | |
Foreign Exchange Forward [Member] | ||||
Derivative [Line Items] | ||||
Notional | 12,671,000,000 | 16,123,000,000 | ||
Amount of hedged item | 4,074,000,000 | 4,414,000,000 | ||
Foreign Exchange Forward [Member] | Forecast [Member] | ||||
Derivative [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 10,000,000 | |||
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional | 5,743,000,000 | 6,444,000,000 | ||
Fair Value Asset | 195,000,000 | 304,000,000 | ||
Fair value (Liability) | 0 | (109,000,000) | ||
Designated as Hedging Instrument [Member] | Derivatives in Fair Value Hedging Relationships [Member] | Interest rate swap agreements [Member] | ||||
Derivative [Line Items] | ||||
Notional | 3,150,000,000 | 3,950,000,000 | ||
Fair Value Asset | 60,000,000 | 194,000,000 | ||
Fair value (Liability) | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Derivatives in Cash Flow Hedging Relationships [Member] | Foreign Currency Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional | 647,000,000 | 488,000,000 | ||
Fair Value Asset | 4,000,000 | 65,000,000 | ||
Fair value (Liability) | 0 | (58,000,000) | ||
Designated as Hedging Instrument [Member] | Derivatives in Net Investment Hedging Relationships [Member] | Foreign Currency Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional | 746,000,000 | 806,000,000 | ||
Fair Value Asset | 92,000,000 | 45,000,000 | ||
Fair value (Liability) | 0 | (1,000,000) | ||
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 | 39,000,000 | 0 | ||
Fair value (Liability) | 0 | (50,000,000) | ||
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional | 11,278,000,000 | 14,829,000,000 | ||
Fair Value Asset | 278,000,000 | 92,000,000 | ||
Fair value (Liability) | $ (282,000,000) | $ (91,000,000) |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments And Hedging Activity Paragragh [Abstract] | |||
Gain (Loss) on interest rate swap agreements | $ (135) | $ 169 | $ (70) |
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, 2021 | Dec. 31, 2020 |
Summary Of Derivative Instruments By Hedge Designation [Line Items] | ||
Carrying Amount of the Hedged Item | $ 3,210 | $ 4,144 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Item | $ 60 | $ 194 |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS 4 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 34,392,000,000 | $ 32,637,000,000 | $ 36,709,000,000 |
Cost of products and services sold | 23,394,000,000 | 22,169,000,000 | 24,339,000,000 |
Selling, general and administrative expenses | 4,798,000,000 | 4,772,000,000 | 5,519,000,000 |
Other (income) expense | (1,378,000,000) | (675,000,000) | (1,065,000,000) |
Interest and other financial charges | 343,000,000 | 359,000,000 | 357,000,000 |
Foreign Currency Exchange Contracts [Member] | Revenue [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Gain or (loss) on derivatives not designated as hedging instruments | 0 | 0 | 0 |
Foreign Currency Exchange Contracts [Member] | Products [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Gain or (loss) on derivatives not designated as hedging instruments | 0 | 0 | 0 |
Foreign Currency Exchange Contracts [Member] | Services [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Gain or (loss) on derivatives not designated as hedging instruments | 0 | 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 | 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 | 195,000,000 | (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 | 0 |
Products [Member] | |||
Revenue | 25,643,000,000 | 24,737,000,000 | 27,629,000,000 |
Cost of products and services sold | 18,344,000,000 | 17,638,000,000 | 19,269,000,000 |
Services [Member] | |||
Revenue | 8,749,000,000 | 7,900,000,000 | 9,080,000,000 |
Cost of products and services sold | 5,050,000,000 | 4,531,000,000 | 5,070,000,000 |
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 | 40,000,000 | (94,000,000) | |
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 | 5,000,000 | (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] | Products [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Amount reclassified from accumulated other comprehensive inome into income | 8,000,000 | 43,000,000 | 35,000,000 |
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 10,000,000 | 16,000,000 | |
Designated as Hedging Instrument [Member] | Gain or {loss) on cash flow hedges [Member] | Foreign Currency Exchange Contracts [Member] | Services [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Amount reclassified from accumulated other comprehensive inome into income | 2,000,000 | 11,000,000 | 9,000,000 |
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 3,000,000 | 6,000,000 | |
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 | 9,000,000 | (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 | 0 | 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 | 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 | 0 |
Derivatives designated as hedges | 0 | 0 | 0 |
Designated as Hedging Instrument [Member] | Gain or (loss) on fair value hedges [Member] | Interest rate swap agreements [Member] | Products [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Hedged items | 0 | 0 | 0 |
Derivatives designated as hedges | 0 | 0 | 0 |
Designated as Hedging Instrument [Member] | Gain or (loss) on fair value hedges [Member] | Interest rate swap agreements [Member] | Services [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Hedged items | 0 | 0 | 0 |
Derivatives designated as hedges | 0 | 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 | 0 |
Derivatives designated as hedges | 0 | 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 | 0 |
Derivatives designated as hedges | 0 | 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 | 135,000,000 | (169,000,000) | (70,000,000) |
Derivatives designated as hedges | (135,000,000) | 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 | 0 |
Designated as Hedging Instrument [Member] | Gain or (loss) on net investment hedges [Member] | Foreign Currency Exchange Contracts [Member] | Products [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 0 | 0 |
Designated as Hedging Instrument [Member] | Gain or (loss) on net investment hedges [Member] | Foreign Currency Exchange Contracts [Member] | Services [Member] | |||
Derivative Instrument Gain (Loss) [Abstract] | |||
Amount excluded from effectiveness testing recognized in earnings using an amortization approach | 0 | 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 | 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 | 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 | 16,000,000 | 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 | 284,000,000 | (256,000,000) | |
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 | 57,000,000 | (8,000,000) | |
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 | $ 88,000,000 | $ (109,000,000) |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | $ 17,021,000,000 | $ 21,273,000,000 |
Derivative Fair Value Of Derivative Asset | 473,000,000 | 396,000,000 |
Derivative Fair Value Of Derivative Liability | 282,000,000 | 200,000,000 |
Foreign currency exchange contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Notional Amount | 12,671,000,000 | 16,123,000,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [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 | 374,000,000 | 202,000,000 |
Derivative Fair Value Of Derivative Liability | 282,000,000 | 150,000,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 60,000,000 | 194,000,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Currency Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Fair Value Of Derivative Asset | 39,000,000 | 0 |
Derivative Fair Value Of Derivative Liability | 0 | 50,000,000 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Series B Preferred Stock, Series A Preferred Stock and Common Stock investments in Garrett [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in equity securities | 57,000,000 | 11,000,000 |
Fair Value Inputs Level 1 And Level 2 [Member] | Fair Value, Recurring [Member] | Available for sale investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale investments | $ 742,000,000 | $ 1,118,000,000 |
FAIR VALUE MEASUREMENTS 2 (Deta
FAIR VALUE MEASUREMENTS 2 (Details) - USD ($) | Dec. 31, 2021 | Apr. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term investment | $ 577,000,000 | $ 0 | $ 0 | |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term investment | $ 34,000,000 | 0 | ||
Long-term receivables | 170,000,000 | 137,000,000 | ||
Long-term investment | 366,000,000 | 0 | ||
Long-term debt and related current maturities | 16,057,000,000 | 18,787,000,000 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term investment | 34,000,000 | 0 | ||
Long-term receivables | 152,000,000 | 132,000,000 | ||
Long-term investment | 366,000,000 | 0 | ||
Long-term debt and related current maturities | $ 17,022,000,000 | $ 20,176,000,000 |
ACCRUED LIABILITIES (Details)
ACCRUED LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities, Current [Abstract] | ||
Customer advances and deferred income | $ 3,163 | $ 2,932 |
Compensation, benefit and other employee related | 1,273 | 1,244 |
Repositioning | 411 | 601 |
Asbestos related liabilities | 261 | 300 |
Income taxes | 393 | 307 |
Other taxes | 269 | 281 |
Environmental costs | 225 | 225 |
Operating lease liabilities | 185 | 187 |
Product warranties and performance guarantees | 180 | 183 |
Insurance | 101 | 140 |
Accrued interest | 100 | 102 |
Other (primarily operating expenses) | 1,118 | 903 |
Accrued Liabilities | $ 7,679 | $ 7,405 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued Liabilities | Accrued Liabilities |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total other liabilities | Total other liabilities |
Other Liabilities, Noncurrent [Abstract] | ||
Income Taxes | $ 2,152 | $ 2,009 |
Pension and other employee related | 1,672 | 1,923 |
Deferred income | 1,324 | 1,356 |
Operating lease liabilities | 847 | 641 |
Environmental | 393 | 435 |
Insurance | 299 | 280 |
Product warranties and performance guarantees | 43 | 60 |
Asset retirement obligations | 26 | 31 |
Other | 331 | 240 |
Total other liabilities | $ 7,087 | $ 6,975 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 32.42 | $ 21.30 | $ 21.57 |
Expected annual dividend yield | 2.31% | 2.59% | 2.65% |
Expected volatility | 24.69% | 18.76% | 18.40% |
Risk-free rate of return | 0.48% | 1.32% | 2.46% |
Expected option term (years) | 4 years 6 months 14 days | 4 years 7 months 13 days | 4 years 10 months 13 days |
Stock Options Number of Options [Abstract] | |||
Outstanding at beginning of period, | 16,568,529 | 18,731,562 | 22,478,581 |
Granted | 2,065,574 | 3,192,693 | 3,136,058 |
Exercised | (2,016,489) | (4,424,754) | (5,897,060) |
Lapsed or Canceled | (764,675) | (930,972) | (986,017) |
Outstanding at end of period, | 15,852,939 | 16,568,529 | 18,731,562 |
Vested and Expected to Vest at December 31, | 14,694,701 | ||
Exercisable at December 31, | 10,664,625 | 10,120,793 | 11,620,992 |
Options Activity Footnote [Abstract] | |||
Vested options | 10,700,000 | ||
Options expected to vest | 4,000,000 | ||
Outstanding unvested options | 5,200,000 | ||
Stock Options Weighted Average Exercise Price [Abstract] | |||
Outstanding at beginning of period, | $ 125.75 | $ 109.87 | $ 97.83 |
Granted | 204.99 | 176.93 | 155.43 |
Exercised | 113.01 | 88.96 | 84.31 |
Lapsed or Canceled | 175.42 | 156.62 | 136.15 |
Outstanding at end of period, | 135.31 | 125.75 | 109.87 |
Vested and Expected to Vest at December 31, | 131.08 | ||
Exercisable at December 31, | $ 113.30 | $ 103.89 | $ 92.19 |
Income Statement Impact From Stock Options [Abstract] | |||
Compensation expense | $ 55 | $ 50 | $ 47 |
Future income tax benefit recognized | $ 11 | $ 10 | $ 10 |
STOCK-BASED COMPENSATION PLAN_3
STOCK-BASED COMPENSATION PLANS 2 (Details) - 2016 Plan [Member] - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Beginning of Period [Abstract] | |||
Options Outstanding, Number of Options | 15,852,939 | ||
Options Outstanding, Weighted Average Life | 5 years 4 months 27 days | ||
Options Outstanding, Weighted Average Exercise Price | 135.28 | ||
Options Outstanding Aggregate Intrinsic Value | $ 1,164 | ||
Options Exercisable Number of Options | 10,664,625 | ||
Weighted Average Exercise Price | $ 113.30 | $ 103.89 | $ 92.19 |
Options Exercisable Aggregate Intrinsic Value | $ 1,122 | ||
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 | 90,181 | ||
Options Outstanding, Weighted Average Life | 2 months 1 day | ||
Options Outstanding, Weighted Average Exercise Price | 56.97 | ||
Options Outstanding Aggregate Intrinsic Value | $ 14 | ||
Options Exercisable Number of Options | 90,181 | ||
Weighted Average Exercise Price | $ 56.97 | ||
Options Exercisable Aggregate Intrinsic Value | $ 14 | ||
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 | 2,293,585 | ||
Options Outstanding, Weighted Average Life | 1 year 8 months 4 days | ||
Options Outstanding, Weighted Average Exercise Price | 79.39 | ||
Options Outstanding Aggregate Intrinsic Value | $ 296 | ||
Options Exercisable Number of Options | 2,293,585 | ||
Weighted Average Exercise Price | $ 79.39 | ||
Options Exercisable Aggregate Intrinsic Value | $ 296 | ||
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 | 3,341,048 | ||
Options Outstanding, Weighted Average Life | 3 years 5 months 8 days | ||
Options Outstanding, Weighted Average Exercise Price | 98.80 | ||
Options Outstanding Aggregate Intrinsic Value | $ 367 | ||
Options Exercisable Number of Options | 3,341,048 | ||
Weighted Average Exercise Price | $ 98.80 | ||
Options Exercisable Aggregate Intrinsic Value | $ 366 | ||
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 | 2,435,321 | ||
Options Outstanding, Weighted Average Life | 5 years 14 days | ||
Options Outstanding, Weighted Average Exercise Price | 119.69 | ||
Options Outstanding Aggregate Intrinsic Value | $ 216 | ||
Options Exercisable Number of Options | 2,314,755 | ||
Weighted Average Exercise Price | $ 119.19 | ||
Options Exercisable Aggregate Intrinsic Value | $ 214 | ||
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 | 7,692,804 | ||
Options Outstanding, Weighted Average Life | 7 years 6 months 18 days | ||
Options Outstanding, Weighted Average Exercise Price | 173.71 | ||
Options Outstanding Aggregate Intrinsic Value | $ 271 | ||
Options Exercisable Number of Options | 2,625,056 | ||
Weighted Average Exercise Price | $ 158.14 | ||
Options Exercisable Aggregate Intrinsic Value | $ 232 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS 3 (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 10,664,625 | 10,120,793 | 11,620,992 |
Weighted Average Exercise Price | $ 113.30 | $ 103.89 | $ 92.19 |
Shares of Honeywell common stock available for future grants | 32,337,638 | ||
Unrecognized compensation on nonvested stock options | $ 100 | ||
Nonvested options recognized over weighted average period, years | 2 years 5 months 15 days | ||
Fair value of options vested | $ 52 | $ 55 | $ 61 |
Compensation expense | 55 | 50 | 47 |
Future income tax benefit recognized | 11 | 10 | 10 |
Financial Statement Impact From Stock Options Exercised [Abstract] | |||
Intrinsic value | 219 | 379 | 483 |
Tax benefit realized | 48 | 84 | 117 |
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 | $ 273 | ||
Nonvested options recognized over weighted average period, years | 2 years 2 months 23 days | ||
Compensation expense | $ 162 | 118 | 106 |
Future income tax benefit recognized | $ 23 | $ 24 | $ 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 | 815,299 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested options recognized over weighted average period, years | 2 years 2 months 23 days | ||
Unrecognized compensation on nonvested stock options | $ 273 | ||
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, | 3,396,523 | 3,240,065 | 3,657,873 |
Granted | 992,854 | 1,551,675 | 1,200,202 |
Vested | (1,123,547) | (1,001,101) | (1,160,333) |
Forfeited | (308,293) | (394,116) | (457,677) |
Non-vested at end of period, | 2,957,536 | 3,396,523 | 3,240,065 |
Weighted average grant date fair value per share [Abstract] | |||
Non-vested at beginning of period, | $ 148.23 | $ 143.07 | $ 125.35 |
Granted | 214.61 | 158.52 | 162.43 |
Vested | 144.34 | 117.84 | 104.32 |
Forfeited | 156.74 | 145.42 | 134.50 |
Non-vested at end of period, | $ 171.73 | $ 148.23 | $ 143.07 |
Income Statement Impact From RSUs [Abstract] | |||
Compensation expense | $ 162 | $ 118 | $ 106 |
Future income tax benefit recognized | $ 23 | $ 24 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Honeywell | $ 5,542 | $ 4,779 | $ 6,143 |
Weighted average shares outstanding | 692.3 | 704.1 | 721 |
Earnings per share of common stock - basic | $ 8.01 | $ 6.79 | $ 8.52 |
Earnings Per Share, Diluted [Abstract] | |||
Net income attributable to Honeywell | $ 5,542 | $ 4,779 | $ 6,143 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Weighted average shares outstanding | 692.3 | 704.1 | 721 |
Dilutive securities issuable - stock plans | 8.1 | 7.1 | 9.3 |
Total weighted average diluted shares outstanding | 700.4 | 711.2 | 730.3 |
Earnings per share of common stock - assuming dilution | $ 7.91 | $ 6.72 | $ 8.41 |
Earnings Per Share Paragraph Details [Abstract] | |||
Stock options excluded from diluted computations | 1.7 | 5.5 | 2.5 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign exchange translation adjustment | $ 302,000,000 | $ (211,000,000) | $ 143,000,000 | |
Pensions and other postretirement benefit adjustments | 186,000,000 | 74,000,000 | 86,000,000 | |
Changes in fair value of available for sale investments | (3,000,000) | 4,000,000 | 0 | |
Changes in fair value of designated cash flow hedges | (3,000,000) | (44,000,000) | 11,000,000 | |
Components of other comprehensive income (loss), net of tax | 482,000,000 | (180,000,000) | 240,000,000 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Cumulative foreign exchange translation adjustment | (2,478,000,000) | (2,780,000,000) | ||
Pensions and other postretirement benefit adjustments | (415,000,000) | (601,000,000) | ||
Fair value adjustments of available for sale investments | 1,000,000 | 4,000,000 | ||
Fair value adjustments of designated cash flow hedges | (3,000,000) | 0 | ||
Accumulated other comprehensive income (loss) | (2,895,000,000) | (3,377,000,000) | (3,197,000,000) | $ (3,437,000,000) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Other Comprehensive Income (Loss), before Tax [Abstract] | ||||
Foreign exchange translation adjustment | 302,000,000 | (214,000,000) | 143,000,000 | |
Pension and other postretirement benefit adjustments | 245,000,000 | 76,000,000 | 115,000,000 | |
Changes in fair value of available for sale investments | (3,000,000) | 4,000,000 | ||
Changes in fair value of designated cash flow hedges | (4,000,000) | (61,000,000) | 20,000,000 | |
Changes in accumulated other comprehensive income, pretax | 540,000,000 | (195,000,000) | 278,000,000 | |
Other Comprehensive Income (Loss), Tax [Abstract] | ||||
Foreign exchange translation adjustment | 0 | 0 | 0 | |
Pensions and other postretirement benefit adjustments | (59,000,000) | (2,000,000) | (29,000,000) | |
Changes in fair value of available for sale investments | 0 | 0 | ||
Changes in fair value of designated cash flow hedges | 1,000,000 | 17,000,000 | (9,000,000) | |
Other comprehensive income (loss), tax | (58,000,000) | 15,000,000 | (38,000,000) | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Foreign exchange translation adjustment | 302,000,000 | (214,000,000) | 143,000,000 | |
Pensions and other postretirement benefit adjustments | 186,000,000 | 74,000,000 | 86,000,000 | |
Changes in fair value of available for sale investments | (3,000,000) | 4,000,000 | ||
Changes in fair value of designated cash flow hedges | (3,000,000) | (44,000,000) | 11,000,000 | |
Components of other comprehensive income (loss), net of tax | $ 482,000,000 | $ (180,000,000) | $ 240,000,000 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period December 31 | $ (3,377,000,000) | $ (3,197,000,000) | $ (3,437,000,000) |
Other comprehensive income (loss) before reclassifications | 596,000,000 | (72,000,000) | 408,000,000 |
Amounts reclassified from accumulated other comprehensive income | (114,000,000) | (108,000,000) | (168,000,000) |
Net current period other comprehensive income (loss) | 482,000,000 | (180,000,000) | 240,000,000 |
Balance end of period | (2,895,000,000) | (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 | (2,780,000,000) | (2,566,000,000) | (2,709,000,000) |
Other comprehensive income (loss) before reclassifications | 314,000,000 | (201,000,000) | 156,000,000 |
Amounts reclassified from accumulated other comprehensive income | (12,000,000) | (13,000,000) | (13,000,000) |
Net current period other comprehensive income (loss) | 302,000,000 | (214,000,000) | 143,000,000 |
Balance end of period | (2,478,000,000) | (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 | (601,000,000) | (675,000,000) | (761,000,000) |
Other comprehensive income (loss) before reclassifications | 268,000,000 | 115,000,000 | 149,000,000 |
Amounts reclassified from accumulated other comprehensive income | (82,000,000) | (41,000,000) | (63,000,000) |
Net current period other comprehensive income (loss) | 186,000,000 | 74,000,000 | 86,000,000 |
Balance end of period | (415,000,000) | (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 | 4,000,000 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | (3,000,000) | 4,000,000 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (3,000,000) | 4,000,000 | 0 |
Balance end of period | 1,000,000 | 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 | 0 | 44,000,000 | 33,000,000 |
Other comprehensive income (loss) before reclassifications | 17,000,000 | 10,000,000 | 103,000,000 |
Amounts reclassified from accumulated other comprehensive income | (20,000,000) | (54,000,000) | (92,000,000) |
Net current period other comprehensive income (loss) | (3,000,000) | (44,000,000) | 11,000,000 |
Balance end of period | $ (3,000,000) | $ 0 | $ 44,000,000 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 3 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Product Sales | $ (34,392,000,000) | $ (32,637,000,000) | $ (36,709,000,000) |
Cost of Products and Services Sold | 23,394,000,000 | 22,169,000,000 | 24,339,000,000 |
Selling, General and Administrative Expenses | 4,798,000,000 | 4,772,000,000 | 5,519,000,000 |
Other (Income) Expense | (1,378,000,000) | (675,000,000) | (1,065,000,000) |
Interest and other financial charges | 343,000,000 | 359,000,000 | 357,000,000 |
Tax expense (benefit) | 1,625,000,000 | 1,147,000,000 | 1,329,000,000 |
Products [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Product Sales | (25,643,000,000) | (24,737,000,000) | (27,629,000,000) |
Cost of Products and Services Sold | 18,344,000,000 | 17,638,000,000 | 19,269,000,000 |
Services [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Product Sales | (8,749,000,000) | (7,900,000,000) | (9,080,000,000) |
Cost of Products and Services Sold | 5,050,000,000 | 4,531,000,000 | 5,070,000,000 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Product Sales | (5,000,000) | 3,000,000 | (3,000,000) |
Selling, General and Administrative Expenses | (9,000,000) | 4,000,000 | (1,000,000) |
Other (Income) Expense | (109,000,000) | (79,000,000) | (42,000,000) |
Interest and other financial charges | (16,000,000) | (18,000,000) | (19,000,000) |
Total | (149,000,000) | (144,000,000) | (109,000,000) |
Tax expense (benefit) | 35,000,000 | 36,000,000 | (59,000,000) |
Total reclassifications for the period, net of tax | (114,000,000) | (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 | (8,000,000) | (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 | (2,000,000) | (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 | (5,000,000) | 3,000,000 | (3,000,000) |
Selling, General and Administrative Expenses | (9,000,000) | 4,000,000 | (1,000,000) |
Other (Income) Expense | 0 | (28,000,000) | (73,000,000) |
Interest and other financial charges | 0 | 0 | 0 |
Total | (24,000,000) | (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 | (8,000,000) | (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 | (2,000,000) | (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 | 0 |
Selling, General and Administrative Expenses | 0 | 0 | 0 |
Other (Income) Expense | 0 | 0 | 0 |
Interest and other financial charges | (16,000,000) | (18,000,000) | (19,000,000) |
Total | (16,000,000) | (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 | 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 | 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 | 0 |
Selling, General and Administrative Expenses | 0 | 0 | 0 |
Other (Income) Expense | 7,000,000 | 57,000,000 | 135,000,000 |
Interest and other financial charges | 0 | 0 | 0 |
Total | 7,000,000 | 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 | 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 | 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 | 0 |
Selling, General and Administrative Expenses | 0 | 0 | 0 |
Other (Income) Expense | (116,000,000) | (108,000,000) | (104,000,000) |
Interest and other financial charges | 0 | 0 | 0 |
Total | (116,000,000) | (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 | 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 | $ 0 |
CAPITAL STOCK (Details)
CAPITAL STOCK (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
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] | ||
Stock Repurchase Program Remaining Authorized Repurchase Amount | $ 3,300 | $ 7,100 |
Stock Repurchased During Period Shares | (20,700,000) | |
Reacquired stock or repurchases of common stock | $ 3,714 | |
Treasury Stock [Member] | April 2019 [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 | 2,800 | |
Treasury Stock [Member] | February 12 2021 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Authorized Amount Of Common Stock Value Of Share Repurchase Program | $ 10,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingency, Classification of Accrual [Abstract] | |||
Accrued liabilities | $ 225,000,000 | $ 225,000,000 | |
Other liabilities | 393,000,000 | 435,000,000 | |
Total environmental liabilities | 618,000,000 | 660,000,000 | $ 709,000,000 |
Environmental Matters [Abstract] | |||
Beginning of period | 660,000,000 | 709,000,000 | 755,000,000 |
Accruals for environmental matters deemed probable and reasonably estimable | 168,000,000 | 173,000,000 | 213,000,000 |
Environmental liability payments | (216,000,000) | (256,000,000) | |
Other | 0 | (6,000,000) | (3,000,000) |
End of period | $ 618,000,000 | $ 660,000,000 | $ 709,000,000 |
COMMITMENTS AND CONTINGENCIES 2
COMMITMENTS AND CONTINGENCIES 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | $ 2,220,000,000 | $ 2,357,000,000 | $ 2,514,000,000 |
Accrual for update to estimated liability | 95,000,000 | 98,000,000 | 100,000,000 |
Change in estimated cost of future claims | 29,000,000 | 42,000,000 | (22,000,000) |
Update of expected resolution values for pending claims | 3,000,000 | 10,000,000 | (4,000,000) |
Asbestos related liability payments | (286,000,000) | (287,000,000) | (231,000,000) |
Asbestos Related Liabilities, End of Period | 2,061,000,000 | 2,220,000,000 | 2,357,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 402,000,000 | 434,000,000 | 477,000,000 |
Probable insurance recoveries related to estimated liability | 7,000,000 | 10,000,000 | 3,000,000 |
Insurance receipts for asbestos related liabilities | (46,000,000) | (58,000,000) | (68,000,000) |
Insurance receivables settlements and write offs | 0 | 16,000,000 | 22,000,000 |
Insurance recoveries, end of period | 363,000,000 | 402,000,000 | 434,000,000 |
Bendix Asbestos Loss Contingency Liability [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | 1,441,000,000 | 1,499,000,000 | 1,623,000,000 |
Accrual for update to estimated liability | 64,000,000 | 80,000,000 | 78,000,000 |
Change in estimated cost of future claims | 29,000,000 | 42,000,000 | (22,000,000) |
Update of expected resolution values for pending claims | 3,000,000 | 10,000,000 | (4,000,000) |
Asbestos related liability payments | (165,000,000) | (190,000,000) | (176,000,000) |
Asbestos Related Liabilities, End of Period | 1,372,000,000 | 1,441,000,000 | 1,499,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 148,000,000 | 153,000,000 | 170,000,000 |
Probable insurance recoveries related to estimated liability | 7,000,000 | 10,000,000 | 3,000,000 |
Insurance receipts for asbestos related liabilities | (13,000,000) | (33,000,000) | (39,000,000) |
Insurance receivables settlements and write offs | 0 | 18,000,000 | 19,000,000 |
Insurance recoveries, end of period | 142,000,000 | 148,000,000 | 153,000,000 |
Narco Asbestos Loss Contingency Liability [Member] | |||
Loss Contingency Accrual [Roll Forward] | |||
Asbestos Related Liabilities, Beginning of Period | 779,000,000 | 858,000,000 | 891,000,000 |
Accrual for update to estimated liability | 31,000,000 | 18,000,000 | 22,000,000 |
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 | (121,000,000) | (97,000,000) | (55,000,000) |
Asbestos Related Liabilities, End of Period | 689,000,000 | 779,000,000 | 858,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||
Insurance Recoveries, beginning of period | 254,000,000 | 281,000,000 | 307,000,000 |
Probable insurance recoveries related to estimated liability | 0 | 0 | 0 |
Insurance receipts for asbestos related liabilities | (33,000,000) | (25,000,000) | (29,000,000) |
Insurance receivables settlements and write offs | 0 | (2,000,000) | 3,000,000 |
Insurance recoveries, end of period | $ 221,000,000 | $ 254,000,000 | $ 281,000,000 |
COMMITMENTS AND CONTINGENCIES 3
COMMITMENTS AND CONTINGENCIES 3 (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||||
Insurance recoveries for asbestos related liabilities | $ 322 | $ 366 | ||
Total assets | 363 | 402 | $ 434 | $ 477 |
Accrued liabilities | 261 | 300 | ||
Asbestos related liabilities | 1,800 | 1,920 | ||
Total liabilities | 2,061 | 2,220 | $ 2,357 | $ 2,514 |
NARCO And Bendix Asbestos Related Loss Contingency [Member] | ||||
Loss Contingencies [Line Items] | ||||
Other current assets | 41 | 36 | ||
Insurance recoveries for asbestos related liabilities | 322 | 366 | ||
Total assets | 363 | 402 | ||
Accrued liabilities | 261 | 300 | ||
Asbestos related liabilities | 1,800 | 1,920 | ||
Total liabilities | $ 2,061 | $ 2,220 |
COMMITMENTS AND CONTINGENCIES 4
COMMITMENTS AND CONTINGENCIES 4 (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Loss Contingency By Nature Of Contingency [Line Items] | ||
Accrued liabilities | $ 261 | $ 300 |
Narco Asbestos Loss Contingency Liability [Member] | ||
Loss Contingency By Nature Of Contingency [Line Items] | ||
Annual Trust Cap | 145 | |
Bendix Asbestos Loss Contingency Liability [Member] | Settlement Agreement [Member] | ||
Loss Contingency By Nature Of Contingency [Line Items] | ||
Accrued liabilities | $ 10 |
COMMITMENTS AND CONTINGENCIES 5
COMMITMENTS AND CONTINGENCIES 5 (Details) - Bendix Asbestos Loss Contingency Liability [Member] | 12 Months Ended | ||||
Dec. 31, 2021claims$ / claims | Dec. 31, 2020claims$ / claims | Dec. 31, 2019claims$ / claims | Dec. 31, 2018$ / claims | Dec. 31, 2017$ / claims | |
Loss Contingency Claims [Abstract] | |||||
Claims unresolved at the beginning of period | 6,242 | 6,480 | |||
Claims Filed | 2,611 | 2,233 | |||
Claims Resolved | (2,452) | (2,471) | |||
Claims unresolved at the end of period | 6,401 | 6,242 | 6,480 | ||
Loss Contingency, Disease Distribution of Unresolved Claims [Abstract] | |||||
Mesothelioma and Other Cancer Claims | 3,760 | 3,422 | |||
Nonmalignant Claims | 2,641 | 2,820 | |||
Claims unresolved at the end of period | 6,401 | 6,242 | 6,480 | ||
Resolution Values Per Claim [Abstract] | |||||
Malignant claims | $ / claims | 56,000 | 61,500 | 50,200 | 55,300 | 56,000 |
Nonmalignant claims | $ / claims | 400 | 550 | 3,900 | 4,700 | 2,800 |
COMMITMENTS AND CONTINGENCIES 6
COMMITMENTS AND CONTINGENCIES 6 (Details) - Environmental Liabilities [Member] - Resideo [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
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 | $ 140 |
Reimbursement Receivable Indemnification And Reimbursement Agreement | 146 | 146 |
Indemnity and reimbursement receivable recorded in Other Current Assets | 140 | 140 |
Indemnity and reimbursement receivable recorded in Other Assets | $ 457 | $ 451 |
COMMITMENTS ND CONTINGENCIES 7
COMMITMENTS ND CONTINGENCIES 7 (Details) shares in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2022USD ($) | Apr. 30, 2021USD ($) | |
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Reimbursement receivables charge | $ 0 | $ 509,000,000 | $ 0 | ||
Cash Received By Honeywell | $ 586,000,000 | 0 | 0 | ||
Investment Owned, Balance, Shares | shares | 834.8 | ||||
Long-term investment | 0 | $ 0 | $ 577,000,000 | ||
Short-term investments | $ 564,000,000 | 945,000,000 | |||
Investments and long-term receivables | 1,222,000,000 | 685,000,000 | |||
Series B Preferred Stock [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Short-term investments | $ 34,000,000 | ||||
Mandatory Redemption Discount Rate | 0.0725 | ||||
Common Class A [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Investment Owned, Balance, Shares | shares | 2.9 | ||||
Series B Preferred Stock, Series A Preferred Stock and Common Stock investments in Garrett [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Investments and long-term receivables | $ 423,000,000 | ||||
Garrett Indemnity And Tax Matters Agreement [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Reimbursement receivables charge | $ 509,000,000 | ||||
The Confirmed Plan [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Garrett Minimum EBITDA | 425,000,000 | ||||
The Confirmed Plan [Member] | Series B Preferred Stock [Member] | First Partial Redemption [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Preferred Stock, Redemption Amount | 211,000,000 | ||||
The Confirmed Plan [Member] | Series B Preferred Stock [Member] | Second Partial Redemption [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Long-term investment | $ 207,000,000 | ||||
The Confirmed Plan [Member] | Series B Preferred Stock [Member] | Forecast [Member] | First Partial Redemption [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Long-term investment | $ 400,000,000 | ||||
The Confirmed Plan [Member] | Series B Preferred Stock [Member] | Forecast [Member] | Second Partial Redemption [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Preferred Stock, Redemption Amount | $ 200,000,000 | ||||
The Confirmed Plan [Member] | Series A Preferred Stock [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Investment Owned, Balance, Shares | shares | 4.2 | ||||
The Confirmed Plan [Member] | 2022 [Member] | Series B Preferred Stock [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Preferred Stock, Redemption Amount | $ 35,000,000 | ||||
The Confirmed Plan [Member] | 2023 through 2030[Member] | Series B Preferred Stock [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Preferred Stock, Redemption Amount | 100,000,000 | ||||
The Confirmed Plan [Member] | Garrett Indemnity And Tax Matters Agreement [Member] | Initial Payment [Member] | |||||
Garrett Litigation And Bankruptcy Proceedings [Line Items] | |||||
Cash Received By Honeywell | $ 375,000,000 | ||||
Investment Owned, Balance, Shares | shares | 834.8 |
COMMITMENTS AND CONTINGENCIES 8
COMMITMENTS AND CONTINGENCIES 8 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning of year | $ 243 | $ 269 | $ 310 |
Accruals for warranties/guarantees issued during the year | 146 | 164 | 173 |
Adjustment of pre-existing warranties/guarantees | (7) | (18) | (34) |
Settlement of warranty/guarantee claims | (159) | (172) | (180) |
End of year | 223 | 243 | 269 |
Standard Product Warranty Accrual, Balance Sheet Classification [Abstract] | |||
Accrued liabilities | 180 | 183 | |
Other liabilities | 43 | 60 | |
Total Product Warranties and Guarantees Liabilities | $ 223 | $ 243 | $ 269 |
COMMITMENTS AND CONTINGENCIES 9
COMMITMENTS AND CONTINGENCIES 9 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Matters [Line Items] | |||
Expense Related To UOP Matters | $ 160,000,000 | $ 0 | $ 0 |
Petrobras [Member] | |||
Other Matters [Line Items] | |||
Expense Related To UOP Matters | $ 160,000,000 |
PENSION AND OTHER POSTRETIREM_3
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Postretirement benefit obligations other than pensions | $ (208,000,000) | $ (242,000,000) | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 229,000,000 | 325,000,000 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 5,000,000 | 8,000,000 | 14,000,000 |
Plan amendments | 0 | (65,000,000) | |
Actuarial (gains) losses | (8,000,000) | (8,000,000) | |
Benefits paid - OPEB | (30,000,000) | (31,000,000) | |
Benefit obligation at end of year | 196,000,000 | 229,000,000 | 325,000,000 |
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 | (196,000,000) | (229,000,000) | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Accrued Liabilities - Current | (25,000,000) | (27,000,000) | |
Postretirement benefit obligations other than pensions | (171,000,000) | (202,000,000) | |
Net amount recognized | (196,000,000) | (229,000,000) | |
Foreign plans excluded from postretirement benefits other than pensions | 37,000,000 | 40,000,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Prior service (credit) cost | (92,000,000) | (165,000,000) | |
Net actuarial (gain) loss | (34,000,000) | (28,000,000) | |
Net amount recognized | (126,000,000) | (193,000,000) | |
Defined Benefit Plan Disclosure [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 5,000,000 | 8,000,000 | 14,000,000 |
Amortization of prior service (credit) cost | (74,000,000) | (66,000,000) | (62,000,000) |
Recognition of actuarial losses | (2,000,000) | 0 | 0 |
Net periodic benefit (income) cost | (71,000,000) | (58,000,000) | (48,000,000) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | |||
Actuarial (gains) losses | (8,000,000) | (8,000,000) | (16,000,000) |
Prior service (credit) cost | 0 | (65,000,000) | (2,000,000) |
Prior service credit recognized during year | 74,000,000 | 66,000,000 | 62,000,000 |
Actuarial (gains) losses recognized during year | 2,000,000 | 0 | 0 |
Total recognized in other comprehensive (income) loss | 68,000,000 | (7,000,000) | 44,000,000 |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | (3,000,000) | (65,000,000) | (4,000,000) |
UNITED STATES | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 18,054,000,000 | 17,283,000,000 | |
Service cost | 105,000,000 | 99,000,000 | 82,000,000 |
Interest cost | 306,000,000 | 461,000,000 | 613,000,000 |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | 141,000,000 | 1,331,000,000 | |
Benefits paid | (1,221,000,000) | (1,100,000,000) | |
Settlements and curtailments | 0 | (21,000,000) | |
Foreign currency translation | 0 | 0 | |
Other | 6,000,000 | 1,000,000 | |
Benefit obligation at end of year | 17,391,000,000 | 18,054,000,000 | 17,283,000,000 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 20,396,000,000 | 18,995,000,000 | |
Actual return on plan assets | 1,344,000,000 | 2,475,000,000 | |
Company contributions | 35,000,000 | 46,000,000 | |
Benefits paid | (1,221,000,000) | (1,100,000,000) | |
Settlements and curtailments | 0 | (21,000,000) | |
Foreign currency translation | 0 | 0 | |
Other | 6,000,000 | 1,000,000 | |
Fair value of plan assets at end of year | 20,560,000,000 | 20,396,000,000 | 18,995,000,000 |
Funded status of plans | 3,169,000,000 | 2,342,000,000 | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Other Assets | 3,528,000,000 | 2,695,000,000 | |
Accrued Liabilities - Current | (33,000,000) | (29,000,000) | |
Other Liabilities - Noncurrent | (326,000,000) | (324,000,000) | |
Net amount recognized | 3,169,000,000 | 2,342,000,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Prior service (credit) cost | (92,000,000) | (134,000,000) | |
Net actuarial (gain) loss | 492,000,000 | 505,000,000 | |
Net amount recognized | 400,000,000 | 371,000,000 | |
Defined Benefit Plan Disclosure [Abstract] | |||
Service cost | 105,000,000 | 99,000,000 | 82,000,000 |
Interest cost | 306,000,000 | 461,000,000 | 613,000,000 |
Expected return on plan assets | (1,220,000,000) | (1,135,000,000) | (1,117,000,000) |
Amortization of prior service (credit) cost | (42,000,000) | (42,000,000) | (42,000,000) |
Recognition of actuarial losses | 31,000,000 | 26,000,000 | 35,000,000 |
Settlements and curtailments | 0 | 4,000,000 | 4,000,000 |
Net periodic benefit (income) cost | (820,000,000) | (587,000,000) | (425,000,000) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | |||
Actuarial (gains) losses | (14,000,000) | (9,000,000) | (277,000,000) |
Prior service (credit) cost | 0 | 0 | 0 |
Prior service credit recognized during year | 43,000,000 | 42,000,000 | 42,000,000 |
Actuarial (gains) losses recognized during year | 0 | (30,000,000) | (39,000,000) |
Foreign currency translation | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | 29,000,000 | 3,000,000 | (274,000,000) |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | (791,000,000) | (584,000,000) | (699,000,000) |
Foreign Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 7,670,000,000 | 6,897,000,000 | |
Service cost | 26,000,000 | 23,000,000 | 22,000,000 |
Interest cost | 77,000,000 | 106,000,000 | 142,000,000 |
Plan amendments | (3,000,000) | 2,000,000 | |
Actuarial (gains) losses | (403,000,000) | 509,000,000 | |
Benefits paid | (249,000,000) | (246,000,000) | |
Settlements and curtailments | 0 | 0 | |
Foreign currency translation | (121,000,000) | 291,000,000 | |
Other | 2,000,000 | 88,000,000 | |
Benefit obligation at end of year | 6,999,000,000 | 7,670,000,000 | 6,897,000,000 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 8,450,000,000 | 7,307,000,000 | |
Actual return on plan assets | 166,000,000 | 918,000,000 | |
Company contributions | 101,000,000 | 116,000,000 | |
Benefits paid | (249,000,000) | (246,000,000) | |
Settlements and curtailments | 0 | 0 | |
Foreign currency translation | (74,000,000) | 253,000,000 | |
Other | 2,000,000 | 102,000,000 | |
Fair value of plan assets at end of year | 8,396,000,000 | 8,450,000,000 | 7,307,000,000 |
Funded status of plans | 1,397,000,000 | 780,000,000 | |
Amounts recognized in Consolidated Balance Sheet [Abstract] | |||
Other Assets | 2,105,000,000 | 1,688,000,000 | |
Accrued Liabilities - Current | (14,000,000) | (14,000,000) | |
Other Liabilities - Noncurrent | (694,000,000) | (894,000,000) | |
Net amount recognized | 1,397,000,000 | 780,000,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss) [Abstract] | |||
Prior service (credit) cost | 20,000,000 | 23,000,000 | |
Net actuarial (gain) loss | 397,000,000 | 629,000,000 | |
Net amount recognized | 417,000,000 | 652,000,000 | |
Defined Benefit Plan Disclosure [Abstract] | |||
Service cost | 26,000,000 | 23,000,000 | 22,000,000 |
Interest cost | 77,000,000 | 106,000,000 | 142,000,000 |
Expected return on plan assets | (348,000,000) | (336,000,000) | (331,000,000) |
Amortization of prior service (credit) cost | 0 | 0 | 0 |
Recognition of actuarial losses | 9,000,000 | 18,000,000 | 88,000,000 |
Settlements and curtailments | 0 | 0 | 0 |
Net periodic benefit (income) cost | (236,000,000) | (189,000,000) | (79,000,000) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | |||
Actuarial (gains) losses | (221,000,000) | (73,000,000) | 176,000,000 |
Prior service (credit) cost | (3,000,000) | 2,000,000 | 0 |
Prior service credit recognized during year | (1,000,000) | 0 | 0 |
Actuarial (gains) losses recognized during year | (9,000,000) | (18,000,000) | (88,000,000) |
Foreign currency translation | (1,000,000) | 19,000,000 | 14,000,000 |
Total recognized in other comprehensive (income) loss | (235,000,000) | (70,000,000) | 102,000,000 |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | $ (471,000,000) | $ (259,000,000) | $ 23,000,000 |
PENSION AND OTHER POSTRETIREM_4
PENSION AND OTHER POSTRETIREMENT BENEFITS 2 (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Postretirement Benefits [Member] | ||||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | ||||||
Discount rate | 2.20% | 2.66% | 2.20% | 3.03% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 2.36% | 3.03% | 2.20% | 2.36% | 4.07% | |
UNITED STATES | ||||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | ||||||
Discount rate | 2.50% | 2.87% | 2.50% | 3.22% | ||
Expected annual rate of compensation increase | 3.25% | 3.25% | 3.25% | 3.25% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 2.50% | 3.22% | 4.35% | |||
Expected rate of return on plan assets | 6.15% | 6.15% | 6.75% | |||
Expected annual rate of compensation increase | 3.25% | 3.25% | 3.25% | |||
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||||||
Projected benefit obligations | $ 353,000,000 | $ 359,000,000 | $ 353,000,000 | |||
Accumulated benefit obligations | 341,000,000 | 346,000,000 | 341,000,000 | |||
Fair value of plan assets | 0 | 0 | 0 | |||
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | ||||||
Accumulated benefit obligation | $ 17,900,000,000 | $ 17,300,000,000 | $ 17,900,000,000 | |||
UNITED STATES | Service Cost | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 2.68% | 3.33% | 4.47% | |||
UNITED STATES | Interest Costs | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 1.76% | 2.76% | 3.94% | |||
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 | 6.40% | |||||
UNITED STATES | Forecast [Member] | Service Cost | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 2.97% | |||||
UNITED STATES | Forecast [Member] | Interest Costs | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 2.26% | |||||
Foreign Plan [Member] | ||||||
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | ||||||
Discount rate | 1.23% | 1.79% | 1.23% | 1.81% | ||
Expected annual rate of compensation increase | 2.43% | 2.56% | 2.43% | 2.47% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 1.24% | 1.81% | 2.63% | |||
Expected rate of return on plan assets | 4.03% | 4.66% | 5.14% | |||
Expected annual rate of compensation increase | 2.43% | 2.47% | 2.46% | |||
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||||||
Projected benefit obligations | $ 2,116,000,000 | $ 964,000,000 | $ 2,116,000,000 | |||
Accumulated benefit obligations | 2,042,000,000 | 932,000,000 | 2,042,000,000 | |||
Fair value of plan assets | 1,208,000,000 | 256,000,000 | 1,208,000,000 | |||
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | ||||||
Accumulated benefit obligation | $ 7,600,000,000 | $ 6,900,000,000 | $ 7,600,000,000 | |||
Foreign Plan [Member] | Service Cost | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 1.00% | 1.48% | 2.26% | |||
Foreign Plan [Member] | Interest Costs | ||||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||||
Discount rate - benefit obligation | 1.00% | 1.56% | 2.34% |
PENSION AND OTHER POSTRETIREM_5
PENSION AND OTHER POSTRETIREMENT BENEFITS 3 (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 |
UNITED STATES | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 20,396,000,000 | 18,995,000,000 |
Fair value of plan assets at end of year | 20,560,000,000 | 20,396,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 20,560,000,000 | 20,396,000,000 |
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 | 8,450,000,000 | 7,307,000,000 |
Fair value of plan assets at end of year | 8,396,000,000 | 8,450,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 8,396,000,000 | 8,450,000,000 |
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 | 3,319,000,000 | |
Fair value of plan assets at end of year | 3,251,000,000 | 3,319,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 3,251,000,000 | 3,319,000,000 |
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 | 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 |
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 | 207,000,000 | |
Fair value of plan assets at end of year | 229,000,000 | 207,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 229,000,000 | 207,000,000 |
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 | 1,614,000,000 | |
Fair value of plan assets at end of year | 824,000,000 | 1,614,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 824,000,000 | 1,614,000,000 |
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 | 1,314,000,000 | |
Fair value of plan assets at end of year | 1,767,000,000 | 1,314,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,767,000,000 | 1,314,000,000 |
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 | 596,000,000 | |
Fair value of plan assets at end of year | 571,000,000 | 596,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 571,000,000 | 596,000,000 |
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 | 1,520,000,000 | |
Fair value of plan assets at end of year | 1,373,000,000 | 1,520,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,373,000,000 | 1,520,000,000 |
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 | 3,105,000,000 | |
Fair value of plan assets at end of year | 3,893,000,000 | 3,105,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 3,893,000,000 | 3,105,000,000 |
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 | 10,190,000,000 | |
Fair value of plan assets at end of year | 9,588,000,000 | 10,190,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 9,588,000,000 | 10,190,000,000 |
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 | 1,649,000,000 | |
Fair value of plan assets at end of year | 1,681,000,000 | 1,649,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,681,000,000 | 1,649,000,000 |
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 | 982,000,000 | |
Fair value of plan assets at end of year | 1,072,000,000 | 982,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,072,000,000 | 982,000,000 |
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 | 93,000,000 | |
Fair value of plan assets at end of year | 79,000,000 | 93,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 79,000,000 | 93,000,000 |
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 | 7,000,000 | |
Fair value of plan assets at end of year | 8,000,000 | 7,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 8,000,000 | 7,000,000 |
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 | 142,000,000 | |
Fair value of plan assets at end of year | 123,000,000 | 142,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 123,000,000 | 142,000,000 |
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 | 767,000,000 | |
Fair value of plan assets at end of year | 691,000,000 | 767,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 691,000,000 | 767,000,000 |
Private Funds [Member] | Foreign Plan [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of plan assets at beginning of year | 65,000,000 | |
Fair value of plan assets at end of year | 74,000,000 | 65,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 74,000,000 | 65,000,000 |
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 | 147,000,000 | |
Fair value of plan assets at end of year | 163,000,000 | 147,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 163,000,000 | 147,000,000 |
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 | 1,220,000,000 | |
Fair value of plan assets at end of year | 1,336,000,000 | 1,220,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,336,000,000 | 1,220,000,000 |
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 | 651,000,000 | |
Fair value of plan assets at end of year | 843,000,000 | 651,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 843,000,000 | 651,000,000 |
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 | 19,203,000,000 | |
Fair value of plan assets at end of year | 19,238,000,000 | 19,203,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 19,238,000,000 | 19,203,000,000 |
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 | 8,385,000,000 | |
Fair value of plan assets at end of year | 8,328,000,000 | 8,385,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 8,328,000,000 | 8,385,000,000 |
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 | 1,105,000,000 | |
Fair value of plan assets at end of year | 1,244,000,000 | 1,105,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,244,000,000 | 1,105,000,000 |
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 | 18,000,000 | |
Fair value of plan assets at end of year | 17,000,000 | 18,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 17,000,000 | 18,000,000 |
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 | 26,000,000 | |
Fair value of plan assets at end of year | 14,000,000 | 26,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 14,000,000 | 26,000,000 |
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 | 47,000,000 | |
Fair value of plan assets at end of year | 51,000,000 | 47,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 51,000,000 | 47,000,000 |
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 | 62,000,000 | |
Fair value of plan assets at end of year | 64,000,000 | 62,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 64,000,000 | 62,000,000 |
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 | 3,319,000,000 | |
Fair value of plan assets at end of year | 3,251,000,000 | 3,319,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 3,251,000,000 | 3,319,000,000 |
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 | 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 |
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 | 1,000,000 | 0 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,000,000 | 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 | 66,000,000 | |
Fair value of plan assets at end of year | 0 | 66,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 0 | 66,000,000 |
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 | 1,314,000,000 | |
Fair value of plan assets at end of year | 1,767,000,000 | 1,314,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,767,000,000 | 1,314,000,000 |
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 | 596,000,000 | |
Fair value of plan assets at end of year | 571,000,000 | 596,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 571,000,000 | 596,000,000 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 | 4,633,000,000 | |
Fair value of plan assets at end of year | 5,018,000,000 | 4,633,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 5,018,000,000 | 4,633,000,000 |
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 | 662,000,000 | |
Fair value of plan assets at end of year | 572,000,000 | 662,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 572,000,000 | 662,000,000 |
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 |
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 |
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 | 207,000,000 | |
Fair value of plan assets at end of year | 228,000,000 | 207,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 228,000,000 | 207,000,000 |
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 | 1,548,000,000 | |
Fair value of plan assets at end of year | 824,000,000 | 1,548,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 824,000,000 | 1,548,000,000 |
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 |
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 |
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 | 1,520,000,000 | |
Fair value of plan assets at end of year | 1,373,000,000 | 1,520,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,373,000,000 | 1,520,000,000 |
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 | 3,105,000,000 | |
Fair value of plan assets at end of year | 3,893,000,000 | 3,105,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 3,893,000,000 | 3,105,000,000 |
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 | 10,190,000,000 | |
Fair value of plan assets at end of year | 9,588,000,000 | 10,190,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 9,588,000,000 | 10,190,000,000 |
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 | 1,649,000,000 | |
Fair value of plan assets at end of year | 1,681,000,000 | 1,649,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,681,000,000 | 1,649,000,000 |
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 | 982,000,000 | |
Fair value of plan assets at end of year | 1,072,000,000 | 982,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,072,000,000 | 982,000,000 |
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 | 93,000,000 | |
Fair value of plan assets at end of year | 79,000,000 | 93,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 79,000,000 | 93,000,000 |
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 | 7,000,000 | |
Fair value of plan assets at end of year | 8,000,000 | 7,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 8,000,000 | 7,000,000 |
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 | 142,000,000 | |
Fair value of plan assets at end of year | 123,000,000 | 142,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 123,000,000 | 142,000,000 |
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 |
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 | 36,000,000 | |
Fair value of plan assets at end of year | 41,000,000 | 36,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 41,000,000 | 36,000,000 |
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 |
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 |
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 |
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 | 12,699,000,000 | |
Fair value of plan assets at end of year | 12,041,000,000 | 12,699,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 12,041,000,000 | 12,699,000,000 |
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 | 6,780,000,000 | |
Fair value of plan assets at end of year | 6,869,000,000 | 6,780,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 6,869,000,000 | 6,780,000,000 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 | 767,000,000 | 0 |
Relating to assets still held at year-end | (76,000,000) | 0 |
Relating to assets sold during the year | 0 | 0 |
Purchases | 0 | 767,000,000 |
Sales and settlements | 0 | 0 |
Fair value of plan assets at end of year | 691,000,000 | 767,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 691,000,000 | 767,000,000 |
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 | 29,000,000 | 34,000,000 |
Relating to assets still held at year-end | 4,000,000 | (5,000,000) |
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 | 33,000,000 | 29,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 33,000,000 | 29,000,000 |
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 | 147,000,000 | 150,000,000 |
Relating to assets still held at year-end | 23,000,000 | (3,000,000) |
Relating to assets sold during the year | 4,000,000 | 0 |
Purchases | 0 | 0 |
Sales and settlements | (11,000,000) | 0 |
Fair value of plan assets at end of year | 163,000,000 | 147,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 163,000,000 | 147,000,000 |
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 | 1,220,000,000 | 950,000,000 |
Relating to assets still held at year-end | 11,000,000 | 100,000,000 |
Relating to assets sold during the year | 174,000,000 | 53,000,000 |
Purchases | 194,000,000 | 221,000,000 |
Sales and settlements | (263,000,000) | (104,000,000) |
Fair value of plan assets at end of year | 1,336,000,000 | 1,220,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 1,336,000,000 | 1,220,000,000 |
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 | 651,000,000 | 619,000,000 |
Relating to assets still held at year-end | 96,000,000 | (4,000,000) |
Relating to assets sold during the year | 0 | 0 |
Purchases | 99,000,000 | 59,000,000 |
Sales and settlements | (3,000,000) | (23,000,000) |
Fair value of plan assets at end of year | 843,000,000 | 651,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 843,000,000 | 651,000,000 |
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 | 1,871,000,000 | |
Fair value of plan assets at end of year | 2,179,000,000 | 1,871,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | 2,179,000,000 | 1,871,000,000 |
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 | 943,000,000 | |
Fair value of plan assets at end of year | 887,000,000 | 943,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ||
Fair value of pension plan assets | $ 887,000,000 | $ 943,000,000 |
PENSOION AND OTHER POSTRETIREME
PENSOION AND OTHER POSTRETIREMENT BENEFITS 4 (Details) | Dec. 31, 2021 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
UNITED STATES | |||
Future Benefit Payments [Abstract] | |||
2022 | $ 1,135 | ||
2023 | 1,124 | ||
2024 | 1,115 | ||
2025 | 1,107 | ||
2026 | 1,097 | ||
2027-2031 | 5,152 | ||
Funding Policy Paragraph Details [Line Items] | |||
Pension notional amount | 4,415 | $ 3,673 | |
Foreign Plan [Member] | |||
Future Benefit Payments [Abstract] | |||
2022 | 261 | ||
2023 | 263 | ||
2024 | 268 | ||
2025 | 275 | ||
2026 | 284 | ||
2027-2031 | 1,455 | ||
Funding Policy Paragraph Details [Line Items] | |||
Pension notional amount | 311 | $ 564 | |
Cash pension contributions | $ 94 | ||
Foreign Plan [Member] | Forecast [Member] | |||
Funding Policy Paragraph Details [Line Items] | |||
Contributions to pension plans | $ 11 | ||
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | |||
Health care cost trend rate assumed for next year | 6.50% | 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] | |||
2022 | $ 27 | ||
2023 | 25 | ||
2024 | 14 | ||
2025 | 14 | ||
2026 | 13 | ||
2027-2031 | 57 | ||
Other Postretirement Benefits [Member] | Net of Medicare Subsidy [Member] | |||
Future Benefit Payments [Abstract] | |||
2022 | 25 | ||
2023 | 24 | ||
2024 | 14 | ||
2025 | 13 | ||
2026 | 12 | ||
2027-2031 | $ 53 |
OTHER (INCOME) EXPENSE (Details
OTHER (INCOME) EXPENSE (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Line Items] | |||
Interest Income | $ (102,000,000) | $ (107,000,000) | $ (255,000,000) |
Equity income of affiliated companies | (67,000,000) | (66,000,000) | (52,000,000) |
Loss (gain) on sale of non-strategic businesses and assets | (102,000,000) | 3,000,000 | 1,000,000 |
Foreign exchange | 25,000,000 | (68,000,000) | (120,000,000) |
Expense related to UOP matters | 160,000,000 | 0 | 0 |
Reimbursement receivables charge | 0 | 509,000,000 | 0 |
Other expense | 12,000,000 | 14,000,000 | |
Other income | (19,000,000) | ||
Other (Income) Expense, Total | (1,378,000,000) | (675,000,000) | (1,065,000,000) |
Pension Plan [Member] | |||
Other Income and Expenses [Line Items] | |||
Ongoing income - non-service | (1,202,000,000) | (901,000,000) | (606,000,000) |
Other Postretirement Benefit Plans [Member] | |||
Other Income and Expenses [Line Items] | |||
Ongoing income - non-service | $ (71,000,000) | $ (57,000,000) | $ (47,000,000) |
SEGMENT FINANCIAL DATA (Details
SEGMENT FINANCIAL DATA (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Segments | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 34,392,000,000 | $ 32,637,000,000 | $ 36,709,000,000 |
Depreciation and amortization | 1,138,000,000 | 1,003,000,000 | 1,088,000,000 |
Segment Reporting Segment Profit Loss | 7,212,000,000 | 6,665,000,000 | 7,739,000,000 |
Capital expenditures | 895,000,000 | 906,000,000 | 839,000,000 |
Total Assets | $ 64,470,000,000 | 64,586,000,000 | 58,679,000,000 |
Number of Operating Segments | Segments | 4 | ||
Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 25,643,000,000 | 24,737,000,000 | 27,629,000,000 |
Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 8,749,000,000 | 7,900,000,000 | 9,080,000,000 |
Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 11,026,000,000 | 11,544,000,000 | 14,054,000,000 |
Aerospace [Member] | Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 6,158,000,000 | 7,194,000,000 | 8,766,000,000 |
Aerospace [Member] | Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,868,000,000 | 4,350,000,000 | 5,288,000,000 |
Honeywell Building Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 5,539,000,000 | 5,189,000,000 | 5,717,000,000 |
Honeywell Building Technologies [Member] | Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 4,098,000,000 | 3,868,000,000 | 4,395,000,000 |
Honeywell Building Technologies [Member] | Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,441,000,000 | 1,321,000,000 | 1,322,000,000 |
Performance Materials And Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 10,013,000,000 | 9,423,000,000 | 10,834,000,000 |
Performance Materials And Technologies [Member] | Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 8,008,000,000 | 7,548,000,000 | 8,732,000,000 |
Performance Materials And Technologies [Member] | Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,005,000,000 | 1,875,000,000 | 2,102,000,000 |
Safety And Productivity Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 7,814,000,000 | 6,481,000,000 | 6,104,000,000 |
Safety And Productivity Solutions [Member] | Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 7,379,000,000 | 6,127,000,000 | 5,736,000,000 |
Safety And Productivity Solutions [Member] | Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 435,000,000 | 354,000,000 | 368,000,000 |
Corporate and All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | 0 |
Depreciation and amortization | 102,000,000 | 44,000,000 | 76,000,000 |
Segment Reporting Segment Profit Loss | (226,000,000) | (96,000,000) | (256,000,000) |
Capital expenditures | 94,000,000 | 52,000,000 | 128,000,000 |
Total Assets | 17,174,000,000 | 19,788,000,000 | 14,557,000,000 |
Corporate and All Other [Member] | Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | 0 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 34,392,000,000 | 32,637,000,000 | 36,709,000,000 |
Operating Segments [Member] | Aerospace [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 11,026,000,000 | 11,544,000,000 | 14,054,000,000 |
Depreciation and amortization | 278,000,000 | 241,000,000 | 234,000,000 |
Segment Reporting Segment Profit Loss | 3,051,000,000 | 2,904,000,000 | 3,607,000,000 |
Capital expenditures | 284,000,000 | 248,000,000 | 272,000,000 |
Total Assets | 11,490,000,000 | 11,035,000,000 | 11,378,000,000 |
Operating Segments [Member] | Honeywell Building Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 5,539,000,000 | 5,189,000,000 | 5,717,000,000 |
Depreciation and amortization | 67,000,000 | 55,000,000 | 63,000,000 |
Segment Reporting Segment Profit Loss | 1,238,000,000 | 1,099,000,000 | 1,165,000,000 |
Capital expenditures | 62,000,000 | 66,000,000 | 43,000,000 |
Total Assets | 6,543,000,000 | 6,351,000,000 | 5,968,000,000 |
Operating Segments [Member] | Performance Materials And Technologies [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 10,013,000,000 | 9,423,000,000 | 10,834,000,000 |
Depreciation and amortization | 454,000,000 | 440,000,000 | 493,000,000 |
Segment Reporting Segment Profit Loss | 2,120,000,000 | 1,851,000,000 | 2,433,000,000 |
Capital expenditures | 265,000,000 | 252,000,000 | 314,000,000 |
Total Assets | 18,021,000,000 | 16,772,000,000 | 16,888,000,000 |
Operating Segments [Member] | Safety And Productivity Solutions [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 7,814,000,000 | 6,481,000,000 | 6,104,000,000 |
Depreciation and amortization | 237,000,000 | 223,000,000 | 222,000,000 |
Segment Reporting Segment Profit Loss | 1,029,000,000 | 907,000,000 | 790,000,000 |
Capital expenditures | 190,000,000 | 288,000,000 | 82,000,000 |
Total Assets | $ 11,242,000,000 | $ 10,640,000,000 | $ 9,888,000,000 |
SEGMENT FINANCIAL DATA 2 (Detai
SEGMENT FINANCIAL DATA 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | |||
Segment Reporting Segment Profit Loss | $ 7,212 | $ 6,665 | $ 7,739 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Interest and other financial charges | (343) | (359) | (357) |
Repositioning and other charges | (569) | (575) | (546) |
Income before taxes | 7,235 | 6,012 | 7,559 |
Other Postretirement Benefits [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Benefit plans income/(expense) | 71 | 58 | 48 |
Corporate and All Other [Member] | |||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract] | |||
Segment Reporting Segment Profit Loss | (226) | (96) | (256) |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Repositioning and other charges | (202) | (110) | (241) |
Segment Reconciling Items [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Pension mark-to-market expense | (40) | (44) | (123) |
Other income (expense) | 38 | (349) | 360 |
Interest and other financial charges | (343) | (359) | (357) |
Stock compensation expense | (217) | (168) | (153) |
Repositioning and other charges | (569) | (575) | (546) |
Income before taxes | 7,235 | 6,012 | 7,559 |
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) | 1,083 | 785 | 592 |
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) | $ 71 | $ 57 | $ 47 |
GEOGRAPHIC AREAS FINANCIAL DA_3
GEOGRAPHIC AREAS FINANCIAL DATA (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Geographic Areas [Line Items] | |||
Revenue | $ 34,392 | $ 32,637 | $ 36,709 |
Long-Lived Assets | 5,562 | 5,570 | 5,325 |
UNITED STATES | |||
Geographic Areas [Line Items] | |||
Revenue | 20,662 | 19,665 | 21,910 |
Export sales included in United States net sales | 4,037 | 4,000 | 5,415 |
Long-Lived Assets | 3,964 | 3,823 | 3,649 |
Europe [Member] | |||
Geographic Areas [Line Items] | |||
Revenue | 6,800 | 6,356 | 7,424 |
Long-Lived Assets | 566 | 628 | 579 |
Other International [Member] | |||
Geographic Areas [Line Items] | |||
Revenue | 6,930 | 6,616 | 7,375 |
Long-Lived Assets | $ 1,032 | $ 1,119 | $ 1,097 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) shares in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2021 | |
Payments for repositioning and other charges [Abstract] | ||||
Severance and exit cost payments | $ (382,000,000) | $ (564,000,000) | $ (249,000,000) | |
Environmental payments | (210,000,000) | (216,000,000) | (256,000,000) | |
Reimbursement receipts | 140,000,000 | 176,000,000 | 292,000,000 | |
Insurance receipts for asbestos related liabilities | 46,000,000 | 58,000,000 | 68,000,000 | |
Asbestos related liability payments | (286,000,000) | (287,000,000) | (231,000,000) | |
Net payments for repositioning and other charges | (692,000,000) | (833,000,000) | (376,000,000) | |
Interest paid, net of amounts capitalized | 339,000,000 | 329,000,000 | 344,000,000 | |
Income taxes paid, net of refunds | 1,202,000,000 | 1,173,000,000 | 1,564,000,000 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||
Common stock contributed to savings plans | 191,000,000 | 211,000,000 | 159,000,000 | |
Marketable securities contributed to non-U.S. pension plans | 81,000,000 | 93,000,000 | 0 | |
Non-cash adjustment to APIC | 460,000,000 | 0 | 0 | |
Noncontrolling interest non-cash contribution | 419,000,000 | 0 | 0 | |
Loan in exchange for prepaid assets | $ 25,000,000 | 0 | 0 | |
Receipt of Garrett Series B Preferred Stock | $ 0 | $ 0 | $ 577,000,000 | |
Investment Owned, Balance, Shares | 834.8 |