COVER
COVER | 3 Months Ended |
Mar. 31, 2024 shares | |
Entity Listings [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
Document Transition Report | false |
Entity File Number | 1-8974 |
Entity Registrant Name | Honeywell International Inc |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 651,185,513 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Central Index Key | 0000773840 |
Current Fiscal Year End Date | --12-31 |
Common stock, par value | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Common Stock, par value $1 per share |
Trading Symbol | HON |
Security Exchange Name | NASDAQ |
3.500% Senior Notes due 2027 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 3.500% Senior Notes due 2027 |
Trading Symbol | HON 27 |
Security Exchange Name | NASDAQ |
2.250% Senior Notes due 2028 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 2.250% Senior Notes due 2028 |
Trading Symbol | HON 28A |
Security Exchange Name | NASDAQ |
3.375% Euro notes due 2030 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 3.375% Senior Notes due 2030 |
Trading Symbol | HON 30 |
Security Exchange Name | NASDAQ |
0.750% Senior Notes due 2032 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 0.750% Senior Notes due 2032 |
Trading Symbol | HON 32 |
Security Exchange Name | NASDAQ |
3.750% Senior Notes due 2032 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 3.750% Senior Notes due 2032 |
Trading Symbol | HON 32A |
Security Exchange Name | NASDAQ |
4.125% Senior Notes due 2034 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 4.125% Senior Notes due 2034 |
Trading Symbol | HON 34 |
Security Exchange Name | NASDAQ |
3.75% Euro notes due 2036 | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 3.750% Senior Notes due 2036 |
Trading Symbol | HON 36 |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net sales | $ 9,105 | $ 8,864 |
Costs, expenses and other | ||
Costs of products and services sold | 5,583 | 5,498 |
Research and development expenses | 360 | 357 |
Selling, general and administrative expenses | 1,302 | 1,317 |
Other (Income) Expense | (231) | (260) |
Interest and other financial charges | 220 | 170 |
Total costs, expenses and other | 7,234 | 7,082 |
Income before taxes | 1,871 | 1,782 |
Tax expense | 396 | 374 |
Net income | 1,475 | 1,408 |
Less: Net income attributable to noncontrolling interest | 12 | 14 |
Net income attributable to Honeywell | $ 1,463 | $ 1,394 |
Earnings per share of common stock - basic (in dollars per share) | $ 2.24 | $ 2.09 |
Earnings per share of common stock - assuming dilution (in dollars per share) | $ 2.23 | $ 2.07 |
Product | ||
Net sales | $ 6,263 | $ 6,310 |
Costs, expenses and other | ||
Costs of products and services sold | 4,035 | 4,068 |
Service | ||
Net sales | 2,842 | 2,554 |
Costs, expenses and other | ||
Costs of products and services sold | $ 1,548 | $ 1,430 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,475 | $ 1,408 |
Other comprehensive income (loss), net of tax | ||
Foreign exchange translation adjustment | 54 | (58) |
Pension and other postretirement benefit adjustments | (5) | (12) |
Changes in fair value of available for sale investments | 0 | (6) |
Cash flow hedges recognized in other comprehensive income (loss) | 18 | 16 |
Less: Reclassification adjustment for gains (losses) included in net income | 4 | 2 |
Changes in fair value of cash flow hedges | 14 | 14 |
Other comprehensive income (loss), net of tax | 63 | (62) |
Comprehensive income | 1,538 | 1,346 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | (12) | 15 |
Comprehensive income attributable to Honeywell | $ 1,550 | $ 1,331 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 11,756 | $ 7,925 |
Short-term investments | 249 | 170 |
Accounts receivable, less allowances of $324 and $323, respectively | 7,476 | 7,530 |
Inventories | 6,318 | 6,178 |
Other current assets | 1,635 | 1,699 |
Total current assets | 27,434 | 23,502 |
Investments and long-term receivables | 975 | 939 |
Property, plant and equipment—net | 5,698 | 5,660 |
Goodwill | 17,985 | 18,049 |
Other intangible assets—net | 3,136 | 3,231 |
Insurance recoveries for asbestos-related liabilities | 164 | 170 |
Deferred income taxes | 374 | 392 |
Other assets | 9,879 | 9,582 |
Total assets | 65,645 | 61,525 |
Current liabilities | ||
Accounts payable | 6,468 | 6,849 |
Commercial paper and other short-term borrowings | 1,819 | 2,085 |
Current maturities of long-term debt | 1,254 | 1,796 |
Accrued liabilities | 6,947 | 7,809 |
Total current liabilities | 16,488 | 18,539 |
Long-term debt | 22,183 | 16,562 |
Deferred income taxes | 2,063 | 2,094 |
Postretirement benefit obligations other than pensions | 129 | 134 |
Asbestos-related liabilities | 1,467 | 1,490 |
Other liabilities | 6,263 | 6,265 |
Redeemable noncontrolling interest | 7 | 7 |
SHAREOWNERS’ EQUITY | ||
Capital—common stock issued | 958 | 958 |
Capital - additional paid in capital | 9,353 | 9,062 |
Common stock held in treasury, at cost | (38,544) | (38,008) |
Accumulated other comprehensive income (loss) | (4,048) | (4,135) |
Retained earnings | 48,735 | 47,979 |
Total Honeywell shareowners’ equity | 16,454 | 15,856 |
Noncontrolling interest | 591 | 578 |
Total shareowners’ equity | 17,045 | 16,434 |
Total liabilities, redeemable noncontrolling interest and shareowners’ equity | $ 65,645 | $ 61,525 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 324 | $ 323 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 1,475 | $ 1,408 |
Less: Net income attributable to noncontrolling interest | 12 | 14 |
Net income attributable to Honeywell | 1,463 | 1,394 |
Adjustments to reconcile net income attributable to Honeywell to net cash provided by (used for) operating activities | ||
Depreciation | 166 | 161 |
Amortization | 125 | 122 |
Repositioning and other charges | 93 | 141 |
Net payments for repositioning and other charges | (124) | (41) |
NARCO Buyout payment | 0 | (1,325) |
Pension and other postretirement income | (151) | (136) |
Pension and other postretirement benefit payments | (8) | (15) |
Stock compensation expense | 53 | 59 |
Deferred income taxes | 3 | 225 |
Other | (163) | (350) |
Changes in assets and liabilities, net of the effects of acquisitions and divestitures | ||
Accounts receivable | 53 | (422) |
Inventories | (140) | (238) |
Other current assets | 64 | 110 |
Accounts payable | (381) | 114 |
Accrued liabilities | (605) | (583) |
Net cash provided by (used for) operating activities | 448 | (784) |
Cash flows from investing activities | ||
Capital expenditures | (233) | (193) |
Proceeds from disposals of property, plant and equipment | 0 | 11 |
Increase in investments | (238) | (226) |
Decrease in investments | 155 | 386 |
Receipts (payments) from settlements of derivative contracts | 43 | (7) |
Net cash used for investing activities | (273) | (29) |
Cash flows from financing activities | ||
Proceeds from issuance of commercial paper and other short-term borrowings | 2,223 | 4,105 |
Payments of commercial paper and other short-term borrowings | (2,470) | (3,294) |
Proceeds from issuance of common stock | 144 | 37 |
Proceeds from issuance of long-term debt | 5,710 | 0 |
Payments of long-term debt | (573) | (1,363) |
Repurchases of common stock | (671) | (699) |
Cash dividends paid | (703) | (725) |
Other | 36 | (34) |
Net cash provided by (used for) financing activities | 3,696 | (1,973) |
Effect of foreign exchange rate changes on cash and cash equivalents | (40) | 28 |
Net increase (decrease) in cash and cash equivalents | 3,831 | (2,758) |
Cash and cash equivalents at beginning of period | 7,925 | 9,627 |
Cash and cash equivalents at end of period | $ 11,756 | $ 6,869 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREOWNERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common stock, par value | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Noncontrolling interest |
Beginning balance at Dec. 31, 2022 | $ 8,564 | $ (34,443) | $ 45,093 | $ (3,475) | $ 622 | ||
Treasury stock, beginning balance (in shares) at Dec. 31, 2022 | (290) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reacquired stock or repurchases of common stock (in shares) | (3.5) | ||||||
Reacquired stock or repurchases of common stock | $ (699) | ||||||
Issued for employee savings and option plans (in shares) | 1.6 | ||||||
Issued for employee savings and option plans | 151 | $ 70 | |||||
Stock compensation expense | 59 | ||||||
Impact of Quantinuum contribution | 0 | ||||||
Net income attributable to Honeywell | $ 1,394 | 1,394 | |||||
Dividends on common stock | (690) | ||||||
Net income attributable to noncontrolling interest | (14) | 14 | |||||
Foreign exchange translation adjustment | (58) | (59) | 1 | ||||
Pension and other postretirement benefit adjustments | (12) | (12) | |||||
Changes in fair value of available for sale investments | (6) | ||||||
Changes in fair value of cash flow hedges | 14 | 14 | |||||
Dividends paid | (41) | ||||||
Contributions from noncontrolling interest holders | 0 | ||||||
Treasury stock, ending balance (in shares) at Mar. 31, 2023 | (291.9) | ||||||
Ending balance at Mar. 31, 2023 | $ 17,515 | $ 958 | 8,774 | $ (35,072) | 45,797 | (3,538) | 596 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends per share of common stock (in dollars per share) | $ 1.03 | ||||||
Common stock, par value (in shares) | 665.7 | 957.6 | |||||
Total shareowners' equity (in shares) | 665.7 | 957.6 | |||||
Beginning balance at Dec. 31, 2023 | $ 16,434 | 9,062 | $ (38,008) | 47,979 | (4,135) | 578 | |
Treasury stock, beginning balance (in shares) at Dec. 31, 2023 | (305.8) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reacquired stock or repurchases of common stock (in shares) | (3.4) | ||||||
Reacquired stock or repurchases of common stock | $ (671) | ||||||
Issued for employee savings and option plans (in shares) | 2.8 | ||||||
Issued for employee savings and option plans | 202 | $ 135 | |||||
Stock compensation expense | 53 | ||||||
Impact of Quantinuum contribution | 36 | ||||||
Net income attributable to Honeywell | 1,463 | 1,463 | |||||
Dividends on common stock | (707) | ||||||
Net income attributable to noncontrolling interest | (12) | 12 | |||||
Foreign exchange translation adjustment | 54 | 78 | (24) | ||||
Pension and other postretirement benefit adjustments | (5) | (5) | |||||
Changes in fair value of available for sale investments | 0 | ||||||
Changes in fair value of cash flow hedges | 14 | 14 | |||||
Dividends paid | (4) | ||||||
Contributions from noncontrolling interest holders | 29 | ||||||
Treasury stock, ending balance (in shares) at Mar. 31, 2024 | (306.4) | ||||||
Ending balance at Mar. 31, 2024 | $ 17,045 | $ 958 | $ 9,353 | $ (38,544) | $ 48,735 | $ (4,048) | $ 591 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cash dividends per share of common stock (in dollars per share) | $ 1.08 | ||||||
Common stock, par value (in shares) | 651.2 | 957.6 | |||||
Total shareowners' equity (in shares) | 651.2 | 957.6 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments necessary to present fairly the financial position, results of operations, cash flows, and shareowners' equity of Honeywell International Inc. and its consolidated subsidiaries (Honeywell or the Company) for the periods presented. The interim results of operations and cash flows should not necessarily be taken as indicative of the entire year. Honeywell reports its quarterly financial information using a calendar convention; the first, second, and third quarters are consistently reported as ending on March 31, June 30, and September 30, respectively. It is Honeywell's practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires Honeywell's businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on the Company's business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. In the event differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, Honeywell will provide appropriate disclosures. Honeywell's actual closing dates for the three months ended March 31, 2024, and 2023, were March 30, 2024, and April 1, 2023, respectively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the Company are set forth in Note 1 Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements in the Company’s 2023 Annual Report on Form 10-K. The Company includes herein certain updates to those policies. RECLASSIFICATIONS Certain prior year amounts are reclassified to conform to the current year presentation. During the first quarter of 2024, the Company realigned certain of its business units as reflected in Note 18 Segment Financial Data, which impacted the composition of its reportable segments. The Company recast historical periods to reflect this change in segment presentation. SUPPLY CHAIN FINANCING Amounts outstanding related to supply chain financing programs are included in Accounts payable in the Consolidated Balance Sheet. Accounts payable included approximately $1,029 million and $1,112 million as of March 31, 2024, and December 31, 2023, respectively. The impact of these programs is not material to the Company's overall liquidity. 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 Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures , which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires companies to enhance the disclosures about segment expenses. The new standard requires the disclosure of the Company’s Chief Operating Decision Maker (CODM), expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making, and the inclusion of previous annual only segment disclosure requirements on a quarterly basis. This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Topic 405): Disclosure of Supplier Finance Program Obligations , to enhance the transparency of supplier finance programs. The new standard requires annual disclosure of the key terms of the program, a description of where in the financial statements amounts outstanding under the program are presented, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The guidance does not affect recognition, measurement, or financial statement presentation of supplier finance programs. The ASU is effective on January 1, 2023, except for the rollforward, which is effective on January 1, 2024, for annual disclosures. The Company adopted this guidance on January 1, 2023, with the exception of the rollforward adopted on January 1, 2024. The adoption of this standard does 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 accounting 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022, to December 31, 2024. The Company will apply the guidance to impacted transactions during the transition period. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements. |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES ACQUISITIONS On March 27, 2024, the Company announced its intention to acquire Civitanavi Systems S.p.A. in an all-cash transaction for approximately €200 million. The transaction is not subject to any financing condition but is subject to regulatory review and approval, the tender into the offer of at least 95% of Civitanavi Systems S.p.A.’s outstanding shares, and customary closing conditions. The transaction is expected to close by the end of the third quarter of 2024 and the business will be reported within the Aerospace Technologies reportable business segment. On December 8, 2023, the Company agreed to acquire Carrier Global Corporation's Global Access Solutions business in an all-cash transaction for $5.0 billion. The transaction is subject to regulatory review and approval and customary closing conditions. The transaction is expected to close by the end of the third quarter of 2024, and the business will be reported within the Building Automation reportable business segment. On August 25, 2023, the Company acquired 100% of the outstanding equity interests of SCADAfence, a provider of operational technology and Internet of Things cybersecurity solutions for monitoring large scale networks, for total consideration of $52 million, net of cash acquired. The business is included in the Industrial Automation reportable business segment. The assets and liabilities acquired with SCADAfence are included in the Consolidated Balance Sheet as of March 31, 2024, including $17 million of intangible assets and $42 million of goodwill, which is not deductible for tax purposes. The purchase accounting is subject to final adjustment, primarily for the value of intangible assets, amounts allocated to goodwill, and tax balances. On June 30, 2023, the Company acquired 100% of the outstanding equity interests of Compressor Controls Corporation, a turbomachinery services and controls company based in the United States, for total cash consideration of $673 million, net of cash acquired. The business is included in the Industrial Automation reportable business segment. The assets and liabilities acquired with Compressor Controls Corporation are included in the Consolidated Balance Sheet as of March 31, 2024, including $282 million of intangible assets and $350 million allocated to goodwill, which is deductible for tax purposes. The identifiable intangible assets primarily include customer relationships amortized over an estimated life of 15 years using an excess earnings amortization method. The purchase accounting is subject to final adjustment, primarily for the valuation of intangible assets, amounts allocated to goodwill, and tax balances. DIVESTITURES |
REVENUE RECOGNITION AND CONTRAC
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | 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 reportable business segment for details: Three Months Ended March 31, 2024 2023 Aerospace Technologies Commercial Aviation Original Equipment $ 674 $ 541 Commercial Aviation Aftermarket 1,659 1,423 Defense and Space 1,336 1,147 Net Aerospace Technologies sales 3,669 3,111 Industrial Automation Sensing and Safety Technologies 633 690 Productivity Solutions and Services 322 361 Process Solutions 1,313 1,288 Warehouse and Workflow Solutions 210 464 Net Industrial Automation sales 2,478 2,803 Building Automation Products 813 908 Building Solutions 613 579 Net Building Automation sales 1,426 1,487 Energy and Sustainability Solutions UOP 577 565 Advanced Materials 948 896 Net Energy and Sustainability Solutions sales 1,525 1,461 Corporate and All Other 7 2 Net sales $ 9,105 $ 8,864 Aerospace Technologies – A global supplier of products, software, and services for aircrafts that it sells to original equipment manufacturers (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 Technologies 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, and thermal systems. Aerospace Technologies also provides spare parts, repair, overhaul, and maintenance services (principally to aircraft operators), and sells licenses or intellectual property to other parties. Honeywell Forge solutions enable customers to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient. Industrial Automation – A global provider of industrial automation solutions that deliver intelligent, sustainable, and secure operations for customers in oil and gas, petrochemicals, life sciences, metals and mining, and warehouse and logistics segments. With millions of installed assets, Industrial Automation deploys outcome-based solutions to increase asset utilization; improve operational efficiency and labor productivity; reduce carbon emissions with less energy consumption; and enhance cyber security for critical infrastructure and operational assets. Industrial Automation offerings include automation control and instrumentation products and services; smart energy products; sensing technologies with an array of custom-engineered sensors and services; gas detection technologies and personal protective equipment; and system design, advanced automation equipment, software and analytics for manufacturing, distribution and fulfillment operations. These products and services are combined with proprietary machine learning and artificial intelligence algorithms in products and projects which are digitally enabled through our industry leading industrial Internet of Things (IoT) platform, Honeywell Forge. Building Automation – 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. Building Automation 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 customers to digitally manage buildings, connecting data from different assets to enable smart maintenance, improve building performance, and even protect from incoming security threats. Energy and Sustainability Solutions – A global provider of industry leading technology, processing, and licensing capabilities combined with material science capabilities and innovative chemistry to offer focused solutions that are integral to facilitating the world's energy transition. The reportable business segment is comprised of UOP and Advanced Materials business units. The UOP business provides sustainable aviation fuels, petrochemical and refining technologies, and carbon management solutions across multiple sectors through process technology solutions, products, including catalysts and adsorbents, equipment and aftermarket services. The Advanced Materials business provides customers with its Solstice lower global warming potential refrigeration and heating solutions, Spectra fibers for high end protective armor and medical applications, and leading-edge semiconductor materials. Honeywell Forge solutions serve customer asset productivity and efficiency needs by providing connectivity, data integration, and software solutions to generate a holistic view of their operations. 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 reportable business segment, refer to Note 18 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: Three Months Ended March 31, 2024 2023 Products, transferred point in time 58 % 58 % Products, transferred over time 11 13 Net product sales 69 71 Services, transferred point in time 5 9 Services, transferred over time 26 20 Net service sales 31 29 Net sales 100 % 100 % CONTRACT BALANCES The Company tracks progress on satisfying performance obligations under contracts with customers. The related billings and cash collections are recorded in 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 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 the Company 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: 2024 2023 Contract assets—January 1 $ 2,013 $ 2,294 Contract assets—March 31 1,939 2,453 Change in contract assets—increase (decrease) $ (74) $ 159 Contract liabilities—January 1 $ (4,326) $ (4,583) Contract liabilities—March 31 (4,005) (4,291) Change in contract liabilities—decrease (increase) $ 321 $ 292 Net change $ 247 $ 451 For the three months ended March 31, 2024, and 2023, the Company recognized revenue of $993 million and $953 million, respectively, that was previously included in the beginning balance of contract liabilities. Contract assets included $1,869 million and $1,949 million of unbilled balances under long-term contracts as of March 31, 2024, and December 31, 2023, 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 include 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 stand-alone 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 stand-alone 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 reportable business segment: March 31, 2024 Aerospace Technologies $ 14,387 Industrial Automation 6,175 Building Automation 6,983 Energy and Sustainability Solutions 4,418 Corporate and All Other 1 49 Total performance obligations $ 32,012 1 The remaining performance obligations within Corporate and All Other relate to the Quantinuum business. Performance obligations recognized as of March 31, 2024, 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 55% and 45%, respectively. The timing of satisfaction of the Company's performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of 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 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 | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
REPOSITIONING AND OTHER CHARGES | REPOSITIONING AND OTHER CHARGES A summary of net repositioning and other charges follows: Three Months Ended March 31, 2024 2023 Severance $ 33 $ 67 Asset impairments 1 12 Exit costs 15 24 Reserve adjustments (15) (5) Total net repositioning charges 34 98 Asbestos-related charges, net of insurance and reimbursements 18 21 Probable and reasonably estimable environmental liabilities, net of reimbursements 24 22 Other charges 17 — Total net repositioning and other charges $ 93 $ 141 The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations: Three Months Ended March 31, 2024 2023 Cost of products and services sold $ 58 $ 80 Selling, general and administrative expenses 18 65 Other (income) expense 17 (4) Total net repositioning and other charges $ 93 $ 141 The following table summarizes the pre-tax amount of total net repositioning and other charges by reportable business segment. These amounts are excluded from segment profit as described in Note 18 Segment Financial Data: Three Months Ended March 31, 2024 2023 Aerospace Technologies $ 5 $ 3 Industrial Automation 17 48 Building Automation 4 27 Energy and Sustainability Solutions 18 11 Corporate and All Other 49 52 Total net repositioning and other charges $ 93 $ 141 NET REPOSITIONING CHARGES In the three months ended March 31, 2024, the Company recognized gross repositioning charges totaling $49 million, including severance costs of $33 million related to workforce reductions of 1,362 manufacturing and administrative positions primarily in the Company's Industrial Automation and Building Automation reportable business segments. The workforce reductions were related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $1 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $15 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation reportable business segment and corporate functions. Also, $15 million of previously established reserves, primarily for severance, were returned to income due to higher-than-expected voluntary exits and adjustments to the scope of previously announced repositioning actions. In the three months ended March 31, 2023, the Company recognized repositioning charges totaling $103 million, including severance costs of $67 million related to workforce reductions of 1,797 manufacturing and administrative positions mainly in the Company's Building Automation and Industrial Automation reportable business segments. The workforce reductions were related to the Company's productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $12 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $24 million related to current period costs incurred for closure obligations associated with site transitions across all of the Company's reportable business segments. The following table summarizes the status of the Company's total repositioning reserves: Severance Asset Exit Total Balance at December 31, 2023 $ 188 $ — $ 91 $ 279 Charges 33 1 15 49 Usage—cash (22) — (28) (50) Usage—noncash — — — — Foreign currency translation (3) — — (3) Adjustments (9) (1) (5) (15) Balance at March 31, 2024 $ 187 $ — $ 73 $ 260 Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in the three months ended March 31, 2024, and 2023, were $12 million and $10 million, respectively. OTHER CHARGES During the three months ended March 31, 2024, the Company recognized Other charges of $17 million related to the settlement of a contractual dispute with a Russian entity associated with the Company's suspension and wind down activities in Russia. The charges were recorded in Other (income) expense in the Consolidated Statement of Operations. Given the uncertainty inherent in the Company's remaining obligations related to contracts with Russian counterparties, the Company does not believe it is possible to develop estimates of reasonably possible loss in excess of current accruals for these matters (other than as specifically set forth above). Based on available information to date, the Company’s estimate of potential future losses or other contingencies related to the wind down of activities, including any guarantee payments or any litigation costs or as otherwise related to the Company's wind down in Russia, could adversely affect the Company's consolidated results of operations in the periods recognized but would not be material with respect to the Company's consolidated financial position. See Note 15 Commitments and Contingencies for a discussion of the recognition and measurement of estimate for contingencies. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe effective tax rate was higher than the U.S. federal statutory rate of 21% and increased during 2024 compared to 2023 as a result of incremental tax expense from reduced tax reserve activity, partially offset by increased tax benefits from employee-share based compensation and other accrued taxes. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES March 31, 2024 December 31, 2023 Raw materials $ 1,500 $ 1,704 Work in process 1,314 1,217 Finished products 3,504 3,257 Total Inventories $ 6,318 $ 6,178 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS - NET | GOODWILL AND OTHER INTANGIBLE ASSETS—NET The following table summarizes the change in the carrying amount of goodwill for the three months ended March 31, 2024, by reportable business segment: December 31, 2023 Acquisitions/ Currency March 31, 2024 Aerospace Technologies $ 2,386 $ — $ (3) $ 2,383 Industrial Automation 9,650 — (38) 9,612 Building Automation 3,380 — (20) 3,360 Energy and Sustainability Solutions 1,727 — (2) 1,725 Corporate and All Other 906 — (1) 905 Total Goodwill $ 18,049 $ — $ (64) $ 17,985 Other intangible assets are comprised of: March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Definite-life intangibles Patents and technology $ 2,390 $ (1,851) $ 539 $ 2,399 $ (1,837) $ 562 Customer relationships 4,153 (2,619) 1,534 4,199 (2,601) 1,598 Trademarks 357 (287) 70 362 (284) 78 Other 299 (277) 22 299 (277) 22 Total definite-life intangibles—net 7,199 (5,034) 2,165 7,259 (4,999) 2,260 Indefinite-life intangibles Trademarks 971 — 971 971 — 971 Total Other intangible assets—net $ 8,170 $ (5,034) $ 3,136 $ 8,230 $ (4,999) $ 3,231 Other intangible assets amortization includes $70 million and $68 million of acquisition-related intangible amortization expense for the three months ended March 31, 2024, and 2023, respectively. |
LONG-TERM DEBT AND CREDIT AGREE
LONG-TERM DEBT AND CREDIT AGREEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT AND CREDIT AGREEMENTS | LONG-TERM DEBT AND CREDIT AGREEMENTS March 31, 2024 December 31, 2023 0.00% Euro notes due 2024 $ — $ 547 2.30% notes due 2024 750 750 4.85% notes due 2024 400 400 1.35% notes due 2025 1,250 1,250 2.50% notes due 2026 1,500 1,500 1.10% notes due 2027 1,000 1,000 3.50% Euro notes due 2027 703 711 4.95% notes due 2028 500 500 2.25% Euro notes due 2028 811 820 4.25% notes due 2029 750 750 2.70% notes due 2029 750 750 4.875% notes due 2029 500 — 3.375% Euro notes due 2030 811 — 1.95% notes due 2030 1,000 1,000 4.95% notes due 2031 500 — 1.75% notes due 2031 1,500 1,500 0.75% Euro notes due 2032 541 547 3.75% Euro notes due 2032 541 547 5.00% notes due 2033 1,100 1,100 4.50% notes due 2034 1,000 1,000 4.125% Euro notes due 2034 1,082 1,094 5.00% notes due 2035 750 — 3.75% Euro notes due 2036 811 — 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 442 442 2.80% notes due 2050 750 750 5.25% notes due 2054 1,750 — 5.35% notes due 2064 650 — 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), 6.5% weighted average interest rate maturing at various dates through 2029 213 217 Fair value of hedging instruments (208) (166) Debt issuance costs (304) (245) Total Long-term debt and current related maturities 23,437 18,358 Less: Current maturities of long-term debt 1,254 1,796 Total Long-term debt $ 22,183 $ 16,562 On March 1, 2024, the Company issued $500 million 4.875% Senior Notes due 2029, $500 million 4.95% Senior Notes due 2031, $750 million 5.00% Senior Notes due 2035, $1.75 billion 5.25% Senior Notes due 2054, and $650 million 5.35% Senior Notes due 2064 (collectively, the 2024 USD Notes). The Company may redeem the 2024 USD Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $4.2 billion, offset by $44 million in discount and closing costs related to the offering. On March 1, 2024, the Company issued €750 million 3.375% Senior Notes due 2030 and €750 million 3.75% Senior Notes due 2036 (collectively, the 2024 Euro Notes). The Company may redeem the 2024 Euro Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $1.6 billion, offset by $21 million in discount and closing costs related to the offering. The 2024 USD Notes and 2024 Euro Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The Company intends to use the proceeds from the issuances for general corporate purposes, which may include, among other things, the repayment of outstanding debt and financing of possible acquisitions or business expansion. On March 11, 2024, the Company repaid its 0.00% Euro notes due 2024. On March 18, 2024, the Company entered into a $1.5 billion 364-day credit agreement (the 364-Day Credit Agreement) and a $4.0 billion amended and restated five-year credit agreement (the 5-Year Credit Agreement). The 364-Day Credit Agreement replaced the $1.5 billion 364-day credit agreement dated as of March 20, 2023, which was terminated in accordance with its terms effective March 18, 2024. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than March 17, 2025, 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 17, 2026, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms. The 5-Year Credit Agreement amended and restated the previously reported $4.0 billion amended and restated five-year credit agreement dated as of March 20, 2023. 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 and 5-Year Credit Agreement are maintained for general corporate purposes. As of March 31, 2024, there were no outstanding borrowings under the 364-Day Credit Agreement or the 5-Year Credit Agreement. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | LEASES The Company's operating and finance lease portfolio is described in Note 10 Leases of Notes to Consolidated Financial Statements in the Company's 2023 Annual Report on Form 10-K. Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2024 2023 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 58 $ 20 Finance leases 24 31 Supplemental balance sheet information related to leases was as follows: March 31, 2024 December 31, 2023 Operating leases Other assets $ 1,007 $ 1,004 Accrued liabilities 196 196 Other liabilities 902 897 Total operating lease liabilities 1,098 1,093 Finance leases Property, plant and equipment 404 402 Accumulated depreciation (211) (204) Property, plant and equipment—net 193 198 Current maturities of long-term debt 88 86 Long-term debt 89 99 Total finance lease liabilities $ 177 $ 185 |
LEASES | LEASES The Company's operating and finance lease portfolio is described in Note 10 Leases of Notes to Consolidated Financial Statements in the Company's 2023 Annual Report on Form 10-K. Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2024 2023 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 58 $ 20 Finance leases 24 31 Supplemental balance sheet information related to leases was as follows: March 31, 2024 December 31, 2023 Operating leases Other assets $ 1,007 $ 1,004 Accrued liabilities 196 196 Other liabilities 902 897 Total operating lease liabilities 1,098 1,093 Finance leases Property, plant and equipment 404 402 Accumulated depreciation (211) (204) Property, plant and equipment—net 193 198 Current maturities of long-term debt 88 86 Long-term debt 89 99 Total finance lease liabilities $ 177 $ 185 |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS | DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS Honeywell's foreign currency, interest rate, credit, and commodity price risk management policies are described in Note 11 Derivative Instruments and Hedging Transactions of Notes to Consolidated Financial Statements in the Company's 2023 Annual Report on Form 10-K. 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) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Derivatives in fair value hedging relationships Interest rate swap agreements $ 4,702 $ 4,717 $ — $ 18 $ (208) $ (184) Derivatives in cash flow hedging relationships Foreign currency exchange contracts 742 712 42 28 (1) (4) Commodity contracts 4 6 — — — (1) Derivatives in net investment hedging relationships Cross currency swap agreements 5,864 4,264 4 — (72) (145) Total derivatives designated as hedging instruments 11,312 9,699 46 46 (281) (334) Derivatives not designated as hedging instruments Foreign currency exchange contracts 11,119 8,198 8 7 (18) (5) Total derivatives at fair value $ 22,431 $ 17,897 $ 54 $ 53 $ (299) $ (339) 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 $7,118 million and $6,099 million as of March 31, 2024, and December 31, 2023, respectively. The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Long-term debt $ 4,494 $ 4,551 $ (208) $ (166) The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments: Three Months Ended March 31, 2024 Net Sales Cost of Cost of Selling, Other Interest and Other $ 9,105 $ 4,035 $ 1,548 $ 1,302 $ (231) $ 220 Gain or (loss) on cash flow hedges Foreign currency exchange contracts Amount reclassified from accumulated other comprehensive income (loss) into income 1 2 1 1 — — Gain or (loss) on fair value hedges Interest rate swap agreements Hedged items — — — — — 42 Derivatives designated as hedges — — — — — (42) Gain or (loss) on derivatives not designated as hedging instruments Foreign currency exchange contracts — — — — 23 — Three Months Ended March 31, 2023 Net Sales Cost of Cost of Selling, Other Interest and Other $ 8,864 $ 4,068 $ 1,430 $ 1,317 $ (260) $ 170 Gain or (loss) on cash flow hedges Foreign currency exchange contracts Amount reclassified from accumulated other comprehensive income (loss) into income 1 3 1 1 — — Gain or (loss) on fair value hedges Interest rate swap agreements Hedged items — — — — — (67) Derivatives designated as hedges — — — — — 67 Gain or (loss) on derivatives not designated as hedging instruments Foreign currency exchange contracts — — — — (80) — The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss): Three Months Ended March 31, 2024 2023 Euro-denominated long-term debt $ 39 $ (49) Euro-denominated commercial paper 19 (28) Cross currency swap agreements 75 (57) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 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: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 50 $ — $ 50 $ — $ 35 $ — $ 35 Available for sale investments 66 293 — 359 63 217 — 280 Interest rate swap agreements — — — — — 18 — 18 Cross currency swap agreements — 4 — 4 — — — — Investments in equity securities 15 — — 15 22 — — 22 Right to HWI Net Sale Proceeds — — 9 9 — — 9 9 Total assets $ 81 $ 347 $ 9 $ 437 $ 85 $ 270 $ 9 $ 364 Liabilities Foreign currency exchange contracts $ — $ 19 $ — $ 19 $ — $ 9 $ — $ 9 Interest rate swap agreements — 208 — 208 — 184 — 184 Commodity contracts — — — — — 1 — 1 Cross currency swap agreements — 72 — 72 — 145 — 145 Total liabilities $ — $ 299 $ — $ 299 $ — $ 339 $ — $ 339 The Company values foreign currency exchange contracts, interest rate swap agreements, cross currency swap agreements, and commodity contracts 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, time deposits, and corporate debt securities that are designated as available for sale. These investments 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 securities and investments in equity securities. The Company values these investments 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 other short-term borrowings approximates fair value. As part of the NARCO Buyout (see Note 15 Commitments and Contingencies for definition), Honeywell holds a right to proceeds from the definitive sale agreement pursuant to which HarbisonWalker International Holdings, Inc. (HWI), the reorganized and renamed entity that emerged from the NARCO Bankruptcy, was acquired by an affiliate of Platinum Equity, LLC (HWI Sale). The right to these proceeds is considered a financial instrument. The significant input for the valuation of this right is unobservable, and as such, is classified within level 3. The HWI Sale closed on February 16, 2023. During the twelve months ended December 31, 2023, Honeywell received $275 million of proceeds from the HWI Sale (HWI Net Sale Proceeds). Additionally, the Company recorded a fair value adjustment for the HWI Net Sale Proceeds and reduced the estimate by $11 million. The fair value of the remaining HWI Net Sale Proceeds as of March 31, 2024, represents contingent consideration to be paid in future periods if certain conditions under the definitive sale agreement for the HWI Sale are met. The following table sets forth a reconciliation of beginning and ending balances of assets and liabilities that were accounted for at fair value using level 3 measurements: Three Months Ended March 31, 2024 Balance at beginning of period $ 9 Receipt of HWI Net Sale Proceeds — Fair value adjustment of HWI Net Sale Proceeds — Balance at end of period $ 9 The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Assets Long-term receivables $ 260 $ 190 $ 232 $ 173 Liabilities Long-term debt and related current maturities 23,437 22,515 18,358 17,706 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. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The details of the earnings per share calculations for the three months ended March 31, 2024, and 2023, are as follows (shares in millions): Three Months Ended March 31, Basic 2024 2023 Net income attributable to Honeywell $ 1,463 $ 1,394 Weighted average shares outstanding 652.3 667.8 Earnings per share of common stock—basic $ 2.24 $ 2.09 Three Months Ended March 31, Assuming Dilution 2024 2023 Net income attributable to Honeywell $ 1,463 $ 1,394 Average shares Weighted average shares outstanding 652.3 667.8 Dilutive securities issuable—stock plans 4.3 5.2 Total weighted average diluted shares outstanding 656.6 673.0 Earnings per share of common stock—assuming dilution $ 2.23 $ 2.07 The diluted earnings per share calculations exclude the effect of stock options when the cost to exercise an option exceeds the average market price of the common shares during the period. For the three months ended March 31, 2024, and 2023, the weighted average number of stock options excluded from the computations was 4.9 million and 4.0 million, respectively. As of March 31, 2024, and 2023, the total shares outstanding were 651.2 million and 665.7 million, respectively, and as of March 31, 2024, and 2023, total shares issued were 957.6 million. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT Foreign Pension Changes in Fair Changes in Total Balance at December 31, 2023 $ (3,101) $ (1,055) $ (2) $ 23 $ (4,135) Other comprehensive income (loss) before reclassifications 78 — — 18 96 Amounts reclassified from accumulated other comprehensive income (loss) — (5) — (4) (9) Net current period other comprehensive income (loss) 78 (5) — 14 87 Balance at March 31, 2024 $ (3,023) $ (1,060) $ (2) $ 37 $ (4,048) Foreign Pension Changes in Fair Changes in Total Balance at December 31, 2022 $ (2,832) $ (648) $ (7) $ 12 $ (3,475) Other comprehensive income (loss) before reclassifications (59) — (6) 16 (49) Amounts reclassified from accumulated other comprehensive income (loss) — (12) — (2) (14) Net current period other comprehensive income (loss) (59) (12) (6) 14 (63) Balance at March 31, 2023 $ (2,891) $ (660) $ (13) $ 26 $ (3,538) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES ENVIRONMENTAL MATTERS Honeywell's environmental matters are described in Note 19 Commitments and Contingencies of Notes to Consolidated Financial Statements in the Company's 2023 Annual Report on Form 10-K. The following table summarizes information concerning the Company's recorded liabilities for environmental costs: Balance at December 31, 2023 $ 641 Accruals for environmental matters deemed probable and reasonably estimable 82 Environmental liability payments (61) Balance at March 31, 2024 $ 662 Environmental liabilities are included in the following balance sheet accounts: March 31, 2024 December 31, 2023 Accrued liabilities $ 228 $ 227 Other liabilities 434 414 Total environmental liabilities $ 662 $ 641 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 Technologies, Inc. (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 $35 million in the three months ended March 31, 2024, 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 the three months ended March 31, 2024, was $59 million. As of March 31, 2024, Other current assets and Other assets included $140 million and $545 million, respectively, for the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. ASBESTOS MATTERS Honeywell is named in asbestos-related personal injury claims related to North American Refractories Company (NARCO), which was sold in 1986, and the Bendix Friction Materials (Bendix) business, which was sold in 2014. The following tables summarize information concerning NARCO and Bendix asbestos-related balances: ASBESTOS-RELATED LIABILITIES Bendix NARCO Total December 31, 2023 $ 1,644 $ — $ 1,644 Accrual for update to estimated liability 10 — 10 Change in estimated cost of future claims 5 — 5 Asbestos-related liability payments (55) — (55) March 31, 2024 $ 1,604 $ — $ 1,604 INSURANCE RECOVERIES FOR ASBESTOS-RELATED LIABILITIES Bendix NARCO Total December 31, 2023 $ 123 $ 88 $ 211 Probable insurance recoveries related to estimated liability — — — Insurance receipts for asbestos-related liabilities (3) (3) (6) March 31, 2024 $ 120 $ 85 $ 205 NARCO and Bendix asbestos-related balances are included in the following balance sheet accounts: March 31, 2024 December 31, 2023 Other current assets $ 41 $ 41 Insurance recoveries for asbestos-related liabilities 164 170 Total insurance recoveries for asbestos-related liabilities $ 205 $ 211 Accrued liabilities $ 137 $ 154 Asbestos-related liabilities 1,467 1,490 Total asbestos-related liabilities $ 1,604 $ 1,644 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 (Channeling Injunction). 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. The operating rules per the TDP define criteria claimants must meet for a claim to be considered valid and paid. Once operational in 2014, the Trust began to receive, process, and pay claims. 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 breached its duties in managing the Trust, including breaches of certain provisions of the TA and TDP. Honeywell's lawsuit sought appropriate relief preventing the Trust from continuing these practices. The Trust also filed suit against Honeywell, alleging Honeywell 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. The Bankruptcy Court conducted a trial on these matters during May 2022; following the trial, the Company and the Trust began discussing a potential settlement of Honeywell’s remaining obligations to the Trust. On November 18, 2022, Honeywell entered into a definitive agreement (Buyout Agreement) with the Trust, and on November 20, 2022, in exchange for the NARCO Trust Advisory Committee (TAC) and Lawrence Fitzpatrick, in his capacity as the NARCO Asbestos Future Claimants Representative (FCR), becoming parties to the Buyout Agreement, Honeywell, the Trust, the TAC, and the FCR entered into an Amended and Restated Buyout Agreement (Amended Buyout Agreement). Pursuant to the terms of the Amended Buyout Agreement, Honeywell agreed to make a one-time, lump sum payment in the amount of $1.325 billion to the Trust (Buyout Amount), subject to certain deductions as described in the Amended Buyout Agreement and in exchange for the release by the Trust of Honeywell from all further and future obligations of any kind related to the Trust and/or any claimants who were exposed to asbestos-containing products manufactured, sold, or distributed by NARCO or its predecessors, including Honeywell’s ongoing evergreen obligation to fund (i) claims against the Trust, which comprise Honeywell’s NARCO asbestos-related claims liability, and (ii) the Trust’s annual operating expenses, which are expensed as incurred, including its legal fees (which operating expenses, for reference, were approximately $30 million in 2022) (such evergreen obligations referred to in (i) and (ii), Honeywell Obligations) (the NARCO Buyout). On December 8, 2022, the Bankruptcy Court issued an order that (A) approved the Amended Buyout Agreement, and (B) declared that the NARCO Channeling Injunction (which bars all past, present, and future individual actions in state or federal courts based on exposure to NARCO asbestos-containing products and requires all such claims to be made against the Trust) will remain in full force and effect without modification, dissolution, or termination (Order). On December 14, 2022, HWI, the reorganized and renamed entity that emerged from the NARCO bankruptcy, entered into a definitive agreement (Sale Agreement) pursuant to which an affiliate of Platinum Equity, LLC agreed to acquire HWI (HWI Sale) subject to the terms set forth in the Sale Agreement, including customary conditions to closing set forth therein. In accordance with the Amended Buyout Agreement, the economic rights of the Trust in respect of the net proceeds from the HWI Sale inure to the benefit of Honeywell. On January 30, 2023, the Company paid the Buyout Amount to the Trust, the parties closed the transactions contemplated in the Amended Buyout Agreement (Closing), and Honeywell was released from the Honeywell Obligations. Honeywell continues to have the right to collect proceeds in connection with its NARCO asbestos-related insurance policies. With the issuance of the Order, the Company derecognized the NARCO asbestos-related liability of $688 million from the Consolidated Balance Sheet and recognized a charge of $1.325 billion in the Consolidated Statement of Operations and accrued a corresponding liability in the Consolidated Balance Sheet for the Buyout Amount. In addition, the Company recognized a benefit of $295 million in the Consolidated Statement of Operations and corresponding asset in Other current assets in the Consolidated Balance Sheet for Honeywell's rights to the proceeds from the HWI Sale. The benefit of $295 million offset the charge for the Buyout Amount. On February 16, 2023, the HWI Sale closed. Pursuant to the Amended Buyout Agreement, during 2023, Honeywell received $275 million of proceeds from the HWI sale. See Note 12 Fair Value Measurements for further information on the related proceeds and remaining amount under the Amended Buyout Agreement. 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: Three Months Ended Years Ended 2024 2023 2022 Claims unresolved at the beginning of period 5,517 5,608 6,401 Claims filed 360 1,803 2,014 Claims resolved (504) (1,894) (2,807) Claims unresolved at the end of period 5,373 5,517 5,608 March 31, December 31, Disease Distribution of Unresolved Claims 2024 2023 2022 Mesothelioma and other cancer claims 3,273 3,244 3,283 Nonmalignant claims 2,100 2,273 2,325 Total claims 5,373 5,517 5,608 Honeywell has experienced average resolution values per claim excluding legal costs as follows: Years Ended December 31, 2023 2022 2021 2020 2019 (in whole dollars) Mesothelioma and other cancer claims $ 66,200 $ 59,200 $ 56,000 $ 61,500 $ 50,200 Nonmalignant claims $ 1,730 $ 520 $ 400 $ 550 $ 3,900 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 average resolution values in the tort system over a defined look-back period. The Company historically valued Bendix asserted and unasserted claims using a five-year look-back period. The Company reviews the valuation assumptions and average resolution values used to estimate the cost of Bendix asserted and unasserted claims during the fourth quarter each year. The Company experienced fluctuations in average resolution values year-over-year in each of the past five years with no well-established trends in either direction. In 2023, the Company observed two consecutive years of increasing average resolution values (2023 and 2022), with more volatility in the earlier years of the five-year period (2019 through 2021). Based on these observations, the Company, during its annual review in the fourth quarter of 2023, reevaluated its valuation methodology and elected to give more weight to the two most recent years by shortening the look-back period from five years to two years (2023 and 2022). The Company believes that the average resolution values in the last two consecutive years are likely more representative of expected resolution values in future periods. It is not possible to predict whether such resolution values will increase, decrease, or stabilize in the future, given recent litigation trends within the tort system and the inherent uncertainty in predicting the outcome of such trends. The Company will continue to monitor Bendix claim resolution values and other trends within the tort system to assess the appropriate look-back period for determining average resolution values going forward. In 2023, the Company recognized a $522 million expense and corresponding adjustment to its estimated liability for Bendix asbestos-related claims. This amount includes $434 million attributable primarily to shortening the look-back period to the two most recent years, and to a lesser extent to increasing expected resolution values for a subset of asserted claims to adjust for higher claim values in that subset than in the modelled two-year data set. 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. SEC MATTER The Company is cooperating with a formal investigation by the Securities and Exchange Commission which is primarily focused on certain accounting matters with respect to the Company's former Performance Materials and Technologies segment. At this time, the Company does not expect the outcome of this matter to have a material adverse effect on the Company's consolidated results of operations, cash flows, or financial position. PETROBRAS AND UNAOIL MATTERS On December 19, 2022, the Company reached a comprehensive resolution to the investigations by the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and certain Brazilian authorities (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 a project awarded in 2010 for Petróleo Brasileiro S.A. (Petrobras). The investigations focused on the Company’s compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws (UOP Matters). The comprehensive resolution also resolves DOJ and SEC investigations relating to a matter involving a foreign subsidiary’s prior contract with Unaoil S.A.M. in Algeria executed in 2011 (the Unaoil Matter). In connection with the comprehensive resolution, (i) the Company agreed to pay a total equivalent of $202.7 million, which payment occurred in January 2023, to the DOJ, the SEC, and the Brazilian Authorities, collectively, in penalties, disgorgement, and prejudgment interest, (ii) the Company’s subsidiary, UOP, LLC (UOP), entered into a three-year Deferred Prosecution Agreement with the DOJ for charges related to the UOP Matters, (iii) UOP entered into leniency agreements with the Brazilian authorities related to the UOP Matter in Brazil, and (iv) the Company entered into an agreement with the SEC that resolves allegations relating to the UOP Matters and the Unaoil Matter. Pursuant to these agreements, the Company agreed to undertake certain compliance measures and compliance reporting obligations. These agreements entirely resolve the Petrobras and Unaoil investigations. 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. 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 probable 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. Given the uncertainty inherent in litigation and investigations, including those discussed in this Note 15, the Company cannot predict when or how these matters will be resolved and does not believe it is possible to develop estimates of reasonably possible loss (or a range of possible loss) in excess of current accruals for commitment and contingency 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 the Company 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. |
PENSION BENEFITS
PENSION BENEFITS | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
PENSION BENEFITS | PENSION BENEFITS Net periodic pension benefit (income) cost for the Company's significant pension plans included the following components: U.S. Plans Three Months Ended March 31, 2024 2023 Service cost $ 7 $ 7 Interest cost 150 161 Expected return on plan assets (281) (278) Amortization of prior service (credit) cost (2) (10) Net periodic benefit income $ (126) $ (120) Non-U.S. Plans Three Months Ended March 31, 2024 2023 Service cost $ 3 $ 3 Interest cost 47 49 Expected return on plan assets (74) (67) Net periodic benefit income $ (24) $ (15) |
OTHER (INCOME) EXPENSE
OTHER (INCOME) EXPENSE | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER (INCOME) EXPENSE | OTHER (INCOME) EXPENSE Three Months Ended March 31, 2024 2023 Interest income $ (105) $ (76) Pension ongoing income—non-service (161) (146) Other postretirement income—non-service (6) (6) Equity income of affiliated companies (16) (35) Foreign exchange loss 26 2 Expense (benefit) related to Russia-Ukraine Conflict 17 (4) Other, net 14 5 Total Other (income) expense $ (231) $ (260) See Note 5 Repositioning and Other Charges for further discussion of the expense related to the Russia-Ukraine Conflict. |
SEGMENT FINANCIAL DATA
SEGMENT FINANCIAL DATA | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT FINANCIAL DATA | SEGMENT FINANCIAL DATA Honeywell globally manages its business operations through four reportable business 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. Effective during the first quarter of 2024, the Company realigned certain of its business units comprising its historical Performance Materials and Technologies and Safety and Productivity Solutions reportable business segments by forming two new reportable business segments: Industrial Automation and Energy and Sustainability Solutions. Industrial Automation includes Sensing and Safety Technologies, Productivity Solutions and Services, and Warehouse and Workflow Solutions, previously included in Safety and Productivity Solutions, in addition to Process Solutions, previously included in Performance Materials and Technologies. Energy and Sustainability Solutions includes UOP and Advanced Materials, previously included in Performance Materials and Technologies. Further, as part of the realignment, the Company renamed its historical Aerospace and Honeywell Building Technologies reportable business segments to Aerospace Technologies and Building Automation, respectively. This realignment had no impact on the Company’s historical consolidated financial position, results of operations, or cash flows. Prior period amounts have been recast to conform to current period segment presentation. Three Months Ended March 31, 2024 2023 Net sales Aerospace Technologies Products $ 2,025 $ 1,672 Services 1,644 1,439 Net Aerospace Technologies sales 3,669 3,111 Industrial Automation Products 1,800 2,159 Services 678 644 Net Industrial Automation sales 2,478 2,803 Building Automation Products 1,057 1,132 Services 369 355 Net Building Automation sales 1,426 1,487 Energy and Sustainability Solutions Products 1,381 1,347 Services 144 114 Net Energy and Sustainability Solutions sales 1,525 1,461 Corporate and All Other Services 7 2 Net Corporate and All Other sales 7 2 Net sales $ 9,105 $ 8,864 Segment profit Aerospace Technologies $ 1,031 $ 827 Industrial Automation 417 526 Building Automation 342 375 Energy and Sustainability Solutions 302 300 Corporate and All Other (71) (81) Total segment profit 2,021 1,947 Interest and other financial charges (220) (170) Interest income 105 76 Stock compensation expense 1 (53) (59) Pension ongoing income 2 145 130 Other postretirement income 2 6 6 Repositioning and other charges 3 (93) (141) Other expense 4 (40) (7) Income before taxes $ 1,871 $ 1,782 1 Amounts included in Selling, general and administrative expenses. 2 Amounts included in Cost of products and services sold (service cost component), Selling, general and administrative expenses (service cost component), Research and development 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. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) Attributable to Parent | $ 1,463 | $ 1,394 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | EQUITY TRADING PLAN ELECTIONS Certain executive officers and directors of the Company execute purchases and sales of the Company's common stock through Rule 10b5-1 and non-Rule 10b5-1 equity trading plans. The following table describes an equity trading plan adopted by one of our directors during the three months ended March 31, 2024: Name and title Action Plan Type Date of adoption of Rule 10b5-1 trading plan Scheduled expiration of Rule 10b5-1 trading plan Aggregate number of securities to be purchased or sold Grace D. Lieblein Director Adoption Rule 10b5-1 2/5/2024 5/6/2025 6,441 stock options and associated sale of shares to cover option exercise costs and tax obligations. During the three months ended March 31, 2024, none of our executive officers or directors terminated or modified a "Rule 10b5-1 trading agreement", or adopted, terminated, or modified any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K). |
Name | Grace D. Lieblein |
Rule 10b5-1 Arrangement Adopted | true |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Kevin Burke [Member] | |
Trading Arrangements, by Individual | |
Title | Director |
Adoption Date | 2/5/2024 |
Arrangement Duration | 456 days |
Kevin Burke, Option Exercise Costs And Tax Obligations [Member] | Kevin Burke [Member] | |
Trading Arrangements, by Individual | |
Aggregate Available | 6,441 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Reclassifications | Certain prior year amounts are reclassified to conform to the current year presentation. During the first quarter of 2024, the Company realigned certain of its business units as reflected in Note 18 Segment Financial Data, which impacted the composition of its reportable segments. The Company recast historical periods to reflect this change in segment presentation. |
Supply Chain Financing | SUPPLY CHAIN FINANCING Amounts outstanding related to supply chain financing programs are included in Accounts payable in the Consolidated Balance Sheet. Accounts payable included approximately $1,029 million and $1,112 million as of March 31, 2024, and December 31, 2023, respectively. The impact of these programs is not material to the Company's overall liquidity. |
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 Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures , which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires companies to enhance the disclosures about segment expenses. The new standard requires the disclosure of the Company’s Chief Operating Decision Maker (CODM), expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making, and the inclusion of previous annual only segment disclosure requirements on a quarterly basis. This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Topic 405): Disclosure of Supplier Finance Program Obligations , to enhance the transparency of supplier finance programs. The new standard requires annual disclosure of the key terms of the program, a description of where in the financial statements amounts outstanding under the program are presented, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The guidance does not affect recognition, measurement, or financial statement presentation of supplier finance programs. The ASU is effective on January 1, 2023, except for the rollforward, which is effective on January 1, 2024, for annual disclosures. The Company adopted this guidance on January 1, 2023, with the exception of the rollforward adopted on January 1, 2024. The adoption of this standard does 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 accounting 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022, to December 31, 2024. The Company will apply the guidance to impacted transactions during the transition period. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements. |
Revenue Recognition and Contracts with Customers | The Company tracks progress on satisfying performance obligations under contracts with customers. The related billings and cash collections are recorded in 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 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 the Company 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. 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 include 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 stand-alone 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 stand-alone 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. Performance obligations recognized as of March 31, 2024, 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 55% and 45%, respectively. The timing of satisfaction of the Company's performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of 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 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. |
REVENUE RECOGNITION AND CONTR_2
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | See the following disaggregated revenue table and related discussions by reportable business segment for details: Three Months Ended March 31, 2024 2023 Aerospace Technologies Commercial Aviation Original Equipment $ 674 $ 541 Commercial Aviation Aftermarket 1,659 1,423 Defense and Space 1,336 1,147 Net Aerospace Technologies sales 3,669 3,111 Industrial Automation Sensing and Safety Technologies 633 690 Productivity Solutions and Services 322 361 Process Solutions 1,313 1,288 Warehouse and Workflow Solutions 210 464 Net Industrial Automation sales 2,478 2,803 Building Automation Products 813 908 Building Solutions 613 579 Net Building Automation sales 1,426 1,487 Energy and Sustainability Solutions UOP 577 565 Advanced Materials 948 896 Net Energy and Sustainability Solutions sales 1,525 1,461 Corporate and All Other 7 2 Net sales $ 9,105 $ 8,864 Three Months Ended March 31, 2024 2023 Products, transferred point in time 58 % 58 % Products, transferred over time 11 13 Net product sales 69 71 Services, transferred point in time 5 9 Services, transferred over time 26 20 Net service sales 31 29 Net sales 100 % 100 % |
Contract with Customer Asset and Liability | The following table summarizes the Company's contract assets and liabilities balances: 2024 2023 Contract assets—January 1 $ 2,013 $ 2,294 Contract assets—March 31 1,939 2,453 Change in contract assets—increase (decrease) $ (74) $ 159 Contract liabilities—January 1 $ (4,326) $ (4,583) Contract liabilities—March 31 (4,005) (4,291) Change in contract liabilities—decrease (increase) $ 321 $ 292 Net change $ 247 $ 451 |
Revenue Remaining Performance Obligation Expected Timing of Satisfaction | The following table outlines the Company's remaining performance obligations disaggregated by reportable business segment: March 31, 2024 Aerospace Technologies $ 14,387 Industrial Automation 6,175 Building Automation 6,983 Energy and Sustainability Solutions 4,418 Corporate and All Other 1 49 Total performance obligations $ 32,012 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) | 3 Months Ended |
Mar. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Repositioning and Other Charges | A summary of net repositioning and other charges follows: Three Months Ended March 31, 2024 2023 Severance $ 33 $ 67 Asset impairments 1 12 Exit costs 15 24 Reserve adjustments (15) (5) Total net repositioning charges 34 98 Asbestos-related charges, net of insurance and reimbursements 18 21 Probable and reasonably estimable environmental liabilities, net of reimbursements 24 22 Other charges 17 — Total net repositioning and other charges $ 93 $ 141 |
Pretax Distribution of Total Net Repositioning and Other Charges | The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations: Three Months Ended March 31, 2024 2023 Cost of products and services sold $ 58 $ 80 Selling, general and administrative expenses 18 65 Other (income) expense 17 (4) Total net repositioning and other charges $ 93 $ 141 |
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 reportable business segment. These amounts are excluded from segment profit as described in Note 18 Segment Financial Data: Three Months Ended March 31, 2024 2023 Aerospace Technologies $ 5 $ 3 Industrial Automation 17 48 Building Automation 4 27 Energy and Sustainability Solutions 18 11 Corporate and All Other 49 52 Total net repositioning and other charges $ 93 $ 141 |
Total Repositioning Reserves | The following table summarizes the status of the Company's total repositioning reserves: Severance Asset Exit Total Balance at December 31, 2023 $ 188 $ — $ 91 $ 279 Charges 33 1 15 49 Usage—cash (22) — (28) (50) Usage—noncash — — — — Foreign currency translation (3) — — (3) Adjustments (9) (1) (5) (15) Balance at March 31, 2024 $ 187 $ — $ 73 $ 260 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | March 31, 2024 December 31, 2023 Raw materials $ 1,500 $ 1,704 Work in process 1,314 1,217 Finished products 3,504 3,257 Total Inventories $ 6,318 $ 6,178 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS - NET (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the change in the carrying amount of goodwill for the three months ended March 31, 2024, by reportable business segment: December 31, 2023 Acquisitions/ Currency March 31, 2024 Aerospace Technologies $ 2,386 $ — $ (3) $ 2,383 Industrial Automation 9,650 — (38) 9,612 Building Automation 3,380 — (20) 3,360 Energy and Sustainability Solutions 1,727 — (2) 1,725 Corporate and All Other 906 — (1) 905 Total Goodwill $ 18,049 $ — $ (64) $ 17,985 |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets are comprised of: March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Definite-life intangibles Patents and technology $ 2,390 $ (1,851) $ 539 $ 2,399 $ (1,837) $ 562 Customer relationships 4,153 (2,619) 1,534 4,199 (2,601) 1,598 Trademarks 357 (287) 70 362 (284) 78 Other 299 (277) 22 299 (277) 22 Total definite-life intangibles—net 7,199 (5,034) 2,165 7,259 (4,999) 2,260 Indefinite-life intangibles Trademarks 971 — 971 971 — 971 Total Other intangible assets—net $ 8,170 $ (5,034) $ 3,136 $ 8,230 $ (4,999) $ 3,231 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets are comprised of: March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Definite-life intangibles Patents and technology $ 2,390 $ (1,851) $ 539 $ 2,399 $ (1,837) $ 562 Customer relationships 4,153 (2,619) 1,534 4,199 (2,601) 1,598 Trademarks 357 (287) 70 362 (284) 78 Other 299 (277) 22 299 (277) 22 Total definite-life intangibles—net 7,199 (5,034) 2,165 7,259 (4,999) 2,260 Indefinite-life intangibles Trademarks 971 — 971 971 — 971 Total Other intangible assets—net $ 8,170 $ (5,034) $ 3,136 $ 8,230 $ (4,999) $ 3,231 |
LONG-TERM DEBT AND CREDIT AGR_2
LONG-TERM DEBT AND CREDIT AGREEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | March 31, 2024 December 31, 2023 0.00% Euro notes due 2024 $ — $ 547 2.30% notes due 2024 750 750 4.85% notes due 2024 400 400 1.35% notes due 2025 1,250 1,250 2.50% notes due 2026 1,500 1,500 1.10% notes due 2027 1,000 1,000 3.50% Euro notes due 2027 703 711 4.95% notes due 2028 500 500 2.25% Euro notes due 2028 811 820 4.25% notes due 2029 750 750 2.70% notes due 2029 750 750 4.875% notes due 2029 500 — 3.375% Euro notes due 2030 811 — 1.95% notes due 2030 1,000 1,000 4.95% notes due 2031 500 — 1.75% notes due 2031 1,500 1,500 0.75% Euro notes due 2032 541 547 3.75% Euro notes due 2032 541 547 5.00% notes due 2033 1,100 1,100 4.50% notes due 2034 1,000 1,000 4.125% Euro notes due 2034 1,082 1,094 5.00% notes due 2035 750 — 3.75% Euro notes due 2036 811 — 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 442 442 2.80% notes due 2050 750 750 5.25% notes due 2054 1,750 — 5.35% notes due 2064 650 — 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), 6.5% weighted average interest rate maturing at various dates through 2029 213 217 Fair value of hedging instruments (208) (166) Debt issuance costs (304) (245) Total Long-term debt and current related maturities 23,437 18,358 Less: Current maturities of long-term debt 1,254 1,796 Total Long-term debt $ 22,183 $ 16,562 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease Cost Information | Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2024 2023 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 58 $ 20 Finance leases 24 31 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: March 31, 2024 December 31, 2023 Operating leases Other assets $ 1,007 $ 1,004 Accrued liabilities 196 196 Other liabilities 902 897 Total operating lease liabilities 1,098 1,093 Finance leases Property, plant and equipment 404 402 Accumulated depreciation (211) (204) Property, plant and equipment—net 193 198 Current maturities of long-term debt 88 86 Long-term debt 89 99 Total finance lease liabilities $ 177 $ 185 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | 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) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Derivatives in fair value hedging relationships Interest rate swap agreements $ 4,702 $ 4,717 $ — $ 18 $ (208) $ (184) Derivatives in cash flow hedging relationships Foreign currency exchange contracts 742 712 42 28 (1) (4) Commodity contracts 4 6 — — — (1) Derivatives in net investment hedging relationships Cross currency swap agreements 5,864 4,264 4 — (72) (145) Total derivatives designated as hedging instruments 11,312 9,699 46 46 (281) (334) Derivatives not designated as hedging instruments Foreign currency exchange contracts 11,119 8,198 8 7 (18) (5) Total derivatives at fair value $ 22,431 $ 17,897 $ 54 $ 53 $ (299) $ (339) |
Schedule of Derivative Instruments | The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Long-term debt $ 4,494 $ 4,551 $ (208) $ (166) |
Derivative Instruments, Gain (Loss) | The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments: Three Months Ended March 31, 2024 Net Sales Cost of Cost of Selling, Other Interest and Other $ 9,105 $ 4,035 $ 1,548 $ 1,302 $ (231) $ 220 Gain or (loss) on cash flow hedges Foreign currency exchange contracts Amount reclassified from accumulated other comprehensive income (loss) into income 1 2 1 1 — — Gain or (loss) on fair value hedges Interest rate swap agreements Hedged items — — — — — 42 Derivatives designated as hedges — — — — — (42) Gain or (loss) on derivatives not designated as hedging instruments Foreign currency exchange contracts — — — — 23 — Three Months Ended March 31, 2023 Net Sales Cost of Cost of Selling, Other Interest and Other $ 8,864 $ 4,068 $ 1,430 $ 1,317 $ (260) $ 170 Gain or (loss) on cash flow hedges Foreign currency exchange contracts Amount reclassified from accumulated other comprehensive income (loss) into income 1 3 1 1 — — Gain or (loss) on fair value hedges Interest rate swap agreements Hedged items — — — — — (67) Derivatives designated as hedges — — — — — 67 Gain or (loss) on derivatives not designated as hedging instruments Foreign currency exchange contracts — — — — (80) — |
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss): Three Months Ended March 31, 2024 2023 Euro-denominated long-term debt $ 39 $ (49) Euro-denominated commercial paper 19 (28) Cross currency swap agreements 75 (57) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts $ — $ 50 $ — $ 50 $ — $ 35 $ — $ 35 Available for sale investments 66 293 — 359 63 217 — 280 Interest rate swap agreements — — — — — 18 — 18 Cross currency swap agreements — 4 — 4 — — — — Investments in equity securities 15 — — 15 22 — — 22 Right to HWI Net Sale Proceeds — — 9 9 — — 9 9 Total assets $ 81 $ 347 $ 9 $ 437 $ 85 $ 270 $ 9 $ 364 Liabilities Foreign currency exchange contracts $ — $ 19 $ — $ 19 $ — $ 9 $ — $ 9 Interest rate swap agreements — 208 — 208 — 184 — 184 Commodity contracts — — — — — 1 — 1 Cross currency swap agreements — 72 — 72 — 145 — 145 Total liabilities $ — $ 299 $ — $ 299 $ — $ 339 $ — $ 339 The following table sets forth a reconciliation of beginning and ending balances of assets and liabilities that were accounted for at fair value using level 3 measurements: Three Months Ended March 31, 2024 Balance at beginning of period $ 9 Receipt of HWI Net Sale Proceeds — Fair value adjustment of HWI Net Sale Proceeds — Balance at end of period $ 9 |
Financial Assets and Liabilities That Were Not Carried at Fair Value | The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Assets Long-term receivables $ 260 $ 190 $ 232 $ 173 Liabilities Long-term debt and related current maturities 23,437 22,515 18,358 17,706 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic | The details of the earnings per share calculations for the three months ended March 31, 2024, and 2023, are as follows (shares in millions): Three Months Ended March 31, Basic 2024 2023 Net income attributable to Honeywell $ 1,463 $ 1,394 Weighted average shares outstanding 652.3 667.8 Earnings per share of common stock—basic $ 2.24 $ 2.09 |
Earnings Per Share Diluted | Three Months Ended March 31, Assuming Dilution 2024 2023 Net income attributable to Honeywell $ 1,463 $ 1,394 Average shares Weighted average shares outstanding 652.3 667.8 Dilutive securities issuable—stock plans 4.3 5.2 Total weighted average diluted shares outstanding 656.6 673.0 Earnings per share of common stock—assuming dilution $ 2.23 $ 2.07 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Changes in Accumulated Other Comprehensive Income by Component | Foreign Pension Changes in Fair Changes in Total Balance at December 31, 2023 $ (3,101) $ (1,055) $ (2) $ 23 $ (4,135) Other comprehensive income (loss) before reclassifications 78 — — 18 96 Amounts reclassified from accumulated other comprehensive income (loss) — (5) — (4) (9) Net current period other comprehensive income (loss) 78 (5) — 14 87 Balance at March 31, 2024 $ (3,023) $ (1,060) $ (2) $ 37 $ (4,048) Foreign Pension Changes in Fair Changes in Total Balance at December 31, 2022 $ (2,832) $ (648) $ (7) $ 12 $ (3,475) Other comprehensive income (loss) before reclassifications (59) — (6) 16 (49) Amounts reclassified from accumulated other comprehensive income (loss) — (12) — (2) (14) Net current period other comprehensive income (loss) (59) (12) (6) 14 (63) Balance at March 31, 2023 $ (2,891) $ (660) $ (13) $ 26 $ (3,538) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency | The following table summarizes information concerning the Company's recorded liabilities for environmental costs: Balance at December 31, 2023 $ 641 Accruals for environmental matters deemed probable and reasonably estimable 82 Environmental liability payments (61) Balance at March 31, 2024 $ 662 |
Environmental Liabilities are Included in the Following Balance Sheet Accounts | Environmental liabilities are included in the following balance sheet accounts: March 31, 2024 December 31, 2023 Accrued liabilities $ 228 $ 227 Other liabilities 434 414 Total environmental liabilities $ 662 $ 641 |
Asbestos Related Liabilities | Bendix NARCO Total December 31, 2023 $ 1,644 $ — $ 1,644 Accrual for update to estimated liability 10 — 10 Change in estimated cost of future claims 5 — 5 Asbestos-related liability payments (55) — (55) March 31, 2024 $ 1,604 $ — $ 1,604 |
Insurance Recoveries for Asbestos Related Liabilities | Bendix NARCO Total December 31, 2023 $ 123 $ 88 $ 211 Probable insurance recoveries related to estimated liability — — — Insurance receipts for asbestos-related liabilities (3) (3) (6) March 31, 2024 $ 120 $ 85 $ 205 |
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: March 31, 2024 December 31, 2023 Other current assets $ 41 $ 41 Insurance recoveries for asbestos-related liabilities 164 170 Total insurance recoveries for asbestos-related liabilities $ 205 $ 211 Accrued liabilities $ 137 $ 154 Asbestos-related liabilities 1,467 1,490 Total asbestos-related liabilities $ 1,604 $ 1,644 |
Bendix Related Asbestos Claims Activity | The following tables present information regarding Bendix-related asbestos claims activity: Three Months Ended Years Ended 2024 2023 2022 Claims unresolved at the beginning of period 5,517 5,608 6,401 Claims filed 360 1,803 2,014 Claims resolved (504) (1,894) (2,807) Claims unresolved at the end of period 5,373 5,517 5,608 |
Disease Distribution of Claims | March 31, December 31, Disease Distribution of Unresolved Claims 2024 2023 2022 Mesothelioma and other cancer claims 3,273 3,244 3,283 Nonmalignant claims 2,100 2,273 2,325 Total claims 5,373 5,517 5,608 |
Average Resolution Values per Asbestos Claim | Honeywell has experienced average resolution values per claim excluding legal costs as follows: Years Ended December 31, 2023 2022 2021 2020 2019 (in whole dollars) Mesothelioma and other cancer claims $ 66,200 $ 59,200 $ 56,000 $ 61,500 $ 50,200 Nonmalignant claims $ 1,730 $ 520 $ 400 $ 550 $ 3,900 |
PENSION BENEFITS (Tables)
PENSION BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans Disclosure | Net periodic pension benefit (income) cost for the Company's significant pension plans included the following components: U.S. Plans Three Months Ended March 31, 2024 2023 Service cost $ 7 $ 7 Interest cost 150 161 Expected return on plan assets (281) (278) Amortization of prior service (credit) cost (2) (10) Net periodic benefit income $ (126) $ (120) Non-U.S. Plans Three Months Ended March 31, 2024 2023 Service cost $ 3 $ 3 Interest cost 47 49 Expected return on plan assets (74) (67) Net periodic benefit income $ (24) $ (15) |
OTHER (INCOME) EXPENSE (Tables)
OTHER (INCOME) EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Other (income) expense | Three Months Ended March 31, 2024 2023 Interest income $ (105) $ (76) Pension ongoing income—non-service (161) (146) Other postretirement income—non-service (6) (6) Equity income of affiliated companies (16) (35) Foreign exchange loss 26 2 Expense (benefit) related to Russia-Ukraine Conflict 17 (4) Other, net 14 5 Total Other (income) expense $ (231) $ (260) |
SEGMENT FINANCIAL DATA (Tables)
SEGMENT FINANCIAL DATA (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Financial Data | Three Months Ended March 31, 2024 2023 Net sales Aerospace Technologies Products $ 2,025 $ 1,672 Services 1,644 1,439 Net Aerospace Technologies sales 3,669 3,111 Industrial Automation Products 1,800 2,159 Services 678 644 Net Industrial Automation sales 2,478 2,803 Building Automation Products 1,057 1,132 Services 369 355 Net Building Automation sales 1,426 1,487 Energy and Sustainability Solutions Products 1,381 1,347 Services 144 114 Net Energy and Sustainability Solutions sales 1,525 1,461 Corporate and All Other Services 7 2 Net Corporate and All Other sales 7 2 Net sales $ 9,105 $ 8,864 Segment profit Aerospace Technologies $ 1,031 $ 827 Industrial Automation 417 526 Building Automation 342 375 Energy and Sustainability Solutions 302 300 Corporate and All Other (71) (81) Total segment profit 2,021 1,947 Interest and other financial charges (220) (170) Interest income 105 76 Stock compensation expense 1 (53) (59) Pension ongoing income 2 145 130 Other postretirement income 2 6 6 Repositioning and other charges 3 (93) (141) Other expense 4 (40) (7) Income before taxes $ 1,871 $ 1,782 1 Amounts included in Selling, general and administrative expenses. 2 Amounts included in Cost of products and services sold (service cost component), Selling, general and administrative expenses (service cost component), Research and development 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Accounts payable | $ 6,468 | $ 6,849 |
Suppliers Utilizing Third Party Services Sold Through To Financial Institutions | ||
Financing Receivable, Past Due [Line Items] | ||
Accounts payable | $ 1,029 | $ 1,112 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Details) € in Millions | 3 Months Ended | |||||
Aug. 25, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2024 USD ($) | Sep. 30, 2024 EUR (€) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 17,985,000,000 | $ 18,049,000,000 | ||||
Pre-tax gain on sale of business | $ 0 | |||||
Customer relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset, useful life | 15 years | |||||
Civitanavi Systems S.p.A. | Forecast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to acquire businesses, gross | € | € 200 | |||||
Percentage acquired | 95% | 95% | ||||
Carrier Global Corporation | Forecast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to acquire businesses, gross | $ 5,000,000,000 | |||||
SCADAfence | ||||||
Business Acquisition [Line Items] | ||||||
Percentage acquired | 100% | |||||
Consideration amount | $ 52,000,000 | |||||
Intangible assets acquired | $ 17,000,000 | |||||
Goodwill | 42,000,000 | |||||
Compressor Controls Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Percentage acquired | 100% | |||||
Consideration amount | $ 673,000,000 | |||||
Intangible assets acquired | 282,000,000 | |||||
Goodwill | $ 350,000,000 |
REVENUE RECOGNITION AND CONTR_3
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS - Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 9,105 | $ 8,864 |
Net sales - percentage | 100% | 100% |
Corporate and All Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 7 | $ 2 |
Product | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 6,263 | $ 6,310 |
Net sales - percentage | 69% | 71% |
Product | Transferred point in time | ||
Disaggregation of Revenue [Line Items] | ||
Net sales - percentage | 58% | 58% |
Product | Transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Net sales - percentage | 11% | 13% |
Service | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,842 | $ 2,554 |
Net sales - percentage | 31% | 29% |
Service | Corporate and All Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 7 | $ 2 |
Service | Transferred point in time | ||
Disaggregation of Revenue [Line Items] | ||
Net sales - percentage | 5% | 9% |
Service | Transferred over time | ||
Disaggregation of Revenue [Line Items] | ||
Net sales - percentage | 26% | 20% |
Aerospace Technologies | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 3,669 | $ 3,111 |
Aerospace Technologies | Commercial Aviation Original Equipment | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 674 | 541 |
Aerospace Technologies | Commercial Aviation Aftermarket | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,659 | 1,423 |
Aerospace Technologies | Defense and Space | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,336 | 1,147 |
Aerospace Technologies | Product | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,025 | 1,672 |
Aerospace Technologies | Service | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,644 | 1,439 |
Industrial Automation | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,478 | 2,803 |
Industrial Automation | Sensing and Safety Technologies | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 633 | 690 |
Industrial Automation | Productivity Solutions and Services | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 322 | 361 |
Industrial Automation | Process Solutions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,313 | 1,288 |
Industrial Automation | Warehouse and Workflow Solutions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 210 | 464 |
Industrial Automation | Product | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,800 | 2,159 |
Industrial Automation | Service | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 678 | 644 |
Building Automation | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,426 | 1,487 |
Building Automation | Products | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 813 | 908 |
Building Automation | Building Solutions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 613 | 579 |
Building Automation | Product | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,057 | 1,132 |
Building Automation | Service | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 369 | 355 |
Energy and Sustainability Solutions | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,525 | 1,461 |
Energy and Sustainability Solutions | UOP | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 577 | 565 |
Energy and Sustainability Solutions | Advanced Materials | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 948 | 896 |
Energy and Sustainability Solutions | Product | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,381 | 1,347 |
Energy and Sustainability Solutions | Service | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 144 | $ 114 |
REVENUE RECOGNITION AND CONTR_4
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Contract With Customer, Asset And Liability [Roll Forward] | |||
Contract assets - beginning balance | $ 2,013 | $ 2,294 | |
Contract assets - ending balance | 1,939 | 2,453 | |
Change in contract assets—increase (decrease) | (74) | 159 | |
Contract liabilities - beginning balance | (4,326) | (4,583) | |
Contract liabilities - ending balance | (4,005) | (4,291) | |
Change in contract liabilities—decrease (increase) | 321 | 292 | |
Net change | 247 | 451 | |
Contract liability, revenue recognized | 993 | $ 953 | |
Unbilled balances | $ 1,869 | $ 1,949 |
REVENUE RECOGNITION AND CONTR_5
REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS - Performance Obligation (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | $ 32,012 |
Within One Year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage | 55% |
Greater Than One Year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, percentage | 45% |
Corporate and All Other | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | $ 49 |
Aerospace Technologies | Operating Segments | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | 14,387 |
Industrial Automation | Operating Segments | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | 6,175 |
Building Automation | Operating Segments | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | 6,983 |
Energy and Sustainability Solutions | Operating Segments | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation, amount | $ 4,418 |
REPOSITIONING AND OTHER CHARG_3
REPOSITIONING AND OTHER CHARGES - Repositioning and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Total net repositioning charges | $ 34 | $ 98 |
Asbestos-related charges, net of insurance and reimbursements | 18 | 21 |
Probable and reasonably estimable environmental liabilities, net of reimbursements | 24 | 22 |
Other charges | 17 | 0 |
Total net repositioning and other charges | 93 | 141 |
Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Total net repositioning charges | 33 | 67 |
Asset impairments | ||
Restructuring Cost and Reserve [Line Items] | ||
Total net repositioning charges | 1 | 12 |
Exit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total net repositioning charges | 15 | 24 |
Reserve adjustments | ||
Restructuring Cost and Reserve [Line Items] | ||
Total net repositioning charges | $ (15) | $ (5) |
REPOSITIONING AND OTHER CHARG_4
REPOSITIONING AND OTHER CHARGES - Pretax Distribution of Total Net Repositioning (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pretax Distribution Of Total Net Repositioning And Other Charges By Income Statement Classification [Line Items] | ||
Total net repositioning and other charges | $ 93 | $ 141 |
Cost of products and services sold | ||
Pretax Distribution Of Total Net Repositioning And Other Charges By Income Statement Classification [Line Items] | ||
Total net repositioning and other charges | 58 | 80 |
Selling, general and administrative expenses | ||
Pretax Distribution Of Total Net Repositioning And Other Charges By Income Statement Classification [Line Items] | ||
Total net repositioning and other charges | 18 | 65 |
Other (income) expense | ||
Pretax Distribution Of Total Net Repositioning And Other Charges By Income Statement Classification [Line Items] | ||
Total net repositioning and other charges | $ 17 | $ (4) |
REPOSITIONING AND OTHER CHARG_5
REPOSITIONING AND OTHER CHARGES - Pretax Impact of Total net Repositioning and Other Charges by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ||
Total net repositioning and other charges | $ 93 | $ 141 |
Corporate and All Other | ||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ||
Total net repositioning and other charges | 49 | 52 |
Aerospace Technologies | Operating Segments | ||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ||
Total net repositioning and other charges | 5 | 3 |
Industrial Automation | Operating Segments | ||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ||
Total net repositioning and other charges | 17 | 48 |
Building Automation | Operating Segments | ||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ||
Total net repositioning and other charges | 4 | 27 |
Energy and Sustainability Solutions | Operating Segments | ||
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ||
Total net repositioning and other charges | $ 18 | $ 11 |
REPOSITIONING AND OTHER CHARG_6
REPOSITIONING AND OTHER CHARGES - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) position | Mar. 31, 2023 USD ($) position | |
Restructuring Cost and Reserve [Line Items] | ||
Charges | $ 49 | $ 103 |
Restructuring costs (returned to income) | $ 34 | $ 98 |
Number of employees severed (in employees) | position | 1,362 | 1,797 |
Other charges | $ 17 | $ 0 |
Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges | 33 | |
Restructuring costs (returned to income) | 33 | 67 |
Asset impairments | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges | 1 | |
Restructuring costs (returned to income) | 1 | 12 |
Exit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges | 15 | |
Restructuring costs (returned to income) | 15 | 24 |
Restructuring costs incurred to date | $ 12 | $ 10 |
REPOSITIONING AND OTHER CHARG_7
REPOSITIONING AND OTHER CHARGES - Repositioning Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 279 | |
Charges | 49 | $ 103 |
Usage—cash | (50) | |
Usage—noncash | 0 | |
Foreign currency translation | (3) | |
Adjustments | (15) | |
Balance at end of period | 260 | |
Severance Costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 188 | |
Charges | 33 | |
Usage—cash | (22) | |
Usage—noncash | 0 | |
Foreign currency translation | (3) | |
Adjustments | (9) | |
Balance at end of period | 187 | |
Asset impairments | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 0 | |
Charges | 1 | |
Usage—cash | 0 | |
Usage—noncash | 0 | |
Foreign currency translation | 0 | |
Adjustments | (1) | |
Balance at end of period | 0 | |
Exit costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 91 | |
Charges | 15 | |
Usage—cash | (28) | |
Usage—noncash | 0 | |
Foreign currency translation | 0 | |
Adjustments | (5) | |
Balance at end of period | $ 73 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,500 | $ 1,704 |
Work in process | 1,314 | 1,217 |
Finished products | 3,504 | 3,257 |
Total Inventories | $ 6,318 | $ 6,178 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Schedule of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 18,049 |
Acquisitions/ Divestitures | 0 |
Currency Translation Adjustment | (64) |
Goodwill, ending balance | 17,985 |
Corporate and All Other | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 906 |
Acquisitions/ Divestitures | 0 |
Currency Translation Adjustment | (1) |
Goodwill, ending balance | 905 |
Aerospace Technologies | Operating Segments | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 2,386 |
Acquisitions/ Divestitures | 0 |
Currency Translation Adjustment | (3) |
Goodwill, ending balance | 2,383 |
Industrial Automation | Operating Segments | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 9,650 |
Acquisitions/ Divestitures | 0 |
Currency Translation Adjustment | (38) |
Goodwill, ending balance | 9,612 |
Building Automation | Operating Segments | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 3,380 |
Acquisitions/ Divestitures | 0 |
Currency Translation Adjustment | (20) |
Goodwill, ending balance | 3,360 |
Energy and Sustainability Solutions | Operating Segments | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,727 |
Acquisitions/ Divestitures | 0 |
Currency Translation Adjustment | (2) |
Goodwill, ending balance | $ 1,725 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 7,199 | $ 7,259 |
Finite-lived intangible assets, accumulated amortization | (5,034) | (4,999) |
Net Carrying Amount | 2,165 | 2,260 |
Indefinite-lived intangible assets (excluding goodwill) | 971 | 971 |
Intangible assets, gross (excluding goodwill) | 8,170 | 8,230 |
Other intangible assets—net | 3,136 | 3,231 |
Patents and technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 2,390 | 2,399 |
Finite-lived intangible assets, accumulated amortization | (1,851) | (1,837) |
Net Carrying Amount | 539 | 562 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 4,153 | 4,199 |
Finite-lived intangible assets, accumulated amortization | (2,619) | (2,601) |
Net Carrying Amount | 1,534 | 1,598 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 357 | 362 |
Finite-lived intangible assets, accumulated amortization | (287) | (284) |
Net Carrying Amount | 70 | 78 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 299 | 299 |
Finite-lived intangible assets, accumulated amortization | (277) | (277) |
Net Carrying Amount | $ 22 | $ 22 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - NET - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 70 | $ 68 |
LONG-TERM DEBT AND CREDIT AGR_3
LONG-TERM DEBT AND CREDIT AGREEMENTS - Schedule (Details) € in Millions, $ in Millions | Mar. 31, 2024 USD ($) | Mar. 11, 2024 | Mar. 01, 2024 USD ($) | Mar. 01, 2024 EUR (€) | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |||||
Debt issuance costs | $ (304) | $ (245) | |||
Total Long-term debt and current related maturities | 23,437 | 18,358 | |||
Less: Current maturities of long-term debt | 1,254 | 1,796 | |||
Total Long-term debt | 22,183 | 16,562 | |||
Fair Value Hedging | Derivatives in fair value hedging relationships | |||||
Debt Instrument [Line Items] | |||||
Fair value of hedging instruments | (208) | (166) | |||
0.00% Euro notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 0 | 547 | |||
Interest rate | 0% | 0% | |||
2.30% notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | 750 | |||
Interest rate | 2.30% | ||||
4.85% notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 400 | 400 | |||
Interest rate | 4.85% | ||||
1.35% notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,250 | 1,250 | |||
Interest rate | 1.35% | ||||
2.50% notes due 2026 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,500 | 1,500 | |||
Interest rate | 2.50% | ||||
1.10% notes due 2027 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,000 | 1,000 | |||
Interest rate | 1.10% | ||||
3.50% Euro notes due 2027 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 703 | 711 | |||
Interest rate | 3.50% | ||||
4.95% notes due 2028 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 500 | 500 | |||
Interest rate | 4.95% | ||||
2.25% Euro notes due 2028 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 811 | 820 | |||
Interest rate | 2.25% | ||||
4.25% notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | 750 | |||
Interest rate | 4.25% | ||||
2.70% notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | 750 | |||
Interest rate | 2.70% | ||||
4.875% notes due 2029 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 500 | $ 500 | 0 | ||
Interest rate | 4.875% | 4.875% | 4.875% | ||
3.375% Euro notes due 2030 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 811 | € 750 | 0 | ||
Interest rate | 3.375% | 3.375% | 3.375% | ||
$1.95% notes due 2030 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,000 | 1,000 | |||
Interest rate | 1.95% | ||||
4.95% notes due 2031 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 500 | $ 500 | 0 | ||
Interest rate | 4.95% | 4.95% | 4.95% | ||
$1.75% notes due 2031 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,500 | 1,500 | |||
Interest rate | 1.75% | ||||
0.75% Euro notes due 2032 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 541 | 547 | |||
Interest rate | 0.75% | ||||
3.75% Euro notes due 2032 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 541 | 547 | |||
Interest rate | 3.75% | ||||
5.00% notes due 2033 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,100 | 1,100 | |||
Interest rate | 5% | ||||
4.50% notes due 2034 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,000 | 1,000 | |||
Interest rate | 4.50% | ||||
4.125% Senior Notes due 2034 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,082 | 1,094 | |||
Interest rate | 4.125% | ||||
5.00% notes due 2035 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | $ 750 | 0 | ||
Interest rate | 5% | 5% | 5% | ||
3.75% Euro notes due 2036 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 811 | € 750 | 0 | ||
Interest rate | 3.75% | 3.75% | 3.75% | ||
$5.70% notes due 2036 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 441 | 441 | |||
Interest rate | 5.70% | ||||
5.70% notes due 2037 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 462 | 462 | |||
Interest rate | 5.70% | ||||
5.375% notes due 2041 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 417 | 417 | |||
Interest rate | 5.375% | ||||
3.812% notes due 2047 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 442 | 442 | |||
Interest rate | 3.812% | ||||
2.80% notes due 2050 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 750 | 750 | |||
Interest rate | 2.80% | ||||
5.25% notes due 2054 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 1,750 | $ 1,750 | 0 | ||
Interest rate | 5.25% | 5.25% | 5.25% | ||
5.35% notes due 2064 | |||||
Debt Instrument [Line Items] | |||||
Senior notes | $ 650 | $ 650 | 0 | ||
Interest rate | 5.35% | 5.35% | 5.35% | ||
Industrial development bond obligations, floating rate maturing at various dates through 2037 | |||||
Debt Instrument [Line Items] | |||||
Industrial development bond obligations, floating rate maturing at various dates through 2037 | $ 22 | 22 | |||
6.625% debentures due 2028 | |||||
Debt Instrument [Line Items] | |||||
Debentures | $ 201 | 201 | |||
Interest rate | 6.625% | ||||
9.065% debentures due 2033 | |||||
Debt Instrument [Line Items] | |||||
Debentures | $ 51 | 51 | |||
Interest rate | 9.065% | ||||
Other (including capitalized leases), 6.5% weighted average interest rate maturing at various dates through 2029 | |||||
Debt Instrument [Line Items] | |||||
Other (including capitalized leases), 6.5% weighted average interest rate maturing at various dates through 2029 | $ 213 | $ 217 | |||
Weighted average interest rate | 6.50% |
LONG-TERM DEBT AND CREDIT AGR_4
LONG-TERM DEBT AND CREDIT AGREEMENTS - Narrative (Details) € in Millions | Mar. 18, 2024 USD ($) | Mar. 01, 2024 USD ($) | Mar. 20, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 11, 2024 | Mar. 01, 2024 EUR (€) | Dec. 31, 2023 USD ($) |
364-Day Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt, borrowing capacity | $ 1,500,000,000 | $ 1,500,000,000 | |||||
Debt term | 364 days | 364 days | |||||
Short-term outstanding borrowings | $ 0 | ||||||
4.875% notes due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 0 | ||||
Interest rate | 4.875% | 4.875% | 4.875% | ||||
4.95% notes due 2031 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 500,000,000 | $ 500,000,000 | 0 | ||||
Interest rate | 4.95% | 4.95% | 4.95% | ||||
5.00% notes due 2035 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 750,000,000 | $ 750,000,000 | 0 | ||||
Interest rate | 5% | 5% | 5% | ||||
5.25% notes due 2054 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 1,750,000,000 | $ 1,750,000,000 | 0 | ||||
Interest rate | 5.25% | 5.25% | 5.25% | ||||
5.35% notes due 2064 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 650,000,000 | $ 650,000,000 | 0 | ||||
Interest rate | 5.35% | 5.35% | 5.35% | ||||
Notes | |||||||
Debt Instrument [Line Items] | |||||||
Gross proceeds | $ 4,200,000,000 | ||||||
Discount and closing costs related to the offering | $ 44,000,000 | ||||||
3.375% Euro notes due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 811,000,000 | € 750 | 0 | ||||
Interest rate | 3.375% | 3.375% | 3.375% | ||||
3.75% Euro notes due 2036 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 811,000,000 | € 750 | 0 | ||||
Interest rate | 3.75% | 3.75% | 3.75% | ||||
0.000% Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes | $ 0 | $ 547,000,000 | |||||
Interest rate | 0% | 0% | |||||
Line of Credit | 5-Year Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 5 years | 5 years | |||||
Line of credit facility, maximum borrowing capacity | $ 4,000,000,000 | $ 4,000,000,000 | |||||
Borrowing capacity upon certain terms | $ 4,500,000,000 | ||||||
Long-term outstanding borrowings | $ 0 | ||||||
Euro Notes | |||||||
Debt Instrument [Line Items] | |||||||
Gross proceeds | $ 1,600,000,000 | ||||||
Discount and closing costs related to the offering | $ 21,000,000 |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Right-of-use assets obtained in exchange for lease obligations | ||
Operating leases | $ 58 | $ 20 |
Finance leases | $ 24 | $ 31 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Operating leases | ||
Other assets | $ 1,007 | $ 1,004 |
Accrued liabilities | 196 | 196 |
Other liabilities | 902 | 897 |
Total operating lease liabilities | 1,098 | 1,093 |
Finance leases | ||
Property, plant and equipment | 404 | 402 |
Accumulated depreciation | (211) | (204) |
Property, plant and equipment—net | 193 | 198 |
Current maturities of long-term debt | 88 | 86 |
Long-term debt | 89 | 99 |
Total finance lease liabilities | $ 177 | $ 185 |
Operating lease, right-of-use asset, statement of financial position | Other assets | Other assets |
Operating lease, liability, current, statement of financial position | Accrued Liabilities, Current | Accrued Liabilities, Current |
Operating lease, liability, noncurrent, statement of financial position | Other liabilities | Other liabilities |
Finance lease, liability, current, statement of financial position | Less: Current maturities of long-term debt | Less: Current maturities of long-term debt |
Finance lease, liability, noncurrent, statement of financial position | Total Long-term debt | Total Long-term debt |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS - Notional and Fair Value of Outstanding Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Notional | $ 22,431 | $ 17,897 |
Fair Value Asset | 54 | 53 |
Fair Value (Liability) | (299) | (339) |
Derivatives in fair value hedging relationships | ||
Derivative [Line Items] | ||
Notional | 11,312 | 9,699 |
Fair Value Asset | 46 | 46 |
Fair Value (Liability) | (281) | (334) |
Derivatives in fair value hedging relationships | Fair Value Hedging | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Notional | 4,702 | 4,717 |
Fair Value Asset | 0 | 18 |
Fair Value (Liability) | (208) | (184) |
Derivatives in fair value hedging relationships | Cash Flow Hedging | Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Notional | 742 | 712 |
Fair Value Asset | 42 | 28 |
Fair Value (Liability) | (1) | (4) |
Derivatives in fair value hedging relationships | Cash Flow Hedging | Commodity contracts | ||
Derivative [Line Items] | ||
Notional | 4 | 6 |
Fair Value Asset | 0 | 0 |
Fair Value (Liability) | 0 | (1) |
Derivatives in fair value hedging relationships | Net Investment Hedging | Cross currency swap agreements | ||
Derivative [Line Items] | ||
Notional | 5,864 | 4,264 |
Fair Value Asset | 4 | 0 |
Fair Value (Liability) | (72) | (145) |
Derivatives not designated as hedging instruments | Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Notional | 11,119 | 8,198 |
Fair Value Asset | 8 | 7 |
Fair Value (Liability) | $ (18) | $ (5) |
DERIVATIVE INSTURMENTS AND HEDG
DERIVATIVE INSTURMENTS AND HEDGING TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Foreign currency exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of hedged item | $ 7,118 | $ 6,099 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS - Cumulative Basis Adjustments for Fair Value Hedges (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Total Long-term debt | Total Long-term debt |
Derivatives in fair value hedging relationships | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Hedged Item | $ 4,494 | $ 4,551 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item | $ (208) | $ (166) |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS - Location and Impact to Consolidated Statement of Operations Related to Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Sales | $ 9,105 | $ 8,864 |
Costs of products and services sold | 5,583 | 5,498 |
Selling, General and Administrative Expenses | 1,302 | 1,317 |
Other (Income) Expense | (231) | (260) |
Interest and Other Financial Charges | 220 | 170 |
Foreign currency exchange contracts | Net Sales | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign currency exchange contracts | 0 | 0 |
Foreign currency exchange contracts | Selling, general and administrative expenses | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign currency exchange contracts | 0 | 0 |
Foreign currency exchange contracts | Other (Income) Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign currency exchange contracts | 23 | (80) |
Foreign currency exchange contracts | Interest and Other Financial Charges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign currency exchange contracts | 0 | 0 |
Derivatives in fair value hedging relationships | Cash Flow Hedging | Gain (loss) on cash flow hedges | Foreign currency exchange contracts | Net Sales | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount reclassified from accumulated other comprehensive income (loss) into income | 1 | 1 |
Derivatives in fair value hedging relationships | Cash Flow Hedging | Gain (loss) on cash flow hedges | Foreign currency exchange contracts | Selling, general and administrative expenses | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount reclassified from accumulated other comprehensive income (loss) into income | 1 | 1 |
Derivatives in fair value hedging relationships | Cash Flow Hedging | Gain (loss) on cash flow hedges | Foreign currency exchange contracts | Other (Income) Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount reclassified from accumulated other comprehensive income (loss) into income | 0 | 0 |
Derivatives in fair value hedging relationships | Cash Flow Hedging | Gain (loss) on cash flow hedges | Foreign currency exchange contracts | Interest and Other Financial Charges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount reclassified from accumulated other comprehensive income (loss) into income | 0 | 0 |
Derivatives in fair value hedging relationships | Fair Value Hedging | Gain (loss) on cash flow hedges | Interest rate swap agreements | Net Sales | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged items | 0 | 0 |
Derivatives designated as hedges | 0 | 0 |
Derivatives in fair value hedging relationships | Fair Value Hedging | Gain (loss) on cash flow hedges | Interest rate swap agreements | Selling, general and administrative expenses | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged items | 0 | 0 |
Derivatives designated as hedges | 0 | 0 |
Derivatives in fair value hedging relationships | Fair Value Hedging | Gain (loss) on cash flow hedges | Interest rate swap agreements | Other (Income) Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged items | 0 | 0 |
Derivatives designated as hedges | 0 | 0 |
Derivatives in fair value hedging relationships | Fair Value Hedging | Gain (loss) on cash flow hedges | Interest rate swap agreements | Interest and Other Financial Charges | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged items | 42 | (67) |
Derivatives designated as hedges | (42) | 67 |
Product | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Sales | 6,263 | 6,310 |
Costs of products and services sold | 4,035 | 4,068 |
Product | Foreign currency exchange contracts | Cost of products and services sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign currency exchange contracts | 0 | 0 |
Product | Derivatives in fair value hedging relationships | Cash Flow Hedging | Gain (loss) on cash flow hedges | Foreign currency exchange contracts | Cost of products and services sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount reclassified from accumulated other comprehensive income (loss) into income | 2 | 3 |
Product | Derivatives in fair value hedging relationships | Fair Value Hedging | Gain (loss) on cash flow hedges | Interest rate swap agreements | Cost of products and services sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged items | 0 | 0 |
Derivatives designated as hedges | 0 | 0 |
Service | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net Sales | 2,842 | 2,554 |
Costs of products and services sold | 1,548 | 1,430 |
Service | Foreign currency exchange contracts | Cost of products and services sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign currency exchange contracts | 0 | 0 |
Service | Derivatives in fair value hedging relationships | Cash Flow Hedging | Gain (loss) on cash flow hedges | Foreign currency exchange contracts | Cost of products and services sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount reclassified from accumulated other comprehensive income (loss) into income | 1 | 1 |
Service | Derivatives in fair value hedging relationships | Fair Value Hedging | Gain (loss) on cash flow hedges | Interest rate swap agreements | Cost of products and services sold | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedged items | 0 | 0 |
Derivatives designated as hedges | $ 0 | $ 0 |
DERIVATIVE INSTURMENTS AND HE_2
DERIVATIVE INSTURMENTS AND HEDGING TRANSACTIONS - Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) (Details) - Derivatives in fair value hedging relationships - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Euro-denominated long-term debt | ||
Derivative [Line Items] | ||
Gain or (loss) on net investment hedges recognized in accumulated other comprehensive income (loss) | $ 39 | $ (49) |
Euro-denominated commercial paper | ||
Derivative [Line Items] | ||
Gain or (loss) on net investment hedges recognized in accumulated other comprehensive income (loss) | 19 | (28) |
Cross currency swap agreements | ||
Derivative [Line Items] | ||
Gain or (loss) on net investment hedges recognized in accumulated other comprehensive income (loss) | $ 75 | $ (57) |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Accounted for at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Fair value asset | $ 54 | $ 53 |
Liabilities | ||
Fair value liability | 299 | 339 |
Fair Value Measurements Recurring | ||
Assets | ||
Available for sale investments | 359 | 280 |
Right to HWI Net Sale Proceeds | 9 | 9 |
Total assets | 437 | 364 |
Liabilities | ||
Total liabilities | 299 | 339 |
Fair Value Measurements Recurring | Level 1 | ||
Assets | ||
Available for sale investments | 66 | 63 |
Right to HWI Net Sale Proceeds | 0 | 0 |
Total assets | 81 | 85 |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value Measurements Recurring | Level 2 | ||
Assets | ||
Available for sale investments | 293 | 217 |
Right to HWI Net Sale Proceeds | 0 | 0 |
Total assets | 347 | 270 |
Liabilities | ||
Total liabilities | 299 | 339 |
Fair Value Measurements Recurring | Level 3 | ||
Assets | ||
Available for sale investments | 0 | 0 |
Right to HWI Net Sale Proceeds | 9 | 9 |
Total assets | 9 | 9 |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value Measurements Recurring | Investments in equity securities | ||
Assets | ||
Investments in equity securities | 15 | 22 |
Fair Value Measurements Recurring | Investments in equity securities | Level 1 | ||
Assets | ||
Investments in equity securities | 15 | 22 |
Fair Value Measurements Recurring | Investments in equity securities | Level 2 | ||
Assets | ||
Investments in equity securities | 0 | 0 |
Fair Value Measurements Recurring | Investments in equity securities | Level 3 | ||
Assets | ||
Investments in equity securities | 0 | 0 |
Foreign currency exchange contracts | Fair Value Measurements Recurring | ||
Assets | ||
Fair value asset | 50 | 35 |
Liabilities | ||
Fair value liability | 19 | 9 |
Foreign currency exchange contracts | Fair Value Measurements Recurring | Level 1 | ||
Assets | ||
Fair value asset | 0 | 0 |
Liabilities | ||
Fair value liability | 0 | 0 |
Foreign currency exchange contracts | Fair Value Measurements Recurring | Level 2 | ||
Assets | ||
Fair value asset | 50 | 35 |
Liabilities | ||
Fair value liability | 19 | 9 |
Foreign currency exchange contracts | Fair Value Measurements Recurring | Level 3 | ||
Assets | ||
Fair value asset | 0 | 0 |
Liabilities | ||
Fair value liability | 0 | 0 |
Interest rate swap agreements | Fair Value Measurements Recurring | ||
Assets | ||
Fair value asset | 0 | 18 |
Liabilities | ||
Fair value liability | 208 | 184 |
Interest rate swap agreements | Fair Value Measurements Recurring | Level 1 | ||
Assets | ||
Fair value asset | 0 | 0 |
Liabilities | ||
Fair value liability | 0 | 0 |
Interest rate swap agreements | Fair Value Measurements Recurring | Level 2 | ||
Assets | ||
Fair value asset | 0 | 18 |
Liabilities | ||
Fair value liability | 208 | 184 |
Interest rate swap agreements | Fair Value Measurements Recurring | Level 3 | ||
Assets | ||
Fair value asset | 0 | 0 |
Liabilities | ||
Fair value liability | 0 | 0 |
Cross currency swap agreements | Fair Value Measurements Recurring | ||
Assets | ||
Fair value asset | 4 | 0 |
Liabilities | ||
Fair value liability | 72 | 145 |
Cross currency swap agreements | Fair Value Measurements Recurring | Level 1 | ||
Assets | ||
Fair value asset | 0 | 0 |
Liabilities | ||
Fair value liability | 0 | 0 |
Cross currency swap agreements | Fair Value Measurements Recurring | Level 2 | ||
Assets | ||
Fair value asset | 4 | 0 |
Liabilities | ||
Fair value liability | 72 | 145 |
Cross currency swap agreements | Fair Value Measurements Recurring | Level 3 | ||
Assets | ||
Fair value asset | 0 | 0 |
Liabilities | ||
Fair value liability | 0 | 0 |
Commodity contracts | Fair Value Measurements Recurring | ||
Liabilities | ||
Fair value liability | 0 | 1 |
Commodity contracts | Fair Value Measurements Recurring | Level 1 | ||
Liabilities | ||
Fair value liability | 0 | 0 |
Commodity contracts | Fair Value Measurements Recurring | Level 2 | ||
Liabilities | ||
Fair value liability | 0 | 1 |
Commodity contracts | Fair Value Measurements Recurring | Level 3 | ||
Liabilities | ||
Fair value liability | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | ||
Fair value of cash proceeds from sale | $ 0 | $ 275 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, period increase (decrease) | $ (11) |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Fair Value Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 9 | |
Receipt of HWI net sale proceeds | 0 | $ (275) |
Fair value adjustment of HWI Net Sale Proceeds | 0 | |
Balance at end of period | $ 9 | $ 9 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Value | ||
Assets | ||
Long-term receivables | $ 260 | $ 232 |
Liabilities | ||
Long-term debt and related current maturities | 23,437 | 18,358 |
Fair Value | ||
Assets | ||
Long-term receivables | 190 | 173 |
Liabilities | ||
Long-term debt and related current maturities | $ 22,515 | $ 17,706 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic | ||
Net income attributable to Honeywell | $ 1,463 | $ 1,394 |
Weighted average shares outstanding (in shares) | 652.3 | 667.8 |
Earnings per share of common stock - basic (in dollars per share) | $ 2.24 | $ 2.09 |
Assuming Dilution | ||
Net income attributable to Honeywell | $ 1,463 | $ 1,394 |
Average shares | ||
Weighted average shares outstanding (in shares) | 652.3 | 667.8 |
Dilutive securities issuable - stock plans (in shares) | 4.3 | 5.2 |
Total weighted average shares outstanding (in shares) | 656.6 | 673 |
Earnings per share of common stock - assuming dilution (in dollars per share) | $ 2.23 | $ 2.07 |
Stock options excluded from diluted computations (in shares) | 4.9 | 4 |
Total shareowners' equity (in shares) | 651.2 | 665.7 |
Shares issued (in shares) | 957.6 | 957.6 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 16,434 | |
Other comprehensive income (loss), net of tax | 63 | $ (62) |
Ending balance | 17,045 | 17,515 |
Total | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (4,135) | (3,475) |
Other comprehensive income (loss) before reclassifications | 96 | (49) |
Amounts reclassified from accumulated other comprehensive income (loss) | (9) | (14) |
Other comprehensive income (loss), net of tax | 87 | (63) |
Ending balance | (4,048) | (3,538) |
Foreign Exchange Translation Adjustment | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (3,101) | (2,832) |
Other comprehensive income (loss) before reclassifications | 78 | (59) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Other comprehensive income (loss), net of tax | 78 | (59) |
Ending balance | (3,023) | (2,891) |
Pension and Other Postretirement Benefit Adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (1,055) | (648) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | (5) | (12) |
Other comprehensive income (loss), net of tax | (5) | (12) |
Ending balance | (1,060) | (660) |
Changes in Fair Value of Available for Sale Investments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (2) | (7) |
Other comprehensive income (loss) before reclassifications | 0 | (6) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | (6) |
Ending balance | (2) | (13) |
Changes in Fair Value of Cash Flow Hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | 23 | 12 |
Other comprehensive income (loss) before reclassifications | 18 | 16 |
Amounts reclassified from accumulated other comprehensive income (loss) | (4) | (2) |
Other comprehensive income (loss), net of tax | 14 | 14 |
Ending balance | $ 37 | $ 26 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Environmental Matters (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning of period | $ 641 | |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Other liabilities | |
Accruals for environmental matters deemed probable and reasonably estimable | $ 82 | |
Environmental liability payments | (61) | |
End of period | $ 662 | |
Loss Contingency, Classification of Accrual [Abstract] | ||
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current |
Accrued liabilities | $ 228 | $ 227 |
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Other liabilities | $ 434 | $ 414 |
Total environmental liabilities | $ 662 | $ 641 |
Environmental Liabilities | Resideo | ||
Loss Contingency, Classification of Accrual [Abstract] | ||
Cash payments of annual environmental spending percentage | 90% | |
Indemnification and reimbursement agreement annual cap | $ 140 | |
Indemnification and reimbursement agreement minimum amount (less than) | 25 | |
Reimbursements from indemnification and reimbursement agreement | $ 35 | |
Receivable as a percentage of environmental costs incurred | 90% | |
Reimbursement receivable indemnification and reimbursement agreement | $ 59 | |
Other current assets, reimbursement agreement | 140 | |
Other assets, reimbursement agreement | $ 545 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Asbestos-Related Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 08, 2022 | Nov. 20, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||||
Insurance recoveries for asbestos-related liabilities | $ 164 | $ 170 | |||
Asbestos-related liabilities | 1,467 | 1,490 | |||
Fair value of cash proceeds from sale | 0 | 275 | |||
Total | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Asbestos related liabilities, beginning of period | 1,644 | ||||
Accrual for update to estimated liability | 10 | ||||
Change in estimated cost of future claims | 5 | ||||
Asbestos-related liability payments | (55) | ||||
Asbestos related liabilities, end of period | 1,604 | 1,644 | |||
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||||
Insurance recoveries, beginning of period | 211 | ||||
Probable insurance recoveries related to estimated liability | 0 | ||||
Insurance receipts for asbestos-related liabilities | (6) | ||||
Insurance recoveries, end of period | 205 | 211 | |||
Other current assets | 41 | 41 | |||
Insurance recoveries for asbestos-related liabilities | 164 | 170 | |||
Total insurance recoveries for asbestos-related liabilities | 205 | 211 | |||
Accrued liabilities | 137 | 154 | |||
Asbestos-related liabilities | 1,467 | 1,490 | |||
Total asbestos-related liabilities | 1,604 | 1,644 | |||
Bendix | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Asbestos related liabilities, beginning of period | 1,644 | ||||
Accrual for update to estimated liability | 10 | ||||
Change in estimated cost of future claims | 5 | ||||
Asbestos-related liability payments | (55) | ||||
Asbestos related liabilities, end of period | 1,604 | 1,644 | |||
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||||
Insurance recoveries, beginning of period | 123 | ||||
Probable insurance recoveries related to estimated liability | 0 | ||||
Insurance receipts for asbestos-related liabilities | (3) | ||||
Insurance recoveries, end of period | 120 | 123 | |||
Total insurance recoveries for asbestos-related liabilities | 120 | 123 | |||
Total asbestos-related liabilities | 1,604 | 1,644 | |||
Change in NARCO trust liability for annual contribution claims | (522) | ||||
Bendix | Shortening Look-Back Period | |||||
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||||
Change in NARCO trust liability for annual contribution claims | 434 | ||||
NARCO | |||||
Loss Contingency Accrual [Roll Forward] | |||||
Asbestos related liabilities, beginning of period | 0 | ||||
Accrual for update to estimated liability | 0 | ||||
Change in estimated cost of future claims | 0 | ||||
Asbestos-related liability payments | 0 | ||||
Asbestos related liabilities, end of period | 0 | 0 | |||
Asbestos Related Liabilities Insurance Recoveries [Roll Forward] | |||||
Insurance recoveries, beginning of period | 88 | ||||
Probable insurance recoveries related to estimated liability | 0 | ||||
Insurance receipts for asbestos-related liabilities | (3) | ||||
Insurance recoveries, end of period | 85 | 88 | |||
Total insurance recoveries for asbestos-related liabilities | 85 | 88 | |||
Total asbestos-related liabilities | $ 0 | $ 0 | |||
Annual trust cap | $ 1,325 | $ 1,325 | |||
Loss contingency, accrual, annual operating expenses of trust | $ 30 | ||||
Change in NARCO trust liability for annual contribution claims | 688 | ||||
Loss contingency, buyout agreement, proceeds from sale | $ 295 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Bendix-Related Asbestos Claims Activity (Details) - Bendix - claim | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Loss Contingency Claims [Roll Forward] | |||
Claims unresolved at the beginning of period | 5,517 | 5,608 | 6,401 |
Claims filed | 360 | 1,803 | 2,014 |
Claims resolved | (504) | (1,894) | (2,807) |
Claims unresolved at the end of period | 5,373 | 5,517 | 5,608 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Disease Distribution of Unresolved Claims (Details) - Bendix - claim | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingency Disease Distribution Of Unresolved Claims [Line Items] | ||||
Mesothelioma and other cancer claims | 3,273 | 3,244 | 3,283 | |
Nonmalignant claims | 2,100 | 2,273 | 2,325 | |
Total claims | 5,373 | 5,517 | 5,608 | 6,401 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - Resolution Values Per Claim Excluding Legal Costs (Details) - Bendix - $ / claim | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Resolution Values Per Claim [Line Items] | |||||
Malignant claims (in dollars per claim) | 66,200 | 59,200 | 56,000 | 61,500 | 50,200 |
Nonmalignant claims (in dollars per claim) | 1,730 | 520 | 400 | 550 | 3,900 |
COMMITMENTS AND CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES - Petrobras and Unaoil Matters (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2023 | Mar. 31, 2024 | |
Loss Contingency, Narco and Bendix Asbestos Related Balances by Balance Sheet Caption [Line Items] | ||
Environmental liability payments | $ 61 | |
Petrobras | ||
Loss Contingency, Narco and Bendix Asbestos Related Balances by Balance Sheet Caption [Line Items] | ||
Environmental liability payments | $ 202.7 |
PENSION BENEFITS (Details)
PENSION BENEFITS (Details) - Pension Plan - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 7 | $ 7 |
Interest cost | 150 | 161 |
Expected return on plan assets | (281) | (278) |
Amortization of prior service (credit) cost | (2) | (10) |
Net periodic benefit income | (126) | (120) |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 3 | 3 |
Interest cost | 47 | 49 |
Expected return on plan assets | (74) | (67) |
Net periodic benefit income | $ (24) | $ (15) |
OTHER (INCOME) EXPENSE (Details
OTHER (INCOME) EXPENSE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Line Items] | ||
Interest income | $ (105) | $ (76) |
Equity income of affiliated companies | (16) | (35) |
Foreign exchange loss | 26 | 2 |
Expense (benefit) related to Russia-Ukraine Conflict | 17 | (4) |
Other, net | 14 | 5 |
Total | (231) | (260) |
Pension Plan | ||
Other Income and Expenses [Line Items] | ||
Ongoing income - non-service | (161) | (146) |
Other Postretirement Benefits Plan | ||
Other Income and Expenses [Line Items] | ||
Ongoing income - non-service | $ (6) | $ (6) |
SEGMENT FINANCIAL DATA - Additi
SEGMENT FINANCIAL DATA - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 2 |
SEGMENT FINANCIAL DATA (Details
SEGMENT FINANCIAL DATA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 9,105 | $ 8,864 |
Total segment profit | 2,021 | 1,947 |
Interest and other financial charges | (220) | (170) |
Interest income | 105 | 76 |
Repositioning and other charges | (93) | (141) |
Income before taxes | 1,871 | 1,782 |
Product | ||
Segment Reporting Information [Line Items] | ||
Net sales | 6,263 | 6,310 |
Service | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,842 | 2,554 |
Corporate and All Other | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7 | 2 |
Total segment profit | (71) | (81) |
Corporate and All Other | Service | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7 | 2 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Interest and other financial charges | (220) | (170) |
Interest income | 105 | 76 |
Stock compensation expense | (53) | (59) |
Repositioning and other charges | (93) | (141) |
Other expense | (40) | (7) |
Income before taxes | 1,871 | 1,782 |
Segment Reconciling Items | Pension Plan | ||
Segment Reporting Information [Line Items] | ||
Pension ongoing income | 145 | 130 |
Segment Reconciling Items | Other Postretirement Benefits Plan | ||
Segment Reporting Information [Line Items] | ||
Pension ongoing income | 6 | 6 |
Aerospace Technologies | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,669 | 3,111 |
Total segment profit | 1,031 | 827 |
Repositioning and other charges | (5) | (3) |
Aerospace Technologies | Operating Segments | Product | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,025 | 1,672 |
Aerospace Technologies | Operating Segments | Service | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,644 | 1,439 |
Industrial Automation | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,478 | 2,803 |
Total segment profit | 417 | 526 |
Repositioning and other charges | (17) | (48) |
Industrial Automation | Operating Segments | Product | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,800 | 2,159 |
Industrial Automation | Operating Segments | Service | ||
Segment Reporting Information [Line Items] | ||
Net sales | 678 | 644 |
Building Automation | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,426 | 1,487 |
Total segment profit | 342 | 375 |
Repositioning and other charges | (4) | (27) |
Building Automation | Operating Segments | Product | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,057 | 1,132 |
Building Automation | Operating Segments | Service | ||
Segment Reporting Information [Line Items] | ||
Net sales | 369 | 355 |
Energy and Sustainability Solutions | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,525 | 1,461 |
Total segment profit | 302 | 300 |
Repositioning and other charges | (18) | (11) |
Energy and Sustainability Solutions | Operating Segments | Product | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,381 | 1,347 |
Energy and Sustainability Solutions | Operating Segments | Service | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 144 | $ 114 |