Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 25, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document type | '10-K | ' | ' |
Document period end date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment flag | 'false | ' | ' |
Entity registrant name | 'Honeywell International Inc | ' | ' |
Entity central index key | '0000773840 | ' | ' |
Entity current reporting status | 'Yes | ' | ' |
Entity voluntary filers | 'No | ' | ' |
Current fiscal year end date | '--12-31 | ' | ' |
Entity filer category | 'Large Accelerated Filer | ' | ' |
Entity well known seasoned issuer | 'Yes | ' | ' |
Entity common stock shares outstanding | ' | 784,131,620 | ' |
Entity public float | ' | ' | $62.30 |
CONSOLIDATED_STATEMENT_OF_OPER
CONSOLIDATED STATEMENT OF OPERATIONS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statement of Operations | ' | ' | ' |
Product sales | $31,214,000,000 | $29,812,000,000 | $28,745,000,000 |
Service sales | 7,841,000,000 | 7,853,000,000 | 7,784,000,000 |
Net Sales | 39,055,000,000 | 37,665,000,000 | 36,529,000,000 |
Costs, expenses and other | ' | ' | ' |
Cost of products sold | 23,317,000,000 | 22,929,000,000 | 23,220,000,000 |
Cost of services sold | 5,047,000,000 | 5,362,000,000 | 5,336,000,000 |
Cost of products and services sold | 28,364,000,000 | 28,291,000,000 | 28,556,000,000 |
Selling, general and administrative expenses | 5,190,000,000 | 5,218,000,000 | 5,399,000,000 |
Other (income) expense | -238,000,000 | -70,000,000 | -84,000,000 |
Interest and other financial charges | 327,000,000 | 351,000,000 | 376,000,000 |
Cost, operating and non-operating expenses | 33,643,000,000 | 33,790,000,000 | 34,247,000,000 |
Income from continuing operations before taxes | 5,412,000,000 | 3,875,000,000 | 2,282,000,000 |
Tax expense | 1,450,000,000 | 944,000,000 | 417,000,000 |
Income from continuing operations after taxes | 3,962,000,000 | 2,931,000,000 | 1,865,000,000 |
Income from discontinued operations after taxes | 0 | 0 | 209,000,000 |
Net income | 3,962,000,000 | 2,931,000,000 | 2,074,000,000 |
Less: Net income attributable to the noncontrolling interest | 38,000,000 | 5,000,000 | 7,000,000 |
Net income attributable to Honeywell | 3,924,000,000 | 2,926,000,000 | 2,067,000,000 |
Amounts attributable to Honeywell | ' | ' | ' |
Income from continuing operations less net income attributable to the noncontrolling interest | 3,924,000,000 | 2,926,000,000 | 1,858,000,000 |
Income from discontinued operations | 0 | 0 | 209,000,000 |
Net income attributable to Honeywell | $3,924,000,000 | $2,926,000,000 | $2,067,000,000 |
Earnings per share continuing operations - basic: | $4.99 | $3.74 | $2.38 |
Earnings per share discontinued operations - basic: | $0 | $0 | $0.27 |
Earnings per share: Basic, Total | $4.99 | $3.74 | $2.65 |
Earnings per share continuing operations - assuming dilution: | $4.92 | $3.69 | $2.35 |
Earnings per share discontinued operations - assuming dilution: | $0 | $0 | $0.26 |
Earnings per share - Assuming dilution, Total | $4.92 | $3.69 | $2.61 |
Cash dividends per share of common stock | $1.68 | $1.53 | $1.37 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $3,962,000,000 | $2,931,000,000 | $2,074,000,000 |
Other Comprehensive Income (Loss), Net Of Tax [Abstract] | ' | ' | ' |
Foreign exchange translation adjustment | -52,000,000 | 282,000,000 | -146,000,000 |
Actuarial gains (losses) | 2,064,000,000 | -839,000,000 | -1,317,000,000 |
Prior service credit | 99,000,000 | 9,000,000 | 10,000,000 |
Prior service cost (credit) recognized during the year | 5,000,000 | 6,000,000 | -1,000,000 |
Actuarial losses recognized during year | 61,000,000 | 649,000,000 | 1,171,000,000 |
Transition obligation recognized during year | 2,000,000 | 2,000,000 | 2,000,000 |
Settlements and curtailments | -26,000,000 | -2,000,000 | -107,000,000 |
Foreign exchange translation and other | -2,000,000 | -23,000,000 | 33,000,000 |
Pensions and other postretirement benefit adjustments | 2,203,000,000 | -198,000,000 | -209,000,000 |
Unrealized gains (losses) for the period | 140,000,000 | -6,000,000 | 12,000,000 |
Less: reclassification adjustment for gains included in net income | 127,000,000 | 0 | 0 |
Changes in fair value of available for sale investments | 13,000,000 | -6,000,000 | 12,000,000 |
Effective portion of cash flow hedges recognized in other comprehensive income | -30,000,000 | 14,000,000 | -48,000,000 |
Less: Reclassification adjustment for losses included in net income | -23,000,000 | -13,000,000 | -14,000,000 |
Changes in fair value of effective cash flow hedges | -7,000,000 | 27,000,000 | -34,000,000 |
Other comprehensive income (loss), net of tax | 2,157,000,000 | 105,000,000 | -377,000,000 |
Comprehensive income | 6,119,000,000 | 3,036,000,000 | 1,697,000,000 |
Less: Comprehensive income attributable to the noncontrolling interest | 36,000,000 | 5,000,000 | 3,000,000 |
Comprehensive income attributable to Honeywell | $6,083,000,000 | $3,031,000,000 | $1,694,000,000 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $6,422 | $4,634 |
Accounts, notes and other receivables | 7,929 | 7,429 |
Inventories | 4,293 | 4,235 |
Deferred income taxes | 849 | 669 |
Investments and other current assets | 1,671 | 631 |
Total current assets | 21,164 | 17,598 |
Investments and long-term receivables | 393 | 623 |
Property, plant and equipment - net | 5,278 | 5,001 |
Goodwill | 13,046 | 12,425 |
Other intangible assets - net | 2,514 | 2,449 |
Insurance recoveries for asbestos related liabilities | 595 | 663 |
Deferred income taxes | 368 | 1,889 |
Other assets | 2,077 | 1,205 |
Total assets | 45,435 | 41,853 |
Current liabilities: | ' | ' |
Accounts payable | 5,174 | 4,736 |
Short-term borrowings | 97 | 76 |
Commercial paper | 1,299 | 400 |
Current maturities of long-term debt | 632 | 625 |
Accrued liabilities | 6,979 | 7,208 |
Total current liabilities | 14,181 | 13,045 |
Long-term debt | 6,801 | 6,395 |
Deferred income taxes | 804 | 628 |
Postretirement benefit obligations other than pensions | 1,019 | 1,365 |
Asbestos related liabilities | 1,150 | 1,292 |
Other liabilities | 3,734 | 5,913 |
Redeemable noncontrolling interest | 167 | 150 |
SHAREOWNERS' EQUITY | ' | ' |
Capital - common stock issued | 958 | 958 |
Capital - additional paid in capital | 4,682 | 4,358 |
Common stock held in treasury, at cost | -9,374 | -8,801 |
Accumulated other comprehensive income (loss) | 818 | -1,339 |
Retained earnings | 20,383 | 17,799 |
Total Honeywell shareowners' equity | 17,467 | 12,975 |
Noncontrolling interest | 112 | 90 |
Total shareowners' equity | 17,579 | 13,065 |
Total liabilities, redeemable noncontrolling interest, and shareowners' equity | $45,435 | $41,853 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $3,962,000,000 | $2,931,000,000 | $2,074,000,000 |
Less: Net income attributable to the noncontrolling interest | 38,000,000 | 5,000,000 | 7,000,000 |
Net income attributable to Honeywell | 3,924,000,000 | 2,926,000,000 | 2,067,000,000 |
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 989,000,000 | 926,000,000 | 957,000,000 |
Loss (Gain) on sale of nonstrategic businesses and assets | 20,000,000 | -5,000,000 | -362,000,000 |
Gain on sale of available for sale investments | -195,000,000 | 0 | 0 |
Repositioning and other charges | 663,000,000 | 443,000,000 | 743,000,000 |
Net payments for repositioning and other charges | -763,000,000 | -503,000,000 | -468,000,000 |
Pension and other postretirement (income) expense | -19,000,000 | 1,065,000,000 | 1,823,000,000 |
Pension and other postretirement benefit payments | -298,000,000 | -1,183,000,000 | -1,883,000,000 |
Stock compensation expense | 170,000,000 | 170,000,000 | 168,000,000 |
Deferred income taxes | 262,000,000 | 84,000,000 | -331,000,000 |
Excess tax benefits from share based payment arrangements | -132,000,000 | -56,000,000 | -42,000,000 |
Other | 308,000,000 | 108,000,000 | 289,000,000 |
Changes in assets and liabilities, net of the effects of acquisitions and divestitures: | ' | ' | ' |
Accounts, notes and other receivables | -365,000,000 | -119,000,000 | -316,000,000 |
Inventories | 41,000,000 | 25,000,000 | -310,000,000 |
Other current assets | -421,000,000 | -78,000,000 | 25,000,000 |
Accounts payable | 352,000,000 | -13,000,000 | 527,000,000 |
Accrued liabilities | -201,000,000 | -273,000,000 | -54,000,000 |
Net cash provided by operating activities | ' | ' | 2,833,000,000 |
Net cash provided by operating activities | 4,335,000,000 | 3,517,000,000 | ' |
Cash flows from investing activities: | ' | ' | ' |
Expenditures for property, plant and equipment | -947,000,000 | -884,000,000 | -798,000,000 |
Proceeds from disposals of property, plant and equipment | 15,000,000 | 5,000,000 | 6,000,000 |
Increase in investments | -1,220,000,000 | -702,000,000 | -380,000,000 |
Decrease in investments | 1,122,000,000 | 559,000,000 | 354,000,000 |
Cash paid for acquisitions, net of cash acquired | -1,133,000,000 | -438,000,000 | -973,000,000 |
Proceeds from sales of businesses, net of fees paid | 3,000,000 | 21,000,000 | 1,156,000,000 |
Other | 201,000,000 | 11,000,000 | 24,000,000 |
Net cash used for investing activities | ' | ' | -611,000,000 |
Net cash used for investing activities | -1,959,000,000 | -1,428,000,000 | ' |
Cash flows from financing activities: | ' | ' | ' |
Net increase (decrease) in commercial paper | 899,000,000 | -199,000,000 | 300,000,000 |
Net increase (decrease) in short-term borrowings | 31,000,000 | 22,000,000 | -2,000,000 |
Payment of debt assumed with acquisitions | 0 | 0 | -33,000,000 |
Proceeds from issuance of common stock | 447,000,000 | 342,000,000 | 304,000,000 |
Proceeds from issuance of long-term debt | 1,063,000,000 | 102,000,000 | 1,390,000,000 |
Payments of long-term debt | -607,000,000 | -1,000,000 | -939,000,000 |
Excess tax benefits from share based payment arrangements | 132,000,000 | 56,000,000 | 42,000,000 |
Repurchases of common stock | -1,073,000,000 | -317,000,000 | -1,085,000,000 |
Cash dividends paid | -1,353,000,000 | -1,211,000,000 | -1,091,000,000 |
Other | 28,000,000 | 0 | 0 |
Net cash used for financing activities | ' | ' | -1,114,000,000 |
Net cash used for financing activities | -433,000,000 | -1,206,000,000 | ' |
Effect of foreign exchange rate changes on cash and cash equivalents | -155,000,000 | 53,000,000 | -60,000,000 |
Net increase in cash and cash equivalents | 1,788,000,000 | 936,000,000 | 1,048,000,000 |
Cash and cash equivalents at beginning of period | 4,634,000,000 | 3,698,000,000 | 2,650,000,000 |
Cash and cash equivalents at end of period | $6,422,000,000 | $4,634,000,000 | $3,698,000,000 |
CONSOLIDATED_STATEMENT_OF_SHAR
CONSOLIDATED STATEMENT OF SHAREOWNERS EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Share data in Millions | |||||||
Balance at, beginning of period at Dec. 31, 2010 | ' | ' | $3,977,000,000 | ($8,299,000,000) | $15,097,000,000 | ($1,067,000,000) | $121,000,000 |
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2010 | ' | ' | ' | -174.6 | ' | ' | ' |
Common Stock Shares Issued | ' | 957.6 | ' | ' | ' | ' | ' |
Reacquired stock or repurchases of common stock | ' | ' | ' | -1,085,000,000 | ' | ' | ' |
Reacquired stock or repurchases of common stock, shares | ' | ' | ' | -20.3 | ' | ' | ' |
Issued for employee savings and option plans | ' | ' | 14,000,000 | 436,000,000 | ' | ' | ' |
Issued for employee savings and option plans, shares | ' | ' | ' | 12 | ' | ' | ' |
Stock-based compensation expense | ' | ' | 168,000,000 | ' | ' | ' | ' |
Other owner changes | ' | ' | -2,000,000 | ' | ' | ' | 0 |
Net income attributable to Honeywell | 2,067,000,000 | ' | ' | ' | 2,067,000,000 | ' | ' |
Dividends on common stock | ' | ' | ' | ' | -1,081,000,000 | ' | ' |
Redemption value adjustment | ' | ' | ' | ' | 0 | ' | ' |
Foreign exchange translation adjustment | -146,000,000 | ' | ' | ' | ' | -146,000,000 | -4,000,000 |
Dividends paid | ' | ' | ' | ' | ' | ' | -23,000,000 |
Contributions from noncontrolling interest holders | ' | ' | ' | ' | ' | ' | 0 |
Pensions and other postretirement benefit adjustments | -209,000,000 | ' | ' | ' | ' | -209,000,000 | ' |
Changes in fair value of available for sale investments | 12,000,000 | ' | ' | ' | ' | 12,000,000 | ' |
Changes in fair value of effective cash flow hedges | -34,000,000 | ' | ' | ' | ' | -34,000,000 | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | 0 |
Interest sold (bought) | ' | ' | ' | ' | ' | ' | -5,000,000 |
Net income attributable to the noncontrolling interest | 7,000,000 | ' | ' | ' | ' | ' | 7,000,000 |
Common stock, shares | 774.7 | ' | ' | ' | ' | ' | ' |
Balance at, end of period at Dec. 31, 2011 | 10,902,000,000 | 958,000,000 | 4,157,000,000 | -8,948,000,000 | 16,083,000,000 | -1,444,000,000 | 96,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2011 | ' | ' | ' | -182.9 | ' | ' | ' |
Common Stock Shares Issued | ' | 957.6 | ' | ' | ' | ' | ' |
Reacquired stock or repurchases of common stock | -317,000,000 | ' | ' | -317,000,000 | ' | ' | ' |
Reacquired stock or repurchases of common stock, shares | -5 | ' | ' | -5 | ' | ' | ' |
Issued for employee savings and option plans | ' | ' | 22,000,000 | 464,000,000 | ' | ' | ' |
Issued for employee savings and option plans, shares | ' | ' | ' | 13.1 | ' | ' | ' |
Stock-based compensation expense | ' | ' | 170,000,000 | ' | ' | ' | ' |
Other owner changes | ' | ' | 9,000,000 | ' | ' | ' | 0 |
Net income attributable to Honeywell | 2,926,000,000 | ' | ' | ' | 2,926,000,000 | ' | ' |
Dividends on common stock | ' | ' | ' | ' | -1,210,000,000 | ' | ' |
Redemption value adjustment | ' | ' | ' | ' | 0 | ' | ' |
Foreign exchange translation adjustment | 282,000,000 | ' | ' | ' | ' | 282,000,000 | 0 |
Dividends paid | ' | ' | ' | ' | ' | ' | -21,000,000 |
Contributions from noncontrolling interest holders | ' | ' | ' | ' | ' | ' | 0 |
Pensions and other postretirement benefit adjustments | -198,000,000 | ' | ' | ' | ' | -198,000,000 | ' |
Changes in fair value of available for sale investments | -6,000,000 | ' | ' | ' | ' | -6,000,000 | ' |
Changes in fair value of effective cash flow hedges | 27,000,000 | ' | ' | ' | ' | 27,000,000 | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | 6,000,000 |
Interest sold (bought) | ' | ' | ' | ' | ' | ' | 7,000,000 |
Net income attributable to the noncontrolling interest | 5,000,000 | ' | ' | ' | ' | ' | 2,000,000 |
Common stock, shares | 782.8 | ' | ' | ' | ' | ' | ' |
Balance at, end of period at Dec. 31, 2012 | 13,065,000,000 | 958,000,000 | 4,358,000,000 | -8,801,000,000 | 17,799,000,000 | -1,339,000,000 | 90,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2012 | ' | ' | ' | -174.8 | ' | ' | ' |
Balance at, beginning of period at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Issued | ' | 957.6 | ' | ' | ' | ' | ' |
Net income attributable to Honeywell | 251,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares | 782.8 | ' | ' | ' | ' | ' | ' |
Balance at, end of period at Dec. 31, 2012 | 13,065,000,000 | 958,000,000 | 4,358,000,000 | -8,801,000,000 | 17,799,000,000 | -1,339,000,000 | 90,000,000 |
Treasury Stock, Shares, Beginning Balance at Dec. 31, 2012 | ' | ' | ' | -174.8 | ' | ' | ' |
Common Stock Shares Issued | ' | 957.6 | ' | ' | ' | ' | ' |
Reacquired stock or repurchases of common stock | -1,073,000,000 | ' | ' | -1,073,000,000 | ' | ' | ' |
Reacquired stock or repurchases of common stock, shares | -13.5 | ' | ' | -13.5 | ' | ' | ' |
Issued for employee savings and option plans | ' | ' | 155,000,000 | 500,000,000 | ' | ' | ' |
Issued for employee savings and option plans, shares | ' | ' | ' | 14.5 | ' | ' | ' |
Stock-based compensation expense | ' | ' | 170,000,000 | ' | ' | ' | ' |
Other owner changes | ' | ' | -1,000,000 | ' | ' | ' | 3,000,000 |
Net income attributable to Honeywell | 3,924,000,000 | ' | ' | ' | 3,924,000,000 | ' | ' |
Dividends on common stock | ' | ' | ' | ' | -1,329,000,000 | ' | ' |
Redemption value adjustment | ' | ' | ' | ' | -11,000,000 | ' | ' |
Foreign exchange translation adjustment | -52,000,000 | ' | ' | ' | ' | -52,000,000 | -2,000,000 |
Dividends paid | ' | ' | ' | ' | ' | ' | -16,000,000 |
Contributions from noncontrolling interest holders | ' | ' | ' | ' | ' | ' | 28,000,000 |
Pensions and other postretirement benefit adjustments | 2,203,000,000 | ' | ' | ' | ' | 2,203,000,000 | ' |
Changes in fair value of available for sale investments | 13,000,000 | ' | ' | ' | ' | 13,000,000 | ' |
Changes in fair value of effective cash flow hedges | -7,000,000 | ' | ' | ' | ' | -7,000,000 | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | 0 |
Interest sold (bought) | ' | ' | ' | ' | ' | ' | 0 |
Net income attributable to the noncontrolling interest | 38,000,000 | ' | ' | ' | ' | ' | 9,000,000 |
Common stock, shares | 783.8 | ' | ' | ' | ' | ' | ' |
Balance at, end of period at Dec. 31, 2013 | 17,579,000,000 | 958,000,000 | 4,682,000,000 | -9,374,000,000 | 20,383,000,000 | 818,000,000 | 112,000,000 |
Treasury Stock, Shares, Ending Balance at Dec. 31, 2013 | ' | ' | ' | -173.8 | ' | ' | ' |
Balance at, beginning of period at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' |
Common Stock Shares Issued | ' | 957.6 | ' | ' | ' | ' | ' |
Net income attributable to Honeywell | 947,000,000 | ' | ' | ' | ' | ' | ' |
Common stock, shares | 783.8 | ' | ' | ' | ' | ' | ' |
Balance at, end of period at Dec. 31, 2013 | $17,579,000,000 | $958,000,000 | ' | ' | ' | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Note 1. Summary of Significant Accounting Policies | |
Accounting Principles—The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The following is a description of Honeywell's significant accounting policies. | |
Principles of Consolidation—The consolidated financial statements include the accounts of Honeywell International Inc. and all of its subsidiaries and entities in which a controlling interest is maintained. Our consolidation policy requires equity investments that we exercise significant influence over but do not control the investee and are not the primary beneficiary of the investee's activities to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation. | |
The Consumer Products Group (CPG) automotive aftermarket business had historically been part of the Transportation Systems reportable segment. In accordance with generally accepted accounting principles, CPG is presented as discontinued operations in all periods presented. See Note 2 Acquisitions and Divestitures for further details. | |
Noncontrolling interest is included within the equity section in the Consolidated Balance Sheet. Redeemable noncontrolling interest is considered to be temporary equity and is therefore reported outside of permanent equity on the Consolidated Balance Sheet at the greater of the initial carrying amount adjusted for the noncontrolling interest's share of net income (loss) or its redemption value. We present net income attributable to Honeywell and the noncontrolling interest in the Consolidated Statement of Operations. Furthermore, we disclose comprehensive income attributable to Honeywell and the noncontrolling interest in the Consolidated Statement of Comprehensive Income. | |
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand and on deposit and highly liquid, temporary cash investments with an original maturity of three months or less. | |
Inventories—Inventories are valued at the lower of cost or market using the first-in, first-out or the average cost method and the last-in, first-out (LIFO) method for certain qualifying domestic inventories. | |
Investments—Investments in affiliates over which we have a significant influence, but not a controlling interest, are accounted for using the equity method of accounting. Other investments are carried at market value, if readily determinable, or at cost. All equity investments are periodically reviewed to determine if declines in fair value below cost basis are other-than-temporary. Significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees are strong indicators of other-than-temporary declines. If the decline in fair value is determined to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value. | |
Property, Plant and Equipment—Property, plant and equipment are recorded at cost, including any asset retirement obligations, less accumulated depreciation. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements and 2 to 16 years for machinery and equipment. Recognition of the fair value of obligations associated with the retirement of tangible long-lived assets is required when there is a legal obligation to incur such costs. Upon initial recognition of a liability, the cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset's useful life. See Note 11 Property, Plant and Equipment - Net and Note 17 Other Liabilities for additional details. | |
Goodwill and Indefinite-Lived Intangible Assets—Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of businesses acquired. Goodwill and certain other intangible assets deemed to have indefinite lives are not amortized. Intangible assets determined to have finite lives are amortized over their useful lives. Goodwill and indefinite-lived intangible assets are subject to impairment testing annually as of March 31, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. We completed our annual goodwill impairment test as of March 31, 2013 and determined that there was no impairment as of that date. See Note 12 for additional details on goodwill balances. | |
Other Intangible Assets with Determinable Lives—Other intangible assets with determinable lives consist of customer lists, technology, patents and trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 2 to 24 years. | |
Long-Lived Assets—We evaluate the recoverability of the carrying amount of long-lived assets (including property, plant and equipment and intangible assets with determinable lives) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. We evaluate events or changes in circumstances based on a number of factors including operating results, business plans and forecasts, general and industry trends and, economic projections and anticipated cash flows. An impairment is assessed when the undiscounted expected future cash flows derived from an asset are less than its carrying amount. Impairment losses are measured as the amount by which the carrying value of an asset exceeds its fair value and are recognized in earnings. We also evaluate the estimated useful lives of all long-lived assets if circumstances warrant and revise such estimates based on current events. | |
Sales Recognition—Product and service sales are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service sales, principally representing repair, maintenance and engineering activities in our Aerospace and Automation and Control Solutions segments, are recognized over the contractual period or as services are rendered. Sales under long-term contracts in the Aerospace, Automation and Control Solutions and Performance Materials and Technologies segments are recorded on a percentage-of-completion method measured on the cost-to-cost basis for engineering-type contracts and the units-of-delivery basis for production-type contracts. Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately or competitor prices for similar products or services. | |
Allowance for Doubtful Accounts—We maintain allowances for doubtful accounts for estimated losses as a result of customer's inability to make required payments. We estimate anticipated losses from doubtful accounts based on days past due, as measured from the contractual due date, historical collection history and incorporate changes in economic conditions that may not be reflected in historical trends for example, customers in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular conditions of the account, including time intervals since last collection, success of outside collection agencies activity, solvency of customer and any bankruptcy proceedings. | |
Environmental Expenditures—Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and that do not provide future benefits, are expensed as incurred. Liabilities are recorded when environmental remedial efforts or damage claim payments are probable and the costs can be reasonably estimated. Such liabilities are based on our best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical, regulatory or legal information becomes available. Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other potentially responsible parties, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental losses in excess of our recorded liabilities. | |
Asbestos Related Contingencies and Insurance Recoveries—Honeywell is a defendant in personal injury actions related to products containing asbestos (refractory and friction products). We recognize a liability for any asbestos related contingency that is probable of occurrence and reasonably estimable. Regarding North American Refractories Company (NARCO) asbestos related claims, we accrued for pending claims based on terms and conditions in agreements with NARCO, its former parent company, and certain asbestos claimants, and an estimate of the unsettled claims pending as of the time NARCO filed for bankruptcy protection. We also accrued for the estimated value of future NARCO asbestos related claims expected to be asserted against the NARCO Trust through 2018 as described in Note 22 Commitments and Contingencies. In light of the inherent uncertainties in making long term projections and in connection with the initial operation of a 524(g) trust, as well as the stay of all NARCO asbestos claims from January 2002 through the effective date of the NARCO Trust on April 30, 2013, we do not believe that we have a reasonable basis for estimating NARCO asbestos claims beyond 2018. Regarding Bendix asbestos related claims, we accrued for the estimated value of pending claims using average resolution values for the previous five years. We also accrued for the estimated value of future anticipated claims related to Bendix for the next five years based on historic claims filing experience and dismissal rates, disease classifications, and average resolution values in the tort system for the previous five years. In light of the uncertainties inherent in making long-term projections, as well as certain factors unique to friction product asbestos claims, we do not believe that we have a reasonable basis for estimating asbestos claims beyond the next five years. We will continue to update the resolution values used to estimate the cost of pending and future Bendix claims during the fourth quarter each year. For additional information see Note 22. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential ranges of probable losses and recognize a liability, if any, for these contingencies based on an analysis of each individual issue with the assistance of outside legal counsel and, if applicable, other experts. | |
In connection with the recognition of liabilities for asbestos related matters, we record asbestos related insurance recoveries that are deemed probable. In assessing the probability of insurance recovery, we make judgments concerning insurance coverage that we believe are reasonable and consistent with our historical dealings and our knowledge of any pertinent solvency issues surrounding insurers. | |
Aerospace Sales Incentives—We provide sales incentives to commercial aircraft manufacturers and airlines in connection with their selection of our aircraft equipment, predominately wheel and braking system hardware, avionics, and auxiliary power units, for installation on commercial aircraft. These incentives consist of free or deeply discounted products, credits for future purchases of product and upfront cash payments. These costs are recognized in the period incurred as cost of products sold or as a reduction to sales, as appropriate. Generally, for aircraft manufacturers, incentives are recorded when the products are delivered; for airlines, incentives are recorded when the associated aircraft are delivered by the aircraft manufacturer to the airline. | |
Research and Development—Research and development costs for company-sponsored research and development projects are expensed as incurred. Such costs are principally included in Cost of Products Sold and were $1,804, $1,847 and $1,799 million in 2013, 2012 and 2011, respectively. | |
Stock-Based Compensation Plans—The principal awards issued under our stock-based compensation plans, which are described in Note 20 Stock-Based Compensation Plans, include non-qualified stock options and restricted stock units (RSUs). The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in selling, general and administrative expense in our Consolidated Statement of Operations. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. | |
Pension Benefits— We sponsor both funded and unfunded U.S. and non-U.S. defined benefit pension plans covering the majority of our employees and retirees. We recognize net actuarial gains or losses in excess of 10 percent of the greater of the fair value of plan assets or the plans' projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment), and, if applicable, in any quarter in which an interim remeasurement is triggered. The remaining components of pension expense, primarily service and interest costs and assumed return on plan assets, are recorded on a quarterly basis (Pension ongoing (income) expense). | |
Foreign Currency Translation—Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated Other Comprehensive Income (Loss). For subsidiaries operating in highly inflationary environments, inventories and property, plant and equipment, including related expenses, are remeasured at the exchange rate in effect on the date the assets were acquired, while monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement adjustments for these subsidiaries are included in earnings. | |
Derivative Financial Instruments—As a result of our global operating and financing activities, we are exposed to market risks from changes in interest and foreign currency exchange rates and commodity prices, which may adversely affect our operating results and financial position. We minimize our risks from interest and foreign currency exchange rate and commodity price fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes and we do not use leveraged derivative financial instruments. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. | |
All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated Other Comprehensive Income (Loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. | |
Transfers of Financial Instruments— Sales, transfers and securitization of financial instruments are accounted for under authoritative guidance for the transfers and servicing of financial assets and extinguishments of liabilities. | |
We sell interests in designated pools of trade accounts receivables to third parties. The terms of the trade accounts receivable program permit the repurchase of receivables from the third parties at our discretion. As a result, these program receivables are not accounted for as a sale and remain on the Consolidated Balance Sheet with a corresponding amount recorded as Short-term borrowings. | |
At times we also transfer trade and other receivables that qualify as a sale and are thus are removed from the Consolidated Balance Sheet at the time they are sold. The value assigned to any subordinated interests and undivided interests retained in receivables sold is based on the relative fair values of the interests retained and sold. The carrying value of the retained interests approximates fair value due to the short-term nature of the collection period for the receivables. | |
Income Taxes—Deferred tax liabilities or assets reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax asset if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, and (3) the impact of tax planning strategies. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the need for a valuation allowance, we consider all available positive and negative evidence, including past operating results, projections of future taxable income and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding our volume, pricing and costs. Additionally, valuation allowances related to deferred tax assets can be impacted by changes to tax laws. | |
Significant judgment is required in determining income tax provisions and in evaluating tax positions. We establish additional reserves for income taxes when, despite the belief that tax positions are fully supportable, there remain certain positions that do not meet the minimum recognition threshold. The approach for evaluating certain and uncertain tax positions is defined by the authoritative guidance which determines when a tax position is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a change in estimate become known. | |
Earnings Per Share—Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. | |
Use of Estimates—The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures in the accompanying notes. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. | |
Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Recent Accounting Pronouncements—Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU's) to the FASB's Accounting Standards Codification. | |
The Company considers the applicability and impact of all ASU's. ASU's not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. | |
In May 2011, the FASB issued amendments to clarify the application of existing fair value measurements and expand existing disclosure requirements. These amendments, effective for the interim and annual periods beginning on or after December 15, 2011 (early adoption was prohibited), resulted in a common definition of fair value and common requirements for measurement of and disclosure requirements between U.S. GAAP and International Financial Reporting Standards. The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. | |
In June 2011, the FASB issued amendments to disclosure requirements for presentation of comprehensive income. This guidance, effective retrospectively for the interim and annual periods beginning on or after December 15, 2011 (early adoption was permitted), required presentation of total comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued an amendment to defer the presentation on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for annual and interim financial statements. The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. In February 2013, the FASB issued amendments to disclosure requirements for presentation of comprehensive income. The standard required presentation (either in a single note or parenthetically on the face of the financial statements) of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component was not required to be reclassified to net income in its entirety, a cross reference to the related footnote for additional information would be required. The amendments were effective prospectively for reporting periods beginning after December 15, 2012 (early adoption was permitted). Since these amendments to accounting guidance impacted presentation and disclosure requirements only, their adoption did not have a material impact on our consolidated financial position or results of operations. | |
In September 2011, the FASB issued amendments to the goodwill impairment guidance which provided an option for companies to use a qualitative approach to test goodwill for impairment if certain conditions were met. The amendments were effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 (early adoption was permitted). The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. | |
In July 2012, the FASB issued amendments to the indefinite-lived intangible asset impairment guidance which provided an option for companies to use a qualitative approach to test indefinite-lived intangible assets for impairment if certain conditions were met. The amendments were effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. | |
In February 2013, the FASB issued amendments to guidance for obligations resulting from joint and several liability arrangements. The amended guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the sum of (1) the amount of the obligation within the scope of this guidance is fixed at the reporting date, as the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments should be applied retrospectively to all prior periods presented for obligations within the scope of guidance that exist at the beginning of an entity's fiscal year of adoption. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (early adoption is permitted). The implementation of the amended accounting guidance is not expected to have a material impact on our consolidated financial position or results of operations. | |
In March 2013, the FASB issued amendments to address the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013 (early adoption is permitted). The initial adoption has no impact on our consolidated financial position and results of operations. | |
In July 2013, the FASB issued amendments to allow the Federal Funds Effective Swap Rate (which is the Overnight Index Swap rate, or OIS rate, in the U.S.) to be designated as a benchmark interest rate for hedge accounting purposes under the derivatives and hedging guidance. The amendments also allowed for the use of different benchmark rates for similar hedges. The amendments were effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The initial adoption had no impact on our consolidated financial position and results of operation. | |
In July 2013, the FASB issued amendments to guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments require entities to present an unrecognized tax benefit netted against certain deferred tax assets when specific requirements are met. However, the amendments only affect gross versus net presentation and do not impact the calculation of the unrecognized tax benefit. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (early adoption is permitted). The implementation of the amended accounting guidance is not expected to have a material impact on our consolidated financial position. |
ACQUISITIONS_AND_DIVESTITUTURE
ACQUISITIONS AND DIVESTITUTURES | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Acquisitions And Divestitures [Abstract] | ' | ||||||
Acquisitions and Divestitures | ' | ||||||
Note 2. Acquisitions and Divestitures | |||||||
Acquisitions – We acquired businesses for an aggregate cost (net of cash acquired) of $1,133 million, $438 million, and $973 million in 2013, 2012 and 2011, respectively. For all of our acquisitions the acquired businesses were recorded at their estimated fair values at the dates of acquisition. Significant acquisitions made in these years are discussed below. | |||||||
On September 17, 2013, the Company acquired 100 percent of the issued and outstanding shares of Intermec, a leading provider of mobile computing, RFID and bar code, label and receipt printers for use in warehousing, supply chain, field service and manufacturing environments. Intermec was a U.S. public company that operated globally and had reported 2012 revenues of $790 million. | |||||||
The aggregate value, net of cash acquired, was $607 million and was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. On a preliminary basis, the Company has assigned $257 million to identifiable intangible assets, predominantly customer relationships, existing technology and trademarks. These intangible assets are being amortized over their estimated lives which range from 4 to 15 years using straight-line and accelerated amortization methods. The excess of the purchase price over the estimated fair values of net assets acquired (approximating $349 million), was recorded as goodwill. This goodwill arises primarily from the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our product offerings to key target markets and enter into new and profitable segments, and the expected cost synergies that will be realized through the consolidation of the acquired business within our Automation and Control Solutions segment. The goodwill is non-deductible for tax purposes. | |||||||
On June 3, 2013, the Company acquired RAE, a global manufacturer of fixed and portable gas and radiation detection systems, and software. The aggregate value, net of cash acquired, was $338 million and was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. On a preliminary basis, the Company has assigned approximately $102 million to identifiable intangible assets, predominantly customer relationships, existing technology and trademarks. These intangible assets are being amortized over their estimated lives which range from 3 to 15 years using straight-line and accelerated amortization methods. The excess of the purchase price over the estimated fair values of net assets acquired (approximating $264 million), was recorded as goodwill. This goodwill arises primarily from the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our product offerings to key target markets and enter into new and profitable segments, and the expected cost synergies that will be realized through the consolidation of the acquired business within our Automation and Control Solutions segment. The goodwill is non-deductible for tax purposes. | |||||||
The results of Intermec and RAE from the acquisition dates through December 31, 2013 are included in our Automation and Control Solutions segment. The results were not material to the consolidated financial statements. As of December 31, 2013, the purchase accounting for Intermec and RAE is subject to final adjustment primarily for the amounts allocated to intangible assets and goodwill, useful lives of intangible assets, for certain pre-acquisition contingencies, and for the valuation of inventory and property, plant and equipment. | |||||||
On October 22, 2012, the Company acquired a 70 percent controlling interest in Thomas Russell Co., a privately-held leading provider of technology and equipment for natural gas processing and treating, for approximately $525 million ($368 million, net of cash acquired). Thomas Russell Co.'s results of operations have been consolidated into the Performance Materials and Technologies segment, with the noncontrolling interest portion reflected in net income attributable to the noncontrolling interest in the Consolidated Statement of Operations. During the calendar year 2016, Honeywell has the right to acquire and the noncontrolling shareholder has the right to sell to Honeywell the remaining 30 percent interest at a price based on a multiple of Thomas Russell Co.'s average annual operating income from 2013 to 2015, subject to a predetermined cap and floor. Additionally, Honeywell has the right to acquire the remaining 30 percent interest for a fixed price equivalent to the cap at any time on or before December 31, 2015. See Note 21 Redeemable Noncontrolling Interest. | |||||||
The aggregate value of Thomas Russell Co. was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their consolidated estimated fair values at the acquisition date. The Company has assigned approximately $205 million to identifiable intangible assets. The intangible assets are predominantly backlog, technology, and trademarks. These intangible assets are being amortized over their estimated lives, which range from 3 to 10 years, using both straight-line and accelerated amortization methods. The excess of the purchase price over the estimated fair values of net assets acquired (approximating $453 million), was recorded as goodwill. This goodwill arises primarily from the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our product offerings to key target markets and serve as entry into new and profitable businesses within the Performance Materials and Technologies segment. Our interest in the acquired goodwill is deductible for tax purposes. | |||||||
The following amounts represent the final determination of the fair value of the identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 157 | |||||
Accounts and other receivables | 85 | ||||||
Other assets | 15 | ||||||
Intangible assets | 205 | ||||||
Deferred revenue | -221 | ||||||
Other current liabilities | -18 | ||||||
Net assets acquired | 223 | ||||||
Goodwill | 453 | ||||||
Redeemable noncontrolling interest | -151 | ||||||
\ | |||||||
Purchase price | $ | 525 | |||||
The results from the acquisition date through December 31, 2012 are included in the Performance Materials and Technologies segment and were not material to the consolidated financial statements. | |||||||
In December 2011, the Company acquired King's Safetywear Limited (KSW) a leading international provider of branded safety footwear. The aggregate value, net of cash acquired, was approximately $331 million (including the assumption of debt of $33 million) and was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company has assigned approximately $167 million to identifiable intangible assets, predominantly trademarks, technology, and customer relationships. The definite lived intangible assets are being amortized over their estimated lives, using straight-line and accelerated amortization methods. The value assigned to trademarks of approximately $84 million is classified as indefinite lived intangibles. The excess of the purchase price over the estimated fair values of net assets acquired (approximately $157 million), was recorded as goodwill. This goodwill arises primarily from the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our product offerings to key target markets and serve as entry into new and profitable segments, and the expected cost synergies that will be realized through the consolidation of the acquired business into our Automation and Control Solutions segment. Their cost synergies are expected to be realized principally in the areas of selling, general and administrative expenses, material sourcing and manufacturing. This goodwill is non–deductible for tax purposes. | |||||||
The results from the acquisition date through December 31, 2011 are included in the Automation and Control Solutions segment and were not material to the consolidated financial statements. | |||||||
In August 2011, the Company acquired 100 percent of the issued and outstanding shares of EMS Technologies, Inc. (EMS), a leading provider of connectivity solutions for mobile networking, rugged mobile computers and satellite communications. EMS had reported 2010 revenues of approximately $355 million. | |||||||
The aggregate value, net of cash acquired, was approximately $513 million and was allocated to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The Company has assigned approximately $119 million to identifiable intangible assets, of which approximately $89 million and approximately $30 million were recorded within the Aerospace and Automation and Control segments, respectively. The intangible assets are predominantly customer relationships, existing technology and trademarks. These intangible assets are being amortized over their estimated lives, using straight-line and accelerated amortization methods. The excess of the purchase price over the estimated fair values of net assets acquired (approximating $314 million), was recorded as goodwill. This goodwill arises primarily from the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our product offerings to key target markets and serve as entry into new and profitable segments, and the expected cost synergies that will be realized through the consolidation of the acquired business into our Aerospace and Automation and Control Solutions segments. These cost synergies are expected to be realized principally in the areas of selling, general and administrative expenses, material sourcing and manufacturing. This goodwill is non-deductible for tax purposes. | |||||||
The results from the acquisition date through December 31, 2011 are included in the Aerospace and Automation and Control Solutions segments and were not material to the consolidated financial statements. | |||||||
In connection with all acquisitions in 2013, 2012 and 2011, the amounts recorded for transaction costs and the costs of integrating the acquired businesses into Honeywell were not material. | |||||||
The proforma results for 2013, 2012 and 2011, assuming these acquisitions had been made at the beginning of the comparable prior year, would not be materially different from consolidated reported results. | |||||||
Divestitures– In January 2014, the Company entered into a definitive agreement to sell its Friction Materials business to Federal Mogul Corporation for approximately $155 million. The transaction, subject to required regulatory approvals and applicable information and consultation requirements, is expected to close in the second half of 2014. The Company recognized a pre-tax and after-tax loss of approximately $28 million in the fourth quarter of 2013. The sale of Friction Materials, which has been part of the Transportation Systems segment, is consistent with the Company's strategic focus on its portfolio of differentiated global technologies. | |||||||
In July 2011, the Company sold its Consumer Products Group business (CPG) to Rank Group Limited. The sale was completed for approximately $955 million in cash proceeds, resulting in a pre-tax gain of approximately $301 million and approximately $178 million, net of tax. The gain was recorded in net income from discontinued operations after taxes in the Company's Consolidated Statement of Operations for the year ended December 31, 2011. The net income attributable to the noncontrolling interest for the discontinued operations is insignificant. The sale of CPG, which had been part of the Transportation Systems segment, is consistent with the Company's strategic focus on its portfolio of differentiated global technologies. | |||||||
The key components of income from discontinued operations related to CPG were as of follows: | |||||||
Years Ended | |||||||
December 31, | |||||||
2011 | |||||||
Net sales | $ | 530 | |||||
Costs, expenses and other | 421 | ||||||
Selling, general and administrative expense | 63 | ||||||
Other (income) expense | -2 | ||||||
Income before taxes | 48 | ||||||
Gain on disposal of discontinued operations | 301 | ||||||
Net income from discontinued operations | |||||||
before taxes | 349 | ||||||
Tax expense | 140 | ||||||
Net income from discontinued operations after | |||||||
taxes | $ | 209 | |||||
REPOSITIONING_AND_OTHER_CHARGE
REPOSITIONING AND OTHER CHARGES | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Repositioning And Other Charges [Abstract] | ' | |||||||||||||
Repositioning and Other Charges | ' | |||||||||||||
Note 3. Repositioning and Other Charges | ||||||||||||||
A summary of repositioning and other charges follows: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Severance | $ | 186 | $ | 91 | $ | 246 | ||||||||
Asset impairments | 23 | 12 | 86 | |||||||||||
Exit costs | 22 | 16 | 48 | |||||||||||
Reserve adjustments | -30 | -66 | -26 | |||||||||||
Total net repositioning charge | 201 | 53 | 354 | |||||||||||
Asbestos related litigation charges, net of insurance | 181 | 156 | 149 | |||||||||||
Probable and reasonably estimable environmental liabilities | 272 | 234 | 240 | |||||||||||
Other | 9 | 0 | 0 | |||||||||||
Total net repositioning and other charges | $ | 663 | $ | 443 | $ | 743 | ||||||||
The following table summarizes the pretax distribution of total net repositioning and other charges by income statement classification: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Cost of products and services sold | $ | 566 | $ | 428 | $ | 646 | ||||||||
Selling, general and administrative expenses | 97 | 15 | 97 | |||||||||||
$ | 663 | $ | 443 | $ | 743 | |||||||||
The following table summarizes the pretax impact of total net repositioning and other charges by segment: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Aerospace | $ | 45 | $ | -5 | $ | 29 | ||||||||
Automation and Control Solutions | 93 | 18 | 191 | |||||||||||
Performance Materials and Technologies | 31 | 12 | 41 | |||||||||||
Transportation Systems | 190 | 197 | 228 | |||||||||||
Corporate | 304 | 221 | 254 | |||||||||||
$ | 663 | $ | 443 | $ | 743 | |||||||||
In 2013, we recognized repositioning charges totaling $231 million including severance costs of $186 million related to workforce reductions of 3,081 manufacturing and administrative positions across all of our segments. The workforce reductions were primarily related to cost savings actions taken in connection with our productivity and ongoing functional transformation initiatives, achieving acquisition-related synergies in our Automation and Control Solutions segment, outsourcing of non-core components in our Aerospace and Transportation Systems segments, the shutdown of a manufacturing facility in our Performance Materials and Technologies segment, and factory transitions in our Automation and Control Solutions segment to more cost-effective locations. The repositioning charges include asset impairments of $23 million primarily related to manufacturing plant and equipment associated with the shutdown of a manufacturing facility in our Performance Materials and Technologies segment. The repositioning charges also includes exit costs of $22 million primarily related to closure obligations associated with the shutdown of manufacturing facilities and costs for early termination of lease contracts. Also, $30 million of previously established accruals, primarily for severance, in our Automation and Control Solutions and Performance Materials and Technologies segments were returned to income in 2013 due to changes in the scope of previously announced repositioning actions, lower than expected costs in completing the exit of a product line and fewer employee severance actions caused by higher attrition than originally planned associated with prior severance programs. | ||||||||||||||
In 2012, we recognized repositioning charges totaling $119 million including severance costs of $91 million related to workforce reductions of 2,204 manufacturing and administrative positions across all of our segments. The workforce reductions were primarily related to the planned shutdown of a manufacturing facility in our Transportation Systems segment, the exit from a product line in our Performance Materials and Technologies segment, and cost savings actions taken in connection with our productivity and ongoing functional transformation initiatives. The repositioning charge also included asset impairments of $12 million principally related to manufacturing plant and equipment associated with the exit of a product line in our Performance Materials and Technologies segment. The repositioning charge also included exit costs of $16 million principally related to closure obligations associated with the planned shutdown of a manufacturing facility in our Transportation Systems segment and exit from a product line in our Performance Materials and Technologies segment. Also, $66 million of previously established accruals, primarily for severance, in our Automation and Control Solutions, Aerospace and Performance Materials and Technologies segments were returned to income in 2012 due primarily to fewer employee severance actions caused by higher attrition than originally planned associated with prior severance programs and changes in the scope of previously announced repositioning actions. | ||||||||||||||
In 2011, we recognized repositioning charges totaling $380 million including severance costs of $246 million related to workforce reductions of 3,188 manufacturing and administrative positions across all of our segments. The workforce reductions were primarily related to the planned shutdown of a manufacturing facility in our Transportation Systems segment, cost savings actions taken in connection with our productivity and ongoing functional transformation initiatives, factory transitions in connection with acquisition-related synergies in our Automation and Control Solutions and Aerospace segments, the exit from and/or rationalization of certain product lines and markets in our Performance Materials and Technologies and Automation and Control Solutions segments, the consolidation of repair facilities in our Aerospace segment, and factory consolidations and/or rationalizations and organizational realignments of businesses in our Automation and Control Solutions segment. The repositioning charges included asset impairments of $86 million principally related to the write-off of certain intangible assets in our Automation and Control Solutions segment due to a change in branding strategy and manufacturing plant and equipment associated with the planned shutdown of a manufacturing facility and the exit of a product line and a factory transition as discussed above. The repositioning charges also included exit costs of $48 million principally for costs to terminate contracts related to the exit of a market and product line and a factory transition as discussed above. Exit costs also included closure obligations associated with the planned shutdown of a manufacturing facility and exit of a product line also as discussed above. Also, $26 million of previously established accruals, primarily for severance, in our Aerospace and Automation and Control Solutions segments, were returned to income in 2011 due principally to fewer employee separations than originally planned associated with prior severance programs. | ||||||||||||||
The following table summarizes the status of our total repositioning reserves: | ||||||||||||||
Severance | Asset | Exit | ||||||||||||
Costs | Impairments | Costs | Total | |||||||||||
Balance at December 31, 2010 | $ | 270 | $ | - | $ | 34 | $ | 304 | ||||||
2011 charges | 246 | 86 | 48 | 380 | ||||||||||
2011 usage - cash | -136 | - | -23 | -159 | ||||||||||
2011 usage - noncash | - | -86 | - | -86 | ||||||||||
Adjustments | -26 | - | - | -26 | ||||||||||
Foreign currency translation | -1 | - | - | -1 | ||||||||||
Balance at December 31, 2011 | 353 | - | 59 | 412 | ||||||||||
2012 charges | 91 | 12 | 16 | 119 | ||||||||||
2012 usage - cash | -113 | - | -23 | -136 | ||||||||||
2012 usage - noncash | - | -12 | - | -12 | ||||||||||
Adjustments | -61 | - | -5 | -66 | ||||||||||
Foreign currency translation | 6 | - | - | 6 | ||||||||||
Balance at December 31, 2012 | 276 | - | 47 | 323 | ||||||||||
2013 charges | 186 | 23 | 22 | 231 | ||||||||||
2013 usage - cash | -139 | - | -21 | -160 | ||||||||||
2013 usage - noncash | - | -23 | - | -23 | ||||||||||
Adjustments | -27 | - | -3 | -30 | ||||||||||
Foreign currency translation | 6 | - | - | 6 | ||||||||||
Balance at December 31, 2013 | $ | 302 | $ | - | $ | 45 | $ | 347 | ||||||
Certain repositioning projects in our Aerospace, Automation and Control Solutions and Transportation Systems segments included exit or disposal activities, the costs related to which will be recognized in future periods when the actual liability is incurred. The nature of these exit or disposal costs includes asset set-up and moving, product recertification and requalification, and employee retention, training and travel. The following table summarizes by segment, expected, incurred and remaining exit and disposal costs related to 2011 repositioning actions which we were not able to recognize at the time the actions were initiated. The exit and disposal costs related to the repositioning actions in 2013 and 2012 which we were not able to recognize at the time the actions were initiated were not significant. | ||||||||||||||
Automation and | Transportation | |||||||||||||
2011 Repositioning Actions | Aerospace | Control Solutions | Systems | Total | ||||||||||
Expected exit and disposal costs | $ | 15 | $ | 11 | $ | 7 | $ | 33 | ||||||
Costs incurred during: | ||||||||||||||
Year ended December 31, 2011 | -1 | - | - | -1 | ||||||||||
Year ended December 31, 2012 | -2 | -3 | -1 | -6 | ||||||||||
Year ended December 31, 2013 | -2 | -4 | -2 | -8 | ||||||||||
Remaining exit and disposal costs at | ||||||||||||||
31-Dec-13 | $ | 10 | $ | 4 | $ | 4 | $ | 18 | ||||||
In 2013, 2012 and 2011, we recognized charges of $272, $234 and $240 million, respectively, for environmental liabilities deemed probable and reasonably estimable during the year. In 2013 this included a charge of $58 million in the fourth quarter related to Onondaga Lake in Syracuse, New York mainly reflecting updated estimates for completion of the dredging and capping components of the approved Lake remedy. In 2013, 2012 and 2011, we recognized asbestos related litigation charges, net of insurance, of $181, $156 and $149 million, respectively. Environmental and Asbestos matters are discussed in detail in Note 22 Commitments and Contingencies of Notes to the Financial Statements. In 2013 we also recognized other charges of $9 million related to the resolution of legal matters. |
OTHER_INCOME_EXPENSE
OTHER (INCOME) EXPENSE | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Income Expense [Abstract] | ' | |||||||||
Other (income) expense Text Block | ' | |||||||||
Note 4. Other (income) expense | ||||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Equity (income) loss of affiliated companies | $ | -36 | $ | -45 | $ | -51 | ||||
Gain on sale of available for sale investments | -195 | - | - | |||||||
Loss (gain) on sale of non-strategic businesses and assets | 20 | -5 | -61 | |||||||
Interest income | -69 | -58 | -58 | |||||||
Foreign exchange | 34 | 36 | 50 | |||||||
Other, net | 8 | 2 | 36 | |||||||
$ | -238 | $ | -70 | $ | -84 | |||||
Gain on sale of available for sale investments for 2013 is due to $195 million of realized gain related to the sale of marketable equity securities. These securities (B/E Aerospace common stock), designated as available for sale, were obtained in conjunction with the sale of the Consumables Solutions business in July 2008. See Note 16, Financial Instruments and Fair Value Measures for further details. | ||||||||||
Loss on sale of non-strategic business and assets for 2013 includes a pre-tax loss of approximately $28 million related to the pending divestiture of the Friction Materials business within our Transportation Systems segment. See Note 2, Acquisitions and Divestitures for further details. | ||||||||||
Gain on sale of non-strategic businesses and assets for 2011 includes a $50 million pre-tax gain, $31 million net of tax, related to the divestiture of the automotive on-board sensor products business within our Automation and Control Solutions segment. | ||||||||||
Other, net in 2011 includes a loss of $29 million resulting from early redemption of debt in the first quarter of 2011. See Note 14 Long-term Debt and Credit Agreements for further details. |
INTEREST_AND_OTHER_FINANCIAL_C
INTEREST AND OTHER FINANCIAL CHARGES | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Interest And Other Financial Charges [Abstract] | ' | |||||||||
Interest and Other Financial Charges | ' | |||||||||
Note 5. Interest and Other Financial Charges | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Total interest and other financial charges | $ | 346 | $ | 369 | $ | 389 | ||||
Less—capitalized interest | -19 | -18 | -13 | |||||||
$ | 327 | $ | 351 | $ | 376 | |||||
The weighted average interest rate on short-term borrowings and commercial paper outstanding at December 31, 2013 and 2012 was 0.79 percent and 1.43 percent, respectively. | ||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Income Taxes | ' | ||||||||||
Note 6. Income Taxes | |||||||||||
Income from continuing operations before taxes | |||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
United States | $ | 3,002 | $ | 1,761 | $ | 318 | |||||
Foreign | 2,410 | 2,114 | 1,964 | ||||||||
$ | 5,412 | $ | 3,875 | $ | 2,282 | ||||||
Tax expense (benefit) | |||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
United States | $ | 993 | $ | 584 | $ | 3 | |||||
Foreign | 457 | 360 | 414 | ||||||||
$ | 1,450 | $ | 944 | $ | 417 | ||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Tax expense consists of | |||||||||||
Current: | |||||||||||
United States | $ | 663 | $ | 470 | $ | 171 | |||||
State | 97 | 10 | 13 | ||||||||
Foreign | 428 | 380 | 564 | ||||||||
$ | 1,188 | $ | 860 | $ | 748 | ||||||
Deferred: | |||||||||||
United States | $ | 160 | $ | 85 | $ | -185 | |||||
State | 72 | 19 | 4 | ||||||||
Foreign | 30 | -20 | -150 | ||||||||
262 | 84 | -331 | |||||||||
$ | 1,450 | $ | 944 | $ | 417 | ||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
The U.S. statutory federal income tax rate is reconciled to our effective income tax rate as follows: | |||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||
Taxes on foreign earnings below U.S. tax rate(1) | -7.2 | -7.1 | -18.9 | ||||||||
State income taxes(1) | 1.8 | 0.8 | 0.4 | ||||||||
Manufacturing incentives | -0.9 | -1.7 | -1.8 | ||||||||
ESOP dividend tax benefit | -0.5 | -0.6 | -1.1 | ||||||||
Tax credits | -1.8 | -0.4 | -2.3 | ||||||||
Reserves for tax contingencies | 0.6 | -0.4 | 5.2 | ||||||||
All other items—net | -0.2 | -1.2 | 1.8 | ||||||||
26.8 | % | 24.4 | % | 18.3 | % | ||||||
(1) Net of changes in valuation allowance | |||||||||||
The effective tax rate increased by 2.4 percentage points in 2013 compared to 2012. The year over year increase was primarily attributable to lower mark-to-market pension expense in the U.S. Other factors causing an increase in the effective tax rate include higher tax expense related to an increase in tax reserves and higher state tax expense. These increases in the effective tax rate were partially offset by tax benefits from retroactive law changes in the U.S. The Company's foreign effective tax rate for 2013 was 19.0 percent, an increase of approximately 2.0 percentage points compared to 2012. The year over year increase in the foreign effective tax rate was primarily attributable to higher expense related to retroactive tax law changes in Germany and additional reserves in various jurisdictions, coupled with higher earnings in higher tax rate jurisdictions. The effective tax rate was lower than the U.S. statutory rate of 35 percent primarily due to overall foreign earnings taxed at lower rates. | |||||||||||
The effective tax rate increased by 6.1 percentage points in 2012 compared to 2011 primarily due to a change in the mix of earnings taxed at higher rates (primarily driven by an approximate 6.1 percentage point impact from the decrease in pension mark-to-market expense), a decreased benefit from valuation allowances, a decreased benefit from the settlement of tax audits and the absence of the U.S. R&D tax credit, partially offset by a decreased expense related to tax reserves. The foreign effective tax rate was 17.0 percent, a decrease of approximately 4.1 percentage points which primarily consisted of a 10.0 percent impact related to a decrease in tax reserves, partially offset by a 5.2 percent impact from increased valuation allowances on net operating losses primarily due to a decrease in Luxembourg and French earnings available to be offset by net operating loss carry forwards and a 1.4 percent impact from tax expense related to foreign exchange. The effective tax rate was lower than the U.S. statutory rate of 35 percent primarily due to overall foreign earnings taxed at lower rates. | |||||||||||
Deferred tax assets (liabilities) | |||||||||||
Deferred income taxes represent the future tax effects of transactions which are reported in different periods for tax and financial reporting purposes. The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows: | |||||||||||
December 31, | |||||||||||
Deferred tax assets: | 2013 | 2012 | |||||||||
Pension | $ | 32 | $ | 1,362 | |||||||
Postretirement benefits other than pensions | 499 | 657 | |||||||||
Asbestos and environmental | 437 | 535 | |||||||||
Employee compensation and benefits | 382 | 402 | |||||||||
Other accruals and reserves | 702 | 504 | |||||||||
Net operating and capital losses | 838 | 820 | |||||||||
Tax credit carryforwards | 266 | 333 | |||||||||
Gross deferred tax assets | 3,156 | 4,613 | |||||||||
Valuation allowance | -614 | -598 | |||||||||
Total deferred tax assets | $ | 2,542 | $ | 4,015 | |||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | $ | -654 | $ | -668 | |||||||
Intangibles | -1,126 | -1,106 | |||||||||
Other asset basis differences | -350 | -327 | |||||||||
Other | -22 | -39 | |||||||||
Total deferred tax liabilities | -2,152 | -2,140 | |||||||||
Net deferred taxes | $ | 390 | $ | 1,875 | |||||||
The net deferred tax assets are included as components of Current and Non-Current Deferred Income Taxes and Accrued Liabilities within the Consolidated Balance Sheet. | |||||||||||
There were approximately $45 million of U.S. federal tax net operating losses available for carryforward at December 31, 2013 with various expiration dates though 2032. All of these carryforwards were generated by subsidiaries prior to their acquisition. The use of pre-acquisition net operating loss carryforwards are subject to limitations imposed by Section 382 of the Internal Revenue Code. We do not anticipate that these limitations will affect the utilization of these carryforwards prior to their expiration. The Company has state tax net operating loss carryforwards of $2.7 billion at December 31, 2013 with various expiration dates through 2034. We also have foreign net operating and capital losses of $3.0 billion which are available to reduce future income tax payments in several countries, subject to varying expiration rules. | |||||||||||
There were approximately $62 million of U.S. federal tax credits available for carryforward at December 31, 2013 with various expiration dates through 2032. All of these carryforwards were generated by subsidiaries prior to their acquisition. The use of pre-acquisition tax credit carryforwards are subject to limitations imposed by Section 382 of the Internal Revenue Code. We do not anticipate that these limitations will affect the utilization of these carryforwards prior to their expiration. We also have state tax credit carryforwards of $46 million at December 31, 2013, including carryforwards of $40 million with various expiration dates through 2028 and tax credits of $6 million which are not subject to expiration. There were approximately $173 million of tax credits available for carryforward in foreign jurisdictions, primarily in Canada, at December 31, 2013 with various expiration dates through 2032. | |||||||||||
The valuation allowance against deferred tax assets increased by $16 million in 2013 and increased by $7 million and decreased by $45 million in 2012 and 2011, respectively. The 2013 increase in the valuation allowance was primarily due to decreased earnings in France and Luxembourg. This is partially offset by a decrease in the valuation allowance in Germany and the United Kingdom. The 2012 increase in the valuation allowance was primarily due to decreased earnings in France and Luxembourg. This is partially offset by a decrease in the valuation allowance related to purchase accounting for various acquisitions and audit resolutions for various countries. The 2011 decrease in the valuation allowance was primarily due to decreased foreign net operating losses related to the Netherlands and Germany, partially offset by the increase in the valuation allowance of France, Luxembourg and Canada. | |||||||||||
Federal income taxes have not been provided on undistributed earnings of the majority of our international subsidiaries as it is our intention to reinvest these earnings into the respective subsidiaries. At December 31, 2013 Honeywell has not provided for U.S. federal income and foreign withholding taxes on approximately $13.5 billion of such earnings of our non-U.S. operations. It is not practicable to estimate the amount of tax that might be payable if some or all of such earnings were to be repatriated, and the amount of foreign tax credits that would be available to reduce or eliminate the resulting U.S. income tax liability. | |||||||||||
We had $729 million, $722 million and $815 million of unrecognized tax benefits as of December 31, 2013, 2012, and 2011 respectively. If recognized, $729 million would be recorded as a component of income tax expense as of December 31, 2013. For the year ended December 31, 2013, the Company increased its unrecognized tax benefits by $7 million due to adjustments related to our ongoing assessment of the likelihood and amount of potential outcomes of current and future examinations, partially offset by the expiration of various statute of limitations and resolutions of audits with tax authorities. For the year ended December 31, 2012, the Company decreased its unrecognized tax benefits by $93 million due to the expiration of various statute of limitations and resolutions of audits with tax authorities, partially offset by adjustments related to our ongoing assessment of the likelihood and amount of potential outcomes of current and future examinations. The following table summarizes the activity related to our unrecognized tax benefits: | |||||||||||
2013 | 2012 | 2011 | |||||||||
Change in unrecognized tax benefits: | |||||||||||
Balance at beginning of year | $ | 722 | $ | 815 | $ | 757 | |||||
Gross increases related to current period tax positions | 41 | 25 | 46 | ||||||||
Gross increases related to prior periods tax positions | 118 | 44 | 327 | ||||||||
Gross decreases related to prior periods tax positions | -21 | -62 | -56 | ||||||||
Decrease related to resolutions of audits with tax authorities | -92 | -40 | -237 | ||||||||
Expiration of the statute of limitations for the assessment of taxes | -30 | -64 | -12 | ||||||||
Foreign currency translation | -9 | 4 | -10 | ||||||||
Balance at end of year | $ | 729 | $ | 722 | $ | 815 | |||||
Generally, our uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities. The following table summarizes these open tax years by major jurisdiction as of December 31, 2013: | |||||||||||
Open Tax Year | |||||||||||
Jurisdiction | Examination in | Examination not yet | |||||||||
progress | initiated | ||||||||||
United States (1) | 2001–2012 | 2007–2013 | |||||||||
United Kingdom | N/A | 2011-2013 | |||||||||
Canada(1) | 2007-2012 | 2013 | |||||||||
Germany(1) | 2004-2011 | 2010-2013 | |||||||||
France | 2000-2003, 2008-2013 | 2004-2007 | |||||||||
Netherlands | 2009 | 2010-2013 | |||||||||
Australia | N/A | 2009-2013 | |||||||||
China | 2003-2012 | 2013 | |||||||||
India | 2000–2011 | 2012-2013 | |||||||||
Italy | 2008-2012 | 2013 | |||||||||
(1) Includes federal as well as state, provincial or similar local jurisdictions, as applicable. | |||||||||||
Based on the outcome of these examinations, or as a result of the expiration of statute of limitations for specific jurisdictions, it is reasonably possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities for uncertain tax positions in our financial statements. In addition, the outcome of these examinations may impact the valuation of certain deferred tax assets (such as net operating losses) in future periods. Based on the number of tax years currently under audit by the relevant U.S federal, state and foreign tax authorities, the Company anticipates that several of these audits may be finalized in the foreseeable future. However, based on the status of these examinations, the protocol of finalizing audits by the relevant taxing authorities, and the possibility that the Company might challenge certain audit findings (which could include formal legal proceedings), at this time it is not possible to estimate the impact of such changes, if any, to previously recorded uncertain tax positions. | |||||||||||
Unrecognized tax benefits for examinations in progress were $431 million, $443 million and $482 million, as of December 31, 2013, 2012, and 2011, respectively. The decrease from 2012 to 2013 is primarily due to the expiration of various statute of limitations and resolutions of audits with tax authorities. The decrease from 2011 to 2012 is primarily due to the expiration of various statute of limitations and resolutions of audits with tax authorities. Estimated interest and penalties related to the underpayment of income taxes are classified as a component of Tax Expense in the Consolidated Statement of Operations and totaled $17 million, $37 million and $63 million for the years ended December 31, 2013, 2012, and 2011, respectively. Accrued interest and penalties were $301 million, $284 million and $247 million, as of December 31, 2013, 2012, and 2011, respectively. | |||||||||||
EARNINGS_LOSS_PER_SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
Note 7. Earnings Per Share | |||||||||||
The details of the earnings per share calculations for the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||
Years Ended December 31, | |||||||||||
Basic | 2013 | 2012 | 2011 | ||||||||
Income from continuing operations less net | |||||||||||
income attributable to the noncontrolling interest | $ | 3,924 | $ | 2,926 | $ | 1,858 | |||||
Income from discontinued operations | - | - | 209 | ||||||||
Net income attributable to Honeywell | $ | 3,924 | $ | 2,926 | $ | 2,067 | |||||
Weighted average shares outstanding | 786.4 | 782.4 | 780.8 | ||||||||
Earnings per share of common stock: | |||||||||||
Income from continuing operations | $ | 4.99 | $ | 3.74 | $ | 2.38 | |||||
Income from discontinued operations | - | - | 0.27 | ||||||||
Net Income attributable to Honeywell | $ | 4.99 | $ | 3.74 | $ | 2.65 | |||||
Years Ended December 31, | |||||||||||
Assuming Dilution | 2013 | 2012 | 2011 | ||||||||
Income from continuing operations less net | |||||||||||
income attributable to the noncontrolling interest | $ | 3,924 | $ | 2,926 | $ | 1,858 | |||||
Income from discontinued operations | - | - | 209 | ||||||||
Net income attributable to Honeywell | $ | 3,924 | $ | 2,926 | $ | 2,067 | |||||
Average Shares | |||||||||||
Weighted average shares outstanding | 786.4 | 782.4 | 780.8 | ||||||||
Dilutive securities issuable - stock plans | 10.9 | 9.5 | 10.8 | ||||||||
Total weighted average diluted shares outstanding | 797.3 | 791.9 | 791.6 | ||||||||
Earnings per share of common stock - | |||||||||||
assuming dilution: | |||||||||||
Income from continuing operations | $ | 4.92 | $ | 3.69 | $ | 2.35 | |||||
Income from discontinuing operations | - | - | 0.26 | ||||||||
Net income attributable to Honeywell | $ | 4.92 | $ | 3.69 | $ | 2.61 | |||||
The diluted earnings per share calculations exclude the effect of stock options when the options' assumed proceeds exceed the average market price of the common shares during the period. In 2013, 2012, and 2011 the weighted number of stock options excluded from the computations were 2.2 million, 12.5 million, and 9.5 million, respectively. These stock options were outstanding at the end of each of the respective periods. |
ACCOUNTS_NOTES_AND_OTHER_RECEI
ACCOUNTS, NOTES AND OTHER RECEIVABLES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts, Notes And Other Receivables [Abstract] | ' | |||||||
Accounts, Notes and Other Receivables | ' | |||||||
Note 8. Accounts, Notes and Other Receivables | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Trade | $ | 7,530 | $ | 6,940 | ||||
Other | 646 | 737 | ||||||
8,176 | 7,677 | |||||||
Less - Allowance for doubtful accounts | -247 | -248 | ||||||
$ | 7,929 | $ | 7,429 | |||||
Trade Receivables includes $1,609 and $1,495 million of unbilled balances under long-term contracts as of December 31, 2013 and December 31, 2012, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate. | ||||||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
Note 9. Inventories | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 1,121 | $ | 1,152 | ||||
Work in process | 841 | 859 | ||||||
Finished products | 2,497 | 2,421 | ||||||
4,459 | 4,432 | |||||||
Reduction to LIFO cost basis | -166 | -197 | ||||||
$ | 4,293 | $ | 4,235 | |||||
Inventories valued at LIFO amounted to $405 and $325 million at December 31, 2013 and 2012, respectively. Had such LIFO inventories been valued at current costs, their carrying values would have been approximately $166 and $197 million higher at December 31, 2013 and 2012, respectively. |
INVESTMENTS_AND_LONGTERM_RECEI
INVESTMENTS AND LONG-TERM RECEIVABLES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investment And Long Term Receivables [Abstract] | ' | |||||||
Investments and Long-Term Receivables | ' | |||||||
Note 10. Investments and Long-Term Receivables | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Investments | $ | 143 | $ | 424 | ||||
Long-term trade and other receivables | 235 | 168 | ||||||
Long-term financing receivables | 15 | 31 | ||||||
$ | 393 | $ | 623 | |||||
The decline in the investments balance as of December 31, 2013 compared to December 31, 2012 is primarily due to the reclassification of available for sale securities (B/E Aerospace common stock) to Investments and Other Current Assets on the Consolidated Balance Sheet. | ||||||||
Long-Term Trade and Other Receivables include $26 million and $31 million of unbilled balances under long-term contracts as of December 31, 2013 and 2012, respectively. These amounts are billed in accordance with the terms of the customer contracts to which they relate. | ||||||||
The following table summarizes long term trade, financing and other receivables by segment, including current portions of these receivables and the related allowances for credit losses. | ||||||||
December 31, | ||||||||
2013 | ||||||||
Aerospace | $ | 14 | ||||||
Automation and Control Solutions | 132 | |||||||
Performance Materials and Technologies | 23 | |||||||
Transportation Systems | 15 | |||||||
Corporate | 71 | |||||||
$ | 255 | |||||||
Allowance for credit losses for the above detailed long-term trade, financing and other receivables totaled $5 million and $4 million as of December 31, 2013 and 2012, respectively. The receivables are evaluated for recoverability on an individual basis, including consideration of credit quality. The above detailed financing receivables are predominately with commercial and governmental counterparties of investment grade credit quality. | ||||||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property Plant And Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Note 11. Property, Plant and Equipment - Net | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and improvements | $ | 376 | $ | 367 | ||||
Machinery and equipment | 10,437 | 10,023 | ||||||
Buildings and improvements | 3,157 | 3,045 | ||||||
Construction in progress | 647 | 592 | ||||||
14,617 | 14,027 | |||||||
Less—Accumulated depreciation | -9,339 | -9,026 | ||||||
$ | 5,278 | $ | 5,001 | |||||
Depreciation expense was $670, $660 and $699 million in 2013, 2012 and 2011, respectively. | ||||||||
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES-NET | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill And Other Intangible Assets Net [Abstract] | ' | |||||||||||||
Goodwill and Other Intangible Assets, Net | ' | |||||||||||||
Note 12. Goodwill and Other Intangible Assets - Net | ||||||||||||||
The change in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 by segment is as follows: | ||||||||||||||
Currency | ||||||||||||||
December 31, | Translation | December 31, | ||||||||||||
2012 | Acquisitions | Adjustment | 2013 | |||||||||||
Aerospace | $ | 2,075 | $ | - | $ | 1 | $ | 2,076 | ||||||
Automation and Control | ||||||||||||||
Solutions | 8,343 | 606 | - | 8,949 | ||||||||||
Performance Materials | ||||||||||||||
and Technologies | 1,810 | 12 | 2 | 1,824 | ||||||||||
Transportation Systems | 197 | - | - | 197 | ||||||||||
$ | 12,425 | $ | 618 | $ | 3 | $ | 13,046 | |||||||
We completed our annual impairment testing of goodwill and indefinite-lived intangibles as of March 31, 2013 and determined that there was no impairment as of that date. No matters have arisen subsequent to that date which have resulted in a change to this assessment. | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Gross | Net | Gross | Net | |||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||
Determinable life intangibles: | ||||||||||||||
Patents and technology | $ | 1,438 | $ | -935 | $ | 503 | $ | 1,224 | $ | -841 | $ | 383 | ||
Customer relationships | 1,904 | -749 | 1,155 | 1,736 | -625 | 1,111 | ||||||||
Trademarks | 194 | -118 | 76 | 179 | -103 | 76 | ||||||||
Other | 294 | -234 | 60 | 311 | -157 | 154 | ||||||||
3,830 | -2,036 | 1,794 | 3,450 | -1,726 | 1,724 | |||||||||
Indefinite life intangibles: | ||||||||||||||
Trademarks | 720 | - | 720 | 725 | - | 725 | ||||||||
$ | 4,550 | $ | -2,036 | $ | 2,514 | $ | 4,175 | $ | -1,726 | $ | 2,449 | |||
Intangible assets amortization expense was $319 million, $266 million, and $249 million in 2013, 2012, 2011, respectively. Estimated intangible asset amortization expense for each of the next five years approximates $261 million in 2014, $217 million in 2015, $193 million in 2016, $183 million in 2017, and $168 million in 2018. | ||||||||||||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities Current [Abstract] | ' | |||||||
Accrued Liabilities | ' | |||||||
Note 13. Accrued Liabilities | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Compensation, benefit and other employee related | $ | 1,506 | $ | 1,447 | ||||
Customer advances and deferred income | 2,172 | 2,127 | ||||||
Asbestos related liabilities | 461 | 480 | ||||||
Repositioning | 303 | 323 | ||||||
Product warranties and performance guarantees | 323 | 375 | ||||||
Environmental costs | 304 | 304 | ||||||
Income taxes | 240 | 548 | ||||||
Accrued interest | 100 | 108 | ||||||
Other taxes (payroll, sales, VAT etc.) | 249 | 232 | ||||||
Insurance | 255 | 192 | ||||||
Other (primarily operating expenses) | 1,066 | 1,072 | ||||||
$ | 6,979 | $ | 7,208 |
LONGTERM_DEBT_AND_CREDIT_AGREE
LONG-TERM DEBT AND CREDIT AGREEMENTS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long Term Debt And Credit Agreements [Abstract] | ' | ||||||||
Long-term Debt and Credit Agreements | ' | ||||||||
Note 14. Long-term Debt and Credit Agreements | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
4.25% notes due 2013 | $ | - | $ | 600 | |||||
3.875% notes due 2014 | 600 | 600 | |||||||
Floating rate notes due 2015 | 700 | - | |||||||
5.40% notes due 2016 | 400 | 400 | |||||||
5.30% notes due 2017 | 400 | 400 | |||||||
5.30% notes due 2018 | 900 | 900 | |||||||
5.00% notes due 2019 | 900 | 900 | |||||||
4.25% notes due 2021 | 800 | 800 | |||||||
3.35% notes due 2023 | 300 | - | |||||||
5.70% notes due 2036 | 550 | 550 | |||||||
5.70% notes due 2037 | 600 | 600 | |||||||
5.375% notes due 2041 | 600 | 600 | |||||||
Industrial development bond obligations, floating | |||||||||
rate maturing at various dates through 2037 | 35 | 37 | |||||||
6.625% debentures due 2028 | 216 | 216 | |||||||
9.065% debentures due 2033 | 51 | 51 | |||||||
Other (including capitalized leases), 0.6%-13.3% | |||||||||
maturing at various dates through 2023 | 381 | 366 | |||||||
7,433 | 7,020 | ||||||||
Less: current portion | -632 | -625 | |||||||
$ | 6,801 | $ | 6,395 | ||||||
The schedule of principal payments on long-term debt is as follows: | |||||||||
December 31, | |||||||||
2013 | |||||||||
2014 | $ | 632 | |||||||
2015 | 860 | ||||||||
2016 | 468 | ||||||||
2017 | 442 | ||||||||
2018 | 901 | ||||||||
Thereafter | 4,130 | ||||||||
7,433 | |||||||||
Less-current portion | -632 | ||||||||
$ | 6,801 | ||||||||
In March 2013, the Company repaid $600 million of its 4.25 percent notes. | |||||||||
In November 2013, the Company issued $300 million 3.35 percent Senior Notes due 2023 and $700 million Floating Rate Senior Notes due 2015 (collectively, the “Notes”). The Notes are senior unsecured and unsubordinated obligations of Honeywell and rank equally with all of Honeywell's existing and future senior unsecured debt and senior to all of Honeywell's subordinated debt. The offering resulted in gross proceeds of $1 billion, offset by $7 million in discount and closing costs related to the offering. | |||||||||
On December 10, 2013, the Company entered into a $4 billion Amended and Restated Five Year Credit Agreement ("Credit Agreement") with a syndicate of banks. Commitments under the Credit Agreement can be increased pursuant to the terms of the Credit Agreement to an aggregate amount not to exceed $4.5 billion. The Credit Agreement contains a $700 million sublimit for the issuance of letters of credit. The Credit Agreement is maintained for general corporate purposes and amends and restates the previous $3 billion five year credit agreement dated April 2, 2012 ("Prior Agreement"). There have been no borrowings under the Credit Agreement or the Prior Agreement. | |||||||||
The Credit Agreement does not restrict our ability to pay dividends and contains no financial covenants. The failure to comply with customary conditions or the occurrence of customary events of default contained in the Credit Agreement would prevent any further borrowings and would generally require the repayment of any outstanding borrowings under the Credit Agreement. Such events of default include: (a) non-payment of Credit Agreement debt, interest or fees; (b) non-compliance with the terms of the Credit Agreement covenants; (c) cross-default with other debt in certain circumstances; (d) bankruptcy or insolvency; and (e) defaults upon obligations under the Employee Retirement Income Security Act. Additionally, each of the banks has the right to terminate its commitment to lend additional funds or issue letters of credit under the Credit Agreement if any person or group acquires beneficial ownership of 30 percent or more of our voting stock, or, during any 12-month period, individuals who were directors of Honeywell at the beginning of the period cease to constitute a majority of the Board of Directors. | |||||||||
The Credit Agreement has substantially the same material terms and conditions as the Prior Agreement with an improvement in pricing and an extension of maturity. Loans under the Credit Agreement are required to be repaid no later than December 10, 2018, unless such date is extended pursuant to the terms of the Credit Agreement. | |||||||||
Revolving credit borrowings under the Credit Agreement would bear interest, at Honeywell's option, (A) (1) at a rate equal to the highest of (a) the floating base rate publicly announced by Citibank, N.A., (b) 0.5 percent above the Federal funds rate or (c) LIBOR plus 1.00 percent, plus (2) a margin based on Honeywell's credit default swap mid-rate spread and subject to a floor and a cap as set forth in the Credit Agreement (the "Applicable Margin") minus 1.00 percent, provided such margin shall not be less than zero; or (B) at a rate equal to LIBOR plus the Applicable Margin; or (C) by a competitive bidding procedure. | |||||||||
We have agreed to pay a commitment fee for the aggregate unused commitment for the Credit Agreement, which is subject to change, based upon a grid determined by our long term debt ratings. The Credit Agreement is not subject to termination based upon a decrease in our debt ratings or a material adverse change as defined by the Credit Agreement. | |||||||||
As a source of liquidity, we sell interests in designated pools of trade accounts receivables to third parties. As of December 31, 2013 and December 31, 2012, none of the receivables in the designated pools had been sold to third parties. When we sell receivables, they are over-collateralized and we retain a subordinated interest in the pool of receivables representing that over-collateralization as well as an undivided interest in the balance of the receivables pools. The terms of the trade accounts receivable program permit the repurchase of receivables from the third parties at our discretion, providing us with an additional source of revolving credit. As a result, program receivables remain on the Company's balance sheet with a corresponding amount recorded as Short-term borrowings. | |||||||||
LEASE_COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Commitments [Abstract] | ' | ||||
Lease Commitments | ' | ||||
Note 15. Lease Commitments | |||||
Future minimum lease payments under operating leases having initial or remaining noncancellable lease terms in excess of one year are as follows: | |||||
At December 31, | |||||
2013 | |||||
2014 | $ | 313 | |||
2015 | 252 | ||||
2016 | 188 | ||||
2017 | 135 | ||||
2018 | 92 | ||||
Thereafter | 264 | ||||
$ | 1,244 | ||||
We have entered into agreements to lease land, equipment and buildings. Principally all our operating leases have initial terms of up to 25 years, and some contain renewal options subject to customary conditions. At any time during the terms of some of our leases, we may at our option purchase the leased assets for amounts that approximate fair value. We do not expect that any of our commitments under the lease agreements will have a material adverse effect on our consolidated results of operations, financial position or liquidity. | |||||
Rent expense was $404, $390 and $386 million in 2013, 2012 and 2011, respectively. | |||||
FINANCIAL_INSTRUMENTS_AND_FAIR
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Financial Instruments And Fair Value Measures [Abstract] | ' | |||||||||||
Financial Instruments and Fair Value Measures | ' | |||||||||||
Note 16. Financial Instruments and Fair Value Measures | ||||||||||||
Credit and Market Risk—Financial instruments, including derivatives, expose us to counterparty credit risk for nonperformance and to market risk related to changes in interest and currency exchange rates and commodity prices. We manage our exposure to counterparty credit risk through specific minimum credit standards, diversification of counterparties, and procedures to monitor concentrations of credit risk. Our counterparties in derivative transactions are substantial investment and commercial banks with significant experience using such derivative instruments. We monitor the impact of market risk on the fair value and cash flows of our derivative and other financial instruments considering reasonably possible changes in interest rates, currency exchange rates and commodity prices and restrict the use of derivative financial instruments to hedging activities. | ||||||||||||
We continually monitor the creditworthiness of our customers to which we grant credit terms in the normal course of business. The terms and conditions of our credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer. Our sales are not materially dependent on a single customer or a small group of customers. | ||||||||||||
Foreign Currency Risk Management—We conduct our business on a multinational basis in a wide variety of foreign currencies. Our exposure to market risk for changes in foreign currency exchange rates arises from international financing activities between subsidiaries, foreign currency denominated monetary assets and liabilities and transactions arising from international trade. Our objective is to preserve the economic value of non-functional currency denominated cash flows. We attempt to hedge transaction exposures with natural offsets to the fullest extent possible and, once these opportunities have been exhausted, through foreign currency exchange forward and option contracts with third parties. | ||||||||||||
We hedge monetary assets and liabilities denominated in non-functional currencies. Prior to conversion into U.S. dollars, these assets and liabilities are remeasured at spot exchange rates in effect on the balance sheet date. The effects of changes in spot rates are recognized in earnings and included in Other (Income) Expense. We partially hedge forecasted sales and purchases, which predominantly occur in the next twelve months and are denominated in non-functional currencies, with currency forward contracts. Changes in the forecasted non-functional currency cash flows due to movements in exchange rates are substantially offset by changes in the fair value of the currency forward contracts designated as hedges. Market value gains and losses on these contracts are recognized in earnings when the hedged transaction is recognized. Open foreign currency exchange forward contracts mature predominantly in the next twelve months. At December 31, 2013 and 2012, we had contracts with notional amounts of $7,298 million and $8,506 million, respectively, to exchange foreign currencies, principally the U.S. Dollar, Euro, Canadian Dollar, British Pound, Mexican Peso, Indian Rupee, Chinese Renminbi, Czech Koruna, Hong Kong Dollar, Korean Won, Singapore Dollar, Swiss Franc, United Arab Emirates Dirham, Swedish Krona, Thai Baht and Romanian Leu. | ||||||||||||
Commodity Price Risk Management—Our exposure to market risk for commodity prices can result in changes in our cost of production. We primarily mitigate our exposure to commodity price risk through the use of long-term, fixed-price contracts with our suppliers and formula price agreements with suppliers and customers. We also enter into forward commodity contracts with third parties designated as hedges of anticipated purchases of several commodities. Forward commodity contracts are marked-to-market, with the resulting gains and losses recognized in earnings when the hedged transaction is recognized. At December 31, 2013 and 2012, we had contracts with notional amounts of $1 million and $17 million, respectively, related to forward commodity agreements, principally base metals and natural gas. | ||||||||||||
Interest Rate Risk Management— We use a combination of financial instruments, including long-term, medium-term and short-term financing, variable-rate commercial paper, and interest rate swaps to manage the interest rate mix of our total debt portfolio and related overall cost of borrowing. At December 31, 2013 and 2012, interest rate swap agreements designated as fair value hedges effectively changed $1,700 million and $1,400 million, respectively, of fixed rate debt at rates of 3.96 and 4.09, respectively, to LIBOR based floating rate debt. Our interest rate swaps mature at various dates through 2023. | ||||||||||||
Fair Value of Financial Instruments— The FASB's accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The FASB's guidance classifies the inputs used to measure fair value into the following hierarchy: | ||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or | |||||||||||
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | ||||||||||||
Inputs other than quoted prices that are observable for the asset or liability | ||||||||||||
Level 3 | Unobservable inputs for the asset or liability | |||||||||||
The Company endeavors to utilize the best available information in measuring fair value. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2013 and 2012: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Foreign currency exchange contracts | $ | 20 | $ | 52 | ||||||||
Available for sale investments | 826 | 518 | ||||||||||
Interest rate swap agreements | 63 | 146 | ||||||||||
Forward commodity contracts | - | 1 | ||||||||||
Liabilities: | ||||||||||||
Foreign currency exchange contracts | $ | 27 | $ | 32 | ||||||||
Interest rate swap agreements | 8 | - | ||||||||||
Forward commodity contracts | - | 1 | ||||||||||
The foreign currency exchange contracts, interest rate swap agreements, and forward commodity contracts are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within level 2. The Company holds investments in marketable equity securities that are designated as available for sale and are valued using quoted market prices. As such, these investments are classified within level 1. The Company also holds investments in commercial paper, certificates of deposits, and time deposits that are designated as available for sale and are valued using market transactions in over-the-counter markets. As such, these investments are classified within level 2. | ||||||||||||
The carrying value of cash and cash equivalents, trade accounts and notes receivables, payables, commercial paper and short-term borrowings contained in the Consolidated Balance Sheet approximates fair value. The following table sets forth the Company's financial assets and liabilities that were not carried at fair value: | ||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
Value | Value | Value | Value | |||||||||
Assets | ||||||||||||
Long-term receivables | $ | 250 | $ | 245 | $ | 199 | $ | 200 | ||||
Liabilities | ||||||||||||
Long-term debt and related current maturities | $ | 7,433 | $ | 8,066 | $ | 7,020 | $ | 8,152 | ||||
The Company determined the fair value of the long term receivables by discounting based upon the terms of the receivable and counterparty details including credit quality. As such, the fair value of these receivables is considered level 2. The Company determined the fair value of the long-term debt and related current maturities utilizing transactions in the listed markets for identical or similar liabilities. As such, the fair value of the long-term debt and related current maturities is considered level 2 as well. | ||||||||||||
At December 31, 2013, the Company had nonfinancial assets, principally property, plant and equipment, with a net book value of $244 million, which were accounted for at fair value on a nonrecurring basis. These assets were tested for impairment and based on the fair value of these assets the Company recognized losses of $72 million in the year ended December 31, 2013, primarily in connection with our repositioning actions (see Note 3 Repositioning and Other Charges) and the pending divestiture of the Friction Materials business within our Transportation Systems segment. At December 31, 2012, the Company had nonfinancial assets, principally property, plant and equipment and intangible assets, with a net book value of $22 million, which were accounted for at fair value on a nonrecurring basis. These assets were tested for impairment and based on the fair value of these assets the Company recognized losses of $22 million in the year ended December 31, 2012, primarily in connection with our repositioning actions (see Note 3 Repositioning and Other Charges). The Company has determined that the fair value measurements of these nonfinancial assets are level 3 in the fair value hierarchy. The Company utilizes the market, income or cost approaches or a combination of these valuation techniques for its non-recurring level 3 fair value measures. Inputs to such measures include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company's policy to maximize the use of observable inputs in the measurement of fair value or non-recurring level 3 measurements. To the extent observable inputs are not available the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the asset. Examples of utilized unobservable inputs are future cash flows, long term growth rates and applicable discount rates. | ||||||||||||
We enter into transactions that are subject to arrangements designed to provide for netting of offsetting obligations in the event of the insolvency or default of a counterparty. However, we have not elected to offset multiple contracts with a single counterparty, therefore the fair value of the derivative instruments in a loss position is not offset against the fair value of derivative instruments in a gain position. The derivatives utilized for risk management purposes as detailed above are included on the Consolidated Balance Sheet and impacted the Statement of Operations as follows: | ||||||||||||
Fair value of derivatives classified as assets consist of the following: | ||||||||||||
December 31, | ||||||||||||
Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accounts, notes, and other receivables | $ | 16 | $ | 37 | |||||||
Interest rate swap agreements | Other assets | 63 | 146 | |||||||||
Forward commodity contracts | Accounts, notes, and other receivables | - | 1 | |||||||||
December 31, | ||||||||||||
Not Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accounts, notes, and other receivables | $ | 4 | $ | 15 | |||||||
Fair value of derivatives classified as liabilities consist of the following: | ||||||||||||
December 31, | ||||||||||||
Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accrued liabilities | $ | 23 | $ | 29 | |||||||
Interest rate swap agreements | Accrued liabilities | 8 | - | |||||||||
Forward commodity contracts | Accrued liabilities | - | 1 | |||||||||
December 31, | ||||||||||||
Not Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accrued liabilities | $ | 4 | $ | 3 | |||||||
Gains (losses) recognized in other comprehensive income (effective portions) consist of the following: | ||||||||||||
Years Ended | ||||||||||||
December 31, | ||||||||||||
Designated Cash Flow Hedge | 2013 | 2012 | ||||||||||
Foreign currency exchange contracts | $ | -37 | $ | 31 | ||||||||
Forward commodity contracts | -1 | -8 | ||||||||||
Gains (losses) reclassified from AOCI to income consist of the following: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
Designated Cash Flow Hedge | Income Statement Location | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Product sales | $ | -7 | $ | -7 | |||||||
Cost of products sold | -4 | 23 | ||||||||||
Sales & general administrative | -11 | -12 | ||||||||||
Forward commodity contracts | Cost of products sold | $ | -1 | $ | -17 | |||||||
Ineffective portions of commodity derivative instruments designated in cash flow hedge relationships were insignificant in the years ended December 31, 2013 and 2012 and are classified within cost of products sold. Foreign currency exchange contracts in cash flow hedge relationships qualify as critical matched terms hedge relationships and as a result have no ineffectiveness. | ||||||||||||
Interest rate swap agreements are designated as hedge relationships with gains or (losses) on the derivative recognized in Interest and other financial charges offsetting the gains and losses on the underlying debt being hedged. Losses on interest rate swap agreements recognized in earnings were $91 million in the year ended December 31, 2013. Gains on interest rate swap agreements recognized in earnings were $12 million in the year ended 2012. Gains and losses are fully offset by losses and gains on the underlying debt being hedged. | ||||||||||||
We also economically hedge our exposure to changes in foreign exchange rates principally with forward contracts. These contracts are marked-to-market with the resulting gains and losses recognized in earnings offsetting the gains and losses on the non-functional currency denominated monetary assets and liabilities being hedged. We recognized $162 million and $20 million of income, in Other (Income) Expense for the years ended December 31, 2013 and 2012, respectively. See Note 4 Other (Income) Expense for further details of the net impact of these economic foreign currency hedges. |
OTHER_LIABILITIES
OTHER LIABILITIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Current [Abstract] | ' | |||||||
Other Liabilities | ' | |||||||
Note 17. Other Liabilities | ||||||||
Years Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Pension and other employee related | $ | 1,756 | $ | 4,440 | ||||
Environmental | 339 | 350 | ||||||
Income taxes | 952 | 550 | ||||||
Insurance | 241 | 273 | ||||||
Asset retirement obligations(1) | 68 | 71 | ||||||
Deferred income | 44 | 47 | ||||||
Other | 334 | 182 | ||||||
$ | 3,734 | $ | 5,913 | |||||
(1) Asset retirement obligations primarily relate to costs associated with the future retirement of nuclear fuel conversion facilities in our Performance Materials and Technologies segment and the future retirement of facilities in our Automation and Control Solutions segment. | ||||||||
A reconciliation of our liability for asset retirement obligations for the year ended December 31, 2013, is as follows: | ||||||||
2013 | 2012 | |||||||
Change in asset retirement obligations: | ||||||||
Balance at beginning of year | $ | 71 | $ | 74 | ||||
Liabilities settled | -5 | -8 | ||||||
Adjustments | - | 3 | ||||||
Accretion expense | 2 | 2 | ||||||
Balance at end of year | $ | 68 | $ | 71 |
CAPITAL_STOCK
CAPITAL STOCK | 12 Months Ended |
Dec. 31, 2013 | |
Capital Stock [Abstract] | ' |
Capital Stock | ' |
Note 18. Capital Stock | |
We are authorized to issue up to 2,000,000,000 shares of common stock, with a par value of $1. Common shareowners are entitled to receive such dividends as may be declared by the Board, are entitled to one vote per share, and are entitled, in the event of liquidation, to share ratably in all the assets of Honeywell which are available for distribution to the common shareowners. Common shareowners do not have preemptive or conversion rights. Shares of common stock issued and outstanding or held in the treasury are not liable to further calls or assessments. There are no restrictions on us relative to dividends or the repurchase or redemption of common stock. | |
In December 2013 the Board of Directors authorized the repurchase of up to a total of $5 billion of Honeywell common stock, $5 billion remained available as of December 31, 2013 for additional share repurchases. | |
We purchased a total of approximately 13.5 million and 5 million shares of our common stock in 2013 and 2012, for $1,073 and $317 million, respectively. | |
We are authorized to issue up to 40,000,000 shares of preferred stock, without par value, and can determine the number of shares of each series, and the rights, preferences and limitations of each series. At December 31, 2013, there was no preferred stock outstanding. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 19. Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Total accumulated other comprehensive income (loss) is included in the Consolidated Statement of Shareowners' Equity. Comprehensive Income (Loss) attributable to noncontrolling interest consisted predominantly of net income. The changes in Accumulated Other Comprehensive Income (Loss) are as follows: | |||||||||||||
Pretax | Tax | After Tax | |||||||||||
Year Ended December 31, 2013 | |||||||||||||
Foreign exchange translation adjustment | $ | -52 | $ | - | $ | -52 | |||||||
Pensions and other postretirement benefit adjustments | 3,514 | -1,311 | 2,203 | ||||||||||
Changes in fair value of available for sale investments | 30 | -17 | 13 | ||||||||||
Changes in fair value of effective cash flow hedges | -14 | 7 | -7 | ||||||||||
$ | 3,478 | $ | -1,321 | $ | 2,157 | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Foreign exchange translation adjustment | $ | 282 | $ | - | $ | 282 | |||||||
Pensions and other postretirement benefit adjustments | -285 | 87 | -198 | ||||||||||
Changes in fair value of available for sale investments | 54 | -60 | -6 | ||||||||||
Changes in fair value of effective cash flow hedges | 35 | -8 | 27 | ||||||||||
$ | 86 | $ | 19 | $ | 105 | ||||||||
Year Ended December 31, 2011 | |||||||||||||
Foreign exchange translation adjustment | $ | -146 | $ | - | $ | -146 | |||||||
Pensions and other postretirement benefit adjustments | -317 | 108 | -209 | ||||||||||
Changes in fair value of available for sale investments | 12 | - | 12 | ||||||||||
Changes in fair value of effective cash flow hedges | -41 | 7 | -34 | ||||||||||
$ | -492 | $ | 115 | $ | -377 | ||||||||
Components of Accumulated Other Comprehensive Income (Loss) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Cumulative foreign exchange translation adjustment | $ | 304 | $ | 356 | |||||||||
Pensions and other postretirement benefit adjustments | 355 | -1,848 | |||||||||||
Change in fair value of available for sale investments | 170 | 157 | |||||||||||
Change in fair value of effective cash flow hedges | -11 | -4 | |||||||||||
$ | 818 | $ | -1,339 | ||||||||||
Changes in Accumulated Other Comprehensive Income by Component | |||||||||||||
Changes in | Changes in | ||||||||||||
Foreign | Pension | Fair Value of | Fair Value of | ||||||||||
Exchange | and Other | Available | Effective | ||||||||||
Translation | Postretirement | for Sale | Cash Flow | ||||||||||
Adjustment | Adjustments | Investments | Hedges | Total | |||||||||
Balance at December 31, 2012 | $ | 356 | $ | -1,848 | $ | 157 | $ | -4 | $ | -1,339 | |||
Other comprehensive income | |||||||||||||
(loss) before reclassifications | -52 | 2,161 | 140 | -30 | 2,219 | ||||||||
Amounts reclassified from | |||||||||||||
accumulated other | |||||||||||||
comprehensive income | - | 42 | -127 | 23 | -62 | ||||||||
Net current period other | |||||||||||||
comprehensive income (loss) | -52 | 2,203 | 13 | -7 | 2,157 | ||||||||
Balance at December 31, 2013 | $ | 304 | $ | 355 | $ | 170 | $ | -11 | $ | 818 | |||
Reclassifications Out of Accumulated Other Comprehensive Income | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Affected Line in the Consolidated Statement of Operations | |||||||||||||
Product Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Total | ||||||||
Amortization of Pension and | |||||||||||||
Other Postretirement Items: | |||||||||||||
Actuarial losses | |||||||||||||
recognized | $ | - | $ | 62 | $ | 14 | $ | 13 | - | $ | 89 | ||
Prior service cost | |||||||||||||
recognized | - | 7 | 1 | 1 | - | 9 | |||||||
Transition obligation | |||||||||||||
recognized | - | 2 | - | - | - | 2 | |||||||
Settlements and | |||||||||||||
curtailments | - | -30 | -6 | -6 | - | -42 | |||||||
Losses on Cash Flow Hedges: | |||||||||||||
Foreign currency | |||||||||||||
exchange contracts | 7 | 4 | - | 11 | - | 22 | |||||||
Forward commodity | |||||||||||||
contracts | - | 1 | - | - | - | 1 | |||||||
Unrealized Gains on Available | |||||||||||||
for Sale Investments: | |||||||||||||
Reclassification | |||||||||||||
adjustment for gains | |||||||||||||
included in net income | - | - | - | - | -195 | -195 | |||||||
Total Before Tax | $ | 7 | $ | 46 | $ | 9 | $ | 19 | -195 | $ | -114 | ||
Tax Expense | 52 | ||||||||||||
Total reclassifications for the period, net of tax | $ | -62 |
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Based Compensation Plans [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation Plans | ' | ||||||||||||||||
Note 20. Stock-Based Compensation Plans | |||||||||||||||||
We have stock-based compensation plans available to grant non-qualified stock options, incentive stock options, stock appreciation rights, restricted units and restricted stock to key employees. Under the terms of the 2011 Stock Incentive Plan of Honeywell International Inc. and its Affiliates (the Plan) there were 25,913,501 shares of Honeywell common stock available for future grants at December 31, 2013. Additionally, under the 2006 Stock Plan for Non-Employee Directors of Honeywell International Inc. (the Directors Plan) there were 145,367 shares of Honeywell common stock available for future grant at December 31, 2013. | |||||||||||||||||
Stock Options—The exercise price, term and other conditions applicable to each option granted under our stock plans are generally determined by the Management Development and Compensation Committee of the Board. The exercise price of stock options is set on the grant date and may not be less than the fair market value per share of our stock on that date. The fair value is recognized as an expense over the employee's requisite service period (generally the vesting period of the award). Options generally vest over a four-year period and expire after ten years. | |||||||||||||||||
The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility is based on implied volatilities from traded options on our common stock and historical volatility of our common stock. We used a Monte Carlo simulation model to derive an expected term. Such model uses historical data to estimate option exercise activity and post-vest termination behavior. The expected term represents an estimate of the time options are expected to remain outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. treasury yield curve in effect at the time of grant. | |||||||||||||||||
Compensation cost on a pre-tax basis related to stock options recognized in operating results (included in selling, general and administrative expenses) in 2013, 2012 and 2011 was $70, $65 and $59 million, respectively. The associated future income tax benefit recognized in 2013, 2012 and 2011 was $24, $23 and $19 million, respectively. | |||||||||||||||||
The following table sets forth fair value per share information, including related weighted-average assumptions, used to determine compensation cost: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average fair value per share of options | |||||||||||||||||
granted during the year(1) | $ | 11.85 | $ | 13.26 | $ | 12.56 | |||||||||||
Assumptions: | |||||||||||||||||
Expected annual dividend yield | 2.55 | % | 2.57 | % | 2.68 | % | |||||||||||
Expected volatility | 24.73 | % | 30.36 | % | 27.6 | % | |||||||||||
Risk-free rate of return | 0.91 | % | 1.16 | % | 2.47 | % | |||||||||||
Expected option term (years) | 5.5 | 5.8 | 5.8 | ||||||||||||||
(1) Estimated on date of grant using Black-Scholes option-pricing model. | |||||||||||||||||
The following table summarizes information about stock option activity for the three years ended December 31, 2013: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Exercise | ||||||||||||||||
Options | Price | ||||||||||||||||
Outstanding at December 31, 2010 | 40,791,531 | $ | 39.05 | ||||||||||||||
Granted | 7,625,950 | 57.08 | |||||||||||||||
Exercised | -7,984,840 | 36.39 | |||||||||||||||
Lapsed or canceled | -1,516,271 | 42.38 | |||||||||||||||
Outstanding at December 31, 2011 | 38,916,370 | 43.01 | |||||||||||||||
Granted | 5,788,734 | 59.86 | |||||||||||||||
Exercised | -8,347,313 | 36.52 | |||||||||||||||
Lapsed or canceled | -788,770 | 49.76 | |||||||||||||||
Outstanding at December 31, 2012 | 35,569,021 | 47.13 | |||||||||||||||
Granted | 6,041,422 | 69.89 | |||||||||||||||
Exercised | -10,329,611 | 41.91 | |||||||||||||||
Lapsed or canceled | -616,995 | 53.84 | |||||||||||||||
Outstanding at December 31, 2013 | 30,663,837 | $ | 53.27 | ||||||||||||||
Vested and expected to vest at December 31, 2013(1) | 28,190,580 | $ | 52.2 | ||||||||||||||
Exercisable at December 31, 2013 | 15,594,410 | $ | 45.76 | ||||||||||||||
(1) Represents the sum of vested options of 15.6 million and expected to vest options of 12.6 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 15.1 million. | |||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | |||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Weighted | Average | Aggregate | Average | Aggregate | |||||||||||||
Range of | Number | Average | Exercise | Intrinsic | Number | Exercise | Intrinsic | ||||||||||
Exercise prices | Outstanding | Life(1) | Price | Value | Exercisable | Price | Value | ||||||||||
$28.35-$39.99 | 3,526,437 | 3.69 | $ | 31.29 | $ | 212 | 3,526,437 | $ | 31.29 | $ | 212 | ||||||
$40.00-$49.99 | 8,018,738 | 4.69 | 42.25 | 394 | 6,368,574 | 42.75 | 310 | ||||||||||
$50.00-$59.99 | 13,067,490 | 7.02 | 58.35 | 431 | 5,624,099 | 58.04 | 187 | ||||||||||
$60.00-$75.00 | 6,051,172 | 9.11 | 69.7 | 131 | 75,300 | 60.54 | 2 | ||||||||||
30,663,837 | 6.43 | 53.27 | $ | 1,168 | 15,594,410 | 45.76 | $ | 711 | |||||||||
(1) Average remaining contractual life in years. | |||||||||||||||||
There were 19,468,017 and 21,672,281 options exercisable at weighted average exercise prices of $43.64 and $40.71 at December 31, 2012 and 2011, respectively. | |||||||||||||||||
The total intrinsic value of options (which is the amount by which the stock price exceeded the exercise price of the options on the date of exercise) exercised during 2013, 2012 and 2011 was $367, $202 and $164 million, respectively. During 2013, 2012 and 2011, the amount of cash received from the exercise of stock options was $432, $305 and $290 million, respectively, with an associated tax benefit realized of $129, $74 and $54 million, respectively. In 2013, 2012 and 2011 we classified $99, $56 and $42 million, respectively, of this benefit as a financing cash inflow in the Consolidated Statement of Cash Flows, and the balance was classified as cash from operations. | |||||||||||||||||
At December 31, 2013 there was $120 million of total unrecognized compensation cost related to non-vested stock option awards which is expected to be recognized over a weighted-average period of 2.28 years. The total fair value of options vested during 2013, 2012 and 2011 was $67, $63 and $52 million, respectively. | |||||||||||||||||
Restricted Stock Units—Restricted stock unit (RSU) awards entitle the holder to receive one share of common stock for each unit when the units vest. RSUs are issued to certain key employees at fair market value at the date of grant as compensation. RSUs typically become fully vested over periods ranging from three to seven years and are payable in Honeywell common stock upon vesting. | |||||||||||||||||
The following table summarizes information about RSU activity for the three years ended December 31, 2013: | |||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Grant Date | ||||||||||||||||
Restricted | Fair Value | ||||||||||||||||
Stock Units | Per Share | ||||||||||||||||
Non-vested at December 31, 2010 | 9,973,953 | $ | 39.89 | ||||||||||||||
Granted | 1,887,733 | 55.11 | |||||||||||||||
Vested | -1,509,528 | 49.48 | |||||||||||||||
Forfeited | -605,725 | 40.11 | |||||||||||||||
Non-vested at December 31, 2011 | 9,746,433 | 41.35 | |||||||||||||||
Granted | 2,156,753 | 59.52 | |||||||||||||||
Vested | -3,380,251 | 31.84 | |||||||||||||||
Forfeited | -427,196 | 45.78 | |||||||||||||||
Non-vested at December 31, 2012 | 8,095,739 | 49.91 | |||||||||||||||
Granted | 1,904,504 | 75.73 | |||||||||||||||
Vested | -2,995,553 | 42.17 | |||||||||||||||
Forfeited | -312,470 | 56.58 | |||||||||||||||
Non-vested at December 31, 2013 | 6,692,220 | $ | 60.04 | ||||||||||||||
As of December 31, 2013, there was approximately $191 million of total unrecognized compensation cost related to non-vested RSUs granted under our stock plans which is expected to be recognized over a weighted-average period of 3.42 years. Compensation expense related to RSUs was $100, $105 and $109 million in 2013, 2012, and 2011, respectively. The associated future income tax benefit recognized in 2013, 2012 and 2011 was $35, $37, and $36 million, respectively. | |||||||||||||||||
Non-Employee Directors' Plan—Under the Directors' Plan each new non-employee director receives a one-time grant of 3,000 restricted stock units that will vest on the fifth anniversary of continuous Board service. | |||||||||||||||||
In 2011, each non-employee director received an annual grant to purchase 5,000 shares of common stock at the fair market value on the date of grant. In 2012, the annual equity grant changed from a fixed number of shares to a target value of $75,000 and consists of 50 percent options and 50 percent RSUs. Options become exercisable over a four-year period and expire after ten years. RSUs generally vest on the third anniversary of the date of grant. | |||||||||||||||||
REDEEMABLE_NONCONTROLLING_INTE
REDEEMABLE NONCONTROLLING INTEREST | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Temporary Equity Disclosure [Abstract] | ' | ||||||
Redeemable Noncontrolling Interest | ' | ||||||
Note 21. Redeemable Noncontrolling Interest | |||||||
As discussed in Note 2 Acquisitions and Divestitures, on October 22, 2012, the Company acquired a 70 percent controlling interest in Thomas Russell Co. During the calendar year 2016, Honeywell has the right to acquire and the noncontrolling shareholder has the right to sell to Honeywell the remaining 30 percent interest at a price based on a multiple of Thomas Russell Co.'s average annual operating income from 2013 to 2015, subject to a predetermined cap and floor. Additionally, Honeywell has the right to acquire the remaining 30 percent interest for a fixed price equivalent to the cap at any time on or before December 31, 2015. Noncontrolling interests with redemption features, such as the arrangement described above, that are not solely within the Company's control are considered redeemable noncontrolling interests. Redeemable noncontrolling interest is considered temporary equity and is therefore reported outside of permanent equity on the Company's Consolidated Balance Sheet at the greater of the initial carrying amount adjusted for the noncontrolling interest's share of net income (loss) or its redemption value. The Company accretes changes in the redemption value over the period from the date of acquisition to the date that the redemption feature becomes puttable. The Company will reflect redemption value adjustments in the earnings per share calculation if redemption value is in excess of the fair value of the noncontrolling interest. | |||||||
As of December 31, 2012, the redemption value of the redeemable noncontrolling interest approximated the carrying value. The rollforward of redeemable noncontrolling interest from December 31, 2012 to December 31, 2013 is as follows: | |||||||
2013 | |||||||
Balance at beginning of year | $ | 150 | |||||
Net income | 29 | ||||||
Distributions | -26 | ||||||
Redemption value adjustment | 11 | ||||||
Other | 3 | ||||||
Balance at end of year | $ | 167 | |||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies [Abstract] | ' | ||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
Note 22. Commitments and Contingencies | |||||||||||||||||||||
Environmental Matters | |||||||||||||||||||||
We are subject to various federal, state, local and foreign government requirements relating to the protection of the environment. We believe that, as a general matter, our policies, practices and procedures are properly designed to prevent unreasonable risk of environmental damage and personal injury and that our handling, manufacture, use and disposal of hazardous substances are in accordance with environmental and safety laws and regulations. However, mainly because of past operations and operations of predecessor companies, we, like other companies engaged in similar businesses, have incurred remedial response and voluntary cleanup costs for site contamination and are a party to lawsuits and claims associated with environmental and safety matters, including past production of products containing hazardous substances. Additional lawsuits, claims and costs involving environmental matters are likely to continue to arise in the future. | |||||||||||||||||||||
With respect to environmental matters involving site contamination, we continually conduct studies, individually or jointly with other potentially responsible parties, to determine the feasibility of various remedial techniques. It is our policy to record appropriate liabilities for environmental matters when remedial efforts or damage claim payments are probable and the costs can be reasonably estimated. Such liabilities are based on our best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical, regulatory or legal information becomes available. Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other potentially responsible parties, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of our recorded liabilities. We expect to fund expenditures for these matters from operating cash flow. The timing of cash expenditures depends on a number of factors, including the timing of remedial investigations and feasibility studies, the timing of litigation and settlements of remediation liability, personal injury and property damage claims, regulatory approval of cleanup projects, remedial techniques to be utilized and agreements with other parties. | |||||||||||||||||||||
The following table summarizes information concerning our recorded liabilities for environmental costs: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Beginning of year | $ | 654 | $ | 723 | $ | 753 | |||||||||||||||
Accruals for environmental matters deemed probable and | |||||||||||||||||||||
reasonably estimable | 272 | 234 | 240 | ||||||||||||||||||
Environmental liability payments | -304 | -320 | -270 | ||||||||||||||||||
Other | 21 | 17 | - | ||||||||||||||||||
End of year | $ | 643 | $ | 654 | $ | 723 | |||||||||||||||
Environmental liabilities are included in the following balance sheet accounts: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Accrued liabilities | $ | 304 | $ | 304 | |||||||||||||||||
Other liabilities | 339 | 350 | |||||||||||||||||||
$ | 643 | $ | 654 | ||||||||||||||||||
Although we do not currently possess sufficient information to reasonably estimate the amounts of 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, they could be material to our consolidated results of operations or operating cash flows in the periods recognized or paid. However, considering our past experience and existing reserves, we do not expect that these environmental matters will have a material adverse effect on our consolidated financial position. | |||||||||||||||||||||
New Jersey Chrome Sites—The excavation and offsite disposal of approximately one million tons of chromium residue present at a predecessor Honeywell site located in Jersey City, New Jersey, known as Study Area 7, was completed in January 2010. We are also implementing related groundwater remedial actions, and are conducting related river sediment work. In addition, remedial investigations and related activities are underway at other sites in Hudson County, New Jersey that allegedly have chromium contamination, and for which Honeywell has accepted responsibility in whole or in part. Provisions have been made in our financial statements for the estimated cost of investigations and implementation of these remedies consistent with the accounting policy described above. We do not believe that these matters will have a material adverse impact on our consolidated results of operations, financial position or operating cash flows. | |||||||||||||||||||||
Onondaga Lake, Syracuse, NY—We are implementing a combined dredging/capping remedy of Onondaga Lake pursuant to a consent decree approved by the United States District Court for the Northern District of New York in January 2007. We have accrued for our estimated cost of remediating Onondaga Lake based on currently available information and analysis performed by our engineering consultants. Honeywell is also conducting remedial investigations and activities at other sites in Syracuse. We have recorded reserves for these investigations and activities where appropriate, consistent with the accounting policy described above. | |||||||||||||||||||||
Honeywell has entered into a cooperative agreement with potential natural resource trustees to assess alleged natural resource damages relating to this site. It is not possible to predict the outcome or duration of this assessment, or the amounts of, or responsibility for, any damages. | |||||||||||||||||||||
Asbestos Matters | |||||||||||||||||||||
Like many other industrial companies, Honeywell is a defendant in personal injury actions related to asbestos. We did not mine or produce asbestos, nor did we make or sell insulation products or other construction materials that have been identified as the primary cause of asbestos related disease in the vast majority of claimants. | |||||||||||||||||||||
Honeywell's predecessors owned North American Refractories Company (NARCO) from 1979 to 1986. NARCO produced refractory products (bricks and cement used in high temperature applications). We sold the NARCO business in 1986 and agreed to indemnify NARCO with respect to personal injury claims for products that had been discontinued prior to the sale (as defined in the sale agreement). NARCO retained all liability for all other claims. NARCO and/or Honeywell are defendants in asbestos personal injury cases asserting claims based upon alleged exposure to NARCO asbestos-containing products. Claimants consist largely of individuals who allege exposure to NARCO asbestos-containing refractory products in an occupational setting. These claims, and the filing of subsequent claims, were stayed continuously since January 4, 2002, the date on which NARCO sought bankruptcy protection (see discussion below). | |||||||||||||||||||||
Honeywell's Bendix friction materials (Bendix) business manufactured automotive brake parts 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 summarize information concerning NARCO and Bendix asbestos related balances: | |||||||||||||||||||||
Asbestos Related Liabilities | |||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Bendix | NARCO | Total | Bendix | NARCO | Total | Bendix | NARCO | Total | |||||||||||||
Beginning of year | $ | 653 | $ | 1,119 | $ | 1,772 | $ | 613 | $ | 1,123 | $ | 1,736 | $ | 594 | $ | 1,125 | $ | 1,719 | |||
Accrual for update to | |||||||||||||||||||||
estimated liability | 180 | 5 | 185 | 168 | -1 | 167 | 167 | 3 | 170 | ||||||||||||
Change in estimated cost of | |||||||||||||||||||||
future claims | 16 | 0 | 16 | 30 | 0 | 30 | 16 | 0 | 16 | ||||||||||||
Update of expected resolution | |||||||||||||||||||||
values for pending claims | -5 | 0 | -5 | 8 | 0 | 8 | 2 | 0 | 2 | ||||||||||||
Asbestos related liability | |||||||||||||||||||||
payments | -188 | -169 | -357 | -166 | -3 | -169 | -166 | -5 | -171 | ||||||||||||
End of year | $ | 656 | $ | 955 | $ | 1,611 | $ | 653 | $ | 1,119 | $ | 1,772 | $ | 613 | $ | 1,123 | $ | 1,736 | |||
Insurance Recoveries for Asbestos Related Liabilities | |||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Bendix | NARCO | Total | Bendix | NARCO | Total | Bendix | NARCO | Total | |||||||||||||
Beginning of year | $ | 138 | $ | 569 | $ | 707 | $ | 162 | $ | 618 | $ | 780 | $ | 157 | $ | 718 | $ | 875 | |||
Probable insurance | |||||||||||||||||||||
recoveries related to | |||||||||||||||||||||
estimated liability | 27 | - | 27 | 28 | - | 28 | 29 | - | 29 | ||||||||||||
Insurance receipts for | |||||||||||||||||||||
asbestos related liabilities | -24 | -34 | -58 | -60 | -62 | -122 | -34 | -100 | -134 | ||||||||||||
Insurance receivables | |||||||||||||||||||||
settlements and write offs | - | -6 | -6 | 8 | 13 | 21 | 10 | - | 10 | ||||||||||||
Other | - | 2 | 2 | - | - | - | - | - | - | ||||||||||||
End of year | $ | 141 | $ | 531 | $ | 672 | $ | 138 | $ | 569 | $ | 707 | $ | 162 | $ | 618 | $ | 780 | |||
NARCO and Bendix asbestos related balances are included in the following balance sheet accounts: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Other current assets | $ | 77 | $ | 44 | |||||||||||||||||
Insurance recoveries for asbestos related liabilities | 595 | 663 | |||||||||||||||||||
$ | 672 | $ | 707 | ||||||||||||||||||
Accrued liabilities | $ | 461 | $ | 480 | |||||||||||||||||
Asbestos related liabilities | 1,150 | 1,292 | |||||||||||||||||||
$ | 1,611 | $ | 1,772 | ||||||||||||||||||
NARCO Products – On January 4, 2002, NARCO filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In connection with the filing of NARCO's petition in 2002, the U.S. Bankruptcy Court for the Western District of Pennsylvania (“the Bankruptcy Court”) issued an injunction staying the prosecution of NARCO-related asbestos claims against the Company, which stayed in place throughout NARCO's Chapter 11 case. In November 2007, the Bankruptcy Court confirmed NARCO's Third Amended Plan of Reorganization (NARCO Plan of Reorganization) and it became fully effective on April 30, 2013. | |||||||||||||||||||||
In connection with implementation of the NARCO Plan of Reorganization, a federally authorized 524(g) trust (“NARCO Trust”) was established for the evaluation and resolution of all existing and future NARCO asbestos claims. Both Honeywell and NARCO are protected by a permanent channeling injunction barring all present and future individual actions in state or federal courts and requiring all asbestos related claims based on exposure to NARCO products to be made against the NARCO Trust. The NARCO Trust will review submitted claims and determine award amounts in accordance with established Trust Distribution Procedures approved by the Bankruptcy Court which set forth all criteria claimants must meet to qualify for compensation including, among other things, exposure and medical criteria that determine the award amount. In addition, Honeywell will continue to provide input to the detailed controls design of the NARCO Trust, and has on-going audit rights to review and monitor claims processor's adherence to the established requirements of the Trust Distribution Procedures and as a means of detecting and deterring irregularities in claims. | |||||||||||||||||||||
In connection with NARCO's bankruptcy filing, Honeywell agreed to certain obligations which were triggered upon the effective date of the NARCO Plan of Reorganization. As agreed, during the second quarter of 2013, we provided NARCO with $17 million in financing and simultaneously forgave such indebtedness. We also paid $40 million to NARCO's former parent company and $16 million to certain asbestos claimants whose claims were fully resolved during the pendency of the NARCO bankruptcy proceedings. | |||||||||||||||||||||
Honeywell is obligated to fund NARCO asbestos claims submitted to the trust which qualify for payment under the Trust Distribution Procedures, subject to annual caps of $140 million in the years 2014 through 2018 and $145 million for each year thereafter, provided, however, that the first $100 million of claims processed through the NARCO Trust (the “Initial Claims Amount”) will not count against the first year annual cap and any unused portion of the Initial Claims Amount will roll over to subsequent years until fully utilized. | |||||||||||||||||||||
Honeywell will also be responsible for the following funding obligations which are not subject to the annual cap described above: a) previously approved payments due to claimants pursuant to settlement agreements reached during the pendency of the NARCO bankruptcy proceedings which provide that a portion of these settlements is to be paid by the NARCO Trust, which amounts are estimated at $130 million and are expected to be paid during the first year of trust operations ($91 million of which was paid during 2013) and, b) payments due to claimants pursuant to settlement agreements reached during the pendency of the NARCO bankruptcy proceedings that provide for the right to submit claims to the NARCO Trust subject to qualification under the terms of the settlement agreements and Trust Distribution Procedures criteria, which amounts are estimated at $150 million and are expected to be paid during the first two years of trust operations. | |||||||||||||||||||||
Our consolidated financial statements reflect an estimated liability for the amounts discussed above, unsettled claims pending as of the time NARCO filed for bankruptcy protection and for the estimated value of future NARCO asbestos claims expected to be asserted against the NARCO Trust through 2018. In light of the uncertainties inherent in making long-term projections and in connection with the initial operation of a 524(g) trust, as well as the stay of all NARCO asbestos claims which remained in place throughout NARCO's Chapter 11 case, we do not believe that we have a reasonable basis for estimating NARCO asbestos claims beyond 2018. In the absence of actual trust experience on which to base the estimate, Honeywell projected the probable value, including trust claim handling costs, of asbestos related future liabilities based on Company specific and general asbestos claims filing rates, expected rates of disease and anticipated claim values. Specifically, the valuation methodology included an analysis of the population likely to have been exposed to asbestos containing products, epidemiological studies estimating the number of people likely to develop asbestos related diseases, NARCO asbestos claims filing history, general asbestos claims filing rates in the tort system and in certain operating asbestos trusts, and the claims experience in those forums, the pending inventory of NARCO asbestos claims, disease criteria and payment values contained in the Trust Distribution Procedures and an estimated approval rate of claims submitted to the NARCO Trust. This methodology used to estimate the liability for future claims has been commonly accepted by numerous bankruptcy courts addressing 524(g) trusts and resulted in a range of estimated liability of $743 to $961 million. We believe that no amount within this range is a better estimate than any other amount and accordingly, we have recorded the minimum amount in the range. | |||||||||||||||||||||
Our insurance receivable corresponding to the estimated liability for pending and future NARCO asbestos claims reflects coverage which reimburses Honeywell for portions of NARCO-related indemnity and defense costs and is provided by a large number of insurance policies written by dozens of insurance companies in both the domestic insurance market and the London excess market. We conduct analyses to determine the amount of insurance that we estimate is probable of recovery in relation to payment of current and estimated future claims. While the substantial majority of our insurance carriers are solvent, some of our individual carriers are insolvent, which has been considered in our analysis of probable recoveries. We made judgments concerning insurance coverage that we believe are reasonable and consistent with our historical dealings and our knowledge of any pertinent solvency issues surrounding insurers. | |||||||||||||||||||||
Projecting future events is subject to many uncertainties that could cause the NARCO-related asbestos liabilities or assets to be higher or lower than those projected and recorded. There is no assurance that insurance recoveries will be timely or whether there will be any NARCO-related asbestos claims beyond 2018. Given the inherent uncertainty in predicting future events, we review our estimates periodically, and update them based on our experience and other relevant factors. Similarly, we will reevaluate our projections concerning our probable insurance recoveries in light of any changes to the projected liability or other developments that may impact insurance recoveries. | |||||||||||||||||||||
Friction Products—The following tables present information regarding Bendix related asbestos claims activity: | |||||||||||||||||||||
Years Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Claims Activity | 2013 | 2012 | |||||||||||||||||||
Claims Unresolved at the beginning of year | 23,141 | 22,571 | |||||||||||||||||||
Claims Filed | 4,527 | 3,920 | |||||||||||||||||||
Claims Resolved(a) | -15,366 | -3,350 | |||||||||||||||||||
Claims Unresolved at the end of year | 12,302 | 23,141 | |||||||||||||||||||
(a) Claims resolved in 2013 includes significantly aged (i.e., pending for more than six years) claims totaling 12,250 of which 92% were non-malignant. | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Disease Distribution of Unresolved Claims | 2013 | 2012 | |||||||||||||||||||
Mesothelioma and Other Cancer Claims | 5,810 | 5,367 | |||||||||||||||||||
Nonmalignant Claims | 6,492 | 17,774 | |||||||||||||||||||
Total Claims | 12,302 | 23,141 | |||||||||||||||||||
Honeywell has experienced average resolution values per claim excluding legal costs as follows: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(in whole dollars) | |||||||||||||||||||||
Malignant claims | $ | 51,000 | $ | 49,000 | $ | 48,000 | $ | 54,000 | $ | 50,000 | |||||||||||
Nonmalignant claims | $ | 850 | $ | 1,400 | $ | 1,000 | $ | 1,300 | $ | 200 | |||||||||||
It is not possible to predict whether resolution values for Bendix-related asbestos claims will increase, decrease or stabilize in the future. | |||||||||||||||||||||
Our consolidated financial statements reflect an estimated liability for resolution of pending (claims actually filed as of the financial statement date) and future Bendix-related asbestos claims. We have valued Bendix pending and future claims using average resolution values for the previous five years. We update the resolution values used to estimate the cost of Bendix pending and future claims during the fourth quarter each year. | |||||||||||||||||||||
The liability for future claims represents the estimated value of future asbestos related bodily injury claims expected to be asserted against Bendix over the next five years. Such estimated cost of future Bendix-related asbestos claims is based on historic claims filing experience and dismissal rates, disease classifications, and resolution values in the tort system for the previous five years. In light of the uncertainties inherent in making long-term projections, as well as certain factors unique to friction product asbestos claims, we do not believe that we have a reasonable basis for estimating asbestos claims beyond the next five years. The methodology used to estimate the liability for future claims is similar to that used to estimate the future NARCO-related asbestos claims liability. | |||||||||||||||||||||
Our insurance receivable corresponding to the liability for settlement of pending and future Bendix asbestos claims reflects coverage which is provided by a large number of insurance policies written by dozens of insurance companies in both the domestic insurance market and the London excess market. Based on our ongoing analysis of the probable insurance recovery, insurance receivables are recorded in the financial statements simultaneous with the recording of the estimated liability for the underlying asbestos claims. This determination is based on our analysis of the underlying insurance policies, our historical experience with our insurers, our ongoing review of the solvency of our insurers, judicial determinations relevant to our insurance programs, and our consideration of the impacts of any settlements reached with our insurers. | |||||||||||||||||||||
On a cumulative historical basis, Honeywell has recorded insurance receivables equal to approximately 36 percent of the value of the underlying asbestos claims recorded. However, because there are gaps in our coverage due to insurance company insolvencies, certain uninsured periods, and insurance settlements, this rate is expected to decline for any future Bendix-related asbestos liabilities that may be recorded. Future recoverability rates may also be impacted by numerous other factors, such as future insurance settlements, insolvencies and judicial determinations relevant to our coverage program, which are difficult to predict. Assuming continued defense and indemnity spending at current levels, we estimate that the cumulative recoverability rate could decline over the next five years to approximately 30 percent. | |||||||||||||||||||||
Honeywell believes it has sufficient insurance coverage and reserves to cover all pending Bendix-related asbestos claims and Bendix-related asbestos claims estimated to be filed within the next five years. Although it is impossible to predict the outcome of either pending or future Bendix-related asbestos claims, we do not believe that such claims would have a material adverse effect on our consolidated financial position in light of our insurance coverage and our prior experience in resolving such claims. If the rate and types of claims filed, the average resolution value of such claims and the period of time over which claim settlements are paid (collectively, the “Variable Claims Factors”) do not substantially change, Honeywell would not expect future Bendix-related asbestos claims to have a material adverse effect on our results of operations or operating cash flows in any fiscal year. No assurances can be given, however, that the Variable Claims Factors will not change. | |||||||||||||||||||||
Other Matters | |||||||||||||||||||||
We are subject to a number of other lawsuits, investigations and disputes (some of which involve substantial amounts claimed) arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property, and environmental, health and safety matters. We recognize a liability for any contingency that is probable of occurrence and reasonably estimable. We continually assess the likelihood of adverse judgments of outcomes in these matters, as well as potential ranges of possible losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Included in these other matters are the following: | |||||||||||||||||||||
Honeywell v. United Auto Workers (“UAW”) et. al—In July 2011, Honeywell filed an action in federal court (District of New Jersey) against the UAW and all former employees who retired under a series of Master Collective Bargaining Agreements (“MCBAs”) between Honeywell and the UAW. The Company is seeking a declaratory judgment that certain express limitations on its obligation to contribute toward the healthcare coverage of such retirees (the “CAPS”) set forth in the MCBAs may be implemented, effective January 1, 2012. In September 2011, the UAW and certain retiree defendants filed a motion to dismiss the New Jersey action and filed suit in the Eastern District of Michigan alleging that the MCBAs do not provide for CAPS on the Company's liability for healthcare coverage. The UAW and retiree plaintiffs subsequently filed a motion for class certification and a motion for partial summary judgment in the Michigan action, seeking a ruling that retirees who retired prior to the initial inclusion of the CAPS in the 2003 MCBA are not covered by the CAPS as a matter of law. In December 2011, the New Jersey action was dismissed on forum grounds. Honeywell appealed the New Jersey court's dismissal to the United States Court of Appeals for the Third Circuit. The Third Circuit denied the appeal. Honeywell has now answered the UAW's complaint in Michigan and has asserted counterclaims for fraudulent inducement, negligent misrepresentation and breach of implied warranty. The parties stipulated to the certification of a class of all potentially affected retirees, surviving spouses, and eligible dependents. The UAW filed a motion to dismiss these counterclaims. The court dismissed Honeywell's fraudulent inducement and negligent misrepresentation claims, but let stand the claim for breach of implied warranty. Honeywell is confident that the CAPS will be upheld and that its liability for healthcare coverage premiums with respect to the putative class will be limited as negotiated and expressly set forth in the applicable MCBAs. In the event of an adverse ruling, however, Honeywell's other postretirement benefits for pre-2003 retirees would increase by approximately $180 million, reflecting the estimated value of these CAPS. | |||||||||||||||||||||
Joint Strike Fighter Investigation - In 2013 the Company received subpoenas from the Department of Justice requesting information relating primarily to parts manufactured in the United Kingdom and China used in the F-35 fighter jet. The Company is cooperating fully with the investigation. While we believe that Honeywell has complied with all relevant U.S. laws and regulations regarding the manufacture of these sensors, it is not possible to predict the outcome of the investigation or what action, if any, may result from it. | |||||||||||||||||||||
Given the uncertainty inherent in litigation and investigations (including the specific matters referenced above), we do not believe it is possible to develop estimates of reasonably possible loss in excess of current accruals for these matters (other than as specifically set forth above). Considering our past experience and existing accruals, we do not expect the outcome of these matters, either individually or in the aggregate, to have a material adverse effect on our consolidated financial position. Because most contingencies are resolved over long periods of time, potential liabilities are subject to change due to new developments, changes in settlement strategy or the impact of evidentiary requirements, which could cause us to pay damage awards or settlements (or become subject to equitable remedies) that could have a material adverse effect on our results of operations or operating cash flows in the periods recognized or paid. | |||||||||||||||||||||
Warranties and Guarantees—We have issued or are a party to the following direct and indirect guarantees at December 31, 2013: | |||||||||||||||||||||
Maximum | |||||||||||||||||||||
Potential | |||||||||||||||||||||
Future | |||||||||||||||||||||
Payments | |||||||||||||||||||||
Operating lease residual values | $ | 40 | |||||||||||||||||||
Other third parties’ financing | 5 | ||||||||||||||||||||
Customer financing | 4 | ||||||||||||||||||||
$ | 49 | ||||||||||||||||||||
We do not expect that these guarantees will have a material adverse effect on our consolidated results of operations, financial position or liquidity. | |||||||||||||||||||||
In connection with the disposition of certain businesses and facilities we have indemnified the purchasers for the expected cost of remediation of environmental contamination, if any, existing on the date of disposition. Such expected costs are accrued when environmental assessments are made or remedial efforts are probable and the costs can be reasonably estimated. | |||||||||||||||||||||
In the normal course of business we issue product warranties and product performance guarantees. We accrue for the estimated cost of product warranties and performance guarantees based on contract terms and historical experience at the time of sale. Adjustments to initial obligations for warranties and guarantees are made as changes in the obligations become reasonably estimable. The following table summarizes information concerning our recorded obligations for product warranties and product performance guarantees: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Beginning of year | $ | 407 | $ | 402 | $ | 415 | |||||||||||||||
Accruals for warranties/guarantees issued during the year | 212 | 196 | 197 | ||||||||||||||||||
Adjustment of pre-existing warranties/guarantees | -1 | -20 | -2 | ||||||||||||||||||
Settlement of warranty/guarantee claims | -213 | -171 | -208 | ||||||||||||||||||
End of year | $ | 405 | $ | 407 | $ | 402 | |||||||||||||||
Product warranties and product performance guarantees are included in the following balance sheet accounts: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Accrued liabilities | $ | 323 | $ | 375 | |||||||||||||||||
Other liabilities | 82 | 32 | |||||||||||||||||||
$ | 405 | $ | 407 |
PENSION_AND_OTHER_POSTRETIREME
PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Pension and Other Post Retirements Disclosure Paragraph Details [Abstract] | ' | |||||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||||
Note 23. Pension and Other Postretirement Benefits | ||||||||||||||||||
We sponsor both funded and unfunded U.S. and non-U.S. defined benefit pension plans covering the majority of our employees and retirees. Pension benefits for substantially all U.S. employees are provided through non-contributory, qualified and non-qualified defined benefit pension plans. U.S. defined benefit pension plans comprise 75 percent of our projected benefit obligation. All non-union hourly and salaried employees joining Honeywell for the first time after December 31, 2012, are not eligible to participate in Honeywell's U.S. defined benefit pension plans. Non-U.S. employees, who are not U.S. citizens, are covered by various retirement benefit arrangements, some of which are considered to be defined benefit pension plans for accounting purposes. Non-U.S. defined benefit pension plans comprise 25 percent of our projected benefit obligation. | ||||||||||||||||||
We also sponsor postretirement benefit plans that provide health care benefits and life insurance coverage to eligible retirees. Our retiree medical plans mainly cover U.S. employees who retire with pension eligibility for prescription drug, hospital, professional and other medical services. Most of the U.S. retiree medical plans require deductibles and copayments, and virtually all are integrated with Medicare. Retiree contributions are generally required based on coverage type, plan and Medicare eligibility. All non-union hourly and salaried employees joining Honeywell after January 1, 2000 are not eligible to participate in our retiree medical and life insurance plans. Less than 5 percent of Honeywell's U.S. employees are eligible for a retiree medical subsidy from the Company; and this subsidy is limited to a fixed-dollar amount. In addition, more than seventy-five percent of Honeywell's current retirees either have no Company subsidy or have a fixed-dollar subsidy amount. This significantly limits our exposure to the impact of future health care cost increases. The retiree medical and life insurance plans are not funded. Claims and expenses are paid from our operating cash flow. | ||||||||||||||||||
In 2013, Honeywell amended its U.S. retiree medical plans to no longer offer certain retirees Company group coverage. This plan amendment reduced the accumulated postretirement benefit obligation by $166 million which will be recognized as part of net periodic postretirement benefit cost over the expected future lifetime of the remaining participants in the plans. Also in 2013, in connection with a new collective bargaining agreement reached with a union group, Honeywell amended its plans eliminating the Company subsidy for these union employees. The plan amendment resulted in a curtailment gain of $42 million which was included as part of net periodic postretirement benefit cost. The curtailment gain represents the recognition in net periodic postretirement benefit cost of prior service credits attributable to the future years of service of the union group for which future accrual of benefits has been eliminated. | ||||||||||||||||||
In 2011, in connection with new collective bargaining agreements reached with several of its union groups, Honeywell amended its U.S. retiree medical plans eliminating the subsidy for those union employees which resulted in curtailment gains totaling $167 million. The curtailment gains represented the recognition in net periodic postretirement benefit cost of prior service credits attributable to the future years of service of the union groups for which future accrual of benefits was eliminated. | ||||||||||||||||||
The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with our significant pension and other postretirement benefit plans at December 31, 2013 and 2012. | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 17,117 | $ | 15,600 | $ | 5,272 | $ | 4,648 | ||||||||||
Service cost | 272 | 256 | 58 | 48 | ||||||||||||||
Interest cost | 677 | 738 | 215 | 221 | ||||||||||||||
Plan amendments | 14 | - | - | - | ||||||||||||||
Actuarial (gains) losses | -975 | 1,493 | 72 | 372 | ||||||||||||||
Acquisitions | 190 | - | 44 | - | ||||||||||||||
Benefits paid | -1,005 | -970 | -198 | -188 | ||||||||||||||
Settlements and curtailments | - | - | - | -16 | ||||||||||||||
Other | - | - | 60 | 187 | ||||||||||||||
Benefit obligation at end of year | 16,290 | 17,117 | 5,523 | 5,272 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of year | 14,345 | 12,836 | 4,527 | 3,958 | ||||||||||||||
Actual return on plan assets | 3,191 | 1,654 | 428 | 336 | ||||||||||||||
Company contributions | 28 | 825 | 183 | 271 | ||||||||||||||
Acquisitions | 168 | - | 45 | - | ||||||||||||||
Benefits paid | -1,005 | -970 | -198 | -188 | ||||||||||||||
Settlements and curtailments | - | - | - | -16 | ||||||||||||||
Other | - | - | 52 | 166 | ||||||||||||||
Fair value of plan assets at end of year | 16,727 | 14,345 | 5,037 | 4,527 | ||||||||||||||
Funded status of plans | $ | 437 | $ | -2,772 | $ | -486 | $ | -745 | ||||||||||
Amounts recognized in Consolidated Balance | ||||||||||||||||||
Sheet consist of: | ||||||||||||||||||
Prepaid pension benefit cost(1) | $ | 839 | $ | - | $ | 120 | $ | 87 | ||||||||||
Accrued pension liability(2) | -402 | -2,772 | -606 | -832 | ||||||||||||||
Net amount recognized | $ | 437 | $ | -2,772 | $ | -486 | $ | -745 | ||||||||||
(1) Included in Other Assets on Consolidated Balance Sheet | ||||||||||||||||||
(2) Included in Other Liabilities - Non-Current on Consolidated Balance Sheet | ||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,477 | $ | 1,534 | ||||||||||||||
Service cost | - | 1 | ||||||||||||||||
Interest cost | 44 | 53 | ||||||||||||||||
Plan amendments | -175 | -1 | ||||||||||||||||
Actuarial (gains) losses | -108 | 34 | ||||||||||||||||
Benefits paid | -142 | -144 | ||||||||||||||||
Benefit obligation at end of year | 1,096 | 1,477 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of year | - | - | ||||||||||||||||
Actual return on plan assets | - | - | ||||||||||||||||
Company contributions | - | - | ||||||||||||||||
Benefits paid | - | - | ||||||||||||||||
Fair value of plan assets at end of year | - | - | ||||||||||||||||
Funded status of plans | $ | -1,096 | $ | -1,477 | ||||||||||||||
Amounts recognized in Consolidated Balance Sheet consist of: | ||||||||||||||||||
Accrued liabilities | -130 | -167 | ||||||||||||||||
Postretirement benefit obligations other than pensions(1) | -966 | -1,310 | ||||||||||||||||
Net amount recognized | $ | -1,096 | $ | -1,477 | ||||||||||||||
(1) Excludes Non-U.S. plans of $53 and $55 million in 2013 and 2012, respectively. | ||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive (Income) Loss associated with our significant pension and other postretirement benefit plans at December 31, 2013 and 2012 are as follows | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Transition obligation | $ | - | $ | - | $ | 3 | $ | 5 | ||||||||||
Prior service cost (credit) | 111 | 120 | -14 | -16 | ||||||||||||||
Net actuarial (gain) loss | -1,378 | 1,712 | 434 | 530 | ||||||||||||||
Net amount recognized | $ | -1,267 | $ | 1,832 | $ | 423 | $ | 519 | ||||||||||
Other Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Prior service (credit) | $ | -168 | $ | -48 | ||||||||||||||
Net actuarial loss | 256 | 391 | ||||||||||||||||
Net amount recognized | $ | 88 | $ | 343 | ||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive (income) loss for our significant plans for the years ended December 31, 2013, 2012, and 2011 include the following components: | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
Net Periodic Benefit Cost | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | 272 | $ | 256 | $ | 232 | $ | 58 | $ | 48 | $ | 59 | ||||||
Interest cost | 677 | 738 | 761 | 215 | 221 | 239 | ||||||||||||
Expected return on plan assets | -1,076 | -1,020 | -1,014 | -308 | -291 | -284 | ||||||||||||
Amortization of transition | ||||||||||||||||||
obligation | - | - | - | 2 | 2 | 2 | ||||||||||||
Amortization of prior service | ||||||||||||||||||
cost (credit) | 23 | 28 | 33 | -2 | -2 | -2 | ||||||||||||
Recognition of actuarial losses | - | 707 | 1,568 | 51 | 250 | 234 | ||||||||||||
Settlements and curtailments | - | - | 24 | - | 2 | 1 | ||||||||||||
Net periodic benefit (income) cost | $ | -104 | $ | 709 | $ | 1,604 | $ | 16 | $ | 230 | $ | 249 | ||||||
Other Changes in Plan Assets and | ||||||||||||||||||
Benefits Obligations Recognized in | U.S. Plans | Non-U.S. Plans | ||||||||||||||||
Other Comprehensive (Income) Loss | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Actuarial (gains) losses | $ | -3,090 | $ | 859 | $ | 1,628 | $ | -48 | $ | 327 | $ | 368 | ||||||
Prior service cost (credit) | 14 | - | 5 | - | - | - | ||||||||||||
Transition obligation | ||||||||||||||||||
recognized during year | - | - | - | -2 | -2 | -2 | ||||||||||||
Prior service (cost) credit | ||||||||||||||||||
recognized during year | -23 | -28 | -33 | 2 | 2 | 2 | ||||||||||||
Actuarial losses recognized | ||||||||||||||||||
during year | - | -707 | -1,568 | -51 | -250 | -234 | ||||||||||||
Foreign exchange translation | ||||||||||||||||||
adjustments | - | - | - | 3 | 23 | -11 | ||||||||||||
Total recognized in other | ||||||||||||||||||
comprehensive (income) loss | $ | -3,099 | $ | 124 | $ | 32 | $ | -96 | $ | 100 | $ | 123 | ||||||
Total recognized in net periodic | ||||||||||||||||||
benefit (income) cost and other | ||||||||||||||||||
comprehensive (income) loss | $ | -3,203 | $ | 833 | $ | 1,636 | $ | -80 | $ | 330 | $ | 372 | ||||||
The estimated prior service cost (credit) for pension benefits that will be amortized from accumulated other comprehensive (income) loss into net periodic benefit cost in 2014 are expected to be $23 million and $(2) million for U.S. and Non-U.S. benefit plans, respectively. | ||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||
Net Periodic Benefit Cost | 2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ | - | $ | 1 | $ | 1 | ||||||||||||
Interest cost | 44 | 53 | 69 | |||||||||||||||
Amortization of prior service (credit) | -13 | -14 | -34 | |||||||||||||||
Recognition of actuarial losses | 27 | 34 | 38 | |||||||||||||||
Settlements and curtailments | -42 | -6 | -167 | |||||||||||||||
Net periodic benefit (income) cost | $ | 16 | $ | 68 | $ | -93 | ||||||||||||
Years Ended December 31, | ||||||||||||||||||
Other Changes in Plan Assets and Benefits Obligations | 2013 | 2012 | 2011 | |||||||||||||||
Recognized in Other Comprehensive (Income) Loss | ||||||||||||||||||
Actuarial (gains) losses | $ | -108 | $ | 34 | $ | 6 | ||||||||||||
Prior service (credit) | -175 | -1 | -21 | |||||||||||||||
Prior service credit recognized during year | 13 | 14 | 34 | |||||||||||||||
Actuarial losses recognized during year | -27 | -34 | -38 | |||||||||||||||
Settlements and curtailments | 42 | 6 | 167 | |||||||||||||||
Total recognized in other comprehensive (income) loss | $ | -255 | $ | 19 | $ | 148 | ||||||||||||
Total recognized in net periodic benefit (income) cost and | ||||||||||||||||||
other comprehensive (income) loss | $ | -239 | $ | 87 | $ | 55 | ||||||||||||
The estimated net loss and prior service (credit) for other postretirement benefits that will be amortized from accumulated other comprehensive (income) loss into net periodic benefit cost in 2014 are expected to be $24 and $(20) million, respectively. | ||||||||||||||||||
Major actuarial assumptions used in determining the benefit obligations and net periodic benefit cost for our significant benefit plans are presented in the following table. | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
Actuarial assumptions used to determine | ||||||||||||||||||
benefit obligations as of December 31: | ||||||||||||||||||
Discount rate | 4.89 | % | 4.06 | % | 4.89 | % | 4.29 | % | 4.29 | % | 4.84 | % | ||||||
Expected annual rate of | ||||||||||||||||||
compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 2.81 | % | 3.55 | % | 3.67 | % | ||||||
Actuarial assumptions used to determine | ||||||||||||||||||
net periodic benefit (income) cost for | ||||||||||||||||||
years ended December 31: | ||||||||||||||||||
Discount rate | 4.06 | % | 4.89 | % | 5.25 | % | 4.29 | % | 4.84 | % | 5.4 | % | ||||||
Expected rate of return | ||||||||||||||||||
on plan assets | 7.75 | % | 8 | % | 8 | % | 6.99 | % | 7.03 | % | 7.06 | % | ||||||
Expected annual rate of | ||||||||||||||||||
compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 3.55 | % | 3.67 | % | 3.79 | % | ||||||
Other Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Actuarial assumptions used to determine benefit | ||||||||||||||||||
obligations as of December 31: | ||||||||||||||||||
Discount rate | 4.05 | % | 3.4 | % | 4 | % | ||||||||||||
Actuarial assumptions used to determine net periodic | ||||||||||||||||||
benefit cost for years ended December 31: | ||||||||||||||||||
Discount rate | 3.4 | % | 4 | % | 4.7 | % | ||||||||||||
The discount rate for our U.S. pension and other postretirement benefits plans reflects the current rate at which the associated liabilities could be settled at the measurement date of December 31. To determine discount rates for our U.S. pension and other postretirement benefit plans, we use a modeling process that involves matching the expected cash outflows of our benefit plans to a yield curve constructed from a portfolio of high quality, fixed-income debt instruments. We use the average yield of this hypothetical portfolio as a discount rate benchmark. The discount rate used to determine the other postretirement benefit obligation is lower principally due to a shorter expected duration of other postretirement plan obligations as compared to pension plan obligations. | ||||||||||||||||||
Our expected rate of return on U.S. plan assets of 7.75 percent is a long-term rate based on historical plan asset returns over varying long-term periods combined with current market conditions and broad asset mix considerations. We review the expected rate of return on an annual basis and revise it as appropriate. | ||||||||||||||||||
For non-U.S. benefit plans, none of which was individually material, assumptions reflect economic assumptions applicable to each country. | ||||||||||||||||||
Pension Benefits | ||||||||||||||||||
Included in the aggregate data in the tables above are the amounts applicable to our pension plans with accumulated benefit obligations exceeding the fair value of plan assets. Amounts related to such plans were as follows: | ||||||||||||||||||
December 31, | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Projected benefit obligation | $576 | $17,117 | $911 | $4,670 | ||||||||||||||
Accumulated benefit obligation | $569 | $16,288 | $855 | $4,426 | ||||||||||||||
Fair value of plan assets | $174 | $14,345 | $307 | $3,837 | ||||||||||||||
Accumulated benefit obligation for our U.S. defined benefit pension plans were $15.7 and $16.3 billion and for our Non-U.S. defined benefit plans were $5.3 and $5.0 billion at December 31, 2013 and 2012, respectively. | ||||||||||||||||||
Our asset investment strategy for our U.S. pension plans focuses on maintaining a diversified portfolio using various asset classes in order to achieve our long-term investment objectives on a risk adjusted basis. Our actual invested positions in various securities change over time based on short and longer-term investment opportunities. To achieve our objectives, we have established long-term target allocations as follows: 60-70 percent equity securities, 10-20 percent fixed income securities and cash, 5-15 percent real estate investments, and 10-20 percent other types of investments. Equity securities include publicly-traded stock of companies located both inside and outside the United States. Fixed income securities include corporate bonds of companies from diversified industries, mortgage-backed securities, and U.S. Treasuries. Real estate investments include direct investments in commercial properties and investments in real estate funds. Other types of investments include investments in private equity and hedge funds that follow several different strategies. We review our assets on a regular basis to ensure that we are within the targeted asset allocation ranges and, if necessary, asset balances are adjusted back within target allocations. | ||||||||||||||||||
Our non-U.S. pension assets are typically managed by decentralized fiduciary committees with the Honeywell Corporate Investments group providing standard funding and investment guidance. Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment allocation process in each country. While our non-U.S. investment policies are different for each country, the long-term investment objectives are generally the same as those for the U.S. pension assets. | ||||||||||||||||||
The fair values of both our U.S. and non-U.S. pension plans assets at December 31, 2013 and 2012 by asset category are as follows: | ||||||||||||||||||
U.S. Plans | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
Honeywell common stock | $ | 1,697 | $ | 1,697 | $ | - | $ | - | ||||||||||
U.S. large cap stocks | 4,147 | 4,107 | 40 | - | ||||||||||||||
U.S. mid cap stocks | 757 | 752 | 5 | - | ||||||||||||||
U.S. small cap stocks | 215 | 210 | 5 | - | ||||||||||||||
International stocks | 2,685 | 2,503 | 182 | - | ||||||||||||||
Real estate investment trusts | 90 | 90 | - | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short term investments | 956 | 955 | 1 | - | ||||||||||||||
Government securities | 266 | - | 266 | - | ||||||||||||||
Corporate bonds | 2,931 | - | 2,931 | - | ||||||||||||||
Mortgage/Asset-backed securities | 770 | - | 770 | - | ||||||||||||||
Insurance contracts | 7 | - | 7 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 1,058 | - | - | 1,058 | ||||||||||||||
Hedge funds | 6 | - | - | 6 | ||||||||||||||
Real estate funds | 237 | - | - | 237 | ||||||||||||||
Direct investments: | ||||||||||||||||||
Direct private investments | 278 | - | - | 278 | ||||||||||||||
Real estate properties | 627 | - | - | 627 | ||||||||||||||
$ | 16,727 | $ | 10,314 | $ | 4,207 | $ | 2,206 | |||||||||||
U.S. Plans | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
Honeywell common stock | $ | 1,182 | $ | 1,182 | $ | - | $ | - | ||||||||||
U.S. large cap stocks | 2,903 | 2,903 | - | - | ||||||||||||||
U.S. mid cap stocks | 731 | 731 | - | - | ||||||||||||||
U.S. small cap stocks | 261 | 261 | - | - | ||||||||||||||
International stocks | 2,203 | 2,073 | 130 | - | ||||||||||||||
Real estate investment trusts | 44 | 44 | - | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short term investments | 1,139 | 1,139 | - | - | ||||||||||||||
Government securities | 266 | - | 266 | - | ||||||||||||||
Corporate bonds | 2,728 | - | 2,728 | - | ||||||||||||||
Mortgage/Asset-backed securities | 654 | - | 654 | - | ||||||||||||||
Insurance contracts | 6 | - | 6 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 1,100 | - | - | 1,100 | ||||||||||||||
Hedge funds | 52 | - | - | 52 | ||||||||||||||
Real estate funds | 254 | - | - | 254 | ||||||||||||||
Direct investments: | ||||||||||||||||||
Direct private investments | 227 | - | - | 227 | ||||||||||||||
Real estate properties | 595 | - | - | 595 | ||||||||||||||
$ | 14,345 | $ | 8,333 | $ | 3,784 | $ | 2,228 | |||||||||||
Non-U.S. Plans | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
U.S. companies | $ | 459 | $ | 394 | $ | 65 | $ | - | ||||||||||
Non-U.S. companies | 1,929 | 244 | 1,685 | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short-term investments | 147 | 140 | 7 | - | ||||||||||||||
Government securities | 1,303 | - | 1,303 | - | ||||||||||||||
Corporate bonds | 656 | - | 656 | - | ||||||||||||||
Mortgage/Asset-backed securities | 25 | - | 25 | - | ||||||||||||||
Insurance contracts | 208 | - | 208 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 67 | - | - | 67 | ||||||||||||||
Hedge funds | 62 | - | - | 62 | ||||||||||||||
Real estate funds | 181 | - | - | 181 | ||||||||||||||
$ | 5,037 | $ | 778 | $ | 3,949 | $ | 310 | |||||||||||
Non-U.S. Plans | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
U.S. companies | $ | 366 | $ | 316 | $ | 50 | $ | - | ||||||||||
Non-U.S. companies | 1,605 | 176 | 1,429 | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short-term investments | 104 | 104 | - | - | ||||||||||||||
Government securities | 1,321 | - | 1,321 | - | ||||||||||||||
Corporate bonds | 571 | - | 571 | - | ||||||||||||||
Mortgage/Asset-backed securities | 8 | - | 8 | - | ||||||||||||||
Insurance contracts | 203 | - | 203 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 136 | - | - | 136 | ||||||||||||||
Hedge funds | 56 | - | - | 56 | ||||||||||||||
Real estate funds | 157 | - | - | 157 | ||||||||||||||
$ | 4,527 | $ | 596 | $ | 3,582 | $ | 349 | |||||||||||
The following tables summarize changes in the fair value of Level 3 assets for the years ended December 31, 2013 and 2012: | ||||||||||||||||||
U.S. Plans | ||||||||||||||||||
Direct | ||||||||||||||||||
Private | Private | Hedge | Real Estate | Real Estate | ||||||||||||||
Funds | Investments | Funds | Funds | Properties | ||||||||||||||
Balance at December 31, 2011 | $ | 1,039 | $ | 161 | $ | 60 | $ | 256 | $ | 553 | ||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | 44 | 12 | 11 | 16 | 29 | |||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | -1 | 6 | 1 | -1 | - | |||||||||||||
Purchases | 147 | 65 | 4 | 31 | 41 | |||||||||||||
Sales and settlements | -129 | -17 | -24 | -48 | -28 | |||||||||||||
Balance at December 31, 2012 | 1,100 | 227 | 52 | 254 | 595 | |||||||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | -10 | 34 | -22 | 11 | 61 | |||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | 117 | 1 | 22 | 1 | 4 | |||||||||||||
Purchases | 94 | 37 | 9 | 15 | 15 | |||||||||||||
Sales and settlements | -243 | -21 | -55 | -44 | -48 | |||||||||||||
Balance at December 31, 2013 | $ | 1,058 | $ | 278 | $ | 6 | $ | 237 | $ | 627 | ||||||||
Non-U.S. Plans | ||||||||||||||||||
Private | Hedge | Real Estate | ||||||||||||||||
Funds | Funds | Funds | ||||||||||||||||
Balance at December 31, 2011 | $ | 112 | $ | 54 | $ | 160 | ||||||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | 3 | 2 | 8 | |||||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | 3 | - | - | |||||||||||||||
Purchases | 21 | - | 21 | |||||||||||||||
Sales and settlements | -3 | - | -32 | |||||||||||||||
Balance at December 31, 2012 | 136 | 56 | 157 | |||||||||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | -6 | 4 | 18 | |||||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | 3 | - | -1 | |||||||||||||||
Purchases | 4 | 2 | 12 | |||||||||||||||
Sales and settlements | -70 | - | -5 | |||||||||||||||
Balance at December 31, 2013 | $ | 67 | $ | 62 | $ | 181 | ||||||||||||
The Company enters into futures contracts to gain exposure to certain markets. Sufficient cash or cash equivalents are held by our pension plans to cover the notional value of the futures contracts. At December 31, 2013 and 2012, our U.S. plans had contracts with notional amounts of $1,938 and $1,241 million, respectively. At December 31, 2013 and 2012, our Non-U.S. plans had contracts with notional amounts of $61 and $55 million, respectively. In both our U.S. and Non-U.S. pension plans, the notional derivative exposure is primarily related to outstanding equity futures contracts. | ||||||||||||||||||
Common stocks, preferred stocks, real estate investment trusts, and short-term investments are valued at the closing price reported in the active market in which the individual securities are traded. Corporate bonds, mortgages, asset-backed securities, and government securities are valued either by using pricing models, bids provided by brokers or dealers, quoted prices of securities with similar characteristics or discounted cash flows and as such include adjustments for certain risks that may not be observable such as credit and liquidity risks. Certain securities are held in commingled funds which are valued using net asset values provided by the administrators of the funds. Investments in private equity, debt, real estate and hedge funds and direct private investments are valued at estimated fair value based on quarterly financial information received from the investment advisor and/or general partner. Investments in real estate properties are valued on a quarterly basis using the income approach. Valuation estimates are periodically supplemented by third party appraisals. | ||||||||||||||||||
Our general funding policy for qualified pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. In 2013, 2012 and 2011, we were not required to make contributions to our U.S. pension plans. No contribution was made to the U.S. plans in 2013. However, in 2012 and 2011, we made voluntary contributions of $792 and $1,650 million, respectively, to the U.S. plans primarily to improve the funded status. These contributions do not reflect benefits paid directly from Company assets. In 2013, cash contributions of $156 million were made to our non-U.S. plans to satisfy regularly funding requirements. In 2014, we expect to make contributions of cash and/or marketable securities of approximately $150 million ($117 million of marketable securities were contributed in January 2014) to our non-U.S. defined benefit pension plans to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. defined benefit pension plans in 2014. | ||||||||||||||||||
Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2014 | $ | 1,068 | $ | 202 | ||||||||||||||
2015 | 1,111 | 208 | ||||||||||||||||
2016 | 1,106 | 213 | ||||||||||||||||
2017 | 1,105 | 219 | ||||||||||||||||
2018 | 1,118 | 226 | ||||||||||||||||
2019-2023 | 5,675 | 1,228 | ||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Assumed health care cost trend rate: | ||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | ||||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | ||||||||||||||
Year that the rate reaches the rate it is assumed to remain at | 2019 | 2019 | ||||||||||||||||
The assumed health care cost trend rate has a significant effect on the amounts reported. A one-percentage-point change in the assumed health care cost trend rate would have the following effects: | ||||||||||||||||||
1 percentage point | ||||||||||||||||||
Increase | Decrease | |||||||||||||||||
Effect on total of service and interest cost components | $ | 3 | $ | -2 | ||||||||||||||
Effect on postretirement benefit obligation | $ | 84 | $ | -52 | ||||||||||||||
Benefit payments reflecting expected future service, as appropriate, are expected to be paid as follows: | ||||||||||||||||||
Without Impact of | Net of | |||||||||||||||||
Medicare Subsidy | Medicare Subsidy | |||||||||||||||||
2014 | $ | 141 | $ | 130 | ||||||||||||||
2015 | 123 | 113 | ||||||||||||||||
2016 | 119 | 108 | ||||||||||||||||
2017 | 113 | 103 | ||||||||||||||||
2018 | 108 | 97 | ||||||||||||||||
2019-2023 | 448 | 399 | ||||||||||||||||
Employee Savings Plans | ||||||||||||||||||
We sponsor employee savings plans under which we match, in the form of our common stock, savings plan contributions for certain eligible employees. Shares issued under the stock match plans were 2.0, 2.4, and 2.6 million at a cost of $159, $144 and $138 million in 2013, 2012, and 2011, respectively. |
SEGMENT_FINANCIAL_DATA
SEGMENT FINANCIAL DATA | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Financial Data [Abstract] | ' | ||||||||||||
Segment Financial Data | ' | ||||||||||||
Note 24. Segment Financial Data | |||||||||||||
We globally manage our business operations through four reportable operating segments serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, automotive products and chemicals. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. Our four reportable segments are as follows: | |||||||||||||
• Aerospace includes Air Transport and Regional, Business and General Aviation and Defense and Space and provides products and services which include auxiliary power units; propulsion engines; environmental control systems; electric power systems, engine controls; repair and overhaul services; flight safety, communications, navigation, radar and surveillance systems; aircraft lighting; management and technical services; logistic services; advanced systems and instruments; and aircraft wheels and brakes. | |||||||||||||
• Automation and Control Solutions includes Energy, Safety & Security (controls for heating, cooling, indoor air quality, ventilation, humidification, lighting and home automation; advanced software applications for home/building control and optimization; sensors, switches, control systems and instruments for measuring pressure, air flow, temperature and electrical current; security, fire and gas detection and monitoring; radiation detection; personal protection equipment; access control; video surveillance equipment; remote patient monitoring systems; automatic identification and data collection; and voice solutions); Process Solutions (provides a full range of automation and control solutions for industrial plants, offering advanced software and automation systems that integrate, control and monitor complex processes in many types of industrial settings as well as equipment that controls, measures and analyzes natural gas production and transportation); and Building Solutions & Distribution (installs, distributes, maintains and upgrades systems that keep buildings safe, comfortable and productive). | |||||||||||||
• Performance Materials and Technologies includes Advanced Materials (fluorocarbons, hydrofluoroolefins, caprolactam, resins, ammonium sulfate for fertilizer, specialty films, waxes, additives, advanced fibers, customized research chemicals and intermediates, and electronic materials and chemicals) and UOP (process technology, products, including catalysts and absorbents, and services for the petroleum refining, gas processing, petrochemical, renewable energy and other industries). | |||||||||||||
• Transportation Systems includes turbochargers, thermal systems, brake hard parts and other friction materials. | |||||||||||||
The accounting policies of the segments are the same as those described in Note 1. Honeywell's senior management evaluates segment performance based on segment profit. Segment profit is measured as business unit income (loss) before taxes excluding general corporate unallocated expense, other income (expense), interest and other financial charges, pension and other postretirement benefits (expense), stock compensation expense, repositioning and other charges and accounting changes. | |||||||||||||
Years Ended December 31, | |||||||||||||
Net Sales | 2013 | 2012 | 2011 | ||||||||||
Aerospace | |||||||||||||
Product | $ | 7,043 | $ | 6,999 | $ | 6,494 | |||||||
Service | 4,937 | 5,041 | 4,981 | ||||||||||
Total | 11,980 | 12,040 | 11,475 | ||||||||||
Automation and Control Solutions | |||||||||||||
Product | 14,193 | 13,610 | 13,328 | ||||||||||
Service | 2,363 | 2,270 | 2,207 | ||||||||||
Total | 16,556 | 15,880 | 15,535 | ||||||||||
Performance Materials and Technologies | |||||||||||||
Product | 6,223 | 5,642 | 5,064 | ||||||||||
Service | 541 | 542 | 595 | ||||||||||
Total | 6,764 | 6,184 | 5,659 | ||||||||||
Transportation Systems | |||||||||||||
Product | 3,755 | 3,561 | 3,859 | ||||||||||
Service | - | - | - | ||||||||||
Total | 3,755 | 3,561 | 3,859 | ||||||||||
Corporate | |||||||||||||
Product | - | - | - | ||||||||||
Service | - | - | 1 | ||||||||||
Total | - | - | 1 | ||||||||||
$ | 39,055 | $ | 37,665 | $ | 36,529 | ||||||||
Depreciation and amortization | |||||||||||||
Aerospace | $ | 200 | $ | 211 | $ | 208 | |||||||
Automation and Control Solutions | 350 | 352 | 364 | ||||||||||
Performance Materials and Technologies | 288 | 215 | 216 | ||||||||||
Transportation Systems | 90 | 85 | 96 | ||||||||||
Corporate | 61 | 63 | 64 | ||||||||||
$ | 989 | $ | 926 | $ | 948 | ||||||||
Segment Profit | |||||||||||||
Aerospace | $ | 2,372 | $ | 2,279 | $ | 2,023 | |||||||
Automation and Control Solutions | 2,437 | 2,232 | 2,083 | ||||||||||
Performance Materials and Technologies | 1,271 | 1,154 | 1,042 | ||||||||||
Transportation Systems | 498 | 432 | 485 | ||||||||||
Corporate | -227 | -218 | -276 | ||||||||||
$ | 6,351 | $ | 5,879 | $ | 5,357 | ||||||||
Capital expenditures | |||||||||||||
Aerospace | $ | 205 | $ | 191 | $ | 174 | |||||||
Automation and Control Solutions | 151 | 143 | 153 | ||||||||||
Performance Materials and Technologies | 429 | 328 | 282 | ||||||||||
Transportation Systems | 105 | 129 | 133 | ||||||||||
Corporate | 57 | 93 | 48 | ||||||||||
$ | 947 | $ | 884 | $ | 790 | ||||||||
December 31, | |||||||||||||
Total Assets | 2013 | 2012 | 2011 | ||||||||||
Aerospace | $ | 9,160 | $ | 8,977 | $ | 9,109 | |||||||
Automation and Control Solutions | 20,382 | 18,754 | 19,127 | ||||||||||
Performance Materials and Technologies | 6,827 | 6,396 | 5,402 | ||||||||||
Transportation Systems | 2,219 | 2,047 | 1,991 | ||||||||||
Corporate | 6,847 | 5,679 | 4,179 | ||||||||||
$ | 45,435 | $ | 41,853 | $ | 39,808 | ||||||||
A reconciliation of segment profit to consolidated income from continuing operations before taxes are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Segment Profit | $ | 6,351 | $ | 5,879 | $ | 5,357 | |||||||
Other income (expense)(1) | 202 | 25 | 33 | ||||||||||
Interest and other financial charges | -327 | -351 | -376 | ||||||||||
Stock compensation expense(2) | -170 | -170 | -168 | ||||||||||
Pension ongoing income (expense)(2) | 90 | -36 | -105 | ||||||||||
Pension mark-to-market expense(2) | -51 | -957 | -1,802 | ||||||||||
Other postretirement income (expense)(2) | -20 | -72 | 86 | ||||||||||
Repositioning and other charges (2) | -663 | -443 | -743 | ||||||||||
Income from continuing operations before taxes | $ | 5,412 | $ | 3,875 | $ | 2,282 | |||||||
(1) Equity income (loss) of affiliated companies is included in Segment Profit. | |||||||||||||
(2) Amounts included in cost of products and services sold and selling, general and administrative expenses. | |||||||||||||
GEOGRAPHIC_AREAS_FINANCIAL_DAT
GEOGRAPHIC AREAS FINANCIAL DATA | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Geographic Areas Financial Data [Abstract] | ' | |||||||||||||||||
Geographic Areas - Financial Data | ' | |||||||||||||||||
Note 25. Geographic Areas - Financial Data | ||||||||||||||||||
Net Sales(1) | Long-lived Assets(2) | |||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
United States | $ | 22,978 | $ | 22,379 | $ | 21,005 | $ | 3,393 | $ | 3,118 | $ | 2,956 | ||||||
Europe | 9,804 | 9,118 | 9,604 | 905 | 932 | 919 | ||||||||||||
Other International | 6,273 | 6,168 | 5,920 | 980 | 951 | 929 | ||||||||||||
$ | 39,055 | $ | 37,665 | $ | 36,529 | $ | 5,278 | $ | 5,001 | $ | 4,804 | |||||||
(1) Sales between geographic areas approximate market and are not significant. Net sales are classified according to their country of origin. Included in United States net sales are export sales of $5,431, $5,126 and $4,549 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
(2) Long-lived assets are comprised of property, plant and equipment - net. |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||
Supplemental Cash Flow Information | ' | |||||||||
Note 26. Supplemental Cash Flow Information | ||||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Payments for repositioning and other charges: | ||||||||||
Severance and exit cost payments | $ | -160 | $ | -136 | $ | -161 | ||||
Environmental payments | -304 | -320 | -270 | |||||||
Insurance receipts for asbestos related liabilities | 58 | 122 | 134 | |||||||
Asbestos related liability payments | -357 | -169 | -171 | |||||||
$ | -763 | $ | -503 | $ | -468 | |||||
Interest paid, net of amounts capitalized | $ | 330 | $ | 344 | $ | 378 | ||||
Income taxes paid, net of refunds | 1,271 | 919 | 578 | |||||||
Non-cash investing and financing activities: | ||||||||||
Common stock contributed to savings plans | 159 | 144 | 138 | |||||||
UNAUDITED_QUARTERLY_FINANCIAL_
UNAUDITED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Unaudited Quarterly Financial Information [Abstract] | ' | ||||||||||
Unaudited Quarterly Financial Information | ' | ||||||||||
Note 27. Unaudited Quarterly Financial Information | |||||||||||
2013 | |||||||||||
Mar. 31 | 30-Jun | Sept. 30 | Dec. 31 | Year | |||||||
Net Sales | $ | 9,328 | $ | 9,693 | $ | 9,647 | $ | 10,387 | $ | 39,055 | |
Gross Profit | 2,545 | 2,666 | 2,705 | 2,775 | 10,691 | ||||||
Net income attributable to Honeywell | 966 | 1,021 | 990 | 947 | 3,924 | ||||||
Earnings per share - basic | 1.23 | 1.3 | 1.26 | 1.2 | 4.99 | ||||||
Earnings per share - assuming dilution | 1.21 | 1.28 | 1.24 | 1.19 | 4.92 | ||||||
Dividends paid per share | 0.41 | 0.41 | 0.41 | 0.451 | 1.68 | ||||||
Market Price per share | |||||||||||
High | 75.48 | 80.85 | 86.79 | 91.37 | 91.37 | ||||||
Low | 64.75 | 71.47 | 77.88 | 81.45 | 64.75 | ||||||
2012 | |||||||||||
Mar. 31 | 30-Jun | Sept. 30 | Dec. 31 | Year | |||||||
Net Sales | $ | 9,307 | $ | 9,435 | $ | 9,342 | $ | 9,581 | $ | 37,665 | |
Gross Profit | 2,427 | 2,513 | 2,534 | 1,900 | 9,374 | ||||||
Net income (loss) attributable to Honeywell | 823 | 902 | 950 | 251 | 2,926 | ||||||
Earnings per share - basic | 1.06 | 1.15 | 1.21 | 0.32 | 3.74 | ||||||
Earnings per share - assuming dilution | 1.04 | 1.14 | 1.2 | 0.32 | 3.69 | ||||||
Dividends paid per share | 0.3725 | 0.3725 | 0.3725 | 0.41 | 1.53 | ||||||
Market Price per share | |||||||||||
High | 61.78 | 61.29 | 61.72 | 64.29 | 64.29 | ||||||
Low | 55.18 | 52.92 | 53.6 | 59.15 | 52.92 | ||||||
SCHEDULE_IIVALUATION_AND_QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Valuation And Qualifying Accounts [Abstract] | ' | |||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | ' | |||
Honeywell International Inc. | ||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||
Three Years Ended December 31, 2013 | ||||
(Dollars in millions) | ||||
Allowance for Doubtful Accounts: | ||||
Balance December 31, 2010 | $ | 279 | ||
Provision charged to income | 81 | |||
Deductions from reserves | -113 | |||
Acquisitions | 14 | |||
Balance December 31, 2011 | 261 | |||
Provision charged to income | 117 | |||
Deductions from reserves | -132 | |||
Acquisitions | 2 | |||
Balance December 31, 2012 | 248 | |||
Provision charged to income | 110 | |||
Deductions from reserves | -119 | |||
Acquisitions | 8 | |||
Balance December 31, 2013 | $ | 247 | ||
Deferred Tax Assets—Valuation Allowance | ||||
Balance December 31, 2010 | $ | 636 | ||
Additions charged to income tax expense | 109 | |||
Reductions credited to income tax expense | -152 | |||
Reductions due to expiring NOLs | -8 | |||
Reductions due to capital loss carryforwards | -5 | |||
Reductions credited to equity | -13 | |||
Additions charged to goodwill | 24 | |||
Balance December 31, 2011 | 591 | |||
Additions charged to income tax expense | 72 | |||
Reductions credited to income tax expense | -54 | |||
Reductions due to expiring NOLs | -2 | |||
Reductions due to capital loss carryforwards | 14 | |||
Reductions credited to equity | 12 | |||
Reductions credited to goodwill | -35 | |||
Balance December 31, 2012 | 598 | |||
Additions charged to income tax expense | 103 | |||
Reductions credited to income tax expense | -54 | |||
Reductions due to capital loss carryforwards | -27 | |||
Reductions credited to equity | -8 | |||
Additions charged to goodwill | 2 | |||
Balance December 31, 2013 | $ | 614 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Accounting Principles | ' |
Accounting Principles—The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The following is a description of Honeywell's significant accounting policies. | |
Principles of Consolidation | ' |
Principles of Consolidation—The consolidated financial statements include the accounts of Honeywell International Inc. and all of its subsidiaries and entities in which a controlling interest is maintained. Our consolidation policy requires equity investments that we exercise significant influence over but do not control the investee and are not the primary beneficiary of the investee's activities to be accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation. | |
The Consumer Products Group (CPG) automotive aftermarket business had historically been part of the Transportation Systems reportable segment. In accordance with generally accepted accounting principles, CPG is presented as discontinued operations in all periods presented. See Note 2 Acquisitions and Divestitures for further details. | |
Noncontrolling interest is included within the equity section in the Consolidated Balance Sheet. Redeemable noncontrolling interest is considered to be temporary equity and is therefore reported outside of permanent equity on the Consolidated Balance Sheet at the greater of the initial carrying amount adjusted for the noncontrolling interest's share of net income (loss) or its redemption value. We present net income attributable to Honeywell and the noncontrolling interest in the Consolidated Statement of Operations. Furthermore, we disclose comprehensive income attributable to Honeywell and the noncontrolling interest in the Consolidated Statement of Comprehensive Income. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents—Cash and cash equivalents include cash on hand and on deposit and highly liquid, temporary cash investments with an original maturity of three months or less. | |
Inventories | ' |
Inventories—Inventories are valued at the lower of cost or market using the first-in, first-out or the average cost method and the last-in, first-out (LIFO) method for certain qualifying domestic inventories. | |
Investments | ' |
Investments—Investments in affiliates over which we have a significant influence, but not a controlling interest, are accounted for using the equity method of accounting. Other investments are carried at market value, if readily determinable, or at cost. All equity investments are periodically reviewed to determine if declines in fair value below cost basis are other-than-temporary. Significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees are strong indicators of other-than-temporary declines. If the decline in fair value is determined to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment—Property, plant and equipment are recorded at cost, including any asset retirement obligations, less accumulated depreciation. For financial reporting, the straight-line method of depreciation is used over the estimated useful lives of 10 to 50 years for buildings and improvements and 2 to 16 years for machinery and equipment. Recognition of the fair value of obligations associated with the retirement of tangible long-lived assets is required when there is a legal obligation to incur such costs. Upon initial recognition of a liability, the cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset's useful life. See Note 11 Property, Plant and Equipment - Net and Note 17 Other Liabilities for additional details. | |
Goodwill and Indefinite-Lived Intangible Assets | ' |
Goodwill and Indefinite-Lived Intangible Assets—Goodwill represents the excess of acquisition costs over the fair value of tangible net assets and identifiable intangible assets of businesses acquired. Goodwill and certain other intangible assets deemed to have indefinite lives are not amortized. Intangible assets determined to have finite lives are amortized over their useful lives. Goodwill and indefinite-lived intangible assets are subject to impairment testing annually as of March 31, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. This testing compares carrying values to fair values and, when appropriate, the carrying value of these assets is reduced to fair value. We completed our annual goodwill impairment test as of March 31, 2013 and determined that there was no impairment as of that date. See Note 12 for additional details on goodwill balances. | |
Other Intangible Assets with Determinable Lives | ' |
Other Intangible Assets with Determinable Lives—Other intangible assets with determinable lives consist of customer lists, technology, patents and trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 2 to 24 years. | |
Long-Lived Assets | ' |
Long-Lived Assets—We evaluate the recoverability of the carrying amount of long-lived assets (including property, plant and equipment and intangible assets with determinable lives) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. We evaluate events or changes in circumstances based on a number of factors including operating results, business plans and forecasts, general and industry trends and, economic projections and anticipated cash flows. An impairment is assessed when the undiscounted expected future cash flows derived from an asset are less than its carrying amount. Impairment losses are measured as the amount by which the carrying value of an asset exceeds its fair value and are recognized in earnings. We also evaluate the estimated useful lives of all long-lived assets if circumstances warrant and revise such estimates based on current events. | |
Sales Recognition | ' |
Sales Recognition—Product and service sales are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service sales, principally representing repair, maintenance and engineering activities in our Aerospace and Automation and Control Solutions segments, are recognized over the contractual period or as services are rendered. Sales under long-term contracts in the Aerospace, Automation and Control Solutions and Performance Materials and Technologies segments are recorded on a percentage-of-completion method measured on the cost-to-cost basis for engineering-type contracts and the units-of-delivery basis for production-type contracts. Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident. Revenues from contracts with multiple element arrangements are recognized as each element is earned based on the relative fair value of each element provided the delivered elements have value to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately or competitor prices for similar products or services. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts—We maintain allowances for doubtful accounts for estimated losses as a result of customer's inability to make required payments. We estimate anticipated losses from doubtful accounts based on days past due, as measured from the contractual due date, historical collection history and incorporate changes in economic conditions that may not be reflected in historical trends for example, customers in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowance for doubtful accounts when they are determined uncollectible. Such determination includes analysis and consideration of the particular conditions of the account, including time intervals since last collection, success of outside collection agencies activity, solvency of customer and any bankruptcy proceedings. | |
Environmental Expenditures | ' |
Environmental Expenditures—Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations, and that do not provide future benefits, are expensed as incurred. Liabilities are recorded when environmental remedial efforts or damage claim payments are probable and the costs can be reasonably estimated. Such liabilities are based on our best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical, regulatory or legal information becomes available. Given the uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other potentially responsible parties, technology and information related to individual sites, we do not believe it is possible to develop an estimate of the range of reasonably possible environmental losses in excess of our recorded liabilities. | |
Asbestos Related Contingencies and Insurance Recoveries | ' |
Asbestos Related Contingencies and Insurance Recoveries—Honeywell is a defendant in personal injury actions related to products containing asbestos (refractory and friction products). We recognize a liability for any asbestos related contingency that is probable of occurrence and reasonably estimable. Regarding North American Refractories Company (NARCO) asbestos related claims, we accrued for pending claims based on terms and conditions in agreements with NARCO, its former parent company, and certain asbestos claimants, and an estimate of the unsettled claims pending as of the time NARCO filed for bankruptcy protection. We also accrued for the estimated value of future NARCO asbestos related claims expected to be asserted against the NARCO Trust through 2018 as described in Note 22 Commitments and Contingencies. In light of the inherent uncertainties in making long term projections and in connection with the initial operation of a 524(g) trust, as well as the stay of all NARCO asbestos claims from January 2002 through the effective date of the NARCO Trust on April 30, 2013, we do not believe that we have a reasonable basis for estimating NARCO asbestos claims beyond 2018. Regarding Bendix asbestos related claims, we accrued for the estimated value of pending claims using average resolution values for the previous five years. We also accrued for the estimated value of future anticipated claims related to Bendix for the next five years based on historic claims filing experience and dismissal rates, disease classifications, and average resolution values in the tort system for the previous five years. In light of the uncertainties inherent in making long-term projections, as well as certain factors unique to friction product asbestos claims, we do not believe that we have a reasonable basis for estimating asbestos claims beyond the next five years. We will continue to update the resolution values used to estimate the cost of pending and future Bendix claims during the fourth quarter each year. For additional information see Note 22. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential ranges of probable losses and recognize a liability, if any, for these contingencies based on an analysis of each individual issue with the assistance of outside legal counsel and, if applicable, other experts. | |
In connection with the recognition of liabilities for asbestos related matters, we record asbestos related insurance recoveries that are deemed probable. In assessing the probability of insurance recovery, we make judgments concerning insurance coverage that we believe are reasonable and consistent with our historical dealings and our knowledge of any pertinent solvency issues surrounding insurers. | |
Aerospace Sales Incentives | ' |
Aerospace Sales Incentives—We provide sales incentives to commercial aircraft manufacturers and airlines in connection with their selection of our aircraft equipment, predominately wheel and braking system hardware, avionics, and auxiliary power units, for installation on commercial aircraft. These incentives consist of free or deeply discounted products, credits for future purchases of product and upfront cash payments. These costs are recognized in the period incurred as cost of products sold or as a reduction to sales, as appropriate. Generally, for aircraft manufacturers, incentives are recorded when the products are delivered; for airlines, incentives are recorded when the associated aircraft are delivered by the aircraft manufacturer to the airline. | |
Research and Development | ' |
Research and Development—Research and development costs for company-sponsored research and development projects are expensed as incurred. Such costs are principally included in Cost of Products Sold and were $1,804, $1,847 and $1,799 million in 2013, 2012 and 2011, respectively. | |
Stock-Based Compensation Plans | ' |
Stock-Based Compensation Plans—The principal awards issued under our stock-based compensation plans, which are described in Note 20 Stock-Based Compensation Plans, include non-qualified stock options and restricted stock units (RSUs). The cost for such awards is measured at the grant date based on the fair value of the award. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods (generally the vesting period of the equity award) and is included in selling, general and administrative expense in our Consolidated Statement of Operations. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates. | |
Pension Benefits | ' |
Pension Benefits— We sponsor both funded and unfunded U.S. and non-U.S. defined benefit pension plans covering the majority of our employees and retirees. We recognize net actuarial gains or losses in excess of 10 percent of the greater of the fair value of plan assets or the plans' projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment), and, if applicable, in any quarter in which an interim remeasurement is triggered. The remaining components of pension expense, primarily service and interest costs and assumed return on plan assets, are recorded on a quarterly basis (Pension ongoing (income) expense). | |
Foreign Currency Translation | ' |
Foreign Currency Translation—Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using year-end exchange rates. Sales, costs and expenses are translated at the average exchange rates in effect during the year. Foreign currency translation gains and losses are included as a component of Accumulated Other Comprehensive Income (Loss). For subsidiaries operating in highly inflationary environments, inventories and property, plant and equipment, including related expenses, are remeasured at the exchange rate in effect on the date the assets were acquired, while monetary assets and liabilities are remeasured at year-end exchange rates. Remeasurement adjustments for these subsidiaries are included in earnings. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments—As a result of our global operating and financing activities, we are exposed to market risks from changes in interest and foreign currency exchange rates and commodity prices, which may adversely affect our operating results and financial position. We minimize our risks from interest and foreign currency exchange rate and commodity price fluctuations through our normal operating and financing activities and, when deemed appropriate through the use of derivative financial instruments. Derivative financial instruments are used to manage risk and are not used for trading or other speculative purposes and we do not use leveraged derivative financial instruments. Derivative financial instruments that qualify for hedge accounting must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Accordingly, changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception of the hedge and over the life of the hedge contract. | |
All derivatives are recorded on the balance sheet as assets or liabilities and measured at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair values of both the derivatives and the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in fair value of the derivatives are recorded in Accumulated Other Comprehensive Income (Loss) and subsequently recognized in earnings when the hedged items impact earnings. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. | |
Transfers of Financial Instruments | ' |
Transfers of Financial Instruments— Sales, transfers and securitization of financial instruments are accounted for under authoritative guidance for the transfers and servicing of financial assets and extinguishments of liabilities. | |
We sell interests in designated pools of trade accounts receivables to third parties. The terms of the trade accounts receivable program permit the repurchase of receivables from the third parties at our discretion. As a result, these program receivables are not accounted for as a sale and remain on the Consolidated Balance Sheet with a corresponding amount recorded as Short-term borrowings. | |
At times we also transfer trade and other receivables that qualify as a sale and are thus are removed from the Consolidated Balance Sheet at the time they are sold. The value assigned to any subordinated interests and undivided interests retained in receivables sold is based on the relative fair values of the interests retained and sold. The carrying value of the retained interests approximates fair value due to the short-term nature of the collection period for the receivables. | |
Income Taxes | ' |
Income Taxes—Deferred tax liabilities or assets reflect temporary differences between amounts of assets and liabilities for financial and tax reporting. Such amounts are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is established to offset any deferred tax asset if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The determination of the amount of a valuation allowance to be provided on recorded deferred tax assets involves estimates regarding (1) the timing and amount of the reversal of taxable temporary differences, (2) expected future taxable income, and (3) the impact of tax planning strategies. A valuation allowance is established to offset any deferred tax assets if, based upon the available evidence it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the need for a valuation allowance, we consider all available positive and negative evidence, including past operating results, projections of future taxable income and the feasibility of ongoing tax planning strategies. The projections of future taxable income include a number of estimates and assumptions regarding our volume, pricing and costs. Additionally, valuation allowances related to deferred tax assets can be impacted by changes to tax laws. | |
Significant judgment is required in determining income tax provisions and in evaluating tax positions. We establish additional reserves for income taxes when, despite the belief that tax positions are fully supportable, there remain certain positions that do not meet the minimum recognition threshold. The approach for evaluating certain and uncertain tax positions is defined by the authoritative guidance which determines when a tax position is more likely than not to be sustained upon examination by the applicable taxing authority. In the normal course of business, the Company and its subsidiaries are examined by various federal, state and foreign tax authorities. We regularly assess the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of our provision for income taxes. We continually assess the likelihood and amount of potential adjustments and adjust the income tax provision, the current tax liability and deferred taxes in the period in which the facts that give rise to a change in estimate become known. | |
Earnings Per Share | ' |
Earnings Per Share—Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. | |
Use of Estimates | ' |
Use of Estimates—The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures in the accompanying notes. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. | |
Reclassifications | ' |
Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements—Changes to accounting principles generally accepted in the United States of America (U.S. GAAP) are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU's) to the FASB's Accounting Standards Codification. | |
The Company considers the applicability and impact of all ASU's. ASU's not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. | |
In May 2011, the FASB issued amendments to clarify the application of existing fair value measurements and expand existing disclosure requirements. These amendments, effective for the interim and annual periods beginning on or after December 15, 2011 (early adoption was prohibited), resulted in a common definition of fair value and common requirements for measurement of and disclosure requirements between U.S. GAAP and International Financial Reporting Standards. The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. | |
In June 2011, the FASB issued amendments to disclosure requirements for presentation of comprehensive income. This guidance, effective retrospectively for the interim and annual periods beginning on or after December 15, 2011 (early adoption was permitted), required presentation of total comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued an amendment to defer the presentation on the face of the financial statements the effects of reclassifications out of accumulated other comprehensive income on the components of net income and other comprehensive income for annual and interim financial statements. The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. In February 2013, the FASB issued amendments to disclosure requirements for presentation of comprehensive income. The standard required presentation (either in a single note or parenthetically on the face of the financial statements) of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component was not required to be reclassified to net income in its entirety, a cross reference to the related footnote for additional information would be required. The amendments were effective prospectively for reporting periods beginning after December 15, 2012 (early adoption was permitted). Since these amendments to accounting guidance impacted presentation and disclosure requirements only, their adoption did not have a material impact on our consolidated financial position or results of operations. | |
In September 2011, the FASB issued amendments to the goodwill impairment guidance which provided an option for companies to use a qualitative approach to test goodwill for impairment if certain conditions were met. The amendments were effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011 (early adoption was permitted). The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. | |
In July 2012, the FASB issued amendments to the indefinite-lived intangible asset impairment guidance which provided an option for companies to use a qualitative approach to test indefinite-lived intangible assets for impairment if certain conditions were met. The amendments were effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. The implementation of the amended accounting guidance did not have a material impact on our consolidated financial position or results of operations. | |
In February 2013, the FASB issued amendments to guidance for obligations resulting from joint and several liability arrangements. The amended guidance requires an entity to measure obligations resulting from joint and several liability arrangements for which the sum of (1) the amount of the obligation within the scope of this guidance is fixed at the reporting date, as the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The amendments should be applied retrospectively to all prior periods presented for obligations within the scope of guidance that exist at the beginning of an entity's fiscal year of adoption. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (early adoption is permitted). The implementation of the amended accounting guidance is not expected to have a material impact on our consolidated financial position or results of operations. | |
In March 2013, the FASB issued amendments to address the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013 (early adoption is permitted). The initial adoption has no impact on our consolidated financial position and results of operations. | |
In July 2013, the FASB issued amendments to allow the Federal Funds Effective Swap Rate (which is the Overnight Index Swap rate, or OIS rate, in the U.S.) to be designated as a benchmark interest rate for hedge accounting purposes under the derivatives and hedging guidance. The amendments also allowed for the use of different benchmark rates for similar hedges. The amendments were effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The initial adoption had no impact on our consolidated financial position and results of operation. | |
In July 2013, the FASB issued amendments to guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments require entities to present an unrecognized tax benefit netted against certain deferred tax assets when specific requirements are met. However, the amendments only affect gross versus net presentation and do not impact the calculation of the unrecognized tax benefit. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 (early adoption is permitted). The implementation of the amended accounting guidance is not expected to have a material impact on our consolidated financial position. |
ACQUISITIONS_AND_DIVESTITUTURE1
ACQUISITIONS AND DIVESTITUTURES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Acquisitions And Divestitures [Abstract] | ' | ||||||
Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed Table Text Block | ' | ||||||
The following amounts represent the final determination of the fair value of the identifiable assets acquired and liabilities assumed: | |||||||
Cash | $ | 157 | |||||
Accounts and other receivables | 85 | ||||||
Other assets | 15 | ||||||
Intangible assets | 205 | ||||||
Deferred revenue | -221 | ||||||
Other current liabilities | -18 | ||||||
Net assets acquired | 223 | ||||||
Goodwill | 453 | ||||||
Redeemable noncontrolling interest | -151 | ||||||
\ | |||||||
Purchase price | $ | 525 | |||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||
The key components of income from discontinued operations related to CPG were as of follows: | |||||||
Years Ended | |||||||
December 31, | |||||||
2011 | |||||||
Net sales | $ | 530 | |||||
Costs, expenses and other | 421 | ||||||
Selling, general and administrative expense | 63 | ||||||
Other (income) expense | -2 | ||||||
Income before taxes | 48 | ||||||
Gain on disposal of discontinued operations | 301 | ||||||
Net income from discontinued operations | |||||||
before taxes | 349 | ||||||
Tax expense | 140 | ||||||
Net income from discontinued operations after | |||||||
taxes | $ | 209 | |||||
REPOSITIONING_AND_OTHER_CHARGE1
REPOSITIONING AND OTHER CHARGES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Repositioning And Other Charges [Abstract] | ' | |||||||||||||
Repositioning and other charges text block | ' | |||||||||||||
A summary of repositioning and other charges follows: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Severance | $ | 186 | $ | 91 | $ | 246 | ||||||||
Asset impairments | 23 | 12 | 86 | |||||||||||
Exit costs | 22 | 16 | 48 | |||||||||||
Reserve adjustments | -30 | -66 | -26 | |||||||||||
Total net repositioning charge | 201 | 53 | 354 | |||||||||||
Asbestos related litigation charges, net of insurance | 181 | 156 | 149 | |||||||||||
Probable and reasonably estimable environmental liabilities | 272 | 234 | 240 | |||||||||||
Other | 9 | 0 | 0 | |||||||||||
Total net repositioning and other charges | $ | 663 | $ | 443 | $ | 743 | ||||||||
Pretax distribution of total net repositioning and other charges by income statement classification | ' | |||||||||||||
The following table summarizes the pretax distribution of total net repositioning and other charges by income statement classification: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Cost of products and services sold | $ | 566 | $ | 428 | $ | 646 | ||||||||
Selling, general and administrative expenses | 97 | 15 | 97 | |||||||||||
$ | 663 | $ | 443 | $ | 743 | |||||||||
Pretax Impact of Total Net Repositioning and Other Charges by Segment | ' | |||||||||||||
The following table summarizes the pretax impact of total net repositioning and other charges by segment: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Aerospace | $ | 45 | $ | -5 | $ | 29 | ||||||||
Automation and Control Solutions | 93 | 18 | 191 | |||||||||||
Performance Materials and Technologies | 31 | 12 | 41 | |||||||||||
Transportation Systems | 190 | 197 | 228 | |||||||||||
Corporate | 304 | 221 | 254 | |||||||||||
$ | 663 | $ | 443 | $ | 743 | |||||||||
Total Repositioning Reserves | ' | |||||||||||||
The following table summarizes the status of our total repositioning reserves: | ||||||||||||||
Severance | Asset | Exit | ||||||||||||
Costs | Impairments | Costs | Total | |||||||||||
Balance at December 31, 2010 | $ | 270 | $ | - | $ | 34 | $ | 304 | ||||||
2011 charges | 246 | 86 | 48 | 380 | ||||||||||
2011 usage - cash | -136 | - | -23 | -159 | ||||||||||
2011 usage - noncash | - | -86 | - | -86 | ||||||||||
Adjustments | -26 | - | - | -26 | ||||||||||
Foreign currency translation | -1 | - | - | -1 | ||||||||||
Balance at December 31, 2011 | 353 | - | 59 | 412 | ||||||||||
2012 charges | 91 | 12 | 16 | 119 | ||||||||||
2012 usage - cash | -113 | - | -23 | -136 | ||||||||||
2012 usage - noncash | - | -12 | - | -12 | ||||||||||
Adjustments | -61 | - | -5 | -66 | ||||||||||
Foreign currency translation | 6 | - | - | 6 | ||||||||||
Balance at December 31, 2012 | 276 | - | 47 | 323 | ||||||||||
2013 charges | 186 | 23 | 22 | 231 | ||||||||||
2013 usage - cash | -139 | - | -21 | -160 | ||||||||||
2013 usage - noncash | - | -23 | - | -23 | ||||||||||
Adjustments | -27 | - | -3 | -30 | ||||||||||
Foreign currency translation | 6 | - | - | 6 | ||||||||||
Balance at December 31, 2013 | $ | 302 | $ | - | $ | 45 | $ | 347 | ||||||
Restructuring and Related Activities, Reportable Segment | ' | |||||||||||||
Automation and | Transportation | |||||||||||||
2011 Repositioning Actions | Aerospace | Control Solutions | Systems | Total | ||||||||||
Expected exit and disposal costs | $ | 15 | $ | 11 | $ | 7 | $ | 33 | ||||||
Costs incurred during: | ||||||||||||||
Year ended December 31, 2011 | -1 | - | - | -1 | ||||||||||
Year ended December 31, 2012 | -2 | -3 | -1 | -6 | ||||||||||
Year ended December 31, 2013 | -2 | -4 | -2 | -8 | ||||||||||
Remaining exit and disposal costs at | ||||||||||||||
31-Dec-13 | $ | 10 | $ | 4 | $ | 4 | $ | 18 | ||||||
OTHER_INCOME_EXPENSE_Tables
OTHER (INCOME) EXPENSE (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Other Income Expense [Abstract] | ' | |||||||||
Other (income) expense | ' | |||||||||
Years Ended | ||||||||||
December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Equity (income) loss of affiliated companies | $ | -36 | $ | -45 | $ | -51 | ||||
Gain on sale of available for sale investments | -195 | - | - | |||||||
Loss (gain) on sale of non-strategic businesses and assets | 20 | -5 | -61 | |||||||
Interest income | -69 | -58 | -58 | |||||||
Foreign exchange | 34 | 36 | 50 | |||||||
Other, net | 8 | 2 | 36 | |||||||
$ | -238 | $ | -70 | $ | -84 | |||||
INTEREST_AND_OTHER_FINANCIAL_C1
INTEREST AND OTHER FINANCIAL CHARGES (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Interest And Other Financial Charges [Abstract] | ' | |||||||||
Interest and other financial charges | ' | |||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Total interest and other financial charges | $ | 346 | $ | 369 | $ | 389 | ||||
Less—capitalized interest | -19 | -18 | -13 | |||||||
$ | 327 | $ | 351 | $ | 376 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Income from continuing operations by region | ' | ||||||||||
Income from continuing operations before taxes | |||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
United States | $ | 3,002 | $ | 1,761 | $ | 318 | |||||
Foreign | 2,410 | 2,114 | 1,964 | ||||||||
$ | 5,412 | $ | 3,875 | $ | 2,282 | ||||||
Tax Expense Continuing Operations Current and Deferred | ' | ||||||||||
Tax expense (benefit) | |||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
United States | $ | 993 | $ | 584 | $ | 3 | |||||
Foreign | 457 | 360 | 414 | ||||||||
$ | 1,450 | $ | 944 | $ | 417 | ||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Tax expense consists of | |||||||||||
Current: | |||||||||||
United States | $ | 663 | $ | 470 | $ | 171 | |||||
State | 97 | 10 | 13 | ||||||||
Foreign | 428 | 380 | 564 | ||||||||
$ | 1,188 | $ | 860 | $ | 748 | ||||||
Deferred: | |||||||||||
United States | $ | 160 | $ | 85 | $ | -185 | |||||
State | 72 | 19 | 4 | ||||||||
Foreign | 30 | -20 | -150 | ||||||||
262 | 84 | -331 | |||||||||
$ | 1,450 | $ | 944 | $ | 417 | ||||||
Effective income tax rate reconciliation | ' | ||||||||||
Years Ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
The U.S. statutory federal income tax rate is reconciled to our effective income tax rate as follows: | |||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||
Taxes on foreign earnings below U.S. tax rate(1) | -7.2 | -7.1 | -18.9 | ||||||||
State income taxes(1) | 1.8 | 0.8 | 0.4 | ||||||||
Manufacturing incentives | -0.9 | -1.7 | -1.8 | ||||||||
ESOP dividend tax benefit | -0.5 | -0.6 | -1.1 | ||||||||
Tax credits | -1.8 | -0.4 | -2.3 | ||||||||
Reserves for tax contingencies | 0.6 | -0.4 | 5.2 | ||||||||
All other items—net | -0.2 | -1.2 | 1.8 | ||||||||
26.8 | % | 24.4 | % | 18.3 | % | ||||||
(1) Net of changes in valuation allowance | |||||||||||
Deferred Tax Assets, Liabilities | ' | ||||||||||
December 31, | |||||||||||
Deferred tax assets: | 2013 | 2012 | |||||||||
Pension | $ | 32 | $ | 1,362 | |||||||
Postretirement benefits other than pensions | 499 | 657 | |||||||||
Asbestos and environmental | 437 | 535 | |||||||||
Employee compensation and benefits | 382 | 402 | |||||||||
Other accruals and reserves | 702 | 504 | |||||||||
Net operating and capital losses | 838 | 820 | |||||||||
Tax credit carryforwards | 266 | 333 | |||||||||
Gross deferred tax assets | 3,156 | 4,613 | |||||||||
Valuation allowance | -614 | -598 | |||||||||
Total deferred tax assets | $ | 2,542 | $ | 4,015 | |||||||
Deferred tax liabilities: | |||||||||||
Property, plant and equipment | $ | -654 | $ | -668 | |||||||
Intangibles | -1,126 | -1,106 | |||||||||
Other asset basis differences | -350 | -327 | |||||||||
Other | -22 | -39 | |||||||||
Total deferred tax liabilities | -2,152 | -2,140 | |||||||||
Net deferred taxes | $ | 390 | $ | 1,875 | |||||||
Change in unrecognized tax benefits | ' | ||||||||||
2013 | 2012 | 2011 | |||||||||
Change in unrecognized tax benefits: | |||||||||||
Balance at beginning of year | $ | 722 | $ | 815 | $ | 757 | |||||
Gross increases related to current period tax positions | 41 | 25 | 46 | ||||||||
Gross increases related to prior periods tax positions | 118 | 44 | 327 | ||||||||
Gross decreases related to prior periods tax positions | -21 | -62 | -56 | ||||||||
Decrease related to resolutions of audits with tax authorities | -92 | -40 | -237 | ||||||||
Expiration of the statute of limitations for the assessment of taxes | -30 | -64 | -12 | ||||||||
Foreign currency translation | -9 | 4 | -10 | ||||||||
Balance at end of year | $ | 729 | $ | 722 | $ | 815 | |||||
Summary of Income Tax Examinations | ' | ||||||||||
Open Tax Year | |||||||||||
Jurisdiction | Examination in | Examination not yet | |||||||||
progress | initiated | ||||||||||
United States (1) | 2001–2012 | 2007–2013 | |||||||||
United Kingdom | N/A | 2011-2013 | |||||||||
Canada(1) | 2007-2012 | 2013 | |||||||||
Germany(1) | 2004-2011 | 2010-2013 | |||||||||
France | 2000-2003, 2008-2013 | 2004-2007 | |||||||||
Netherlands | 2009 | 2010-2013 | |||||||||
Australia | N/A | 2009-2013 | |||||||||
China | 2003-2012 | 2013 | |||||||||
India | 2000–2011 | 2012-2013 | |||||||||
Italy | 2008-2012 | 2013 | |||||||||
(1) Includes federal as well as state, provincial or similar local jurisdictions, as applicable. |
EARNINGS_LOSS_PER_SHARE_Tables
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share (Tables) [Abstract] | ' | ||||||||||
Earnings per share basic | ' | ||||||||||
Years Ended December 31, | |||||||||||
Basic | 2013 | 2012 | 2011 | ||||||||
Income from continuing operations less net | |||||||||||
income attributable to the noncontrolling interest | $ | 3,924 | $ | 2,926 | $ | 1,858 | |||||
Income from discontinued operations | - | - | 209 | ||||||||
Net income attributable to Honeywell | $ | 3,924 | $ | 2,926 | $ | 2,067 | |||||
Weighted average shares outstanding | 786.4 | 782.4 | 780.8 | ||||||||
Earnings per share of common stock: | |||||||||||
Income from continuing operations | $ | 4.99 | $ | 3.74 | $ | 2.38 | |||||
Income from discontinued operations | - | - | 0.27 | ||||||||
Net Income attributable to Honeywell | $ | 4.99 | $ | 3.74 | $ | 2.65 | |||||
Earnings per share diluted | ' | ||||||||||
Years Ended December 31, | |||||||||||
Assuming Dilution | 2013 | 2012 | 2011 | ||||||||
Income from continuing operations less net | |||||||||||
income attributable to the noncontrolling interest | $ | 3,924 | $ | 2,926 | $ | 1,858 | |||||
Income from discontinued operations | - | - | 209 | ||||||||
Net income attributable to Honeywell | $ | 3,924 | $ | 2,926 | $ | 2,067 | |||||
Average Shares | |||||||||||
Weighted average shares outstanding | 786.4 | 782.4 | 780.8 | ||||||||
Dilutive securities issuable - stock plans | 10.9 | 9.5 | 10.8 | ||||||||
Total weighted average diluted shares outstanding | 797.3 | 791.9 | 791.6 | ||||||||
Earnings per share of common stock - | |||||||||||
assuming dilution: | |||||||||||
Income from continuing operations | $ | 4.92 | $ | 3.69 | $ | 2.35 | |||||
Income from discontinuing operations | - | - | 0.26 | ||||||||
Net income attributable to Honeywell | $ | 4.92 | $ | 3.69 | $ | 2.61 | |||||
ACCOUNTS_NOTES_AND_OTHER_RECEI1
ACCOUNTS, NOTES AND OTHER RECEIVABLES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts, Notes And Other Receivables [Abstract] | ' | |||||||
Schedule of trade, notes, and other receivables | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Trade | $ | 7,530 | $ | 6,940 | ||||
Other | 646 | 737 | ||||||
8,176 | 7,677 | |||||||
Less - Allowance for doubtful accounts | -247 | -248 | ||||||
$ | 7,929 | $ | 7,429 |
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventories [Abstract] | ' | |||||||
Inventories | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Raw materials | $ | 1,121 | $ | 1,152 | ||||
Work in process | 841 | 859 | ||||||
Finished products | 2,497 | 2,421 | ||||||
4,459 | 4,432 | |||||||
Reduction to LIFO cost basis | -166 | -197 | ||||||
$ | 4,293 | $ | 4,235 |
INVESTMENTS_AND_LONGTERM_RECEI1
INVESTMENTS AND LONG-TERM RECEIVABLES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Investment And Long Term Receivables [Abstract] | ' | |||||||
Investments and long-term receivables | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Investments | $ | 143 | $ | 424 | ||||
Long-term trade and other receivables | 235 | 168 | ||||||
Long-term financing receivables | 15 | 31 | ||||||
$ | 393 | $ | 623 | |||||
Long-term Trade, Financing and Other Receivables By Segment | ' | |||||||
December 31, | ||||||||
2013 | ||||||||
Aerospace | $ | 14 | ||||||
Automation and Control Solutions | 132 | |||||||
Performance Materials and Technologies | 23 | |||||||
Transportation Systems | 15 | |||||||
Corporate | 71 | |||||||
$ | 255 |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property Plant And Equipment [Abstract] | ' | |||||||
Plant, property and equipment | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land and improvements | $ | 376 | $ | 367 | ||||
Machinery and equipment | 10,437 | 10,023 | ||||||
Buildings and improvements | 3,157 | 3,045 | ||||||
Construction in progress | 647 | 592 | ||||||
14,617 | 14,027 | |||||||
Less—Accumulated depreciation | -9,339 | -9,026 | ||||||
$ | 5,278 | $ | 5,001 |
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES-NET (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill And Other Intangible Assets, Net (Tables) [Abstract] | ' | |||||||||||||
Carrying amount of goodwill | ' | |||||||||||||
Currency | ||||||||||||||
December 31, | Translation | December 31, | ||||||||||||
2012 | Acquisitions | Adjustment | 2013 | |||||||||||
Aerospace | $ | 2,075 | $ | - | $ | 1 | $ | 2,076 | ||||||
Automation and Control | ||||||||||||||
Solutions | 8,343 | 606 | - | 8,949 | ||||||||||
Performance Materials | ||||||||||||||
and Technologies | 1,810 | 12 | 2 | 1,824 | ||||||||||
Transportation Systems | 197 | - | - | 197 | ||||||||||
$ | 12,425 | $ | 618 | $ | 3 | $ | 13,046 | |||||||
Acquired Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Gross | Net | Gross | Net | |||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||
Determinable life intangibles: | ||||||||||||||
Patents and technology | $ | 1,438 | $ | -935 | $ | 503 | $ | 1,224 | $ | -841 | $ | 383 | ||
Customer relationships | 1,904 | -749 | 1,155 | 1,736 | -625 | 1,111 | ||||||||
Trademarks | 194 | -118 | 76 | 179 | -103 | 76 | ||||||||
Other | 294 | -234 | 60 | 311 | -157 | 154 | ||||||||
3,830 | -2,036 | 1,794 | 3,450 | -1,726 | 1,724 | |||||||||
Indefinite life intangibles: | ||||||||||||||
Trademarks | 720 | - | 720 | 725 | - | 725 | ||||||||
$ | 4,550 | $ | -2,036 | $ | 2,514 | $ | 4,175 | $ | -1,726 | $ | 2,449 | |||
Acquired Indefinite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Gross | Net | Gross | Net | |||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||
Determinable life intangibles: | ||||||||||||||
Patents and technology | $ | 1,438 | $ | -935 | $ | 503 | $ | 1,224 | $ | -841 | $ | 383 | ||
Customer relationships | 1,904 | -749 | 1,155 | 1,736 | -625 | 1,111 | ||||||||
Trademarks | 194 | -118 | 76 | 179 | -103 | 76 | ||||||||
Other | 294 | -234 | 60 | 311 | -157 | 154 | ||||||||
3,830 | -2,036 | 1,794 | 3,450 | -1,726 | 1,724 | |||||||||
Indefinite life intangibles: | ||||||||||||||
Trademarks | 720 | - | 720 | 725 | - | 725 | ||||||||
$ | 4,550 | $ | -2,036 | $ | 2,514 | $ | 4,175 | $ | -1,726 | $ | 2,449 |
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities Current (Tables) [Abstract] | ' | |||||||
Accrued liabilities | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Compensation, benefit and other employee related | $ | 1,506 | $ | 1,447 | ||||
Customer advances and deferred income | 2,172 | 2,127 | ||||||
Asbestos related liabilities | 461 | 480 | ||||||
Repositioning | 303 | 323 | ||||||
Product warranties and performance guarantees | 323 | 375 | ||||||
Environmental costs | 304 | 304 | ||||||
Income taxes | 240 | 548 | ||||||
Accrued interest | 100 | 108 | ||||||
Other taxes (payroll, sales, VAT etc.) | 249 | 232 | ||||||
Insurance | 255 | 192 | ||||||
Other (primarily operating expenses) | 1,066 | 1,072 | ||||||
$ | 6,979 | $ | 7,208 |
LONGTERM_DEBT_AND_CREDIT_AGREE1
LONG-TERM DEBT AND CREDIT AGREEMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long Term Debt And Credit Agreements Tables [Abstract] | ' | ||||||||
Long-Term Debt and Credit Agreements | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
4.25% notes due 2013 | $ | - | $ | 600 | |||||
3.875% notes due 2014 | 600 | 600 | |||||||
Floating rate notes due 2015 | 700 | - | |||||||
5.40% notes due 2016 | 400 | 400 | |||||||
5.30% notes due 2017 | 400 | 400 | |||||||
5.30% notes due 2018 | 900 | 900 | |||||||
5.00% notes due 2019 | 900 | 900 | |||||||
4.25% notes due 2021 | 800 | 800 | |||||||
3.35% notes due 2023 | 300 | - | |||||||
5.70% notes due 2036 | 550 | 550 | |||||||
5.70% notes due 2037 | 600 | 600 | |||||||
5.375% notes due 2041 | 600 | 600 | |||||||
Industrial development bond obligations, floating | |||||||||
rate maturing at various dates through 2037 | 35 | 37 | |||||||
6.625% debentures due 2028 | 216 | 216 | |||||||
9.065% debentures due 2033 | 51 | 51 | |||||||
Other (including capitalized leases), 0.6%-13.3% | |||||||||
maturing at various dates through 2023 | 381 | 366 | |||||||
7,433 | 7,020 | ||||||||
Less: current portion | -632 | -625 | |||||||
$ | 6,801 | $ | 6,395 | ||||||
Principal Payments on Long-Term Debt | ' | ||||||||
The schedule of principal payments on long-term debt is as follows: | |||||||||
December 31, | |||||||||
2013 | |||||||||
2014 | $ | 632 | |||||||
2015 | 860 | ||||||||
2016 | 468 | ||||||||
2017 | 442 | ||||||||
2018 | 901 | ||||||||
Thereafter | 4,130 | ||||||||
7,433 | |||||||||
Less-current portion | -632 | ||||||||
$ | 6,801 |
LEASE_COMMITMENTS_Tables
LEASE COMMITMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Commitments [Abstract] | ' | ||||
Lease commitments | ' | ||||
At December 31, | |||||
2013 | |||||
2014 | $ | 313 | |||
2015 | 252 | ||||
2016 | 188 | ||||
2017 | 135 | ||||
2018 | 92 | ||||
Thereafter | 264 | ||||
$ | 1,244 |
FINANCIAL_INSTRUMENTS_AND_FAIR1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Financial Instruments And Fair Value Measures [Abstract] | ' | |||||||||||
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis Table Text Block | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Foreign currency exchange contracts | $ | 20 | $ | 52 | ||||||||
Available for sale investments | 826 | 518 | ||||||||||
Interest rate swap agreements | 63 | 146 | ||||||||||
Forward commodity contracts | - | 1 | ||||||||||
Liabilities: | ||||||||||||
Foreign currency exchange contracts | $ | 27 | $ | 32 | ||||||||
Interest rate swap agreements | 8 | - | ||||||||||
Forward commodity contracts | - | 1 | ||||||||||
Financial assets and liabilities that were not carried at fair value | ' | |||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
Value | Value | Value | Value | |||||||||
Assets | ||||||||||||
Long-term receivables | $ | 250 | $ | 245 | $ | 199 | $ | 200 | ||||
Liabilities | ||||||||||||
Long-term debt and related current maturities | $ | 7,433 | $ | 8,066 | $ | 7,020 | $ | 8,152 | ||||
Asset and Liability Derivatives Both Designated and Not Designated as Hedging Instruments at Fair Value | ' | |||||||||||
Fair value of derivatives classified as assets consist of the following: | ||||||||||||
December 31, | ||||||||||||
Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accounts, notes, and other receivables | $ | 16 | $ | 37 | |||||||
Interest rate swap agreements | Other assets | 63 | 146 | |||||||||
Forward commodity contracts | Accounts, notes, and other receivables | - | 1 | |||||||||
December 31, | ||||||||||||
Not Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accounts, notes, and other receivables | $ | 4 | $ | 15 | |||||||
Fair value of derivatives classified as liabilities consist of the following: | ||||||||||||
December 31, | ||||||||||||
Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accrued liabilities | $ | 23 | $ | 29 | |||||||
Interest rate swap agreements | Accrued liabilities | 8 | - | |||||||||
Forward commodity contracts | Accrued liabilities | - | 1 | |||||||||
December 31, | ||||||||||||
Not Designated as a Hedge | Balance Sheet Classification | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Accrued liabilities | $ | 4 | $ | 3 | |||||||
Gains (losses) recognized in OCI and reclassified from AOCI to income | ' | |||||||||||
Gains (losses) recognized in other comprehensive income (effective portions) consist of the following: | ||||||||||||
Years Ended | ||||||||||||
December 31, | ||||||||||||
Designated Cash Flow Hedge | 2013 | 2012 | ||||||||||
Foreign currency exchange contracts | $ | -37 | $ | 31 | ||||||||
Forward commodity contracts | -1 | -8 | ||||||||||
Gains (losses) reclassified from AOCI to income consist of the following: | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
Designated Cash Flow Hedge | Income Statement Location | 2013 | 2012 | |||||||||
Foreign currency exchange contracts | Product sales | $ | -7 | $ | -7 | |||||||
Cost of products sold | -4 | 23 | ||||||||||
Sales & general administrative | -11 | -12 | ||||||||||
Forward commodity contracts | Cost of products sold | $ | -1 | $ | -17 | |||||||
OTHER_LIABILITIES_Tables
OTHER LIABILITIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities Current (Tables) [Abstract] | ' | |||||||
Other liabilities | ' | |||||||
Years Ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Pension and other employee related | $ | 1,756 | $ | 4,440 | ||||
Environmental | 339 | 350 | ||||||
Income taxes | 952 | 550 | ||||||
Insurance | 241 | 273 | ||||||
Asset retirement obligations(1) | 68 | 71 | ||||||
Deferred income | 44 | 47 | ||||||
Other | 334 | 182 | ||||||
$ | 3,734 | $ | 5,913 | |||||
(1) Asset retirement obligations primarily relate to costs associated with the future retirement of nuclear fuel conversion facilities in our Performance Materials and Technologies segment and the future retirement of facilities in our Automation and Control Solutions segment. | ||||||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | |||||||
2013 | 2012 | |||||||
Change in asset retirement obligations: | ||||||||
Balance at beginning of year | $ | 71 | $ | 74 | ||||
Liabilities settled | -5 | -8 | ||||||
Adjustments | - | 3 | ||||||
Accretion expense | 2 | 2 | ||||||
Balance at end of year | $ | 68 | $ | 71 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ||||||||||||
Accumulated other comprehensive income (loss) | ' | ||||||||||||
Pretax | Tax | After Tax | |||||||||||
Year Ended December 31, 2013 | |||||||||||||
Foreign exchange translation adjustment | $ | -52 | $ | - | $ | -52 | |||||||
Pensions and other postretirement benefit adjustments | 3,514 | -1,311 | 2,203 | ||||||||||
Changes in fair value of available for sale investments | 30 | -17 | 13 | ||||||||||
Changes in fair value of effective cash flow hedges | -14 | 7 | -7 | ||||||||||
$ | 3,478 | $ | -1,321 | $ | 2,157 | ||||||||
Year Ended December 31, 2012 | |||||||||||||
Foreign exchange translation adjustment | $ | 282 | $ | - | $ | 282 | |||||||
Pensions and other postretirement benefit adjustments | -285 | 87 | -198 | ||||||||||
Changes in fair value of available for sale investments | 54 | -60 | -6 | ||||||||||
Changes in fair value of effective cash flow hedges | 35 | -8 | 27 | ||||||||||
$ | 86 | $ | 19 | $ | 105 | ||||||||
Year Ended December 31, 2011 | |||||||||||||
Foreign exchange translation adjustment | $ | -146 | $ | - | $ | -146 | |||||||
Pensions and other postretirement benefit adjustments | -317 | 108 | -209 | ||||||||||
Changes in fair value of available for sale investments | 12 | - | 12 | ||||||||||
Changes in fair value of effective cash flow hedges | -41 | 7 | -34 | ||||||||||
$ | -492 | $ | 115 | $ | -377 | ||||||||
Components of Accumulated Other Comprehensive Income (Loss) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Cumulative foreign exchange translation adjustment | $ | 304 | $ | 356 | |||||||||
Pensions and other postretirement benefit adjustments | 355 | -1,848 | |||||||||||
Change in fair value of available for sale investments | 170 | 157 | |||||||||||
Change in fair value of effective cash flow hedges | -11 | -4 | |||||||||||
$ | 818 | $ | -1,339 | ||||||||||
Changes in Accumulated Other Comprehensive Income by Component | |||||||||||||
Changes in | Changes in | ||||||||||||
Foreign | Pension | Fair Value of | Fair Value of | ||||||||||
Exchange | and Other | Available | Effective | ||||||||||
Translation | Postretirement | for Sale | Cash Flow | ||||||||||
Adjustment | Adjustments | Investments | Hedges | Total | |||||||||
Balance at December 31, 2012 | $ | 356 | $ | -1,848 | $ | 157 | $ | -4 | $ | -1,339 | |||
Other comprehensive income | |||||||||||||
(loss) before reclassifications | -52 | 2,161 | 140 | -30 | 2,219 | ||||||||
Amounts reclassified from | |||||||||||||
accumulated other | |||||||||||||
comprehensive income | - | 42 | -127 | 23 | -62 | ||||||||
Net current period other | |||||||||||||
comprehensive income (loss) | -52 | 2,203 | 13 | -7 | 2,157 | ||||||||
Balance at December 31, 2013 | $ | 304 | $ | 355 | $ | 170 | $ | -11 | $ | 818 | |||
Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Affected Line in the Consolidated Statement of Operations | |||||||||||||
Product Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Total | ||||||||
Amortization of Pension and | |||||||||||||
Other Postretirement Items: | |||||||||||||
Actuarial losses | |||||||||||||
recognized | $ | - | $ | 62 | $ | 14 | $ | 13 | - | $ | 89 | ||
Prior service cost | |||||||||||||
recognized | - | 7 | 1 | 1 | - | 9 | |||||||
Transition obligation | |||||||||||||
recognized | - | 2 | - | - | - | 2 | |||||||
Settlements and | |||||||||||||
curtailments | - | -30 | -6 | -6 | - | -42 | |||||||
Losses on Cash Flow Hedges: | |||||||||||||
Foreign currency | |||||||||||||
exchange contracts | 7 | 4 | - | 11 | - | 22 | |||||||
Forward commodity | |||||||||||||
contracts | - | 1 | - | - | - | 1 | |||||||
Unrealized Gains on Available | |||||||||||||
for Sale Investments: | |||||||||||||
Reclassification | |||||||||||||
adjustment for gains | |||||||||||||
included in net income | - | - | - | - | -195 | -195 | |||||||
Total Before Tax | $ | 7 | $ | 46 | $ | 9 | $ | 19 | -195 | $ | -114 | ||
Tax Expense | 52 | ||||||||||||
Total reclassifications for the period, net of tax | $ | -62 |
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Stock Based Compensation Plans [Abstract] | ' | ||||||||||||||||
Share based compensation fair value assumptions | ' | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Weighted average fair value per share of options | |||||||||||||||||
granted during the year(1) | $ | 11.85 | $ | 13.26 | $ | 12.56 | |||||||||||
Assumptions: | |||||||||||||||||
Expected annual dividend yield | 2.55 | % | 2.57 | % | 2.68 | % | |||||||||||
Expected volatility | 24.73 | % | 30.36 | % | 27.6 | % | |||||||||||
Risk-free rate of return | 0.91 | % | 1.16 | % | 2.47 | % | |||||||||||
Expected option term (years) | 5.5 | 5.8 | 5.8 | ||||||||||||||
(1) Estimated on date of grant using Black-Scholes option-pricing model. | |||||||||||||||||
Stock Options Activity | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Exercise | ||||||||||||||||
Options | Price | ||||||||||||||||
Outstanding at December 31, 2010 | 40,791,531 | $ | 39.05 | ||||||||||||||
Granted | 7,625,950 | 57.08 | |||||||||||||||
Exercised | -7,984,840 | 36.39 | |||||||||||||||
Lapsed or canceled | -1,516,271 | 42.38 | |||||||||||||||
Outstanding at December 31, 2011 | 38,916,370 | 43.01 | |||||||||||||||
Granted | 5,788,734 | 59.86 | |||||||||||||||
Exercised | -8,347,313 | 36.52 | |||||||||||||||
Lapsed or canceled | -788,770 | 49.76 | |||||||||||||||
Outstanding at December 31, 2012 | 35,569,021 | 47.13 | |||||||||||||||
Granted | 6,041,422 | 69.89 | |||||||||||||||
Exercised | -10,329,611 | 41.91 | |||||||||||||||
Lapsed or canceled | -616,995 | 53.84 | |||||||||||||||
Outstanding at December 31, 2013 | 30,663,837 | $ | 53.27 | ||||||||||||||
Vested and expected to vest at December 31, 2013(1) | 28,190,580 | $ | 52.2 | ||||||||||||||
Exercisable at December 31, 2013 | 15,594,410 | $ | 45.76 | ||||||||||||||
(1) Represents the sum of vested options of 15.6 million and expected to vest options of 12.6 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 15.1 million. | |||||||||||||||||
Schedule of share based compensation by price ranges | ' | ||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Weighted | Average | Aggregate | Average | Aggregate | |||||||||||||
Range of | Number | Average | Exercise | Intrinsic | Number | Exercise | Intrinsic | ||||||||||
Exercise prices | Outstanding | Life(1) | Price | Value | Exercisable | Price | Value | ||||||||||
$28.35-$39.99 | 3,526,437 | 3.69 | $ | 31.29 | $ | 212 | 3,526,437 | $ | 31.29 | $ | 212 | ||||||
$40.00-$49.99 | 8,018,738 | 4.69 | 42.25 | 394 | 6,368,574 | 42.75 | 310 | ||||||||||
$50.00-$59.99 | 13,067,490 | 7.02 | 58.35 | 431 | 5,624,099 | 58.04 | 187 | ||||||||||
$60.00-$75.00 | 6,051,172 | 9.11 | 69.7 | 131 | 75,300 | 60.54 | 2 | ||||||||||
30,663,837 | 6.43 | 53.27 | $ | 1,168 | 15,594,410 | 45.76 | $ | 711 | |||||||||
(1) Average remaining contractual life in years. | |||||||||||||||||
Restricted stock units activity | ' | ||||||||||||||||
Weighted | |||||||||||||||||
Average | |||||||||||||||||
Number of | Grant Date | ||||||||||||||||
Restricted | Fair Value | ||||||||||||||||
Stock Units | Per Share | ||||||||||||||||
Non-vested at December 31, 2010 | 9,973,953 | $ | 39.89 | ||||||||||||||
Granted | 1,887,733 | 55.11 | |||||||||||||||
Vested | -1,509,528 | 49.48 | |||||||||||||||
Forfeited | -605,725 | 40.11 | |||||||||||||||
Non-vested at December 31, 2011 | 9,746,433 | 41.35 | |||||||||||||||
Granted | 2,156,753 | 59.52 | |||||||||||||||
Vested | -3,380,251 | 31.84 | |||||||||||||||
Forfeited | -427,196 | 45.78 | |||||||||||||||
Non-vested at December 31, 2012 | 8,095,739 | 49.91 | |||||||||||||||
Granted | 1,904,504 | 75.73 | |||||||||||||||
Vested | -2,995,553 | 42.17 | |||||||||||||||
Forfeited | -312,470 | 56.58 | |||||||||||||||
Non-vested at December 31, 2013 | 6,692,220 | $ | 60.04 |
REDEEMABLE_NONCONTROLLING_INTE1
REDEEMABLE NONCONTROLLING INTEREST (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Temporary Equity Disclosure [Abstract] | ' | ||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||
As of December 31, 2012, the redemption value of the redeemable noncontrolling interest approximated the carrying value. The rollforward of redeemable noncontrolling interest from December 31, 2012 to December 31, 2013 is as follows: | |||||||
2013 | |||||||
Balance at beginning of year | $ | 150 | |||||
Net income | 29 | ||||||
Distributions | -26 | ||||||
Redemption value adjustment | 11 | ||||||
Other | 3 | ||||||
Balance at end of year | $ | 167 | |||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies [Abstract] | ' | ||||||||||||||||||||
Loss Contingency | ' | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Beginning of year | $ | 654 | $ | 723 | $ | 753 | |||||||||||||||
Accruals for environmental matters deemed probable and | |||||||||||||||||||||
reasonably estimable | 272 | 234 | 240 | ||||||||||||||||||
Environmental liability payments | -304 | -320 | -270 | ||||||||||||||||||
Other | 21 | 17 | - | ||||||||||||||||||
End of year | $ | 643 | $ | 654 | $ | 723 | |||||||||||||||
Environmental liabilities are included in the following balance sheet accounts: | ' | ||||||||||||||||||||
Environmental liabilities are included in the following balance sheet accounts: | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Accrued liabilities | $ | 304 | $ | 304 | |||||||||||||||||
Other liabilities | 339 | 350 | |||||||||||||||||||
$ | 643 | $ | 654 | ||||||||||||||||||
Asbestos Related Liabilities | ' | ||||||||||||||||||||
Asbestos Related Liabilities | |||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Bendix | NARCO | Total | Bendix | NARCO | Total | Bendix | NARCO | Total | |||||||||||||
Beginning of year | $ | 653 | $ | 1,119 | $ | 1,772 | $ | 613 | $ | 1,123 | $ | 1,736 | $ | 594 | $ | 1,125 | $ | 1,719 | |||
Accrual for update to | |||||||||||||||||||||
estimated liability | 180 | 5 | 185 | 168 | -1 | 167 | 167 | 3 | 170 | ||||||||||||
Change in estimated cost of | |||||||||||||||||||||
future claims | 16 | 0 | 16 | 30 | 0 | 30 | 16 | 0 | 16 | ||||||||||||
Update of expected resolution | |||||||||||||||||||||
values for pending claims | -5 | 0 | -5 | 8 | 0 | 8 | 2 | 0 | 2 | ||||||||||||
Asbestos related liability | |||||||||||||||||||||
payments | -188 | -169 | -357 | -166 | -3 | -169 | -166 | -5 | -171 | ||||||||||||
End of year | $ | 656 | $ | 955 | $ | 1,611 | $ | 653 | $ | 1,119 | $ | 1,772 | $ | 613 | $ | 1,123 | $ | 1,736 | |||
Insurance Recoveries for Asbestos Related Liabilities | ' | ||||||||||||||||||||
Insurance Recoveries for Asbestos Related Liabilities | |||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Bendix | NARCO | Total | Bendix | NARCO | Total | Bendix | NARCO | Total | |||||||||||||
Beginning of year | $ | 138 | $ | 569 | $ | 707 | $ | 162 | $ | 618 | $ | 780 | $ | 157 | $ | 718 | $ | 875 | |||
Probable insurance | |||||||||||||||||||||
recoveries related to | |||||||||||||||||||||
estimated liability | 27 | - | 27 | 28 | - | 28 | 29 | - | 29 | ||||||||||||
Insurance receipts for | |||||||||||||||||||||
asbestos related liabilities | -24 | -34 | -58 | -60 | -62 | -122 | -34 | -100 | -134 | ||||||||||||
Insurance receivables | |||||||||||||||||||||
settlements and write offs | - | -6 | -6 | 8 | 13 | 21 | 10 | - | 10 | ||||||||||||
Other | - | 2 | 2 | - | - | - | - | - | - | ||||||||||||
End of year | $ | 141 | $ | 531 | $ | 672 | $ | 138 | $ | 569 | $ | 707 | $ | 162 | $ | 618 | $ | 780 | |||
NARCO and Bendix asbestos related balances are included in the following balance sheet accounts | ' | ||||||||||||||||||||
NARCO and Bendix asbestos related balances are included in the following balance sheet accounts: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Other current assets | $ | 77 | $ | 44 | |||||||||||||||||
Insurance recoveries for asbestos related liabilities | 595 | 663 | |||||||||||||||||||
$ | 672 | $ | 707 | ||||||||||||||||||
Accrued liabilities | $ | 461 | $ | 480 | |||||||||||||||||
Asbestos related liabilities | 1,150 | 1,292 | |||||||||||||||||||
$ | 1,611 | $ | 1,772 | ||||||||||||||||||
The following tables present information regarding Bendix related asbestos claims activity | ' | ||||||||||||||||||||
Years Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Claims Activity | 2013 | 2012 | |||||||||||||||||||
Claims Unresolved at the beginning of year | 23,141 | 22,571 | |||||||||||||||||||
Claims Filed | 4,527 | 3,920 | |||||||||||||||||||
Claims Resolved(a) | -15,366 | -3,350 | |||||||||||||||||||
Claims Unresolved at the end of year | 12,302 | 23,141 | |||||||||||||||||||
(a) Claims resolved in 2013 includes significantly aged (i.e., pending for more than six years) claims totaling 12,250 of which 92% were non-malignant. | |||||||||||||||||||||
Disease distribution of claims | ' | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
Disease Distribution of Unresolved Claims | 2013 | 2012 | |||||||||||||||||||
Mesothelioma and Other Cancer Claims | 5,810 | 5,367 | |||||||||||||||||||
Nonmalignant Claims | 6,492 | 17,774 | |||||||||||||||||||
Total Claims | 12,302 | 23,141 | |||||||||||||||||||
Average resolution values per asbestos claim | ' | ||||||||||||||||||||
Honeywell has experienced average resolution values per claim excluding legal costs as follows: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
(in whole dollars) | |||||||||||||||||||||
Malignant claims | $ | 51,000 | $ | 49,000 | $ | 48,000 | $ | 54,000 | $ | 50,000 | |||||||||||
Nonmalignant claims | $ | 850 | $ | 1,400 | $ | 1,000 | $ | 1,300 | $ | 200 | |||||||||||
Warranties and Guarantees | ' | ||||||||||||||||||||
Maximum | |||||||||||||||||||||
Potential | |||||||||||||||||||||
Future | |||||||||||||||||||||
Payments | |||||||||||||||||||||
Operating lease residual values | $ | 40 | |||||||||||||||||||
Other third parties’ financing | 5 | ||||||||||||||||||||
Customer financing | 4 | ||||||||||||||||||||
$ | 49 | ||||||||||||||||||||
Movement In Standard Product Warranty Rollforward And Balances | ' | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Beginning of year | $ | 407 | $ | 402 | $ | 415 | |||||||||||||||
Accruals for warranties/guarantees issued during the year | 212 | 196 | 197 | ||||||||||||||||||
Adjustment of pre-existing warranties/guarantees | -1 | -20 | -2 | ||||||||||||||||||
Settlement of warranty/guarantee claims | -213 | -171 | -208 | ||||||||||||||||||
End of year | $ | 405 | $ | 407 | $ | 402 | |||||||||||||||
Product warranties and product performance guarantees are included in the following balance sheet accounts: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Accrued liabilities | $ | 323 | $ | 375 | |||||||||||||||||
Other liabilities | 82 | 32 | |||||||||||||||||||
$ | 405 | $ | 407 |
PENSION_AND_OTHER_POSTRETIREME1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Pension And Other Postretirement Benefits (Tables) [Abstract] | ' | |||||||||||||||||
Defined Benefit Plans Disclosure | ' | |||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 17,117 | $ | 15,600 | $ | 5,272 | $ | 4,648 | ||||||||||
Service cost | 272 | 256 | 58 | 48 | ||||||||||||||
Interest cost | 677 | 738 | 215 | 221 | ||||||||||||||
Plan amendments | 14 | - | - | - | ||||||||||||||
Actuarial (gains) losses | -975 | 1,493 | 72 | 372 | ||||||||||||||
Acquisitions | 190 | - | 44 | - | ||||||||||||||
Benefits paid | -1,005 | -970 | -198 | -188 | ||||||||||||||
Settlements and curtailments | - | - | - | -16 | ||||||||||||||
Other | - | - | 60 | 187 | ||||||||||||||
Benefit obligation at end of year | 16,290 | 17,117 | 5,523 | 5,272 | ||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of year | 14,345 | 12,836 | 4,527 | 3,958 | ||||||||||||||
Actual return on plan assets | 3,191 | 1,654 | 428 | 336 | ||||||||||||||
Company contributions | 28 | 825 | 183 | 271 | ||||||||||||||
Acquisitions | 168 | - | 45 | - | ||||||||||||||
Benefits paid | -1,005 | -970 | -198 | -188 | ||||||||||||||
Settlements and curtailments | - | - | - | -16 | ||||||||||||||
Other | - | - | 52 | 166 | ||||||||||||||
Fair value of plan assets at end of year | 16,727 | 14,345 | 5,037 | 4,527 | ||||||||||||||
Funded status of plans | $ | 437 | $ | -2,772 | $ | -486 | $ | -745 | ||||||||||
Amounts recognized in Consolidated Balance | ||||||||||||||||||
Sheet consist of: | ||||||||||||||||||
Prepaid pension benefit cost(1) | $ | 839 | $ | - | $ | 120 | $ | 87 | ||||||||||
Accrued pension liability(2) | -402 | -2,772 | -606 | -832 | ||||||||||||||
Net amount recognized | $ | 437 | $ | -2,772 | $ | -486 | $ | -745 | ||||||||||
(1) Included in Other Assets on Consolidated Balance Sheet | ||||||||||||||||||
(2) Included in Other Liabilities - Non-Current on Consolidated Balance Sheet | ||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,477 | $ | 1,534 | ||||||||||||||
Service cost | - | 1 | ||||||||||||||||
Interest cost | 44 | 53 | ||||||||||||||||
Plan amendments | -175 | -1 | ||||||||||||||||
Actuarial (gains) losses | -108 | 34 | ||||||||||||||||
Benefits paid | -142 | -144 | ||||||||||||||||
Benefit obligation at end of year | 1,096 | 1,477 | ||||||||||||||||
Change in plan assets: | ||||||||||||||||||
Fair value of plan assets at beginning of year | - | - | ||||||||||||||||
Actual return on plan assets | - | - | ||||||||||||||||
Company contributions | - | - | ||||||||||||||||
Benefits paid | - | - | ||||||||||||||||
Fair value of plan assets at end of year | - | - | ||||||||||||||||
Funded status of plans | $ | -1,096 | $ | -1,477 | ||||||||||||||
Amounts recognized in Consolidated Balance Sheet consist of: | ||||||||||||||||||
Accrued liabilities | -130 | -167 | ||||||||||||||||
Postretirement benefit obligations other than pensions(1) | -966 | -1,310 | ||||||||||||||||
Net amount recognized | $ | -1,096 | $ | -1,477 | ||||||||||||||
(1) Excludes Non-U.S. plans of $53 and $55 million in 2013 and 2012, respectively. | ||||||||||||||||||
Other Changes in Plan Assets Recognized in Other Comprehensive Income | ' | |||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Transition obligation | $ | - | $ | - | $ | 3 | $ | 5 | ||||||||||
Prior service cost (credit) | 111 | 120 | -14 | -16 | ||||||||||||||
Net actuarial (gain) loss | -1,378 | 1,712 | 434 | 530 | ||||||||||||||
Net amount recognized | $ | -1,267 | $ | 1,832 | $ | 423 | $ | 519 | ||||||||||
Other Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Prior service (credit) | $ | -168 | $ | -48 | ||||||||||||||
Net actuarial loss | 256 | 391 | ||||||||||||||||
Net amount recognized | $ | 88 | $ | 343 | ||||||||||||||
Net Periodic Benefit Cost | ' | |||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
Net Periodic Benefit Cost | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Service cost | $ | 272 | $ | 256 | $ | 232 | $ | 58 | $ | 48 | $ | 59 | ||||||
Interest cost | 677 | 738 | 761 | 215 | 221 | 239 | ||||||||||||
Expected return on plan assets | -1,076 | -1,020 | -1,014 | -308 | -291 | -284 | ||||||||||||
Amortization of transition | ||||||||||||||||||
obligation | - | - | - | 2 | 2 | 2 | ||||||||||||
Amortization of prior service | ||||||||||||||||||
cost (credit) | 23 | 28 | 33 | -2 | -2 | -2 | ||||||||||||
Recognition of actuarial losses | - | 707 | 1,568 | 51 | 250 | 234 | ||||||||||||
Settlements and curtailments | - | - | 24 | - | 2 | 1 | ||||||||||||
Net periodic benefit (income) cost | $ | -104 | $ | 709 | $ | 1,604 | $ | 16 | $ | 230 | $ | 249 | ||||||
Other Changes in Plan Assets and | ||||||||||||||||||
Benefits Obligations Recognized in | U.S. Plans | Non-U.S. Plans | ||||||||||||||||
Other Comprehensive (Income) Loss | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||
Actuarial (gains) losses | $ | -3,090 | $ | 859 | $ | 1,628 | $ | -48 | $ | 327 | $ | 368 | ||||||
Prior service cost (credit) | 14 | - | 5 | - | - | - | ||||||||||||
Transition obligation | ||||||||||||||||||
recognized during year | - | - | - | -2 | -2 | -2 | ||||||||||||
Prior service (cost) credit | ||||||||||||||||||
recognized during year | -23 | -28 | -33 | 2 | 2 | 2 | ||||||||||||
Actuarial losses recognized | ||||||||||||||||||
during year | - | -707 | -1,568 | -51 | -250 | -234 | ||||||||||||
Foreign exchange translation | ||||||||||||||||||
adjustments | - | - | - | 3 | 23 | -11 | ||||||||||||
Total recognized in other | ||||||||||||||||||
comprehensive (income) loss | $ | -3,099 | $ | 124 | $ | 32 | $ | -96 | $ | 100 | $ | 123 | ||||||
Total recognized in net periodic | ||||||||||||||||||
benefit (income) cost and other | ||||||||||||||||||
comprehensive (income) loss | $ | -3,203 | $ | 833 | $ | 1,636 | $ | -80 | $ | 330 | $ | 372 | ||||||
Other Postretirement Benefits | ||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||
Net Periodic Benefit Cost | 2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ | - | $ | 1 | $ | 1 | ||||||||||||
Interest cost | 44 | 53 | 69 | |||||||||||||||
Amortization of prior service (credit) | -13 | -14 | -34 | |||||||||||||||
Recognition of actuarial losses | 27 | 34 | 38 | |||||||||||||||
Settlements and curtailments | -42 | -6 | -167 | |||||||||||||||
Net periodic benefit (income) cost | $ | 16 | $ | 68 | $ | -93 | ||||||||||||
Years Ended December 31, | ||||||||||||||||||
Other Changes in Plan Assets and Benefits Obligations | 2013 | 2012 | 2011 | |||||||||||||||
Recognized in Other Comprehensive (Income) Loss | ||||||||||||||||||
Actuarial (gains) losses | $ | -108 | $ | 34 | $ | 6 | ||||||||||||
Prior service (credit) | -175 | -1 | -21 | |||||||||||||||
Prior service credit recognized during year | 13 | 14 | 34 | |||||||||||||||
Actuarial losses recognized during year | -27 | -34 | -38 | |||||||||||||||
Settlements and curtailments | 42 | 6 | 167 | |||||||||||||||
Total recognized in other comprehensive (income) loss | $ | -255 | $ | 19 | $ | 148 | ||||||||||||
Total recognized in net periodic benefit (income) cost and | ||||||||||||||||||
other comprehensive (income) loss | $ | -239 | $ | 87 | $ | 55 | ||||||||||||
Assumptions Used in Calculations | ' | |||||||||||||||||
Pension Benefits | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
Actuarial assumptions used to determine | ||||||||||||||||||
benefit obligations as of December 31: | ||||||||||||||||||
Discount rate | 4.89 | % | 4.06 | % | 4.89 | % | 4.29 | % | 4.29 | % | 4.84 | % | ||||||
Expected annual rate of | ||||||||||||||||||
compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 2.81 | % | 3.55 | % | 3.67 | % | ||||||
Actuarial assumptions used to determine | ||||||||||||||||||
net periodic benefit (income) cost for | ||||||||||||||||||
years ended December 31: | ||||||||||||||||||
Discount rate | 4.06 | % | 4.89 | % | 5.25 | % | 4.29 | % | 4.84 | % | 5.4 | % | ||||||
Expected rate of return | ||||||||||||||||||
on plan assets | 7.75 | % | 8 | % | 8 | % | 6.99 | % | 7.03 | % | 7.06 | % | ||||||
Expected annual rate of | ||||||||||||||||||
compensation increase | 4.5 | % | 4.5 | % | 4.5 | % | 3.55 | % | 3.67 | % | 3.79 | % | ||||||
Other Postretirement Benefits | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Actuarial assumptions used to determine benefit | ||||||||||||||||||
obligations as of December 31: | ||||||||||||||||||
Discount rate | 4.05 | % | 3.4 | % | 4 | % | ||||||||||||
Actuarial assumptions used to determine net periodic | ||||||||||||||||||
benefit cost for years ended December 31: | ||||||||||||||||||
Discount rate | 3.4 | % | 4 | % | 4.7 | % | ||||||||||||
Accumulated Benefit Obligations in Excess of Plan Assets | ' | |||||||||||||||||
December 31, | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Projected benefit obligation | $576 | $17,117 | $911 | $4,670 | ||||||||||||||
Accumulated benefit obligation | $569 | $16,288 | $855 | $4,426 | ||||||||||||||
Fair value of plan assets | $174 | $14,345 | $307 | $3,837 | ||||||||||||||
Fair Value of Plan Assets | ' | |||||||||||||||||
U.S. Plans | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
Honeywell common stock | $ | 1,697 | $ | 1,697 | $ | - | $ | - | ||||||||||
U.S. large cap stocks | 4,147 | 4,107 | 40 | - | ||||||||||||||
U.S. mid cap stocks | 757 | 752 | 5 | - | ||||||||||||||
U.S. small cap stocks | 215 | 210 | 5 | - | ||||||||||||||
International stocks | 2,685 | 2,503 | 182 | - | ||||||||||||||
Real estate investment trusts | 90 | 90 | - | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short term investments | 956 | 955 | 1 | - | ||||||||||||||
Government securities | 266 | - | 266 | - | ||||||||||||||
Corporate bonds | 2,931 | - | 2,931 | - | ||||||||||||||
Mortgage/Asset-backed securities | 770 | - | 770 | - | ||||||||||||||
Insurance contracts | 7 | - | 7 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 1,058 | - | - | 1,058 | ||||||||||||||
Hedge funds | 6 | - | - | 6 | ||||||||||||||
Real estate funds | 237 | - | - | 237 | ||||||||||||||
Direct investments: | ||||||||||||||||||
Direct private investments | 278 | - | - | 278 | ||||||||||||||
Real estate properties | 627 | - | - | 627 | ||||||||||||||
$ | 16,727 | $ | 10,314 | $ | 4,207 | $ | 2,206 | |||||||||||
U.S. Plans | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
Honeywell common stock | $ | 1,182 | $ | 1,182 | $ | - | $ | - | ||||||||||
U.S. large cap stocks | 2,903 | 2,903 | - | - | ||||||||||||||
U.S. mid cap stocks | 731 | 731 | - | - | ||||||||||||||
U.S. small cap stocks | 261 | 261 | - | - | ||||||||||||||
International stocks | 2,203 | 2,073 | 130 | - | ||||||||||||||
Real estate investment trusts | 44 | 44 | - | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short term investments | 1,139 | 1,139 | - | - | ||||||||||||||
Government securities | 266 | - | 266 | - | ||||||||||||||
Corporate bonds | 2,728 | - | 2,728 | - | ||||||||||||||
Mortgage/Asset-backed securities | 654 | - | 654 | - | ||||||||||||||
Insurance contracts | 6 | - | 6 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 1,100 | - | - | 1,100 | ||||||||||||||
Hedge funds | 52 | - | - | 52 | ||||||||||||||
Real estate funds | 254 | - | - | 254 | ||||||||||||||
Direct investments: | ||||||||||||||||||
Direct private investments | 227 | - | - | 227 | ||||||||||||||
Real estate properties | 595 | - | - | 595 | ||||||||||||||
$ | 14,345 | $ | 8,333 | $ | 3,784 | $ | 2,228 | |||||||||||
Non-U.S. Plans | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
U.S. companies | $ | 459 | $ | 394 | $ | 65 | $ | - | ||||||||||
Non-U.S. companies | 1,929 | 244 | 1,685 | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short-term investments | 147 | 140 | 7 | - | ||||||||||||||
Government securities | 1,303 | - | 1,303 | - | ||||||||||||||
Corporate bonds | 656 | - | 656 | - | ||||||||||||||
Mortgage/Asset-backed securities | 25 | - | 25 | - | ||||||||||||||
Insurance contracts | 208 | - | 208 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 67 | - | - | 67 | ||||||||||||||
Hedge funds | 62 | - | - | 62 | ||||||||||||||
Real estate funds | 181 | - | - | 181 | ||||||||||||||
$ | 5,037 | $ | 778 | $ | 3,949 | $ | 310 | |||||||||||
Non-U.S. Plans | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
Common stock/preferred stock: | ||||||||||||||||||
U.S. companies | $ | 366 | $ | 316 | $ | 50 | $ | - | ||||||||||
Non-U.S. companies | 1,605 | 176 | 1,429 | - | ||||||||||||||
Fixed income investments: | ||||||||||||||||||
Short-term investments | 104 | 104 | - | - | ||||||||||||||
Government securities | 1,321 | - | 1,321 | - | ||||||||||||||
Corporate bonds | 571 | - | 571 | - | ||||||||||||||
Mortgage/Asset-backed securities | 8 | - | 8 | - | ||||||||||||||
Insurance contracts | 203 | - | 203 | - | ||||||||||||||
Investments in private funds: | ||||||||||||||||||
Private funds | 136 | - | - | 136 | ||||||||||||||
Hedge funds | 56 | - | - | 56 | ||||||||||||||
Real estate funds | 157 | - | - | 157 | ||||||||||||||
$ | 4,527 | $ | 596 | $ | 3,582 | $ | 349 | |||||||||||
Changes in Fair Value of Level 3 Plan Assets | ' | |||||||||||||||||
U.S. Plans | ||||||||||||||||||
Direct | ||||||||||||||||||
Private | Private | Hedge | Real Estate | Real Estate | ||||||||||||||
Funds | Investments | Funds | Funds | Properties | ||||||||||||||
Balance at December 31, 2011 | $ | 1,039 | $ | 161 | $ | 60 | $ | 256 | $ | 553 | ||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | 44 | 12 | 11 | 16 | 29 | |||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | -1 | 6 | 1 | -1 | - | |||||||||||||
Purchases | 147 | 65 | 4 | 31 | 41 | |||||||||||||
Sales and settlements | -129 | -17 | -24 | -48 | -28 | |||||||||||||
Balance at December 31, 2012 | 1,100 | 227 | 52 | 254 | 595 | |||||||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | -10 | 34 | -22 | 11 | 61 | |||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | 117 | 1 | 22 | 1 | 4 | |||||||||||||
Purchases | 94 | 37 | 9 | 15 | 15 | |||||||||||||
Sales and settlements | -243 | -21 | -55 | -44 | -48 | |||||||||||||
Balance at December 31, 2013 | $ | 1,058 | $ | 278 | $ | 6 | $ | 237 | $ | 627 | ||||||||
Non-U.S. Plans | ||||||||||||||||||
Private | Hedge | Real Estate | ||||||||||||||||
Funds | Funds | Funds | ||||||||||||||||
Balance at December 31, 2011 | $ | 112 | $ | 54 | $ | 160 | ||||||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | 3 | 2 | 8 | |||||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | 3 | - | - | |||||||||||||||
Purchases | 21 | - | 21 | |||||||||||||||
Sales and settlements | -3 | - | -32 | |||||||||||||||
Balance at December 31, 2012 | 136 | 56 | 157 | |||||||||||||||
Actual return on plan assets: | ||||||||||||||||||
Relating to assets still held | ||||||||||||||||||
at year-end | -6 | 4 | 18 | |||||||||||||||
Relating to assets sold | ||||||||||||||||||
during the year | 3 | - | -1 | |||||||||||||||
Purchases | 4 | 2 | 12 | |||||||||||||||
Sales and settlements | -70 | - | -5 | |||||||||||||||
Balance at December 31, 2013 | $ | 67 | $ | 62 | $ | 181 | ||||||||||||
Estimated Future Benefit Payments | ' | |||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2014 | $ | 1,068 | $ | 202 | ||||||||||||||
2015 | 1,111 | 208 | ||||||||||||||||
2016 | 1,106 | 213 | ||||||||||||||||
2017 | 1,105 | 219 | ||||||||||||||||
2018 | 1,118 | 226 | ||||||||||||||||
2019-2023 | 5,675 | 1,228 | ||||||||||||||||
Assumed Health Care Cost Trend Rates | ' | |||||||||||||||||
December 31, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Assumed health care cost trend rate: | ||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | ||||||||||||||
Rate that the cost trend rate gradually declines to | 5 | % | 5 | % | ||||||||||||||
Year that the rate reaches the rate it is assumed to remain at | 2019 | 2019 | ||||||||||||||||
Effect of One Percentage Point Change | ' | |||||||||||||||||
1 percentage point | ||||||||||||||||||
Increase | Decrease | |||||||||||||||||
Effect on total of service and interest cost components | $ | 3 | $ | -2 | ||||||||||||||
Effect on postretirement benefit obligation | $ | 84 | $ | -52 | ||||||||||||||
Schedule Of Benefit Payments Reflecting Expected Future Service [Table Text Block] | ' | |||||||||||||||||
Benefit payments reflecting expected future service, as appropriate, are expected to be paid as follows: | ||||||||||||||||||
Without Impact of | Net of | |||||||||||||||||
Medicare Subsidy | Medicare Subsidy | |||||||||||||||||
2014 | $ | 141 | $ | 130 | ||||||||||||||
2015 | 123 | 113 | ||||||||||||||||
2016 | 119 | 108 | ||||||||||||||||
2017 | 113 | 103 | ||||||||||||||||
2018 | 108 | 97 | ||||||||||||||||
2019-2023 | 448 | 399 |
SEGMENT_FINANCIAL_DATA_Tables
SEGMENT FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Financial Data [Abstract] | ' | ||||||||||||
Segment Financial Data | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
Net Sales | 2013 | 2012 | 2011 | ||||||||||
Aerospace | |||||||||||||
Product | $ | 7,043 | $ | 6,999 | $ | 6,494 | |||||||
Service | 4,937 | 5,041 | 4,981 | ||||||||||
Total | 11,980 | 12,040 | 11,475 | ||||||||||
Automation and Control Solutions | |||||||||||||
Product | 14,193 | 13,610 | 13,328 | ||||||||||
Service | 2,363 | 2,270 | 2,207 | ||||||||||
Total | 16,556 | 15,880 | 15,535 | ||||||||||
Performance Materials and Technologies | |||||||||||||
Product | 6,223 | 5,642 | 5,064 | ||||||||||
Service | 541 | 542 | 595 | ||||||||||
Total | 6,764 | 6,184 | 5,659 | ||||||||||
Transportation Systems | |||||||||||||
Product | 3,755 | 3,561 | 3,859 | ||||||||||
Service | - | - | - | ||||||||||
Total | 3,755 | 3,561 | 3,859 | ||||||||||
Corporate | |||||||||||||
Product | - | - | - | ||||||||||
Service | - | - | 1 | ||||||||||
Total | - | - | 1 | ||||||||||
$ | 39,055 | $ | 37,665 | $ | 36,529 | ||||||||
Depreciation and amortization | |||||||||||||
Aerospace | $ | 200 | $ | 211 | $ | 208 | |||||||
Automation and Control Solutions | 350 | 352 | 364 | ||||||||||
Performance Materials and Technologies | 288 | 215 | 216 | ||||||||||
Transportation Systems | 90 | 85 | 96 | ||||||||||
Corporate | 61 | 63 | 64 | ||||||||||
$ | 989 | $ | 926 | $ | 948 | ||||||||
Segment Profit | |||||||||||||
Aerospace | $ | 2,372 | $ | 2,279 | $ | 2,023 | |||||||
Automation and Control Solutions | 2,437 | 2,232 | 2,083 | ||||||||||
Performance Materials and Technologies | 1,271 | 1,154 | 1,042 | ||||||||||
Transportation Systems | 498 | 432 | 485 | ||||||||||
Corporate | -227 | -218 | -276 | ||||||||||
$ | 6,351 | $ | 5,879 | $ | 5,357 | ||||||||
Capital expenditures | |||||||||||||
Aerospace | $ | 205 | $ | 191 | $ | 174 | |||||||
Automation and Control Solutions | 151 | 143 | 153 | ||||||||||
Performance Materials and Technologies | 429 | 328 | 282 | ||||||||||
Transportation Systems | 105 | 129 | 133 | ||||||||||
Corporate | 57 | 93 | 48 | ||||||||||
$ | 947 | $ | 884 | $ | 790 | ||||||||
December 31, | |||||||||||||
Total Assets | 2013 | 2012 | 2011 | ||||||||||
Aerospace | $ | 9,160 | $ | 8,977 | $ | 9,109 | |||||||
Automation and Control Solutions | 20,382 | 18,754 | 19,127 | ||||||||||
Performance Materials and Technologies | 6,827 | 6,396 | 5,402 | ||||||||||
Transportation Systems | 2,219 | 2,047 | 1,991 | ||||||||||
Corporate | 6,847 | 5,679 | 4,179 | ||||||||||
$ | 45,435 | $ | 41,853 | $ | 39,808 | ||||||||
Reconciliation of Operating Profit Loss From Segments to Consolidated | ' | ||||||||||||
A reconciliation of segment profit to consolidated income from continuing operations before taxes are as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Segment Profit | $ | 6,351 | $ | 5,879 | $ | 5,357 | |||||||
Other income (expense)(1) | 202 | 25 | 33 | ||||||||||
Interest and other financial charges | -327 | -351 | -376 | ||||||||||
Stock compensation expense(2) | -170 | -170 | -168 | ||||||||||
Pension ongoing income (expense)(2) | 90 | -36 | -105 | ||||||||||
Pension mark-to-market expense(2) | -51 | -957 | -1,802 | ||||||||||
Other postretirement income (expense)(2) | -20 | -72 | 86 | ||||||||||
Repositioning and other charges (2) | -663 | -443 | -743 | ||||||||||
Income from continuing operations before taxes | $ | 5,412 | $ | 3,875 | $ | 2,282 | |||||||
(1) Equity income (loss) of affiliated companies is included in Segment Profit. | |||||||||||||
(2) Amounts included in cost of products and services sold and selling, general and administrative expenses. | |||||||||||||
GEOGRAPHIC_AREAS_FINANCIAL_DAT1
GEOGRAPHIC AREAS FINANCIAL DATA (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Geographic Areas Financial Data [Abstract] | ' | |||||||||||||||||
Geographic Areas Financial Data | ' | |||||||||||||||||
Net Sales(1) | Long-lived Assets(2) | |||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||
United States | $ | 22,978 | $ | 22,379 | $ | 21,005 | $ | 3,393 | $ | 3,118 | $ | 2,956 | ||||||
Europe | 9,804 | 9,118 | 9,604 | 905 | 932 | 919 | ||||||||||||
Other International | 6,273 | 6,168 | 5,920 | 980 | 951 | 929 | ||||||||||||
$ | 39,055 | $ | 37,665 | $ | 36,529 | $ | 5,278 | $ | 5,001 | $ | 4,804 | |||||||
(1) Sales between geographic areas approximate market and are not significant. Net sales are classified according to their country of origin. Included in United States net sales are export sales of $5,431, $5,126 and $4,549 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||
(2) Long-lived assets are comprised of property, plant and equipment - net. |
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||||
Supplemental Cash Flow Information | ' | |||||||||
Years Ended December 31, | ||||||||||
2013 | 2012 | 2011 | ||||||||
Payments for repositioning and other charges: | ||||||||||
Severance and exit cost payments | $ | -160 | $ | -136 | $ | -161 | ||||
Environmental payments | -304 | -320 | -270 | |||||||
Insurance receipts for asbestos related liabilities | 58 | 122 | 134 | |||||||
Asbestos related liability payments | -357 | -169 | -171 | |||||||
$ | -763 | $ | -503 | $ | -468 | |||||
Interest paid, net of amounts capitalized | $ | 330 | $ | 344 | $ | 378 | ||||
Income taxes paid, net of refunds | 1,271 | 919 | 578 | |||||||
Non-cash investing and financing activities: | ||||||||||
Common stock contributed to savings plans | 159 | 144 | 138 | |||||||
UNAUDITED_QUARTERLY_FINANCIAL_1
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Unaudited Quarterly Financial Information [Abstract] | ' | ||||||||||
Schedule Of Quarterly Financial Information Table Text Block | ' | ||||||||||
2013 | |||||||||||
Mar. 31 | 30-Jun | Sept. 30 | Dec. 31 | Year | |||||||
Net Sales | $ | 9,328 | $ | 9,693 | $ | 9,647 | $ | 10,387 | $ | 39,055 | |
Gross Profit | 2,545 | 2,666 | 2,705 | 2,775 | 10,691 | ||||||
Net income attributable to Honeywell | 966 | 1,021 | 990 | 947 | 3,924 | ||||||
Earnings per share - basic | 1.23 | 1.3 | 1.26 | 1.2 | 4.99 | ||||||
Earnings per share - assuming dilution | 1.21 | 1.28 | 1.24 | 1.19 | 4.92 | ||||||
Dividends paid per share | 0.41 | 0.41 | 0.41 | 0.451 | 1.68 | ||||||
Market Price per share | |||||||||||
High | 75.48 | 80.85 | 86.79 | 91.37 | 91.37 | ||||||
Low | 64.75 | 71.47 | 77.88 | 81.45 | 64.75 | ||||||
2012 | |||||||||||
Mar. 31 | 30-Jun | Sept. 30 | Dec. 31 | Year | |||||||
Net Sales | $ | 9,307 | $ | 9,435 | $ | 9,342 | $ | 9,581 | $ | 37,665 | |
Gross Profit | 2,427 | 2,513 | 2,534 | 1,900 | 9,374 | ||||||
Net income (loss) attributable to Honeywell | 823 | 902 | 950 | 251 | 2,926 | ||||||
Earnings per share - basic | 1.06 | 1.15 | 1.21 | 0.32 | 3.74 | ||||||
Earnings per share - assuming dilution | 1.04 | 1.14 | 1.2 | 0.32 | 3.69 | ||||||
Dividends paid per share | 0.3725 | 0.3725 | 0.3725 | 0.41 | 1.53 | ||||||
Market Price per share | |||||||||||
High | 61.78 | 61.29 | 61.72 | 64.29 | 64.29 | ||||||
Low | 55.18 | 52.92 | 53.6 | 59.15 | 52.92 | ||||||
SCHEDULE_IIVALUATION_AND_QUALI1
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Valuation And Qualifying Accounts (Tables) [Abstract] | ' | |||
Schedule II - Valuation and Qualifying Accounts | ' | |||
Honeywell International Inc. | ||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||
Three Years Ended December 31, 2013 | ||||
(Dollars in millions) | ||||
Allowance for Doubtful Accounts: | ||||
Balance December 31, 2010 | $ | 279 | ||
Provision charged to income | 81 | |||
Deductions from reserves | -113 | |||
Acquisitions | 14 | |||
Balance December 31, 2011 | 261 | |||
Provision charged to income | 117 | |||
Deductions from reserves | -132 | |||
Acquisitions | 2 | |||
Balance December 31, 2012 | 248 | |||
Provision charged to income | 110 | |||
Deductions from reserves | -119 | |||
Acquisitions | 8 | |||
Balance December 31, 2013 | $ | 247 | ||
Deferred Tax Assets—Valuation Allowance | ||||
Balance December 31, 2010 | $ | 636 | ||
Additions charged to income tax expense | 109 | |||
Reductions credited to income tax expense | -152 | |||
Reductions due to expiring NOLs | -8 | |||
Reductions due to capital loss carryforwards | -5 | |||
Reductions credited to equity | -13 | |||
Additions charged to goodwill | 24 | |||
Balance December 31, 2011 | 591 | |||
Additions charged to income tax expense | 72 | |||
Reductions credited to income tax expense | -54 | |||
Reductions due to expiring NOLs | -2 | |||
Reductions due to capital loss carryforwards | 14 | |||
Reductions credited to equity | 12 | |||
Reductions credited to goodwill | -35 | |||
Balance December 31, 2012 | 598 | |||
Additions charged to income tax expense | 103 | |||
Reductions credited to income tax expense | -54 | |||
Reductions due to capital loss carryforwards | -27 | |||
Reductions credited to equity | -8 | |||
Additions charged to goodwill | 2 | |||
Balance December 31, 2013 | $ | 614 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies Other Details [Abstract] | ' | ' | ' |
Date of completion of goodwill impairment test | 'March 31, 2013 | ' | ' |
Research and development expense | $1,804 | $1,847 | $1,799 |
Defined Benefit Plan, Plan Assets at Fair Value, Valuation Techniques | 'We recognize net actuarial gains or losses in excess of 10 percent of the greater of the fair value of plan assets or the plans’ projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment), and, if applicable, in any quarter in which an interim remeasurement is triggered. | ' | ' |
Minimum [Member] | ' | ' | ' |
Other Assets With Determinable Lives [Line Items] | ' | ' | ' |
Finite Lived Intangible Assets Estimated Useful Lives | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Other Assets With Determinable Lives [Line Items] | ' | ' | ' |
Finite Lived Intangible Assets Estimated Useful Lives | '24 years | ' | ' |
Buildings and improvements [Member] | Minimum [Member] | ' | ' | ' |
Property Plant And Equipment Details [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '10 | ' | ' |
Buildings and improvements [Member] | Maximum [Member] | ' | ' | ' |
Property Plant And Equipment Details [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '50 | ' | ' |
Machinery and Equipment [Member] | Minimum [Member] | ' | ' | ' |
Property Plant And Equipment Details [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '2 | ' | ' |
Machinery and Equipment [Member] | Maximum [Member] | ' | ' | ' |
Property Plant And Equipment Details [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives | '16 | ' | ' |
ACQUISITIONS_AND_DIVESTITUTURE2
ACQUISITIONS AND DIVESTITUTURES (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | Aug. 31, 2011 | Aug. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum [Member] | Maximum [Member] | Aerospace [Member] | Aerospace [Member] | Automation and Control Solutions [Member] | Automation and Control Solutions [Member] | Kings Safetywear Limited [Member] | Kings Safetywear Limited [Member] | EMS Technologies Inc [Member] | EMS Technologies Inc [Member] | EMS Technologies Inc [Member] | EMS Technologies Inc [Member] | EMS Technologies Inc [Member] | Thomas Russell Co [Member] | Thomas Russell Co [Member] | Thomas Russell Co [Member] | Thomas Russell Co [Member] | Intermec Inc [Member] | Intermec Inc [Member] | Intermec Inc [Member] | Intermec Inc [Member] | Intermec Inc [Member] | RAE Systems, Inc. [Member] | RAE Systems, Inc. [Member] | RAE Systems, Inc. [Member] | RAE Systems, Inc. [Member] | ||||
Aerospace [Member] | Automation and Control Solutions [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||
Business Combinations Paragraph Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Name Of Acquired Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'King’s Safetywear Limited (KSW) | ' | 'EMS Technologies, Inc. (EMS) | ' | ' | ' | ' | 'Thomas Russell Co. | ' | ' | ' | 'Intermec | ' | ' | ' | ' | 'RAE | ' | ' |
Business Acquisition Description Of Acquired Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'a leading international provider of branded safety footwear | ' | 'a leading provider of connectivity solutions for mobile networking, rugged mobile computers and satellite communications | ' | ' | ' | ' | 'a privately-held leading provider of technology and equipment for natural gas processing and treating | ' | ' | ' | 'a leading provider of mobile computing, RFID and bar code, label and receipt printers for use in warehousing, supply chain, field service and manufacturing environments | ' | ' | ' | ' | 'a global manufacturer of fixed and portable gas and radiation detection systems, and software | ' | ' |
Business Acquisition Date Of Acquisition Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-11 | ' | 31-Aug-11 | ' | ' | ' | ' | 22-Oct-12 | ' | ' | ' | 17-Sep-13 | ' | ' | ' | ' | 3-Jun-13 | ' | ' |
Amortizable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | $167 | ' | $119 | ' | ' | $89 | $30 | $205 | ' | ' | ' | $257 | ' | ' | ' | ' | $102 | ' | ' | ' |
Goodwill | 13,046 | 12,425 | ' | ' | ' | 2,076 | 2,075 | 8,949 | 8,343 | 157 | ' | 314 | ' | ' | ' | ' | 453 | 453 | ' | ' | 349 | ' | ' | ' | ' | 264 | ' | ' | ' |
Total Noncurrent Debt | 6,801 | 6,395 | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Revenue Reported By Acquired Entity For Last Annual Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 355 | ' | ' | ' | ' | ' | ' | ' | ' | 790 | ' | ' | ' | ' | ' | ' |
Finite Lived Intangible Assets Estimated Useful Lives | ' | ' | ' | '2 years | '24 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '10 years | ' | ' | ' | '4 years | '15 years | ' | ' | '3 years | '15 years |
Trade names with indefinite lives | 720 | 725 | ' | ' | ' | ' | ' | ' | ' | 84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Intangible Assets Net | 2,514 | 2,449 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Controlling interest acquired (as a percentage) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 70.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition Cost Of Acquired Entity Gross Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 525 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquisitions, net of cash acquired | $1,133 | $438 | $973 | ' | ' | ' | ' | ' | ' | $331 | ' | $513 | ' | ' | ' | ' | $368 | ' | ' | ' | $607 | ' | ' | ' | ' | $338 | ' | ' | ' |
Redeemable Noncontrolling Interest Paragraph Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of noncontrolling interest terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'During the calendar year 2016, Honeywell has the right to acquire and the noncontrolling shareholder has the right to sell to Honeywell the remaining 30 percent interest at a price based on a multiple of Thomas Russell Co.’s average annual operating income from 2013 to 2015, subject to a predetermined cap and floor. Additionally, Honeywell has the right to acquire the remaining 30 percent interest for a fixed price equivalent to the cap at any time on or before December 31, 2015. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_AND_DIVESTITUTURE3
ACQUISITIONS AND DIVESTITUTURES 2 (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2012 | |
Consumer Products Group [Member] | Consumer Products Group [Member] | Consumer Products Group [Member] | Friction Materials [Member] | Friction Materials [Member] | Thomas Russell Co [Member] | Thomas Russell Co [Member] | |||||
Business Acquisition Purchase Price Allocation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $6,422,000,000 | $4,634,000,000 | $3,698,000,000 | $2,650,000,000 | ' | ' | ' | ' | ' | $157,000,000 | ' |
Accounts and other receivables | 7,929,000,000 | 7,429,000,000 | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,000,000 | ' |
Deferred revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | -221,000,000 | ' |
Other current liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,000,000 | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 223,000,000 | ' |
Goodwill | 13,046,000,000 | 12,425,000,000 | ' | ' | ' | ' | ' | ' | ' | 453,000,000 | 453,000,000 |
Redeemable noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | -151,000,000 | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 525,000,000 | ' |
Divestitures Paragraph Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale price (cash and noncash) | ' | ' | ' | ' | 955,000,000 | ' | ' | ' | 155,000,000 | ' | ' |
Pre-tax gain (loss) on sale | ' | ' | ' | ' | 301,000,000 | ' | 301,000,000 | ' | ' | ' | ' |
Pretax gain (loss) on sale of disposal group | ' | ' | ' | ' | ' | ' | ' | -28,000,000 | ' | ' | ' |
Gain (loss) on sale of disposal group, net of tax | ' | ' | ' | ' | ' | ' | ' | -28,000,000 | ' | ' | ' |
Gain on sale, net of tax | ' | ' | ' | ' | 178,000,000 | 178,000,000 | ' | ' | ' | ' | ' |
Description and timing of disposal | ' | ' | ' | ' | ' | ' | ' | 'The transaction, subject to required regulatory approvals and applicable information and consultation requirements, is expected to close in the second half of 2014 | ' | ' | ' |
Segment that includes disposal group | ' | ' | ' | ' | ' | ' | ' | 'Transportation Systems | ' | ' | ' |
Disposal Group Including Discontinued Operation Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | 530,000,000 | ' | ' | ' | ' |
Costs, expenses and other | ' | ' | ' | ' | ' | ' | 421,000,000 | ' | ' | ' | ' |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | 63,000,000 | ' | ' | ' | ' |
Other (income) expense | ' | ' | ' | ' | ' | ' | -2,000,000 | ' | ' | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' |
Gain on disposal of discontinued operations | ' | ' | ' | ' | 301,000,000 | ' | 301,000,000 | ' | ' | ' | ' |
Net income from discontinued operations before taxes | ' | ' | ' | ' | ' | ' | 349,000,000 | ' | ' | ' | ' |
Tax expense | ' | ' | ' | ' | ' | ' | 140,000,000 | ' | ' | ' | ' |
Net income from discontinued operations after taxes | $0 | $0 | $209,000,000 | ' | ' | ' | $209,000,000 | ' | ' | ' | ' |
REPOSITIONING_AND_OTHER_CHARGE2
REPOSITIONING AND OTHER CHARGES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Component Of Operating Other Cost And Expense [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | $201,000,000 | $53,000,000 | $354,000,000 |
Asbestos related litigation charges, net of insurance | 181,000,000 | 156,000,000 | 149,000,000 |
Probable and reasonably estimable environmental liabilities | 272,000,000 | 234,000,000 | 240,000,000 |
Other | 9,000,000 | 0 | 0 |
Total net repositioning and other charges | 663,000,000 | 443,000,000 | 743,000,000 |
Severance Costs [Member] | ' | ' | ' |
Component Of Operating Other Cost And Expense [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 186,000,000 | 91,000,000 | 246,000,000 |
Tangible And Intangible Asset Impairment [Member] | ' | ' | ' |
Component Of Operating Other Cost And Expense [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 23,000,000 | 12,000,000 | 86,000,000 |
Exit Costs [Member] | ' | ' | ' |
Component Of Operating Other Cost And Expense [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 22,000,000 | 16,000,000 | 48,000,000 |
Reserve Adjustments [Member] | ' | ' | ' |
Component Of Operating Other Cost And Expense [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ($30,000,000) | ($66,000,000) | ($26,000,000) |
REPOSITIONING_AND_OTHER_CHARGE3
REPOSITIONING AND OTHER CHARGES 2 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | ' | ' | ' |
Cost of products and services sold | $28,364,000,000 | $28,291,000,000 | $28,556,000,000 |
Selling, general and administrative expenses | 5,190,000,000 | 5,218,000,000 | 5,399,000,000 |
Total net repositioning and other charges | 663,000,000 | 443,000,000 | 743,000,000 |
Restructuring Charges [Member] | ' | ' | ' |
Net Repositioning And Other Charges By Income Statement Classification [Line Items] | ' | ' | ' |
Cost of products and services sold | 566,000,000 | 428,000,000 | 646,000,000 |
Selling, general and administrative expenses | 97,000,000 | 15,000,000 | 97,000,000 |
Total net repositioning and other charges | $663,000,000 | $443,000,000 | $743,000,000 |
REPOSITIONING_AND_OTHER_CHARGE4
REPOSITIONING AND OTHER CHARGES 3 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ' | ' | ' |
Total net repositioning charges | $663 | $443 | $743 |
Aerospace [Member] | ' | ' | ' |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ' | ' | ' |
Total net repositioning charges | 45 | -5 | 29 |
Automation and Control Solutions [Member] | ' | ' | ' |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ' | ' | ' |
Total net repositioning charges | 93 | 18 | 191 |
Performance Materials And Technologies [Member] | ' | ' | ' |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ' | ' | ' |
Total net repositioning charges | 31 | 12 | 41 |
Transportation Systems [Member] | ' | ' | ' |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ' | ' | ' |
Total net repositioning charges | 190 | 197 | 228 |
Corporate [Member] | ' | ' | ' |
Pretax Impact Of Total Net Repositioning And Other Charges By Segment [Line Items] | ' | ' | ' |
Total net repositioning charges | $304 | $221 | $254 |
REPOSITIONING_AND_OTHER_CHARGE5
REPOSITIONING AND OTHER CHARGES 4 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employees | Employees | Employees | |
Net repositioning and other charges Paragraph Details [Abstract] | ' | ' | ' |
Gross Repositioning Charge | $231,000,000 | $119,000,000 | $380,000,000 |
Number Of Employees Severed | 3,081 | 2,204 | 3,188 |
Net Repositioning And Other Charges [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 201,000,000 | 53,000,000 | 354,000,000 |
Severance Costs [Member] | ' | ' | ' |
Net Repositioning And Other Charges [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 186,000,000 | 91,000,000 | 246,000,000 |
Tangible And Intangible Asset Impairment [Member] | ' | ' | ' |
Net Repositioning And Other Charges [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 23,000,000 | 12,000,000 | 86,000,000 |
Exit Costs [Member] | ' | ' | ' |
Net Repositioning And Other Charges [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | 22,000,000 | 16,000,000 | 48,000,000 |
Reserve Adjustments [Member] | ' | ' | ' |
Net Repositioning And Other Charges [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Incurred Cost | ($30,000,000) | ($66,000,000) | ($26,000,000) |
REPOSITIONING_ACTIONS_AND_OTHE
REPOSITIONING ACTIONS AND OTHER CHARGES 5 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restructuring And Related Activities Environmental Matters Paragraph Details [Line Items] | ' | ' | ' |
Probable and reasonably estimable environmental liabilities | $272,000,000 | $234,000,000 | $240,000,000 |
Asbestos related litigation charges, net of insurance | 181,000,000 | 156,000,000 | 149,000,000 |
Other | 9,000,000 | 0 | 0 |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Cost incurred year-to-date | 201,000,000 | 53,000,000 | 354,000,000 |
Restructuring Reserve [Line Items] | ' | ' | ' |
Balance at beginning of period, | 323,000,000 | 412,000,000 | 304,000,000 |
Charges | 231,000,000 | 119,000,000 | 380,000,000 |
Usage (cash - Severance & Exit Costs) | -160,000,000 | -136,000,000 | -159,000,000 |
Usage (non-Cash - Asset Impairment) | -23,000,000 | -12,000,000 | -86,000,000 |
Foreign currency translation adjustment | 6,000,000 | 6,000,000 | -1,000,000 |
Adjustments | -30,000,000 | -66,000,000 | -26,000,000 |
Balance at end of period, | 347,000,000 | 323,000,000 | 412,000,000 |
Severance Costs [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Cost incurred year-to-date | 186,000,000 | 91,000,000 | 246,000,000 |
Restructuring Reserve [Line Items] | ' | ' | ' |
Balance at beginning of period, | 276,000,000 | 353,000,000 | 270,000,000 |
Charges | 186,000,000 | 91,000,000 | 246,000,000 |
Usage (cash - Severance & Exit Costs) | -139,000,000 | -113,000,000 | -136,000,000 |
Usage (non-Cash - Asset Impairment) | 0 | 0 | 0 |
Foreign currency translation adjustment | 6,000,000 | 6,000,000 | -1,000,000 |
Adjustments | -27,000,000 | -61,000,000 | -26,000,000 |
Balance at end of period, | 302,000,000 | 276,000,000 | 353,000,000 |
Tangible And Intangible Asset Impairment [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Cost incurred year-to-date | 23,000,000 | 12,000,000 | 86,000,000 |
Restructuring Reserve [Line Items] | ' | ' | ' |
Balance at beginning of period, | 0 | 0 | 0 |
Charges | 23,000,000 | 12,000,000 | 86,000,000 |
Usage (cash - Severance & Exit Costs) | 0 | 0 | 0 |
Usage (non-Cash - Asset Impairment) | -23,000,000 | -12,000,000 | -86,000,000 |
Foreign currency translation adjustment | 0 | 0 | 0 |
Adjustments | 0 | 0 | 0 |
Balance at end of period, | 0 | 0 | 0 |
Exit Costs [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Cost incurred year-to-date | 22,000,000 | 16,000,000 | 48,000,000 |
Restructuring Reserve [Line Items] | ' | ' | ' |
Balance at beginning of period, | 47,000,000 | 59,000,000 | 34,000,000 |
Charges | 22,000,000 | 16,000,000 | 48,000,000 |
Usage (cash - Severance & Exit Costs) | -21,000,000 | -23,000,000 | -23,000,000 |
Usage (non-Cash - Asset Impairment) | 0 | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 | 0 |
Adjustments | -3,000,000 | -5,000,000 | 0 |
Balance at end of period, | 45,000,000 | 47,000,000 | 59,000,000 |
Reserve Adjustments [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Cost incurred year-to-date | -30,000,000 | -66,000,000 | -26,000,000 |
Repositioning Actions 2011 [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Expected exit and disposal costs | 33,000,000 | ' | ' |
Cost incurred year-to-date | -8,000,000 | -6,000,000 | -1,000,000 |
Remaining exit and disposal costs at end of period | 18,000,000 | ' | ' |
Aerospace [Member] | Repositioning Actions 2011 [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Expected exit and disposal costs | 15,000,000 | ' | ' |
Cost incurred year-to-date | -2,000,000 | -2,000,000 | -1,000,000 |
Remaining exit and disposal costs at end of period | 10,000,000 | ' | ' |
Automation and Control Solutions [Member] | Repositioning Actions 2011 [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Expected exit and disposal costs | 11,000,000 | ' | ' |
Cost incurred year-to-date | -4,000,000 | -3,000,000 | 0 |
Remaining exit and disposal costs at end of period | 4,000,000 | ' | ' |
Transportation Systems [Member] | Repositioning Actions 2011 [Member] | ' | ' | ' |
Restructuring And Related Activities Reportable Segment [Line Items] | ' | ' | ' |
Expected exit and disposal costs | 7,000,000 | ' | ' |
Cost incurred year-to-date | -2,000,000 | -1,000,000 | 0 |
Remaining exit and disposal costs at end of period | 4,000,000 | ' | ' |
Onondaga Lake [Member] | ' | ' | ' |
Restructuring And Related Activities Environmental Matters Paragraph Details [Line Items] | ' | ' | ' |
Probable and reasonably estimable environmental liabilities | $58,000,000 | ' | ' |
OTHER_INCOME_EXPENSE_Details
OTHER (INCOME) EXPENSE (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Income Disclosure Nonoperating Abstract | ' | ' | ' | ' |
Equity (income) loss of affiliated companies | ' | ($36,000,000) | ($45,000,000) | ($51,000,000) |
Gain on sale of available for sale investments | ' | -195,000,000 | 0 | 0 |
Loss (gain) on sale of non-strategic businesses and assets | ' | 20,000,000 | -5,000,000 | -61,000,000 |
Interest Income | ' | -69,000,000 | -58,000,000 | -58,000,000 |
Foreign exchange | ' | 34,000,000 | 36,000,000 | 50,000,000 |
Other expense | ' | 8,000,000 | 2,000,000 | 36,000,000 |
Other (Income) Expense, Total | ' | -238,000,000 | -70,000,000 | -84,000,000 |
Other Income Paragraph Details [Abstract] | ' | ' | ' | ' |
Payments of debt extinguishment costs | 29,000,000 | ' | ' | ' |
Other Income Expense Paragraph Details [Line Items] | ' | ' | ' | ' |
Gain on sale of available for sale investments | ' | -195,000,000 | 0 | 0 |
Automotive Onboard Sensor Products [Member] | ' | ' | ' | ' |
Other Income Expense Paragraph Details [Line Items] | ' | ' | ' | ' |
Pretax (gain) loss on sale of disposal group | ' | ' | ' | -50,000,000 |
(Gain) loss on sale of disposal group, net of tax | ' | ' | ' | -31,000,000 |
Friction Materials [Member] | ' | ' | ' | ' |
Other Income Expense Paragraph Details [Line Items] | ' | ' | ' | ' |
Pretax (gain) loss on sale of disposal group | ' | $28,000,000 | ' | ' |
INTEREST_AND_OTHER_FINANCIAL_C2
INTEREST AND OTHER FINANCIAL CHARGES (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest And Other Financial Charges [Abstract] | ' | ' | ' |
Total interest and other financial charges | $346 | $369 | $389 |
Less-capitalized interest | -19 | -18 | -13 |
Interest and other financial charges | $327 | $351 | $376 |
Interest And Other Financial Charges Paragraph Details [Abstract] | ' | ' | ' |
Short-term Debt Weighted Average Interest Rate | 0.79% | 1.43% | ' |
INCOME_TAX_Details
INCOME TAX (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income from continuing operations before taxes [Abstract] | ' | ' | ' |
United States | $3,002 | $1,761 | $318 |
Foreign | 2,410 | 2,114 | 1,964 |
Income from continuing operations before taxes | 5,412 | 3,875 | 2,282 |
Current [Abstract] | ' | ' | ' |
United States | 663 | 470 | 171 |
State | 97 | 10 | 13 |
Foreign | 428 | 380 | 564 |
Current tax expense | 1,188 | 860 | 748 |
Deferred [Abstract] | ' | ' | ' |
United States | 160 | 85 | -185 |
State | 72 | 19 | 4 |
Foreign | 30 | -20 | -150 |
Deferred tax expense | 262 | 84 | -331 |
Tax expense | 1,450 | 944 | 417 |
Income Tax Expense By Jurisdiction [Abstract] | ' | ' | ' |
United States | 993 | 584 | 3 |
Foreign | 457 | 360 | 414 |
Tax expense | $1,450 | $944 | $417 |
INCOME_TAX_2_Details
INCOME TAX 2 (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation [Abstract] | ' | ' | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Taxes on foreign earnings below U.S. tax rate | -7.20% | -7.10% | -18.90% |
State income taxes | 1.80% | 0.80% | 0.40% |
Manufacturing incentives | -0.90% | -1.70% | -1.80% |
ESOP dividend tax benefit | -0.50% | -0.60% | -1.10% |
Tax credits | -1.80% | -0.40% | -2.30% |
Reserves for tax contingencies | 0.60% | -0.40% | 5.20% |
All other items net | -0.20% | -1.20% | 1.80% |
Effective income tax rate | 26.80% | 24.40% | 18.30% |
Tax Expense Paragraph Details [Abstract] | ' | ' | ' |
Net (decrease) increase in the effective tax rate from prior period | 2.40% | 6.10% | ' |
Net (decrease) increase in foreign income tax rate | 2.00% | -4.10% | ' |
Percentage point impact from increase in valuation allowances on net operating losses | ' | 5.20% | ' |
Percentage point impact from change in tax reserves | ' | -10.00% | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Foreign effective income tax rate | 19.00% | 17.00% | ' |
Percentage point impact from pension mark to market adjustment | ' | 6.10% | ' |
Percent impact from tax expense related to foreign exchange. | ' | 1.40% | ' |
INCOME_TAX_3_Details
INCOME TAX 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Deferred Tax Assets, Net [Abstract] | ' | ' | ' |
Pension | $32 | $1,362 | ' |
Postretirement benefits other than pensions | 499 | 657 | ' |
Asbestos and environmental | 437 | 535 | ' |
Employee compensation and benefits | 382 | 402 | ' |
Other accruals and reserves | 702 | 504 | ' |
Net operating and capital losses | 838 | 820 | ' |
Tax credit carryforwards | 266 | 333 | ' |
Gross deferred tax assets | 3,156 | 4,613 | ' |
Valuation allowance | -614 | -598 | -58 |
Total deferred tax assets | 2,542 | 4,015 | ' |
Deferred Tax Liabilities Net [Abstract] | ' | ' | ' |
Property, plant and equipment | -654 | -668 | ' |
Intangibles | -1,126 | -1,106 | ' |
Other asset basis differences | -350 | -327 | ' |
Other | -22 | -39 | ' |
Total deferred tax liabilities | -2,152 | -2,140 | ' |
Net deferred taxes | $390 | $1,875 | ' |
INCOME_TAX_4_Details
INCOME TAX 4 (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Valuation Allowance Deferred Tax Asset Change in Amount | $16,000,000 | $7,000,000 | ($45,000,000) | ' |
Valuation Allowance Deferred Tax Asset Explanation of Change | 'The 2013 increase in the valuation allowance was primarily due to decreased earnings in France and Luxembourg. This is partially offset by a decrease in the valuation allowance in Germany and the United Kingdom. The 2012 increase in the valuation allowance was primarily due to decreased earnings in France and Luxembourg. This is partially offset by a decrease in the valuation allowance related to purchase accounting for various acquisitions and audit resolutions for various countries. The 2011 decrease in the valuation allowance was primarily due to decreased foreign net operating losses related to the Netherlands and Germany, partially offset by the increase in the valuation allowance of France, Luxembourg and Canada. | ' | ' | ' |
Undistributed foreign earnings | 13,500,000,000 | ' | ' | ' |
Unrecognized Tax Benefits | 729,000,000 | 722,000,000 | 815,000,000 | 757,000,000 |
Unrecognized Tax Benefits Possible Impact To Tax Expense | 729,000,000 | ' | ' | ' |
Increase (decrease) in unrecognized tax benefits | 7,000,000 | -93,000,000 | ' | ' |
Internal Revenue Service [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards | 45,000,000 | ' | ' | ' |
Operating Loss Carryforward Expiration Dates | 31-Dec-32 | ' | ' | ' |
Tax Credit Carryforward Amount Subject to Expiration Dates | 62,000,000 | ' | ' | ' |
Tax Credit Carryforward Expiration Dates | 31-Dec-32 | ' | ' | ' |
Foreign Country [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards | 3,000,000,000 | ' | ' | ' |
Tax Credit Carryforward Amount | 173,000,000 | ' | ' | ' |
Tax Credit Carryforward Expiration Dates | 31-Dec-32 | ' | ' | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating Loss Carryforwards | 2,700,000,000 | ' | ' | ' |
Operating Loss Carryforward Expiration Dates | 31-Dec-34 | ' | ' | ' |
Tax Credit Carryforward Amount | 46,000,000 | ' | ' | ' |
Tax Credit Carryforward Amount Subject to Expiration Dates | 40,000,000 | ' | ' | ' |
Tax Credit Carryforward Expiration Dates | 31-Dec-28 | ' | ' | ' |
Tax Credit Carryforward Amount Not Subject to Expiration Dates | $6,000,000 | ' | ' | ' |
INCOME_TAX_5_Details
INCOME TAX 5 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Table] | ' | ' | ' |
Balance at beginning of year | $722 | $815 | $757 |
Gross increases related to current period tax positions | 41 | 25 | 46 |
Gross increases related to prior periods tax positions | 118 | 44 | 327 |
Gross decreases related to prior periods tax positions | -21 | -62 | -56 |
Decrease related to resolutions of audits with tax authorities | -92 | -40 | -237 |
Expiration of the statue of limitations for the assessment of taxes | -30 | -64 | -12 |
Foreign currency translation | -9 | 4 | -10 |
Balance at end of year | $729 | $722 | $815 |
INCOME_TAX_6_Details
INCOME TAX 6 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Examination Paragraph Details [Abstract] | ' | ' | ' |
Income tax Examination Unrecognized Tax Benefits From Examination | $431 | $443 | $482 |
Income Tax Examination Estimated Interest and Penalties From Examination | 17 | 37 | 63 |
Income Tax Examination Accrued Interest and Penalties From Examination | $301 | $284 | $247 |
United States [Member] | 2001 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2001 | ' | ' |
United States [Member] | 2002 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2002 | ' | ' |
United States [Member] | 2003 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2003 | ' | ' |
United States [Member] | 2004 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2004 | ' | ' |
United States [Member] | 2005 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2005 | ' | ' |
United States [Member] | 2006 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2006 | ' | ' |
United States [Member] | 2007 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2007 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2007 | ' | ' |
United States [Member] | 2008 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2008 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2008 | ' | ' |
United States [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2009 | ' | ' |
United States [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2010 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2010 | ' | ' |
United States [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2011 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2011 | ' | ' |
United States [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2012 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2012 | ' | ' |
United States [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
United Kingdom [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2011 | ' | ' |
United Kingdom [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2012 | ' | ' |
United Kingdom [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
Canada [Member] | 2007 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2007 | ' | ' |
Canada [Member] | 2008 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2008 | ' | ' |
Canada [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
Canada [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2010 | ' | ' |
Canada [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2011 | ' | ' |
Canada [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2012 | ' | ' |
Canada [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
Germany [Member] | 2004 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2004 | ' | ' |
Germany [Member] | 2005 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2005 | ' | ' |
Germany [Member] | 2006 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2006 | ' | ' |
Germany [Member] | 2007 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2007 | ' | ' |
Germany [Member] | 2008 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2008 | ' | ' |
Germany [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
Germany [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2010 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2010 | ' | ' |
Germany [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2011 | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2011 | ' | ' |
Germany [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2012 | ' | ' |
Germany [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
France [Member] | 2000 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2000 | ' | ' |
France [Member] | 2001 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2001 | ' | ' |
France [Member] | 2002 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2002 | ' | ' |
France [Member] | 2003 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2003 | ' | ' |
France [Member] | 2004 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2004 | ' | ' |
France [Member] | 2005 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2005 | ' | ' |
France [Member] | 2006 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2006 | ' | ' |
France [Member] | 2007 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2007 | ' | ' |
France [Member] | 2008 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2008 | ' | ' |
France [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
France [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2010 | ' | ' |
France [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2011 | ' | ' |
France [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2012 | ' | ' |
France [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2013 | ' | ' |
Netherlands [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
Netherlands [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2010 | ' | ' |
Netherlands [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2011 | ' | ' |
Netherlands [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2012 | ' | ' |
Netherlands [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
Australia [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2009 | ' | ' |
Australia [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2010 | ' | ' |
Australia [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2011 | ' | ' |
Australia [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2012 | ' | ' |
Australia [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
China [Member] | 2003 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2003 | ' | ' |
China [Member] | 2004 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2004 | ' | ' |
China [Member] | 2005 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2005 | ' | ' |
China [Member] | 2006 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2006 | ' | ' |
China [Member] | 2007 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2007 | ' | ' |
China [Member] | 2008 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2008 | ' | ' |
China [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
China [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2010 | ' | ' |
China [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2011 | ' | ' |
China [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2012 | ' | ' |
China [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
India [Member] | 2000 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2000 | ' | ' |
India [Member] | 2001 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2001 | ' | ' |
India [Member] | 2002 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2002 | ' | ' |
India [Member] | 2003 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2003 | ' | ' |
India [Member] | 2004 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2004 | ' | ' |
India [Member] | 2005 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2005 | ' | ' |
India [Member] | 2006 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2006 | ' | ' |
India [Member] | 2007 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2007 | ' | ' |
India [Member] | 2008 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2008 | ' | ' |
India [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
India [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2010 | ' | ' |
India [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2011 | ' | ' |
India [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2012 | ' | ' |
India [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
Italy [Member] | 2008 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2008 | ' | ' |
Italy [Member] | 2009 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2009 | ' | ' |
Italy [Member] | 2010 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2010 | ' | ' |
Italy [Member] | 2011 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2011 | ' | ' |
Italy [Member] | 2012 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations In Progress, Years | '2012 | ' | ' |
Italy [Member] | 2013 | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' |
Income Tax Examinations Not Yet Initiated Years | '2013 | ' | ' |
EARNINGS_LOSS_PER_SHARE_Detail
EARNINGS (LOSS) PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations less net income attributable to the noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | $3,924,000,000 | $2,926,000,000 | $1,858,000,000 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 209,000,000 |
Net income attributable to Honeywell | 947,000,000 | 990,000,000 | 1,021,000,000 | 966,000,000 | 251,000,000 | 950,000,000 | 902,000,000 | 823,000,000 | 3,924,000,000 | 2,926,000,000 | 2,067,000,000 |
Weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 786.4 | 782.4 | 780.8 |
Earnings per share continuing operations - basic: | ' | ' | ' | ' | ' | ' | ' | ' | $4.99 | $3.74 | $2.38 |
Earnings per share discontinued operations - basic: | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.27 |
Earnings per share: Basic, Total | $1.20 | $1.26 | $1.30 | $1.23 | $0.32 | $1.21 | $1.15 | $1.06 | $4.99 | $3.74 | $2.65 |
Assuming dilution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations less net income attributable to the noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 3,924,000,000 | 2,926,000,000 | 1,858,000,000 |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 209,000,000 |
Net income attributable to Honeywell | $947,000,000 | $990,000,000 | $1,021,000,000 | $966,000,000 | $251,000,000 | $950,000,000 | $902,000,000 | $823,000,000 | $3,924,000,000 | $2,926,000,000 | $2,067,000,000 |
Average shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 786.4 | 782.4 | 780.8 |
Dilutive securities issuable - stock plans | ' | ' | ' | ' | ' | ' | ' | ' | 10.9 | 9.5 | 10.8 |
Total weighted average diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 797.3 | 791.9 | 791.6 |
Earnings per share continuing operations - assuming dilution: | ' | ' | ' | ' | ' | ' | ' | ' | $4.92 | $3.69 | $2.35 |
Earnings per share discontinued operations - assuming dilution: | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.26 |
Earnings per share - Assuming dilution, Total | $1.19 | $1.24 | $1.28 | $1.21 | $0.32 | $1.20 | $1.14 | $1.04 | $4.92 | $3.69 | $2.61 |
Earnings Per Share Paragraph Details [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options excluded from diluted computations | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | 12.5 | 9.5 |
ACCOUNTS_NOTES_AND_OTHER_RECEI2
ACCOUNTS, NOTES AND OTHER RECEIVABLES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Receivable, Net Current [Abstract] | ' | ' |
Trade | $7,530 | $6,940 |
Other | 646 | 737 |
Accounts receivable, Gross | 8,176 | 7,677 |
Less - Allowance for doubtful accounts | -247 | -248 |
Accounts receivable, Net | 7,929 | 7,429 |
Accounts Notes, And Other Receivables Paragraph Details [Abstract] | ' | ' |
Unbilled contract receivable | $1,609 | $1,495 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories Paragraph Details [Abstract] | ' | ' |
LIFO inventory amount | $405 | $325 |
LIFO reserve | 166 | 197 |
Inventory Combining Work In Process And Raw Materials Alternative Gross Abstract | ' | ' |
Raw materials | 1,121 | 1,152 |
Work in process | 841 | 859 |
Finished products | 2,497 | 2,421 |
Inventory, Gross | 4,459 | 4,432 |
Reduction to LIFO cost basis | -166 | -197 |
Inventories | $4,293 | $4,235 |
INVESTMENTS_AND_LONGTERM_RECEI2
INVESTMENTS AND LONG-TERM RECEIVABLES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Long Term Investments And Receivables Net Abstract | ' | ' |
Investments | $143 | $424 |
Long-term trade and other receivables | 235 | 168 |
Long-term financing receivables | 15 | 31 |
Total investments and long-term receivables | 393 | 623 |
Investments paragraph details [Abstract] | ' | ' |
Unbilled contract receivable long-term | 26 | 31 |
Allowance for credit losses | 5 | 4 |
Long Term Accounts Notes And Loan Receivable Net Noncurrent By Segment [Line Items] | ' | ' |
Long-term trade, financing, and other receivables | 255 | ' |
Aerospace [Member] | ' | ' |
Long Term Accounts Notes And Loan Receivable Net Noncurrent By Segment [Line Items] | ' | ' |
Long-term trade, financing, and other receivables | 14 | ' |
Automation and Control Solutions [Member] | ' | ' |
Long Term Accounts Notes And Loan Receivable Net Noncurrent By Segment [Line Items] | ' | ' |
Long-term trade, financing, and other receivables | 132 | ' |
Performance Materials And Technologies [Member] | ' | ' |
Long Term Accounts Notes And Loan Receivable Net Noncurrent By Segment [Line Items] | ' | ' |
Long-term trade, financing, and other receivables | 23 | ' |
Transportation Systems [Member] | ' | ' |
Long Term Accounts Notes And Loan Receivable Net Noncurrent By Segment [Line Items] | ' | ' |
Long-term trade, financing, and other receivables | 15 | ' |
Corporate [Member] | ' | ' |
Long Term Accounts Notes And Loan Receivable Net Noncurrent By Segment [Line Items] | ' | ' |
Long-term trade, financing, and other receivables | $71 | ' |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment Paragraph Details [Abstract] | ' | ' | ' |
Depreciation | $670 | $660 | $699 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 14,617 | 14,027 | ' |
Less: Accumulated depreciation | -9,339 | -9,026 | ' |
Property, plant and equipment - net | 5,278 | 5,001 | ' |
Land and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 376 | 367 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 10,437 | 10,023 | ' |
Buildings and improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 3,157 | 3,045 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $647 | $592 | ' |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES-NET (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite And Indefinite Other Intangible Assets [Abstract] | ' | ' | ' |
Trademarks with indefinite lives | $720,000,000 | $725,000,000 | ' |
Gross carrying amount | 4,550,000,000 | 4,175,000,000 | ' |
Accumulated Amortization | -2,036,000,000 | -1,726,000,000 | ' |
Net carrying amount | 2,514,000,000 | 2,449,000,000 | ' |
Finite Lived Intangible Assets Future Amortization Expense Abstract | ' | ' | ' |
Future Amortization Expense - 2014 | -261,000,000 | ' | ' |
Future Amortization Expense - 2015 | -217,000,000 | ' | ' |
Future Amortization Expense - 2016 | -193,000,000 | ' | ' |
Future Amortization Expense - 2017 | -183,000,000 | ' | ' |
Future Amortization Expense - 2018 | -168,000,000 | ' | ' |
Goodwill and Intangible Assets Paragraph Details [Abstract] | ' | ' | ' |
Amortization of intangible assets | 319,000,000 | 266,000,000 | 249,000,000 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assets Gross | 3,830,000,000 | 3,450,000,000 | ' |
Accumulated Amortization | -2,036,000,000 | -1,726,000,000 | ' |
Net Carrying Amount | 1,794,000,000 | 1,724,000,000 | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance at beginning of period, | 12,425,000,000 | ' | ' |
Acquisitions | 618,000,000 | ' | ' |
Currency Translation Adjustment | 3,000,000 | ' | ' |
Balance at end of period, | 13,046,000,000 | 12,425,000,000 | ' |
Aerospace [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance at beginning of period, | 2,075,000,000 | ' | ' |
Acquisitions | 0 | ' | ' |
Currency Translation Adjustment | 1,000,000 | ' | ' |
Balance at end of period, | 2,076,000,000 | ' | ' |
Automation and Control Solutions [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance at beginning of period, | 8,343,000,000 | ' | ' |
Acquisitions | 606,000,000 | ' | ' |
Currency Translation Adjustment | 0 | ' | ' |
Balance at end of period, | 8,949,000,000 | ' | ' |
Performance Materials And Technologies [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance at beginning of period, | 1,810,000,000 | ' | ' |
Acquisitions | 12,000,000 | ' | ' |
Currency Translation Adjustment | 2,000,000 | ' | ' |
Balance at end of period, | 1,824,000,000 | ' | ' |
Transportation Systems [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance at beginning of period, | 197,000,000 | ' | ' |
Acquisitions | 0 | ' | ' |
Currency Translation Adjustment | 0 | ' | ' |
Balance at end of period, | 197,000,000 | ' | ' |
Patents and Technology [Member] | ' | ' | ' |
Finite And Indefinite Other Intangible Assets [Abstract] | ' | ' | ' |
Accumulated Amortization | -935,000,000 | -841,000,000 | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assets Gross | 1,438,000,000 | 1,224,000,000 | ' |
Accumulated Amortization | -935,000,000 | -841,000,000 | ' |
Net Carrying Amount | 503,000,000 | 383,000,000 | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite And Indefinite Other Intangible Assets [Abstract] | ' | ' | ' |
Accumulated Amortization | -749,000,000 | -625,000,000 | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assets Gross | 1,904,000,000 | 1,736,000,000 | ' |
Accumulated Amortization | -749,000,000 | -625,000,000 | ' |
Net Carrying Amount | 1,155,000,000 | 1,111,000,000 | ' |
Trademarks [Member] | ' | ' | ' |
Finite And Indefinite Other Intangible Assets [Abstract] | ' | ' | ' |
Accumulated Amortization | -118,000,000 | -103,000,000 | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assets Gross | 194,000,000 | 179,000,000 | ' |
Accumulated Amortization | -118,000,000 | -103,000,000 | ' |
Net Carrying Amount | 76,000,000 | 76,000,000 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Finite And Indefinite Other Intangible Assets [Abstract] | ' | ' | ' |
Accumulated Amortization | -234,000,000 | -157,000,000 | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite Lived Intangible Assets Gross | 294,000,000 | 311,000,000 | ' |
Accumulated Amortization | -234,000,000 | -157,000,000 | ' |
Net Carrying Amount | $60,000,000 | $154,000,000 | ' |
ACCRUED_LIABILITIES_Details
ACCRUED LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued Liabilities Current [Abstract] | ' | ' |
Compensation, benefit and other employee related | $1,506 | $1,447 |
Customer advances and deferred income | 2,172 | 2,127 |
Income taxes | 240 | 548 |
Environmental costs | 304 | 304 |
Asbestos related liabilities | 461 | 480 |
Product warranties and performance guarantees | 323 | 375 |
Repositioning | 303 | 323 |
Other taxes (payroll, sales, VAT etc) | 249 | 232 |
Insurance | 255 | 192 |
Accrued interest | 100 | 108 |
Other (primarily operating expenses) | 1,066 | 1,072 |
Accrued Liabilities | $6,979 | $7,208 |
LONGTERM_DEBT_AND_CREDIT_AGREE2
LONG-TERM DEBT AND CREDIT AGREEMENTS (Details) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Dec. 31, 2013 | |
Syndicate Of Banks [Member] | Syndicate Of Banks [Member] | Syndicate Of Banks [Member] | Notes 4.25% due 2013 [Member] | Notes 4.25% due 2013 [Member] | Notes 4.25% due 2013 [Member] | Notes 3.875% due 2014 [Member] | Notes 3.875% due 2014 [Member] | Floating Rate Notes Due 2015 [Member] | Floating Rate Notes Due 2015 [Member] | Notes 5.40% due 2016 [Member] | Notes 5.40% due 2016 [Member] | Notes 5.30% due 2017 [Member] | Notes 5.30% due 2017 [Member] | Notes 5.30% due 2018 [Member] | Notes 5.30% due 2018 [Member] | Notes 5.00% due 2019 [Member] | Notes 5.00% due 2019 [Member] | Notes 4.25% due 2021 [Member] | Notes 4.25% due 2021 [Member] | Notes 3.35% due 2023 [Member] | Notes 3.35% due 2023 [Member] | Notes 5.375% Due 2041 [Member] | Notes 5.375% Due 2041 [Member] | Industrial development bond obligations, floating rate maturing at various dates through 2037 [Member] | Industrial development bond obligations, floating rate maturing at various dates through 2037 [Member] | Debentures 6.625% due 2028 [Member] | Debentures 6.625% due 2028 [Member] | Debentures 9.065% due 2033 [Member] | Debentures 9.065% due 2033 [Member] | Notes 5.70% due 2036 [Member] | Notes 5.70% due 2036 [Member] | Notes 5.70% due 2037 [Member] | Notes 5.70% due 2037 [Member] | Other including capitalized leases, .6% to 13.3% maturing at various dates through 2023 [Member] | Other including capitalized leases, .6% to 13.3% maturing at various dates through 2023 [Member] | $300 Million 3.35% senior notes due 2023 and $700 Million floating rate senior notes due 2015 [Member] | $300 Million 3.35% senior notes due 2023 and $700 Million floating rate senior notes due 2015 [Member] | ||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | ' | ' | ' | $0 | $600,000,000 | $600,000,000 | $600,000,000 | $700,000,000 | $0 | $400,000,000 | $400,000,000 | $400,000,000 | $400,000,000 | $900,000,000 | $900,000,000 | $900,000,000 | $900,000,000 | $800,000,000 | $800,000,000 | $300,000,000 | $0 | $600,000,000 | $600,000,000 | ' | ' | ' | ' | ' | ' | $550,000,000 | $550,000,000 | $600,000,000 | $600,000,000 | ' | ' | ' | ' |
Industrial development bond | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 216,000,000 | 216,000,000 | 51,000,000 | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 381,000,000 | 366,000,000 | ' | ' |
Total long-term debt, including current portion | ' | 7,433,000,000 | 7,020,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current portion | ' | -632,000,000 | -625,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Noncurrent Debt | ' | 6,801,000,000 | 6,395,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Various interest rates | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | 3.88% | ' | ' | ' | 5.40% | ' | 5.30% | ' | 5.30% | ' | 5.00% | ' | 4.25% | ' | 3.35% | ' | 5.38% | ' | ' | ' | ' | ' | 9.07% | ' | 5.70% | ' | 5.70% | ' | ' | ' | ' | ' |
Interest rate range minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.63% | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' | ' | ' |
Interest rate range maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.30% | ' | ' | ' |
Repayment of notes | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' |
Debt Instrument, Issuance Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Nov-13 |
Payments of debt extinguishment costs | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity description | ' | ' | ' | ' | ' The Credit Agreement does not restrict our ability to pay dividends and contains no financial covenants. The failure to comply with customary conditions or the occurrence of customary events of default contained in the Credit Agreement would prevent any further borrowings and would generally require the repayment of any outstanding borrowings under the Credit Agreement. Such events of default include: (a) non-payment of Credit Agreement debt, interest or fees; (b) non-compliance with the terms of the Credit Agreement covenants; (c) cross-default with other debt in certain circumstances; (d) bankruptcy or insolvency; and (e) defaults upon obligations under the Employee Retirement Income Security Act. Additionally, each of the banks has the right to terminate its commitment to lend additional funds or issue letters of credit under the Credit Agreement if any person or group acquires beneficial ownership of 30 percent or more of our voting stock, or, during any 12-month period, individuals who were directors of Honeywell at the beginning of the period cease to constitute a majority of the Board of Directors. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | 4,500,000,000 | 4,500,000,000 | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sub-Limit for Letters of Credit | ' | ' | ' | 700,000,000 | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility expiration date | ' | ' | ' | ' | 10-Dec-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | ' | ' | ' | 4,000,000,000 | 4,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rates applied to borrowings | ' | ' | ' | ' | ' Revolving credit borrowings under the Credit Agreement would bear interest, at Honeywell's option, (A) (1) at a rate equal to the highest of (a) the floating base rate publicly announced by Citibank, N.A., (b) 0.5 percent above the Federal funds rate or (c) LIBOR plus 1.00 percent, plus (2) a margin based on Honeywell's credit default swap mid-rate spread and subject to a floor and a cap as set forth in the Credit Agreement (the "Applicable Margin") minus 1.00 percent, provided such margin shall not be less than zero; or (B) at a rate equal to LIBOR plus the Applicable Margin; or (C) by a competitive bidding procedure. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility initiation date | ' | ' | ' | ' | 10-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum ownership percentage to trigger termination option | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt By Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | 632,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | 860,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | 468,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | 442,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | 901,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | 4,130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt, including current portion | ' | 7,433,000,000 | 7,020,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current portion | ' | -632,000,000 | -625,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Long-term debt | ' | $6,801,000,000 | $6,395,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LEASE_COMMITMENTS_Details
LEASE COMMITMENTS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases Operating [Abstract] | ' | ' | ' |
Years of operating lease terms | 'Principally all our operating leases have initial terms of up to 25 years, and some contain renewal options subject to customary conditions. | ' | ' |
Rent expense | $404 | $390 | $386 |
Operating Leases Future Minimum Payments Due Abstract | ' | ' | ' |
2014 | 313 | ' | ' |
2015 | 252 | ' | ' |
2016 | 188 | ' | ' |
2017 | 135 | ' | ' |
2018 | 92 | ' | ' |
Thereafter | 264 | ' | ' |
Total | $1,244 | ' | ' |
FINANCIAL_INSTRUMENTS_AND_FAIR2
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Foreign Currency Exchange Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $7,298 | $8,506 |
Forward Commodity Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | 1 | 17 |
Interest Rate Swap Agreements [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Fixed Rate Debt Percent changed to LIBOR | 3.96% | 4.09% |
Amount of fixed rate debt | $1,700 | $1,400 |
FINANCIAL_INSTRUMENTS_AND_FAIR3
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 2 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Observable Inputs (Level 2) | Foreign Currency Exchange Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | $20,000,000 | $52,000,000 |
Derivative Fair Value Of Derivative Liability | 27,000,000 | 32,000,000 |
Significant Observable Inputs (Level 2) | Interest Rate Swap Agreements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 63,000,000 | 146,000,000 |
Derivative Fair Value Of Derivative Liability | 8,000,000 | 0 |
Significant Observable Inputs (Level 2) | Forward Commodity Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 1,000,000 |
Derivative Fair Value Of Derivative Liability | 0 | 1,000,000 |
Fair Value Inputs Level 1 And Level 2 [Member] | Available-for-sale Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Available for sale investments | $826,000,000 | $518,000,000 |
FINANCIAL_INSTRUMENTS_AND_FAIR4
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 3 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term receivables | $250 | $199 |
Long-term debt and related current maturities | 7,433 | 7,020 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ' | ' |
Long-term receivables | 245 | 200 |
Long-term debt and related current maturities | $8,066 | $8,152 |
FINANCIAL_INSTRUMENTS_AND_FAIR5
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 4 (Details) (Significant Unobservable Inputs (Level 3), USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Significant Unobservable Inputs (Level 3) | ' | ' |
Fair Value By Balance Sheet Grouping Paragraph Details [Line Items] | ' | ' |
Non-Financial assets | $244 | $22 |
Asset impairment | $72 | $22 |
FINANCIAL_INSTRUMENTS_AND_FAIR6
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 5 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign Currency Exchange Contracts [Member] | Accounts, Notes and Other Receivables [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | $16,000,000 | $37,000,000 |
Foreign Currency Exchange Contracts [Member] | Accounts, Notes and Other Receivables [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 4,000,000 | 15,000,000 |
Foreign Currency Exchange Contracts [Member] | Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 23,000,000 | 29,000,000 |
Foreign Currency Exchange Contracts [Member] | Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 4,000,000 | 3,000,000 |
Interest Rate Swap Agreements [Member] | Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | 8,000,000 | 0 |
Interest Rate Swap Agreements [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 63,000,000 | 146,000,000 |
Forward Commodity Contracts [Member] | Accounts, Notes and Other Receivables [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Asset | 0 | 1,000,000 |
Forward Commodity Contracts [Member] | Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Fair Value Of Derivative Liability | $0 | $1,000,000 |
FINANCIAL_INSTRUMENTS_AND_FAIR7
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 6 (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Hedge Gain (Loss) Reclassified to Income Statement Locations Paragraph Details [Abstract] | ' | ' |
Gain (Loss) on interest rate swap agreements | ($91) | $12 |
Foreign Exchange Mark to Market income (expense) | 162 | 20 |
Foreign Currency Exchange Contracts [Member] | ' | ' |
Gains Losses Recognized In Oci [Line Items] | ' | ' |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | -37 | 31 |
Forward Commodity Contracts [Member] | ' | ' |
Gains Losses Recognized In Oci [Line Items] | ' | ' |
Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net | ($1) | ($8) |
FINANCIAL_INSTRUMENTS_AND_FAIR8
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASURES 7 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash Flow Hedge Income Statement Location [Line Items] | ' | ' | ' |
Product sales | $31,214,000,000 | $29,812,000,000 | $28,745,000,000 |
Cost of products sold | 23,317,000,000 | 22,929,000,000 | 23,220,000,000 |
Selling, general and administrative expenses | 5,190,000,000 | 5,218,000,000 | 5,399,000,000 |
Foreign Currency Exchange Contracts [Member] | ' | ' | ' |
Cash Flow Hedge Income Statement Location [Line Items] | ' | ' | ' |
Product sales | -7,000,000 | -7,000,000 | ' |
Cost of products sold | -4,000,000 | 23,000,000 | ' |
Selling, general and administrative expenses | -11,000,000 | -12,000,000 | ' |
Forward Commodity Contracts [Member] | ' | ' | ' |
Cash Flow Hedge Income Statement Location [Line Items] | ' | ' | ' |
Cost of products sold | ($1,000,000) | ($17,000,000) | ' |
OTHER_LIABILITIES_Details
OTHER LIABILITIES (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation [Roll forward] | ' | ' |
Balance at beginning of year | $71,000,000 | $74,000,000 |
Liabilities settled | -5,000,000 | -8,000,000 |
Adjustments | 0 | 3,000,000 |
Accretion expense | 2,000,000 | 2,000,000 |
Balance at end of year | 68,000,000 | 71,000,000 |
Other Liabilities Noncurrent [Abstract] | ' | ' |
Pension and other employee related | 1,756,000,000 | 4,440,000,000 |
Environmental | 339,000,000 | 350,000,000 |
Income taxes | 952,000,000 | 550,000,000 |
Insurance | 241,000,000 | 273,000,000 |
Asset retirement obligations | 68,000,000 | 71,000,000 |
Deferred income | 44,000,000 | 47,000,000 |
Other | 334,000,000 | 182,000,000 |
Total other liabilities | $3,734,000,000 | $5,913,000,000 |
CAPITAL_STOCK_Details
CAPITAL STOCK (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Capital Stock Paragraph Details [Abstract] | ' | ' |
Common stock shares authorized | 2,000,000,000 | ' |
Common Shares par value | $1 | ' |
Authorized Amount Of Common Stock Value Of Share Repurchase Program | $5,000,000,000 | ' |
Common stock share repurchase value remaining | 5,000,000,000 | ' |
Preferred Stock Shares Authorized | 40,000,000 | ' |
Reacquired stock or repurchases of common stock | $1,073,000,000 | $317,000,000 |
Stock Repurchased During Period Shares | 13,500,000 | 5,000,000 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' |
Cumulative foreign exchange translation adjustment | $304,000,000 | $356,000,000 | ' |
Pension and other postretirement benefit adjustments | 355,000,000 | -1,848,000,000 | ' |
Changes in fair value of available for sale investments | 170,000,000 | 157,000,000 | ' |
Changes in fair value of effective cash flow hedges | -11,000,000 | -4,000,000 | ' |
Accumulated Other Comprehensive Income (Loss) | 818,000,000 | -1,339,000,000 | ' |
Other Comprehensive Income Loss Before Tax Period Increase Decrease [Abstract] | ' | ' | ' |
Foreign exchange translation adjustments | -52,000,000 | 282,000,000 | -146,000,000 |
Pension and other postretirement benefit adjustments | 3,514,000,000 | -285,000,000 | -317,000,000 |
Changes in fair value of available for sale investments | 30,000,000 | 54,000,000 | 12,000,000 |
Changes in fair value of effective cash flow hedges | -14,000,000 | 35,000,000 | -41,000,000 |
Changes in accumulated other comprehensive income, pretax | 3,478,000,000 | 86,000,000 | -492,000,000 |
Other Comprehensive Income Loss Tax [Abstract] | ' | ' | ' |
Foreign exchange translation adjustments | 0 | 0 | 0 |
Pensions and other postretirement benefit adjustments | -1,311,000,000 | 87,000,000 | 108,000,000 |
Changes in fair value of available for sale investments | -17,000,000 | -60,000,000 | 0 |
Changes in fair value of effective cash flow hedges | 7,000,000 | -8,000,000 | 7,000,000 |
Other comprehensive income (loss), tax | -1,321,000,000 | 19,000,000 | 115,000,000 |
Other Comprehensive Income Loss Net Of Tax Period Increase Decrease Abstract | ' | ' | ' |
Foreign exchange translation adjustment | -52,000,000 | 282,000,000 | -146,000,000 |
Pensions and other postretirement benefit adjustments | 2,203,000,000 | -198,000,000 | -209,000,000 |
Changes in fair value of available for sale investments | 13,000,000 | -6,000,000 | 12,000,000 |
Changes in fair value of effective cash flow hedges | -7,000,000 | 27,000,000 | -34,000,000 |
Components of other comprehensive income (loss), net of tax | $2,157,000,000 | $105,000,000 | ($377,000,000) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 2 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance beginning of period December 31 | ($1,339,000,000) | ' | ' |
Other comprehensive income (loss) before reclassifications | 2,219,000,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -62,000,000 | ' | ' |
Net current period other comprehensive income (loss) | 2,157,000,000 | 105,000,000 | -377,000,000 |
Balance end of period | 818,000,000 | -1,339,000,000 | ' |
Foreign Exchange Translation Adjustment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance beginning of period December 31 | 356,000,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | -52,000,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | ' |
Net current period other comprehensive income (loss) | -52,000,000 | ' | ' |
Balance end of period | 304,000,000 | ' | ' |
Pension and Other Postretirement Adjustments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance beginning of period December 31 | -1,848,000,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | 2,161,000,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 42,000,000 | ' | ' |
Net current period other comprehensive income (loss) | 2,203,000,000 | ' | ' |
Balance end of period | 355,000,000 | ' | ' |
Changes in Fair Value of Available for Sale Investments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance beginning of period December 31 | 157,000,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | 140,000,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | -127,000,000 | ' | ' |
Net current period other comprehensive income (loss) | 13,000,000 | ' | ' |
Balance end of period | 170,000,000 | ' | ' |
Changes in Fair Value of Effective Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' |
Balance beginning of period December 31 | -4,000,000 | ' | ' |
Other comprehensive income (loss) before reclassifications | -30,000,000 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 23,000,000 | ' | ' |
Net current period other comprehensive income (loss) | -7,000,000 | ' | ' |
Balance end of period | ($11,000,000) | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 3 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | ($31,214,000,000) | ($29,812,000,000) | ($28,745,000,000) |
Cost of products sold | 23,317,000,000 | 22,929,000,000 | 23,220,000,000 |
Cost of services sold | 5,047,000,000 | 5,362,000,000 | 5,336,000,000 |
Selling, general and administrative expenses | 5,190,000,000 | 5,218,000,000 | 5,399,000,000 |
Other (income) expense | -238,000,000 | -70,000,000 | -84,000,000 |
Total | -5,412,000,000 | -3,875,000,000 | -2,282,000,000 |
Tax expense | 1,450,000,000 | 944,000,000 | 417,000,000 |
Total reclassification for the period, net of tax | -3,962,000,000 | -2,931,000,000 | -2,074,000,000 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 7,000,000 | ' | ' |
Cost of products sold | 46,000,000 | ' | ' |
Cost of services sold | 9,000,000 | ' | ' |
Selling, general and administrative expenses | 19,000,000 | ' | ' |
Other (income) expense | -195,000,000 | ' | ' |
Total | -114,000,000 | ' | ' |
Tax expense | 52,000,000 | ' | ' |
Total reclassification for the period, net of tax | -62,000,000 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Unrealized Gains on Available for Sale Investment [Member] | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 0 | ' | ' |
Cost of products sold | 0 | ' | ' |
Cost of services sold | 0 | ' | ' |
Selling, general and administrative expenses | 0 | ' | ' |
Other (income) expense | -195,000,000 | ' | ' |
Total | -195,000,000 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Foreign Currency Exchange Contracts [Member] | Losses on cash flow hedges | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 7,000,000 | ' | ' |
Cost of products sold | 4,000,000 | ' | ' |
Cost of services sold | 0 | ' | ' |
Selling, general and administrative expenses | 11,000,000 | ' | ' |
Other (income) expense | 0 | ' | ' |
Total | 22,000,000 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Forward Commodity Contracts [Member} | Losses on cash flow hedges | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 0 | ' | ' |
Cost of products sold | 1,000,000 | ' | ' |
Cost of services sold | 0 | ' | ' |
Selling, general and administrative expenses | 0 | ' | ' |
Other (income) expense | 0 | ' | ' |
Total | 1,000,000 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Actuarial losses recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 0 | ' | ' |
Cost of products sold | 62,000,000 | ' | ' |
Cost of services sold | 14,000,000 | ' | ' |
Selling, general and administrative expenses | 13,000,000 | ' | ' |
Other (income) expense | 0 | ' | ' |
Total | 89,000,000 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Prior service costs recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 0 | ' | ' |
Cost of products sold | 7,000,000 | ' | ' |
Cost of services sold | 1,000,000 | ' | ' |
Selling, general and administrative expenses | 1,000,000 | ' | ' |
Other (income) expense | 0 | ' | ' |
Total | 9,000,000 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Transition obligation recognized [Member] | Amortization of Pension and Other Postretirement Items [Member] | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 0 | ' | ' |
Cost of products sold | 2,000,000 | ' | ' |
Cost of services sold | 0 | ' | ' |
Selling, general and administrative expenses | 0 | ' | ' |
Other (income) expense | 0 | ' | ' |
Total | 2,000,000 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Settlements and curtailments [Member] | Amortization of Pension and Other Postretirement Items [Member] | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Product sales | 0 | ' | ' |
Cost of products sold | -30,000,000 | ' | ' |
Cost of services sold | -6,000,000 | ' | ' |
Selling, general and administrative expenses | -6,000,000 | ' | ' |
Other (income) expense | 0 | ' | ' |
Total | ($42,000,000) | ' | ' |
STOCKBASED_COMPENSATION_PLANS_1
STOCK-BASED COMPENSATION PLANS (Details) (Stock Incentive Plan [Member], Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Incentive Plan [Member] | Stock Options [Member] | ' | ' | ' |
Stock based compensation Fair Value [Abstract] | ' | ' | ' |
Weighted average fair value per share of options granted during the year | $11.85 | $13.26 | $12.56 |
Expected annual dividend yield | 2.55% | 2.57% | 2.68% |
Expected volatility | 24.73% | 30.36% | 27.60% |
Risk-free rate of return | 0.91% | 1.16% | 2.47% |
Expected option term (years) | '5 years 6 months | '5 years 10 months | '5 years 10 months |
Stock Options Number of Options [Abstract] | ' | ' | ' |
Outstanding at beginning of period, | 35,569,021 | 38,916,370 | 40,791,531 |
Granted | 6,041,422 | 5,788,734 | 7,625,950 |
Exercised | -10,329,611 | -8,347,313 | -7,984,840 |
Lapsed or Canceled | -616,995 | -788,770 | -1,516,271 |
Outstanding at end of period, | 30,663,837 | 35,569,021 | 38,916,370 |
Vested and Expected to Vest at December 31, | 28,190,580 | ' | ' |
Exercisable at December 31, | 15,594,410 | 19,468,017 | 21,672,281 |
Options Activity Footnote [Abstract] | ' | ' | ' |
Options expected to vest | 12,600,000 | ' | ' |
Outstanding unvested options | 15,100,000 | ' | ' |
Number of Options Exercisable | 15,594,410 | 19,468,017 | 21,672,281 |
Stock Options Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Outstanding at beginning of period, | $47.13 | $43.01 | $39.05 |
Granted | $69.89 | $59.86 | $57.08 |
Exercised | $41.91 | $36.52 | $36.39 |
Lapsed or Canceled | $53.84 | $49.76 | $42.38 |
Outstanding at end of period, | $53.27 | $47.13 | $43.01 |
Vested and Expected to Vest at December 31, | $52.20 | ' | ' |
Exercisable at December 31, | $45.76 | $43.64 | $40.71 |
STOCKBASED_COMPENSATION_PLANS_2
STOCK-BASED COMPENSATION PLANS 2 (Details) (Stock Incentive Plan [Member], Stock Options [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Beginning Of Period Abstract | ' | ' | ' |
Options Outstanding, Number of Options | 30,663,837 | ' | ' |
Options Outstanding, Weighted Average Life | '6 years 5 months | ' | ' |
Options Outstanding, Weighted Average Exercise Price | $53.27 | ' | ' |
Options Outstanding Aggregate Intrinsic Value | $1,168 | ' | ' |
Options Exercisable Number of Options | 15,594,410 | ' | ' |
Weighted Average Exercise Price | $45.76 | $43.64 | $40.71 |
Options Exercisable Aggregate Intrinsic Value | 711 | ' | ' |
Exercise Price Range $28.35-$39.99 [Member] | ' | ' | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Beginning Of Period Abstract | ' | ' | ' |
Options Outstanding, Number of Options | 3,526,437 | ' | ' |
Options Outstanding, Weighted Average Life | '3 years 8 months | ' | ' |
Options Outstanding, Weighted Average Exercise Price | $31.29 | ' | ' |
Options Outstanding Aggregate Intrinsic Value | 212 | ' | ' |
Options Exercisable Number of Options | 3,526,437 | ' | ' |
Weighted Average Exercise Price | $31.29 | ' | ' |
Options Exercisable Aggregate Intrinsic Value | 212 | ' | ' |
Exercise Price Range $40.00-$49.99 [Member] | ' | ' | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Beginning Of Period Abstract | ' | ' | ' |
Options Outstanding, Number of Options | 8,018,738 | ' | ' |
Options Outstanding, Weighted Average Life | '4 years 8 months | ' | ' |
Options Outstanding, Weighted Average Exercise Price | $42.25 | ' | ' |
Options Outstanding Aggregate Intrinsic Value | 394 | ' | ' |
Options Exercisable Number of Options | 6,368,574 | ' | ' |
Weighted Average Exercise Price | $42.75 | ' | ' |
Options Exercisable Aggregate Intrinsic Value | 310 | ' | ' |
Exercise Price Range $50.00-50.99 [Member] | ' | ' | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Beginning Of Period Abstract | ' | ' | ' |
Options Outstanding, Number of Options | 13,067,490 | ' | ' |
Options Outstanding, Weighted Average Life | '7 years 0 months | ' | ' |
Options Outstanding, Weighted Average Exercise Price | $58.35 | ' | ' |
Options Outstanding Aggregate Intrinsic Value | 431 | ' | ' |
Options Exercisable Number of Options | 5,624,099 | ' | ' |
Weighted Average Exercise Price | $58.04 | ' | ' |
Options Exercisable Aggregate Intrinsic Value | 187 | ' | ' |
Exercise Price Range $60.00-$75.00 [Member] | ' | ' | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Beginning Of Period Abstract | ' | ' | ' |
Options Outstanding, Number of Options | 6,051,172 | ' | ' |
Options Outstanding, Weighted Average Life | '9 years 1 month | ' | ' |
Options Outstanding, Weighted Average Exercise Price | $69.70 | ' | ' |
Options Outstanding Aggregate Intrinsic Value | 131 | ' | ' |
Options Exercisable Number of Options | 75,300 | ' | ' |
Weighted Average Exercise Price | $60.54 | ' | ' |
Options Exercisable Aggregate Intrinsic Value | $2 | ' | ' |
STOCK_BASED_COMPENSATION_PLANS
STOCK BASED COMPENSATION PLANS 3 (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Tax benefit from stock options exercised (Cash Flow) | $132 | $56 | $42 |
Stock Incentive Plan [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Shares of Honeywell common stock available for future grants | 25,913,501 | ' | ' |
Stock Incentive Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Stock options vesting period, years | '4 years 0 months | ' | ' |
Stock Options General Expiration Period | '10 years 0 months | ' | ' |
Share-based compensation expense | 70 | 65 | 59 |
Future tax benefit from share-based compensation expense | 24 | 23 | 19 |
Number of Options Exercisable | 15,594,410 | 19,468,017 | 21,672,281 |
Weighted Average Exercise Price | $45.76 | $43.64 | $40.71 |
Options exercisable aggregate intrinsic value | 367 | 202 | 164 |
Cash received from stock options exercised | 432 | 305 | 290 |
Tax benefit realized from stock options exercised | 129 | 74 | 54 |
Tax benefit from stock options exercised (Cash Flow) | 99 | 56 | 42 |
Unrecognized compensation on nonvested stock options | 120 | ' | ' |
Nonvested options recognized over weighted average period, years | '2 years 4 months | ' | ' |
Fair value of options vested | 67 | 63 | 52 |
Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Share-based compensation expense | 100 | 105 | 109 |
Future tax benefit from share-based compensation expense | 35 | 37 | 36 |
Unrecognized compensation on nonvested stock options | $191 | ' | ' |
Nonvested options recognized over weighted average period, years | '3 years 5 months | ' | ' |
Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Stock options vesting period, years | '3 years 0 months | ' | ' |
Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Stock options vesting period, years | '7 years 0 months | ' | ' |
Non Employee Directors Plan [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Shares of Honeywell common stock available for future grants | 145,367 | ' | ' |
Non Employee Directors Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Stock Options [Line Items] | ' | ' | ' |
Stock options vesting period, years | '4 years 0 months | ' | ' |
Stock Options General Expiration Period | '10 years 0 months | ' | ' |
STOCKBASED_COMPENSATION_PLANS_3
STOCK-BASED COMPENSATION PLANS - RSUS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Incentive Plan [Member] | Stock Options [Member] | ' | ' | ' |
Restricted Stock Units [Line Items] | ' | ' | ' |
Nonvested options recognized over weighted average period, years | '2 years 4 months | ' | ' |
Unrecognized compensation on nonvested stock options | $120,000,000 | ' | ' |
Compensation Expense | 70,000,000 | 65,000,000 | 59,000,000 |
Future tax benefit from share-based compensation expense | 24,000,000 | 23,000,000 | 19,000,000 |
Vesting periods | '4 years 0 months | ' | ' |
Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Restricted Stock Units [Line Items] | ' | ' | ' |
Nonvested options recognized over weighted average period, years | '3 years 5 months | ' | ' |
Unrecognized compensation on nonvested stock options | 191,000,000 | ' | ' |
Compensation Expense | 100,000,000 | 105,000,000 | 109,000,000 |
Future tax benefit from share-based compensation expense | 35,000,000 | 37,000,000 | 36,000,000 |
Restricted Stock Units Number of Options [Abstract] | ' | ' | ' |
Non-vested at beginning of period, | 8,095,739 | 9,746,433 | 9,973,953 |
Granted | 1,904,504 | 2,156,753 | 1,887,733 |
Vested | -2,995,553 | -3,380,251 | -1,509,528 |
Forfeited | -312,470 | -427,196 | -605,725 |
Non-vested at end of period, | 6,692,220 | 8,095,739 | 9,746,433 |
Weighted average grant date fair value per share [Abstract] | ' | ' | ' |
Non-vested at beginning of period, | $49.91 | $41.35 | $39.89 |
Granted | $75.73 | $59.52 | $55.11 |
Vested | $42.17 | $31.84 | $49.48 |
Forfeited | $56.58 | $45.78 | $40.11 |
Non-vested at end of period, | $60.04 | $49.91 | $41.35 |
Non Employee Directors Plan [Member] | Stock Options [Member] | ' | ' | ' |
Restricted Stock Units [Line Items] | ' | ' | ' |
Vesting periods | '4 years 0 months | ' | ' |
Non Employee Directors Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Restricted Stock Units [Line Items] | ' | ' | ' |
Composition of future annual equity grant | 'consists of 50 percent options and 50 percent RSUs | ' | ' |
Future annual equity grant target value | ' | $75,000 | ' |
Non-employee annual grant | ' | ' | 5,000 |
Non-employee directors one time grant of restricted stock | 3,000 | ' | ' |
Vesting period for annual RSU grants | 'RSUs generally vest on the third anniversary of the date of grant. | ' | ' |
Vesting period for one-time RSU grants | 'vest on the fifth anniversary of continuous Board service | ' | ' |
REDEEMABLE_NONCONTROLLING_INTE2
REDEEMABLE NONCONTROLLING INTEREST (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Thomas Russell Co [Member] | |||
Redeemable Noncontrolling Interest Paragraph Details [Line Items] | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | 30.00% |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | 70.00% |
Increase Decrease In Temporary Equity [Roll Forward] | ' | ' | ' |
Beginning of year | $167,000,000 | $150,000,000 | $150,000,000 |
Net income | ' | ' | 29,000,000 |
Distributions | ' | ' | -26,000,000 |
Redemption value adjustment | ' | ' | 11,000,000 |
Other | ' | ' | 3,000,000 |
End of year | $167,000,000 | $150,000,000 | $167,000,000 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Environmental Matters [Abstract] | ' | ' | ' |
Beginning of period | $654,000,000 | $723,000,000 | $753,000,000 |
Accruals for environmental matters deemed probable and reasonably estimable | 272,000,000 | 234,000,000 | 240,000,000 |
Environmental liability payments | -304,000,000 | -320,000,000 | -270,000,000 |
Other | 21,000,000 | 17,000,000 | 0 |
End of period | 643,000,000 | 654,000,000 | 723,000,000 |
Loss Contingency Classification of Accrual [Abstract] | ' | ' | ' |
Accrued liabilities | 304,000,000 | 304,000,000 | ' |
Other liabilities | 339,000,000 | 350,000,000 | ' |
Total environmental liabilities | $643,000,000 | $654,000,000 | $723,000,000 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES 2 (Details) (New Jersey Chrome Sites [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
T | |
New Jersey Chrome Sites [Member] | ' |
Site Contingency [Line Items] | ' |
Study Area 7 Chromium Residue | 'The excavation and offsite disposal of approximately one million tons of chromium residue present at a predecessor Honeywell site located in Jersey City, New Jersey, known as Study Area 7, was completed in January 2010 |
Approximate amount of chromium residue in Study Area 7 (tons) | 1,000,000 |
Name of site | 'New Jersey Chrome Sites |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES 3 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Asbestos Related Liabilities Disclosure [Abstract] | ' | ' | ' |
Asbestos Related Liabilities, Beginning of Period | $1,772,000,000 | $1,736,000,000 | $1,719,000,000 |
Accrual for update to estimated liability | 185,000,000 | 167,000,000 | 170,000,000 |
Change in estimated cost of future claims | 16,000,000 | 30,000,000 | 16,000,000 |
Update of expected resolution values for pending claims | -5,000,000 | 8,000,000 | 2,000,000 |
Asbestos related liability payments | -357,000,000 | -169,000,000 | -171,000,000 |
Asbestos Related Liabilities, End of Period | 1,611,000,000 | 1,772,000,000 | 1,736,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Line Items] | ' | ' | ' |
Insurance Recoveries, beginning of period | 707,000,000 | 780,000,000 | 875,000,000 |
Probable insurance recoveries related to estimated liability | 27,000,000 | 28,000,000 | 29,000,000 |
Insurance receipts for asbestos related liabilities | -58,000,000 | -122,000,000 | -134,000,000 |
Insurance receivables settlements and write-offs | -6,000,000 | 21,000,000 | 10,000,000 |
Other | 2,000,000 | 0 | 0 |
Insurance recoveries, end of period | 672,000,000 | 707,000,000 | 780,000,000 |
Bendix Asbestos Loss Contingency Liability [Member] | ' | ' | ' |
Asbestos Related Liabilities Disclosure [Abstract] | ' | ' | ' |
Asbestos Related Liabilities, Beginning of Period | 653,000,000 | 613,000,000 | 594,000,000 |
Accrual for update to estimated liability | 180,000,000 | 168,000,000 | 167,000,000 |
Change in estimated cost of future claims | 16,000,000 | 30,000,000 | 16,000,000 |
Update of expected resolution values for pending claims | -5,000,000 | 8,000,000 | 2,000,000 |
Asbestos related liability payments | -188,000,000 | -166,000,000 | -166,000,000 |
Asbestos Related Liabilities, End of Period | 656,000,000 | 653,000,000 | 613,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Line Items] | ' | ' | ' |
Insurance Recoveries, beginning of period | 138,000,000 | 162,000,000 | 157,000,000 |
Probable insurance recoveries related to estimated liability | 27,000,000 | 28,000,000 | 29,000,000 |
Insurance receipts for asbestos related liabilities | -24,000,000 | -60,000,000 | -34,000,000 |
Insurance receivables settlements and write-offs | 0 | 8,000,000 | 10,000,000 |
Other | 0 | 0 | 0 |
Insurance recoveries, end of period | 141,000,000 | 138,000,000 | 162,000,000 |
Narco Asbestos Loss Contingency Liability [Member] | ' | ' | ' |
Asbestos Related Liabilities Disclosure [Abstract] | ' | ' | ' |
Asbestos Related Liabilities, Beginning of Period | 1,119,000,000 | 1,123,000,000 | 1,125,000,000 |
Accrual for update to estimated liability | 5,000,000 | -1,000,000 | 3,000,000 |
Change in estimated cost of future claims | 0 | 0 | 0 |
Update of expected resolution values for pending claims | 0 | 0 | 0 |
Asbestos related liability payments | -169,000,000 | -3,000,000 | -5,000,000 |
Asbestos Related Liabilities, End of Period | 955,000,000 | 1,119,000,000 | 1,123,000,000 |
Asbestos Related Liabilities Insurance Recoveries [Line Items] | ' | ' | ' |
Insurance Recoveries, beginning of period | 569,000,000 | 618,000,000 | 718,000,000 |
Probable insurance recoveries related to estimated liability | 0 | 0 | 0 |
Insurance receipts for asbestos related liabilities | -34,000,000 | -62,000,000 | -100,000,000 |
Insurance receivables settlements and write-offs | -6,000,000 | 13,000,000 | 0 |
Other | 2,000,000 | 0 | 0 |
Insurance recoveries, end of period | $531,000,000 | $569,000,000 | $618,000,000 |
COMMITMENTS_AND_CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES 4 (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Loss Contingency, Narco and Bendix Asbestos Related Balances by Balance Sheet Caption [Abstract] | ' | ' | ' | ' |
Other current assets | $77 | $44 | ' | ' |
Insurance recoveries for asbestos related liabilities | 595 | 663 | ' | ' |
Total assets | 672 | 707 | 780 | 875 |
Accrued liabilities | 461 | 480 | ' | ' |
Asbestos related liabilities | 1,150 | 1,292 | ' | ' |
Total liabilities | $1,611 | $1,772 | $1,736 | $1,719 |
COMMITMENTS_AND_CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES 5 (Details) (Narco Asbestos Loss Contingency Liability [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 |
Years 2014 To 2018 [Member] | Year 2019 And Thereafter [Member] | Scenario Forecast [Member] | ||
Loss Contingency By Nature Of Contingency [Line Items] | ' | ' | ' | ' |
Agreed Upon Financing Related To Third Party Bankruptcy Filing | $17 | ' | ' | ' |
Future Payment To Asbestos Claimants | 16 | ' | ' | ' |
Payment To Third Party Parent Company Upon Reorganization | 40 | ' | ' | ' |
Future liabilities range low | 743 | ' | ' | ' |
Future liabilities range high | 961 | ' | ' | ' |
Annual Trust Cap | ' | 140 | 145 | ' |
Exceptions To Cap [Abstract] | ' | ' | ' | ' |
Value Not Included In Cap | 100 | ' | ' | ' |
Estimated Value Of Approved Claims Payments Prior To Trust | ' | ' | ' | 130 |
Estimated Value Of Settlement Agreements | 150 | ' | ' | ' |
Value Of Payments For Claims Approved Prior To Trust Establishment | $91 | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES 6 (Details) (Bendix Asbestos Loss Contingency Liability [Member], USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
claims | claims | claims | |||
Bendix Asbestos Loss Contingency Liability [Member] | ' | ' | ' | ' | ' |
Loss Contingency Claims [Abstract] | ' | ' | ' | ' | ' |
Claims unresolved at the beginning of period | 23,141 | 22,571 | ' | ' | ' |
Claims Filed | 4,527 | 3,920 | ' | ' | ' |
Claims Resolved | -15,366 | -3,350 | ' | ' | ' |
Claims unresolved at the end of period | 12,302 | 23,141 | 22,571 | ' | ' |
Loss Contingency Claims Footnote [Abstract] | ' | ' | ' | ' | ' |
Significantly aged, claims | 12,250 | ' | ' | ' | ' |
Percent of non-malignant claims significantly aged | 92.00% | ' | ' | ' | ' |
Loss Contingency, Disease Distribution of Unresolved Claims [Abstract] | ' | ' | ' | ' | ' |
Mesothelioma and Other Cancer Claims | 5,810 | 5,367 | ' | ' | ' |
Nonmalignant Claims | 6,492 | 17,774 | ' | ' | ' |
Claims unresolved at the end of period | 12,302 | 23,141 | 22,571 | ' | ' |
Resolution Values Per Claim [Abstract] | ' | ' | ' | ' | ' |
Malignant claims | $51,000 | $49,000 | $48,000 | $54,000 | $50,000 |
Nonmalignant claims | $850 | $1,400 | $1,000 | $1,300 | $200 |
Asbestos Related Liabilities Paragraph Details [Abstract] | ' | ' | ' | ' | ' |
Insurance Receivables As Value Of Asbestos Claim Historical Percent | 36.00% | ' | ' | ' | ' |
Insurance Receivable As Value Of Asbestos Claim Projected Percent | 30.00% | ' | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_7
COMMITMENTS AND CONTINGENCIES 7 (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
United Auto Workers [Member] | ' |
Other Matters [Line Items] | ' |
Potential Opeb Increase Due To Adverse Ruling | $180 |
Joint Strike Fighter [Member] | ' |
Other Matters [Line Items] | ' |
Information request | 'Joint Strike Fighter Investigation - In 2013 the Company received subpoenas from the Department of Justice requesting information relating primarily to parts manufactured in the United Kingdom and China used in the F-35 fighter jet. The Company is cooperating fully with the investigation. While we believe that Honeywell has complied with all relevant U.S. laws and regulations regarding the manufacture of these sensors, it is not possible to predict the outcome of the investigation or what action, if any, may result from it. |
COMMITMENTS_AND_CONTINGENCIES_8
COMMITMENTS AND CONTINGENCIES 8 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Product Warranties and Guarantees [Roll forward] | ' | ' | ' |
Beginning of year | $407 | $402 | $415 |
Accruals for warranties/guarantees issued during the year | 212 | 196 | 197 |
Adjustments of pre-existing warranties/guarantees | -1 | -20 | -2 |
Settlement of warranty/guarantee claims | -213 | -171 | -208 |
End of year | 405 | 407 | 402 |
Product Warranties and Guarantees, Balance Sheet Classification [Abstract] | ' | ' | ' |
Accrued liabilities | 323 | 375 | ' |
Other liabilities | 82 | 32 | ' |
Total Product Warranties and Guarantees Liabilities | 405 | 407 | 402 |
Maximum potential future payments [Member] | ' | ' | ' |
Warranties And Guarantees Direct And Indirect [Line Items] | ' | ' | ' |
Operating lease residual values | 40 | ' | ' |
Other third parties' financing | 5 | ' | ' |
Customer financing | 4 | ' | ' |
Warranties and guarantees total | $49 | ' | ' |
PENSION_AND_OTHER_POSTRETIREME2
PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 |
Union Actives [Member] | Union Actives [Member] | ||
Pension and Other Post Retirements Disclosure Paragraph Details [Abstract] | ' | ' | ' |
United States Pension Plans Percent of Projected Benefit Obligation | 75.00% | ' | ' |
Foreign Pension Plans Percent of Projected Benefit Obligation | 25.00% | ' | ' |
Pension And Other Postretirement Benefits Paragraph [Line Items] | ' | ' | ' |
Defined Benefit Plan, Description of Plan Amendment | 'In 2013, Honeywell amended its U.S. retiree medical plans to no longer offer certain retirees Company group coverage. In 2011, in connection with new collective bargaining agreements reached with several of its union groups, Honeywell amended its U.S. retiree medical plans eliminating the subsidy for those union employees | ' | ' |
Defined Benefit Plan, Effect of Plan Amendment on Accumulated Benefit Obligation | ' | $166 | ' |
Defined benefit Plan, Effect of Plan Amendment on Net Periodic Benefit Cost | ' | $42 | $167 |
PENSION_AND_OTHER_POSTRETIREME3
PENSION AND OTHER POSTRETIREMENT BENEFITS 2 (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | |
Other Postretirement Benefits for Significant Plans [Member] | Other Postretirement Benefits for Significant Plans [Member] | Other Postretirement Benefits for Significant Plans [Member] | Other Postretirement Benefits for Significant Plans [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | ||||
Scenario Forecast [Member] | Scenario Forecast [Member] | Scenario Forecast [Member] | ||||||||||||||
Change in Benefit Obligation [Roll forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | ' | ' | ' | $1,477,000,000 | $1,534,000,000 | ' | ' | $17,117,000,000 | $15,600,000,000 | ' | ' | $5,523,000,000 | $5,272,000,000 | $4,648,000,000 | ' | ' |
Service cost | ' | ' | ' | 0 | 1,000,000 | 1,000,000 | ' | 272,000,000 | 256,000,000 | 232,000,000 | ' | ' | 58,000,000 | 48,000,000 | 59,000,000 | ' |
Interest cost | ' | ' | ' | 44,000,000 | 53,000,000 | 69,000,000 | ' | 677,000,000 | 738,000,000 | 761,000,000 | ' | ' | 215,000,000 | 221,000,000 | 239,000,000 | ' |
Plan amendments | ' | ' | ' | -175,000,000 | -1,000,000 | ' | ' | 14,000,000 | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Actuarial (gains) losses | ' | ' | ' | -108,000,000 | 34,000,000 | ' | ' | -975,000,000 | 1,493,000,000 | ' | ' | ' | 72,000,000 | 372,000,000 | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | 190,000,000 | 0 | ' | ' | ' | 44,000,000 | 0 | ' | ' |
Benefits paid | ' | ' | ' | -142,000,000 | -144,000,000 | ' | ' | -1,005,000,000 | -970,000,000 | ' | ' | ' | -198,000,000 | -188,000,000 | ' | ' |
Settlements and curtailments | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | -16,000,000 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 60,000,000 | 187,000,000 | ' | ' |
Benefit obligation at end of year | ' | ' | ' | 1,096,000,000 | 1,477,000,000 | 1,534,000,000 | ' | 16,290,000,000 | 17,117,000,000 | 15,600,000,000 | ' | ' | 5,523,000,000 | 5,272,000,000 | 4,648,000,000 | ' |
Change In Plan Assets [Roll forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | ' | ' | 0 | 0 | ' | ' | 14,345,000,000 | 12,836,000,000 | ' | ' | 5,037,000,000 | 4,527,000,000 | 3,958,000,000 | ' | ' |
Actual return on plan assets | ' | ' | ' | 0 | 0 | ' | ' | 3,191,000,000 | 1,654,000,000 | ' | ' | ' | 428,000,000 | 336,000,000 | ' | ' |
Company contributions | ' | ' | ' | 0 | 0 | ' | ' | 28,000,000 | 825,000,000 | ' | ' | 117,000,000 | 183,000,000 | 271,000,000 | ' | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | 168,000,000 | 0 | ' | ' | ' | 45,000,000 | 0 | ' | ' |
Benefits paid | ' | ' | ' | 0 | 0 | ' | ' | -1,005,000,000 | -970,000,000 | ' | ' | ' | -198,000,000 | -188,000,000 | ' | ' |
Settlements and curtailments | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | -16,000,000 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 52,000,000 | 166,000,000 | ' | ' |
Fair value of plan assets at end of year | ' | ' | ' | 0 | 0 | 0 | ' | 16,727,000,000 | 14,345,000,000 | 12,836,000,000 | ' | ' | 5,037,000,000 | 4,527,000,000 | 3,958,000,000 | ' |
Funded status of plans | ' | ' | ' | -1,096,000,000 | -1,477,000,000 | ' | ' | 437,000,000 | -2,772,000,000 | ' | ' | ' | -486,000,000 | -745,000,000 | ' | ' |
Amounts recognized in Consolidated Balance Sheet [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid pension benefit cost in other assets | ' | ' | ' | ' | ' | ' | ' | 839,000,000 | 0 | ' | ' | ' | 120,000,000 | 87,000,000 | ' | ' |
Accrued liabilities | ' | ' | ' | -130,000,000 | -167,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Postretirement benefit obligations other than pensions | ' | ' | ' | -966,000,000 | -1,310,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued pension liability in other liabilities | ' | ' | ' | ' | ' | ' | ' | -402,000,000 | -2,772,000,000 | ' | ' | ' | -606,000,000 | -832,000,000 | ' | ' |
Net amount recognized | ' | ' | ' | -1,096,000,000 | -1,477,000,000 | ' | ' | 437,000,000 | -2,772,000,000 | ' | ' | ' | -486,000,000 | -745,000,000 | ' | ' |
Foreign plans excluded from postretirement benefits other than pensions | ' | ' | ' | 53,000,000 | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transition obligation | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 3,000,000 | 5,000,000 | ' | ' |
Prior service cost (credit) | ' | ' | ' | -168,000,000 | -48,000,000 | ' | ' | 111,000,000 | 120,000,000 | ' | ' | ' | -14,000,000 | -16,000,000 | ' | ' |
Net actuarial (gains) losses | ' | ' | ' | 256,000,000 | 391,000,000 | ' | ' | -1,378,000,000 | 1,712,000,000 | ' | ' | ' | 434,000,000 | 530,000,000 | ' | ' |
Net amount recognized | ' | ' | ' | 88,000,000 | 343,000,000 | ' | ' | -1,267,000,000 | 1,832,000,000 | ' | ' | ' | 423,000,000 | 519,000,000 | ' | ' |
Defined Benefit Plan Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | 0 | 1,000,000 | 1,000,000 | ' | 272,000,000 | 256,000,000 | 232,000,000 | ' | ' | 58,000,000 | 48,000,000 | 59,000,000 | ' |
Interest cost | ' | ' | ' | 44,000,000 | 53,000,000 | 69,000,000 | ' | 677,000,000 | 738,000,000 | 761,000,000 | ' | ' | 215,000,000 | 221,000,000 | 239,000,000 | ' |
Expected return on plan assets | ' | ' | ' | ' | ' | ' | ' | -1,076,000,000 | -1,020,000,000 | -1,014,000,000 | ' | ' | -308,000,000 | -291,000,000 | -284,000,000 | ' |
Amortization of transition obligations | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | 2,000,000 | 2,000,000 | 2,000,000 | ' |
Amortization of prior service cost (credit) | ' | ' | ' | -13,000,000 | -14,000,000 | -34,000,000 | -20,000,000 | 23,000,000 | 28,000,000 | 33,000,000 | 23,000,000 | ' | -2,000,000 | -2,000,000 | -2,000,000 | -2,000,000 |
Recognition of actuarial losses | ' | ' | ' | 27,000,000 | 34,000,000 | 38,000,000 | 24,000,000 | 0 | 707,000,000 | 1,568,000,000 | ' | ' | 51,000,000 | 250,000,000 | 234,000,000 | ' |
Settlements and curtailments | ' | ' | ' | -42,000,000 | -6,000,000 | -167,000,000 | ' | 0 | 0 | 24,000,000 | ' | ' | 0 | 2,000,000 | 1,000,000 | ' |
Net periodic benefit (income) cost | ' | ' | ' | 16,000,000 | 68,000,000 | -93,000,000 | ' | -104,000,000 | 709,000,000 | 1,604,000,000 | ' | ' | 16,000,000 | 230,000,000 | 249,000,000 | ' |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial (gains) losses | ' | ' | ' | -108,000,000 | 34,000,000 | 6,000,000 | ' | -3,090,000,000 | 859,000,000 | 1,628,000,000 | ' | ' | -48,000,000 | 327,000,000 | 368,000,000 | ' |
Prior service cost (credit) | ' | ' | ' | -175,000,000 | -1,000,000 | -21,000,000 | ' | 14,000,000 | 0 | 5,000,000 | ' | ' | 0 | 0 | 0 | ' |
Transition obligation recognized during year | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | -2,000,000 | -2,000,000 | -2,000,000 | ' |
Prior service (cost) credit recognized during year | ' | ' | ' | 13,000,000 | 14,000,000 | 34,000,000 | ' | -23,000,000 | -28,000,000 | -33,000,000 | ' | ' | 2,000,000 | 2,000,000 | 2,000,000 | ' |
Actuarial losses recognized during year | ' | ' | ' | -27,000,000 | -34,000,000 | -38,000,000 | ' | 0 | -707,000,000 | -1,568,000,000 | ' | ' | -51,000,000 | -250,000,000 | -234,000,000 | ' |
Foreign exchange translation adjustments | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | 3,000,000 | 23,000,000 | -11,000,000 | ' |
Settlements and curtailments | ' | ' | ' | 42,000,000 | 6,000,000 | 167,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total recognized in other comprehensive (income) loss | -3,514,000,000 | 285,000,000 | 317,000,000 | -255,000,000 | 19,000,000 | 148,000,000 | ' | -3,099,000,000 | 124,000,000 | 32,000,000 | ' | ' | -96,000,000 | 100,000,000 | 123,000,000 | ' |
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss | ' | ' | ' | ($239,000,000) | $87,000,000 | $55,000,000 | ' | ($3,203,000,000) | $833,000,000 | $1,636,000,000 | ' | ' | ($80,000,000) | $330,000,000 | $372,000,000 | ' |
PENSION_AND_OTHER_POSTRETIREME4
PENSION AND OTHER POSTRETIREMENT BENEFITS 3 (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 4.05% | 3.40% | 4.00% |
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 3.40% | 4.00% | 4.70% |
United States, Defined Benefit [Member] | ' | ' | ' | ' |
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 4.89% | 4.06% | 4.89% |
Expected annual rate of compensation increase | ' | 4.50% | 4.50% | 4.50% |
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 4.06% | 4.89% | 5.25% |
Expected rate of return on plan assets | 7.75% | 7.75% | 8.00% | 8.00% |
Expected annual rate of compensation increase | ' | 4.50% | 4.50% | 4.50% |
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets [Abstract] | ' | ' | ' | ' |
Projected benefit obligations | ' | $576,000,000 | $17,117,000,000 | ' |
Accumulated benefit obligations | ' | 569,000,000 | 16,288,000,000 | ' |
Fair value of plan assets | ' | 174,000,000 | 14,345,000,000 | ' |
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | ' | ' | ' | ' |
Accumulated benefit obligation | ' | 15,700,000,000 | 16,300,000,000 | ' |
Foreign Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Actuarial assumptions used to determine benefit obligations as of December 31: [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 4.29% | 4.29% | 4.84% |
Expected annual rate of compensation increase | ' | 2.81% | 3.55% | 3.67% |
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: [Abstract] | ' | ' | ' | ' |
Discount rate | ' | 4.29% | 4.84% | 5.40% |
Expected rate of return on plan assets | ' | 6.99% | 7.03% | 7.06% |
Expected annual rate of compensation increase | ' | 3.55% | 3.67% | 3.79% |
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets [Abstract] | ' | ' | ' | ' |
Projected benefit obligations | ' | 911,000,000 | 4,670,000,000 | ' |
Accumulated benefit obligations | ' | 855,000,000 | 4,426,000,000 | ' |
Fair value of plan assets | ' | 307,000,000 | 3,837,000,000 | ' |
Defined Benefit Plan Accumulated Benefit Obligation [Abstract] | ' | ' | ' | ' |
Accumulated benefit obligation | ' | $5,300,000,000 | $5,000,000,000 | ' |
PENSION_AND_OTHER_POSTRETIREME5
PENSION AND OTHER POSTRETIREMENT BENEFITS 4 (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Securities [Member] | Fixed Income Securities [Member] | Real Estate [Member] | Other Than Securities Investment [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Honeywell Common Stock [Member] | Honeywell Common Stock [Member] | US Companies Common Stocks [Member] | US Companies Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | Real Estate Investment Trusts Common Stock [Member] | Real Estate Investment Trusts Common Stock [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Real Estate Funds - Domestic [Member] | Real Estate Funds - Domestic [Member] | Real Estate Funds - Global [Member] | Real Estate Funds - Global [Member] | Direct Private Investments [Member] | Direct Private Investments [Member] | Real Estate Properties [Member] | Real Estate Properties [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | |
United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Honeywell Common Stock [Member] | Honeywell Common Stock [Member] | US Companies Common Stocks [Member] | US Companies Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | Real Estate Investment Trusts Common Stock [Member] | Real Estate Investment Trusts Common Stock [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Real Estate Funds - Domestic [Member] | Real Estate Funds - Global [Member] | Real Estate Funds - Global [Member] | Real Estate Funds - Global [Member] | Direct Private Investments [Member] | Direct Private Investments [Member] | Real Estate Properties [Member] | Real Estate Properties [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Honeywell Common Stock [Member] | Honeywell Common Stock [Member] | US Companies Common Stocks [Member] | US Companies Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | Real Estate Investment Trusts Common Stock [Member] | Real Estate Investment Trusts Common Stock [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Real Estate Funds - Domestic [Member] | Real Estate Funds - Global [Member] | Real Estate Funds - Global [Member] | Real Estate Funds - Global [Member] | Direct Private Investments [Member] | Direct Private Investments [Member] | Real Estate Properties [Member] | Real Estate Properties [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Honeywell Common Stock [Member] | Honeywell Common Stock [Member] | US Companies Common Stocks [Member] | US Companies Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Large Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Mid Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | US Small Cap Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | International Common Stocks [Member] | Real Estate Investment Trusts Common Stock [Member] | Real Estate Investment Trusts Common Stock [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investment, Short Term Money Market [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investments, Government Securities [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment, Corporate Bonds [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment Mortgage Asset Backed Securities [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Fixed Income Investment, Insurance Contracts [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Real Estate Funds - Domestic [Member] | Real Estate Funds - Domestic [Member] | Real Estate Funds - Global [Member] | Real Estate Funds - Global [Member] | Direct Private Investments [Member] | Direct Private Investments [Member] | Real Estate Properties [Member] | Real Estate Properties [Member] | ||||||||||||||
United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments at beginning of year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,100,000,000 | $1,039,000,000 | $136,000,000 | $112,000,000 | $52,000,000 | $60,000,000 | $56,000,000 | $54,000,000 | $254,000,000 | $256,000,000 | $157,000,000 | $160,000,000 | $227,000,000 | $161,000,000 | $595,000,000 | $553,000,000 |
Relating to assets still held at year-end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,000,000 | 44,000,000 | -6,000,000 | 3,000,000 | -22,000,000 | 11,000,000 | 4,000,000 | 2,000,000 | 11,000,000 | 16,000,000 | 18,000,000 | 8,000,000 | 34,000,000 | 12,000,000 | 61,000,000 | 29,000,000 |
Relating to assets sold during the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,000,000 | -1,000,000 | 3,000,000 | 3,000,000 | 22,000,000 | 1,000,000 | 0 | 0 | 1,000,000 | -1,000,000 | -1,000,000 | 0 | 1,000,000 | 6,000,000 | 4,000,000 | 0 |
Purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,000,000 | 147,000,000 | 4,000,000 | 21,000,000 | 9,000,000 | 4,000,000 | 2,000,000 | 0 | 15,000,000 | 31,000,000 | 12,000,000 | 21,000,000 | 37,000,000 | 65,000,000 | 15,000,000 | 41,000,000 |
Sales and settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -243,000,000 | -129,000,000 | -70,000,000 | -3,000,000 | -55,000,000 | -24,000,000 | 0 | 0 | -44,000,000 | -48,000,000 | -5,000,000 | -32,000,000 | -21,000,000 | -17,000,000 | -48,000,000 | -28,000,000 |
Investments at end of year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,058,000,000 | 1,100,000,000 | 67,000,000 | 136,000,000 | 6,000,000 | 52,000,000 | 62,000,000 | 56,000,000 | 237,000,000 | 254,000,000 | 181,000,000 | 157,000,000 | 278,000,000 | 227,000,000 | 627,000,000 | 595,000,000 |
Defined Benefit Plan Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of pension plan assets | ' | ' | ' | ' | $0 | $0 | $0 | $16,727,000,000 | $14,345,000,000 | $12,836,000,000 | $5,037,000,000 | $4,527,000,000 | $3,958,000,000 | $1,697,000,000 | $1,182,000,000 | $459,000,000 | $366,000,000 | $4,147,000,000 | $2,903,000,000 | $757,000,000 | $731,000,000 | $215,000,000 | $261,000,000 | $2,685,000,000 | $2,203,000,000 | $1,929,000,000 | $1,605,000,000 | $90,000,000 | $44,000,000 | $956,000,000 | $1,139,000,000 | $147,000,000 | $104,000,000 | $266,000,000 | $266,000,000 | $1,303,000,000 | $1,321,000,000 | $2,931,000,000 | $2,728,000,000 | $656,000,000 | $571,000,000 | $770,000,000 | $654,000,000 | $25,000,000 | $8,000,000 | $7,000,000 | $6,000,000 | $208,000,000 | $203,000,000 | $1,058,000,000 | $1,100,000,000 | $67,000,000 | $136,000,000 | $6,000,000 | $52,000,000 | $62,000,000 | $56,000,000 | $237,000,000 | $254,000,000 | $181,000,000 | $157,000,000 | $278,000,000 | $227,000,000 | $627,000,000 | $595,000,000 | $10,314,000,000 | $8,333,000,000 | $778,000,000 | $596,000,000 | $1,697,000,000 | $1,182,000,000 | $394,000,000 | $316,000,000 | $4,107,000,000 | $2,903,000,000 | $752,000,000 | $731,000,000 | $210,000,000 | $261,000,000 | $2,503,000,000 | $2,073,000,000 | $244,000,000 | $176,000,000 | $90,000,000 | $44,000,000 | $955,000,000 | $1,139,000,000 | $140,000,000 | $104,000,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4,207,000,000 | $3,784,000,000 | $3,949,000,000 | $3,582,000,000 | $0 | $0 | $65,000,000 | $50,000,000 | $40,000,000 | $0 | $5,000,000 | $0 | $5,000,000 | $0 | $182,000,000 | $130,000,000 | $1,685,000,000 | $1,429,000,000 | $0 | $0 | $1,000,000 | $0 | $7,000,000 | $0 | $266,000,000 | $266,000,000 | $1,303,000,000 | $1,321,000,000 | $2,931,000,000 | $2,728,000,000 | $656,000,000 | $571,000,000 | $770,000,000 | $654,000,000 | $25,000,000 | $8,000,000 | $7,000,000 | $6,000,000 | $208,000,000 | $203,000,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2,206,000,000 | $2,228,000,000 | $310,000,000 | $349,000,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1,058,000,000 | $1,100,000,000 | $67,000,000 | $136,000,000 | $6,000,000 | $52,000,000 | $62,000,000 | $56,000,000 | $237,000,000 | $254,000,000 | $181,000,000 | $157,000,000 | $278,000,000 | $227,000,000 | $627,000,000 | $595,000,000 |
Defined Benefit Plan Plans With Benefit Obligations In Excess of Plan Assets Paragraph Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocations percentage, minimum | 60.00% | 10.00% | 5.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocations percentage, maximum | 70.00% | 20.00% | 15.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PENSION_AND_OTHER_POSTRETIREME6
PENSION AND OTHER POSTRETIREMENT BENEFITS 5 (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | United States, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Foreign Pension Plans, Defined Benefit [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | ||||
Scenario Forecast [Member] | Without Impact of Medicare Subsidy [Member] | Net of Medicare Subsidy [Member] | ||||||||||||
Employee Savings Plans Paragraph Details [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares contributed to ESOP during the period | 2 | 2.4 | 2.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares contributed to ESOP during the period | $159,000,000 | $144,000,000 | $138,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Assumed Health Care Cost Trend Rates Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Health care cost trend rate assumed for next year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | 7.00% | ' | ' |
Rate that the cost trend rate gradually declines to | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' |
Year that rate reaches the rate it is assumed to remain at | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019 | '2019 | ' | ' |
Effect Of One Percentage Point [abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase on service and interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Decrease on service and interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,000,000 | ' | ' | ' |
Increase on postretirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,000,000 | ' | ' | ' |
Decrease on postretirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -52,000,000 | ' | ' | ' |
Future Benefit Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | 1,068,000,000 | ' | ' | ' | 202,000,000 | ' | ' | ' | ' | 141,000,000 | 130,000,000 |
2015 | ' | ' | ' | 1,111,000,000 | ' | ' | ' | 208,000,000 | ' | ' | ' | ' | 123,000,000 | 113,000,000 |
2016 | ' | ' | ' | 1,106,000,000 | ' | ' | ' | 213,000,000 | ' | ' | ' | ' | 119,000,000 | 108,000,000 |
2017 | ' | ' | ' | 1,105,000,000 | ' | ' | ' | 219,000,000 | ' | ' | ' | ' | 113,000,000 | 103,000,000 |
2018 | ' | ' | ' | 1,118,000,000 | ' | ' | ' | 226,000,000 | ' | ' | ' | ' | 108,000,000 | 97,000,000 |
2019-2023 | ' | ' | ' | 5,675,000,000 | ' | ' | ' | 1,228,000,000 | ' | ' | ' | ' | 448,000,000 | 399,000,000 |
Funding Policy Paragraph Details [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voluntary Contributions to United States Pension Plans | ' | ' | ' | ' | 792,000,000 | 1,650,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions to pension plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' |
Pension notional amount | ' | ' | ' | 1,938,000,000 | 1,241,000,000 | ' | ' | 61,000,000 | 55,000,000 | ' | ' | ' | ' | ' |
Company contributions | ' | ' | ' | 28,000,000 | 825,000,000 | ' | 117,000,000 | 183,000,000 | 271,000,000 | ' | 0 | 0 | ' | ' |
Cash pension contributions | ' | ' | ' | ' | ' | ' | ' | $156,000,000 | ' | ' | ' | ' | ' | ' |
SEGMENT_FINANCIAL_DATA_Details
SEGMENT FINANCIAL DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segments | |||||||||||
Reconciliation of segment profit to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | $6,351,000,000 | $5,879,000,000 | $5,357,000,000 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 202,000,000 | 25,000,000 | 33,000,000 |
Interest and other financial charges | ' | ' | ' | ' | ' | ' | ' | ' | -327,000,000 | -351,000,000 | -376,000,000 |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | -170,000,000 | -170,000,000 | -168,000,000 |
Repositioning and other charges | ' | ' | ' | ' | ' | ' | ' | ' | -663,000,000 | -443,000,000 | -743,000,000 |
Income from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 5,412,000,000 | 3,875,000,000 | 2,282,000,000 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 31,214,000,000 | 29,812,000,000 | 28,745,000,000 |
Service sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,841,000,000 | 7,853,000,000 | 7,784,000,000 |
Net Sales | 10,387,000,000 | 9,647,000,000 | 9,693,000,000 | 9,328,000,000 | 9,581,000,000 | 9,342,000,000 | 9,435,000,000 | 9,307,000,000 | 39,055,000,000 | 37,665,000,000 | 36,529,000,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 989,000,000 | 926,000,000 | 948,000,000 |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 6,351,000,000 | 5,879,000,000 | 5,357,000,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 947,000,000 | 884,000,000 | 790,000,000 |
Total Assets | 45,435,000,000 | ' | ' | ' | 41,853,000,000 | ' | ' | ' | 45,435,000,000 | 41,853,000,000 | 39,808,000,000 |
Segment Financial Data Paragraph Details [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Reportable Segments | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Aerospace [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of segment profit to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 2,372,000,000 | 2,279,000,000 | 2,023,000,000 |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repositioning and other charges | ' | ' | ' | ' | ' | ' | ' | ' | -45,000,000 | 5,000,000 | -29,000,000 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,043,000,000 | 6,999,000,000 | 6,494,000,000 |
Service sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,937,000,000 | 5,041,000,000 | 4,981,000,000 |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 11,980,000,000 | 12,040,000,000 | 11,475,000,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 211,000,000 | 208,000,000 |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 2,372,000,000 | 2,279,000,000 | 2,023,000,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 205,000,000 | 191,000,000 | 174,000,000 |
Total Assets | 9,160,000,000 | ' | ' | ' | 8,977,000,000 | ' | ' | ' | 9,160,000,000 | 8,977,000,000 | 9,109,000,000 |
Automation and Control Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of segment profit to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 2,437,000,000 | 2,232,000,000 | 2,083,000,000 |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repositioning and other charges | ' | ' | ' | ' | ' | ' | ' | ' | -93,000,000 | -18,000,000 | -191,000,000 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 14,193,000,000 | 13,610,000,000 | 13,328,000,000 |
Service sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,363,000,000 | 2,270,000,000 | 2,207,000,000 |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 16,556,000,000 | 15,880,000,000 | 15,535,000,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 352,000,000 | 364,000,000 |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 2,437,000,000 | 2,232,000,000 | 2,083,000,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 151,000,000 | 143,000,000 | 153,000,000 |
Total Assets | 20,382,000,000 | ' | ' | ' | 18,754,000,000 | ' | ' | ' | 20,382,000,000 | 18,754,000,000 | 19,127,000,000 |
Performance Materials And Technologies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of segment profit to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 1,271,000,000 | 1,154,000,000 | 1,042,000,000 |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repositioning and other charges | ' | ' | ' | ' | ' | ' | ' | ' | -31,000,000 | -12,000,000 | -41,000,000 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,223,000,000 | 5,642,000,000 | 5,064,000,000 |
Service sales | ' | ' | ' | ' | ' | ' | ' | ' | 541,000,000 | 542,000,000 | 595,000,000 |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,764,000,000 | 6,184,000,000 | 5,659,000,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 288,000,000 | 215,000,000 | 216,000,000 |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 1,271,000,000 | 1,154,000,000 | 1,042,000,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 429,000,000 | 328,000,000 | 282,000,000 |
Total Assets | 6,827,000,000 | ' | ' | ' | 6,396,000,000 | ' | ' | ' | 6,827,000,000 | 6,396,000,000 | 5,402,000,000 |
Transportation Systems [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of segment profit to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 498,000,000 | 432,000,000 | 485,000,000 |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repositioning and other charges | ' | ' | ' | ' | ' | ' | ' | ' | -190,000,000 | -197,000,000 | -228,000,000 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,755,000,000 | 3,561,000,000 | 3,859,000,000 |
Service sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,755,000,000 | 3,561,000,000 | 3,859,000,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | 85,000,000 | 96,000,000 |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | 498,000,000 | 432,000,000 | 485,000,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | 129,000,000 | 133,000,000 |
Total Assets | 2,219,000,000 | ' | ' | ' | 2,047,000,000 | ' | ' | ' | 2,219,000,000 | 2,047,000,000 | 1,991,000,000 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of segment profit to consolidated [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | -227,000,000 | -218,000,000 | -276,000,000 |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repositioning and other charges | ' | ' | ' | ' | ' | ' | ' | ' | -304,000,000 | -221,000,000 | -254,000,000 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Service sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,000,000 |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1,000,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 61,000,000 | 63,000,000 | 64,000,000 |
Segment Reporting Segment Profit Loss | ' | ' | ' | ' | ' | ' | ' | ' | -227,000,000 | -218,000,000 | -276,000,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 57,000,000 | 93,000,000 | 48,000,000 |
Total Assets | 6,847,000,000 | ' | ' | ' | 5,679,000,000 | ' | ' | ' | 6,847,000,000 | 5,679,000,000 | 4,179,000,000 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit plans income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | 90,000,000 | -36,000,000 | -105,000,000 |
Pension mark-to-market adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -51,000,000 | -957,000,000 | -1,802,000,000 |
Other Postretirement Benefit Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit plans income/(expense) | ' | ' | ' | ' | ' | ' | ' | ' | ($20,000,000) | ($72,000,000) | $86,000,000 |
GEOGRAPHIC_AREAS_FINANCIAL_DAT2
GEOGRAPHIC AREAS FINANCIAL DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Geographic Areas [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $10,387,000,000 | $9,647,000,000 | $9,693,000,000 | $9,328,000,000 | $9,581,000,000 | $9,342,000,000 | $9,435,000,000 | $9,307,000,000 | $39,055,000,000 | $37,665,000,000 | $36,529,000,000 |
Export sales included in United States net sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,431,000,000 | 5,126,000,000 | 4,549,000,000 |
Long-Lived Assets | 5,278,000,000 | ' | ' | ' | 5,001,000,000 | ' | ' | ' | 5,278,000,000 | 5,001,000,000 | 4,804,000,000 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Areas [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 22,978,000,000 | 22,379,000,000 | 21,005,000,000 |
Long-Lived Assets | 3,393,000,000 | ' | ' | ' | 3,118,000,000 | ' | ' | ' | 3,393,000,000 | 3,118,000,000 | 2,956,000,000 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Areas [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,804,000,000 | 9,118,000,000 | 9,604,000,000 |
Long-Lived Assets | 905,000,000 | ' | ' | ' | 932,000,000 | ' | ' | ' | 905,000,000 | 932,000,000 | 919,000,000 |
Other International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Geographic Areas [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,273,000,000 | 6,168,000,000 | 5,920,000,000 |
Long-Lived Assets | $980,000,000 | ' | ' | ' | $951,000,000 | ' | ' | ' | $980,000,000 | $951,000,000 | $929,000,000 |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-cash investing and financing activities [Abstract] | ' | ' | ' |
Common stock contributed to savings plans | $159 | $144 | $138 |
Payments for repositioning and other charges [Abstract] | ' | ' | ' |
Severance and exit cost payments | -160 | -136 | -161 |
Environmental payments | -304 | -320 | -270 |
Insurance receipts for asbestos related liabilities | 58 | 122 | 134 |
Asbestos related liability payments | -357 | -169 | -171 |
Net payments for repositioning and other charges | -763 | -503 | -468 |
Interest paid, net of amounts capitalized | 330 | 344 | 378 |
Income taxes paid, net of refunds | $1,271 | $919 | $578 |
UNAUDITED_QUARTERLY_FINANCIAL_2
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information Abstract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $10,387 | $9,647 | $9,693 | $9,328 | $9,581 | $9,342 | $9,435 | $9,307 | $39,055 | $37,665 | $36,529 |
Gross Profit | 2,775 | 2,705 | 2,666 | 2,545 | 1,900 | 2,534 | 2,513 | 2,427 | 10,691 | 9,374 | ' |
Net income attributable to Honeywell | $947 | $990 | $1,021 | $966 | $251 | $950 | $902 | $823 | $3,924 | $2,926 | $2,067 |
Earnings per share: Basic, Total | $1.20 | $1.26 | $1.30 | $1.23 | $0.32 | $1.21 | $1.15 | $1.06 | $4.99 | $3.74 | $2.65 |
Earnings per share - Assuming dilution, Total | $1.19 | $1.24 | $1.28 | $1.21 | $0.32 | $1.20 | $1.14 | $1.04 | $4.92 | $3.69 | $2.61 |
Dividends paid per share | $0.45 | $0.41 | $0.41 | $0.41 | $0.41 | $0.37 | $0.37 | $0.37 | $1.68 | $1.53 | $1.37 |
Market Price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price per share high | $91.37 | $86.79 | $80.85 | $75.48 | $64.29 | $61.72 | $61.29 | $61.78 | $91.37 | $64.29 | ' |
Market price per share low | $81.45 | $77.88 | $71.47 | $64.75 | $59.15 | $53.60 | $52.92 | $55.18 | $64.75 | $52.92 | ' |
SCHEDULE_IIVALUATION_AND_QUALI2
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of period, | $248 | $261 | $279 |
Provision Charged to Income | 110 | 117 | 81 |
Deductions from reserves | -119 | -132 | -113 |
Acquisitions | 8 | 2 | 14 |
Balance at end of period, | 247 | 248 | 261 |
Deferred Tax Assets Valuation Allowance [Member] | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Provision Charged to Income | $103 | $72 | $109 |
SCHEDULE_IIVALUATION_AND_QUALI3
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS 2 (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation And Qualifying Accounts Deferred Tax Assets Disclosure [Line Items] | ' | ' | ' |
Balance at end of period, | $614 | $598 | $58 |
Deferred Tax Assets Valuation Allowance [Member] | ' | ' | ' |
Valuation And Qualifying Accounts Deferred Tax Assets Disclosure [Line Items] | ' | ' | ' |
Balance at beginning of period, | 598 | 591 | 636 |
Additions charged to income tax expense | 103 | 72 | 109 |
Reductions credited to income tax expense | -54 | -54 | -152 |
Additions (reductions) to equity | -8 | 12 | -13 |
Additions (reductions) due to capital loss carryforwards | -27 | 14 | -5 |
Reductions due to expiring NOLs | ' | -2 | -8 |
Additions charged (reductions credited) to goodwill | 2 | -35 | 24 |
Balance at end of period, | 614 | 598 | 591 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation And Qualifying Accounts Deferred Tax Assets Disclosure [Line Items] | ' | ' | ' |
Additions charged to income tax expense | $110 | $117 | $81 |