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United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
__________________
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _____
Commission file number 1-8974
hon-20220930_g1.jpg
Honeywell International Inc.
(Exact name of registrant as specified in its charter)
Delaware22-2640650
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
855 South Mint Street28202
Charlotte,NC
(Address of principal executive offices)(Zip Code)
(704)627-6200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per share*HONThe Nasdaq Stock Market LLC
1.300% Senior Notes due 2023HON 23AThe Nasdaq Stock Market LLC
0.000% Senior Notes due 2024HON 24AThe Nasdaq Stock Market LLC
2.250% Senior Notes due 2028HON 28AThe Nasdaq Stock Market LLC
0.750% Senior Notes due 2032HON 32The Nasdaq Stock Market LLC
* The common stock is also listed on the London Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
x
Accelerated filer
☐
Non-Accelerated filer
☐
Smaller reporting company
☐
  Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No x
There were 672,322,232 shares of Common Stock outstanding at September 30, 2022.


TABLE OF CONTENTS
PART I
ITEM 1
Consolidated Balance Sheet (unaudited) – September 30, 2022 and December 31, 2021
Consolidated Statement of Cash Flows (unaudited) – Nine Months Ended September 30, 2022 and 2021
ITEM 2
ITEM 3
ITEM 4
Part II
ITEM 1
ITEM 1A
ITEM 2
ITEM 4
ITEM 6
 




CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
We describe many of the trends and other factors that drive our business and future results in the section titled Management’s Discussion and Analysis of Financial Condition and Results of Operations and in other parts of this report (including Part II, Item 1A Risk Factors). Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, including the impact of the coronavirus pandemic (COVID-19) and the Russia-Ukraine conflict, that can affect our performance in both the near- and long-term. These forward-looking statements should be considered in light of the information included in this report and our other filings with the Securities and Exchange Commission (SEC), including, without limitation, the Risk Factors, as well as the description of trends and other factors in Management’s Discussion and Analysis of Financial Condition and Results of Operations, set forth in this report and our 2021 Annual Report on Form 10-K.


ABOUT HONEYWELL
Honeywell International Inc. (Honeywell or the Company) invents and commercializes technologies that address some of the world’s most critical challenges around energy, safety, security, air travel, productivity, and global urbanization. We are a leading software-industrial company committed to introducing state of the art technology solutions to improve efficiency, productivity, sustainability, and safety in high growth businesses in broad-based, attractive industrial end markets. As a diversified technology and manufacturing company, we are uniquely positioned to blend physical products with software to serve customers worldwide with aerospace products and services, energy efficient products and solutions for businesses, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and productivity, sensing, safety and security technologies for buildings and industries. Our products and solutions enable a safer, more comfortable, and more productive world, enhancing the quality of life of people around the globe. The Honeywell brand dates back to 1906, and the Company was incorporated in Delaware in 1985.
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports, are available free of charge on our website (honeywell.com) under the heading Investors (see SEC Filings) immediately after they are filed with, or furnished to, the SEC. Honeywell uses our Investor Relations website, investor.honeywell.com, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. Information contained on or accessible through, including any reports available on, our website is not a part of, and is not incorporated by reference into, this Quarterly Report on Form 10-Q or any other report or document we file with the SEC. Any reference to our website in this Form 10-Q is intended to be an inactive textual reference only.


PART I. FINANCIAL INFORMATION 
The financial statements and related notes as of September 30, 2022, should be read in conjunction with the financial statements for the year ended December 31, 2021, contained in the Company's 2021 Annual Report on Form 10-K. 
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
 (Dollars in millions, except per share amounts)
Product sales$6,588 $6,233 $19,404 $19,281 
Service sales2,363 2,240 6,876 6,454 
Net sales8,951 8,473 26,280 25,735 
Costs, expenses and other
Cost of products sold4,630 4,463 13,676 13,748 
Cost of services sold1,351 1,283 4,025 3,710 
 5,981 5,746 17,701 17,458 
Selling, general and administrative expenses1,228 1,152 3,965 3,595 
Other (income) expense(337)(215)(846)(1,023)
Interest and other financial charges98 90 270 263 
 6,970 6,773 21,090 20,293 
Income before taxes1,981 1,700 5,190 5,442 
Tax expense432 427 1,244 1,274 
Net income1,549 1,273 3,946 4,168 
Less: Net income (loss) attributable to the noncontrolling interest(3)16 (1)54 
Net income attributable to Honeywell$1,552 $1,257 $3,947 $4,114 
Earnings per share of common stock - basic$2.30 $1.82 $5.81 $5.93 
Earnings per share of common stock - assuming dilution$2.28 $1.80 $5.76 $5.86 
 












The Notes to Consolidated Financial Statements are an integral part of this statement.

1 Honeywell International Inc.
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
 (Dollars in millions)
Net income$1,549 $1,273 $3,946 $4,168 
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment(423)(93)(399)250 
Actuarial (gains) losses recognized during year— (1)— (1)
Prior service (credit) cost recognized(10)(21)(44)(64)
Pension and other postretirement benefit adjustments(10)(22)(44)(65)
Changes in fair value of available for sale investments2 — (7)(3)
Cash flow hedges recognized in other comprehensive income (loss)27 1 66 16 
Less: Reclassification adjustment for gains (losses) included in net income23 5 38 14 
Changes in fair value of cash flow hedges4 (4)28 2 
Other comprehensive income (loss), net of tax(427)(119)(422)184 
Comprehensive income1,122 1,154 3,524 4,352 
Less: Comprehensive income (loss) attributable to the noncontrolling interest(17)15 (22)54 
Comprehensive income attributable to Honeywell$1,139 $1,139 $3,546 $4,298 
 























The Notes to Consolidated Financial Statements are an integral part of this statement.

2 Honeywell International Inc.
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
 September 30, 2022December 31, 2021
 (Dollars in millions)
ASSETS 
Current assets:  
Cash and cash equivalents$7,449 $10,959 
Short-term investments516 564 
Accounts receivable, less allowances of $349 and $177, respectively
7,363 6,830 
Inventories5,501 5,138 
Other current assets1,696 1,881 
Total current assets22,525 25,372 
Investments and long-term receivables807 1,222 
Property, plant and equipment - net5,339 5,562 
Goodwill16,974 17,756 
Other intangible assets - net3,220 3,613 
Insurance recoveries for asbestos related liabilities238 322 
Deferred income taxes437 489 
Other assets10,747 10,134 
Total assets$60,287 $64,470 
LIABILITIES
Current liabilities:
Accounts payable$6,118 $6,484 
Commercial paper and other short-term borrowings3,434 3,542 
Current maturities of long-term debt1,315 1,803 
Accrued liabilities7,242 7,679 
Total current liabilities18,109 19,508 
Long-term debt12,236 14,254 
Deferred income taxes2,406 2,364 
Postretirement benefit obligations other than pensions203 208 
Asbestos-related liabilities1,693 1,800 
Other liabilities7,303 7,087 
Redeemable noncontrolling interest7 7 
SHAREOWNERS’ EQUITY
Capital - common stock issued958 958 
 - additional paid-in capital8,460 8,141 
Common stock held in treasury, at cost(33,182)(30,462)
Accumulated other comprehensive loss(3,296)(2,895)
Retained earnings44,767 42,827 
Total Honeywell shareowners’ equity17,707 18,569 
Noncontrolling interest623 673 
Total shareowners’ equity18,330 19,242 
Total liabilities, redeemable noncontrolling interest and shareowners’ equity$60,287 $64,470 
 



The Notes to Consolidated Financial Statements are an integral part of this statement.

3 Honeywell International Inc.
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Nine Months Ended September 30,
 20222021
 (Dollars in millions)
Cash flows from operating activities:  
Net income$3,946 $4,168 
Less: Net income (loss) attributable to the noncontrolling interest(1)54 
Net income attributable to Honeywell3,947 4,114 
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities:
Depreciation494 506 
Amortization411 427 
Gain on sale of non-strategic businesses and assets(10)(95)
Repositioning and other charges714 338 
Net payments for repositioning and other charges(316)(505)
Pension and other postretirement income(778)(862)
Pension and other postretirement benefit payments(14)(29)
Stock compensation expense163 172 
Deferred income taxes208 189 
Other200 (106)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable(660)(419)
Inventories(390)(516)
Other current assets125 (324)
Accounts payable(365)379 
Accrued liabilities(821)106 
Net cash provided by operating activities2,908 3,375 
Cash flows from investing activities:
Expenditures for property, plant and equipment(525)(614)
Proceeds from disposals of property, plant and equipment11 18 
Increase in investments(834)(1,989)
Decrease in investments884 1,906 
Receipts from Garrett Motion Inc.409 375 
Receipts from settlements of derivative contracts773 88 
Cash paid for acquisitions, net of cash acquired(178)(1,334)
Proceeds from sales of businesses, net of fees paid— 203 
Net cash provided by (used for) investing activities540 (1,347)
Cash flows from financing activities:
Proceeds from issuance of commercial paper and other short-term borrowings5,310 3,640 
Payments of commercial paper and other short-term borrowings(5,324)(3,637)
Proceeds from issuance of common stock121 171 
Proceeds from issuance of long-term debt2 2,509 
Payments of long-term debt(1,818)(3,355)
Repurchases of common stock(2,827)(2,499)
Cash dividends paid(2,028)(1,950)
Other(45)(74)
Net cash used for financing activities(6,609)(5,195)
Effect of foreign exchange rate changes on cash and cash equivalents(349)(21)
Net decrease in cash and cash equivalents(3,510)(3,188)
Cash and cash equivalents at beginning of period10,959 14,275 
Cash and cash equivalents at end of period$7,449 $11,087 


The Notes to Consolidated Financial Statements are an integral part of this statement.

4 Honeywell International Inc.
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF SHAREOWNERS' EQUITY
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Shares$Shares$Shares$Shares$
 (In millions, except per share amounts)
Common stock, par value957.6 958 957.6 958 957.6 958 957.6 958 
Additional paid-in capital
Beginning balance8,397 7,566 8,141 7,292 
Issued for employee savings and option plans12 (10)146 148 
Stock-based compensation expense 51 56 173 172 
Ending balance8,460 7,612 8,460 7,612 
Treasury stock
Beginning balance(283.9)(32,814)(267.2)(28,978)(272.8)(30,462)(260.8)(27,229)
Reacquired stock or repurchases of common stock(2.1)(390)(2.9)(650)(15.1)(2,827)(11.5)(2,499)
Issued for employee savings and option plans0.7 22 0.9 14 2.6 107 3.1 114 
Ending balance(285.3)(33,182)(269.2)(29,614)(285.3)(33,182)(269.2)(29,614)
Retained earnings
Beginning balance43,883 41,467 42,827 39,905 
Net income attributable to Honeywell1,552 1,257 3,947 4,114 
Dividends on common stock(668)(645)(2,007)(1,940)
Ending balance44,767 42,079 44,767 42,079 
Accumulated other comprehensive income (loss)
Beginning balance(2,883)(3,075)(2,895)(3,377)
Foreign exchange translation adjustment(409)(92)(378)250 
Pension and other postretirement benefit adjustments(10)(22)(44)(65)
Changes in fair value of available for sale investments2 — (7)(3)
Changes in fair value of cash flow hedges4 (4)28 2 
Ending balance(3,296)(3,193)(3,296)(3,193)
Noncontrolling interest
Beginning balance649 264 673 241 
Acquisitions, divestitures, and other — — — 5 
Net income (loss) attributable to noncontrolling interest(3)16 (1)54 
Foreign exchange translation adjustment(14)(1)(21)— 
Dividends paid(9)(7)(42)(32)
Contributions from noncontrolling interest holders— — 14 4 
Ending balance623 272 623 272 
Total shareowners' equity672.3 18,330 688.4 18,114 672.3 18,330 688.4 18,114 
Cash dividends per share of common stock$0.980 $0.930 $2.940 $2.790 





The Notes to Consolidated Financial Statements are an integral part of this statement.

5 Honeywell International Inc.
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position, results of operations, cash flows, and shareowners' equity of Honeywell International Inc. and its consolidated subsidiaries (Honeywell or the Company) for the periods presented. The interim results of operations and cash flows should not necessarily be taken as indicative of the entire year.
Honeywell reports its quarterly financial information using a calendar convention; the first, second, and third quarters are consistently reported as ending on March 31, June 30, and September 30, respectively. It is Honeywell's practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires Honeywell's businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on the Company's business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. In the event differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, Honeywell will provide appropriate disclosures. Honeywell's actual closing dates for the three and nine months ended September 30, 2022 and 2021, were October 1, 2022, and October 2, 2021, respectively. 
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Company are set forth in Note 1 to the Company's Consolidated Financial Statements contained in the Company’s 2021 Annual Report on Form 10-K. The Company includes herein certain updates to those policies.
RECLASSIFICATIONS
Certain prior year amounts have been reclassified to conform to the current year presentation.
RECENT ACCOUNTING PRONOUNCEMENTS
The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements.
In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Topic 405): Disclosure of Supplier Finance Program Obligations, to enhance the transparency of supplier finance programs. The new standard requires annual disclosure of the key terms of the program, a description of where in the financial statements amounts outstanding under the program are presented, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The guidance does not affect recognition, measurement, or financial statement presentation of supplier finance programs. The ASU is effective on January 1, 2023, except for the rollforward, which is effective on January 1, 2024. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, to expand the scope of this guidance to include derivatives. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company will apply the guidance to impacted transactions during the transition period. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted. The Company adopted this guidance on January 1, 2022. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements.

6 Honeywell International Inc.
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 3. ACQUISITIONS AND DIVESTITURES
ACQUISITIONS
On January 18, 2022, the Company acquired 100% of the issued and outstanding shares of US Digital Design, Inc., a leading provider of technologies for first responders, for total consideration of $186 million. The business is included within the Honeywell Building Technologies segment. The assets and liabilities acquired with US Digital Designs, Inc. are included in the Consolidated Balance Sheet as of September 30, 2022, including $53 million of intangible assets and $129 million allocated to goodwill, which is deductible for tax purposes. The purchase accounting is subject to final adjustment, primarily for the valuation of intangible assets, amounts allocated to goodwill, and tax balances.
DIVESTITURES
In conjunction with the wind down of our businesses and operations in Russia (the Wind down), on September 2, 2022, the Company completed the sale of an entity domiciled in Russia in exchange for gross cash consideration of less than $1 million. The Company recognized a pre-tax gain of $10 million, which was recorded in Other (income) expense in the Consolidated Statement of Operations, driven by a favorable foreign currency cumulative translation adjustment at the time of sale. The financial results of the entity were previously included in the Performance Materials and Technologies reportable business segment.
In October 2022, the Company completed the sale of two additional entities domiciled in Russia for an immaterial amount. The financial results of the two additional entities are included in the Performance Materials and Technologies, Honeywell Building Technologies, and Safety and Productivity Solutions reportable business segments. The impact of the two additional sales will be reported in fourth quarter 2022 results.
As of September 30, 2022, the Company had no material adjustments for acquisitions or divestitures completed during 2021. See Note 2 Acquisitions and Divestitures of Notes to Consolidated Financial Statements in the Company's 2021 Annual Report on Form 10-K for discussion of acquisitions and divestitures during 2021.
7 Honeywell International Inc.
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 4. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
Honeywell generates revenue from a comprehensive offering of products and services, including software and technologies, that are sold to a variety of customers in multiple end markets. See the following table and related discussions by reportable business segment for details.
 Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Aerospace
Commercial Aviation Original Equipment$538 $415 $1,543 $1,282 
Commercial Aviation Aftermarket1,339 1,083 3,715 3,008 
Defense and Space1,099 1,234 3,365 3,840 
2,976 2,732 8,623 8,130 
Honeywell Building Technologies
Products915 787 2,730 2,383 
Building Solutions611 583 1,756 1,752 
1,526 1,370 4,486 4,135 
Performance Materials and Technologies
UOP633 600 1,677 1,698 
Process Solutions1,141 1,160 3,472 3,422 
Advanced Materials946 750 2,718 2,288 
2,720 2,510 7,867 7,408 
Safety and Productivity Solutions
Sensing and Safety Technologies