Honeywell Earnings 2019-06-30

HON 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

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 June 30, 2019

☐ 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

Honeywell International Inc.

(Exact name of registrant as specified in its charter)



Delaware		22-2640650
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

115 Tabor Road		07950
Morris Plains,	NJ	07950
(Address of principal executive offices)		(Zip Code)



	973	455-2000
	(Registrant’s telephone number, including area code)

	Not Applicable
	(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $1 per share*	HON	The New York Stock Exchange
0.650% Senior Notes due 2020	HON 20	The New York Stock Exchange
1.300% Senior Notes due 2023	HON 23A	The New York Stock Exchange
2.250% Senior Notes due 2028	HON 28A	The New York Stock Exchange

* 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 o

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 o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. (Check one):



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 719,508,043 shares of Common Stock outstanding at June 30, 2019.

Honeywell International Inc.

Index



Part I.		Financial Information	Page No.
	Item 1.	Financial Statements:

		Consolidated Statement of Operations (unaudited) – Three and Six Months Ended June 30, 2019 and 2018	3

		Consolidated Statement of Comprehensive Income (unaudited) – Three and Six Months Ended June 30, 2019 and 2018	4

		Consolidated Balance Sheet (unaudited) – June 30, 2019 and December 31, 2018	5

		Consolidated Statement of Cash Flows (unaudited) – Six Months Ended June 30, 2019 and 2018	6

		Consolidated Statement of Shareowners' Equity (unaudited) – Three and Six Months Ended June 30, 2019 and 2018	7

		Notes to Consolidated Financial Statements (unaudited)	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

	Item 3.	Quantitative and Qualitative Disclosures About Market Risks	40

	Item 4.	Controls and Procedures	40

Part II.		Other Information

	Item 1.	Legal Proceedings	41

	Item 1A.	Risk Factors	41

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

	Item 6.	Exhibits	42

Signatures			43

Cautionary Statement about Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management’s assumptions and assessments in the 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 from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term. These forward-looking statements should be considered in the light of the information included in this report and our other filings with the Securities and Exchange Commission, 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 our 2018 Annual Report on Form 10-K.

PART I. FINANCIAL INFORMATION

The financial statements and related footnotes as of June 30, 2019 should be read in conjunction with the financial statements for the year ended December 31, 2018 contained in our 2018 Annual Report on Form 10-K.

ITEM 1. FINANCIAL STATEMENTS

Honeywell International Inc.

Consolidated Statement of Operations

(Unaudited)



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions, except per share amounts)
Product sales	$	6,990		$	8,703		$	13,703		$	16,937
Service sales	2,253			2,216			4,424			4,374
Net sales	9,243			10,919			18,127			21,311
Costs, expenses and other
Cost of products sold	4,848			6,202			9,470			12,107
Cost of services sold	1,246			1,412			2,503			2,698
	6,094			7,614			11,973			14,805
Selling, general and administrative expenses	1,387			1,528			2,750			3,003
Other (income) expense	(305		)	(316		)	(590		)	(584		)
Interest and other financial charges	85			95			170			178
	7,261			8,921			14,303			17,402
Income before taxes	1,982			1,998			3,824			3,909
Tax expense	426			718			832			1,177
Net income	1,556			1,280			2,992			2,732
Less: Net income attributable to the noncontrolling interest	15			13			35			26
Net income attributable to Honeywell	$	1,541		$	1,267		$	2,957		$	2,706
Earnings per share of common stock - basic	$	2.13		$	1.70		$	4.07		$	3.62
Earnings per share of common stock - assuming dilution	$	2.10		$	1.68		$	4.02		$	3.57

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

Honeywell International Inc.

Consolidated Statement of Comprehensive Income

(Unaudited)



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(Dollars in millions)
Net income	$	1,556		$	1,280		$	2,992		$	2,732
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment	(191		)	(79		)	14			12
Actuarial (gains) losses recognized	—			3			—			5
Prior service (credit) cost recognized	(20		)	(19		)	(39		)	(37		)
Pension and other postretirement benefits adjustments	(20		)	(16		)	(39		)	(32		)
Cash flow hedges recognized in other comprehensive income (loss)	10			34			48			2
Less: Reclassification adjustment for gains (losses) included in net income	7			(13		)	39			(31		)
Changes in fair value of cash flow hedges	3			47			9			33
Other comprehensive income (loss), net of tax	(208		)	(48		)	(16		)	13
Comprehensive income	1,348			1,232			2,976			2,745
Less: Comprehensive income attributable to the noncontrolling interest	13			5			37			23
Comprehensive income attributable to Honeywell	$	1,335		$	1,227		$	2,939		$	2,722

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

Honeywell International Inc.

Consolidated Balance Sheet

(Unaudited)



	June 30, 2019			December 31, 2018
	(Dollars in millions)
ASSETS
Current assets:
Cash and cash equivalents	$	8,225		$	9,287
Short-term investments	1,718			1,623
Accounts receivable - net	7,407			7,508
Inventories	4,600			4,326
Other current assets	1,818			1,618
Total current assets	23,768			24,362
Investments and long-term receivables	747			742
Property, plant and equipment - net	5,260			5,296
Goodwill	15,573			15,546
Other intangible assets - net	3,933			4,139
Insurance recoveries for asbestos related liabilities	422			437
Deferred income taxes	259			382
Other assets	7,788			6,869
Total assets	$	57,750		$	57,773
LIABILITIES
Current liabilities:
Accounts payable	$	5,602		$	5,607
Commercial paper and other short-term borrowings	3,558			3,586
Current maturities of long-term debt	4,017			2,872
Accrued liabilities	6,717			6,859
Total current liabilities	19,894			18,924
Long-term debt	8,608			9,756
Deferred income taxes	1,722			1,713
Postretirement benefit obligations other than pensions	326			344
Asbestos related liabilities	2,226			2,269
Other liabilities	6,907			6,402
Redeemable noncontrolling interest	7			7
SHAREOWNERS’ EQUITY
Capital - common stock issued	958			958
- additional paid-in capital	6,780			6,452
Common stock held in treasury, at cost	(22,156		)	(19,771		)
Accumulated other comprehensive loss	(3,453		)	(3,437		)
Retained earnings	35,741			33,978
Total Honeywell shareowners’ equity	17,870			18,180
Noncontrolling interest	190			178
Total shareowners’ equity	18,060			18,358
Total liabilities, redeemable noncontrolling interest and shareowners’ equity	$	57,750		$	57,773

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

Honeywell International Inc.

Consolidated Statement of Cash Flows

(Unaudited)



	Six Months Ended June 30,
	2019			2018
	(Dollars in millions)
Cash flows from operating activities:
Net income	$	2,992		$	2,732
Less: Net income attributable to the noncontrolling interest	35			26
Net income attributable to Honeywell	2,957			2,706
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities:
Depreciation	335			372
Amortization	221			204
Repositioning and other charges	210			457
Net payments for repositioning and other charges	(85		)	(328		)
Pension and other postretirement income	(322		)	(510		)
Pension and other postretirement benefit payments	(45		)	(44		)
Stock compensation expense	75			90
Deferred income taxes	44			114
Other	5			78
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable	98			97
Inventories	(273		)	(189		)
Other current assets	(239		)	174
Accounts payable	(8		)	224
Accrued liabilities	(161		)	(448		)
Net cash provided by (used for) operating activities	2,812			2,997
Cash flows from investing activities:
Expenditures for property, plant and equipment	(312		)	(339		)
Proceeds from disposals of property, plant and equipment	10			3
Increase in investments	(2,274		)	(1,787		)
Decrease in investments	2,163			3,508
Other	70			220
Net cash provided by (used for) investing activities	(343		)	1,605
Cash flows from financing activities:
Proceeds from issuance of commercial paper and other short-term borrowings	7,114			12,749
Payments of commercial paper and other short-term borrowings	(7,115		)	(12,152		)
Proceeds from issuance of common stock	378			127
Proceeds from issuance of long-term debt	29			5
Payments of long-term debt	(84		)	(1,277		)
Repurchases of common stock	(2,650		)	(1,704		)
Cash dividends paid	(1,203		)	(1,116		)
Other	(32		)	(118		)
Net cash provided by (used for) financing activities	(3,563		)	(3,486		)
Effect of foreign exchange rate changes on cash and cash equivalents	32			(93		)
Net increase (decrease) in cash and cash equivalents	(1,062		)	1,023
Cash and cash equivalents at beginning of period	9,287			7,059
Cash and cash equivalents at end of period	$	8,225		$	8,082

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

Honeywell International Inc.

Consolidated Statement of Shareowners' Equity

(Unaudited)



	Three Months Ended June 30,										Six Months Ended June 30,
	2019					2018					2019					2018
	Shares		$			Shares		$			Shares		$			Shares		$
	(Dollars in millions, except per share amounts)
Common stock, par value	957.6		958			957.6		958			957.6		958			957.6		958
Additional paid-in capital
Beginning balance			6,652					6,250					6,452					6,212
Issued for employee savings and option plans			94					30					253					16
Stock-based compensation expense			34					37					75					89
Ending balance			6,780					6,317					6,780					6,317
Treasury stock
Beginning balance	(229.9	)	(20,392		)	(210.7	)	(16,834		)	(228.0	)	(19,771		)	(206.7	)	(15,914		)
Reacquired stock or repurchases of common stock	(11.1	)	(1,900		)	(5.3	)	(764		)	(16.2	)	(2,650		)	(11.4	)	(1,704		)
Issued for employee savings and option plans	2.9		136			1.0		41			6.1		265			3.1		61
Ending balance	(238.1	)	(22,156		)	(215.0	)	(17,557		)	(238.1	)	(22,156		)	(215.0	)	(17,557		)
Retained earnings
Beginning balance			34,794					28,623					33,978					27,481
Adoption of new accounting standards			—					—					—					264
Net income attributable to Honeywell			1,541					1,267					2,957					2,706
Dividends on common stock			(594		)			(559		)			(1,194		)			(1,120		)
Ending balance			35,741					29,331					35,741					29,331
Accumulated other comprehensive income (loss)
Beginning balance			(3,246		)			(2,174		)			(3,437		)			(2,235		)
Foreign exchange translation adjustment			(191		)			(79		)			14					12
Pensions and other postretirement benefit adjustments			(19		)			(16		)			(39		)			(32		)
Changes in fair value of cash flow hedges			3					47					9					33
Ending balance			(3,453		)			(2,222		)			(3,453		)			(2,222		)
Noncontrolling interest
Beginning balance			189					179					178					163
Acquisitions, divestitures, and other			—					—					—					1
Net income attributable to noncontrolling interest			15					12					35					26
Foreign exchange translation adjustment			(2		)			(7		)			2					(3		)
Dividends paid			(12		)			(11		)			(25		)			(14		)
Ending balance			190					173					190					173
Total shareowners' equity	719.5		18,060			742.6		17,000			719.5		18,060			742.6		17,000
Cash dividends per share of common stock			$	0.820				$	0.745				$	1.640				$	1.490

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

Honeywell International Inc.

Notes to Consolidated Financial Statements

(Unaudited)

(Dollars 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 of Honeywell International Inc. and its consolidated subsidiaries (“Honeywell” or “the Company”) at June 30, 2019 and December 31, 2018, the cash flows for the six months ended June 30, 2019 and 2018 and the results of operations for the three and six months ended June 30, 2019 and 2018. The results of operations for the three and six months ended June 30, 2019 and cash flows for the six months ended June 30, 2019 should not necessarily be taken as indicative of the entire year.

We report our 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. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on our 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 that differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, we will provide appropriate disclosures. Our actual closing dates for the three and six months ended June 30, 2019 and 2018 were June 29, 2019 and June 30, 2018.

On October 1, 2018, the Company completed the tax-free spin-off to Honeywell shareowners of its Transportation Systems business, previously part of Aerospace, into a standalone publicly-traded company, Garrett Motion Inc. (“Garrett”). On October 29, 2018, the Company completed the tax-free spin-off to Honeywell shareowners of its Homes and Global Distribution business, previously part of Home and Building Technologies (renamed Honeywell Building Technologies following the spin-off), into a standalone publicly-traded company, Resideo Technologies, Inc. (“Resideo”). The assets and liabilities associated with Garrett and Resideo have been removed from the Company’s Consolidated Balance Sheet as of the effective dates of the respective spin-offs. The results of operations for Garrett and Resideo are included in the Consolidated Statement of Operations through the effective dates of the respective spin-offs.

Note 2. Summary of Significant Accounting Policies

The accounting policies of the Company are set forth in Note 1 to Consolidated Financial Statements contained in the Company’s 2018 Annual Report on Form 10-K. We include herein certain updates to those policies.

Reclassifications—Certain prior year amounts have been reclassified to conform to the current year presentation.

Leases—At the inception of a contract, we assess whether the contract is, or contains, a lease. The assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset.

All significant lease arrangements are generally recognized at lease commencement. Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement. An ROU asset and corresponding lease liability are not recorded for leases with an initial term of 12 months or less (short term leases) and we recognize lease expense for these leases as incurred over the lease term.

ROU assets represent our right to use an underlying asset during the reasonably certain lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in determining the lease liability. Variable lease payments are recognized in operating expenses in the period in which the obligation for those payments are incurred. The operating lease ROU

Honeywell International Inc.

Notes to Consolidated Financial Statements

(Unaudited)

(Dollars in millions, except per share amounts)

asset also includes any lease payments related to initial direct cost and prepayments and excludes lease incentives. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are generally accounted for separately.

We primarily use our incremental borrowing rate, which is based on the information available at the lease commencement date, in determining the present value of the lease payments. In determining the borrowing rate, we consider the lease term, secured incremental borrowing rate, and for leases denominated in a currency different than U.S. dollar, the collateralized borrowing rate in the foreign currency using the U.S. dollar and foreign currency swap spread, when available.

Recent Accounting Pronouncements—We consider the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). ASUs not yet adopted that are not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated result of operations, financial position and cash flows.

In February 2018, the FASB issued guidance that allows for an entity to elect to reclassify from accumulated other comprehensive income to retained earnings the income tax effects on items resulting from what is commonly referred to as the U.S. Tax Cuts and Jobs Act (“U.S. Tax Reform”). The guidance is effective for fiscal years beginning after December 15, 2018 with early adoption permitted, including interim periods within those years. The Company has elected to not reclassify the stranded income tax effects of U.S. Tax Reform from accumulated other comprehensive income to retained earnings.

Note 3. Repositioning and Other Charges

A summary of repositioning and other charges follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Severance	$	75		$	30		$	106		$	61
Asset impairments	—			1			11			48
Exit costs	11			32			29			40
Reserve adjustments	(2		)	(2		)	(4		)	(3		)
Total net repositioning charge	84			61			142			146
Asbestos related litigation charges, net of insurance and indemnities	6			49			17			98
Probable and reasonably estimable environmental liabilities, net of indemnities	39			127			53			184
Other	(3		)	29			(2		)	29
Total net repositioning and other charges	$	126		$	266		$	210		$	457

The following table summarizes the pretax distribution of total net repositioning and other charges by classification:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Cost of products and services sold	$	74	$	216	$	129	$	344
Selling, general and administrative expenses	52		50		81		72
Other (income) expense	—		—		—		41
	$	126	$	266	$	210	$	457

Honeywell International Inc.

Notes to Consolidated Financial Statements

(Unaudited)

(Dollars in millions, except per share amounts)

The following table summarizes the pretax impact of total net repositioning and other charges by segment:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Aerospace	$	4	$	35	$	20	$	103
Honeywell Building Technologies	—		9		8		13
Performance Materials and Technologies	34		69		33		73
Safety and Productivity Solutions	43		6		48		13
Corporate	45		147		101		255
	$	126	$	266	$	210	$	457

In the quarter ended June 30, 2019, we recognized gross repositioning charges totaling $86 million including severance costs of $75 million related to workforce reductions of 1,266 manufacturing and administrative positions mainly in Performance Materials and Technologies and Safety and Productivity Solutions. The workforce reductions were primarily related to cost savings actions taken in connection with our productivity and ongoing functional transformation initiatives.

In the quarter ended June 30, 2018, we recognized gross repositioning charges totaling $63 million including severance costs of $30 million related to workforce reductions of

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$170.39	728	$124,000

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-08-08	Off-BS Arrangement, Exhibits
8-K	2019-08-01	Other Events
8-K	2019-07-26	Officers
8-K	2019-07-18	Earnings, Exhibits
8-K	2019-07-08	Officers
8-K	2019-04-29	Shareholder Vote
8-K	2019-04-29
8-K	2019-04-26	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2019-04-18	Earnings, Exhibits
8-K	2019-02-01	Earnings, Exhibits
8-K	2018-10-29	Other Events
8-K	2018-10-19	Earnings, Exhibits
8-K	2018-10-19	Earnings, Exhibits
8-K	2018-10-14	Enter Agreement, Exhibits
8-K	2018-10-02	Suspend Trading, Other Events, Exhibits
8-K	2018-10-01	Other Events
8-K	2018-09-12	Enter Agreement, Exhibits
8-K	2018-09-05	Suspend Trading, Other Events, Exhibits
8-K	2018-08-23	Regulation FD, Exhibits
8-K	2018-07-27	Officers
8-K	2018-07-20	Earnings, Exhibits
8-K	2018-06-14	Officers
8-K	2018-05-30	Officers
8-K	2018-04-30	Officers
8-K	2018-04-27	Enter Agreement
8-K	2018-04-23	Amend Bylaw, Exhibits
8-K	2018-02-16	Enter Agreement
8-K	2018-02-09	Officers, Exhibits
8-K	2018-01-30	Other Events, Exhibits
8-K	2018-01-26	Earnings, Exhibits

HCA	HCA Healthcare	42,650
MFA	MFA Financial	3,320
CDNA	Caredx	1,390
SENS	Senseonics Holdings	418
CSV	Carriage Services	350
PLSE	Pulse Biosciences	261
CLFD	Clearfield	194
SIVR	ETFS Silver Trust	0
TTCM	Tautachrome	0
ACHI	Achison	0

EX-31.1	exhibit31-106302019.htm
EX-31.2	exhibit31-206302019.htm
EX-32.1	exhibit32-106302019.htm
EX-32.2	exhibit32-206302019.htm