Company Quick10K Filing
Quick10K
Honeywell
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
HON 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Repositioning and Other Charges
Note 4. Other (Income) Expense
Note 5. Income Taxes
Note 6. Earnings per Share
Note 7. Revenue Recognition and Contracts with Customers
Note 8. Accounts Receivable - Net
Note 9. Inventories
Note 10. Leases
Note 11. Long-Term Debt and Credit Agreements
Note 12. Financial Instruments and Fair Value Measures
Note 13. Accumulated Other Comprehensive Income (Loss)
Note 14. Segment Financial Data
Note 15. Pension Benefits
Note 16. Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Millions, Except per Share Amounts)
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings General Legal Matters
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 exhibit31-106302019.htm
EX-31.2 exhibit31-206302019.htm
EX-32.1 exhibit32-106302019.htm
EX-32.2 exhibit32-206302019.htm

Honeywell Earnings 2019-06-30

HON 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
false--12-31Q220190000773840Reimbursements associated with the indemnification and reimbursement agreement with a Garrett subsidiary (the "Agreement") were $77 million for the six months ended June 30, 2019 and offset operating cash outflows incurred by the Company. As the Company records the accruals for matters covered by the indemnification and reimbursement agreement, a corresponding receivable from Garrett for 90 percent of such accrual is also recorded. This receivable amount was $12 million in the six months ended June 30, 2019. As of June 30, 2019, Other Current Assets and Other Assets includes $170 million and $989 million representing the short-term and long-term portion of the receivable amount due from Garrett under the indemnification and reimbursement agreement. Reimbursements associated with the indemnification and reimbursement agreement with a Resideo subsidiary were $69 million in the six months ended June 30, 2019 and offset operating cash outflows incurred by the Company. As the Company records the accruals for environmental matters deemed probable and reasonably estimable related to the sites covered by the indemnification and reimbursement agreement, a corresponding receivable from Resideo for 90 percent of such accrual is also recorded. This receivable amount recorded in the six months ended June 30, 2019 was $32 million. As of June 30, 2019, Other Current Assets and Other Assets includes $140 million and $438 million representing the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. 9576000000.066250.090650.0130.02250.00650.0140.01850.0180.0250.03350.038120.04250.053750.0570.0570.057P4Y150000000015000000004500000000Honeywell has appealed the District Court’s ruling on this “full premium” damages issue, and believes that the Sixth Circuit Court of Appeals will reverse the District Court on that issue.4P6YThe timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of our fixed-price over time contracts include progress payments based on specified events or milestones, or based on project progress. For some contracts we may be entitled to receive an advance payment. Performance obligations recognized as of June 30, 2019 will be satisfied over the course of future periods. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. 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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 June 30, 2019
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

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
 
(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
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.


2





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.

3





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.

4





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.

5





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.

6





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.

7


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

8


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




9


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