
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
| Title of Each Class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
| x | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||
| ABOUT HONEYWELL | |||||
| YEAR IN REVIEW | ||||||||||||||||||||||||||
![]() | ![]() | ![]() | ||||||||||||||||||||||||
Sales up 3%, up 6% on an organic(1) basis, or up 7% on an organic basis excluding lost Russian sales(2) | Record backlog of | Operating cash flows of | ||||||||||||||||||||||||
| $35.5 BILLION | $29.6 BILLION | $5.3 BILLION | ||||||||||||||||||||||||
| as we remain focused on leveraging our robust operating model to deliver growth despite headwinds from inflation, supply chain constraints, and impacts of the Russia-Ukraine conflict | as of year-end, demonstrating strong demand in our end markets and positioning us well to convert for future growth | as we remain focused on increasing operating cash flows through revenue growth, margin expansion, and improved working capital turnover | ||||||||||||||||||||||||
| ABOUT HONEYWELL | |||||
| 1 | Driving profitable growth by delivering innovative products through research and development and technological excellence, and through continued enhancement of our footprint in high growth regions; | |||||||
| 2 | Continuing to execute on our strategy to be a premier software-industrial company, including the ongoing expansion of Honeywell Forge connected solutions for aircraft, buildings, cybersecurity, plants, and workers and driving a recurring revenue model across the Company. Honeywell Forge is a suite of industrial software offerings that solves complex performance, sustainability, and Operational Technology cybersecurity challenges by helping companies use operational data to drive insights that improve processes, enhance productivity, support sustainability initiatives, and empower workers; | |||||||
| 3 | Expanding margins by optimizing the Company’s performance through the integrated supply chain and Honeywell Digital transformation initiatives, commercial excellence, repositioning, and other manufacturing and operational process improvements; | |||||||
| 4 | Executing disciplined portfolio management through rigorous merger and acquisition, divestiture, and integration processes to deliver growth and shareholder value; | |||||||
| 5 | Controlling enterprise costs, including costs incurred for asbestos and environmental matters, and pension and other post-retirement benefits; | |||||||
| 6 | Increasing availability of capital through strong cash flow generation and conversion from effective working capital management and proactive management of debt to enable the Company to strategically deploy capital for acquisitions, dividends, share repurchases, and capital expenditures; and | |||||||
| 7 | Committing to uphold our environmental, social, and governance principles, as a leader in responsible corporate citizenship. | |||||||
| ABOUT HONEYWELL | |||||
![]() | |||||
AEROSPACE Aerospace is a leading global supplier of products, software, and services for aircrafts that it sells to original equipment manufacturers (OEM) and other customers in a variety of end markets including: air transport, regional, business and general aviation aircraft, airlines, aircraft operators, and defense and space contractors. Aerospace products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics, wireless connectivity services, electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, management and technical services, advanced systems and instruments, satellite and space components, aircraft wheels and brakes, repair and overhaul services, and thermal systems. Aerospace also provides spare parts, repair, overhaul, and maintenance services (principally to aircraft operators) for the aftermarket. Honeywell Forge solutions are leveraged by our customers as tools to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient. | |||||
2022 Full-year revenue of $11,827 million | ||||||||
2022 Full-year revenue by business unit | ||||||||
$2,089 million | $5,108 million | $4,630 million | ||||||
| Commercial Aviation Original Equipment | Commercial Aviation Aftermarket | Defense and Space | ||||||
HONEYWELL BUILDING TECHNOLOGIES Honeywell Building Technologies is a leading global provider of products, software, solutions, and technologies that enable building owners and occupants to ensure their facilities are safe, energy efficient, sustainable, and productive. Honeywell Building Technologies products and services include advanced software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and upgrades of systems. Honeywell Forge solutions enable our customers to digitally manage buildings, connecting data from different assets to enable smart maintenance, improve building performance, and even protect from incoming security threats. | ![]() | ||||
2022 Full-year revenue of $6,000 million | |||||
2022 Full-year revenue by business unit | |||||
$3,638 million | $2,362 million | ||||
| Products | Building Solutions | ||||
| ABOUT HONEYWELL | |||||
PERFORMANCE MATERIALS AND TECHNOLOGIES Performance Materials and Technologies is a global provider in developing and manufacturing high-quality performance chemicals and materials, process technologies, and automation solutions. The reportable business segment is comprised of Process Solutions, UOP, and Advanced Materials. Process Solutions provides automation control, instrumentation, advanced software, and related services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals, and mining industries. Through its smart energy products, Process Solutions enables utilities and distribution companies to deploy advanced capabilities to improve operations, reliability, and environmental sustainability. UOP provides process technology, products, including catalysts and adsorbents, equipment, and consulting services that enable customers to efficiently produce gasoline, diesel, jet fuel, petrochemicals, and renewable fuels for the petroleum refining, gas processing, petrochemical, and other industries. Advanced Materials manufactures a wide variety of high-performance products, including materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips, and pharmaceutical packaging, and provides reduced and low global warming potential materials based on hydrofluoro-olefin technology. In the industrial environment, Honeywell Forge solutions enable integration and connectivity to provide a holistic view of operations and turn data into clear actions to maximize productivity and efficiency. Honeywell Forge's cybersecurity capabilities help identify risks and act on cyber-related incidents, together enabling improved operations and protecting processes, people, and assets. | ![]() | ||||
2022 Full-year revenue of $10,727 million | ||||||||
2022 Full-year revenue by business unit | ||||||||
$2,404 million | $4,731 million | $3,592 million | ||||||
| UOP | Process Solutions | Advanced Materials | ||||||
SAFETY AND PRODUCTIVITY SOLUTIONS Safety and Productivity Solutions is a leading global provider of products and software that improve productivity, workplace safety, and asset performance to customers around the globe. Sensing and Safety Technologies products include personal protection equipment (PPE), apparel, gear, and footwear; gas detection technology; custom-engineered sensors, switches, and controls for sensing and productivity solutions; and cloud-based notification and emergency messaging. Productivity Solutions and Services products and services include mobile devices and software for computing, data collection, and thermal printing; and software-based data and asset management productivity solutions. Warehouse and Workflow Solutions products and services include system design and simulation, automation solutions, performance optimization software, and lifecycle services to enable accuracy, productivity, and predictability of warehouse operations. Honeywell Forge solutions digitally automate processes to improve efficiency while reducing downtime and safety costs. | ![]() | ||||
2022 Full-year revenue of $6,907 million | ||||||||
2022 Full-year revenue by business unit | ||||||||
$2,952 million | $1,619 million | $2,336 million | ||||||
| Sensing and Safety Technologies | Productivity Solutions and Services | Warehouse and Workflow Solutions | ||||||
| ABOUT HONEYWELL | |||||
| AEROSPACE | HONEYWELL BUILDING TECHNOLOGIES | ||||||||||
•Garmin •L3 Harris •Northrop Grumman | •Raytheon Technologies •Safran •Thales | •Carrier Global •Johnson Controls | •Schneider Electric •Siemens | ||||||||
| PERFORMANCE MATERIALS AND TECHNOLOGIES | SAFETY AND PRODUCTIVITY SOLUTIONS | ||||||||||
•ABB •Arkema •Axens •Chemours | •Emerson Electric •Haldor Topsoe •Lummus Technology •Rockwell Automation | •3M •Kion Group •MSA Safety Incorporated | •TE Connectivity •Zebra Technologies | ||||||||
| U.S. government sales ($ in millions) | Years Ended December 31, | |||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Sales to the U.S. Department of Defense | $ | 2,886 | $ | 3,219 | $ | 3,661 | ||||||||||||||
| Sales to other U.S. government departments and agencies | 546 | 703 | 557 | |||||||||||||||||
| Total sales to the U.S. government | $ | 3,432 | $ | 3,922 | $ | 4,218 | ||||||||||||||
| ABOUT HONEYWELL | |||||
| Manufactured products and systems and performance of services | Year Ended December 31, 2022 | |||||||||||||||||||||||||
| Aerospace | Honeywell Building Technologies | Performance Materials and Technologies | Safety and Productivity Solutions | |||||||||||||||||||||||
| (% of Segment Sales) | ||||||||||||||||||||||||||
| U.S. exports | 24 | % | 2 | % | 11 | % | 2 | % | ||||||||||||||||||
| Non-U.S. manufactured products/services | 19 | % | 62 | % | 53 | % | 37 | % | ||||||||||||||||||
| ABOUT HONEYWELL | |||||
| ABOUT HONEYWELL | |||||

| ABOUT HONEYWELL | |||||
![]() As of December 31, 2022, we employed approximately 97,000 EMPLOYEES(1) | ![]() Across 79 COUNTRIES | ![]() 34,000(1) of whom are in the United States. | ||||||||||||||||||||||||

| ABOUT HONEYWELL | |||||
| ABOUT HONEYWELL | |||||
HONEYWELL ACCELERATOR | ![]() | ||||
Honeywell Accelerator is our operating system for governing and managing our business. In 2021, we revitalized our best-in-class operating system to further enhance the way we manage, govern, and operate the business day-to-day. Honeywell Accelerator's expanded tools and capabilities were designed to provide a centralized source of best practices and training materials, taking us to the next level of performance and accelerating our transformation into a software-industrial company. With over 150 learning modules and 42 role- specific learning journeys, this digital learning center creates common knowledge across the enterprise, helping new-joiner and long-time employees leverage the Honeywell operating system to make immediate, positive impacts. | |||||
| ABOUT HONEYWELL | |||||
| REPRESENTATION | RETENTION | RECOGNITION | ||||||||||||
Cultivate a workforce that reflects our communities and the world | Create employee development and advancement opportunities | Be a global employer of choice for Inclusion and Diversity | ||||||||||||
Sustain a pipeline of diverse talent from campus to the C-Suite | Foster community engagement and belonging | Leverage our culture as a competitive advantage | ||||||||||||
Promote a culture of inclusion, accessibility, and respect | Offer competitive compensation, rewards, and recognition | Lead on Inclusion and Diversity practices | ||||||||||||
Honeywell All Abilities Employee Network | Honeywell Hispanic Employee Network | |||||||||||||
Honeywell Asian Employee Network | Honeywell LGBTQ+ Employee Network | |||||||||||||
Honeywell Black Employee Network | Honeywell Veteran's Employee Network | |||||||||||||
Honeywell Early Career Employee Network | Honeywell Women’s Employee Network | |||||||||||||
| Honeywell Experienced Career Employee Network | ||||||||||||||
| ABOUT HONEYWELL | |||||
BOARD GENDER DIVERSITY | BOARD ETHNIC OR RACIAL DIVERSITY | EXECUTIVE OFFICER DIVERSITY | ||||||
![]() | ![]() | ![]() | ||||||
GLOBAL WORKFORCE(1) | U.S. WORKFORCE(1) | ||||
| ![]() | ||||
(1) As of December 31, 2022. Excludes work forces at Sandia and KCNSC. | |||||
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||


| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||

| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||

2022 Versus 2021 | 2021 Versus 2020 | |||||||
| Volume | (4) | % | 1 | % | ||||
| Price | 10 | % | 3 | % | ||||
| Foreign currency translation | (3) | % | 1 | % | ||||
| Acquisitions, divestitures, and other, net | — | % | — | % | ||||
| Total % change in Net sales | 3 | % | 5 | % | ||||
2022 Versus 2021 | 2021 Versus 2020 | |||||||
| Total Reported % change in Net sales | 3 | % | 5 | % | ||||
| Less: Foreign currency translation | (3) | % | 1 | % | ||||
| Less: Acquisitions, divestitures, and other, net | — | % | — | % | ||||
Total Organic(1) % change in Net sales | 6 | % | 4 | % | ||||
Less: Sales decline attributable to lost Russian sales(2) | (1) | % | — | % | ||||
| Total Organic % change excluding lost Russian sales | 7 | % | 4 | % | ||||
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||


| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||

| 2022 | 2021 | 2020 | |||||||||||||||
| Other (income) expense | $ | (366) | $ | (1,378) | $ | (675) | |||||||||||
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||



| 2022 | 2021 | Change 2022 vs. 2021 | 2020 | Change 2021 vs. 2020 | ||||||||||||||||||||||||||||
| Net sales | $ | 11,827 | $ | 11,026 | 7 | % | $ | 11,544 | (4) | % | ||||||||||||||||||||||
| Cost of products and services sold | 7,747 | 7,191 | 7,813 | |||||||||||||||||||||||||||||
| Selling, general and administrative and other expenses | 852 | 784 | 827 | |||||||||||||||||||||||||||||
| Segment profit | $ | 3,228 | $ | 3,051 | 6 | % | $ | 2,904 | 5 | % | ||||||||||||||||||||||
| Factors Contributing to Year-Over-Year Change | 2022 vs. 2021 | 2021 vs. 2020 | |||||||||||||||||||||||||||
| Net Sales | Segment Profit | Net Sales | Segment Profit | ||||||||||||||||||||||||||
| Organic | 8 | % | 6 | % | (5) | % | 4 | % | |||||||||||||||||||||
| Foreign currency translation | (1) | % | — | % | 1 | % | — | % | |||||||||||||||||||||
| Acquisitions, divestitures, and other, net | — | % | — | % | — | % | 1 | % | |||||||||||||||||||||
| Total % Change | 7 | % | 6 | % | (4) | % | 5 | % | |||||||||||||||||||||
| REVIEW OF BUSINESS SEGMENTS | |||||

| 2022 | 2021 | Change 2022 vs. 2021 | 2020 | Change 2021 vs. 2020 | ||||||||||||||||||||||||||||
| Net sales | $ | 6,000 | $ | 5,539 | 8 | % | $ | 5,189 | 7 | % | ||||||||||||||||||||||
| Cost of products and services sold | 3,505 | 3,242 | 3,067 | |||||||||||||||||||||||||||||
| Selling, general and administrative and other expenses | 1,056 | 1,059 | 1,023 | |||||||||||||||||||||||||||||
| Segment profit | $ | 1,439 | $ | 1,238 | 16 | % | $ | 1,099 | 13 | % | ||||||||||||||||||||||
| Factors Contributing to Year-Over-Year Change | 2022 vs. 2021 | 2021 vs. 2020 | |||||||||||||||||||||||||||
| Net Sales | Segment Profit | Net Sales | Segment Profit | ||||||||||||||||||||||||||
| Organic | 14 | % | 23 | % | 4 | % | 11 | % | |||||||||||||||||||||
| Foreign currency translation | (6) | % | (7) | % | 3 | % | 3 | % | |||||||||||||||||||||
| Acquisitions, divestitures, and other, net | — | % | — | % | — | % | (1) | % | |||||||||||||||||||||
| Total % Change | 8 | % | 16 | % | 7 | % | 13 | % | |||||||||||||||||||||
| REVIEW OF BUSINESS SEGMENTS | |||||

| 2022 | 2021 | Change 2022 vs. 2021 | 2020 | Change 2021 vs. 2020 | ||||||||||||||||||||||||||||
| Net sales | $ | 10,727 | $ | 10,013 | 7 | % | $ | 9,423 | 6 | % | ||||||||||||||||||||||
| Cost of products and services sold | 7,003 | 6,637 | 6,331 | |||||||||||||||||||||||||||||
| Selling, general and administrative and other expenses | 1,370 | 1,256 | 1,241 | |||||||||||||||||||||||||||||
| Segment profit | $ | 2,354 | $ | 2,120 | 11 | % | $ | 1,851 | 15 | % | ||||||||||||||||||||||
| Factors Contributing to Year-Over-Year Change | 2022 vs. 2021 | 2021 vs. 2020 | |||||||||||||||||||||||||||
| Net Sales | Segment Profit | Net Sales | Segment Profit | ||||||||||||||||||||||||||
| Organic | 11 | % | 15 | % | 3 | % | 14 | % | |||||||||||||||||||||
| Foreign currency translation | (4) | % | (4) | % | 2 | % | 2 | % | |||||||||||||||||||||
| Acquisitions, divestitures, and other, net | — | % | — | % | 1 | % | (1) | % | |||||||||||||||||||||
| Total % Change | 7 | % | 11 | % | 6 | % | 15 | % | |||||||||||||||||||||
| REVIEW OF BUSINESS SEGMENTS | |||||

| 2022 | 2021 | Change 2022 vs. 2021 | 2020 | Change 2021 vs. 2020 | ||||||||||||||||||||||||||||
| Net sales | $ | 6,907 | $ | 7,814 | (12) | % | $ | 6,481 | 21 | % | ||||||||||||||||||||||
| Cost of products and services sold | 4,779 | 5,738 | 4,532 | |||||||||||||||||||||||||||||
| Selling, general and administrative and other expenses | 1,048 | 1,047 | 1,042 | |||||||||||||||||||||||||||||
| Segment profit | $ | 1,080 | $ | 1,029 | 5 | % | $ | 907 | 13 | % | ||||||||||||||||||||||
| Factors Contributing to Year-Over-Year Change | 2022 vs. 2021 | 2021 vs. 2020 | |||||||||||||||||||||||||||
| Net Sales | Segment Profit | Net Sales | Segment Profit | ||||||||||||||||||||||||||
| Organic | (9) | % | 9 | % | 22 | % | 14 | % | |||||||||||||||||||||
| Foreign currency translation | (3) | % | (3) | % | 2 | % | 2 | % | |||||||||||||||||||||
| Acquisitions, divestitures, and other, net | — | % | (1) | % | (3) | % | (3) | % | |||||||||||||||||||||
| Total % Change | (12) | % | 5 | % | 21 | % | 13 | % | |||||||||||||||||||||
| REVIEW OF BUSINESS SEGMENTS | |||||
| RISK FACTORS | |||||
| RISK FACTORS | |||||
| RISK FACTORS | |||||
| RISK FACTORS | |||||
| RISK FACTORS | |||||
| RISK FACTORS | |||||
| RISK FACTORS | |||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Commercial paper and other short-term borrowings | $ | 2,717 | $ | 3,542 | ||||||||||
| Variable rate notes | 22 | 622 | ||||||||||||
| Fixed rate notes | 17,086 | 15,314 | ||||||||||||
| Other | 265 | 272 | ||||||||||||
| Fair value of hedging instruments | (287) | 60 | ||||||||||||
| Debt issuance costs | (233) | (211) | ||||||||||||
| Total borrowings | $ | 19,570 | $ | 19,599 | ||||||||||
| LIQUIDITY AND CAPITAL RESOURCES | |||||
| S&P | Fitch | Moody's | |||||||||||||||
| Outlook | Stable | Stable | Stable | ||||||||||||||
| Short-term | A-1 | F1 | P1 | ||||||||||||||
| Long-term | A | A | A2 | ||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||||||||||||||
| 2022 | 2021 | Change 2022 vs. 2021 | 2020 | Change 2021 vs. 2020 | ||||||||||||||||||||||||||||
| Cash and cash equivalents at beginning of period | $ | 10,959 | $ | 14,275 | $ | (3,316) | $ | 9,067 | $ | 5,208 | ||||||||||||||||||||||
| Operating activities | ||||||||||||||||||||||||||||||||
| Net income attributable to Honeywell | 4,966 | 5,542 | (576) | 4,779 | 763 | |||||||||||||||||||||||||||
| Noncash adjustments | 1,946 | 971 | 975 | 1,284 | (313) | |||||||||||||||||||||||||||
| Changes in working capital | (1,334) | 51 | (1,385) | 617 | (566) | |||||||||||||||||||||||||||
| Other operating activities | (304) | (526) | 222 | (472) | (54) | |||||||||||||||||||||||||||
| Net cash provided by operating activities | 5,274 | 6,038 | (764) | 6,208 | (170) | |||||||||||||||||||||||||||
| Net cash used for investing activities | (93) | (1,061) | 968 | (987) | (74) | |||||||||||||||||||||||||||
| Net cash used for financing activities | (6,330) | (8,254) | 1,924 | (81) | (8,173) | |||||||||||||||||||||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | (183) | (39) | (144) | 68 | (107) | |||||||||||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | (1,332) | (3,316) | 1,984 | 5,208 | (8,524) | |||||||||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | 9,627 | $ | 10,959 | $ | (1,332) | $ | 14,275 | $ | (3,316) | ||||||||||||||||||||||
| LIQUIDITY AND CAPITAL RESOURCES | |||||
| LIQUIDITY AND CAPITAL RESOURCES | |||||
Total(6)(7) | Payments by Period | Thereafter | ||||||||||||||||||||||||||||||
| 2023 | 2024 - 2025 | 2026 - 2027 | ||||||||||||||||||||||||||||||
Long-term debt, including finance leases(1) | $ | 16,853 | $ | 1,730 | $ | 3,059 | $ | 2,523 | $ | 9,541 | ||||||||||||||||||||||
| Interest payments on long-term debt, including finance leases | 4,523 | 472 | 844 | 738 | 2,469 | |||||||||||||||||||||||||||
| Operating lease liabilities | 1,080 | 208 | 315 | 203 | 354 | |||||||||||||||||||||||||||
Purchase obligations(2) | 2,844 | 1,453 | 962 | 283 | 146 | |||||||||||||||||||||||||||
Estimated environmental liability payments(3) | 615 | 222 | 201 | 171 | 21 | |||||||||||||||||||||||||||
Asbestos-related liability payments(4) | 1,291 | 111 | 204 | 178 | 798 | |||||||||||||||||||||||||||
Asbestos insurance recoveries(5) | (130) | (18) | (29) | (21) | (62) | |||||||||||||||||||||||||||
| $ | 27,076 | $ | 4,178 | $ | 5,556 | $ | 4,075 | $ | 13,267 | |||||||||||||||||||||||
| LIQUIDITY AND CAPITAL RESOURCES | |||||
| LIQUIDITY AND CAPITAL RESOURCES | |||||
| Face or Notional Amount | Carrying Value(1) | Fair Value(1) | Estimated Increase (Decrease) in Fair Value(2) | |||||||||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||||||||
| Interest rate sensitive instruments | ||||||||||||||||||||||||||
| Long-term debt (including current maturities) | $ | 16,853 | $ | (16,853) | $ | (15,856) | $ | (980) | ||||||||||||||||||
| Interest rate swap agreements | 4,984 | (287) | (287) | (189) | ||||||||||||||||||||||
| Total | $ | 21,837 | $ | (17,140) | $ | (16,143) | $ | (1,169) | ||||||||||||||||||
| Foreign exchange rate sensitive instruments | ||||||||||||||||||||||||||
Foreign currency exchange contracts(3) | $ | 10,545 | $ | 85 | $ | 85 | $ | (305) | ||||||||||||||||||
| Cross currency swap agreements | 3,189 | 90 | 90 | (311) | ||||||||||||||||||||||
| Total | $ | 13,734 | $ | 175 | $ | 175 | $ | (616) | ||||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||
| Interest rate sensitive instruments | ||||||||||||||||||||||||||
| Long-term debt (including current maturities) | $ | 16,057 | $ | (16,057) | $ | (17,022) | $ | (1,148) | ||||||||||||||||||
| Interest rate swap agreements | 3,150 | 60 | 60 | (112) | ||||||||||||||||||||||
| Total | $ | 19,207 | $ | (15,997) | $ | (16,962) | $ | (1,260) | ||||||||||||||||||
| Foreign exchange rate sensitive instruments | ||||||||||||||||||||||||||
Foreign currency exchange contracts(3) | $ | 12,671 | $ | 92 | $ | 92 | $ | (628) | ||||||||||||||||||
| Cross currency swap agreements | 1,200 | 39 | 39 | (116) | ||||||||||||||||||||||
| Total | $ | 13,871 | $ | 131 | $ | 131 | $ | (744) | ||||||||||||||||||
| CRITICAL ACCOUNTING ESTIMATES | |||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Discount rate: | ||||||||||||||||||||
| Projected benefit obligation | 2.87 | % | 2.50 | % | 3.22 | % | ||||||||||||||
| Service cost | 2.98 | % | 2.68 | % | 3.33 | % | ||||||||||||||
| Interest cost | 2.26 | % | 1.76 | % | 2.76 | % | ||||||||||||||
| Assets: | ||||||||||||||||||||
| Expected rate of return | 6.40 | % | 6.15 | % | 6.15 | % | ||||||||||||||
| Actual rate of return | (10.45) | % | 6.84 | % | 13.81 | % | ||||||||||||||
| Actual 10 year average annual compounded rate of return | 8.77 | % | 11.37 | % | 10.64 | % | ||||||||||||||
| CRITICAL ACCOUNTING ESTIMATES | |||||
| Change in Assumption | Impact on 2023 Pension Ongoing Expense | Impact on Projected Benefit Obligation | ||||||||||||
| 0.25 percentage point decrease in discount rate | Decrease $16 million | Increase $310 million | ||||||||||||
| 0.25 percentage point increase in discount rate | Increase $15 million | Decrease $296 million | ||||||||||||
| 0.25 percentage point decrease in expected rate of return on assets | Increase $41 million | — | ||||||||||||
| 0.25 percentage point increase in expected rate of return on assets | Decrease $41 million | — | ||||||||||||
| Name, Age, Year First Elected an Executive Officer | Business Experience | |||||||
![]() | Darius Adamczyk, 57 2017(a) | Chairman of the Board and Chief Executive Officer since April 2018. President and Chief Executive Officer from April 2017 to April 2018. Chief Operating Officer from April 2016 to March 2017. President and Chief Executive Officer, Performance Materials and Technologies from April 2014 to April 2016. President of Honeywell Process Solutions from April 2012 to April 2014. | ||||||
![]() | Lucian Boldea, 51 2022 | President and Chief Executive Officer, Performance Materials and Technologies since October 2022. Mr. Boldea was previously employed at Eastman Chemical Company, from 1997 to 2022, where he held a variety of leadership roles during his tenure, including Executive Vice President from January 2019 to September 2022, where he led global strategy, business operations, and financial performance. | ||||||
![]() | Kevin Dehoff, 60 2022 | President and Chief Executive Officer, Connected Enterprise since May 2022. President, Productivity Solutions and Services from November 2019 to April 2022. From 2012 to October 2019, Mr. Dehoff served as Senior Partner and Practice Leader in McKinsey & Company where he supported strategic business transformations and led a wide range of performance and operating excellence initiatives. | ||||||
![]() | Vimal Kapur, 57 2018 | President and Chief Operating Officer since July 2022. President and Chief Executive Officer, Performance Materials and Technologies from July 2021 to October 2022. President and Chief Executive Officer, Honeywell Building Technologies from June 2018 to June 2021. President of Honeywell Process Solutions from 2014 to May 2018. | ||||||
![]() | George Koutsaftes, 53 2022 | President and Chief Executive Officer, Safety and Productivity Solutions since April 2022. Chief Operating Officer, Safety and Productivity Solutions from January 2022 to March 2022. President of the Advanced Materials business in Honeywell’s Performance Materials and Technologies reportable business segment from November 2017 to January 2022 and interim global leader of Business Development and Mergers and Acquisitions from May 2019 to December 2019. | ||||||
![]() | Gregory P. Lewis, 55 2018 | Senior Vice President and Chief Financial Officer since August 2018. Vice President of Enterprise Information Management from October 2016 to April 2018, prior to being named Vice President, Corporate Finance in May 2018. Chief Financial Officer of Automation and Control Solutions from April 2013 to September 2016. | ||||||
![]() | Anne T. Madden, 58 2017 | Senior Vice President and General Counsel since October 2017. Corporate Secretary from February 2018 to September 2019. Vice President of Corporate Development and Global Head of M&A from January 2002 to October 2017. | ||||||
![]() | Michael R. Madsen, 59 2019 | President and Chief Executive Officer, Aerospace since October 2019. Vice President, Integrated Supply Chain of Aerospace from May 2015 to October 2019. President, Aerospace Defense and Space from October 2010 to May 2015. | ||||||
![]() | Karen Mattimore, 56 2020 | Senior Vice President and Chief Human Resources Officer since June 2020. Vice President, Human Resources and Communications, Aerospace from February 2018 to June 2020. Vice President, Human Resources Services from April 2015 to February 2018. | ||||||
![]() | Doug Wright, 52 2021 | President and Chief Executive Officer, Honeywell Building Technologies since July 2021. President of the global Fire & Security business from July 2020 to June 2021. From 2013 to 2020, Mr. Wright served as President and Chief Executive Officer of Source Photonics, a global provider of optical communication products used in telecommunication systems and data communication networks. | ||||||
| Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (Dollars in millions) | ||||||||||||||||||||||
| October 1 - 31, 2022 | 1,977,285 | $ | 176.99 | 1,977,285 | $ | 3,929 | ||||||||||||||||||||
| November 1 - 30, 2022 | 1,587,616 | $ | 209.41 | 1,587,616 | $ | 3,597 | ||||||||||||||||||||
| December 1 - 31, 2022 | 3,218,595 | $ | 214.45 | 3,218,595 | $ | 2,906 | ||||||||||||||||||||
| MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | |||||

| Dec. 2017 | Dec. 2018 | Dec. 2019 | Dec. 2020 | Dec. 2021 | Dec. 2022 | ||||||||||||||||||
![]() | Honeywell | 100 | 91.83 | 125.53 | 154.36 | 153.91 | 161.45 | ||||||||||||||||
![]() | S&P 500 Index | 100 | 95.62 | 125.72 | 148.85 | 191.58 | 156.88 | ||||||||||||||||
![]() | Composite Index | 100 | 81.58 | 103.99 | 102.35 | 111.37 | 114.93 | ||||||||||||||||
![]() | XLI Index | 100 | 86.75 | 111.98 | 124.20 | 150.38 | 142.00 | ||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (Dollars in millions, except per share amounts) | |||||||||||||||||
| Product sales | $ | $ | $ | ||||||||||||||
| Service sales | |||||||||||||||||
| Net sales | |||||||||||||||||
| Costs, expenses and other | |||||||||||||||||
| Cost of products sold | |||||||||||||||||
| Cost of services sold | |||||||||||||||||
| Selling, general and administrative expenses | |||||||||||||||||
| Other (income) expense | ( | ( | ( | ||||||||||||||
| Interest and other financial charges | |||||||||||||||||
| Income before taxes | |||||||||||||||||
| Tax expense | |||||||||||||||||
| Net income | |||||||||||||||||
| Less: Net income attributable to the noncontrolling interest | |||||||||||||||||
| Net income attributable to Honeywell | $ | $ | $ | ||||||||||||||
| Earnings per share of common stock—basic | $ | $ | $ | ||||||||||||||
| Earnings per share of common stock—assuming dilution | $ | $ | $ | ||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Net income | $ | $ | $ | ||||||||||||||
| Other comprehensive income (loss), net of tax | |||||||||||||||||
| Foreign exchange translation adjustment | ( | ( | |||||||||||||||
| Actuarial gains (losses) recognized | ( | ||||||||||||||||
| Prior service credit recognized | |||||||||||||||||
| Prior service credit recognized during year | ( | ( | ( | ||||||||||||||
| Actuarial losses recognized during year | |||||||||||||||||
| Foreign exchange translation and other | ( | ( | |||||||||||||||
| Pension and other postretirement benefit adjustments | ( | ||||||||||||||||
| Changes in fair value of available for sale investments | ( | ( | |||||||||||||||
| Cash flow hedges recognized in other comprehensive income | |||||||||||||||||
| Less: Reclassification adjustment for gains included in net income | |||||||||||||||||
| Changes in fair value of cash flow hedges | ( | ( | |||||||||||||||
| Other comprehensive income (loss), net of tax | ( | ( | |||||||||||||||
| Comprehensive income | |||||||||||||||||
| Less: Comprehensive income (loss) attributable to the noncontrolling interest | ( | ||||||||||||||||
| Comprehensive income attributable to Honeywell | $ | $ | $ | ||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, | |||||||||||
| 2022 | 2021 | ||||||||||
| (Dollars in millions) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Short-term investments | |||||||||||
Accounts receivable, less allowances of $ | |||||||||||
| Inventories | |||||||||||
| Other current assets | |||||||||||
| Total current assets | |||||||||||
| Investments and long-term receivables | |||||||||||
| Property, plant and equipment—net | |||||||||||
| Goodwill | |||||||||||
| Other intangible assets—net | |||||||||||
| Insurance recoveries for asbestos-related liabilities | |||||||||||
| Deferred income taxes | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Commercial paper and other short-term borrowings | |||||||||||
| Current maturities of long-term debt | |||||||||||
| Accrued liabilities | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt | |||||||||||
| Deferred income taxes | |||||||||||
| Postretirement benefit obligations other than pensions | |||||||||||
| Asbestos-related liabilities | |||||||||||
| Other liabilities | |||||||||||
| Redeemable noncontrolling interest | |||||||||||
| SHAREOWNERS’ EQUITY | |||||||||||
| Capital—common stock issued | |||||||||||
| —additional paid-in capital | |||||||||||
| Common stock held in treasury, at cost | ( | ( | |||||||||
| Accumulated other comprehensive income (loss) | ( | ( | |||||||||
| Retained earnings | |||||||||||
| Total Honeywell shareowners’ equity | |||||||||||
| Noncontrolling interest | |||||||||||
| Total shareowners’ equity | |||||||||||
| Total liabilities, redeemable noncontrolling interest and shareowners’ equity | $ | $ | |||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | $ | $ | ||||||||||||||
| Less: Net income attributable to the noncontrolling interest | |||||||||||||||||
| Net income attributable to Honeywell | |||||||||||||||||
| Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities: | |||||||||||||||||
| Depreciation | |||||||||||||||||
| Amortization | |||||||||||||||||
| (Gain) loss on sale of non-strategic businesses and assets | ( | ( | |||||||||||||||
| Repositioning and other charges | |||||||||||||||||
| Net payments for repositioning and other charges | ( | ( | ( | ||||||||||||||
| Pension and other postretirement income | ( | ( | ( | ||||||||||||||
| Pension and other postretirement benefit payments | ( | ( | ( | ||||||||||||||
| Stock compensation expense | |||||||||||||||||
| Deferred income taxes | ( | ( | |||||||||||||||
| Reimbursement receivables charge | |||||||||||||||||
| Other | ( | ( | ( | ||||||||||||||
| Changes in assets and liabilities, net of the effects of acquisitions and divestitures: | |||||||||||||||||
| Accounts receivable | ( | ( | |||||||||||||||
| Inventories | ( | ( | ( | ||||||||||||||
| Other current assets | ( | ||||||||||||||||
| Accounts payable | ( | ||||||||||||||||
| Accrued liabilities | |||||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Expenditures for property, plant and equipment | ( | ( | ( | ||||||||||||||
| Proceeds from disposals of property, plant and equipment | |||||||||||||||||
| Increase in investments | ( | ( | ( | ||||||||||||||
| Decrease in investments | |||||||||||||||||
| Receipts from Garrett Motion Inc. | |||||||||||||||||
| Receipts (payments) from settlements of derivative contracts | ( | ||||||||||||||||
| Cash paid for acquisitions, net of cash acquired | ( | ( | ( | ||||||||||||||
| Proceeds from sales of businesses, net of fees paid | |||||||||||||||||
| Net cash used for investing activities | ( | ( | ( | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds from issuance of commercial paper and other short-term borrowings | |||||||||||||||||
| Payments of commercial paper and other short-term borrowings | ( | ( | ( | ||||||||||||||
| Proceeds from issuance of common stock | |||||||||||||||||
| Proceeds from issuance of long-term debt | |||||||||||||||||
| Payments of long-term debt | ( | ( | ( | ||||||||||||||
| Repurchases of common stock | ( | ( | ( | ||||||||||||||
| Cash dividends paid | ( | ( | ( | ||||||||||||||
| Other | ( | ( | ( | ||||||||||||||
| Net cash used for financing activities | ( | ( | ( | ||||||||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | ( | ( | |||||||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | ( | |||||||||||||||
| Cash and cash equivalents at beginning of period | |||||||||||||||||
| Cash and cash equivalents at end of period | $ | $ | $ | ||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | |||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
| Shares | $ | Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||||||||||||||
| Common stock, par value | |||||||||||||||||||||||||||||||||||
| Additional paid-in capital | |||||||||||||||||||||||||||||||||||
| Beginning balance | |||||||||||||||||||||||||||||||||||
| Issued for employee savings and option plans | |||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | |||||||||||||||||||||||||||||||||||
Impact of Quantinuum contribution | |||||||||||||||||||||||||||||||||||
| Ending balance | |||||||||||||||||||||||||||||||||||
| Treasury stock | |||||||||||||||||||||||||||||||||||
| Beginning balance | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Reacquired stock or repurchases of common stock | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Issued for employee savings and option plans | |||||||||||||||||||||||||||||||||||
| Ending balance | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Retained earnings | |||||||||||||||||||||||||||||||||||
| Beginning balance | |||||||||||||||||||||||||||||||||||
| Net income attributable to Honeywell | |||||||||||||||||||||||||||||||||||
| Dividends on common stock | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Ending balance | |||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||
| Beginning balance | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Foreign exchange translation adjustment | ( | ( | |||||||||||||||||||||||||||||||||
| Pension and other postretirement benefit adjustments | ( | ||||||||||||||||||||||||||||||||||
| Changes in fair value of available for sale investments | ( | ( | |||||||||||||||||||||||||||||||||
| Changes in fair value of cash flow hedges | ( | ( | |||||||||||||||||||||||||||||||||
| Ending balance | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Noncontrolling interest | |||||||||||||||||||||||||||||||||||
| Beginning balance | |||||||||||||||||||||||||||||||||||
| Acquisitions, divestitures, and other | ( | ||||||||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interest | |||||||||||||||||||||||||||||||||||
| Foreign exchange translation adjustment | ( | ( | |||||||||||||||||||||||||||||||||
| Dividends paid | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Contributions from noncontrolling interest holders | |||||||||||||||||||||||||||||||||||
| Ending balance | |||||||||||||||||||||||||||||||||||
| Total shareowners’ equity | |||||||||||||||||||||||||||||||||||
| Cash dividends per share of common stock | $ | $ | $ | ||||||||||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Aerospace | ||||||||||||||||||||
| Commercial Aviation Original Equipment | $ | $ | $ | |||||||||||||||||
| Commercial Aviation Aftermarket | ||||||||||||||||||||
| Defense and Space | ||||||||||||||||||||
| Honeywell Building Technologies | ||||||||||||||||||||
| Products | ||||||||||||||||||||
| Building Solutions | ||||||||||||||||||||
| Performance Materials and Technologies | ||||||||||||||||||||
| UOP | ||||||||||||||||||||
| Process Solutions | ||||||||||||||||||||
| Advanced Materials | ||||||||||||||||||||
| Safety and Productivity Solutions | ||||||||||||||||||||
| Sensing and Safety Technologies | ||||||||||||||||||||
| Productivity Solutions and Services | ||||||||||||||||||||
| Warehouse and Workflow Solutions | ||||||||||||||||||||
| Corporate and All Other | ||||||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Products, transferred point in time | % | % | % | |||||||||||||||||
| Products, transferred over time | ||||||||||||||||||||
| Net product sales | ||||||||||||||||||||
| Services, transferred point in time | ||||||||||||||||||||
| Services, transferred over time | ||||||||||||||||||||
| Net service sales | ||||||||||||||||||||
| Net sales | % | % | % | |||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| 2022 | 2021 | |||||||||||||
| Contract assets—January 1 | $ | $ | ||||||||||||
| Contract assets—December 31 | ||||||||||||||
| Change in contract assets—increase (decrease) | $ | $ | ||||||||||||
| Contract liabilities—January 1 | $ | ( | $ | ( | ||||||||||
| Contract liabilities—December 31 | ( | ( | ||||||||||||
| Change in contract liabilities—(increase) decrease | $ | ( | $ | ( | ||||||||||
| Net change | $ | ( | $ | |||||||||||
| December 31, 2022 | ||||||||
| Aerospace | $ | |||||||
| Honeywell Building Technologies | ||||||||
| Performance Materials and Technologies | ||||||||
| Safety and Productivity Solutions | ||||||||
Corporate and All Other(1) | ||||||||
Total performance obligations(2) | $ | |||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Severance | $ | $ | $ | |||||||||||||||||
| Asset impairments | ||||||||||||||||||||
| Exit costs | ||||||||||||||||||||
| Reserve adjustments | ( | ( | ( | |||||||||||||||||
| Total net repositioning charges | ||||||||||||||||||||
| Asbestos-related charges, net of insurance and reimbursements | ||||||||||||||||||||
| Probable and reasonably estimable environmental liabilities, net of reimbursements | ||||||||||||||||||||
| Other charges | ( | |||||||||||||||||||
| Total net repositioning and other charges | $ | $ | $ | |||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Cost of products and services sold | $ | $ | $ | |||||||||||||||||
| Selling, general and administrative expenses | ||||||||||||||||||||
| Other (income) expense | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Aerospace | $ | $ | $ | |||||||||||||||||
| Honeywell Building Technologies | ||||||||||||||||||||
| Performance Materials and Technologies | ||||||||||||||||||||
| Safety and Productivity Solutions | ||||||||||||||||||||
| Corporate and All Other | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Severance Costs | Asset Impairments | Exit Costs | Total | |||||||||||||||||||||||
| Balance at December 31, 2019 | $ | $ | $ | $ | ||||||||||||||||||||||
| Charges | ||||||||||||||||||||||||||
| Usage—cash | ( | ( | ( | |||||||||||||||||||||||
| Usage—noncash | ( | ( | ||||||||||||||||||||||||
| Divestitures | ||||||||||||||||||||||||||
| Adjustments | ( | ( | ( | |||||||||||||||||||||||
| Foreign currency translation | ||||||||||||||||||||||||||
| Balance at December 31, 2020 | ||||||||||||||||||||||||||
| Charges | ||||||||||||||||||||||||||
| Usage—cash | ( | ( | ( | |||||||||||||||||||||||
| Usage—noncash | ( | ( | ||||||||||||||||||||||||
| Divestitures | ||||||||||||||||||||||||||
| Adjustments | ( | ( | ( | |||||||||||||||||||||||
| Foreign currency translation | ( | ( | ( | |||||||||||||||||||||||
| Balance at December 31, 2021 | ||||||||||||||||||||||||||
| Charges | ||||||||||||||||||||||||||
| Usage—cash | ( | ( | ( | |||||||||||||||||||||||
| Usage—noncash | ( | ( | ( | |||||||||||||||||||||||
| Divestitures | ||||||||||||||||||||||||||
| Adjustments | ( | ( | ( | ( | ||||||||||||||||||||||
| Foreign currency translation | ( | ( | ||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| U.S. | $ | $ | $ | |||||||||||||||||
| Non-U.S. | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Tax expense (benefit) consists of | ||||||||||||||||||||
| Current: | ||||||||||||||||||||
| U.S. Federal | $ | $ | $ | |||||||||||||||||
| U.S. State | ||||||||||||||||||||
| Non-U.S. | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| Deferred: | ||||||||||||||||||||
| U.S. Federal | $ | ( | $ | $ | ||||||||||||||||
| U.S. State | ( | |||||||||||||||||||
| Non-U.S. | ( | ( | ||||||||||||||||||
| ( | ( | |||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| The U.S. federal statutory income tax rate is reconciled to the effective income tax rate as follows: | ||||||||||||||||||||
| U.S. federal statutory income tax rate | % | % | % | |||||||||||||||||
Taxes on non-U.S. earnings(1)(2) | ( | ( | ( | |||||||||||||||||
U.S. state income taxes(1) | ||||||||||||||||||||
| Reserves for tax contingencies | ( | |||||||||||||||||||
| Employee share-based payments | ( | ( | ( | |||||||||||||||||
| Reduction of certain receivables | ||||||||||||||||||||
| Restructuring | ( | |||||||||||||||||||
| U.S. Valuation Allowance | ( | |||||||||||||||||||
| All other items—net | ( | ( | ( | |||||||||||||||||
| % | % | % | ||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Deferred tax assets: | December 31, | |||||||||||||
| 2022 | 2021 | |||||||||||||
| Postretirement benefits other than pensions | $ | $ | ||||||||||||
| Asbestos and environmental | ||||||||||||||
| Employee compensation and benefits | ||||||||||||||
| Lease liabilities | ||||||||||||||
| Other accruals and reserves | ||||||||||||||
| Net operating losses | ||||||||||||||
| Capital loss limitation and carryover | ||||||||||||||
| Tax credit carryforwards | ||||||||||||||
| Gross deferred tax assets | ||||||||||||||
| Valuation allowance | ( | ( | ||||||||||||
| Total deferred tax assets | $ | $ | ||||||||||||
| Deferred tax liabilities: | ||||||||||||||
| Pension | $ | ( | $ | ( | ||||||||||
| Property, plant and equipment | ( | ( | ||||||||||||
| Right-of-use asset | ( | ( | ||||||||||||
| Intangibles | ( | ( | ||||||||||||
| Unremitted earnings of foreign subsidiaries | ( | ( | ||||||||||||
| Other asset basis differences | ( | ( | ||||||||||||
| Other | ( | ( | ||||||||||||
| Total deferred tax liabilities | ( | ( | ||||||||||||
| Net deferred tax liability | $ | ( | $ | ( | ||||||||||
| Jurisdiction | Expiration Period | Net Operating and Capital Loss Carryforwards | Tax Credit Carryforwards | ||||||||||||||
| U.S. Federal | 2042 | $ | $ | ||||||||||||||
| U.S. State | 2042 | ||||||||||||||||
| Non-U.S. | 2042 | ||||||||||||||||
| Non-U.S. | Indefinite | ||||||||||||||||
| $ | $ | ||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Change in unrecognized tax benefits: | ||||||||||||||||||||
| Balance at beginning of year | $ | $ | $ | |||||||||||||||||
| Gross increases related to current period tax positions | ||||||||||||||||||||
| Gross increases related to prior periods tax positions | ||||||||||||||||||||
| Gross decreases related to prior periods tax positions | ( | ( | ( | |||||||||||||||||
| Decrease related to resolutions of audits with tax authorities | ( | ( | ( | |||||||||||||||||
| Expiration of the statute of limitations for the assessment of taxes | ( | ( | ( | |||||||||||||||||
| Foreign currency translation | ( | ( | ||||||||||||||||||
| Balance at end of year | $ | $ | $ | |||||||||||||||||
| Jurisdiction | Open Tax Years | |||||||
| Examination in progress | Examination not yet initiated | |||||||
| U.S. Federal | 2017-2018 | 2019-2022 | ||||||
| U.S. State | 2013-2020 | 2017-2022 | ||||||
| Australia | n/a | 2019-2022 | ||||||
| Belgium | 2019-2020 | 2021-2022 | ||||||
Canada(1) | 2017-2019 | 2020-2022 | ||||||
| China | 2012-2021 | 2022 | ||||||
| France | 2019-2021 | 2022 | ||||||
Germany(1) | 2009-2020 | 2021-2022 | ||||||
| India | 1999-2021 | 2022 | ||||||
| Italy | 2015-2020 | 2021-2022 | ||||||
| Netherlands | 2018-2020 | 2021-2022 | ||||||
Switzerland(1) | 2017-2020 | 2021-2022 | ||||||
| United Kingdom | 2013-2020 | 2021-2022 | ||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Raw materials | $ | $ | ||||||||||||
| Work in process | ||||||||||||||
| Finished products | ||||||||||||||
| $ | $ | |||||||||||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Land and improvements | $ | $ | ||||||||||||
| Machinery and equipment | ||||||||||||||
| Buildings and improvements | ||||||||||||||
| Construction in progress | ||||||||||||||
| Less—Accumulated depreciation | ( | ( | ||||||||||||
| $ | $ | |||||||||||||
| December 31, 2021 | Acquisitions/ Divestitures | Currency Translation Adjustment | December 31, 2022 | |||||||||||||||||||||||
| Aerospace | $ | $ | $ | ( | $ | |||||||||||||||||||||
| Honeywell Building Technologies | ( | |||||||||||||||||||||||||
| Performance Materials and Technologies | ( | |||||||||||||||||||||||||
| Safety and Productivity Solutions | ( | |||||||||||||||||||||||||
| Corporate and All Other | ( | |||||||||||||||||||||||||
| $ | $ | $ | ( | $ | ||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||||||
| Determinable life intangibles: | |||||||||||||||||||||||||||||||||||||||||
| Patents and technology | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Trademarks | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Other | ( | ( | |||||||||||||||||||||||||||||||||||||||
| ( | ( | ||||||||||||||||||||||||||||||||||||||||
| Indefinite life intangibles: | |||||||||||||||||||||||||||||||||||||||||
| Trademarks | — | — | |||||||||||||||||||||||||||||||||||||||
| $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| $ | $ | |||||||||||||
Floating rate notes due 2022 | ||||||||||||||
Industrial development bond obligations, floating rate maturing at various dates through 2037 | ||||||||||||||
Other (including capitalized leases), | ||||||||||||||
| Fair value of hedging instruments | ( | |||||||||||||
| Debt issuance costs | ( | ( | ||||||||||||
Less—Current maturities of long-term debt | ( | ( | ||||||||||||
| $ | $ | |||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, 2022 | ||||||||
| 2023 | $ | |||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| Thereafter | ||||||||
| Less—Current maturities of long-term debt | ( | |||||||
| $ | ||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Operating lease cost | $ | $ | ||||||||||||
| Variable lease cost | ||||||||||||||
| Short-term lease cost | ||||||||||||||
| Finance lease cost: | ||||||||||||||
| Amortization of right-of-use assets | ||||||||||||||
| Interest on lease liability | ||||||||||||||
| Total finance lease cost | ||||||||||||||
| Total lease cost | $ | $ | ||||||||||||
| Years Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
| Operating cash flows for operating leases | $ | $ | ||||||||||||
| Operating cash flows for finance leases | ||||||||||||||
| Financing cash flows for finance leases | ||||||||||||||
| Right-of-use assets obtained in exchange for lease obligations: | ||||||||||||||
| Operating leases | $ | $ | ||||||||||||
| Finance leases | ||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Operating leases: | ||||||||||||||
| $ | $ | |||||||||||||
| Total operating lease liabilities | $ | $ | ||||||||||||
| Finance leases: | ||||||||||||||
| Property, plant and equipment | $ | $ | ||||||||||||
| Accumulated depreciation | ( | ( | ||||||||||||
| $ | $ | |||||||||||||
| $ | $ | |||||||||||||
| Total finance lease liabilities | $ | $ | ||||||||||||
| Weighted average remaining lease term: | ||||||||||||||
| Operating leases | 8 years | 9 years | ||||||||||||
| Finance leases | 4 years | 3 years | ||||||||||||
| Weighted average discount rate: | ||||||||||||||
| Operating leases | % | % | ||||||||||||
| Finance leases | % | % | ||||||||||||
| Operating Leases | Finance Leases | |||||||||||||
| 2023 | $ | $ | ||||||||||||
| 2024 | ||||||||||||||
| 2025 | ||||||||||||||
| 2026 | ||||||||||||||
| 2027 | ||||||||||||||
| Thereafter | ||||||||||||||
| Total lease payments | ||||||||||||||
| Less—interest | ( | ( | ||||||||||||
| Total | $ | $ | ||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Notional | Fair Value Asset | Fair Value (Liability) | ||||||||||||||||||||||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||
| Derivatives in fair value hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||
| Interest rate swap agreements | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
| Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | ( | |||||||||||||||||||||||||||||||||||||||||||
| Commodity contracts | ( | |||||||||||||||||||||||||||||||||||||||||||
| Derivatives in net investment hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | ||||||||||||||||||||||||||||||||||||||||||||
| Cross currency swap agreements | ||||||||||||||||||||||||||||||||||||||||||||
| Total derivatives designated as hedging instruments | ( | |||||||||||||||||||||||||||||||||||||||||||
| Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Total derivatives at fair value | $ | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||
| Line in the Consolidated Balance Sheet of Hedged Item | Carrying Amount of Hedged Item | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item | |||||||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||
| Long-term debt | $ | $ | $ | ( | $ | ||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
| Net Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Interest and Other Financial Charges | |||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Gain or (loss) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income into income | ( | |||||||||||||||||||||||||||||||||||||
| Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income into income | ( | |||||||||||||||||||||||||||||||||||||
| Gain or (loss) on fair value hedges: | ||||||||||||||||||||||||||||||||||||||
| Interest rate swap agreements: | ||||||||||||||||||||||||||||||||||||||
| Hedged items | ||||||||||||||||||||||||||||||||||||||
| Derivatives designated as hedges | ( | |||||||||||||||||||||||||||||||||||||
| Gain or (loss) on net investment hedges: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| Amount excluded from effectiveness testing recognized in earnings using an amortization approach | ||||||||||||||||||||||||||||||||||||||
| Gain or (loss) on derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | ||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
| Net Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Interest and Other Financial Charges | |||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Gain or (loss) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income into income | ||||||||||||||||||||||||||||||||||||||
| Gain or (loss) on fair value hedges: | ||||||||||||||||||||||||||||||||||||||
| Interest rate swap agreements: | ||||||||||||||||||||||||||||||||||||||
| Hedged items | ||||||||||||||||||||||||||||||||||||||
| Derivatives designated as hedges | ( | |||||||||||||||||||||||||||||||||||||
| Gain or (loss) on net investment hedges: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| Amount excluded from effectiveness testing recognized in earnings using an amortization approach | ||||||||||||||||||||||||||||||||||||||
| Gain or (loss) on derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | ||||||||||||||||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
| Net Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Interest and Other Financial Charges | |||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Gain or (loss) on cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| Amount reclassified from accumulated other comprehensive income into income | ( | ( | ||||||||||||||||||||||||||||||||||||
| Amount excluded from effectiveness testing recognized in earnings using an amortization approach | ||||||||||||||||||||||||||||||||||||||
| Gain or (loss) on fair value hedges: | ||||||||||||||||||||||||||||||||||||||
| Interest rate swap agreements: | ||||||||||||||||||||||||||||||||||||||
| Hedged items | ( | |||||||||||||||||||||||||||||||||||||
| Derivatives designated as hedges | ||||||||||||||||||||||||||||||||||||||
| Gain or (loss) on net investment hedges: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| Amount excluded from effectiveness testing recognized in earnings using an amortization approach | ||||||||||||||||||||||||||||||||||||||
| Gain or (loss) on derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | ( | |||||||||||||||||||||||||||||||||||||
| Derivatives Net Investment Hedging Relationships | Years Ended December 31, | |||||||||||||
| 2022 | 2021 | |||||||||||||
| Euro-denominated long-term debt | $ | $ | ||||||||||||
| Euro-denominated commercial paper | ||||||||||||||
| Cross currency swap agreements | ( | |||||||||||||
| Foreign currency exchange contracts | ||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Available for sale investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cross currency swap agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in equity securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Right to HWI Sale proceeds | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency exchange contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate swap agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commodity contracts | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Balance at beginning of period | $ | $ | ||||||||||||
| Activity during period: | ||||||||||||||
| Recognition of right to HWI Sale proceeds | ||||||||||||||
| Balance at end of period | $ | $ | ||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
| Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||||||||
| Short-term investments | $ | $ | $ | $ | |||||||||||||||||||||||||
| Long-term receivables | |||||||||||||||||||||||||||||
| Long-term investments | |||||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||
| Long-term debt and related current maturities | $ | $ | $ | $ | |||||||||||||||||||||||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Customer advances and deferred income | $ | $ | ||||||||||||
| Compensation, benefit and other employee related | ||||||||||||||
| Repositioning | ||||||||||||||
| Asbestos-related liabilities | ||||||||||||||
| Income taxes | ||||||||||||||
| Other taxes | ||||||||||||||
| Environmental costs | ||||||||||||||
| Operating lease liabilities | ||||||||||||||
| Product warranties and performance guarantees | ||||||||||||||
| Insurance | ||||||||||||||
| Accrued interest | ||||||||||||||
| NARCO Buyout accrual | ||||||||||||||
| Other (primarily operating expenses) | ||||||||||||||
| $ | $ | |||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Income taxes | $ | $ | ||||||||||||
| Pension and other employee related | ||||||||||||||
| Deferred income | ||||||||||||||
| Operating lease liabilities | ||||||||||||||
| Environmental costs | ||||||||||||||
| Insurance | ||||||||||||||
| Product warranties and performance guarantees | ||||||||||||||
| Asset retirement obligations | ||||||||||||||
| Other | ||||||||||||||
| $ | $ | |||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Compensation expense | $ | $ | $ | |||||||||||||||||
| Future income tax benefit recognized | ||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
Weighted average fair value per share of options granted during the year(1) | $ | $ | $ | |||||||||||||||||
| Assumptions: | ||||||||||||||||||||
| Expected annual dividend yield | % | % | % | |||||||||||||||||
| Expected volatility | % | % | % | |||||||||||||||||
| Risk-free rate of return | % | % | % | |||||||||||||||||
| Expected option term (years) | 4.74 | 4.54 | 4.62 | |||||||||||||||||
| Number of Options | Weighted Average Exercise Price | |||||||||||||
| Outstanding at December 31, 2019 | $ | |||||||||||||
| Granted | ||||||||||||||
| Exercised | ( | |||||||||||||
| Lapsed or canceled | ( | |||||||||||||
| Outstanding at December 31, 2020 | ||||||||||||||
| Granted | ||||||||||||||
| Exercised | ( | |||||||||||||
| Lapsed or canceled | ( | |||||||||||||
| Outstanding at December 31, 2021 | ||||||||||||||
| Granted | ||||||||||||||
| Exercised | ( | |||||||||||||
| Lapsed or canceled | ( | |||||||||||||
| Outstanding at December 31, 2022 | $ | |||||||||||||
Vested and expected to vest at December 31, 2022(1) | $ | |||||||||||||
| Exercisable at December 31, 2022 | $ | |||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Range of Exercise Prices | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||||||||||||||
| Number Outstanding | Weighted Average Life(1) | Weighted Average Exercise Price per share | Aggregate Intrinsic Value | Number Exercisable | Weighted Average Exercise Price per share | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||||||||||||||
| $27.00–$64.99 | 0.20 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| $65.00–$89.99 | 1.12 | ||||||||||||||||||||||||||||||||||||||||||||||
| $90.00–$99.99 | 2.52 | ||||||||||||||||||||||||||||||||||||||||||||||
| $100.00–$134.99 | 4.05 | ||||||||||||||||||||||||||||||||||||||||||||||
| $135.00–$189.99 | 6.87 | ||||||||||||||||||||||||||||||||||||||||||||||
| $190.00–$232.60 | 8.08 | ||||||||||||||||||||||||||||||||||||||||||||||
| 5.33 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Options Exercised | Years Ended December 31, | |||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
Intrinsic value(1) | $ | $ | $ | |||||||||||||||||
| Tax benefit realized | ||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Number of Restricted Stock Units | Weighted Average Grant Date Fair Value Per Share | |||||||||||||
| Non-vested at December 31, 2019 | $ | |||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
| Non-vested at December 31, 2020 | ||||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
| Non-vested at December 31, 2021 | ||||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
| Non-vested at December 31, 2022 | $ | |||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Compensation expense | $ | $ | $ | |||||||||||||||||
| Future income tax benefit recognized | ||||||||||||||||||||
| Basic | Years Ended December 31, | |||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Net income attributable to Honeywell | $ | $ | $ | |||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||
| Earnings per share of common stock—basic | $ | $ | $ | |||||||||||||||||
| Assuming dilution | Years Ended December 31, | |||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Net income attributable to Honeywell | $ | $ | $ | |||||||||||||||||
| Average shares | ||||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||
| Dilutive securities issuable—stock plans | ||||||||||||||||||||
| Total weighted average diluted shares outstanding | ||||||||||||||||||||
| Earnings per share of common stock—assuming dilution | $ | $ | $ | |||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Pre-tax | Tax | After-Tax | ||||||||||||||||||
| Year Ended December 31, 2022 | ||||||||||||||||||||
| Foreign exchange translation adjustment | $ | ( | $ | $ | ( | |||||||||||||||
| Pension and other postretirement benefit adjustments | ( | ( | ||||||||||||||||||
| Changes in fair value of available for sale investments | ( | ( | ||||||||||||||||||
| Changes in fair value of designated cash flow hedges | ||||||||||||||||||||
| $ | ( | $ | $ | ( | ||||||||||||||||
| Year Ended December 31, 2021 | ||||||||||||||||||||
| Foreign exchange translation adjustment | $ | $ | $ | |||||||||||||||||
| Pension and other postretirement benefit adjustments | ( | |||||||||||||||||||
| Changes in fair value of available for sale investments | ( | ( | ||||||||||||||||||
| Changes in fair value of designated cash flow hedges | ( | ( | ||||||||||||||||||
| $ | $ | ( | $ | |||||||||||||||||
| Year Ended December 31, 2020 | ||||||||||||||||||||
| Foreign exchange translation adjustment | $ | ( | $ | $ | ( | |||||||||||||||
| Pension and other postretirement benefit adjustments | ( | |||||||||||||||||||
| Changes in fair value of available for sale investments | ||||||||||||||||||||
| Changes in fair value of designated cash flow hedges | ( | ( | ||||||||||||||||||
| $ | ( | $ | $ | ( | ||||||||||||||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Cumulative foreign exchange translation adjustment | $ | ( | $ | ( | ||||||||||
| Pension and other postretirement benefit adjustments | ( | ( | ||||||||||||
| Fair value adjustments of available for sale investments | ( | |||||||||||||
| Fair value adjustments of designated cash flow hedges | ( | |||||||||||||
| $ | ( | $ | ( | |||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Foreign Exchange Translation Adjustment | Pension and Other Postretirement Benefit Adjustments | Changes in Fair Value of Available for Sale Investments | Changes in Fair Value of Designated Cash Flow Hedges | Total | ||||||||||||||||||||||||||||
| Balance at December 31, 2019 | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Net current period other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||
| Balance at December 31, 2020 | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Net current period other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income | ( | ( | ||||||||||||||||||||||||||||||
| Net current period other comprehensive income (loss) | ( | ( | ( | ( | ||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||
| Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
| Affected Line in the Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Interest and Other Financial Charges | Total | ||||||||||||||||||||||||||||||||||||||
| Amortization of pension and other postretirement benefit items: | ||||||||||||||||||||||||||||||||||||||||||||
| Actuarial losses recognized | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Prior service (credit) recognized | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) on cash flow hedges | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
| Losses (gains) on excluded component of net investment hedges | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Total before tax | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Tax expense (benefit) | ( | |||||||||||||||||||||||||||||||||||||||||||
| Total reclassifications for the period, net of tax | $ | |||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
| Affected Line in the Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Interest and Other Financial Charges | Total | ||||||||||||||||||||||||||||||||||||||
| Amortization of pension and other postretirement benefit items: | ||||||||||||||||||||||||||||||||||||||||||||
| Actuarial losses recognized | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Prior service (credit) recognized | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) on cash flow hedges | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Losses (gains) on excluded component of net investment hedges | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Total before tax | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
| Tax expense (benefit) | ||||||||||||||||||||||||||||||||||||||||||||
| Total reclassifications for the period, net of tax | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
| Affected Line in the Consolidated Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||
| Net Sales | Cost of Products Sold | Cost of Services Sold | Selling, General and Administrative Expenses | Other (Income) Expense | Interest and Other Financial Charges | Total | ||||||||||||||||||||||||||||||||||||||
| Amortization of pension and other postretirement benefit items: | ||||||||||||||||||||||||||||||||||||||||||||
| Actuarial losses recognized | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
| Prior service (credit) recognized | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) on cash flow hedges | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
| Losses (gains) on excluded component of net investment hedges | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Total before tax | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
| Tax expense (benefit) | ||||||||||||||||||||||||||||||||||||||||||||
| Total reclassifications for the period, net of tax | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Beginning of year | $ | $ | $ | |||||||||||||||||
| Environmental liability payments | ( | ( | ( | |||||||||||||||||
| Other | ( | |||||||||||||||||||
| End of year | $ | $ | $ | |||||||||||||||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| $ | $ | |||||||||||||
| $ | $ | |||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bendix | NARCO | Total | Bendix | NARCO | Total | Bendix | NARCO | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning of year | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrual for update to estimated liability | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in estimated cost of future claims | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Update of expected resolution values for pending claims | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asbestos-related liability payments | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| NARCO Buyout | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| End of year | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bendix | NARCO | Total | Bendix | NARCO | Total | Bendix | NARCO | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning of year | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Probable insurance recoveries related to estimated liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance receipts for asbestos-related liabilities | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance receivables settlements and write-offs | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| End of year | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Other current assets | $ | $ | ||||||||||||
| Insurance recoveries for asbestos-related liabilities | ||||||||||||||
| $ | $ | |||||||||||||
| Accrued liabilities | $ | $ | ||||||||||||
| Asbestos-related liabilities | ||||||||||||||
| $ | $ | |||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Claims activity | Years Ended December 31, | |||||||||||||
| 2022 | 2021 | |||||||||||||
| Claims unresolved at the beginning of year | ||||||||||||||
| Claims filed | ||||||||||||||
| Claims resolved | ( | ( | ||||||||||||
| Claims unresolved at the end of year | ||||||||||||||
| Disease distribution of unresolved claims | Years Ended December 31, | |||||||||||||
| 2022 | 2021 | |||||||||||||
| Mesothelioma and other cancer claims | ||||||||||||||
| Nonmalignant claims | ||||||||||||||
| Total claims | ||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||
| (in whole dollars) | ||||||||||||||||||||||||||||||||
| Malignant claims | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Nonmalignant claims | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Beginning of year | $ | $ | $ | |||||||||||||||||
| Accruals for warranties/guarantees issued during the year | ||||||||||||||||||||
| Adjustment of pre-existing warranties/guarantees | ( | ( | ( | |||||||||||||||||
| Settlement of warranty/guarantee claims | ( | ( | ( | |||||||||||||||||
| End of year | $ | $ | $ | |||||||||||||||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Accrued liabilities | $ | $ | ||||||||||||
| Other liabilities | ||||||||||||||
| $ | $ | |||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Pension Benefits | ||||||||||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Change in benefit obligation: | ||||||||||||||||||||||||||
| Benefit obligation at beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
| Service cost | ||||||||||||||||||||||||||
| Interest cost | ||||||||||||||||||||||||||
| Plan amendments | ( | |||||||||||||||||||||||||
Actuarial (gains) losses(1) | ( | ( | ( | |||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | ||||||||||||||||||||||
| Settlements and curtailments | ( | |||||||||||||||||||||||||
| Foreign currency translation | ( | ( | ||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Benefit obligation at end of year | ||||||||||||||||||||||||||
| Change in plan assets: | ||||||||||||||||||||||||||
| Fair value of plan assets at beginning of year | ||||||||||||||||||||||||||
| Actual return on plan assets | ( | ( | ||||||||||||||||||||||||
| Company contributions | ||||||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | ||||||||||||||||||||||
| Settlements and curtailments | ( | |||||||||||||||||||||||||
| Foreign currency translation | ( | ( | ||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Fair value of plan assets at end of year | ||||||||||||||||||||||||||
| Funded status of plans | $ | $ | $ | $ | ||||||||||||||||||||||
| Amounts recognized in the Consolidated Balance Sheet consist of: | ||||||||||||||||||||||||||
Prepaid pension benefit cost(2) | $ | $ | $ | $ | ||||||||||||||||||||||
Accrued pension liabilities—current(3) | ( | ( | ( | ( | ||||||||||||||||||||||
Accrued pension liabilities—noncurrent(4) | ( | ( | ( | ( | ||||||||||||||||||||||
| Net amount recognized | $ | $ | $ | $ | ||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Other Postretirement Benefits | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Change in benefit obligation: | ||||||||||||||
| Benefit obligation at beginning of year | $ | $ | ||||||||||||
| Service cost | ||||||||||||||
| Interest cost | ||||||||||||||
| Plan amendments | ||||||||||||||
| Actuarial (gains) losses | ( | ( | ||||||||||||
| Benefits paid | ( | ( | ||||||||||||
| Benefit obligation at end of year | ||||||||||||||
| 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 | $ | ( | $ | ( | ||||||||||
| Amounts recognized in the Consolidated Balance Sheet consist of: | ||||||||||||||
| Accrued liabilities | $ | ( | $ | ( | ||||||||||
Postretirement benefit obligations other than pensions(1) | ( | ( | ||||||||||||
| Net amount recognized | $ | ( | $ | ( | ||||||||||
| Pension Benefits | ||||||||||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Prior service (credit) cost | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||
| Net actuarial (gain) loss | ||||||||||||||||||||||||||
| Net amount recognized | $ | $ | $ | $ | ||||||||||||||||||||||
| Other Postretirement Benefits | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Prior service (credit) cost | $ | ( | $ | ( | ||||||||||
| Net actuarial (gain) loss | ( | ( | ||||||||||||
| Net amount recognized | $ | ( | $ | ( | ||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Net periodic benefit (income) cost | Pension Benefits | ||||||||||||||||||||||||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
| Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Interest cost | |||||||||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
| Amortization of prior service (credit) cost | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
| Recognition of actuarial (gains) losses | ( | ||||||||||||||||||||||||||||||||||||||||
| Settlements and curtailments | ( | ||||||||||||||||||||||||||||||||||||||||
| Net periodic benefit (income) cost | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
| Other changes in plan assets and benefit obligations recognized in Other comprehensive (income) loss | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
| Actuarial (gains) losses | $ | $ | ( | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
| Prior service (credit) cost | ( | ||||||||||||||||||||||||||||||||||||||||
| Prior service credit recognized during year | ( | ( | |||||||||||||||||||||||||||||||||||||||
| Actuarial (gains) losses recognized during year | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
| Foreign currency translation | ( | ||||||||||||||||||||||||||||||||||||||||
| Total recognized in Other comprehensive (income) loss | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
| Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||
| Net periodic benefit (income) cost | Other Postretirement Benefits | |||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Service cost | $ | $ | $ | |||||||||||||||||
| Interest cost | ||||||||||||||||||||
| Amortization of prior service (credit) cost | ( | ( | ( | |||||||||||||||||
| Recognition of actuarial (gains) losses | ( | ( | ||||||||||||||||||
| Net periodic benefit (income) cost | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Other changes in plan assets and benefit obligations recognized in Other comprehensive (income) loss | Years Ended December 31, | |||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Actuarial (gains) losses | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Prior service (credit) cost | ( | |||||||||||||||||||
| Prior service credit recognized during year | ||||||||||||||||||||
| Actuarial (gains) losses recognized during year | ||||||||||||||||||||
| Total recognized in other comprehensive (income) loss | $ | ( | $ | $ | ( | |||||||||||||||
| Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss | $ | ( | $ | ( | $ | ( | ||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
| Actuarial assumptions used to determine benefit obligations as of December 31: | |||||||||||||||||||||||||||||||||||||||||
| Discount rate | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
| Expected annual rate of compensation increase | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
| Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31: | |||||||||||||||||||||||||||||||||||||||||
| Discount rate—benefit obligation | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
| Discount rate—service cost | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
| Discount rate—interest cost | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
| Expected rate of return on plan assets | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
| Expected annual rate of compensation increase | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||
| Other Postretirement Benefits | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Actuarial assumptions used to determine benefit obligations as of December 31: | ||||||||||||||||||||
| Discount rate | % | % | % | |||||||||||||||||
| Actuarial assumptions used to determine net periodic benefit cost for years ended December 31: | ||||||||||||||||||||
Discount rate(1) | % | % | % | |||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, | |||||||||||||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
| Projected benefit obligation | $ | $ | $ | $ | |||||||||||||||||||||||||
| Accumulated benefit obligation | $ | $ | $ | $ | |||||||||||||||||||||||||
| Fair value of plan assets | $ | $ | $ | $ | |||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| U.S. Plans | ||||||||||||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Equities: | ||||||||||||||||||||||||||
| Honeywell common stock | $ | $ | $ | $ | ||||||||||||||||||||||
| U.S. equities | ||||||||||||||||||||||||||
| Fixed income: | ||||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||||
| Government securities | ||||||||||||||||||||||||||
| Corporate bonds | ||||||||||||||||||||||||||
| Mortgage/Asset-backed securities | ||||||||||||||||||||||||||
| Insurance contracts | ||||||||||||||||||||||||||
| Direct investments: | ||||||||||||||||||||||||||
| Direct private investments | ||||||||||||||||||||||||||
| Real estate properties | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Investments measured at NAV: | ||||||||||||||||||||||||||
| Private funds | ||||||||||||||||||||||||||
| Real estate funds | ||||||||||||||||||||||||||
| Commingled funds | ||||||||||||||||||||||||||
| Total assets at fair value | $ | |||||||||||||||||||||||||
| U.S. Plans | ||||||||||||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Equities: | ||||||||||||||||||||||||||
| Honeywell common stock | $ | $ | $ | $ | ||||||||||||||||||||||
| U.S. equities | ||||||||||||||||||||||||||
| Fixed income: | ||||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||||
| Government securities | ||||||||||||||||||||||||||
| Corporate bonds | ||||||||||||||||||||||||||
| Mortgage/Asset-backed securities | ||||||||||||||||||||||||||
| Insurance contracts | ||||||||||||||||||||||||||
| Direct investments: | ||||||||||||||||||||||||||
| Direct private investments | ||||||||||||||||||||||||||
| Real estate properties | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Investments measured at NAV: | ||||||||||||||||||||||||||
| Private funds | ||||||||||||||||||||||||||
| Real estate funds | ||||||||||||||||||||||||||
| Commingled funds | ||||||||||||||||||||||||||
| Total assets at fair value | $ | |||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Non-U.S. Plans | ||||||||||||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Equities: | ||||||||||||||||||||||||||
| U.S. equities | $ | $ | $ | $ | ||||||||||||||||||||||
| Non-U.S. equities | ||||||||||||||||||||||||||
| Fixed income: | ||||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||||
| Government securities | ||||||||||||||||||||||||||
| Corporate bonds | ||||||||||||||||||||||||||
| Mortgage/Asset-backed securities | ||||||||||||||||||||||||||
| Insurance contracts | ||||||||||||||||||||||||||
| Insurance buy-in contracts | ||||||||||||||||||||||||||
| Investments in private funds: | ||||||||||||||||||||||||||
| Private funds | ||||||||||||||||||||||||||
| Real estate funds | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Investments measured at NAV: | ||||||||||||||||||||||||||
| Private funds | ||||||||||||||||||||||||||
| Real estate funds | ||||||||||||||||||||||||||
| Total assets at fair value | $ | |||||||||||||||||||||||||
| Non-U.S. Plans | ||||||||||||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
| Equities: | ||||||||||||||||||||||||||
| U.S. equities | $ | $ | $ | $ | ||||||||||||||||||||||
| Non-U.S. equities | ||||||||||||||||||||||||||
| Fixed income: | ||||||||||||||||||||||||||
| Short-term investments | ||||||||||||||||||||||||||
| Government securities | ||||||||||||||||||||||||||
| Corporate bonds | ||||||||||||||||||||||||||
| Mortgage/Asset-backed securities | ||||||||||||||||||||||||||
| Insurance contracts | ||||||||||||||||||||||||||
| Insurance buy-in contracts | ||||||||||||||||||||||||||
| Investments in private funds: | ||||||||||||||||||||||||||
| Private funds | ||||||||||||||||||||||||||
| Real estate funds | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Investments measured at NAV: | ||||||||||||||||||||||||||
| Private funds | ||||||||||||||||||||||||||
| Real estate funds | ||||||||||||||||||||||||||
| Total assets at fair value | $ | |||||||||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| U.S. Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||||||
| Direct Private Investments | Real Estate Properties | Private Funds | Real Estate Funds | Insurance Buy-in Contracts | |||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| Actual return on plan assets: | |||||||||||||||||||||||||||||||||||
| Relating to assets still held at year-end | ( | ||||||||||||||||||||||||||||||||||
| Relating to assets sold during the year | |||||||||||||||||||||||||||||||||||
| Purchases | |||||||||||||||||||||||||||||||||||
| Sales and settlements | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | |||||||||||||||||||||||||||||||||||
| Actual return on plan assets: | |||||||||||||||||||||||||||||||||||
| Relating to assets still held at year-end | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Relating to assets sold during the year | ( | ||||||||||||||||||||||||||||||||||
| Purchases | |||||||||||||||||||||||||||||||||||
| Sales and settlements | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
| U.S. Plans | Non-U.S. Plans | |||||||
| 2023 | $ | $ | ||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| 2028-2032 | ||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
| Assumed health care cost trend rate: | ||||||||||||||
| Health care cost trend rate assumed for next year | % | % | ||||||||||||
| Rate that the cost trend rate gradually declines to | % | % | ||||||||||||
| Year that the rate reaches the rate it is assumed to remain at | ||||||||||||||
| Without Impact of Medicare Subsidy | Net of Medicare Subsidy | |||||||
| 2023 | $ | $ | ||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| 2028-2032 | ||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Interest income | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Pension ongoing income—non-service | ( | ( | ( | |||||||||||||||||
| Other postretirement income—non-service | ( | ( | ( | |||||||||||||||||
| Equity income of affiliated companies | ( | ( | ( | |||||||||||||||||
| Loss (gain) on sale of non-strategic businesses and assets | ( | ( | ||||||||||||||||||
| Foreign exchange | ( | |||||||||||||||||||
| Expense related to UOP Matters | ||||||||||||||||||||
| Expense related to Russia-Ukraine conflict | ||||||||||||||||||||
| Reimbursement receivables charge | ||||||||||||||||||||
| Net expense related to the NARCO Buyout and HWI Sale | ||||||||||||||||||||
| Other (net) | ( | |||||||||||||||||||
| $ | ( | $ | ( | $ | ( | |||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Net sales | ||||||||||||||||||||
| Aerospace | ||||||||||||||||||||
| Products | $ | $ | $ | |||||||||||||||||
| Services | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Honeywell Building Technologies | ||||||||||||||||||||
| Products | ||||||||||||||||||||
| Services | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Performance Materials and Technologies | ||||||||||||||||||||
| Products | ||||||||||||||||||||
| Services | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Safety and Productivity Solutions | ||||||||||||||||||||
| Products | ||||||||||||||||||||
| Services | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| Corporate and All Other | ||||||||||||||||||||
| Services | ||||||||||||||||||||
| Total | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||
| Aerospace | $ | $ | $ | |||||||||||||||||
| Honeywell Building Technologies | ||||||||||||||||||||
| Performance Materials and Technologies | ||||||||||||||||||||
| Safety and Productivity Solutions | ||||||||||||||||||||
| Corporate and All Other | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| Segment profit | ||||||||||||||||||||
| Aerospace | $ | $ | $ | |||||||||||||||||
| Honeywell Building Technologies | ||||||||||||||||||||
| Performance Materials and Technologies | ||||||||||||||||||||
| Safety and Productivity Solutions | ||||||||||||||||||||
| Corporate and All Other | ( | ( | ( | |||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Capital expenditures | ||||||||||||||||||||
| Aerospace | $ | $ | $ | |||||||||||||||||
| Honeywell Building Technologies | ||||||||||||||||||||
| Performance Materials and Technologies | ||||||||||||||||||||
| Safety and Productivity Solutions | ||||||||||||||||||||
| Corporate and All Other | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| Total assets | ||||||||||||||||||||
| Aerospace | $ | $ | $ | |||||||||||||||||
| Honeywell Building Technologies | ||||||||||||||||||||
| Performance Materials and Technologies | ||||||||||||||||||||
| Safety and Productivity Solutions | ||||||||||||||||||||
| Corporate and All Other | ||||||||||||||||||||
| $ | $ | $ | ||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Segment profit | $ | $ | $ | |||||||||||||||||
| Interest and other financial charges | ( | ( | ( | |||||||||||||||||
Stock compensation expense(1) | ( | ( | ( | |||||||||||||||||
Pension ongoing income (expense)(2) | ||||||||||||||||||||
| Pension mark-to-market expense | ( | ( | ( | |||||||||||||||||
Other postretirement income(2) | ||||||||||||||||||||
Repositioning and other charges(3) | ( | ( | ( | |||||||||||||||||
Other(4) | ( | |||||||||||||||||||
| Income before taxes | $ | $ | $ | |||||||||||||||||
| FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | |||||
Net Sales(1) | Long-lived Assets(2) | ||||||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
| United States | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
| Europe | |||||||||||||||||||||||||||||||||||||||||
| Other international | |||||||||||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Net payments for repositioning and other charges: | ||||||||||||||||||||
| Severance and exit cost payments | $ | ( | $ | ( | $ | ( | ||||||||||||||
| Environmental payments | ( | ( | ( | |||||||||||||||||
| Reimbursement receipts | ||||||||||||||||||||
| Insurance receipts for asbestos-related liabilities | ||||||||||||||||||||
| Insurance receivables settlements and write-offs | ||||||||||||||||||||
| Asbestos-related liability payments | ( | ( | ( | |||||||||||||||||
| $ | ( | $ | ( | $ | ( | |||||||||||||||
| Interest paid, net of amounts capitalized | $ | $ | $ | |||||||||||||||||
| Income taxes paid, net of refunds | ||||||||||||||||||||
| Non-cash investing and financing activities: | ||||||||||||||||||||
| Common stock contributed to savings plans | ||||||||||||||||||||
| Marketable securities contributed to non-U.S. pension plans | ||||||||||||||||||||
Impact of Quantinuum contribution(1) | ||||||||||||||||||||
Noncontrolling interest non-cash contribution(1) | ||||||||||||||||||||
| Loan in exchange for prepaid assets | ||||||||||||||||||||
Receipt of Garrett Series B Preferred Stock(2) | ||||||||||||||||||||
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | |||||
| Plan category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants, and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | |||||||||||||||||||||||
| (a) | (b) | (c) | ||||||||||||||||||||||||
| Equity compensation plans approved by security holders | 16,777,241 | (1) | $ | 147.11 | (2) | 33,124,364 | (3) | |||||||||||||||||||
| Equity compensation plans not approved by security holders | 205,709 | (4) | N/A | (5) | N/A | (6) | ||||||||||||||||||||
| Total | 16,982,950 | $ | 147.11 | 33,124,364 | ||||||||||||||||||||||
| Page Number in Form 10-K | ||||||||
| (a)(1.) | Consolidated Financial Statements: | |||||||
Consolidated Statement of Operations for the years ended December 31, 2022, 2021, and 2020 | ||||||||
Consolidated Statement of Comprehensive Income for the years ended December 31, 2022, 2021, and 2020 | ||||||||
Consolidated Balance Sheet at December 31, 2022, and 2021 | ||||||||
Consolidated Statement of Cash Flows for the years ended December 31, 2022, 2021, and 2020 | ||||||||
Consolidated Statement of Shareowners’ Equity for the years ended December 31, 2022, 2021, and 2020 | ||||||||
| Notes to Consolidated Financial Statements | ||||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID No. | ||||||||
| Page Number in Form 10-K | ||||||||
| (a)(3.) | Exhibits | |||||||
| See the Exhibit Index of this Annual Report on Form 10-K | ||||||||
| Exhibit No. | Description | |||||||
| 3(i) | ||||||||
| 3(ii) | ||||||||
| 4.1 | Honeywell International Inc. is a party to several long-term debt instruments under which, in each case, the total amount of securities authorized does not exceed 10% of the total assets of Honeywell and its subsidiaries on a consolidated basis. Pursuant to paragraph 4(iii)(A) of Item 601(b) of Regulation S-K, Honeywell agrees to furnish a copy of such instruments to the Securities and Exchange Commission upon request. | |||||||
| 4.2 | ||||||||
| 10.1* | ||||||||
| 10.2* | ||||||||
| 10.3* | ||||||||
| 10.4* | ||||||||
| 10.5* | ||||||||
| 10.6* | ||||||||
| 10.7* | ||||||||
| 10.8* | ||||||||
| 10.9* | ||||||||
| 10.10* | ||||||||
| 10.11* | ||||||||
| 10.12* | ||||||||
| 10.13* | ||||||||
| 10.14* | ||||||||
| 10.15* | ||||||||
| 10.16* | ||||||||
| 10.17* | ||||||||
| 10.18* | ||||||||
| 10.19* | ||||||||
| 10.20* | ||||||||
| 10.21* | ||||||||
| EXHIBIT INDEX | |||||
| Exhibit No. | Description | |||||||
| 10.22* | ||||||||
| 10.23* | ||||||||
| 10.24* | ||||||||
| 10.25* | ||||||||
| 10.26* | ||||||||
| 10.27* | ||||||||
| 10.28* | ||||||||
| 10.29* | ||||||||
| 10.30* | ||||||||
| 10.31* | ||||||||
| 10.32* | ||||||||
| 10.33* | ||||||||
| 10.34* | ||||||||
| 10.35* | ||||||||
| 10.36* | ||||||||
| 10.37* | ||||||||
| 10.38* | ||||||||
| 10.39* | ||||||||
| 10.40* | ||||||||
| 10.41* | ||||||||
| 10.42* | ||||||||
| 10.43* | ||||||||
| 10.44* | ||||||||
| 10.45* | ||||||||
| 10.46* | ||||||||
| 10.47* | ||||||||
| 10.48* | ||||||||
| 10.49* | ||||||||
| 10.50* | ||||||||
| EXHIBIT INDEX | |||||
| EXHIBIT INDEX | |||||
| Exhibit No. | Description | |||||||
| 10.77 | ||||||||
| 10.78 | ||||||||
| 21 | ||||||||
| 23.1 | ||||||||
| 24 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | ||||||||
| 32.2 | ||||||||
| 95 | ||||||||
| 101.INS | The following financial statements from the Company's Annual Report on Form 10-K for the year ended December 31, 2022, formatted in Inline XBRL: (i) Consolidated Statements of Cash Flows, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Balance Sheet, (v) Consolidated Statements of Shareowners' Equity and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||
| 101.SCH | iXBRL Taxonomy Extension Schema (filed herewith) | |||||||
| 101.CAL | iXBRL Taxonomy Extension Calculation Linkbase (filed herewith) | |||||||
| 101.DEF | iXBRL Taxonomy Extension Definition Linkbase (filed herewith) | |||||||
| 101.LAB | iXBRL Taxonomy Extension Label Linkbase (filed herewith) | |||||||
| 101.PRE | iXBRL Taxonomy Extension Presentation Linkbase (filed herewith) | |||||||
| 104 | Cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, formatted in Inline XBRL (and contained in Exhibit 101) | |||||||
| HONEYWELL INTERNATIONAL INC. | ||||||||||||||
| Date: February 10, 2023 | By: | /s/ Robert D. Mailloux | ||||||||||||
| Robert D. Mailloux Vice President and Controller (on behalf of the Registrant and as the Registrant’s Principal Accounting Officer) | ||||||||||||||
| SIGNATURES | |||||
| Name | Name | |||||||
| /s/ Darius E. Adamczyk | * | |||||||
| Darius E. Adamczyk Chairman and Chief Executive Officer (Principal Executive Officer) | Deborah Flint Director | |||||||
| * | * | |||||||
| Duncan B. Angove Director | Rose Lee Director | |||||||
| * | * | |||||||
| William S. Ayer Director | Grace D. Lieblein Director | |||||||
| * | * | |||||||
| Kevin Burke Director | Robin L. Washington Director | |||||||
| * | * | |||||||
| D. Scott Davis Director | Robin Watson Director | |||||||
| /s/ Gregory P. Lewis | /s/ Robert D. Mailloux | |||||||
| Gregory P. Lewis Senior Vice President and Chief Financial Officer (Principal Financial Officer) | Robert D. Mailloux Vice President and Controller (Principal Accounting Officer) | |||||||
| *By: | /s/ Gregory P. Lewis | |||||||||||||
| Gregory P. Lewis Attorney-in-fact | ||||||||||||||
| Page(s) | PART I | |||||||||||||
| ITEM 1 | ||||||||||||||
| ITEM 1A. | ||||||||||||||
| ITEM 1B. | ||||||||||||||
| ITEM 2 | ||||||||||||||
| ITEM 3 | ||||||||||||||
| ITEM 4 | ||||||||||||||
| PART II. | ||||||||||||||
| ITEM 5 | ||||||||||||||
| ITEM 6 | [Reserved] | |||||||||||||
| ITEM 7 | ||||||||||||||
| ITEM 7A. | ||||||||||||||
| ITEM 8 | ||||||||||||||
| ITEM 9 | ||||||||||||||
| ITEM 9A. | ||||||||||||||
| ITEM 9B. | ||||||||||||||
| Part III. | ||||||||||||||
| ITEM 10 | ||||||||||||||
| ITEM 11 | ||||||||||||||
| ITEM 12 | ||||||||||||||
| ITEM 13 | ||||||||||||||
| ITEM 14 | ||||||||||||||
| Part IV. | ||||||||||||||
| ITEM 15 | ||||||||||||||
| ITEM 16 | ||||||||||||||

| Name | Country or State of Incorporation | Percent Ownership | ||||||
| AlliedSignal Aerospace Service LLC | Delaware | 100 | % | |||||
| BW Technologies Partnership | Canada | 100 | % | |||||
| BWXT Pantex, LLC | Delaware | 41 | % | |||||
| Cambridge Quantum Computing Limited | United Kingdom | 56 | % | |||||
| Cedar Court Indemnity Company | Vermont | 100 | % | |||||
| COM DEV Europe Limited | United Kingdom | 100 | % | |||||
| ConverDyn | Delaware | 50 | % | |||||
| Eclipse, Inc. | Illinois | 100 | % | |||||
| Elster American Meter Company, LLC | Delaware | 100 | % | |||||
| Elster GmbH | Germany | 100 | % | |||||
| Elster Group GmbH | Germany | 100 | % | |||||
| Elster Metering Limited | United Kingdom | 100 | % | |||||
| Elster Metering Pty Ltd | Australia | 100 | % | |||||
| Elster s.r.o. | Slovakia | 100 | % | |||||
| Elster SAS | France | 100 | % | |||||
| Elster Solutions, LLC | Delaware | 100 | % | |||||
| EMS Defense Technologies, Inc. | Georgia | 100 | % | |||||
| EMS Technologies Canada, Ltd. | Canada | 100 | % | |||||
| Friedland Doggart Group Limited | United Kingdom | 100 | % | |||||
| Garrett Thermal Systems Limited | United Kingdom | 100 | % | |||||
| Grimes Aerospace Company | Delaware | 100 | % | |||||
| Hand Held Products, Inc. | Delaware | 100 | % | |||||
| Honeywell (China) Co., Ltd. | China | 100 | % | |||||
| Honeywell (Tianjin) Limited | China | 100 | % | |||||
| Honeywell Advanced Materials (China) Co. Ltd. | China | 100 | % | |||||
| Honeywell Aerospace Avionics Malaysia Sdn Bhd | Malaysia | 100 | % | |||||
| Honeywell Aerospace de México, S. de R.L. de C.V. | Mexico | 100 | % | |||||
| Honeywell Aerospace De Puerto Rico, Inc. | Puerto Rico | 100 | % | |||||
| Honeywell Aerospace GmbH | Germany | 100 | % | |||||
| Honeywell Aerospace Olomouc s.r.o. | Czech Republic | 100 | % | |||||
| Honeywell Aerospace Singapore Pte. Ltd. | Singapore | 100 | % | |||||
| Honeywell Aerospace UK | United Kingdom | 100 | % | |||||
| Honeywell Aircraft Leasing LLC | Delaware | 100 | % | |||||
| Honeywell Analytics Asia Pacific Co Ltd | Korea | 100 | % | |||||
| Honeywell Analytics Inc. | Texas | 100 | % | |||||
| Honeywell Automation Control Solutions (China) Co Ltd | China | 100 | % | |||||
| Honeywell Automation India Limited | India | 75 | % | |||||
| Honeywell Automotive de Mexico, S. de R.L. de C.V. | Mexico | 100 | % | |||||
| Honeywell Avionics (Shanghai) Co., Ltd. | China | 100 | % | |||||
| Honeywell B.V. | Netherlands | 100 | % | |||||
| Honeywell Chile S.A. | Chile | 100 | % | |||||
| Honeywell Co., Ltd. | Korea | 100 | % | |||||
| Name | Country or State of Incorporation | Percent Ownership | ||||||
| Honeywell Control Systems Limited | United Kingdom | 100 | % | |||||
| Honeywell Deutschland Holding GmbH | Germany | 100 | % | |||||
| Honeywell Electronic Chemicals LLC | Delaware | 100 | % | |||||
| Honeywell Electronic Materials (Thailand) Co., Ltd. | Thailand | 100 | % | |||||
| Honeywell Electronic Materials Manufacturing, LLC | Washington | 100 | % | |||||
| Honeywell Electronic Materials Taiwan Co., Ltd. | Taiwan (Province of China) | 100 | % | |||||
| Honeywell Energy Services Inc. | Delaware | 100 | % | |||||
| Honeywell Europe BV | Belgium | 100 | % | |||||
| Honeywell Federal Manufacturing & Technologies, LLC | Delaware | 100 | % | |||||
| Honeywell Finance Ontario LP | Canada | 100 | % | |||||
| Honeywell Fluorine Products Europe B.V. | Netherlands | 100 | % | |||||
| Honeywell GmbH | Germany | 100 | % | |||||
| Honeywell Holdings International Inc. | Delaware | 100 | % | |||||
| Honeywell International (India) Private Limited | India | 100 | % | |||||
| Honeywell International Sàrl | Switzerland | 100 | % | |||||
| Honeywell International Sdn. Bhd. | Malaysia | 100 | % | |||||
| Honeywell International UK Limited | United Kingdom | 100 | % | |||||
| Honeywell Japan Ltd. | Japan | 100 | % | |||||
| Honeywell Kuwait Co. Sharing Closed | Kuwait | 60 | % | |||||
| Honeywell Life Safety Romania SRL | Romania | 100 | % | |||||
| Honeywell Limited | Australia | 100 | % | |||||
| Honeywell Limited [Australia] | Australia | 100 | % | |||||
| Honeywell Limited [Hong Kong] | Hong Kong | 100 | % | |||||
| HONEYWELL LIMITED HONEYWELL LIMITÉE | Canada | 100 | % | |||||
| Honeywell Middle East FZE | United Arab Emirates | 100 | % | |||||
| Honeywell NV | Belgium | 100 | % | |||||
| Honeywell Performance Materials & Technologies Korea Ltd | Korea, Republic of | 100 | % | |||||
| Honeywell Performance Materials and Technologies (China) Co Ltd | China | 100 | % | |||||
| Honeywell Pte. Ltd. | Singapore | 100 | % | |||||
| Honeywell S.L. | Spain | 100 | % | |||||
| Honeywell S.r.l. | Italy | 100 | % | |||||
| Honeywell Safety Products Europe SAS | France | 100 | % | |||||
| Honeywell Safety Products USA, Inc. | Delaware | 100 | % | |||||
| Honeywell SAS | France | 100 | % | |||||
| Honeywell Sensing and Control (China) Co., Ltd. | China | 100 | % | |||||
| Honeywell Specialty Chemicals Seelze GmbH | Germany | 100 | % | |||||
| Honeywell Specialty Materials, LLC | Delaware | 100 | % | |||||
| Honeywell Taiwan Limited | Taiwan (Province of China) | 100 | % | |||||
| Honeywell Technology Solutions Lab Private Limited | India | 100 | % | |||||
| Honeywell Teknoloji Anonim Sirketi | Turkey | 100 | % | |||||
| Honeywell Trading (Shanghai) Co., Ltd. | China | 100 | % | |||||
| Honeywell Turki-Arabia Limited | Saudi Arabia | 76 | % | |||||
| Honeywell UK Limited | United Kingdom | 100 | % | |||||
| Name | Country or State of Incorporation | Percent Ownership | ||||||
| Honeywell Venture Capital LLC | Delaware | 100 | % | |||||
| Honeywell, S.A. de C.V. | Mexico | 100 | % | |||||
| Honeywell, spol. s r.o. | Czech Republic | 100 | % | |||||
| Intelligrated Headquarters, LLC | Delaware | 100 | % | |||||
| Intelligrated Software, LLC | Delaware | 100 | % | |||||
| Intelligrated Systems, Inc. | Delaware | 100 | % | |||||
| Intelligrated Systems, LLC | Delaware | 100 | % | |||||
| Intermec Technologies (S) Pte Ltd | Singapore | 100 | % | |||||
| International Turbine Engine Company LLC | Delaware | 51 | % | |||||
| KAC Alarm Company Limited | United Kingdom | 100 | % | |||||
| King's Shoe Manufacturing Pte Ltd | Singapore | 100 | % | |||||
| Life Safety Distribution GmbH | Switzerland | 100 | % | |||||
| Maxon Corporation | Indiana | 100 | % | |||||
| Metro (Suzhou) Technologies Co Ltd | China | 100 | % | |||||
| Morning Pride Manufacturing L.L.C. | Delaware | 100 | % | |||||
| Novar ED&S Limited | United Kingdom | 100 | % | |||||
| Novar GmbH | Germany | 100 | % | |||||
| Novar Systems Limited | United Kingdom | 100 | % | |||||
| O. & S. Holdings (Vic) Pty Ltd | Australia | 100 | % | |||||
| Quantinuum LLC | Delaware | 100 | % | |||||
| Rocky Research | Nevada | 100 | % | |||||
| Salisbury Electrical Safety L.L.C. | Delaware | 100 | % | |||||
| Shanghai UOP Ltd. | China | 70 | % | |||||
| Sinopec Honeywell (Tianjin) Limited | China | 55 | % | |||||
| Sparta Systems, Inc. | New Jersey | 100 | % | |||||
| Sperian Protection SAS | France | 100 | % | |||||
| TRANSNORM SYSTEM GmbH | Germany | 100 | % | |||||
| Transnorm System Inc. | Delaware | 100 | % | |||||
| Tridium, Inc. | Delaware | 100 | % | |||||
| United Sortation Solutions LLC | Maryland | 100 | % | |||||
| UOP CH Sàrl | Switzerland | 100 | % | |||||
| UOP India Pvt. Ltd. | India | 100 | % | |||||
| UOP Limited | United Kingdom | 100 | % | |||||
| UOP LLC | Delaware | 100 | % | |||||
| UOP Process Technology Co., Ltd. | China | 100 | % | |||||
| UOP Russell LLC | Delaware | 100 | % | |||||
| UOP Services Limited | United Kingdom | 100 | % | |||||
| Vocollect, Inc. | Pennsylvania | 100 | % | |||||
| Xi'an System Sensor Electronics Ltd. | China | 60 | % | |||||
| 1. | I have reviewed this Annual Report on Form 10-K of Honeywell International Inc.; | ||||
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
| a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
| b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
| c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||
| d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; | ||||
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | ||||
| a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | ||||
| b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | ||||
| Date: February 10, 2023 | By: | /s/ Darius Adamczyk | ||||||||||||
| Darius Adamczyk Chairman and Chief Executive Officer | ||||||||||||||
| 1. | I have reviewed this Annual Report on Form 10-K of Honeywell International Inc.; | ||||
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | ||||
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | ||||
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | ||||
| a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | ||||
| b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | ||||
| c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | ||||
| d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; | ||||
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | ||||
| a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | ||||
| b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | ||||
| Date: February 10, 2023 | By: | /s/ Gregory P. Lewis | ||||||||||||
| Gregory P. Lewis Senior Vice President and Chief Financial Officer | ||||||||||||||
| Date: February 10, 2023 | By: | /s/ Darius Adamczyk | ||||||||||||
| Darius Adamczyk Chairman and Chief Executive Officer | ||||||||||||||
| Date: February 10, 2023 | By: | /s/ Gregory P. Lewis | ||||||||||||
| Gregory P. Lewis Senior Vice President and Chief Financial Officer | ||||||||||||||
AUDIT INFORMATION |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Audit Information [Abstract] | |
| Auditor Name | DELOITTE & TOUCHE LLP |
| Auditor Firm ID | 34 |
| Auditor Location | Charlotte, North Carolina |
Statement of Financial Position, Classified (Parentheticals) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for credit loss | $ 326 | $ 177 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Accounting Policies [Abstract] | |
| 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. The Company's consolidation policy requires equity investments that the Company exercises significant influence over, but does 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 the Company is not able to exercise significant influence over the investee and which the Company does not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation. 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 Statement of Operations, Balance Sheet and Cash Flows (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 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. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, to expand the scope of this guidance to include derivatives. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022, to December 31, 2024. The Company will apply the guidance to impacted transactions during the transition period. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements. RESEARCH AND DEVELOPMENT Research and development costs for projects are expensed as incurred, unless these costs relate to contracts with customers where the Company receives reimbursements. Amounts expensed as incurred for Company-sponsored research and development projects are included in Cost of products and services sold and were $1,478 million, $1,333 million, and $1,334 million for the years ended December 31, 2022, 2021, and 2020, respectively. Costs related to contracts with customers for customer-sponsored research and development projects are included as a contract cost and included in Cost of products and services sold when revenue from such contracts is recognized, consistent with the Company's sales recognition policies. This revenue was $1,336 million, $1,284 million, and $1,200 million for the years ended December 31, 2022, 2021, and 2020, respectively. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less. INVENTORIES Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out (FIFO) basis. Carrying value adjustments for inventory obsolescence is equal to the difference between the cost and net realizable value. Net realizable value is the estimate selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. 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 3 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. GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS Goodwill and indefinite-lived intangible assets are subject to impairment testing annually as of the first day of the fourth quarter, or if a triggering event occurs 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, not to exceed the carrying value of goodwill. The Company completed its annual goodwill impairment test as of the first day of the fourth quarter, and determined that there was no impairment as of that date. The Company is not aware of any additional triggering events. Prior to 2022, the Company performed its annual goodwill and intangible asset impairment test as of the last day of the first quarter. In 2022, the Company changed the date of its annual goodwill and intangible asset impairment assessment to the first day of the fourth quarter. The Company believes this change does not represent a material change in method of applying an accounting principle. This change has been applied prospectively as of the date of the change, as retrospective application is deemed impracticable due to the inability to objectively determine the assumptions used in earlier periods without the benefit of hindsight. This voluntary change is preferable under the circumstances as it results in better alignment with the timing of the Company’s forecasting process and reduces the time period between the assessment date and annual financial statements. This change in accounting principle does not delay, accelerate, or avoid an impairment of goodwill. In 2022, due to this change the Company performed annual goodwill and intangible asset impairment tests as of the last day of the first quarter and the first day of the fourth quarter. FINITE-LIVED INTANGIBLE ASSETS 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 20 years. CAPITALIZED SOFTWARE The Company capitalizes costs of software developed or obtained for internal use during the application development stage of a project and amortizes those costs using the straight-line method over the expected useful life of the software, not to exceed 7 years. Costs incurred during the preliminary and post-implementation stages are expensed as incurred. Development costs for software held for sale are capitalized once a project has reached the point of technological feasibility. Completed projects are amortized after reaching the point of general availability using the straight-line method based on estimated useful life, not to exceed 7 years. At each balance sheet date, or earlier if an indicator of an impairment exists, we evaluate the recoverability of unamortized capitalized software costs based on estimated future undiscounted revenues net of estimated related costs over the remaining amortization period. Capitalized software held for internal use and held for sale is included in Other assets in the Consolidated Balance Sheet. 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 All derivative financial instruments 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 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. Derivative financial instruments designated as hedges must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception and over the life of the hedge contract. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. The Company elected to exclude the time value of the derivatives (i.e., the forward points) from the assessment of hedge effectiveness and recognize the initial value of the excluded component in earnings using the amortization approach. For derivative instruments that are designated and qualify as a net investment hedge, the gain or loss is reported as a component of Other comprehensive income (loss) and recorded in Accumulated other comprehensive income (loss). The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. LEASES At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The assessment is based on (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) 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 the Company's right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company 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 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. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. The Company primarily uses its 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, the Company considers 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. PENSION BENEFITS The Company presents net periodic pension costs by disaggregating the service cost component of such costs and reports those costs in the same line item or items in the Consolidated Statement of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other non-service components of such costs are required to be presented separately from the service cost component. The Company records the service cost component of Pension ongoing (income) expense in Cost of products and services sold and Selling, general and administrative expenses. The remaining components of costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Other (income) expense. The Company recognizes net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plan's projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment). The MTM Adjustment is also reported in Other (income) expense. SALES RECOGNITION Product and service sales are recognized when or as the Company transfers control of the promised products or services to its customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Service sales, principally representing repair, maintenance, and engineering activities, are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as the Company performs on these contracts because of the continuous transfer of control to the customer. With control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for contracts because it best depicts the transfer of control to the customer that occurs as the Company incurs costs. Under the cost-to-cost input method, the extent of progress towards completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on significant contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends, and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required. The customer funding for costs incurred for nonrecurring engineering and development activities of the Company's products under agreements with commercial customers is deferred and subsequently recognized as revenue as products are delivered to the customers. Additionally, expenses incurred, up to the customer agreed funded amount, are deferred as an asset and recognized as cost of sales when products are delivered to the customer. The deferred customer funding and costs result in recognition of deferred costs (asset) and deferred revenue (liability) within Other assets and Accrued liabilities, respectively, in the Consolidated Balance Sheet. Deferred contract fulfillment costs were approximately $1.3 billion as of December 31, 2022, and 2021. The amounts recognized as Cost of products and services sold were approximately $0.2 billion for the year ended December 31, 2022, and $0.1 billion for 2021 and 2020. Revenues for the Company's mechanical service programs are recognized as performance obligations that are satisfied over time, with recognition reflecting a series of distinct services using the output method. The terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, cash-based incentives, rebates, performance awards, or credits. The Company estimates variable consideration at the most likely amount the Company will receive from customers. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The Company's estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company. STOCK-BASED COMPENSATION PLANS The principal awards issued under the Company's stock-based compensation plans, which are described in Note 15 Stock-Based Compensation Plans, are non-qualified stock options and restricted stock units. 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 expenses. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on the Company's historical forfeiture rates. INCOME TAXES Significant judgment is required in evaluating tax positions. The Company establishes 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. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of the Company's provision for income taxes. The Company continually assesses 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. For additional information, see Note 5 Income Taxes. 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. ENVIRONMENTAL The Company accrues costs related to environmental matters when it is probable that it has incurred a liability related to a contaminated site and the amount can be reasonably estimated. For additional information, see Note 19 Commitments and Contingencies. ASBESTOS-RELATED LIABILITIES AND INSURANCE RECOVERIES The Company recognizes a liability for any asbestos-related contingency that is probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos-related matters, the Company records asbestos-related insurance recoveries that are deemed probable. For additional information, see Note 19 Commitments and Contingencies. REIMBURSEMENT RECEIVABLES In conjunction with the Resideo Technologies, Inc. (Resideo) spin-off, the Company entered into a reimbursement agreement under which Honeywell receives cash payments as reimbursement primarily related to net spending for environmental matters at certain sites as defined in the reimbursement agreement. Accordingly, the Company recorded receivables based on estimates of the underlying reimbursable Honeywell environmental spend, and the Company monitors the recoverability of such receivables, which are subject to the terms of applicable credit agreements and general ability to pay.
|
ACQUISITIONS AND DIVESTITURES |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Business Combination and Asset Acquisition [Abstract] | |
| ACQUISITIONS AND DIVESTITURES | ACQUISITIONS AND DIVESTITURES ACQUISITIONS On January 18, 2022, the Company acquired 100% of the issued and outstanding shares of US Digital Designs, Inc., a leading provider of technologies for first responders, for total consideration of $186 million. The business is included within the Honeywell Building Technologies reportable business segment. The Company completed a preliminary evaluation of the fair value of all the assets and liabilities acquired with US Digital Designs, Inc., which will be finalized during the first quarter of 2023. Management recorded intangible assets of $53 million and allocated $130 million to goodwill, which is deductible for tax purposes. On November 29, 2021, Honeywell Quantum Solutions, a wholly-owned subsidiary of Honeywell, and Cambridge Quantum Computing, a leading developer of quantum computing and quantum software, combined to form Quantinuum. Prior to closing the transaction, Honeywell held a 4.2% ownership interest in Cambridge Quantum Computing. At closing of the business combination, Honeywell contributed an additional $270 million of cash and is the controlling majority-owner of Quantinuum, with an overall 54% ownership in the business. Quantinuum is well positioned to lead the quantum computing industry by offering advanced, fully integrated hardware and software solutions at an unprecedented pace, scale, and level of performance to large high-growth markets worldwide. Quantinuum supports customer needs for improved computation in cyber security, drug discovery and delivery, material science, finance, and optimization across all major industrial markets. The business is included within Corporate and All Other, which is not a reportable business segment. The combination was accounted for under the acquisition method of accounting; as such, assets and liabilities of Quantinuum are consolidated by Honeywell and included in the Consolidated Balance Sheet. Upon close of the transaction, Honeywell recorded a non-cash adjustment of $460 million in Additional paid-in capital in the Consolidated Balance Sheet as the contribution of ownership interest in Honeywell Quantum Solutions and Cambridge Quantum Computing for the formation of Quantinuum. In addition, Honeywell recognized a gain of $22 million related to the fair value remeasurement of Honeywell's existing 4.2% ownership interest in Cambridge Quantum Computing, which was recorded in Other (income) expense in the Consolidated Statement of Operations. At close of the transaction, the fair value of Cambridge Quantum Computing's noncontrolling interest in Quantinuum was $419 million. In December 2021, Cambridge Quantum Computing contributed cash of $12 million to Quantinuum, increasing their noncontrolling interest and decreasing Honeywell's additional paid-in capital. In the fourth quarter of 2022, the Company completed its evaluation of the fair value of all the assets and liabilities acquired. Management recorded intangible assets of $90 million and allocated $945 million to goodwill, which is non-deductible for tax purposes. On February 12, 2021, the Company acquired 100% of the shares outstanding of Sparta Systems, a leading provider of enterprise quality management software for the life sciences industry, for $1,303 million. Sparta Systems is expected to further strengthen the Company's leadership in industrial automation, digital transformation solutions, and enterprise performance management software. The business is included within the Performance Materials and Technologies reportable business segment. The assets and liabilities acquired with Sparta Systems are included in the Consolidated Balance Sheet as of December 31, 2021, including $383 million of intangible assets and $1,011 million allocated to goodwill, which is non-deductible for tax purposes. During 2020, the Company acquired businesses for an aggregate cost (net of cash and debt assumed) of $261 million, which included the October 2020 acquisition of Rocky Research and the December 2020 acquisition of Sine Group. Rocky Research is a technology leader specializing in thermal, energy, and power management solutions and is included within the Aerospace reportable business segment. Sine Group offers a Software-as-a-Service (SaaS) that handles visitor management, workplace, and supply chain solutions and is included in the Honeywell Building Technologies reportable business segment. The acquisitions of Rocky Research and Sine Group included approximately $167 million allocated to goodwill, which is non-deductible for tax purposes. DIVESTITURES In conjunction with the wind down of our businesses and operations in Russia (the Wind down), during 2022 the Company completed the sale of three entities domiciled in Russia in exchange for gross cash consideration of less than $1 million. The Company recognized a pre-tax gain of $22 million, which was recorded in Other (income) expense in the Consolidated Statement of Operations, driven by favorable foreign currency cumulative translation adjustment positions in the entities at the time of sale. The financial results of the entities were previously included in the Performance Materials and Technologies, Honeywell Building Technologies, and Safety and Productivity Solutions reportable business segments. On March 15, 2021, the Company completed the sale of its retail footwear business in exchange for gross cash consideration of $230 million. The Company recognized a pre-tax gain of $95 million for the twelve months ended December 31, 2021, which was recorded in Other (income) expense. The retail footwear business was previously included in the Safety and Productivity Solutions reportable business segment. During 2020, there were no significant divestitures that closed individually or in the aggregate.
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| REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS | REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS The Company has a comprehensive offering of products and services, including software and technologies, that are sold to a variety of customers in multiple end markets. See the following disaggregated revenue table and related discussions by reportable business segment for details.
In July 2022, the Company realigned certain business units within the Safety and Productivity Solutions reportable business segment. The Safety and Retail business unit, which included our gas detection and safety business, combined with the Advanced Sensing Technologies business unit to form the Sensing and Safety Technologies business unit. The Company recast historical periods to reflect this realignment. Aerospace – A global supplier of products, software, and services for aircrafts that it sells to original equipment manufacturers (OEM) and other customers in a variety of end markets including: air transport, regional, business and general aviation aircraft, airlines, aircraft operators, and defense and space contractors. Aerospace products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics, wireless connectivity services, electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, management and technical services, advanced systems and instruments, satellite and space components, aircraft wheels and brakes, repair and overhaul services, and thermal systems. Aerospace also provides spare parts, repair, overhaul, and maintenance services (principally to aircraft operators) for the aftermarket. Honeywell Forge solutions are leveraged by the Company's customers as tools to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient. Honeywell Building Technologies – A global provider of products, software, solutions, and technologies that enable building owners and occupants to ensure their facilities are safe, energy efficient, sustainable, and productive. Honeywell Building Technologies products and services include advanced software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and upgrades of systems. Honeywell Forge solutions enable the Company's customers to digitally manage buildings, connecting data from different assets to enable smart maintenance, improve building performance, and even protect from incoming security threats. Performance Materials and Technologies – A global provider in developing and manufacturing high-quality performance chemicals and materials, process technologies, and automation solutions. The reportable business segment is comprised of Process Solutions, UOP, and Advanced Materials. Process Solutions provides automation control, instrumentation, advanced software, and related services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals, and mining industries. Through its smart energy products, Process Solutions enables utilities and distribution companies to deploy advanced capabilities to improve operations, reliability, and environmental sustainability. UOP provides process technology, products, including catalysts and adsorbents, equipment, and consulting services that enable customers to efficiently produce gasoline, diesel, jet fuel, petrochemicals, and renewable fuels for the petroleum refining, gas processing, petrochemical, and other industries. Advanced Materials manufactures a wide variety of high-performance products, including materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips, and pharmaceutical packaging, and provides reduced and low global warming potential materials based on hydrofluoro-olefin technology. In the industrial environment, Honeywell Forge solutions enable integration and connectivity to provide a holistic view of operations and turn data into clear actions to maximize productivity and efficiency. Honeywell Forge's cybersecurity capabilities help identify risks and act on cyber-related incidents, together enabling improved operations and protecting processes, people, and assets. Safety and Productivity Solutions – A global provider of products and software that improve productivity, workplace safety, and asset performance to customers around the globe. Sensing and Safety Technologies products include personal protective equipment (PPE), apparel, gear, and footwear; gas detection technology; custom-engineered sensors, switches, and controls for sensing and productivity solutions; and cloud-based notification and emergency messaging. Productivity Solutions and Services products and services include mobile devices and software for computing, data collection, and thermal printing; and software-based data and asset management productivity solutions. Warehouse and Workflow Solutions products and services include system design and simulation, automation solutions, performance optimization software, and lifecycle services to enable accuracy, productivity, and predictability of warehouse operations. Honeywell Forge solutions digitally automate processes to improve efficiency while reducing downtime and safety costs. Corporate and All Other – Corporate and All Other includes revenue from Honeywell's majority-owned investment in Quantinuum. Through Quantinuum, Honeywell provides a wide range of service offerings of fully integrated quantum computing hardware and software solutions. For a summary by disaggregated product and services sales for each reportable business segment, refer to Note 22 Segment Financial Data. The Company recognizes revenue arising from performance obligations outlined in contracts with its customers that are satisfied at a point in time and over time. The disaggregation of the Company's revenue based off timing of recognition is as follows:
CONTRACT BALANCES The Company records progress on satisfying performance obligations under contracts with customers and the related billings and cash collections are recorded in the Consolidated Balance Sheet in Accounts receivable—net and Other assets (unbilled receivables (contract assets) and billed receivables) and Accrued liabilities and Other liabilities (customer advances and deposits (contract liabilities)). Unbilled receivables (contract assets) arise when the timing of cash collected from customers differs from the timing of revenue recognition, such as when contract provisions require specific milestones to be met before a customer can be billed. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Contract liabilities are recorded when customers remit contractual cash payments in advance of us satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities are derecognized when revenue is recorded, either when a milestone is met triggering the contractual right to bill or when the performance obligation is satisfied. Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes the Company's contract assets and liabilities balances:
The net change in 2022 and 2021 was primarily driven by the receipt of advance payments from customers exceeding recognition of revenue as performance obligations were satisfied prior to billing. For the years ended December 31, 2022, and 2021, the Company recognized revenue of $1,838 million and $1,925 million, respectively, that was previously included in the beginning balance of contract liabilities. Contract assets include $2,265 million and $2,035 million of unbilled balances under long-term contracts as of December 31, 2022, and 2021, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate. When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications for goods or services and not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively. PERFORMANCE OBLIGATIONS A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. When the Company's contracts with customers require highly complex integration or manufacturing services that are not separately identifiable from other promises in the contracts and, therefore, not distinct, then the entire contract is accounted for as a single performance obligation. In situations when the Company's contracts includes distinct goods or services that are substantially the same and have the same pattern of transfer to the customer over time, they are recognized as a series of distinct goods or services. For any contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on the estimated relative stand-alone selling price of each distinct good or service in the contract. For product sales, each product sold to a customer typically represents a distinct performance obligation. In such cases, the observable stand-alone sales are used to determine the stand-alone selling price. Performance obligations are satisfied as of a point in time or over time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. The following table outlines the Company's remaining performance obligations disaggregated by reportable business segment:
(1) The remaining performance obligations within Corporate and All Other relate to the Quantinuum business. (2) Effective March 31, 2022, performance obligations excludes contracts with customers related to Russia as collectability is not reasonably assured. Performance obligations recognized as of December 31, 2022, will be satisfied over the course of future periods. The Company's disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. Performance obligations expected to be satisfied within one year and greater than one year are 62% and 38%, respectively. The timing of satisfaction of the Company's performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of the Company's fixed-price over time contracts include progress payments based on specified events or milestones, or based on project progress. For some contracts the Company may be entitled to receive an advance payment. The Company applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount the Company has the right to invoice for services performed.
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REPOSITIONING AND OTHER CHARGES | REPOSITIONING AND OTHER CHARGES A summary of net repositioning and other charges follows:
The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations:
The following table summarizes the pre-tax amount of total net repositioning and other charges by reportable business segment. These amounts are excluded from segment profit as described in Note 22 Segment Financial Data:
In 2022, the Company recognized repositioning charges totaling $420 million, including severance costs of $122 million related to workforce reductions of 4,345 manufacturing and administrative positions mainly in the Company's Safety and Productivity Solutions reportable business segment. The workforce reductions related to our productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $176 million related to the write-down of certain manufacturing and other equipment, primarily related to closing and relocating the production of certain respiratory manufacturing from a U.S.-based facility to a non-U.S. facility in the Company's Safety and Productivity Solutions reportable business segment. The repositioning charges included exit costs of $122 million related to current period costs incurred for closure obligations associated with site transitions in the Company's Performance Materials and Technologies and Aerospace reportable business segments. Also, $56 million of previously established reserves, primarily for severance, were returned to income due to higher than expected voluntary exits and adjustments to the scope of previously announced repositioning actions. In 2021, the Company recognized repositioning charges totaling $331 million, including severance costs of $80 million related to workforce reductions of 6,432 manufacturing and administrative positions mainly in the Company's Safety and Productivity Solutions and Aerospace reportable business segments. The workforce reductions were primarily related to the realignment of a product line in the Company's Safety and Productivity Solutions reportable business segment, site transitions, mainly in the Aerospace reportable business segment, to more cost-effective locations, and the Company's productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $117 million primarily related to the write-down of certain manufacturing and other equipment. The repositioning charges included exit costs of $134 million primarily for current period exit costs incurred for previously approved repositioning projects, closure obligations associated with site transitions, and lease obligations for equipment. Also, $13 million of previously established reserves, primarily for severance, were returned to income due to adjustments to the scope of previously announced repositioning actions. In 2020, the Company recognized repositioning charges totaling $565 million, including severance costs of $475 million related to workforce reductions of 14,159 manufacturing and administrative positions across the Company's reportable business segments, with a majority of the workforce reductions in the Aerospace and Performance Materials and Technologies reportable business segments. The workforce reductions primarily related to the Company aligning its cost structure with the slowdown in demand for many of its products and services due to the global recession, the Company's productivity and ongoing functional transformation initiatives, and site consolidations and hub strategies. The repositioning charges included exit costs of $69 million primarily related to current period exit costs incurred for previously approved repositioning projects. Also, $47 million of previously established reserves, primarily for severance, were returned to income mainly as a result of higher attrition than anticipated in prior severance actions resulting in lower payments. The following table summarizes the status of the Company's total repositioning reserves:
Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in 2022, 2021, and 2020 were not significant. During 2022, the Company recognized $342 million of Asbestos-related charges, net of insurance and reimbursements related to the North American Refractories Company (NARCO) Buyout and HarbisonWalker International Holdings, Inc. (HWI) Sale. See Note 19 Commitments and Contingencies for further discussion NARCO asbestos-related liabilities. The Company recognized $295 million of Other charges related to the initial suspension (the Suspension) and the Wind down of our business and operations in Russia. These costs impacted all reportable business segments, with the most significant impact within the Performance Materials and Technologies reportable business segment. The Other charges include costs recorded in Cost of products sold, Selling, general and administrative expenses, or Other (income) expense in the Consolidated Statement of Operations. Cost of products and services sold includes $65 million primarily related to inventory reserves and the write-down of other assets, Selling, general and administrative includes $185 million primarily related to reserves against outstanding accounts receivable and contract assets, impairment of intangible assets, the write-down of other assets, and employee severance, and Other (income) expense includes $45 million related to foreign exchange revaluation on an intercompany loan with a Russian affiliate, impairment of property, plant and equipment, and expenses for called guarantees. Directly attributable to our Wind down of businesses and operations in Russia, but excluded from Other charges, is a $2 million tax valuation allowance recorded to Tax expense in the Consolidated Statement of Operations. Given the uncertainty inherent in the Company's remaining obligations related to contracts with Russian counterparties, the Company does not believe it is possible to develop estimates of reasonably possible loss in excess of current accruals for these matters (other than as specifically set forth above). Based on available information to date, the Company’s estimate of potential future losses or other contingencies related to Suspension and Wind down activities, including any guarantee payments or any litigation costs or as otherwise related to the Company's Wind down in Russia, could adversely affect the Company's consolidated results of operations in the periods recognized but would not be material with respect to the Company's consolidated financial position. See Note 19 Commitments and Contingencies for a discussion of the recognition and measurement of estimate for contingencies. Additionally, for the years ended December 31, 2022, and 2021, Other charges include $41 million and $105 million, respectively, of incremental long-term contract labor cost inefficiencies due to severe supply chain disruptions (attributable to the COVID-19 pandemic) relating to the warehouse automation business within the Safety and Productivity Solutions reportable business segment. Certain of these costs incurred include amounts and provisions for anticipated losses recognized during 2022 and 2021 when total estimated costs at completion for certain of the business’ long-term contracts exceeded total estimated revenue. These costs represent unproductive labor costs due to unexpected supply delays and the resulting downstream installation issues, demobilization and remobilization of contract workers, and resolution of contractor disputes. These costs do not include normal operational inefficiencies experienced during a challenging operating environment in 2022 and 2021.
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES INCOME BEFORE TAXES
TAX EXPENSE (BENEFIT)
(1)Net of changes in valuation allowance. (2)Includes U.S. taxes on non-U.S. earnings. The effective tax rate decreased by 0.4 percentage points in 2022 compared to 2021. The decrease was primarily a result of additional tax expense reported in 2021 arising from a valuation allowance established against a capital loss, partially offset by a tax benefit related to restructuring transactions. In 2022, the valuation allowance was partially released as losses were utilized against a capital gain. Additionally, in 2022, there was lower tax expense reported for contingencies as a result of the release of certain state income tax reserves The Company’s non-U.S. effective tax rate was 27.5%, an increase of approximately 1.5 percentage points compared to 2021. The increase in the non-U.S. effective tax rate was primarily attributable to a 2021 tax benefit recorded for the release of a valuation allowance on net operating losses due to restructuring in Canada, which resulted in more tax expense in 2022 compared to 2021. This increase was partially offset by lower tax expense recorded in 2022 related to tax reserves when compared to 2021. The effective tax rate increased by 3.4 percentage points in 2021 compared to 2020. The increase was primarily due to the establishment of a valuation allowance for deferred tax assets not expected to be realized, incremental tax reserves, a lower tax benefit from restructuring, and the absence of prior year items including tax benefits realized as a result of the favorable resolution of a foreign tax matter related to the spin-off transactions, tax law changes in India, and the resolution of certain U.S. tax matters offset by a non-cash charge related to the reduction of the aggregate carrying value of certain receivables with no corresponding tax benefit. The Company’s non-U.S. effective tax rate was 26.0%, an increase of approximately 14.1 percentage points compared to 2020. The increase in the non-U.S. effective tax rate was primarily attributable to incremental tax reserves, the tax impact of restructuring and the absence of prior year items including the favorable resolution of a foreign tax matter related to the previously completed spin-off transactions, and tax law changes in India. DEFERRED TAX ASSETS (LIABILITIES) The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows:
The Company's gross deferred tax assets include $869 million related to non-U.S. operations comprised principally of net operating losses, capital loss and tax credit carryforwards, primarily in Canada, France, Germany, Luxembourg, and the United Kingdom, and deductible temporary differences. The Company maintains a valuation allowance of $683 million against a portion of the non-U.S. gross deferred tax assets. Additionally, a valuation allowance of $129 million is maintained against the U.S. gross deferred tax asset primarily related to capital loss carryovers. The change in the valuation allowance resulted in a decrease of $8 million, an increase of $124 million, and an increase of $105 million to income tax expense in 2022, 2021, and 2020, respectively. In the event the Company determines that it will not be able to realize its net deferred tax assets in the future, the Company will reduce such amounts through an increase to income tax expense in the period such determination is made. Conversely, if the Company determines that it will be able to realize net deferred tax assets in excess of the carrying amounts, the Company will decrease the recorded valuation allowance through a reduction to income tax expense in the period that such determination is made. As of December 31, 2022, the Company recorded a $517 million deferred tax liability on all unremitted foreign earnings based on estimated earnings and profits of approximately $17 billion as of the balance sheet date. As of December 31, 2022, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:
Many jurisdictions impose limitations on the timing and utilization of net operating loss and tax credit carryforwards. In those instances, whereby there is an expected permanent limitation on the utilization of the net operating loss or tax credit carryforward, the deferred tax asset and amount of the carryforward have been reduced.
As of December 31, 2022, 2021, and 2020, there were $1,086 million, $1,061 million, and $991 million, respectively, of unrecognized tax benefits that if recognized would be recorded as a component of Tax expense. The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2022:
(1)Includes 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 in the Company's 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. Unrecognized tax benefits for examinations in progress were $640 million, $592 million, and $556 million, as of December 31, 2022, 2021, and 2020, respectively. 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 $5 million, $79 million, and $80 million for the years ended December 31, 2022, 2021, and 2020, respectively. Accrued interest and penalties were $557 million, $580 million, and $507 million, as of December 31, 2022, 2021, and 2020, respectively.
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INVENTORIES |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVENTORIES | INVENTORIES
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PROPERTY, PLANT AND EQUIPMENT-NET |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT-NET | PROPERTY, PLANT AND EQUIPMENT—NET
Depreciation expense was $657 million, $674 million, and $644 million for the years ended December 31, 2022, 2021, and 2020, respectively.
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GOODWILL AND OTHER INTANGIBLES-NET |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND OTHER INTANGIBLE ASSETS-NET | GOODWILL AND OTHER INTANGIBLE ASSETS—NET The following table summarizes the change in the carrying amount of goodwill for the years ended December 31, 2022, and 2021, by reportable business segment:
Other intangible assets are comprised of:
Intangible assets amortization expense was $333 million, $465 million, and $358 million for the years ended December 31, 2022, 2021, and 2020, respectively. Estimated intangible asset amortization expense for each of the next five years approximates $298 million in 2023, $268 million in 2024, $259 million in 2025, $234 million in 2026, and $211 million in 2027.
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LONG-TERM DEBT AND CREDIT AGREEMENTS |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LONG-TERM DEBT AND CREDIT AGREEMENTS | LONG-TERM DEBT AND CREDIT AGREEMENTS
The schedule of principal payments on long-term debt is as follows:
On November 2, 2022, the Company issued $400 million 4.85% Senior Notes due 2024, $500 million 4.95% Senior Notes due 2028, and $1.1 billion 5.00% Senior Notes due 2033 (collectively, the 2022 USD Notes). The Company may redeem the 2022 USD Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $2.0 billion, offset by $22 million in discount and closing costs related to the offering. On November 2, 2022, the Company issued €1.0 billion 4.125% Senior Notes due 2034 (the 2022 Euro Notes). The Company may redeem the 2022 Euro Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $990 million, offset by $17 million in discount and closing costs related to the offering. The 2022 USD Notes and 2022 Euro Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The Company intends to use the proceeds from the issuance for general corporate purposes. On August 8, 2022, the Company repaid its 2.15% and its Floating rate notes due 2022. On August 19, 2022, the Company repaid its 0.483% notes due 2022. On March 24, 2022, the Company entered into a $4.0 billion Amended and Restated Five-Year Credit Agreement (the 5-Year Credit Agreement) and a $1.5 billion 364-Day Credit Agreement (the 364-Day Credit Agreement). The 5-Year Credit Agreement amended and restated the previously reported $4.0 billion amended and restated five-year credit agreement dated as of March 31, 2021. Commitments under the 5-Year Credit Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion. The 364-Day Credit Agreement replaced the $1.5 billion 364-day credit agreement dated as of March 31, 2021, which was terminated in accordance with its terms effective March 24, 2022. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than March 23, 2023, unless (i) Honeywell elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 23, 2024, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms. The 5-Year Credit Agreement and the 364-Day Credit Agreement are maintained for general corporate purposes. As of December 31, 2022, there were no outstanding borrowings under the 364-Day Credit Agreement or 5-Year Credit Agreement. On November 1, 2021, the Company repaid its 1.85% notes due 2021. On August 16, 2021, the Company issued $1.0 billion 1.10% Senior Notes due 2027 and $1.5 billion 1.75% Senior Notes due 2031 (collectively, the Notes). The Company may redeem the Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable make-whole redemption price. The Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The offering provided gross proceeds of $2.5 billion, offset by $18 million in discount and closing costs related to the offering. The Company used the proceeds of the offering to redeem at par $2 billion of the $2.5 billion in outstanding principal amount of the callable 0.483% Senior Notes due 2022 and to redeem in full and at par $500 million callable Floating rate Senior Notes due 2022 that the Company issued in August 2020. On March 1, 2021, the Company repaid its 4.25% notes due 2021.
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LEASES |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | LEASES A significant portion of the Company's operating and finance lease portfolio includes corporate offices, research and development facilities, manufacturing sites, information technology equipment, and automobiles. The majority of the Company's leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. Operating lease ROU assets are included in Other assets. The current portion of operating lease liabilities are included in Accrued liabilities, and the non-current portion of operating lease liabilities are included in Other liabilities in the Consolidated Balance Sheet. Finance lease ROU assets are included in Property, plant and equipment—net. The current portion of finance lease liabilities are included in Current maturities of long-term debt, and the non-current portion of finance lease liabilities are included in Long-term debt in the Consolidated Balance Sheet. A portion of the Company's real estate leases is generally subject to annual changes in the Consumer Price Index (CPI). The changes to the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. In addition, a subset of the Company's automobile leases are considered variable. The variable lease payments for such automobiles leases are based on actual mileage incurred at the stated contractual rate and recognized in the period in which the obligation for those payments was incurred.
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
As of December 31, 2022, maturities of lease liabilities were as follows:
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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS | DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS DERIVATIVES AND HEDGING ACTIVITIES The Company uses derivative financial instruments to manage its risks related to interest rates, foreign currency exchange rates, and commodity prices. Derivative financial instruments are not used for trading or other speculative purposes. To qualify as a hedge, derivative financial instruments must be evaluated for hedge effectiveness at the inception of the contract and designated as a hedge. Changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception and over the life of the hedge contract. FOREIGN CURRENCY RISK MANAGEMENT The Company operates a global business in a wide variety of foreign currencies. The Company's 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. The Company's objective is to preserve the U.S. Dollar value of foreign currency denominated cash flows and earnings. The Company monitors its collective foreign currency exposure and enters into foreign currency exchange forward and option contracts (foreign currency exchange contracts) with third parties, when necessary, to minimize the impact of changes in foreign currency exchange rates. The Company has 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. The Company uses foreign currency exchange contracts to hedge its foreign currency exposure. 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. The Company uses foreign currency contracts to hedge forecasted sales and purchases, which are denominated in non-functional currencies. 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 these foreign currency exchange contracts designated as hedges. Market value gains and losses on these contracts are recognized in earnings when the hedged transaction is recognized. As of December 31, 2022, and 2021, the Company held contracts with notional amounts of $10,545 million and $12,671 million, respectively, to exchange foreign currencies, principally the U.S. Dollar, Euro, Canadian Dollar, British Pound, Mexican Peso, Chinese Renminbi, and Indian Rupee. The Company also designates certain foreign currency debt and derivative contracts as hedges against portions of its net investment in foreign operations. Gains or losses of the foreign currency debt and derivative contracts designated as net investment hedges are recorded in the same manner as foreign currency translation adjustments. INTEREST RATE RISK MANAGEMENT Financial instruments, including derivatives, expose the Company to market risk related to changes in interest rates. The Company uses a combination of financial instruments, including long-term, medium-term, and short-term financing, variable-rate commercial paper, and interest rate swaps to convert the interest rate mix of the Company's total debt portfolio and related overall cost of borrowing. CREDIT RISK MANAGEMENT The Company continues to monitor the creditworthiness of its counterparties to mitigate the risk of nonperformance. Financial instruments, including derivatives, expose the Company to counterparty credit risk. In addition, the Company grants credit terms to its customers in the normal course of business. The terms and conditions of the Company's credit sales are designed to mitigate or eliminate concentrations of credit risk with any single customer. The Company's sales are not materially dependent on a single customer or a small group of customers. COMMODITY PRICE RISK MANAGEMENT The Company's operations subject us to risk related to the price volatility of certain commodities. To mitigate the commodity price risk associated with the Company's operations, the Company may enter into commodity derivative instruments. In March 2022, the Company entered into various contracts to mitigate commodity price volatility. The Company elected to apply hedge accounting to these contracts. DERIVATIVE AND HEDGING INSTRUMENTS The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the Consolidated Balance Sheet:
All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Accrued liabilities or Other liabilities. In addition to the foreign currency derivative contracts designated as net investment hedges, certain of the Company's foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $3,836 million and $4,074 million as of December 31, 2022, and 2021, respectively. 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. Gains and losses on interest rate swap agreements recognized in earnings were $347 million of expense, $135 million of expense, and $169 million of income for the years ended December 31, 2022, 2021, and 2020, respectively. Gains and losses are fully offset by losses and gains on the underlying debt being hedged. The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
As of December 31, 2022, the Company estimates that approximately $13 million of net derivative gains related to its cash flow hedges included in Accumulated other comprehensive income (loss) will be reclassified into earnings within the next 12 months. The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss):
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FAIR VALUE MEASUREMENTS |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy. •Level 1 - Inputs are based on quoted prices in active markets for identical assets and liabilities. •Level 2 - Inputs are based on observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. •Level 3 - One or more inputs are unobservable and significant. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis:
The foreign currency exchange contracts, interest rate swap agreements, cross currency swap agreements, and 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 also holds investments in commercial paper, certificates of deposits, and time deposits that are designated as available for sale, as well as investments in equity securities, which are valued using published prices based on observable market data. As such, these investments are classified within level 2. The Company holds certain available for sale investments in U.S. government and corporate debt securities, as well as investments in equity securities, which are valued utilizing published prices based on quoted market pricing, which are classified within level 1. The carrying value of cash and cash equivalents, trade accounts and notes receivables, payables, commercial paper and other short-term borrowings contained in the Consolidated Balance Sheet approximates fair value. As part of the NARCO Buyout, Honeywell holds a right to future proceeds from the HWI Sale. The right to these proceeds is considered a financial instrument and is included in Other current assets in the Consolidated Balance Sheet as of December 31, 2022. The right to these proceeds is valued using the estimated purchase price of HWI. The significant input for the valuation of this right is unobservable, and as such, is classified within level 3. The following table sets forth a reconciliation of beginning and ending balances of assets and liabilities that were accounted for at fair value using level 3 measurements:
The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value:
The Company determined the fair value of the long-term receivables by utilizing transactions in the listed markets for identical or similar assets. As such, the fair value of these receivables is considered level 2. On April 30, 2021, the Company received shares of Garrett Motion Inc. (Garrett) Series B Preferred Stock in full and final satisfaction of the Garrett Indemnity and Tax Matters Agreement. As of December 31, 2021, the fair value of the short-term and long-term investments were based on the present value of the mandatory redemptions as reflected within Garrett's Second and Amended and Restated Series B Preferred Stock (Series B Preferred Stock) Certificate of Designation. The present value reflected amortized cost determined by the present value of the mandatory redemptions discounted at 7.25%, which was the rate reflected in the Second Amended and Restated Series B Preferred Stock Certificate of Designation. The discount accreted to interest income over the mandatory redemption period. The investment was designated as held to maturity and was initially recognized at fair value. The fair value of Garrett's Series B Preferred Stock was determined using observable market data and is considered level 2. Fair Value of the Series B Preferred Stock was not impacted by early redemptions until receipt of payment. As of December 31, 2022, Garrett had fully redeemed all outstanding shares of the Garrett Series B Preferred Stock. See Note 19 Commitments and Contingencies for additional information on the Garrett Series B Preferred Stock. 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.
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ACCRUED LIABILITIES |
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| Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCRUED LIABILITIES | ACCRUED LIABILITIES
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OTHER LIABILITIES |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER LIABILITIES | OTHER LIABILITIES
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STOCK-BASED COMPENSATION PLANS |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| STOCK-BASED COMPENSATION PLANS | STOCK-BASED COMPENSATION PLANS The 2016 Stock Incentive Plan of Honeywell International Inc. and its Affiliates (2016 Plan) and 2016 Stock Plan for Non-Employee Directors of Honeywell International Inc. (2016 Directors Plan) were both approved by the shareowners at the Annual Meeting of Shareowners effective on April 25, 2016. At December 31, 2022, there were 30,635,612, and 797,252 shares of Honeywell common stock available for future grants under terms of the 2016 Plan and 2016 Directors Plan, respectively. STOCK OPTIONS The exercise price, term, and other conditions applicable to each option granted under the Company's stock plans are generally determined by the Management Development and Compensation Committee of the Board of Directors. 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 the Company's 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 -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 the Company's common stock. The Company used a Monte Carlo simulation model to derive an expected term which represents an estimate of the time options are expected to remain outstanding. Such model uses historical data to estimate option exercise activity and post-vest termination behavior. 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. The following table summarizes the impact to the Consolidated Statement of Operations from stock options:
The following table sets forth fair value per share information, including related weighted average assumptions, used to determine compensation cost:
(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, 2022:
(1)Represents the sum of vested options of 9.5 million and expected to vest options of 3.5 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 4.5 million. The following table summarizes information about stock options outstanding and exercisable at December 31, 2022:
(1)Average remaining contractual life in years. There were 10,664,625 and 10,120,793 options exercisable at weighted average exercise prices of $113.30 and $103.89 at December 31, 2021, and 2020, respectively. The following table summarizes the financial statement impact from stock options exercised:
(1)Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise. At December 31, 2022, there was $99 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 2.46 years. The total fair value of options vested for the years ended December 31, 2022, 2021, and 2020 was $49 million, $52 million, and $55 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 and directors as compensation at fair market value at the date of grant. RSUs generally become fully vested over periods ranging from to six years and are payable in Honeywell common stock upon vesting. Certain RSU awards are performance-based and awarded to eligible employees which entitle the grantee to receive shares of common stock if specified Company performance goals are achieved during the performance period and remains employed through the vesting period. The following table summarizes information about RSU activity for the three years ended December 31, 2022:
As of December 31, 2022, there was approximately $255 million of total unrecognized compensation cost related to non-vested RSUs granted under the Company's stock plans which is expected to be recognized over a weighted average period of 2.04 years. The following table summarizes the impact to the Consolidated Statement of Operations from RSUs:
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EARNINGS PER SHARE |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | EARNINGS PER SHARE The details of the earnings per share calculations for the years ended December 31, 2022, 2021, and 2020 are as follows (shares in millions):
The diluted earnings per share calculations exclude the effect of stock options when the cost to exercise an option exceeds the average market price of the common shares during the period. In 2022, 2021, and 2020 the weighted number of stock options excluded from the computations were 3.5 million, 1.7 million, and 5.5 million, respectively. These stock options were outstanding at the end of each of the respective periods. As of December 31, 2022, and 2021, the total shares outstanding were 667.6 million and 684.8 million, respectively, and as of December 31, 2022, and 2021, total shares issued were 957.6 million.
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The changes in Accumulated other comprehensive income (loss) are provided in the tables below. Comprehensive income (loss) attributable to noncontrolling interest consists predominantly of net income.
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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CAPITAL STOCK |
12 Months Ended |
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Dec. 31, 2022 | |
| Class of Stock Disclosures [Abstract] | |
| CAPITAL STOCK | CAPITAL STOCK The Company is 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 of Directors, are entitled to one vote per share, and are entitled, in the event of liquidation, to share ratably in all the assets of the Company 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 the Company relative to dividends or the repurchase or redemption of common stock. On February 12, 2021, the Board of Directors authorized the repurchase of up to a total of $10 billion of Honeywell common stock, which included $2.8 billion remaining under, and replaced, the previously approved share repurchase program. Approximately $2.9 billion and $7.1 billion remained available as of December 31, 2022, and 2021, respectively, for additional share repurchases. Honeywell repurchased approximately 21.9 million and 15.8 million shares of its common stock during the years ended December 31, 2022, and 2021, for $4.2 billion and $3.4 billion, respectively. The Company is 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, 2022, there was no preferred stock outstanding.
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COMMITMENTS AND CONTINGENCIES |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES ENVIRONMENTAL MATTERS The Company is subject to various federal, state, local, and foreign government requirements relating to the protection of the environment. The Company believes that, as a general matter, the Company's policies, practices, and procedures are properly designed to prevent unreasonable risk of environmental damage and personal injury and that the 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, the Company, like other companies engaged in similar businesses, incurred remedial response and voluntary cleanup costs for site contamination and is 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, the Company continually conducts studies, individually or jointly with other potentially responsible parties, to determine the feasibility of various remedial techniques. It is the Company's 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, the Company does not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of the Company's recorded liabilities. The Company expects 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 the Company's recorded liabilities for environmental costs:
Environmental liabilities are included in the following balance sheet accounts:
The Company does not currently possess sufficient information to reasonably estimate the amounts of environmental liabilities to be recorded upon future completion of studies, litigation, or settlements, and neither the timing nor the amount of the ultimate costs associated with environmental matters can be determined, although they could be material to the Company's consolidated results of operations and operating cash flows in the periods recognized or paid. However, considering the Company's past experience and existing reserves, the Company does not expect that environmental matters will have a material adverse effect on its consolidated financial position. In conjunction with the Resideo spin-off, the Company entered into an indemnification and reimbursement agreement with a Resideo subsidiary, pursuant to which Resideo’s subsidiary has an ongoing obligation to make cash payments to Honeywell in amounts equal to 90% of Honeywell’s annual net spending for environmental matters at certain sites as defined in the agreement. The amount payable to Honeywell in any given year is subject to a cap of $140 million, and the obligation will continue until the earlier of December 31, 2043, or December 31 of the third consecutive year during which the annual payment obligation is less than $25 million. Reimbursements associated with this agreement are collected from Resideo quarterly and were $140 million in both 2022 and 2021 and offset operating cash outflows incurred by the Company. As the Company incurs costs for environmental matters deemed probable and reasonably estimable related to the sites covered by the indemnification and reimbursement agreement, a corresponding receivable from Resideo for 90% of such costs is also recorded. This receivable amount recorded in 2022 and 2021 was $157 million and $146 million, respectively. As of December 31, 2022, Other current assets and Other assets included $140 million and $474 million, respectively, for the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. As of December 31, 2021, Other current assets and Other assets included $140 million and $457 million, respectively, for the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement. ASBESTOS MATTERS Honeywell is named in asbestos-related personal injury claims related to NARCO, which was sold in 1986, and the Bendix Friction Materials (Bendix) business, which was sold in 2014. The following tables summarize information concerning NARCO and Bendix asbestos-related balances: ASBESTOS-RELATED LIABILITIES
INSURANCE RECOVERIES FOR ASBESTOS-RELATED LIABILITIES
NARCO and Bendix asbestos-related balances are included in the following balance sheet accounts:
NARCO Products – NARCO manufactured high-grade, heat-resistant, refractory products for various industries. Honeywell’s predecessor, Allied Corporation, owned NARCO from 1979 to 1986. Allied Corporation sold the NARCO business in 1986 and entered into a cross-indemnity agreement which included an obligation to indemnify the purchaser for asbestos claims, arising primarily from alleged occupational exposure to asbestos-containing refractory brick and mortar for high-temperature applications. NARCO ceased manufacturing these products in 1980 and filed for bankruptcy in January 2002, at which point in time all then current and future NARCO asbestos claims were stayed against both NARCO and Honeywell pending the reorganization of NARCO. The Company established its initial liability for NARCO asbestos claims in 2002. NARCO emerged from bankruptcy in April 2013, at which time a federally authorized 524(g) trust was established to evaluate and resolve all existing NARCO asbestos claims (the Trust). Both Honeywell and NARCO are protected by a permanent channeling injunction barring all present and future individual actions in state or federal courts and requiring all asbestos-related claims based on exposure to NARCO asbestos-containing products to be made against the Trust (Channeling Injunction). The NARCO Trust Agreement (TA) and the NARCO Trust Distribution Procedures (TDP) set forth the structure and operating rules of the Trust, and established Honeywell’s evergreen funding obligations. The operating rules per the TDP define criteria claimants must meet for a claim to be considered valid and paid. Once operational in 2014, the Trust began to receive, process, and pay claims. In September 2021, Honeywell filed suit against the Trust in the United States Bankruptcy Court for the Western District of Pennsylvania (Bankruptcy Court) alleging that the Trust breached its duties in managing the Trust, including breaches of certain provisions of the TA and TDP. Honeywell's lawsuit sought appropriate relief preventing the Trust from continuing these practices. The Trust also filed suit against Honeywell, alleging Honeywell breached its obligations under the Trust's governing documents. Honeywell moved to dismiss the Trust’s suit, and on December 15, 2021, the Bankruptcy Court granted Honeywell’s motion to dismiss subject to granting the Trust leave to file an amended complaint. On December 28, 2021, the Trust filed an answer with counterclaims in response to Honeywell’s complaint and in lieu of filing an amended complaint. The Bankruptcy Court conducted a trial on these matters during May 2022; following the trial, the Company and the Trust began discussing a potential settlement of Honeywell’s remaining obligations to the Trust. On November 18, 2022, Honeywell entered into a definitive agreement (Buyout Agreement) with the Trust, and on November 20, 2022, in exchange for the NARCO Trust Advisory Committee (TAC) and Lawrence Fitzpatrick, in his capacity as the NARCO Asbestos Future Claimants Representative (FCR), becoming parties to the Buyout Agreement, Honeywell, the Trust, the TAC, and the FCR entered into an Amended and Restated Buyout Agreement (Amended Buyout Agreement). Pursuant to the terms of the Amended Buyout Agreement, Honeywell agreed to make a one-time, lump sum payment in the amount of $1.325 billion to the Trust (Buyout Amount), subject to certain deductions as described in the Amended Buyout Agreement and in exchange for the release by the Trust of Honeywell from all further and future obligations of any kind related to the Trust and/or any claimants who were exposed to asbestos-containing products manufactured, sold, or distributed by NARCO or its predecessors, including Honeywell’s ongoing evergreen obligation to fund (i) claims against the Trust, which comprise Honeywell’s NARCO asbestos-related claims liability, and (ii) the Trust’s annual operating expenses, which are expensed as incurred, including its legal fees (which operating expenses, for reference, were approximately $30 million in 2022) (such evergreen obligations referred to in (i) and (ii), Honeywell Obligations) (the NARCO Buyout). On December 8, 2022, the Bankruptcy Court issued an order that (A) approved the Amended Buyout Agreement, and (B) declared that the NARCO Channeling Injunction (which bars all past, present, and future individual actions in state or federal courts based on exposure to NARCO asbestos-containing products and requires all such claims to be made against the Trust) will remain in full force and effect without modification, dissolution, or termination (Order). On December 14, 2022, HWI, the reorganized and renamed entity that emerged from the NARCO bankruptcy, entered into a definitive agreement (Sale Agreement) pursuant to which an affiliate of Platinum Equity, LLC will acquire HWI (HWI Sale) subject to the terms set forth in the Sale Agreement, including customary conditions to closing set forth therein. In accordance with the Amended Buyout Agreement, the economic rights of the Trust in respect of the net proceeds from the HWI Sale inure to the benefit of Honeywell. On January 30, 2023, the Company paid the Buyout Amount to the Trust, the parties closed the transactions contemplated in the Amended Buyout Agreement (Closing), and Honeywell was released from the Honeywell Obligations. Honeywell continues to have the right to collect proceeds in connection with its NARCO asbestos-related insurance policies. With the issuance of the Order, the Company derecognized the NARCO asbestos-related liability of $688 million from the Consolidated Balance Sheet and recognized a charge of $1.325 billion in the Consolidated Statement of Operations and accrued a corresponding liability in the Consolidated Balance Sheet for the Buyout Amount. In addition, the Company recognized a benefit of $295 million in the Consolidated Statement of Operations and corresponding asset in Other current assets in the Consolidated Balance Sheet for Honeywell's rights to the proceeds from the HWI Sale. The benefit of $295 million offset the charge for the Buyout Amount. Bendix Products – Bendix manufactured automotive brake linings that contained chrysotile asbestos in an encapsulated form. Claimants consist largely of individuals who allege exposure to asbestos from brakes from either performing or being in the vicinity of individuals who performed brake replacements. The following tables present information regarding Bendix related asbestos claims activity:
Honeywell has experienced average resolution values per claim excluding legal costs as follows:
It is not possible to predict whether resolution values for Bendix-related asbestos claims will increase, decrease, or stabilize in the future. The Consolidated Financial Statements reflect an estimated liability for resolution of asserted (claims filed as of the financial statement date) and unasserted Bendix-related asbestos claims, which exclude the Company’s ongoing legal fees to defend such asbestos claims which will continue to be expensed as they are incurred. The Company reflects the inclusion of all years of epidemiological disease projection through 2059 when estimating the liability for unasserted Bendix-related asbestos claims. Such liability for unasserted Bendix-related asbestos claims is based on historic and anticipated claims filing experience and dismissal rates, disease classifications, and resolution values in the tort system for the previous five years. The Company valued Bendix asserted and unasserted claims using average resolution values for the previous five years. The Company updates the resolution values used to estimate the cost of Bendix asserted and unasserted claims during the fourth quarter each year. The Company's insurance receivable corresponding to the liability for settlement of asserted and unasserted Bendix asbestos claims reflects coverage which is provided by a large number of insurance policies written by dozens of insurance companies in both the domestic insurance market and the London excess market. Based on the Company's ongoing analysis of the probable insurance recovery, insurance receivables are recorded in the financial statements simultaneous with the recording of the estimated liability for the underlying asbestos claims. This determination is based on the Company's analysis of the underlying insurance policies, historical experience with insurers, ongoing review of the solvency of insurers, judicial determinations relevant to insurance programs, and consideration of the impacts of any settlements reached with the Company's insurers. On October 31, 2018, David Kanefsky (Plaintiff), a Honeywell shareholder, filed a putative class action complaint in the U.S. District Court for the District of New Jersey (the Court) alleging violations of the Securities Exchange Act of 1934 and Rule 10b-5 related to the prior accounting for Bendix asbestos claims. An Amended Complaint was filed on December 30, 2019, and on February 7, 2020, the Company filed a Motion to Dismiss. On May 18, 2020, the Court denied the Motion to Dismiss. On December 7, 2021, the parties filed a Stipulation of Settlement (Settlement Agreement) and Plaintiff filed a motion for preliminary approval of the Settlement Agreement, which included payment by Honeywell of $10 million to settle the claims in dispute. On January 18, 2022, the Court approved the motion for preliminary approval of the Settlement Agreement. On May 3, 2022, the Court entered a final judgment and order approving the Settlement Agreement and dismissed the action. Honeywell continues to believe the claims lacked merit and has denied wrongdoing as well as any liability for the claims made against Honeywell in the action. GARRETT LITIGATION AND BANKRUPTCY PROCEEDINGS In conjunction with the Garrett spin-off, the Company entered into a binding indemnification and reimbursement agreement (Garrett Indemnity) and a binding tax matters agreement (Tax Matters Agreement) with Garrett and a Garrett subsidiary. On December 2, 2019, Garrett and Garrett ASASCO Inc. filed a Summons with Notice and commenced a lawsuit in the Commercial Division of the Supreme Court of the State of New York, County of New York (the State Court), seeking to invalidate the Garrett Indemnity. Garrett sought damages and a declaratory judgment based on various claims set forth in the Summons with Notice. On July 17, 2020, the Company received a notice from Garrett asserting that the Company had caused material breaches of the Tax Matters Agreement and that the Tax Matters Agreement was unenforceable. On September 20, 2020, Garrett and 36 of its affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). On September 24, 2020, Garrett moved the existing State Court litigation against Honeywell to the Bankruptcy Court. For the year ended December 31, 2020, the Company reviewed the aggregate carrying value of the receivable amounts due in connection with the Garrett Indemnity and Tax Matters Agreement and reduced the aggregate carrying value of the receivable by $509 million to reflect the present value of the amounts owed to the Company over the full term of these agreements. On April 26, 2021, the Bankruptcy Court confirmed Garrett’s amended Chapter 11 plan of reorganization (the Confirmed Plan), and on April 30, 2021 (the Effective Date), Garrett emerged from bankruptcy. On the Effective Date, and in accordance with the Confirmed Plan, (i) the Company received from Garrett an initial payment of $375 million and 834.8 million shares of Garrett's Series B Preferred Stock in full and final satisfaction of the Garrett Indemnity and Tax Matters Agreement, (ii) the Garrett Indemnity and Tax Matters Agreement were terminated, (iii) the Company and Garrett mutually released each other from the claims asserted in all pending legal actions related to the Garrett Indemnity and Tax Matters Agreement, and (iv) all pending litigation between the Company and Garrett in connection with those agreements was resolved. The original Series B Preferred Stock Certificate of Designation provided for mandatory redemptions by Garrett of $35 million in 2022 and $100 million per year from 2023 to 2030 (inclusive) at the anniversary of the Effective Date, unless (i) Garrett’s consolidated EBITDA as of the end of the most recently completed fiscal year was less than $425 million, or (ii) Garrett did not have sufficient funds available to pay the redemption, at which point the redemption amounts past due would accrue interest. The Series B Preferred Stock Certificate of Designation also included rights which allowed (a) the Company to put the Series B Preferred Stock to Garrett if certain EBITDA conditions were met, and (b) Garrett to call the Series B Preferred Stock in whole or in part if certain EBITDA conditions were met. On September 30, 2021, Garrett filed an Amended and Restated Series B Preferred Stock Certificate of Designation (Amendment) with the Secretary of State of Delaware. The Amendment required Garrett to partially redeem a portion of the Series B Preferred Stock on or before March 31, 2022, such that the present value of remaining outstanding shares of the Series B Preferred Stock would be $400 million (First Partial Redemption), subject to applicable law, including that Garrett had funds legally available for the partial redemption. The First Partial Redemption would be applied to the latest scheduled redemption dates, beginning with the shares to be redeemed in 2030. The Amendment also provided that the Company could not exercise its right to put the Series B Preferred Stock to Garrett until after December 31, 2022, subject to the EBITDA conditions described in the above section, unless the partial redemption did not occur on or before March 31, 2022. All other material terms and conditions in the Amendment were unchanged from the original Series B Preferred Stock Certificate of Designation. On December 16, 2021, Garrett filed a Second Amended and Restated Series B Preferred Stock Certificate of Designation (Second Amendment) with the Secretary of State of Delaware. The Second Amendment accelerated the First Partial Redemption from March 31, 2022, to December 30, 2021, and allowed Garrett to partially redeem an additional portion of the Series B Preferred Stock on or before March 31, 2022, such that the present value of remaining outstanding shares of the Series B Preferred Stock would be $207 million (Second Partial Redemption). The Second Partial Redemption is subject to similar terms as the First Partial Redemption, including that Garrett had funds legally available for the partial redemption. However, the Second Partial Redemption was also contingent upon Garrett completing the First Partial Redemption and either (i) increasing their revolving credit facility, or (ii) the Garrett Board of Directors determining that Garrett otherwise had sufficient liquidity to effect the Second Partial Redemption. The Second Partial Redemption would be applied to the earliest scheduled redemptions beginning with the shares to be redeemed on April 30, 2022. On December 17, 2021, Garrett announced their intention to effect the First Partial Redemption on December 28, 2021, in the amount of $211 million. On December 28, 2021, Garrett paid $211 million for the amount due as the First Partial Redemption. On February 18, 2022, Garrett early redeemed $197 million of the Series B Preferred Stock, pursuant to the terms and conditions of the Second Amended and Restated Series B Preferred Stock Certificate of Designation. Immediately following the early redemption, the fair value of the Series B Preferred Stock was $207 million. On June 28, 2022, Garrett early redeemed all remaining shares of the Series B Preferred Stock in the amount of $212 million, pursuant to the terms and conditions of the Second Amended and Restated Series B Preferred Stock Certificate of Designation. Following the redemption, the Series B Preferred Stock were no longer outstanding. The Company recorded the Series B Preferred Stock at fair value at the Effective Date. See Note 12 Fair Value Measurements for additional information on the fair value leveling of the Series B Preferred Stock. PETROBRAS AND UNAOIL MATTERS On December 19, 2022, the Company reached a comprehensive resolution to the investigations by the U.S. Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and certain Brazilian authorities (Brazilian Authorities) relating to the Company's use of third parties who previously worked for the Company's UOP business in Brazil in relation to a project awarded in 2010 for Petróleo Brasileiro S.A. (Petrobras). The investigations focused on the Company’s compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws (UOP Matters). The comprehensive resolution also resolves DOJ and SEC investigations relating to a matter involving a foreign subsidiary’s prior contract with Unaoil S.A.M. in Algeria executed in 2011 (the Unaoil Matter). In connection with the comprehensive resolution, (i) the Company agreed to pay a total equivalent of $202.7 million, which payment occurred in January 2023, to the DOJ, the SEC, and the Brazilian Authorities, collectively, in penalties, disgorgement, and prejudgment interest, (ii) the Company’s subsidiary, UOP, LLC (UOP), entered into a three-year Deferred Prosecution Agreement (DPA) with the DOJ for charges related to the UOP Matters, (iii) UOP entered into leniency agreements with the Brazilian authorities related to the UOP Matter in Brazil, and (iv) the Company entered into an agreement with the SEC that resolves allegations relating to the UOP Matters and the Unaoil Matter. Pursuant to these agreements, the Company agreed to undertake certain compliance measures and compliance reporting obligations. These agreements entirely resolve the Petrobras and Unaoil investigations. The Company previously recorded a total of $210 million of charges related to these matters in the Consolidated Statement of Operations, and accrued a corresponding reserve on its Consolidated Balance Sheet. Following the resolution, in December 2022, the Company reduced its previously recorded reserve to $205 million, based on expected payment amounts at that time. OTHER MATTERS The Company is subject to a number of other lawsuits, investigations, and disputes (some of which involve substantial amounts claimed) arising out of the conduct of the Company's business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property, and environmental, health, and safety matters. The Company recognizes liabilities for any contingency that is probable of occurrence and reasonably estimable. The Company continually assesses the likelihood of adverse judgments or outcomes in such matters, as well as potential ranges of probable losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Given the uncertainty inherent in litigation and investigations, the Company does not believe it is possible to develop estimates of reasonably possible loss (or a range of possible loss) in excess of current accruals for commitment and contingency matters, including those discussed in this Note 19. Considering the Company's past experience and existing accruals, the Company does not expect the outcome of such matters, either individually or in the aggregate, to have a material adverse effect on the Company's consolidated financial position. Because most contingencies are resolved over long periods of time, potential liabilities are subject to change due to new developments, changes in settlement strategy or the impact of evidentiary requirements, which could cause the Company to pay damage awards or settlements (or become subject to equitable remedies) that could have a material adverse effect on the Company's consolidated results of operations or operating cash flows in the periods recognized or paid. WARRANTIES AND GUARANTEES In the normal course of business, the Company issues product warranties and product performance guarantees. The Company accrues 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 to the obligations become reasonably estimable. The following table summarizes information concerning the Company's recorded obligations for product warranties and product performance guarantees:
Product warranties and product performance guarantees are included in the following balance sheet accounts:
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PENSION AND OTHER POSTRETIREMENT BENEFITS |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors a number of both funded and unfunded U.S. and non-U.S. defined benefit pension plans. Pension benefits for many of the Company's U.S. employees are provided through non-contributory, qualified, and non-qualified defined benefit plans. 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. The Company also sponsors defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in certain jurisdictions, principally the UK, Netherlands, Germany, and Canada. Other pension plans outside of the U.S. are not material to the Company either individually or in the aggregate. The Company also sponsors postretirement benefit plans that provide health care benefits and life insurance coverage mainly to U.S. eligible retirees. None of Honeywell’s U.S. employees are eligible for a retiree medical subsidy from the Company. In addition, the vast majority of Honeywell’s U.S. retirees either have no Company subsidy or have a fixed-dollar subsidy amount. This significantly limits the Company's 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 the Company's cash flows from operations. The following tables summarize the balance sheet impact, including the benefit obligations, assets, and funded status associated with the Company's significant pension and other postretirement benefit plans:
(1)The actuarial gains incurred in 2022 related to the Company's U.S. plans are primarily the result of an increase in the discount rate assumption, partially offset by actuarial losses primarily as a result of changes in demographic experience and demographic assumptions used to estimate the benefit obligations as of December 31, 2022, compared to December 31, 2021. Actuarial gains incurred in 2022 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption, partially offset by inflation related assumptions used to estimate the benefit obligations as of December 31, 2022, compared to December 31, 2021. Actuarial losses incurred in 2021 related to the Company's U.S. plans are primarily the result of changes in demographic experience and demographic assumptions, partially offset by actuarial gains due to an increase in the discount rate assumption used to estimate the benefit obligations as of December 31, 2021, compared to December 31, 2020. Actuarial gains incurred in 2021 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption used to estimate the benefit obligations as of December 31, 2021, compared to December 31, 2020. (2)Included in Other assets in the Consolidated Balance Sheet. (3)Included in Accrued liabilities in the Consolidated Balance Sheet. (4)Included in Other liabilities in the Consolidated Balance Sheet.
(1)Excludes non-U.S. plan of $34 million and $37 million as of December 31, 2022, and 2021, respectively. Amounts recognized in Accumulated other comprehensive (income) loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2022, and 2021, are as follows:
The components of net periodic benefit (income) cost and other amounts recognized in Other comprehensive (income) loss for the Company's significant pension and other postretirement benefit plans include the following components:
Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for the Company's significant benefit plans are presented in the following table as weighted averages:
(1)Discount rate was 3.03% for January 1, 2020, through September 30, 2020. The rate was changed to 2.36% for the remainder of 2020 due to a Plan remeasurement as of October 1, 2020. The discount rate for the Company's 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 the Company's U.S. pension and other postretirement benefit plans, the Company uses a modeling process that involves matching the expected cash outflows of the Company's benefit plans to a yield curve constructed from a portfolio of high-quality, fixed income debt instruments. The Company uses the single weighted average yield of this hypothetical portfolio as a discount rate benchmark. The Company utilizes a full yield curve approach in the estimation of the service and interest cost components of net periodic pension benefit (income) for the Company's significant pension plans. This approach applies the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows and provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates. For the Company's U.S. pension plans, the single weighted average spot rates used to determine service and interest costs for 2023 are 5.26% and 5.07%, respectively. The discount rate used to determine the other postretirement benefit obligation is higher principally due to a shorter expected duration of other postretirement plan obligations as compared to pension plan obligations. The Company plans to use an expected rate of return on U.S. plan assets of 6.75% for 2023, which represents an increase from the 6.40% assumption used for 2022. The Company's asset return assumption is based on historical plan asset returns over varying long-term periods combined with current market conditions and broad asset mix considerations with a focus on long-term trends rather than short-term market conditions. The Company reviews the expected rate of return on an annual basis and revise it as appropriate. For non-U.S. benefit plans, actuarial assumptions reflect economic and market factors relevant to each country. PENSION BENEFITS The following amounts relate to the Company's significant pension plans with accumulated benefit obligations exceeding the fair value of plan assets:
The accumulated benefit obligation for the Company's U.S. defined benefit pension plans was $13.3 billion and $17.3 billion and for the Company's non-U.S. defined benefit pension plans was $4.4 billion and $6.9 billion at December 31, 2022, and 2021, respectively. The Company's asset investment strategy for its U.S. pension plans focuses on maintaining a diversified portfolio using various asset classes in order to achieve the Company's long-term investment objectives on a risk adjusted basis. The Company's long-term target allocations are as follows: 45%-65% fixed income securities and cash, 25%-40% equity securities, 5%-10% real estate investments, and 10%-20% other types of investments. Equity securities include publicly-traded stock of companies located inside 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 that follow several different strategies. The Company reviews its assets on a regular basis to ensure that the Company is within the targeted asset allocation ranges and, if necessary, asset balances are adjusted back within target allocations. The Company's non-U.S. pension assets are typically managed by decentralized fiduciary committees with the Honeywell Corporate Investments group providing funding and investment guidance. The Company's non-U.S. investment policies are different for each country as local regulations, funding requirements, and financial and tax considerations are part of the funding and investment allocation process in each country. In accordance with Accounting Standards Codification “Fair Value Measurement (Topic 820)”, certain investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the following tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension benefits plan assets. The fair values of both the Company's U.S. and non-U.S. pension plans assets by asset category are as follows:
The following table summarizes changes in the fair value of level 3 assets for both U.S. and non-U.S. plans:
The Company enters into futures contracts to gain exposure to certain markets. Sufficient cash or cash equivalents are held by the Company's pension plans to cover the notional value of the futures contracts. At December 31, 2022, and 2021, the Company's U.S. plans had contracts with notional amounts of $2,567 million and $4,415 million, respectively. At December 31, 2022, and 2021, the Company's non-U.S. plans had contracts with notional amounts of $120 million and $311 million, respectively. In both the Company's U.S. and non-U.S. pension plans, the notional derivative exposure is related to outstanding equity and fixed income 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, mortgage/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 collective trust 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. The insurance buy-in contracts represent policies held by the Honeywell UK Pension Scheme, whereby the cost of providing pension benefits to plan participants is funded by the policies. The cash flows from the policies are intended to match the pension benefits. The fair value of these policies is based on an estimate of the policies' exit price. The Company's funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. In 2022, 2021, and 2020, the Company was not required to make contributions to the U.S. pension plans and no contributions were made. The Company is not required to make any contributions to the U.S. pension plans in 2023. In 2022, contributions of $10 million were made to the non-U.S. pension plans to satisfy regulatory funding requirements. In 2023, the Company expects to make contributions of cash and/or marketable securities of approximately $10 million to the non-U.S. pension plans to satisfy regulatory funding standards. Contributions for both the U.S. and non-U.S. pension plans do not reflect benefits paid directly from Company assets. Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows:
OTHER POSTRETIREMENT BENEFITS
Benefit payments reflecting expected future service, as appropriate, are expected to be paid as follows:
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OTHER (INCOME) EXPENSE |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSE | OTHER (INCOME) EXPENSE
For more information on the UOP Matters, NARCO Buyout, and HWI Sale, see Note 19 Commitments and Contingencies. See Note 4 Repositioning and Other Charges for further discussion of the expense related to the Russia-Ukraine conflict. See Note 2 for further discussion on the gain on sale of non-strategic businesses and assets.
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SEGMENT FINANCIAL DATA |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT FINANCIAL DATA | SEGMENT FINANCIAL DATA Honeywell globally manages its business operations through four reportable business segments. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions, and assesses operating performance. Honeywell’s senior management evaluates segment performance based on segment profit. Each segment’s profit is measured as segment income (loss) before taxes excluding general corporate unallocated expense, interest and other financial charges, stock compensation expense, pension and other postretirement income (expense), repositioning and other charges, and other items within Other (income) expense.
A reconciliation of segment profit to consolidated income before taxes are as follows:
(1)Amounts included in Selling, general and administrative expenses. (2)Amounts included in Cost of products and services sold, Selling, general and administrative expenses (service cost component) and Other (income) expense (non-service cost component). (3)Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense. (4)Amounts include the other components of Other (income) expense not included within other categories in this reconciliation. Equity income of affiliated companies is included in segment profit.
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GEOGRAPHIC AREAS - FINANCIAL DATA |
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| Geographic Areas Financial Data [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographic Areas - Financial Data | GEOGRAPHIC AREAS—FINANCIAL DATA
(1)Sales between geographic areas approximate market value and are not significant. Net sales are classified according to their country of origin. Included in United States Net sales are export sales of $4,187 million, $4,037 million, and $4,000 million for the years ended December 31, 2022, 2021, and 2020, respectively. (2)Long-lived assets are comprised of Property, plant and equipment - net.
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SUPPLEMENTAL CASH FLOW INFORMATION |
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| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION
(1)See Note 2 Acquisitions and Divestitures for additional information for non-cash amounts recognized related to the combination of Honeywell Quantum Solutions and Cambridge Quantum Computing to form Quantinuum, a newly formed entity, Honeywell consolidates as the controlling majority-owner. (2)See Notes 12 Fair Value Measurements and 19 Commitments and Contingencies for additional information for non-cash amounts recognized related to the receipt of 834.8 million shares of Garrett Series B Preferred Stock in exchange for the full and final satisfaction of the Garrett Indemnity, Tax Matters Agreement and pending litigation between the Company and Garrett. The non-cash amount reflects the fair value of the Garrett Series B Preferred Stock as of April 30, 2021, the date Garrett issued the Series B Preferred Stock to the Company.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
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Dec. 31, 2022 | |
| 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.
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| 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. The Company's consolidation policy requires equity investments that the Company exercises significant influence over, but does 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 the Company is not able to exercise significant influence over the investee and which the Company does not have readily determinable fair values are accounted for under the cost method. All intercompany transactions and balances are eliminated in consolidation.
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| Reclassifications | RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current year presentation.
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| Recent Accounting Pronouncements | 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 Statement of Operations, Balance Sheet and Cash Flows (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 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. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, to expand the scope of this guidance to include derivatives. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022, to December 31, 2024. The Company will apply the guidance to impacted transactions during the transition period. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements.
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| Research and Development | RESEARCH AND DEVELOPMENT Research and development costs for projects are expensed as incurred, unless these costs relate to contracts with customers where the Company receives reimbursements. Amounts expensed as incurred for Company-sponsored research and development projects are included in Cost of products and services sold and were $1,478 million, $1,333 million, and $1,334 million for the years ended December 31, 2022, 2021, and 2020, respectively. Costs related to contracts with customers for customer-sponsored research and development projects are included as a contract cost and included in Cost of products and services sold when revenue from such contracts is recognized, consistent with the Company's sales recognition policies. This revenue was $1,336 million, $1,284 million, and $1,200 million for the years ended December 31, 2022, 2021, and 2020, respectively.
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| Cash And Cash Equivalents | CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and highly liquid investments having an original maturity of three months or less.
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| Inventories | INVENTORIES Inventories are stated at the lower of cost or net realizable value, with cost determined on a first-in, first-out (FIFO) basis. Carrying value adjustments for inventory obsolescence is equal to the difference between the cost and net realizable value. Net realizable value is the estimate selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.
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| 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 3 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.
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| Goodwill and Indefinite-Lived Intangible Assets | GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS Goodwill and indefinite-lived intangible assets are subject to impairment testing annually as of the first day of the fourth quarter, or if a triggering event occurs 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, not to exceed the carrying value of goodwill. The Company completed its annual goodwill impairment test as of the first day of the fourth quarter, and determined that there was no impairment as of that date. The Company is not aware of any additional triggering events. Prior to 2022, the Company performed its annual goodwill and intangible asset impairment test as of the last day of the first quarter. In 2022, the Company changed the date of its annual goodwill and intangible asset impairment assessment to the first day of the fourth quarter. The Company believes this change does not represent a material change in method of applying an accounting principle. This change has been applied prospectively as of the date of the change, as retrospective application is deemed impracticable due to the inability to objectively determine the assumptions used in earlier periods without the benefit of hindsight. This voluntary change is preferable under the circumstances as it results in better alignment with the timing of the Company’s forecasting process and reduces the time period between the assessment date and annual financial statements. This change in accounting principle does not delay, accelerate, or avoid an impairment of goodwill. In 2022, due to this change the Company performed annual goodwill and intangible asset impairment tests as of the last day of the first quarter and the first day of the fourth quarter.
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| Finite-Lived Intangible Assets | FINITE-LIVED INTANGIBLE ASSETS 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 20 years.
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| Capitalized Software | CAPITALIZED SOFTWARE The Company capitalizes costs of software developed or obtained for internal use during the application development stage of a project and amortizes those costs using the straight-line method over the expected useful life of the software, not to exceed 7 years. Costs incurred during the preliminary and post-implementation stages are expensed as incurred. Development costs for software held for sale are capitalized once a project has reached the point of technological feasibility. Completed projects are amortized after reaching the point of general availability using the straight-line method based on estimated useful life, not to exceed 7 years. At each balance sheet date, or earlier if an indicator of an impairment exists, we evaluate the recoverability of unamortized capitalized software costs based on estimated future undiscounted revenues net of estimated related costs over the remaining amortization period. Capitalized software held for internal use and held for sale is included in Other assets in the Consolidated Balance Sheet.
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| 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.
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| Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS All derivative financial instruments 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 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. Derivative financial instruments designated as hedges must be designated and effective as a hedge of the identified risk exposure at the inception of the contract. Changes in fair value of the derivative contract must be highly correlated with changes in fair value of the underlying hedged item at inception and over the life of the hedge contract. Cash flows of such derivative financial instruments are classified consistent with the underlying hedged item. The Company elected to exclude the time value of the derivatives (i.e., the forward points) from the assessment of hedge effectiveness and recognize the initial value of the excluded component in earnings using the amortization approach. For derivative instruments that are designated and qualify as a net investment hedge, the gain or loss is reported as a component of Other comprehensive income (loss) and recorded in Accumulated other comprehensive income (loss). The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated.
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| Leases | LEASES At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The assessment is based on (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) 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 the Company's right to use an underlying asset during the reasonably certain lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company 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 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. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. The Company primarily uses its 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, the Company considers 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.
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| Pension Benefits | PENSION BENEFITS The Company presents net periodic pension costs by disaggregating the service cost component of such costs and reports those costs in the same line item or items in the Consolidated Statement of Operations as other compensation costs arising from services rendered by the pertinent employees during the period. The other non-service components of such costs are required to be presented separately from the service cost component. The Company records the service cost component of Pension ongoing (income) expense in Cost of products and services sold and Selling, general and administrative expenses. The remaining components of costs within Pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are recorded in Other (income) expense. The Company recognizes net actuarial gains or losses in excess of 10% of the greater of the fair value of plan assets or the plan's projected benefit obligation (the corridor) annually in the fourth quarter each year (MTM Adjustment). The MTM Adjustment is also reported in Other (income) expense.
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| Sales Recognition | SALES RECOGNITION Product and service sales are recognized when or as the Company transfers control of the promised products or services to its customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Service sales, principally representing repair, maintenance, and engineering activities, are recognized over the contractual period or as services are rendered. Sales under long-term contracts with performance obligations satisfied over time are recognized using either an input or output method. The Company recognizes revenue over time as the Company performs on these contracts because of the continuous transfer of control to the customer. With control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The Company generally uses the cost-to-cost input method of progress for contracts because it best depicts the transfer of control to the customer that occurs as the Company incurs costs. Under the cost-to-cost input method, the extent of progress towards completion is measured based on the proportion of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company reviews its cost estimates on significant contracts on a periodic basis, or when circumstances change and warrant a modification to a previous estimate. Cost estimates are largely based on negotiated or estimated purchase contract terms, historical performance trends, and other economic projections. Significant factors that influence these estimates include inflationary trends, technical and schedule risk, internal and subcontractor performance trends, business volume assumptions, asset utilization, and anticipated labor agreements. Provisions for anticipated losses on long-term contracts are recorded in full when such losses become evident, to the extent required. The customer funding for costs incurred for nonrecurring engineering and development activities of the Company's products under agreements with commercial customers is deferred and subsequently recognized as revenue as products are delivered to the customers. Additionally, expenses incurred, up to the customer agreed funded amount, are deferred as an asset and recognized as cost of sales when products are delivered to the customer. The deferred customer funding and costs result in recognition of deferred costs (asset) and deferred revenue (liability) within Other assets and Accrued liabilities, respectively, in the Consolidated Balance Sheet. Deferred contract fulfillment costs were approximately $1.3 billion as of December 31, 2022, and 2021. The amounts recognized as Cost of products and services sold were approximately $0.2 billion for the year ended December 31, 2022, and $0.1 billion for 2021 and 2020. Revenues for the Company's mechanical service programs are recognized as performance obligations that are satisfied over time, with recognition reflecting a series of distinct services using the output method. The terms of a contract or the historical business practice can give rise to variable consideration due to, but not limited to, cash-based incentives, rebates, performance awards, or credits. The Company estimates variable consideration at the most likely amount the Company will receive from customers. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The Company's estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company.
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| Stock-Based Compensation Plans | STOCK-BASED COMPENSATION PLANS The principal awards issued under the Company's stock-based compensation plans, which are described in Note 15 Stock-Based Compensation Plans, are non-qualified stock options and restricted stock units. 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 expenses. Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on the Company's historical forfeiture rates.
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| Income Taxes | INCOME TAXES Significant judgment is required in evaluating tax positions. The Company establishes 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. The Company regularly assesses the potential outcomes of these examinations and any future examinations for the current or prior years in determining the adequacy of the Company's provision for income taxes. The Company continually assesses 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. For additional information, see Note 5 Income Taxes.
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| 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.
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| Environmental | ENVIRONMENTAL The Company accrues costs related to environmental matters when it is probable that it has incurred a liability related to a contaminated site and the amount can be reasonably estimated. For additional information, see Note 19 Commitments and Contingencies.
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| Asbestos Related Liabilities and Insurance Recoveries | ASBESTOS-RELATED LIABILITIES AND INSURANCE RECOVERIES The Company recognizes a liability for any asbestos-related contingency that is probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos-related matters, the Company records asbestos-related insurance recoveries that are deemed probable. For additional information, see Note 19 Commitments and Contingencies.
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| Reimbursement Receivables | REIMBURSEMENT RECEIVABLES In conjunction with the Resideo Technologies, Inc. (Resideo) spin-off, the Company entered into a reimbursement agreement under which Honeywell receives cash payments as reimbursement primarily related to net spending for environmental matters at certain sites as defined in the reimbursement agreement. Accordingly, the Company recorded receivables based on estimates of the underlying reimbursable Honeywell environmental spend, and the Company monitors the recoverability of such receivables, which are subject to the terms of applicable credit agreements and general ability to pay.
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REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation Of Revenue | See the following disaggregated revenue table and related discussions by reportable business segment for details.
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| Contract with Customer, Asset and Liability | The following table summarizes the Company's contract assets and liabilities balances:
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| Revenue Remaining Performance Obligation Expected Timing Of Satisfaction | The following table outlines the Company's remaining performance obligations disaggregated by reportable business segment:
(1) The remaining performance obligations within Corporate and All Other relate to the Quantinuum business. (2) Effective March 31, 2022, performance obligations excludes contracts with customers related to Russia as collectability is not reasonably assured.
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REPOSITIONING AND OTHER CHARGES (Tables) |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repositioning And Other Charges | A summary of net repositioning and other charges follows:
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| Pretax Distribution Of Total Net Repositioning And Other Charges | The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations:
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| Pretax Impact of Total Net Repositioning and Other Charges by Segment | The following table summarizes the pre-tax amount of total net repositioning and other charges by reportable business segment. These amounts are excluded from segment profit as described in Note 22 Segment Financial Data:
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| Total Repositioning Reserves | The following table summarizes the status of the Company's total repositioning reserves:
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INCOME TAXES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Before Taxes |
|
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| Tax Expense (Benefit) |
(1)Net of changes in valuation allowance. (2)Includes U.S. taxes on non-U.S. earnings.
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| Deferred Tax Assets (Liabilities) | The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows:
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| Summary of Operating Loss Carryforwards | As of December 31, 2022, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:
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| Change in Unrecognized Tax Benefits |
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| Summary of Income Tax Examinations | The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2022:
(1)Includes provincial or similar local jurisdictions, as applicable.
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INVENTORIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
|
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PROPERTY, PLANT AND EQUIPMENT-NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment - Net |
|
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GOODWILL AND OTHER INTANGIBLES-NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The following table summarizes the change in the carrying amount of goodwill for the years ended December 31, 2022, and 2021, by reportable business segment:
|
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| Other Intangible Assets | Other intangible assets are comprised of:
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LONG-TERM DEBT AND CREDIT AGREEMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Credit Agreements |
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| Principal Payments on Long-Term Debt | The schedule of principal payments on long-term debt is as follows:
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LEASES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Leases |
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| Supplemental Cash Flow Information | Supplemental cash flow information related to leases was as follows:
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| Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows:
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| Maturities of Lease Liabilities | As of December 31, 2022, maturities of lease liabilities were as follows:
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DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the Consolidated Balance Sheet:
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| Schedule of Derivative Instruments | The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
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| Derivative Instruments, Gain (Loss) | The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
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| Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive income (loss):
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis:
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| Schedule of Fair Value Using Level 3 Measurements | The following table sets forth a reconciliation of beginning and ending balances of assets and liabilities that were accounted for at fair value using level 3 measurements:
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| Financial Assets and Liabilities That Were Not Carried at Fair Value | The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value:
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ACCRUED LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accrued Liabilities |
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OTHER LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities |
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STOCK-BASED COMPENSATION PLANS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Statement Impact from Stock Options | The following table summarizes the impact to the Consolidated Statement of Operations from stock options:
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| Share-based Compensation Fair Value Assumptions | The following table sets forth fair value per share information, including related weighted average assumptions, used to determine compensation cost:
(1)Estimated on date of grant using Black-Scholes option-pricing model.
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| Stock Options Activity | The following table summarizes information about stock option activity for the three years ended December 31, 2022:
(1)Represents the sum of vested options of 9.5 million and expected to vest options of 3.5 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 4.5 million.
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| Schedule of Share Based Compensation by Price Ranges | The following table summarizes information about stock options outstanding and exercisable at December 31, 2022:
(1)Average remaining contractual life in years.
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| Financial Statement Impact From Stock Options Exercised | The following table summarizes the financial statement impact from stock options exercised:
(1)Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise.
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| Restricted Stock Units Activity | The following table summarizes information about RSU activity for the three years ended December 31, 2022:
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| Income Statement Impact from RSUs | The following table summarizes the impact to the Consolidated Statement of Operations from RSUs:
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EARNINGS PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share Basic | The details of the earnings per share calculations for the years ended December 31, 2022, 2021, and 2020 are as follows (shares in millions):
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| Earnings Per Share Diluted |
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) |
COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT
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| Components Of Accumulated Other Comprehensive Income (Loss) | COMPONENTS OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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| Change In Accumulated Other Comprehensive Income (Loss) By Component | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT
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| Reclassifications Out Of Accumulated Other Comprehensive Income (Loss) | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Contingency | The following table summarizes information concerning the Company's recorded liabilities for environmental costs:
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| Environmental Liabilities | Environmental liabilities are included in the following balance sheet accounts:
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| Asbestos Related Liabilities |
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| Insurance Recoveries for Asbestos Related Liabilities |
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| NARCO and Bendix Asbestos Related Balances | NARCO and Bendix asbestos-related balances are included in the following balance sheet accounts:
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| Schedule Of Bendix Loss Contingencies Litigation Claims Activity | The following tables present information regarding Bendix related asbestos claims activity:
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| Schedule of Bendix Loss Contingencies Disease Distribution |
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| Average Resolution Values Per Claim Excluding Legal Costs | Honeywell has experienced average resolution values per claim excluding legal costs as follows:
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| Movement In Standard Product Warranty Rollforward And Balances | The following table summarizes information concerning the Company's recorded obligations for product warranties and product performance guarantees:
Product warranties and product performance guarantees are included in the following balance sheet accounts:
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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plans Disclosure | The following tables summarize the balance sheet impact, including the benefit obligations, assets, and funded status associated with the Company's significant pension and other postretirement benefit plans:
(1)The actuarial gains incurred in 2022 related to the Company's U.S. plans are primarily the result of an increase in the discount rate assumption, partially offset by actuarial losses primarily as a result of changes in demographic experience and demographic assumptions used to estimate the benefit obligations as of December 31, 2022, compared to December 31, 2021. Actuarial gains incurred in 2022 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption, partially offset by inflation related assumptions used to estimate the benefit obligations as of December 31, 2022, compared to December 31, 2021. Actuarial losses incurred in 2021 related to the Company's U.S. plans are primarily the result of changes in demographic experience and demographic assumptions, partially offset by actuarial gains due to an increase in the discount rate assumption used to estimate the benefit obligations as of December 31, 2021, compared to December 31, 2020. Actuarial gains incurred in 2021 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption used to estimate the benefit obligations as of December 31, 2021, compared to December 31, 2020. (2)Included in Other assets in the Consolidated Balance Sheet. (3)Included in Accrued liabilities in the Consolidated Balance Sheet. (4)Included in Other liabilities in the Consolidated Balance Sheet.
(1)Excludes non-U.S. plan of $34 million and $37 million as of December 31, 2022, and 2021, respectively.
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| Other Changes in Plan Assets Recognized in Other Comprehensive Income | Amounts recognized in Accumulated other comprehensive (income) loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2022, and 2021, are as follows:
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| Net Periodic Benefit Cost | The components of net periodic benefit (income) cost and other amounts recognized in Other comprehensive (income) loss for the Company's significant pension and other postretirement benefit plans include the following components:
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| Assumptions Used in Calculations | Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for the Company's significant benefit plans are presented in the following table as weighted averages:
(1)Discount rate was 3.03% for January 1, 2020, through September 30, 2020. The rate was changed to 2.36% for the remainder of 2020 due to a Plan remeasurement as of October 1, 2020.
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| Accumulated Benefit Obligations in Excess of Plan Assets | The following amounts relate to the Company's significant pension plans with accumulated benefit obligations exceeding the fair value of plan assets:
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| Fair Value of Plan Assets | The fair values of both the Company's U.S. and non-U.S. pension plans assets by asset category are as follows:
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| Changes in Fair Value of Level 3 Plan Assets | The following table summarizes changes in the fair value of level 3 assets for both U.S. and non-U.S. plans:
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| Estimated Future Benefit Payments | Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows:
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| Assumed Health Care Cost Trend Rates |
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| Schedule Of Benefit Payments Reflecting Expected Future Service | Benefit payments reflecting expected future service, as appropriate, are expected to be paid as follows:
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OTHER (INCOME) EXPENSE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (Income) Expense |
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SEGMENT FINANCIAL DATA (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Financial Data |
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| Reconciliation of Operating Profit Loss From Segments to Consolidated | A reconciliation of segment profit to consolidated income before taxes are as follows:
(1)Amounts included in Selling, general and administrative expenses. (2)Amounts included in Cost of products and services sold, Selling, general and administrative expenses (service cost component) and Other (income) expense (non-service cost component). (3)Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense. (4)Amounts include the other components of Other (income) expense not included within other categories in this reconciliation. Equity income of affiliated companies is included in segment profit.
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GEOGRAPHIC AREAS - FINANCIAL DATA (Tables) |
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| Geographic Areas Financial Data [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographic Areas - Financial Data |
(1)Sales between geographic areas approximate market value and are not significant. Net sales are classified according to their country of origin. Included in United States Net sales are export sales of $4,187 million, $4,037 million, and $4,000 million for the years ended December 31, 2022, 2021, and 2020, respectively. (2)Long-lived assets are comprised of Property, plant and equipment - net.
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
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| Supplemental Cash Flow Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information |
(1)See Note 2 Acquisitions and Divestitures for additional information for non-cash amounts recognized related to the combination of Honeywell Quantum Solutions and Cambridge Quantum Computing to form Quantinuum, a newly formed entity, Honeywell consolidates as the controlling majority-owner. (2)See Notes 12 Fair Value Measurements and 19 Commitments and Contingencies for additional information for non-cash amounts recognized related to the receipt of 834.8 million shares of Garrett Series B Preferred Stock in exchange for the full and final satisfaction of the Garrett Indemnity, Tax Matters Agreement and pending litigation between the Company and Garrett. The non-cash amount reflects the fair value of the Garrett Series B Preferred Stock as of April 30, 2021, the date Garrett issued the Series B Preferred Stock to the Company.
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REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS - Contract Balances (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Change in Contract Balances [Roll Forward] | |||
| Contract assets | $ 2,294 | $ 2,060 | $ 1,618 |
| Change in contract assets—increase (decrease) | 234 | 442 | |
| Contract liability | (4,583) | (4,290) | $ (4,033) |
| Change in contract liabilities—(increase) decrease | (293) | (257) | |
| Net change | (59) | 185 | |
| Contract with customer liability revenue recognized | 1,838 | 1,925 | |
| Unbilled contracts receivable | $ 2,265 | $ 2,035 | |
REPOSITIONING AND OTHER CHARGES - Pretax Distribution of Total Net Repositioning (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
| Total net repositioning charges | $ 1,266 | $ 569 | $ 575 |
| Cost of products and services sold | |||
| Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
| Total net repositioning charges | 572 | 457 | 308 |
| Selling, general and administrative expenses | |||
| Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
| Total net repositioning charges | 309 | 112 | 267 |
| Other (income) expense | |||
| Net Repositioning And Other Charges By Income Statement Classification [Line Items] | |||
| Total net repositioning charges | $ 385 | $ 0 | $ 0 |
INCOME TAXES - Income Before Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Tax expense (benefit) consists of | |||
| U.S. Federal | $ 653 | $ 415 | $ 475 |
| U.S. State | 124 | 146 | 79 |
| Non-U.S. | 815 | 886 | 768 |
| Current tax expense | 1,592 | 1,447 | 1,322 |
| Deferred: | |||
| U.S. Federal | (175) | 173 | 234 |
| U.S. State | (36) | 37 | 39 |
| Non-U.S. | 32 | (32) | (448) |
| Deferred tax expense | (180) | 178 | (175) |
| Tax expense | 1,412 | 1,625 | 1,147 |
| Income before taxes | |||
| U.S. | 3,305 | 3,955 | 3,318 |
| Non-U.S. | 3,074 | 3,280 | 2,694 |
| Income before taxes | $ 6,379 | $ 7,235 | $ 6,012 |
INCOME TAXES - Tax Expense (Benefit) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| The U.S. federal statutory income tax rate is reconciled to the effective income tax rate as follows: | |||
| U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
| Taxes on non-U.S. earnings | (0.40%) | (1.40%) | (0.80%) |
| U.S. state income taxes | 1.40% | 1.50% | 1.30% |
| Reserves for tax contingencies | 1.10% | 2.20% | (2.60%) |
| Employee share-based payments | (0.90%) | (0.70%) | (1.20%) |
| Reduction of certain receivables | 0.00% | 0.00% | 2.00% |
| Restructuring | 0.70% | (1.40%) | 0.00% |
| U.S. Valuation Allowance | (0.20%) | 2.00% | 0.10% |
| All other items—net | (0.60%) | (0.70%) | (0.70%) |
| Effective income tax rate reconciliation, percent | 22.10% | 22.50% | 19.10% |
INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Deferred tax assets: | ||
| Postretirement benefits other than pensions | $ 59 | $ 77 |
| Asbestos and environmental | 545 | 468 |
| Employee compensation and benefits | 142 | 174 |
| Lease liabilities | 233 | 242 |
| Other accruals and reserves | 363 | 260 |
| Net operating losses | 695 | 734 |
| Capital loss limitation and carryover | 126 | 151 |
| Tax credit carryforwards | 163 | 164 |
| Gross deferred tax assets | 2,326 | 2,270 |
| Valuation allowance | (812) | (857) |
| Total deferred tax assets | 1,514 | 1,413 |
| Deferred tax liabilities: | ||
| Pension | (1,088) | (948) |
| Property, plant and equipment | (233) | (464) |
| Right-of-use asset | (212) | (230) |
| Intangibles | (818) | (883) |
| Unremitted earnings of foreign subsidiaries | (517) | (426) |
| Other asset basis differences | (317) | (334) |
| Other | (1) | (2) |
| Total deferred tax liabilities | (3,186) | (3,287) |
| Net deferred tax liability | $ (1,672) | $ (1,874) |
INCOME TAXES - Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Change in unrecognized tax benefits: | |||
| Beginning balance | $ 1,061 | $ 991 | $ 1,164 |
| Gross increases related to current period tax positions | 64 | 93 | 94 |
| Gross increases related to prior periods tax positions | 31 | 39 | 68 |
| Gross decreases related to prior periods tax positions | (19) | (27) | (256) |
| Decrease related to resolutions of audits with tax authorities | (3) | (1) | (35) |
| Expiration of the statute of limitations for the assessment of taxes | (8) | (12) | (76) |
| Foreign currency translation | (40) | (22) | 32 |
| Ending balance | $ 1,086 | $ 1,061 | $ 991 |
INVENTORIES (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Inventory, Combining Work in Process and Raw Materials Alternative, Gross [Abstract] | ||
| Raw materials | $ 1,407 | $ 1,352 |
| Work in process | 1,049 | 861 |
| Finished products | 3,082 | 2,925 |
| Inventories | $ 5,538 | $ 5,138 |
PROPERTY, PLANT AND EQUIPMENT-NET (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | $ 14,762 | $ 14,450 | |
| Less—Accumulated depreciation | (9,291) | (8,888) | |
| Property, plant and equipment - net | 5,471 | 5,562 | |
| Depreciation | 657 | 674 | $ 644 |
| Land and improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | 216 | 226 | |
| Machinery and equipment | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | 10,383 | 10,143 | |
| Buildings and improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | 3,394 | 3,225 | |
| Construction in progress | |||
| Property, Plant and Equipment [Line Items] | |||
| Property, plant and equipment, gross | $ 769 | $ 856 | |
GOODWILL AND OTHER INTANGIBLE ASSETS-NET - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization of Intangible Assets | $ 333 | $ 465 | $ 358 |
| Future Amortization Expense - 2023 | 298 | ||
| Future Amortization Expense - 2024 | 268 | ||
| Future Amortization Expense - 2025 | 259 | ||
| Future Amortization Expense - 2026 | 234 | ||
| Future Amortization Expense - 2027 | $ 211 | ||
LONG-TERM DEBT AND CREDIT AGREEMENTS - Principal Payments on Long-Term Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2023 | $ 1,730 | |
| 2024 | 1,787 | |
| 2025 | 1,272 | |
| 2026 | 1,515 | |
| 2027 | 1,008 | |
| Thereafter | 9,541 | |
| Long-term debt | 16,853 | $ 16,057 |
| Less—Current maturities of long-term debt | (1,730) | (1,803) |
| Total long-term debt | $ 15,123 | $ 14,254 |
LEASES - Narrative (Details) |
Dec. 31, 2022 |
|---|---|
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Operating lease, term of contract | 1 year |
| Operating lease, renewal term | 5 years |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Operating lease, term of contract | 20 years |
LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Leases [Abstract] | ||
| Operating lease cost | $ 224 | $ 228 |
| Variable lease cost | 8 | 14 |
| Short-term lease cost | 18 | 15 |
| Lease, Cost [Abstract] | ||
| Amortization of right-of-use assets | 72 | 65 |
| Interest on lease liability | 21 | 24 |
| Total finance lease cost | 93 | 89 |
| Total lease cost | $ 343 | $ 346 |
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows for operating leases | $ 225 | $ 215 |
| Operating cash flows for finance leases | 21 | 24 |
| Financing cash flows for finance leases | 79 | 67 |
| Right-of-use assets obtained in exchange for lease obligations: | ||
| Operating leases | 251 | 350 |
| Finance leases | $ 61 | $ 32 |
LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Operating Leases | ||
| 2023 | $ 208 | |
| 2024 | 176 | |
| 2025 | 139 | |
| 2026 | 115 | |
| 2027 | 88 | |
| Thereafter | 354 | |
| Total lease payments | 1,080 | |
| Less—interest | (113) | |
| Total | 967 | $ 1,032 |
| Finance Leases | ||
| 2023 | 94 | |
| 2024 | 81 | |
| 2025 | 37 | |
| 2026 | 15 | |
| 2027 | 12 | |
| Thereafter | 18 | |
| Total lease payments | 257 | |
| Less—interest | (35) | |
| Total | $ 222 | $ 156 |
LEASES - Phantom (Details) |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Weighted average remaining lease term: | ||
| Operating leases | 9 years | 8 years |
| Finance leases | 3 years | 4 years |
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Derivative, notional amount | $ 18,727 | $ 17,021 | ||
| Gain (loss) on interest rate swap agreements | (347) | (135) | $ 169 | |
| Amounts reclassified from accumulated other comprehensive income | (324) | 114 | $ 108 | |
| Foreign Exchange Forward | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Derivative, notional amount | 10,545 | 12,671 | ||
| Amount of hedged item | $ 3,836 | $ 4,074 | ||
| Foreign Exchange Forward | Forecast | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Amounts reclassified from accumulated other comprehensive income | $ 13 | |||
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS - Schedule of Derivative Instruments (Details) - Derivatives Net Investment Hedging Relationships - Long-term debt - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Summary Of Derivative Instruments By Hedge Designation [Line Items] | ||
| Carrying Amount of Hedged Item | $ 4,696 | $ 3,210 |
| Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item | $ (287) | $ 60 |
DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS - Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) (Details) - Derivatives Net Investment Hedging Relationships - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Foreign currency exchange contracts | ||
| Derivative [Line Items] | ||
| Gain (loss) on net investment hedges recognized in accumulated other comprehensive income | $ 34 | $ 40 |
| Euro-denominated long-term debt | ||
| Derivative [Line Items] | ||
| Gain (loss) on net investment hedges recognized in accumulated other comprehensive income | 196 | 284 |
| Euro-denominated commercial paper | ||
| Derivative [Line Items] | ||
| Gain (loss) on net investment hedges recognized in accumulated other comprehensive income | 39 | 57 |
| Cross currency swap agreements | ||
| Derivative [Line Items] | ||
| Gain (loss) on net investment hedges recognized in accumulated other comprehensive income | $ (65) | $ 88 |
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Fair Value Assets and Liabilities (Details) - Contingent Consideration Assets - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Balance at beginning of period | $ 0 | $ 0 |
| Activity during period: | ||
| Recognition of right to HWI Sale proceeds | 295 | 0 |
| Balance at end of period | $ 295 | $ 0 |
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities not Carried at Fair Value (Details) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Assets: | |||
| Long-term investments | $ 0 | $ 577,000,000 | $ 0 |
| Carrying Value | Level 2 | |||
| Assets: | |||
| Short-term investments | 0 | 34,000,000 | |
| Long-term receivables | 229,000,000 | 170,000,000 | |
| Long-term investments | 0 | 366,000,000 | |
| Liabilities: | |||
| Long-term debt and related current maturities | 16,853,000,000 | 16,057,000,000 | |
| Fair Value | Level 2 | |||
| Assets: | |||
| Short-term investments | 0 | 34,000,000 | |
| Long-term receivables | 183,000,000 | 152,000,000 | |
| Long-term investments | 0 | 366,000,000 | |
| Liabilities: | |||
| Long-term debt and related current maturities | $ 15,856,000,000 | $ 17,022,000,000 |
FAIR VALUE MEASUREMENTS - Narrative (Details) |
Apr. 30, 2021 |
|---|---|
| Series B Preferred Stock | |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
| Mandatory redemption discount rate | 0.0725 |
ACCRUED LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Accrued Liabilities, Current [Abstract] | ||
| Customer advances and deferred income | $ 3,555 | $ 3,163 |
| Compensation, benefit and other employee related | 1,218 | 1,273 |
| Repositioning | 309 | 411 |
| Asbestos-related liabilities | 110 | 261 |
| Income taxes | 549 | 393 |
| Other taxes | 174 | 269 |
| Environmental costs | 222 | 225 |
| Operating lease liabilities | 192 | 185 |
| Product warranties and performance guarantees | 175 | 180 |
| Insurance | 68 | 101 |
| Accrued interest | 122 | 100 |
| NARCO Buyout | 1,325 | 0 |
| Other (primarily operating expenses) | 1,143 | 1,118 |
| Total accrued liabilities | $ 9,162 | $ 7,679 |
OTHER LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Operating lease, liability, noncurrent, statement of financial position | Total other liabilities | Total other liabilities |
| Other Liabilities, Noncurrent [Abstract] | ||
| Income taxes | $ 1,939 | $ 2,152 |
| Pension and other employee related | 1,306 | 1,672 |
| Deferred income | 1,334 | 1,324 |
| Operating lease liabilities | 775 | 847 |
| Environmental costs | 393 | 393 |
| Insurance | 289 | 299 |
| Product warranties and performance guarantees | 38 | 43 |
| Asset retirement obligations | 24 | 26 |
| Other | 371 | 331 |
| Total other liabilities | $ 6,469 | $ 7,087 |
STOCK-BASED COMPENSATION PLANS - Income Statement Impact from Stock Options (Details) - 2016 Plan - Share-based Payment Arrangement, Option - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation expense | $ 45 | $ 55 | $ 50 |
| Future income tax benefit recognized | $ 10 | $ 11 | $ 10 |
STOCK BASED COMPENSATION PLANS - Share-based Compensation Fair Value Assumptions (Details) - 2016 Plan - Share-based Payment Arrangement, Option - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Weighted average fair value per share of options granted during the year | $ 31.22 | $ 32.42 | $ 21.30 |
| Assumptions: | |||
| Expected annual dividend yield | 2.58% | 2.31% | 2.59% |
| Expected volatility | 23.05% | 24.69% | 18.76% |
| Risk-free rate of return | 1.97% | 0.48% | 1.32% |
| Expected option term (years) | 4 years 8 months 26 days | 4 years 6 months 14 days | 4 years 7 months 13 days |
| Nonvested options recognized over weighted average period, years | 2 years 5 months 15 days | ||
STOCK-BASED COMPENSATION PLANS - Financial Statement Impact From Stock Options Exercised (Details) - 2016 Plan - Share-based Payment Arrangement, Option - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Intrinsic value | $ 310 | $ 219 | $ 379 |
| Tax benefit realized | $ 71 | $ 48 | $ 84 |
STOCK-BASED COMPENSATION PLANS - Restricted Stock Units Activity (Details) - 2016 Plan - Restricted Stock Units (RSUs) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Number of Restricted Stock Units | |||
| Non-vested at beginning of period (in shares) | 2,957,536 | 3,396,523 | 3,240,065 |
| Granted (in shares) | 1,056,869 | 992,854 | 1,551,675 |
| Vested (in shares) | (864,944) | (1,123,547) | (1,001,101) |
| Forfeited (in shares) | (441,453) | (308,293) | (394,116) |
| Non-vested at end of period (in shares) | 2,708,008 | 2,957,536 | 3,396,523 |
| Weighted Average Grant Date Fair Value Per Share | |||
| Non-vested at beginning of period (in dollars per share) | $ 171.73 | $ 148.23 | $ 143.07 |
| Granted (in dollars per share) | 186.48 | 214.61 | 158.52 |
| Vested (in dollars per share) | 157.21 | 144.34 | 117.84 |
| Forfeited (in dollars per share) | 177.38 | 156.74 | 145.42 |
| Non-vested at end of period (in dollars per share) | $ 181.10 | $ 171.73 | $ 148.23 |
STOCK-BASED COMPENSATION PLANS - Income Statement Impact from RSUs (Details) - 2016 Plan - Restricted Stock Units (RSUs) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Compensation expense | $ 143 | $ 162 | $ 118 |
| Future income tax benefit recognized | $ 29 | $ 23 | $ 24 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
| Cumulative foreign exchange translation adjustment | $ (2,832) | $ (2,478) |
| Pension and other postretirement benefit adjustments | (648) | (415) |
| Fair value adjustments of available for sale investments | (7) | 1 |
| Fair value adjustments of designated cash flow hedges | 12 | (3) |
| Accumulated other comprehensive income (loss) | $ (3,475) | $ (2,895) |
COMMITMENTS AND CONTINGENCIES - Bendix-Related Asbestos Claims Activity (Details) - Bendix |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
claims
|
Dec. 31, 2022
claim
|
Dec. 31, 2021
claims
|
|
| Claims activity | |||
| Claims unresolved at the beginning of period | 6,401 | 6,401 | 6,242 |
| Claims filed | 2,014 | 2,611 | |
| Claims resolved | (2,807) | (2,452) | |
| Claims unresolved at the end of year | 5,608 | 5,608 | 6,401 |
COMMITMENTS AND CONTINGENCIES - Disease Distribution of Unresolved Claims (Details) - Bendix |
Dec. 31, 2022
claims
|
Dec. 31, 2022
claim
|
Dec. 31, 2021
claims
|
Dec. 31, 2021
claim
|
Dec. 31, 2020
claims
|
|---|---|---|---|---|---|
| Loss Contingency Disease Distribution Of Unresolved Claims [Line Items] | |||||
| Mesothelioma and other cancer claims | 3,283 | 3,760 | |||
| Nonmalignant claims | 2,325 | 2,641 | |||
| Total claims | 5,608 | 5,608 | 6,401 | 6,401 | 6,242 |
COMMITMENTS AND CONTINGENCIES - Resolution Values Per Claim Excluding Legal Costs (Details) - Bendix |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2022
$ / claims
|
Dec. 31, 2021
$ / claims
|
Dec. 31, 2020
$ / claims
|
Dec. 31, 2019
$ / claims
|
Dec. 31, 2018
$ / claims
$ / claim
|
|
| Loss Contingency Indemnification Agreements Disclosure [Line Items] | |||||
| Malignant claims (in dollars per claim) | 59,200 | 56,000 | 61,500 | 50,200 | 55,300 |
| Nonmalignant claims (in dollars per claim) | 520 | 400 | 550 | 3,900 | 4,700 |
COMMITMENTS AND CONTINGENCIES - Other Matters (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jan. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 30, 2022 |
|
| Other Matters [Line Items] | |||||
| Accrual for environmental loss contingencies, payments | $ 211.0 | $ 210.0 | $ 216.0 | ||
| Petrobras | |||||
| Other Matters [Line Items] | |||||
| Loss contingency, estimate of possible loss | $ 205.0 | $ 210.0 | |||
| Petrobras | Subsequent Event | |||||
| Other Matters [Line Items] | |||||
| Accrual for environmental loss contingencies, payments | $ 202.7 | ||||
COMMITMENTS AND CONTINGENCIES - Warranties and Guarantees (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Movement in Standard Product Warranty Accrual [Roll Forward] | |||
| Beginning of year | $ 223 | $ 243 | $ 269 |
| Accruals for warranties/guarantees issued during the year | 117 | 146 | 164 |
| Adjustment of pre-existing warranties/guarantees | (12) | (7) | (18) |
| Settlement of warranty/guarantee claims | (115) | (159) | (172) |
| End of year | 213 | 223 | 243 |
| Standard Product Warranty Accrual, Balance Sheet Classification [Abstract] | |||
| Accrued liabilities | 175 | 180 | |
| Other liabilities | 38 | 43 | |
| Total product warranties and guarantees liabilities | $ 213 | $ 223 | $ 243 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - Accumulated Other Comprehensive (Income) Loss Associated With Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Pension ongoing income—non-service | U.S. Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Prior service (credit) cost | $ (50) | $ (92) |
| Net actuarial (gain) loss | 814 | 492 |
| Net amount recognized | 764 | 400 |
| Pension ongoing income—non-service | Non-U.S. Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Prior service (credit) cost | 18 | 20 |
| Net actuarial (gain) loss | 360 | 397 |
| Net amount recognized | 378 | 417 |
| Other Postretirement Benefits | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Prior service (credit) cost | (50) | (92) |
| Net actuarial (gain) loss | (84) | (34) |
| Net amount recognized | $ (134) | $ (126) |
PENSION AND OTHER POSTRETIREMENT BENEFITS - Pension Benefits (Details) - Pension ongoing income—non-service - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| U.S. Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | $ 255 | $ 359 |
| Accumulated benefit obligation | 253 | 346 |
| Fair value of plan assets | 0 | 0 |
| Non-U.S. Plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | 682 | 964 |
| Accumulated benefit obligation | 664 | 932 |
| Fair value of plan assets | $ 230 | $ 256 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - Benefit Payments (Details) - Pension ongoing income—non-service $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| U.S. Plans | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2023 | $ 1,139 |
| 2024 | 1,121 |
| 2025 | 1,104 |
| 2026 | 1,087 |
| 2027 | 1,067 |
| 2028-2032 | 4,943 |
| Non-U.S. Plans | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2023 | 247 |
| 2024 | 249 |
| 2025 | 256 |
| 2026 | 264 |
| 2027 | 269 |
| 2028-2032 | $ 1,271 |
PENSION AND OTHER POSTRETIREMENT BENEFITS - Other Postretirement Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Other Postretirement Benefits | ||
| Assumed health care cost trend rate: | ||
| Health care cost trend rate assumed for next year | 7.50% | 6.50% |
| Rate that the cost trend rate gradually declines to | 5.00% | 5.00% |
| Year that the rate reaches the rate it is assumed to remain at | 2031 | 2029 |
| Without Impact of Medicare Subsidy | ||
| Assumed health care cost trend rate: | ||
| 2023 | $ 24 | |
| 2024 | 13 | |
| 2025 | 13 | |
| 2026 | 12 | |
| 2027 | 12 | |
| 2028-2032 | 51 | |
| Net of Medicare Subsidy | ||
| Assumed health care cost trend rate: | ||
| 2023 | 22 | |
| 2024 | 13 | |
| 2025 | 12 | |
| 2026 | 12 | |
| 2027 | 11 | |
| 2028-2032 | $ 48 | |
OTHER (INCOME) EXPENSE (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Other Income and Expenses [Line Items] | |||
| Interest income | $ (138) | $ (102) | $ (107) |
| Equity income of affiliated companies | (61) | (67) | (66) |
| Loss (gain) on sale of non-strategic businesses and assets | (22) | (102) | 3 |
| Foreign exchange | 48 | 25 | (68) |
| Expense related to UOP Matters | 45 | 160 | 0 |
| Expense related to Russia-Ukraine conflict | 45 | 0 | 0 |
| Reimbursement receivables charge | 0 | 0 | 509 |
| Net expense related to the NARCO Buyout and HWI Sale | 342 | 0 | 0 |
| Other expense | (19) | ||
| Other income | 18 | (12) | |
| Other (income) expense, total | (366) | (1,378) | (675) |
| Pension ongoing income—non-service | |||
| Other Income and Expenses [Line Items] | |||
| Ongoing income - non-service | (602) | (1,202) | (901) |
| Other postretirement income—non-service | |||
| Other Income and Expenses [Line Items] | |||
| Ongoing income - non-service | $ (41) | $ (71) | $ (57) |
GEOGRAPHIC AREAS - FINANCIAL DATA (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Geographic Areas [Line Items] | |||
| Net Sales | $ 35,466 | $ 34,392 | $ 32,637 |
| Long-Lived Assets | 5,471 | 5,562 | 5,570 |
| U.S. Plans | |||
| Geographic Areas [Line Items] | |||
| Net Sales | 21,262 | 20,662 | 19,665 |
| Long-Lived Assets | 3,949 | 3,964 | 3,823 |
| Export sales included in United States net sales | 4,187 | 4,037 | 4,000 |
| Europe | |||
| Geographic Areas [Line Items] | |||
| Net Sales | 6,840 | 6,800 | 6,356 |
| Long-Lived Assets | 537 | 566 | 628 |
| Other international | |||
| Geographic Areas [Line Items] | |||
| Net Sales | 7,364 | 6,930 | 6,616 |
| Long-Lived Assets | $ 985 | $ 1,032 | $ 1,119 |
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