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Section 1: 8-K

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT – October 19, 2018

(Date of earliest event reported)

 

honeywell international inc.

(Exact name of Registrant as specified in its Charter)

 

DELAWARE
(State or other jurisdiction of
incorporation)
1-8974
(Commission File Number)
22-2640650
(I.R.S. Employer Identification
Number)

 

115 TABOR ROAD, MORRIS PLAINS, NEW JERSEY 07950-2546
(Address of principal executive offices) (Zip Code)

 

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

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 

 

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

In the third quarter of 2018, Honeywell International Inc. (the “Company”) revised its accounting to correct the time period associated with the determination of appropriate accruals for the legacy Bendix asbestos-related liability for unasserted claims. The prior accounting treatment applied a five-year time horizon; the revised treatment reflects the full term of epidemiological projections through 2059. Previously issued financial statements have been revised for this correction.

 

On January 1, 2018, we retrospectively adopted the new accounting guidance on presentation of net periodic pension costs. Following the adoption of this standard, we continue to record the service cost component of Pension ongoing (income) expense in Cost of products and service sold and Selling, general and administrative expenses. The remaining components of net benefit costs within pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are now recorded in Other (income) expense. Prior year amounts have been reclassified to conform to the current year presentation.

 

The impact of the above revision and retrospective adoption on the Company’s previously reported consolidated balance sheets and consolidated statement of operations are presented in Exhibit 99 filed herewith.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

 

(d) Exhibit 99 Honeywell International Inc. – Historical financial statements

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  October 19, 2018 HONEYWELL INTERNATIONAL INC.  
       
  By: /s/ Anne T. Madden
  Anne T. Madden
  Senior Vice President, General Counsel and
Corporate Secretary
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Section 2: EX-99

Exhibit 99

 

Honeywell International Inc.

Consolidated Statement of Operations

(Unaudited)

 

   Year Ended December 31, 2017
   (Dollars in millions, except per share amounts)
   As Reported  Adjustments  As Revised
          
Product sales  $32,317   $-   $32,317 
Service sales   8,217    -    8,217 
Net sales   40,534    -    40,534 
Costs, expenses and other               
Costs of products sold   22,659    517    23,176 
Costs of services sold   4,916    52    4,968 
    27,575    569    28,144 
Selling, general and administrative expenses   5,808    279    6,087 
Other (income) expense   (67)   (896)   (963)
Interest and other financial charges   316    -    316 
    33,632    (48)   33,584 
Income before taxes   6,902    48    6,950 
Tax expense   5,204    158    5,362 
Net income   1,698    (110)   1,588 
Less: Net income attributable to noncontrolling interest   43    -    43 
Net income attributable to Honeywell  $1,655   $(110)  $1,545 
Earnings per share of common stock-basic  $2.17   $(0.14)  $2.03 
Earnings per share of common stock-assuming dilution  $2.14   $(0.14)  $2.00 

 

Honeywell International Inc.

Consolidated Statement of Operations

(Unaudited)

 

   Year Ended December 31, 2016
   (Dollars in millions, except per share amounts)
   As Reported  Adjustments  As Revised
          
Product sales  $31,362   $-   $31,362 
Service sales   7,940    -    7,940 
Net sales   39,302    -    39,302 
Costs, expenses and other               
Costs of products sold   22,170    442    22,612 
Costs of services sold   4,980    85    5,065 
    27,150    527    27,677 
Selling, general and administrative expenses   5,469    105    5,574 
Other (income) expense   (102)   (637)   (739)
Interest and other financial charges   338    -    338 
    32,855    (5)   32,850 
Income before taxes   6,447    5    6,452 
Tax expense   1,601    2    1,603 
Net income   4,846    3    4,849 
Less: Net income attributable to noncontrolling interest   37    -    37 
Net income attributable to Honeywell  $4,809   $3   $4,812 
Earnings per share of common stock-basic  $6.29   $0.01   $6.30 
Earnings per share of common stock-assuming dilution  $6.20   $0.01   $6.21 

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Honeywell International Inc.

Consolidated Statement of Operations

(Unaudited)

 

   Year Ended December 31, 2015
   (Dollars in millions, except per share amounts)
   As Reported  Adjustments  As Revised
          
Product sales  $30,695   $-   $30,695 
Service sales   7,886    -    7,886 
Net sales   38,581    -    38,581 
Costs, expenses and other               
Costs of products sold   21,775    354    22,129 
Costs of services sold   4,972    68    5,040 
    26,747    422    27,169 
Selling, general and administrative expenses   5,006    205    5,211 
Other (income) expense   (68)   (634)   (702)
Interest and other financial charges   310    -    310 
    31,995    (7)   31,988 
Income before taxes   6,586    7    6,593 
Tax expense   1,739    4    1,743 
Net income   4,847    3    4,850 
Less: Net income attributable to noncontrolling interest   79    -    79 
Net income attributable to Honeywell  $4,768   $3   $4,771 
Earnings per share of common stock-basic  $6.11   $0.01   $6.12 
Earnings per share of common stock-assuming dilution  $6.04   $-   $6.04 

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Honeywell International Inc.

Consolidated Balance Sheet

(Unaudited)

 

   December 31, 2017  December 31, 2016
   (Dollars in millions)
   As Reported  Adjustments  As Revised  As Reported  Adjustments  As Revised
ASSETS                              
Current assets:                              
Cash and cash equivalents  $7,059   $-   $7,059   $7,843   $-   $7,843 
Short-term investments   3,758    -    3,758    1,520    -    1,520 
Accounts receivable - net   8,866    -    8,866    8,177    -    8,177 
Inventories   4,613    -    4,613    4,366    -    4,366 
Other current assets   1,706    -    1,706    1,152    -    1,152 
Total current assets   26,002    -    26,002    23,058    -    23,058 
                               
Investments and long-term receivables   667    -    667    587    -    587 
                               
Property, plant and equipment - net   5,926    -    5,926    5,793    -    5,793 
Goodwill   18,277    -    18,277    17,707    -    17,707 
Other intangible assets - net   4,496    -    4,496    4,634    -    4,634 
                               
Insurance recoveries for asbestos related liabilities   411    68    479    417    80    497 
Deferred income taxes   236    15    251    347    340    687 
Other assets   3,372    -    3,372    1,603    -    1,603 
Total assets  $59,387   $83   $59,470   $54,146   $420   $54,566 
LIABILITIES                              
Current liabilities:                              
Accounts payable   6,584    -    6,584    5,690    -    5,690 
                               
Commercial paper and other short-term borrowings   3,958    -    3,958    3,366    -    3,366 
Current maturities of long-term debt   1,351    -    1,351    227    -    227 
Accrued liabilities   6,968    -    6,968    7,048    -    7,048 
Total current liabilities   18,861    -    18,861    16,331    -    16,331 
Long-term debt   12,573    -    12,573    12,182    -    12,182 
Deferred income taxes   2,894    (230)   2,664    486    (64)   422 
                               
Postretirement benefit obligations other than pensions   512    -    512    473    -    473 
Asbestos related liabilities   1,173    1,087    2,260    1,014    1,148    2,162 
Other liabilties   5,930    -    5,930    4,110    -    4,110 
Redeemable noncontrolling interest   5    -    5    3    -    3 
SHAREOWNERS' EQUITY                              
Capital – common stock issued   958    -    958    958    -    958 
– additional paid–in capital   6,212    -    6,212    5,781    -    5,781 
Common stock held in treasury, at cost   (15,914)   -    (15,914)   (13,366)   -    (13,366)
Accumulated other comprehensive loss   (2,235)   -    (2,235)   (2,714)   -    (2,714)
Retained earnings   28,255    (774)   27,481    28,710    (664)   28,046 
Total Honeywell shareowners’ equity   17,276    (774)   16,502    19,369    (664)   18,705 
Noncontrolling interest   163    -    163    178    -    178 
Total shareowners’ equity   17,439    (774)   16,665    19,547    (664)   18,883 
                               
Total liabilities, redeemable noncontrolling interest and shareowners' equity  $59,387   $83   $59,470   $54,146   $420   $54,566 
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