Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Honeywell International Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
An analysis of the common-size balance sheet reveals a progressive shift in the capital structure toward higher leverage. Total liabilities as a percentage of total liabilities, redeemable noncontrolling interest, and shareowners' equity have increased from 71.27% in March 2021 to 80.18% by March 2026. This trend indicates a growing reliance on debt and other obligations to fund assets and operations relative to equity financing.
- Debt and Long-Term Obligations
- The primary driver of the increase in total liabilities is the growth in long-term debt, excluding current maturities. This item rose from 25.37% in March 2021 to 39.21% in March 2026. This upward trajectory is particularly pronounced starting in early 2024, suggesting a strategic shift toward long-term borrowing. Noncurrent liabilities overall followed a similar path, increasing from 43.03% to 50.33% over the analyzed period.
- Shareowners' Equity and Capital Management
- Total shareowners' equity has experienced a consistent decline, falling from 28.72% in March 2021 to 19.82% in March 2026. A significant factor in this reduction is the expansion of common stock held in treasury, which moved from -44.01% to -59.34% at its lowest point, reflecting aggressive share repurchase activity. While retained earnings initially grew, peaking at 77.98% in December 2023, they subsequently moderated to 68.97% by March 2026, further contributing to the contraction of the equity base.
- Current Liabilities and Liquidity Components
- Current liabilities have remained relatively stable as a proportion of the total balance sheet, fluctuating between 25.12% and 32.04%. Accounts payable showed a slight increase through 2023, peaking at 11.13% in December 2023, before trending downward to 8.14% by March 2026. Commercial paper and short-term borrowings have shown higher volatility, with a notable spike to 8.49% in September 2025 before receding to 6.26% in March 2026.
- Other Liability Trends
- Asbestos-related liabilities have demonstrated a steady long-term decline, decreasing from 2.95% in March 2021 to 1.69% in September 2025. Similarly, deferred income taxes have trended downward from 3.63% to 2.14% by March 2026. These reductions suggest a gradual mitigation of specific long-term contingent obligations.
The overall financial trajectory is characterized by a deliberate reduction in equity and a corresponding increase in long-term debt. The combination of increasing treasury stock and rising long-term debt suggests a capital allocation strategy focused on returning value to shareholders while utilizing debt markets to maintain the balance sheet's scale.