Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Honeywell International Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Accounts payable	6,880)	6,849)	6,329)	6,484)	5,750)
Commercial paper and other short-term borrowings	4,273)	2,085)	2,717)	3,542)	3,597)
Current maturities of long-term debt	1,347)	1,796)	1,730)	1,803)	2,445)
Customer advances and deferred income	3,506)	3,499)	3,555)	3,163)	2,932)
Compensation, benefit and other employee related	1,366)	1,322)	1,218)	1,273)	1,244)
Income taxes	961)	680)	549)	393)	307)
Repositioning	185)	279)	309)	411)	601)
Environmental costs	244)	227)	222)	225)	225)
Accrued interest	379)	217)	122)	100)	102)
Current operating lease liabilities	199)	196)	192)	185)	187)
Product warranties and performance guarantees	202)	182)	175)	180)	183)
Other taxes	292)	176)	174)	269)	281)
Asbestos-related liabilities	157)	154)	110)	261)	300)
Insurance	60)	69)	68)	101)	140)
NARCO Buyout accrual	—)	—)	1,325)	—)	—)
Other, primarily operating expenses	797)	808)	1,143)	1,118)	903)
Accrued liabilities	8,348)	7,809)	9,162)	7,679)	7,405)
Liabilities held for sale	408)	—)	—)	—)	—)
Current liabilities	21,256)	18,539)	19,938)	19,508)	19,197)
Long-term debt, excluding current maturities	25,479)	16,562)	15,123)	14,254)	16,342)
Deferred income taxes	1,787)	2,094)	2,093)	2,364)	2,113)
Postretirement benefit obligations other than pensions	112)	134)	146)	208)	242)
Asbestos-related liabilities	1,325)	1,490)	1,180)	1,800)	1,920)
Income taxes	1,433)	1,742)	1,939)	2,152)	2,009)
Pension and other employee related	1,261)	1,342)	1,306)	1,672)	1,923)
Deferred income	1,190)	1,171)	1,334)	1,324)	1,356)
Non-current operating lease liabilities	927)	897)	775)	847)	641)
Environmental costs	434)	414)	393)	393)	435)
Insurance	244)	248)	289)	299)	280)
Product warranties and performance guarantees	35)	37)	38)	43)	60)
Asset retirement obligations	16)	17)	24)	26)	31)
Other	536)	397)	371)	331)	240)
Other liabilities	6,076)	6,265)	6,469)	7,087)	6,975)
Non-current liabilities	34,779)	26,545)	25,011)	25,713)	27,592)
Total liabilities	56,035)	45,084)	44,949)	45,221)	46,789)
Redeemable noncontrolling interest	7)	7)	7)	7)	7)
Common stock issued	958)	958)	958)	958)	958)
Additional paid-in capital	9,695)	9,062)	8,564)	8,141)	7,292)
Common stock held in treasury, at cost	(39,378)	(38,008)	(34,443)	(30,462)	(27,229)
Accumulated other comprehensive loss	(3,491)	(4,135)	(3,475)	(2,895)	(3,377)
Retained earnings	50,835)	47,979)	45,093)	42,827)	39,905)
Total Honeywell shareowners’ equity	18,619)	15,856)	16,697)	18,569)	17,549)
Noncontrolling interest	535)	578)	622)	673)	241)
Total shareowners’ equity	19,154)	16,434)	17,319)	19,242)	17,790)
Total liabilities, redeemable noncontrolling interest and shareowners’ equity	75,196)	61,525)	62,275)	64,470)	64,586)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Current Liabilities: Accounts payable showed a steady increase from 2020 through 2024, rising from $5.75 billion to $6.88 billion, indicating growing short-term obligations to suppliers. Commercial paper and other short-term borrowings declined noticeably from $3.6 billion in 2020 to $2.1 billion in 2023, then surged to $4.3 billion in 2024, suggesting fluctuations in short-term debt financing. Current maturities of long-term debt decreased over the period, dropping from $2.4 billion to $1.3 billion, reflecting a reduced portion of debt maturing within the year. Customer advances and deferred income increased modestly, from approximately $2.9 billion to $3.5 billion, signaling slightly higher prepayments from customers. Compensation-related liabilities generally trended upward, reaching $1.4 billion in 2024, consistent with possible increased employee-related costs or accruals.
Tax-Related and Other Current Liabilities: Income taxes payable increased significantly, rising from $307 million in 2020 to $961 million in 2024, indicating higher tax obligations. Other taxes fluctuated but ended higher at $292 million in 2024 compared to $281 million in 2020. Accrued interest almost quadrupled, from $102 million to $379 million, pointing toward rising interest expenses or accruals. Environmental costs and product warranties held relatively steady with slight increases. Insurance related current liabilities decreased from $140 million to $60 million, suggesting lower short-term insurance obligations. The presence of NARCO buyout accrual at $1.3 billion in 2022 is notable but absent in other years. Other primarily operating expenses saw a peak in 2022 around $1.1 billion but decreased significantly afterward.
Accrued and Other Liabilities: Accrued liabilities displayed an overall increase to $8.3 billion in 2024 from $7.4 billion in 2020, with a peak in 2022. Liabilities held for sale appeared only in 2024 at $408 million. The total current liabilities moderately fluctuated but saw a notable increase in 2024 to $21.3 billion from $19.2 billion in 2020.
Long-Term Liabilities: Long-term debt, excluding current maturities, showed a general uptrend, growing from $16.3 billion in 2020 to $25.5 billion in 2024, highlighting increased use of long-term borrowing. Deferred income taxes decreased from $2.1 billion to $1.8 billion over the period, indicating lower deferred tax liabilities. Postretirement benefit obligations and pension-related liabilities consistently decreased, reflecting possible benefit payments, plan changes, or improved funding status. Asbestos-related liabilities declined sharply from $1.9 billion in 2020 to $1.3 billion in 2024, though with a significant dip and partial recovery between years. Non-current operating lease liabilities increased, suggesting rising lease obligations. Environmental costs remained relatively stable at around $400 million for long-term liabilities. Product warranties and asset retirement obligations decreased slightly.
Other Liabilities and Total Liabilities: Other liabilities saw a decrease, while total non-current liabilities fluctuated but increased significantly in 2024 to $34.8 billion from $27.6 billion in 2020. Consequently, total liabilities rose substantially in 2024 to $56 billion from approximately $46.8 billion in 2020, with much of the increase driven by long-term borrowings.
Equity and Shareholders’ Equity: Common stock issued remained constant at $958 million throughout. Additional paid-in capital increased steadily, reaching $9.7 billion in 2024. Treasury stock costs deepened (indicated by larger negative amounts), showing ongoing repurchases increasing from -$27.2 billion to -$39.4 billion, reflecting significant capital return to shareholders. Accumulated other comprehensive loss fluctuated, peaking negatively in 2023 before improving slightly in 2024. Retained earnings increased consistently from $39.9 billion to $50.8 billion, signaling profitable operations and retention of earnings. Total Honeywell shareowners’ equity showed variability, declining from $17.5 billion in 2020 to $15.9 billion in 2023 but rebounding to $18.6 billion in 2024. Noncontrolling interest decreased progressively. Total shareowners’ equity experienced a slight decline through 2023 before recovering in 2024.
Summary of Financial Position Trends: Total liabilities and equity increased notably in 2024 to $75.2 billion from about $64.6 billion in 2020, driven by increased liabilities particularly in long-term debt, and a recovery in equity balances. The data reflects a pattern of increased leverage via long-term borrowing, ongoing share repurchases, consistent earnings retention, and stable or slightly rising current obligations. Tax-related obligations and accrued interest have grown significantly, while pension and employee-related long-term liabilities have reduced, potentially indicating improved benefit funding or plan amendments. Overall, the company appears to be managing a growing balance sheet with increased debt levels and consistent equity injections, adjusting its obligations and capital structure over time.

Download chart

Honeywell International Inc. (NASDAQ:HON)

Balance Sheet: Liabilities and Stockholders’ Equity