Honeywell International Inc. (HON)
Adjustments to Financial Statements
Advanced level
Adjustments to Current Assets
Honeywell International Inc., adjusted current assets
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Current assets |
24,362 |
26,002 |
23,058 |
20,053 |
22,191 |
|
Adjustments |
|
Add: Allowance for doubtful accounts |
197 |
202 |
305 |
262 |
273 |
|
Add: LIFO reserve1 |
39 |
39 |
65 |
116 |
168 |
|
Less: Current deferred tax assets2 |
— |
— |
— |
— |
722 |
|
After Adjustment |
|
Adjusted current assets |
24,598 |
26,243 |
23,428 |
20,431 |
21,910 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).
Adjustments to Total Assets
Honeywell International Inc., adjusted total assets
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Total assets |
57,773 |
59,387 |
54,146 |
49,316 |
45,451 |
|
Adjustments |
|
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 |
789 |
1,040 |
1,017 |
1,007 |
1,078 |
|
Add: Allowance for doubtful accounts |
197 |
202 |
305 |
262 |
273 |
|
Add: LIFO reserve2 |
39 |
39 |
65 |
116 |
168 |
|
Less: Current deferred tax assets3 |
— |
— |
— |
— |
722 |
|
Less: Non-current deferred tax assets4 |
382 |
236 |
347 |
283 |
404 |
|
After Adjustment |
|
Adjusted total assets |
58,416 |
60,432 |
55,186 |
50,418 |
45,844 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).
Adjustments to Current Liabilities
Honeywell International Inc., adjusted current liabilities
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Current liabilities |
18,924 |
18,861 |
16,331 |
18,371 |
14,773 |
|
Adjustments |
|
Less: Current deferred tax liabilities (included in accrued liabilities)1 |
— |
— |
— |
— |
27 |
|
Less: Current customer advances and deferred income |
2,403 |
2,198 |
2,151 |
1,863 |
2,094 |
|
Less: Current obligations for product warranties and product performance guarantees |
243 |
307 |
351 |
355 |
332 |
|
Less: Current repositioning reserves |
566 |
508 |
322 |
335 |
284 |
|
After Adjustment |
|
Adjusted current liabilities |
15,712 |
15,848 |
13,507 |
15,818 |
12,036 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).
1 Current deferred tax liabilities (included in accrued liabilities). See details »
Adjustments to Total Liabilities
Honeywell International Inc., adjusted total liabilities
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Total liabilities |
39,408 |
41,943 |
34,596 |
30,608 |
27,448 |
|
Adjustments |
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
789 |
1,040 |
1,017 |
1,007 |
1,078 |
|
Less: Current deferred tax liabilities (included in accrued liabilities)2 |
— |
— |
— |
— |
27 |
|
Less: Non-current deferred tax liabilities3 |
1,713 |
2,894 |
486 |
558 |
236 |
|
Less: Customer advances and deferred income |
3,667 |
2,274 |
2,232 |
1,962 |
2,187 |
|
Less: Obligations for product warranties and product performance guarantees |
310 |
408 |
487 |
416 |
403 |
|
Less: Repositioning reserves |
566 |
513 |
331 |
350 |
315 |
|
After Adjustment |
|
Adjusted total liabilities |
33,941 |
36,894 |
32,077 |
28,329 |
25,358 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Current deferred tax liabilities (included in accrued liabilities). See details »
3 Non-current deferred tax liabilities. See details »
Adjustments to Stockholders’ Equity
Honeywell International Inc., adjusted total Honeywell shareowners’ equity
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Total Honeywell shareowners’ equity |
18,180 |
17,276 |
19,369 |
18,283 |
17,657 |
|
Adjustments |
|
Less: Net deferred tax asset (liability)1 |
(1,331) |
(2,658) |
(139) |
(275) |
863 |
|
Add: Allowance for doubtful accounts |
197 |
202 |
305 |
262 |
273 |
|
Add: LIFO reserve2 |
39 |
39 |
65 |
116 |
168 |
|
Add: Customer advances and deferred income |
3,667 |
2,274 |
2,232 |
1,962 |
2,187 |
|
Add: Obligations for product warranties and product performance guarantees |
310 |
408 |
487 |
416 |
403 |
|
Add: Repositioning reserves |
566 |
513 |
331 |
350 |
315 |
|
Add: Redeemable noncontrolling interest |
7 |
5 |
3 |
290 |
219 |
|
Add: Noncontrolling interest |
178 |
163 |
178 |
135 |
127 |
|
After Adjustment |
|
Adjusted total shareowners’ equity |
24,475 |
23,538 |
23,109 |
22,089 |
20,486 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).
Adjustments to Capitalization Table
Honeywell International Inc., adjusted capitalization table
US$ in millions
|
|
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Commercial paper and other short-term borrowings |
3,586 |
3,958 |
3,366 |
5,937 |
1,698 |
|
Current maturities of long-term debt |
2,872 |
1,351 |
227 |
577 |
939 |
|
Long-term debt, excluding current maturities |
9,756 |
12,573 |
12,182 |
5,554 |
6,046 |
|
Total reported debt |
16,214 |
17,882 |
15,775 |
12,068 |
8,683 |
|
Total Honeywell shareowners’ equity |
18,180 |
17,276 |
19,369 |
18,283 |
17,657 |
|
Total reported capital |
34,394 |
35,158 |
35,144 |
30,351 |
26,340 |
|
Adjustments to Debt |
|
Add: Operating lease liability (before adoption of FASB Topic 842)1 |
789 |
1,040 |
1,017 |
1,007 |
1,078 |
|
Adjusted total debt |
17,003 |
18,922 |
16,792 |
13,075 |
9,761 |
|
Adjustments to Equity |
|
Less: Net deferred tax asset (liability)2 |
(1,331) |
(2,658) |
(139) |
(275) |
863 |
|
Add: Allowance for doubtful accounts |
197 |
202 |
305 |
262 |
273 |
|
Add: LIFO reserve3 |
39 |
39 |
65 |
116 |
168 |
|
Add: Customer advances and deferred income |
3,667 |
2,274 |
2,232 |
1,962 |
2,187 |
|
Add: Obligations for product warranties and product performance guarantees |
310 |
408 |
487 |
416 |
403 |
|
Add: Repositioning reserves |
566 |
513 |
331 |
350 |
315 |
|
Add: Redeemable noncontrolling interest |
7 |
5 |
3 |
290 |
219 |
|
Add: Noncontrolling interest |
178 |
163 |
178 |
135 |
127 |
|
Adjusted total shareowners’ equity |
24,475 |
23,538 |
23,109 |
22,089 |
20,486 |
|
After Adjustment |
|
Adjusted total capital |
41,478 |
42,460 |
39,901 |
35,164 |
30,247 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).
Adjustments to Revenues
Honeywell International Inc., adjusted net sales
US$ in millions
|
12 months ended |
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Net sales |
41,802 |
40,534 |
39,302 |
38,581 |
40,306 |
|
Adjustment |
|
Add: Increase (decrease) in customer advances and deferred income |
1,393 |
42 |
270 |
(225) |
(29) |
|
After Adjustment |
|
Adjusted net sales |
43,195 |
40,576 |
39,572 |
38,356 |
40,277 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).
Adjustments to Reported Income
Honeywell International Inc., adjusted net income attributable to Honeywell
US$ in millions
|
12 months ended |
Dec 31, 2018 |
Dec 31, 2017 |
Dec 31, 2016 |
Dec 31, 2015 |
Dec 31, 2014 |
|
As Reported |
|
Net income attributable to Honeywell |
6,765 |
1,655 |
4,809 |
4,768 |
4,239 |
|
Adjustments |
|
Add: Deferred income tax expense (benefit)1 |
(586) |
2,294 |
76 |
315 |
132 |
|
Add: Increase (decrease) in allowance for doubtful accounts |
(5) |
(70) |
43 |
(11) |
26 |
|
Add: Increase (decrease) in LIFO reserve2 |
— |
(26) |
(51) |
(52) |
2 |
|
Add: Increase (decrease) in customer advances and deferred income |
1,393 |
42 |
270 |
(225) |
(29) |
|
Add: Increase (decrease) in obligations for product warranties and product performance guarantees |
(98) |
(79) |
71 |
13 |
(2) |
|
Add: Increase (decrease) in repositioning reserves |
53 |
182 |
(19) |
35 |
(32) |
|
Add: Other comprehensive income (loss), net of tax |
(1,206) |
479 |
(179) |
(1,076) |
(2,277) |
|
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest |
53 |
51 |
29 |
73 |
87 |
|
After Adjustment |
|
Adjusted net income |
6,369 |
4,528 |
5,049 |
3,840 |
2,146 |
Based on:
10-K (filing date: 2019-02-08),
10-K (filing date: 2018-02-09),
10-K (filing date: 2017-02-10),
10-K (filing date: 2016-02-12),
10-K (filing date: 2015-02-13).