Stock Analysis on Net
Stock Analysis on Net
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Honeywell International Inc. (NYSE:HON)

Adjustments to Financial Statements

Advanced level

Adjustments to Current Assets

Honeywell International Inc., adjusted current assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current assets 28,175  24,303  24,362  26,002  23,058 
Adjustments
Add: Allowance for doubtful accounts 202  146  197  202  305 
Add: LIFO reserve1 —  45  39  39  65 
After Adjustment
Adjusted current assets 28,377  24,494  24,598  26,243  23,428 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

1 LIFO reserve. See details »

Adjustments to Total Assets

Honeywell International Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total assets 64,586  58,679  57,773  59,387  54,146 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  —  789  1,040  1,017 
Add: Allowance for doubtful accounts 202  146  197  202  305 
Add: LIFO reserve2 —  45  39  39  65 
Less: Deferred tax assets3 760  86  382  236  347 
After Adjustment
Adjusted total assets 64,028  58,784  58,416  60,432  55,186 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 LIFO reserve. See details »

3 Deferred tax assets. See details »

Adjustments to Current Liabilities

Honeywell International Inc., adjusted current liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Current liabilities 19,197  18,098  18,924  18,861  16,331 
Adjustments
Less: Current customer advances and deferred income 2,932  2,490  2,403  2,198  2,151 
Less: Current obligations for product warranties and product performance guarantees 183  213  243  307  351 
Less: Current repositioning reserves 601  640  566  508  322 
After Adjustment
Adjusted current liabilities 15,481  14,755  15,712  15,848  13,507 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

Adjustments to Total Liabilities

Honeywell International Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total liabilities 46,789  39,966  39,408  41,943  34,596 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  789  1,040  1,017 
Less: Deferred tax liabilities2 2,113  1,670  1,713  2,894  486 
Less: Customer advances and deferred income 4,288  3,800  3,667  2,274  2,232 
Less: Obligations for product warranties and product performance guarantees 243  269  310  408  487 
Less: Repositioning reserves 601  651  566  513  331 
After Adjustment
Adjusted total liabilities 39,544  33,576  33,941  36,894  32,077 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Deferred tax liabilities. See details »

Adjustments to Stockholders’ Equity

Honeywell International Inc., adjusted total Honeywell shareowners’ equity

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Total Honeywell shareowners’ equity 17,549  18,494  18,180  17,276  19,369 
Adjustments
Less: Net deferred tax asset (liability)1 (1,353) (1,584) (1,331) (2,658) (139)
Add: Allowance for doubtful accounts 202  146  197  202  305 
Add: LIFO reserve2 —  45  39  39  65 
Add: Customer advances and deferred income 4,288  3,800  3,667  2,274  2,232 
Add: Obligations for product warranties and product performance guarantees 243  269  310  408  487 
Add: Repositioning reserves 601  651  566  513  331 
Add: Redeemable noncontrolling interest 7  7  7  5  3 
Add: Noncontrolling interest 241  212  178  163  178 
After Adjustment
Adjusted total shareowners’ equity 24,484  25,208  24,475  23,538  23,109 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

1 Net deferred tax asset (liability). See details »

2 LIFO reserve. See details »

Adjustments to Capitalization Table

Honeywell International Inc., adjusted capitalization table

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Commercial paper and other short-term borrowings 3,597  3,516  3,586  3,958  3,366 
Current maturities of long-term debt 2,445  1,376  2,872  1,351  227 
Long-term debt, excluding current maturities 16,342  11,110  9,756  12,573  12,182 
Total reported debt 22,384  16,002  16,214  17,882  15,775 
Total Honeywell shareowners’ equity 17,549  18,494  18,180  17,276  19,369 
Total reported capital 39,933  34,496  34,394  35,158  35,144 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  —  789  1,040  1,017 
Add: Current operating lease liabilities2 187  171  —  —  — 
Add: Non-current operating lease liabilities3 641  534  —  —  — 
Adjusted total debt 23,212  16,707  17,003  18,922  16,792 
Adjustments to Equity
Less: Net deferred tax asset (liability)4 (1,353) (1,584) (1,331) (2,658) (139)
Add: Allowance for doubtful accounts 202  146  197  202  305 
Add: LIFO reserve5 —  45  39  39  65 
Add: Customer advances and deferred income 4,288  3,800  3,667  2,274  2,232 
Add: Obligations for product warranties and product performance guarantees 243  269  310  408  487 
Add: Repositioning reserves 601  651  566  513  331 
Add: Redeemable noncontrolling interest 7  7  7  5  3 
Add: Noncontrolling interest 241  212  178  163  178 
Adjusted total shareowners’ equity 24,484  25,208  24,475  23,538  23,109 
After Adjustment
Adjusted total capital 47,696  41,915  41,478  42,460  39,901 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Non-current operating lease liabilities. See details »

4 Net deferred tax asset (liability). See details »

5 LIFO reserve. See details »

Adjustments to Revenues

Honeywell International Inc., adjusted net sales

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Net sales 32,637  36,709  41,802  40,534  39,302 
Adjustment
Add: Increase (decrease) in customer advances and deferred income 488  133  1,393  42  270 
After Adjustment
Adjusted net sales 33,125  36,842  43,195  40,576  39,572 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

Adjustments to Reported Income

Honeywell International Inc., adjusted net income attributable to Honeywell

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Net income attributable to Honeywell 4,779  6,143  6,765  1,655  4,809 
Adjustments
Add: Deferred income tax expense (benefit)1 (175) 179  (586) 2,294  76 
Add: Increase (decrease) in allowance for doubtful accounts 56  (51) (5) (70) 43 
Add: Increase (decrease) in LIFO reserve2 (45) 6  —  (26) (51)
Add: Increase (decrease) in customer advances and deferred income 488  133  1,393  42  270 
Add: Increase (decrease) in obligations for product warranties and product performance guarantees (26) (41) (98) (79) 71 
Add: Increase (decrease) in repositioning reserves (50) 85  53  182  (19)
Add: Other comprehensive income (loss), net of tax (177) 240  (1,206) 479  (179)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 89  82  53  51  29 
After Adjustment
Adjusted net income 4,939  6,776  6,369  4,528  5,049 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-10).

1 Deferred income tax expense (benefit). See details »

2 Increase (decrease) in LIFO reserve. See details »