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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current assets 24,303  24,362  26,002  23,058  20,053 
Adjustments
Add: Allowance for doubtful accounts 146  197  202  305  262 
Add: LIFO reserve1 45  39  39  65  116 
After Adjustment
Adjusted current assets 24,494  24,598  26,243  23,428  20,431 

Based on: 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), 10-K (filing date: 2016-02-12).

1 LIFO reserve. See details »


Adjustments to Total Assets

Honeywell International Inc., adjusted total assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total assets 58,679  57,773  59,387  54,146  49,316 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  789  1,040  1,017  1,007 
Add: Allowance for doubtful accounts 146  197  202  305  262 
Add: LIFO reserve2 45  39  39  65  116 
Less: Deferred tax assets3 86  382  236  347  283 
After Adjustment
Adjusted total assets 58,784  58,416  60,432  55,186  50,418 

Based on: 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), 10-K (filing date: 2016-02-12).

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current liabilities 18,098  18,924  18,861  16,331  18,371 
Adjustments
Less: Current customer advances and deferred income 2,490  2,403  2,198  2,151  1,863 
Less: Current obligations for product warranties and product performance guarantees 213  243  307  351  355 
Less: Current repositioning reserves 640  566  508  322  335 
After Adjustment
Adjusted current liabilities 14,755  15,712  15,848  13,507  15,818 

Based on: 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), 10-K (filing date: 2016-02-12).


Adjustments to Total Liabilities

Honeywell International Inc., adjusted total liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total liabilities 39,966  39,408  41,943  34,596  30,608 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  789  1,040  1,017  1,007 
Less: Deferred tax liabilities2 1,670  1,713  2,894  486  558 
Less: Customer advances and deferred income 3,800  3,667  2,274  2,232  1,962 
Less: Obligations for product warranties and product performance guarantees 269  310  408  487  416 
Less: Repositioning reserves 651  566  513  331  350 
After Adjustment
Adjusted total liabilities 33,576  33,941  36,894  32,077  28,329 

Based on: 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), 10-K (filing date: 2016-02-12).

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total Honeywell shareowners’ equity 18,494  18,180  17,276  19,369  18,283 
Adjustments
Less: Net deferred tax asset (liability)1 (1,584) (1,331) (2,658) (139) (275)
Add: Allowance for doubtful accounts 146  197  202  305  262 
Add: LIFO reserve2 45  39  39  65  116 
Add: Customer advances and deferred income 3,800  3,667  2,274  2,232  1,962 
Add: Obligations for product warranties and product performance guarantees 269  310  408  487  416 
Add: Repositioning reserves 651  566  513  331  350 
Add: Redeemable noncontrolling interest 290 
Add: Noncontrolling interest 212  178  163  178  135 
After Adjustment
Adjusted total shareowners’ equity 25,208  24,475  23,538  23,109  22,089 

Based on: 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), 10-K (filing date: 2016-02-12).

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Commercial paper and other short-term borrowings 3,516  3,586  3,958  3,366  5,937 
Current maturities of long-term debt 1,376  2,872  1,351  227  577 
Long-term debt, excluding current maturities 11,110  9,756  12,573  12,182  5,554 
Total reported debt 16,002  16,214  17,882  15,775  12,068 
Total Honeywell shareowners’ equity 18,494  18,180  17,276  19,369  18,283 
Total reported capital 34,496  34,394  35,158  35,144  30,351 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  789  1,040  1,017  1,007 
Add: Current operating lease liabilities2 171  —  —  —  — 
Add: Non-current operating lease liabilities3 534  —  —  —  — 
Adjusted total debt 16,707  17,003  18,922  16,792  13,075 
Adjustments to Equity
Less: Net deferred tax asset (liability)4 (1,584) (1,331) (2,658) (139) (275)
Add: Allowance for doubtful accounts 146  197  202  305  262 
Add: LIFO reserve5 45  39  39  65  116 
Add: Customer advances and deferred income 3,800  3,667  2,274  2,232  1,962 
Add: Obligations for product warranties and product performance guarantees 269  310  408  487  416 
Add: Repositioning reserves 651  566  513  331  350 
Add: Redeemable noncontrolling interest 290 
Add: Noncontrolling interest 212  178  163  178  135 
Adjusted total shareowners’ equity 25,208  24,475  23,538  23,109  22,089 
After Adjustment
Adjusted total capital 41,915  41,478  42,460  39,901  35,164 

Based on: 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), 10-K (filing date: 2016-02-12).

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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Net sales 36,709  41,802  40,534  39,302  38,581 
Adjustment
Add: Increase (decrease) in customer advances and deferred income 133  1,393  42  270  (225)
After Adjustment
Adjusted net sales 36,842  43,195  40,576  39,572  38,356 

Based on: 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), 10-K (filing date: 2016-02-12).


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, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Net income attributable to Honeywell 6,143  6,765  1,655  4,809  4,768 
Adjustments
Add: Deferred income tax expense (benefit)1 179  (586) 2,294  76  315 
Add: Increase (decrease) in allowance for doubtful accounts (51) (5) (70) 43  (11)
Add: Increase (decrease) in LIFO reserve2 —  (26) (51) (52)
Add: Increase (decrease) in customer advances and deferred income 133  1,393  42  270  (225)
Add: Increase (decrease) in obligations for product warranties and product performance guarantees (41) (98) (79) 71  13 
Add: Increase (decrease) in repositioning reserves 85  53  182  (19) 35 
Add: Other comprehensive income (loss), net of tax 240  (1,206) 479  (179) (1,076)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest 82  53  51  29  73 
After Adjustment
Adjusted net income 6,776  6,369  4,528  5,049  3,840 

Based on: 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), 10-K (filing date: 2016-02-12).

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

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