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LONG-TERM DEBT AND CREDIT AGREEMENTS | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt | Note 11. Long-term Debt and Credit Agreements
| March 31, 2020 |  | December 31, 2019
0.65% Euro notes due 2020 | — |  |  | 1,123 |
4.25% notes due 2021 | 800 |  |  | 800 |
1.85% notes due 2021 | 1,500 |  |  | 1,500 |
2.15% notes due 2022 | 600 |  |  | 600 |
Floating rate notes due 2022 | 600 |  |  | 600 |
1.30% Euro notes due 2023 | 1,376 |  |  | 1,404 |
3.35% notes due 2023 | 300 |  |  | 300 |
0.00% Euro notes due 2024 | 550 |  |  | — |
2.30% notes due 2024 | 750 |  |  | 750 |
2.50% notes due 2026 | 1,500 |  |  | 1,500 |
2.25% Euro notes due 2028 | 825 |  |  | 842 |
2.70% notes due 2029 | 750 |  |  | 750 |
0.75% Euro notes due 2032 | 550 |  |  | — |
5.70% notes due 2036 | 441 |  |  | 441 |
5.70% notes due 2037 | 462 |  |  | 462 |
5.375% notes due 2041 | 417 |  |  | 417 |
3.812% notes due 2047 | 445 |  |  | 445 |
Industrial development bond obligations, floating rate maturing at various dates through 2037 | 22 |  |  | 22 |
6.625% debentures due 2028 | 201 |  |  | 201 |
9.065% debentures due 2033 | 51 |  |  | 51 |
Other (including capitalized leases and debt issuance costs), 7.0% weighted average maturing at various dates through 2025 | 444 |  |  | 278 |
| 12,584 |  |  | 12,486 |
Less: current portion | (1,042 | ) |  | (1,376 | )
| $ | 11,542 |  |  | $ | 11,110 |
On March 10, 2020, the Company issued €500 million 0.00% Senior Notes due 2024 and €500 million 0.75% Senior Notes due 2032 (collectively, the "2020 Euro Notes"). The 2020 Euro Notes are senior unsecured and unsubordinated obligations of Honeywell and rank equally with all of Honeywell's existing and future senior unsecured debt and senior to all of Honeywell's subordinated debt. The offering resulted in gross proceeds of $1,136 million, offset by $9 million in discount and closing costs related to the offering. On August 8, 2019, the Company issued $600 million 2.15% Senior Notes due 2022, $600 million Floating Rate Senior Notes due 2022, $750 million 2.30% Senior Notes due 2024 and $750 million 2.70% Senior Notes due 2029 (collectively, the "2019 Notes"). The 2019 Notes are senior unsecured and unsubordinated obligations of Honeywell and rank equally with all of Honeywell's existing and future senior unsecured debt and senior to all of Honeywell's subordinated debt. The offering resulted in gross proceeds of $2,700 million, offset by $18 million in discount and closing costs related to the offering. For issuances described above, unless otherwise noted, all debt issuance costs are deferred and recognized as a direct deduction to the related debt liability and are amortized to interest expense over the debt term. On February 21, 2020, the Company paid its 0.65% Euro notes due 2020. On October 30, 2019, the Company paid its 1.40% notes due 2019, Three year floating-rate notes due 2019, Two year floating rate notes due 2019 and 1.80% notes due 2019. On April 10, 2020, the Company entered into a $1.5 billion 364-Day Credit Agreement (the "364-Day Credit Agreement") with a syndicate of banks. This 364-Day Credit Agreement is maintained for general corporate purposes. The 364-Day Credit Agreement replaces the previously reported 364-day credit agreement dated as of April 26, 2019, which was terminated on April 10, 2020. On March 26, 2020, the Company entered into a Delayed Draw Term Loan Agreement (the “Term Loan Agreement”) with a syndicate of banks. The Term Loan Agreement provides for a two-year, delayed draw term loan facility in the aggregate principal amount of up to $6.0 billion and is maintained for general corporate purposes. Commitments under the Term Loan Agreement can be increased pursuant to the terms of the Term Loan Agreement by an aggregate amount not to exceed $2.0 billion. Advances may be made on up to three different business days during the period from March 26, 2020 to the date that is the earlier of (a) June 26, 2020 and (b) such date on which the Term Loan Agreement is terminated pursuant to its terms (the earlier of such date). The amounts borrowed under the Term Loan Agreement are required to be repaid no later than March 26, 2022, unless the Term Loan Agreement is terminated earlier pursuant to its terms and may not be reborrowed. On April 26, 2019, the Company entered into a $4.0 billion Amended and Restated Five Year Credit Agreement (the “5-Year Credit Agreement”) with a syndicate of banks. The 5-Year Credit Agreement is maintained for general corporate purposes. Commitments under the 5-Year Credit Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion. The 5-Year Credit Agreement amends and restates the previously reported $4.0 billion amended and restated five-year credit agreement dated as of April 27, 2018 (the "Prior Agreement"). The 5-Year Credit Agreement has substantially the same material terms and conditions of the Prior Agreement. As of March 31, 2020, there are no outstanding borrowings under any of our credit agreements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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