XML 35 R17.htm IDEA: XBRL DOCUMENT
v3.20.2

LONG-TERM DEBT AND CREDIT AGREEMENTS | 6 Months Ended
--- | ---
Jun. 30, 2020
Debt Disclosure [Abstract] |
Long-term Debt | Note 11. Long-term Debt and Credit Agreements
| June 30, 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 |
Term Loan due 2022 | 3,000 |  |  | — |
1.30% Euro notes due 2023 | 1,401 |  |  | 1,404 |
3.35% notes due 2023 | 300 |  |  | 300 |
0.00% Euro notes due 2024 | 560 |  |  | — |
2.30% notes due 2024 | 750 |  |  | 750 |
1.35% notes due 2025 | 1,250 |  |  | — |
2.50% notes due 2026 | 1,500 |  |  | 1,500 |
2.25% Euro notes due 2028 | 841 |  |  | 842 |
2.70% notes due 2029 | 750 |  |  | 750 |
1.95% notes due 2030 | 1,000 |  |  | — |
0.75% Euro notes due 2032 | 560 |  |  | — |
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 |
2.80% notes due 2050 | 750 |  |  | — |
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), 8.0% weighted average maturing at various dates through 2025 | 357 |  |  | 278 |
| 18,558 |  |  | 12,486 |
Less: current portion | (967) |  |  | (1,376) |
| $ | 17,591 |  |  | $ | 11,110 |
On May 18, 2020, the Company issued $1.25 billion 1.35% Senior Notes due 2025, $1.0 billion 1.95% Senior Notes due 2030, and $750 million 2.80% Senior Notes due 2050 (collectively, the "2020 Notes") to replace $3.0 billion of undrawn commitments under the $6.0 billion delayed draw term loan facility, referenced below. The 2020 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 $3.0 billion, offset by $27 million in discount and closing costs related to the offering. 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 provided for a two-year, delayed draw term loan facility in the aggregate principal amount of $6.0 billion. Effective May 22, 2020, the Company permanently reduced the undrawn commitments under the Term Loan Agreement by an aggregate amount of $3.0 billion. On June 24, 2020, the Company fully drew on the remaining $3.0 billion of commitments under the Term Loan Agreement at a variable interest rate equal to the one-month LIBOR plus the applicable margin of 1.25%. The draw resulted in gross proceeds of $3.0 billion offset by $7 million in closing costs related to the borrowing. The amount borrowed under the Term Loan Agreement may not be reborrowed and is required to be repaid no later than March 26, 2022, unless the Term Loan Agreement is terminated earlier pursuant to its terms. 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. As of June 30, 2020, there were $3.0 billion of borrowings outstanding under the Term Loan Agreement, and there were no undrawn commitments remaining under the Term Loan Agreement. 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. 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 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. As of June 30, 2020, there are no outstanding borrowings under the 364-Day Credit Agreement.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration