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LONG-TERM DEBT AND CREDIT AGREEMENTS | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT AND CREDIT AGREEMENTS | LONG-TERM DEBT AND CREDIT AGREEMENTS
| June 30, 2024 |  | December 31, 2023
0.00% Euro notes due 2024 | $ | — |  |  | $ | 547 |
2.30% notes due 2024 | 750 |  |  | 750 |
4.85% notes due 2024 | 400 |  |  | 400 |
1.35% notes due 2025 | 1,250 |  |  | 1,250 |
2.50% notes due 2026 | 1,500 |  |  | 1,500 |
1.10% notes due 2027 | 1,000 |  |  | 1,000 |
3.50% Euro notes due 2027 | 695 |  |  | 711 |
4.95% notes due 2028 | 500 |  |  | 500 |
2.25% Euro notes due 2028 | 802 |  |  | 820 |
4.25% notes due 2029 | 750 |  |  | 750 |
2.70% notes due 2029 | 750 |  |  | 750 |
4.875% notes due 2029 | 500 |  |  | — |
3.375% Euro notes due 2030 | 802 |  |  | — |
1.95% notes due 2030 | 1,000 |  |  | 1,000 |
4.95% notes due 2031 | 500 |  |  | — |
1.75% notes due 2031 | 1,500 |  |  | 1,500 |
0.75% Euro notes due 2032 | 535 |  |  | 547 |
3.75% Euro notes due 2032 | 535 |  |  | 547 |
5.00% notes due 2033 | 1,100 |  |  | 1,100 |
4.50% notes due 2034 | 1,000 |  |  | 1,000 |
4.125% Euro notes due 2034 | 1,069 |  |  | 1,094 |
5.00% notes due 2035 | 750 |  |  | — |
3.75% Euro notes due 2036 | 802 |  |  | — |
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 | 442 |  |  | 442 |
2.80% notes due 2050 | 750 |  |  | 750 |
5.25% notes due 2054 | 1,750 |  |  | — |
5.35% notes due 2064 | 650 |  |  | — |
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), 6.0% weighted average interest rate maturing at various dates through 2029 | 217 |  |  | 217 |
Fair value of hedging instruments | (212) |  |  | (166) |
Debt issuance costs | (297) |  |  | (245) |
Total Long-term debt and current related maturities | 23,384 |  |  | 18,358 |
Less: Current maturities of long-term debt | 2,519 |  |  | 1,796 |
Total Long-term debt | $ | 20,865 |  |  | $ | 16,562 |
On March 1, 2024, the Company issued $500 million 4.875% Senior Notes due 2029, $500 million 4.95% Senior Notes due 2031, $750 million 5.00% Senior Notes due 2035, $1.75 billion 5.25% Senior Notes due 2054, and $650 million 5.35% Senior Notes due 2064 (collectively, the 2024 USD Notes). The Company may redeem the 2024 USD Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $4.2 billion, offset by $44 million in discount and closing costs related to the offering. On March 1, 2024, the Company issued €750 million 3.375% Senior Notes due 2030 and €750 million 3.75% Senior Notes due 2036 (collectively, the 2024 Euro Notes). The Company may redeem the 2024 Euro Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $1.6 billion, offset by $21 million in discount and closing costs related to the offering. The 2024 USD Notes and 2024 Euro Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The Company intends to use the proceeds from the issuances for general corporate purposes, which may include, among other things, the repayment of outstanding debt and financing of possible acquisitions or business expansion. On March 11, 2024, the Company repaid its 0.00% Euro notes due 2024. On March 18, 2024, the Company entered into a $1.5 billion 364-day credit agreement (the 364-Day Credit Agreement) and a $4.0 billion amended and restated five-year credit agreement (the 5-Year Credit Agreement). The 364-Day Credit Agreement replaced the $1.5 billion 364-day credit agreement dated as of March 20, 2023, which was terminated in accordance with its terms effective March 18, 2024. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than March 17, 2025, unless (i) Honeywell elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 17, 2026, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms. The 5-Year Credit Agreement amended and restated the previously reported $4.0 billion amended and restated five-year credit agreement dated as of March 20, 2023. 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 364-Day Credit Agreement and 5-Year Credit Agreement are maintained for general corporate purposes. As of June 30, 2024, there were no outstanding borrowings under the 364-Day Credit Agreement or the 5-Year Credit Agreement.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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