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COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Loss Contingency | The following table summarizes information concerning the Company's recorded liabilities for environmental costs:
Balance at December 31, 2023 | $ | 641 |
Accruals for environmental matters deemed probable and reasonably estimable | 191 |
Environmental liability payments | (147) |
Balance at September 30, 2024 | $ | 685 |
Environmental Liabilities are Included in the Following Balance Sheet Accounts | Environmental liabilities are included in the following balance sheet accounts:
| September 30, 2024 |  | December 31, 2023
Accrued liabilities | $ | 247 |  |  | $ | 227 |
Other liabilities | 438 |  |  | 414 |
Total environmental liabilities | $ | 685 |  |  | $ | 641 |
Asbestos Related Liabilities |
| Bendix |  | NARCO |  | Total
December 31, 2023 | $ | 1,644 |  |  | $ | — |  |  | $ | 1,644 |
Accrual for update to estimated liability | 30 |  |  | 1 |  |  | 31 |
Change in estimated cost of future claims | 15 |  |  | — |  |  | 15 |
Asbestos-related liability payments | (157) |  |  | (1) |  |  | (158) |
September 30, 2024 | $ | 1,532 |  |  | $ | — |  |  | $ | 1,532 |
Insurance Recoveries for Asbestos Related Liabilities |
| Bendix |  | NARCO |  | Total
December 31, 2023 | $ | 123 |  |  | $ | 88 |  |  | $ | 211 |
Probable insurance recoveries related to estimated liability | — |  |  | — |  |  | — |
Insurance receipts for asbestos-related liabilities | (7) |  |  | (3) |  |  | (10) |
September 30, 2024 | $ | 116 |  |  | $ | 85 |  |  | $ | 201 |
NARCO and Bendix Asbestos Related Balances are Included in the Following Balance Sheet Accounts | NARCO and Bendix asbestos-related balances are included in the following balance sheet accounts:
| September 30, 2024 |  | December 31, 2023
Other current assets | $ | 41 |  |  | $ | 41 |
Insurance recoveries for asbestos-related liabilities | 160 |  |  | 170 |
Total insurance recoveries for asbestos-related liabilities | $ | 201 |  |  | $ | 211 |
Accrued liabilities | $ | 110 |  |  | $ | 154 |
Asbestos-related liabilities | 1,422 |  |  | 1,490 |
Total asbestos-related liabilities | $ | 1,532 |  |  | $ | 1,644 |
Bendix Related Asbestos Claims Activity | The following tables present information regarding Bendix-related asbestos claims activity:
| Nine Months Ended September 30, |  | Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Claims unresolved at the beginning of period | 5,517 |  |  | 5,608 |  |  | 6,401 |
Claims filed | 1,198 |  |  | 1,803 |  |  | 2,014 |
Claims resolved | (1,809) |  |  | (1,894) |  |  | (2,807) |
Claims unresolved at the end of period | 4,906 |  |  | 5,517 |  |  | 5,608 |
Disease Distribution of Claims |
| September 30, |  | December 31,
Disease Distribution of Unresolved Claims | 2024 |  | 2023 |  | 2022
Mesothelioma and other cancer claims | 2,879 |  |  | 3,244 |  |  | 3,283 |
Nonmalignant claims | 2,027 |  |  | 2,273 |  |  | 2,325 |
Total claims | 4,906 |  |  | 5,517 |  |  | 5,608 |
Average Resolution Values per Asbestos Claim | Honeywell has experienced average resolution values per claim excluding legal costs as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019
| (in whole dollars)
Mesothelioma and other cancer claims | $ | 66,200 |  |  | $ | 59,200 |  |  | $ | 56,000 |  |  | $ | 61,500 |  |  | $ | 50,200 |
Nonmalignant claims | $ | 1,730 |  |  | $ | 520 |  |  | $ | 400 |  |  | $ | 550 |  |  | $ | 3,900 |

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