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LONG-TERM DEBT AND CREDIT AGREEMENTS | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT AND CREDIT AGREEMENTS | LONG-TERM DEBT AND CREDIT AGREEMENTS
| September 30, 2024 |  | December 31, 2023
0.00% Euro notes due 2024 | $ | — |  |  | $ | 547 |
2.30% notes due 2024 | — |  |  | 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 | 728 |  |  | 711 |
4.65% notes due 2027 | 1,150 |  |  | — |
4.95% notes due 2028 | 500 |  |  | 500 |
2.25% Euro notes due 2028 | 840 |  |  | 820 |
4.25% notes due 2029 | 750 |  |  | 750 |
2.70% notes due 2029 | 750 |  |  | 750 |
4.875% notes due 2029 | 500 |  |  | — |
4.70% notes due 2030 | 1,000 |  |  | — |
3.375% Euro notes due 2030 | 840 |  |  | — |
1.95% notes due 2030 | 1,000 |  |  | 1,000 |
4.95% notes due 2031 | 500 |  |  | — |
1.75% notes due 2031 | 1,500 |  |  | 1,500 |
4.75% notes due 2032 | 650 |  |  | — |
0.75% Euro notes due 2032 | 560 |  |  | 547 |
3.75% Euro notes due 2032 | 560 |  |  | 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 | 1,119 |  |  | 1,094 |
5.00% notes due 2035 | 1,450 |  |  | — |
3.75% Euro notes due 2036 | 840 |  |  | — |
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 |  |  | — |
4.37% Term Loan due 2027 | 1,000 |  |  | — |
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), 4.6% weighted average interest rate maturing at various dates through 2031 | 420 |  |  | 217 |
Fair value of hedging instruments | (89) |  |  | (166) |
Debt issuance costs | (310) |  |  | (245) |
Total Long-term debt and current related maturities | 27,694 |  |  | 18,358 |
Less: Current maturities of long-term debt | 1,760 |  |  | 1,796 |
Total Long-term debt | $ | 25,934 |  |  | $ | 16,562 |
Issuances of Senior Notes On August 1, 2024, the Company issued $1.15 billion 4.65% Senior Notes due 2027, $1.0 billion 4.70% Senior Notes due 2030, $650 million 4.75% Senior Notes due 2032, and $700 million 5.00% Senior Notes due 2035 (collectively, the August 2024 USD Notes). The Company may redeem the August 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 $3.5 billion, offset by $20 million in discount and closing costs related to the offering. 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 March 2024 USD Notes). The Company may redeem the March 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 August 2024 USD Notes, March 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. Repayments of Senior Notes On August 15, 2024, the Company repaid its 2.30% notes due 2024. On March 11, 2024, the Company repaid its 0.00% Euro notes due 2024. Term Loan Agreements On August 12, 2024, the Company entered into a Fixed Rate Term Loan Credit Agreement (the Fixed Rate Term Loan Credit Agreement). The Fixed Rate Term Loan Credit Agreement provides for term loans in an aggregate principal amount of $1.0 billion at an interest rate of 4.370% and is maintained for general corporate purposes. Amounts borrowed under the Fixed Rate Term Loan Credit Agreement are required to be repaid no later than August 12, 2027, unless the Fixed Rate Term Loan Credit Agreement is terminated earlier pursuant to its terms. Amounts borrowed under the Fixed Rate Term Loan Credit Agreement may be repaid at the Company’s election at any time, and from time to time, in whole or in part. Prior to August 12, 2026, principal payments in respect of the term loans will be subject to a make-whole premium, not to exceed 101% of the aggregate principal amount of the term loans to be prepaid. As of September 30, 2024, there were $1.0 billion of borrowings outstanding under the Fixed Rate Term Loan Credit Agreement. On May 13, 2024, an affiliate of the Company (the borrower) entered into a Term Loan Facility Agreement (the Euro Term Loan Credit Agreement) that provides for term loans in an aggregate principal amount of up to €210 million at a variable interest rate of EURIBOR plus 60 basis points. Amounts borrowed under the Euro Term Loan Credit Agreement were used to fund the voluntary tender offer of Civitanavi Systems S.p.A. in Italy (together with certain fees and expenses related thereto) and are required to be repaid no later than August 16, 2026. Amounts borrowed under the Euro Term Loan Credit Agreement may be repaid at the borrower’s discretion at any time, and from time to time, in whole or in part. As of September 30, 2024, there were €196 million ($220 million) of borrowings outstanding under the Euro Term Loan Credit Agreement. These outstanding borrowings are included within the Other (including capitalized leases) line item in the table above. Revolving Credit Agreements On July 2, 2024, the Company entered into a $1.5 billion second 364-day credit agreement (the Second 364-day Credit Agreement). On August 12, 2024, the Company terminated the commitments under its Second 364-day Credit Agreement. The Second 364-Day Credit Agreement was maintained for general corporate purposes and was provided on terms that are essentially identical to those of the Company's existing 364-day credit agreement. There were no borrowings under the Second 364-day Credit Agreement prior to its termination. 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 September 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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