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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
2013 2012 2011
Years Ended December 31,
(Dollars in millions)
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,962 $ 2,931 $ 2,074
Less: Net income attributable to the noncontrolling interest . . . . . . . . . . . . . . . . . 38 5 7
Net income attributable to Honeywell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,924 2,926 2,067
Adjustments to reconcile net income attributable to Honeywell to net cash
provided by operating activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 989 926 957
Loss (Gain) on sale of non-strategic businesses and assets. . . . . . . . . . . . 20 (5) (362)
Gain on sale of available for sale investments . . . . . . . . . . . . . . . . . . . . . . . . . (195) — —
Repositioning and other charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 663 443 743
Net payments for repositioning and other charges . . . . . . . . . . . . . . . . . . . . . (763) (503) (468)
Pension and other postretirement (income) expense . . . . . . . . . . . . . . . . . . . (19) 1,065 1,823
Pension and other postretirement benefit payments . . . . . . . . . . . . . . . . . . . . (298) (1,183) (1,883)
Stock compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 170 168
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262 84 (331)
Excess tax benefits from share based payment arrangements. . . . . . . . . . (132) (56) (42)
Other................................................................ 308 108 289
Changes in assets and liabilities, net of the effects of acquisitions and
divestitures:
Accounts, notes and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . (365) (119) (316)
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 25 (310)
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (421) (78) 25
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352 (13) 527
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (201) (273) (54)
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . . . . . . . 4,335 3,517 2,833
Cash flows from investing activities:
Expenditures for property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (947) (884) (798)
Proceeds from disposals of property, plant and equipment . . . . . . . . . . . . . . . . . 15 5 6
Increase in investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,220) (702) (380)
Decrease in investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,122 559 354
Cash paid for acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,133) (438) (973)
Proceeds from sales of businesses, net of fees paid . . . . . . . . . . . . . . . . . . . . . . . 3 21 1,156
Other.................................................................... 201 11 24
Net cash used for investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,959) (1,428) (611)
Cash flows from financing activities:
Net increase (decrease) in commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 899 (199) 300
Net increase (decrease) in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . 31 22 (2)
Payment of debt assumed with acquisitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (33)
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447 342 304
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,063 102 1,390
Payments of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (607) (1) (939)
Excess tax benefits from share based payment arrangements . . . . . . . . . . . . . . 132 56 42
Repurchases of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,073) (317) (1,085)
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,353) (1,211) (1,091)
Other.................................................................... 28 — —
Net cash used for financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . (433) (1,206) (1,114)
Effect of foreign exchange rate changes on cash and cash equivalents . . . . . . . . . (155) 53 (60)
Net increase in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,788 936 1,048
Cash and cash equivalents at beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,634 3,698 2,650
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,422 $ 4,634 $ 3,698
The Notes to Financial Statements are an integral part of this statement.
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