Honeywell 2014 Annual Report Download

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ANNU A L REPOR T
2014
Edits 2/23

Table of contents

  • Page 1
    2 0 1 4 A N N U A L R E P O R T

  • Page 2
    ...to $5.56.* The dividend was raised 15% to $2.07 per share. And importantly, we continued seed planting for new products, services, geographies, technologies, and process improvements. In addition to doing well, we also invested to ensure we have a good future. Initial Five Year Plan We completed the...

  • Page 3
    ... Business Model • Balance - Long / Short Cycle - Early / Mid / Late Cycle • Globalization Opportunity • HOS Gold: Honeywell Operating Model • VPDTM: Velocity Product Development • FT: Functional Transformation • OEF: Organizational Effectiveness • HUE: HON User Experience Consistent...

  • Page 4
    ..., Information Technology, Legal, and Human Resources in effect the Honeywell Operating System for Staff functions. We made great progress, so over time other process improvement programs were added. Organization Effectiveness (OEF) to focus on labor costs, Sourcing to look at materials purchasing...

  • Page 5
    .... All of our General Managers have been trained in HUE principles and are employing these tools in all new product development. This is some great stuff. Summary It is a great time to be a part of Honeywell. What we have accomplished has been very rewarding of course for us, our customers, and our...

  • Page 6
    ... a blended tax rate of 28.1%. 2) Reconciliation of Segment Profit to Operating Income Excluding Pension Mark-to-Market Adjustment and Calculation of Segment Profit and Operating Income Margin Excluding Pension Mark-to-Market Adjustment ($M) 2009 2013 2014 Segment Profit...Stock Based Compensation...

  • Page 7
    ... economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such...

  • Page 8
    ... Stock, par value $1 per share* 91⁄2% Debentures due June 1, 2016 22-2640650 (I.R.S. Employer Identification No.) 07962 (Zip Code) Name of Each Exchange on Which Registered New York Stock Exchange New York Stock Exchange * The common stock is also listed on the London Stock Exchange. Securities...

  • Page 9
    ... 81 81 81 81 82 82 84 84 84 85 Part II. 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ...6. Selected Financial Data ...7. Management's Discussion and Analysis of Financial Condition and Results of Operations ...7A. Quantitative and...

  • Page 10
    ... "Investor Relations" (see "SEC Filings & Reports") immediately after they are filed with, or furnished to, the Securities and Exchange Commission (SEC). In addition, in this Form 10-K, the Company incorporates by reference certain information from parts of its proxy statement for the 2015 Annual...

  • Page 11
    ... customers of aerospace products and services were 11%, 11%, and 12% of our total sales in 2014, 2013 and 2012, respectively. U.S. Government Sales Sales to the U.S. Government (principally by our Aerospace segment), acting through its various departments and agencies and through prime contractors...

  • Page 12
    ...of our total sales in each of 2014, 2013 and 2012. Year Ended December 31, 2014 Performance Materials and Automation and Technologies Aerospace Control Solutions (% of Total Sales) Manufactured Products and Systems and Performance of Services U.S. Exports ...Non-U.S...Raw Materials 20% 32% 3% 67...

  • Page 13
    ... regarding protection of human health and the environment. We believe that, as a general matter, our policies, practices and procedures are properly designed to prevent unreasonable risk of environmental damage, and of resulting financial liability, in connection with our business. Some risk of...

  • Page 14
    ... to April 2014. President and Chief Executive Officer Automation and Control Solutions since April 2014. President Energy, Safety and Security from May 2013 to April 2014. President and Chief Executive Officer Transportation Systems from April 2009 to May 2013. Senior Vice President Human Resources...

  • Page 15
    ... products and services and our results of operations. • Aerospace-Operating results of our business units within Aerospace are directly tied to cyclical industry and economic conditions, as well as changes in customer buying patterns with respect to aftermarket parts, supplier stability, factory...

  • Page 16
    ...in funding for or termination of existing programs could adversely impact our results of operations. Risks related to our defined benefit pension plans may adversely impact our results of operations and cash flow. Significant changes in actual investment return on pension assets, discount rates, and...

  • Page 17
    to customers, formula or long-term fixed price contracts with suppliers, productivity actions or through commodity hedges could adversely affect our results of operations. Many major components, product equipment items and raw materials, particularly in Aerospace, are procured or subcontracted on a ...

  • Page 18
    ... access to information technology (IT) systems to sophisticated and targeted measures known as advanced persistent threats, directed at the Company, its products, its customers and/or its third party service providers. While we have experienced, and expect to continue to experience, these...

  • Page 19
    ... amounts claimed) arising out of the conduct of our business, including matters relating to commercial transactions, government contracts, product liability (including asbestos), prior acquisitions and divestitures, employment, employee benefits plans, intellectual property, antitrust, import and...

  • Page 20
    ...to a number of lawsuits, investigations and claims (some of which involve substantial amounts) arising out of the conduct of our business. See a discussion of environmental, asbestos and other litigation matters in Note 19 Commitments and Contingencies of Notes to Financial Statements. Environmental...

  • Page 21
    ...listed on the New York Stock Exchange. Market and dividend information for Honeywell's common stock is included in Note 24 Unaudited Quarterly Financial Information of Notes to Financial Statements. The number of record holders of our common stock at December 31, 2014 was 52,591. Honeywell purchased...

  • Page 22
    ... range of non-aerospace businesses conducted by Honeywell. The annual changes for the five-year period shown in the graph are based on the assumption that $100 had been invested in Honeywell stock and each index on December 31, 2009 and that all dividends were reinvested. COMPARISON OF CUMULATIVE...

  • Page 23
    ... of this Annual Report titled Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Item 6. Selected Financial Data Years Ended December 31, 2014 2013 2012 2011 2010 (Dollars in millions, except per share amounts) Results of Operations Net sales ...Amounts...

  • Page 24
    ... of Honeywell Process Solutions in Performance Materials and Technologies for all periods presented. In July 2014, following the closing of the sale of its Friction Materials business, the Company announced the realignment of its Transportation Systems business segment with its Aerospace business...

  • Page 25
    ... in capital expenditures, repay $600 million in long-term debt, provide a 15% increase in the Company's cash dividend rate (vs. 2013) and repurchase 10.0 million shares of common stock. CONSOLIDATED RESULTS OF OPERATIONS Net Sales 2014 2013 2012 Net sales ...% change compared with prior period...

  • Page 26
    ... Notes to Financial Statements. The effective income tax rates for 2014, 2013 and 2012 reflect pension mark-to-market adjustments and tax benefits associated with lower tax rates on non-U.S. earnings, the vast majority of which we intend to permanently reinvest outside the United States. Net Income...

  • Page 27
    ...market adjustments, and funding requirements. Our 2015 areas of focus are supported by the Honeywell Enablers, including the Honeywell Operating System (HOS Gold), Velocity Product Development, Functional Transformation and the Honeywell User Experience. These areas of focus are generally applicable...

  • Page 28
    ... and other, net ...Total % Change ... 2% (3)% (1)% 8% (6)% 2% 1% - 1% 6% - 6% 2014 compared with 2013 Aerospace sales decreased primarily due to the Friction Materials divestiture and an increase in incentive payments due to air transport and regional and business and general aviation original...

  • Page 29
    ... defense and space sales, as discussed above. Cost of products and services sold totaled $11.9 billion in 2013, an increase of approximately $26 million, primarily due to the factors discussed above (excluding price). Automation and Control Solutions 2014 2013 Change 2012 Change Net sales...Cost...

  • Page 30
    ... and services sold totaled $9.4 billion in 2014, an increase of $575 million which is primarily due to higher sales volume, acquisitions, net of divestitures and inflation, partially offset by productivity and the favorable impact of foreign exchange. 2013 compared with 2012 ACS sales increased by...

  • Page 31
    ... exchange. Cost of products and services sold totaled $7.2 billion in 2014, an increase of $247 million which is primarily due to higher volume and continued investment for growth partially offset by productivity, net of inflation and the favorable impact of foreign exchange. 2013 compared with 2012...

  • Page 32
    ... weather on refrigerant volume and planned plant outages in the first half of 2013) and price, (ii) soft end market conditions in Electronic Materials and (iii) lower production volume in Resins and Chemicals. PMT segment profit increased by 11% due to a 6% increase in operational segment profit and...

  • Page 33
    ...Intermec and RAE Systems, Inc. in 2013) and an increase in proceeds from the sales of businesses of $157 million (most significantly Friction Materials), partially offset by (i) a net $688 million increase in investments (primarily short-term marketable securities), (ii) an increase of approximately...

  • Page 34
    ...interest rate on short-term borrowings and commercial paper outstanding at December 31, 2014 and 2013 was 0.60% and 0.79%, respectively. Our ability to access the commercial paper market, and the related cost of these borrowings, is affected by the strength of our credit rating and market conditions...

  • Page 35
    ... our savings plans. The amount and timing of future repurchases may vary depending on market conditions and our level of operating, financing and other investing activities. • Dividends-we increased our dividend rate by 15% to $.5175 per share of common stock effective with the fourth quarter 2014...

  • Page 36
    ... and Bendix based on our asbestos related liabilities which are probable and reasonably estimable as of December 31, 2014. See Asbestos Matters in Note 19 Commitments and Contingencies of Notes to Financial Statements for additional information. (5) These amounts represent our insurance recoveries...

  • Page 37
    ... out of the conduct of our global business operations or those of previously owned entities, including matters relating to commercial transactions, government contracts, product liability (including asbestos), prior acquisitions and divestitures, employee benefit plans, intellectual property, and...

  • Page 38
    ... our asbestos-related liabilities and related insurance recoveries. Defined Benefit Pension Plans-We sponsor both funded and unfunded U.S. and non-U.S. defined benefit pension plans. For financial reporting purposes, net periodic pension (income) expense is calculated annually based upon a number of...

  • Page 39
    ... in 2014, 2013 and 2012, respectively. We determine the expected long-term rate of return on plan assets utilizing historical plan asset returns over varying long-term periods combined with our expectations of future market conditions and asset mix considerations (see Note 20 Pension and Other...

  • Page 40
    ... difference between the carrying amount of the asset grouping and its fair value. We endeavor to utilize the best information available to measure fair value, which is usually either market prices (if available), level 1 or level 2 of the fair value hierarchy, or an estimate of the future discounted...

  • Page 41
    ... See Note 1 Summary of Significant Accounting Policies of Notes to Financial Statements for a discussion of recent accounting pronouncements. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Information relating to market risk is included in Item 7. Management's Discussion and...

  • Page 42
    ... 8. Financial Statements and Supplementary Data HONEYWELL INTERNATIONAL INC. CONSOLIDATED STATEMENT OF OPERATIONS Years Ended December 31, 2014 2013 2012 (Dollars in millions, except per share amounts) Product sales ...Service sales ...Net sales ...Costs, expenses and other Cost of products sold...

  • Page 43
    HONEYWELL INTERNATIONAL INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Years Ended December 31, 2014 2013 2012 (Dollars in millions) Net income ...$ 4,329 $3,962 $2,931 Other comprehensive income (loss), net of tax Foreign exchange translation adjustment ...(1,044) (52) 282 Actuarial gains (...

  • Page 44
    HONEYWELL INTERNATIONAL INC. CONSOLIDATED BALANCE SHEET December 31, 2014 2013 (Dollars in millions) ASSETS Current assets: Cash and cash equivalents ...Accounts, notes and other receivables ...Inventories ...Deferred income taxes...Investments and other current assets...Total current assets ......

  • Page 45
    ... long-term debt ...Payments of long-term debt...Excess tax benefits from share based payment arrangements ...Repurchases of common stock...Cash dividends paid ...Other ...Net cash used for financing activities ...Effect of foreign exchange rate changes on cash and cash equivalents ...Net increase in...

  • Page 46
    HONEYWELL INTERNATIONAL INC. CONSOLIDATED STATEMENT OF SHAREOWNERS' EQUITY Years Ended December 31, 2014 2013 2012 Shares $ Shares $ Shares $ (in millions) Common stock, par value ...Additional paid-in capital Beginning balance ...Issued for employee savings and option plans...Stock-based ...

  • Page 47
    ... to customers on a standalone basis. Amounts allocated to each element are based on its objectively determined fair value, such as the sales price for the product or service when it is sold separately or competitor prices for similar products or services. Environmental-We accrue costs related to...

  • Page 48
    ... wheel and braking system hardware, avionics, and auxiliary power units, for installation on commercial aircraft. These incentives consist of free or deeply discounted products, credits for future purchases of product and upfront cash payments. These costs are recognized in the period incurred as...

  • Page 49
    ... a transition method and are currently evaluating the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures. Note 2. Divestiture In 2014, the Company sold its Friction Materials business to Federal Mogul Corporation for $155 million and...

  • Page 50
    ...(Dollars in millions, except per share amounts) recognized in 2014). The sale of Friction Materials, which was part of the Transportation Systems business, is consistent with the Company's strategic focus on its portfolio of differentiated global technologies. Following the closing of the sale, the...

  • Page 51
    ... of 2,204 manufacturing and administrative positions across all of our segments. The workforce reductions were primarily related to the planned shutdown of a manufacturing facility in our Aerospace segment, the exit from a product line in our PMT segment, and cost savings actions taken in connection...

  • Page 52
    ...Gain on sale of available for sale investments of $221 million and $195 million for 2014 and 2013, respectively, are due to realized gain related to the sale of marketable equity securities. These securities (B/E Aerospace common stock), designated as available for sale, were obtained in conjunction...

  • Page 53
    ...-market pension expense in the U.S. Other factors causing an increase in the effective tax rate include higher tax expense related to an increase in tax reserves and higher state tax expense. These increases in the effective tax rate were partially offset by tax benefits from retroactive law changes...

  • Page 54
    ... within the Consolidated Balance Sheet. Our net deferred tax asset of $863 million consists of $305 million related to non-U.S. operations which are comprised principally of net deductible temporary differences and net operating loss, capital loss and tax credit carryforwards (mainly in Canada and...

  • Page 55
    ... tax credits that would be available to reduce or eliminate the resulting U.S. income tax liability. 2014 2013 2012 Change in unrecognized tax benefits: Balance at beginning of year ...Gross increases related to current period tax positions ...Gross increases related to prior periods tax positions...

  • Page 56
    ... per share of common stock-assuming dilution ... The diluted earnings per share calculations exclude the effect of stock options when the options' assumed proceeds exceed the average market price of the common shares during the period. In 2014, 2013, and 2012 the weighted number of stock options...

  • Page 57
    HONEYWELL INTERNATIONAL INC. NOTES TO FINANCIAL STATEMENTS-(Continued) (Dollars in millions, except per share amounts) Note 8. Inventories December 31, 2014 2013 Raw materials ...Work in process ...Finished products...Reduction to LIFO cost basis ... $1,124 815 2,634 4,573 (168) $4,405 $1,121 841...

  • Page 58
    ... in 2016, $173 million in 2017, $157 million in 2018, and $143 million in 2019. Note 11. Accrued Liabilities December 31, 2014 2013 Customer advances and deferred income ...Compensation, benefit and other employee related ...Asbestos related liabilities ...Repositioning ...Product warranties and...

  • Page 59
    ... INTERNATIONAL INC. NOTES TO FINANCIAL STATEMENTS-(Continued) (Dollars in millions, except per share amounts) Note 12. Long-term Debt and Credit Agreements December 31, 2014 2013 3.875% notes due 2014 ...Floating rate notes due 2015 ...5.40% notes due 2016 ...5.30% notes due 2017 ...5.30% notes...

  • Page 60
    ... changes in interest rates and currency exchange rates and restrict the use of derivative financial instruments to hedging activities. We continually monitor the creditworthiness of our customers to which we grant credit terms in the normal course of business. The terms and conditions of our credit...

  • Page 61
    ...Company holds investments in marketable equity securities that are designated as available for sale and are valued using quoted market prices. As such, these investments are classified within level 1. The Company also holds investments in commercial paper, certificates of deposits, and time deposits...

  • Page 62
    ... maturities utilizing transactions in the listed markets for identical or similar liabilities. As such, the fair value of the long-term debt and related current maturities is considered level 2 as well. We enter into transactions that are subject to arrangements designed to provide for netting of...

  • Page 63
    ...to dividends or the repurchase or redemption of common stock. In December 2013 the Board of Directors authorized the repurchase of up to $5 billion of Honeywell common stock, $4.1 billion and $5 billion remained available as of December 31, 2014 and December 31, 2013 for additional share repurchases...

  • Page 64
    HONEYWELL INTERNATIONAL INC. NOTES TO FINANCIAL STATEMENTS-(Continued) (Dollars in millions, except per share amounts) Components of Accumulated Other Comprehensive Income (Loss) December 31, 2014 2013 Cumulative foreign exchange translation adjustment...Pensions and other postretirement benefit ...

  • Page 65
    ...,995 shares of Honeywell common stock available for future grants at December 31, 2014. Stock Options-The exercise price, term and other conditions applicable to each option granted under our stock plans are generally determined by the Management Development and Compensation Committee of the Board...

  • Page 66
    .... The risk-free rate for periods within the contractual life of the option is based on the U.S. treasury yield curve in effect at the time of grant. Compensation cost on a pre-tax basis related to stock options recognized in selling, general and administrative expenses in 2014, 2013 and 2012 was $85...

  • Page 67
    ... 2014, 2013 and 2012 was $72 million, $67 million and $63 million, respectively. Restricted Stock Units-Restricted stock unit (RSU) awards entitle the holder to receive one share of common stock for each unit when the units vest. RSUs are issued to certain key employees and directors at fair market...

  • Page 68
    ...granted under our stock plans which is expected to be recognized over a weighted-average period of 3.52 years. The following table summarizes information about income statement impact from RSUs for the three years ended December 31, 2014: Years Ended December 31, 2014 2013 2012 Compensation expense...

  • Page 69
    ...included in the following balance sheet accounts: December 31, 2014 2013 Accrued liabilities ...Other liabilities... $278 313 $591 $304 339 $643 We do not currently possess sufficient information to reasonably estimate the amounts of environmental liabilities to be recorded upon future completion...

  • Page 70
    ... of individuals who allege exposure to NARCO asbestos-containing refractory products in an occupational setting. • Bendix Friction Materials (Bendix) business, which was sold in 2014, manufactured automotive brake parts that contained chrysotile asbestos in an encapsulated form. Claimants consist...

  • Page 71
    HONEYWELL INTERNATIONAL INC. NOTES TO FINANCIAL STATEMENTS-(Continued) (Dollars in millions, except per share amounts) NARCO and Bendix asbestos related balances are included in the following balance sheet accounts: December 31, 2014 2013 Other current assets...Insurance recoveries for asbestos ...

  • Page 72
    ... our probable insurance recoveries in light of any changes to the projected liability or other developments that may impact insurance recoveries. Friction Products-The following tables present information regarding Bendix related asbestos claims activity: Years Ended December 31, 2014 2013 Claims...

  • Page 73
    ...estimated cost of future Bendix-related asbestos claims is based on historic claims filing experience and dismissal rates, disease classifications, and resolution values in the tort system for the previous five years. In light of the uncertainties inherent in making long-term projections, as well as...

  • Page 74
    ...its liability for healthcare coverage premiums with respect to the putative class will be limited as negotiated and expressly set forth in the applicable MCBAs. In the event of an adverse ruling, however, Honeywell's other postretirement benefits for pre-2003 retirees would increase by approximately...

  • Page 75
    ... parties' financing ...Customer financing ... $41 4 4 $49 In the normal course of business we issue product warranties and product performance guarantees. We accrue for the estimated cost of product warranties and performance guarantees based on contract terms and historical experience at the time...

  • Page 76
    ... 31, 2012, are not eligible to participate in Honeywell's U.S. defined benefit pension plans. We also sponsor defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in certain jurisdictions, principally the UK, Netherlands, Germany, and Canada. Other pension plans...

  • Page 77
    ... sheet impact, including the benefit obligations, assets and funded status associated with our significant pension and other postretirement benefit plans. Pension Benefits U.S. Plans Non-U.S. Plans 2014 2013 2014 2013 Change in benefit obligation: Benefit obligation at beginning of year...Service...

  • Page 78
    ... insurance coverage for certain retirees and union employees. Amount will be recognized as part of net postretirement benefit cost over the expected future lifetime of the remaining participants in the plan. (2) Excludes non-U.S. plans of $49 million and $53 million in 2014 and 2013, respectively...

  • Page 79
    ... benefit (income) cost in 2015 are expected to be $23 million and ($3) million for U.S. and non-U.S. pension plans, respectively. Other Postretirement Benefits Years Ended December 31, 2014 2013 2012 Net Periodic Benefit Cost Service cost...Interest cost ...Amortization of prior service (credit...

  • Page 80
    ... averages. U.S. Plans 2013 Pension Benefits Non-U.S. Plans 2012 2014 2013 2012 2014 Actuarial assumptions used to determine benefit obligations as of December 31: Discount rate ...Expected annual rate of compensation increase ...Actuarial assumptions used to determine net periodic benefit (income...

  • Page 81
    ...Honeywell Corporate Investments group providing standard funding and investment guidance. Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment allocation process in each country. While our non-U.S. investment policies are different...

  • Page 82
    ... 2013 Level 1 Level 2 Level 3 Common stock/preferred stock: Honeywell common stock...U.S. large cap stocks ...U.S. mid cap stocks...U.S. small cap stocks ...International stocks...Real estate investment trusts ...Fixed income investments: Short term investments ...Government securities...Corporate...

  • Page 83
    ... per share amounts) Non-U.S. Plans December 31, 2014 Level 1 Level 2 Total Level 3 Common stock/preferred stock: U.S. companies ...Non-U.S. companies ...Fixed income investments: Short-term investments ...Government securities ...Corporate bonds...Mortgage/Asset-backed securities ...Insurance...

  • Page 84
    ... our U.S. and non-U.S. pension plans, the notional derivative exposure is primarily related to outstanding equity futures contracts. Common stocks, preferred stocks, real estate investment trusts, and short-term investments are valued at the closing price reported in the active market in which the...

  • Page 85
    ... income approach. Valuation estimates are periodically supplemented by third party appraisals. Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. In 2014, 2013 and 2012, we were not required to...

  • Page 86
    ... inclusion of Transportation Systems in Aerospace for all periods presented. These realignments have no impact on the Company's historical consolidated financial position, results of operations, or cash flows. Years Ended December 31, 2014 2013 2012 Net Sales Aerospace Product ...Service ...Total...

  • Page 87
    HONEYWELL INTERNATIONAL INC. NOTES TO FINANCIAL STATEMENTS-(Continued) (Dollars in millions, except per share amounts) Years Ended December 31, 2014 2013 2012 Capital expenditures Aerospace ...Automation and Control Solutions ...Performance Materials and Technologies ...Corporate... $ 315 145 537 ...

  • Page 88
    ... payments ...Insurance receipts for asbestos related liabilities ...Asbestos related liability payments ...Interest paid, net of amounts capitalized ...Income taxes paid, net of refunds ...Non-cash investing and financing activities: Common stock contributed to savings plans ...Marketable securities...

  • Page 89
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE BOARD OF DIRECTORS AND SHAREHOLDERS HONEYWELL INTERNATIONAL INC.; OF In our opinion, the consolidated financial statements listed in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial ...

  • Page 90
    ... of Honeywell, as well as information relating to compliance with Section 16(a) of the Securities Exchange Act of 1934, will be contained in our definitive Proxy Statement involving the election of the Directors, which will be filed with the SEC pursuant to Regulation 14A not later than 120 days...

  • Page 91
    ...the Board of Directors are available, free of charge, on our website under the heading "Investor Relations" (see "Corporate Governance"), or by writing to Honeywell, 101 Columbia Road, Morris Township, New Jersey 07962, c/o Vice President and Corporate Secretary. Honeywell's Code of Business Conduct...

  • Page 92
    ... of common stock. For the year ending December 31, 2014, 74,256 shares were credited to participants' accounts under the UK Sharebuilder Plan. The Honeywell International Technologies Employees Share Ownership Plan (Ireland) and the Honeywell Measurex (Ireland) Limited Group Employee Profit Sharing...

  • Page 93
    ...Schedules Page Number in Form 10-K (a)(1.) Consolidated Financial Statements: Consolidated Statement of Operations for the years ended December 31, 2014, 2013 and 2012...Consolidated Statement of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012 ...Consolidated Balance Sheet...

  • Page 94
    .... HONEYWELL INTERNATIONAL INC. Date: February 13, 2015 By: /s/ Adam M. Matteo Adam M. Matteo Vice President and Controller (on behalf of the Registrant and as the Registrant's Principal Accounting Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has...

  • Page 95
    ... such instruments to the Securities and Exchange Commission upon request. 2003 Stock Incentive Plan of Honeywell International Inc. and its Affiliates (incorporated by reference to Honeywell's Proxy Statement, dated March 17, 2003, filed pursuant to Rule 14a-6 of the Securities Exchange Act of 1934...

  • Page 96
    ... 31, 2008 Honeywell International Inc. Severance Plan for Corporate Staff Employees (Involuntary Termination Following a Change in Control), as amended and restated (incorporated by reference to Exhibit 10.12 to Honeywell's Form 10-K for the year ended December 31, 2013) Employment Agreement dated...

  • Page 97
    ... Proxy Statement, dated March 10, 2011, filed pursuant to Rule 14a-6 of the Securities Exchange Act of 1934), and amended by Exhibit 10.36 to Honeywell's Form 10-K for the year ended December 31, 2012 and Exhibit 10.1 to Honeywell's Form 10-Q for the quarter ended March 31, 2014 2011 Stock Incentive...

  • Page 98
    ..., LLC and The Royal Bank of Scotland PLC, as documentation agents, and Citigroup Global Markets Inc., and J.P. Morgan Securities LLC, as joint lead arrangers and co-book managers (incorporated by reference to Exhibit 10.1 to Honeywell's Form 8-K filed December 11, 2013) Statement re: Computation of...

  • Page 99
    ...101.CAL 101.DEF 101.LAB 101.PRE Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith) Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant...

  • Page 100
    ... RHONDA GERMANY Senior Vice President Global Government Relations ADAM M. MATTEO Corporate Vice President Chief Strategy and Marketing Officer TERRENCE S. HAHN Honeywell's Dividend Reinvestment and Share Purchase Plan provides for automatic reinvestment of common stock dividends at market price...

  • Page 101
    Aerospace • Automation and Control Solutions • Performance Materials and Technologies Honeywell International Inc. 101 Columbia Road P.O. Box 2245 Morris Township, NJ 07962-2245 USA For more information about Honeywell, visit www.honeywell.com.