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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
2014 2013 2012
Years Ended December 31,
(Dollars in millions)
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,329 $ 3,962 $ 2,931
Less: Net income attributable to the noncontrolling interest . . . . . . . . . . . . . . . . . 90 38 5
Net income attributable to Honeywell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,239 3,924 2,926
Adjustments to reconcile net income attributable to Honeywell to net cash
provided by operating activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 924 989 926
Loss (gain) on sale of non-strategic businesses and assets . . . . . . . . . . . . 11 20 (5)
Gain on sale of available for sale investments . . . . . . . . . . . . . . . . . . . . . . . . . (221) (195) —
Repositioning and other charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 598 663 443
Net payments for repositioning and other charges . . . . . . . . . . . . . . . . . . . . . (530) (763) (503)
Pension and other postretirement expense (income) . . . . . . . . . . . . . . . . . . . 44 (19) 1,065
Pension and other postretirement benefit payments . . . . . . . . . . . . . . . . . . . . (167) (298) (1,183)
Stock compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 170 170
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 262 84
Excess tax benefits from share based payment arrangements. . . . . . . . . . (102) (132) (56)
Other................................................................ (327) 308 108
Changes in assets and liabilities, net of the effects of acquisitions and
divestitures:
Accounts, notes and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . (172) (365) (119)
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (200) 41 25
Other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 (421) (78)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 307 352 (13)
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181 (201) (273)
Net cash provided by operating activities. . . . . . . . . . . . . . . . . . . . . . . . 5,024 4,335 3,517
Cash flows from investing activities:
Expenditures for property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,094) (947) (884)
Proceeds from disposals of property, plant and equipment . . . . . . . . . . . . . . . . . 18 15 5
Increase in investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,074) (1,220) (702)
Decrease in investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,288 1,122 559
Cash paid for acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) (1,133) (438)
Proceeds from sales of businesses, net of fees paid . . . . . . . . . . . . . . . . . . . . . . . 160 3 21
Other.................................................................... (170) 201 11
Net cash used for investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,876) (1,959) (1,428)
Cash flows from financing activities:
Net increase (decrease) in commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348 899 (199)
Net (decrease) increase in short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . (39) 31 22
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265 447 342
Proceeds from issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 1,063 102
Payments of long-term debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (609) (607) (1)
Excess tax benefits from share based payment arrangements . . . . . . . . . . . . . . 102 132 56
Repurchases of common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (924) (1,073) (317)
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,510) (1,353) (1,211)
Other.................................................................... (2) 28 —
Net cash used for financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,272) (433) (1,206)
Effect of foreign exchange rate changes on cash and cash equivalents . . . . . . . . . (339) (155) 53
Net increase in cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537 1,788 936
Cash and cash equivalents at beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,422 4,634 3,698
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,959 $ 6,422 $ 4,634
The Notes to Financial Statements are an integral part of this statement.
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