2018 Q1 Form 10-Q Financial Statement

#000093041318001371 Filed on April 20, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $10.39B $9.492B
YoY Change 9.48% -0.32%
Cost Of Revenue $7.191B $6.529B
YoY Change 10.14% -0.27%
Gross Profit $3.201B $2.966B
YoY Change 7.92% -0.3%
Gross Profit Margin 30.8% 31.25%
Selling, General & Admin $1.475B $1.422B
YoY Change 3.73% 11.09%
% of Gross Profit 46.08% 47.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $179.0M $170.0M
YoY Change 5.29% -5.03%
% of Gross Profit 5.59% 5.73%
Operating Expenses $1.475B $1.422B
YoY Change 3.73% 11.09%
Operating Profit $1.726B $1.544B
YoY Change 11.79% -8.91%
Interest Expense -$150.0M -$41.00M
YoY Change 265.85% -22.64%
% of Operating Profit -8.69% -2.66%
Other Income/Expense, Net $268.0M $258.0M
YoY Change 3.88% 1333.33%
Pretax Income $1.911B $1.724B
YoY Change 10.85% 5.9%
Income Tax $459.0M $392.0M
% Of Pretax Income 24.02% 22.74%
Net Earnings $1.439B $1.328B
YoY Change 8.36% 9.21%
Net Earnings / Revenue 13.85% 13.99%
Basic Earnings Per Share $1.92 $1.74
Diluted Earnings Per Share $1.89 $1.72
COMMON SHARES
Basic Shares Outstanding 750.6M shares 763.1M shares
Diluted Shares Outstanding 761.0M shares 773.9M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.28B $9.595B
YoY Change 7.14% 50.11%
Cash & Equivalents $7.897B $7.710B
Short-Term Investments $2.383B $1.885B
Other Short-Term Assets $1.763B $1.178B
YoY Change 49.66%
Inventory $4.766B $4.652B
Prepaid Expenses
Receivables $8.778B $8.155B
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.59B $23.58B
YoY Change 8.51% 20.72%
LONG-TERM ASSETS
Property, Plant & Equipment $6.083B $5.816B
YoY Change 4.59% -3.5%
Goodwill $18.52B $17.83B
YoY Change 3.89% 6.7%
Intangibles $4.462B $4.592B
YoY Change -2.83% -2.42%
Long-Term Investments $737.0M $533.0M
YoY Change 38.27% -9.97%
Other Assets $4.753B $1.687B
YoY Change 181.74% -17.75%
Total Long-Term Assets $35.36B $31.20B
YoY Change 13.34% 1.19%
TOTAL ASSETS
Total Short-Term Assets $25.59B $23.58B
Total Long-Term Assets $35.36B $31.20B
Total Assets $60.95B $54.78B
YoY Change 11.26% 8.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.641B $5.805B
YoY Change 14.4% 5.33%
Accrued Expenses $6.565B $6.790B
YoY Change -3.31% 15.26%
Deferred Revenue
YoY Change
Short-Term Debt $5.406B $3.415B
YoY Change 58.3% -5.95%
Long-Term Debt Due $143.0M $1.271B
YoY Change -88.75% 103.04%
Total Short-Term Liabilities $18.76B $17.28B
YoY Change 8.53% 10.36%
LONG-TERM LIABILITIES
Long-Term Debt $12.74B $11.18B
YoY Change 13.93% 15.27%
Other Long-Term Liabilities $7.221B $3.877B
YoY Change 86.25% -8.71%
Total Long-Term Liabilities $7.221B $3.877B
YoY Change 86.25% -8.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.76B $17.28B
Total Long-Term Liabilities $7.221B $3.877B
Total Liabilities $25.98B $21.16B
YoY Change 22.77% -34.23%
SHAREHOLDERS EQUITY
Retained Earnings $29.40B $29.53B
YoY Change -0.44% 9.87%
Common Stock $7.208B $6.885B
YoY Change 4.69% 5.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.83B $13.53B
YoY Change 24.46% 6.34%
Treasury Stock Shares
Shareholders Equity $17.60B $20.32B
YoY Change
Total Liabilities & Shareholders Equity $60.95B $54.78B
YoY Change 11.26% 8.76%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $1.439B $1.328B
YoY Change 8.36% 9.21%
Depreciation, Depletion And Amortization $179.0M $170.0M
YoY Change 5.29% -5.03%
Cash From Operating Activities $1.136B $940.0M
YoY Change 20.85% 265.76%
INVESTING ACTIVITIES
Capital Expenditures $140.0M $168.0M
YoY Change -16.67% -13.4%
Acquisitions
YoY Change
Other Investing Activities $123.0M $29.00M
YoY Change 324.14% -422.22%
Cash From Investing Activities $994.0M -$604.0M
YoY Change -264.57% -49.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $940.0M $310.0M
YoY Change 203.23% -73.18%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.448B -$618.0M
YoY Change 134.3% 283.85%
NET CHANGE
Cash From Operating Activities $1.136B $940.0M
Cash From Investing Activities $994.0M -$604.0M
Cash From Financing Activities -$1.448B -$618.0M
Net Change In Cash $682.0M -$282.0M
YoY Change -341.84% -74.36%
FREE CASH FLOW
Cash From Operating Activities $1.136B $940.0M
Capital Expenditures $140.0M $168.0M
Free Cash Flow $996.0M $772.0M
YoY Change 29.02% 1125.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 dei Entity Common Stock Shares Outstanding
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CY2018Q1 us-gaap Unbilled Contracts Receivable
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CY2018Q1 us-gaap Loss Contingency Receivable Noncurrent
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CY2018Q1 us-gaap Basis Of Accounting
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<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0pt;' >Note</font><font style='font-family:Arial;font-size:10pt;font-weight:bold;' > </font><font style='font-family:Arial;font-size:10pt;font-weight:bold;color:#FF0000;' >1</font><font style='font-family:Arial;font-size:10pt;font-weight:bold;' >. Basis of Presentation</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0pt;' > </font><font style='font-family:Arial;font-size:10pt;' >In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of Honeywell International Inc. and its </font><font style='font-family:Arial;font-size:10pt;' >consolidated subsidiaries </font><font style='font-family:Arial;font-size:10pt;' >(&#8220;Honeywell&#8221; or &#8220;the Company&#8221;) </font><font style='font-family:Arial;font-size:10pt;' >at </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >March 31, 2018</font><font style='font-family:Arial;font-size:10pt;' > and </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >2017</font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' > </font><font style='font-family:Arial;font-size:10pt;' >and </font><font style='font-family:Arial;font-size:10pt;' >th</font><font style='font-family:Arial;font-size:10pt;' >e results of operations and cash flows for the </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >three months ended</font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' > </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >March 31, 2018</font><font style='font-family:Arial;font-size:10pt;' > and </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >2017</font><font style='font-family:Arial;font-size:10pt;' >. </font><font style='font-family:Arial;font-size:10pt;' >The results of operations</font><font style='font-family:Arial;font-size:10pt;' > and cash flows </font><font style='font-family:Arial;font-size:10pt;' >for the </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >three months ended</font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' > </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >March 31, 2018</font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' > </font><font style='font-family:Arial;font-size:10pt;' >should not necessar</font><font style='font-family:Arial;font-size:10pt;' >il</font><font style='font-family:Arial;font-size:10pt;' >y be taken as indicative of </font><font style='font-family:Arial;font-size:10pt;' >the entire year.</font><font style='font-family:Arial;font-size:10pt;' > </font><font style='font-family:Arial;font-size:10pt;' > </font><font style='font-family:Arial;font-size:10pt;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10pt;margin-left:0pt;' > We report our quarterly financial information using a calendar convention; the first, second and third quarters are consistently reported as ending on </font><font style='font-family:Arial;font-size:10pt;' >March 31, </font><font style='font-family:Arial;font-size:10pt;' >June 30 and September 30</font><font style='font-family:Arial;font-size:10pt;' >. It has been our </font><font style='font-family:Arial;font-size:10pt;' >practice to establish actual quarterly closi</font><font style='font-family:Arial;font-size:10pt;' >ng dates using a predetermined fiscal</font><font style='font-family:Arial;font-size:10pt;' > calendar, which requires our businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on our business proces</font><font style='font-family:Arial;font-size:10pt;' >ses. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. </font><font style='font-family:Arial;font-size:10pt;' >In the event that differences in actual closing dates are material to year-over-year comparisons of quarterly or yea</font><font style='font-family:Arial;font-size:10pt;' >r-to-date results, we will provide appropriate disclosures. </font><font style='font-family:Arial;font-size:10pt;' >Our actual closing dates for </font><font style='font-family:Arial;font-size:10pt;' >the </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >three months ended</font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' > </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >March 31, 2018</font><font style='font-family:Arial;font-size:10pt;' > and </font><font style='font-family:Arial;font-size:10pt;color:#FF0000;' >2017</font><font style='font-family:Arial;font-size:10pt;' > were March 31</font><font style='font-family:Arial;font-size:10pt;' >,</font><font style='font-family:Arial;font-size:10pt;' > 2018</font><font style='font-family:Arial;font-size:10pt;' > and </font><font style='font-family:Arial;font-size:10pt;' >April 1, 2017.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div>
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Honeywell International Inc.
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CY2018Q1 us-gaap Revenue Performance Obligation Description Of Timing
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Performance obligations recognized as of March 31, 2018 will be satisfied over the course of future periods. Our disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. Performance obligations expected to be satisfied within one year and greater than one year are 58% and 42%.
CY2018Q1 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
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The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of our fixed-price over time contracts include progress payments based on specified events or milestones, or based on project progress. For some contracts we may be entitled to receive an advance payment.
CY2018Q1 hon Percentage Of Fixed Income Assets To Total Pension Plan Assets
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<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Arial;font-size:10pt;font-weight:bold;font-style:italic;margin-left:36pt;' >Reclassifications &#8211;</font><font style='font-family:Arial;font-size:10pt;font-weight:bold;' > </font><font style='font-family:Arial;font-size:10pt;' >Certain prior year amounts have been reclassified to conform to the current year presentation.</font><font style='font-family:Arial;font-size:10pt;font-weight:bold;' > </font></p><p style='text-align:left;line-height:12pt;' ></p></div>
CY2018Q1 us-gaap Revenue Recognition Incentives
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