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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT – August 6, 2014

(Date of earliest event reported)

 

honeywell international inc.

(Exact name of Registrant as specified in its Charter)

 

DELAWARE

(State or other jurisdiction
of incorporation)

  

1-8974

(Commission File Number)

 

  

22-2640650

(I.R.S. Employer
Identification Number)

 

101 COLUMBIA ROAD, P.O. BOX 4000, MORRISTOWN, NEW JERSEY 07962-2497
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (973) 455-2000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

£Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

ITEM 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

As previously announced, in July 2014, following the closing of the sale of its Friction Materials business, Honeywell International Inc. (the “Company”) realigned its Transportation Systems business segment with its Aerospace business segment. Accordingly, effective with the quarter ending September 30, 2014, the Company will report its financial performance based on the inclusion of Transportation Systems in Aerospace. This realignment has no impact on the Company’s historical consolidated financial position, results of operations or cash flows. To provide historical information on a basis consistent with its new reporting structure, the Company has recast certain historical segment information to conform to the new reporting structure.

 

Attached as Exhibit 99 is a schedule containing segment information for the three months ended March 31, 2014, 2013 and 2012, three and six months ended June 30, 2014, 2013 and 2012, three and nine months ended September 30, 2013 and 2012, and years ended December 31, 2013 and 2012.

 

The recast financial information contained in Exhibit 99 does not represent a restatement of previously issued financial statements. The information in this item 2.02, including Exhibit 99, should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and the Company’s quarterly reports on Form 10-Q for the three months ended March 31, 2014 and 2013, June 30, 2014 and 2013 and September 30, 2013.

 

The information furnished pursuant to this Item 2.02, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

 

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS.

 

(d)  Exhibit 99 Honeywell International Inc. – Supplemental unaudited historical business segment information based on realignment of business segments effective with the quarter ending September 30, 2014 (furnished pursuant to Item 2.02 hereof)
 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 6, 2014 HONEYWELL INTERNATIONAL INC.  
       
  By:  /s/ Jeffrey N. Neuman  
  Jeffrey N. Neuman  
  Vice President, Corporate Secretary and  
  Deputy General Counsel  
 

Exhibit 99

 

Segment Information for the three months ended March 31, 2014 and 2013

 

   Three Months Ended 
   March 31, 
   2014   2013 
Net Sales          
Aerospace  $3,851   $3,825 
Automation and Control Solutions   3,362    3,079 
Performance Materials and Technologies   2,466    2,424 
Total  $9,679   $9,328 
           
Segment Profit          
Aerospace  $703   $662 
Automation and Control Solutions   471    423 
Performance Materials and Technologies   473    474 
Corporate   (51)   (51)
Total segment profit  $1,596   $1,508 

 

   Three Months Ended     
   March 31,  
   2014   2013   % Change
Aerospace Sales               
Commercial:               
Original Equipment               
Air transport and regional  $440   $451    (2)%
Business and general aviation   244    229    7%
Aftermarket               
Air transport and regional   717    700    2%
Business and general aviation   365    339    8%
Defense and Space   1,092    1,192    (8)%
Transportation Systems   993    914    9%
Total Aerospace Sales   3,851    3,825      
                
Automation and Control Solutions Sales               
Energy Safety & Security   2,301    2,003    15%
Building Solutions & Distribution   1,061    1,076    (1)%
Total Automation and Control Solutions Sales   3,362    3,079      
                
Performance Materials and Technologies               
UOP   846    775    9%
Process Solutions   712    707    1%
Advanced Materials   908    942    (4)%
Total Performance Materials and Technologies Sales   2,466    2,424      
                
Net Sales  $9,679   $9,328      
1

Aerospace

 

   Three Months Ended
   March 31,
   2014   2013   % Change
Net sales  $3,851   $3,825    1%
Cost of products and services sold   2,903    2,931      
Selling, general and administrative expenses   176    165      
Other   69    67      
Segment profit  $703   $662    6%

 

   2014 vs. 2013
   Three Months Ended
   March 31,
Factors Contributing to Year-Over-Year Change  Sales  Segment
Profit
Organic growth/ Operational segment profit   1%   6%
Total % Change   1%   6%

 

Aerospace sales by major customer end-markets were as follows:

 

   Three Months Ended
March 31,
           %
   % of Aerospace  Increase/
   Sales  (Decrease)
Customer End-Markets  2014  2013  in Sales
Commercial Original Equipment               
Air transport and regional   12%   12%   (2)%
Business and general aviation   6%   6%   7%
Commercial Original Equipment   18%   18%   1%
                
Commercial Aftermarket               
Air transport and regional   19%   18%   2%
Business and general aviation   9%   9%   8%
Commercial Aftermarket   28%   27%   4%
                
Defense and Space   28%   31%   (8)%
                
Transportation Systems   26%   24%   9%
Total   100%   100%   1%
2

Segment Information for three and six months ended June 30, 2014 and 2013

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2014   2013   2014   2013 
Net Sales                    
Aerospace  $4,010   $3,944   $7,861   $7,769 
Automation and Control Solutions   3,607    3,270    6,969    6,349 
Performance Materials and Technologies   2,636    2,479    5,102    4,903 
Total  $10,253   $9,693   $19,932   $19,021 
                     
Segment Profit                    
Aerospace  $759   $709   $1,462   $1,371 
Automation and Control Solutions   533    467    1,004    890 
Performance Materials and Technologies   475    438    948    912 
Corporate   (58)   (55)   (109)   (106)
Total segment profit  $1,709   $1,559   $3,305   $3,067 

 

   Three Months Ended       Six Months Ended     
   June 30,     June 30,    
   2014   2013   % change  2014   2013   % change
Aerospace Sales                              
Commercial:                              
Original Equipment                              
Air transport and regional  $460   $430    7%  $900   $881    2%
Business and general aviation   236    264    (11)%   480    493    (3)%
Aftermarket                              
Air transport and regional   747    736    1%   1,464    1,436    2%
Business and general aviation   371    374    (1)%   736    713    3%
Defense and Space   1,177    1,193    (1)%   2,269    2,385    (5)%
Transportation Systems   1,019    947    8%   2,012    1,861    8%
Total Aerospace Sales   4,010    3,944         7,861    7,769      
                               
Automation and Control Solutions Sales                              
Energy Safety & Security   2,394    2,081    15%   4,695    4,084    15%
Building Solutions & Distribution   1,213    1,189    2%   2,274    2,265    — 
Total Automation and Control Solutions Sales   3,607    3,270         6,969    6,349      
                               
Performance Materials and Technologies                              
UOP   828    707    17%   1,674    1,482    13%
Process Solutions   786    795    (1)%   1,498    1,502    — 
Advanced Materials   1,022    977    5%   1,930    1,919    1%
Total Performance Materials and Technologies Sales   2,636    2,479         5,102    4,903      
Net Sales  $10,253   $9,693        $19,932   $19,021      
3

Aerospace

 

   Three Months Ended   Six Months Ended
   June 30,   June 30,
   2014   2013   % Change  2014   2013   % Change
Net sales  $4,010   $3,944    2%  $7,861   $7,769    1%
Cost of products and services sold   3,008    2,987         5,911    5,918      
Selling, general and administrative expenses   179    185         355    350      
Other   64    63         133    130      
Segment profit  $759   $709    7%  $1,462   $1,371    7%

 

   2014 vs. 2013
   Three Months Ended  Six Months Ended
   June 30,  June 30,
Factors Contributing to Year-Over-Year Change  Sales   Segment
Profit		  Sales   Segment
Profit
Organic growth/ Operational segment profit   1%   8%   1%   7%
Other   1%   (1)%   —    — 
Total % Change   2%   7%   1%   7%

 

Aerospace sales by major customer end-markets were as follows:

 

   Three Months Ended  Six Months Ended
   June 30,  June 30,
           %          %
   % of Aerospace  Increase/  % of Aerospace  Increase/
   Sales  (Decrease)  Sales  (Decrease)
Customer End-Markets  2014  2013  in Sales  2014  2013  in Sales
Commercial Original Equipment                              
Air transport and regional   12%   11%   7%   11%   11%   2%
Business and general aviation   6%   7%   (11)%   6%   6%   (3)%
Commercial Original Equipment   18%   18%   —    17%   17%   — 
                               
Commercial Aftermarket                              
Air transport and regional   19%   19%   1%   19%   19%   2%
Business and general aviation   9%   9%   (1)%   9%   9%   3%
Commercial Aftermarket   28%   28%   1%   28%   28%   2%
                               
Defense and Space   29%   30%   (1)%   29%   31%   (5)%
                               
Transportation Systems   25%   24%   8%   26%   24%   8%
Total   100%   100%   2%   100%   100%   1%
4

Segment Information for the three months ended March 31, 2013 and 2012

 

   Three Months Ended
March 31,		 
   2013   2012 
Net Sales          
Aerospace  $3,825   $3,904 
Automation and Control Solutions   3,079    3,066 
Performance Materials and Technologies   2,424    2,337 
Total  $9,328   $9,307 
           
Segment Profit          
Aerospace  $662   $654 
Automation and Control Solutions   423    401 
Performance Materials and Technologies   474    409 
Corporate   (51)   (49)
Total Segment Profit  $1,508   $1,415 

 

   Three Months Ended
March 31,		    
   2013   2012   % change
Aerospace Sales               
Commercial:               
Original Equipment               
Air transport and regional  $451   $415    9%
Business and general aviation   229    256    (11)%
Aftermarket               
Air transport and regional   700    728    (4)%
Business and general aviation   339    347    (2)%
Defense and Space   1,192    1,204    (1)%
Transportation Systems   914    954    (4)%
Total Aerospace Sales   3,825    3,904      
                
Automation and Control Solutions Sales               
Energy Safety & Security   2,003    1,972    2%
Building Solutions & Distribution   1,076    1,094    (2)%
Total Automation and Control Solutions Sales   3,079    3,066      
                
Performance Materials and Technologies Sales               
UOP   775    579    34%
Process Solutions   707    722    (2)%
Advanced Materials   942    1,036    (9)%
Total Performance Materials and Technologies Sales   2,424    2,337      
Net Sales  $9,328   $9,307      
5

Aerospace

 

   Three Months Ended
March 31,
   2013   2012   % Change
Net sales  $3,825   $3,904    (2)%
Cost of products and services sold   2,931    2,991      
Selling, general and administrative expenses   165    191      
Other   67    68      
Segment profit  $662   $654    1%

 

   2013 vs. 2012
   Three Months Ended
   March 31,
Factors Contributing to Year-Over-Year Change  Sales  Segment
Profit
Organic growth/ Operational segment profit  (2)%  1%
Total % Change  (2)%  1%

 

Aerospace sales by major customer end-markets were as follows:

 

   Three Months Ended
   March 31,
   % of Aerospace
Sales		  %
Increase/
(Decrease)
Customer End-Markets  2013  2012  in Sales
Commercial Original Equipment               
Air transport and regional   12%   11%   9%
Business and general aviation   6%   6%   (11)%
Commercial Original Equipment   18%   17%   1%
                
Commercial Aftermarket               
Air transport and regional   18%   19%   (4)%
Business and general aviation   9%   9%   (2)%
Commercial Aftermarket   27%   28%   (3)%
                
Defense and Space   31%   31%   (1)%
                
Transportation Systems   24%   24%   (4)%
Total   100%   100%   (2)%
6

Segment Information for the three and six months ended June 30, 2013 and 2012

 

   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2013   2012   2013   2012 
Net Sales                    
Aerospace  $3,944   $3,927   $7,769   $7,831 
Automation and Control Solutions   3,270    3,194    6,349    6,260 
Performance Materials and Technologies   2,479    2,314    4,903    4,651 
Total  $9,693   $9,435   $19,021   $18,742 
                     
Segment Profit                    
Aerospace  $709   $676   $1,371   $1,330 
Automation and Control Solutions   467    436    890    837 
Performance Materials and Technologies   438    439    912    848 
Corporate   (55)   (58)   (106)   (107)
Total segment profit  $1,559   $1,493   $3,067   $2,908 

 

   Three Months Ended
June 30,		      Six Months Ended
June 30,		  
   2013   2012   % change  2013   2012   % change
Aerospace Sales                              
Commercial:                              
Original Equipment                              
Air transport and regional  $430   $407    6%  $881   $822    7%
Business and general aviation   264    236    12%   493    492    — 
Aftermarket                              
Air transport and regional   736    725    2%   1,436    1,453    (1)%
Business and general aviation   374    356    5%   713    703    1%
Defense and Space   1,193    1,303    (8)%   2,385    2,507    (5)%
Transportation Systems   947    900    5%   1,861    1,854    — 
Total Aerospace Sales   3,944    3,927         7,769    7,831      
                               
Automation and Control Solutions Sales                      
Energy Safety & Security   2,081    2,022    3%   4,084    3,994    2%
Building Solutions & Distribution   1,189    1,172    1%   2,265    2,266    — 
Total Automation and Control
Solutions Sales		   3,270    3,194         6,349    6,260      
                       
Performance Materials and Technologies                      
UOP   707    508    39%   1,482    1,087    36%
Process Solutions   795    768    4%   1,502    1,490    1%
Advanced Materials   977    1,038    (6)%   1,919    2,074    (7)%
Total Performance Materials and Technologies Sales   2,479    2,314         4,903    4,651      
Net Sales  $9,693   $9,435        $19,021   $18,742      
7
Aerospace        
         
   Three Months Ended
June 30,		   Six Months Ended
June 30,
   2013   2012   % Change  2013   2012   % Change
Net sales  $3,944   $3,927    —   $7,769   $7,831    (1)%
Cost of products and services sold   2,987    2,995         5,918    5,986      
Selling, general and administrative expenses   185    193         350    384      
Other   63    63         130    131      
Segment profit  $709   $676    5%  $1,371   $1,330    3%

 

   2013 vs. 2012
   Three Months Ended  Six Months Ended
   June 30,  June 30,
Factors Contributing to Year-Over-Year Change  Sales  Segment
Profit		   Sales     Segment
Profit
 
Organic growth/ Operational segment profit   —    5%    (1)%    3% 
Total % Change   —    5%    (1)%    3% 

 

Aerospace sales by major customer end-markets were as follows:

 

   Three Months Ended  Six Months Ended
   June 30,  June 30,
   % of Aerospace
Sales		  %
Increase/
(Decrease)		  % of Aerospace
Sales		  %
Increase/
(Decrease)
Customer End-Markets  2013  2012  in Sales  2013  2012  in Sales
Commercial Original Equipment                              
Air transport and regional   11%   10%   6%   11%   10%   7%
Business and general aviation   7%   6%   12%   6%   6%   — 
Commercial Original Equipment   18%   16%   8%   17%   16%   5%
                               
Commercial Aftermarket                              
Air transport and regional   19%   19%   2%   19%   19%   (1)%
Business and general aviation   9%   9%   5%   9%   9%   1%
Commercial Aftermarket   28%   28%   3%   28%   28%   — 
                               
Defense and Space   30%   33%   (8)%   31%   32%   (5)%
                               
Transportation Systems   24%   23%   5%   24%   24%   — 
Total   100%   100%   —    100%   100%   (1)%
8

Segment Information for the three and nine months ended September 30, 2013 and 2012

 

   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
   2013   2012   2013   2012 
Net Sales                    
Aerospace  $3,889   $3,906   $11,658   $11,737 
Automation and Control Solutions   3,375    3,197    9,724    9,457 
Performance Materials and Technologies   2,383    2,239    7,286    6,890 
Total  $9,647   $9,342   $28,668   $28,084 
                     
Segment Profit                    
Aerospace  $730   $686   $2,101   $2,016 
Automation and Control Solutions   523    478    1,413    1,315 
Performance Materials and Technologies   413    368    1,325    1,216 
Corporate   (51)   (57)   (157)   (164)
Total segment profit  $1,615   $1,475   $4,682   $4,383 

 

   Three Months Ended       Nine Months Ended     
   September 30,      September 30,    
   2013   2012   % change  2013   2012   % change
Aerospace Sales                              
Commercial:                              
Original Equipment                              
Air transport and regional  $415   $412    1%  $1,296   $1,234    5%
Business and general aviation   257    240    7%   750    732    2%
Aftermarket                              
Air transport and regional   754    742    2%   2,190    2,195    — 
Business and general aviation   393    355    11%   1,106    1,058    5%
Defense and Space   1,154    1,294    (11)%   3,539    3,801    (7)%
Transportation Systems   916    863    6%   2,777    2,717    2%
Total Aerospace Sales   3,889    3,906         11,658    11,737      
                               
Automation and Control Solutions Sales                              
Energy Safety & Security   2,174    2,004    9%   6,258    5,998    5%
Building Solutions & Distribution   1,201    1,193    1%   3,466    3,459    1%
Total Automation and Control
Solutions Sales		   3,375    3,197         9,724    9,457      
                               
Performance Materials and Technologies                              
UOP   704    542    30%   2,186    1,629    34%
Process Solutions   754    761    (1)%   2,256    2,251    — 
Advanced Materials   925    936    (1)%   2,844    3,010    (6)%
Total Performance Materials and Technologies Sales   2,383    2,239         7,286    6,890      
Net Sales  $9,647   $9,342        $28,668   $28,084      
9

Aerospace

 

   Three Months Ended  Nine Months Ended
   September 30,  September 30,
   2013   2012   % Change  2013   2012   % Change
Net sales  $3,889   $3,906    —   $11,658   $11,737    (1)%
Cost of products and services sold   2,919    2,969         8,837    8,955      
Selling, general and administrative expenses   173    186         523    570      
Other   67    65         197    196      
Segment profit  $730   $686    6%  $2,101   $2,016    4%

 

   2013 vs. 2012
   Three Months Ended  Nine Months Ended
   September 30,  September 30,
Factors Contributing to Year-Over-Year Change  Sales  Segment
Profit		  Sales  Segment
Profit
Organic growth/ Operational segment profit   —    8%   (1)%   4%
Other   —    (2)%   —    — 
Total % Change   —    6%   (1)%   4%

 

Aerospace sales by major customer end-markets were as follows:

 

   Three Months Ended  Nine Months Ended
   September 30,  September 30,
           %          %
   % of Aerospace  Increase/  % of Aerospace  Increase/
   Sales  (Decrease)  Sales  (Decrease)
Customer End-Markets  2013  2012  in Sales  2013  2012  in Sales
Commercial Original Equipment                              
Air transport and regional   11%   11%   1%   11%   11%   5%
Business and general aviation   6%   6%   7%   7%   6%   2%
Commercial Original Equipment   17%   17%   3%   18%   17%   4%
                               
Commercial Aftermarket                              
Air transport and regional   19%   19%   2%   19%   19%   — 
Business and general aviation   10%   9%   11%   9%   9%   5%
Commercial Aftermarket   29%   28%   5%   28%   28%   1%
                               
Defense and Space   30%   33%   (11)%   30%   32%   (7)%
                               
Transportation Systems   24%   22%   6%   24%   23%   2%
Total   100%   100%   —    100%   100%   (1)%
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Segment Information for the years ended December 31, 2013 and 2012

 

   2013   2012 
Net Sales          
Aerospace  $15,735   $15,601 
Automation and Control Solutions   13,465    12,787 
Performance Materials and Technologies   9,855    9,277 
Total  $39,055   $37,665 
           
Segment Profit          
Aerospace  $2,870   $2,711 
Automation and Control Solutions   1,983    1,836 
Performance Materials and Technologies   1,725    1,550 
Corporate   (227)   (218)
Total segment profit  $6,351   $5,879 

 

   2013   2012   % Change
Aerospace Sales               
Commercial:               
Original Equipment               
Air transport and regional  $1,716   $1,601    7%
Business and general aviation   935    967    (3)%
Aftermarket               
Air transport and regional   2,960    2,947    — 
Business and general aviation   1,499    1,417    6%
Defense and Space   4,870    5,108    (5)%
Transportation Systems   3,755    3,561    5%
Total Aerospace Sales   15,735    15,601      
                
Automation and Control Solutions Sales               
Energy Safety & Security   8,756    8,123    8%
Building Solutions & Distribution   4,709    4,664    1%
Total Automation and Control Solutions Sales   13,465    12,787      
                
                
Performance Materials and Technologies Sales               
UOP   2,962    2,253    31%
Process Solutions   3,091    3,093    — 
Advanced Materials   3,802    3,931    (3)%
Total Performance Materials and Technologies Sales   9,855    9,277      
                
Net Sales  $39,055   $37,665      
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Aerospace

 

   2013   2012   Change
Net sales  $15,735   $15,601    1%
Cost of products and services sold     11,889    11,863      
Selling, general and administrative expenses   705    763      
Other   271    264      
Segment profit  $2,870   $2,711    6%

 

   2013 vs. 2012
Factors Contributing to Year-Over-Year Change  Sales  Segment
Profit
Organic growth/ Operational segment profit   1%   6%
Total % Change   1%   6%

 

Aerospace sales by major customer end-markets were as follows:

 

   % of Aerospace
Sales		  % Increase
(Decrease)
Customer End-Markets  2013  2012  in Sales
Commercial Original Equipment               
Air transport and regional   11%   10%   7%
Business and general aviation   6%   6%   (3)%
Commercial Original Equipment   17%   16%   3%
                
Commercial Aftermarket               
Air transport and regional   19%   19%   — 
Business and general aviation   9%   9%   6%
Commercial Aftermarket   28%   28%   2%
                
Defense and Space   31%   33%   (5)%
                
Transportation Systems   24%   23%   5%
Total   100%   100%   1%
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