10-K comparison

Honeywell International (HON) 10-K risk factor changes: FY2022 vs FY2020

The 2022-12-31 10-K against the 2021-12-31 one, compared heading by heading and sentence by sentence.

All filing items1,391 rewritten1,003 added424 removed1,942 unchanged

Read the changes

Honeywell International Form 10-K, every itemFY2022, filed 10 February 2023, against FY2020, filed 11 February 2022FY2022 on sec.govFY2020 on sec.govRead this filingJSON

Summary

counted, not written

Sentences by item

1 items, with every count and a link to each item that changed
ItemAddedRemovedRewrittenUnchanged
Full document1,0034241,3911,942

Underlined words on a shaded ground are new in FY2022; struck-through words were in FY2020. Sentences that are wholly new or wholly gone are labelled rather than marked.

Full document

1,391 rewritten, 1,003 added, 424 removed, 1,942 unchanged

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For the fiscal year ended December 31, [removed: 2021][added: 2022]

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[removed: ![hon-20211231_g1.jpg](https://www.sec.gov/Archives/edgar/data/773840/000077384022000018/hon-20211231_g1.jpg)][added: ![hon-20221231_g1.jpg](https://www.sec.gov/Archives/edgar/data/773840/000077384023000013/hon-20221231_g1.jpg)]

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[removed: Honeywell] [added: 1 Honeywell] International [removed: Inc.][added: Inc.]

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The aggregate market value of the voting stock held by nonaffiliates of the Registrant was approximately [removed: $152.8] [added: $118.0] billion at June 30, [removed: 2021.][added: 2022.]

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There were [removed: 685,818,771] [added: 668,140,252] shares of Common Stock outstanding at January [removed: 28, 2022.][added: 27, 2023.]

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Part III: Proxy Statement for Annual Meeting of Shareowners to be held [removed: April 25, 2022.][added: May 19, 2023]

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| [removed: [1](#iff629c0c67e54d6ca4a249b8161bfa49_10)] [added: [1](#ia9f60d309d9c426f8d0022998643f522_16)] | | | [Cautionary [removed: Statement About] [added: Statement](#ia9f60d309d9c426f8d0022998643f522_16) [a](#ia9f60d309d9c426f8d0022998643f522_16)[bout] Forward-Looking [removed: Statements](#iff629c0c67e54d6ca4a249b8161bfa49_10)] [added: Statements](#ia9f60d309d9c426f8d0022998643f522_16)] | | |

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| [removed: [15](#iff629c0c67e54d6ca4a249b8161bfa49_28)] [added: [16](#ia9f60d309d9c426f8d0022998643f522_31)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iff629c0c67e54d6ca4a249b8161bfa49_28)] [added: Operations](#ia9f60d309d9c426f8d0022998643f522_31)] | | |

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| [removed: [24](#iff629c0c67e54d6ca4a249b8161bfa49_52)] [added: [24](#ia9f60d309d9c426f8d0022998643f522_49)] | | | [Review of Business [removed: Segments](#iff629c0c67e54d6ca4a249b8161bfa49_52)] [added: Segments](#ia9f60d309d9c426f8d0022998643f522_49)] | | |

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| [removed: [38](#iff629c0c67e54d6ca4a249b8161bfa49_94)] [added: [37](#ia9f60d309d9c426f8d0022998643f522_94)] | | | [Quantitative and Qualitative [removed: Disclosures About] [added: Disclosures](#ia9f60d309d9c426f8d0022998643f522_94) [a](#ia9f60d309d9c426f8d0022998643f522_94)[bout] Market [removed: Risks](#iff629c0c67e54d6ca4a249b8161bfa49_94)] [added: Risks](#ia9f60d309d9c426f8d0022998643f522_94)] | | |

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| [removed: [50](#iff629c0c67e54d6ca4a249b8161bfa49_121)] [added: [48](#ia9f60d309d9c426f8d0022998643f522_121)] | | | [Mine Safety [removed: Disclosures](#iff629c0c67e54d6ca4a249b8161bfa49_121)] [added: Disclosures](#ia9f60d309d9c426f8d0022998643f522_121)] | | |

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| [removed: [51](#iff629c0c67e54d6ca4a249b8161bfa49_127)] [added: [49](#ia9f60d309d9c426f8d0022998643f522_127)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#iff629c0c67e54d6ca4a249b8161bfa49_127)] [added: Securities](#ia9f60d309d9c426f8d0022998643f522_127)] | | |

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| [removed: [53](#iff629c0c67e54d6ca4a249b8161bfa49_130)] [added: [51](#ia9f60d309d9c426f8d0022998643f522_130)] | | | [Financial Statements and Supplementary [removed: Data](#iff629c0c67e54d6ca4a249b8161bfa49_130)] [added: Data](#ia9f60d309d9c426f8d0022998643f522_130)] | | |

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| [removed: [113](#iff629c0c67e54d6ca4a249b8161bfa49_271)] [added: [111](#ia9f60d309d9c426f8d0022998643f522_247)] | | | [Report of Independent Registered Public Accounting [removed: Firm](#iff629c0c67e54d6ca4a249b8161bfa49_271)] [added: Firm](#ia9f60d309d9c426f8d0022998643f522_247)] | | |

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[removed: | [117](#iff629c0c67e54d6ca4a249b8161bfa49_286) | | | [Directors,](#iff629c0c67e54d6ca4a249b8161bfa49_286) [Executive Officers and Corporate Governance](#iff629c0c67e54d6ca4a249b8161bfa49_286) | | |][added: DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE]

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| [removed: [118](#iff629c0c67e54d6ca4a249b8161bfa49_292)] [added: [115](#ia9f60d309d9c426f8d0022998643f522_271)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#iff629c0c67e54d6ca4a249b8161bfa49_292)] [added: Matters](#ia9f60d309d9c426f8d0022998643f522_271)] | | |

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| [removed: [119](#iff629c0c67e54d6ca4a249b8161bfa49_295)] [added: [116](#ia9f60d309d9c426f8d0022998643f522_274)] | | | [Certain Relationships and Related [removed: Transactions](#iff629c0c67e54d6ca4a249b8161bfa49_295)[,](#iff629c0c67e54d6ca4a249b8161bfa49_295) [and] [added: Transactions, and] Director [removed: Independence](#iff629c0c67e54d6ca4a249b8161bfa49_295)] [added: Independence](#ia9f60d309d9c426f8d0022998643f522_274)] | | |

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| [removed: [119](#iff629c0c67e54d6ca4a249b8161bfa49_298)] [added: [116](#ia9f60d309d9c426f8d0022998643f522_277)] | | | [Principal Accounting Fees and [removed: Services](#iff629c0c67e54d6ca4a249b8161bfa49_298)] [added: Services](#ia9f60d309d9c426f8d0022998643f522_277)] | | |

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| [removed: [119](#iff629c0c67e54d6ca4a249b8161bfa49_301)] [added: [116](#ia9f60d309d9c426f8d0022998643f522_280)] | | | [Exhibits and Financial Statement [removed: Schedules](#iff629c0c67e54d6ca4a249b8161bfa49_301)] [added: Schedules](#ia9f60d309d9c426f8d0022998643f522_280)] | | |

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| [removed: [125](#iff629c0c67e54d6ca4a249b8161bfa49_313)] [added: [123](#ia9f60d309d9c426f8d0022998643f522_292)] | | | [Form 10-K Cross-Reference [removed: Index](#iff629c0c67e54d6ca4a249b8161bfa49_313)] [added: Index](#ia9f60d309d9c426f8d0022998643f522_292)] | | |

Rewritten

Forward-looking statements are those that address activities, [removed: events] [added: events,] or developments that management intends, expects, projects, believes or anticipates will or may occur in the future.

Rewritten

Our forward-looking statements are also subject to risks and uncertainties, including the impact of the [removed: COVID-19 pandemic,] [added: coronavirus pandemic (COVID-19) and the Russia-Ukraine conflict,] that can affect our performance in both the near- and long-term.

Rewritten

In addition, no assurance can be given that any plan, initiative, projection, [removed: goal] [added: goal,] commitment, expectation, or prospect set forth in this Form 10-K can or will be achieved.

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[added: 3] Honeywell International Inc. [removed: 1]

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[removed: ABOUT HONEYWELL][added: | [2](#ia9f60d309d9c426f8d0022998643f522_22) | | | | | | ITEM 1 | | | | | | [About Honeywell](#ia9f60d309d9c426f8d0022998643f522_22) | | |]

Rewritten

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports, are available free of charge on our [added: Investor Relations] website [removed: (honeywell.com)] [added: (investor.honeywell.com)] under the heading [removed: Investors] [added: Financials] (see SEC Filings) immediately after they are filed with, or furnished to, the [removed: SEC.][added: Securities and Exchange Commission (SEC).]

Rewritten

Honeywell uses our Investor Relations [removed: website, investor.honeywell.com,] [added: website] as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD.

Rewritten

In addition, in this Form 10-K, the Company incorporates by reference certain information from its definitive Proxy Statement for the [removed: 2022] [added: 2023] Annual Meeting of [removed: Stockholders,] [added: Stockholders (the Proxy Statement),] which we expect to file with the SEC on or about [removed: March 11, 2022 (the Proxy Statement),] [added: April 6, 2023,] and which will also be available free of charge on our website.

New in FY2022

| 4.125% Senior Notes due 2034 | | | | | | HON 34 | | | | | | The Nasdaq Stock Market LLC | | |

New in FY2022

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements.

New in FY2022

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

New in FY2022

| [113](#ia9f60d309d9c426f8d0022998643f522_253) | | | [Controls and Procedures](#ia9f60d309d9c426f8d0022998643f522_253) | | |

New in FY2022

| [113](#ia9f60d309d9c426f8d0022998643f522_259) | | | [Other Information](#ia9f60d309d9c426f8d0022998643f522_259) | | |

New in FY2022

| [114](#ia9f60d309d9c426f8d0022998643f522_268) | | | [Executive Compensation](#ia9f60d309d9c426f8d0022998643f522_268) | | |

New in FY2022

| [116](#ia9f60d309d9c426f8d0022998643f522_283) | | | [Form 10-K Summary](#ia9f60d309d9c426f8d0022998643f522_283) | | |

New in FY2022

| [121](#ia9f60d309d9c426f8d0022998643f522_289) | | | [Signatures](#ia9f60d309d9c426f8d0022998643f522_289) | | |

New in FY2022

| [TABLE OF CONTENTS](#ia9f60d309d9c426f8d0022998643f522_13) | | | | | |

New in FY2022

| [TABLE OF CONTENTS](#ia9f60d309d9c426f8d0022998643f522_13) | | | | | |

New in FY2022

| [TABLE OF CONTENTS](#ia9f60d309d9c426f8d0022998643f522_13) | | | ABOUT HONEYWELL | | |

New in FY2022

Our rigorous operating principles allowed us to once again deliver a very strong performance in 2022.

New in FY2022

We grew our market share and positioned our businesses for continued success in the future.

New in FY2022

In 2022, we delivered sales growth of 3% (6% organically(1), 7% organically excluding lost Russian sales(2)), led by strong demand in our Commercial Aviation, Advanced Materials, and Building Products businesses, as we experienced sales growth in three of our four reportable business segments.

New in FY2022

Empowered by our Honeywell Accelerator operating model, we adapted our approach to strained supply chains and mitigated profitability loss due to inflation.

New in FY2022

In 2022, we deepened commitments with critical suppliers, improved demand forecasting, enhanced communication across our businesses to coordinate larger orders with key suppliers, and reengineered products in an effort to significantly mitigate sales risk.

New in FY2022

We also embedded comprehensive near real-time inflation analysis into our operating system, enabling strategic pricing actions to help stay ahead of the inflation curve and protect profitability.

New in FY2022

In 2023, we expect macroeconomic factors to remain turbulent.

New in FY2022

We continue to carry a robust backlog of $29.6 billion as of December 31, 2022, that provides a strong foundation for growth.

New in FY2022

| | | | Sales up 3%, up 6% on an organic(1) basis, or up 7% on an organic basis excluding lost Russian sales(2) | | | | | | | | | Record backlog of | | | | | | | | | Operating cash flows of | | | | | |

New in FY2022

| | | | $35.5 BILLION | | | | | | | | | $29.6 BILLION | | | | | | | | | $5.3 BILLION | | | | | |

New in FY2022

| | | | as we remain focused on leveraging our robust operating model to deliver growth despite headwinds from inflation, supply chain constraints, and impacts of the Russia-Ukraine conflict | | | | | | | | | as of year-end, demonstrating strong demand in our end markets and positioning us well to convert for future growth | | | | | | | | | as we remain focused on increasing operating cash flows through revenue growth, margin expansion, and improved working capital turnover | | | | | |

New in FY2022

(1) Organic sales % change and Organic sales % change excluding lost Russian sales are non-GAAP measures.

New in FY2022

Refer to the section titled Consolidated Operating Results within Management's Discussion and Analysis of Financial Condition and Results of Operations for the definition and a reconciliation to the comparable GAAP measure.

New in FY2022

(2) Lost Russian sales is defined as the year-over-year decline in sales due to the decision to wind down our businesses and operations in Russia.

New in FY2022

This does not reflect management’s estimate of 2022 Russian sales absent the decision to wind down our businesses and operations in Russia.

New in FY2022

| [TABLE OF CONTENTS](#ia9f60d309d9c426f8d0022998643f522_13) | | | ABOUT HONEYWELL | | |

New in FY2022

| [TABLE OF CONTENTS](#ia9f60d309d9c426f8d0022998643f522_13) | | | ABOUT HONEYWELL | | |

New in FY2022

| 2022 Full-year revenue of $11,827 million | | | | | | | | |

New in FY2022

| 2022 Full-year revenue by business unit | | | | | | | | |

New in FY2022

| $2,089 million | | | $5,108 million | | | $4,630 million | | |

New in FY2022

| Commercial Aviation Original Equipment | | | Commercial Aviation Aftermarket | | | Defense and Space | | |

New in FY2022

| 2022 Full-year revenue of $6,000 million | | | | | |

New in FY2022

| 2022 Full-year revenue by business unit | | | | | |

New in FY2022

| $3,638 million | | | $2,362 million | | |

New in FY2022

| Products | | | Building Solutions | | |

New in FY2022

| --- | --- | --- | --- | --- | --- |

New in FY2022

| [TABLE OF CONTENTS](#ia9f60d309d9c426f8d0022998643f522_13) | | | ABOUT HONEYWELL | | |

New in FY2022

| --- | --- | --- | --- | --- | --- |

New in FY2022

| 2022 Full-year revenue of $10,727 million | | | | | | | | |

Dropped from FY2020

* The common stock is also listed on the London Stock Exchange.

Dropped from FY2020

| [116](#iff629c0c67e54d6ca4a249b8161bfa49_277) | | | [Controls and Procedures](#iff629c0c67e54d6ca4a249b8161bfa49_277) | | |

Dropped from FY2020

| [116](#iff629c0c67e54d6ca4a249b8161bfa49_283) | | | [Other Information](#iff629c0c67e54d6ca4a249b8161bfa49_283) | | |

Dropped from FY2020

| [117](#iff629c0c67e54d6ca4a249b8161bfa49_289) | | | [Executive Compensation](#iff629c0c67e54d6ca4a249b8161bfa49_289) | | |

Dropped from FY2020

| [119](#iff629c0c67e54d6ca4a249b8161bfa49_304) | | | [Form 10-K Summary](#iff629c0c67e54d6ca4a249b8161bfa49_304) | | |

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| [124](#iff629c0c67e54d6ca4a249b8161bfa49_310) | | | [Signatures](#iff629c0c67e54d6ca4a249b8161bfa49_310) | | |

Dropped from FY2020

The COVID-19 pandemic continued to impact the global economy and certain of our business; however, our execution during 2021 allowed us to grow our market share, exceed our financial commitments, and strategically position our business for continued success.

Dropped from FY2020

In 2021, we delivered sales growth of 5% to $34.4 billion, led by strong demand in our Warehouse and Workflow Solutions, Productivity Solutions and Services, Advanced Materials, and Commercial Aviation businesses.

Dropped from FY2020

We deepened focus on our three transformation initiatives to actively deploy capital to achieve portfolio optimization, drive a culture of innovation enabling growth, and lead in Environmental, Social, and Governance objectives.

Dropped from FY2020

In executing on these initiatives, we completed four acquisitions, drove growth in sustainable technologies and positively impacted our communities that face continued challenges from the COVID-19 pandemic and other socioeconomic factors.

Dropped from FY2020

Overall, our orders were up 11%, compared to 2020, and we carry a robust backlog of $27.7 billion as of December 31, 2021.

Dropped from FY2020

We continue to monitor and respond to several ongoing macroeconomic factors, including supply chain constraints accompanied by shortages and rising costs for materials and labor.

Dropped from FY2020

We implemented and continue to identify actions to mitigate the effect of these factors and reduce the impact on our businesses.

Dropped from FY2020

| | | | Sales up by 5% to | | | | | | | | | Diluted EPS up by | | | | | | | | | Operating cash flows of | | | | | |

Dropped from FY2020

| | | | $34.4 BILLION | | | | | | | | | 17.7% | | | | | | | | | $6 BILLION | | | | | |

Dropped from FY2020

| | | | led by strong demand in certain of our businesses as result of the recovery from the global recession created by the COVID-19 pandemic | | | | | | | | | reflecting strong earnings in our core businesses and continued deployment of capital for share repurchases | | | | | | | | | as we remain focused on increasing operating cash flows through revenue growth, margin expansion, and improved working capital turnover | | | | | |

Dropped from FY2020

The major products and services, including Honeywell Forge solutions supported by Honeywell Connected Enterprise, customers, uses and key competitors of each of our reportable segments are:

Dropped from FY2020

The backlog previously disclosed as of December 31, 2020, is revised to reflect a prior period correction, which had no impact on our results of operations.

Dropped from FY2020

| | | | | | | | | | | | | | | | | | | | | |

Dropped from FY2020

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Dropped from FY2020

While the current supply chain constraints have not significantly impacted our business, to reduce the impact of current and future disruptions we have implemented short-term and long-term strategies to reduce the impact of current and future disruptions, and digital solutions to manage shortages and prioritize mitigation actions.

Dropped from FY2020

We plan to accomplish this through a combination of innovative investments in energy savings projects, conversion to renewable energy sources, completion of capital improvement projects at our sites, upgrading our fleet of vehicles, and, if necessary, using credible carbon credits.

Dropped from FY2020

We see ourselves as a responsible corporate citizen, leading sustainable change within the global marketplace.

Dropped from FY2020

While we focus on our own sustainability commitments, we seek to partner as an agent of change with our customers around the world through sustainable products, services, and solutions.

Dropped from FY2020

1Available through the Honeywell Partnership Ecosystem.

Dropped from FY2020

HONEYWELL BEHAVIORS

Dropped from FY2020

Training programs are available to all employees through our internal learning and development platform, which assigns curriculum tailored to an employee’s job responsibilities.

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Employees can also access additional trainings on-demand to continue to enhance their skills.

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SELECTED FINANCIAL DATA

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This selected financial data should be read in conjunction with the Company's Consolidated Financial Statements and related Notes included elsewhere in this Annual Report as well as the section Management's Discussion and Analysis of Financial Condition and Results of Operations.

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| | | | (Dollars in millions, except per share amounts) | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Results of Operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Earnings from operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Basic | | | 8.01 | | | | | | 6.79 | | | | | | 8.52 | | | | | | 9.10 | | | | | | 2.03 | | |

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| Assuming dilution | | | 7.91 | | | | | | 6.72 | | | | | | 8.41 | | | | | | 8.98 | | | | | | 2.00 | | |

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| Dividends per share | | | 3.77 | | | | | | 3.63 | | | | | | 3.36 | | | | | | 3.06 | | | | | | 2.74 | | |

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| Balance Sheet Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Short-term debt | | | 5,345 | | | | | | 6,042 | | | | | | 4,892 | | | | | | 6,458 | | | | | | 5,309 | | |

An excerpt. Shown here: 40 of 1,391 rewritten, 40 of 1,003 added and 40 of 424 removed. The counts are complete. For every sentence, read Full document in the FY2022 filing and the FY2020 filing.