honeywell international inc. (LON:HON) Files An 8-K Results of Operations and Financial ConditionITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
In the third quarter of 2018, Honeywell International Inc. (the “Company”) revised its accounting to correct the time period associated with the determination of appropriate accruals for the legacy Bendix asbestos-related liability for unasserted claims. The prior accounting treatment applied a five-year time horizon; the revised treatment reflects the full term of epidemiological projections through 2059. Previously issued financial statements have been revised for this correction.
On January 1, 2018, we retrospectively adopted the new accounting guidance on presentation of net periodic pension costs. Following the adoption of this standard, we continue to record the service cost component of Pension ongoing (income) expense in Cost of products and service sold and Selling, general and administrative expenses. The remaining components of net benefit costs within pension ongoing (income) expense, primarily interest costs and assumed return on plan assets, are now recorded in Other (income) expense. Prior year amounts have been reclassified to conform to the current year presentation.
The impact of the above revision and retrospective adoption on the Company’s previously reported consolidated balance sheets and consolidated statement of operations are presented in Exhibit 99 filed herewith.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
HONEYWELL INTERNATIONAL INC ExhibitEX-99 2 c92180_ex99.htm Exhibit 99 Honeywell International Inc. Consolidated Statement of Operations (Unaudited) Year Ended December 31,…To view the full exhibit click