---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-304797"
form_type: "8-K"
ticker: "HON"
cik: "0000773840"
company_name: "HONEYWELL INTERNATIONAL INC"
filed_at: "2022-12-14T23:59:59+00:00"
generated_at: "2026-06-21T05:02:11.858597+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Honeywell to pay $1.325B to settle NARCO asbestos obligations; court approves buyout

## Summary
- Bankruptcy Court on Dec 8 approved Amended Buyout Agreement for Honeywell to pay $1.325B lump sum to the NARCO Trust.
- Payment releases Honeywell from all future obligations to fund trust claims and annual operating expenses (~$21M in 2021).
- Closing expected as promptly as practicable after Jan 1, 2023; NARCO channeling injunction remains in effect.
- Honeywell reduces NARCO reserve of $695M and recognizes a Q4 2022 charge, partially offset by ~$300M net proceeds from HWI sale to Platinum Equity.
- Trust's economic rights in HWI sale proceeds inure to Honeywell under the buyout agreement.

## SEC filing metadata
- accession: 0001193125-22-304797
- form_type: 8-K
- ticker: HON
- cik: 0000773840
- company_name: HONEYWELL INTERNATIONAL INC
- filed_at: 2022-12-14T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/773840/000119312522304797/0001193125-22-304797-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/773840/000119312522304797/d400825d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-304797
- JSON: https://secwatch.observer/filing/0001193125-22-304797.json
- Plain text: https://secwatch.observer/filing/0001193125-22-304797.txt

## Key facts
- Material Agreements
  HONEYWELL INTERNATIONAL INC entered into Amended and Restated Buyout Agreement with North American Refractories Asbestos Personal Injury Settlement Trust, NARCO Trust Advisory Committee, Lawrence Fitzpatrick as NARCO Asbestos Future Claimants Representative valued at $1.325 billion (effective 2022-11-20).
  - Action: entry
  - Agreement: settlement
  - Counterparty: North American Refractories Asbestos Personal Injury Settlement Trust, NARCO Trust Advisory Committee, Lawrence Fitzpatrick as NARCO Asbestos Future Claimants Representative
  - Value: $1.325 billion
  - Effective: 2022-11-20
  source text: On November 18, 2022, Honeywell entered into a definitive agreement (the “Buyout Agreement”) with the North American Refractories Asbestos Personal Injury Settlement Trust (the “Trust”), and on November 20, 2022, in exchange for the NARCO Trust Advisory Committee (the “TAC”) and Lawrence Fitzpatrick, in his capacity as the NARCO Asbestos Future Claimants Representative (the “FCR”), becoming parties to the Buyout Agreement, Honeywell, the Trust, the TAC, and the FCR entered into an Amended and Restated Buyout Agreement (the “Amended Buyout Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/773840/000119312522304797/0001193125-22-304797-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.