2012 was a sweet year for Honeywell CEO Cote

• David Cote%27s 2012 pay package valued at %2420.6 million
• Last year%27s package below 2011%2C offset by gains in stock options and shares
• Honeywell shares at new 52-week high this week

2012 was a sweet year for Honeywell International CEO David Cote.

The industrial products, aerospace and auto parts maker valued his compensation at about $20.6 million -- a drop from 2011's $35.2 million. But Cote gained nearly $61 million from previously awarded stock options and shares that vested. That's double the $30.2 million in Cote's 2011 gains from exercising options and vested shares.

The company also said Cote's pension and deferred compensation gained nearly $17 million in value last year.

Honeywell says Cote's compensation reflects the "consistently strong performance of the company" since he was named CEO in February 2002. Last year, sales were up 3% and earnings rose 11% over 2011.

Honewell, part of the Dow Jones Industrial Average's 30 company index, rose nearly 20% in 2012. Shares closed up 90 cents to $72.17 Thursday a new 52-week high.

Cote, 60, previously headed TRW and had served as CEO of General Electric's Appliances division.