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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
__________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _____
Commission file number 1-8974
x2_c93457a01a02.jpg
Honeywell International Inc.
(Exact name of registrant as specified in its charter)
Delaware22-2640650
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
855 South Mint Street28202
Charlotte,North Carolina
(Address of principal executive offices)(Zip Code)
(704)627-6200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1 per shareHONThe Nasdaq Stock Market LLC
3.500% Senior Notes due 2027HON 27The Nasdaq Stock Market LLC
2.250% Senior Notes due 2028HON 28AThe Nasdaq Stock Market LLC
3.375% Senior Notes due 2030HON 30The Nasdaq Stock Market LLC
0.750% Senior Notes due 2032HON 32The Nasdaq Stock Market LLC
3.750% Senior Notes due 2032HON 32AThe Nasdaq Stock Market LLC
4.125% Senior Notes due 2034HON 34The Nasdaq Stock Market LLC
3.750% Senior Notes due 2036HON 36The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer
Smaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x
There were 651,185,513 shares of Common Stock outstanding at March 31, 2024.



TABLE OF CONTENTS
PART I
ITEM 1
Consolidated Balance Sheet (unaudited) – March 31, 2024, and December 31, 2023
ITEM 2
ITEM 3
ITEM 4
PART II
ITEM 1
ITEM 1A
ITEM 2
ITEM 4
ITEM 5
ITEM 6
 



CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
We describe many of the trends and other factors that drive our business and future results in the section titled Management’s Discussion and Analysis of Financial Condition and Results of Operations and in other parts of this report (including Part II, Item 1A Risk Factors). Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this Form 10-Q can or will be achieved. These forward-looking statements should be considered in light of the information included in this report and our other filings with the Securities and Exchange Commission (SEC), including, without limitation, the Risk Factors, as well as the description of trends and other factors in Management’s Discussion and Analysis of Financial Condition and Results of Operations, set forth in this report and our 2023 Annual Report on Form 10-K. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
1    Honeywell International Inc.

ABOUT HONEYWELL
Honeywell International Inc. (Honeywell, we, us, our, or the Company) is an integrated operating company serving a broad range of industries and geographies around the world. Our portfolio of solutions is uniquely positioned to blend physical products with software to serve customers worldwide with aerospace products and services, energy efficient products and solutions for businesses, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and productivity, sensing, safety, and security technologies for buildings and industries. Our products and solutions enable a safer, more comfortable, and more productive world, enhancing the quality of life of people around the globe. The Honeywell brand dates back to 1906, and the Company was incorporated in Delaware in 1985.
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 Investor Relations website (investor.honeywell.com) under the heading Financials (see SEC Filings) immediately after they are filed with, or furnished to, the SEC. Honeywell uses our Investor Relations website, along with press releases on our primary Honeywell website (honeywell.com) under the heading News, 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. Accordingly, investors should monitor our Investor Relations website and Honeywell News feed, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. Information contained on or accessible through, including any reports available on, our website is not a part of, and is not incorporated by reference into, this Quarterly Report on Form 10-Q or any other report or document we file with the SEC. Any reference to our website in this Form 10-Q is intended to be an inactive textual reference only.
2    Honeywell International Inc.

PART I. FINANCIAL INFORMATION
The financial statements and related notes as of March 31, 2024, should be read in conjunction with the financial statements for the year ended December 31, 2023, contained in the Company's 2023 Annual Report on Form 10-K.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 Three Months Ended March 31,
20242023
 (Dollars in millions, except per share amounts)
Product sales$6,263 $6,310 
Service sales2,842 2,554 
Net sales9,105 8,864 
Costs, expenses and other
Cost of products sold4,035 4,068 
Cost of services sold1,548 1,430 
Total Cost of products and services sold5,583 5,498 
Research and development expenses360 357 
Selling, general and administrative expenses1,302 1,317 
Other (income) expense(231)(260)
Interest and other financial charges220 170 
Total costs, expenses and other7,234 7,082 
Income before taxes1,871 1,782 
Tax expense396 374 
Net income1,475 1,408 
Less: Net income attributable to noncontrolling interest12 14 
Net income attributable to Honeywell$1,463 $1,394 
Earnings per share of common stock—basic$2.24 $2.09 
Earnings per share of common stock—assuming dilution$2.23 $2.07 

The Notes to Consolidated Financial Statements are an integral part of this statement.

3    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended March 31,
20242023
 (Dollars in millions)
Net income$1,475 $1,408 
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment54 (58)
Pension and other postretirement benefit adjustments(5)(12)
Changes in fair value of available for sale investments (6)
Cash flow hedges recognized in other comprehensive income (loss)18 16 
Less: Reclassification adjustment for gains (losses) included in net income4 2 
Changes in fair value of cash flow hedges14 14 
Other comprehensive income (loss), net of tax63 (62)
Comprehensive income1,538 1,346 
Less: Comprehensive income (loss) attributable to the noncontrolling interest(12)15 
Comprehensive income attributable to Honeywell$1,550 $1,331 

The Notes to Consolidated Financial Statements are an integral part of this statement.

4    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
 March 31, 2024December 31, 2023
 (Dollars in millions)
ASSETS 
Current assets  
Cash and cash equivalents$11,756 $7,925 
Short-term investments249 170 
Accounts receivable, less allowances of $324 and $323, respectively
7,476 7,530 
Inventories6,318 6,178 
Other current assets1,635 1,699 
Total current assets27,434 23,502 
Investments and long-term receivables975 939 
Property, plant and equipment—net5,698 5,660 
Goodwill17,985 18,049 
Other intangible assets—net3,136 3,231 
Insurance recoveries for asbestos-related liabilities164 170 
Deferred income taxes374 392 
Other assets9,879 9,582 
Total assets$65,645 $61,525 
LIABILITIES
Current liabilities
Accounts payable$6,468 $6,849 
Commercial paper and other short-term borrowings1,819 2,085 
Current maturities of long-term debt1,254 1,796 
Accrued liabilities6,947 7,809 
Total current liabilities16,488 18,539 
Long-term debt22,183 16,562 
Deferred income taxes2,063 2,094 
Postretirement benefit obligations other than pensions129 134 
Asbestos-related liabilities1,467 1,490 
Other liabilities6,263 6,265 
Redeemable noncontrolling interest7 7 
SHAREOWNERS’ EQUITY
Capital—common stock issued958 958 
—additional paid-in capital9,353 9,062 
Common stock held in treasury, at cost(38,544)(38,008)
Accumulated other comprehensive income (loss)(4,048)(4,135)
Retained earnings48,735 47,979 
Total Honeywell shareowners’ equity16,454 15,856 
Noncontrolling interest591 578 
Total shareowners’ equity17,045 16,434 
Total liabilities, redeemable noncontrolling interest and shareowners’ equity$65,645 $61,525 

The Notes to Consolidated Financial Statements are an integral part of this statement.

5    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
 Three Months Ended March 31,
 20242023
 (Dollars in millions)
Cash flows from operating activities  
Net income$1,475 $1,408 
Less: Net income attributable to noncontrolling interest
12 14 
Net income attributable to Honeywell1,463 1,394 
Adjustments to reconcile net income attributable to Honeywell to net cash provided by (used for) operating activities
Depreciation166 161 
Amortization125 122 
Repositioning and other charges93 141 
Net payments for repositioning and other charges(124)(41)
NARCO Buyout payment (1,325)
Pension and other postretirement income(151)(136)
Pension and other postretirement benefit payments(8)(15)
Stock compensation expense53 59 
Deferred income taxes3 225 
Other(163)(350)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures
Accounts receivable53 (422)
Inventories(140)(238)
Other current assets64 110 
Accounts payable(381)114 
Accrued liabilities(605)(583)
Net cash provided by (used for) operating activities448 (784)
Cash flows from investing activities
Capital expenditures(233)(193)
Proceeds from disposals of property, plant and equipment 11 
Increase in investments(238)(226)
Decrease in investments155 386 
Receipts (payments) from settlements of derivative contracts43 (7)
Net cash used for investing activities(273)(29)
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings2,223 4,105 
Payments of commercial paper and other short-term borrowings(2,470)(3,294)
Proceeds from issuance of common stock144 37 
Proceeds from issuance of long-term debt5,710  
Payments of long-term debt(573)(1,363)
Repurchases of common stock(671)(699)
Cash dividends paid(703)(725)
Other36 (34)
Net cash provided by (used for) financing activities3,696 (1,973)
Effect of foreign exchange rate changes on cash and cash equivalents(40)28 
Net increase (decrease) in cash and cash equivalents
3,831 (2,758)
Cash and cash equivalents at beginning of period7,925 9,627 
Cash and cash equivalents at end of period$11,756 $6,869 

The Notes to Consolidated Financial Statements are an integral part of this statement.

6    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF SHAREOWNERS' EQUITY
(Unaudited)
 Three Months Ended March 31,
20242023
Shares$Shares$
 
(In millions, except per share amounts)
Common stock, par value957.6 958 957.6 958 
Additional paid-in capital
Beginning balance9,062 8,564 
Issued for employee savings and option plans202 151 
Stock compensation expense 53 59 
Impact of Quantinuum contribution36  
Ending balance9,353 8,774 
Treasury stock
Beginning balance(305.8)(38,008)(290.0)(34,443)
Reacquired stock or repurchases of common stock(3.4)(671)(3.5)(699)
Issued for employee savings and option plans2.8 135 1.6 70 
Ending balance(306.4)(38,544)(291.9)(35,072)
Retained earnings
Beginning balance47,979 45,093 
Net income attributable to Honeywell1,463 1,394 
Dividends on common stock(707)(690)
Ending balance48,735 45,797 
Accumulated other comprehensive income (loss)
Beginning balance(4,135)(3,475)
Foreign exchange translation adjustment78 (59)
Pension and other postretirement benefit adjustments(5)(12)
Changes in fair value of available for sale investments (6)
Changes in fair value of cash flow hedges14 14 
Ending balance(4,048)(3,538)
Noncontrolling interest
Beginning balance578 622 
Net income attributable to noncontrolling interest12 14 
Foreign exchange translation adjustment(24)1 
Dividends paid(4)(41)
Contributions from noncontrolling interest holders29  
Ending balance591 596 
Total shareowners' equity651.2 17,045 665.7 17,515 
Cash dividends per share of common stock$1.08 $1.03 

The Notes to Consolidated Financial Statements are an integral part of this statement.

7    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 1. BASIS OF PRESENTATION
In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments necessary to present fairly the financial position, results of operations, cash flows, and shareowners' equity of Honeywell International Inc. and its consolidated subsidiaries (Honeywell or the Company) for the periods presented. The interim results of operations and cash flows should not necessarily be taken as indicative of the entire year.
Honeywell reports its quarterly financial information using a calendar convention; the first, second, and third quarters are consistently reported as ending on March 31, June 30, and September 30, respectively. It is Honeywell's practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires Honeywell's businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on the Company's business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. In the event differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, Honeywell will provide appropriate disclosures. Honeywell's actual closing dates for the three months ended March 31, 2024, and 2023, were March 30, 2024, and April 1, 2023, respectively.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Company are set forth in Note 1 Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements in the Company’s 2023 Annual Report on Form 10-K. The Company includes herein certain updates to those policies.
RECLASSIFICATIONS
Certain prior year amounts are reclassified to conform to the current year presentation.
During the first quarter of 2024, the Company realigned certain of its business units as reflected in Note 18 Segment Financial Data, which impacted the composition of its reportable segments. The Company recast historical periods to reflect this change in segment presentation.
SUPPLY CHAIN FINANCING
Amounts outstanding related to supply chain financing programs are included in Accounts payable in the Consolidated Balance Sheet. Accounts payable included approximately $1,029 million and $1,112 million as of March 31, 2024, and December 31, 2023, respectively. The impact of these programs is not material to the Company's overall liquidity.
RECENT ACCOUNTING PRONOUNCEMENTS
The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires companies to enhance the disclosures about segment expenses. The new standard requires the disclosure of the Company’s Chief Operating Decision Maker (CODM), expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making, and the inclusion of previous annual only segment disclosure requirements on a quarterly basis. This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements.
8    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Topic 405): Disclosure of Supplier Finance Program Obligations, to enhance the transparency of supplier finance programs. The new standard requires annual disclosure of the key terms of the program, a description of where in the financial statements amounts outstanding under the program are presented, a rollforward of such amounts, and interim disclosure of amounts outstanding as of the end of each period. The guidance does not affect recognition, measurement, or financial statement presentation of supplier finance programs. The ASU is effective on January 1, 2023, except for the rollforward, which is effective on January 1, 2024, for annual disclosures. The Company adopted this guidance on January 1, 2023, with the exception of the rollforward adopted on January 1, 2024. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, to expand the scope of this guidance to include derivatives. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022, to December 31, 2024. The Company will apply the guidance to impacted transactions during the transition period. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements.
NOTE 3. ACQUISITIONS AND DIVESTITURES
ACQUISITIONS
On March 27, 2024, the Company announced its intention to acquire Civitanavi Systems S.p.A. in an all-cash transaction for approximately €200 million. The transaction is not subject to any financing condition but is subject to regulatory review and approval, the tender into the offer of at least 95% of Civitanavi Systems S.p.A.’s outstanding shares, and customary closing conditions. The transaction is expected to close by the end of the third quarter of 2024 and the business will be reported within the Aerospace Technologies reportable business segment.
On December 8, 2023, the Company agreed to acquire Carrier Global Corporation's Global Access Solutions business in an all-cash transaction for $5.0 billion. The transaction is subject to regulatory review and approval and customary closing conditions. The transaction is expected to close by the end of the third quarter of 2024, and the business will be reported within the Building Automation reportable business segment.
On August 25, 2023, the Company acquired 100% of the outstanding equity interests of SCADAfence, a provider of operational technology and Internet of Things cybersecurity solutions for monitoring large scale networks, for total consideration of $52 million, net of cash acquired. The business is included in the Industrial Automation reportable business segment. The assets and liabilities acquired with SCADAfence are included in the Consolidated Balance Sheet as of March 31, 2024, including $17 million of intangible assets and $42 million of goodwill, which is not deductible for tax purposes. The purchase accounting is subject to final adjustment, primarily for the value of intangible assets, amounts allocated to goodwill, and tax balances.
On June 30, 2023, the Company acquired 100% of the outstanding equity interests of Compressor Controls Corporation, a turbomachinery services and controls company based in the United States, for total cash consideration of $673 million, net of cash acquired. The business is included in the Industrial Automation reportable business segment. The assets and liabilities acquired with Compressor Controls Corporation are included in the Consolidated Balance Sheet as of March 31, 2024, including $282 million of intangible assets and $350 million allocated to goodwill, which is deductible for tax purposes. The identifiable intangible assets primarily include customer relationships amortized over an estimated life of 15 years using an excess earnings amortization method. The purchase accounting is subject to final adjustment, primarily for the valuation of intangible assets, amounts allocated to goodwill, and tax balances.
DIVESTITURES
For the three months ended March 31, 2024, there were no significant divestitures that closed individually or in the aggregate.
9    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 4. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
The Company has a comprehensive offering of products and services, including software and technologies, that are sold to a variety of customers in multiple end markets. See the following disaggregated revenue table and related discussions by reportable business segment for details:
 Three Months Ended March 31,
20242023
Aerospace Technologies
Commercial Aviation Original Equipment$674 $541 
Commercial Aviation Aftermarket1,659 1,423 
Defense and Space1,336 1,147 
Net Aerospace Technologies sales3,669 3,111 
Industrial Automation
Sensing and Safety Technologies633 690 
Productivity Solutions and Services322 361 
Process Solutions1,313 1,288 
Warehouse and Workflow Solutions210 464 
Net Industrial Automation sales2,478 2,803 
Building Automation
Products813 908 
Building Solutions613 579 
Net Building Automation sales1,426 1,487 
Energy and Sustainability Solutions
UOP577 565 
Advanced Materials948 896 
Net Energy and Sustainability Solutions sales1,525 1,461 
Corporate and All Other7 2 
Net sales$9,105 $8,864 
Aerospace Technologies – A global supplier of products, software, and services for aircrafts that it sells to original equipment manufacturers (OEM) and other customers in a variety of end markets including air transport, regional, business and general aviation aircraft, airlines, aircraft operators, and defense and space contractors. Aerospace Technologies products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics, wireless connectivity services, electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, management and technical services, advanced systems and instruments, satellite and space components, aircraft wheels and brakes, and thermal systems. Aerospace Technologies also provides spare parts, repair, overhaul, and maintenance services (principally to aircraft operators), and sells licenses or intellectual property to other parties. Honeywell Forge solutions enable customers to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient.
Industrial Automation – A global provider of industrial automation solutions that deliver intelligent, sustainable, and secure operations for customers in oil and gas, petrochemicals, life sciences, metals and mining, and warehouse and logistics segments. With millions of installed assets, Industrial Automation deploys outcome-based solutions to increase asset utilization; improve operational efficiency and labor productivity; reduce carbon emissions with less energy consumption; and enhance cyber security for critical infrastructure and operational assets. Industrial Automation offerings include automation control and instrumentation products and services; smart energy products; sensing technologies with an array of custom-engineered sensors and services; gas detection technologies and personal protective equipment; and system design, advanced automation equipment, software and analytics for manufacturing, distribution and fulfillment operations. These products and services are combined with proprietary machine learning and artificial intelligence algorithms in products and projects which are digitally enabled through our industry leading industrial Internet of Things (IoT) platform, Honeywell Forge.
10    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
Building Automation – A global provider of products, software, solutions, and technologies that enable building owners and occupants to ensure their facilities are safe, energy efficient, sustainable, and productive. Building Automation products and services include advanced software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and upgrades of systems. Honeywell Forge solutions enable customers to digitally manage buildings, connecting data from different assets to enable smart maintenance, improve building performance, and even protect from incoming security threats.
Energy and Sustainability Solutions – A global provider of industry leading technology, processing, and licensing capabilities combined with material science capabilities and innovative chemistry to offer focused solutions that are integral to facilitating the world's energy transition. The reportable business segment is comprised of UOP and Advanced Materials business units. The UOP business provides sustainable aviation fuels, petrochemical and refining technologies, and carbon management solutions across multiple sectors through process technology solutions, products, including catalysts and adsorbents, equipment and aftermarket services. The Advanced Materials business provides customers with its Solstice lower global warming potential refrigeration and heating solutions, Spectra fibers for high end protective armor and medical applications, and leading-edge semiconductor materials. Honeywell Forge solutions serve customer asset productivity and efficiency needs by providing connectivity, data integration, and software solutions to generate a holistic view of their operations.
Corporate and All Other Corporate and All Other includes revenue from Honeywell's majority-owned investment in Quantinuum. Through Quantinuum, Honeywell provides a wide range of service offerings of fully integrated quantum computing hardware and software solutions.
For a summary by disaggregated product and services sales for each reportable business segment, refer to Note 18 Segment Financial Data.
The Company recognizes revenue arising from performance obligations outlined in contracts with its customers that are satisfied at a point in time and over time. The disaggregation of the Company's revenue based off timing of recognition is as follows:
Three Months Ended March 31,
20242023
Products, transferred point in time58 %58 %
Products, transferred over time11 13 
Net product sales69 71 
Services, transferred point in time5 9 
Services, transferred over time26 20 
Net service sales31 29 
Net sales100 %100 %
CONTRACT BALANCES
The Company tracks progress on satisfying performance obligations under contracts with customers. The related billings and cash collections are recorded in the Consolidated Balance Sheet in Accounts receivable—net and Other assets (unbilled receivables (contract assets) and billed receivables), and Accrued liabilities and Other liabilities (customer advances and deposits (contract liabilities)). Unbilled receivables arise when the timing of cash collected from customers differs from the timing of revenue recognition, such as when contract provisions require specific milestones to be met before a customer can be billed. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Contract liabilities are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities are derecognized when revenue is recorded, either when a milestone is met triggering the contractual right to bill or when the performance obligation is satisfied.
Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period.
11    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
The following table summarizes the Company's contract assets and liabilities balances:
 20242023
Contract assets—January 1$2,013 $2,294 
Contract assets—March 311,939 2,453 
Change in contract assets—increase (decrease)$(74)$159 
Contract liabilities—January 1$(4,326)$(4,583)
Contract liabilities—March 31(4,005)(4,291)
Change in contract liabilities—decrease (increase)$321 $292 
Net change$247 $451 
For the three months ended March 31, 2024, and 2023, the Company recognized revenue of $993 million and $953 million, respectively, that was previously included in the beginning balance of contract liabilities.
Contract assets included $1,869 million and $1,949 million of unbilled balances under long-term contracts as of March 31, 2024, and December 31, 2023, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate.
When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications for goods or services and not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively.
PERFORMANCE OBLIGATIONS
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. When the Company's contracts with customers require highly complex integration or manufacturing services that are not separately identifiable from other promises in the contracts and, therefore, not distinct, then the entire contract is accounted for as a single performance obligation. In situations when the Company's contracts include distinct goods or services that are substantially the same and have the same pattern of transfer to the customer over time, they are recognized as a series of distinct goods or services. For any contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on the estimated relative stand-alone selling price of each distinct good or service in the contract. For product sales, each product sold to a customer typically represents a distinct performance obligation. In such cases, the observable stand-alone sales are used to determine the stand-alone selling price.
Performance obligations are satisfied as of a point in time or over time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract.
12    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
The following table outlines the Company's remaining performance obligations disaggregated by reportable business segment:
 March 31, 2024
Aerospace Technologies$14,387 
Industrial Automation6,175 
Building Automation6,983 
Energy and Sustainability Solutions4,418 
Corporate and All Other1
49 
Total performance obligations$32,012 
1
The remaining performance obligations within Corporate and All Other relate to the Quantinuum business.
Performance obligations recognized as of March 31, 2024, will be satisfied over the course of future periods. The Company's disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. Performance obligations expected to be satisfied within one year and greater than one year are 55% and 45%, respectively.
The timing of satisfaction of the Company's performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of the Company's fixed price over time contracts include progress payments based on specified events or milestones or based on project progress. For some contracts, the Company may be entitled to receive an advance payment.
The Company applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount the Company has the right to invoice for services performed.
NOTE 5. REPOSITIONING AND OTHER CHARGES
A summary of net repositioning and other charges follows:
Three Months Ended March 31,
 20242023
Severance$33 $67 
Asset impairments1 12 
Exit costs15 24 
Reserve adjustments(15)(5)
Total net repositioning charges34 98 
Asbestos-related charges, net of insurance and reimbursements18 21 
Probable and reasonably estimable environmental liabilities, net of reimbursements24 22 
Other charges17  
Total net repositioning and other charges$93 $141 
The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations:
 Three Months Ended March 31,
 20242023
Cost of products and services sold$58 $80 
Selling, general and administrative expenses18 65 
Other (income) expense17 (4)
Total net repositioning and other charges$93 $141 
13    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
The following table summarizes the pre-tax amount of total net repositioning and other charges by reportable business segment. These amounts are excluded from segment profit as described in Note 18 Segment Financial Data:
Three Months Ended March 31,
 20242023
Aerospace Technologies$5 $3 
Industrial Automation17 48 
Building Automation4 27 
Energy and Sustainability Solutions18 11 
Corporate and All Other49 52 
Total net repositioning and other charges$93 $141 
NET REPOSITIONING CHARGES
In the three months ended March 31, 2024, the Company recognized gross repositioning charges totaling $49 million, including severance costs of $33 million related to workforce reductions of 1,362 manufacturing and administrative positions primarily in the Company's Industrial Automation and Building Automation reportable business segments. The workforce reductions were related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $1 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $15 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation reportable business segment and corporate functions. Also, $15 million of previously established reserves, primarily for severance, were returned to income due to higher-than-expected voluntary exits and adjustments to the scope of previously announced repositioning actions.
In the three months ended March 31, 2023, the Company recognized repositioning charges totaling $103 million, including severance costs of $67 million related to workforce reductions of 1,797 manufacturing and administrative positions mainly in the Company's Building Automation and Industrial Automation reportable business segments. The workforce reductions were related to the Company's productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $12 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $24 million related to current period costs incurred for closure obligations associated with site transitions across all of the Company's reportable business segments.
The following table summarizes the status of the Company's total repositioning reserves:
Severance
Costs
Asset
Impairments
Exit
Costs
Total
Balance at December 31, 2023
$188 $ $91 $279 
Charges33 1 15 49 
Usage—cash(22) (28)(50)
Usage—noncash    
Foreign currency translation(3)  (3)
Adjustments(9)(1)(5)(15)
Balance at March 31, 2024
$187 $ $73 $260 
Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in the three months ended March 31, 2024, and 2023, were $12 million and $10 million, respectively.
OTHER CHARGES
During the three months ended March 31, 2024, the Company recognized Other charges of $17 million related to the settlement of a contractual dispute with a Russian entity associated with the Company's suspension and wind down activities in Russia. The charges were recorded in Other (income) expense in the Consolidated Statement of Operations.
14    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
Given the uncertainty inherent in the Company's remaining obligations related to contracts with Russian counterparties, the Company does not believe it is possible to develop estimates of reasonably possible loss in excess of current accruals for these matters (other than as specifically set forth above). Based on available information to date, the Company’s estimate of potential future losses or other contingencies related to the wind down of activities, including any guarantee payments or any litigation costs or as otherwise related to the Company's wind down in Russia, could adversely affect the Company's consolidated results of operations in the periods recognized but would not be material with respect to the Company's consolidated financial position. See Note 15 Commitments and Contingencies for a discussion of the recognition and measurement of estimate for contingencies.
NOTE 6. INCOME TAXES
The effective tax rate was higher than the U.S. federal statutory rate of 21% and increased during 2024 compared to 2023 as a result of incremental tax expense from reduced tax reserve activity, partially offset by increased tax benefits from employee-share based compensation and other accrued taxes.
NOTE 7. INVENTORIES
 March 31, 2024December 31, 2023
Raw materials$1,500 $1,704 
Work in process1,314 1,217 
Finished products3,504 3,257 
Total Inventories$6,318 $6,178 
NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS—NET
The following table summarizes the change in the carrying amount of goodwill for the three months ended March 31, 2024, by reportable business segment:
December 31, 2023Acquisitions/
Divestitures
Currency
Translation
Adjustment
March 31, 2024
Aerospace Technologies
$2,386 $ $(3)$2,383 
Industrial Automation
9,650  (38)9,612 
Building Automation
3,380  (20)3,360 
Energy and Sustainability Solutions
1,727  (2)1,725 
Corporate and All Other906  (1)905 
Total Goodwill$18,049 $ $(64)$17,985 
15    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
Other intangible assets are comprised of:
 March 31, 2024December 31, 2023
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Definite-life intangibles
      
Patents and technology$2,390 $(1,851)$539 $2,399 $(1,837)$562 
Customer relationships4,153 (2,619)1,534 4,199 (2,601)1,598 
Trademarks357 (287)70 362 (284)78 
Other299 (277)22 299 (277)22 
Total definite-life intangibles—net
7,199 (5,034)2,165 7,259 (4,999)2,260 
Indefinite-life intangibles
Trademarks971 — 971 971 — 971 
Total Other intangible assets—net$8,170 $(5,034)$3,136 $8,230 $(4,999)$3,231 
Other intangible assets amortization includes $70 million and $68 million of acquisition-related intangible amortization expense for the three months ended March 31, 2024, and 2023, respectively.
16    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 9. LONG-TERM DEBT AND CREDIT AGREEMENTS
 March 31, 2024December 31, 2023
0.00% Euro notes due 2024
$ $547 
2.30% notes due 2024
750 750 
4.85% notes due 2024
400 400 
1.35% notes due 2025
1,250 1,250 
2.50% notes due 2026
1,500 1,500 
1.10% notes due 2027
1,000 1,000 
3.50% Euro notes due 2027
703 711 
4.95% notes due 2028
500 500 
2.25% Euro notes due 2028
811 820 
4.25% notes due 2029
750 750 
2.70% notes due 2029
750 750 
4.875% notes due 2029
500  
3.375% Euro notes due 2030
811  
1.95% notes due 2030
1,000 1,000 
4.95% notes due 2031
500  
1.75% notes due 2031
1,500 1,500 
0.75% Euro notes due 2032
541 547 
3.75% Euro notes due 2032
541 547 
5.00% notes due 2033
1,100 1,100 
4.50% notes due 2034
1,000 1,000 
4.125% Euro notes due 2034
1,082 1,094 
5.00% notes due 2035
750  
3.75% Euro notes due 2036
811  
5.70% notes due 2036
441 441 
5.70% notes due 2037
462 462 
5.375% notes due 2041
417 417 
3.812% notes due 2047
442 442 
2.80% notes due 2050
750 750 
5.25% notes due 2054
1,750  
5.35% notes due 2064
650  
Industrial development bond obligations, floating rate maturing at various dates through 2037
22 22 
6.625% debentures due 2028
201 201 
9.065% debentures due 2033
51 51 
Other (including capitalized leases), 6.5% weighted average interest rate maturing at various dates through 2029
213 217 
Fair value of hedging instruments(208)(166)
Debt issuance costs(304)(245)
Total Long-term debt and current related maturities23,437 18,358 
Less: Current maturities of long-term debt1,254 1,796 
Total Long-term debt$22,183 $16,562 
17    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
On March 1, 2024, the Company issued $500 million 4.875% Senior Notes due 2029, $500 million 4.95% Senior Notes due 2031, $750 million 5.00% Senior Notes due 2035, $1.75 billion 5.25% Senior Notes due 2054, and $650 million 5.35% Senior Notes due 2064 (collectively, the 2024 USD Notes). The Company may redeem the 2024 USD Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $4.2 billion, offset by $44 million in discount and closing costs related to the offering.
On March 1, 2024, the Company issued €750 million 3.375% Senior Notes due 2030 and €750 million 3.75% Senior Notes due 2036 (collectively, the 2024 Euro Notes). The Company may redeem the 2024 Euro Notes at any time, and from time to time, in whole or in part, at the Company's option at the applicable redemption price. The offering provided gross proceeds of $1.6 billion, offset by $21 million in discount and closing costs related to the offering.
The 2024 USD Notes and 2024 Euro Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. The Company intends to use the proceeds from the issuances for general corporate purposes, which may include, among other things, the repayment of outstanding debt and financing of possible acquisitions or business expansion.
On March 11, 2024, the Company repaid its 0.00% Euro notes due 2024.
On March 18, 2024, the Company entered into a $1.5 billion 364-day credit agreement (the 364-Day Credit Agreement) and a $4.0 billion amended and restated five-year credit agreement (the 5-Year Credit Agreement). The 364-Day Credit Agreement replaced the $1.5 billion 364-day credit agreement dated as of March 20, 2023, which was terminated in accordance with its terms effective March 18, 2024. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than March 17, 2025, unless (i) Honeywell elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 17, 2026, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms. The 5-Year Credit Agreement amended and restated the previously reported $4.0 billion amended and restated five-year credit agreement dated as of March 20, 2023. Commitments under the 5-Year Credit Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion. The 364-Day Credit Agreement and 5-Year Credit Agreement are maintained for general corporate purposes.
As of March 31, 2024, there were no outstanding borrowings under the 364-Day Credit Agreement or the 5-Year Credit Agreement.
NOTE 10. LEASES
The Company's operating and finance lease portfolio is described in Note 10 Leases of Notes to Consolidated Financial Statements in the Company's 2023 Annual Report on Form 10-K.
Supplemental cash flow information related to leases was as follows:
Three Months Ended March 31,
20242023
Right-of-use assets obtained in exchange for lease obligations
Operating leases$58 $20 
Finance leases24 31 
18    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
Supplemental balance sheet information related to leases was as follows:
March 31, 2024December 31, 2023
Operating leases
Other assets$1,007 $1,004 
Accrued liabilities196 196 
Other liabilities902 897 
Total operating lease liabilities1,098 1,093 
Finance leases
Property, plant and equipment404 402 
Accumulated depreciation(211)(204)
Property, plant and equipment—net193 198 
Current maturities of long-term debt88 86 
Long-term debt89 99 
Total finance lease liabilities$177 $185 
NOTE 11. DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS
Honeywell's foreign currency, interest rate, credit, and commodity price risk management policies are described in Note 11 Derivative Instruments and Hedging Transactions of Notes to Consolidated Financial Statements in the Company's 2023 Annual Report on Form 10-K.
The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the Consolidated Balance Sheet:
NotionalFair Value AssetFair Value (Liability)
March 31, 2024December 31, 2023March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Derivatives in fair value hedging relationships   
Interest rate swap agreements$4,702 $4,717 $ $18 $(208)$(184)
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts742 712 42 28 (1)(4)
Commodity contracts4 6    (1)
Derivatives in net investment hedging relationships
Cross currency swap agreements5,864 4,264 4  (72)(145)
Total derivatives designated as hedging instruments11,312 9,699 46 46 (281)(334)
Derivatives not designated as hedging instruments
Foreign currency exchange contracts11,119 8,198 8 7 (18)(5)
Total derivatives at fair value$22,431 $17,897 $54 $53 $(299)$(339)
All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Accrued liabilities or Other liabilities.
In addition to the foreign currency derivative contracts designated as net investment hedges, certain of the Company's foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $7,118 million and $6,099 million as of March 31, 2024, and December 31, 2023, respectively.
19    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:
Carrying Amount of Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Long-term debt$4,494 $4,551 $(208)$(166)
The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:
Three Months Ended March 31, 2024
Net SalesCost of
Products Sold
Cost of
Services Sold
Selling,
General and
Administrative
Expenses
Other
(Income)
Expense
Interest and Other
Financial Charges
$9,105 $4,035 $1,548 $1,302 $(231)$220 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income1 2 1 1   
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items     42 
Derivatives designated as hedges     (42)
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts    23  
Three Months Ended March 31, 2023
Net SalesCost of
Products Sold
Cost of
Services Sold
Selling,
General and
Administrative
Expenses
Other
(Income)
Expense
Interest and Other
Financial Charges
$8,864 $4,068 $1,430 $1,317 $(260)$170 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income1 3 1 1