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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 September 30, 2023
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
0.000% Senior Notes due 2024HON 24AThe 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
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
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 659,250,644 shares of Common Stock outstanding at September 30, 2023.



TABLE OF CONTENTS
PART I
ITEM 1
Consolidated Balance Sheet (unaudited) – September 30, 2023, and December 31, 2022
Consolidated Statement of Cash Flows (unaudited) – Nine Months Ended September 30, 2023, and 2022
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 2022 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 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, 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 September 30, 2023, should be read in conjunction with the financial statements for the year ended December 31, 2022, contained in the Company's 2022 Annual Report on Form 10-K.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
 (Dollars in millions, except per share amounts)
Product sales$6,294 $6,588 $19,045 $19,404 
Service sales2,918 2,363 8,177 6,876 
Net sales9,212 8,951 27,222 26,280 
Costs, expenses and other
Cost of products sold4,090 4,286 12,291 12,674 
Cost of services sold1,580 1,308 4,503 3,904 
Total Cost of products and services sold5,670 5,594 16,794 16,578 
Research and development expenses364 387 1,096 1,123 
Selling, general and administrative expenses1,252 1,228 3,831 3,965 
Other (income) expense(247)(337)(715)(846)
Interest and other financial charges206 98 563 270 
Total costs, expenses and other7,245 6,970 21,569 21,090 
Income before taxes1,967 1,981 5,653 5,190 
Tax expense452 432 1,229 1,244 
Net income1,515 1,549 4,424 3,946 
Less: Net income (loss) attributable to noncontrolling interest1 (3)29 (1)
Net income attributable to Honeywell$1,514 $1,552 $4,395 $3,947 
Earnings per share of common stock—basic$2.29 $2.30 $6.61 $5.81 
Earnings per share of common stock—assuming dilution$2.27 $2.28 $6.56 $5.76 
    

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 September 30,Nine Months Ended September 30,
2023202220232022
 (Dollars in millions)
Net income$1,515 $1,549 $4,424 $3,946 
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment59 (423)(76)(399)
Pension and other postretirement benefit adjustments(14)(10)(38)(44)
Changes in fair value of available for sale investments 2 3 (7)
Cash flow hedges recognized in other comprehensive income (loss)29 27 59 66 
Less: Reclassification adjustment for gains included in net income17 23 30 38 
Changes in fair value of cash flow hedges12 4 29 28 
Other comprehensive income (loss), net of tax57 (427)(82)(422)
Comprehensive income1,572 1,122 4,342 3,524 
Less: Comprehensive income (loss) attributable to the noncontrolling interest(2)(17)23 (22)
Comprehensive income attributable to Honeywell$1,574 $1,139 $4,319 $3,546 

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

4    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
 September 30, 2023December 31, 2022
 (Dollars in millions)
ASSETS 
Current assets  
Cash and cash equivalents$7,770 $9,627 
Short-term investments164 483 
Accounts receivable, less allowances of $342 and $326, respectively
7,833 7,440 
Inventories6,000 5,538 
Other current assets1,553 1,894 
Total current assets23,320 24,982 
Investments and long-term receivables895 945 
Property, plant and equipment—net5,486 5,471 
Goodwill17,793 17,497 
Other intangible assets—net3,310 3,222 
Insurance recoveries for asbestos-related liabilities200 224 
Deferred income taxes377 421 
Other assets9,915 9,513 
Total assets$61,296 $62,275 
LIABILITIES
Current liabilities
Accounts payable$6,428 $6,329 
Commercial paper and other short-term borrowings1,933 2,717 
Current maturities of long-term debt1,670 1,730 
Accrued liabilities7,196 9,162 
Total current liabilities17,227 19,938 
Long-term debt16,683 15,123 
Deferred income taxes2,225 2,093 
Postretirement benefit obligations other than pensions131 146 
Asbestos-related liabilities1,102 1,180 
Other liabilities6,146 6,469 
Redeemable noncontrolling interest7 7 
SHAREOWNERS’ EQUITY
Capital—common stock issued958 958 
—additional paid-in capital8,905 8,564 
Common stock held in treasury, at cost(36,507)(34,443)
Accumulated other comprehensive loss(3,551)(3,475)
Retained earnings47,426 45,093 
Total Honeywell shareowners’ equity17,231 16,697 
Noncontrolling interest544 622 
Total shareowners’ equity17,775 17,319 
Total liabilities, redeemable noncontrolling interest and shareowners’ equity$61,296 $62,275 

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)
 Nine Months Ended September 30,
 20232022
 (Dollars in millions)
Cash flows from operating activities  
Net income$4,424 $3,946 
Less: Net income (loss) attributable to noncontrolling interest29 (1)
Net income attributable to Honeywell4,395 3,947 
Adjustments to reconcile net income attributable to Honeywell to net cash provided by (used for) operating activities
Depreciation493 494 
Amortization382 411 
Gain on sale of non-strategic businesses and assets (10)
Repositioning and other charges331 714 
Net payments for repositioning and other charges(323)(316)
NARCO Buyout payment(1,325) 
Pension and other postretirement income(410)(778)
Pension and other postretirement benefit payments(25)(14)
Stock compensation expense148 163 
Deferred income taxes168 208 
Other(554)200 
Changes in assets and liabilities, net of the effects of acquisitions and divestitures
Accounts receivable(344)(660)
Inventories(448)(390)
Other current assets141 125 
Accounts payable96 (365)
Accrued liabilities(340)(821)
Net cash provided by operating activities2,385 2,908 
Cash flows from investing activities
Capital expenditures(675)(525)
Proceeds from disposals of property, plant and equipment21 11 
Increase in investments(404)(834)
Decrease in investments808 884 
Receipts from Garrett Motion Inc. 409 
Receipts (payments) from settlements of derivative contracts212 773 
Cash paid for acquisitions, net of cash acquired(716)(178)
Net cash provided by (used for) investing activities(754)540 
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings10,727 5,310 
Payments of commercial paper and other short-term borrowings(11,484)(5,324)
Proceeds from issuance of common stock151 121 
Proceeds from issuance of long-term debt2,985 2 
Payments of long-term debt(1,410)(1,818)
Repurchases of common stock(2,187)(2,827)
Cash dividends paid(2,144)(2,028)
Other(65)(45)
Net cash used for financing activities(3,427)(6,609)
Effect of foreign exchange rate changes on cash and cash equivalents(61)(349)
Net decrease in cash and cash equivalents(1,857)(3,510)
Cash and cash equivalents at beginning of period9,627 10,959 
Cash and cash equivalents at end of period$7,770 $7,449 

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 September 30,Nine Months Ended September 30,
2023202220232022
Shares$Shares$Shares$Shares$
 (In millions, except per share amounts)
Common stock, par value957.6 958 957.6 958 957.6 958 957.6 958 
Additional paid-in capital
Beginning balance8,866 8,397 8,564 8,141 
Issued for employee savings and option plans 12 193 146 
Stock-based compensation expense 39 51 148 173 
Ending balance8,905 8,460 8,905 8,460 
Treasury stock
Beginning balance(293.6)(35,510)(283.9)(32,814)(290.0)(34,443)(272.8)(30,462)
Reacquired stock or repurchases of common stock(5.3)(1,011)(2.1)(390)(11.3)(2,187)(15.1)(2,827)
Issued for employee savings and option plans0.6 14 0.7 22 3.0 123 2.6 107 
Ending balance(298.3)(36,507)(285.3)(33,182)(298.3)(36,507)(285.3)(33,182)
Retained earnings
Beginning balance46,596 43,883 45,093 42,827 
Net income attributable to Honeywell1,514 1,552 4,395 3,947 
Dividends on common stock(684)(668)(2,062)(2,007)
Ending balance47,426 44,767 47,426 44,767 
Accumulated other comprehensive income (loss)
Beginning balance(3,611)(2,883)(3,475)(2,895)
Foreign exchange translation adjustment62 (409)(70)(378)
Pension and other postretirement benefit adjustments(14)(10)(38)(44)
Changes in fair value of available for sale investments 2 3 (7)
Changes in fair value of cash flow hedges12 4 29 28 
Ending balance(3,551)(3,296)(3,551)(3,296)
Noncontrolling interest
Beginning balance595 649 622 673 
Net income (loss) attributable to noncontrolling interest1 (3)29 (1)
Foreign exchange translation adjustment(3)(14)(6)(21)
Dividends paid(49)(9)(101)(42)
Contributions from noncontrolling interest holders   14 
Ending balance544 623 544 623 
Total shareowners' equity659.3 17,775 672.3 18,330 659.3 17,775 672.3 18,330 
Cash dividends per share of common stock$1.03 $0.98 $3.09 $2.94 

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 and nine months ended September 30, 2023, and 2022, were September 30, 2023, and October 1, 2022, 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 2022 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.
Historically, the Company included Company-sponsored costs and costs that relate to contracts with customers for research and development projects as a component of Cost of products and services sold on the Consolidated Statement of Operations. Effective January 1, 2023, the Company began classifying Company-sponsored costs for research and development projects as a separate financial statement line item, titled Research and development expenses, on the Consolidated Statement of Operations and recast prior period results for this reclassification. This reclassification had no impact on the Company's net income, earnings per share, cash flows, segment reporting, or financial position. The Company revised historical periods to reflect this change in presentation.
SUPPLY CHAIN FINANCING
The Company maintains agreements with third-party financial institutions that offer voluntary supply chain financing (SCF) programs to suppliers. The SCF programs enable suppliers, at their sole discretion, to sell their receivables to third-party financial institutions in order to receive payment on receivables earlier than the negotiated commercial terms between suppliers and the Company. Supplier sale of receivables to third-party financial institutions is on terms negotiated between the supplier and the respective third-party financial institution. The Company agrees on commercial terms for the goods and services procured from suppliers, including prices, quantities, and payment terms, which normally range between 60 and 120 days, regardless of whether the supplier elects to participate in the SCF programs. A suppliers’ voluntary participation in the SCF programs has no bearing on the Company's payment terms and the Company has no economic interest in a supplier’s decision to participate in the SCF programs. The Company agrees to pay participating third-party financial institutions the stated amount of confirmed invoices from suppliers on the original maturity dates of the invoices.
Amounts outstanding related to SCF programs are included in Accounts payable in the Consolidated Balance Sheet. Accounts payable included approximately $1,076 million and $992 million as of September 30, 2023, and December 31, 2022, respectively. The impact of these programs is not material to the Company's overall liquidity.
8    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
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 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. The Company adopted this guidance on January 1, 2023, with the exception of the rollforward that will be effective beginning January 1, 2024. The adoption of this standard does not have a material impact on the Company’s Consolidated Financial Statements.
In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted. The Company adopted this guidance on January 1, 2022. 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 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 Performance Materials and Technologies reportable business segment. The assets and liabilities acquired with SCADAfence are included in the Consolidated Balance Sheet as of September 30, 2023, 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 $671 million, net of cash acquired. The business is included in the Performance Materials and Technologies reportable business segment. The assets and liabilities acquired with Compressor Controls Corporation are included in the Consolidated Balance Sheet as of September 30, 2023, including $314 million of intangible assets and $311 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.
On January 18, 2022, the Company acquired 100% of the issued and outstanding shares of US Digital Designs, Inc., a leading provider of technologies for first responders, for total consideration of $186 million. The business is included within the Honeywell Building Technologies reportable business segment. The Company finalized the evaluation for the fair value of all the assets and liabilities acquired with US Digital Designs, Inc. during the first quarter of 2023. Management recorded intangible assets of $53 million and allocated $129 million to goodwill, which is deductible for tax purposes.
9    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
DIVESTITURES
For the nine months ended September 30, 2023, the Company completed no divestitures.
In conjunction with the wind down of our businesses and operations in Russia (the Wind down), on September 2, 2022, the Company completed the sale of an entity domiciled in Russia in exchange for gross cash consideration of less than $1 million. The Company recognized a pre-tax gain of $10 million, which was recorded in Other (income) expense in the Consolidated Statement of Operations, driven by a favorable foreign currency cumulative translation adjustment at the time of sale. The financial results of the entity were previously included in the Performance Materials and Technologies reportable business segment.
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 September 30,Nine Months Ended September 30,
2023202220232022
Aerospace
Commercial Aviation Original Equipment$563 $538 $1,711 $1,543 
Commercial Aviation Aftermarket1,634 1,339 4,590 3,715 
Defense and Space1,302 1,099 3,650 3,365 
Net Aerospace sales3,499 2,976 9,951 8,623 
Honeywell Building Technologies
Products894 915 2,720 2,730 
Building Solutions636 611 1,807 1,756 
Net Honeywell Building Technologies sales1,530 1,526 4,527 4,486 
Performance Materials and Technologies
UOP668 633 1,856 1,677 
Process Solutions1,316 1,141 3,898 3,472 
Advanced Materials883 946 2,723 2,718 
Net Performance Materials and Technologies sales2,867 2,720 8,477 7,867 
Safety and Productivity Solutions
Sensing and Safety Technologies675 709 2,071 2,165 
Productivity Solutions and Services304 435 994 1,328 
Warehouse and Workflow Solutions335 583 1,197 1,807 
Net Safety and Productivity Solutions sales1,314 1,727 4,262 5,300 
Corporate and All Other2 2 5 4 
Net sales$9,212 $8,951 $27,222 $26,280 
Aerospace – 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 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, repair and overhaul services, and thermal systems. Aerospace also provides spare parts, repair, overhaul, maintenance services (principally to aircraft operators), and sells licenses or intellectual property to other parties. Honeywell Forge solutions are leveraged by the Company's customers as tools to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient.
10    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
Honeywell Building Technologies – 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. Honeywell Building Technologies 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 the Company's customers to digitally manage buildings, connecting data from different assets to enable smart maintenance, improve building performance, and even protect from incoming security threats.
Performance Materials and Technologies – A global provider in developing and manufacturing high-quality performance chemicals and materials, process technologies, and automation solutions. The reportable business segment is comprised of Process Solutions, UOP, and Advanced Materials. Process Solutions provides automation control, instrumentation, advanced software, and related services for the oil and gas, refining, pulp and paper, industrial power generation, chemicals and petrochemicals, biofuels, life sciences, and metals, minerals, and mining industries. Through its smart energy products, Process Solutions enables utilities and distribution companies to deploy advanced capabilities to improve operations, reliability, and environmental sustainability. UOP provides process technology, products, including catalysts and adsorbents, equipment, and consulting services that enable customers to efficiently produce gasoline, diesel, jet fuel, petrochemicals, and renewable fuels for the petroleum refining, gas processing, petrochemical, and other industries. Advanced Materials manufactures a wide variety of high-performance products, including materials used to manufacture end products such as bullet-resistant armor, nylon, computer chips, and pharmaceutical packaging, and provides reduced and low global warming potential materials based on hydrofluoro-olefin technology. In the industrial environment, Honeywell Forge solutions enable integration and connectivity to provide a holistic view of operations and turn data into clear actions to maximize productivity and efficiency. Honeywell Forge's cybersecurity capabilities help identify risks and act on cyber-related incidents, together enabling improved operations and protecting processes, people, and assets.
Safety and Productivity Solutions – A global provider of products and software that improve productivity, workplace safety, and asset performance to customers around the globe. Sensing and Safety Technologies products include personal protective equipment (PPE), apparel, gear, and footwear; gas detection technology; custom-engineered sensors, switches, and controls for sensing and productivity solutions; and cloud-based notification and emergency messaging. Productivity Solutions and Services products and services include mobile devices and software for computing, data collection, and thermal printing; and software-based data and asset management productivity solutions. Warehouse and Workflow Solutions products and services include system design and simulation, automation solutions, performance optimization software, and lifecycle services to enable accuracy, productivity, and predictability of warehouse operations. Honeywell Forge solutions digitally automate processes to improve efficiency while reducing downtime and safety costs.
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 17 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 September 30,Nine Months Ended September 30,
2023202220232022
Products, transferred point in time57 %61 %58 %60 %
Products, transferred over time11 13 12 14 
Net product sales68 74 70 74 
Services, transferred point in time12 7 10 8 
Services, transferred over time20 19 20 18 
Net service sales32 26 30 26 
Net sales100 %100 %100 %100 %
11    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
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.
The following table summarizes the Company's contract assets and liabilities balances:
 20232022
Contract assets—January 1$2,294 $2,060 
Contract assets—September 302,418 2,239 
Change in contract assets—increase (decrease)$124 $179 
Contract liabilities—January 1$(4,583)$(4,290)
Contract liabilities—September 30(4,081)(4,177)
Change in contract liabilities—decrease (increase)$502 $113 
Net change$626 $292 
For the three and nine months ended September 30, 2023, the Company recognized revenue of $333 million and $1,814 million, respectively, that was previously included in the beginning balance of contract liabilities. For the three and nine months ended September 30, 2022, the Company recognized revenue of $362 million and $1,633 million, respectively, that was previously included in the beginning balance of contract liabilities.
Contract assets included $2,377 million and $2,265 million of unbilled balances under long-term contracts as of September 30, 2023, and December 31, 2022, 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:
 September 30, 2023
Aerospace$13,749 
Honeywell Building Technologies7,105 
Performance Materials and Technologies8,331 
Safety and Productivity Solutions2,164 
Corporate and All Other1
3 
Total performance obligations$31,352 
1
The remaining performance obligations within Corporate and All Other relate to the Quantinuum business.
Performance obligations recognized as of September 30, 2023, 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 59% and 41%, 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 September 30,Nine Months Ended September 30,
 2023202220232022
Severance$35 $43 $121 $75 
Asset impairments16 5 37 153 
Exit costs36 20 98 78 
Reserve adjustments(23)(2)(40)(54)
Total net repositioning charges64 66 216 252 
Asbestos-related charges, net of insurance and reimbursements24 29 79 115 
Probable and reasonably estimable environmental liabilities, net of reimbursements6 3 40 19 
Other charges(6)2 (4)328 
Total net repositioning and other charges$88 $100 $331 $714 
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 September 30,Nine Months Ended September 30,
 2023202220232022
Cost of products and services sold$57 $85 $200 $429 
Selling, general and administrative expenses31 24 122 237 
Other (income) expense (9)9 48 
Total net repositioning and other charges$88 $100 $331 $714 
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 17 Segment Financial Data:
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Aerospace$10 $(2)$21 $34 
Honeywell Building Technologies9 10 40 47 
Performance Materials and Technologies22 15 45 262 
Safety and Productivity Solutions23 55 94 197 
Corporate and All Other24 22 131 174 
Total net repositioning and other charges$88 $100 $331 $714 
NET REPOSITIONING CHARGES
In the three months ended September 30, 2023, the Company recognized gross repositioning charges totaling $87 million, including severance costs of $35 million related to workforce reductions of 1,567 manufacturing and administrative positions primarily in the Company's Honeywell Building Technologies and Safety and Productivity Solutions reportable business segments. The workforce reductions were related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $16 million primarily related to the write-down of certain assets within the Company's Safety and Productivity Solutions reportable business segment and corporate function. The repositioning charges also included exit costs of $36 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Performance Materials and Technologies and Safety and Productivity Solutions reportable business segments. Also, $23 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 September 30, 2022, the Company recognized gross repositioning charges totaling $68 million, including severance costs of $43 million related to workforce reductions of 1,276 manufacturing and administrative positions primarily in the Company's Safety and Productivity Solutions reportable business segment. The workforce reductions were related to the Company's productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $5 million related to the write-down of certain manufacturing equipment. The repositioning charges also included exit costs of $20 million related to current period costs incurred for closure obligations associated with site transitions in the Company's Safety and Productivity Solutions and Aerospace reportable business segments.
In the nine months ended September 30, 2023, the Company recognized gross repositioning charges totaling $256 million, including severance costs of $121 million related to workforce reductions of 4,128 manufacturing and administrative positions primarily in the Company's Safety and Productivity Solutions and Honeywell Building Technologies reportable business segments. The workforce reductions were primarily related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $37 million related to the write-down of certain assets within the Company's Safety and Productivity Solutions reportable business segment. The repositioning charges also included exit costs of $98 million related to current period costs incurred for closure obligations associated with site transitions across all of the Company's reportable business segments and corporate function. Also, $40 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 nine months ended September 30, 2022, the Company recognized gross repositioning charges totaling $306 million, including asset impairments of $153 million for the write-down of certain manufacturing equipment, primarily related to closing and relocating the production of certain respiratory manufacturing from a U.S.-based facility to a non-U.S. facility in the Company's Safety and Productivity Solutions reportable business segment. The repositioning charges included exit costs of $78 million primarily related to current period exit costs incurred for new and previously approved repositioning projects and closure obligations associated with site transitions in the Company's Performance Materials and Technologies and Aerospace reportable business segments. The repositioning charges also included severance costs of $75 million related to workforce reductions of 2,940 manufacturing and administrative positions across the Company's reportable business segments. The workforce reductions related to cost savings actions taken in connection with the Company's productivity and ongoing functional transformation initiatives and to site transitions to more cost-effective locations. Also, $54 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.
14    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 status of the Company's total repositioning reserves:
Severance
Costs
Asset
Impairments
Exit
Costs
Total
Balance at December 31, 2022
$235 $ $74 $309 
Charges121 37 98 256 
Usage—cash(138) (80)(218)
Usage—noncash (35) (35)
Foreign currency translation5  16 21 
Adjustments(31)(2)(7)(40)
Balance at September 30, 2023
$192 $ $101 $293 
Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in the nine months ended September 30, 2023, and 2022, were $40 million and $46 million, respectively.
OTHER CHARGES
During the nine months ended September 30, 2023, the Company recorded a fair value adjustment, within Asbestos-related charges, net of insurance and reimbursements in the table above and Other (income) expense on the Consolidated Statement of Operations, related to HWI Net Sale Proceeds (as defined in Note 11 Fair Value Measurements) and reduced the estimate by $11 million. See Note 11 Fair Value Measurements and Note 14 Commitments and Contingencies for further discussion.
During the three months ended September 30, 2022, the Company recognized a net reduction of Other charges previously recognized of $16 million. The Other charges included costs incurred related to the Wind down of operations in Russia. The reduction of Other charges primarily related to a favorable foreign exchange revaluation on an intercompany loan with a Russian affiliate, in addition to the recovery of outstanding accounts receivable previously reserved against, recorded to Other (income) expense and Selling, general and administrative expense on the Consolidated Statement of Operations, respectively. This was partially offset by the recognition of an additional expense for called guarantees recorded to Other (income) expense on the Consolidated Statement of Operations.
During the nine months ended September 30, 2022, the Company recognized $291 million of Other charges. The Other charges included costs incurred related to the initial suspension (the Suspension) and Wind down of businesses and operations in Russia. These costs impacted all reportable business segments, with the most significant impact within the Performance Materials and Technologies reportable business segment. The Other charges included costs recorded in Cost of products sold, Selling, general and administrative expenses, or Other (income) expense on the Consolidated Statement of Operations. For the nine months ended September 30, 2022, Cost of products and services sold included $60 million primarily related to inventory reserves and the write-down of other assets, Selling, general and administrative included $183 million primarily related to reserves against outstanding accounts receivable and contract assets, impairment of intangible assets, the write-down of other assets, and employee severance, and Other (income) expense included $48 million related to foreign exchange revaluation on an intercompany loan with a Russian affiliate, impairment of property, plant and equipment, and expenses for called guarantees. For the nine months ended September 30, 2022, the Other charges did not include a $2 million tax valuation allowance recorded to Tax expense on the Consolidated Statement of Operations, directly attributable to the Company's Wind down of businesses and operations in Russia.
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 14 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% but decreased during 2023 compared to 2022 resulting from increased benefits of taxes on non-U.S. earnings and lower repositioning related expenses, partially offset by other accrued taxes.
15    Honeywell International Inc.

HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 7. INVENTORIES
 September 30, 2023December 31, 2022
Raw materials$1,485 $1,407 
Work in process1,248 1,049 
Finished products3,267 3,082 
Total Inventories$6,000 $5,538 
NOTE 8. LONG-TERM DEBT AND CREDIT AGREEMENTS