Annual Statements Open main menu
  1. Annual Statements
  2. » Companies
  3. » HONEYWELL INTERNATIONAL INC
  4. » Quarter Report: 2024 June (Form 10-Q)

HONEYWELL INTERNATIONAL INC - Quarter Report: 2024 June (Form 10-Q)

Three and SixThree and SixJune 30, 2024, Six Months Ended June 30, 2024,Three and Six
 


TABLE OF CONTENTS
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.
TABLE OF CONTENTS
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 & Media, 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.
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
The financial statements and related notes as of June 30, 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 June 30,Six Months Ended June 30,
2024202320242023
 (Dollars in millions, except per share amounts)
Product sales$ $ $ $ 
Service sales    
Net sales    
Costs, expenses and other
Cost of products sold    
Cost of services sold    
Total Cost of products and services sold    
Research and development expenses    
Selling, general and administrative expenses    
Other (income) expense()()()()
Interest and other financial charges    
Total costs, expenses and other    
Income before taxes    
Tax expense    
Net income    
Less: Net income attributable to noncontrolling interest    
Net income attributable to Honeywell$ $ $ $ 
Earnings per share of common stock—basic$ $ $ $ 
Earnings per share of common stock—assuming dilution$ $ $ $ 

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

3    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
 (Dollars in millions)
Net income$ $ $ $ 
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment () ()
Net cash used for investing activities()()
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings  
Payments of commercial paper and other short-term borrowings()()
Proceeds from issuance of common stock  
Proceeds from issuance of long-term debt  
Payments of long-term debt()()
Repurchases of common stock()()
Cash dividends paid()()
Other ()
Net cash provided by (used for) financing activities ()
Effect of foreign exchange rate changes on cash and cash equivalents()()
Net increase (decrease) in cash and cash equivalents
 ()
Cash and cash equivalents at beginning of period  
Cash and cash equivalents at end of period$ $ 

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

6    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF SHAREOWNERS' EQUITY
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Shares$Shares$Shares$Shares$
 (In millions, except per share amounts)
Common stock, par value        
Additional paid-in capital
Beginning balance    
Issued for employee savings and option plans    
Stock compensation expense     
Impact of Quantinuum contribution    
Ending balance    
Treasury stock
Beginning balance()()()()()()()()
Reacquired stock or repurchases of common stock()()()()()()()()
Issued for employee savings and option plans        
Ending balance()()()()()()()()
Retained earnings
Beginning balance    
Net income attributable to Honeywell    
Dividends on common stock()()()()
Ending balance    
Accumulated other comprehensive income (loss)
Beginning balance()()()()
Foreign exchange translation adjustment () ()
Pension and other postretirement benefit adjustments()()()()
Changes in fair value of available for sale investments() () 
Changes in fair value of cash flow hedges() () 
Ending balance()()()()
Noncontrolling interest
Beginning balance    
Current assets$ 
Intangible assets 
Other noncurrent assets 
Current liabilities()
Noncurrent liabilities ()
Net assets acquired 
Goodwill 
Purchase price$ 
The Access Solutions identifiable intangible assets primarily include customer relationships, technology, and trademarks that are being amortized over their estimated useful lives ranging from to years using straight line and accelerated amortization methods. The majority of the goodwill is deductible for tax purposes. As of June 30, 2024, the purchase accounting for Access Solutions is subject to final adjustment, primarily for the valuation of intangible assets, amounts allocated to goodwill, working capital adjustments, and tax balances.
9    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 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 % 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 August 25, 2023, the Company acquired % 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 $ 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 June 30, 2024, including $ million of intangible assets and $ 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 % 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 $ 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 June 30, 2024, including $ million of intangible assets and $ million allocated to goodwill, which is deductible for tax purposes. The identifiable intangible assets primarily include customer relationships amortized over an estimated life of years using an excess earnings amortization method. The Company finalized the evaluation for the fair value of all the assets and liabilities acquired with Compressor Controls Corporation during the second quarter of 2024.
DIVESTITURES
significant divestitures that closed individually or in the aggregate.
10    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 4.
 $ $ $ Commercial Aviation Aftermarket    Defense and Space    Net Aerospace Technologies sales    Industrial AutomationSensing and Safety Technologies    Productivity Solutions and Services    Process Solutions    Warehouse and Workflow Solutions    Net Industrial Automation sales    Building AutomationProducts    Building Solutions    
16    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 8.
 $ $()$ 
Industrial Automation
  () 
Building Automation
  () 
Energy and Sustainability Solutions
  () Corporate and All Other    Total Goodwill$ $ $()$ 
 $()$ $ $()$ Customer relationships ()  () Trademarks ()  () Other ()  () 
Total definite-life intangibles—net
 ()  () 
Indefinite-life intangibles
Trademarks —   —  Total Other intangible assets—net$ $()$ $ $()$ 
Other intangible assets amortization includes $ million and $ million of acquisition-related intangible amortization expense for the three and six months ended June 30, 2024, respectively, and $ million and $ million for the three and six months ended June 30, 2023, respectively.
17    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 9.
 
19    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 $ Accrued liabilities  Other liabilities  Total operating lease liabilities  Finance leasesProperty, plant and equipment  Accumulated depreciation()()Property, plant and equipment—net  Current maturities of long-term debt  Long-term debt  Total finance lease liabilities$ $ 
NOTE 11.
 $ $ $ $()$()Derivatives in cash flow hedging relationshipsForeign currency exchange contracts    ()()Commodity contracts     ()Derivatives in net investment hedging relationshipsCross currency swap agreements    ()()Total derivatives designated as hedging instruments    ()()Derivatives not designated as hedging instrumentsForeign currency exchange contracts    ()()Total derivatives at fair value$ $ $ $ $()$()
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 $ million and $ million as of June 30, 2024, and December 31, 2023, respectively.
20    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 $ $()$() $ $ $ $()$ Gain or (loss) on cash flow hedgesForeign currency exchange contractsAmount reclassified from accumulated other comprehensive income (loss) into income      Gain or (loss) on fair value hedgesInterest rate swap agreementsHedged items      Derivatives designated as hedges     ()Gain or (loss) on derivatives not designated as hedging instrumentsForeign currency exchange contracts      
Three Months Ended June 30, 2023
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$ $ $ $ $()$ 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income      
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items      
Derivatives designated as hedges     ()
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts    () 
21    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 $ $ $ $()$ Gain or (loss) on cash flow hedgesForeign currency exchange contractsAmount reclassified from accumulated other comprehensive income (loss) into income      Gain or (loss) on fair value hedgesInterest rate swap agreementsHedged items      Derivatives designated as hedges     ()Gain or (loss) on derivatives not designated as hedging instrumentsForeign currency exchange contracts      
Six Months Ended June 30, 2023
Net SalesCost of
Products Sold		Cost of
Services Sold		Selling,
General and
Administrative
Expenses		Other
(Income)
Expense		Interest and Other
Financial Charges
$ $ $ $ $()$ 
Gain or (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive income (loss) into income      
Gain or (loss) on fair value hedges
Interest rate swap agreements
Hedged items     ()
Derivatives designated as hedges      
Gain or (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts    () 
 $()$ $()Euro-denominated commercial paper () ()Cross currency swap agreements () ()
22    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 12.
 $ $ $ $ $ $ $ Available for sale investments        Interest rate swap agreements        Cross currency swap agreements        Investments in equity securities        Right to HWI Net Sale Proceeds        Total assets$ $ $ $ $ $ $ $ LiabilitiesForeign currency exchange contracts$ $ $ $ $ $ $ $ Interest rate swap agreements        Commodity contracts        Cross currency swap agreements        Total liabilities$ $ $ $ $ $ $ $ 
The Company values foreign currency exchange contracts, interest rate swap agreements, cross currency swap agreements, and commodity contracts using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within level 2. The Company also holds investments in commercial paper, certificates of deposits, time deposits, and corporate debt securities that are designated as available for sale. These investments are valued using published prices based on observable market data. As such, these investments are classified within level 2.
The Company holds certain available for sale investments in U.S. government securities and investments in equity securities. The Company values these investments utilizing published prices based on quoted market pricing, which are classified within level 1.
The carrying value of cash and cash equivalents, trade accounts and notes receivables, payables, commercial paper, and other short-term borrowings approximates fair value.
As part of the NARCO Buyout (see Note 15 Commitments and Contingencies for definition), Honeywell holds a right to proceeds from the definitive sale agreement pursuant to which HarbisonWalker International Holdings, Inc. (HWI), the reorganized and renamed entity that emerged from the NARCO Bankruptcy, was acquired by an affiliate of Platinum Equity, LLC (HWI Sale). The right to these proceeds is considered a financial instrument. The significant input for the valuation of this right is unobservable, and as such, is classified within level 3. The HWI Sale closed on February 16, 2023. The balance of the remaining HWI Net Sale Proceeds as of December 31, 2023, and June 30, 2024, was $ million and $ million, respectively, based on the receipt of an additional $ million in HWI Net Sale Proceeds during the six months ended June 30, 2024.
23    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 $ $ $ 
Balance at June 30, 2024
$ 
25    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 $ Other liabilities  Total environmental liabilities$ $ 
The Company does not currently possess sufficient information to reasonably estimate the amounts of environmental liabilities to be recorded upon future completion of studies, litigation, or settlements, and neither the timing nor the amount of the ultimate costs associated with environmental matters can be determined, although they could be material to the Company's consolidated results of operations and operating cash flows in the periods recognized or paid. However, considering the Company's past experience and existing reserves, the Company does not expect that environmental matters will have a material adverse effect on its consolidated financial position.
In conjunction with the Resideo Technologies, Inc. (Resideo) spin-off, the Company entered into an indemnification and reimbursement agreement with a Resideo subsidiary, pursuant to which Resideo’s subsidiary has an ongoing obligation to make cash payments to Honeywell in amounts equal to % of Honeywell’s annual net spending for environmental matters at certain sites as defined in the agreement. The amount payable to Honeywell in any given year is subject to a cap of $ million, and the obligation will continue until the earlier of December 31, 2043, or December 31 of the third consecutive year during which the annual payment obligation is less than $ million.
Reimbursements associated with this agreement are collected from Resideo quarterly and were $ million in the six months ended June 30, 2024, and offset operating cash outflows incurred by the Company. As the Company incurs costs for environmental matters deemed probable and reasonably estimable related to the sites covered by the indemnification and reimbursement agreement, a corresponding receivable from Resideo for % of such costs is also recorded. This receivable amount recorded in the six months ended June 30, 2024, was $ million. As of June 30, 2024, Other current assets and Other assets included $ million and $ million, respectively, for the short-term and long-term portion of the receivable amount due from Resideo under the indemnification and reimbursement agreement.
ASBESTOS MATTERS
Honeywell is named in asbestos-related personal injury claims related to North American Refractories Company (NARCO), which was sold in 1986, and the Bendix Friction Materials (Bendix) business, which was sold in 2014.
The following tables summarize information concerning NARCO and Bendix asbestos-related balances:
ASBESTOS-RELATED LIABILITIES
 $ $ Accrual for update to estimated liability   Change in estimated cost of future claims   Asbestos-related liability payments()()()June 30, 2024$ $ $ 
INSURANCE RECOVERIES FOR ASBESTOS-RELATED LIABILITIES
 $ $ Probable insurance recoveries related to estimated liability   Insurance receipts for asbestos-related liabilities()()()June 30, 2024$ $ $ 
26    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 $ Insurance recoveries for asbestos-related liabilities  Total insurance recoveries for asbestos-related liabilities$ $ Accrued liabilities$ $ Asbestos-related liabilities  Total asbestos-related liabilities$ $ 
NARCO Products – NARCO manufactured high-grade, heat-resistant, refractory products for various industries. Honeywell’s predecessor, Allied Corporation, owned NARCO from 1979 to 1986. Allied Corporation sold the NARCO business in 1986 and entered into a cross-indemnity agreement which included an obligation to indemnify the purchaser for asbestos claims, arising primarily from alleged occupational exposure to asbestos-containing refractory brick and mortar for high-temperature applications. NARCO ceased manufacturing these products in 1980 and filed for bankruptcy in January 2002, at which point in time all then current and future NARCO asbestos claims were stayed against both NARCO and Honeywell pending the reorganization of NARCO. The Company established its initial liability for NARCO asbestos claims in 2002.
NARCO emerged from bankruptcy in April 2013, at which time a federally authorized 524(g) trust was established to evaluate and resolve all existing NARCO asbestos claims (the Trust). Both Honeywell and NARCO are protected by a permanent channeling injunction barring all present and future individual actions in state or federal courts and requiring all asbestos-related claims based on exposure to NARCO asbestos-containing products to be made against the Trust (Channeling Injunction). The NARCO Trust Agreement (TA) and the NARCO Trust Distribution Procedures (TDP) set forth the structure and operating rules of the Trust, and established Honeywell’s evergreen funding obligations.
The operating rules per the TDP define criteria claimants must meet for a claim to be considered valid and paid. Once operational in 2014, the Trust began to receive, process, and pay claims. In September 2021, Honeywell filed suit against the Trust in the United States Bankruptcy Court for the Western District of Pennsylvania (Bankruptcy Court) alleging that the Trust breached its duties in managing the Trust, including breaches of certain provisions of the TA and TDP. Honeywell's lawsuit sought appropriate relief preventing the Trust from continuing these practices. The Trust also filed suit against Honeywell, alleging Honeywell breached its obligations under the Trust's governing documents. Honeywell moved to dismiss the Trust’s suit, and on December 15, 2021, the Bankruptcy Court granted Honeywell’s motion to dismiss subject to granting the Trust leave to file an amended complaint. On December 28, 2021, the Trust filed an answer with counterclaims in response to Honeywell’s complaint and in lieu of filing an amended complaint. The Bankruptcy Court conducted a trial on these matters during May 2022; following the trial, the Company and the Trust began discussing a potential settlement of Honeywell’s remaining obligations to the Trust.
On November 18, 2022, Honeywell entered into a definitive agreement (Buyout Agreement) with the Trust, and on November 20, 2022, in exchange for the NARCO Trust Advisory Committee (TAC) and Lawrence Fitzpatrick, in his capacity as the NARCO Asbestos Future Claimants Representative (FCR), becoming parties to the Buyout Agreement, Honeywell, the Trust, the TAC, and the FCR entered into an Amended and Restated Buyout Agreement (Amended Buyout Agreement).
Pursuant to the terms of the Amended Buyout Agreement, Honeywell agreed to make a one-time, lump sum payment in the amount of $ billion to the Trust (Buyout Amount), subject to certain deductions as described in the Amended Buyout Agreement and in exchange for the release by the Trust of Honeywell from all further and future obligations of any kind related to the Trust and/or any claimants who were exposed to asbestos-containing products manufactured, sold, or distributed by NARCO or its predecessors, including Honeywell’s ongoing evergreen obligation to fund (i) claims against the Trust, which comprise Honeywell’s NARCO asbestos-related claims liability, and (ii) the Trust’s annual operating expenses, which are expensed as incurred, including its legal fees (which operating expenses, for reference, were approximately $ million in 2022) (such evergreen obligations referred to in (i) and (ii), Honeywell Obligations) (the NARCO Buyout).
On December 8, 2022, the Bankruptcy Court issued an order that (A) approved the Amended Buyout Agreement, and (B) declared that the NARCO Channeling Injunction (which bars all past, present, and future individual actions in state or federal courts based on exposure to NARCO asbestos-containing products and requires all such claims to be made against the Trust) will remain in full force and effect without modification, dissolution, or termination (Order).
On December 14, 2022, HWI, the reorganized and renamed entity that emerged from the NARCO bankruptcy, entered into a definitive agreement (Sale Agreement) pursuant to which an affiliate of Platinum Equity, LLC agreed to acquire HWI (HWI Sale) subject to the terms set forth in the Sale Agreement, including customary conditions to closing set forth therein. In accordance with the Amended Buyout Agreement, the economic rights of the Trust in respect of the net proceeds from the HWI Sale inure to the benefit of Honeywell.
27    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 million from the Consolidated Balance Sheet and recognized a charge of $ billion in the Consolidated Statement of Operations and accrued a corresponding liability in the Consolidated Balance Sheet for the Buyout Amount. In addition, the Company recognized a benefit of $ million in the Consolidated Statement of Operations and corresponding asset in Other current assets in the Consolidated Balance Sheet for Honeywell's rights to the proceeds from the HWI Sale. The benefit of $ million offset the charge for the Buyout Amount.
On February 16, 2023, the HWI Sale closed. Pursuant to the Amended Buyout Agreement, during 2023, Honeywell received $ million of proceeds from the HWI Sale (HWI Net Sale Proceeds). Additionally, during 2023, the Company recorded a fair value adjustment for the HWI Net Sale Proceeds and reduced the HWI Net Sale Proceeds estimate by $ million. During the three and six months ended June 30, 2024, Honeywell received $ million of proceeds from the HWI Sale. The ending balance as of June 30, 2024, was $ million. The fair value of the remaining HWI Net Sale Proceeds as of June 30, 2024, represents contingent consideration to be paid in future periods if certain conditions under the definitive sale agreement for the HWI Sale are met.
Bendix Products – Bendix manufactured automotive brake linings that contained chrysotile asbestos in an encapsulated form. Claimants consist largely of individuals who allege exposure to asbestos from brakes from either performing or being in the vicinity of individuals who performed brake replacements.
   Claims filed   Claims resolved()()()Claims unresolved at the end of period      Nonmalignant claims   Total claims    $ $ $ $ Nonmalignant claims$ $ $ $ $ 
The Consolidated Financial Statements reflect an estimated liability for resolution of asserted (claims filed as of the financial statement date) and unasserted Bendix-related asbestos claims, which exclude the Company’s ongoing legal fees to defend such asbestos claims which will continue to be expensed as they are incurred.
The Company reflects the inclusion of all years of epidemiological disease projection through 2059 when estimating the liability for unasserted Bendix-related asbestos claims. Such liability for unasserted Bendix-related asbestos claims is based on historic and anticipated claims filing experience and dismissal rates, disease classifications, and average resolution values in the tort system over a defined look-back period. The Company historically valued Bendix asserted and unasserted claims using a five-year look-back period. The Company reviews the valuation assumptions and average resolution values used to estimate the cost of Bendix asserted and unasserted claims during the fourth quarter each year.
28    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 million expense and corresponding adjustment to its estimated liability for Bendix asbestos-related claims. This amount includes $ million attributable primarily to shortening the look-back period to the two most recent years, and to a lesser extent to increasing expected resolution values for a subset of asserted claims to adjust for higher claim values in that subset than in the modelled two-year data set.
The Company's insurance receivable corresponding to the liability for settlement of asserted and unasserted Bendix asbestos claims reflects coverage which is provided by a large number of insurance policies written by dozens of insurance companies in both the domestic insurance market and the London excess market. Based on the Company's ongoing analysis of the probable insurance recovery, insurance receivables are recorded in the financial statements simultaneous with the recording of the estimated liability for the underlying asbestos claims. This determination is based on the Company's analysis of the underlying insurance policies, historical experience with insurers, ongoing review of the solvency of insurers, judicial determinations relevant to insurance programs, and consideration of the impacts of any settlements reached with the Company's insurers.
SEC MATTER
The Company is cooperating with a formal investigation by the Securities and Exchange Commission (SEC) which is primarily focused on certain accounting matters with respect to the Company's former Performance Materials and Technologies segment. At this time, the Company does not expect the outcome of this matter to have a material adverse effect on the Company's consolidated results of operations, cash flows, or financial position.
PETROBRAS AND UNAOIL MATTERS
On December 19, 2022, the Company reached a comprehensive resolution to the investigations by the U.S. Department of Justice (DOJ), the SEC, and certain Brazilian authorities (Brazilian Authorities) relating to the Company's use of third parties who previously worked for the Company's UOP business in Brazil in relation to a project awarded in 2010 for Petróleo Brasileiro S.A. (Petrobras). The investigations focused on the Company’s compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws (UOP Matters). The comprehensive resolution also resolves DOJ and SEC investigations relating to a matter involving a foreign subsidiary’s prior contract with Unaoil S.A.M. in Algeria executed in 2011 (the Unaoil Matter).
In connection with the comprehensive resolution, (i) the Company agreed to pay a total equivalent of $ million, which payment occurred in January 2023, to the DOJ, the SEC, and the Brazilian Authorities, collectively, in penalties, disgorgement, and prejudgment interest, (ii) the Company’s subsidiary, UOP, LLC (UOP), entered into a three-year Deferred Prosecution Agreement with the DOJ for charges related to the UOP Matters, (iii) UOP entered into leniency agreements with the Brazilian authorities related to the UOP Matter in Brazil, and (iv) the Company entered into an agreement with the SEC that resolves allegations relating to the UOP Matters and the Unaoil Matter. Pursuant to these agreements, the Company agreed to undertake certain compliance measures and compliance reporting obligations. These agreements entirely resolve the Petrobras and Unaoil investigations.
OTHER MATTERS
The Company is subject to a number of other lawsuits, investigations, and disputes (some of which involve substantial amounts claimed) arising out of the conduct of the Company's business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property, and environmental, health, and safety matters. The Company recognizes liabilities for any contingency that is probable of occurrence and reasonably estimable. The Company continually assesses the likelihood of adverse judgments or outcomes in such matters, as well as potential ranges of probable losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts.
29    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 16.
 $ $ $ Interest cost    Expected return on plan assets()()()()Amortization of prior service (credit) cost()()()()Net periodic benefit income$()$()$()$()
Non-U.S. Plans
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Service cost$ $ $ $ 
Interest cost    
Expected return on plan assets()()()()
Net periodic benefit income$()$()$()$()
NOTE 17.
)$()$()$()Pension ongoing income—non-service()()()()Other postretirement income—non-service()()()()Equity income of affiliated companies()()()()Foreign exchange    Expense (benefit) related to Russia-Ukraine Conflict   ()Net expense related to the NARCO Buyout and HWI Sale    Acquisition-related costs    Other, net    Total Other (income) expense$()$()$()$()
See Note 15 Commitments and Contingencies for more information on the Net expense related to the NARCO Buyout and HWI Sale. See Note 5 Repositioning and Other Charges for further discussion of the expense related to the Russia-Ukraine Conflict.
30    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
NOTE 18.
reportable business segments. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions, and assesses operating performance.
Honeywell’s senior management evaluates segment performance based on segment profit. Each segment’s profit is measured as segment income (loss) before taxes excluding general corporate unallocated expense, interest and other financial charges, stock compensation expense, pension and other postretirement income (expense), amortization of acquisition-related intangibles, repositioning and other charges, and other items within Other (income) expense.
Effective during the second quarter of 2024, the Company updated its calculation of segment profit to exclude the impact of amortization expense for acquisition-related intangible assets and certain acquisition-related costs. The Company recast historical periods to reflect segment profit under this new basis to facilitate comparability.
Effective during the first quarter of 2024, the Company realigned certain of its business units comprising its historical Performance Materials and Technologies and Safety and Productivity Solutions reportable business segments by forming new reportable business segments: Industrial Automation and Energy and Sustainability Solutions. Industrial Automation includes Sensing and Safety Technologies, Productivity Solutions and Services, and Warehouse and Workflow Solutions, previously included in Safety and Productivity Solutions, in addition to Process Solutions, previously included in Performance Materials and Technologies. Energy and Sustainability Solutions includes UOP and Advanced Materials, previously included in Performance Materials and Technologies. Further, as part of the realignment, the Company renamed its historical Aerospace and Honeywell Building Technologies reportable business segments to Aerospace Technologies and Building Automation, respectively. This realignment had no impact on the Company’s historical consolidated financial position, results of operations, or cash flows. Prior period amounts have been recast to conform to current period segment presentation.
31    Honeywell International Inc.
TABLE OF CONTENTS
HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)
 $ $ $ Services    Net Aerospace Technologies sales    Industrial AutomationProducts    Services    Net Industrial Automation sales    Building AutomationProducts    Services    Net Building Automation sales    Energy and Sustainability SolutionsProducts    Services    Net Energy and Sustainability Solutions sales    Corporate and All OtherServices    Net Corporate and All Other sales    Net sales$ $ $ $ Segment profit
Aerospace Technologies
$ $ $ $ Industrial Automation    Building Automation    Energy and Sustainability Solutions    Corporate and All Other()()()()Total segment profit    Interest and other financial charges()()()()
Interest income
    Amortization of acquisition-related intangibles()()()()
Stock compensation expense1
()()()()
Pension ongoing income2
    
Other postretirement income2
    
Repositioning and other charges3
()()()()
Other expense4
()()()()Income before taxes$ $ $ $ 
1
Amounts included in Selling, general and administrative expenses.
2
Amounts included in Cost of products and services sold (service cost component), Selling, general and administrative expenses (service cost component), Research and development expenses (service cost component), and Other (income) expense (non-service cost component).
3
Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense.
4
Amounts include the other components of Other (income) expense not included within other categories in this reconciliation. Equity income of affiliated companies is included in segment profit. 
A discussion of Net sales by reportable business segment can be found in the Review of Business Segments section of this Management's Discussion and Analysis.
Q2 2024 compared with Q2 2023
Net sales increased due to the following:
•Higher sales volumes,
•Increased pricing and price adjustments to offset inflation, and
•Incremental sales from recent acquisitions.
YTD 2024 compared with YTD 2023
Net sales increased due to the following:
•Increased pricing and price adjustments to offset inflation, and
•Incremental sales from recent acquisitions.
38    Honeywell International Inc.
TABLE OF CONTENTS
Cost of Products and Services Sold
3940
Q2 2024 compared with Q2 2023
Cost of products and services sold increased due to higher direct and indirect material costs and higher labor costs.
YTD 2024 compared with YTD 2023
Cost of products and services sold increased due to the following:
•Higher direct and indirect material costs and higher labor costs of approximately $0.3 billion or 3%,
•Partially offset by higher productivity of approximately $0.1 billion or 1%.
Gross Margin
327328329
Q2 2024 compared with Q2 2023
Gross margin increased by approximately $0.2 billion and gross margin percentage increased 40 basis points to 38.9% compared to 38.5% for the same period of 2023.
YTD 2024 compared with YTD 2023
Gross margin increased by approximately $0.4 billion and gross margin percentage increased 60 basis points to 38.8% compared to 38.2% for the same period of 2023.
39    Honeywell International Inc.
TABLE OF CONTENTS
Research and Development Expenses
554555
Q2 2024 compared with Q2 2023
Research and development expenses were largely unchanged.
YTD 2024 compared with YTD 2023
Research and development expenses were largely unchanged.
Selling, General and Administrative Expenses
682683684
Q2 2024 compared with Q2 2023
Selling, general and administrative expenses increased due to higher labor costs.
YTD 2024 compared to YTD 2023
Selling, general and administrative expenses increased due to the following:
•Higher labor costs of approximately $0.2 billion or 8%,
•Partially offset by higher productivity of approximately $0.1 billion or 4%.
40    Honeywell International Inc.
TABLE OF CONTENTS
Other (Income) Expense
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Other (income) expense$(246)$(208)$(477)$(468)
Q2 2024 compared with Q2 2023
Other income increased due primarily to higher interest income.
YTD 2024 compared to YTD 2023
Other income increased due primarily to higher interest income.
Tax Expense
549755813904549755813905549755813906
Q2 2024 compared with Q2 2023
The effective tax rate decreased 20 basis-points primarily driven by increased benefits from taxes on non-U.S. earnings.
YTD 2024 compared with YTD 2023
The effective tax rate remained unchanged primarily driven by increased benefits from taxes on non-U.S. earnings, offset by incremental tax expense from tax reserve activity.
41    Honeywell International Inc.
TABLE OF CONTENTS
Net Income Attributable to Honeywell
414243
Q2 2024 compared to Q2 2023
Earnings per share of common stock–assuming dilution increased due to the following:
•Higher segment profit ($0.10 after tax),
•Lower repositioning and other charges ($0.07 after tax), and
•Lower share count ($0.06 after tax),
•Partially offset by higher interest expense (loss of $0.07 after tax).
YTD 2024 compared with YTD 2023
Earnings per share of common stock–assuming dilution increased due to the following:
•Higher segment profit ($0.19 after tax),
•Lower repositioning and other charges ($0.12 after tax), and
•Lower share count ($0.11 after tax),
•Partially offset by higher interest expense (loss of $0.13 after tax).
42    Honeywell International Inc.
TABLE OF CONTENTS
REVIEW OF BUSINESS SEGMENTS
During the first quarter of 2024, the Company realigned certain of its business units as reflected in Note 18 Segment Financial Data, which impacts the composition of its reportable segments. The Company recast historical periods to reflect this change in segment presentation. See Note 18 Segment Financial Data to Notes to Consolidated Financial Statements for further discussion.
We globally manage our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.
AEROSPACE TECHNOLOGIES
Net Sales
373839
Three Months Ended
June 30,		Six Months Ended
June 30,
20242023%
Change		20242023%
Change
Net sales$3,891 $3,341 16 %$7,560 $6,452 17 %
Cost of products and services sold2,418 2,035 4,635 3,967 
Selling, general and administrative and other expenses413 376 830 724 
Segment profit$1,060 $930 14 %$2,095 $1,761 19 %
2024 vs. 2023
Three Months Ended
June 30,		Six Months Ended
June 30,
Factors Contributing to Year-Over-Year ChangeNet
Sales		Segment
Profit		Net
Sales		Segment
Profit
Organic1
16 %14 %17 %19 %
Foreign currency translation— %— %— %— %
Acquisitions, divestitures, and other, net— %— %— %— %
Total % change16 %14 %17 %19 %
1
Organic sales % change, presented for all of our reportable business segments, is defined as the change in Net sales, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this non-GAAP measure is useful to investors and management in understanding the ongoing operations and analysis of ongoing operating trends.
43    Honeywell International Inc.
TABLE OF CONTENTS
Q2 2024 compared to Q2 2023
Sales increased $550 million due to higher organic sales of $267 million in Commercial Aviation Aftermarket driven by higher sales volumes in air transport due to an increase in flight hours and higher organic sales of $225 million in Defense and Space driven by higher sales volumes due to increased shipments.
Segment profit increased $130 million and segment margin percentage decreased 60 basis points to 27.2% compared to 27.8% for the same period of 2023.
YTD 2024 compared to YTD 2023
Sales increased $1,108 million due to higher organic sales of $504 million in Commercial Aviation Aftermarket driven by higher sales volumes in air transport due to an increase in flight hours and higher organic sales of $412 million in Defense and Space driven by higher sales volumes due to increased shipments.
Segment profit increased $334 million and segment margin percentage increased 40 basis points to 27.7% compared to 27.3% for the same period of 2023.
INDUSTRIAL AUTOMATION
Net Sales
484950
Three Months Ended
June 30,		Six Months Ended
June 30,
20242023%
Change		20242023%
Change
Net sales$2,506 $2,727 (8)%$4,984 $5,530 (10)%
Cost of products and services sold1,451 1,640  2,897 3,304 
Selling, general and administrative and other expenses578 543  1,136 1,096 
Segment profit$477 $544 (12)%$951 $1,130 (16)%
2024 vs. 2023
Three Months Ended
June 30,		Six Months Ended
June 30,
Factors Contributing to Year-Over-Year ChangeNet
Sales		Segment
Profit		Net
Sales		Segment
Profit
Organic(8)%(14)%(10)%(17)%
Foreign currency translation(1)%— %(1)%— %
Acquisitions, divestitures, and other, net1 %2 %1 %1 %
Total % change(8)%(12)%(10)%(16)%
44    Honeywell International Inc.
TABLE OF CONTENTS
Q2 2024 compared to Q2 2023
Sales decreased $221 million due to lower organic sales of $165 million in Warehouse and Workflow Solutions driven by lower demand for projects and lower organic sales of $49 million in Sensing and Safety Technologies driven by lower demand for personal protective equipment.
Segment profit decreased $67 million and segment margin percentage decreased 90 basis points to 19.0% compared to 19.9% for the same period in 2023.
YTD 2024 compared to YTD 2023
Sales decreased $546 million due to lower organic sales of $419 million in Warehouse and Workflow Solutions driven by lower demand for projects and lower organic sales of $89 million in Sensing and Safety Technologies driven by lower demand for sensing products.
Segment profit decreased $179 million and segment margin percentage decreased 130 basis points to 19.1% compared to 20.4% for the same period in 2023.
During the second quarter of 2022, our Productivity Solutions and Services business entered into a license and settlement agreement (the Agreement). Under the Agreement, we received $360 million, paid in equal quarterly installments over eight quarters, beginning with the second quarter of 2022 and ending with the first quarter of 2024. The Agreement provides each party a license to its existing patent portfolio for use by the other party’s existing products and resolved the patent-related litigation between the parties.
45    Honeywell International Inc.
TABLE OF CONTENTS
BUILDING AUTOMATION
Net Sales
464748
Three Months Ended
June 30,		Six Months Ended
June 30,
20242023%
Change		20242023%
Change
Net sales$1,571 $1,510 4 %$2,997 $2,997 — %
Cost of products and services sold844 803 1,608 1,589 
Selling, general and administrative and other expenses330 316 642 636 
Segment profit$397 $391 2 %$747 $772 (3)%
 
2024 vs. 2023
 Three Months Ended
June 30,		Six Months Ended
June 30,
Factors Contributing to Year-Over-Year ChangeNet
Sales		Segment
Profit		Net
Sales		Segment
Profit
Organic1 %(3)%(1)%(6)%
Foreign currency translation(1)%(1)%(1)%— %
Acquisitions, divestitures, and other, net4 %6 %2 %3 %
Total % change4 %2 %— %(3)%
Q2 2024 compared to Q2 2023
Sales increased $61 million due to higher organic sales of $82 million in Building Solutions driven by higher demand for building projects and services, partially offset by lower organic sales of $63 million in Products driven by lower demand. Additionally, the acquisition of Access Solutions contributed $62 million to sales in the three months ended June 30, 2024.
Segment profit increased $6 million and segment margin percentage decreased 60 basis points to 25.3% compared to 25.9% for the same period of 2023.
YTD 2024 compared to YTD 2023
Sales were flat due to higher organic sales of $120 million in Building Solutions driven by higher demand for building projects and services, partially offset by lower organic sales of $152 million in Products driven by lower demand. Additionally, the acquisition of Access Solutions contributed $62 million to sales in the six months ended June 30, 2024.
Segment profit decreased $25 million and segment margin percentage decreased 90 basis points to 24.9% compared to 25.8% for the same period of 2023.
46    Honeywell International Inc.
TABLE OF CONTENTS
ENERGY AND SUSTAINABILITY SOLUTIONS
Net Sales
535455
Three Months Ended
June 30,		Six Months Ended
June 30,
20242023%
Change		20242023%
Change
Net sales$1,604 $1,567 2 %$3,129 $3,028 3 %
Cost of products and services sold996 1,002 1,995 1,949  
Selling, general and administrative and other expenses203 202 426 414  
Segment profit$405 $363 12 %$708 $665 6 %
2024 vs. 2023
Three Months Ended
June 30,		Six Months Ended
June 30,
Factors Contributing to Year-Over-Year ChangeNet
Sales		Segment
Profit		Net
Sales		Segment
Profit
Organic3 %13 %4 %7 %
Foreign currency translation(1)%(1)%(1)%(1)%
Acquisitions, divestitures, and other, net— %— %— %— %
Total % change2 %12 %3 %6 %
Q2 2024 compared to Q2 2023
Sales increased $37 million due to higher organic sales of $72 million in Advanced Materials driven by higher demand for fluorine products, partially offset by lower organic sales of $22 million in UOP driven by lower gas processing project demand and by the unfavorable impact of foreign currency translation of $13 million.
Segment profit increased $42 million and segment margin percentage increased 200 basis points to 25.2% compared to 23.2% for the same period of 2023.
YTD 2024 compared to YTD 2023
Sales increased $101 million due to higher organic sales of $127 million in Advanced Materials driven by higher demand for fluorine products, partially offset by the unfavorable impact of foreign currency translation of $18 million.
Segment profit increased $43 million and segment margin percentage increased 60 basis points to 22.6% compared to 22.0% for the same period of 2023.
47    Honeywell International Inc.
TABLE OF CONTENTS
CORPORATE AND ALL OTHER
Corporate and All Other primarily includes unallocated corporate costs, interest expense on holding-company debt, and the controlling majority-owned interest in Quantinuum. Corporate and All Other is not a separate reportable business segment as segment reporting criteria is not met. The Company continues to monitor the activities in Corporate and All Other to determine the need for further reportable business segment disaggregation.
REPOSITIONING CHARGES
See Note 5 Repositioning and Other Charges of Notes to Consolidated Financial Statements for a discussion of our repositioning actions and related charges incurred in the six months ended June 30, 2024, and 2023. Cash spending related to our repositioning actions was $109 million in the six months ended June 30, 2024, and was funded through operating cash flows.
48    Honeywell International Inc.
TABLE OF CONTENTS
LIQUIDITY AND CAPITAL RESOURCES
(Dollars in tables in millions)
We manage our businesses to maximize operating cash flows as the primary source of liquidity. Each of our businesses is focused on increasing operating cash flows through revenue growth, margin expansion, and improved working capital turnover. Additional sources of liquidity include U.S. cash balances, and the ability to access non-U.S. cash balances, short-term debt from the commercial paper market, long-term borrowings, committed credit lines, and access to the public debt and equity markets.
CASH
As of June 30, 2024, and December 31, 2023, we held $9.8 billion and $8.1 billion, respectively, of cash and cash equivalents, including our short-term investments. We monitor the third-party depository institutions that hold our cash and cash equivalents on a daily basis. Our emphasis is primarily safety of principal and secondarily maximizing yield of those funds. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one counterparty.
As of June 30, 2024, $6.1 billion of the Company’s cash, cash equivalents, and short-term investments were held by non-U.S. subsidiaries. We do not have material amounts related to any jurisdiction subject to currency control restrictions that impact our ability to access and repatriate such amounts. Under current laws, we do not expect taxes on repatriation or restrictions on amounts held outside of the U.S. to have a material effect on our overall liquidity.
CASH FLOW SUMMARY
Our cash flows from operating, investing, and financing activities, as reflected in the Consolidated Statement of Cash Flows, are summarized as follows:
Six Months Ended June 30,
20242023Variance
Cash and cash equivalents at beginning of period$7,925 $9,627 $(1,702)
Issuer Purchases of Equity Securities
54    Honeywell International Inc.
TABLE OF CONTENTS
ITEM 4. MINE SAFETY DISCLOSURES
One of our wholly-owned subsidiaries has a placer claim for and operates a chabazite ore surface mine in Arizona. Information concerning mine safety and other regulatory matters associated with this mine is required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K and is included in Exhibit 95 to this quarterly report.
ITEM 5. OTHER INFORMATION
On April 14, 2024, the Company entered into an amendment (Original Amendment) to the indemnification and reimbursement agreement with Resideo, which is incorporated by reference in Exhibit 10.1. On June 14, 2024, the Company amended and restated the Original Amendment, which is filed herewith as Exhibit 10.2. The amendment provides that certain covenants set forth in Exhibit G of the indemnification and reimbursement agreement will be modified to substantially conform the covenants with those contained in Resideo's credit agreement (as and when such covenants in the credit agreement are amended in connection with the acquisition and financing transactions that Resideo announced on April 15, 2024).
EQUITY TRADING ARRANGEMENTS ELECTIONS
Certain executive officers and directors of the Company may execute purchases and sales of the Company's common stock through Rule 10b5-1 and non-Rule 10b5-1 equity trading arrangements.
During the three months ended June 30, 2024, none of our executive officers or directors , or modified a "Rule 10b5-1 trading arrangement," or , , or modified any "non-Rule 10b5-1 trading arrangement" (each as defined in Item 408 of Regulation S-K).
55    Honeywell International Inc.
TABLE OF CONTENTS
ITEM 6. EXHIBITS
Exhibit No. Description
10.1
10.2
10.3
31.1 
31.2 
32.1 
32.2 
95
101.INSInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCHInline XBRL Taxonomy Extension Schema (filed herewith)
101.CALInline XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
101.DEFInline XBRL Taxonomy Extension Definition Linkbase (filed herewith)
101.LABInline XBRL Taxonomy Extension Label Linkbase (filed herewith)
101.PREInline XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

56    Honeywell International Inc.
TABLE OF CONTENTS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 HONEYWELL INTERNATIONAL INC.
   
Date: July 25, 2024By:/s/ Robert D. Mailloux
  Robert D. Mailloux
Vice President and Controller
(on behalf of the Registrant
and as the Registrant’s
Principal Accounting Officer)
57    Honeywell International Inc.

Similar companies

See also RTX Corp - Annual report 2022 (10-K 2022-12-31) Annual report 2025 (10-Q 2025-06-30)
See also HEICO CORP - Annual report 2022 (10-K 2022-10-31) Annual report 2023 (10-Q 2023-07-31)
See also TAT TECHNOLOGIES LTD
See also SIFCO INDUSTRIES INC - Annual report 2022 (10-K 2022-09-30) Annual report 2023 (10-Q 2023-06-30)