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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, 2025
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

Honeywell International Inc .
(Exact name of registrant as specified in its charter)

Delaware 22-2640650
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer
Identification No.)

855 South Mint Street 28202
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 class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $1 per share HON The Nasdaq Stock Market LLC

3.500% Senior Notes due 2027 HON 27 The Nasdaq Stock Market LLC
2.250% Senior Notes due 2028 HON 28A The Nasdaq Stock Market LLC
3.375% Senior Notes due 2030 HON 30 The Nasdaq Stock Market LLC
0.750% Senior Notes due 2032 HON 32 The Nasdaq Stock Market LLC
3.750% Senior Notes due 2032 HON 32A The Nasdaq Stock Market LLC
4.125% Senior Notes due 2034 HON 34 The Nasdaq Stock Market LLC
3.750% Senior Notes due 2036 HON 36 The 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 634,887,208 shares of Common Stock outstanding at September 30, 2025.

TABLE OF CONTENTS

Cautionary Statement about Forward-Looking Statements
1

About Honeywell
2

PART I Financial Information

ITEM 1 Financial Statements and Supplementary Data (unaudited):
3

Consolidated Statement of Operations (unaudited) – Three and Nine Months Ended September 30, 2025, and 2024
3

Consolidated Statement of Comprehensive Income (unaudited) – Three and Nine Months Ended September 30, 2025, and 2024
4

Consolidated Balance Sheet (unaudited) – September 30, 2025, and December 31, 2024
5

Consolidated Statement of Cash Flows (unaudited) – Nine Months Ended September 30, 2025, and 2024
6

Consolidated Statement of Shareowners' Equity (unaudited) – Three and Nine Months Ended September 30, 2025, and 2024
7

Note 1 – Basis of Presentation
8

Note 2 – Summary of Significant Accounting Policies
8

Note 3 – Acquisitions and Divestitures
9

Note 4 – Revenue Recognition and Contracts with Customers
12

Note 5 – Repositioning and Other (G ains) Charges
15

Note 6 – Income Taxes
17

Note 7 – Inventories
17

Note 8 – Goodwill and Other Intangible Assets—Net
17

Note 9 – Debt and Credit Agreements
19

Note 10 – Leases
20

Note 11 – Derivative Instruments and Hedging Transactions
21

Note 12 – Fair Value Measurements
24

Note 13 – Earnings Per Share
25

Note 14 – Accumulated Other Comprehensive Loss
26

Note 15 – Commitments and Contingencies
26

Note 16 – Pension Benefits
30

Note 17 – Other (Income) Expense
31

Note 18 – Segment Financial Data
31

Note 19 – Subsequent Events
34

ITEM 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations
35

ITEM 3 Quantitative and Qualitative Disclosures about Market Risks
54

ITEM 4 Controls and Procedures
55

PART II Other Information

ITEM 1 Legal Proceedings
56

ITEM 1A Risk Factors
56

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds
57

ITEM 4 Mine Safety Disclosures
57

ITEM 5 Other Information
57

ITEM 6 Exhibits
59

Signatures
60

 

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), including statements related to the planned spin-off of the Company's Advanced Materials business into Solstice Advanced Materials, a standalone, publicly traded company, the proposed separation of Automation and Aerospace Technologies, and the evaluation of strategic alternatives for the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate 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, including Honeywell's current expectations, estimates, and projections regarding the planned spin-off of the Company's Advanced Materials business into Solstice Advanced Materials, a standalone, publicly traded company, the proposed separation of Automation and Aerospace Technologies, and the evaluation of strategic alternatives for the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. 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, including the consummation of the spin-off of the Advanced Materials business into Solstice Advanced Materials, the proposed separation of Automation and Aerospace Technologies, and the evaluation of strategic alternatives for the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, and the anticipated benefits of each. 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 changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, which 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 2024 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 products and solutions enable a safer, more comfortable, and more productive world, enhancing the quality of life of people around the globe. Our business is aligned with three powerful megatrends – automation, the future of aviation, and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge Internet of Things (IoT) platform. Our portfolio of solutions is uniquely positioned to blend physical products with software to serve customers worldwide. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions business segments that help make the world smarter, safer, as well as more secure and sustainable. 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 September 30, 2025, should be read in conjunction with the financial statements for the year ended December 31, 2024, contained in the Company's 2024 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,
2025 2024 2025 2024
  (Dollars in millions, except per share amounts)
Product sales $ 7,086   $ 6,590   $ 20,850   $ 19,330  
Service sales 3,322   3,138   9,732   9,080  
Net sales 10,408   9,728   30,582   28,410  
Costs, expenses and other
Cost of products sold 4,734   4,166   13,533   12,448  
Cost of services sold 2,127   1,813   5,694   4,970  
Total Cost of products and services sold 6,861   5,979   19,227   17,418  
Research and development expenses 497   368   1,417   1,110  
Selling, general and administrative expenses 1,296   1,398   4,085   4,061  
Impairment of assets held for sale —   125   15   125  
Other (income) expense ( 822 ) ( 263 ) ( 1,109 ) ( 740 )
Interest and other financial charges 354   297   970   767  
Total costs, expenses and other 8,186   7,904   24,605   22,741  
Income before taxes 2,222   1,824   5,977   5,669  
Tax expense 363   409   1,082   1,219  
Net income 1,859   1,415   4,895   4,450  
Less: Net income attributable to noncontrolling interest 34   2   51   30  
Net income attributable to Honeywell $ 1,825   $ 1,413   $ 4,844   $ 4,420  
Earnings per share of common stock—basic $ 2.87   $ 2.17   $ 7.57   $ 6.79  
Earnings per share of common stock—assuming dilution $ 2.86   $ 2.16   $ 7.52   $ 6.75  

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

3     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)

  Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
  (Dollars in millions)
Net income $ 1,859   $ 1,415   $ 4,895   $ 4,450  
Other comprehensive loss, net of tax
Foreign exchange translation adjustment ( 229 ) ( 288 ) ( 1,010 ) ( 229 )

Pension and other postretirement benefit adjustments ( 3 ) ( 6 ) ( 87 ) ( 16 )
Changes in fair value of available for sale investments —   —   5   ( 1 )

Changes in fair value of cash flow hedges 2   ( 14 ) ( 30 ) ( 26 )
Other comprehensive loss, net of tax ( 230 ) ( 308 ) ( 1,122 ) ( 272 )
Comprehensive income 1,629   1,107   3,773   4,178  
Less: Comprehensive income attributable to the noncontrolling interest 30   23   77   27  
Comprehensive income attributable to Honeywell $ 1,599   $ 1,084   $ 3,696   $ 4,151  

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

4     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)

  September 30, 2025 December 31, 2024
  (Dollars in millions)
ASSETS  
Current assets    
Cash and cash equivalents $ 12,930   $ 10,567  
Short-term investments 429   386  
Accounts receivable, less allowances of $ 320 and $ 314 , respectively
8,923   7,819  
Inventories 7,118   6,442  
Assets held for sale —   1,365  
Other current assets 1,347   1,329  
Total current assets 30,747   27,908  
Investments and long-term receivables 1,568   1,394  
Property, plant and equipment—net 6,681   6,194  
Goodwill 23,720   21,825  
Other intangible assets—net 7,149   6,656  
Insurance recoveries for asbestos-related liabilities 159   171  
Deferred income taxes 239   238  
Other assets 10,654   10,810  
Total assets $ 80,917   $ 75,196  
LIABILITIES
Current liabilities
Accounts payable $ 7,314   $ 6,880  
Commercial paper and other short-term borrowings 6,873   4,273  
Current maturities of long-term debt 72   1,347  
Accrued liabilities 8,380   8,348  
Liabilities held for sale —   408  
Total current liabilities 22,639   21,256  
Long-term debt 30,092   25,479  
Deferred income taxes 1,900   1,787  
Postretirement benefit obligations other than pensions 105   112  
Asbestos-related liabilities 1,369   1,325  
Other liabilities 7,058   6,076  
Redeemable noncontrolling interest 7   7  
SHAREOWNERS’ EQUITY
Capital—common stock issued 958   958  
—additional paid-in capital 9,941   9,695  
Common stock held in treasury, at cost ( 42,982 ) ( 39,378 )
Accumulated other comprehensive loss ( 4,639 ) ( 3,491 )
Retained earnings 53,504   50,835  
Total Honeywell shareowners’ equity 16,782   18,619  
Noncontrolling interest 965   535  
Total shareowners’ equity 17,747   19,154  
Total liabilities, redeemable noncontrolling interest and shareowners’ equity $ 80,917   $ 75,196  

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

5     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
  2025 2024
  (Dollars in millions)
Cash flows from operating activities    
Net income $ 4,895   $ 4,450  
Less: Net income attributable to noncontrolling interest
51   30  
Net income attributable to Honeywell 4,844   4,420  
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities
Depreciation 563   500  
Amortization 612   457  
Loss on sale of non-strategic businesses and assets 14   —  
Impairment of assets held for sale 15   125  
Repositioning and other (gains) charges ( 283 ) 189  
Net payments for repositioning and other charges ( 279 ) ( 329 )

Resideo indemnification and reimbursement agreement termination payment 1,590   —  
Pension and other postretirement income ( 387 ) ( 443 )
Pension and other postretirement benefit payments ( 16 ) ( 25 )
Stock compensation expense 154   153  
Deferred income taxes 54   ( 46 )
Other ( 340 ) ( 221 )
Changes in assets and liabilities, net of the effects of acquisitions and divestitures
Accounts receivable ( 1,035 ) ( 218 )
Inventories ( 604 ) ( 233 )
Other current assets ( 199 ) ( 128 )
Accounts payable 410   ( 142 )
Accrued liabilities 594   20  
Income taxes ( 503 ) ( 263 )
Net cash provided by operating activities 5,204   3,816  
Cash flows from investing activities
Capital expenditures ( 928 ) ( 771 )
Proceeds from disposals of property, plant and equipment 23   —  
Increase in investments ( 1,065 ) ( 698 )
Decrease in investments 1,048   564  
(Payments) receipts from settlements of derivative contracts ( 403 ) ( 250 )
Cash paid for acquisitions, net of cash acquired ( 2,200 ) ( 7,047 )
Proceeds from sale of business, net of cash transferred 1,157   —  
Net cash used for investing activities ( 2,368 ) ( 8,202 )
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings 19,171   9,516  
Payments of commercial paper and other short-term borrowings ( 16,711 ) ( 8,477 )
Proceeds from issuance of common stock 140   349  
Proceeds from issuance of long-term debt 4,035   10,407  
Payments of long-term debt ( 1,555 ) ( 1,381 )
Repurchases of common stock ( 3,704 ) ( 1,200 )
Cash dividends paid ( 2,214 ) ( 2,161 )
Other 198   5  
Net cash (used for) provided by financing activities ( 640 ) 7,058  
Effect of foreign exchange rate changes on cash and cash equivalents 167   47  
Net increase in cash and cash equivalents 2,363   2,719  
Cash and cash equivalents at beginning of period 10,567   7,925  
Cash and cash equivalents at end of period $ 12,930   $ 10,644  

The Notes to Consolidated Financial Statements are an integral part of this statement.
6     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
CONSOLIDATED STATEMENT OF SHAREOWNERS' EQUITY
(Unaudited)

  Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Shares $ Shares $ Shares $ Shares $
  (In millions, except per share amounts)
Common stock, par value 957.6   958   957.6   958   957.6   958   957.6   958  
Additional paid-in capital
Beginning balance 10,048   9,495   9,695   9,062  
Issued for employee savings and option plans 17   14   252   303  
Stock compensation expense 36   45   154   153  
Impact of Quantinuum contribution ( 160 ) —   ( 160 ) 36  

Ending balance 9,941   9,554   9,941   9,554  
Treasury stock
Beginning balance ( 322.7 ) ( 42,897 ) ( 307.9 ) ( 39,007 ) ( 307.8 ) ( 39,378 ) ( 305.8 ) ( 38,008 )
Reacquired stock or repurchases of common stock ( 0.5 ) ( 98 ) —   —   ( 17.6 ) ( 3,719 ) ( 6.1 ) ( 1,200 )
Issued for employee savings and option plans 0.5   13   0.5   18   2.7   115   4.5   219  
Ending balance ( 322.7 ) ( 42,982 ) ( 307.4 ) ( 38,989 ) ( 322.7 ) ( 42,982 ) ( 307.4 ) ( 38,989 )
Retained earnings
Beginning balance 52,399   49,576   50,835   47,979  

Net income attributable to Honeywell 1,825   1,413   4,844   4,420  
Dividends on common stock ( 720 ) ( 702 ) ( 2,175 ) ( 2,112 )

Ending balance 53,504   50,287   53,504   50,287  
Accumulated other comprehensive loss
Beginning balance ( 4,413 ) ( 4,075 ) ( 3,491 ) ( 4,135 )
Foreign exchange translation adjustment ( 225 ) ( 309 ) ( 1,036 ) ( 226 )
Pension and other postretirement benefit adjustments ( 3 ) ( 6 ) ( 87 ) ( 16 )
Changes in fair value of available for sale investments —   —   5   ( 1 )
Changes in fair value of cash flow hedges 2   ( 14 ) ( 30 ) ( 26 )
Ending balance ( 4,639 ) ( 4,404 ) ( 4,639 ) ( 4,404 )
Noncontrolling interest
Beginning balance 552   563   535   578  
Acquisitions, divestitures, and other —   —   2   —  
Net income attributable to noncontrolling interest 34   2   51   30  
Foreign exchange translation adjustment ( 4 ) 21   26   ( 3 )
Dividends paid ( 21 ) ( 18 ) ( 53 ) ( 66 )
Contributions from noncontrolling interest holders 404   —   404   29  
Ending balance 965   568   965   568  
Total shareowners' equity 634.9   17,747   650.2   17,974   634.9   17,747   650.2   17,974  
Cash dividends per share of common stock $ 1.13   $ 1.08   $ 3.39   $ 3.24  

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

7     Honeywell International Inc.

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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 closing dates for the three and nine months ended September 30, 2025, and 2024, were September 27, 2025, and September 28, 2024, 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 2024 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. This includes the separate disclosure of changes in Income taxes within operating activities on the Consolidated Statement of Cash Flows.
SUPPLY CHAIN FINANCING
Amounts outstanding related to supply chain financing programs are included in Accounts payable in the Consolidated Balance Sheet. Accounts payable included approximately $ 1,153  million and $ 1,150  million as of September 30, 2025, and December 31, 2024, respectively. The impact of these programs is not material to the Company's overall liquidity.
RECENT ACCOUNTING PRONOUNCEMENTS
The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which modernizes the accounting for internal-use software costs by removing all references to prescriptive and sequential software development stages. The new standard requires entities to consider whether significant development uncertainty has been resolved before starting to capitalize software costs and aligns disclosure requirements with ASC 360, Property, Plant, and Equipment . The ASU is effective for annual and interim reporting periods beginning after December 15, 2027, and can be applied prospectively, retrospectively, or using a modified transition method, with early adoption permitted. The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires companies to disclose additional information about the types of expenses in commonly presented expense captions. The new standard requires tabular disclosure of specified natural expenses in certain expense captions, a qualitative description of amounts that are not separately disaggregated, and disclosure of the Company's definition and total amount of selling expenses. The ASU should be applied prospectively for annual reporting periods beginning after December 15, 2026, with retrospective application and early adoption permitted. The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.
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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures , which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed annually with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires companies to enhance the disclosures about segment expenses. The new standard requires the disclosure of the Company’s Chief Operating Decision Maker (CODM), expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making, and the inclusion of previous annual only segment disclosure requirements on a quarterly basis. This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this guidance for annual disclosures for the year ended December 31, 2024, and interim disclosures beginning the first quarter of 2025. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.

NOTE 3. ACQUISITIONS AND DIVESTITURES
ACQUISITIONS
Johnson Matthey's Catalyst Technologies Business
On May 22, 2025, the Company announced its agreement to acquire Johnson Matthey's Catalyst Technologies business segment in an all-cash transaction for £ 1.8  billion. The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals. The transaction is expected to close in the first half of 2026, and the business will be included within the Energy and Sustainability Solutions reportable business segment.
Sundyne
On June 6, 2025, the Company acquired 100 % of the outstanding equity interests of Sundyne, a leader in the design manufacturing, and aftermarket support of highly-engineered pumps and gas compressors for process industries, for total consideration of $ 2,158 million, net of cash acquired. The business is part of the Energy and Sustainability Solutions reportable business segment. The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025:

Current assets $ 287  
Intangible assets 990  
Other noncurrent assets 97  
Current liabilities ( 102 )
Noncurrent liabilities ( 265 )
Net assets acquired 1,007  
Goodwill 1,261  
Purchase price $ 2,268  

The Sundyne identifiable intangible assets primarily include customer relationships, technology, and trademarks which will amortize over their estimated useful lives ranging from one to 15 years using straight-line and accelerated amortization methods. The goodwill is not deductible for tax purposes. As of the end of the third quarter of 2025, the purchase accounting is subject to final adjustment, primarily for the valuation of intangible assets, amounts allocated to goodwill, working capital adjustments, and tax balances.
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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Air Products' Liquefied Natural Gas Process Technology and Equipment Business
On September 30, 2024, the Company acquired 100 % of the outstanding equity interests of Air Products' liquefied natural gas process technology and equipment business (LNG), strengthening the Company's energy transition portfolio, for total consideration of $ 1,843  million, net of cash acquired. The business is part of the Energy and Sustainability Solutions reportable business segment. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with LNG during the third quarter of 2025. The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025:

Current assets $ 73  
Intangible assets 894  
Other noncurrent assets 82  
Current liabilities ( 100 )
Noncurrent liabilities ( 2 )
Net assets acquired 947  
Goodwill 896  
Purchase price $ 1,843  

The LNG identifiable intangible assets primarily include customer relationships and technology which will amortize over their estimated useful lives ranging from three to 20 years using accelerated amortization methods. The goodwill is deductible for tax purposes.
CAES Systems Holdings LLC
On August 30, 2024, the Company acquired 100 % of the outstanding equity interests of CAES Systems Holdings LLC (CAES), enhancing the Company's defense and space portfolio with high-reliability radio frequency technologies, for total consideration of $ 1,935  million, net of cash acquired. The business is part of the Aerospace Technologies reportable business segment. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with CAES during the third quarter of 2025. The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025:

Current assets $ 314  
Intangible assets 1,155  
Other noncurrent assets 226  
Current liabilities ( 123 )
Noncurrent liabilities ( 119 )
Net assets acquired 1,453  
Goodwill 525  
Purchase price $ 1,978  

The CAES identifiable intangible assets primarily include customer relationships and trademarks which will amortize over their estimated useful lives ranging from two to 15 years using straight line and accelerated amortization methods. The goodwill is not deductible for tax purposes.
Civitanavi Systems S.p.A.
On August 19, 2024, the Company completed the acquisition of Civitanavi Systems S.p.A., a leader in position navigation and timing technology for the aerospace, defense, and industrial markets, for total consideration of $ 200  million, net of cash acquired. The business is part of the Aerospace Technologies reportable business segment. The assets acquired and liabilities assumed with Civitanavi Systems S.p.A. are included in the Consolidated Balance Sheet as of September 30, 2025, including $ 75  million of intangible assets and $ 107  million of goodwill, which is not deductible for tax purposes. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with Civitanavi Systems S.p.A. during the third quarter of 2025.
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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Carrier Global Corporation's Global Access Solutions Business
On June 3, 2024, the Company acquired 100 % of the outstanding equity interests of Carrier Global Corporation's Global Access Solutions business (Access Solutions), an innovative global leader in advanced access and security solutions, electronic locking systems, and contactless mobile key solutions, for total consideration of $ 4,913  million, net of cash acquired. The business is part of the Building Automation reportable business segment. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with Access Solutions during the second quarter of 2025. The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025:

Current assets $ 236  
Intangible assets 1,959  
Other noncurrent assets 43  
Current liabilities ( 158 )
Noncurrent liabilities ( 6 )
Net assets acquired 2,074  
Goodwill 2,924  
Purchase price $ 4,998  

The Access Solutions identifiable intangible assets primarily include customer relationships, technology, and trademarks which will amortize over their estimated useful lives ranging from 10 to 20 years using straight line and accelerated amortization methods. The majority of the goodwill is deductible for tax purposes.
DIVESTITURES
On October 1, 2025, the Company announced, in connection with the anticipated spin-off of the Company's Advanced Materials business into an independent, publicly traded company named Solstice Advanced Materials, Inc. (Solstice), that its Board of Directors (Board) approved a record date of October 17, 2025 (Record Date) for the pro rata distribution of all of the issued and outstanding shares of Solstice to the holders of Company common stock as of the close of business on the Record Date (Eligible Holders). On October 16, 2025, the Company announced that the Board approved the spin-off, which will be effective as of 12:01 a.m. (New York City time) on October 30, 2025 (Distribution Date). On the Distribution Date, the Eligible Holders will receive one share of Solstice common stock for every four shares of Company common stock they hold as of the close of business on the Record Date. Completion of the Distribution is conditioned upon the satisfaction or waiver of certain conditions, as set forth in the form of Separation and Distribution Agreement filed with the SEC as part of the registration statement on Form 10 filed by Solstice, which was declared effective by the SEC on September 30, 2025.
On May 21, 2025, the Company completed the sale of its personal protective equipment (PPE) business in exchange for total consideration of $ 1,157  million, net of cash transferred. The Company recognized a pre-tax loss on sale of the PPE business of $ 30 million for the nine months ended September 30, 2025, which was recorded in Other (income) expense in the Consolidated Statement of Operations. The PPE business was previously part of the Sensing and Safety Technologies business unit within the Industrial Automation reportable business segment. As of December 31, 2024, the Company classified the assets and liabilities of the PPE business as held for sale. During the first quarter of 2025, the Company recognized a $ 15  million increase to the valuation allowance to write down the disposal group to fair value, less costs to sell.
On February 6, 2025, the Company announced its intention to pursue a separation of its Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies, which is expected to be completed in the second half of 2026. The planned separation is intended to be a tax-free separation to Honeywell shareowners for U.S. federal income tax purposes. The separation will be subject to the satisfaction of a number of customary conditions, including, among others, the filing and effectiveness of applicable filings (including a Form 10 registration statement that includes required financial statements) with the SEC, assurance that the separation of the businesses will be tax-free to Honeywell’s shareowners, receipt of applicable regulatory approvals, and final approval by Honeywell’s Board. The proposed separation is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

NOTE 4. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
The Company has a comprehensive offering of products and services, including software and technologies, that are sold to a variety of customers in multiple end markets. See the following disaggregated revenue table and related discussions by reportable business segment for details:

  Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Aerospace Technologies
Commercial Aviation Original Equipment $ 632   $ 617   $ 1,845   $ 1,959  
Commercial Aviation Aftermarket 2,085   1,758   5,900   5,215  
Defense and Space 1,794   1,537   5,245   4,298  
Net Aerospace Technologies sales 4,511   3,912   12,990   11,472  
Industrial Automation
Sensing and Safety Technologies 202   452   966   1,368  
Productivity Solutions and Services 284   289   831   909  
Process Solutions 1,543   1,522   4,549   4,527  
Warehouse and Workflow Solutions 245   238   686   681  
Net Industrial Automation sales 2,274   2,501   7,032   7,485  
Building Automation
Products 1,139   1,059   3,293   2,780  
Building Solutions 739   686   2,103   1,962  

Net Building Automation sales 1,878   1,745   5,396   4,742  
Energy and Sustainability Solutions
UOP 771   654   2,242   1,830  
Advanced Materials 971   909   2,898   2,862  
Net Energy and Sustainability Solutions sales 1,742   1,563   5,140   4,692  
Corporate and All Other 3   7   24   19  
Net sales $ 10,408   $ 9,728   $ 30,582   $ 28,410  

Aerospace Technologies – A global supplier of products, software, and services for aircrafts that it sells to original equipment manufacturers (OEM) and other customers in a variety of end markets including air transport, regional, business and general aviation aircraft, airlines, aircraft operators, and defense and space contractors. Aerospace Technologies products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics, wireless connectivity services, electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, management and technical services, advanced systems and instruments, satellite and space components, aircraft wheels and brakes, and thermal systems. Aerospace Technologies also provides spare parts, repair, overhaul, and maintenance services (principally to aircraft operators), and sells licenses or intellectual property to other parties. Honeywell Forge solutions enable customers to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient.
Industrial Automation – A global provider of industrial automation solutions that deliver intelligent, sustainable, and secure operations for customers in refining/petrochemicals, life sciences, utilities, and warehouse and logistics segments. With millions of installed assets, Industrial Automation deploys outcome-based solutions to increase asset utilization; improve operational efficiency and labor productivity; reduce carbon emissions with less energy consumption; and enhance cyber security for critical infrastructure and operational assets. Industrial Automation offerings include automation control and instrumentation products and services; smart energy products; sensing technologies with an array of custom-engineered sensors and services; gas detection technologies; and system design, advanced automation equipment, software and analytics for manufacturing, distribution, and fulfillment operations. Industrial Automation combines these products and services with proprietary machine learning and artificial intelligence algorithms in products and projects which are digitally enabled through the Company's industry leading industrial Internet of Things (IoT) platform, Honeywell Forge.
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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Building Automation – A global provider of products, software, solutions, and technologies that enable building owners and occupants to ensure their facilities are safe, energy efficient, sustainable, and productive. Building Automation products and services include advanced software applications for building control and optimization; sensors, switches, control systems, and instruments for energy management; access control; video surveillance; fire products; and installation, maintenance, and upgrades of systems. Honeywell Forge solutions enable customers to digitally manage buildings, connecting data from different assets to enable smart maintenance, improve building performance, and even protect from incoming security threats.
Energy and Sustainability Solutions – A global provider of industry leading technology, processing, and licensing capabilities combined with material science capabilities and innovative chemistry to offer focused solutions integral to facilitating the world's energy transition. The reportable business segment is comprised of UOP and Advanced Materials business units. The UOP business provides sustainable aviation fuels, petrochemical, refining, and natural gas liquefaction technologies, and carbon management solutions across multiple sectors through process technology solutions, products, including catalysts and adsorbents, equipment and aftermarket services. The Advanced Materials business provides customers with its Solstice lower global warming potential refrigeration and heating solutions, Spectra fibers for high end protective armor and medical applications, and leading-edge semiconductor materials. Honeywell Forge solutions serve customer asset productivity and efficiency needs by providing connectivity, data integration, and software solutions to generate a holistic view of their operations.
Corporate and All Other – Corporate and All Other includes revenue from Honeywell's majority-owned investment in Quantinuum. Through Quantinuum, Honeywell provides a wide range of service offerings of fully integrated quantum computing hardware and software solutions.
See Note 18 Segment Financial Data for a summary by disaggregated product and services sales for each reportable business segment.
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 on timing of recognition is as follows:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Products, transferred point in time 55   % 56   % 56   % 57   %
Products, transferred over time 13   12   12   11  
Net product sales 68   68   68   68  
Services, transferred point in time 5   3   5   4  
Services, transferred over time 27   29   27   28  
Net service sales 32   32   32   32  
Net sales 100   % 100   % 100   % 100   %

CONTRACT BALANCES
The Company tracks progress on satisfying performance obligations under contracts with customers. The related billings and cash collections are recorded in the Consolidated Balance Sheet in Accounts receivable—net and Other assets (unbilled receivables (contract assets) and billed receivables), and Accrued liabilities and Other liabilities (customer advances and deposits (contract liabilities)). Unbilled receivables arise when the timing of cash collected from customers differs from the timing of revenue recognition, such as when contract provisions require specific milestones to be met before a customer can be billed. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Contract liabilities are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities are derecognized when revenue is recorded.
Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period.
13     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

The following table summarizes the Company's contract assets and liabilities balances:

  2025 2024
Contract assets—January 1 $ 2,207   $ 2,013  
Contract assets—September 30
2,674   2,263  

Change in contract assets - increase (decrease) $ 467   $ 250  

Contract liabilities—January 1 $ ( 4,220 ) $ ( 4,326 )
Contract liabilities—September 30
( 4,354 ) ( 3,928 )

Change in contract liabilities - (increase) decrease $ ( 134 ) $ 398  

Net change $ 333   $ 648  

For the three and nine months ended September 30, 2025, the Company recognized revenue of $ 326 million and $ 1,768 million, respectively, that was previously included in the beginning balance of contract liabilities. For the three and nine months ended September 30, 2024, the Company recognized revenue of $ 454 million and $ 1,941 million, respectively, that was previously included in the beginning balance of contract liabilities.
Contract assets included $ 2,621 million and $ 2,139 million of unbilled balances under long-term contracts as of September 30, 2025, and December 31, 2024, 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 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. The Company's remaining performance obligations as of September 30, 2025, are $ 39,087 million.
Performance obligations recognized as of September 30, 2025, will be satisfied over the course of future periods. The Company's disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. Performance obligations expected to be satisfied within one year and greater than one year are 55 % and 45 %, respectively.
The timing of satisfaction of the Company's performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of the Company's fixed price over time contracts include progress payments based on specified events or milestones or based on project progress. For some contracts, the Company may be entitled to receive an advance payment.
The Company applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount the Company has the right to invoice for services performed.
14     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

NOTE 5. REPOSITIONING AND OTHER (GAINS) CHARGES
A summary of net repositioning and other (gains) charges follows:

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Severance $ 40   $ 38   $ 67   $ 91  
Asset impairments 2   3   4   5  
Exit costs 16   15   44   48  
Reserve adjustments ( 11 ) ( 28 ) ( 49 ) ( 55 )
Total net repositioning charges 47   28   66   89  
Asbestos-related charges, net of insurance and reimbursements 169   18   210   54  
Probable and reasonably estimable environmental liabilities, net of reimbursements 219   6   243   29  
Gain on Resideo indemnification and reimbursement agreement termination 1
( 802 ) —   ( 802 ) —  
Other charges —   —   —   17  
Total net repositioning and other (gains) charges $ ( 367 ) $ 52   $ ( 283 ) $ 189  

1 Refer to Note 15 Commitments and Contingencies for further discussion of the gain related to the Resideo indemnification and reimbursement agreement termination.

The following table summarizes the pre-tax distribution of total net repositioning and other (gains) charges by classification in the Consolidated Statement of Operations:

  Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Cost of products and services sold $ 395   $ 23   $ 462   $ 109  
Selling, general and administrative expenses 40   29   57   63  
Other (income) expense ( 802 ) —   ( 802 ) 17  
Total net repositioning and other (gains) charges $ ( 367 ) $ 52   $ ( 283 ) $ 189  

The following table summarizes the pre-tax amount of total net repositioning and other (gains) charges by reportable business segment. These amounts are excluded from segment profit as described in Note 18 Segment Financial Data :

Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Aerospace Technologies $ 1   $ ( 7 ) $ ( 5 ) $ 1  
Industrial Automation 21   21   31   49  
Building Automation 5   1   17   1  
Energy and Sustainability Solutions 5   1   6   20  
Corporate and All Other ( 399 ) 36   ( 332 ) 118  
Total net repositioning and other (gains) charges $ ( 367 ) $ 52   $ ( 283 ) $ 189  

15     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

NET REPOSITIONING CHARGES
In the three months ended September 30, 2025, the Company recognized gross repositioning charges totaling $ 58 million, including severance costs of $ 40 million related to workforce reductions of 1,055 manufacturing and administrative positions primarily in the Company's Industrial Automation and Building Automation reportable business segments and Corporate function. The workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $ 2 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $ 16 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation reportable business segment and Corporate function. Also, $ 11 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, 2024, the Company recognized gross repositioning charges totaling $ 56 million, including severance costs of $ 38 million related to workforce reductions of 727 manufacturing and administrative positions primarily in the Company's Industrial Automation and Aerospace Technologies reportable business segments. The workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $ 3 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $ 15 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation reportable business segment and corporate function. Also, $ 28 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, 2025, the Company recognized gross repositioning charges totaling $ 115 million, including severance costs of $ 67 million related to workforce reductions of 1,917 manufacturing and administrative positions primarily in the Company's Industrial Automation and Building Automation reportable business segments and corporate function. The workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges also included asset impairments of $ 4  million for the write-down of certain assets within the Company's Industrial Automation reportable business segment and corporate function. The repositioning charges also included exit costs of $ 44 million primarily related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation and Building Automation reportable business segments and corporate function. Also, $ 49 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, 2024, the Company recognized gross repositioning charges totaling $ 144  million, including severance costs of $ 91  million related to workforce reductions of 2,734 manufacturing and administrative positions primarily in the Company's Industrial Automation and Aerospace Technologies reportable business segments and corporate function. The workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $ 5  million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $ 48  million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation reportable business segment and corporate function. Also, $ 55  million of previously established reserves, primarily for severance, were returned to income due to adjustments to the scope of previously announced repositioning actions.
The following table summarizes the status of the Company's repositioning reserves, excluding amounts included in Liabilities held for sale in the Consolidated Balance Sheet:

Severance
Costs Asset
Impairments Exit
Costs Total
Balance at December 31, 2024
$ 178   $ —   $ 7   $ 185  
Charges 67   4   44   115  
Usage—cash ( 68 ) —   ( 49 ) ( 117 )
Usage—noncash —   ( 4 ) —   ( 4 )
Foreign currency translation 2   —   —   2  
Adjustments ( 41 ) —   —   ( 41 )

Balance at September 30, 2025
$ 138   $ —   $ 2   $ 140  

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, 2025, and 2024, were $ 44 million and $ 41 million, respectively.
16     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

OTHER CHARGES
During the nine months ended September 30, 2024, the Company recognized Other charges of $ 17  million related to the settlement of a contractual dispute with a Russian entity associated with the Company's suspension and wind down activities in Russia. The charges were recorded in Other (income) expense in the Consolidated Statement of Operations.
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 suspension and wind down activities, including any guarantee payments or any litigation costs or as otherwise related to the Company's wind down in Russia, could adversely affect the Company's consolidated results of operations in the periods recognized but would not be material with respect to the Company's consolidated financial position. See Note 15 Commitments and Contingencies for a discussion of the recognition and measurement of estimate for contingencies.

NOTE 6. INCOME TAXES
The effective tax rate was lower than the U.S. federal statutory rate of 21% and decreased during 2025 compared to 2024 as a result of the nontaxable return of basis on the Resideo termination agreement and changes in estimate on prior tax positions, offset by frictional tax costs on separations and incremental tax expense for tax reserve activities.
On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions (both domestic and international), expanding certain Inflation Reduction Act incentives, and accelerating the phase-out of or repealing others.

NOTE 7. INVENTORIES

  September 30, 2025 December 31, 2024
Raw materials $ 1,872   $ 1,528  
Work in process 1,412   1,346  
Finished products 3,834   3,568  
Total Inventories $ 7,118   $ 6,442  

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS—NET
The following table summarizes the change in the carrying amount of goodwill for the nine months ended September 30, 2025, by reportable business segment:

December 31, 2024 Acquisitions Currency
Translation
Adjustment September 30, 2025
Aerospace Technologies
$ 3,028   $ ( 28 ) $ 33   $ 3,033  
Industrial Automation
9,164   —   239   9,403  
Building Automation
6,136   122   180   6,438  
Energy and Sustainability Solutions
2,598   1,281   15   3,894  
Corporate and All Other 899   —   53   952  
Total Goodwill $ 21,825   $ 1,375   $ 520   $ 23,720  

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Other intangible assets are comprised of:

  September 30, 2025 December 31, 2024
Gross
Carrying
Amount Accumulated
Amortization Net
Carrying
Amount Gross
Carrying
Amount Accumulated
Amortization Net
Carrying
Amount
Definite-life intangibles
           
Patents and technology $ 3,720   $ ( 2,014 ) $ 1,706   $ 3,513   $ ( 1,849 ) $ 1,664  
Customer relationships 7,152   ( 2,566 ) 4,586   6,411   ( 2,251 ) 4,160  
Trademarks 446   ( 326 ) 120   398   ( 296 ) 102  
Other 596   ( 285 ) 311   561   ( 270 ) 291  
Total definite-life intangibles—net 11,914   ( 5,191 ) 6,723   10,883   ( 4,666 ) 6,217  
Indefinite-life intangibles

Trademarks 426   —  426   439   —  439  
Total Other intangible assets—net $ 12,340   $ ( 5,191 ) $ 7,149   $ 11,322   $ ( 4,666 ) $ 6,656  

Intangible assets amortization expense was $ 141 million and $ 410 million for the three and nine months ended September 30, 2025, respectively, and $ 120 million and $ 275 million for the three and nine months ended September 30, 2024, respectively.
18     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

NOTE 9. DEBT AND CREDIT AGREEMENTS

  September 30, 2025 December 31, 2024
1.35 % notes due 2025
$ —   $ 1,250  
2.50 % notes due 2026
1,500   1,500  
1.10 % notes due 2027
1,000   1,000  
3.50 % euro notes due 2027
764   675  
4.65 % notes due 2027
1,150   1,150  
4.95 % notes due 2028
500   500  
2.25 % euro notes due 2028
881   779  
4.25 % notes due 2029
750   750  
2.70 % notes due 2029
750   750  
4.875 % notes due 2029
500   500  
4.70 % notes due 2030
1,000   1,000  
3.375 % euro notes due 2030
881   779  
1.95 % notes due 2030
1,000   1,000  
4.95 % notes due 2031
500   500  
1.75 % notes due 2031
1,500   1,500  
4.75 % notes due 2032
650   650  
0.75 % euro notes due 2032
587   519  
3.75 % euro notes due 2032
587   519  
5.00 % notes due 2033
1,100   1,100  
4.50 % notes due 2034
1,000   1,000  
4.125 % euro notes due 2034
1,175   1,039  
5.00 % notes due 2035
1,450   1,450  
3.75 % euro notes due 2036
881   779  
5.70 % notes due 2036
441   441  
5.70 % notes due 2037
462   462  
5.375 % notes due 2041
417   417  
3.812 % notes due 2047
442   442  
2.80 % notes due 2050
750   750  
5.25 % notes due 2054
1,750   1,750  
5.35 % notes due 2064
650   650  
4.37 % term loan due 2027
1,000   1,000  
One month term SOFR plus 0.875 % term loan due 2027
4,000   —  
6.625 % debentures due 2028
201   201  
9.065 % debentures due 2033
51   51  
Industrial development bond obligations, floating rate maturing at various dates through 2037
22   22  
Other (including finance leases), 3.2 % weighted average interest rate maturing at various dates through 2040
247   390  
Fair value of hedging instruments ( 83 ) ( 136 )
Debt issuance costs ( 292 ) ( 303 )
Total Long-term debt and current related maturities 30,164   26,826  
Less: Current maturities of long-term debt 72   1,347  
Total Long-term debt $ 30,092   $ 25,479  

19     Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Commercial Paper and Other Short-Term Borrowings
As of September 30, 2025, the Company had $ 6.9 billion of Commercial paper and other short-term borrowings outstanding at a weighted average interest rate of 3.98 %. As of December 31, 2024, the Company had $ 4.3 billion of Commercial paper and other short-term borrowings outstanding at a weighted average interest rate of 4.22 %.
Term Loan Agreements
On July 1, 2025, the Company repaid its € 196  million ($ 230 million) Euro Term Loan Credit Agreement due 2026.
On May 7, 2025, the Company entered into a Delayed Draw Term Loan Agreement (the Term Loan Agreement). The Term Loan Agreement provides for a delayed draw term loan facility of an aggregate principal amount of up to $ 6.0  billion comprised of two tranches: (i) commitments to provide loans in an aggregate principal amount of up to $ 4.0  billion (Tranche A-1) and (ii) commitments to provide loans in an aggregate amount of up to $ 2.0  billion (Tranche A-2). On May 30, 2025, the Company borrowed $ 4.0  billion under Tranche A-1, which remained outstanding as of September 30, 2025. Commitments to provide Tranche A-2 will expire on December 19, 2025. Interest rates on the term loans under each tranche will be based on prevailing market rates, plus a margin, in addition to a commitment fee on unused amounts. Amounts borrowed under the Term Loan Agreement are required to be paid no later than May 7, 2027, unless the Term Loan Agreement is terminated earlier pursuant to its terms. The Term Loan Agreement is maintained for general corporate purposes and provides financial flexibility as the Company manages the separation of its Automation, Aerospace Technologies, and Advanced Materials businesses into three independent public companies.
Revolving Credit Agreements
On March 17, 2025, the Company entered into a $ 3.0  billion 364 -day credit agreement (the 364 -Day Credit Agreement). The 364 -Day Credit Agreement replaced the $ 1.5  billion 364 -day credit agreement dated as of March 18, 2024, which was terminated in accordance with its terms effective March 17, 2025. Amounts borrowed under the 364 -Day Credit Agreement are due no later than March 16, 2026, unless (i) Honeywell elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 16, 2027, or (ii) the 364 -Day Credit Agreement is terminated earlier pursuant to its terms. The 364 -Day Credit Agreement is maintained for general corporate purposes.
The Company also maintains a $ 4.0  billion amended and restated five-year credit agreement dated as of March 18, 2024 (the Five-Year Credit Agreement) for general corporate purposes. Commitments under the Five-Year Credit Agreement can be increased pursuant to the terms of the Five-Year Credit Agreement to an aggregate amount not to exceed $ 4.5  billion.
As of September 30, 2025, there were no outstanding borrowings under the 364 -Day Credit Agreement or the Five-Year Credit Agreement.

NOTE 10. LEASES
The Company's operating and finance lease portfolio is described in Note 10 Leases of Notes to Consolidated Financial Statements in the Company's 2024 Annual Report on Form 10-K.
Supplemental cash flow information related to leases was as follows:

Nine Months Ended September 30,
2025 2024
Right-of-use assets obtained in exchange for lease obligations
Operating leases $ 221   $ 158  
Finance leases 94   67  

20     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Supplemental balance sheet information related to leases was as follows:

September 30, 2025 December 31, 2024
Operating leases
Other assets $ 1,067   $ 1,025  
Accrued liabilities $ 211   $ 199  
Other liabilities 967   927  
Total operating lease liabilities $ 1,178   $ 1,126  
Finance leases
Property, plant and equipment $ 457   $ 396  
Accumulated depreciation ( 235 ) ( 211 )
Property, plant and equipment—net $ 222   $ 185  
Current maturities of long-term debt $ 53   $ 69  
Long-term debt 136   85  
Total finance lease liabilities $ 189   $ 154  

NOTE 11. DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS
Honeywell's foreign currency, interest rate, credit, and commodity price risk management policies are described in Note 11 Derivative Instruments and Hedging Transactions of Notes to Consolidated Financial Statements in the Company's 2024 Annual Report on Form 10-K.
The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the Consolidated Balance Sheet:

Notional Fair Value Asset Fair Value Liability
September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
Derivatives in fair value hedging relationships      
Interest rate swap agreements $ 4,069   $ 3,899   $ 14   $ 3   $ ( 97 ) $ ( 139 )
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts 742   1,235   7   30   ( 21 ) ( 10 )
Commodity contracts 3   1   —   —   —   —  
Derivatives in net investment hedging relationships

Cross currency swap agreements 6,214   7,214   1   124   ( 776 ) ( 56 )
Total derivatives designated as hedging instruments 11,028   12,349   22   157   ( 894 ) ( 205 )
Derivatives not designated as hedging instruments
Foreign currency exchange contracts 10,114   8,773   5   3   ( 4 ) ( 5 )
Total Derivative instruments $ 21,142   $ 21,122   $ 27   $ 160   $ ( 898 ) $ ( 210 )

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 $ 6,967 million and $ 6,158 million as of September 30, 2025, and December 31, 2024, respectively.
21     Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:

Carrying Amount
of Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
Long-term debt $ 3,986   $ 3,763   $ ( 83 ) $ ( 136 )

The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:

Three Months Ended September 30, 2025
Net Sales Cost of
Products Sold Cost of
Services Sold Selling,
General and
Administrative
Expenses Other
Income (Expense) Interest and Other
Financial Charges
$ 10,408   $ 4,734   $ 2,127   $ 1,296   $ 822   $ 354  
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income —   ( 6 ) ( 3 ) —   —   —  

Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items —   —   —   —   —   ( 4 )
Derivatives designated as hedges —   —   —   —   —   4  

Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts —   —   —   —   ( 4 ) —  

Three Months Ended September 30, 2024
Net Sales Cost of
Products Sold Cost of
Services Sold Selling,
General and
Administrative
Expenses Other
Income
(Expense) Interest and Other
Financial Charges
$ 9,728   $ 4,166   $ 1,813   $ 1,398   $ 263   $ 297  
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income —   ( 1 ) —   1   —   —  

Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items —   —   —   —   —   ( 123 )
Derivatives designated as hedges —   —   —   —   —   123  

Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts —   —   —   —   ( 213 ) —  

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Nine Months Ended September 30, 2025
Net Sales Cost of
Products Sold Cost of
Services Sold Selling,
General and
Administrative
Expenses Other
Income
(Expense) Interest and Other
Financial Charges
$ 30,582   $ 13,533   $ 5,694   $ 4,085   $ 1,109   $ 970  
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income —   ( 9 ) ( 4 ) ( 1 ) —   —  

Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items —   —   —   —   —   ( 53 )
Derivatives designated as hedges —   —   —   —   —   53  

Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts —   —   —   —   ( 396 ) —  

Nine Months Ended September 30, 2024
Net Sales Cost of
Products Sold Cost of
Services Sold Selling,
General and
Administrative
Expenses Other
Income
(Expense) Interest and Other
Financial Charges
$ 28,410   $ 12,448   $ 4,970   $ 4,061   $ 740   $ 767  
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income 3   7   3   6   —   —  

Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items —   —   —   —   —   ( 77 )
Derivatives designated as hedges —   —   —   —   —   77  

Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts —   —   —   —   ( 180 ) —  

The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive loss:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Euro-denominated long-term debt $ ( 73 ) $ ( 246 ) $ ( 666 ) $ ( 146 )
Euro-denominated commercial paper ( 15 ) ( 52 ) ( 140 ) ( 11 )
Cross currency swap agreements ( 7 ) ( 314 ) ( 843 ) ( 227 )

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

NOTE 12. FAIR VALUE MEASUREMENTS
The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy:
• Level 1 - Inputs are based on quoted prices in active markets for identical assets and liabilities.
• Level 2 - Inputs are based on observable inputs other than quoted prices in active markets for identical or similar assets and liabilities.
• Level 3 - One or more inputs are unobservable and significant.
The Company classifies financial and nonfinancial assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following table sets forth the Company’s financial assets and liabilities accounted for at fair value on a recurring basis:

  September 30, 2025 December 31, 2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Assets    
Foreign currency exchange contracts $ —   $ 12   $ —   $ 12   $ —   $ 33   $ —   $ 33  
Available for sale investments 52   464   —   516   69   427   —   496  
Interest rate swap agreements —   14   —   14   —   3   —   3  
Cross currency swap agreements —   1   —   1   —   124   —   124  

Investments in equity securities 2   —   —   2   8   —   —   8  
Right to HWI Net Sale Proceeds —   —   4   4   —   —   6   6  
Total assets $ 54   $ 491   $ 4   $ 549   $ 77   $ 587   $ 6   $ 670  
Liabilities
Foreign currency exchange contracts $ —   $ 25   $ —   $ 25   $ —   $ 15   $ —   $ 15  
Interest rate swap agreements —   97   —   97   —   139   —   139  

Cross currency swap agreements —   776   —   776   —   56   —   56  
Total liabilities $ —   $ 898   $ —   $ 898   $ —   $ 210   $ —   $ 210  

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. 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. 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 contained in the Consolidated Balance Sheet approximates fair value.
The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value:

  September 30, 2025 December 31, 2024
  Carrying
Value Fair
Value Carrying
Value Fair
Value
Assets        

Long-term receivables $ 951   $ 913   $ 723   $ 666  

Liabilities
Long-term debt and related current maturities $ 30,164   $ 29,543   $ 26,826   $ 25,503  

The Company determined the fair value of the long-term receivables by utilizing transactions in the listed markets for identical or similar assets. As such, the fair value of these receivables is considered level 2.
24     Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

The Company determined the fair value of the long-term debt and related current maturities by utilizing transactions in the listed markets for identical or similar liabilities. As such, the fair value of the long-term debt and related current maturities is considered level 2.
As of December 31, 2024, the Company measured the disposal group of the PPE business at fair value, less costs to sell. The fair value of the disposal group was determined using significant unobservable inputs based on expected proceeds to be received upon the sale of the business. As such, the fair value of the disposal group was considered level 3. See Note 3 Acquisitions and Divestitures for more information on the disposal group.

NOTE 13. EARNINGS PER SHARE
The details of the earnings per share calculations for the three and nine months ended September 30, 2025, and 2024, are as follows (shares in millions):

Three Months Ended September 30, Nine Months Ended September 30,
Basic 2025 2024 2025 2024
Net income attributable to Honeywell $ 1,825   $ 1,413   $ 4,844   $ 4,420  
Weighted average shares outstanding 635.3   650.4   640.3   651.0  
Earnings per share of common stock—basic $ 2.87   $ 2.17   $ 7.57   $ 6.79  

  Three Months Ended September 30, Nine Months Ended September 30,
Assuming Dilution 2025 2024 2025 2024
Net income attributable to Honeywell $ 1,825   $ 1,413   $ 4,844   $ 4,420  
Average shares
Weighted average shares outstanding 635.3   650.4   640.3   651.0  
Dilutive securities issuable—stock plans 3.5   3.7   3.7   4.2  
Total weighted average diluted shares outstanding 638.8   654.1   644.0   655.2  
Earnings per share of common stock—assuming dilution $ 2.86   $ 2.16   $ 7.52   $ 6.75  

The diluted earnings per share calculations exclude the effect of stock options when the cost to exercise an option exceeds the average market price of the common shares during the period. For the three and nine months ended September 30, 2025, the weighted average number of stock options excluded from the computations were 1.7 million and 2.6 million, respectively. For the three and nine months ended September 30, 2024, the weighted average number of stock options excluded from the computations were 4.1 million and 5.2 million, respectively.
As of September 30, 2025, and 2024, the total shares outstanding were 634.9 million and 650.2 million, respectively, and as of September 30, 2025, and 2024, total shares issued were 957.6 million.
25     Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

NOTE 14. ACCUMULATED OTHER COMPREHENSIVE LOSS
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT

  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 Total
Balance at December 31, 2024 $ ( 2,872 ) $ ( 642 ) $ ( 1 ) $ 24   $ ( 3,491 )
Other comprehensive (loss) income before reclassifications ( 1,189 ) —   5   ( 44 ) ( 1,228 )
Amounts reclassified from accumulated other comprehensive loss 153   ( 87 ) —   14   80  
Net current period other comprehensive (loss) income ( 1,036 ) ( 87 ) 5   ( 30 ) ( 1,148 )
Balance at September 30, 2025 $ ( 3,908 ) $ ( 729 ) $ 4   $ ( 6 ) $ ( 4,639 )

  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 Total
Balance at December 31, 2023 $ ( 3,101 ) $ ( 1,055 ) $ ( 2 ) $ 23   $ ( 4,135 )
Other comprehensive loss before reclassifications ( 226 ) —   ( 1 ) ( 11 ) ( 238 )
Amounts reclassified from accumulated other comprehensive loss —   ( 16 ) —   ( 15 ) ( 31 )
Net current period other comprehensive loss ( 226 ) ( 16 ) ( 1 ) ( 26 ) ( 269 )
Balance at September 30, 2024 $ ( 3,327 ) $ ( 1,071 ) $ ( 3 ) $ ( 3 ) $ ( 4,404 )

NOTE 15. COMMITMENTS AND CONTINGENCIES
ENVIRONMENTAL MATTERS
The Company is subject to various federal, state, local, and foreign government requirements relating to the protection of the environment. With respect to environmental matters involving site contamination, the Company continually conducts studies, individually or jointly with other potentially responsible parties, to determine the feasibility of various remedial techniques. It is the Company's policy to record liabilities for environmental matters when remedial efforts or damage claim payments are probable and the costs can be reasonably estimated. Such liabilities are based on the Company's best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical, regulatory, or legal information becomes available.
Honeywell's environmental matters are further described in Note 19 Commitments and Contingencies of Notes to Consolidated Financial Statements in the Company's 2024 Annual Report on Form 10-K.
The following table summarizes information concerning the Company's recorded liabilities for environmental costs:

Balance at December 31, 2024
$ 678  
Accruals for environmental matters deemed probable and reasonably estimable 415  
Environmental liability payments ( 112 )

Balance at September 30, 2025
$ 981  

26     Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Environmental liabilities are included in the following balance sheet accounts:

September 30, 2025 December 31, 2024
Accrued liabilities $ 267   $ 244  
Other liabilities 714   434  
Total environmental liabilities $ 981   $ 678  

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 had an ongoing obligation to make cash payments to Honeywell in amounts equal to 90 % of Honeywell’s annual net spending for environmental matters at certain sites as defined in the agreement. As the Company incurred 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 90 % of such costs was also recorded. The amount payable to Honeywell in any given year was subject to a cap of $ 140 million, and the payment obligation was to 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 $ 25 million. Reimbursements associated with this agreement were collected from Resideo quarterly and were $ 105  million in the nine months ended September 30, 2025.
In the third quarter of 2025, the Company and Resideo entered into a termination agreement for the accelerated monetization of the indemnification and reimbursement agreement. Upon closing of the transactions contemplated pursuant to the termination agreement, the Company received a one-time cash payment of $ 1,590  million in lieu of all future payments to which the Company was entitled pursuant to the indemnification and reimbursement agreement. Additionally, Resideo paid the quarterly payment of $ 35  million for the quarter ending September 30, 2025 due under the indemnification and reimbursement agreement. The Company applied the one-time cash payment and quarterly reimbursement payment against the outstanding receivable balance due from Resideo, inclusive of expenses incurred in the third quarter of 2025. The Company recognized a gain of $ 802  million in Other (income) expense for the cash proceeds received in excess of the receivables due from Resideo as of the third quarter of 2025.
As a result of the termination agreement, Resideo no longer has any obligation to make cash payments to Honeywell in respect of Honeywell's net spending for environmental matters.
During the third quarter of 2025, the Company enhanced its process for estimating environmental liabilities at sites undergoing active remediation. By leveraging improved data availability and refining historical analytics, the Company implemented an improved methodology for estimating environmental liabilities related to actively managed environmental sites. This led to earlier recognition of the estimated probable liabilities related to these sites, resulting in an increase of the estimated environmental liabilities of $ 211  million. The Company does not currently possess sufficient additional 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.
ASBESTOS MATTERS
Honeywell is named in asbestos-related personal injury claims related to the Bendix Friction Materials (Bendix) business, which was sold in 2014. 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.
The following tables summarize information concerning Bendix asbestos-related balances:
Asbestos-Related Liabilities

December 31, 2024 $ 1,482  
Accrual for update to estimated liability 39  
Change in estimated cost of future claims 15  
Loss on expected settlement 148  
Asbestos-related liability payments ( 158 )

September 30, 2025 $ 1,526  

27     Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Insurance Recoveries for Asbestos-Related Liabilities

December 31, 2024 $ 110  

Insurance receipts for asbestos-related liabilities ( 12 )

September 30, 2025 $ 98  

Bendix asbestos-related balances are included in the following balance sheet accounts:

September 30, 2025 December 31, 2024
Other current assets $ 14   $ 14  
Insurance recoveries for asbestos-related liabilities 84   96  
Total insurance recoveries for asbestos-related liabilities $ 98   $ 110  
Accrued liabilities $ 157   $ 157  
Asbestos-related liabilities 1,369   1,325  
Total asbestos-related liabilities $ 1,526   $ 1,482  

The following tables present information regarding Bendix-related asbestos claims activity:

Nine Months Ended
September 30, Year Ended December 31,
2025 2024
Claims unresolved at the beginning of period 4,950   5,517  
Claims filed 1,232   1,617  
Claims resolved ( 1,880 ) ( 2,184 )
Claims unresolved at the end of period 4,302   4,950  

Disease Distribution of Unresolved Claims September 30, 2025 December 31, 2024
Mesothelioma and other cancer claims 2,896   2,923  
Nonmalignant claims 1,406   2,027  
Total claims 4,302   4,950  

Honeywell experienced average resolution values per claim excluding legal costs as follows:

  Years Ended December 31,
  2024 2023 2022 2021 2020
  (in whole dollars)
Mesothelioma and other cancer claims $ 79,900   $ 66,200   $ 59,200   $ 56,000   $ 61,500  
Nonmalignant claims 1,100   1,730   520   400   550  

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 valued Bendix asserted and unasserted claims using average resolution values for the previous two years. 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

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.
Liability Divestiture Transaction
On September 29, 2025, the Company permanently divested all of its legacy Bendix asbestos liabilities and certain non-Bendix asbestos liabilities, contributing cash and transferring asbestos liabilities to a third party entity. As part of the agreement, the Company will be indemnified from future asbestos claims. Under the terms of the agreement, in the fourth quarter, the Company contributed $ 1.4  billion in cash and derecognized $ 1.5  billion of asbestos liabilities and $ 98  million of related insurance assets. Included in the Company's third quarter results is a pre-tax loss on expected settlement of the divestiture of $ 148  million.
SEC MATTER
The Company is cooperating with a formal investigation by the Securities and Exchange Commission (SEC) which is focused on certain financial reporting matters, including 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 $ 203  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 (DPA) 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 resolved the Petrobras and Unaoil investigations. In July 2025, the DOJ filed, and the court granted, a motion for early termination of the DPA, and the deferred charges related to the UOP Matters have been dismissed with prejudice.
LITIGATION MATTERS
Flexjet v. Honeywell International Inc.
Flexjet, LLC (Flexjet) provides private jet services to customers. Honeywell maintains aircraft engine maintenance service contracts with Flexjet. On March 1, 2023, Flexjet brought suit against the Company, alleging breach of the parties’ aircraft engine maintenance service agreement (the MSA), seeking liquidated damages for delayed engine repairs, and claiming that its liquidated damages continue to accrue related to engines awaiting repair.
The suit was filed in the Supreme Court of the State of New York, County of New York, Commercial Division. On December 12, 2024, the court issued a partial summary judgment order holding that the MSA could not be terminated for convenience. On May 8, 2025, the court ruled on the remaining issues in the parties’ motions for summary judgment, finding that the MSA’s liquidated damages provision is enforceable and dismissing the Company’s force majeure defense, among other rulings. The court’s second summary judgment order also held that a trial is necessary to determine whether and to what extent specific engines are covered by the MSA. In court filings, Flexjet claimed, based on summary judgment rulings to date, that it is entitled to liquidated damages of at least $ 500  million, and further claimed that it is owed additional liquidated damages substantially in excess of that amount, in each case before pre-judgment interest. The Company filed notices of appeal of the court’s summary judgment decisions on January 10, 2025 and June 17, 2025. Trial has not yet been scheduled but is currently anticipated in 2026.
29     Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

In two related cases filed by third-party aircraft repair and services companies, Duncan Aviation, Inc. (Duncan) and StandardAero Business Aviation Services, LLC (StandardAero) brought suit against Flexjet for amounts allegedly owed for services provided. The Duncan litigation was filed in the U.S. District Court of Nebraska and Flexjet purported to join the Company as a third-party defendant in the Duncan litigation. Flexjet's third-party suit against the Company was transferred to the U.S. District Court for the Southern District of New York and was subsequently dismissed. Duncan's claims against Flexjet in the U.S. District Court for the District of Nebraska remain pending. The StandardAero litigation was filed in the Supreme Court of the State of New York, County of New York, Commercial Division. Flexjet filed amended pleadings in the Duncan and StandardAero cases on January 10, 2025 and June 10, 2025, purporting to join the Company as a third-party defendant and claiming that amounts allegedly owed to the respective plaintiffs are the liabilities of the Company. The Company believes that it has strong defenses and intends to continue to vigorously defend the Flexjet-related matters.
The Company has recorded accruals in accordance with ASC 450, Contingencies , with respect to the Flexjet-related matters, which accruals are not material. Given the uncertainties inherent in litigation, the Company cannot predict when or how these matters will be resolved and cannot reasonably estimate a range of possible loss in excess of accruals.
The ultimate resolution of these matters could result in damage awards or settlements that are materially higher than amounts currently accrued and changes to amounts accrued or paid could have a material adverse effect on the Company's consolidated results of operations or operating cash flows in the period(s) recognized or paid. The Company does not expect the outcome of the Flexjet-related matters, either individually or in the aggregate, to have a material adverse effect on the Company's consolidated financial position.
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.
Given the uncertainty inherent in litigation and investigations, including those discussed in this Note 15, the Company cannot predict when or how these matters will be resolved and does not believe it is possible to develop estimates of reasonably possible loss (or a range of possible loss) in excess of current accruals for commitment and contingency matters. Considering the Company's past experience and existing accruals, the Company does not expect the outcome of such matters, either individually or in the aggregate, to have a material adverse effect on the Company's consolidated financial position. Because most contingencies are resolved over long periods of time, potential liabilities are subject to change due to new developments, changes in settlement strategy or the impact of evidentiary requirements, which could cause the Company to pay damage awards or settlements (or become subject to equitable remedies) that could have a material adverse effect on the Company's consolidated results of operations or operating cash flows in the periods recognized or paid.

NOTE 16. PENSION BENEFITS
Net periodic pension benefit (income) cost for the Company's significant pension plans included the following components:

U.S. Plans
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Service cost $ 7   $ 7   $ 21   $ 21  
Interest cost 147   150   441   449  
Expected return on plan assets ( 289 ) ( 282 ) ( 867 ) ( 844 )
Amortization of prior service (credit) cost —   ( 1 ) —   ( 5 )
Net periodic benefit (income) cost $ ( 135 ) $ ( 126 ) $ ( 405 ) $ ( 379 )

30     Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Non-U.S. Plans
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Service cost $ 1   $ 3   $ 3   $ 9  
Interest cost 46   49   138   143  
Expected return on plan assets ( 69 ) ( 78 ) ( 211 ) ( 226 )

Recognition of actuarial (gains) losses —   —   14   —  
Settlements and curtailments —   —   68   —  
Net periodic benefit (income) cost $ ( 22 ) $ ( 26 ) $ 12   $ ( 74 )

The Company repurchased $ 100  million and $ 400  million of outstanding Honeywell shares of common stock from the Honeywell U.S. Pension Plan Master Trust during the three and nine months ended September 30, 2025, respectively. The Company completed no repurchases of outstanding Honeywell shares of common stock from the Honeywell U.S. Pension Plan Master Trust during the nine months ended September 30, 2024.

NOTE 17. OTHER (INCOME) EXPENSE

  Three Months Ended September 30, Nine Months Ended September 30,
  2025 2024 2025 2024
Interest income $ ( 86 ) $ ( 110 ) $ ( 255 ) $ ( 325 )
Pension ongoing income—non-service ( 169 ) ( 161 ) ( 424 ) ( 478 )
Other postretirement income—non-service ( 3 ) ( 3 ) ( 11 ) ( 13 )
Equity income of affiliated companies ( 13 ) ( 17 ) ( 45 ) ( 47 )
Gain on Resideo indemnification and reimbursement agreement termination ( 802 ) —   ( 802 ) —  
Loss on sale of non-strategic businesses and assets —   —   30   —  
Foreign exchange (gain) loss ( 10 ) ( 4 ) ( 25 ) 27  
Divestiture-related costs 1
234   —   361   —  
Acquisition-related costs 13   10   24   34  
Expense related to Russia-Ukraine conflict —   —   —   17  

Other, net 14   22   38   45  
Total Other (income) expense $ ( 822 ) $ ( 263 ) $ ( 1,109 ) $ ( 740 )

1 Includes divestiture, spin-off, and separation costs.

See Note 15 Commitments and Contingencies for further discussion of the gain related to the Resideo indemnification and reimbursement agreement termination.
See Note 5 R epositioning and Other (Gains) Charges for further discussion of the expense related to the Russia-Ukraine conflict.

NOTE 18. SEGMENT FINANCIAL DATA
Honeywell globally manages its business operations through four reportable business segments. Segment information is consistent with how the Chairman and Chief Executive Officer, who is the Company's chief operating decision maker, and 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, interest income, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs, impairment of assets held for sale, stock compensation expense, pension and other postretirement income (expense), repositioning and other (gains) charges, and other items within Other (income) expense.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

In October 2025, the Company announced a planned realignment, expected to be effective in the first quarter of 2026, of its business units comprising its Industrial Automation and Energy and Sustainability Solutions reportable business segments. This realignment will form a new reportable business segment, Process Automation and Technology, and result in a new composition of its Industrial Automation reportable business segment. Process Automation and Technology will be comprised of UOP, which is currently in Energy and Sustainability Solutions, and the core portion of the Process Solutions business, which is currently in Industrial Automation. The new composition of Industrial Automation will continue to include the smart energy, thermal solutions, and process measurement and control businesses, currently included in the Process Solutions business, as well as the Sensing and Safety Technologies, Warehouse and Workflow Solutions, and Productivity Solutions and Services businesses. Following the realignment, the Company’s reportable business segments will be Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. The realignment will not impact the Company’s historical consolidated financial position, results of operations, or cash flows. The Company expects to report its financial performance based on this realignment effective with the first quarter of 2026.

Three Months Ended September 30, 2025 Aerospace Technologies Industrial Automation Building Automation Energy and Sustainability Solutions Corporate and All Other Total Honeywell
Net sales
Products $ 2,606   $ 1,511   $ 1,369   $ 1,600   $ —   $ 7,086  
Services 1,905   763   509   142   3   3,322  
Total Net sales 4,511   2,274   1,878   1,742   3   10,408  
Less
Cost of products and services sold 2,844   1,345   990   1,118  
Selling, general and administrative expenses 169   297   265   97  
Other segment items 1
320   204   121   100  
Total Segment profit $ 1,178   $ 428   $ 502   $ 427   $ ( 128 ) $ 2,407  

Depreciation and amortization $ 84   $ 87   $ 63   $ 113   $ 50   $ 397  
Capital expenditures 105   57   22   157   33   374  

1 For each reportable segment, the other segment items category includes research and development expenses, equity income of affiliated companies and certain allocated overhead expenses, which are comprised of salaries and fringe benefits, professional & purchased services, and other indirect spend across core corporate functions such as central IT, corporate finance, human resources, supply chain, legal, government relations, and other corporate functions.

Three Months Ended September 30, 2024 Aerospace Technologies Industrial Automation Building Automation Energy and Sustainability Solutions Corporate and All Other Total Honeywell
Net sales
Products $ 2,148   $ 1,755   $ 1,281   $ 1,406   $ —   $ 6,590  
Services 1,764   746   464   157   7   3,138  
Total Net sales 3,912   2,501   1,745   1,563   7   9,728  
Less
Cost of products and services sold 2,446   1,461   926   957  
Selling, general and administrative expenses 143   332   256   125  
Other segment items 241   200   111   98  
Total Segment profit $ 1,082   $ 508   $ 452   $ 383   $ ( 129 ) $ 2,296  

Depreciation and amortization $ 76   $ 100   $ 67   $ 67   $ 47   $ 357  
Capital expenditures 79   55   19   91   35   279  

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

Nine Months Ended September 30, 2025
Aerospace Technologies Industrial Automation Building Automation Energy and Sustainability Solutions Corporate and All Other Total Honeywell
Net sales
Products $ 7,439   $ 4,801   $ 3,910   $ 4,700   $ —   $ 20,850  
Services 5,551   2,231   1,486   440   24   9,732  
Total Net sales 12,990   7,032   5,396   5,140   24   30,582  
Less
Cost of products and services sold 8,154   4,105   2,802   3,248  
Selling, general and administrative expenses 538   996   822   379  
Other segment items 923   623   351   297  
Total Segment profit $ 3,375   $ 1,308   $ 1,421   $ 1,216   $ ( 289 ) $ 7,031  

Depreciation and amortization $ 278   $ 256   $ 180   $ 310   $ 151   $ 1,175  
Capital expenditures 275   135   69   350   99   928  

Nine Months Ended September 30, 2024
Aerospace Technologies Industrial Automation Building Automation Energy and Sustainability Solutions Corporate and All Other Total Honeywell
Net sales
Products $ 6,300   $ 5,332   $ 3,492   $ 4,206   $ —   $ 19,330  
Services 5,172   2,153   1,250   486   19   9,080  
Total Net sales 11,472   7,485   4,742   4,692   19   28,410  
Less
Cost of products and services sold 7,081   4,358   2,534   2,952  
Selling, general and administrative expenses 437   1,060   705   365  
Other segment items 777   608   304   284  
Total Segment profit $ 3,177   $ 1,459   $ 1,199   $ 1,091   $ ( 337 ) $ 6,589  

Depreciation and amortization $ 210   $ 278   $ 132   $ 197   $ 140   $ 957  
Capital expenditures 221   149   54   260   87   771  

September 30, 2025 December 31, 2024

Aerospace Technologies $ 18,060   $ 16,966  
Industrial Automation 21,198   21,035  
Building Automation 10,943   11,438  
Energy and Sustainability Solutions 13,454   10,337  
Corporate and All Other 17,262   15,420  
Total assets $ 80,917   $ 75,196  

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HONEYWELL INTERNATIONAL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in tables in millions, except per share amounts)

A reconciliation of segment profit to consolidated income before taxes are as follows:

Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Segment profit $ 2,407   $ 2,296   $ 7,031   $ 6,589  
Interest and other financial charges ( 354 ) ( 297 ) ( 970 ) ( 767 )
Interest income 1
86   110   255   325  
Amortization of acquisition-related intangibles 2
( 141 ) ( 120 ) ( 410 ) ( 275 )
Impairment of assets held for sale —   ( 125 ) ( 15 ) ( 125 )
Stock compensation expense 3
( 36 ) ( 45 ) ( 154 ) ( 153 )
Pension ongoing income 4
150   145   390   430  
Pension mark-to-market expense 4
—   —   ( 14 ) —  
Other postretirement income 4
3   3   11   13  
Repositioning and other gains (charges) 5
367   ( 52 ) 283   ( 189 )
Other expense 6
( 260 ) ( 91 ) ( 430 ) ( 179 )
Income before taxes $ 2,222   $ 1,824   $ 5,977   $ 5,669  

1 Amounts included in Other (income) expense.
2 Amounts included in Cost of products and services sold.
3 Amounts included in Selling, general and administrative expenses.

4 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).

5 Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense.

6 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.

NOTE 19. SUBSEQUENT EVENTS
In the fourth quarter, the Company permanently divested all of its legacy Bendix asbestos liabilities and certain non-Bendix asbestos liabilities, contributing cash and transferring asbestos liabilities to a third party entity. As part of the agreement, the Company will be indemnified from future asbestos claims. Under the terms of the agreement, in the fourth quarter, the Company contributed $ 1.4  billion in cash and derecognized $ 1.5  billion of asbestos liabilities and $ 98  million of related insurance assets. Included in the Company's third quarter results is a pre-tax loss on expected settlement of the divestiture of $ 148  million. See Note 15 Commitments and Contin gencies for more information.
Also in the fourth quarter, in connection with the planned spin-off, Solstice issued 5.625 % Senior Notes due September 30, 2033 in an aggregate principal amount of $ 1.0  billion (the Notes). The proceeds from the Notes offering will be held in escrow until satisfaction of the conditions precedent to the spin-off and certain other escrow release conditions. If such conditions are not met by March 31, 2026, the Notes will be redeemed at 100 % of principal plus accrued interest. Solstice will pay interest on the Notes on March 31 and September 30 of each year, with the first payment due on March 31, 2026. The Notes are senior unsecured obligations of Solstice, guaranteed on a senior unsecured basis by certain of its domestic subsidiaries and, from and after the escrow release date, will be guaranteed on a senior unsecured basis by each of Solstice’s existing and future domestic subsidiaries that guarantees Solstice’s senior credit facilities.
See Note 18 Segment Financial Data for information related to the Company’s planned realignment of its reportable business segments announced on October 22, 2025, and expected to be effective in the first quarter of 2026.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Dollars in tables and graphs in millions, except per share amounts)
The following Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of Honeywell International Inc. and its consolidated subsidiaries (Honeywell, we, us, our, or the Company) for the three and nine months ended September 30, 2025. The financial information as of September 30, 2025, should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2024, contained in our 2024 Annual Report on Form 10-K.

BUSINESS UPDATE
MACROECONOMIC CONDITIONS
We continue to monitor macroeconomic and geopolitical developments amid heightened trade tensions, economic and trade policy uncertainty, and inflationary risks. Trade policy volatility during 2025, including new tariffs and, in some cases, subsequent rollbacks or suspensions, could impact global growth and contribute to inflationary pressures. Global conflicts, tariffs, labor disruptions, and regulations continue to generate volatility in global markets and contribute to supply chain vulnerabilities and pricing fluctuations. We remain proactive in our collaboration with suppliers to minimize shortages and mitigate supply chain and pricing volatility.
Mitigation strategies remain crucial to meet customer demand in this evolving environment. Our mitigation strategies include supply chain simplification, continued alignment to local supply sources, pricing actions and dual source strategies, long-term strategies for constrained materials, direct engagement with key suppliers, and new supplier development. Strong relationships with strategic primary and secondary suppliers allow us to collaborate to reliably source key components and raw materials, develop new products, commit our resources to assist certain suppliers, and at times, alter designs of existing products. We believe these mitigation strategies enable us to reduce supply risk, foster new product innovation, and expand our market presence. Additionally, due to the stringent quality controls and product qualification we perform on any new or altered product, these mitigation strategies have not impacted, and we do not expect them to impact, product quality or reliability.
To date, our strategies helped minimize our exposure to these conditions. However, if we are not successful in sustaining or executing these strategies, these macroeconomic conditions could have a material adverse effect on our consolidated results of operations, cash flows, or financial condition.
PORTFOLIO TRANSFORMATION
We continually assess the relative strength of each business in our portfolio as to strategic fit, market position, profit, and cash flow contribution in order to identify target investment and acquisition opportunities in order to upgrade our combined portfolio. We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability, or growth potential. During the second quarter of 2025, we completed the divestiture of our PPE business, as well as closed on the acquisition of Sundyne. We also announced our agreement to acquire Johnson Matthey's Catalyst Technologies business segment.
On October 8, 2024, we announced our intention to spin off our Advanced Materials business into Solstice Advanced Materials, Inc. (Solstice), an independent, U.S. publicly traded company. The spin-off will be a tax-free spin to Honeywell shareowners for U.S. federal income tax purposes. On October 1, 2025, we announced that our Board approved a record date of October 17, 2025 (Record Date) for the pro rata distribution of all of the issued and outstanding shares of Solstice to the holders of our common stock as of the close of business on the Record Date (Eligible Holders). On October 16, 2025, we announced that the Board approved the spin-off, which will be effective as of 12:01 a.m. (New York City time) on October 30, 2025 (Distribution Date). On the Distribution Date, the Eligible Holders will receive one share of Solstice common stock for every four shares of our common stock they hold as of the close of business on the Record Date. Completion of the Distribution is conditioned upon the satisfaction or waiver of certain conditions, as set forth in the form of Separation and Distribution Agreement filed with the SEC as part of the registration statement on Form 10 filed by Solstice, which was declared effective by the SEC on September 30, 2025.
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