filings.toolsHoneywell International (HON) 10-K risk factor changes: FY2023 vs FY2022
The 2023-12-31 10-K against the 2022-12-31 one, compared heading by heading and sentence by sentence.
All filing items1,597 rewritten970 added377 removed1,891 unchanged
Summary
counted, not written
- Item 1A headings could not be compared: the parser did not find an Item 1A in both filings.
- Sentence by sentence, 970 added, 377 removed, 1,597 rewritten and 1,891 unchanged across 1 item that differ.
Sentences by item
1 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Full document | 970 | 377 | 1,597 | 1,891 |
Underlined words on a shaded ground are new in FY2023; struck-through words were in FY2022. Sentences that are wholly new or wholly gone are labelled rather than marked.
Full document
1,597 rewritten, 970 added, 377 removed, 1,891 unchanged
For the fiscal year ended December 31, [removed: 2022][added: 2023]
[removed: ][added: ]
| Title of Each Class | | | | | | Trading [removed: Symbols] [added: Symbol(s)] | | | | | | Name of each exchange on which registered | | |
| Common Stock, par value $1 per [removed: share*] [added: share] | | | | | | HON | | | | | | The Nasdaq Stock Market LLC | | |
| [removed: 1.300%] [added: 3.500%] Senior Notes due [removed: 2023] [added: 2027] | | | | | | HON [removed: 23A] [added: 27] | | | | | | The Nasdaq Stock Market LLC | | |
See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting [removed: company”] [added: company,”] and "emerging growth company" in Rule 12b-2 of the Exchange Act.
The aggregate market value of the [removed: voting] [added: common] stock held by [removed: nonaffiliates] [added: non-affiliates] of the Registrant was approximately [removed: $118.0] [added: $137.8] billion at June 30, [removed: 2022.][added: 2023.]
There were [removed: 668,140,252] [added: 652,181,812] shares of Common Stock outstanding at January [removed: 27, 2023.][added: 26, 2024.]
Part III: Proxy Statement for Annual Meeting of Shareowners to be held May [removed: 19, 2023][added: 14, 2024]
| [removed: [1](#ia9f60d309d9c426f8d0022998643f522_16)] [added: [1](#id8648796b37f4ae0989dd5999567488c_19)] | | | [Cautionary [removed: Statement](#ia9f60d309d9c426f8d0022998643f522_16) [a](#ia9f60d309d9c426f8d0022998643f522_16)[bout] [added: Statement about] Forward-Looking [removed: Statements](#ia9f60d309d9c426f8d0022998643f522_16)] [added: Statements](#id8648796b37f4ae0989dd5999567488c_19)] | | |
| [removed: [2](#ia9f60d309d9c426f8d0022998643f522_22)] [added: [2](#id8648796b37f4ae0989dd5999567488c_25)] | | | [About [removed: Honeywell](#ia9f60d309d9c426f8d0022998643f522_22)] [added: Honeywell](#id8648796b37f4ae0989dd5999567488c_25)] | | |
| [removed: [16](#ia9f60d309d9c426f8d0022998643f522_31)] [added: [17](#id8648796b37f4ae0989dd5999567488c_67)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ia9f60d309d9c426f8d0022998643f522_31)] [added: Operations](#id8648796b37f4ae0989dd5999567488c_67)] | | |
| [removed: [24](#ia9f60d309d9c426f8d0022998643f522_49)] [added: [25](#id8648796b37f4ae0989dd5999567488c_85)] | | | [Review of Business [removed: Segments](#ia9f60d309d9c426f8d0022998643f522_49)] [added: Segments](#id8648796b37f4ae0989dd5999567488c_85)] | | |
| [removed: [29](#ia9f60d309d9c426f8d0022998643f522_91)] [added: [30](#id8648796b37f4ae0989dd5999567488c_127)] | | | [Risk [removed: Factors](#ia9f60d309d9c426f8d0022998643f522_91)] [added: Factors](#id8648796b37f4ae0989dd5999567488c_127)] | | |
| [removed: [37](#ia9f60d309d9c426f8d0022998643f522_94)] [added: [38](#id8648796b37f4ae0989dd5999567488c_130)] | | | [Quantitative and Qualitative [removed: Disclosures](#ia9f60d309d9c426f8d0022998643f522_94) [a](#ia9f60d309d9c426f8d0022998643f522_94)[bout] [added: Disclosures about] Market [removed: Risks](#ia9f60d309d9c426f8d0022998643f522_94)] [added: Risks](#id8648796b37f4ae0989dd5999567488c_130)] | | |
| [removed: [37](#ia9f60d309d9c426f8d0022998643f522_97)] [added: [38](#id8648796b37f4ae0989dd5999567488c_133)] | | | [Liquidity and Capital [removed: Resources](#ia9f60d309d9c426f8d0022998643f522_97)] [added: Resources](#id8648796b37f4ae0989dd5999567488c_133)] | | |
| [removed: [43](#ia9f60d309d9c426f8d0022998643f522_100)] [added: [44](#id8648796b37f4ae0989dd5999567488c_136)] | | | [Critical Accounting [removed: Estimates](#ia9f60d309d9c426f8d0022998643f522_100)] [added: Estimates](#id8648796b37f4ae0989dd5999567488c_136)] | | |
| [removed: [48](#ia9f60d309d9c426f8d0022998643f522_112)] [added: [49](#id8648796b37f4ae0989dd5999567488c_148)] | | | [Unresolved Staff [removed: Comments](#ia9f60d309d9c426f8d0022998643f522_112)] [added: Comments](#id8648796b37f4ae0989dd5999567488c_148)] | | |
| [removed: [48](#ia9f60d309d9c426f8d0022998643f522_121)] [added: [50](#id8648796b37f4ae0989dd5999567488c_157)] | | | [Mine Safety [removed: Disclosures](#ia9f60d309d9c426f8d0022998643f522_121)] [added: Disclosures](#id8648796b37f4ae0989dd5999567488c_157)] | | |
| [removed: [49](#ia9f60d309d9c426f8d0022998643f522_127)] [added: [51](#id8648796b37f4ae0989dd5999567488c_163)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ia9f60d309d9c426f8d0022998643f522_127)] [added: Securities](#id8648796b37f4ae0989dd5999567488c_163)] | | |
| [removed: [51](#ia9f60d309d9c426f8d0022998643f522_130)] [added: [53](#id8648796b37f4ae0989dd5999567488c_166)] | | | [Financial Statements and Supplementary [removed: Data](#ia9f60d309d9c426f8d0022998643f522_130)] [added: Data](#id8648796b37f4ae0989dd5999567488c_166)] | | |
| [removed: [111](#ia9f60d309d9c426f8d0022998643f522_247)] [added: [115](#id8648796b37f4ae0989dd5999567488c_274)] | | | [Report of Independent Registered Public Accounting [removed: Firm](#ia9f60d309d9c426f8d0022998643f522_247)] [added: Firm](#id8648796b37f4ae0989dd5999567488c_274)] | | |
| [removed: [113](#ia9f60d309d9c426f8d0022998643f522_250)] [added: [117](#id8648796b37f4ae0989dd5999567488c_277)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ia9f60d309d9c426f8d0022998643f522_250)] [added: Disclosure](#id8648796b37f4ae0989dd5999567488c_277)] | | |
| [removed: [113](#ia9f60d309d9c426f8d0022998643f522_256)] [added: [117](#id8648796b37f4ae0989dd5999567488c_283)] | | | [Management's Report on Internal [removed: Control](#ia9f60d309d9c426f8d0022998643f522_256) [o](#ia9f60d309d9c426f8d0022998643f522_256)[ver] [added: Control over] Financial [removed: Reporting](#ia9f60d309d9c426f8d0022998643f522_256)] [added: Reporting](#id8648796b37f4ae0989dd5999567488c_283)] | | |
| [removed: [114](#ia9f60d309d9c426f8d0022998643f522_262)] [added: [118](#id8648796b37f4ae0989dd5999567488c_289)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ia9f60d309d9c426f8d0022998643f522_262)] [added: Inspections](#id8648796b37f4ae0989dd5999567488c_289)] | | |
| [removed: [114](#ia9f60d309d9c426f8d0022998643f522_265)] [added: [118](#id8648796b37f4ae0989dd5999567488c_292)] | | | [Directors, Executive [removed: Officers](#ia9f60d309d9c426f8d0022998643f522_265)[,](#ia9f60d309d9c426f8d0022998643f522_265) [and] [added: Officers, and] Corporate [removed: Governance](#ia9f60d309d9c426f8d0022998643f522_265)] [added: Governance](#id8648796b37f4ae0989dd5999567488c_292)] | | |
| [removed: [115](#ia9f60d309d9c426f8d0022998643f522_271)] [added: [119](#id8648796b37f4ae0989dd5999567488c_298)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ia9f60d309d9c426f8d0022998643f522_271)] [added: Matters](#id8648796b37f4ae0989dd5999567488c_298)] | | |
| [removed: [116](#ia9f60d309d9c426f8d0022998643f522_274)] [added: [120](#id8648796b37f4ae0989dd5999567488c_301)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ia9f60d309d9c426f8d0022998643f522_274)] [added: Independence](#id8648796b37f4ae0989dd5999567488c_301)] | | |
| [removed: [116](#ia9f60d309d9c426f8d0022998643f522_277)] [added: [120](#id8648796b37f4ae0989dd5999567488c_304)] | | | [Principal Accounting Fees and [removed: Services](#ia9f60d309d9c426f8d0022998643f522_277)] [added: Services](#id8648796b37f4ae0989dd5999567488c_304)] | | |
| [removed: [116](#ia9f60d309d9c426f8d0022998643f522_280)] [added: [120](#id8648796b37f4ae0989dd5999567488c_307)] | | | [Exhibits and Financial Statement [removed: Schedules](#ia9f60d309d9c426f8d0022998643f522_280)] [added: Schedules](#id8648796b37f4ae0989dd5999567488c_307)] | | |
| [removed: [123](#ia9f60d309d9c426f8d0022998643f522_292)] [added: [127](#id8648796b37f4ae0989dd5999567488c_319)] | | | [Form 10-K Cross-Reference [removed: Index](#ia9f60d309d9c426f8d0022998643f522_292)] [added: Index](#id8648796b37f4ae0989dd5999567488c_319)] | | |
| [TABLE OF [removed: CONTENTS](#ia9f60d309d9c426f8d0022998643f522_13)] [added: CONTENTS](#id8648796b37f4ae0989dd5999567488c_16)] | | | | | |
Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, [removed: believes] [added: believes,] or anticipates will or may occur in the future.
They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future [removed: developments] [added: developments,] and other relevant [removed: factors.][added: factors, many of which are difficult to predict and outside of our control.]
They are not guarantees of future performance, and actual results, [removed: developments] [added: developments,] and business decisions may differ significantly from those envisaged by our forward-looking statements.
Our forward-looking statements are also subject to [added: material] risks and uncertainties, including [removed: the impact of the coronavirus pandemic (COVID-19)] [added: ongoing macroeconomic] and [removed: the Russia-Ukraine conflict,] [added: geopolitical risks, such as lower GDP growth or recession, capital markets volatility, inflation, and certain regional conflicts,] that can affect our performance in both the near- and long-term.
[removed: As a diversified technology and manufacturing company, we are] [added: Our portfolio of solutions is] uniquely positioned to blend physical products with software to serve customers worldwide with aerospace products and services, energy efficient products and solutions for businesses, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and productivity, sensing, [removed: safety] [added: safety,] and security technologies for buildings and industries.
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form [removed: 8-K] [added: 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 Securities and Exchange [removed: Commission (SEC).][added: Commission.]
Honeywell uses our Investor Relations [added: website, along with press releases on our primary Honeywell] website [added: (honeywell.com) under the heading News,] as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD.
Accordingly, investors should monitor our Investor Relations [removed: website,] [added: website and Honeywell News feed,] in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.
| 3.750% Senior Notes due 2032 | | | | | | HON 32A | | | | | | The Nasdaq Stock Market LLC | | |
| [47](#id8648796b37f4ae0989dd5999567488c_139) | | | [Other Matters](#id8648796b37f4ae0989dd5999567488c_139) | | |
| [48](#id8648796b37f4ae0989dd5999567488c_145) | | | [Information about Our Executive Officers](#id8648796b37f4ae0989dd5999567488c_145) | | |
| [49](#id8648796b37f4ae0989dd5999567488c_2665) | | | [Cybersecurity](#id8648796b37f4ae0989dd5999567488c_2665) | | |
| [50](#id8648796b37f4ae0989dd5999567488c_151) | | | [Properties](#id8648796b37f4ae0989dd5999567488c_151) | | |
| [50](#id8648796b37f4ae0989dd5999567488c_154) | | | [Legal Proceedings](#id8648796b37f4ae0989dd5999567488c_154) | | |
| [117](#id8648796b37f4ae0989dd5999567488c_280) | | | [Controls and Procedures](#id8648796b37f4ae0989dd5999567488c_280) | | |
| [118](#id8648796b37f4ae0989dd5999567488c_286) | | | [Other Information](#id8648796b37f4ae0989dd5999567488c_286) | | |
| [118](#id8648796b37f4ae0989dd5999567488c_295) | | | [Executive Compensation](#id8648796b37f4ae0989dd5999567488c_295) | | |
| [120](#id8648796b37f4ae0989dd5999567488c_310) | | | [Form 10-K Summary](#id8648796b37f4ae0989dd5999567488c_310) | | |
| [121](#id8648796b37f4ae0989dd5999567488c_313) | | | [Exhibit Index](#id8648796b37f4ae0989dd5999567488c_313) | | |
| [125](#id8648796b37f4ae0989dd5999567488c_316) | | | [Signatures](#id8648796b37f4ae0989dd5999567488c_316) | | |
Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
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.
Leveraging our Honeywell Accelerator operating model, we delivered strong performance in 2023, remaining focused on creating long-term shareholder value.
In 2023, we announced the next phase of Accelerator, version 3.0 of Honeywell's robust operating system, taking an important step toward standardizing our organization end-to-end across our four main business models - products, aftermarket services, projects, and software - and facilitating knowledge transfer of best practices to drive incremental growth, margin expansion, and cash generation.
We are completing the buildout of our full suite of information technology (IT) platforms covering all different aspects of the value chain, and implementing digital threads to provide valuable data that will improve our business performance.
Over the last six years, the efforts of the “Great Integration” of Honeywell transformed the organization into an integrated operating company, deploying world-class capabilities and multiple growth enablers that benefit each strategic business group.
We are focused on aligning our businesses with three distinct megatrends (automation, future of aviation, and energy transition), all underpinned by digitization.
During the year, we deployed $8.3 billion to capital expenditures, dividends, share repurchases, and mergers and acquisitions.
We opportunistically repurchased shares to maintain our commitment to reduce share count by at least 1% per year, and increased our dividend for the fourteenth time in the last thirteen years.
Our mergers and acquisition activities focused on key acquisitions to align with our megatrends.
We announced three acquisitions - our acquisitions of Compressor Controls Corporation and SCADAfence, as well as our agreement to acquire Carrier Global Corporation’s Global Access Solutions business.
As we look forward, we intend to continue deploying capital to high-return opportunities.
| | | | $36.7 BILLION | | | | | | | | | $31.8 BILLION | | | | | | | | | $5.3 BILLION | | | | | |
| [TABLE OF CONTENTS](#id8648796b37f4ae0989dd5999567488c_16) | | | ABOUT HONEYWELL | | |
| [TABLE OF CONTENTS](#id8648796b37f4ae0989dd5999567488c_16) | | | ABOUT HONEYWELL | | |
| $2,397 million | | | $6,241 million | | | $4,986 million | | |
| $3,583 million | | | $2,448 million | | |
| [TABLE OF CONTENTS](#id8648796b37f4ae0989dd5999567488c_16) | | | ABOUT HONEYWELL | | |
| 2023 Full-year revenue by business unit | | | | | | | | |
| $2,586 million | | | $5,267 million | | | $3,653 million | | |
| 2023 Full-year revenue by business unit | | | | | | | | |
| $2,733 million | | | $1,313 million | | | $1,443 million | | |
| [TABLE OF CONTENTS](#id8648796b37f4ae0989dd5999567488c_16) | | | ABOUT HONEYWELL | | |
| [TABLE OF CONTENTS](#id8648796b37f4ae0989dd5999567488c_16) | | | ABOUT HONEYWELL | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
We assist certain suppliers facing manufacturing challenges by committing our own resources to their sites and facilities.
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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| [46](#ia9f60d309d9c426f8d0022998643f522_103) | | | [Other Matters](#ia9f60d309d9c426f8d0022998643f522_103) | | |
| [47](#ia9f60d309d9c426f8d0022998643f522_109) | | | [Information](#ia9f60d309d9c426f8d0022998643f522_109) [a](#ia9f60d309d9c426f8d0022998643f522_109)[bout](#ia9f60d309d9c426f8d0022998643f522_109) [O](#ia9f60d309d9c426f8d0022998643f522_109)[ur Executive Officers](#ia9f60d309d9c426f8d0022998643f522_109) | | |
| [48](#ia9f60d309d9c426f8d0022998643f522_115) | | | [Properties](#ia9f60d309d9c426f8d0022998643f522_115) | | |
| [48](#ia9f60d309d9c426f8d0022998643f522_118) | | | [Legal Proceedings](#ia9f60d309d9c426f8d0022998643f522_118) | | |
| [113](#ia9f60d309d9c426f8d0022998643f522_253) | | | [Controls and Procedures](#ia9f60d309d9c426f8d0022998643f522_253) | | |
| [113](#ia9f60d309d9c426f8d0022998643f522_259) | | | [Other Information](#ia9f60d309d9c426f8d0022998643f522_259) | | |
| [114](#ia9f60d309d9c426f8d0022998643f522_268) | | | [Executive Compensation](#ia9f60d309d9c426f8d0022998643f522_268) | | |
| [116](#ia9f60d309d9c426f8d0022998643f522_283) | | | [Form 10-K Summary](#ia9f60d309d9c426f8d0022998643f522_283) | | |
| [121](#ia9f60d309d9c426f8d0022998643f522_289) | | | [Signatures](#ia9f60d309d9c426f8d0022998643f522_289) | | |
Honeywell International Inc. (Honeywell or the Company) invents and commercializes technologies that address some of the world’s most critical challenges around energy, safety, security, air travel, productivity, and global urbanization.
We are a leading software-industrial company committed to introducing state of the art technology solutions to improve efficiency, productivity, sustainability, and safety in high growth businesses in broad-based, attractive industrial end markets.
Our rigorous operating principles allowed us to once again deliver a very strong performance in 2022.
We grew our market share and positioned our businesses for continued success in the future.
Empowered by our Honeywell Accelerator operating model, we adapted our approach to strained supply chains and mitigated profitability loss due to inflation.
In 2022, we deepened commitments with critical suppliers, improved demand forecasting, enhanced communication across our businesses to coordinate larger orders with key suppliers, and reengineered products in an effort to significantly mitigate sales risk.
We also embedded comprehensive near real-time inflation analysis into our operating system, enabling strategic pricing actions to help stay ahead of the inflation curve and protect profitability.
We maintained our commitment to create long-term shareowner value by realizing the benefits of operational excellence and deploying $7.9 billion to capital expenditures, dividends, share repurchases, and mergers and acquisitions, which was approximately $2.6 billion in excess of our operating cash flow for the year.
As we look forward, we intend to continue deploying capital to high-return opportunities, including software and services and sustainable technologies, which are intended to position our business for future growth.
In 2023, we expect macroeconomic factors to remain turbulent.
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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | $35.5 BILLION | | | | | | | | | $29.6 BILLION | | | | | | | | | $5.3 BILLION | | | | | |
(1) Organic sales % change and Organic sales % change excluding lost Russian sales are non-GAAP measures.
Refer to the section titled Consolidated Operating Results within Management's Discussion and Analysis of Financial Condition and Results of Operations for the definition and a reconciliation to the comparable GAAP measure.
(2) Lost Russian sales is defined as the year-over-year decline in sales due to the decision to wind down our businesses and operations in Russia.
This does not reflect management’s estimate of 2022 Russian sales absent the decision to wind down our businesses and operations in Russia.
| | | | | | | | | |
| 1 | | | | | | Driving profitable growth by delivering innovative products through research and development and technological excellence, and through continued enhancement of our footprint in high growth regions; | | |
| 2 | | | | | | Continuing to execute on our strategy to be a premier software-industrial company, including the ongoing expansion of Honeywell Forge connected solutions for aircraft, buildings, cybersecurity, plants, and workers and driving a recurring revenue model across the Company. Honeywell Forge is a suite of industrial software offerings that solves complex performance, sustainability, and Operational Technology cybersecurity challenges by helping companies use operational data to drive insights that improve processes, enhance productivity, support sustainability initiatives, and empower workers; | | |
| 3 | | | | | | Expanding margins by optimizing the Company’s performance through the integrated supply chain and Honeywell Digital transformation initiatives, commercial excellence, repositioning, and other manufacturing and operational process improvements; | | |
| 4 | | | | | | Executing disciplined portfolio management through rigorous merger and acquisition, divestiture, and integration processes to deliver growth and shareholder value; | | |
| 5 | | | | | | Controlling enterprise costs, including costs incurred for asbestos and environmental matters, and pension and other post-retirement benefits; | | |
| 6 | | | | | | Increasing availability of capital through strong cash flow generation and conversion from effective working capital management and proactive management of debt to enable the Company to strategically deploy capital for acquisitions, dividends, share repurchases, and capital expenditures; and | | |
| 7 | | | | | | Committing to uphold our environmental, social, and governance principles, as a leader in responsible corporate citizenship. | | |
| $2,089 million | | | $5,108 million | | | $4,630 million | | |
| $3,638 million | | | $2,362 million | | |
| $2,404 million | | | $4,731 million | | | $3,592 million | | |
| $2,952 million | | | $1,619 million | | | $2,336 million | | |
An excerpt. Shown here: 40 of 1,597 rewritten, 40 of 970 added and 40 of 377 removed. The counts are complete. For every sentence, read Full document in the FY2023 filing and the FY2022 filing.