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 months ended March 31, 2025. The financial information as of March 31, 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. Certain prior year amounts are reclassified to conform to the current year presentation.

BUSINESS UPDATE

MACROECONOMIC CONDITIONS

We are closely monitoring evolving macroeconomic conditions and heightened geopolitical risks. During the first quarter of 2025, there was a marked increase in economic and trade policy uncertainty globally. Rising trade tensions and changes to trade policy could adversely impact global growth and contribute to inflationary pressures. Global conflicts, tariffs, labor disruptions, and regulations continue to generate volatility in global markets and can contribute to supply chain vulnerabilities and pricing fluctuations. We remain proactive in our collaboration with suppliers to mitigate potential shortages and reduce supply and price volatility. We anticipate a moderation in global growth in 2025 and a higher level of uncertainty with respect to inflation and other macroeconomic trends.

Mitigation strategies remain crucial to meet customer demand in this evolving environment. Our mitigation strategies include pricing actions, hedging 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 together 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 successfully mitigated 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 or operating cash flows.

SPIN-OFF OF ADVANCED MATERIALS

On October 8, 2024, the Company announced its intention to spin off its Advanced Materials business into Solstice Advanced Materials, an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. The planned spin-off is intended to be a tax-free spin to Honeywell shareowners for U.S. federal income tax purposes. The spin-off will be subject to the satisfaction of a number of customary conditions, including, among others, finalization of the financial statements of Solstice Advanced Materials, the filing and effectiveness of applicable filings (including a Form 10 registration statement) with the SEC, assurance that the spin-off of Solstice Advanced Materials will be tax-free to Honeywell’s shareowners, receipt of applicable regulatory approvals, and final approval by Honeywell’s Board of Directors. The proposed spin-off is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.

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SEPARATION OF AUTOMATION AND AEROSPACE TECHNOLOGIES

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 intended 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 of Directors. The proposed separation is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.

RESULTS OF OPERATIONS

Consolidated Financial Results

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Net Sales by Segment

Segment Profit by Segment

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CONSOLIDATED OPERATING RESULTS

Net Sales

The change in Net sales was attributable to the following:

						Q1 2025 vs. Q1 2024
Volume						2%
Price						2%
Foreign currency translation						(1)%
Acquisitions, divestitures, and other, net						5%
Total % change in Net sales						8%

A discussion of Net sales by reportable business segment can be found in the Review of Business Segments section of this Management's Discussion and Analysis.

Q1 2025 compared with Q1 2024

Net sales increased due to the following:

• Incremental sales from recent acquisitions,

• Increased pricing and price adjustments to offset inflation, and

• Higher sales volumes,

• Partially offset by the unfavorable impact of foreign currency translation, driven by the strengthening of the U.S. dollar against the currencies in certain of our international markets, primarily the euro, Canadian dollar, Australian dollar, and Korean won.

Our backlog of orders increased 13% to $36.1 billion, as of March 31, 2025, compared to March 31, 2024. Backlog represents the estimated remaining value of work to be performed or products to be shipped under firm contracts. Backlog is equal to our remaining performance obligations under the contracts that meet the guidance on revenue from contracts with customers as discussed in Note 4 Revenue Recognition and Contracts with Customers of Notes to Consolidated Financial Statements. Our backlog by reportable business segment is as follows:

			March 31, 2025
Aerospace Technologies			$	15,679
Industrial Automation			5,764
Building Automation			8,432
Energy and Sustainability Solutions			6,207
Corporate and All Other1			15
Total backlog			$	36,097

1						The backlog within Corporate and All Other relates to the Quantinuum business.

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Cost of Products and Services Sold

Q1 2025 compared with Q1 2024

Cost of products and services sold increased due to the following:

• Incremental costs from recent acquisitions of approximately $0.3 billion or 5%,

• Higher direct and indirect material costs and higher labor costs of approximately $0.2 billion or 4%, and

• Higher sales volumes of lower margin products of approximately $0.1 billion or 2%,

• Partially offset by higher productivity of approximately $0.2 billion or 4%.

Gross Margin

Q1 2025 compared with Q1 2024

Gross margin increased by approximately $0.3 billion and gross margin percentage decreased 20 basis points to 38.5% compared to 38.7% for the same period of 2024.

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Research and Development Expenses

Q1 2025 compared with Q1 2024

Research and development expenses increased due to increased spending, primarily in our Aerospace Technologies business.

A summary of our research and development costs is as follows:

									Three Months Ended March 31,
															2025						2024
Company funded research and development expenses															$	439					$	360
Customer-sponsored research and development1															267						269
Total research and development costs															$	706					$	629

1			Includes deferred customer funded nonrecurring engineering and development activities and expenditures on customer programs with a significant engineering performance obligation, included in Cost of products and services sold in the Consolidated Statement of Operations.

Selling, General and Administrative Expenses

Q1 2025 compared with Q1 2024

Selling, general and administrative expenses increased due to incremental costs from acquisitions.

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Impairment of Assets Held for Sale

									Three Months Ended March 31,
												2025						2024
Impairment of assets held for sale																		$	15					$	—

Q1 2025 compared with Q1 2024

An impairment charge was recorded on assets held for sale related to the PPE business during the three months ended March 31, 2025.

Other (Income) Expense

												Three Months Ended March 31,
															2025						2024
Other (income) expense																					$	(200)					$	(231)

Q1 2025 compared with Q1 2024

Other income decreased due to higher divestiture-related costs.

Interest and Other Financial Charges

												Three Months Ended March 31,
															2025						2024
Interest and other financial charges																					$	286					$	220

Q1 2025 compared with Q1 2024

Interest and other financial charges increased due to prior year issuances of long-term debt.

Tax Expense

Q1 2025 compared with Q1 2024

The effective tax rate increased 90 basis-points as a result of increased tax expense related to internal legal entity restructuring in advance of the anticipated sale of the PPE business.

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Net Income Attributable to Honeywell

Q1 2025 compared to Q1 2024

Earnings per share of common stock–assuming dilution slightly decreased primarily due to the following:

• Higher divestiture-related costs ($0.08 after tax),

• Higher interest and other financial charges ($0.08 after tax), and

• Higher acquisition-related intangibles amortization ($0.07 after tax),

• Partially offset by higher segment profit ($0.20 after tax).

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REVIEW OF BUSINESS SEGMENTS

We globally manage our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.

AEROSPACE TECHNOLOGIES

Net Sales

									Three Months Ended March 31,
															2025						2024						% Change
Net sales																					$	4,172					$	3,669					14		%
Cost of products and services sold																					2,592						2,217
Selling, general and administrative and other expenses																					481						417
Segment profit																					$	1,099					$	1,035					6		%

															2025 vs. 2024
									Three Months Ended March 31,
Factors Contributing to Year-Over-Year Change												Net Sales						Segment Profit
Organic1															9		%				6		%
Foreign currency translation															—		%				(1)		%
Acquisitions, divestitures, and other, net															5		%				1		%
Total % change															14		%				6		%

1						Organic sales percent change, presented for all of our reportable business segments, is defined as the change in Net sales, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this non-GAAP measure is useful to investors and management in understanding the ongoing operations and analysis of ongoing operating trends.

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Q1 2025 compared to Q1 2024

Sales increased $503 million due to higher organic sales of $243 million in Commercial Aviation Aftermarket driven by higher sales volumes in air transport due to an increase in flight hours and higher organic sales of $135 million in Defense and Space driven by higher sales volumes due to increased shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $180 million to 2025 sales.

Segment profit increased $64 million and segment margin percentage decreased 190 basis points to 26.3% compared to 28.2% for the same period of 2024.

On February 6, 2025, the Company announced its intention to separate its Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies.

INDUSTRIAL AUTOMATION

Net Sales

									Three Months Ended March 31,
															2025						2024						% Change
Net sales																								$	2,378					$	2,478					(4)		%
Cost of products and services sold																								1,384						1,446
Selling, general and administrative and other expenses																								570						558
Segment profit																								$	424					$	474					(11)		%

																					2025 vs. 2024
												Three Months Ended March 31,
Factors Contributing to Year-Over-Year Change															Net Sales						Segment Profit
Organic																					(2)		%				(9)		%
Foreign currency translation																					(2)		%				(2)		%
Acquisitions, divestitures, and other, net																					—		%				—		%
Total % change																					(4)		%				(11)		%

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Q1 2025 compared to Q1 2024

Sales decreased $100 million due to lower organic sales of $48 million in Productivity Solutions and Services driven by a decrease in license and settlement payments, lower organic sales of $21 million in Sensing and Safety Technologies driven by lower demand for personal protective equipment, and unfavorable impact of foreign currency translation of $42 million.

During the second quarter of 2022, our Productivity Solutions and Services business entered into a license and settlement agreement (the Agreement). Under the Agreement, we received $360 million, paid in equal quarterly installments over eight quarters, beginning with the second quarter of 2022 and ending with the first quarter of 2024. The Agreement provides each party a license to its existing patent portfolio for use by the other party’s existing products and resolved the patent-related litigation between the parties.

Segment profit decreased $50 million and segment margin percentage decreased 130 basis points to 17.8% compared to 19.1% for the same period in 2024.

On November 22, 2024, we announced an agreement to sell our PPE business for $1.3 billion, with the assets and liabilities of the business classified as held for sale until the closing date of the sale. The transaction is expected to be completed in the second quarter of 2025.

BUILDING AUTOMATION

Net Sales

									Three Months Ended March 31,
																					2025						2024						% Change
Net sales																					$	1,692					$	1,426					19		%
Cost of products and services sold																					868						764
Selling, general and administrative and other expenses																					384						312
Segment profit																					$	440					$	350					26		%

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															2025 vs. 2024
									Three Months Ended March 31,
Factors Contributing to Year-Over-Year Change												Net Sales						Segment Profit
Organic															8		%				12		%
Foreign currency translation															(2)		%				(3)		%
Acquisitions, divestitures, and other, net															13		%				17		%
Total % change															19		%				26		%

Q1 2025 compared to Q1 2024

Sales increased $266 million due to higher organic sales of $68 million in Building Solutions and higher organic sales of $51 million in Products, both driven by higher demand. The acquisition of Access Solutions contributed $179 million to first quarter 2025 sales.

Segment profit increased $90 million and segment margin percentage increased 150 basis points to 26.0% compared to 24.5% for the same period of 2024.

ENERGY AND SUSTAINABILITY SOLUTIONS

Net Sales

									Three Months Ended March 31,
																					2025						2024						% Change
Net sales																					$	1,561					$	1,525					2		%
Cost of products and services sold																					982						999
Selling, general and administrative and other expenses																					233						223
Segment profit																					$	346					$	303					14		%

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															2025 vs. 2024
									Three Months Ended March 31,
Factors Contributing to Year-Over-Year Change															Net Sales						Segment Profit
Organic															(2)		%				4		%
Foreign currency translation															(1)		%				(1)		%
Acquisitions, divestitures, and other, net															5		%				11		%
Total % change															2		%				14		%

Q1 2025 compared to Q1 2024

Sales increased $36 million due to $75 million of sales contributed by the acquisition of LNG, partially offset by lower organic sales of $39 million in Advanced Materials driven by lower sales volumes of fluorine products.

Segment profit increased $43 million and segment margin percentage increased 230 basis points to 22.2% compared to 19.9% for the same period of 2024.

On October 8, 2024, the Company announced its intention to spin off its Advanced Materials business into Solstice Advanced Materials, an independent, U.S. publicly traded company.

CORPORATE AND ALL OTHER

Corporate and All Other primarily includes unallocated corporate costs, interest expense on holding-company debt, and the controlling majority-owned interest in Quantinuum. Corporate and All Other is not a separate reportable business segment as segment reporting criteria is not met. The Company continues to monitor the activities in Corporate and All Other to determine the need for further reportable business segment disaggregation.

REPOSITIONING CHARGES

See Note 5 Repositioning and Other Charges of Notes to Consolidated Financial Statements for a discussion of our repositioning actions and related charges incurred in the three months ended March 31, 2025, and 2024. Cash spending related to our repositioning actions was $43 million in the three months ended March 31, 2025, and was funded through operating cash flows.

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LIQUIDITY AND CAPITAL RESOURCES

(Dollars in tables in millions)

We leverage operating cash flows as the primary source of liquidity. Each of our businesses focuses on increasing operating cash flows through revenue growth, margin expansion, and improved working capital turnover. We also maintain other key sources of liquidity, including U.S. cash balances, and the ability to access non-U.S. cash balances, short-term debt from the commercial paper market, long-term borrowings, committed credit lines, and access to the public debt and equity markets.

CASH

As of March 31, 2025, and December 31, 2024, we held $10.1 billion and $11.0 billion, respectively, of cash and cash equivalents, including our short-term investments. We monitor third-party depository institutions that hold our cash and cash equivalents on a daily basis. Our emphasis is primarily safety of principal and secondarily maximizing yield of those funds. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one counterparty.

As of March 31, 2025, we held $8.0 billion of the Company’s cash, cash equivalents, and short-term investments in non-U.S. subsidiaries. We do not have material amounts related to any jurisdiction subject to currency control restrictions that impact our ability to access and repatriate such amounts. Under current laws, we do not expect taxes on repatriation or restrictions on amounts held outside of the U.S. to have a material effect on our overall liquidity.

CASH FLOW SUMMARY

Our cash flows from operating, investing, and financing activities, as reflected in the Consolidated Statement of Cash Flows, are summarized as follows:

			Three Months Ended March 31,
			2025						2024						Variance
Cash and cash equivalents at beginning of period			$	10,567					$	7,925					$	2,642
Operating activities
Net income attributable to Honeywell			1,449						1,463						(14)
Noncash adjustments			315						289						26
Changes in working capital			(754)						(468)						(286)
Other operating activities			(413)						(836)						423
Net cash provided by operating activities			597						448						149
Net cash used for investing activities			(371)						(273)						(98)
Net cash (used for) provided by financing activities			(1,180)						3,696						(4,876)
Effect of foreign exchange rate changes on cash and cash equivalents			44						(40)						84
Net (decrease) increase in cash and cash equivalents			(910)						3,831						(4,741)
Cash and cash equivalents at end of period			$	9,657					$	11,756					$	(2,099)

Three months ended March 31, 2025

Net cash provided by operating activities was driven by Net income, partially offset by changes in working capital driven by an increase in accounts receivable due to timing of customer cash collections.

Net cash used for investing activities was driven by $251 million of capital expenditures and $125 million of net payments from settlements of derivative contracts.

Net cash used for financing activities was driven by $1,902 million of repurchases of common stock and $732 million of cash dividends paid, partially offset by $1,442 million of net proceeds of commercial paper.

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Three months ended March 31, 2025 compared with three months ended March 31, 2024

Net cash provided by operating activities increased by $149 million, driven by a $423 million favorable impact of other operating activities due to timing of customer advances, partially offset by a $286 million unfavorable impact of working capital driven by an increase in accounts receivable due to timing of customer cash collections.

Net cash used for investing activities increased by $98 million, driven by a $168 million net increase in payments from settlements of derivative contracts, partially offset by $70 million net decrease in investments.

Net cash (used for) provided by financing activities decreased by $4,876 million, driven by a $5,664 million decrease in long-term debt proceeds, as we issued long-term debt in 2024 to fund acquisitions, and a $1,231 million increase in repurchases of common stock, partially offset by a $1,689 million increase in net proceeds of commercial paper and a $529 million decrease in payments of long-term debt.

CASH REQUIREMENTS AND ASSESSMENT OF CURRENT LIQUIDITY

In addition to our normal operating cash requirements, our principal future cash requirements will include funding capital expenditures, share repurchases, dividends, strategic acquisitions, and debt repayments. During the three months ended March 31, 2025, we repurchased common stock of $1.9 billion. Refer to the section titled Liquidity and Capital Resources of our 2024 Form 10-K for a discussion of our expected capital expenditures, share repurchases, mergers and acquisitions activity, and dividends for 2025.

We continually seek opportunities to improve our liquidity and working capital efficiency, which includes the extension of payment terms with our suppliers and transfer of our trade receivables to unaffiliated financial institutions on a true sale basis. The impact of these programs is not material to our overall liquidity.

Additionally, we continue to 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 identify acquisition candidates that will further our strategic plan and strengthen our existing core businesses. In the first quarter of 2025, we announced our intention to acquire Sundyne for approximately $2.2 billion. We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability, or growth potential. These businesses are considered for potential divestiture, restructuring, or other repositioning actions, subject to regulatory constraints. On October 8, 2024, we announced our intention to spin off the Advanced Materials business into Solstice Advanced Materials, an independent, U.S. publicly traded company, which is targeted to be completed by the end of 2025 or early 2026. In addition, on November 22, 2024, we announced an agreement to sell our personal protective equipment business for $1.3 billion, with the assets and liabilities of the business classified as held for sale until the closing date of a sale. On February 6, 2025, the Company announced its intention to separate its Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies. See Note 3 Acquisitions, Divestitures, and Assets and Liabilities Held for Sale of Notes to Consolidated Financial Statements for additional discussion.

Based on past performance and current expectations, we believe that our operating cash flows will be sufficient to meet our future operating cash needs for at least the next twelve months. Our available cash, committed credit lines, and access to the public debt and equity markets provide additional sources of short-term and long-term liquidity to fund current operations, debt maturities, and future investment opportunities.

See Note 9 Debt and Credit Agreements of Notes to Consolidated Financial Statements for additional discussion of items impacting our liquidity.

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BORROWINGS

We leverage a variety of debt instruments to manage our overall borrowing costs. As of March 31, 2025, and December 31, 2024, our total borrowings were $32.8 billion and $31.1 billion, respectively.

			March 31, 2025						December 31, 2024
Fixed rate notes			$	26,052					$	25,853
Commercial paper			5,755						4,271
Term loan			1,000						1,000
Variable rate notes			22						22
Other			411						392
Fair value of hedging instruments			(112)						(136)
Debt issuance costs			(296)						(303)
Total borrowings			$	32,832					$	31,099

A key source of liquidity is our ability to access the corporate bond markets. Through these markets, we issue a variety of long-term fixed rate notes to manage our overall funding costs.

Another key source of liquidity is our ability to access the commercial paper market. Commercial paper notes are sold at a discount or premium and have a maturity of not more than 365 days from date of issuance. Borrowings under the commercial paper program are available for general corporate purposes as well as for financing acquisitions.

We also have the following loan and revolving credit agreements:

• A $1.0 billion Fixed Rate Term Loan Credit Agreement (the Fixed Rate Term Loan Credit Agreement), dated as of August 12, 2024. Amounts borrowed under the Fixed Rate Term Loan Credit Agreement are required to be repaid no later than August 12, 2027, unless the Fixed Rate Term Loan Credit Agreement is terminated earlier pursuant to its terms. As of March 31, 2025, there were $1.0 billion of borrowings outstanding under the Fixed Rate Term Loan Credit Agreement.

• A $3.0 billion 364-day credit agreement (the 364-Day Credit Agreement) with a syndicate of banks, dated as of March 17, 2025. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than March 16, 2026, unless (i) we elect 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 replaced the previously reported $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. As of March 31, 2025, there were no outstanding borrowings under our 364-Day Credit Agreement.

• A $4.0 billion five-year credit agreement (the Five-Year Credit Agreement) with a syndicate of banks, dated as of March 18, 2024. 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 March 31, 2025, there were no outstanding borrowings under our Five-Year Credit Agreement.

See Note 9 Debt and Credit Agreements of Notes to Consolidated Financial Statements for additional information regarding our debt instruments.

We also maintain a current shelf registration statement filed with the SEC under which we may issue additional debt securities, common stock, and preferred stock that may be offered in one or more offerings on terms to be determined at the time of the offering. We anticipate that net proceeds of any offering would be used for general corporate purposes, including repayment of existing indebtedness, share repurchases, capital expenditures, and acquisitions.

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CREDIT RATINGS

Our ability to access the global debt capital markets and the related cost of these borrowings is affected by the strength of our credit rating and market conditions. Our credit ratings are periodically reviewed by the major independent debt-rating agencies. As of March 31, 2025, S&P Global Inc. (S&P), Fitch Ratings Inc. (Fitch), and Moody’s Investor Service (Moody's) have ratings on our debt set forth in the table below:

			S&P						Fitch						Moody's
Outlook			Watch Negative						Watch Negative						Stable
Short-term			A-1						F1						P1
Long-term			A						A						A2

On January 10, 2025, Moody's revised their credit rating outlook from positive to stable. On February 6, 2025, S&P revised their credit rating outlook from stable to credit watch negative. On February 7, 2025, Fitch revised their credit rating outlook from stable to rating watch negative.

OTHER MATTERS

LITIGATION

See Note 15 Commitments and Contingencies of Notes to Consolidated Financial Statements for further discussion of environmental, asbestos, and other litigation matters.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to our Critical Accounting Estimates presented in our 2024 Annual Report on Form 10-K. For a discussion of the Company’s Critical Accounting Estimates, see the section titled Critical Accounting Estimates in our 2024 Annual Report on Form 10-K.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements for a discussion of recent accounting pronouncements.