v3.26.1
DEBT AND CREDIT AGREEMENTS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT AND CREDIT AGREEMENTS DEBT AND CREDIT AGREEMENTS
 March 31, 2026December 31, 2025
2.50% notes due 2026
$1,500 $1,500 
1.10% notes due 2027
1,000 1,000 
3.50% euro notes due 2027
224 763 
4.65% notes due 2027
— 1,150 
4.95% notes due 2028
— 500 
3.90% notes due 2028
1,250 — 
2.25% euro notes due 2028
341 881 
4.00% notes due 2029
1,250 — 
SOFR plus 0.63% notes due 2029
500 — 
 March 31, 2026December 31, 2025
4.25% notes due 2029
— 750 
2.70% notes due 2029
750 750 
4.875% notes due 2029
— 500 
4.70% notes due 2030
— 1,000 
3.375% euro notes due 2030
415 881 
1.95% notes due 2030
949 949 
4.30% notes due 2031
2,000 — 
4.95% notes due 2031
226 500 
1.75% notes due 2031
1,496 1,496 
4.75% notes due 2032
281 650 
0.75% euro notes due 2032
580 587 
3.75% euro notes due 2032
206 587 
4.60% notes due 2033
1,750 — 
5.00% notes due 2033
460 1,100 
4.50% notes due 2034
1,000 1,000 
4.125% euro notes due 2034
621 1,174 
5.00% notes due 2035
517 1,450 
4.95% notes due 2036
3,250 — 
3.75% euro notes due 2036
436 881 
5.70% notes due 2036
226 441 
5.70% notes due 2037
220 462 
5.375% notes due 2041
196 417 
5.622% notes due 2046
1,000 — 
3.812% notes due 2047
442 442 
2.80% notes due 2050
701 701 
5.25% notes due 2054
537 1,750 
5.732% notes due 2056
3,500 — 
5.35% notes due 2064
189 650 
5.852% notes due 2066
1,500 — 
4.37% term loan due 2027
— 1,000 
One month term SOFR plus 0.875% term loan due 2027
2,750 2,750 
6.625% debentures due 2028
141 201 
9.065% debentures due 2033
40 51 
Industrial development bond obligations, floating rate maturing at various dates through 2037
12 22 
Other (including finance leases), 2.7% weighted average interest rate maturing at various dates through 2040
96 110 
Fair value of hedging instruments(88)(79)
Debt issuance costs(355)(280)
Total Long-term debt and current related maturities32,109 28,687 
Less: Current maturities of long-term debt3,099 1,546 
Total Long-term debt$29,010 $27,141 
Commercial Paper and Other Short-Term Borrowings
As of March 31, 2026, the Company had $4.6 billion of Commercial paper and other short-term borrowings outstanding at a weighted average interest rate of 3.71%. As of December 31, 2025, the Company had $5.9 billion of Commercial paper and other short-term borrowings outstanding at a weighted average interest rate of 3.68%.
Pre-Separation Funding
In March 2026, the Company entered into a series of debt transactions in anticipation of the separation of the Honeywell Aerospace business. The Company entered into a Term Loan Credit Agreement (the Term Loan Agreement), which provided for term loans in an aggregate principal amount of $6.0 billion. Interest rates on the term loans under each tranche were based on prevailing market rates, plus a margin.
Honeywell Aerospace Inc. (Aerospace) issued an aggregate of $16.0 billion principal amount senior notes (the Aerospace Senior Notes), as listed below:
Principal AmountMaturity DateInterest Rate
$1,250March 20283.900%
$1,250March 20294.000%
$500March 2029
SOFR plus 0.630%
$2,000March 20314.300%
$1,750March 20334.600%
$3,250March 20364.950%
$1,000March 20465.620%
$3,500March 20565.730%
$1,500March 20665.850%
Aerospace will pay interest on the fixed rate notes on March 16 and September 16 of each year, with the first payment due on September 16, 2026. Aerospace will pay interest on the 2029 floating rate notes on March 16, June 16, September 16, and December 16 of each year, with the first payment on June 16, 2026. The Aerospace Senior Notes are senior unsecured obligations of Aerospace, guaranteed on a senior unsecured basis by the Company until the spin-off is completed. Upon the spin-off, the Company will be automatically and unconditionally released from all obligations under the guarantee.
The Senior Notes due 2046, 2056, and 2066 (collectively, the Exchange Notes) were issued by Aerospace to the Company as partial consideration for the contribution of assets by the Company to Aerospace in connection with the anticipated spin-off. In March 2026, the Company satisfied and terminated the Term Loan Agreement, in exchange for the Company's transfer and delivery of the Exchange Notes.
Aerospace also entered into a $1.0 billion 364-day credit agreement (the Aerospace 364-Day Credit Agreement). Amounts borrowed under the Aerospace Five-Year Credit Agreement are required to be repaid no later than March 6, 2031, unless such date is extended pursuant to the terms of the Aerospace Five-Year Credit Agreement. The Aerospace 364-Day Credit Agreement and Aerospace Five-Year Credit Agreement are each guaranteed on a senior unsecured basis by the Company until the spin-off is completed. Upon the spin-off, the Company will be automatically and unconditionally released from all obligations under the guarantees. Amounts borrowed under the Aerospace 364-Day Credit Agreement are due no later than March 5, 2027, unless (i) Aerospace elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 5, 2028, or (ii) the Aerospace 364-Day Credit Agreement is terminated earlier pursuant to its terms.
Aerospace entered into a $3.0 billion five-year credit agreement (the Aerospace Five-Year Credit Agreement). The Aerospace 364-Day Credit Agreement and Aerospace Five-Year Credit Agreement are maintained for general corporate purposes.
The revolving credit commitments under the Aerospace 364-Day Credit Agreement and Aerospace Five-Year Credit Agreement are available upon consummation of the spin-off of the Aerospace business, subject to certain conditions customary for facilities of this type.
Term Loan Agreements
In March 2026, the Company repaid its $1.0 billion 4.37% term loan due 2027.
Revolving Credit Agreements
In March 2026, the Company entered into a $3.0 billion 364-day credit agreement (the 364-Day Credit Agreement). The 364-Day Credit Agreement replaced the $3.0 billion 364-day credit agreement dated as of March 17, 2025, which was terminated in accordance with its terms effective March 6, 2026. Amounts borrowed under the 364-Day Credit Agreement are due no later than March 5, 2027, 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 5, 2028, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms.
In March 2026, the Company entered into a $4.0 billion five-year credit agreement (the Five-Year Credit Agreement). The Five-Year Credit Agreement replaced the $4.0 billion five-year credit agreement dated as of March 18, 2024, which was terminated in accordance with its terms effective March 6, 2026. 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 (i) $4.5 billion prior to the spin-off of the Aerospace business, and (ii) $3.5 billion following the spin-off of the Aerospace business. Amounts borrowed under the Five-Year Credit Agreement are required to be repaid no later than March 6, 2031, unless such date is extended pursuant to the terms of the Five-Year Credit Agreement. Amounts borrowed under the Five-Year Credit Agreement are required to be repaid no later than March 6, 2031, unless such date is extended pursuant to the terms of the Five-Year Credit Agreement. The 364-Day Credit Agreement and the Five-Year Credit Agreement are maintained for general corporate purposes.
Upon consummation of the spin-off of the Aerospace business, the aggregate revolving credit commitments under the 364-Day Credit Agreement will be reduced to $2.0 billion and the aggregate revolving credit commitments under the Five-Year Credit Agreement will be reduced to $3.0 billion.
As of March 31, 2026, there were no outstanding borrowings under the 364-Day Credit Agreement or the Five-Year Credit Agreement.
Debt Tender Offers and Debt Redemption
In March 2026, the Company commenced a series of debt tender offers to purchase certain of its existing debt securities. On March 24, 2026, the Company purchased the following notes for an aggregate principal amount of $7.5 billion at early settlement of the debt tender offers:
Principal Amount
3.50% euro notes due 2027
$529 
2.25% euro notes due 2028
528 
3.375% euro notes due 2030
455 
4.95% notes due 2031
274 
4.75% notes due 2032
369 
3.75% euro notes due 2032
373 
5.0% notes due 2033
640 
4.125% euro notes due 2034
539 
5.0% notes due 2035
933 
3.75% euro notes due 2036
434 
5.70% notes due 2036
215 
5.70% notes due 2037
241 
5.375% notes due 2041
221 
5.250% notes due 2054
1,213 
5.350% notes due 2064
461 
6.625% debentures due 2028
60 
9.065% debentures due 2033
11 
In addition, in March 2026, the Company fully redeemed the following notes:
Principal Amount
4.65% notes due 2027
$1,150 
4.95% notes due 2028
500 
4.25% notes due 2029
750 
4.875% notes due 2029
500 
4.70% notes due 2030
1,000 
As a result of the debt tender offers and debt redemptions, the Company incurred a $239 million Loss on debt extinguishment and an additional $44 million of debt restructuring costs included in Other (income) expense in the Consolidated Statement of Operations.
Additionally, on April 10, 2026, the Company fully redeemed the remaining balance of the 3.50% euro notes due 2027 and 2.25% euro notes due 2028 for aggregate principal of $566 million.