The company announced version 3.0 of its operating system, focusing on standardization across business models to drive growth, margin expansion, and cash generation.

Honeywell announced the acquisitions of Compressor Controls Corporation and SCADAfence, and an agreement to acquire Carrier Global Corporation's Global Access Solutions business, aligning with automation, future of aviation, and energy transition megatrends.

The company deployed $8.3 billion to capital expenditures, dividends, share repurchases, and mergers and acquisitions, emphasizing a focus on high-return opportunities.

Honeywell's 'Great Integration' efforts over the last six years have transformed the organization into an integrated operating company, deploying world-class capabilities and multiple growth enablers.

The company's robust backlog of $31.8 billion as of December 31, 2023, demonstrates strong demand and positions it well for future growth and capital deployment.

Honeywell opportunistically repurchased shares to reduce share count by at least 1% per year and increased its dividend for the fourteenth time in the last thirteen years.

The company continues to experience supply chain constraints for certain raw materials and is actively mitigating these risks, while also facing inflationary pressures.

Global conflicts and international operations expose the company to volatility in financial and energy markets, supply chain shortages, and foreign exchange risks.

The company is exposed to cybersecurity threats and data privacy risks, which could lead to misappropriation of data, theft of funds, and business disruptions.

Honeywell faces competition in substantially all product and service areas, including from companies such as RTX Corporation, Carrier Global, and Emerson Electric.

The company competes on factors such as performance, applied technology, product innovation, product recognition, quality, reliability, customer service, delivery, and price.

While competitive position varies among products and services, Honeywell is a significant competitor in each of its major product and service areas.

Higher productivity partially offset increased direct and indirect material costs and higher labor costs.

The company's operating system drives sustainable improvements and the elimination of waste in manufacturing operations.

Honeywell utilizes digital solutions, longer term planning, new supplier development, and direct engagement with suppliers to mitigate supply chain disruptions.

Honeywell is focused on aligning its businesses with automation, future of aviation, and energy transition, all underpinned by digitization.

Honeywell Forge solutions enable customers to turn data into predictive maintenance and predictive analytics, improving operations.

Research and development expenses were flat compared to 2022.

Honeywell opportunistically repurchased shares to reduce share count by at least 1% per year and increased its dividend for the fourteenth time in the last thirteen years.

The company expects to spend approximately $1.1 billion on capital expenditures in 2024 primarily for growth, production and capacity expansion, implementation of cost reduction measures, maintenance, and replacement.

The company expects to spend $5.0 billion to complete the acquisition of Carrier Global Corporation's Global Access Solutions business and expects to evaluate and undertake other actions to optimize its portfolio, including executing on strategic bolt-on acquisitions.

Honeywell upholds its commitment to be carbon neutral by 2035 in its facilities and operations, with a program that began in 2004.

In 2023, Honeywell exceeded its 10-10-10 commitments established in 2019 to reduce Scope 1 and 2 GHG emissions intensity, deploy renewable energy opportunities, and achieve certification to ISO 50001 Energy Management Standard.

In 2023, the company's near-term science-based target, which includes Scope 3 emissions, was approved by the Science Based Target initiative (SBTI).

The company continues to monitor the impacts of ongoing macroeconomic conditions and geopolitical events, including material inflation and supply chain disruptions.

Global conflicts continue to create volatility in global financial and energy markets and contribute to supply chain shortages adding to the inflationary pressures in the global economy.

If the company is not successful in sustaining or executing mitigation strategies, these macroeconomic conditions could have a material adverse effect on consolidated results of operations or operating cash flows.