Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Honeywell International Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income and Attributable Income Trends
- Net income shows considerable fluctuations across the periods, with a peak near the end of 2020 followed by a decline in early 2022 and recovery thereafter. The net income attributable to Honeywell mirrors this trend, indicating consistent contribution from the parent company. Overall, there is a cyclical pattern with alternating quarters of growth and decline, without a clear long-term upward or downward trajectory.
- Depreciation and Amortization
- Depreciation remains relatively stable, fluctuating slightly but generally held around the 160-170 million range. Amortization, in contrast, shows more variability, with a notable increase starting early 2021, peaking in late 2023 and remaining elevated through 2024 and into early 2025. The increase in amortization expenses may relate to acquisitions or intangible asset capitalization during this period.
- Charges and Impairments
- Repositioning and other charges display high volatility, with significant spikes in early 2022 and again in late 2022 and early 2024, suggesting periodic restructuring efforts or related costs. Impairment charges appear only in the last three reported quarters, implying recently recognized write-downs of assets held for sale. The gain/loss on sale of non-strategic businesses exhibits sporadic small losses, with no clear trend.
- Pension and Postretirement Activities
- Pension and other postretirement income remains negative most of the time, indicating costs to the company. However, there is a notable positive spike in the last quarter of 2021, followed by fluctuations around smaller negative values. Benefit payments are generally consistent but vary modestly quarter to quarter.
- Stock Compensation Expense
- Stock compensation expenses maintain relative stability, oscillating between the 30 and 60 million range, with no marked upward or downward trend, suggesting consistent share-based compensation policies.
- Changes in Working Capital
- Accounts receivable and inventories both show fluctuations with no consistent trend, indicating variable sales and supply chain dynamics. Accounts payable and accrued liabilities present increased volatility, reflecting changes in vendor payment terms or accrual management. Significant positive and negative swings in accounts payable and accrued liabilities may affect cash flow unpredictably.
- Operating Cash Flow Patterns
- Net cash provided by operating activities shows peaks in late 2020 and late 2021, aligning with high net income periods, but experiences a sharp decline in early 2022, followed by recovery and another high in late 2023. The company's ability to generate cash from operations appears sensitive to underlying earnings cycles and working capital changes.
- Investing Activities
- Capital expenditures remain fairly consistent, generally between 180 and 400 million per quarter, with a peak toward the end of 2023 and a slight increase in 2024. Investments show substantial outflows, especially in the early years, while proceeds from disposals are irregular but provide modest offsets. The company also executed significant acquisition payments from early 2021 through early 2024, suggesting active strategic expansion or restructuring driving investing cash outflows.
- Financing Activities
- Issuance and repayment of commercial paper reflect cyclical short-term borrowing patterns, with issuance and repayments following each other closely. There is notable volatility in proceeds and payments of long-term debt, with large borrowings and repayments occurring at irregular intervals, including sizable repayments in 2022 and borrowing spikes in 2024. Stock repurchase activity is substantial and persistent, with large volumes in most quarters, indicating an ongoing capital return program. Dividend payments remain steady and consistent without significant deviation.
- Cash and Liquidity Movements
- Overall changes in cash and cash equivalents reveal significant variability, with periods of strong cash inflows followed by sharp declines. Foreign exchange effects contribute minor influences compared to operational and financing cash flow variations. The net change in cash appears highly influenced by the timing of financing activities, particularly short-term borrowings and stock repurchases.
- Summary Insight
- The financial data portrays a company experiencing cyclical earnings and cash flows with active capital management. The combination of stable depreciation, increasing amortization, episodic impairment and repositioning charges, and robust stock repurchases suggests a focus on portfolio optimization and shareholder returns. Cash flows from operations display responsiveness to working capital changes and earnings volatility. The investing activity reflects ongoing capital expenditure and strategic acquisitions balanced against investment disposals. Financing activities indicate dynamic debt and equity funding strategies consistent with managing liquidity and capital structure.