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Honeywell International Inc. 16547000000 16077000000 3000000 4000000 233000000 236000000 236000000 240000000 16783000000 16317000000 1518000000 466000000 270000000 160000000 896000000 2414000000 1944000000 4000000 1948000000 466000000 16317000000 16783000000 <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>1.</b></td> <td style="text-align: justify"><b>Description of the Plan</b></td></tr> </table> <p style="margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>General</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Honeywell 401(k) Plan (the “Plan”) is a defined contribution plan for certain employees of Honeywell International Inc. (the “Company”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”) and the Internal Revenue Code (“Code”). The following represents a summary of key provisions of the Plan but does not purport to be complete and is qualified in its entirety by the terms of the Plan. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Company divested its Personal Protective Equipment (“PPE”) business, effective May 22, 2025. Company employees who transferred with PPE ceased participation upon termination of their employment with the Company. Participant balances did not transfer from the Plan. Each transferred employee (a) vested in their Company match account under the Plan as of May 22, 2025, regardless of their years of vesting service, and (b) was eligible to receive a Company matching contribution for the 2025 Plan year based on base pay paid and matched contributions contributed while employed by the Company from January 1, 2025 to May 22, 2025. Matching contributions were contributed to the Plan on July 3, 2025.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">On July 1, 2025, the Company acquired Li-ion Tamer. Acquired employees were employed by the Company as of July 1, 2025, and eligible for participation under the terms of the Plan, which was amended to provide credit for prior years of service at Li-ion Tamer for purposes of vesting service.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Company spun-off its Advanced Materials business, effective October 30, 2025, to form a separate entity, Solstice Advanced Materials, Inc. (“Solstice”). Company employees who transferred with Solstice ceased participation upon termination of their employment with the Company. Participant balances did not transfer from the Plan. Each transferred employee (a) vested in their Company match account under the Plan as of October 30, 2025, regardless of their years of vesting service, and (b) was eligible to receive a Company matching contribution for the 2025 Plan year based on base pay paid and matched contributions contributed while employed by the Company from January 1, 2025 to October 30, 2025. Matching contributions were contributed to the Plan on Solstice 401(k) plan on January 30, 2026.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Administration</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Company’s Vice President – Global Total Rewards is the Plan Administrator and has full discretionary authority and power to control and manage the administrative aspects of the Plan, including, but not limited to, the power to adopt rules of procedure and regulations necessary for the proper and efficient administration of the Plan and the power to enforce the terms of the Plan it adopts. The Savings Plan Investment Committee has the full power and discretionary authority to manage the investments of the Plan, including but not limited to the power to appoint and remove trustees and monitor trustee performance. The trustee and custodian of the Plan is The Northern Trust Company (the “Trustee”).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Administration services for the Plan are provided by Fidelity Investments Institutional Operations Company.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Contributions and Vesting</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Participants are permitted to contribute from 1 percent to 30 percent of their “base pay” as defined in the Plan document during each pay period, subject to certain restrictions for “highly compensated employees”, as defined in the Plan document. Participants may elect to make contributions to the Plan in any combination of before-tax, after-tax and Roth 401(k) contributions and may direct those contributions into any investment option available within the Plan. The investment options for participants consist of white-labeled, multi-managed funds that are proprietary to the Plan. The combined before-tax and Roth 401(k) contributions may not exceed $23,500 annually. In addition to regular before-tax, after-tax or Roth 401(k) contributions, eligible participants may also contribute up to $7,500 annually in catch-up contributions if they are or will attain age 50 by December 31^st of the</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">respective plan year and are contributing at least 8 percent in before-tax contributions and/or Roth contributions to the Plan or have contributed the maximum regular before-tax contributions to the Plan.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Depending on the rate designated for the participant’s Participating Unit, as defined below, the Company makes matching contributions with respect to a participant’s contributions. A Participating Unit is a group of employees which has been designated as participating in the Plan. The Company may contribute on behalf of each participant between 0 percent and 87.5 percent of such participant’s contribution to the Plan, up to 8% of the participant’s base pay, depending upon the rate designated for the participant’s Participating Unit. The Company does not match catch-up contributions. All of the Company’s matching contributions are initially invested in the Honeywell Common Stock Fund. Vested participants may subsequently direct such matching contributions into any investment option available within the Plan.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">There are two forms of Company matching contributions: (i) variable Company matching contributions and (ii) non-variable Company matching contributions. Participating Units whose employees are covered by collective bargaining agreements or government contracts, the terms of which may change the Company match from time to time, receive variable Company matching contributions, unless the collective bargaining agreement or government contract provides that the employees are eligible for non-variable Company matching contributions.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Participating Units whose employees are not covered by collective bargaining agreements or government contracts (unless the collective bargaining agreement or government contract provides otherwise) are generally eligible for non-variable Company matching contributions. Participating Units covered by a non-variable match receive basic matching contributions whereby the Company matches 87.5 percent up to the first 8 percent of base pay that the participant contributes to the Plan (excluding rollover and catch-up contributions).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Company match contributions for non-variable match participants and certain variable match participants are made annually in a lump sum by the end of the January following the calendar year-end. These participants must be actively employed on December 15th, or if not, disabled or deceased to receive such match. Accordingly, the Statements of Net Assets Available for Benefits at December 31, 2025 and 2024 includes an amount Statement of $233 and $236 million Changes in Net Assets Available for Company matching contributions earned in Benefits for the year ended December 31, 2025 and 2024,respectively, which are paid by the Company to the Plan in January 2026 and 2025, respectively.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Company match contributions for certain other variable match participants are made on a per-payroll period basis, beginning the first month the participant is eligible to receive matching contributions.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">For non-variable match participants, there is no minimum service requirement to receive the annual Company match. For variable match participants, minimum service requirements are set forth in the participant’s collective bargaining agreement.</p> <p style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Participants have a full and immediate vested interest in the portion of their accounts contributed by them and the earnings on such contributions. A participant will become 100 percent vested in any Company contributions upon completion of three years of vesting service or upon attainment of age 65 while an employee of the Company or an affiliated company. In addition, a participant’s account will become 100 percent vested if the participant’s termination with the Company or an affiliated company was due to any one of the following (i) retirement under the terms of a Honeywell pension plan in which the participant participates; (ii) disability (as defined under the plan provisions); (iii) death; (iv) a reduction in force or layoff (as determined by the Company); or (v) a participant’s business unit is sold or divested (in the Plan Administrator’s sole discretion). A participant will also become 100 percent vested in any Company contributions in the event the Company terminates or permanently discontinues contributions to the Plan.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Participant Accounts</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Each participant’s account is credited with the participant’s contribution and allocations of (1) the Company’s matching contribution, if applicable, and (2) investment earnings, and charged with an allocation of investment losses and administrative expenses. The allocation is based on participants’ account balances as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Notes Receivable from Participants</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">No new loans are permitted from the Plan. Interest rates for loans outstanding at December 31, 2025 were between 3.25% and 10.50%, respectively.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Termination</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Although it has not expressed any intent to do so, the Company has the right under the Plan document to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of a partial or full Plan termination, all Plan funds must be used in accordance with the terms of the Plan.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Distribution of Benefits</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Upon termination of service with the Company, if a participant’s vested account balance is $1,000 or less (including any rollover contributions), the entire vested amount in the participant’s account will be distributed to the participant in a single payment, without his or her consent, unless the participant affirmatively elects to have the benefit rolled over to an eligible retirement plan.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">If the vested amount in a participant’s account is greater than $1,000 but less than $7,000 (excluding any rollover contributions), the participant’s account will be automatically rolled over to a traditional IRA, unless the participant affirmatively elects to receive the amount in a single payment or have it rolled over to an eligible retirement plan.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">If the participant’s vested account balance exceeds $7,000 (excluding any rollover contributions), the balance in the account will remain in the Plan and shall be distributed (1) at the participant’s request, (2) when the participant attains age seventy three (73), through the payment of minimum required distributions, as defined by the Plan, or (3) upon the participant’s death, whichever is earliest. When a participant dies, if his or her spouse is the beneficiary, the spouse may remain in the Plan under the same conditions as previously described for the participant. Otherwise, the entire amount in the participant’s account is distributed in a single payment to the participant’s beneficiary(ies).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Forfeitures</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Forfeitures of the Company’s contributions and earnings thereon due to terminations and withdrawals reduce contributions otherwise due from the Company, as permitted by the Plan. Company contributions made to the Plan were reduced by approximately $8 million due to forfeited nonvested accounts for the year ended December 31, 2025. The balance of forfeitures was approximately $13.1 million and $15.4 million at December 31, 2025 and 2024, respectively.</p> true 0.01 0.30 23500 7500 50 0.08 0 0.875 0.08 0.875 0.08 233000000 236000000 1 P3Y 65 1 1 0.0325 0.105 1000 1000 7000 7000 73 8000000 13100000 15400000 <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>2.</b></td> <td style="text-align: justify"><b>Significant Accounting Policies</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Basis of Accounting</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The financial statements of the Plan are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) using the accrual basis of accounting.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Use of Estimates</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Investment Valuation</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Plan’s assets are held in the Honeywell Savings and Ownership Plan Master Trust (“Master Trust”) along with the assets of the Honeywell Puerto Rico Savings Plan, the Honeywell Secured Benefit Plan and the Intermec FSSP Spinoff Plan. The Plan’s investment in the Master Trust represents the Plan’s interest in the net assets of the Master Trust for investment and administrative purposes. The Plan’s interest in the Master Trust is stated at fair value.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Notes Receivable from Participants</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Notes receivable from participants are valued at unpaid principal balance cost plus accrued unpaid interest.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Contributions</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Employee contributions are recorded when withheld and employer matching contributions when earned.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Payment of Benefits</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Withdrawals and distributions to participants are recorded when paid.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Expenses</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Most expenses relating to the administration of the Master Trust and managing the funds established thereunder are borne by the participating plans. Administrative expenses of the Plan are paid by the Plan or the plan sponsor, as provided in the Plan document. Participants pay administrative costs for loans, distributions and qualified domestic relation orders.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Basis of Accounting</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The financial statements of the Plan are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) using the accrual basis of accounting.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Investment Valuation</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Plan’s assets are held in the Honeywell Savings and Ownership Plan Master Trust (“Master Trust”) along with the assets of the Honeywell Puerto Rico Savings Plan, the Honeywell Secured Benefit Plan and the Intermec FSSP Spinoff Plan. The Plan’s investment in the Master Trust represents the Plan’s interest in the net assets of the Master Trust for investment and administrative purposes. The Plan’s interest in the Master Trust is stated at fair value.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Notes Receivable from Participants</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Notes receivable from participants are valued at unpaid principal balance cost plus accrued unpaid interest.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Contributions</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Employee contributions are recorded when withheld and employer matching contributions when earned.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Payment of Benefits</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Withdrawals and distributions to participants are recorded when paid.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Expenses</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Most expenses relating to the administration of the Master Trust and managing the funds established thereunder are borne by the participating plans. Administrative expenses of the Plan are paid by the Plan or the plan sponsor, as provided in the Plan document. Participants pay administrative costs for loans, distributions and qualified domestic relation orders.</p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>3.</b></td> <td style="text-align: justify"><b>Separately Managed Portfolios</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The individual assets of the Master Trust’s separately managed portfolios and multi-manager funds are held in the name of the Master Trust (i.e., the Master Trust owns the underlying securities) and are considered separately as individual investments for accounting and financial statement reporting purposes.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Master Trust owns 100% of the underlying assets of the following separately managed portfolios and multi-manager funds and the underlying investments of each are included in Note 4:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Global REIT Fund <br/> Growth Equity Fund <br/> International Stock Fund <br/> Investment Grade Bond Fund <br/> Short-Term Fixed Income Fund <br/> Small to Mid-Cap Stock Fund <br/> Value/Yield Equity Fund <br/> Honeywell Common Stock Fund</p> 1 <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>4.</b></td> <td style="text-align: justify"><b>Interest in Honeywell Savings and Ownership Plan Master Trust</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Plan’s investments are held in the Master Trust, which is commingled with the assets of the Honeywell Puerto Rico Savings Plan, the Honeywell Secured Benefit Plan and the Intermec FSSP Spinoff Plan. Each participating plan’s interest in the Master Trust is divided based on the participants’ investment elections. The interest and dividends and the net depreciation or appreciation in the fair value of investments are allocated to the individual accounts on a daily basis based upon the individual accounts’ equitable share of the various investment funds that comprise the Master Trust. The total interest of the Plan is determined as the sum of the individual account balances of the Plan. The allocation of income and expenses is based upon each plan’s specific interests in the underlying plan investments, which are based upon participant-direction and Company direction of the investments. </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Master Trust and the Plan’s interest in the Master Trust is comprised of the following types of investments, at fair value, as of December 31, 2025:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Master Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Plan’s Interest <br/> in Master<br/> Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt"> </td> <td style="text-align: left">Collective Trust Funds</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">10,416</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">10,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">Honeywell Common Stock</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,292</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Common Stocks (Separately Managed Portfolios)</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,227</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">309</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">567</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">173</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Municipal Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td>Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">292</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">290</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left; padding-left: 10pt">Cash and cash equivalents</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Total Investments, at fair value</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,547</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt">Net assets of the Master Trust</td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,707</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,547</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Master Trust and the Plan’s interest in the Master Trust is comprised of the following types of investments, at fair value, as of December 31, 2024:</p><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2024</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Master Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Plan’s Interest<br/> in Master<br/> Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Collective Trust Funds</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">8,922</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">8,817</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Honeywell Common Stock</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,804</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Common Stocks (Separately Managed Portfolios)</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,416</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">291</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">423</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">599</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td>Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">126</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">256</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">255</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Total Investments, at fair value</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,223</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,077</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt">Net assets of the Master Trust</td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,223</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,077</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Master Trust’s net appreciation and investment income for the year ended December 31, 2025 is as follows:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: center">(dollars in<br/> millions)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Net appreciation in fair value of investments</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">1,376</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Dividend and interest income</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">155</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Total investment income and net appreciation</td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,531</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Investment Valuation and Income Recognition – Master Trust</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Master Trust investments are stated at fair value. Interest income is recorded on the accrual basis, and dividend income is recorded on the ex-dividend date. Purchases and sales of securities are recorded on a trade-date basis. Net appreciation/(depreciation) consists of both realized gains/(losses) on investments bought, sold and matured, as well as the change in unrealized gains/(losses) on investments held during the year.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">From time to time, investment managers may use derivative financial instruments including foreign exchange forward and futures contracts. Derivative instruments are used primarily to mitigate exposure to foreign exchange rate and interest rate fluctuations as well as manage the investment composition in the portfolio. The Master Trust held no derivative instruments as of December 31, 2025 and 2024.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Determination of Fair Value</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a framework for measuring fair value.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Master Trust valuation methodologies for assets and liabilities measured at fair value are described below. The methods described as follows may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Master Trust believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b>Valuation Hierarchy</b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">ASC 820, <i>Fair Value Measurements and Disclosures</i>, provides the accounting guidance establishes a framework three-level valuation hierarchy for measuring disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"> </td> <td style="width: 18pt"><span>●</span></td> <td style="text-align: justify">Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td></tr> <tr style="vertical-align: top"> <td> </td> <td><span>●</span></td> <td style="text-align: justify">Level 2 — inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr> <tr style="vertical-align: top"> <td> </td> <td><span>●</span></td> <td style="text-align: justify">Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The following is a description of the valuation methodologies used for financial instruments measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b><i>Collective Trust Funds </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Collective Trust funds are investment vehicles utilized as or within the target date funds, equity index funds, investment grade bond fund, and global REIT fund. These funds permit daily subscriptions and redemption of units. These investments are valued using net asset values (“NAV”) provided by the administrator of the underlying fund. The NAV is based on the value of the underlying assets owned by the fund, less its liabilities, divided by the number of units outstanding.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Collective Trust funds measured at fair value using NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the hierarchy tables for Collective Trust funds are intended to permit reconciliation of the Master Trust’s total investments, at fair value.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b><i>Cash &amp; cash equivalents</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Cash &amp; cash equivalents represent interest-bearing cash amounts valued at cash plus interest earned.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b><i>Honeywell International Inc. Common Stock, other Common Stocks and Exchange Traded Funds</i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Honeywell International Inc. common stock is valued at the closing price reported on the National Association of Securities Dealers Automated Quotations (“NASDAQ”). Other common stocks and exchange traded funds are valued at the closing price reported on the principal market on which the respective securities are traded. Honeywell International Inc. common stock, other common stocks and exchange traded funds are all classified within level 1 of the valuation hierarchy.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><b><i>Fixed Income Investments </i></b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">Fixed income securities (other than commercial mortgage backed securities) are valued at the regular close of trading on each valuation date at the evaluated bid prices supplied by pricing vendors or brokers, if any, whose prices reflect broker/dealer supplied valuations and electronic data processing techniques. Commercial mortgage backed securities are valued using pool-specific pricing. The pool-specific pricing is provided by the pricing vendors and typically they use Interactive Data for these investments. Fixed income securities, including corporate bonds, U.S. government and federal agencies, municipal bonds, Non-U.S. government, commercial paper, bank deposits, asset-backed securities and commercial mortgage backed securities are classified within Level 2 of the valuation hierarchy.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The following tables present the Master Trust’s assets measured at fair value as of December 31, 2025 and 2024, by the fair value hierarchy.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="14" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Common Stocks</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">4,549</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">4,549</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 0pt">Fixed Income Investments:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">279</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">311</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Municipal Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="padding-left: 10pt">Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">292</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">292</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,604</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,687</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Collective Trust Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">10,416</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font-weight: bold; text-align: left; padding-left: 30pt">Total Investments</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,707</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2024</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="14" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Common Stocks</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">5,228</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">5,228</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Fixed Income Investments:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">293</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-left: 10pt">Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">256</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">256</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">5,533</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,768</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Collective Trust Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">8,922</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left; padding-left: 30pt">Total Investments</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,223</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Master Trust and the Plan’s interest in the Master Trust is comprised of the following types of investments, at fair value, as of December 31, 2025:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td><td style="font-weight: bold; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Master Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Plan’s Interest <br/> in Master<br/> Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt"> </td> <td style="text-align: left">Collective Trust Funds</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">10,416</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">10,298</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">Honeywell Common Stock</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,292</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Common Stocks (Separately Managed Portfolios)</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,227</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">309</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">567</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">173</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Municipal Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td>Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">292</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">290</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left; padding-left: 10pt">Cash and cash equivalents</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Total Investments, at fair value</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,707</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,547</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td> </td> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt">Net assets of the Master Trust</td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,707</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,547</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2024</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Master Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td><td style="font-weight: bold; white-space: nowrap;"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; white-space: nowrap;">Plan’s Interest<br/> in Master<br/> Trust<br/> Balances</td><td style="font-weight: bold; border-bottom: Black 1px solid; white-space: nowrap;"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="6" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Collective Trust Funds</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">8,922</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 7%; text-align: right">8,817</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">303</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Honeywell Common Stock</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,804</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3,782</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Common Stocks (Separately Managed Portfolios)</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,424</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">1,416</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">291</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">423</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">599</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td>Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">126</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">256</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">255</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Total Investments, at fair value</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,223</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">16,077</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt">Net assets of the Master Trust</td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,223</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td><td style="padding-bottom: 3px"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,077</td><td style="text-align: left; padding-bottom: 3px; border-bottom: Black 3px double"> </td></tr> </table> 10416000000 10298000000 18000000 18000000 3315000000 3292000000 1234000000 1227000000 279000000 277000000 311000000 309000000 6000000 6000000 571000000 567000000 174000000 173000000 7000000 7000000 47000000 47000000 292000000 290000000 37000000 36000000 16707000000 16547000000 16707000000 16547000000 8922000000 8817000000 305000000 303000000 3804000000 3782000000 1424000000 1416000000 293000000 291000000 425000000 423000000 7000000 7000000 602000000 599000000 58000000 58000000 127000000 126000000 256000000 255000000 16223000000 16077000000 16223000000 16077000000 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Master Trust’s net appreciation and investment income for the year ended December 31, 2025 is as follows:</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: center">(dollars in<br/> millions)</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Net appreciation in fair value of investments</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">1,376</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Dividend and interest income</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">155</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Total investment income and net appreciation</td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,531</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> 1376000000 155000000 1531000000 <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The following tables present the Master Trust’s assets measured at fair value as of December 31, 2025 and 2024, by the fair value hierarchy.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="14" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Common Stocks</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">4,549</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">4,549</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">37</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">18</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 0pt">Fixed Income Investments:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">279</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">279</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">311</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">311</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">571</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">174</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Municipal Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="padding-left: 10pt">Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">47</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">292</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">292</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">4,604</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,687</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Collective Trust Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">10,416</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="font-weight: bold; text-align: left; padding-left: 30pt">Total Investments</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,707</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-weight: bold"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2024</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td style="font-style: italic"> </td> <td colspan="14" style="font-style: italic; text-align: center">(dollars in millions)</td><td style="font-style: italic"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 21.6pt; background-color: White"> </td> <td style="text-align: left">Common Stocks</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">5,228</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 9%; text-align: right">5,228</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Exchange Traded Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Fixed Income Investments:</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Asset Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">293</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">293</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Bank Deposits</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">425</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Commercial Mortgage Backed Securities</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">7</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding-left: 10pt">Corporate Bonds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">602</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">U.S. Government and Federal Agencies</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">58</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="padding-left: 10pt">Non-US Government</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">127</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left; padding-left: 10pt">Commercial Paper</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">256</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">-</td><td style="text-align: left; border-bottom: Black 1px solid"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">256</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">5,533</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">1,768</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">-</td><td style="text-align: left; border-bottom: Black 3px double"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Collective Trust Funds</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">8,922</td><td style="text-align: left; border-bottom: Black 1px solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left; padding-left: 30pt">Total Investments</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">16,223</td><td style="text-align: left; border-bottom: Black 3px double"> </td></tr> </table> 4549000000 0 0 4549000000 37000000 0 0 37000000 18000000 0 0 18000000 0 279000000 0 279000000 0 311000000 0 311000000 0 6000000 0 6000000 0 571000000 0 571000000 0 174000000 0 174000000 0 7000000 0 7000000 0 47000000 0 47000000 0 292000000 0 292000000 4604000000 1687000000 0 10416000000 16707000000 5228000000 0 0 5228000000 305000000 0 0 305000000 0 293000000 0 293000000 0 425000000 0 425000000 0 7000000 0 7000000 0 602000000 0 602000000 0 58000000 0 58000000 0 127000000 0 127000000 0 256000000 0 256000000 5533000000 1768000000 0 8922000000 16223000000 <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>5.</b></td> <td><b>Nonparticipant-Directed Investments</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif">The Plan provides for both participant-directed and nonparticipant-directed investment programs. Company matching contributions are initially invested in the Company’s common stock, which is a nonparticipant-directed investment option. Participants may subsequently transfer these amounts to other investment options at their discretion once vested.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif">Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments as of and for the year ended December 31, 2025, is as follows: </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: center"><i>(dollars in<br/> millions)</i></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left">Net assets:</td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 21.6pt; "> </td> <td style="text-align: left">Honeywell Common Stock Fund</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">3,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left">Changes in net assets during 2025:</td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Net (depreciation)</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">(332</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td>Dividends</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Company contributions</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">276</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Participating employee contributions</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">32</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Roll-over contributions</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Benefits paid to participants</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">(455</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Plan expenses</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">(2</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Net transfers to participant-directed investments</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(116</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style=" padding-bottom: 2.5pt"> </td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net change</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(515</td><td style="text-align: left; padding-bottom: 3px">)</td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif">Information about the net assets and the significant components of the changes in net assets relating to the nonparticipant-directed investments as of and for the year ended December 31, 2025, is as follows: </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></p> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2025</td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: center"><i>(dollars in<br/> millions)</i></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td><td> </td> <td style="text-align: right"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left">Net assets:</td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 21.6pt; "> </td> <td style="text-align: left">Honeywell Common Stock Fund</td><td style="width: 3%"> </td> <td style="width: 2%; text-align: right">$</td><td style="width: 10%; text-align: right">3,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-size: 11pt"> </td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: left">Changes in net assets during 2025:</td><td style="font-size: 11pt"> </td> <td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: right"> </td><td style="font-size: 11pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Net (depreciation)</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">(332</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td>Dividends</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">79</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Company contributions</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">276</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Participating employee contributions</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">32</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Roll-over contributions</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Benefits paid to participants</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">(455</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td> <td style="text-align: left">Plan expenses</td><td> </td> <td style="text-align: right"> </td><td style="text-align: right">(2</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left">Net transfers to participant-directed investments</td><td> </td> <td style="text-align: right; border-bottom: Black 1px solid"> </td><td style="text-align: right; border-bottom: Black 1px solid">(116</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style=" padding-bottom: 2.5pt"> </td> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net change</td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: right; border-bottom: Black 3px double">$</td><td style="text-align: right; border-bottom: Black 3px double">(515</td><td style="text-align: left; padding-bottom: 3px">)</td></tr> </table> 3377000000 -332000000 79000000 276000000 32000000 3000000 455000000 2000000 -116000000 -515000000 <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>6.</b></td> <td><b>Nonexempt Party-In-Interest Transactions</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b> </b></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif">The Company remitted certain participant contributions to the Trustee later than required by Department of Labor Regulation 2510.3-102. The Company has credited participant accounts with the amount of investment income that would have been earned had the participant contribution been remitted on a timely basis.</span></p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>7.</b></td> <td><b>Related Party Transactions and Exempt Party-In-Interest Transactions</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif">The Master Trust is invested in the Company’s common stock which qualifies as an exempt party-in-interest transaction. During the year ended December 31, 2025, the Master Trust’s investment in the Company’s common stock included purchases of approximately $187 million, sales of approximately $516 million, realized gains of approximately $241 million (realized gains of approximately $239 million by the Plan), unrealized gain of approximately $579 million and dividend income of approximately $79 million. The Master Trust invests in short term investment funds managed by the Trustee. These related transactions qualify as exempt party-in-interest transactions. As described in Note 2 – “Expenses”, the Plan paid certain expenses related to Plan operation and investment activity to the Trustee.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif">The Company is both the plan sponsor and a party to the Master Trust, therefore the Master Trust investment and the Plan’s interest of $3.4 billion in the Company’s common stock as of December 31, 2025, qualifies as a related party transaction, along with the dividend income of $78 million earned by the Plan on this investment. </span></p> 187000000 516000000 241000000 239000000 579000000 79000000 3400000000 78000000 <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>8.</b></td> <td style="text-align: justify"><b>Risks and Uncertainties</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify"><span style="font: 10pt Arial, Helvetica, Sans-Serif">The Plan provides for various investment options. Investment securities are exposed to certain risks, such as interest rate, market, liquidity and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits. The Plan’s exposure to a concentration of credit risk is limited by the opportunity to diversify investments across multiple participant-directed fund elections including active and passively managed funds covering multiple asset classes. Additionally, the investments within each participant-directed fund election are further diversified into varied financial instruments, with the exception of the Honeywell Common Stock Fund, which primarily invests in a single security.</span></p> <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>9.</b></td> <td style="text-align: justify"><b>Federal Income Taxes</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">On June 7, 2016, the Plan received a favorable determination letter from the Internal Revenue Service indicating that the Plan satisfies the requirements of Section 401(a) of the Code and that the Plan <span style="-sec-ix-hidden: hidden-fact-0">qualifies</span> as an Employee Stock Ownership Plan as defined in Section 4975(e)(7) of the Code. In December 2016, the IRS began publishing a Required Amendments List for individually designed plans to be amended for each item on the list, as applicable, to retain its tax-exempt status. Although the Plan has been amended since receiving the determination letter, the Plan Administrator Plan’s administrator and legal counsel believe that the Plan has been designed and is currently being operated in compliance with the applicable requirements of the Code. The Master Trust under the Plan is intended to be exempt under Section 501(a) of the Code. Accordingly, no provision for income taxes has been made.</p> <p style="margin: 0pt 0"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. As of December 31, 2025 and 2024, the Company has analyzed the tax positions by the Plan and has concluded that there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions, however, there are currently no audits for any tax periods in progress.</p> 2016-06-07 true <table cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 21.6pt"><b>10.</b></td> <td style="text-align: justify"><b>Subsequent Events (Unaudited)</b></td></tr> </table> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.6pt; text-align: justify">The Plan has evaluated subsequent events through the date the financial statements were issued and has identified the following events requiring disclosure. Effective July 31, 2026, by amendment to the Plan executed June 24, 2026, the Sundyne, LLC Employee Savings Plan will be merged into the Honeywell 401(k) Plan, with assets of the Sundyne, LLC Employee Savings Plan merging into the Master Trust. Though asset amounts may change between this representation and the time of merger, the amount to be merged is approximately $74.5 million. Active participants of the Sundyne, LLC Employee Savings Plan began participating in the Honeywell 401(k) Plan effective January 1, 2026. Effective April 1, 2026, in anticipation of the spin-off of Honeywell Aerospace Inc. from the Company, which is expected to be finalized on June 29, 2026, active participants expected to be employed by the new Honeywell Aerospace Inc. entity following the spin-off ceased participation in the Plan and became participants of the Honeywell Aerospace Inc. 401(k) Plan (the “Aerospace Plan”). In connection with this transfer, $4,787 million in account balances of such participants has transferred from the Master Trust to the master trust of the Aerospace Plan.</p> 74500000 4787000000 http://fasb.org/us-gaap/2025#QualifiedPlanMember 0000773840 0000773840 false false FY FY