HON · 10-Q · 2026Q3 · Full report
Interest Rate and Refinancing Exposure
HONEYWELL INTERNATIONAL INC · 2026-10-22 · Importance 88 · Surprise 82 · In source text
Honeywell reduced total borrowings from $34,571 million at December 31, 2025 to $16,593 million at September 30, 2026. The Company made $14,688 million of long-term debt payments and $3,469 million of net commercial-paper repayments during the first nine months of 2026, including $7.5 billion of debt tender offers and redemptions. Credit-market access remains important because borrowing costs depend on credit ratings and market conditions. S&P and Moody’s carried negative outlooks as of September 30, 2026, while Fitch’s outlook was stable; Honeywell had $6.0 billion of delayed-draw term-loan commitments and $5.0 billion of post-spin-off revolving credit commitments available.
Key facts
- As of September 30, 2026 there were $1.25 billion of borrowings outstanding on the 2025 Delayed Draw Term Loan Agreement which is required to be paid no later than May 7, 2027. source
- Interest and other financial charges decreased in 2026 due to $7.5 billion of debt tender offers and redemptions. source
- Loss on debt extinguishment occurred in the nine months ended September 30, 2026 due to debt tender offers and redemptions. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -2.4% | As of September 30, 2026 there were $1.25 billion of borrowings outstanding on the 2025 Delayed Draw Term Loan Agreement which is required… |
| net_income | positive | realized | — | Interest and other financial charges decreased in 2026 due to $7.5 billion of debt tender offers and redemptions. |