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AU President Jonathan Alger and Mr. Astin will celebrate the Class of 2024 on Dec. 15 WASHINGTON , Dec. 2, 2024 /PRNewswire/ -- American University is proud to present Sean Astin --fondly known to many as Mikey Walsh in The Goonies, Samwise Gamgee in the Lord of the Rings trilogy, Rudy Ruettiger in the sports classic Rudy, and Bob Newby in the Netflix's hit series Stranger Things--as the keynote speaker for fall commencement. Astin is also a recent graduate of the School of Public Affairs, earning his master's degree in public administration and policy. During the ceremonies, Astin will be awarded an honorary degree of Doctor of Humane Letters. Though many are familiar with his onscreen work, Astin is also known for his stewardship and leadership with his union, SAG-AFTRA. Serving on the National and Los Angeles Local Boards as well as on many committees, such as the Executive, Strike Preparedness, Government Affairs and Public Policy, and Government Rules. Astin served on the 2023 TV/Theatrical Negotiating Committee, which oversaw the historic 118-day summer strike, —one of the longest labor outages in Hollywood history, which resulted in $1 billion in gains for SAG-AFTRA and new protections around AI technology. The native Angeleno also served under six cabinet secretaries in two presidential administrations as a civilian aide to the Secretary of the Army. Astin was appointed to serve as a nonpartisan on the President's Council on Service and Civic Participation. "Through his longtime career as an actor, his civic engagement, and his work as a mental health advocate, Sean Astin exemplifies what it means to be a lifelong learner and community-builder, which are both important parts of what we do and who we are at American University ," said AU President Jonathan Alger . "And, as an Eagle himself, Sean will inspire our graduates with his journey and his continued quest to build change in our world." Astin regularly speaks to universities, corporations, and nonprofit organizations on various subjects, including leadership, acting, and with a special emphasis on mental health. His dedication to advancing the conversation around mental health continues the legacy of the late Patty Duke , who was a champion for those who are impacted. "I have always had a passion for public policy and administration. Completing my degree at American University this year is the realization of a lifelong dream. At this moment in the history of our country, nothing is more important than affirming the value of the skill, talent, and dedication of our civil servants," Astin said. "Starting during COVID, the American University online program was an incredible guide. From the curriculum to my cohort, my academic journey was rigorous and fulfilling. I am thrilled at the opportunity to be delivering this year's commencement address. I believe that my mission is to offer praise and appreciation for everyone's accomplishments and to share some thoughts on our path forward." Sean Astin and President Alger will celebrate approximately 1,475 graduates, who will receive their degrees from all eight of AU's schools during ceremonies at 9 a.m. and 1:30 p.m. in Bender Arena on the AU campus. Students will also hear from fellow graduates at each of the ceremonies: Oreoluwa Erinfolami, is receiving her Master's of Science from the College of Arts and Sciences. Erinfolami's passion for biotechnology led them to focus on regenerative medicine, stem cell research, and cell culture techniques. Ethan Cesar , who will be awarded his Bachelor of Arts from the School of Public Affairs and School of Communication, immersed himself in politics during his time at AU. Cesar interned for two U.S. representatives and one U.S senator. Mina Lili Kassim, will receive her Bachelor of Science from the School of International Service. Kassim hopes to pursue a career in the law field, while continuing to work with her organization Youth for Yemen , which focuses on uniting youth to address the Yemeni humanitarian crisis. Peyton Upchurch , who will be awarded her Master's of Education from the School of Education, is currently the assistant director of Alumni Communications at the University of North Carolina at Greensboro . Upchurch is excited to put the skills she built at AU to work in the world of education policy. This is American University's 148 th commencement. Sean Astin joins other notable American University fall commencement speakers such as Abby Phillip , CNN senior political correspondent and anchor of NewsNight , Andrea Mitchell , host of MSNBC's Andrea Mitchell Reports , and recently Surgeon General Dr. Vivek Murthy . ABOUT AMERICAN UNIVERSITY : American University leverages the power and purpose of scholarship, learning, and community to impact our changing world. AU's faculty, students, staff, and alumni are changemakers who shape the future from sustainability to social justice to the sciences. Building on our 130-year history of education and research in the public interest, we say "Challenge Accepted " to addressing the world's pressing issues. Our Change Can't Wait comprehensive campaign creates transformative educational opportunities, advances research with impact, and builds stronger communities. View original content to download multimedia: https://www.prnewswire.com/news-releases/american-university-to-welcome-recent-graduate-sean-astin-spampap-24-as-commencement-speaker-for-fall-commencement-302320024.html SOURCE American University © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.The Pittsburgh Steelers had a strong start to the season. When Russell Wilson took over for Justin Fields in Week 7, they were 4-2, which was better than most expected. Fields performed so well that most analysts and fans felt the team was making a mistake by setting him aside for Wilson, who felt like an uncertainty. However, the former Super Bowl winner proved all his doubters wrong, going 6-1 in his first seven games. This led many doubters to admit they had been wrong about Wilson. Under the nine-time Pro Bowler , the offense looked better -- crisper and sharper. They were moving the ball down the field and scoring more touchdowns than they had under Fields, and everyone rejoiced. Even the loss to the Cleveland Browns in Week 12 felt like a temporary blip rather than an actual concern. They bounced back and won their next two games, only to drop the two games following that. You’ll find out a lot about the #Steelers this week Arthur Smith pic.twitter.com/cQ9UdGNqK0 The recent losses to the Philadelphia Eagles and the Baltimore Ravens have raised red flags, particularly about the offense. In the past, they got off to some slow starts, but Wilson was able to lead them back to win. According to a video from 93.7 The Fan on X , Offensive Coordinator Arthur Smith acknowledged to the media that the two losses changed the tone surrounding the team. "It's easy for everybody to be great vibes and everybody smiling when you're winning, but you're going to find out a lot about us in how we respond," said Smith. During the recent loss to the Ravens, Wilson had an inconsistent performance. He completed 22 of 33 passes for 217 yards and two touchdowns. However, he also had an interception and a lost fumble. They were both very costly, leading to 14 points for the Ravens. Those two turnovers led to Wilson receiving a lot of criticism from the fan base. However, the fault was not all on him. They had several key defenders out with injuries, including Larry Ogunjobi , DeShon Elliott , and Donte Jackson . In addition to those, they were also missing Fields and George Pickens from the offense. Joey Porter Jr went out during the game and could not return due to a knee injury. The missing players and the inconsistencies from the offense and defense cost the Steelers and made Wilson's overall 2024 record 6-3 . They have two games left against the Kansas City Chiefs and the Cincinnati Bengals, and they need to win both to win the AFC North, although they have already secured a playoff spot. Steelers' Russell Wilson Spoke Up About His Fumble If the Steelers had beaten the Ravens, they would have locked up the AFC North. Wilson took the brunt of the blame because of his turnovers. The Steelers have been winning the turnover battle all season, but could not do that in the two most recent losses. While the defense has been able to force turnovers, the offense hasn't been able to capitalize on them consistently. Wilson spoke to the media after the game about that devastating fumble. He told them he thought he would be able to get it in the end zone and spark some life into the offense. Unfortunately, the opposite occurred, and the momentum stayed with Baltimore. In watching the play, it is obvious that Wilson is just trying to make something happen. He has not displayed a tendency to fumble or turn the ball over in his first nine games in black and gold very much, so the assessment by many fans that he was reckless seems unfair. So far this season, Wilson has thrown 15 touchdowns and only had four interceptions. Do you agree with Smith that how the team responds to these losses will show a lot about who they actually are? Click to This article first appeared on SteelerNation.com and was syndicated with permission.
WASHINGTON (AP) — In the two weeks since Donald Trump won the presidency, he's tried to demonstrate his dominance by naming loyalists for top administration positions, even though many lack expertise and some face sexual misconduct accusations. It often seems like he's daring Congress to oppose his decisions. But on Thursday, Trump's attempt to act with impunity showed a crack as Matt Gaetz , his choice for attorney general, withdrew from consideration. Trump had named Gaetz, a Florida congressman, to be the country's top law enforcement official even though he was widely disliked by his colleagues, has little legal experience and was accused of having sex with an underage girl, an allegation he denied. After being plagued by investigations during his first presidency, Trump wanted a devoted ally in charge of the Justice Department during his second. However, it was never obvious that Gaetz could win enough support from lawmakers to get confirmed as attorney general. Trump chose for a replacement Pam Bondi, a former Florida attorney general who defended him during his first impeachment trial and supported his false claims of voter fraud. Now the question is whether Gaetz was uniquely unpalatable, or if Trump's other picks might exceed his party's willingness to overlook concerns that would have sunk nominees in a prior political era. The next test will likely be Pete Hegseth, who Trump wants to lead the Pentagon despite an allegation of sexual assault that he's denied. So far, Republicans are rallying around Hegseth , an Army veteran and former Fox News host. Sen. Thom Tillis, a North Carolina Republican who serves on the Senate Judiciary Committee, said the controversy over Gaetz would have little bearing on Trump’s other choices. He said they would be considered “one at a time.” Sen. Richard Blumenthal, a Connecticut Democrat, suggested otherwise, claiming “the dominoes are falling.” “The drip drip of evidence and truth is going to eventually doom some others,” he said. Trump's election victory was a sign that there may not be many red lines left in American politics. He won the presidential race despite authoritarian, racist and misogynist rhetoric, not to mention years of lies about election fraud and his role in sparking the Jan. 6, 2021, attack on the U.S. Capitol. He was also criminally convicted of falsifying business records to pay hush money, and he was found liable for sexual abuse in a civil case. Empowered by voters who looked past his misconduct and saw him as a powerful agent of change, Trump has shown no deference to Washington norms while working to fill his second administration . The transition team hasn't pursued federal background checks for Trump's personnel choices. While some of his selections have extensive experience in the areas they've been chosen to lead, others are personal friends and Fox News personalities who have impressed and flattered Trump over the years. Several have faced allegations involving sexual misconduct . Hegseth is facing the most scrutiny after Gaetz. Once Trump announced Hegseth as his nominee for Pentagon chief, allegations emerged that he sexually assaulted a woman in California in 2017. The woman said he took her phone, blocked the door to the hotel room and refused to let her leave, according to a police report made public this week. Hegseth told police at the time that the encounter had been consensual and denied any wrongdoing, the report said. However, he paid the woman a confidential settlement in 2023. Hegseth's lawyer said the payment was made to head off the threat of a baseless lawsuit. Trump’s choice for secretary of health and human Services, Robert F. Kennedy Jr., has faced allegations of misconduct too. A woman who babysat for him and his second wife told Vanity Fair magazine that Kennedy groped her in the late 1990s, when she was 23. Kennedy did not deny the allegation and texted an apology to the woman after the article was published. That isn't the only hurdle for Kennedy; he's spent years spreading misinformation and conspiracy theories about vaccines, raising fears about making him a top health official in the new administration. Linda McMahon, chosen by Trump to be education secretary, is fighting a lawsuit connected to her former company, World Wrestling Entertainment. She’s accused of knowingly enabling sexual exploitation of children by an employee as early as the 1980s, and she denies the allegations. Tulsi Gabbard is another person who could face a difficult confirmation battle, but for very different reasons. The former Democratic representative from Hawaii has been a vocal Trump ally, and he chose her to be national intelligence director. But there's grave concern by lawmakers and national security officials over Gabbard’s history of echoing Russian propaganda. Critics said she would endanger relationships with U.S. allies. Gaetz was investigated by federal law enforcement for sex trafficking, but the case was closed without charges and Republicans have blocked the release of a related report from the House Ethics Committee. However, some allegations leaked out, including that Gaetz paid women for sex. One of the women testified to the committee that she saw Gaetz having sex with a 17-year-old girl, according to a lawyer for the woman. As Gaetz met with senators this week, it became clear that he would face stubborn resistance from lawmakers who were concerned about his behavior and believed he was unqualified to run the Justice Department. “While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction,” Gaetz wrote on social media when announcing his withdrawal. Sen. Mike Braun, an Indiana Republican, said he believed there were four to six members of the caucus who would have voted against Gaetz, likely dooming his nomination, and “the math got too hard.” He said some of the issues and allegations around Gaetz were “maybe beyond the pale." “I think there were just too many things, it was like a leaky dike, and you know, it broke," Braun said. Trump thanked Gaetz in a post on Truth Social, his social media website, without addressing the substance of the allegations against him. “He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect,” Trump wrote. Associated Press writers Mary Clare Jalonick, Stephen Groves and Lisa Macaro contributed from Washington. Jill Colvin in New York and Adriana Gomez Licon in Fort Lauderdale, Florida, also contributed.
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Vectorspace AI X (VAIX) Revolutionizes AI-Driven Investment Insights With Graph-Based ModelsLAS VEGAS — Formula 1 on Monday at last said it will expand its grid in 2026 to make room for an American team that is partnered with General Motors. "As the pinnacle of motorsports, F1 demands boundary-pushing innovation and excellence. It's an honor for General Motors and Cadillac to join the world's premier racing series, and we're committed to competing with passion and integrity to elevate the sport for race fans around the world," GM President Mark Reuss said. "This is a global stage for us to demonstrate GM's engineering expertise and technology leadership at an entirely new level." The approval ends years of wrangling that launched a U.S. Justice Department investigation into why Colorado-based Liberty Media, the commercial rights holder of F1, would not approve the team initially started by Michael Andretti. Andretti in September stepped aside from leading his namesake organization, so the 11th team will be called Cadillac F1 and be run by new Andretti Global majority owners Dan Towriss and Mark Walter. The team will use Ferrari engines its first two years until GM has a Cadillac engine built for competition in time for the 2028 season. Towriss is the the CEO and president of Group 1001 and entered motorsports via Andretti's IndyCar team when he signed on financial savings platform Gainbridge as a sponsor. Towriss is now a major part of the motorsports scene with ownership stakes in both Spire Motorsports' NASCAR team and Wayne Taylor Racing's sports car team. Walter is the chief executive of financial services firm Guggenheim Partners and the controlling owner of both the World Series champion Los Angeles Dodgers and Premier League club Chelsea. "We're excited to partner with General Motors in bringing a dynamic presence to Formula 1," Towriss said. "Together, we're assembling a world-class team that will embody American innovation and deliver unforgettable moments to race fans around the world." Mario Andretti, the 1978 F1 world champion, will have an ambassador role with Cadillac F1. But his son, Michael, will have no official position with the organization now that he has scaled back his involvement with Andretti Global. "The Cadillac F1 Team is made up of a strong group of people that have worked tirelessly to build an American works team," Michael Andretti posted on social media. "I'm very proud of the hard work they have put in and congratulate all involved on this momentous next step. I will be cheering for you!" The approval has been in works for weeks but was held until after last weekend's Las Vegas Grand Prix to not overshadow the showcase event of the Liberty Media portfolio. Max Verstappen won his fourth consecutive championship in Saturday night's race, the third and final stop in the United States for the top motorsports series in the world. Grid expansion in F1 is both infrequent and often unsuccessful. Four teams were granted entries in 2010 that should have pushed the grid to 13 teams and 26 cars for the first time since 1995. One team never made it to the grid and the other three had vanished by 2017. There is only one American team on the current F1 grid — owned by California businessman Gene Haas — but it is not particularly competitive and does not field American drivers. Andretti's dream was to field a truly American team with American drivers. The fight to add this team has been going on for three-plus years, and F1 initially denied the application despite approval from F1 sanctioning body FIA. The existing 10 teams, who have no voice in the matter, also largely opposed expansion because of the dilution in prize money and the billions of dollars they've already invested in the series. Andretti in 2020 tried and failed to buy the existing Sauber team. From there, he applied for grid expansion and partnered with GM, the top-selling manufacturer in the United States. The inclusion of GM was championed by the FIA and president Mohammed Ben Sulayem, who said Michael Andretti's application was the only one of seven applicants to meet all required criteria to expand F1's current grid. "General Motors is a huge global brand and powerhouse in the OEM world and is working with impressive partners," Ben Sulayem said Monday. "I am fully supportive of the efforts made by the FIA, Formula 1, GM and the team to maintain dialogue and work towards this outcome of an agreement in principle to progress this application." Despite the FIA's acceptance of Andretti and General Motors from the start, F1 wasn't interested in Andretti — but did want GM. At one point, F1 asked GM to find another team to partner with besides Andretti. GM refused and F1 said it would revisit the Andretti application if and when Cadillac had an engine ready to compete. "Formula 1 has maintained a dialogue with General Motors, and its partners at TWG Global, regarding the viability of an entry following the commercial assessment and decision made by Formula 1 in January 2024," F1 said in a statement. "Over the course of this year, they have achieved operational milestones and made clear their commitment to brand the 11th team GM/Cadillac, and that GM will enter as an engine supplier at a later time. Formula 1 is therefore pleased to move forward with this application process." Yet another major shift in the debate over grid expansion occurred earlier this month with the announced resignation of Liberty Media CEO Greg Maffei, who was largely believed to be one of the biggest opponents of the Andretti entry. "With Formula 1's continued growth plans in the US, we have always believed that welcoming an impressive US brand like GM/Cadillac to the grid and GM as a future power unit supplier could bring additional value and interest to the sport," Maffei said. "We credit the leadership of General Motors and their partners with significant progress in their readiness to enter Formula 1." Get local news delivered to your inbox!Stock Market Today: Stocks Are Positively Mixed to Open December
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AP Trending SummaryBrief at 3:42 p.m. ESTThe College Football Playoff was changing how fans, players and coaches viewed bowl season even before it expanded to 12 teams. There have been dips in ratings. Last season, an Alamo Bowl featuring Arizona and Oklahoma averaged 3.93 million viewers — an 18% decline from the 4.78 million who watched Washington and Texas in the same bowl game a year earlier. But don’t tell Kalani Sitake and Deion Sanders that the non-Playoff bowl games are meaningless. Not after the Buffaloes and Cougars were picked to finish 11th and 13th, respectively, in the Big 12 Conference. “We were supposed to be in the crib right now, focused on recruiting, improving our rosters. Nevertheless, we’re here,” Sanders told reporters this week. “We’re taking it serious because we were predicted not to be here by some of you wonderful folks.” The man they call Coach Prime added: “Do you know how many people wish they could be in our situations? We’re going to take full advantage of it. All our kids are playing. We’re going to play our toughest, our hardest. This is a game, not just routine. This is a game that both of us wants to win.” (BYU Athletics) The BYU football team participates in a rally in San Antonio, Thursday, Dec. 26, 2024, ahead of the Alamo Bowl against Colorado on Saturday. How to watch No. 17 BYU vs. No. 23 Colorado Venue: The Alamodome in San Antonio, Texas Kickoff: Saturday, 5:30 p.m. MT TV: ABC Pregame reading BYU QUARTERBACK JAKE RETZLAFF surely riled up some Sun Devil and Cyclone fans when he gave this game his own nickname. “I think it’s the people’s Big 12 championship,” he said. COUGARS ATHLETICS DIRECTOR TOM HOLMOE says the year he spent with Deion Sanders changed the trajectory of Holmoe’s career. (Joseph R. Villarin | AP) Deion Sanders walks out of the San Francisco 49ers' practice facility on Sept. 15, 1994. The free-agent defensive back signed a one-year $1.1 million contract with the 49ers, where he first met future BYU athletics director Tom Holmoe. COLORADO QB SHEDEUR SANDERS gave his take on BYU’s defense. HEISMAN TROPHY WINNER TRAVIS HUNTER is motivating the Cougars. Here’s how. HE WAS SELLING PLASMA and sleeping in his van. Now, this BYU lineman is playing in the Alamo Bowl.
CHARLOTTE, N.C. , Dec. 2, 2024 /PRNewswire/ -- Honeywell (NASDAQ: HON) announced the signing of a strategic agreement with Bombardier, a global leader in aviation and manufacturer of world-class business jets, to provide advanced technology for current and future Bombardier aircraft in avionics, propulsion and satellite communications technologies. The collaboration will advance new technology to enable a host of high-value upgrades for the installed Bombardier operator base, as well as lay innovative foundations for future aircraft. Honeywell estimates the value of this partnership to the company at $17 billion over its life. "This is a tremendous opportunity to co-innovate and advance next generation technologies, including Anthem avionics and engines," said Vimal Kapur , Chairman and CEO of Honeywell. "Growing our long-term collaborative relationship with Bombardier is directly connected to Honeywell's focus on compelling megatrends -- automation, the future of aviation, and energy transition." "This new partnership creates unprecedented opportunities for Bombardier," said Eric Martel , President and Chief Executive Officer of Bombardier. "Honeywell's differentiated technology is the key reason we decided to collaboratively build a bright future with them." Honeywell and Bombardier will collaborate on the development of Honeywell avionics to provide unparalleled adaptability to specific mission requirements, enabling exceptional situational awareness and enhanced safety. In addition, the collaboration's propulsion-based workstreams will focus on evolutions of power, reliability and maintainability, led by the next-generation model of Honeywell's HTF7K engine. "Working together, we will generate significant value for Bombardier's operator base by providing the latest technologies to enable safe and efficient flight," said Jim Currier , President and CEO of Honeywell Aerospace Technologies. "We are committed to investing in these key technologies with Bombardier, which will not only drive substantial growth for Honeywell, but lead the industry further into the future of aviation." As part of the partnership, Bombardier and Honeywell will work together to certify and offer JetWave X for the Bombardier Global and Challenger families of aircraft for both new production and aftermarket installations. Bombardier will also have access to Honeywell's full suite of next generation L-Band satellite communications products and antennas that will provide future safety services capabilities. Additionally, all legacy pending litigation between the companies has been resolved. Honeywell Updates 2024 Outlook While the commercial agreement impacts near-term Honeywell financials, the company is confident it will lead to long-term value creation for Honeywell shareowners. Given the required investments associated with this agreement, Honeywell has updated its full-year sales, segment margin 2 , adjusted earnings per share 2,3 , and free cash flow guidance 1 . A summary is provided in the table below. TABLE 1: FULL-YEAR 2024 GUIDANCE Previous Guidance Impact of Agreement Updated Guidance Sales $38.6B - $38.8B ($0.4B) $38.2B - $38.4B Organic 1 Growth 3% - 4% ~(1%) ~2% Segment Margin 2 23.4% - 23.5% (0.8 %) 22.6% - 22.7% Expansion 2 Down 10 - Flat bps (80 bps) Down 90 - 80 bps Adjusted Earnings Per Share 2,3 $10.15 - $10.25 ($0.47) $9.68 - $9.78 Adjusted Earnings Growth 2,3 7% - 8% (5 %) 2% - 3% Operating Cash Flow $6.2B - $6.5B ($0.4B) $5.8B - $6.1B Free Cash Flow 1 $5.1B - $5.4B ($0.5B) $4.6B - $4.9B TABLE 2: FOURTH QUARTER 2024 GUIDANCE Previous Guidance Impact of Agreement Updated Guidance Sales $10.2B - $10.4B ($0.4B) $9.8B - $10.0B Organic 1 Growth 2% - 4% (4 %) (2%) - Flat Segment Margin 2 23.8% - 24.2% (2.9 %) 20.9% - 21.3% Expansion 2 Down 60 - 20 bps (290 bps) Down 350 - 310 bps Adjusted Earnings Per Share 2,3 $2.73 - $2.83 ($0.47) $2.26 - $2.36 Adjusted Earnings Growth 2,3 1% - 5% (17 %) (16%) - (12%) 1 See additional information at the end of this release regarding non-GAAP financial measures. 2 Segment margin and adjusted EPS are non-GAAP financial measures. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from certain items excluded from segment margin or adjusted EPS. We therefore, do not present a guidance range, or a reconciliation to, the nearest GAAP financial measures of operating margin or EPS. 3 Adjusted EPS and adjusted EPS V% guidance excludes items identified in the non-GAAP reconciliation of adjusted EPS at the end of this release, including the impact of amortization expense for acquisition-related intangible assets and other acquisition-related costs, and any potential future items that we cannot reliably predict or estimate such as pension mark-to-market. Bombardier, Global and Challenger are trademarks of Bombardier Inc. or its subsidiaries. Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends - automation, the future of aviation, and energy transition - underpinned by our Honeywell Accelerator operating system and Honeywell Connected Enterprise integrated software platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations that help make the world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom . Honeywell uses our Investor Relations website, www.honeywell.com/investor , as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future and include statements related to the proposed spin-off of the Company's Advanced Materials business into a stand-alone, publicly traded company. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. This release contains financial measures presented on a non-GAAP basis. Honeywell's non-GAAP financial measures used in this release are as follows: Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. Appendix Non-GAAP Financial Measures The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. Management believes the change to adjust for amortization of acquisition-related intangibles and certain acquisition- and divestiture-related costs provides investors with a more meaningful measure of its performance period to period, aligns the measure to how management will evaluate performance internally, and makes it easier for investors to compare our performance to peers. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell's business. Honeywell International Inc. Definition of Organic Sales Percent Change We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for forward-looking measures of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change. Honeywell International Inc. Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income and Segment Profit Margins (Unaudited) (Dollars in millions) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2023 Operating income $ 1,583 $ 7,084 Stock compensation expense 1 54 202 Repositioning, Other 2,3 569 952 Pension and other postretirement service costs 3 17 66 Amortization of acquisition-related intangibles 76 292 Acquisition-related costs 4 1 2 Segment profit $ 2,300 $ 8,598 Operating income $ 1,583 $ 7,084 ÷ Net sales $ 9,440 $ 36,662 Operating income margin % 16.8 % 19.3 % Segment profit $ 2,300 $ 8,598 ÷ Net sales $ 9,440 $ 36,662 Segment profit margin % 24.4 % 23.5 % 1 Included in Selling, general and administrative expenses. 2 Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges. 3 Included in Cost of products and services sold and Selling, general and administrative expenses. 4 Includes acquisition-related fair value adjustments to inventory. We define operating income as net sales less total cost of products and services sold, research and development expenses, impairment of assets held for sale, and selling, general and administrative expenses. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle, and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. Honeywell International Inc. Reconciliation of Earnings per Share to Adjusted Earnings per Share (Unaudited) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2024(E) 2023 2024(E) Earnings per share of common stock - diluted 1 $ 1.91 $2.03 - $2.13 $ 8.47 $8.76 - $8.86 Pension mark-to-market expense 2 0.19 No Forecast 0.19 No Forecast Amortization of acquisition-related intangibles 3 0.09 0.17 0.35 0.50 Acquisition-related costs 4 — 0.02 0.01 0.10 Divestiture-related costs 5 — 0.04 — 0.04 Russian-related charges 6 — — — 0.03 Net expense related to the NARCO Buyout and HWI Sale 7 — — 0.01 — Adjustment to estimated future Bendix liability 8 0.49 — 0.49 — Indefinite-lived intangible asset impairment 9 — — — 0.06 Impairment of assets held for sale 10 — — — 0.19 Adjusted earnings per share of common stock - diluted $ 2.69 $2.26 - $2.36 $ 9.52 $9.68 - $9.78 1 For the three months ended December 31, 2023, adjusted earnings per share utilizes weighted average shares of approximately 660.9 million. For the twelve months ended December 31, 2023, adjusted earnings per share utilizes weighted average shares of approximately 668.2 million. For the three and twelve months ended December 31, 2024, expected earnings per share utilizes weighted average shares of approximately 653 million and 655 million, respectively. 2 Pension mark-to-market expense uses a blended tax rate of 18%, net of tax benefit of $27 million, for 2023. 3 For the three and twelve months ended December 31, 2023, acquisition-related intangibles amortization includes $62 million and $231 million, net of tax benefit of approximately $14 million and $61 million, respectively. For the three and twelve months ended December 31, 2024, expected acquisition-related intangibles amortization includes approximately $110 million and $330 million, net of tax benefit of approximately $30 million and $85 million, respectively. 4 For the three and twelve months ended December 31, 2023, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $2 million and $7 million, net of tax benefit of approximately $0 million and $2 million, respectively. For the three and twelve months ended December 31, 2024, the expected adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $20 million and $65 million, net of tax benefit of approximately $5 million and $15 million, respectively. 5 For the three and twelve months ended December 31, 2024, the expected adjustment for divestiture-related costs, which is principally comprised of third-party transaction costs, is approximately $25 million, net of tax benefit of approximately $5 million. 6 For the three and twelve months ended December 31, 2023, the adjustments were a benefit of $2 million and $3 million, without tax expense, respectively. For the twelve months ended December 31, 2024, the expected adjustment is a $17 million expense, without tax benefit, due to the settlement of a contractual dispute with a Russian entity associated with the Company's suspension and wind down activities in Russia. 7 For the the twelve months ended December 31, 2023, the adjustment was $8 million, net of tax benefit of $3 million, due to the net expense related to the NARCO Buyout and HWI Sale. 8 Bendix Friction Materials ("Bendix") is a business no longer owned by the Company. In 2023, the Company changed its valuation methodology for calculating legacy Bendix liabilities. For the three and twelve months ended December 31, 2023, the adjustment was $330 million, net of tax benefit of $104 million, (or $434 million pre-tax) due to a change in the estimated liability for resolution of asserted (claims filed as of the financial statement date) and unasserted Bendix-related asbestos claims. The Company experienced fluctuations in average resolution values year-over-year in each of the past five years with no well-established trends in either direction. In 2023, the Company observed two consecutive years of increasing average resolution values (2023 and 2022), with more volatility in the earlier years of the five-year period (2019 through 2021). Based on these observations, the Company, during its annual review in the fourth quarter of 2023, reevaluated its valuation methodology and elected to give more weight to the two most recent years by shortening the look-back period from five years to two years (2023 and 2022). The Company believes that the average resolution values in the last two consecutive years are likely more representative of expected resolution values in future periods. The $434 million pre-tax amount was attributable primarily to shortening the look-back period to the two most recent years, and to a lesser extent to increasing expected resolution values for a subset of asserted claims to adjust for higher claim values in that subset than in the modelled two-year data set. It is not possible to predict whether such resolution values will increase, decrease, or stabilize in the future, given recent litigation trends within the tort system and the inherent uncertainty in predicting the outcome of such trends. The Company will continue to monitor Bendix claim resolution values and other trends within the tort system to assess the appropriate look-back period for determining average resolution values going forward. 9 For the twelve months ended December 31, 2024, the expected impairment charge of indefinite-lived intangible assets associated with the personal protective equipment business is $37 million, net of tax benefit of $11 million. 10 For the twelve months ended December 31, 2024, the expected impairment charge of assets held for sale is $125 million, with no tax benefit. Note: Amounts may not foot due to rounding. We define adjusted earnings per share as diluted earnings per share adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. We therefore do not include an estimate for the pension mark-to-market expense. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change. Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies. Honeywell International Inc. Reconciliation of Expected Cash Provided by Operating Activities to Expected Free Cash Flow (Unaudited) Twelve Months Ended December 31, 2024(E) ($B) Cash provided by operating activities ~$5.8 - $6.1 Capital expenditures ~(1.2) Free cash flow ~$4.6 - $4.9 We define free cash flow as cash provided by operating activities less cash for capital expenditures. We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity. Contacts: Media Investor Relations Stacey Jones Sean Meakim (980) 378-6258 (704) 627-6200 stacey.jones@honeywell.com sean.meakim@honeywell.com View original content to download multimedia: https://www.prnewswire.com/news-releases/honeywell-and-bombardier-sign-landmark-agreement-to-deliver-the-next-generation-of-aviation-technology-honeywell-updates-2024-outlook-302320054.html SOURCE Honeywell
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