漢威聯合 (HON) 2017 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Honeywell's fourth quarter earnings conference call.

女士們先生們，美好的一天，歡迎來到霍尼韋爾第四季度財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員說明）作為提醒，正在錄製此電話會議。

And I would now like to introduce your host for today's conference, Mark Macaluso, Vice President, Investor Relations.

我現在想介紹今天會議的主持人，投資者關係副總裁 Mark Macaluso。

Thanks, Derek.

謝謝，德里克。

Good morning, and welcome to Honeywell's Fourth Quarter 2017 Earnings Conference Call.

早上好，歡迎來到霍尼韋爾 2017 年第四季度收益電話會議。

With me here today are our President and CEO, Darius Adamczyk; and Senior Vice President and Chief Financial Officer, Tom Szlosek.

今天和我在一起的是我們的總裁兼首席執行官 Darius Adamczyk；以及高級副總裁兼首席財務官 Tom Szlosek。

As a reminder, this call and webcast, including any non-GAAP reconciliations, are available on our website at www.honeywell.com/investor.

提醒一下，我們的網站 www.honeywell.com/investor 上提供了本次電話會議和網絡廣播，包括任何非 GAAP 對賬。

Note that elements of this presentation contain forward-looking statements that are based on our best view of the world and of our businesses as we see them today.

請注意，本演示文稿的內容包含前瞻性陳述，這些陳述基於我們對當今世界和我們業務的最佳看法。

Those elements can change, and we ask that you interpret them in that light.

這些元素可以改變，我們要求您從這個角度來解釋它們。

We identify the principal risks and uncertainties that affect our performance in our annual report on Form 10-K and other SEC filings.

我們在 10-K 表格和其他美國證券交易委員會備案的年度報告中確定了影響我們業績的主要風險和不確定性。

This morning, we will review our financial results for the fourth quarter and full year 2017, share our guidance for the first quarter of 2018 and discuss how the recent U.S. tax reform impacts Honeywell.

今天上午，我們將回顧 2017 年第四季度和全年的財務業績，分享我們對 2018 年第一季度的指引，並討論最近的美國稅制改革對霍尼韋爾的影響。

As always, we'll leave time for your questions at the end.

與往常一樣，我們會在最後留出時間回答您的問題。

So with that, let me turn the call over to President and CEO, Darius Adamczyk.

因此，讓我將電話轉給總裁兼首席執行官 Darius Adamczyk。

Thank you, Mark, and good morning, everyone.

謝謝馬克，大家早上好。

Honeywell delivered an exceptionally strong fourth quarter with earnings per share of $1.85, enabled by organic sales growth of 6%, which reflects our renewed emphasis on commercial excellence, revitalization of the Velocity Product Development process and the benefits from growth investments.

霍尼韋爾第四季度業績異常強勁，每股收益為 1.85 美元，這得益於 6% 的有機銷售額增長，這反映了我們對卓越商業、振興 Velocity 產品開發流程以及增長投資收益的重新重視。

In 2017, we expanded our sales force in key regions and businesses and armed all our sales teams with the newest digital tools that are helping us win in the marketplace.

2017 年，我們擴大了在關鍵地區和業務的銷售隊伍，並為我們所有的銷售團隊配備了最新的數字工具，幫助我們在市場上取勝。

We also revitalized our new product development process to ensure that the products we're selling are delivering value to our customers.

我們還重振了我們的新產品開發流程，以確保我們銷售的產品能夠為我們的客戶帶來價值。

Our order rates continue to grow, and our backlogs are strong as we head into 2018.

進入 2018 年，我們的訂單率繼續增長，積壓量很大。

Cash was a highlight as we generated $4.9 billion of free cash flow in 2017, above the high end of the guidance range.

現金是一個亮點，因為我們在 2017 年產生了 49 億美元的自由現金流，高於指導範圍的高端。

In Q4, we achieved 123% conversion, which brought full year conversion to 90% or 109% excluding the effect of pension.

在第四季度，我們實現了 123% 的轉換率，這使全年轉換率達到 90% 或 109%，不包括養老金的影響。

Our efforts to improve working capital discipline are working.

我們改善營運資金紀律的努力正在奏效。

While I'm encouraged by our progress in this area, there is still significant opportunity.

雖然我對我們在這一領域取得的進展感到鼓舞，但仍有很大的機會。

And each of our businesses is taking the necessary steps to improve their working capital performance.

我們的每家企業都在採取必要的措施來改善其營運資本績效。

Full year earnings per share were $7.11, up 10% year-over-year.

全年每股收益為 7.11 美元，同比增長 10%。

This growth excludes the impact of separations costs for spin and charges for the fourth quarter 2016 debt refinancing, pension mark-to-market and Tax Cuts and Jobs Act.

這一增長不包括 2016 年第四季度債務再融資、養老金按市值計價以及減稅和就業法案的分拆成本和費用的影響。

Our EPS exceeded the guidance we provided in December, driven by 4% organic growth and 70 basis points of margin expansion.

在 4% 的有機增長和 70 個基點的利潤率擴張的推動下，我們的每股收益超出了我們在 12 月提供的指導。

We also continued to aggressively deploy capital for our shareowners in 2017.

2017 年，我們還繼續積極為股東配置資金。

We increased our dividend by 12% this year, which marked the eighth double-digit increase since 2010.

我們今年將股息提高了 12%，這是自 2010 年以來的第八次兩位數增長。

And we bought back $1.6 billion of shares in the fourth quarter and $2.9 billion for the full year.

我們在第四季度回購了 16 億美元的股票，全年回購了 29 億美元。

As a company, our total shareowner return was 35%, far exceeding the S&P 500 TSR of 22%.

作為一家公司，我們的股東總回報率為 35%，遠遠超過標準普爾 500 指數 22% 的股東總回報率。

Today, we are raising our full year 2018 EPS guidance to $7.75 to $8, which reflects a lower expected tax rate as a result of the Tax Cuts and Jobs Act.

今天，我們將 2018 年全年每股收益指引上調至 7.75 美元至 8 美元，這反映出減稅和就業法案導致預期稅率降低。

Tom will walk you through the tax reform detail later in the call.

湯姆將在稍後的電話會議中向您介紹稅制改革的細節。

But I'm pleased to announce today that our 2017 performance, coupled with the anticipated benefits from this legislation, has enabled us to increase our 401(k) employer match for Honeywell employees in the U.S. This change represents a sustained, long-term commitment to provide enhanced financial security in retirement, which we believe is extremely valuable and important to employees.

但我今天很高興地宣布，我們 2017 年的業績，加上這項立法的預期收益，使我們能夠增加美國霍尼韋爾員工的 401(k) 雇主匹配。這一變化代表了持續、長期的承諾為退休人員提供增強的財務保障，我們認為這對員工來說非常有價值和重要。

Honeywell remains committed to being an employer of choice.

霍尼韋爾始終致力於成為首選雇主。

Let's turn to Slide 3 to highlight a few of our recent commercial successes.

讓我們轉到幻燈片 3 來重點介紹我們最近取得的一些商業成功。

In Aerospace, United Airlines selected Honeywell avionics for its new fleet of more than 150 Boeing 737 MAX airplanes.

在航空航天領域，美國聯合航空公司為其 150 多架波音 737 MAX 飛機的新機隊選擇了霍尼韋爾航空電子設備。

The flight deck package will include the first-ever installment of Honeywell SmartRunway and SmartLanding on a Boeing 737 MAX and will feature Honeywell's integrated multi-mode receiver and IntuVue weather radar system, which can enable connected radar, a part of our Connected Aircraft offering, allowing Honeywell to download weather hazard data and provide pilots and dispatchers immediate information through the GoDirect weather app.

駕駛艙套件將包括首次安裝在波音 737 MAX 上的霍尼韋爾 SmartRunway 和 SmartLanding，並將配備霍尼韋爾的集成多模接收器和 IntuVue 天氣雷達系統，它可以啟用互聯雷達，這是我們互聯飛機產品的一部分，允許霍尼韋爾下載天氣災害數據，並通過 GoDirect 天氣應用程序為飛行員和調度員提供即時信息。

Honeywell solutions work in tandem to greatly improve passenger safety and comfort during takeoff, landing and potentially hazardous weather conditions.

霍尼韋爾解決方案協同工作，可在起飛、著陸和潛在的危險天氣條件下顯著提高乘客的安全性和舒適度。

We are excited about our continued partnership with United Airlines.

我們對與美國聯合航空公司的持續合作感到興奮。

In Home and Building Technologies, Honeywell designed a new contemporary and state-of-the-art connected home solution and we signed a long-term agreement with ADT, a leading provider of security and automation solutions in the United States and Canada, to sell it exclusively through ADT's direct and professional dealer network.

在家居和建築技術領域，霍尼韋爾設計了一個全新的現代和最先進的互聯家居解決方案，我們與美國和加拿大領先的安全和自動化解決方案提供商 ADT 簽署了一項長期協議，以銷售它完全通過 ADT 的直接和專業經銷商網絡。

This solution includes security, smoke detection, carbon monoxide detection, innovative long-range and battery-operated motion viewers and home automation and incorporates both ADT's and Honeywell's User Experience.

該解決方案包括安全、煙霧探測、一氧化碳探測、創新的遠程和電池供電運動查看器和家庭自動化，並結合了 ADT 和霍尼韋爾的用戶體驗。

We are excited to continue our long-term partnership with ADT, providing their customers the most innovative products for the connected home.

我們很高興能繼續與 ADT 建立長期合作夥伴關係，為他們的客戶提供最具創新性的互聯家居產品。

In Performance Materials and Technologies, Honeywell Process Solutions leveraged connected plant offerings to position Honeywell as a specialized software industrial partner, ultimately winning 3 strategic projects with Kuwait Oil Company to enhance crude production at Southeast Kuwait fields.

在特性材料和技術領域，霍尼韋爾過程解決方案利用互聯工廠產品將霍尼韋爾定位為專業的軟件工業合作夥伴，最終贏得了科威特石油公司的 3 個戰略項目，以提高科威特東南油田的原油產量。

Honeywell will provide software and services to help KOC visualize and optimize the production and operations in the fields and will supply an integrated control and safety system based on our Experion PKS and Safety Manager technology for a gathering station.

霍尼韋爾將提供軟件和服務，幫助 KOC 可視化和優化油田的生產和運營，並將為一個採集站提供基於我們的 Experion PKS 和安全管理器技術的集成控制和安全系統。

This project enhances the capacity and capability of the existing facility in East Kuwait to manage excess water while keeping crude production at the facility's designated capacity.

該項目提高了東科威特現有設施的容量和能力，以管理多餘的水，同時將原油生產保持在設施的指定產能。

In Safety and Productivity Solutions, we achieved major wins with 2 global package delivery companies to provide more than 100,000 Android-based handheld computers that will aid in delivery operations.

在安全和生產力解決方案方面，我們與 2 家全球包裹遞送公司取得了重大勝利，提供了超過 100,000 台基於 Android 的掌上電腦來幫助遞送操作。

We are seeing strong adoption of our new Android-based offerings and have significant new launches planned for early this year that will drive growth for the Productivity products business in the second half of the year.

我們看到基於 Android 的新產品得到廣泛採用，併計劃在今年年初推出重要的新產品，這將推動下半年生產力產品業務的增長。

A number of these technologies will be on display at our Annual Investor Conference, which will take place on February 28 at Honeywell's headquarters in Morris Plains, New Jersey.

我們將於 2 月 28 日在新澤西州莫里斯普萊恩斯的霍尼韋爾總部召開年度投資者大會，屆時將展示其中的多項技術。

I'm looking forward to talking with you more about our progress then.

我期待著與您更多地討論我們的進展。

With that, I'd like to turn the call over to Tom, who will discuss our financials.

有了這個，我想把電話轉給湯姆，他將討論我們的財務狀況。

Thanks, Darius.

謝謝，大流士。

Good morning.

早上好。

I'm on Slide 4. As Darius mentioned, we achieved 6% organic sales growth this quarter, capping off a very strong year.

我在幻燈片 4 上。正如 Darius 提到的，我們本季度實現了 6% 的有機銷售增長，為非常強勁的一年畫上了句號。

Our growth improved sequentially every quarter in 2017, starting with 2% in the first quarter.

從第一季度的 2% 開始，我們的增長在 2017 年每個季度都有所改善。

This is a reflection of the investments we've made in the sales organization, the M&A that we've done, our capacity expansions and new product development, coupled with an improved economic environment in many of our end markets.

這反映了我們對銷售組織的投資、我們進行的併購、我們的產能擴張和新產品開發，以及我們許多終端市場的經濟環境改善。

We generated more than $2 billion in segment profit in the fourth quarter through our continued focus on effective selling and operational excellence.

通過持續關注有效銷售和卓越運營，我們在第四季度創造了超過 20 億美元的分部利潤。

We experienced strong volumes, primarily in Aerospace and Safety and Productivity Solutions.

我們經歷了強勁的銷量，主要是在航空航天和安全與生產力解決方案領域。

Our margin rate increased by 30 basis points to 19.3%, stronger than we previewed in December, primarily due to stronger-than-anticipated demand in the Air Transport and Regional aftermarket.

我們的保證金率增加了 30 個基點，達到 19.3%，高於我們 12 月份的預測，這主要是由於航空運輸和地區售後市場的需求強於預期。

Earnings per share was $0.01 better than our preview in December and includes a $0.19 contribution from segment profit.

每股收益比我們 12 月份的預測高 0.01 美元，其中包括 0.19 美元的分部利潤貢獻。

Our tax planning actions drove a lower-than-planned tax rate for the fourth quarter of 16.5%.

我們的稅收籌劃行動使第四季度的稅率低於計劃 16.5%。

Now this is before the impacts of the Tax Cuts and Jobs Act.

現在這是在減稅和就業法案的影響之前。

The lower tax rate and lower share count, driven by the share repurchase activity Darius mentioned, combined for a $0.22 benefit, which was more than offset by restructuring and other projects we funded in the quarter, which was a $0.30 headwind.

在 Darius 提到的股票回購活動的推動下，較低的稅率和較低的股份數量帶來了 0.22 美元的收益，這被我們在本季度資助的重組和其他項目所抵消，這是 0.30 美元的逆風。

We funded over $150 million in attractive restructuring projects this quarter that will improve our cost structure, drive further productivity and address the potential residual costs that would otherwise result from the upcoming spin transactions.

本季度我們為有吸引力的重組項目提供了超過 1.5 億美元的資金，這些項目將改善我們的成本結構，進一步提高生產力並解決可能因即將進行的分拆交易而產生的潛在剩餘成本。

On a reported basis, we had a loss per share of $3.18, driven by the impact of the $3.8 billion TCJA charge.

根據報告，受 38 億美元 TCJA 費用的影響，我們每股虧損 3.18 美元。

That reported loss also includes an $87 million pretax pension mark-to-market adjustment, primarily related to a lower discount rate, and $16 million in pretax spin-related separation costs.

該報告的損失還包括 8700 萬美元的稅前養老金按市值調整，主要與較低的貼現率有關，以及 1600 萬美元的稅前分拆相關離職成本。

Our free cash flow in the fourth quarter was very strong at $1.8 billion or 123% conversion.

我們在第四季度的自由現金流非常強勁，達到 18 億美元或 123% 的轉換率。

We're in the early stages of our working capital initiatives, but we're encouraged by the progress so far, and more importantly, by the opportunities that we intend to pursue in 2018.

我們正處於營運資金計劃的早期階段，但我們對迄今為止取得的進展感到鼓舞，更重要的是，我們打算在 2018 年尋求機會。

Overall, another strong performance with high-quality earnings to cap off a great year.

總的來說，又一次強勁的表現和高質量的收益為偉大的一年畫上了句號。

Let's turn to Slide 5 to discuss our segment results for the fourth quarter.

讓我們轉到幻燈片 5 來討論我們第四季度的分部業績。

Starting with Aerospace, sales were up 5% organically, 2 percentage points above the high end of our sales guidance.

從航空航天開始，銷售額有機增長 5%，比我們的銷售指導上限高出 2 個百分點。

In Commercial OE, we saw improved air transport deliveries on key platforms, including the Airbus A320 and A330 and Boeing 737, and the benefit of lower OEM customer incentives, partially offset by slow demand in business jets, as expected.

在商業 OE 方面，我們看到關鍵平台（包括空中客車 A320 和 A330 以及波音 737）的航空運輸交付有所改善，以及 OEM 客戶激勵減少的好處，正如預期的那樣，部分被公務機需求放緩所抵消。

Growth in the aftermarket was stronger than anticipated, driven primarily by air transport, repair and overhaul activities and sales of spares in Business Aviation.

售後市場的增長強於預期，主要受航空運輸、維修和大修活動以及公務航空備件銷售的推動。

In Defense, we saw continued strength in U.S. core defense, driven by spares demand and deliveries on the F-35 and Apache platforms.

在國防方面，在 F-35 和阿帕奇平台的備件需求和交付的推動下，我們看到美國核心防禦的持續實力。

In Transportation Systems, we saw a robust demand in commercial vehicles across all regions and continued growth in light vehicle gas turbos in China and South Korea.

在交通系統方面，我們看到所有地區對商用車的強勁需求，以及中國和韓國對輕型汽車燃氣渦輪發動機的持續增長。

Aerospace margins were up 270 basis points, driven primarily by higher volumes, productivity net of inflation, slightly more modest OEM and customer incentives and commercial excellence.

航空航天利潤率上升了 270 個基點，這主要是由於更高的產量、扣除通貨膨脹的生產率、略微溫和的 OEM 和客戶激勵措施以及卓越的商業活動。

Aerospace margin performance was well ahead of our expectations.

航空航天利潤率表現遠超我們的預期。

In Home and Building Technologies, organic sales growth was 3% for the quarter.

在家居和建築技術領域，本季度的有機銷售額增長了 3%。

As a reminder, we realigned the Smart Energy business from HBT into PMT in the fourth quarter.

提醒一下，我們在第四季度將智能能源業務從 HBT 重新調整為 PMT。

So the HBT results for this quarter and going forward now exclude Smart Energy.

因此，本季度和未來的 HBT 結果現在不包括 Smart Energy。

Organic growth in products of 2% was driven primarily by the commercial fire business and Environmental & Energy Solutions in Europe.

2% 的產品有機增長主要由歐洲的商業消防業務和環境與能源解決方案推動。

There was continued strength in Global Distribution, particularly in the fire vertical.

全球分銷業務持續走強，尤其是在火災垂直領域。

Our businesses in China grew high single digits, with strength in all of the HBT businesses.

我們在中國的業務實現了高個位數增長，所有 HBT 業務都表現強勁。

HBT segment margins contracted 40 basis points, driven by lower residential security volumes, investments for growth and a different regional mix.

HBT 部門的利潤率收縮了 40 個基點，這是由於住宅安全量下降、增長投資和不同的區域組合所致。

In Performance Materials and Technologies, sales were up 9% on an organic basis, driven by growth across UOP, Process Solutions and Advanced Materials.

在性能材料和技術領域，銷售額有機增長 9%，這得益於 UOP、過程解決方案和先進材料的增長。

That's the entire PMT portfolio.

這就是整個 PMT 產品組合。

In UOP, there was strong demand for our modular equipment, strong initial catalyst loads in the Middle East and significant growth from natural gas project wins at UOP, Russell in Russia and in North America.

在 UOP，對我們的模塊化設備的需求強勁，中東的初始催化劑負載強勁，以及在 UOP、俄羅斯羅素和北美贏得天然氣項目的顯著增長。

Growth in the short-cycle businesses within HPS continued to be strong with significant demand for thermal solutions and field instruments.

HPS 的短週期業務增長繼續強勁，對熱解決方案和現場儀器的需求很大。

In Advanced Materials, we again achieved double-digit organic sales growth, fueled primarily by our Solstice low global-warming refrigerant for mobile air-conditioning.

在先進材料方面，我們再次實現了兩位數的有機銷售額增長，這主要得益於我們用於移動空調的 Solstice 低全球變暖製冷劑。

PMT segment margins contracted 100 basis -- 180 basis points in the quarter, primarily driven by the unplanned plant outage we flagged in November and a different year-over-year mix of sales in UOP.

PMT 部門的利潤率在本季度收縮了 100 個基點 - 180 個基點，這主要是由於我們在 11 月份標記的計劃外工廠停機以及 UOP 的不同同比銷售組合。

The lower margin performance is also in part due to integration of Smart Energy, which was not contemplated in our original fourth quarter guidance.

較低的利潤率表現也部分是由於 Smart Energy 的整合，這在我們最初的第四季度指導中沒有考慮到。

In Safety and Productivity Solutions, sales were up 12% on an organic basis, exceeding the guidance we provided in October, driven by another strong quarter at Intelligrated, building on the robust orders and backlog growth throughout 2017.

在安全和生產力解決方案方面，銷售額有機增長 12%，超過了我們在 10 月份提供的指導，這得益於 Intelligrated 另一個強勁的季度，建立在整個 2017 年強勁的訂單和積壓增長的基礎上。

We had a significant increase in retail business sales as our direct selling strategy matured as well as continued strength in China.

隨著我們直銷策略的成熟以及在中國的持續實力，我們的零售業務銷售額顯著增加。

The results saw robust growth in the Safety business as refinery maintenance resumed, driving demand for our entire range of Safety Products and continued strong demand for our legacy Sensing Controls and Workflow Solutions, including solutions provided by Vocollect and Movilizer.

結果表明，隨著煉油廠維護的恢復，安全業務實現了強勁增長，推動了對我們整個安全產品系列的需求，以及對我們傳統傳感控制和工作流程解決方案（包括 Vocollect 和 Movilizer 提供的解決方案）的持續強勁需求。

The mobility business remained soft, but we secured large orders -- several large orders for our new Android-based products, which Darius mentioned.

移動業務仍然疲軟，但我們獲得了大訂單——Darius 提到的我們基於 Android 的新產品的幾個大訂單。

As a result of strong volumes in SPS, margins expanded 140 basis points, also exceeding the high end of our guidance, helped further by the benefits from ongoing productivity efforts and from previously funded repositioning.

由於 SPS 的強勁銷量，利潤率擴大了 140 個基點，也超過了我們指導的高端，這進一步得益於持續的生產力努力和之前資助的重新定位帶來的好處。

I'm now on Slide 6. I'll be very brief on this slide as we've discussed each of these measures previously.

我現在在幻燈片 6 上。我將非常簡短地介紹這張幻燈片，因為我們之前已經討論過這些措施中的每一項。

What this slide does, it takes us back to the original 2017 guidance and compares it to the final results.

這張幻燈片的作用是讓我們回到最初的 2017 年指南，並將其與最終結果進行比較。

For all categories, the final outcome met or exceeded the original guidance, so the do matches our say in Honeywell vernacular.

對於所有類別，最終結果都達到或超過了最初的指導意見，因此 do 符合我們用霍尼韋爾的說法。

Also not included on this slide are long-cycle orders and backlog.

此幻燈片中也不包括長周期訂單和積壓訂單。

Those results were also impressive, each growing double digit in 2017.

這些結果也令人印象深刻，2017 年均實現兩位數增長。

Let's move to Slide 7 to discuss the recent U.S. tax reform and its impact on Honeywell's 2018 financials.

讓我們轉到幻燈片 7，討論最近的美國稅制改革及其對霍尼韋爾 2018 年財務狀況的影響。

Honeywell has been a -- has long been proponent of corporate tax reform that would enable us to compete more effectively on a global basis and to enjoy efficient and unencumbered movement of our capital.

霍尼韋爾長期以來一直是公司稅改革的支持者，這將使我們能夠在全球範圍內更有效地競爭，並享受我們資本的高效和暢通無阻的流動。

On December 22, as you know, the U.S. Tax Cuts and Jobs Act passed.

12 月 22 日，如您所知，美國通過了減稅和就業法案。

The legislation significantly revises the U.S. corporate income tax by lowering corporate income tax rates, implementing the territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries.

該立法通過降低企業所得稅稅率、實施屬地稅制以及對外國子公司視同匯回的收益徵收匯回稅，對美國企業所得稅進行了重大修改。

As a result of the legislation, we recorded a $3.8 billion provisional charge in the fourth quarter, comprising of 3 elements.

由於這項立法，我們在第四季度記錄了 38 億美元的臨時費用，包括 3 個要素。

The first is a mandatory transition tax or deemed repatriation charge on the $20 billion of previously unremitted earnings of our foreign subsidiaries.

第一個是對我們外國子公司以前未匯出的 200 億美元收入徵收強制性過渡稅或視同匯回費用。

This noncash charge was recorded entirely in the fourth quarter of 2017, but is to be paid over an 8-year period in accordance with the legislation.

這筆非現金費用完全記錄在 2017 年第四季度，但根據立法，將在 8 年內支付。

The second element is also a noncash charge.

第二個要素也是非現金費用。

It's a deferred tax liability adjustment, favorable in this case, to reflect the impact of the lower U.S. corporate tax rate on our deferred tax balances.

這是一項遞延所得稅負債調整，在這種情況下是有利的，以反映較低的美國公司稅率對我們遞延所得稅餘額的影響。

The third element, also a noncash charge, is for the implementation of the territorial tax system, including withholding and local taxes associated with the future repatriation of cash back to the U.S.

第三個要素，也是非現金費用，用於實施屬地稅收制度，包括與未來將現金匯回美國相關的預扣稅和地方稅。

These taxes will generally be paid as the cash is repatriated.

這些稅款通常會在現金匯回國內時支付。

This portion of the aggregate charge reflects the tax structures we have in place today as is required by the accounting rules and does not anticipate the benefit we would realize from future tax planning.

這部分總費用反映了我們今天按照會計規則的要求實施的稅收結構，並不預期我們將從未來的稅收規劃中實現的收益。

It's only been a month since the tax reform passed and further guidance continues to flow, clarifying the legislation.

自稅制改革通過以來僅一個月，進一步的指導意見仍在不斷湧現，對立法進行了澄清。

Our accounting reflects our best estimate using the current information we have available to us, and the amount of the provisional charge may be adjusted over the course of 2018 as things become clearer.

我們的會計核算反映了我們使用現有可用信息的最佳估計，隨著情況變得更加明朗，臨時費用的金額可能會在 2018 年期間進行調整。

We will update you on the changes, if any, to the amount of the charge, to our effective tax rate and to other provisions of the tax legislation which are material to Honeywell.

我們將向您更新收費金額、我們的有效稅率以及對霍尼韋爾重要的稅法其他規定的變更（如果有）。

At our upcoming Investor Day, we will also update you more completely on the cash repatriation opportunities that we have as well as on our expectations for the use of those repatriation proceeds.

在我們即將到來的投資者日，我們還將更全面地向您介紹我們擁有的現金匯回機會以及我們對使用這些匯回收益的預期。

Preliminarily, we expect that at least $7 billion of the $10 billion of cash held by our foreign subsidiaries can be repatriated in the next 2 years.

初步預計，未來2年，我們境外子公司持有的100億美元現金中，至少有70億美元可以匯回國內。

And of course, we'll continue to generate overseas cash, which will add to that pool of potential repatriation.

當然，我們將繼續產生海外現金，這將增加潛在的匯回資金池。

But there still is extensive tax analysis and planning to be done to ensure we execute repatriation in the most efficient manner.

但是仍然需要進行廣泛的稅務分析和計劃，以確保我們以最有效的方式執行遣返。

This new global mobility of our cash will allow us to continue investing in our businesses in the U.S.; to pay a competitive dividend; to more aggressively seek out M&A, particularly in the U.S.; and to repurchase our own shares.

我們現金的這種新的全球流動性將使我們能夠繼續投資我們在美國的業務；支付有競爭力的股息；更積極地尋求併購，尤其是在美國；並回購我們自己的股份。

Our preference is for attractive bolt-on acquisitions in our core markets.

我們傾向於在我們的核心市場進行有吸引力的補強收購。

But to the extent M&A opportunities do not materialize, we'll gradually accelerate share repurchases as we did in 2017.

但如果併購機會沒有實現，我們將像 2017 年那樣逐步加快股票回購。

Looking at 2018.

放眼2018年。

As a result of the reduction in the U.S. corporate tax rate, our effective tax rate is now expected to be between 22% and 23% versus our normal 25% to 26% historical rate.

由於美國公司稅率的降低，我們的有效稅率現在預計在 22% 到 23% 之間，而我們通常的歷史稅率為 25% 到 26%。

Given the uncertainties that still remain around the implementation of tax reform and the extent of the analysis still to be done, we are conservatively assuming a tax rate of 23% in our guide, which increases our 2018 EPS guidance range by $0.20 to a new range of $7.75 to $8 per share, an increase of 9% to 13% from 2017.

鑑於稅收改革的實施仍然存在不確定性，分析的範圍仍有待完成，我們在指南中保守地假設稅率為 23%，這將我們的 2018 年每股收益指導範圍增加 0.20 美元至新範圍每股 7.75 美元至 8 美元，比 2017 年增長 9% 至 13%。

So as Darius and I mentioned, we're pleased with the new legislation, particularly the mobility of capital and global competitiveness it provides to Honeywell and to our shareholders.

因此，正如 Darius 和我提到的那樣，我們對新立法感到滿意，尤其是它為霍尼韋爾和我們的股東提供的資本流動性和全球競爭力。

Let's discuss our expectations for the first quarter on Slide 8. We exited the year with strong order rates and firming backlogs that we expect will drive a continued acceleration in organic sales growth every quarter in 2018.

讓我們在幻燈片 8 上討論我們對第一季度的預期。我們以強勁的訂單率和堅挺的積壓結束了這一年，我們預計這將推動 2018 年每個季度的有機銷售增長持續加速。

Segment margins are expected to expand 30 to 60 basis points, driven by volume leverage, commercial excellence and productivity net of inflation, leading to earnings per share of $1.87 to $1.93 or growth of 9% to 13%.

在銷量槓桿、商業卓越性和扣除通貨膨脹的生產率的推動下，部門利潤率預計將擴大 30 至 60 個基點，從而導致每股收益在 1.87 美元至 1.93 美元之間或增長 9% 至 13%。

This is based on an estimated first quarter tax rate between 22% and 23%.

這是基於估計的第一季度稅率在 22% 到 23% 之間。

As we previewed in the December outlook call, the guidance for the first quarter and full year exclude costs related to Home and Transportation Systems spin-offs, and adjustments, if any, to the fourth quarter provision for the tax legislation.

正如我們在 12 月的展望電話會議中預測的那樣，第一季度和全年的指導不包括與家庭和交通系統分拆相關的成本，以及對第四季度稅法規定的調整（如果有）。

Starting with Aerospace, we expect sales to increase in the low single-digit range organically.

從航空航天開始，我們預計銷售額將在低個位數範圍內有機增長。

Our Air Transport OE business will be impacted by fewer deliveries on Boeing 777 and a decrease in production rates at certain regional OEMs, partially offset by increased A350 deliveries.

我們的航空運輸 OE 業務將受到波音 777 交付量減少和某些地區 OEM 生產率下降的影響，部分被 A350 交付量增加所抵消。

On the Business Aviation side, we expect organic sales to improve as production rates increase across most of our OEM customers, offset by higher OEM customer incentives.

在公務航空方面，我們預計隨著我們大多數 OEM 客戶的生產率提高，有機銷售將有所改善，但被更高的 OEM 客戶激勵所抵消。

In the Aftermarket, we expect to see strong spare sales with airlines across Americas and Asia Pac and demand in maintenance service plans in Business Aviation.

在售後市場，我們預計美洲和亞太地區航空公司的備件銷售強勁，公務航空維修服務計劃需求旺盛。

For Defense, a very similar story to recent quarters with growth buoyed by demand in U.S. defense, partially offset by declines in Space.

對於國防，與最近幾個季度的情況非常相似，增長受到美國國防需求的推動，部分被太空業務的下滑所抵消。

In Transportation Systems, we expect continued light vehicle gas turbo penetration across most regions, particularly in China, North America and Europe as well as continued momentum in the commercial vehicle segment.

在運輸系統方面，我們預計輕型汽車燃氣渦輪將繼續滲透到大多數地區，尤其是在中國、北美和歐洲，以及商用車領域的持續發展勢頭。

In Home and Building Technologies, sales will be slightly up.

在家居和建築技術領域，銷售額將略有上升。

We expect continued strength in Global Distribution, the commercial fire business and our businesses in China.

我們預計全球分銷、商業消防業務和我們在中國的業務將繼續保持強勁勢頭。

We see improving order pipelines in our EMEA products businesses offset by weaker volumes in residential security in the U.S.

我們看到我們 EMEA 產品業務的訂單渠道改善被美國住宅安全業務的疲軟所抵消。

In Building Solutions, growth will be modest as the robust high-growth region activity is offset by slower activity on large install and service projects in the Americas region.

在建築解決方案方面，由於強勁的高增長地區活動被美洲地區大型安裝和服務項目的活動放緩所抵消，增長將適度。

As we progress through our planning for the spin-offs, we have reorganized Home and Building Technologies to better align with how the segment will operate going forward.

隨著我們的分拆計劃取得進展，我們重組了家居和建築技術，以更好地適應該部門未來的運營方式。

So instead of showing you results from products and distribution, we'll start reporting on results in the 2 new reorganized business units, Homes and Buildings.

因此，我們不會向您展示產品和分銷的結果，而是開始報告 2 個新重組業務部門的結果，即住宅和建築。

This will be effective when we release first quarter earnings.

這將在我們發布第一季度收益時生效。

Moving to Performance Materials and Technologies.

轉向性能材料和技術。

Sales are expected to be up low to mid-single digit on an organic basis, driven by continued conversion of our strong backlog.

在我們強勁積壓訂單持續轉換的推動下，預計銷售額將有機增長至中低個位數。

Entering 2018, PMT long-cycle backlogs are up 8% from 2017.

進入2018年，PMT長周期積壓訂單較2017年增長8%。

In Process Solutions, we also expect continued demand for our short-cycle software and service offerings and field instrumentation products.

在過程解決方案方面，我們還預計對我們的短週期軟件和服務產品以及現場儀表產品的需求將持續增長。

In UOP, we expect significant catalyst deliveries for new units in China as well as sustained equipment and engineering growth.

在 UOP，我們預計中國新裝置的大量催化劑交付以及持續的設備和工程增長。

Solstice growth in Advanced Materials is expected to continue, although there are tougher year-over-year comparisons in the first quarter.

先進材料的 Solstice 增長預計將繼續，儘管第一季度的同比比較更為艱難。

Finally, in Safety and Productivity Solutions, we expect sales in the mid-single-digit range organically, driven primarily by large project wins at Intelligrated and strong orders demand exiting the year in Sensing and IoT and Workflow Solutions, including from Movilizer's cloud service application.

最後，在安全和生產力解決方案方面，我們預計銷售額將有機地保持在中等個位數範圍內，這主要是由於 Intelligrated 贏得的大型項目以及今年在傳感、物聯網和工作流解決方案方面的強勁訂單需求，包括來自 Movilizer 的雲服務應用程序.

In Safety, we expect growth across the gas vertical in China and all lines of business in the Americas as a result of our new product launches, sales investments and improved market conditions.

在安全方面，由於我們的新產品發布、銷售投資和改善的市場條件，我們預計中國天然氣垂直行業和美洲所有業務線的增長。

We also expect improvement in the retail business.

我們還預計零售業務會有所改善。

On a regional basis, the SPS China business is expected to grow more than 10%, driven by Sensing and IoT, Safety and Productivity products in the region.

在區域基礎上，受該地區傳感和物聯網、安全和生產力產品的推動，SPS 中國業務預計將增長 10% 以上。

Let's turn to Slide 9. I want to talk about our revised full year guidance.

讓我們轉到幻燈片 9。我想談談我們修訂後的全年指導。

We've updated our full year margin guidance to reflect our stronger-than-expected performance in 2017.

我們更新了全年利潤率指引，以反映我們 2017 年強於預期的業績。

Full year segment margin is now expected to be between 19.3% and 19.6%.

現在預計全年分部利潤率在 19.3% 至 19.6% 之間。

This reflects 30 to 60 basis points expansion, which is consistent with what we said in December.

這反映了 30 到 60 個基點的擴張，這與我們在 12 月份所說的一致。

The segments have been updated accordingly.

這些細分市場已相應更新。

We've also updated our earnings per share guidance, as Darius mentioned, to reflect a lower anticipated full year effective tax rate between 22% and 23% due to the tax legislation.

正如 Darius 所提到的，我們還更新了每股收益指引，以反映由於稅法而導致的 22% 至 23% 之間的較低預期全年有效稅率。

Full year EPS is now expected to be $7.75 to $8, up 9% to 13% year-over-year, excluding separation costs, the fourth quarter 2017 charge related to the tax reform and any 2018 adjustments to that charge.

全年每股收益預計為 7.75 美元至 8 美元，同比增長 9% 至 13%，不包括離職成本、2017 年第四季度與稅收改革相關的費用以及 2018 年對該費用的任何調整。

Let me wrap up on Slide 10.

讓我結束幻燈片 10。

Fourth quarter was an outstanding finish to 2017.

第四季度為 2017 年畫上了圓滿的句號。

We achieved strong sales growth, continued margin expansion, double-digit earnings growth and exceptional free cash flow conversion.

我們實現了強勁的銷售增長、持續的利潤增長、兩位數的盈利增長和出色的自由現金流轉換。

At the same time, we continued our aggressive capital deployment with more than $1.5 billion in share repurchases in the quarter and $2.9 million for the full year.

與此同時，我們繼續積極進行資本部署，本季度回購超過 15 億美元的股票，全年回購 290 萬美元。

We also funded more than $350 million in restructuring in 2017, which is helping us to proactively address stranded costs ahead of our 2 planned spin-offs.

2017 年，我們還為重組提供了超過 3.5 億美元的資金，這有助於我們在計劃進行的 2 次分拆之前主動解決擱淺成本問題。

Both spin-offs remain on track for completion by the end of this year.

兩項分拆都有望在今年年底前完成。

We're also pleased with the passage of U.S. tax reform, and we've raised our 2018 EPS guidance by $0.20 as a result.

我們也對美國稅改的通過感到高興，因此我們將 2018 年每股收益指引上調了 0.20 美元。

We believe that the tax reform will provide a sustainable, long-term benefit to Honeywell, not a single quick hit.

我們相信稅制改革將為霍尼韋爾帶來可持續的長期利益，而不是一蹴而就。

In that same light, we believe that the benefit that we share with our work associates should also be a sustainable, long-term benefit.

同樣，我們認為，我們與同事分享的利益也應該是可持續的、長期的利益。

So we've chosen an ongoing mechanism that will benefit them now and in the years to come throughout their retirement.

因此，我們選擇了一種持續的機制，使他們現在和未來幾年在退休期間受益。

That is an increase of the employer matching contribution in our U.S. 401(k) plans.

這是我們美國 401(k) 計劃中雇主匹配供款的增加。

Our strong order rates and increased backlog heading into 2018 give us confidence in our first quarter guidance.

進入 2018 年，我們強勁的訂單率和增加的積壓讓我們對第一季度的指導充滿信心。

We're well positioned for continued outperformance in 2018.

我們已準備好在 2018 年繼續表現出色。

With Mark, let's -- or with that, Mark, let's move to Q&A.

馬克，讓我們——或者馬克，讓我們進入問答環節。

Thanks, Tom.

謝謝，湯姆。

Darius and Tom are now available to answer your questions.

Darius 和 Tom 現在可以回答您的問題。

So Derek, if you could, please open the line for Q&A.

所以 Derek，如果可以的話，請打開問答熱線。

(Operator Instructions) Our first question is coming from Jeff Sprague with Vertical Research.

（操作員說明）我們的第一個問題來自 Vertical Research 的 Jeff Sprague。

Just a couple of things.

只是幾件事。

First, so just wonder if you could elaborate a little bit more on Aero margin.

首先，想知道您是否可以詳細說明 Aero 利潤率。

It was very strong.

這是非常強大的。

Was there any unusual timing and incentives or program closeouts or anything like that?

是否有任何不尋常的時間安排和激勵措施或計劃收尾或類似情況？

It's the first question.

這是第一個問題。

I wouldn't say there was anything unusual.

我不會說有什麼不尋常的。

We obviously had a very favorable mix as reflected by the Commercial Aftermarket, and that was probably a little bit even more favorable than we had anticipated.

正如商業售後市場所反映的那樣，我們顯然擁有非常有利的組合，這可能比我們預期的更有利。

But I wouldn't say there is any kind of onetime charges, other than the impact of a more favorable mix of business than we had originally projected.

但我不會說有任何一次性費用，除了比我們最初預計的更有利的業務組合的影響。

Yes.

是的。

That's really the punchline.

這真的是妙語。

Yes, you might be thinking about the incentive comment, Jeff, but the 270 basis points expansion, most of that was the combination of the volume, mix and productivity that we generated.

是的，你可能在考慮激勵評論，傑夫，但 270 個基點的擴張，其中大部分是我們產生的數量、組合和生產力的結合。

I think the incentives were probably [25] of the 270, so a small piece of it.

我認為激勵措施可能是 270 項中的 [25] 項，所以只是其中的一小部分。

Okay, great.

好的，太好了。

And then just trying to kind of wrap up just the cash flow outlook overall.

然後只是試圖總結一下整體的現金流前景。

Could you just update us on what you're thinking about CapEx?

您能否向我們介紹一下您對資本支出的看法？

Has pension income moved around at all here at year-end?

年底時養老金收入是否有變動？

And does the outlook here anticipate any additional share repurchase in 2018 at this point?

這裡的前景是否預計 2018 年此時會進行任何額外的股票回購？

Yes.

是的。

I mean starting with CapEx, Jeff.

我的意思是從資本支出開始，傑夫。

I mean, we've been peaking in '14 to '16, north of $1.1 billion or so.

我的意思是，我們一直在 14 到 16 年達到頂峰，超過 11 億美元左右。

That'll be down in the $900 million range or less in 2018 and will continue to go down.

這將在 2018 年下降到 9 億美元或更少，並將繼續下降。

We've got continued emphasis on our working capital, hoping to get another 0.5 point of working capital turns.

我們一直強調我們的營運資金，希望再獲得 0.5 個百分點的營運資金周轉率。

The HOS Gold tool set is helping with -- us with that.

HOS Gold 工具集正在幫助我們。

On pensions, the plan is -- at the end of the year, it was funded close to 105%.

在養老金方面，該計劃是——到年底，它的資金到位率接近 105%。

Right now, it's funded probably 110% or more.

現在，它的資金可能達到 110% 或更多。

So it is -- those assets are driving more income, if you can believe that.

事實就是如此——如果你能相信的話，這些資產正在推動更多收入。

But from a cash perspective, it is a nonevent.

但從現金的角度來看，這是小事一樁。

I mean, with the plans fully funded, there are no contributions for the foreseeable future.

我的意思是，在計劃資金充足的情況下，在可預見的未來沒有任何捐款。

We think that's in pretty good shape.

我們認為情況非常好。

And we'll continue to drive the conversion.

我們將繼續推動轉變。

I mean, our cash conversion in 2016 was 86%.

我的意思是，我們 2016 年的現金轉換率為 86%。

We told you we're trying to move towards 100%.

我們告訴過您我們正努力向 100% 邁進。

We hit 90% in 2017, and we think the prospects are good to drive that further in '18.

我們在 2017 年達到了 90%，我們認為前景很好，可以在 18 年進一步推動這一目標。

Yes.

是的。

And Jeff, it's kind of reflected in the cash guidance for 2018.

傑夫，這在某種程度上反映在 2018 年的現金指導中。

I think if you just take -- even if you only take the midpoint of our guidance, I mean, it's a fairly healthy increase.

我認為，如果你只接受 - 即使你只接受我們指導的中點，我的意思是，這是一個相當健康的增長。

And as we discussed at length last year, we're going to continue to make progress on cash generation and cash conversion just like we showed in 2017 where we reached the magical 90% level, and that's kind of where we want to -- it's a starting point.

正如我們去年詳細討論的那樣，我們將繼續在現金生成和現金轉換方面取得進展，就像我們在 2017 年展示的那樣，我們達到了神奇的 90% 水平，這就是我們想要的——它是一個起點。

Great.

偉大的。

And share repurchase?

和股票回購？

And I'll cede the floor.

我將放棄發言權。

Yes, on share repurchases, Jeff, right now, the plan is do what we normally do, as I said.

是的，關於股票回購，Jeff，現在，正如我所說，計劃是做我們通常做的事情。

So we will be offsetting the -- any dilution that comes up as a result of option exercises and contributions to employee benefit plans.

因此，我們將抵消 - 由於期權行使和對員工福利計劃的貢獻而出現的任何稀釋。

But as I also talked about on the repatriation, there's an opportunity materializing.

但正如我在遣返問題上也談到的那樣，機會正在實現。

I mean, the timing is -- needs to be further analyzed.

我的意思是，時機是——需要進一步分析。

Our priorities overall remain the same and we prefer to prioritize bolt-on acquisitions that can be accretive to our businesses.

我們的優先事項總體上保持不變，我們更願意優先考慮可以增加我們業務的補強收購。

But like in 2017 when the market was a bit more frothy for us in terms of M&A opportunities, we chose to deploy it towards share repurchase.

但就像 2017 年市場在併購機會方面對我們來說有點泡沫一樣，我們選擇將其用於股票回購。

We did $1.5 billion in the fourth quarter alone, $2.9 billion for the full year and we were able to take the share count down for the year over 2%.

我們僅在第四季度就實現了 15 億美元的收入，全年實現了 29 億美元的收入，並且我們能夠將全年的股票數量減少 2% 以上。

So that's the kind of approach that we'll continue to head into the year with.

所以這就是我們將繼續進入這一年的方法。

Our next question comes from John Inch with Deutsche Bank.

我們的下一個問題來自德意志銀行的 John Inch。

So can we start with just the core volumes?

那麼我們可以只從核心卷開始嗎？

So you gave the update on December 13.

所以你在 12 月 13 日給出了更新。

Tom, you thought core growth would be 7% to 8%.

湯姆，你認為核心增長會是 7% 到 8%。

It's 6%, but your numbers are solid with great cash flow.

它是 6%，但你的數字很穩定，現金流量很大。

I guess, my question is, did something happen at the end of the year?

我想，我的問題是，年底發生了什麼事嗎？

Like was December an anomaly at the very end to cause the core growth expectations to shift lower kind of by 1.5 points?

就像 12 月在最後導致核心增長預期下調 1.5 個百分點那樣異常嗎？

No, I mean, as you can imagine, fourth quarter is a big volume quarter for our businesses.

不，我的意思是，正如您所想像的那樣，第四季度對我們的業務來說是一個銷量很大的季度。

Aerospace, in particular, you have a lot of OEM customers and we're kind of partnering with them to meet their delivery schedules.

特別是航空航天，您有很多 OEM 客戶，我們正在與他們合作以滿足他們的交貨時間表。

Those change, and sometimes they -- their deliveries push out, which was the case for Aerospace.

這些變化，有時他們——他們的交付被推遲，航空航天就是這種情況。

Most of that slight moderation in the growth rate was due to Aerospace OEM.

增長率的輕微放緩主要歸因於航空航天 OEM。

But as you saw, the growth in Aero and Honeywell for the fourth quarter organically was still very strong, and we had a better mix in Aerospace aftermarket, as I said.

但正如您所見，第四季度航空和霍尼韋爾的有機增長仍然非常強勁，正如我所說，我們在航空航天售後市場的組合更好。

Yes, you did.

是的，你做到了。

So Aero was the primary factor then, is that -- that's the message?

所以 Aero 是當時的主要因素，是嗎？這就是信息嗎？

A little bit in PMT as well, lower-margin stuff in PMT, but no trends per se.

PMT 也有一點，PMT 中利潤率較低的東西，但本身沒有趨勢。

They're more binary kinds of things.

它們是更多二進制的東西。

These are large transactions in most cases.

在大多數情況下，這些都是大筆交易。

The shift from Windows to Android, you guys have called out increasing traction, right, in terms of orders.

從 Windows 到 Android 的轉變，你們已經呼籲增加牽引力，正確的，在訂單方面。

What -- how does that dynamic work?

什麼 - 這種動態如何運作？

Like are you still selling the Windows-based products, but you have to write down the inventory?

比如您是否仍在銷售基於 Windows 的產品，但您必須記下庫存？

Like what's actually going on here?

就像這裡到底發生了什麼？

I'm trying to understand how that prospectively impacts the financials, probably in your margins, I'm assuming, in 2018 for that segment.

我正在嘗試了解這將如何影響財務狀況，我假設在 2018 年可能會影響該細分市場的利潤率。

Yes.

是的。

No, I mean, we're still selling both types of products.

不，我的意思是，我們仍在銷售這兩種類型的產品。

And as a matter of fact, the majority of the installed base in Productivity products is still -- most of the software was still written in Windows-based code.

事實上，Productivity 產品的大部分安裝基礎仍然是——大多數軟件仍然是用基於 Windows 的代碼編寫的。

So we foresee continuing robust sales on the Windows product offering.

因此，我們預計 Windows 產品的銷售將持續強勁。

But as we discussed on multiple calls last year, Android is becoming a much more prominent part of our portfolio offering.

但正如我們去年在多次電話會議上所討論的那樣，Android 正在成為我們產品組合中更為重要的一部分。

We've launched some new products in Q4.

我們在第四季度推出了一些新產品。

We launched some in Q2 and then we have a pretty big launch coming up here also in Q1.

我們在第二季度推出了一些產品，然後我們在第一季度也推出了相當大的產品。

The great news for us, as we highlighted in the announcement, is we've already secured some major, major wins with these new offerings that are Android based.

正如我們在公告中強調的那樣，對我們來說，好消息是我們已經通過這些基於 Android 的新產品獲得了一些重大的勝利。

So it gives me a lot more confidence around the future of the Productivity products business.

因此，它讓我對生產力產品業務的未來更有信心。

But rest assured, Microsoft-based mobility offerings, there's -- we're still selling those fairly aggressively and they still make up more than 50% of our sales.

但請放心，基於微軟的移動產品，我們仍然相當積極地銷售這些產品，它們仍然占我們銷售額的 50% 以上。

And it's the customer, Darius, right, that incurs -- if they want to shift from Windows to Android, it's sort of a -- it's their prerogative?

是客戶，大流士，對吧，如果他們想從 Windows 轉移到 Android，這有點——這是他們的特權？

It's not as if Honeywell is somehow on the hook to pay migration costs or something like that, right?

霍尼韋爾並不是因為某種原因而被迫支付遷移費用或類似費用，對吧？

Yes, exactly.

對，就是這樣。

They have to convert their software from Microsoft-based to Android-based.

他們必須將他們的軟件從基於 Microsoft 的軟件轉換為基於 Android 的軟件。

And we're offering our customers a choice.

我們正在為客戶提供選擇。

Some of them are making that conversion, others are maintaining their current platforms.

他們中的一些人正在進行這種轉換，其他人則在維護他們當前的平台。

Cash was very strong in the fourth quarter despite, obviously, the business putting up a robust growth.

儘管業務增長強勁，但第四季度的現金非常強勁。

How do you manage the '18 cash in terms of growth and acceleration in the economy and the demands in working capital, but then trying to get working capital out of the system?

你如何在經濟增長和加速以及營運資金需求方面管理 18 年的現金，然後試圖從系統中獲取營運資金？

I guess, I understand you want to keep a conservative guide, but do you think there is upside to cash given the backdrop of kind of macro improvement?

我想，我知道你想保持保守的指導，但你認為在宏觀改善的背景下現金有上漲空間嗎？

Or was there a little bit of an anomaly in the fourth quarter given how strong it was?

或者考慮到它的強度，第四節是否有一點異常？

John, I'm an optimist.

約翰，我是一個樂觀主義者。

I always believe there is upside, but I think there's a couple of factors going for us.

我始終相信有上行空間，但我認為有幾個因素對我們有利。

Number one is working capital has been a point of emphasis.

第一，營運資金一直是重點。

We saw -- we had our senior leadership meeting kickoff early in January, and I can tell you it was one of the 2 major, major highlights that we talked about.

我們看到 - 我們在 1 月初召開了高級領導會議，我可以告訴你這是我們談到的兩個主要亮點之一。

Number two, as Tom talked about, the reduction in CapEx.

第二，正如湯姆所說，減少資本支出。

And we're not -- I think it's important to note, we're not constraining CapEx.

而且我們不是 - 我認為重要的是要注意，我們沒有限制資本支出。

It's just that we have gone through a fairly substantial investment cycle and we just see that waning a bit.

只是我們經歷了一個相當長的投資週期，我們只是看到這種情況有所減弱。

But if we see great projects, we're going continue to invest.

但如果我們看到偉大的項目，我們將繼續投資。

But nevertheless, we anticipate that CapEx number being lower this year and even potentially next year.

但儘管如此，我們預計今年甚至明年的資本支出數字可能會更低。

And three is just being -- we're looking at all these working capital levers, and all the businesses have what I'd call pretty aggressive targets in terms of working capital.

三是——我們正在研究所有這些營運資本槓桿，所有企業在營運資本方面都有我稱之為相當激進的目標。

But then also a last thing to add is we're still assessing a lot of these moving pieces when it comes to the new tax legislation, particularly as it relates to cash taxes because, as you know, we have kind of 8 years to pay back that onetime fee, so that's offset somewhat by the reductions.

但最後還要補充的是，當涉及到新稅法時，我們仍在評估很多這些變化的部分，特別是與現金稅相關的部分，因為如您所知，我們有 8 年的時間來支付退還一次性費用，因此減少的費用會有所抵消。

So we still have some work to do in terms of the overall impact for the year and we're going to be working -- Tom and his team are going to be working through all those details.

因此，就今年的總體影響而言，我們仍有一些工作要做，我們將繼續努力——湯姆和他的團隊將研究所有這些細節。

Got it.

知道了。

One last one.

最後一張。

As inflation, Darius, comes back into the U.S. economy, how are you thinking about managing the company in terms of, say, pricing, the trade-off between pricing and cost, that sort of thing?

隨著通貨膨脹，大流士，回到美國經濟中，你如何考慮在定價、定價和成本之間的權衡等方面管理公司？

Yes.

是的。

No, that's a good question because that can be a very dangerous phenomenon.

不，這是一個很好的問題，因為這可能是一種非常危險的現象。

I can tell you that every one of the SBGs, and that's something that we already implemented last year, is they're really watching their inflation and the impact on their product costs, and I am very confident in saying that all of our businesses have a very good process to monitor their inflation of products and making sure that they're passing that through to the marketplace.

我可以告訴你，每一個 SBG，這是我們去年已經實施的，他們真的在關注他們的通貨膨脹及其對產品成本的影響，我非常有信心地說我們所有的企業都有一個很好的過程來監控他們的產品通脹並確保他們將其傳遞到市場。

And frankly, the inflationary environment for raw goods is not new.

坦率地說，原材料的通脹環境並不新鮮。

It's really been in place last year as well, particularly in the second half.

它在去年也確實存在，尤其是在下半年。

So we've been watching that one carefully and put the processes in to make sure that we monitor proactively.

因此，我們一直在仔細觀察，並製定流程以確保我們主動監控。

Our next question comes from Steve Tusa with JPMorgan.

我們的下一個問題來自摩根大通的 Steve Tusa。

So just to follow up on John's question on cash flow, just to be clear.

所以只是為了跟進約翰關於現金流的問題，只是為了清楚。

You raised your net income guidance to reflect the tax rate, but you're basically not raising the cash number because of the uncertainties around this, the cash going out the door on the transition.

你提高了你的淨收入指導以反映稅率，但你基本上沒有提高現金數量，因為圍繞這一點的不確定性，現金在過渡期間流出。

Is that kind of how we should read the lack of guide on raise on free cash?

這是我們應該如何閱讀缺乏關於自由現金籌集指南的方式嗎？

Well, I mean, our original guide that we gave you in December, Stephen, was under the provisos of the old law.

好吧，我的意思是，斯蒂芬，我們在 12 月給您的原始指南受舊法律的限制。

And every year, we anticipate some cash benefit from the tax planning that we do.

每年，我們都希望從我們所做的稅收籌劃中獲得一些現金收益。

And in fact, in 2017, we did realize some benefits there.

事實上，在 2017 年，我們確實在那裡實現了一些好處。

So it's not as if we had just taken the foot off the brakes on tax planning and the cash management around tax planning in that original guide.

因此，這並不是說我們剛剛在原始指南中取消了稅收籌劃和圍繞稅收籌劃的現金管理的剎車。

When you look at 2018, there will be some benefit, certainly on the U.S. side, from that lower cash tax rate.

當你回顧 2018 年時，較低的現金稅率將會帶來一些好處，當然對美國而言。

But it's offset by the payment of the mandatory toll charge.

但它被強制性通行費的支付所抵消。

And we need to continue to study the developments in the legislation before we step out and say it's going to be huge impact.

我們需要繼續研究立法的發展，然後才能走出去並說這將產生巨大影響。

I mean, the guide range that we gave was fairly wide in any case, from $5.2 billion to $5.9 billion.

我的意思是，無論如何，我們給出的指導範圍相當廣泛，從 52 億美元到 59 億美元。

So I think we're still comfortable at this early point sticking to that range.

所以我認為我們在這個早期堅持這個範圍仍然很舒服。

And Steve, as you know, we had substantial overseas cash and retained earnings.

史蒂夫，如你所知，我們擁有大量海外現金和留存收益。

So at least for the next 8 years, that is going to be a bit of a cash drag because we got to pay for that onetime tax hit.

因此，至少在接下來的 8 年裡，這將有點拖累現金，因為我們必須為一次性的稅收打擊買單。

Yes, okay.

是的，好的。

Just on the EPS guide, a little bit of a higher kind of operating base and you guys clearly beat ops this quarter.

就 EPS 指南而言，有點更高的運營基礎，你們本季度顯然擊敗了運營。

Yes, I think you tweaked up your margin assumptions, yet you are -- and I think share count is coming out a little bit lower than we expected exiting the year.

是的，我認為你調整了你的利潤率假設，但你是 - 我認為今年的股票數量比我們預期的要低一些。

You're only raising for the tax -- incremental tax benefits.

你只是為了稅收而籌集資金——增量稅收優惠。

Is there something else that's kind of below the line or anything else we have to be aware of?

線下還有什麼我們需要注意的嗎？

Anything you're concerned about that has slowed down as to why the raise wasn't -- raise didn't flow a little more through there?

任何你擔心的事情都減慢了為什麼加薪沒有 - 加薪沒有更多地通過那裡？

Or just building a little bit more contingency and hedge into the plan?

或者只是在計劃中增加一點應急和對沖？

I think the -- not a lot has changed since December.

我認為自 12 月以來變化不大。

I mean, we actually expected a more robust fourth quarter, as we said earlier, from a top line perspective.

我的意思是，正如我們之前所說，從頂線的角度來看，我們實際上預計第四季度會更加強勁。

And so overall, the momentum in each of the businesses is strong and we expect that to continue.

總的來說，每項業務的勢頭都很強勁，我們預計這種勢頭會持續下去。

Maybe there'll be some upside on the top line, but in terms of things that we're -- the large things that we're concerned with that we haven't articulated, there's nothing of that sort here.

也許頂線會有一些好處，但就我們所關注的大事而言，我們還沒有明確表達，這裡沒有那種東西。

Most of the assumptions we talked about in December are still intact.

我們在 12 月談到的大部分假設仍然完好無損。

Yes, and Steve, just to maybe to add onto it.

是的，史蒂夫，也許只是想補充一下。

I mean, first of all, as you know, 60 -- roughly 60% of our business is short cycle versus longer cycle.

我的意思是，首先，如你所知，60 - 我們大約 60% 的業務是短週期與長周期。

And we're in a new year so it's -- I think, early on in the year, it's best to be prudent and just really a little more on the caution side to really see how the business evolves.

我們正處在新的一年，所以它——我認為，在今年年初，最好謹慎行事，而且要更加謹慎，才能真正了解業務的發展情況。

But having said that, I can tell you that I'm a lot more bullish on the year heading '17 into '18 versus '16 into '17.

但話雖如此，我可以告訴你，與 16 年到 17 年相比，我更看好 17 年到 18 年的這一年。

Now the comps are a little bit tougher, but nevertheless, as I look across the entire business portfolio, I can't think of a single business where I would view as a down arrow versus '17.

現在比較有點困難，但儘管如此，當我審視整個業務組合時，我想不出有哪一個業務是我認為與 17 年相比向下箭頭的業務。

So overall, things are -- things look good.

所以總的來說，事情是 - 事情看起來不錯。

But we have to see and see that the business materializes and comes through on the P&L.

但我們必須看到並看到業務實現並通過損益表實現。

And I think kind of first quarter, we'll see how things go.

我認為在第一季度，我們會看看情況如何。

And after that, we'll be back to discuss it with you and see what adjustments we need to make for the year.

在那之後，我們將回來與您討論，看看我們需要為這一年做出哪些調整。

Okay.

好的。

One last one.

最後一張。

In your March investor meeting, can you just maybe describe not what the targets are going to be, but are you going to give kind of a refreshed longer-term view financially?

在你 3 月份的投資者會議上，你能不能描述一下目標是什麼，但你會在財務上給出一種更新的長期觀點嗎？

Just asking about kind of framework and format, how you guys are going to approach that.

只是詢問某種框架和格式，你們將如何處理。

Yes.

是的。

I mean, I kind of felt like I did that last year, kind of the low to mid-single digit, 30 to 50, that kind of range.

我的意思是，我感覺就像我去年那樣，從 30 到 50 的低個位數到中位數，那種範圍。

I mean, I think we'll probably -- just to give you a little bit of a preview, I think you should expect to see something in that similar range going forward.

我的意思是，我認為我們可能會 - 只是為了給你一點預覽，我認為你應該期望看到類似範圍內的東西向前發展。

But yes, I mean, we'll give a refresh on that outlook.

但是，是的，我的意思是，我們將重新審視這一前景。

I don't know if it's going to be as precise as laying out every year because I think once you get out 4 or 5 years, I think it's a little bit more unknown and if we go through a recession or something, you end up kind of not looking so smart.

我不知道它是否會像每年的佈局一樣精確，因為我認為一旦你離開 4 或 5 年，我認為它會變得更加未知，如果我們經歷經濟衰退或其他什麼，你最終會有點看起來不那麼聰明。

But I think the kind of framework that we provided in last year's March will be -- is kind of should be your expectation for this year.

但我認為我們在去年 3 月提供的那種框架應該是您對今年的期望。

Our next question comes from Steven Winoker with UBS.

我們的下一個問題來自瑞銀集團的 Steven Winoker。

So Darius, maybe just talk a little bit about the key messages and the difference for managers, the [HS] elements of leadership meeting that you just had.

所以大流士，也許只是談談關鍵信息和對經理的不同，你剛剛舉行的領導會議的 [HS] 要素。

I know you mentioned cash, but just a little more on sort of how you're kind of steer -- trying to steer the ship and give folks priorities as they think about 2018.

我知道你提到了現金，但只是更多地談到了你是如何駕馭的——試圖駕馭這艘船，並在人們考慮 2018 年時給予他們優先考慮。

Sure.

當然。

Yes, no.

是的，不。

First of all, the key message was that I thanked them for a really nice 2017.

首先，關鍵信息是我感謝他們度過了一個非常美好的 2017 年。

I think we had a very nice year across the board and I think it was a good time to recognize the kind of outstanding efforts that the team contributed.

我認為我們度過了一個非常美好的一年，我認為現在是認可團隊所做出的傑出努力的好時機。

So that was sort of the first key message.

所以這是第一個關鍵信息。

In terms of priorities for 2018, I'd say two- or threefold.

就 2018 年的優先事項而言，我想說兩三倍。

Number one, working capital, I talked about that.

第一，營運資金，我談到過。

We want to drive free cash flow.

我們想推動自由現金流。

We want to drive free cash flow conversion.

我們希望推動自由現金流轉換。

I just want to emphasize, too, that this is sort of where a very healthy and well-funded pension plan is actually hurting us from a cash flow conversion perspective, and I always emphasize that because that somehow gets forgotten.

我也只想強調，從現金流轉換的角度來看，這是一個非常健康且資金充足的養老金計劃實際上正在傷害我們的地方，我總是強調這一點，因為不知何故被遺忘了。

The second point is software, and software not just in our connected enterprise and our connected, but really the incorporation of software into anything and everything we do, so software and sensor strategy for any and all products that Honeywell launches.

第二點是軟件，軟件不僅在我們互聯的企業和我們的互聯中，而且實際上是將軟件融入我們所做的任何事情，因此霍尼韋爾推出的任何和所有產品的軟件和傳感器策略。

And the third one was much more about innovation, making sure that we leverage the latest and greatest technologies available in the marketplace today and making certain that those are reflected in our NPD pipelines and so on.

第三個更多的是關於創新，確保我們利用當今市場上可用的最新和最好的技術，並確保這些技術反映在我們的 NPD 管道等中。

And then the last one is that we've kind of had a bit of a -- we have different behaviors that we're trying to incorporate in the company and reemphasize leveraging and exhibiting those behaviors in everything we do.

然後最後一個是我們有點 - 我們有不同的行為，我們試圖將其納入公司，並在我們所做的每一件事中重新強調利用和展示這些行為。

So those were some of the key messages from our senior leadership meeting.

所以這些是我們高級領導會議的一些關鍵信息。

All right, that's helpful.

好吧，這很有幫助。

And then, secondly, as you think about the kind of follow-on effects of tax reform for your customer base and their decisions about how to spend that money and whether or not that kind of works its way back to your own growth rate, and your own decisions even, what -- I'm really seeing kind of mixed messages out there from corporates in terms of what they see in their own customer base kind of considering additional spending that's just sort of macro related versus maybe tax related.

然後，其次，當你考慮稅制改革對你的客戶群的後續影響以及他們關於如何花錢的決定以及這種方式是否會回到你自己的增長率時，和你自己的決定，什麼 - 我真的看到了來自企業的混合信息，他們在自己的客戶群中看到的是考慮額外支出，這只是宏觀相關而不是稅收相關。

I'm not sure it matters.

我不確定這是否重要。

But maybe a few thoughts on that potential for acceleration.

但也許有一些關於加速潛力的想法。

I think, for us, undoubtedly, this is a very constructive outcome.

我認為，對我們來說，毫無疑問，這是一個非常有建設性的結果。

I mean, we were supportive of tax reform.

我的意思是，我們支持稅制改革。

We're very pleased with what ended up happening.

我們對最終發生的事情感到非常滿意。

I think it's going to be good for U.S. business.

我認為這對美國企業有利。

For us, we certainly see much greater level of bullishness on the part of our customers, which should translate to continued investment.

對我們來說，我們當然看到客戶的樂觀程度要高得多，這應該會轉化為持續投資。

And you're right, their CapEx is our revenue and we do expect some level of investment to accelerate.

你是對的，他們的資本支出就是我們的收入，我們確實預計一定程度的投資會加速。

Now I think it's a little bit early.

現在我覺得有點早。

I think we sometimes forget that the details of this are still becoming clear.

我認為我們有時會忘記這方面的細節仍在變得清晰。

It's only 30 days old and what the implications are for us.

它只有 30 天，對我們有什麼影響。

I mean, for us, we've been bullishly investing in the U.S. already.

我的意思是，對我們來說，我們一直在積極投資美國。

I mean, if you think about our elevated CapEx that's been in place for the last 2 to 3 years, a lot of that investment went into manufacturing jobs, particularly in states like Louisiana and others.

我的意思是，如果你想想過去 2 到 3 年我們提高的資本支出，很多投資都用於製造業工作，特別是在路易斯安那州和其他州。

In addition, we're aggressively hiring a lot of software engineers, particularly in our Atlanta COE, and we're going to continue to do that.

此外，我們正在積極招聘大量軟件工程師，特別是在我們的亞特蘭大 COE，我們將繼續這樣做。

So we have and we'll continue to invest in the U.S. Now will this -- longer term as we assess further investments, will this -- does this make U.S. a more appealing place to invest?

所以我們已經並且我們將繼續在美國投資。現在，隨著我們評估進一步的投資，從長遠來看，這會讓美國成為一個更具吸引力的投資地嗎？

Absolutely.

絕對地。

We think that this is -- this makes the U.S. a much more appealing place to invest and as we contemplate further investment, U.S. will be near the top of the list.

我們認為這是 - 這使美國成為一個更具吸引力的投資地，並且當我們考慮進一步投資時，美國將位居榜首。

Yes, just to add a little color on that, Steve.

是的，只是為了增加一點色彩，史蒂夫。

When you look at the momentum that we have in the U.S., I mean, overall, we closed the year out 3% organic growth or so in the region, but the fourth quarter was pushing close to double digits.

當你看看我們在美國的勢頭時，我的意思是，總體而言，我們在該地區結束了 3% 左右的有機增長，但第四季度接近兩位數。

So I think there was some anticipation of what was coming, possibly.

所以我認為可能會對即將發生的事情有所期待。

And we'll see how that goes.

我們將看看情況如何。

I mean, so far, so good on -- at this early point in January as we look forward.

我的意思是，到目前為止，一切都很好——在我們期待的 1 月初。

But it's hard to make that direct connection between the benefits from the legislation, including the expensing of CapEx, and our order rates.

但很難在立法的好處（包括資本支出支出）與我們的訂單率之間建立直接聯繫。

But we're looking for it, for sure.

但我們正在尋找它，這是肯定的。

Our next question comes from Andrew Kaplowitz with Citi.

我們的下一個問題來自花旗銀行的 Andrew Kaplowitz。

Darius or Tom, we know you have more difficult growth comparisons in Aero moving forward, but you did 5% growth in 4Q and you averaged over 4% in the second half of the year.

Darius 或 Tom，我們知道你在 Aero 的未來增長比較困難，但你在第四季度實現了 5% 的增長，下半年平均增長超過 4%。

We've heard some more positive commentary on business jets that you guys have talked about, a potential turn toward the end of this year and next year.

我們聽到了一些關於你們所談論的公務機的更積極的評論，可能會在今年年底和明年出現轉機。

So how do you look at the business at this point?

那麼，您如何看待此時的業務？

Is the 1% to 3% -- I'm sure there's some conservatism for the usual suspects like Space and maybe TS.

是 1% 到 3%——我敢肯定，對於像 Space 和 TS 這樣的常見嫌疑人來說，有一些保守主義。

But is the overall environment actually still getting better, would you say, in Aerospace?

但整體環境是否真的還在變好，你會說，在航空航天領域？

Yes.

是的。

I think as we discussed, we think the environment is still getting better.

我認為正如我們所討論的那樣，我們認為環境仍在變得更好。

But I think what is also important to note is that we're coming off a much stronger year, '17, than a weaker year, which is '16.

但我認為同樣需要注意的重要一點是，與疲軟的 16 年相比，17 年我們的表現要強勁得多。

So all in all, we're still very bullish.

所以總而言之，我們仍然非常看好。

And I'm very excited about our prospects, more excited than going into '17.

我對我們的前景感到非常興奮，比進入 17 年更興奮。

But nevertheless, the baseline is a little bit different.

但是，儘管如此，基線還是有點不同。

In terms of specifics around your question on Aerospace, yes, I think the framework there on the business jets is similar to what we've been saying.

就您關於航空航天的問題的細節而言，是的，我認為公務機上的框架與我們一直在說的相似。

We expect some level of acceleration, but more likely in the second half of '18, not early, particularly as some of the new platforms are launching and deliveries taking place.

我們預計會有一定程度的加速，但更有可能是在 18 年下半年，而不是早期，特別是在一些新平台正在啟動和交付時。

So I'd I say cautious optimism reflected in the growth rates, but probably more later rather than sooner given the year.

所以我想說謹慎的樂觀情緒反映在增長率上，但考慮到這一年，可能更晚而不是更早。

Appreciate that, Darius.

感謝，大流士。

And then you mentioned that you're seeing short-cycle growth in Process Solutions.

然後你提到你看到過程解決方案的短週期增長。

In December, you suggested you really hadn't seen any evidence of bigger projects coming back, but you guys see the same things that we do, tax reform and Brent oil prices being very high.

去年 12 月，你說你真的沒有看到任何更大項目回歸的證據，但你們看到了我們所做的同樣的事情，稅收改革和布倫特油價非常高。

Do you have any expectation that larger projects could begin to come back?

您是否期望更大的項目可以開始回歸？

Or are you seeing any signs of them yet as we sit here today?

或者，當我們今天坐在這裡時，您是否看到了它們的任何跡象？

Yes.

是的。

I mean, I think, overall, our pipelines are very strong.

我的意思是，我認為，總的來說，我們的管道非常強大。

I think you have to remember that our PMT backlog is up 10% on a year-over-year basis and we had positive orders growth in both UOP and HPS in Q4.

我想你必須記住，我們的 PMT 積壓訂單同比增長 10%，並且我們在第四季度的 UOP 和 HPS 訂單都出現了正增長。

But I would tell you also the pipeline and the project pipeline is strong.

但我還要告訴你管道和項目管道很強大。

And I think what's important in terms of the price of oil is sustainability, is that -- what we don't like to see is it bouncing around.

而且我認為就石油價格而言，重要的是可持續性，我們不希望看到它反彈。

So to the extent that it stays at this level, is right around, is a very healthy environment for investment.

因此，只要它保持在這個水平，就在附近，是一個非常健康的投資環境。

So as long as this is sustained, I become that much more bullish on our outlook in PMT, particularly UOP and HPS.

因此，只要這種情況持續下去，我就會更加看好 PMT 的前景，尤其是 UOP 和 HPS。

Our next question comes from Scott Davis with Melius Research.

我們的下一個問題來自 Melius Research 的 Scott Davis。

I asked this question of a couple of other corps.

我問了其他幾個軍團的這個問題。

I haven't really gotten an answer that seems helpful yet, and I'll throw it at you guys.

我還沒有真正得到似乎有用的答案，我會把它扔給你們。

I mean, this new tax act thing seems to have somewhat made it simpler to do tax planning globally, that maybe creates an opportunity for you guys to unwind some structures that were created in the past, that -- whether it's supply chain related or otherwise.

我的意思是，這項新的稅收法案似乎在某種程度上讓全球稅務規劃變得更簡單，這可能為你們創造了一個機會來放鬆過去創建的一些結構，無論是與供應鏈相關還是其他.

Is there a cost benefit at all from this simplification?

這種簡化是否有成本效益？

I mean, you guys probably have like 700 different corporate entities or something crazy like that, right?

我的意思是，你們可能擁有 700 家不同的公司實體或類似的瘋狂公司，對吧？

So is there any chance that you can unwind some of that stuff and just create some (inaudible)?

那麼，您是否有機會解開其中的一些內容並創建一些（聽不清）？

You got some inside information there.

你在那裡得到了一些內幕消息。

Yes -- no, I think, Scott, it's funny.

是的——不，我認為，斯科特，這很有趣。

If you could see us in the room, I'm actually smiling at Anne Madden because that's actually -- I think your point is spot on.

如果你能在房間裡看到我們，我實際上是在對安妮·馬登微笑，因為那實際上——我認為你的觀點是正確的。

I mean, I think -- what I think is underestimated today is that there is an opportunity to simplify a lot of our legal entities.

我的意思是，我認為 - 我認為今天被低估的是有機會簡化我們的許多法律實體。

That is an effort that actually we've already launched.

這是我們實際上已經啟動的一項工作。

Anne is leading that effort.

安妮正在領導這項工作。

But I also think that something that's underestimated is the level of complexity in this new tax structure in terms of versus -- where we're going versus where we are today.

但我也認為，被低估的是這種新稅收結構的複雜程度——我們要去的地方和我們今天的地方。

So I applaud the new tax code and we think it's extremely helpful for U.S. business.

所以我對新稅法表示讚賞，我們認為它對美國企業非常有幫助。

But it will require us to restructure ourselves and we do believe that new structure longer term will be simplified, will cost us less, will make it a lot easier to do business.

但這將需要我們進行自我重組，我們確實相信，從長遠來看，新結構將得到簡化，我們的成本會降低，做生意會容易得多。

Can I quantify that for you right now?

我現在可以為您量化嗎？

I can't because I mean, we literally just started that work a couple of weeks ago.

我不能，因為我的意思是，我們幾週前才真正開始這項工作。

But I do anticipate it'll be a source of value for Honeywell and our shareholders.

但我確實預計它將成為霍尼韋爾和我們股東的價值來源。

Okay, good.

好的。

That's the only good answer I've gotten so far.

這是迄今為止我得到的唯一好的答案。

I wanted to ask about business jets in the context of this Tax Act, too, in that you've got all this money coming back and, seemingly, it doesn't seem like anybody's bought a business jet in a while.

我也想在這個稅法的背景下詢問公務機，因為你已經收回了所有這些錢，而且似乎有一段時間沒有人購買公務機了。

I mean, you guys have always had really good forecasters who were known for a long time as being the best source for a business jet forecast.

我的意思是，你們一直都有非常優秀的預報員，他們長期以來被認為是公務機預報的最佳來源。

What are your guides saying?

你的嚮導在說什麼？

And if you commented on this earlier and I missed it when I went out for coffee, sorry, but what are your guides saying as far as the potential impact on guys having a few extra bucks sitting around and buying some planes?

如果你早些時候對此發表評論，而我出去喝咖啡時錯過了它，抱歉，但是你的導遊怎麼說這對那些有一些額外的錢坐在那裡買飛機的人的潛在影響？

Yes.

是的。

I think probably the right answer is it's a little bit too early to tell because we'd like to see that reflected in kind of the order rates on the part of our business jet customers.

我認為正確的答案可能是現在下結論還為時過早，因為我們希望看到這反映在我們公務機客戶的訂單率上。

But one would have to believe that this should have a positive impact on the overall demand.

但人們不得不相信，這應該會對整體需求產生積極影響。

I think for now we're kind of sticking to what we said before, is that we anticipate some uptick in the second half of this year and stronger environment in 2019.

我認為目前我們有點堅持我們之前所說的，我們預計今年下半年會有所回升，2019 年環境會更加強勁。

But like I said, I think it's just a little bit too early to tell the real impact.

但就像我說的，我認為現在說真正的影響還為時過早。

The new tax code is 30 days old and difficult to project at this point the impact it could have.

新稅法已實施 30 天，目前難以預測其可能產生的影響。

But sort of logic would tell you it should be an up arrow for us.

但某種邏輯會告訴你它應該是我們的向上箭頭。

Yes, I think the other thing we have going is the mandates and some of the software aftermarket offerings that we do in -- on the business jet side.

是的，我認為我們要做的另一件事是我們在公務機方面所做的授權和一些軟件售後市場產品。

So even though OEM might not be clicking away at double digits, we certainly are getting new technology investments for existing platforms.

因此，即使 OEM 可能不會以兩位數的速度點擊，我們肯定會為現有平台進行新技術投資。

Our next question comes from Gautam Khanna with Cowen and Company.

我們的下一個問題來自 Gautam Khanna 和 Cowen and Company。

Two questions.

兩個問題。

First, I just wanted to ask, given tax reform, how does it change, if at all, the profile of the types of acquisitions you're looking at?

首先，我只想問，鑑於稅制改革，它如何改變（如果有的話）您正在研究的收購類型的概況？

Does it encourage you to go bigger?

它會鼓勵你做大嗎？

Does it do anything to the criteria that you've set out earlier?

它對您之前設定的標準有影響嗎？

I don't know that it dramatically changes it.

我不知道它會極大地改變它。

I think given with our -- maybe the only thing that's certainly very helpful for us is that with the ability to bring back some more cash to the U.S., it certainly makes U.S.-based acquisitions a bit easier to execute because now we have got more access to cash.

我認為考慮到我們 - 也許唯一對我們非常有幫助的事情是能夠將更多現金帶回美國，這肯定會讓美國的收購更容易執行，因為現在我們有更多獲得現金。

But in terms of focus or -- I think our financial metrics are set up such that the hurdles are a bit -- adjustments in the tax rates would be reflected in the financial metrics we look at.

但就重點而言，或者——我認為我們的財務指標設置得有點障礙——稅率的調整將反映在我們所查看的財務指標中。

So does it dramatically change the calculus?

那麼它會極大地改變微積分嗎？

I'm not sure, other than we have -- we'll have more firepower in the U.S., which is important and it's important to have that kind of flexibility.

我不確定，除了我們擁有的——我們將在美國擁有更多的火力，這很重要，而且擁有這種靈活性也很重要。

Yes, I would add to that, though, that we've not really been constrained in where we're looking.

是的，我要補充一點，不過，我們並沒有真正受到我們正在尋找的地方的限制。

Like, our M&A team and the businesses aren't saying -- haven't been saying, well, let's not look in the U.S. because we don't have cash.

就像，我們的併購團隊和企業沒有說 - 沒有說，好吧，我們不要看美國，因為我們沒有現金。

We've always been able to accommodate that with our capital structure and that will continue to be the case even more so now.

我們一直能夠通過我們的資本結構來適應這一點，現在這種情況將繼續如此。

Okay, I appreciate that.

好的，我很感激。

And just one follow-up.

只有一個後續行動。

Darius, how do you keep this -- the potential SpinCos kind of focused ahead of the spin?

Darius，你如何保持這一點 - 潛在的 SpinCos 在旋轉之前有點專注？

What kind of -- just to make sure that everyone keeps their eye on the ball and doesn't get distracted as they move into the new world on their own.

什麼樣的 - 只是為了確保每個人都關注球，並且在他們自己進入新世界時不會分心。

Yes.

是的。

So I mean, I think both through sort of our attention.

所以我的意思是，我認為兩者都是通過我們的關注來實現的。

We view these as our businesses before and after the spin.

我們將這些視為分拆前後的業務。

I mean, I think it's -- we want to make sure that these are incredibly successful.

我的意思是，我認為這是——我們希望確保這些取得令人難以置信的成功。

We have very focused management teams in both the spins businesses.

我們在這兩個旋轉業務中都有非常專注的管理團隊。

They're doing a great job in running their businesses, but also getting ready for the spins.

他們在經營業務方面做得很好，但也為旋轉做好了準備。

We have a very -- I'm very confident that the teams in those businesses are focused on delivering now and after the spins take place.

我們有一個非常 - 我非常有信心，這些業務中的團隊現在和旋轉發生後都專注於交付。

So I think the proper -- there's also proper incentives that are aligned to the success before and after the spin as well, which we've taken care of and put in place.

因此，我認為適當的——還有適當的激勵措施，這些激勵措施也與旋轉前後的成功保持一致，我們已經處理並落實到位。

Gautam, this is not an effort that's being done in some far-flung part of the company.

高塔姆，這不是在公司的某個偏遠部門所做的努力。

The team, the SpinCo team that's executing on the transactions actually reports into Darius and I directly.

該團隊，執行交易的 SpinCo 團隊實際上直接向 Darius 和我報告。

We do involve the businesses being spun, but we want them focused, for the most part, on executing on their operating plans and that's the way we've structured it.

我們確實涉及被分拆的業務，但我們希望他們在很大程度上專注於執行他們的運營計劃，這就是我們構建它的方式。

The 2 objectives of the spin team are, one, day 1 readiness for those organizations, and we have a very a strong cadence and operating system around that in terms of systems, in terms of people and staffing and doing all the regulatory filings and so forth.

Spin 團隊的兩個目標是，第一天為這些組織做好準備，我們在系統、人員和人員配備以及所有監管備案等方面擁有非常強大的節奏和操作系統向前。

So that's very rigorous.

所以這是非常嚴格的。

Secondly, it's stranded costs.

其次，是滯留成本。

And with 20% of the revenues from the RemainCo going with the spin, we need to rightsize the company, and so that SpinCo leadership team also is in the process of managing that cost structure.

由於 RemainCo 的 20% 收入用於分拆，我們需要調整公司規模，因此分拆公司的領導團隊也正在管理該成本結構。

So Darius and I get regular weekly visibility to it.

所以 Darius 和我每週都能定期看到它。

We've put on some of the most senior people in Honeywell to do this, and we're encouraged by the progress they're making.

我們已經聘請了霍尼韋爾的一些最資深的人來做這件事，他們正在取得的進展讓我們感到鼓舞。

Yes, and I think, just add to it, I mean, we have a full-blown what we call de-integration team, which is staffed by senior leaders whose full-time job is nothing but to focus on making certain that we have a successful spin in place and execute the business in the near term.

是的，我想，再加上一點，我的意思是，我們有一個成熟的所謂的去整合團隊，由高級領導組成，他們的全職工作就是專注於確保我們有一個成功的旋轉到位並在短期內執行業務。

So we have the right level of focus on this.

所以我們對此有適當的關注。

Our next question comes from Peter Arment with Baird.

我們的下一個問題來自 Peter Arment 和 Baird。

Darius, just a quick one, sticking in the Aerospace.

大流士，只是一個快速的，堅持在航空航天。

Obviously, the United Airlines' selection, that was certainly very favorable for you guys, but just kind of talking about the competitive landscape.

顯然，聯合航空公司的選擇對你們來說肯定是非常有利的，但只是在談論競爭格局。

We're months into this deal with one of your bigger competitors, and certainly the headline reads that it would be more competition for you.

我們與你們的一個更大的競爭對手達成了幾個月的交易，當然標題上寫著對你們來說競爭會更激烈。

But at the same time, seems like there's going to be a lot of opportunity.

但與此同時，似乎會有很多機會。

What are your guys hearing in terms of your sense of, post this merger, that you'll see other opportunities for growth?

就您的感覺而言，你們聽到的是什麼，在這次合併之後，你們會看到其他增長機會？

Yes.

是的。

I mean, Peter, we haven't been really focused on the merger of others.

我的意思是，彼得，我們並沒有真正關注其他人的合併。

I think what we've really been focused on is executing our strategy.

我認為我們真正關注的是執行我們的戰略。

I continue to be extraordinarily excited about our vision for Connected Aircraft.

我仍然對我們對互聯飛機的願景感到非常興奮。

I think it's industry-leading.

我認為這是行業領先的。

It's reflected in our rates, certainly been a factor in the United win and we're getting more and more traction every day.

這反映在我們的率上，當然是曼聯獲勝的一個因素，我們每天都在獲得越來越多的牽引力。

And I feel good because we have -- if you think about the real estate and the scope on an aircraft, we have the avionics and we have mechanical systems and we have an integrated play and integrated our offering.

我感覺很好，因為我們有——如果你考慮飛機的不動產和範圍，我們有航空電子設備，我們有機械系統，我們有綜合遊戲和整合我們的產品。

I think we have a very compelling vision for the kind of value we can create for aircraft owners, maintainers, passengers, pilots, create a more efficient, more safe experience for everybody.

我認為我們有一個非常引人注目的願景，即我們可以為飛機所有者、維修人員、乘客、飛行員創造什麼樣的價值，為每個人創造更高效、更安全的體驗。

And that's not visionary, that's not a dream.

那不是幻想，那不是夢。

That's something that we're executing, selling and generating revenue in today and we feel that's a very unique place to be in, in the aerospace industry, and frankly, we're the only ones that are executing it.

這就是我們今天正在執行、銷售和產生收入的東西，我們覺得這是一個非常獨特的地方，在航空航天業，坦率地說，我們是唯一執行它的人。

I think probably our biggest opportunity or challenge at the same time is just being able to communicate that clearly in that value to end customers.

我認為我們同時面臨的最大機遇或挑戰可能就是能夠將這種價值清楚地傳達給最終客戶。

But as you can tell by some of these wins, we're doing that more and more effectively.

但正如您從其中一些勝利中可以看出的那樣，我們正在越來越有效地做到這一點。

Okay, that's helpful color.

好的，這是有用的顏色。

And just a quick one, Tom.

湯姆，快一點。

Just the sensitivity around -- for your Defense business with the CR impacts, how do we think about that?

只是周圍的敏感性——對於具有 CR 影響的國防業務，我們如何看待它？

Is there any near-term impact?

近期有影響嗎？

Or what's the right way to think?

或者什麼是正確的思考方式？

Well, thankfully, we've got another reprieve, but it's kind of one of those things that's more timing than anything else.

好吧，謝天謝地，我們又得到了一次緩刑，但這是其中一種比其他任何事情都更有時機的事情。

There's a slight risk that volumes push out depending on shutdowns and so forth, but I think we're -- I don't think we are anticipating any significant adverse impacts from those activities.

由於停產等原因，產量增加的風險很小，但我認為我們——我認為我們預計這些活動不會產生任何重大的不利影響。

And our final question comes from Andrew Obin with Bank of America.

我們的最後一個問題來自美國銀行的 Andrew Obin。

Just a question.

就一個問題。

The focus on the economy was all in the U.S., but European macro metrics are actually looking better than the U.S. right now, so is China.

對經濟的關注全部集中在美國，但歐洲的宏觀指標實際上現在看起來比美國好，中國也是如此。

Can you just talk about what you guys are seeing in Europe and what you guys are seeing in China and other emerging markets?

你能談談你們在歐洲看到了什麼，你們在中國和其他新興市場看到了什麼嗎？

And specifically on China, if you're seeing any signs of deceleration.

特別是在中國，如果你看到任何減速的跡象。

We've been getting a lot of questions from investors on that.

我們已經從投資者那裡收到了很多問題。

Yes -- no.

是的——不。

I mean, we -- we're extremely bullish on China.

我的意思是，我們——我們非常看好中國。

It was an absolutely terrific year for us in China.

對我們中國來說，那是絕對了不起的一年。

I mean, I think close to a 30% organic growth rate in China last year.

我的意思是，我認為去年中國的有機增長率接近 30%。

And could there be a slight downtick from that rate?

該比率是否會略有下降？

Maybe, but we continue to see double-digit and planning on double-digit growth rate in China for us.

也許吧，但我們繼續看到中國兩位數的增長率，併計劃為我們實現兩位數的增長率。

So we're bullish there.

所以我們在那裡看漲。

And that was every...

那是每...

Every business.

每個企業。

Every business grew and I think we really kind of figured out the calculus as to how to be successful in China, acting like a local company.

每個企業都在成長，我認為我們真的有點想出瞭如何在中國取得成功的微積分，就像一家本地公司一樣行事。

Our whole value chain now is localized.

我們的整個價值鏈現在已經本地化。

And the great news and the one that I'm really excited about is we made similar progress in India.

好消息也是我真正感到興奮的消息是我們在印度取得了類似的進展。

So I think we're really firing on all cylinders in China and India.

所以我認為我們真的在中國和印度全力以赴。

Back to your Europe question, we're also bullish on Europe.

回到你的歐洲問題，我們也看好歐洲。

I mean, Europe is continuing to grow.

我的意思是，歐洲正在繼續增長。

We're seeing growth in Western Europe.

我們看到了西歐的增長。

Not seeing a lot of trouble spots here.

在這裡沒有看到很多麻煩點。

So as we head into this '18, as I said, I'm continuing to be bullish on a global basis in terms of our prospects for growth.

因此，正如我所說，在我們進入 18 年之際，我將繼續在全球範圍內看好我們的增長前景。

So overall, strong environment.

所以整體來說，環境不錯。

Just to follow up on your Aero '18 outlook.

只是為了跟進您的 Aero '18 展望。

You said on the call that none of your businesses are going to be negative, but just sort of this 1% to 3% growth does imply that perhaps Commercial OE is negative on wide-body deliveries.

您在電話會議上表示，您的所有業務都不會出現負面影響，但這種 1% 至 3% 的增長確實意味著 Commercial OE 可能對寬體交付產生負面影響。

How should I think about sort of sub-segments within Aero?

我應該如何考慮 Aero 中的子細分市場？

Well, I think, number one, is that the aftermarket and the services business are going to continue to be strong.

好吧，我認為，第一，售後市場和服務業務將繼續保持強勁勢頭。

Both are sort of what I call the proactive segment as well as the brake fix.

兩者都是我所說的主動部分以及製動修復。

Sort of we talked about the business jet OE, which is -- our plan is that acceleration as we get deeper into the year.

我們談到了公務機 OE，這是 - 我們的計劃是隨著我們進入今年的深入而加速。

And on the narrow-bodies, I mean, obviously, this is going to be really aggressive growth for our customers.

在窄體機上，我的意思是，顯然，這對我們的客戶來說將是非常積極的增長。

So that's sort of a rough framework that we're planning for in 2018.

所以這是我們在 2018 年計劃的一個粗略框架。

So none of them within your framework -- none of the sub-segments are negative into '18?

所以它們都不在你的框架內——沒有一個子細分市場在 18 年是負面的？

No.

不。

I mean, on the OE side, we'll continue at low single-digit kind of growth, all-in, is the plan.

我的意思是，在 OE 方面，我們將繼續保持低個位數的增長，全部都是計劃。

I mean, that could change quarter-to-quarter, vary quarter-to-quarter based on customer delivery schedules, but I think we're planning on an overall Commercial OE growth rate in that range.

我的意思是，這可能會逐季變化，根據客戶交付時間表逐季變化，但我認為我們正在計劃在該範圍內實現整體商業 OE 增長率。

So just similar level of conservatism across your guidance.

因此，在您的指導中只有類似程度的保守主義。

And that concludes today's question-and-answer session.

今天的問答環節到此結束。

At this time, I'd like to turn the conference back to Mr. Darius Adamczyk for any additional or closing remarks.

此時，我想將會議轉回 Darius Adamczyk 先生，聽取任何補充或結束髮言。

Thank you.

謝謝。

We've begun 2018 with significant momentum, including strong order rates, a growing backlog and favorable U.S. tax legislation.

2018 年我們以強勁的勢頭開始，包括強勁的訂單率、不斷增加的積壓訂單和有利的美國稅收立法。

We are excited by our prospects, both the near term and long term, as Honeywell continue to outperform.

我們對近期和長期的前景感到興奮，因為霍尼韋爾繼續表現出色。

I'm looking forward to speaking to you next at our Annual Investor Conference Day on February 19 here in Morris Plains.

我期待著 2 月 19 日在莫里斯平原舉行的年度投資者大會日與您交談。

Thank you.

謝謝。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

Please disconnect your lines at this time, and have a wonderful day.

此時請斷開您的線路，祝您有美好的一天。