Honeywell (HON) announced that its board has approved a 12% increase in the company’s regular annual cash dividend rate, from $2.38 to $2.66 per common share.

The increase will be effective starting with the Q4 dividend of 66.5c per common share, which is payable on December 9, to shareowners of record at the close of business on November 18.

“Honeywell remains committed to growing our dividend faster than earnings for shareholders as part of our balanced cash deployment program,” said Honeywell Chairman and CEO Dave Cote. “We remain confident in our ability to generate strong free cash flow and drive outperformance over the long term.”