I want to thank our shareowners for their continued support of Honeywell.

She is the coauthor of the forthcoming book Trusted: How Companies Build It, Lose It, and Regain It. Even without the favorable tax impact, the first quarter EPS was $0.01 above the high end of our guidance and up 8% year-over-year. Increased demand for respiratory personal protective equipment was more than offset by weakness in the short-cycle part of the portfolio.

So we don't anticipate going back to 2019 indirect spending levels in 2021. Thanks, good morning. She did not provide the number of employees impacted by the moves, but said the sites instituting the reductions are acting “based on customer demand.”. In return, the company has promised to bring 750 jobs to the county in the next four years. And so we're going through what you would expect a disciplined company to do. Hey, thank you. We will focus on preservation of liquidity during the second quarter and expect to enter the third quarter with significant capital deployment options, should we have greater clarity on economic conditions. Finally, the communication should be relevant to employees and it need not be lengthy. The global spread of COVID-19 during the first quarter created operational constraints for Honeywell, our suppliers and our customers. Please go ahead. Harvard Business Publishing is an affiliate of Harvard Business School. Combining this with sales leading indicators, we're sensing demand changes and realigning our inventory and production schedules faster than ever.

There are other segments that it's exposed to like Aerospace that are obviously going to be a decline.

In the current environment, non-residential projects in multiple verticals have paused and customers are deferring non-essential spending, impacting the timing of long-cycle Building Solutions projects and delaying purchase of security, building management, and fire products. Sure, absolutely. Sandra has spent 10 years researching best practices for layoffs and furloughs, and has distilled her research into some important points managers should keep in mind when considering furloughs. Our teams have been working tirelessly to ensure that we are able to provide equipment and services to our customers in critical end markets globally in compliance with government safety regulations.

I'm not planning on sacrificing the future just to cut back on capex and I -- that's probably something that we're going to continue to fund.

I mean that's -- and then they'll start improving from that.

We have also implemented mandatory temperature screening at several locations and are putting capabilities in place to expand that practice as needed. However, we have implemented rigorous business continuity processes to ensure they are proactively addressed and minimized to the extent possible. Got it. Well, I mean, clearly, our Q2 decrementals will be worse. Covered a lot of ground already, appreciate the color. And that's again part of the reason why we're not giving full year guidance.

Our sales and demand generation actions are being reinforced by rigorous weekly review process led by me, personally, together with Jeff Kimbell, our Chief Commercial Officer. To get all of HBR’s content delivered to your inbox, sign up for the Daily Alert newsletter. The additional capacity at these two facilities is expected to create more than 1,000 new jobs and produce more than 20 million N95 disposable masks monthly to support the U.S. government's efforts to combat the virus.

I don't think we've seen the impact in the market yet of what could happen from solvency risk standpoint and I think that's yet to play out, but we're taking appropriate actions as you would expect us to go do to manage through that. That's been one of the things that's continue to feed our Productivity delivery over many, many years. It takes a little bit of time of reality for sellers to sink in terms of what the valuation should be. Please go ahead. Is there any way to reconcile as part of that cost out in the $1.1 billion to $1.3 billion? If our content helps you to contend with coronavirus and other challenges, please consider subscribing to HBR.

We believe that these cost controls will enable Honeywell to respond to deteriorating market and economic condition as the full impact of the COVID-19 pandemic becomes apparent. Despite these challenges, our productivity rigor combined with commercial excellence and swift cost actions drove segment margin expansion of 140 basis points, well above our original guidance of 20 to 50 basis points. We're in a strong cash position. ... Mar 25, 2020, 10:37am EDT We're also suspending our full year financial guidance until the economic environment stabilizes and we can once again provide a reliable forecast. Thank you, Darius and good morning everyone. Now let's turn to Slide 5 to discuss our operations. Let's begin on Slide 2. ET.

Maybe just a first question around the SPS segment.

And best of luck to everyone. I think that we're going to kind of hold the cap on the brakes here in Q2. And, to be honest, it's not like I know what they're going to be. Explore the the Original Muck Boot Company line by Honeywell, providing the most comfortable, 100% waterproof, high-performance footwear on the market. We've already locked in plans, which we are executing so that we are not searching for answers as the crisis continues to unfold.

So how are you thinking about technicality of credit risk and also the pricing?

The healthcare workers are working every day to overcome this global health emergency.

And then a follow-on to that, a lot of companies have pulled their end guidance, some have opined on free cash flow and obviously the biggest improvement to free cash flow is earnings, but can you sort of describe some of the levers you're pulling on working capital and some initiatives to maybe drive free cash flow conversion higher over the balance of this year? We expect HBT sales to be down more than 10% compared to the second quarter of 2019.

Our focus is on maintaining our employee base while also positioning the company for long term performance post crisis. And as you see flight hours return to whether it's in the business segment or air transport, you should start to see aftermarket return, probably with some lagging effects.

Finally, employers doing furloughs should provide as much advance notice as possible. Andrew Obin -- Bank of America Merrill Lynch -- Analyst.

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