HONEYWELL INTERNATIONAL INC
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
Contents
Segment Financial Data
NOTE 22. SEGMENT FINANCIAL DATA
Honeywell globally manages its business operations through four reportable business segments. Segment information is consistent with how the Chairman and Chief Executive Officer, who is the Company's chief operating decision maker, and management reviews the businesses, makes investing and resource allocation decisions, and assesses operating performance.
Effective during the first quarter of 2024, the Company realigned certain of its business units comprising its historical Performance Materials and Technologies and Safety and Productivity Solutions reportable business segments by formingtwo new reportable business segments: Industrial Automation and Energy and Sustainability Solutions. Industrial Automation includes Sensing and Safety Technologies, Productivity Solutions and Services, and Warehouse and Workflow Solutions, previously included in Safety and Productivity Solutions, in addition to Process Solutions, previously included in Performance Materials and Technologies. Energy and Sustainability Solutions includes UOP and Advanced Materials, previously included in Performance Materials and Technologies. Further, as part of the realignment, the Company renamed its historical Aerospace and Honeywell Building Technologies reportable business segments to Aerospace Technologies and Building Automation, respectively. This realignment had no impact on the Company's historical consolidated financial position, results of operations, or cash flows. Prior period amounts have been recast to conform to current period segment presentation.
Effective during the second quarter of 2024, the Company updated its calculation of segment profit to exclude the impact of amortization expense for acquisition-related intangible assets and certain acquisition-related costs. The Company recast historical periods to reflect segment profit under this new basis to facilitate comparability. In the third quarter of 2024, the Company clarified its calculation of segment profit to exclude divestiture-related costs and impairments.
Honeywell’s senior management evaluates segment performance based on segment profit. Each segment’s profit is measured as segment income (loss) before taxes excluding general corporate unallocated expense, interest and other financial charges, interest income, acquisition-related intangibles, impairment of assets held for sale, stock compensation expense, pension and other postretirement income (expense), repositioning and other charges, and other items within Other (income) expense.
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| TABLE OF CONTENTS | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
|---|
| Year Ended December 31, 2024 | Aerospace Technologies | Industrial Automation | Building Automation | Energy and Sustainability Solutions | Corporate and All Other | Total Honeywell |
|---|---|---|---|---|---|---|
| Net sales | ||||||
| Products | $8,509 | $7,175 | $4,800 | $5,795 | $— | $26,279 |
| Services | 6,949 | 2,876 | 1,740 | 630 | 24 | 12,219 |
| Total Net sales | 15,458 | 10,051 | 6,540 | 6,425 | 24 | 38,498 |
| Less | ||||||
| Cost of products and services sold | 9,781 | 5,880 | 3,482 | 4,030 | ||
| Selling, general and administrative expenses | 645 | 1,392 | 954 | 489 | ||
| Other segment items1 | 1,044 | 817 | 423 | 384 | ||
| Total Segment profit | $3,988 | $1,962 | $1,681 | $1,522 | $(454) | $8,699 |
| Depreciation and amortization | $299 | $362 | $198 | $285 | $190 | $1,334 |
| Capital expenditures | 371 | 214 | 78 | 373 | 128 | 1,164 |
| Total assets | 16,966 | 21,035 | 11,438 | 10,337 | 15,420 | 75,196 |
| 1 | For each reportable segment, the other segment items category includes research and development expenses, equity income of affiliated companies and certain allocated overhead expenses, which are comprised of salaries and fringe benefits, professional & purchased services, and other indirect spend across core corporate functions such as central IT, corporate finance, human resources, supply chain, legal, government relations, and other corporate functions. |
| Year Ended December 31, 2023 | Aerospace Technologies | Industrial Automation | Building Automation | Energy and Sustainability Solutions | Corporate and All Other | Total Honeywell |
|---|---|---|---|---|---|---|
| Net sales | ||||||
| Products | $7,316 | $8,176 | $4,599 | $5,682 | $— | $25,773 |
| Services | 6,308 | 2,580 | 1,432 | 557 | 12 | 10,889 |
| Total Net sales | 13,624 | 10,756 | 6,031 | 6,239 | 12 | 36,662 |
| Less | ||||||
| Cost of products and services sold | 8,362 | 6,379 | 3,240 | 3,950 | ||
| Selling, general and administrative expenses | 538 | 1,361 | 884 | 429 | ||
| Other segment items1 | 964 | 807 | 378 | 373 | ||
| Total Segment profit | $3,760 | $2,209 | $1,529 | $1,487 | $(387) | $8,598 |
| Depreciation and amortization | $267 | $386 | $107 | $253 | $163 | $1,176 |
| Capital expenditures | 310 | 194 | 79 | 374 | 82 | 1,039 |
| Total assets | 12,976 | 22,026 | 6,723 | 8,048 | 11,752 | 61,525 |
| 1 | For each reportable segment, the other segment items category includes research and development expenses, equity income of affiliated companies and certain allocated overhead expenses, which are comprised of salaries and fringe benefits, professional & purchased services, and other indirect spend across core corporate functions such as central IT, corporate finance, human resources, supply chain, legal, government relations, and other corporate functions. |
111 Honeywell International Inc.
| TABLE OF CONTENTS | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
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| Year Ended December 31, 2022 | Aerospace Technologies | Industrial Automation | Building Automation | Energy and Sustainability Solutions | Corporate and All Other | Total Honeywell |
|---|---|---|---|---|---|---|
| Net sales | ||||||
| Products | $6,330 | $9,439 | $4,591 | $5,600 | $— | $25,960 |
| Services | 5,497 | 2,199 | 1,409 | 396 | 5 | 9,506 |
| Total Net sales | 11,827 | 11,638 | 6,000 | 5,996 | 5 | 35,466 |
| Less | ||||||
| Cost of products and services sold | 7,183 | 7,230 | 3,250 | 3,673 | ||
| Selling, general and administrative expenses | 430 | 1,417 | 910 | 426 | ||
| Other segment items1 | 967 | 839 | 376 | 342 | ||
| Total Segment profit | $3,247 | $2,152 | $1,464 | $1,555 | $(396) | $8,022 |
| Depreciation and amortization | $285 | $422 | $92 | $247 | $158 | $1,204 |
| Capital expenditures | 246 | 77 | 74 | 291 | 78 | 766 |
| 1 | For each reportable segment, the other segment items category includes research and development expenses, equity income of affiliated companies and certain allocated overhead expenses, which are comprised of salaries and fringe benefits, professional & purchased services, and other indirect spend across core corporate functions such as central IT, corporate finance, human resources, supply chain, legal, government relations, and other corporate functions. |
A reconciliation of segment profit to consolidated income before taxes are as follows:
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 · 2023 · 2022 | |||
| Segment profit | $8,699 | $8,598 | $8,022 |
| Interest and other financial charges | (1,058) | (765) | (414) |
| Interest income1 | 426 | 321 | 138 |
| Amortization of acquisition-related intangibles2 | (415) | (292) | (333) |
| Impairment of assets held for sale | (219) | — | — |
| Stock compensation expense3 | (194) | (202) | (188) |
| Pension ongoing income4 | 592 | 528 | 993 |
| Pension mark-to-market expense4 | (126) | (153) | (523) |
| Other postretirement income4 | 11 | 29 | 41 |
| Repositioning and other charges5 | (244) | (860) | (1,266) |
| Other expense6 | (259) | (45) | (91) |
| Income before taxes | $7,213 | $7,159 | $6,379 |
| 1 | Amounts included in Other (income) expense. |
| 2 | Amounts included in Cost of products and services sold. |
| 3 | Amounts included in Selling, general and administrative expenses. |
| 4 | Amounts included in Cost of products and services sold (service cost component), Selling, general and administrative expenses (service cost component), Research and development expenses (service cost component), and Other (income) expense (non-service cost component). |
| 5 | Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense. |
| 6 | Amounts include the other components of Other (income) expense not included within other categories in this reconciliation. Equity income of affiliated companies is included in segment profit. |
112 Honeywell International Inc.
| TABLE OF CONTENTS | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
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NOTE 23. GEOGRAPHIC AREAS—FINANCIAL DATA
| Net Sales1 · Long-lived Assets2 | ||||||
|---|---|---|---|---|---|---|
| Years Ended December 31, | Years Ended December 31, | |||||
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | |
| United States | $21,819 | $20,907 | $21,262 | $4,694 | $4,107 | $3,949 |
| Europe | 8,760 | 8,052 | 6,840 | 533 | 555 | 537 |
| Other international | 7,919 | 7,703 | 7,364 | 967 | 998 | 985 |
| Total3 | $38,498 | $36,662 | $35,466 | $6,194 | $5,660 | $5,471 |
| 1 | Sales between geographic areas approximate market value and are not significant. Net sales are classified according to their country of origin. Included in United States Net sales are export sales of $5,441 million, $4,708 million, and $4,187 million for the years ended December 31, 2024, 2023, and 2022, respectively. |
| 2 | Long-lived assets consists of Property, plant and equipment—net. |
| 3 | As of December 31, 2024, total long-lived assets excludes $155 million that are included in Assets held for sale in the Consolidated Balance Sheet. Refer to Note 2 Acquisitions, Divestitures, and Assets and Liabilities Held for Sale. |
NOTE 24. SUPPLEMENTAL CASH FLOW INFORMATION
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 · 2023 · 2022 | |||
| Net payments for repositioning and other charges | |||
| Severance and exit cost payments | $(195) | $(294) | $(275) |
| Environmental payments | (224) | (196) | (211) |
| Reimbursement receipts | 140 | 140 | 140 |
| Insurance receipts for asbestos-related liabilities | 24 | 39 | 37 |
| Insurance receivables settlements, write-offs, and other | 9 | 26 | 68 |
| Asbestos-related liability payments | (233) | (174) | (271) |
| Total net payments for repositioning and other charges | $(479) | $(459) | $(512) |
| Interest paid, net of amounts capitalized | $869 | $649 | $375 |
| Income taxes paid, net of refunds | 1,689 | 1,581 | 1,324 |
| Non-cash investing and financing activities | |||
| Common stock contributed to savings plans | 225 | 216 | 196 |
113 Honeywell International Inc.
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