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SEGMENT FINANCIAL DATA
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT FINANCIAL DATA 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 forming two 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.
Year Ended December 31, 2024Aerospace TechnologiesIndustrial AutomationBuilding AutomationEnergy and Sustainability SolutionsCorporate and All OtherTotal Honeywell
Net sales
Products$8,509 $7,175 $4,800 $5,795 $— $26,279 
Services6,949 2,876 1,740 630 24 12,219 
Total Net sales15,458 10,051 6,540 6,425 24 38,498 
Less
Cost of products and services sold9,781 5,880 3,482 4,030 
Selling, general and administrative expenses645 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 expenditures371 214 78 373 128 1,164 
Total assets16,966 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, 2023Aerospace TechnologiesIndustrial AutomationBuilding AutomationEnergy and Sustainability SolutionsCorporate and All OtherTotal Honeywell
Net sales
Products$7,316 $8,176 $4,599 $5,682 $— $25,773 
Services6,308 2,580 1,432 557 12 10,889 
Total Net sales13,624 10,756 6,031 6,239 12 36,662 
Less
Cost of products and services sold8,362 6,379 3,240 3,950 
Selling, general and administrative expenses538 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 expenditures310 194 79 374 82 1,039 
Total assets12,976 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.
Year Ended December 31, 2022Aerospace TechnologiesIndustrial AutomationBuilding AutomationEnergy and Sustainability SolutionsCorporate and All OtherTotal Honeywell
Net sales
Products$6,330 $9,439 $4,591 $5,600 $— $25,960 
Services5,497 2,199 1,409 396 5 9,506 
Total Net sales11,827 11,638 6,000 5,996 5 35,466 
Less
Cost of products and services sold7,183 7,230 3,250 3,673 
Selling, general and administrative expenses430 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 expenditures246 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,
202420232022
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 
1Amounts included in Other (income) expense.
2Amounts 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.