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SEGMENT FINANCIAL DATA | 6 Months Ended
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Jun. 30, 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 management reviews the businesses, makes investing and resource allocation decisions, and assesses operating performance. 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, stock compensation expense, pension and other postretirement income (expense), amortization of acquisition-related intangibles, repositioning and other charges, and other items within Other (income) expense. 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. 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.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net sales |  |  |  |  |  |  |
Aerospace Technologies |  |  |  |  |  |  |
Products | $ | 2,127 |  |  | $ | 1,799 |  |  | $ | 4,152 |  |  | $ | 3,471 |
Services | 1,764 |  |  | 1,542 |  |  | 3,408 |  |  | 2,981 |
Net Aerospace Technologies sales | 3,891 |  |  | 3,341 |  |  | 7,560 |  |  | 6,452 |
Industrial Automation |  |  |  |  |  |  |
Products | 1,777 |  |  | 2,061 |  |  | 3,577 |  |  | 4,220 |
Services | 729 |  |  | 666 |  |  | 1,407 |  |  | 1,310 |
Net Industrial Automation sales | 2,506 |  |  | 2,727 |  |  | 4,984 |  |  | 5,530 |
Building Automation |  |  |  |  |  |  |
Products | 1,154 |  |  | 1,159 |  |  | 2,211 |  |  | 2,291 |
Services | 417 |  |  | 351 |  |  | 786 |  |  | 706 |
Net Building Automation sales | 1,571 |  |  | 1,510 |  |  | 2,997 |  |  | 2,997 |
Energy and Sustainability Solutions |  |  |  |  |  |  |
Products | 1,419 |  |  | 1,422 |  |  | 2,800 |  |  | 2,769 |
Services | 185 |  |  | 145 |  |  | 329 |  |  | 259 |
Net Energy and Sustainability Solutions sales | 1,604 |  |  | 1,567 |  |  | 3,129 |  |  | 3,028 |
Corporate and All Other |  |  |  |  |  |  |
Services | 5 |  |  | 1 |  |  | 12 |  |  | 3 |
Net Corporate and All Other sales | 5 |  |  | 1 |  |  | 12 |  |  | 3 |
Net sales | $ | 9,577 |  |  | $ | 9,146 |  |  | $ | 18,682 |  |  | $ | 18,010 |
Segment profit |  |  |  |  |  |  |
Aerospace Technologies | $ | 1,060 |  |  | $ | 930 |  |  | $ | 2,095 |  |  | $ | 1,761 |
Industrial Automation | 477 |  |  | 544 |  |  | 951 |  |  | 1,130 |
Building Automation | 397 |  |  | 391 |  |  | 747 |  |  | 772 |
Energy and Sustainability Solutions | 405 |  |  | 363 |  |  | 708 |  |  | 665 |
Corporate and All Other | (140) |  |  | (115) |  |  | (208) |  |  | (200) |
Total segment profit | 2,199 |  |  | 2,113 |  |  | 4,293 |  |  | 4,128 |
Interest and other financial charges | (250) |  |  | (187) |  |  | (470) |  |  | (357) |
Interest income | 110 |  |  | 76 |  |  | 215 |  |  | 152 |
Amortization of acquisition-related intangibles | (85) |  |  | (61) |  |  | (155) |  |  | (129) |
Stock compensation expense 1 | (55) |  |  | (50) |  |  | (108) |  |  | (109) |
Pension ongoing income 2 | 140 |  |  | 130 |  |  | 285 |  |  | 260 |
Other postretirement income 2 | 4 |  |  | 7 |  |  | 10 |  |  | 13 |
Repositioning and other charges 3 | (44) |  |  | (102) |  |  | (137) |  |  | (243) |
Other expense 4 | (45) |  |  | (22) |  |  | (88) |  |  | (29) |
Income before taxes | $ | 1,974 |  |  | $ | 1,904 |  |  | $ | 3,845 |  |  | $ | 3,686 |
1 |  | Amounts included in Selling, general and administrative expenses. |  |  |  |  |
2 |  | 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). |  |  |  |  |
3 |  | Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense. |  |  |  |  |
4 |  | 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. |  |  |  |  |

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- Definition The entire disclosure for reporting segments including data and tables. 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