Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Honeywell International Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	21,825)	18,049)	17,497)	17,756)	16,058)
Patents and technology	3,513)	2,399)	2,313)	2,345)	2,159)
Customer relationships	6,411)	4,199)	3,989)	4,045)	3,889)
Trademarks	398)	362)	371)	356)	327)
Other	561)	299)	299)	298)	298)
Definite-life intangibles, gross carrying amount	10,883)	7,259)	6,972)	7,044)	6,673)
Accumulated amortization	(4,666)	(4,999)	(4,703)	(4,445)	(4,159)
Definite-life intangibles, net carrying amount	6,217)	2,260)	2,269)	2,599)	2,514)
Trademarks	439)	971)	953)	1,014)	1,046)
Indefinite-life intangibles	439)	971)	953)	1,014)	1,046)
Other intangible assets, net	6,656)	3,231)	3,222)	3,613)	3,560)
Goodwill and other intangible assets, net	28,481)	21,280)	20,719)	21,369)	19,618)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Honeywell International Inc. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Other intangible assets, net	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Honeywell International Inc. other intangible assets, net increased from 2022 to 2023 and from 2023 to 2024.
Goodwill and other intangible assets, net	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Honeywell International Inc. goodwill and other intangible assets, net increased from 2022 to 2023 and from 2023 to 2024.

Honeywell International Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	75,196)	61,525)	62,275)	64,470)	64,586)
Less: Goodwill	21,825)	18,049)	17,497)	17,756)	16,058)
Total assets (adjusted)	53,371)	43,476)	44,778)	46,714)	48,528)
Adjustment to Total Honeywell Shareowners’ Equity
Total Honeywell shareowners’ equity (as reported)	18,619)	15,856)	16,697)	18,569)	17,549)
Less: Goodwill	21,825)	18,049)	17,497)	17,756)	16,058)
Total Honeywell shareowners’ equity (adjusted)	(3,206)	(2,193)	(800)	813)	1,491)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Honeywell International Inc., Financial Data: Reported vs. Adjusted

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Honeywell International Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	0.51	0.60	0.57	0.53	0.51
Adjusted total asset turnover	0.72	0.84	0.79	0.74	0.67
Financial Leverage
Reported financial leverage	4.04	3.88	3.73	3.47	3.68
Adjusted financial leverage	—	—	—	57.46	32.55
Return on Equity (ROE)
Reported ROE	30.64%	35.68%	29.74%	29.85%	27.23%
Adjusted ROE	—	—	—	681.67%	320.52%
Return on Assets (ROA)
Reported ROA	7.59%	9.20%	7.97%	8.60%	7.40%
Adjusted ROA	10.69%	13.01%	11.09%	11.86%	9.85%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Honeywell International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Honeywell International Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Honeywell International Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net sales	38,498)	36,662)	35,466)	34,392)	32,637)
Total assets	75,196)	61,525)	62,275)	64,470)	64,586)
Activity Ratio
Total asset turnover¹	0.51	0.60	0.57	0.53	0.51
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales	38,498)	36,662)	35,466)	34,392)	32,637)
Adjusted total assets	53,371)	43,476)	44,778)	46,714)	48,528)
Activity Ratio
Adjusted total asset turnover²	0.72	0.84	0.79	0.74	0.67

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Net sales ÷ Total assets
= 38,498 ÷ 75,196 = 0.51

² Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 38,498 ÷ 53,371 = 0.72

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Honeywell International Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	75,196)	61,525)	62,275)	64,470)	64,586)
Total Honeywell shareowners’ equity	18,619)	15,856)	16,697)	18,569)	17,549)
Solvency Ratio
Financial leverage¹	4.04	3.88	3.73	3.47	3.68
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	53,371)	43,476)	44,778)	46,714)	48,528)
Adjusted total Honeywell shareowners’ equity	(3,206)	(2,193)	(800)	813)	1,491)
Solvency Ratio
Adjusted financial leverage²	—	—	—	57.46	32.55

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Honeywell shareowners’ equity
= 75,196 ÷ 18,619 = 4.04

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Honeywell shareowners’ equity
= 53,371 ÷ -3,206 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,705)	5,658)	4,966)	5,542)	4,779)
Total Honeywell shareowners’ equity	18,619)	15,856)	16,697)	18,569)	17,549)
Profitability Ratio
ROE¹	30.64%	35.68%	29.74%	29.85%	27.23%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,705)	5,658)	4,966)	5,542)	4,779)
Adjusted total Honeywell shareowners’ equity	(3,206)	(2,193)	(800)	813)	1,491)
Profitability Ratio
Adjusted ROE²	—	—	—	681.67%	320.52%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income attributable to Honeywell ÷ Total Honeywell shareowners’ equity
= 100 × 5,705 ÷ 18,619 = 30.64%

² Adjusted ROE = 100 × Net income attributable to Honeywell ÷ Adjusted total Honeywell shareowners’ equity
= 100 × 5,705 ÷ -3,206 = —

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,705)	5,658)	4,966)	5,542)	4,779)
Total assets	75,196)	61,525)	62,275)	64,470)	64,586)
Profitability Ratio
ROA¹	7.59%	9.20%	7.97%	8.60%	7.40%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,705)	5,658)	4,966)	5,542)	4,779)
Adjusted total assets	53,371)	43,476)	44,778)	46,714)	48,528)
Profitability Ratio
Adjusted ROA²	10.69%	13.01%	11.09%	11.86%	9.85%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income attributable to Honeywell ÷ Total assets
= 100 × 5,705 ÷ 75,196 = 7.59%

² Adjusted ROA = 100 × Net income attributable to Honeywell ÷ Adjusted total assets
= 100 × 5,705 ÷ 53,371 = 10.69%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Honeywell International Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Honeywell International Inc. (NASDAQ:HON)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Honeywell International Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Honeywell International Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)