Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Honeywell International Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Product sales	25,773)	25,960)	25,643)	24,737)	27,629)
Service sales	10,889)	9,506)	8,749)	7,900)	9,080)
Net sales	36,662)	35,466)	34,392)	32,637)	36,709)
Cost of products sold	(16,977)	(16,955)	(17,082)	(17,638)	(19,269)
Cost of services sold	(6,018)	(5,392)	(4,979)	(4,531)	(5,070)
Cost of products and services sold	(22,995)	(22,347)	(22,061)	(22,169)	(24,339)
Gross profit	13,667)	13,119)	12,331)	10,468)	12,370)
Research and development expenses	(1,456)	(1,478)	(1,333)	—)	—)
Selling, general and administrative expenses	(5,127)	(5,214)	(4,798)	(4,772)	(5,519)
Operating income	7,084)	6,427)	6,200)	5,696)	6,851)
Interest income	321)	138)	102)	107)	255)
Pension ongoing income, non-service	441)	602)	1,202)	901)	606)
Other postretirement income, non-service	29)	41)	71)	57)	47)
Equity income of affiliated companies	100)	61)	67)	66)	52)
Gain (loss) on sale of non-strategic businesses and assets	5)	22)	102)	(3)	(1)
Foreign exchange gain (loss)	(9)	(48)	(25)	68)	120)
Expense related to UOP Matters	—)	(45)	(160)	—)	—)
(Expense) benefit related to Russia-Ukraine conflict	3)	(45)	—)	—)	—)
Reimbursement receivables charge	—)	—)	—)	(509)	—)
Net expense related to the NARCO Buyout and HWI Sale	(11)	(342)	—)	—)	—)
Other, net	(39)	(18)	19)	(12)	(14)
Other income (expense)	840)	366)	1,378)	675)	1,065)
Interest and other financial charges	(765)	(414)	(343)	(359)	(357)
Income before taxes	7,159)	6,379)	7,235)	6,012)	7,559)
Tax expense	(1,487)	(1,412)	(1,625)	(1,147)	(1,329)
Net income	5,672)	4,967)	5,610)	4,865)	6,230)
Net income attributable to the noncontrolling interest	(14)	(1)	(68)	(86)	(87)
Net income attributable to Honeywell	5,658)	4,966)	5,542)	4,779)	6,143)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Honeywell International Inc. net sales increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Honeywell International Inc. operating income increased from 2021 to 2022 and from 2022 to 2023.
Income before taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Honeywell International Inc. income before taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Net income attributable to Honeywell	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Honeywell International Inc. net income attributable to Honeywell decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Honeywell International Inc. (NASDAQ:HON)

Income Statement