Honeywell International Inc., adjustment to net income attributable to Honeywell

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Honeywell (as reported)	5,658)	4,966)	5,542)	4,779)	6,143)
Add: Changes in fair value of available for sale investments	5)	(8)	(3)	4)	—)
Net income attributable to Honeywell (adjusted)	5,663)	4,958)	5,539)	4,783)	6,143)

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Honeywell International Inc., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	15.43%	14.00%	16.11%	14.64%	16.73%
Adjusted net profit margin	15.45%	13.98%	16.11%	14.66%	16.73%
Return on Equity (ROE)
Reported ROE	35.68%	29.74%	29.85%	27.23%	33.22%
Adjusted ROE	35.72%	29.69%	29.83%	27.26%	33.22%
Return on Assets (ROA)
Reported ROA	9.20%	7.97%	8.60%	7.40%	10.47%
Adjusted ROA	9.20%	7.96%	8.59%	7.41%	10.47%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Honeywell International Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Honeywell International Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Honeywell International Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,658)	4,966)	5,542)	4,779)	6,143)
Net sales	36,662)	35,466)	34,392)	32,637)	36,709)
Profitability Ratio
Net profit margin¹	15.43%	14.00%	16.11%	14.64%	16.73%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Honeywell	5,663)	4,958)	5,539)	4,783)	6,143)
Net sales	36,662)	35,466)	34,392)	32,637)	36,709)
Profitability Ratio
Adjusted net profit margin²	15.45%	13.98%	16.11%	14.66%	16.73%

2023 Calculations

¹ Net profit margin = 100 × Net income attributable to Honeywell ÷ Net sales
= 100 × 5,658 ÷ 36,662 = 15.43%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Honeywell ÷ Net sales
= 100 × 5,663 ÷ 36,662 = 15.45%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Honeywell International Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,658)	4,966)	5,542)	4,779)	6,143)
Total Honeywell shareowners’ equity	15,856)	16,697)	18,569)	17,549)	18,494)
Profitability Ratio
ROE¹	35.68%	29.74%	29.85%	27.23%	33.22%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Honeywell	5,663)	4,958)	5,539)	4,783)	6,143)
Total Honeywell shareowners’ equity	15,856)	16,697)	18,569)	17,549)	18,494)
Profitability Ratio
Adjusted ROE²	35.72%	29.69%	29.83%	27.26%	33.22%

2023 Calculations

¹ ROE = 100 × Net income attributable to Honeywell ÷ Total Honeywell shareowners’ equity
= 100 × 5,658 ÷ 15,856 = 35.68%

² Adjusted ROE = 100 × Adjusted net income attributable to Honeywell ÷ Total Honeywell shareowners’ equity
= 100 × 5,663 ÷ 15,856 = 35.72%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Honeywell International Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,658)	4,966)	5,542)	4,779)	6,143)
Total assets	61,525)	62,275)	64,470)	64,586)	58,679)
Profitability Ratio
ROA¹	9.20%	7.97%	8.60%	7.40%	10.47%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Honeywell	5,663)	4,958)	5,539)	4,783)	6,143)
Total assets	61,525)	62,275)	64,470)	64,586)	58,679)
Profitability Ratio
Adjusted ROA²	9.20%	7.96%	8.59%	7.41%	10.47%

2023 Calculations

¹ ROA = 100 × Net income attributable to Honeywell ÷ Total assets
= 100 × 5,658 ÷ 61,525 = 9.20%

² Adjusted ROA = 100 × Adjusted net income attributable to Honeywell ÷ Total assets
= 100 × 5,663 ÷ 61,525 = 9.20%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Honeywell International Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Honeywell International Inc. (NASDAQ:HON)

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