Summary
Honeywell International Inc. (HON) filed an 8-K on October 6, 2016, primarily announcing updates regarding its business segment realignment and providing guidance revisions. The company has restructured its Automation and Control Solutions (ACS) segment into two new segments: Home and Building Technologies (HBT) and Safety and Productivity Solutions (SPS). This change, effective with the quarter ending September 30, 2016, aims to provide a clearer reporting structure, with Honeywell now operating under four main segments: Aerospace, HBT, Performance Materials and Technologies, and SPS. This realignment is a non-cash event and does not impact historical consolidated financial statements, but the company has provided recast historical segment information to reflect the new structure.
Key Highlights
- 1Honeywell has reorganized its business segments, creating Home and Building Technologies (HBT) and Safety and Productivity Solutions (SPS) from the former Automation and Control Solutions (ACS) segment.
- 2The company has updated its financial guidance for the quarters ending September 30, 2016, and December 31, 2016, as well as for the full year ending December 31, 2016.
- 3Recast historical segment information is provided to align with the new reporting structure, which includes four primary segments: Aerospace, HBT, Performance Materials and Technologies, and SPS.
- 4The business segment realignment is effective for reporting periods beginning with the quarter ending September 30, 2016.
- 5The realignment has no impact on Honeywell's historical consolidated financial position, results of operations, or cash flows.
- 6Exhibit 99.1 contains supplemental unaudited historical business segment information.
- 7Exhibit 99.2 is a press release dated October 6, 2016, announcing these updates.