Summary
Honeywell International Inc. (HON) has filed an 8-K report on July 10, 2024, primarily to disclose changes in its financial reporting for periods beginning on or after April 1, 2024. The company is now excluding amortization expense for acquisition-related intangible assets and certain acquisition-related costs, including tax effects, from segment profit and adjusted earnings per share. This change is intended to enhance comparability with the company's ongoing investor reporting and is being presented through supplemental unaudited non-GAAP financial metrics in Exhibit 99 for informational purposes. Additionally, Honeywell has realigned certain business units within its Industrial Automation reportable segment, specifically moving the gas detection business from Sensing and Safety Technologies to Process Solutions. This adjustment aims to better align the gas detection business with process measurement controls. Supplemental historical period information reflecting this realignment is also provided in Exhibit 99. Investors should note that these disclosures are furnished for informational purposes and do not represent a restatement of previously issued financial statements.
Key Highlights
- 1Honeywell is changing how it reports segment profit and adjusted EPS starting April 1, 2024, by excluding acquisition-related intangible amortization and costs.
- 2The company is providing supplemental unaudited non-GAAP financial metrics under the new reporting basis to aid investor comparability.
- 3A realignment within the Industrial Automation segment has occurred, moving the gas detection business to Process Solutions.
- 4This realignment is intended to create better operational synergy with existing process measurement controls.
- 5The provided financial information is supplementary and for informational purposes only, not a restatement of past financials.
- 6The disclosures are furnished under Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure).