Honeywell 2004 Annual Report Download - page 28

Item 6. Selected Financial Data
Years Ended December 31,
2004 2003 2002 2001 2000 1999
(Dollars in millions, except per share amounts)
Results of Operations
Net sales $25,601 $23,103 $22,274 $23,652 $25,023 $23,735
Net income (loss)(1) 1,281 1,324 (220) (99) 1,659 1,541
Per Common Share
Net earnings (loss):
Basic 1.49 1.54 (0.27) (0.12) 2.07 1.95
Assuming dilution 1.49 1.54 (0.27) (0.12) 2.05 1.90
Dividends 0.75 0.75 0.75 0.75 0.75 0.68
Financial Position at Year-End
Property, plant and equipment—net 4,331 4,295 4,055 4,933 5,230 5,630
Total assets 31,062 29,314 27,565 24,226 25,175 23,527
Short-term debt 1,204 199 370 539 1,682 2,609
Long-term debt 4,069 4,961 4,719 4,731 3,941 2,457
Total debt 5,273 5,160 5,089 5,270 5,623 5,066
Shareowners' equity 11,252 10,729 8,925 9,170 9,707 8,599
Note: Commencing January 1, 2002, we ceased amortization of goodwill and indefinite-lived intangible assets.
(1) In 2004, includes net repositioning, environmental, litigation, business impairment and other charges, gains on sales of non-
strategic businesses and a gain related to the settlement of a patent infringement lawsuit resulting in a net after-tax charge of $315
million, or $0.36 per share. In 2003, includes the cumulative after-tax charge of $20 million, or $0.02 per share, for the adoption of
SFAS No. 143. In 2003, also includes net repositioning, environmental and other charges, gains on sales of non-strategic
businesses and a gain related to the settlement of a patent infringement lawsuit resulting in a net after-tax charge of $22 million, or
$0.03 per share. In 2002, includes net repositioning, litigation, business impairment and other charges and gains on sales of non-
strategic businesses resulting in a net after-tax charge of $1,864 million, or $2.27 per share. In 2001, includes net repositioning,
litigation, business impairment and other charges resulting in an after-tax charge of $1,771 million, or $2.18 per share. In 2000,
includes net repositioning, litigation, business impairment and other charges and a gain on the sale of the TCAS product line of
Honeywell Inc. resulting in a net after-tax charge of $634 million, or $0.78 per share. In 1999, includes merger, repositioning and
other charges and gains on the sales of our Laminate Systems business and our investment in AMP Incorporated common stock
resulting in a net after-tax charge of $624 million, or $0.78 per share.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
BUSINESS OVERVIEW
This Business Overview provides a summary of Honeywell's four reportable operating segments (Aerospace, Automation and
Control Solutions, Specialty Materials and Transportation Systems), including how they generate income, the relevant economic and
other factors impacting their results, and business challenges and areas of focus in both the short- and long-term. Each of these
segments is comprised of various business units and product classes that serve multiple end markets. See Note 23 of Notes to
Financial Statements in “Item 8. Financial Statements and Supplementary Data” for further information on our reportable segments
and our definition of segment profit.
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