Honeywell 2002 Annual Report Download - page 225
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our debt obligations. As described in Notes 15 and 17 of Notes to Financial
Statements, we issue both fixed and variable rate debt and use interest rate
swaps to manage our exposure to interest rate movements and reduce overall
borrowing costs.
Financial instruments, including derivatives, expose us to counterparty credit
risk for nonperformance and to market risk related to changes in interest or
currency exchange rates. We manage our exposure to counterparty credit risk
through specific minimum credit standards, diversification of counter-
36