Honeywell 2002 Annual Report Download - page 248
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NOTE 6. INTEREST AND OTHER FINANCIAL CHARGES
Years Ended December 31,
------------------------
2002 2001 2000
-------------------------------------------------------------------------------
Total interest and other financial
charges ......................................... $365 $422 $497
Less -- capitalized interest ....................... (21) (17) (16)
-------------------------------------------------------------------------------
$344 $405 $481
===============================================================================
Cash payments of interest during the years 2002, 2001 and 2000 were $352, $297
and $573 million, respectively.
The weighted average interest rate on short-term borrowings and commercial paper
outstanding at December 31, 2002 and 2001 was 1.23 and 7.46 percent,
respectively.
NOTE 7. INCOME TAXES
Income (loss) before taxes
Years Ended December 31,
------------------------
2002 2001 2000
-------------------------------------------------------------------------------
United States ..... ................................ $(1,262) $(751) $1,842
Foreign ........... ................................ 317 329 556
-------------------------------------------------------------------------------
$ (945) $(422) $2,398
===============================================================================
Tax expense (benefit)
Years Ended December 31,
------------------------
2002 2001 2000
-------------------------------------------------------------------------------
United States ...................................... $(894) $(472) $508
Foreign ............................................ 169 149 231
-------------------------------------------------------------------------------
$(725) $(323) $739
===============================================================================
Years Ended December 31,
------------------------
2002 2001 2000
-------------------------------------------------------------------------------
Tax expense (benefit) consist of:
Current:
United States ................................... $(128) $ (33) $126
State ........................................... 28 (1) 2
Foreign ......................................... 168 167 197
-------------------------------------------------------------------------------
68 133 325
-------------------------------------------------------------------------------
Deferred:
United States ................................... (726) (350) 325
State ........................................... (68) (88) 55
Foreign ......................................... 1 (18) 34
-------------------------------------------------------------------------------
(793) (456) 414
-------------------------------------------------------------------------------
$(725) $(323) $739
===============================================================================
Years Ended December 31,
------------------------
2002 2001 2000
-------------------------------------------------------------------------------
The U.S. statutory federal income tax rate is
reconciled to our effective income tax rate as
follows:
Statutory U.S. federal income tax rate .......... (35.0)% (35.0)% 35.0%
Taxes on foreign earnings over
(under) U.S. tax rate(1) ..................... 10.0 15.3 (.7)