Honeywell 2002 Annual Report Download - page 249

Asset basis differences ......................... (33.1) (18.5) 2.5
Nondeductible amortization ...................... 2.4 13.4 2.8
State income taxes(1) ........................... (2.6) (9.3) 1.3
Tax benefits on export sales .................... (8.5) (25.4) (5.0)
ESOP dividend tax benefit ....................... (1.9) (4.3) (.7)
Tax credits ..................................... (1.5) (7.7) (3.5)
Equity income ................................... (1.7) (3.6) (.4)
All other items -- net .......................... (4.8) (1.5) (.5)
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(76.7)% (76.6)% 30.8%
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(1) Net of changes in valuation allowance.
Deferred tax assets (liabilities)
December 31,
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2002 2001
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The principal components of deferred tax assets and
(liabilities) are as follows:
Property, plant and equipment basis differences .......... $ (572) $(878)
Postretirement benefits other than pensions
and postemployment benefits ........................... 781 828
Investment and other asset basis differences ............. (192) (219)
Other accrued items ...................................... 796 376
Net operating losses ..................................... 863 597
U.S. net capital loss .................................... 196 --
Tax credits .............................................. 253 167
Undistributed earnings of subsidiaries ................... (33) (54)
All other items -- net ................................... (491) (466)
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1,601 351
Valuation allowance ...................................... (191) (111)
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$1,410 $ 240
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