Honeywell 2004 Annual Report Download - page 266
Download and view the complete annual report
Please find page 266 of the 2004 Honeywell annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
-
255
-
256 -
257 -
258 -
259 -
260 -
261 -
262 -
263 -
264 -
265 -
266 -
267 -
268 -
269 -
270 -
271 -
272 -
273 -
274 -
275 -
276 -
277
-
278
-
279
-
280
-
281
-
282
-
283
 |
 |
EXHIBIT 12
HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
2004 2003 2002 2001 2000
(In millions)
Determination of Earnings:
Income (loss) before taxes $ 1,680 $ 1,640 $ (945) $ (422) $ 2,398
Add (Deduct):
Amortization of capitalized interest 24 24 24 25 25
Fixed charges 438 448 435 512 583
Equity income, net of distributions (75) (38) (42) 199 132
Total earnings, as defined $ 2,067 $ 2,066 $ (528) $ 314 $ 3,138
Fixed Charges:
Rents(a) $ 107 $ 105 $ 91 $ 107 $ 102
Interest and other financial charges 331 335 344 405 481
438 440 435 512 583
Capitalized interest 18 15 21 17 16
Total fixed charges $ 456 $ 455 $ 456 $ 529 $ 599
Ratio of earnings to fixed charges 4.53 4.54 (1.16)(b) 0.59(b) 5.24
(a) Denotes the equivalent of an appropriate portion of rentals representative of the interest factor on all rentals other than for
capitalized leases.
(b) The ratio of earnings to fixed charges was less than 1:1 for the years ended December 31, 2002 and 2001. In order to have
achieved a ratio of earnings to fixed charges of 1:1, we would have had to have generated an additional $984 and $215 million of
earnings in the years ended December 31, 2002 and 2001, respectively.