Honeywell 2004 Annual Report Download - page 78
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Note 5—Other (Income) Expense
Years Ended December 31,
2004 2003 2002
Interest income and other $(130) $(109) $(68)
Minority interests 10 7 8
Foreign exchange loss 28 121 56
$ (92) $ 19 $ (4)
Note 6—Interest and Other Financial Charges
Years Ended December 31,
2004 2003 2002
Total interest and other financial charges $349 $350 $365
Less—capitalized interest (18) (15) (21)
$331 $335 $344
The weighted average interest rate on short-term borrowings and commercial paper outstanding at December 31, 2004 and 2003
was 2.81 and 6.81 percent, respectively.
Note 7—Income Taxes
Income (loss) before taxes and cumulative effect of accounting change
Years Ended December 31,
2004 2003 2002
United States $ 878 $ 925 $(1,262)
Foreign 802 715 317
$1,680 $1,640 $ (945)
Tax expense (benefit)
Years Ended December 31,
2004 2003 2002
United States $170 $ 98 $(894)
Foreign 229 198 169
$399 $296 $(725)
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