Honeywell 2005 Annual Report Download - page 270
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EXHIBIT 12
HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
2005 2004 2003 2002 2001
(In millions)
Determination of Earnings:
Income (loss) from continuing operations before taxes $ 2,323 $ 1,680 $ 1,640 $ (945) $ (422)
Add (Deduct):
Amortization of capitalized interest 22 24 24 24 25
Fixed charges 465 438 440 435 512
Equity income, net of distributions (30) (75) (38) (42) 199
Total earnings, as defined $ 2,780 $ 2,067 $ 2,066 $ (528) $ 314
Fixed Charges:
Rents(a) $ 109 $ 107 $ 105 $ 91 $ 107
Interest and other financial charges 356 331 335 344 405
465 438 440 435 512
Capitalized interest 17 18 15 21 17
Total fixed charges $ 482 $ 456 $ 455 $ 456 $ 529
Ratio of earnings to fixed charges 5.77 4.53 4.54 (1.16)(b) 0.59(b)
(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.