Honeywell 2007 Annual Report Download - page 166

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EXHIBIT 12
HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
2007 2006 2005 2004 2003
(In millions)
Determination of Earnings:
Income from continuing operations before taxes $ 3,321 $ 2,798 $ 2,296 $ 1,623 $ 1,583
Add (Deduct):
Amortization of capitalized interest 22 22 22 24
Fixed charges 543 488 465 438 440
Equity income, net of distributions (10) (7) (30) (75) (38
Total earnings, as defined $ 3,876 $ 3,301 $ 2,753 $ 2,010 $ 2,009
Fixed Charges:
Rents(a) $ 87 $ 114 $ 109 $ 107 $ 105
Interest and other financial charges 456 374 356 331 335
543 488 465 438 440
Capitalized interest 22 22 17 18
Total fixed charges $ 565 $ 510 $ 482 $ 456 $ 455
Ratio of earnings to fixed charges 6.86 6.47 5.71 4.41 4.42
(a) Denotes the equivalent of an appropriate portion of rentals representative of the interest factor on all rentals
other than for capitalized leases.