Honeywell 2007 Annual Report Download - page 90
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Tax expense
Years Ended December 31,
2007 2006 2005
United States $ 542 $ 412 $ 427
Foreign 335 308 305
$ 877 $ 720 $ 732
Years Ended December 31,
2007 2006 2005
Tax expense consist of:
Current:
United States $ 249 $ (39) $ 395
State. 64 26 19
Foreign 232 283 276
545 270 690
Deferred:
United States 225 376 19
State 4 49 (6)
Foreign 103 25 29
332 450 42
$ 877 $ 720 $ 732
Years Ended December 31,
2007 2006 2005
The U.S. statutory federal income tax rate is reconciled to our
effective income tax rate as follows:
Statutory U.S. federal income tax rate 35.0% 35.0% 35.0%
Taxes on foreign earnings below U.S. tax rate (1) (4.6) (4.0) (1.4)
Asset basis differences — — (3.6)
Nondeductible amortization — — .6
State income taxes (1) .9 1.7 .7
Tax benefits on export sales — (1.9) (3.3)
Domestic Manufacturing Deduction (.8) (.3) (.3)
ESOP Dividend Tax Benefit (.5) (.7) (.9)
Tax credits (.6) (.7) (.5)
Equity income — — (.5)
Repatriation expense related to American Jobs Creation Act of
2004 — — 6.8
Audit Settlements (2.9) (2.9) (.6)
All other items—net (.1) (.5) (.1)
26.4% 25.7% 31.9%