Honeywell 2008 Annual Report Download - page 338
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EXHIBIT 12
HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
2008 2007 2006 2005 2004
(In millions)
Determination of Earnings:
Income from continuing operations before taxes $ 3,801 $ 3,321 $ 2,798 $ 2,296 $ 1,623
Add (Deduct):
Amortization of capitalized interest 22 22 22 22
Fixed charges 542 543 488 465 438
Equity income, net of distributions (63) (10) (7) (30) (75
Total earnings, as defined $ 4,302 $ 3,876 $ 3,301 $ 2,753 $ 2,010
Fixed Charges:
Rents(a) $ 86 $ 87 $ 114 $ 109 $ 107
Interest and other financial charges 456 456 374 356 331
542 543 488 465 438
Capitalized interest 26 22 22 17
Total fixed charges $ 568 $ 565 $ 510 $ 482 $ 456
Ratio of earnings to fixed charges 7.57 6.86 6.47 5.71 4.41
(a) Denotes the equivalent of an appropriate portion of rentals representative of the interest factor on all rentals
other than for capitalized leases.