Honeywell 2008 Annual Report Download - page 93
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Gain on sale of non-strategic businesses and assets for 2008 includes a $623 million pre-tax gain related to
the sale of our Consumables Solutions business. See Note 2 for further details.
Note 5—Interest and Other Financial Charges
Years Ended December 31,
2008 2007 2006
Total interest and other financial charges $ 482 $ 478 $ 396
Less—capitalized interest (26) (22) (22)
$ 456 $ 456 $ 374
The weighted average interest rate on short-term borrowings and commercial paper outstanding at
December 31, 2008 and 2007 was 1.63 percent and 4.65 percent, respectively.
Note 6—Income Taxes
Income from continuing operations before taxes
Years Ended December 31,
2008 2007 2006
United States $ 2,003 $ 2,084 $ 1,882
Foreign 1,798 1,237 916
$ 3,801 $ 3,321 $ 2,798
Tax expense
Years Ended December 31,
2008 2007 2006
United States $ 696 $ 542 $ 412
Foreign 313 335 308
$ 1,009 $ 877 $ 720
Years Ended December 31,
2008 2007 2006
Tax expense consist of:
Current:
United States $ 493 $ 249 $ (39)
State 70 64 26
Foreign 331 232 283
894 545 270
Deferred:
United States 106 225 376
State 26 4 49
Foreign (17) 103 25
115 332 450