Honeywell 2009 Annual Report Download - page 26

tax, and includes estimates of additional tax which may be incurred for tax exposures and reflects various
estimates and assumptions, including assessments of future earnings of the Company that could effect the
valuation of our deferred tax assets. Our future results could be adversely affected by changes in the effective tax
rate as a result of a change in the mix of earnings in countries with differing statutory tax rates, changes in the
overall profitability of the Company, changes in tax legislation, changes in the valuation of deferred tax assets
and liabilities, the results of audits and examinations of previously filed tax returns and continuing assessments of
our tax exposures.
Volatility of credit markets or macro-economic factors could adversely affect our business.
Changes in U.S. and global financial and equity markets, including market disruptions, limited liquidity, and
interest rate volatility, may increase the cost of financing as well as the risks of refinancing maturing debt. In
addition, our borrowing costs can be affected by short and long-term ratings assigned by independent rating
agencies. A decrease in these ratings could increase our cost of borrowing.
Delays in our customers' ability to obtain financing, or the unavailability of financing to our customers, could
adversely affect our results of operations and cash flow. The inability of our suppliers to obtain financing could
result in the need to transition to alternate suppliers, which could result in significant incremental cost and delay,
as discussed above. Lastly, disruptions in the U.S. and global financial markets could impact the financial
institutions with which we do business.
Item 1B. Unresolved Staff Comments
Not Applicable
Item 2. Properties
We have approximately 1,300 locations consisting of plants, research laboratories, sales offices and other
facilities. Our headquarters and administrative complex is located at Morris Township, New Jersey. Our plants
are generally located to serve large marketing areas and to provide accessibility to raw materials and labor pools.
Our properties are generally maintained in good operating condition. Utilization of these plants may vary with
sales to customers and other business conditions; however, no major operating facility is significantly idle. We
own or lease warehouses, railroad cars, barges, automobiles, trucks, airplanes and materials handling and data
processing equipment. We also lease space for administrative and sales staffs. Our properties and equipment
are in good operating condition and are adequate for our present needs. We do not anticipate difficulty in
renewing existing leases as they expire or in finding alternative facilities.
Our principal plants, which are owned in fee unless otherwise indicated, are as follows:
Aerospace
Anniston, AL (leased)
Glendale, AZ (leased)
Phoenix, AZ
Tempe, AZ
Tucson, AZ
Torrance, CA
Clearwater, FL
South Bend, IN
Olathe, KS
Minneapolis, MN (partially leased)
Plymouth, MN
Rocky Mount, NC
Albuquerque, NM
Urbana, OH
Greer, SC
Toronto, Canada
Raunheim, Germany
Penang, Malaysia
Singapore (leased)
Yeovil, UK (leased)
Automation and Control Solutions
Phoenix, AZ (leased)
San Diego, CA (leased)
Northford, CT
Freeport, IL
St. Charles, IL (leased)
Golden Valley, MN
Skaneateles Falls, NY
Suzhou, China
Mosbach, Germany
Neuss, Germany (leased)
Schonaich, Germany (leased)
Pune, India (leased)
Juarez, Mexico
(partially leased)
Tijuana, Mexico
(leased)
Emmen, Netherlands
Newhouse, Scotland
Chihuahua, Mexico
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