Honeywell 2009 Annual Report Download - page 92
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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,
2009 2008 2007
United States $ 528 $ 696 $ 542
Foreign 261 313 335
$ 789 $ 1,009 $ 877
Years Ended December 31,
2009 2008 2007
Tax expense consist of:
Current:
United States $ (27) $ 493 $ 249
State 21 70 64
Foreign 424 331 232
418 894 545
Deferred:
United States 484 106 225
State 50 26 4
Foreign (163) (17) 103
371 115 332
$ 789 $ 1,009 $ 877
Years Ended December 31,
2009 2008 2007
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) (6.2) (6.5) (4.7)
State income taxes(1) 1.7 1.8 .9
Manufacturing incentives (1.0) (.7) (.8)
ESOP dividend tax benefit (.8) (.5) (.5)
Tax credits (1.2) (1.0) (.6)
Audit settlements (.5) (1.5) (2.9)
All other items—net (.5) (.2) (.1)
26.5% 26.4% 26.3%
(1) Net of changes in valuation allowance.