Honeywell 2010 Annual Report Download - page 76
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
not possible to estimate the impact of any amount of such changes, if any, to previously recorded uncertain tax positions.
Unrecognized tax benefits for examinations in progress were $274 million, $261 million and $249 million, as of December 31, 2010, 2009, and 2008,
respectively. These increases are primarily due to an increase in tax examinations and fewer settlements during the year. Estimated interest and penalties
related to the underpayment of income taxes are classified as a component of Tax Expense in the Consolidated Statement of Operations and totaled $33
million, $13 million and $19 million for the years ended December 31, 2010, 2009, and 2008, respectively. Accrued interest and penalties were $183 million,
$150 million and $137 million, as of December 31, 2010, 2009, and 2008, respectively.
Note 7—Earnings Per Share
The details of the earnings per share calculations for the years ended December 31, 2010 and 2009 are as follows:
Years Ended December 31,
Basic 2010 2009 2008
Net income attributable to Honeywell $ 2,022 $ 1,548 $ 806
Weighted average shares outstanding 773.5 752.6 736.8
Earnings per share of common stock $ 2.61 $ 2.06 $ 1.09
Years Ended December 31,
Assuming Dilution 2010 2009 2008
Net income attributable to Honeywell $ 2,022 $ 1,548 $ 806
Average Shares
Weighted average shares outstanding 773.5 752.6 736.8
Dilutive securities issuable - stock plans 7.4 3.1 6.8
Total weighted average shares outstanding 780.9 755.7 743.6
Earnings per share of common stock $ 2.59 $ 2.05 $ 1.08
The diluted earnings per share calculations exclude the effect of stock options when the options' assumed proceeds exceed the average market price of
the common shares during the period. In 2010, 2009, and 2008 the weighted number of stock options excluded from the computations were 14.8, 34.0, and
17.8, respectively. These stock options were outstanding at the end of each of the respective periods.
Note 8—Accounts, Notes and Other Receivables
December 31,
2010 2009
Trade $ 6,698 $ 6,183
Other 647 326
7,345 6,509
Less - Allowance for doubtful accounts (277) (235)
$ 7,068 $ 6,274
Trade Receivables includes $1,307, and $1,167 million of unbilled balances under long-term contracts as of December 31, 2010 and December 31,
2009, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate.
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