Honeywell 2011 Annual Report Download - page 145

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EXHIBIT 12
HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
2011 2010 2009 2008 2007
Determination of Earnings:
Income before taxes $ 2,282 $ 2,722 $ 1,964 $ 584 $ 3,487
Add (Deduct):
Amortization of capitalized interest 20 21 21 22 22
Fixed charges 432 451 539 542 542
Equity income, net of distributions (51) (28) (26) (63) (10)
Total earnings, as defined $ 2,683 $ 3,166 $ 2,498 $ 1,085 $ 4,041
Fixed Charges:
Rents(a) $ 56 $ 65 $ 81 $ 86 $ 87
Interest and other financial charges 376 386 458 456 455
432 451 539 542 542
Capitalized interest 13 16 15 26 22
Total fixed charges $ 445 $ 467 $ 554 $ 568 $ 564
Ratio of Earnings to Fixed Charges 6.03 6.78 4.51 1.91 7.16
(a) Denotes the equivalent of an appropriate portion of rentals representative of the interest factor on all rentals other than for capitalized leases.