Honeywell 2012 Annual Report Download - page 84

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deductible for tax purposes. The results from the consolidation date through December 31, 2010 are
included in the Performance Materials and Technologies segment and were not material to the
consolidated financial statements.
Note 5—Interest and Other Financial Charges
2012 2011 2010
Years Ended December 31,
Total interest and other financial charges . . . . . . . . . . . . . . . . . . . . $369 $389 $402
Less—capitalized interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18) (13) (16)
$351 $376 $386
The weighted average interest rate on short-term borrowings and commercial paper outstanding at
December 31, 2012 and 2011 was 1.43 percent and 0.84 percent, respectively.
Note 6—Income Taxes
Income from continuing operations before taxes
2012 2011 2010
Years Ended December 31,
United States. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,761 $ 318 $1,157
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,114 1,964 1,565
$3,875 $2,282 $2,722
Tax expense (benefit)
2012 2011 2010
Years Ended December 31,
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $584 $ 3 $358
Foreign. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 414 407
$944 $417 $765
2012 2011 2010
Years Ended December 31,
Tax Expense consists of
Current:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $470 $ 171 $(501)
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 13 3
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380 564 385
$860 $ 748 $(113)
Deferred:
United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85 $(185) $ 784
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 4 72
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20) (150) 22
84 (331) 878
$944 $ 417 $ 765
75
HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)