Honeywell 2013 Annual Report Download - page 6

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Notes to Shareowner Letter:
1) Reconciliation of EPS to EPS, Excluding Pension Mark-to-Market Adjustment
2012(a) 2013(b)
EPS. ................................................................. $3.69 $4.92
Pension Mark-to-Market Adjustment . . . ................................ 0.79 0.05
EPS, Excluding Pension Mark-to-Market Adjustment . . .................. $4.48 $4.97
(a) Utilizes weighted average shares of 791.9 million. Mark-to-market uses a blended tax
rate of 35.0%.
(b) Utilizes weighted average shares of 797.3 million. Mark-to-market uses a blended tax
rate of 25.5%.
2) Reconciliation of Segment Profit to Operating Income Excluding Pension Mark-to-Market
Adjustment and Calculation of Segment Profit and Operating Income Margin Excluding
Pension Mark-to-Market Adjustment
($M) 2009 2012 2013
Segment Profit. ...................................... $ 3,991 $ 5,879 $ 6,351
Stock Based Compensation (a) ........................ (117) (170) (170)
Repositioning and Other (a,b) .......................... (493) (488) (699)
Pension Ongoing (Expense) Income (a)................ (287) (36) 90
Pension Mark-to-Market Adjustment (a) ................ (741) (957) (51)
OPEB Income (Expense) (a) .......................... 15 (72) (20)
Operating Income. . .................................. $ 2,368 $ 4,156 $ 5,501
Pension Mark-to-Market Adjustment (a) ................ ($741) ($957) (51)
Operating Income Excluding Pension
Mark-to-Market Adjustment ......................... $ 3,109 $ 5,113 $ 5,552
Segment Profit. ...................................... $ 3,991 $ 5,879 $ 6,351
÷Sales ............................................. $29,951 $37,665 39,055
Segment Profit Margin % . ........................... 13.3% 15.6% 16.3%
Operating Income. . .................................. $ 2,368 $ 4,156 $ 5,501
÷Sales ............................................. $29,951 $37,665 $39,055
Operating Income Margin %.......................... 7.9% 11.0% 14.1%
Operating Income Excluding Pension
Mark-to-Market Adjustment ......................... $ 3,109 $ 5,113 $ 5,552
÷Sales ............................................. $29,951 $37,665 $39,055
Operating Income Margin Excluding Pension
Mark-to-Market Adjustment ......................... 10.4% 13.6% 14.2%
(a) Included in cost of products and services sold and selling, general and administrative
expenses
(b) Includes repositioning, asbestos, environmental expenses and equity income
adjustment