Honeywell 2013 Annual Report Download - page 9
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3) Reconciliation Of Cash Provided By Operating Activities To Free Cash Flow And
Calculation Of Free Cash Flow Conversion Percentage (Continued)
($M) 2009 2010 2011 2012
Cash Provided by Operating Activities......... $3,946 $4,203 $2,833 $3,517
Expenditures for Property, Plant and
Equipment . . ............................... (609) (651) (798) (884)
$3,337 $3,552 $2,035 $2,633
Cash Pension Contributions . ................. 265 651 1,745 1,039
Free Cash Flow .............................. $3,602 $4,203 $3,780 $3,672
Net Income Attributable to Honeywell ......... $1,548 $2,022 $2,067 $2,926
Pension Mark-to-Market Adjustment, Net of
Tax (a) ..................................... 486 319 1,137 622
Net Income Attributable to Honeywell
Excluding Pension Mark-to-Market
Adjustment .............................. $2,034 $2,341 $3,204 $3,548
Cash Provided by Operating Activities......... $3,946 $4,203 $2,833 $3,517
÷Net Income Attributable to Honeywell ....... 1,548 2,022 2,067 2,926
Operating Cash Flow Conversion %. .......... 255% 208% 137% 120%
Free Cash Flow .............................. $3,602 $4,203 $3,780 $3,672
÷Net Income Attributable to Honeywell
Excluding Pension Mark-to-Market
Adjustment .............................. 2,034 2,341 3,204 3,548
Free Cash Flow Conversion %. ............... 177% 180% 118% 103%
(a) Mark-to-market uses a blended tax rate of 34.4%, 32.3%, 36.9% and 35.0% for 2009
through 2012, respectively.