Honeywell 2014 Annual Report Download - page 52

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Certain repositioning projects in our Aerospace, ACS and PMT segments in 2014, 2013 and 2012
included exit or disposal activities, the costs related to which will be recognized in future periods when
the actual liability is incurred. Such exit and disposal costs were not significant.
Note 4. Other (income) expense
2014 2013 2012
Years Ended December 31,
Equity (income) loss of affiliated companies. . . . . . . . . . . . . . . . . . . $ (36) $ (36) $(45)
Gain on sale of available for sale investments . . . . . . . . . . . . . . . . (221) (195) —
Loss (gain) on sale of non-strategic businesses and assets. . . . 11 20 (5)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (102) (69) (58)
Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 34 36
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 8 2
$(305) $(238) $(70)
Gain on sale of available for sale investments of $221 million and $195 million for 2014 and 2013,
respectively, are due to realized gain related to the sale of marketable equity securities. These
securities (B/E Aerospace common stock), designated as available for sale, were obtained in
conjunction with the sale of the Consumables Solutions business in July 2008.
Note 5. Income Taxes
Income from continuing operations before taxes
2014 2013 2012
Years Ended December 31,
U.S.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,340 $3,002 $1,761
Non-U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,478 2,410 2,114
$5,818 $5,412 $3,875
Tax expense (benefit)
2014 2013 2012
Years Ended December 31,
Tax expense (benefit) consists of
Current:
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 746 $ 663 $470
U.S. State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 97 10
Non-U.S.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 572 428 380
$1,357 $1,188 $860
Deferred:
U.S. Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 114 $ 160 $ 85
U.S. State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 72 19
Non-U.S.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (45) 30 (20)
132 262 84
$1,489 $1,450 $944
43
HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)