Honeywell International (HON) 10-K 2007 FY Annual report

EXHIBIT 12

HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	2007				2006				2005				2004				2003
	(In millions)
Determination of Earnings:
Income from continuing operations before taxes		$	3,321			$	2,798			$	2,296			$	1,623			$	1,583
Add (Deduct):
Amortization of capitalized interest			22				22				22				24				24
Fixed charges			543				488				465				438				440
Equity income, net of distributions			(10	)			(7	)			(30	)			(75	)			(38	)
Total earnings, as defined		$	3,876			$	3,301			$	2,753			$	2,010			$	2,009
Fixed Charges:
Rents(a)		$	87			$	114			$	109			$	107			$	105
Interest and other financial charges			456				374				356				331				335
			543				488				465				438				440
Capitalized interest			22				22				17				18				15
Total fixed charges		$	565			$	510			$	482			$	456			$	455
Ratio of earnings to fixed charges			6.86				6.47				5.71				4.41				4.42

(a) Denotes the equivalent of an appropriate portion of rentals representative of the interest factor on all rentals other than for capitalized leases.