EXHIBIT (12)
HONEYWELL INC. AND SUBSIDIARIES
COMBINED WITH PROPORTIONAL SHARES OF 50% OWNED COMPANIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
FOR THE FIVE YEARS ENDED DECEMBER 31, 1994
(DOLLARS IN MILLIONS)
1994 1993 1992 1991 1990
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Income from continuing operations before income taxes................. $ 369.70 $ 478.50 $ 634.70 $ 509.40 $ 516.40
Deduct:
Equity income....................................................... 10.50 17.80 15.80 14.60 11.50
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Subtotal............................................................ 359.20 460.70 618.90 494.80 504.90
Add (Deduct):
Dividends from less than 50% owned companies........................ 2.37 2.10 1.54 1.44 1.42
Proportional share of income (loss) before income taxes of 50% owned
companies.......................................................... (2.83) .30 .79 .31 .25
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Adjusted income....................................................... 358.74 463.10 621.23 496.55 506.57
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Fixed charges
Interest on indebtedness:
Honeywell Inc. and subsidiaries..................................... 72.89 65.46 87.54 87.23 103.76
50% owned companies................................................. .02
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Subtotal............................................................ 72.89 65.46 87.54 87.23 103.78
Amortization of debt expense.......................................... 2.61 2.54 2.36 2.17 2.24
Interest portion of rent expense...................................... 45.64 44.75 42.68 39.87 38.94
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Total fixed charges................................................... 121.14 112.75 132.58 129.27 144.96
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Total available income................................................ $ 479.88 $ 575.85 $ 753.81 $ 625.82 $ 651.53
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Ratio of earnings to fixed charges.................................... 3.96 5.11 5.69 4.84 4.49
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