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EXHIBIT 12
HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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2002 2001 2000 1999 1998
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(IN MILLIONS)
DETERMINATION OF EARNINGS:
Income (loss) before taxes........................... (945) (422) 2,398 2,248 2,772
Add (Deduct):
Amortization of capitalized interest............. 24 25 25 25 25
Fixed charges.................................... 435 512 583 362 362
Equity income, net of distributions.............. (42) 199 132 (46) (44)
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Total earnings, as defined................... (528) 314 3,138 2,589 3,115
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FIXED CHARGES:
Rents(a)............................................. 91 107 102 97 87
Interest and other financial charges................. 344 405 481 265 275
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435 512 583 362 362
Capitalized interest................................. 21 17 16 22 25
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Total fixed charges.......................... 456 529 599 384 387
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Ratio of earnings to fixed charges................... (1.16)(b) 0.59(b) 5.24 6.74 8.05
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(a) Denotes the equivalent of an appropriate portion of rentals representative
of the interest factor on all rentals other than for capitalized leases.
(b) The ratio of earnings to fixed charges was less than 1:1 for the years
ended December 31, 2002 and 2001. In order to have achieved a ratio of
earnings to fixed charges of 1:1, we would have had to have generated an
additional $984 and $215 million of earnings, respectively, in the years
ended December 31, 2002 and 2001, respectively.