EXHIBIT 12
HONEYWELL INTERNATIONAL INC.
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
2003 2002 2001 2000 1999
---- ---- ---- ---- ----
(In millions)
Determination of Earnings:
Income (loss) before taxes...................... $1,640 $ (945) $ (422) $2,398 $2,248
Add (Deduct):
Amortization of capitalized interest........ 24 24 25 25 25
Fixed charges............................... 440 435 512 583 362
Equity income, net of distributions......... (38) (42) 199 132 (46)
------ ------ ------ ------ ------
Total earnings, as defined.............. $2,066 $ (528) $ 314 $3,138 $2,589
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Fixed Charges:
Rents(a)........................................ $ 105 $ 91 $ 107 $ 102 $ 97
Interest and other financial charges............ 335 344 405 481 265
------ ------ ------ ------ ------
440 435 512 583 362
Capitalized interest............................ 15 21 17 16 22
------ ------ ------ ------ ------
Total fixed charges..................... $ 455 $ 456 $ 529 $ 599 $ 384
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Ratio of earnings to fixed charges.............. $ 4.54 (1.16)(b) 0.59(b) 5.24 6.74
------ ------ ------ ------ ------
------ ------ ------ ------ ------
</Table>
- ---------
(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 in the years ended
December 31, 2002 and 2001, respectively.