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, 1998
(DOLLARS IN MILLIONS)
1998 1997 1996 1995 1994
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Income before income taxes................................ $ 829.33 $ 703.26 $ 610.20 $ 505.50 $ 369.70
Deduct:
Equity income........................................... 11.75 12.94 13.30 13.60 10.50
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Subtotal................................................ 817.58 690.32 596.90 491.90 359.20
Add (Deduct):
Dividends from less than 50% owned companies............ 2.05 2.60 2.16 2.58 2.37
Proportional share of income (loss) before income taxes
of 50% owned companies................................ .35 .06 (.93) .41 (2.83)
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Adjusted income........................................... 819.98 692.98 598.13 494.89 358.74
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Fixed charges
Interest on indebtedness:
Honeywell Inc. and subsidiaries......................... 113.04 101.93 76.81 79.66 72.89
50% owned companies..................................... 2.79 .11 .05 -- --
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Subtotal................................................ 115.83 102.04 76.86 79.66 72.89
Amortization of debt expense.............................. 1.67 1.50 4.55 3.66 2.61
Interest portion of rent expense.......................... 47.28 47.19 51.24 47.80 45.64
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Total fixed charges....................................... 164.78 150.73 132.65 131.12 121.14
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Total available income.................................... $ 984.76 $ 843.71 $ 730.78 $ 626.01 $ 479.88
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Ratio of earnings to fixed charges........................ 5.98 5.60 5.51 4.77 3.96
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73