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Honeywell International Inc. (HON) | Analysis of Investments

Investment Accounting Policy

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and on deposit and highly liquid, temporary cash investments with an original maturity of three months or less.

Investments

Investments in affiliates over which Honeywell International has a significant influence, but not a controlling interest, are accounted for using the equity method of accounting. Other investments are carried at market value, if readily determinable, or at cost. All equity investments are periodically reviewed to determine if declines in fair value below cost basis are other-than-temporary. Significant and sustained decreases in quoted market prices or a series of historic and projected operating losses by investees are strong indicators of other-than-temporary declines. If the decline in fair value is determined to be other-than-temporary, an impairment loss is recorded and the investment is written down to a new carrying value.

Source: Honeywell International Inc., Annual Report

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

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Honeywell International Inc., adjustment to Net Income Attributable To Honeywell

USD $ in millions

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Net income attributable to Honeywell (as reported)
chart Add: Changes in fair value of available for sale investments
chart Net income attributable to Honeywell (adjusted)

Adjusted Ratios: Mark to Market Available-for-sale Securities (Summary)

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Honeywell International Inc., adjusted ratios

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  Net Profit Margin
chart Reported net profit margin % % % % %
chart Adjusted net profit margin % % % % %
  Return on Equity (ROE)
chart Reported ROE % % % % %
chart Adjusted ROE % % % % %
  Return on Assets (ROA)
chart Reported ROA % % % % %
chart Adjusted ROA % % % % %
Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Honeywell International Inc.'s adjusted net profit margin deteriorated from 2009 to 2010 and from 2010 to 2011.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Honeywell International Inc.'s adjusted ROE deteriorated from 2009 to 2010 and from 2010 to 2011.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Honeywell International Inc.'s adjusted ROA deteriorated from 2009 to 2010 and from 2010 to 2011.

Adjusted Net Profit Margin

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to Honeywell (USD $ in millions)
chart Net sales (USD $ in millions)
   
chart Net profit margin1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
chart Adjusted net income attributable to Honeywell (USD $ in millions)
chart Net sales (USD $ in millions)
   
chart Adjusted net profit margin2 % % % % %

2011 Calculations

1 Net profit margin = 100 × Net income attributable to Honeywell ÷ Net sales
= 100 × ÷ = %

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Honeywell ÷ Net sales
= 100 × ÷ = %

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Honeywell International Inc.'s adjusted net profit margin deteriorated from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Equity (ROE)

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to Honeywell (USD $ in millions)
chart Honeywell shareowners’ equity (USD $ in millions)
   
chart ROE1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
chart Adjusted net income attributable to Honeywell (USD $ in millions)
chart Honeywell shareowners’ equity (USD $ in millions)
   
chart Adjusted ROE2 % % % % %

2011 Calculations

1 ROE = 100 × Net income attributable to Honeywell ÷ Honeywell shareowners’ equity
= 100 × ÷ = %

2 Adjusted ROE = 100 × Adjusted net income attributable to Honeywell ÷ Honeywell shareowners’ equity
= 100 × ÷ = %

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders' equity. Honeywell International Inc.'s adjusted ROE deteriorated from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Assets (ROA)

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
  As Reported
chart Net income attributable to Honeywell (USD $ in millions)
chart Total assets (USD $ in millions)
   
chart ROA1 % % % % %
  Adjusted: Mark to Market Available-for-sale Securities
chart Adjusted net income attributable to Honeywell (USD $ in millions)
chart Total assets (USD $ in millions)
   
chart Adjusted ROA2 % % % % %

2011 Calculations

1 ROA = 100 × Net income attributable to Honeywell ÷ Total assets
= 100 × ÷ = %

2 Adjusted ROA = 100 × Adjusted net income attributable to Honeywell ÷ Total assets
= 100 × ÷ = %

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Honeywell International Inc.'s adjusted ROA deteriorated from 2009 to 2010 and from 2010 to 2011.

May 23, 2012

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