Honeywell 2002 Annual Report Download - page 218

liabilities .......................................... 7 192 80
Customer claims and settlements of contract
liabilities .......................................... -- -- 2
Write-offs of receivables, inventories and other
assets ............................................... -- 2 8
Investment impairment charges ........................... 4 -- --
Debt extinguishment loss ................................ -- 6 --
General Electric merger expenses ........................ -- 42 --
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$1,430 $506 $105
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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
Financial Condition
Total assets at December 31, 2002 were $27,559 million, an increase of $3,333
million, or 14 percent compared with December 31, 2001. This increase resulted
mainly from the recognition of probable recoveries from insurance carriers
related to asbestos claims of approximately $2.0 billion, a higher prepaid
pension asset due to the voluntary contribution to our U.S. defined benefit
pension plans of $830 million in 2002 and an increase in cash of $628 million.
This increase was also due to an increase in deferred tax assets of $712 million
due to the repositioning, litigation, business impairment and other charges and
net operating tax losses in 2002. This increase was partially offset by a
decrease in trade accounts receivables and inventories of $506 million in 2002
due to improved working capital turnover and a decline in property, plant and
equipment of $878 million due to write-downs in connection with our business
impairments and plant closures. Total assets at December 31, 2001 were $24,226
million, a decrease of $949 million, or 4 percent compared with December 31,
2000. Inventories and accounts
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