Honeywell 2003 Annual Report Download - page 333
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and retirees. For financial reporting purposes, net periodic pension expense
(income) is calculated based upon a number of actuarial assumptions including a
discount rate for plan obligations and an expected rate of return on plan
assets. We consider current market conditions, including changes in investment
returns and interest rates, in making these assumptions. We determine the
expected long-term rate of return on plan assets utilizing historic plan asset
returns over varying long-term periods combined with current market conditions
and broad asset mix considerations (see
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