Honeywell 2003 Annual Report Download - page 372
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brought against us, the allegations in such claims or their probable outcomes
and resulting settlement values in the tort system. We continually assess the
likelihood of any adverse judgments or outcomes to our contingencies, as well as
potential ranges of probable losses and recognize a liability, if any, for these
contingencies based on a careful analysis of each individual issue with the
assistance of outside legal counsel and, if applicable, other experts.
In connection with the recognition of liabilities for asbestos related matters,
we record asbestos related insurance recoveries that are deemed probable. In
assessing the probability of insurance recovery, we make judgments concerning
insurance coverage that we believe are reasonable and consistent with
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