Honeywell 2003 Annual Report Download - page 380
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Adjustments ........................ (57) -- (12) (69)
--------------------------------------------------------------------------------
BALANCE AT DECEMBER 31, 2003 ....... $ 171 $ -- $ 42 $ 213
================================================================================
In 2003, we recognized other charges for probable and reasonably estimable legal
and environmental liabilities of $261 million. This includes $235 million for
environmental liabilities mainly related to the matter entitled Interfaith
Community Organization, et al. v. Honeywell International Inc., et al. and for
environmental conditions in and around Onondaga Lake in Syracuse, New York, both
as discussed in Note 21. We also recognized a charge of $4 million in our
Specialty Materials reportable segment including a loss on sale of an investment
owned by an equity investee.
In 2002, we recognized business impairment charges of $877 million related to
businesses in our Specialty Materials and Automation and Control Solutions
reportable segments, as well as our Friction Materials business. Based on
current operating losses and deteriorating economic conditions in certain
chemical and telecommunications end markets, we performed impairment tests and
recognized impairment charges of $785
54