Honeywell 2003 Annual Report Download - page 389

Intangible assets amortization expense was $66, $59 and $56 million in 2003,
2002 and 2001, respectively. Estimated intangible assets amortization expense
for each of the five succeeding years approximates $70 million.
In accordance with SFAS No. 142, prior year amounts were not restated to adjust
for the amortization of goodwill. A reconciliation of the previously reported
net (loss) and (loss) per share to the amounts adjusted for the reduction of
amortization expense, net of the related income tax effect, is as follows:
Year Ended
(Dollars in Millions, December 31,
Except Per Share Amounts) 2001
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Net Income (Loss)
Reported net (loss) ............................................. $ (99)
Amortization adjustment ......................................... 196
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Adjusted net income ............................................. $ 97
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Earnings (loss) per share of common stock--basic
Reported (loss) per share--basic ................................ $(0.12)
Amortization adjustment ......................................... 0.24
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Adjusted earnings per share--basic .............................. $ 0.12
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Earnings (loss) per share of common stock--assuming dilution
Reported (loss) per share--assuming dilution .................... $(0.12)
Amortization adjustment ......................................... 0.24
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Adjusted earnings per share--assuming dilution .................. $ 0.12
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NOTE 14--ACCRUED LIABILITIES
December 31,
--------------
(Dollars in Millions) 2003 2002
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Compensation and benefit costs ............................... $ 386 $ 440
Customer advances ............................................ 516 458
Income taxes ................................................. 145 38
Environmental costs .......................................... 90 75
Asbestos related liabilities ................................. 730 741
Severance .................................................... 171 325
Product warranties and performance guarantees ................ 242 179
Other ........................................................ 2,064 2,147
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$4,344 $4,403
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NOTE 15--LONG-TERM DEBT AND CREDIT AGREEMENTS
December 31,
--------------
(Dollars in Millions) 2003 2002
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6.875% notes due 2005 ........................................ $ 750 $ 750
5.25% notes due 2006 ......................................... 339 282
8 5/8% debentures due 2006 ................................... 100 100
5 1/8% notes due 2006 ........................................ 500 500
7.0% notes due 2007 .......................................... 350 350
7 1/8% notes due 2008 ........................................ 200 200
6.20% notes due 2008 ......................................... 200 200
Zero coupon bonds and money multiplier notes, 13.0%-14.26%,
due 2009 .................................................. 100 100
Floating rate notes due 2009-2011 ............................ 267 --
7.50% notes due 2010 ......................................... 1,000 1,000
6 1/8% notes due 2011 ........................................ 500 500
Industrial development bond obligations, 4.40%-6.75%,
maturing at various dates through 2037 .................... 66 86
6 5/8% debentures due 2028 ................................... 216 216
9.065% debentures due 2033 ................................... 51 51
Other (including capitalized leases), 1.83%-9.5%, maturing
at various dates through 2016 ............................. 322 384
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$4,961 $4,719
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The schedule of principal payments on long-term debt is as follows: