Honeywell 2003 Annual Report Download - page 395

December 31, December 31,
2003 2002
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Carrying Fair Carrying Fair
(Dollars in Millions) Value Value Value Value
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Assets
Long-term receivables ............ $ 388 $ 369 $ 464 $ 443
Interest rate swap
agreements .................... 67 67 76 76
Foreign currency exchange
contracts ..................... 12 12 8 8
Forward commodity
contracts ..................... 18 18 5 5
Liabilities
Long-term debt and related
current maturities
(excluding capitalized
leases) ....................... $(4,992) $(5,508) $(4,812) $(5,261)
Foreign currency exchange
contracts ..................... (11) (11) (16) (16)
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NOTE 18--CAPITAL STOCK
We are authorized to issue up to 2,000,000,000 shares of common stock, with a
par value of one dollar. Common shareowners are entitled to receive such
dividends as may be declared by the Board, are entitled to one vote per share,
and are entitled, in the event of liquidation, to share ratably in all the
assets of Honeywell which are available for distribution to the common
shareowners. Common shareowners do not have preemptive or conversion rights.
Shares of common stock issued and outstanding or held in the treasury are not
liable to further calls or assessments. There are no restrictions on us relative
to dividends or the repurchase or redemption of common stock.
In November 2003, Honeywell announced its intention to repurchase sufficient
outstanding shares of its common stock to offset the dilutive impact of employee
stock based compensation plans, including future option exercises, restricted
unit vesting and matching contributions under our savings plans. During 2003, we
repurchased 1.9 million shares of our common stock for $62 million in connection
with our share repurchase program.
We are authorized to issue up to 40,000,000 shares of preferred stock, without
par value, and can determine the number of shares of each series, and the
rights, preferences and limitations of each series. At December 31, 2003, there
was no preferred stock outstanding.
NOTE 19--OTHER NONOWNER CHANGES IN SHAREOWNERS' EQUITY
Total nonowner changes in shareowners' equity are included in the Consolidated
Statement of Shareowners' Equity. The changes in Accumulated Other Nonowner
Changes are as follows:
After-
(Dollars in Millions) Pretax Tax Tax
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YEAR ENDED DECEMBER 31, 2003
Foreign exchange translation adjustments ............. $ 551 $ -- $ 551
Change in fair value of effective cash flow hedges ... -- -- --
Minimum pension liability adjustment ................. 604 (235) 369
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$1,155 $(235) $ 920
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Year ended December 31, 2002
Foreign exchange translation adjustments ............. $ 310 $ -- $ 310
Change in fair value of effective cash flow hedges ... 35 (13) 22
Minimum pension liability adjustment ................. (956) 350 (606)
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$ (611) $ 337 $(274)
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Year ended December 31, 2001
Unrealized losses on securities available-for-sale ... $ (4) $ 1 $ (3)
Reclassification adjustment for losses on securities
available-for-sale included in net income ......... -- -- --
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Net unrealized losses arising during the year ........ (4) 1 (3)
Foreign exchange translation adjustments ............. (51) -- (51)
Change in fair value of effective cash flow hedges ... (8) 3 (5)
Minimum pension liability adjustment ................. (78) 31 (47)
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$ (141) $ 35 $(106)
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