Honeywell 2003 Annual Report Download - page 413

Other
Postretirement
Pension Benefits Benefits
---------------- -----------------
(Dollars in Millions) 2003 2002 2003 2002
-----------------------------------------------------------------------------------
Amounts recognized in
Consolidated Balance Sheet consist of:
Prepaid pension benefit cost ............ $3,173 $2,242 $ -- $ --
Intangible asset (1) .................... 101 101 -- --
Accrued liabilities ..................... -- -- (197) (197)
Postretirement benefit obligations
other than pensions (2) .............. -- -- (1,660) (1,669)
Accrued benefit liability (3) ........... (170) (134) -- --
Additional minimum liability (3) ........ (453) (757) -- --
Accumulated other nonowner changes ...... 485 1,089 -- --
-----------------------------------------------------------------------------------
Net amount recognized ...................... $3,136 $2,541 $(1,857) $(1,866)
===================================================================================
(1) Included in Other Assets--Non-Current on Consolidated Balance Sheet.
(2) Excludes Non U.S. plans of $23 and $15 million in 2003 and 2002,
respectively.
(3) Included in Other Liabilities--Non-Current on Consolidated Balance Sheet.
The accumulated benefit obligation for our U.S. defined benefit pension plans
was $10,996 and $9,785 million at December 31, 2003 and 2002, respectively.
Net periodic pension and other postretirement benefit costs (income) for our
significant plans include the following components:
Pension Benefits
---------------------------
Years Ended
December 31,
---------------------------
(Dollars in Millions) 2003 2002 2001
--------------------------------------------------------------------------------
Service cost ..................................... $ 201 $ 201 $ 194
Interest cost .................................... 757 753 765
Expected return on plan assets ................... (1,030) (1,164) (1,201)
Amortization of transition asset ................. (7) (7) (11)
Amortization of prior service cost ............... 37 43 49
Recognition of actuarial (gains) losses .......... 178 13 (52)
--------------------------------------------------------------------------------
Net periodic benefit cost (income) ............... 136 (161) (256)
Settlements and curtailments ..................... -- 14 (54)
--------------------------------------------------------------------------------
Net periodic benefit cost (income) after
settlements and curtailments .................. $ 136 $ (147) $ (310)
================================================================================
Other
Postretirement
Benefits
------------------
Years Ended
December 31,
------------------
(Dollars in Millions) 2003 2002 2001
--------------------------------------------------------------------------------
Service cost .............................................. $ 17 $ 21 $ 20
Interest cost ............................................. 145 141 142
Expected return on plan assets ............................ -- -- --
Amortization of prior service (credit) .................... (30) (22) (19)
Recognition of actuarial losses ........................... 62 10 2
--------------------------------------------------------------------------------
Net periodic benefit cost ................................. 194 150 145
Settlements and curtailments .............................. -- (30) --
--------------------------------------------------------------------------------
Net periodic benefit cost after
settlements and curtailments ........................... $194 $120 $145
================================================================================
Other
Postretirement
Pension Benefits Benefits
-------------------- ------------------