Honeywell 2004 Annual Report Download - page 105

HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated
with our significant pension and other postretirement benefit plans at December 31, 2004 and 2003. We use a December 31
measurement date for the majority of our pension and postretirement benefit plans.
Pension Benefits
Other
Postretirement
Benefits
2004 2003 2004 2003
Change in benefit obligation:
Benefit obligation at beginning of year $ 12,993 $ 11,660 $ 2,421 $ 2,241
Service cost 222 201 17 17
Interest cost 755 757 138 145
Plan amendments 1 30 (19) (92)
Actuarial losses 361 1,010 3 313
Acquisitions (divestitures) (9) 15 — —
Benefits paid (905) (883) (207) (203)
Settlements and curtailments 1 (2) — —
Other 168 205 — —
Benefit obligation at end of year 13,587 12,993 2,353 2,421
Change in plan assets:
Fair value of plan assets at beginning of year 12,265 10,178 — —
Actual return on plan assets 1,461 2,072 — —
Company contributions 111 725 — —
Acquisitions (divestitures) (9) 15 — —
Benefits paid (905) (883) — —
Other 147 158 — —
Fair value of plan assets at end of year 13,070 12,265 — —
Funded status of plans (517) (728) (2,353) (2,421)
Unrecognized net obligation at transition 11 11 — —
Unrecognized net loss 3,245 3,666 679 779
Unrecognized prior service cost (credit) 151 187 (196) (215)
Net amount recognized $ 2,890 $ 3,136 $ (1,870) $ (1,857)
Amounts recognized in Consolidated Balance Sheet consist of:
Prepaid pension benefit cost $ 2,985 $ 3,173 $ — $ —
Intangible asset(1) 88 101 — —
Accrued liabilities — — (197) (197)
Postretirement benefit obligations other than pensions(2) — — (1,673) (1,660)
Accrued benefit liability(3) (225) (170) — —
Additional minimum liability(3) (462) (453) — —
Accumulated other nonowner changes 504 485 — —
Net amount recognized $ 2,890 $ 3,136 $ (1,870) $ (1,857)
(1) Included in Other Assets—Non-Current on Consolidated Balance Sheet.