Honeywell 2004 Annual Report Download - page 84
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
There were no marketable equity securities classified as available-for-sale at December 31, 2004 and 2003.
Note 12—Property, Plant and Equipment
December 31,
2004 2003
Land and improvements $ 356 $ 335
Machinery and equipment 8,935 9,011
Buildings and improvements 2,027 1,964
Construction in progress 344 435
11,662 11,745
Less—Accumulated depreciation and amortization (7,331) (7,450)
$ 4,331 $ 4,295
Depreciation expense was $572, $595 and $671 million in 2004, 2003 and 2002, respectively.
Note 13—Goodwill and Other Intangibles—Net
The change in the carrying amount of goodwill for the years ended December 31, 2004 and 2003 by reportable segment are as
follows:
December 31,
2003
Acquisitions
Divestitures
Currency
Translation
Adjustment
December 31,
2004
Aerospace $ 1,641 $ 64 $ — $ 16 $ 1,721
Automation and Control Solutions 2,832 162 (60) 20 2,954
Specialty Materials 781 — (12) 10 779
Transportation Systems 535 — — 24 559
$ 5,789 $ 226 $ (72) $ 70 $ 6,013
December 31,
2002
Acquisitions
Divestitures
Currency
Translation
Adjustment
December 31,
2003
Aerospace $ 1,644 $ — $ (3) $ — $ 1,641
Automation and Control Solutions 2,678 136 — 18 2,832
Specialty Materials 849 5 (89) 16 781
Transportation Systems 527 — — 8 535
$ 5,698 $ 141 $ (92) $ 42 $ 5,789
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