Honeywell 2004 Annual Report Download - page 85
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Intangible assets are comprised of:
December 31, 2004 December 31, 2003
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Intangible assets with determinable lives:
Investments in Aerospace customer incentives $ 952 $ (176) $ 776 $ 860 $ (141) $ 719
Patents and trademarks 445 (310) 135 425 (295) 130
Other 512 (219) 293 398 (186) 212
1,909 (705) 1,204 1,683 (622) 1,061
Trademark with indefinite life 46 (9) 37 46 (9) 37
$ 1,955 $ (714) $ 1,241 $ 1,729 $ (631) $ 1,098
Intangible assets amortization expense was $78, $66 and $59 million in 2004, 2003 and 2002, respectively. Estimated intangible
assets amortization expense for each of the five succeeding years approximates $75 million.
Note 14—Accrued Liabilities
December 31,
2004 2003
Compensation and benefit costs $ 538 $ 386
Customer advances 545 516
Income taxes 216 145
Environmental costs 267 90
Asbestos related liabilities 744 730
Severance 97 171
Product warranties and performance guarantees 270 242
Other 2,294 2,034
$4,971 $4,314
64