Honeywell 2006 Annual Report Download - page 96
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
December 31, 2006 December 31, 2005
Carrying
Value Fair
Value Carrying
Value Fair
Value
Assets
Long-term receivables $ 333 $ 306 $ 306 $ 285
Interest rate swap agreements 3 3 9 9
Foreign currency exchange contracts 3 3 3 3
Forward commodity contracts — — 18 18
Liabilities
Long-term debt and related current maturities $ (4,332) $ (4,521) $ (4,077) $ (4,291)
Foreign currency exchange contracts (3) (3) (5) (5)
Forward commodity contracts (9) (9) (1) (1)
Note 17—Other Liabilities
Other liabilities consist of the following:
December 31,
2006 2005
Pension and other employee related $1,748 $2,010
Environmental 580 642
Income taxes 575 569
Insurance 134 55
Asset retirement obligations (1) 92 88
Deferred income 56 28
Other 288 298
$3,473 $3,690
(1)
Asset retirement obligations primarily relate to costs associated with the future retirement of nuclear fuel conversion facilities in
our Specialty Materials reportable segment and the future retirement of facilities in our Automation and Control Solutions
reportable segment.
A reconciliation of our liability for asset retirement obligations for the year ended December 31, 2006, is as follows:
Balance at December 31, 2005 $ 88
Liabilities settled (3)
Adjustments 2
Accretion expense 5
Balance at December 31, 2006 $ 92
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.
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