Honeywell 2007 Annual Report Download - page 107

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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Note 17—Other Liabilities
Other liabilities consist of the following:
December 31,
2007 2006
Pension and other employee related $ 1,536 $ 1,748
Environmental 488 580
Income taxes 416 575
Insurance 143 134
Asset retirement obligations (1) 93 92
Deferred income 69 56
Other 314 288
$ 3,059 $ 3,473
(1) Asset retirement obligations primarily relate to costs associated with the future retirement of nuclear fuel
conversion facilities in our Specialty Materials segment and the future retirement of facilities in our
Automation and Control Solutions segment.
A reconciliation of our liability for asset retirement obligations for the year ended December 31, 2007, is as
follows:
Balance at December 31, 2006 $ 92
Liabilities settled (3)
Adjustments —
Accretion expense 4
Balance at December 31, 2007 $ 93
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.
Under the Company's previously reported $3.0 billion share repurchase program, $2.7 billion remained
available as of December 31, 2007 for additional share repurchases. The amount and timing of repurchases may
vary depending on market conditions and the level of other investing activities.
We are authorized to issue up to 40,000,000 shares of preferred stock, without par value, and can determine
the number of shares of each series, and the rights, preferences and limitations of each series. At December 31,
2007, there was no preferred stock outstanding.