Honeywell 2007 Annual Report Download - page 130
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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,
2007 and 2006.
Pension Benefits
Other
Postretirement
Benefits
2007 2006 2007 2006
Change in benefit obligation:
Benefit obligation at beginning of year $ 17,008 $ 16,168 $ 2,265 $ 2,318
Service cost 264 274 15 17
Interest cost 960 908 128 122
Plan amendments 22 7 (7) (11
Actuarial (gains) losses (647) (183) (11) (14
Acquisitions — 75 — —
Benefits paid (1,073) (1,070) (198) (186
Settlements and curtailments 34 (15) — —
Other 202 844 — 19
Benefit obligation at end of year 16,770 17,008 2,192 2,265
Change in plan assets:
Fair value of plan assets at beginning of year 16,578 14,653 — —
Actual return on plan assets 1,281 1,897 — —
Company contributions 238 347 — —
Acquisitions — 65 — —
Benefits paid (1,073) (1,070) — —
Other 170 686 — —
Fair value of plan assets at end of year 17,194 16,578 — —
Funded status of plans $ 424 $ (430) $ (2,192) $ (2,265
Amounts recognized in Consolidated Balance Sheet consist of:
Prepaid pension benefit cost $ 1,231 $ 685 $ — $ —
Accrued liabilities — — (197) (197
Postretirement benefit obligations other than pensions(1) — — (1,995) (2,068
Accrued pension liability(2) (807) (1,115) — —
Net amount recognized $ 424 $ (430) $ (2,192) $ (2,265
(1) Excludes Non-U.S. plans of $30 and $22 million in 2007 and 2006, respectively.
(2)
Included in Other Liabilities—Non-Current on Consolidated Balance Sheet.
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