Honeywell 2007 Annual Report Download - page 132
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Amounts recognized in Accumulated Other Comprehensive Income (loss) at December 31, 2007 and 2006
are as follows.
Pension
Benefits
Other
Postretirement
Benefits
2007 2006 2007 2006
Transition obligation $ 12 $ 11 $ — $ —
Prior service cost or (benefit) 94 98 (116) (146)
Actuarial losses 1,675 2,423 429 486
Net amount recognized $ 1,781 $ 2,532 $ 313 $ 340
The accumulated benefit obligation for our defined benefit pension plans was $16.0 and $16.2 billion at
December 31, 2007 and 2006, respectively.
The components of net periodic benefit cost and other amounts recognized in other comprehensive (income)
loss for our significant plans include the following components:
Net Periodic Benefit Cost
Pension Benefits Other Postretirement Benefits
Years Ended December 31, Years Ended December 31,
2007 2006 2005 2007 2006 2005
Service cost $ 264 $ 274 $ 236 $ 15 $ 17 $ 17
Interest cost 960 908 815 128 122 120
Expected return on plan assets (1,347) (1,251) (1,104) — — —
Amortization of prior service cost
(credit) 26 27 30 (37) (40) (39)
Recognition of actuarial losses 210 348 392 46 52 63
Settlements and curtailments 35 (13) — — — —
Net periodic benefit cost $ 148 $ 293 $ 369 $ 152 $ 151 $ 161
Other Changes in Plan Assets and
Benefit Obligations
Recognized in Other Comprehensive
(Income) Loss 2007 2007
Actuarial (gains) $ (581) $ (11)
Prior service cost (credit) 22 (7)
Amortization of prior service cost
(credit) (26) 37
Recognition of actuarial losses (210) (46)
Foreign exchange translation
adjustments 19 —
Total recognized in other
comprehensive (income)
loss $ (776) $ (27)
Total recognized in net
periodic benefit cost and
other comprehensive
(income) loss $ (628) $ 125
The estimated net loss and prior service cost for pension benefits that will be amortized from accumulated
other comprehensive income (loss) into net periodic benefit cost in 2008 are expected to be $48 and $28 million,