Honeywell 2007 Annual Report Download - page 49
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Years Ended December 31,
2007 2006 2005
(Dollars in millions)
Specialty Materials
Net repositioning charge $ 5 $ 11 $ 14
Business impairment charges 9 12 23
Arbitration award related to phenol supply agreement — (18) (67)
Other — — (4)
$ 14 $ 5 $ (34)
Years Ended December 31,
2007 2006 2005
(Dollars in millions)
Transportation Systems
Net repositioning charge $ 19 $ 32 $ 49
Asbestos related litigation charges, net of insurance 100 261 31
Other — — 2
$ 119 $ 293 $ 82
Years Ended December 31,
2007 2006 2005
(Dollars in millions)
Corporate
Net repositioning charge $ 3 $ 10 $ (1)
Asbestos related litigation charges, net of insurance — (135) (21)
Probable and reasonably estimable environmental liabilities 225 210 186
Other 18 51 19
$ 246 $ 136 $ 183
In 2007, we recognized repositioning charges totaling $209 million primarily for severance costs related to
workforce reductions of 3,408 manufacturing and administrative positions mainly in our Automation and Control
Solutions and Aerospace segments. Also, $18 million of previously established accruals, primarily for severance
at our Transportation Systems and Aerospace segments, were returned to income in 2007 due mainly to
changes in the scope of previously announced severance programs and due to fewer employee separations than
originally planned associated with prior severance programs.
In 2006, we recognized repositioning charges totaling $124 million primarily for severance costs related to
workforce reductions of 2,253 manufacturing and administrative positions across all of our segments. Also, $22
million of previously established accruals, primarily for severance at our Aerospace, Transportation Systems and
Specialty Materials segments, were returned to income in 2006 due mainly to changes in the scope of previously
announced severance programs and due to fewer employee separations than originally planned associated with
prior Aerospace severance actions.
In 2005, we recognized repositioning charges totaling $267 million primarily for severance costs related to
workforce reductions of 5,269 maufacturing and administrative positions across all of our segments including the
implementation of a new organizational structure in our Aerospace segment (substantially implemented in the
third quarter of 2005) which reorganized our Aerospace businesses to better align with customer segments. Also,
$25 million of previously established accruals, primarily for severance at our Corporate, Specialty Materials and
Automation and Control Solutions segments were returned to income in 2005. The reversal of severance
liabilities related to changes in the scope of previously announced severance programs, excise taxes related to
an executive severance amount previously paid which were determined to no longer be payable, and severance
amounts previously
32