Honeywell 2008 Annual Report Download - page 103

HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Depreciation expense was $702, $675 and $650 million in 2008, 2007 and 2006, respectively.
Note 12—Goodwill and Other Intangibles—Net
The change in the carrying amount of goodwill for the years ended December 31, 2008 and 2007 by
segment are as follows:
December 31,
2007 Acquisitions Divestitures
Currency
Translation
Adjustment December 31,
2008
Aerospace $ 1,939 $ 60 $ (72) $ (45) $ 1,882
Automation and Control Solutions 5,529 1,149 — (40) 6,638
Specialty Materials 1,156 — — (5) 1,151
Transportation Systems 551 — — (37) 514
$ 9,175 $ 1,209 $ (72) $ (127) $ 10,185
December 31,
2006 Acquisitions Divestitures
Currency
Translation
Adjustment December 31,
2007
Aerospace $ 1,745 $ 180 $ — $ 14 $ 1,939
Automation and Control Solutions 4,959 547 — 23 5,529
Specialty Materials 1,151 2 (6) 9 1,156
Transportation Systems 548 — — 3 551
$ 8,403 $ 729 $ (6) $ 49 $ 9,175
Intangible assets are comprised of:
December 31, 2008 December 31, 2007
Gross
Carrying
Amount Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount Accumulated
Amortization
Net
Carrying
Amount
Intangible assets with determinable
lives:
Patents and technology $ 1,030 $ (494) $ 536 $ 965 $ (407) $ 558
Customer relationships 1,250 (175) 1,075 682 (113) 569
Trademarks 164 (50) 114 192 (35) 157
Other 501 (362) 139 458 (351) 107
2,945 (1,081) 1,864 2,297 (906) 1,391
Trademarks with indefinite lives 403 — 403 107 — 107
$ 3,348 $ (1,081) $ 2,267 $ 2,404 $ (906) $ 1,498
Intangible assets amortization expense was $201, $162 and $144 million in 2008, 2007 and 2006,
respectively. Estimated intangible assets amortization expense for each of the next five years approximates $254
million in 2009, $243 million in 2010, $226 million in 2011, $210 million in 2012 and $181 million in 2013.
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