Honeywell 2008 Annual Report Download - page 110

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,
2008 2007
Pension and other employee related $ 4,307 $ 1,536
Environmental 603 488
Income taxes 448 416
Insurance 175 143
Asset retirement obligations (1) 90 93
Deferred income 120 69
Other 371 314
$ 6,114 $ 3,059
(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, 2008, is as
follows:
2008 2007
Change in asset retirement obligations:
Balance at beginning of year $ 93 $ 92
Liabilities settled (7) (3)
Adjustments 2 —
Accretion expense 2 4
Balance at end of year $ 90 $ 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, $1.3 billion remained
available as of December 31, 2008 for additional share repurchases. The amount and timing of repurchases may
vary depending on market conditions and the level of operating and other investing activities.