Honeywell 2010 Annual Report Download - page 102
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Other Postretirement Benefits
Years Ended December 31,
Net Periodic Benefit Cost 2010 2009 2008
Service cost $ 2 $ 6 $ 13
Interest cost 81 104 122
Amortization of prior service cost (credit) (44) (44) (43)
Recognition of actuarial losses 34 13 33
Settlements and curtailments (47) (98) —
Net periodic benefit cost $ 26 $ (19) $ 125
Other Changes in Plan Assets & Benefits Obligations
Recognized in Other Comprehensive (Income) Loss Years Ended December 31,
2010 2009 2008
Actuarial (gains)/losses $ 160 $ 47 $ (131)
Prior service cost (credit) (176) (180) (67)
Prior service (cost) credit recognized during year 91 141 43
Actuarial losses recognized during year (34) (13) (33)
Total recognized in other comprehensive (income) loss $ 41 $ (5) $ (188)
Total recognized in net periodic benefit cost and other
comprehensive (income) loss $ 67 $ (24) $ (63)
The estimated net loss and prior service (credit) for other postretirement benefits that will be amortized from accumulated other comprehensive
(income) loss into net periodic benefit cost in 2011 are expected to be $44 and $(51) million, respectively.
Major actuarial assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are presented in the following
table.
U.S. Plans Non-U.S. Plans
2010 2009 2008 2010 2009 2008
Actuarial assumptions used to determine
benefit obligations as of December 31:
Discount rate 5.25% 5.75% 6.95% 5.40% 5.71% 6.21%
Expected annual rate of
compensation increase 4.50% 4.50% 4.50% 3.79% 3.87% 3.33%
Actuarial assumptions used to determine
net periodic benefit cost for years
ended December 31:
Discount rate 5.75% 6.95% 6.50% 5.71% 6.21% 5.68%
Expected rate of return
on plan assets 9.00% 9.00% 9.00% 7.51% 7.52% 7.65%
Expected annual rate of
compensation increase 4.50% 4.50% 4.50% 3.87% 3.33% 3.84%
99