Honeywell 2010 Annual Report Download - page 85
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Note 17—Other Liabilities
Year Ended
December 31,
2010 2009
Pension and other employee related $ 4,216 $ 4,814
Environmental 425 465
Income taxes 562 476
Insurance 177 207
Asset retirement obligations(1) 86 85
Deferred income 94 106
Other 345 300
$ 5,905 $ 6,453
(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, 2010, is as follows:
2010 2009
Change in asset retirement obligations:
Balance at beginning of year $ 85 $ 90
Liabilities settled (3) (3)
Adjustments 2 (5)
Accretion expense 2 3
Balance at end of year $ 86 $ 85
Note 18—Capital Stock
We are authorized to issue up to 2,000,000,000 shares of common stock, with a par value of $1. 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.
The Board of Directors has authorized the repurchase of up to a total of $3.0 billion of Honeywell common stock, which amount includes $1.3 billion
that remained available under the Company's previously reported share repurchase program.
We are authorized to issue up to 40,000,000 shares of preferred stock, without par value, and can determine the number of shares of each series, and the
rights, preferences and limitations of each series. At December 31, 2010, there was no preferred stock outstanding.
Note 19—Accumulated Other Comprehensive Income (Loss)
Total accumulated other comprehensive income (loss) is included in the Consolidated Statement of Shareowners' Equity. Comprehensive Income (Loss)
attributable to non-controlling interest consisted predominantly of net income. The changes in Accumulated Other Comprehensive Income (Loss) are as
follows:
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