Honeywell 2010 Annual Report Download - page 95
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Asbestos Related Liabilities
Year Ended December 31, 2010 Year Ended December 31, 2009 Year Ended December 31, 2008
Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total
Beginning of year $ 566 $ 1,128 $ 1,694 $ 578 $ 1,131 $ 1,709 $ 517 $ 1,138 $ 1,655
Accrual for update to estimated liability 162 3 165 127 5 132 153 — 153
Change in estimated cost of future claims 16 — 16 11 — 11 43 — 43
Asbestos related liability payments (157) (6) (163) (148) (8) (156) (140) (7) (147)
Update of expected resolution values for pending claims 7 — 7 (2) — (2) 5 — 5
End of year $ 594 $ 1,125 $ 1,719 $ 566 $ 1,128 $ 1,694 $ 578 $ 1,131 $ 1,709
Insurance Recoveries for Asbestos Related Liabilities
Year Ended December 31, 2010 Year Ended December 31, 2009 Year Ended December 31, 2008
Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total
Beginning of year $ 172 $ 831 $ 1,003 $ 156 $ 877 $ 1,033 $ 197 $ 939 $ 1,136
Probable insurance recoveries related to estimated liability 26 — 26 24 — 24 40 — 40
Insurance receipts for asbestos related liabilities (41) (100) (141) (8) (8) (16) (116) (62) (178)
Insurance receivables settlements and write offs — (13) (13) — (38) (38) 36 — 36
Other — — — — — — (1) — (1)
End of year $ 157 $ 718 $ 875 $ 172 $ 831 $ 1,003 $ 156 $ 877 $ 1,033
NARCO and Bendix asbestos related balances are included in the following balance sheet accounts:
December 31,
2010 2009
Other current assets $ 50 $ 62
Insurance recoveries for asbestos related liabilities 825 941
$ 875 $ 1,003
Accrued liabilities $ 162 $ 654
Asbestos related liabilities 1,557 1,040
$ 1,719 $ 1,694
The change in accrued liabilities and asbestos related liabilities at December 31, 2010 from December 31, 2009 is driven primarily by our best
estimate of the timing of expected payments related to the effective date of the NARCO trust.
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