Honeywell 2011 Annual Report Download - page 93
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Asbestos Related Liabilities
Year Ended December 31,
2011 Year Ended December 31,
2010 Year Ended December 31,
2009
Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total
Beginning of year $ 594 $ 1,125 $ 1,719 $ 566 $ 1,128 $ 1,694 $ 578 $ 1,131 $ 1,709
Accrual for update to estimated liability 167 3 170 162 3 165 127 5 132
Change in estimated cost of future claims 16 — 16 16 — 16 11 — 11
Update of expected resolution values for pending claims 2 — 2 7 — 7 (2) — (2)
Asbestos related liability payments (166) (5) (171) (157) (6) (163) (148) (8) (156)
End of year $ 613 $ 1,123 $ 1,736 $ 594 $ 1,125 $ 1,719 $ 566 $ 1,128 $ 1,694
Insurance Recoveries for Asbestos Related Liabilities
Year Ended December 31,
2011 Year Ended December 31,
2010 Year Ended December 31,
2009
Bendix NARCO Total Bendix NARCO Total Bendix NARCO Total
Beginning of year $ 157 $ 718 $ 875 $ 172 $ 831 $ 1,003 $ 156 $ 877 $ 1,033
Probable insurance recoveries related to estimated liability 29 — 29 26 — 26 24 — 24
Insurance receipts for asbestos related liabilities (34) (100) (134) (41) (100) (141) (8) (8) (16)
Insurance receivables settlements and write offs 10 — 10 — (13) (13) — (38) (38)
End of year $ 162 $ 618 $ 780 $ 157 $ 718 $ 875 $ 172 $ 831 $ 1,003
NARCO and Bendix asbestos related balances are included in the following balance sheet accounts:
December 31,
2011 2010
Other current assets $ 71 $ 50
Insurance recoveries for asbestos related liabilities 709 825
$ 780 $ 875
Accrued liabilities $ 237 $ 162
Asbestos related liabilities 1,499 1,557
$ 1,736 $ 1,719
NARCO Products – On January 4, 2002, NARCO filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In connection with
the filing of NARCO's petition in 2002, the Bankruptcy Court issued an injunction staying the prosecution of NARCO-related asbestos claims against the
Company, which stay has
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