Honeywell 2012 Annual Report Download - page 80

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The key components of income from discontinued operations related to CPG were as follows:
2011 2010
Years Ended December 31,
Net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $530 $1,020
Costs, expenses and other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421 798
Selling, general and administrative expense. . . . . . . . . . . . . . . . . . 63 99
Other (income) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) 2
Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 121
Gain on disposal of discontinued operations . . . . . . . . . . . . . . . . . 301 —
Net income from discontinued operations before taxes . . . . . . . 349 121
Tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 43
Net income from discontinued operations after taxes . . . . . $209 $ 78
Note 3—Repositioning and Other Charges
A summary of repositioning and other charges follows:
2012 2011 2010
Years Ended December 31,
Severance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 91 $246 $144
Asset impairments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 86 21
Exit costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 48 14
Reserve adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66) (26) (30)
Total net repositioning charge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 354 149
Asbestos related litigation charges, net of insurance. . . . . . . . . . . . . . . . . . 156 149 175
Probable and reasonably estimable environmental liabilities. . . . . . . . . . . 234 240 212
Other .............................................................. — — 62
Total net repositioning and other charges. . . . . . . . . . . . . . . . . . . . . . . . $443 $743 $598
The following table summarizes the pretax distribution of total net repositioning and other charges
by income statement classification:
2012 2011 2010
Years Ended December 31,
Cost of products and services sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $428 $646 $558
Selling, general and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . . . 15 97 40
$443 $743 $598
The following table summarizes the pretax impact of total net repositioning and other charges by
segment:
2012 2011 2010
Years Ended December 31,
Aerospace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (5) $ 29 $ 32
Automation and Control Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 191 79
Performance Materials and Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 41 18
Transportation Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197 228 178
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 254 291
$443 $743 $598
71
HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)