Honeywell 2013 Annual Report Download - page 95

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Trade Receivables includes $1,609 and $1,495 million of unbilled balances under long-term
contracts as of December 31, 2013 and December 31, 2012, respectively. These amounts are billed in
accordance with the terms of customer contracts to which they relate.
Note 9. Inventories
2013 2012
December 31,
Raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,121 $1,152
Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 841 859
Finished products. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,497 2,421
4,459 4,432
Reduction to LIFO cost basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (166) (197)
$4,293 $4,235
Inventories valued at LIFO amounted to $405 and $325 million at December 31, 2013 and 2012,
respectively. Had such LIFO inventories been valued at current costs, their carrying values would have
been approximately $166 and $197 million higher at December 31, 2013 and 2012, respectively.
Note 10. Investments and Long-Term Receivables
2013 2012
December 31,
Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $143 $424
Long-term trade and other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 168
Long-term financing receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 31
$393 $623
The decline in the investments balance as of December 31, 2013 compared to December 31,
2012 is primarily due to the reclassification of available for sale securities (B/E Aerospace common
stock) to Investments and Other Current Assets on the Consolidated Balance Sheet.
Long-Term Trade and Other Receivables include $26 million and $31 million of unbilled balances
under long-term contracts as of December 31, 2013 and 2012, respectively. These amounts are billed
in accordance with the terms of the customer contracts to which they relate.
The following table summarizes long term trade, financing and other receivables by segment,
including current portions of these receivables and the related allowances for credit losses.
December 31,
2013
Aerospace . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14
Automation and Control Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
Performance Materials and Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Transportation Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Corporate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
$255
Allowance for credit losses for the above detailed long-term trade, financing and other receivables
totaled $5 million and $4 million as of December 31, 2013 and 2012, respectively. The receivables are
evaluated for recoverability on an individual basis, including consideration of credit quality. The above
detailed financing receivables are predominately with commercial and governmental counterparties of
investment grade credit quality.
83
HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)