Honeywell 2015 Annual Report Download - page 52

Download and view the complete annual report

Please find page 52 of the 2015 Honeywell annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 110

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110

HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS
—(Continued)
(Dollars in millions, except per share amounts)
Note 8. Inventories
Inventories valued at LIFO amounted to $399 million and $434 million at December 31, 2015 and 2014. Had such LIFO
inventories been valued at current costs, their carrying values would have been approximately $116 million and $168 million
higher at December 31, 2015 and 2014.
Note 9. Property, Plant and Equipment—Net
Depreciation expense was $672 million, $667 million and $670 million in 2015, 2014 and 2013.
Note 10. Goodwill and Other Intangible Assets—Net
The change in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 by segment is as
follows:
48
December 31,
2015
2014
Raw materials
$
1,120
$
1,124
Work in process
826
815
Finished products
2,590
2,634
4,536
4,573
Reduction to LIFO cost basis
(116
)
(168
)
$
4,420
$
4,405
December 31,
2015
2014
Land and improvements
$
367
$
343
Machinery and equipment
10,505
10,313
Buildings and improvements
3,188
3,119
Construction in progress
848
727
14,908
14,502
Less—Accumulated depreciation
(9,119
)
(9,119
)
$
5,789
$
5,383
December 31,
2014
Acquisitions/
Divestitures
Currency
Translation
Adjustment
December 31,
2015
Aerospace
$
2,258
$
49
$
(11
)
$
2,296
Automation and Control Solutions
7,824
2,980
(216
)
10,588
Performance Materials and Technologies
2,706
370
(65
)
3,011
$
12,788
$
3,399
$
(292
)
$
15,895