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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS
—(Continued)
(Dollars in millions, except per share amounts)
Asbestos Matters
Honeywell is a defendant in asbestos related personal injury actions related to two predecessor companies:
The following tables summarize information concerning NARCO and Bendix asbestos related balances:
Asbestos Related Liabilities
Insurance Recoveries for Asbestos Related Liabilities
61
•
North American Refractories Company (NARCO), which was sold in 1986, produced refractory products (bricks and
cement used in high temperature applications). Claimants consist largely of individuals who allege exposure to
NARCO asbestos-containing refractory products in an occupational setting.
•
Bendix Friction Materials (Bendix) business, which was sold in 2014, manufactured automotive brake parts that
contained chrysotile asbestos in an encapsulated form. Claimants consist largely of individuals who allege exposure to
asbestos from brakes from either performing or being in the vicinity of individuals who performed brake replacements.
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
2015
2014
2013
Bendix
NARCO
Total
Bendix
NARCO
Total
Bendix
NARCO
Total
Beginning of year
$
623
$
929
$
1,552
$
656
$
955
$
1,611
$
653
$
1,119
$
1,772
Accrual for update to estimated
liability
180
8
188
195
4
199
180
5
185
Change in estimated cost of
future claims
11
—
11
(1
)
—
(1
)
16
—
16
Update of expected resolution
values for pending claims
1
—
1
2
—
2
(5
)
—
(5
)
Asbestos related liability
payments
(193
)
(16
)
(209
)
(229
)
(30
)
(259
)
(188
)
(169
)
(357
)
End of year
$
622
$
921
$
1,543
$
623
$
929
$
1,552
$
656
$
955
$
1,611
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
2015
2014
2013
Bendix
NARCO
Total
Bendix
NARCO
Total
Bendix
NARCO
Total
Beginning of year
$
135
$
350
$
485
$
141
$
531
$
672
$
138
$
569
$
707
Probable insurance recoveries related
to estimated liability
21
—
21
24
—
24
27
—
27
Insurance receipts for asbestos related
liabilities
(33
)
(30
)
(63
)
(24
)
(187
)
(211
)
(24
)
(34
)
(58
)
Insurance receivables settlements and
write offs
1
6
7
(6
)
7
1
—
(6
)
(6
)
Other
—
(1
)
(1
)
—
(1
)
(1
)
—
2
2
End of year
$
124
$
325
$
449
$
135
$
350
$
485
$
141
$
531
$
672