Honeywell 2014 Annual Report Download - page 78

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2014 2013
Other
Postretirement
Benefits
Change in benefit obligation:
Benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . $1,096 $ 1,477
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 44
Plan amendments(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (87) (175)
Actuarial (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 (108)
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (124) (142)
Benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 973 1,096
Change in plan assets:
Fair value of plan assets at beginning of year . . . . . . . . . . . . . . . . . . . — —
Actual return on plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Company contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —
Fair value of plan assets at end of year . . . . . . . . . . . . . . . . . . . . . . . . — —
Funded status of plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (973) $(1,096)
Amounts recognized in Consolidated Balance Sheet consist of:
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (111) $ (130)
Postretirement benefit obligations other than pensions(2) . . . . . . . . (862) (966)
Net amount recognized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (973) $(1,096)
(1) Elimination of retiree medical and life insurance coverage for certain retirees and union employees.
Amount will be recognized as part of net postretirement benefit cost over the expected future
lifetime of the remaining participants in the plan.
(2) Excludes non-U.S. plans of $49 million and $53 million in 2014 and 2013, respectively.
Amounts recognized in Accumulated Other Comprehensive (Income) Loss associated with our
significant pension and other postretirement benefit plans at December 31, 2014 and 2013 are as
follows:
2014 2013 2014 2013
U.S. Plans Non-U.S. Plans
Pension Benefits
Transition obligation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 1 $ 3
Prior service cost (credit). . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 111 (27) (14)
Net actuarial (gain) loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281 (1,378) 493 434
Net amount recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $369 $(1,267) $467 $423
2014 2013
Other
Postretirement
Benefits
Prior service (credit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(235) $(168)
Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278 256
Net amount recognized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 43 $ 88
69
HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)