Honeywell 2014 Annual Report Download - page 69

progress or as additional technical, regulatory or legal information becomes available. Given the
uncertainties regarding the status of laws, regulations, enforcement policies, the impact of other
potentially responsible parties, technology and information related to individual sites, we do not believe
it is possible to develop an estimate of the range of reasonably possible environmental loss in excess
of our recorded liabilities. We expect to fund expenditures for these matters from operating cash flow.
The timing of cash expenditures depends on a number of factors, including the timing of remedial
investigations and feasibility studies, the timing of litigation and settlements of remediation liability,
personal injury and property damage claims, regulatory approval of cleanup projects, remedial
techniques to be utilized and agreements with other parties.
The following table summarizes information concerning our recorded liabilities for environmental
costs:
2014 2013 2012
Years Ended December 31,
Beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 643 $ 654 $ 723
Accruals for environmental matters deemed probable and
reasonably estimable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 272 234
Environmental liability payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (321) (304) (320)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 21 17
End of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 591 $ 643 $ 654
Environmental liabilities are included in the following balance sheet accounts:
2014 2013
December 31,
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $278 $304
Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313 339
$591 $643
We do not currently possess sufficient information to reasonably estimate the amounts of
environmental liabilities to be recorded upon future completion of studies, litigation or settlements, and
neither the timing nor the amount of the ultimate costs associated with environmental matters can be
determined although they could be material to our consolidated results of operations and operating
cash flows in the periods recognized or paid. However, considering our past experience and existing
reserves, we do not expect that environmental matters will have a material adverse effect on our
consolidated financial position.
Onondaga Lake, Syracuse, NY—We are implementing a combined dredging/capping remedy of
Onondaga Lake pursuant to a consent decree approved by the United States District Court for the
Northern District of New York in January 2007. We have accrued for our estimated cost of remediating
Onondaga Lake based on currently available information and analysis performed by our engineering
consultants. Honeywell is also conducting remedial investigations and activities at other sites in
Syracuse. We have recorded reserves for these investigations and activities where appropriate,
consistent with the accounting policy described above.
Honeywell has entered into a cooperative agreement with potential natural resource trustees to
assess alleged natural resource damages relating to this site. It is not possible to predict the outcome
or duration of this assessment, or the amounts of, or responsibility for, any damages.
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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)