Honeywell 2014 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2014 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 101

  • 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

The following tables summarize the balance sheet impact, including the benefit obligations, assets
and funded status associated with our significant pension and other postretirement benefit plans.
2014 2013 2014 2013
U.S. Plans Non-U.S. Plans
Pension Benefits
Change in benefit obligation:
Benefit obligation at beginning of year. . . . . . . . . . . . . . . . . . $16,290 $17,117 $5,523 $5,272
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241 272 56 58
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771 677 231 215
Plan amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 14 (17) —
Actuarial (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,718 (975) 601 72
Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 190 — 44
Divestitures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (61) —
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (996) (1,005) (210) (198)
Foreign currency and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 — (362) 60
Benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . 18,035 16,290 5,761 5,523
Change in plan assets:
Fair value of plan assets at beginning of year . . . . . . . . . . 16,727 14,345 5,037 4,527
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,290 3,191 622 428
Company contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 28 187 183
Acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 168 — 45
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (996) (1,005) (210) (198)
Foreign currency and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 — (303) 52
Fair value of plan assets at end of year . . . . . . . . . . . . . . . . 17,066 16,727 5,333 5,037
Funded status of plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (969) $ 437 $ (428) $ (486)
Amounts recognized in Consolidated Balance
Sheet consist of:
Prepaid pension benefit cost(1) . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 839 $ 270 $ 120
Accrued pension liabilities—current(2) . . . . . . . . . . . . . . . . . . (74) (36) (8) (13)
Accrued pension liabilities—noncurrent(3). . . . . . . . . . . . . . . (895) (366) (690) (593)
Net amount recognized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (969) $ 437 $ (428) $ (486)
(1) Included in Other Assets on Consolidated Balance Sheet
(2) Included in Accrued Liabilities on Consolidated Balance Sheet
(3) Included in Other Liabilities—Non-Current on Consolidated Balance Sheet
68
HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)