XML 129 R50.htm IDEA: XBRL DOCUMENT v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Defined Benefit Plans Disclosure
 Pension Benefits
U.S. PlansNon-U.S. Plans
2021202020212020
Change in benefit obligation:    
Benefit obligation at beginning of year$18,054 $17,283 $7,670 $6,897 
Service cost105 99 26 23 
Interest cost306 461 77 106 
Plan amendments— — (3)
Actuarial (gains) losses(1)
141 1,331 (403)509 
Benefits paid(1,221)(1,100)(249)(246)
Settlements and curtailments— (21)— — 
Foreign currency translation— — (121)291 
Other88 
Benefit obligation at end of year17,391 18,054 6,999 7,670 
Change in plan assets:
Fair value of plan assets at beginning of year20,396 18,995 8,450 7,307 
Actual return on plan assets1,344 2,475 166 918 
Company contributions35 46 101 116 
Benefits paid(1,221)(1,100)(249)(246)
Settlements and curtailments— (21)— — 
Foreign currency translation— — (74)253 
Other102 
Fair value of plan assets at end of year20,560 20,396 8,396 8,450 
Funded status of plans$3,169 $2,342 $1,397 $780 
Amounts recognized in Consolidated Balance Sheet consist of:
Prepaid pension benefit cost(2)
$3,528 $2,695 $2,105 $1,688 
Accrued pension liabilities—current(3)
(33)(29)(14)(14)
Accrued pension liabilities—noncurrent(4)
(326)(324)(694)(894)
Net amount recognized$3,169 $2,342 $1,397 $780 
(1)The actuarial losses incurred in 2021 related to the Company's U.S. plans are primarily the result of changes in demographic experience and demographic assumptions, partially offset by actuarial gains due to an increase in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2021 compared to December 31, 2020. Actuarial gains incurred in 2021 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption used to estimate the benefit obligations as of December 31, 2021 compared to December 31, 2020. Actuarial losses incurred in 2020 related to the Company's U.S. and non-U.S. plans are primarily the result of a decrease in the discount rate assumptions used to estimate the benefit obligations as of December 31, 2020 compared to December 31, 2019.
(2)Included in Other assets on the Consolidated Balance Sheet
(3)Included in Accrued liabilities on the Consolidated Balance Sheet
(4)Included in Other liabilities on the Consolidated Balance Sheet
 Other
Postretirement
Benefits
20212020
Change in benefit obligation:
Benefit obligation at beginning of year$229 $325 
Service cost— — 
Interest cost
Plan amendments— (65)
Actuarial (gains) losses(8)(8)
Benefits paid(30)(31)
Benefit obligation at end of year196 229 
Change in plan assets:
Fair value of plan assets at beginning of year— — 
Actual return on plan assets— — 
Company contributions— — 
Benefits paid— — 
Fair value of plan assets at end of year— — 
Funded status of plans$(196)$(229)
Amounts recognized in Consolidated Balance Sheet consist of:
Accrued liabilities$(25)$(27)
Postretirement benefit obligations other than pensions(1)
(171)(202)
Net amount recognized$(196)$(229)
(1)Excludes non-U.S. plan of $37 million and $40 million as of December 31, 2021 and 2020.
Other Changes in Plan Assets Recognized in Other Comprehensive Income
 Pension Benefits
U.S. PlansNon-U.S. Plans
2021202020212020
Prior service (credit) cost$(92)$(134)$20 $23 
Net actuarial (gain) loss492 505 397 629 
Net amount recognized$400 $371 $417 $652 
 Other
Postretirement
Benefits
20212020
Prior service (credit) cost$(92)$(165)
Net actuarial (gain) loss(34)(28)
Net amount recognized$(126)$(193)
Net Periodic Benefit Cost
Net Periodic Benefit CostPension Benefits
U.S. PlansNon-U.S. Plans
202120202019202120202019
Service cost$105 $99 $82 $26 $23 $22 
Interest cost306 461 613 77 106 142 
Expected return on plan assets(1,220)(1,135)(1,117)(348)(336)(331)
Amortization of prior service (credit) cost(42)(42)(42)— — — 
Recognition of actuarial losses31 26 35 18 88 
Settlements and curtailments— — — — 
Net periodic benefit (income) cost$(820)$(587)$(425)$(236)$(189)$(79)
Other Changes in Plan Assets and
Benefits Obligations Recognized in Other Comprehensive
(Income) Loss
U.S. PlansNon-U.S. Plans
202120202019202120202019
Actuarial (gains) losses$(14)$(9)$(277)$(221)$(73)$176 
Prior service (credit) cost— — — (3)— 
Prior service credit recognized during year43 42 42 (1)— — 
Actuarial losses recognized during year— (30)(39)(9)(18)(88)
Foreign currency translation— — — (1)19 14 
Total recognized in other comprehensive (income) loss$29 $3 $(274)$(235)$(70)$102 
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss$(791)$(584)$(699)$(471)$(259)$23 
Net Periodic Benefit CostOther Postretirement Benefits
Years Ended December 31,
202120202019
Service cost$— $— $— 
Interest cost14 
Amortization of prior service (credit) cost(74)(66)(62)
Recognition of actuarial (gains) losses(2)— — 
Net periodic benefit (income) cost$(71)$(58)$(48)
Other Changes in Plan Assets and Benefits Obligations
Recognized in Other Comprehensive (Income) Loss
Years Ended December 31,
202120202019
Actuarial (gains) losses$(8)$(8)$(16)
Prior service (credit) cost— (65)(2)
Prior service credit recognized during year74 66 62 
Actuarial (gains) losses recognized during year— — 
Total recognized in other comprehensive (income) loss$68 $(7)$44 
Total recognized in net periodic benefit (income) cost and other comprehensive (income) loss$(3)$(65)$(4)
Assumptions Used in Calculations
 Pension Benefits
U.S. PlansNon-U.S. Plans
202120202019202120202019
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate2.87 %2.50 %3.22 %1.79 %1.23 %1.81 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %2.56 %2.43 %2.47 %
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate—benefit obligation2.50 %3.22 %4.35 %1.24 %1.81 %2.63 %
Discount rate—service cost2.68 %3.33 %4.47 %1.00 %1.48 %2.26 %
Discount rate—interest cost1.76 %2.76 %3.94 %1.00 %1.56 %2.34 %
Expected rate of return on plan assets6.15 %6.15 %6.75 %4.03 %4.66 %5.14 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %2.43 %2.47 %2.46 %
 Other Postretirement Benefits
202120202019
Actuarial assumptions used to determine benefit obligations as of December 31:
 Discount rate2.66 %2.20 %3.03 %
Actuarial assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate(1)
2.20 %2.36 %4.07 %
(1)Discount rate was 3.03% for January 1, 2020 through September 30, 2020. The rate was changed to 2.36% for the remainder of 2020 due to a Plan remeasurement as of October 1, 2020.
Accumulated Benefit Obligations in Excess of Plan Assets
 December 31,
U.S. PlansNon-U.S. Plans
2021202020212020
Projected benefit obligation$359 $353 $964 $2,116 
Accumulated benefit obligation$346 $341 $932 $2,042 
Fair value of plan assets$— $— $256 $1,208 
Fair Value of Plan Assets
 U.S. Plans
December 31, 2021
TotalLevel 1Level 2Level 3
Equities:
Honeywell common stock$3,251 $3,251 $— $— 
U.S. equities— — — — 
Fixed income:
Short term investments1,767 1,767 — — 
Government securities1,373 — 1,373 — 
Corporate bonds9,588 — 9,588 — 
Mortgage/Asset-backed securities1,072 — 1,072 — 
Insurance contracts— — 
Direct investments:
Direct private investments1,336 — — 1,336 
Real estate properties843 — — 843 
Total$19,238 $5,018 $12,041 $2,179 
Investments measured at NAV:
Private funds1,244 
Real estate funds14 
Commingled Funds64 
Total assets at fair value$20,560 
 U.S. Plans
December 31, 2020
TotalLevel 1Level 2Level 3
Equities:
Honeywell common stock$3,319 $3,319 $— $— 
U.S. equities— — — — 
Fixed income:
Short term investments1,314 1,314 — — 
Government securities1,520 — 1,520 — 
Corporate bonds10,190 — 10,190 — 
Mortgage/Asset-backed securities982 — 982 — 
Insurance contracts— — 
Direct investments:
Direct private investments1,220 — — 1,220 
Real estate properties651 — — 651 
Total$19,203 $4,633 $12,699 $1,871 
Investments measured at NAV:
Private funds1,105 
Real estate funds26 
Commingled funds62 
Total assets at fair value$20,396 
 Non-U.S. Plans
December 31, 2021
TotalLevel 1Level 2Level 3
Equities:
U.S. equities$229 $$228 $— 
Non-U.S. equities824 — 824 — 
Fixed income:
Short-term investments571 571 — — 
Government securities3,893 — 3,893 — 
Corporate bonds1,681 — 1,681 — 
Mortgage/Asset-backed securities79 — 79 — 
Insurance contracts123 — 123 — 
Insurance buy-in contracts691 — — 691 
Investments in private funds:
Private funds74 — 41 33 
Real estate funds163 — — 163 
Total$8,328 $572 $6,869 $887 
Investments measured at NAV:
Private funds17 
Real estate funds51 
Total assets at fair value$8,396 
 Non-U.S. Plans
December 31, 2020
TotalLevel 1Level 2Level 3
Equities:
U.S. equities$207 $— $207 $— 
Non-U.S. equities1,614 66 1,548 — 
Fixed income:
Short-term investments596 596 — — 
Government securities3,105 — 3,105 — 
Corporate bonds1,649 — 1,649 — 
Mortgage/Asset-backed securities93 — 93 — 
Insurance contracts142 — 142 — 
Insurance buy-in contracts767 — — 767 
Investments in private funds:
Private funds65 — 36 29 
Real estate funds147 — — 147 
Total$8,385 $662 $6,780 $943 
Investments measured at NAV:
Private funds18 
Real estate funds47 
Total assets at fair value$8,450 
Changes in Fair Value of Level 3 Plan Assets
 U.S. PlansNon-U.S. Plans
Direct
Private
Investments
Real Estate
Properties
Private
Funds
Real Estate
Funds
Insurance Buy-in Contracts
Balance at December 31, 2019$950 $619 $34 $150 $ 
Actual return on plan assets:
Relating to assets still held at year-end100 (4)(5)(3)— 
Relating to assets sold during the year53 — — — — 
Purchases221 59 — — 767 
Sales and settlements(104)(23)— — — 
Balance at December 31, 20201,220 651 29 147 767 
Actual return on plan assets:
Relating to assets still held at year-end11 96 23 (76)
Relating to assets sold during the year174 — — — 
Purchases194 99 — — — 
Sales and settlements(263)(3)— (11)— 
Balance at December 31, 2021$1,336 $843 $33 $163 $691 
Estimated Future Benefit Payments
U.S. PlansNon-U.S. Plans
2022$1,135 $261 
20231,124 263 
20241,115 268 
20251,107 275 
20261,097 284 
2027-20315,152 1,455 
Assumed Health Care Cost Trend Rates
 December 31,
20212020
Assumed health care cost trend rate:
Health care cost trend rate assumed for next year6.50 %7.00 %
Rate that the cost trend rate gradually declines to5.00 %5.00 %
Year that the rate reaches the rate it is assumed to remain at2029 2029 
Schedule Of Benefit Payments Reflecting Expected Future Service [Table Text Block]
Without Impact of
Medicare Subsidy
Net of
Medicare Subsidy
2022$27 $25 
202325 24 
202414 14 
202514 13 
202613 12 
2027-203157 53