PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Retirement Benefits [Abstract] |
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| Defined Benefit Plans Disclosure |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | U.S. Plans | Non-U.S. Plans | | 2021 | 2020 | 2021 | 2020 | | Change in benefit obligation: | | | | | | | | | | Benefit obligation at beginning of year | | $ | 18,054 | | | $ | 17,283 | | | $ | 7,670 | | | $ | 6,897 | | | Service cost | | 105 | | | 99 | | | 26 | | | 23 | | | Interest cost | | 306 | | | 461 | | | 77 | | | 106 | | | Plan amendments | | — | | | — | | | (3) | | | 2 | | 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 | | | Other | | 6 | | | 1 | | | 2 | | | 88 | | | Benefit obligation at end of year | | 17,391 | | | 18,054 | | | 6,999 | | | 7,670 | | | Change in plan assets: | | | | | | | | | | Fair value of plan assets at beginning of year | | 20,396 | | | 18,995 | | | 8,450 | | | 7,307 | | | Actual return on plan assets | | 1,344 | | | 2,475 | | | 166 | | | 918 | | | Company contributions | | 35 | | | 46 | | | 101 | | | 116 | | | Benefits paid | | (1,221) | | | (1,100) | | | (249) | | | (246) | | | Settlements and curtailments | | — | | | (21) | | | — | | | — | | | Foreign currency translation | | — | | | — | | | (74) | | | 253 | | | Other | | 6 | | | 1 | | | 2 | | | 102 | | | Fair value of plan assets at end of year | | 20,560 | | | 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 | | 2021 | 2020 | | Change in benefit obligation: | | | | | | Benefit obligation at beginning of year | | $ | 229 | | | $ | 325 | | | Service cost | | — | | | — | | | Interest cost | | 5 | | | 8 | | | Plan amendments | | — | | | (65) | | | Actuarial (gains) losses | | (8) | | | (8) | | | Benefits paid | | (30) | | | (31) | | | Benefit obligation at end of year | | 196 | | | 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.
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| Other Changes in Plan Assets Recognized in Other Comprehensive Income |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | U.S. Plans | Non-U.S. Plans | | 2021 | 2020 | 2021 | 2020 | | Prior service (credit) cost | | $ | (92) | | | $ | (134) | | | $ | 20 | | | $ | 23 | | | Net actuarial (gain) loss | | 492 | | | 505 | | | 397 | | | 629 | | | Net amount recognized | | $ | 400 | | | $ | 371 | | | $ | 417 | | | $ | 652 | |
| | | | | | | | | | | | | | | | | Other
Postretirement
Benefits | | 2021 | 2020 | | Prior service (credit) cost | | $ | (92) | | | $ | (165) | | | Net actuarial (gain) loss | | (34) | | | (28) | | | Net amount recognized | | $ | (126) | | | $ | (193) | |
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| Net Periodic Benefit Cost |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net Periodic Benefit Cost | Pension Benefits | | U.S. Plans | | Non-U.S. Plans | | 2021 | 2020 | 2019 | | 2021 | 2020 | 2019 | | Service cost | | $ | 105 | | | $ | 99 | | | $ | 82 | | | | $ | 26 | | | $ | 23 | | | $ | 22 | | | Interest cost | | 306 | | | 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 losses | | 31 | | | 26 | | | 35 | | | | 9 | | | 18 | | | 88 | | | Settlements and curtailments | | — | | | 4 | | | 4 | | | | — | | | — | | | — | | | Net periodic benefit (income) cost | | $ | (820) | | | $ | (587) | | | $ | (425) | | | | $ | (236) | | | $ | (189) | | | $ | (79) | |
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Benefits Obligations Recognized in Other Comprehensive
(Income) Loss | U.S. Plans | | Non-U.S. Plans | | 2021 | 2020 | 2019 | | 2021 | 2020 | 2019 | | Actuarial (gains) losses | | $ | (14) | | | $ | (9) | | | $ | (277) | | | | $ | (221) | | | $ | (73) | | | $ | 176 | | | Prior service (credit) cost | | — | | | — | | | — | | | | (3) | | | 2 | | | — | | | Prior service credit recognized during year | | 43 | | | 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 Cost | Other Postretirement Benefits | | Years Ended December 31, | | 2021 | 2020 | 2019 | | Service cost | | $ | — | | | $ | — | | | $ | — | | | Interest cost | | 5 | | | 8 | | | 14 | | | 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, | | 2021 | 2020 | 2019 | | Actuarial (gains) losses | | $ | (8) | | | $ | (8) | | | $ | (16) | | | Prior service (credit) cost | | — | | | (65) | | | (2) | | | Prior service credit recognized during year | | 74 | | | 66 | | | 62 | | | Actuarial (gains) losses recognized during year | | 2 | | | — | | | — | | | 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) | |
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| Assumptions Used in Calculations |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | U.S. Plans | | Non-U.S. Plans | | 2021 | 2020 | 2019 | | 2021 | 2020 | 2019 | | Actuarial assumptions used to determine benefit obligations as of December 31: | | | | | | | | | | | | | | | Discount rate | | 2.87 | % | | 2.50 | % | | 3.22 | % | | | 1.79 | % | | 1.23 | % | | 1.81 | % | | Expected annual rate of compensation increase | | 3.25 | % | | 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 obligation | | 2.50 | % | | 3.22 | % | | 4.35 | % | | | 1.24 | % | | 1.81 | % | | 2.63 | % | | Discount rate—service cost | | 2.68 | % | | 3.33 | % | | 4.47 | % | | | 1.00 | % | | 1.48 | % | | 2.26 | % | | Discount rate—interest cost | | 1.76 | % | | 2.76 | % | | 3.94 | % | | | 1.00 | % | | 1.56 | % | | 2.34 | % | | Expected rate of return on plan assets | | 6.15 | % | | 6.15 | % | | 6.75 | % | | | 4.03 | % | | 4.66 | % | | 5.14 | % | | Expected annual rate of compensation increase | | 3.25 | % | | 3.25 | % | | 3.25 | % | | | 2.43 | % | | 2.47 | % | | 2.46 | % |
| | | | | | | | | | | | | | | | | | | | | | | Other Postretirement Benefits | | 2021 | 2020 | 2019 | | Actuarial assumptions used to determine benefit obligations as of December 31: | | | | | | | | Discount rate | | 2.66 | % | | 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.
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| Accumulated Benefit Obligations in Excess of Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | U.S. Plans | | Non-U.S. Plans | | 2021 | 2020 | | 2021 | 2020 | | Projected benefit obligation | | $ | 359 | | | $ | 353 | | | | $ | 964 | | | $ | 2,116 | | | Accumulated benefit obligation | | $ | 346 | | | $ | 341 | | | | $ | 932 | | | $ | 2,042 | | | Fair value of plan assets | | $ | — | | | $ | — | | | | $ | 256 | | | $ | 1,208 | |
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| Fair Value of Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | | December 31, 2021 | | Total | Level 1 | Level 2 | Level 3 | | Equities: | | | | | | | | | | Honeywell common stock | | $ | 3,251 | | | $ | 3,251 | | | $ | — | | | $ | — | | | U.S. equities | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | Fixed income: | | | | | | | | | | Short term investments | | 1,767 | | | 1,767 | | | — | | | — | | | Government securities | | 1,373 | | | — | | | 1,373 | | | — | | | Corporate bonds | | 9,588 | | | — | | | 9,588 | | | — | | | Mortgage/Asset-backed securities | | 1,072 | | | — | | | 1,072 | | | — | | | Insurance contracts | | 8 | | | — | | | 8 | | | — | | | Direct investments: | | | | | | | | | | Direct private investments | | 1,336 | | | — | | | — | | | 1,336 | | | Real estate properties | | 843 | | | — | | | — | | | 843 | | | Total | | $ | 19,238 | | | $ | 5,018 | | | $ | 12,041 | | | $ | 2,179 | | | Investments measured at NAV: | | | | | | | | | | Private funds | | 1,244 | | | | | | | | | Real estate funds | | 14 | | | | | | | | | | | | | | | | | | Commingled Funds | | 64 | | | | | | | | | Total assets at fair value | | $ | 20,560 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | | December 31, 2020 | | Total | Level 1 | Level 2 | Level 3 | | Equities: | | | | | | | | | | Honeywell common stock | | $ | 3,319 | | | $ | 3,319 | | | $ | — | | | $ | — | | | U.S. equities | | — | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | Fixed income: | | | | | | | | | | Short term investments | | 1,314 | | | 1,314 | | | — | | | — | | | Government securities | | 1,520 | | | — | | | 1,520 | | | — | | | Corporate bonds | | 10,190 | | | — | | | 10,190 | | | — | | | Mortgage/Asset-backed securities | | 982 | | | — | | | 982 | | | — | | | Insurance contracts | | 7 | | | — | | | 7 | | | — | | | Direct investments: | | | | | | | | | | Direct private investments | | 1,220 | | | — | | | — | | | 1,220 | | | Real estate properties | | 651 | | | — | | | — | | | 651 | | | Total | | $ | 19,203 | | | $ | 4,633 | | | $ | 12,699 | | | $ | 1,871 | | | Investments measured at NAV: | | | | | | | | | | Private funds | | 1,105 | | | | | | | | | Real estate funds | | 26 | | | | | | | | | | | | | | | | | | Commingled funds | | 62 | | | | | | | | | Total assets at fair value | | $ | 20,396 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-U.S. Plans | | December 31, 2021 | | Total | Level 1 | Level 2 | Level 3 | | Equities: | | | | | | | | | | U.S. equities | | $ | 229 | | | $ | 1 | | | $ | 228 | | | $ | — | | | Non-U.S. equities | | 824 | | | — | | | 824 | | | — | | | Fixed income: | | | | | | | | | | Short-term investments | | 571 | | | 571 | | | — | | | — | | | Government securities | | 3,893 | | | — | | | 3,893 | | | — | | | Corporate bonds | | 1,681 | | | — | | | 1,681 | | | — | | | Mortgage/Asset-backed securities | | 79 | | | — | | | 79 | | | — | | | Insurance contracts | | 123 | | | — | | | 123 | | | — | | | Insurance buy-in contracts | | 691 | | | — | | | — | | | 691 | | | Investments in private funds: | | | | | | | | | | Private funds | | 74 | | | — | | | 41 | | | 33 | | | Real estate funds | | 163 | | | — | | | — | | | 163 | | | Total | | $ | 8,328 | | | $ | 572 | | | $ | 6,869 | | | $ | 887 | | | Investments measured at NAV: | | | | | | | | | | Private funds | | 17 | | | | | | | | | Real estate funds | | 51 | | | | | | | | | Total assets at fair value | | $ | 8,396 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-U.S. Plans | | December 31, 2020 | | Total | Level 1 | Level 2 | Level 3 | | Equities: | | | | | | | | | | U.S. equities | | $ | 207 | | | $ | — | | | $ | 207 | | | $ | — | | | Non-U.S. equities | | 1,614 | | | 66 | | | 1,548 | | | — | | | Fixed income: | | | | | | | | | | Short-term investments | | 596 | | | 596 | | | — | | | — | | | Government securities | | 3,105 | | | — | | | 3,105 | | | — | | | Corporate bonds | | 1,649 | | | — | | | 1,649 | | | — | | | Mortgage/Asset-backed securities | | 93 | | | — | | | 93 | | | — | | | Insurance contracts | | 142 | | | — | | | 142 | | | — | | | Insurance buy-in contracts | | 767 | | | — | | | — | | | 767 | | | Investments in private funds: | | | | | | | | | | Private funds | | 65 | | | — | | | 36 | | | 29 | | | Real estate funds | | 147 | | | — | | | — | | | 147 | | | Total | | $ | 8,385 | | | $ | 662 | | | $ | 6,780 | | | $ | 943 | | | Investments measured at NAV: | | | | | | | | | | Private funds | | 18 | | | | | | | | | Real estate funds | | 47 | | | | | | | | | Total assets at fair value | | $ | 8,450 | | | | | | | |
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| Changes in Fair Value of Level 3 Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Plans | | Non-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-end | | 100 | | | (4) | | | | (5) | | | (3) | | | — | | | Relating to assets sold during the year | | 53 | | | — | | | | — | | | — | | | — | | | Purchases | | 221 | | | 59 | | | | — | | | — | | | 767 | | | Sales and settlements | | (104) | | | (23) | | | | — | | | — | | | — | | | Balance at December 31, 2020 | | 1,220 | | | 651 | | | | 29 | | | 147 | | | 767 | | | Actual return on plan assets: | | | | | | | | | | | | | Relating to assets still held at year-end | | 11 | | | 96 | | | | 4 | | | 23 | | | (76) | | | Relating to assets sold during the year | | 174 | | | — | | | | — | | | 4 | | | — | | | Purchases | | 194 | | | 99 | | | | — | | | — | | | — | | | Sales and settlements | | (263) | | | (3) | | | | — | | | (11) | | | — | | | Balance at December 31, 2021 | | $ | 1,336 | | | $ | 843 | | | | $ | 33 | | | $ | 163 | | | $ | 691 | |
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| Estimated Future Benefit Payments |
| | | | | | | | | | U.S. Plans | Non-U.S. Plans | | 2022 | $ | 1,135 | | $ | 261 | | | 2023 | 1,124 | | 263 | | | 2024 | 1,115 | | 268 | | | 2025 | 1,107 | | 275 | | | 2026 | 1,097 | | 284 | | | 2027-2031 | 5,152 | | 1,455 | |
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| Assumed Health Care Cost Trend Rates |
| | | | | | | | | | | | | | | | | December 31, | | 2021 | 2020 | | Assumed health care cost trend rate: | | | | | | Health care cost trend rate assumed for next year | | 6.50 | % | | 7.00 | % | | Rate that the cost trend rate gradually declines to | | 5.00 | % | | 5.00 | % | | Year that the rate reaches the rate it is assumed to remain at | | 2029 | | | 2029 | |
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| Schedule Of Benefit Payments Reflecting Expected Future Service [Table Text Block] |
| | | | | | | | | | Without Impact of
Medicare Subsidy | Net of
Medicare Subsidy | | 2022 | $ | 27 | | $ | 25 | | | 2023 | 25 | | 24 | | | 2024 | 14 | | 14 | | | 2025 | 14 | | 13 | | | 2026 | 13 | | 12 | | | 2027-2031 | 57 | | 53 | |
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