XML 67 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2018
Pension And Other Postretirement Benefits (Tables) [Abstract]  
Defined Benefit Plans Disclosure
Pension Benefits
U.S. PlansNon-U.S. Plans
2018201720182017
Change in benefit obligation:
Benefit obligation at beginning of year$18,151$17,414$7,019$6,483
Service cost1401722640
Interest cost573586143147
Plan amendments--30(1)
Actuarial (gains) losses(1,111)1,234(356)(24)
Benefits paid(1,137)(1,146)(264)(253)
Settlements and curtailments-(109)(9)-
Foreign currency translation--(342)614
Other(475)-(65)13
Benefit obligation at end of year16,14118,1516,1827,019
Change in plan assets:
Fair value of plan assets at beginning of year18,98516,8147,1516,120
Actual return on plan assets(303)3,287(173)539
Company contributions34139137161
Benefits paid(1,137)(1,146)(264)(253)
Settlements and curtailments-(109)--
Foreign currency translation--(378)569
Other(470)-815
Fair value of plan assets at end of year17,10918,9856,4817,151
Funded status of plans$968$834$299$132
Amounts recognized in Consolidated Balance
Sheet consist of:
Prepaid pension benefit cost(1)$1,295$1,205$1,094$944
Accrued pension liabilities - current(2)(27)(27)(12)(12)
Accrued pension liabilities - noncurrent(3)(300)(344)(783)(800)
Net amount recognized $968$834$299$132
(1) Included in Other assets on Consolidated Balance Sheet
(2) Included in Accrued liabilities on Consolidated Balance Sheet
(3) Included in Other liabilities on Consolidated Balance Sheet

Other Postretirement Benefits
20182017
Change in benefit obligation:
Benefit obligation at beginning of year$530$492
Service cost--
Interest cost1519
Plan amendments(34)91
Actuarial (gains) losses(110)(14)
Benefits paid(37)(58)
Benefit obligation at end of year364530
Change in plan assets:
Fair value of plan assets at beginning of year--
Actual return on plan assets--
Company contributions--
Benefits paid--
Fair value of plan assets at end of year--
Funded status of plans$(364)$(530)
Amounts recognized in Consolidated Balance Sheet consist of:
Accrued liabilities$(62)$(62)
Postretirement benefit obligations other than pensions(1)(302)(468)
Net amount recognized$(364)$(530)
(1) Excludes non-U.S. plans of $42 million and $44 million in 2018 and 2017.
Other Changes in Plan Assets Recognized in Other Comprehensive Income
Pension Benefits
U.S. PlansNon-U.S. Plans
2018201720182017
Prior service (credit) cost$(218)$(268)$20$(13)
Net actuarial loss860248600427
Net amount recognized$642$(20)$620$414

Other Postretirement Benefits
20182017
Prior service (credit) $(226)$(244)
Net actuarial (gain) loss (4)109
Net amount recognized$(230)$(135)
Net Periodic Benefit Cost
Pension Benefits
U.S. PlansNon-U.S. Plans
Net Periodic Benefit Cost201820172016201820172016
Service cost $140$172$191$26$40$47
Interest cost 573586600143147179
Expected return on plan assets(1,426)(1,262)(1,226)(443)(411)(377)
Amortization of prior service
(credit) cost(43)(43)(43)(1)(1)(3)
Recognition of actuarial losses-41273746246
Settlements and curtailments-18-(3)-(7)
Net periodic benefit (income) cost$(756)$(488)$(451)$(241)$(179)$85
Other Changes in Plan Assets and
Benefits Obligations Recognized inU.S. PlansNon-U.S. Plans
Other Comprehensive (Income) Loss201820172016201820172016
Actuarial (gains) losses$619$(792)$121$250$(153)$447
Prior service cost (credit)---30(1)-
Prior service credit
recognized during year4343434110
Actuarial losses recognized
during year-(59)(27)(37)(46)(246)
Foreign currency translation---(34)43(83)
Total recognized in other
comprehensive (income) loss$ 662 $ (808)$ 137 $ 213 $ (156)$ 128
Total recognized in net periodic
benefit (income) cost and other comprehensive
(income) loss$ (94)$ (1,296)$ (314)$ (28)$ (335)$ 213

Other Postretirement Benefits
Years Ended December 31,
Net Periodic Benefit Cost 201820172016
Service cost $-$-$-
Interest cost 151920
Amortization of prior service (credit) (52)(58)(76)
Recognition of actuarial losses31322
Net periodic benefit (income) cost$(34)$(26)$(34)
Years Ended December 31,
Other Changes in Plan Assets and Benefits Obligations 201820172016
Recognized in Other Comprehensive (Income) Loss
Actuarial (gains) losses$(110)$(14)$(31)
Prior service cost (credit)(34)9127
Prior service credit recognized during year525876
Actuarial losses recognized during year(3)(13)(22)
Total recognized in other comprehensive (income) loss$(95)$122$50
Total recognized in net periodic benefit (income) cost and
other comprehensive (income) loss$(129)$96$16
Assumptions Used in Calculations
Pension Benefits
U.S. PlansNon-U.S. Plans
201820172016201820172016
Actuarial assumptions used to determine
benefit obligations as of December 31:
Discount rate4.35%3.68%4.20%2.63%2.36%2.51%
Expected annual rate of
compensation increase3.25%4.50%4.50%2.46%0.73%2.17%
Actuarial assumptions used to determine
net periodic benefit (income) cost for
years ended December 31:
Discount rate - benefit obligation3.68%4.20%4.46%2.36%2.51%3.49%
Discount rate - service cost3.77%4.42%4.69%2.20%2.14%2.92%
Discount rate - interest cost3.27%3.49%3.59%2.08%2.19%3.07%
Expected rate of return
on plan assets7.75%7.75%7.75%6.23%6.43%6.65%
Expected annual rate of
compensation increase4.50%4.50%4.48%2.49%2.17%2.11%

Other Postretirement Benefits
201820172016
Actuarial assumptions used to determine benefit
obligations as of December 31:
Discount rate 4.07%3.39%3.65%
Actuarial assumptions used to determine net periodic
benefit cost for years ended December 31:
Discount rate (1)3.39%3.60%3.80%
(1) Discount rate was 3.65% for 1/1/17 through 2/28/17. Rate was changed to 3.60% for the remainder of 2017 due to Plan remeasurement as of 3/1/17.
Accumulated Benefit Obligations in Excess of Plan Assets
December 31,
U.S. PlansNon-U.S. Plans
2018201720182017
Projected benefit obligation $327$371$1,668$1,082
Accumulated benefit obligation$321$360$1,604$1,018
Fair value of plan assets --$873$269
Fair Value of Plan Assets
U.S. Plans
December 31, 2018
TotalLevel 1Level 2Level 3
Equities:
Honeywell common stock$2,438$2,438--
U.S. equities1,3651,365--
Non-U.S. equities753753--
Real estate investment trusts244244--
Fixed income:
Short term investments877877--
Government securities993-993-
Corporate bonds6,824-6,824-
Mortgage/Asset-backed securities1,032-1,032-
Insurance contracts8-8-
Direct investments:
Direct private investments829--829
Real estate properties657--657
Total16,020$5,677$8,857$1,486
Investments measured at NAV:
Private funds931
Real estate funds56
Hedge funds1
Commingled Funds101
Total assets at fair value$17,109

U.S. Plans
December 31, 2017
TotalLevel 1Level 2Level 3
Equities:
Honeywell common stock$2,832$2,832$-$-
U.S. equities3,5733,573--
Non-U.S. equities2,6312,61813-
Real estate investment trusts265265--
Fixed income:
Short term investments919919--
Government securities428-428-
Corporate bonds5,052-5,052-
Mortgage/Asset-backed securities742-742-
Insurance contracts8-8-
Direct investments:
Direct private investments752--752
Real estate properties597--597
Total17,799$10,207$6,243$1,349
Investments measured at NAV:
Private funds901
Real estate funds84
Hedge funds20
Commingled funds181
Total assets at fair value$18,985

Non-U.S. Plans
December 31, 2018
TotalLevel 1Level 2Level 3
Equities:
U.S. equities$429$297132-
Non-U.S. equities1,356441,312-
Fixed income:
Short-term investments189189--
Government securities2,572-2,572-
Corporate bonds1,468-1,468-
Mortgage/Asset-backed securities60-60-
Insurance contracts137-137-
Investments in private funds:
Private funds46-1234
Real estate funds144--144
Total6,401$530$5,693$178
Investments measured at NAV:
Private funds26
Real estate funds54
Total assets at fair value$6,481

Non-U.S. Plans
December 31, 2017
TotalLevel 1Level 2Level 3
Equities:
U.S. equities$573$420$153$-
Non-U.S. equities2,801992,702-
Fixed income:
Short-term investments238238--
Government securities1,685-1,685-
Corporate bonds1,364-1,364-
Mortgage/Asset-backed securities47-47-
Insurance contracts157-157-
Investments in private funds:
Private funds52-2131
Real estate funds149--149
Total7,066$757$6,129$180
Investments measured at NAV:
Private funds29
Real estate funds56
Total assets at fair value$7,151
Changes in Fair Value of Level 3 Plan Assets
U.S. PlansNon-U.S. Plans
Direct
PrivateReal EstatePrivateReal Estate
InvestmentsPropertiesFundsFunds
Balance at December 31, 2016$609$664$23$124
Actual return on plan assets:
Relating to assets still held
at year-end332526
Relating to assets sold
during the year5131--
Purchases148186-
Sales and settlements(89)(118)(3)(1)
Balance at December 31, 201775259731149
Actual return on plan assets:
Relating to assets still held
at year-end36331(4)
Relating to assets sold
during the year652--
Purchases95472-
Sales and settlements(119)(22)-(1)
Balance at December 31, 2018$829$657$34$144
Estimated Future Benefit Payments
U.S. PlansNon-U.S. Plans
2019$1,177$254
20201,171259
20211,167266
20221,163273
20231,160280
2024-20285,5641,519
Assumed Health Care Cost Trend Rates
December 31,
20182017
Assumed health care cost trend rate:
Health care cost trend rate assumed for next year 7.00%6.50%
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 20292023
Effect of One Percentage Point Change
1 percentage point
IncreaseDecrease
Effect on total of service and interest cost components $1$(1)
Effect on postretirement benefit obligation $18$(14)
Schedule Of Benefit Payments Reflecting Expected Future Service [Table Text Block]
Benefit payments reflecting expected future service, as appropriate, are expected to be paid
as follows:
Without Impact ofNet of
Medicare SubsidyMedicare Subsidy
2019$52$48
20204844
20214440
20224037
20233834
2024-202810998