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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined Benefit Plans Disclosure
The following tables summarize the balance sheet impact, including the benefit obligations, assets, and funded status associated with the Company's significant pension and other postretirement benefit plans:
 Pension Benefits
U.S. PlansNon-U.S. Plans
2022202120222021
Change in benefit obligation:    
Benefit obligation at beginning of year$17,391 $18,054 $6,999 $7,670 
Service cost86 105 19 26 
Interest cost380 306 103 77 
Plan amendments— — — (3)
Actuarial (gains) losses(1)
(3,135)141 (1,929)(403)
Benefits paid(1,421)(1,221)(261)(249)
Settlements and curtailments(13)— — — 
Foreign currency translation— — (533)(121)
Other2 6 2 2 
Benefit obligation at end of year13,290 17,391 4,400 6,999 
Change in plan assets:
Fair value of plan assets at beginning of year20,560 20,396 8,396 8,450 
Actual return on plan assets(2,161)1,344 (2,187)166 
Company contributions37 35 17 101 
Benefits paid(1,421)(1,221)(261)(249)
Settlements and curtailments(13)— — — 
Foreign currency translation— — (664)(74)
Other3 6 3 2 
Fair value of plan assets at end of year17,005 20,560 5,304 8,396 
Funded status of plans$3,715 $3,169 $904 $1,397 
Amounts recognized in the Consolidated Balance Sheet consist of:
Prepaid pension benefit cost(2)
$3,970 $3,528 $1,356 $2,105 
Accrued pension liabilities—current(3)
(28)(33)(14)(14)
Accrued pension liabilities—noncurrent(4)
(227)(326)(438)(694)
Net amount recognized$3,715 $3,169 $904 $1,397 
(1)The actuarial gains incurred in 2022 related to the Company's U.S. plans are primarily the result of an increase in the discount rate assumption, partially offset by actuarial losses primarily as a result of changes in demographic experience and demographic assumptions used to estimate the benefit obligations as of December 31, 2022, compared to December 31, 2021. Actuarial gains incurred in 2022 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption, partially offset by inflation related assumptions used to estimate the benefit obligations as of December 31, 2022, compared to December 31, 2021. 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 assumption 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.
(2)Included in Other assets in the Consolidated Balance Sheet.
(3)Included in Accrued liabilities in the Consolidated Balance Sheet.
(4)Included in Other liabilities in the Consolidated Balance Sheet.
 Other
Postretirement
Benefits
20222021
Change in benefit obligation:
Benefit obligation at beginning of year$196 $229 
Service cost— — 
Interest cost5 5 
Plan amendments— — 
Actuarial (gains) losses(54)(8)
Benefits paid(14)(30)
Benefit obligation at end of year133 196 
Change in plan assets:
Fair value of plan assets at beginning of year— — 
Actual return on plan assets— — 
Company contributions— — 
Benefits paid— — 
Fair value of plan assets at end of year— — 
Funded status of plans$(133)$(196)
Amounts recognized in the Consolidated Balance Sheet consist of:
Accrued liabilities$(21)$(25)
Postretirement benefit obligations other than pensions(1)
(112)(171)
Net amount recognized$(133)$(196)
(1)Excludes non-U.S. plan of $34 million and $37 million as of December 31, 2022, and 2021, respectively.
Other Changes in Plan Assets Recognized in Other Comprehensive Income
Amounts recognized in Accumulated other comprehensive (income) loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2022, and 2021, are as follows:
 Pension Benefits
U.S. PlansNon-U.S. Plans
2022202120222021
Prior service (credit) cost$(50)$(92)$18 $20 
Net actuarial (gain) loss814 492 360 397 
Net amount recognized$764 $400 $378 $417 
 Other
Postretirement
Benefits
20222021
Prior service (credit) cost$(50)$(92)
Net actuarial (gain) loss(84)(34)
Net amount recognized$(134)$(126)
Net Periodic Benefit Cost
The components of net periodic benefit (income) cost and other amounts recognized in Other comprehensive (income) loss for the Company's significant pension and other postretirement benefit plans include the following components:
Net periodic benefit (income) costPension Benefits
U.S. PlansNon-U.S. Plans
202220212020202220212020
Service cost$86 $105 $99 $19 $26 $23 
Interest cost380 306 461 103 77 106 
Expected return on plan assets(1,281)(1,220)(1,135)(278)(348)(336)
Amortization of prior service (credit) cost(42)(42)(42)— — — 
Recognition of actuarial (gains) losses(14)31 26 537 9 18 
Settlements and curtailments(2)— 4 — — — 
Net periodic benefit (income) cost$(873)$(820)$(587)$381 $(236)$(189)
Other changes in plan assets and benefit obligations recognized in Other comprehensive (income) lossU.S. PlansNon-U.S. Plans
202220212020202220212020
Actuarial (gains) losses$307 $(14)$(9)$294 $(221)$(73)
Prior service (credit) cost— — — — (3)2 
Prior service credit recognized during year43 43 42 (1)(1)— 
Actuarial (gains) losses recognized during year15 — (30)(537)(9)(18)
Foreign currency translation— — — 204 (1)19 
Total recognized in Other comprehensive (income) loss$365 $29 $3 $(40)$(235)$(70)
Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss$(508)$(791)$(584)$341 $(471)$(259)
Net periodic benefit (income) costOther Postretirement Benefits
Years Ended December 31,
202220212020
Service cost$— $— $— 
Interest cost5 5 8 
Amortization of prior service (credit) cost(42)(74)(66)
Recognition of actuarial (gains) losses(4)(2)— 
Net periodic benefit (income) cost$(41)$(71)$(58)
Other changes in plan assets and benefit obligations
recognized in Other comprehensive (income) loss		Years Ended December 31,
202220212020
Actuarial (gains) losses$(54)$(8)$(8)
Prior service (credit) cost— — (65)
Prior service credit recognized during year42 74 66 
Actuarial (gains) losses recognized during year4 2 — 
Total recognized in other comprehensive (income) loss$(8)$68 $(7)
Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss$(49)$(3)$(65)
Assumptions Used in Calculations
Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for the Company's significant benefit plans are presented in the following table as weighted averages:
 Pension Benefits
U.S. PlansNon-U.S. Plans
202220212020202220212020
Actuarial assumptions used to determine benefit obligations as of December 31:
Discount rate5.17 %2.87 %2.50 %4.50 %1.79 %1.23 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %2.69 %2.56 %2.43 %
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31:
Discount rate—benefit obligation2.87 %2.50 %3.22 %1.77 %1.24 %1.81 %
Discount rate—service cost2.98 %2.68 %3.33 %1.48 %1.00 %1.48 %
Discount rate—interest cost2.26 %1.76 %2.76 %1.59 %1.00 %1.56 %
Expected rate of return on plan assets6.40 %6.15 %6.15 %3.61 %4.03 %4.66 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %2.56 %2.43 %2.47 %
 Other Postretirement Benefits
202220212020
Actuarial assumptions used to determine benefit obligations as of December 31:
 Discount rate5.32 %2.66 %2.20 %
Actuarial assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate(1)
2.66 %2.20 %2.36 %
(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
The following amounts relate to the Company's significant pension plans with accumulated benefit obligations exceeding the fair value of plan assets:
 December 31,
U.S. PlansNon-U.S. Plans
2022202120222021
Projected benefit obligation$255 $359 $682 $964 
Accumulated benefit obligation$253 $346 $664 $932 
Fair value of plan assets$— $— $230 $256 
Fair Value of Plan Assets
The fair values of both the Company's U.S. and non-U.S. pension plans assets by asset category are as follows:
 U.S. Plans
December 31, 2022
TotalLevel 1Level 2Level 3
Equities:
Honeywell common stock$3,336 $3,336 $— $— 
U.S. equities6 6 — — 
Fixed income:
Short-term investments855 855 — — 
Government securities1,492 — 1,492 — 
Corporate bonds6,632 — 6,632 — 
Mortgage/Asset-backed securities1,119 — 1,119 — 
Insurance contracts8 — 8 — 
Direct investments:
Direct private investments1,284 — — 1,284 
Real estate properties1,005 — — 1,005 
Total$15,737 $4,197 $9,251 $2,289 
Investments measured at NAV:
Private funds1,258 
Real estate funds10 
Commingled funds— 
Total assets at fair value$17,005 
 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 contracts8 — 8 — 
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 
 Non-U.S. Plans
December 31, 2022
TotalLevel 1Level 2Level 3
Equities:
U.S. equities$144 $2 $142 $— 
Non-U.S. equities374 — 374 — 
Fixed income:
Short-term investments341 341 — — 
Government securities2,045 — 2,045 — 
Corporate bonds1,031 — 1,031 — 
Mortgage/Asset-backed securities31 — 31 — 
Insurance contracts115 — 115 — 
Insurance buy-in contracts950 — — 950 
Investments in private funds:
Private funds90 — 54 36 
Real estate funds130 — — 130 
Total$5,251 $343 $3,792 $1,116 
Investments measured at NAV:
Private funds10 
Real estate funds43 
Total assets at fair value$5,304 
 Non-U.S. Plans
December 31, 2021
TotalLevel 1Level 2Level 3
Equities:
U.S. equities$229 $1 $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 
Changes in Fair Value of Level 3 Plan Assets
The following table summarizes changes in the fair value of level 3 assets for both U.S. and non-U.S. plans:
 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, 2020$1,220 $651 $29 $147 $767 
Actual return on plan assets:
Relating to assets still held at year-end11 96 4 23 (76)
Relating to assets sold during the year174 — — 4 — 
Purchases194 99 — — — 
Sales and settlements(263)(3)— (11)— 
Balance at December 31, 20211,336 843 33 163 691 
Actual return on plan assets:
Relating to assets still held at year-end(66)88 11 (33)(477)
Relating to assets sold during the year98 (24)— 1 — 
Purchases75 148 — — 736 
Sales and settlements(159)(50)(8)(1)— 
Balance at December 31, 2022$1,284 $1,005 $36 $130 $950 
Estimated Future Benefit Payments
Benefit payments, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows:
U.S. PlansNon-U.S. Plans
2023$1,139 $247 
20241,121 249 
20251,104 256 
20261,087 264 
20271,067 269 
2028-20324,943 1,271 
Assumed Health Care Cost Trend Rates
 December 31,
20222021
Assumed health care cost trend rate:
Health care cost trend rate assumed for next year7.50 %6.50 %
Rate that the cost trend rate gradually declines to5.00 %5.00 %
Year that the rate reaches the rate it is assumed to remain at2031 2029 
Schedule Of Benefit Payments Reflecting Expected Future Service
Benefit payments reflecting expected future service, as appropriate, are expected to be paid as follows:
Without Impact of
Medicare Subsidy		Net of
Medicare Subsidy
2023$24 $22 
202413 13 
202513 12 
202612 12 
202712 11 
2028-203251 48