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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2023
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
2023202220232022
Change in benefit obligation    
Benefit obligation at beginning of year$13,290 $17,391 $4,400 $6,999 
Service cost29 86 11 19 
Interest cost645 380 200 103 
Plan amendments— — — — 
Actuarial (gains) losses1
337 (3,135)191 (1,929)
Benefits paid(1,509)(1,421)(250)(261)
Settlements and curtailments— (13)— — 
Foreign currency translation— — 165 (533)
Other— 2 1 2 
Benefit obligation at end of year12,792 13,290 4,718 4,400 
Change in plan assets
Fair value of plan assets at beginning of year17,005 20,560 5,304 8,396 
Actual return on plan assets1,070 (2,161)267 (2,187)
Company contributions28 37 22 17 
Benefits paid(1,509)(1,421)(250)(261)
Settlements and curtailments— (13)— — 
Foreign currency translation— — 205 (664)
Other— 3 1 3 
Fair value of plan assets at end of year16,594 17,005 5,549 5,304 
Funded status of plans$3,802 $3,715 $831 $904 
Amounts recognized in the Consolidated Balance Sheet consist of
Prepaid pension benefit cost2
$4,052 $3,970 $1,335 $1,356 
Accrued pension liabilities—current3
(26)(28)(15)(14)
Accrued pension liabilities—noncurrent4
(224)(227)(489)(438)
Net amount recognized$3,802 $3,715 $831 $904 
1
The actuarial losses incurred in 2023 related to the Company's U.S. plans are primarily the result of a decrease in the discount rate assumption, as well as changes in demographic experience and demographic assumptions used to estimate the benefit obligations as of December 31, 2023, compared to December 31, 2022. Actuarial losses incurred in 2023 related to the Company's non-U.S. plans are primarily the result of a decrease in the discount rate assumption, partially offset by inflation related assumptions used to estimate the benefit obligations as of December 31, 2023, compared to December 31, 2022. 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 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.
2
Included in Other assets in the Consolidated Balance Sheet.
3
Included in Accrued liabilities in the Consolidated Balance Sheet.
4Included in Other liabilities in the Consolidated Balance Sheet.
 Other
Postretirement
Benefits
20232022
Change in benefit obligation
Benefit obligation at beginning of year$133 $196 
Service cost— — 
Interest cost6 5 
Plan amendments— — 
Actuarial (gains) losses3 (54)
Benefits paid(26)(14)
Benefit obligation at end of year116 133 
Change in plan assets
Fair value of plan assets at beginning of year— — 
Actual return on plan assets— — 
Company contributions— — 
Benefits paid— — 
Fair value of plan assets at end of year— — 
Funded status of plans$(116)$(133)
Amounts recognized in the Consolidated Balance Sheet consist of
Accrued liabilities$(12)$(21)
Postretirement benefit obligations other than pensions1
(104)(112)
Net amount recognized$(116)$(133)
1
Excludes non-U.S. plan of $30 million and $34 million as of December 31, 2023, and 2022, respectively.
Other Changes in Plan Assets Recognized in Other Comprehensive Income
Amounts recognized in Accumulated other comprehensive (income) loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2023, and 2022, are as follows:
 Pension Benefits
U.S. PlansNon-U.S. Plans
2023202220232022
Prior service (credit) cost$(7)$(50)$18 $18 
Net actuarial (gain) loss1,191 814 422 360 
Net amount recognized$1,184 $764 $440 $378 
 Other
Postretirement
Benefits
20232022
Prior service (credit) cost$(30)$(50)
Net actuarial (gain) loss(68)(84)
Net amount recognized$(98)$(134)
Net Periodic Benefit Cost
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:
Pension Benefits
U.S. PlansNon-U.S. Plans
202320222021202320222021
Service cost$29 $86 $105 $11 $19 $26 
Interest cost645 380 306 200 103 77 
Expected return on plan assets(1,111)(1,281)(1,220)(274)(278)(348)
Amortization of prior service (credit) cost(42)(42)(42)— — — 
Recognition of actuarial (gains) losses— (14)31 153 537 9 
Settlements and curtailments— (2)— — — — 
Net periodic benefit (income) cost$(479)$(873)$(820)$90 $381 $(236)
U.S. PlansNon-U.S. Plans
202320222021202320222021
Actuarial (gains) losses$378 $307 $(14)$198 $294 $(221)
Prior service (credit) cost— — — — — (3)
Prior service credit recognized during year42 43 43 — (1)(1)
Actuarial (gains) losses recognized during year— 15 — (153)(537)(9)
Foreign currency translation— — — 17 204 (1)
Total recognized in Other comprehensive (income) loss$420 $365 $29 $62 $(40)$(235)
Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss$(59)$(508)$(791)$152 $341 $(471)
Other Postretirement Benefits
Years Ended December 31,
202320222021
Service cost$— $— $— 
Interest cost6 5 5 
Amortization of prior service (credit) cost(20)(42)(74)
Recognition of actuarial (gains) losses(13)(4)(2)
Net periodic benefit (income) cost$(27)$(41)$(71)
Years Ended December 31,
202320222021
Actuarial (gains) losses$3 $(54)$(8)
Prior service (credit) cost— — — 
Prior service credit recognized during year20 42 74 
Actuarial (gains) losses recognized during year13 4 2 
Total recognized in other comprehensive (income) loss36 (8)68 
Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss$9 $(49)$(3)
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
202320222021202320222021
Actuarial assumptions used to determine benefit obligations as of December 31
Discount rate4.97 %5.17 %2.87 %4.15 %4.50 %1.79 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %2.68 %2.69 %2.56 %
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31
Discount rate—benefit obligation5.17 %2.87 %2.50 %4.49 %1.77 %1.24 %
Discount rate—service cost5.26 %2.98 %2.68 %3.81 %1.48 %1.00 %
Discount rate—interest cost5.07 %2.26 %1.76 %4.56 %1.59 %1.00 %
Expected rate of return on plan assets6.75 %6.40 %6.15 %5.15 %3.61 %4.03 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %2.68 %2.56 %2.43 %
 Other Postretirement Benefits
202320222021
Actuarial assumptions used to determine benefit obligations as of December 31
Discount rate5.00 %5.32 %2.66 %
Actuarial assumptions used to determine net periodic benefit cost for years ended December 31
Discount rate5.32 %2.66 %2.20 %
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
2023202220232022
Projected benefit obligation$251 $255 $753 $682 
Accumulated benefit obligation249 253 736 664 
Fair value of plan assets— — 249 230 
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, 2023
TotalLevel 1Level 2Level 3
Equities
Honeywell common stock$3,049 $3,049 $— $— 
U.S. equities— — — — 
Fixed income
Short-term investments2,942 283 2,659 — 
Government securities532 — 532 — 
Corporate bonds5,733 — 5,733 — 
Mortgage/Asset-backed securities676 — 676 — 
Insurance contracts7 — 7 — 
Direct investments
Direct private investments1,293 — — 1,293 
Real estate properties977 — — 977 
Total$15,209 $3,332 $9,607 $2,270 
Investments measured at NAV
Private funds1,265 
Real estate funds8 
Commingled funds112 
Total assets at fair value$16,594 
 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 
 Non-U.S. Plans
December 31, 2023
TotalLevel 1Level 2Level 3
Equities
U.S. equities$195 $— $195 $— 
Non-U.S. equities365 — 365 — 
Fixed income
Short-term investments387 168 219 — 
Government securities1,635 — 1,635 — 
Corporate bonds1,103 — 1,103 — 
Mortgage/Asset-backed securities10 — 10 — 
Insurance contracts108 — 108 — 
Insurance buy-in contracts1,605 — — 1,605 
Investments in private funds
Private funds115 — 41 74 
Real estate funds16 — — 16 
Total$5,539 $168 $3,676 $1,695 
Investments measured at NAV
Private funds8 
Real estate funds2 
Total assets at fair value$5,549 
 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 
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 InvestmentsReal Estate PropertiesPrivate FundsReal Estate FundsInsurance Buy-in Contracts
Balance at December 31, 2021$1,336 $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, 20221,284 1,005 36 130 950 
Actual return on plan assets
Relating to assets still held at year-end(34)(115)3 — 68 
Relating to assets sold during the year159 — 1 (3)— 
Purchases131 88 39 — 587 
Sales and settlements(247)(1)(5)(111)— 
Balance at December 31, 2023$1,293 $977 $74 $16 $1,605 
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
2024$1,094 $257 
20251,077 253 
20261,062 260 
20271,044 266 
20281,022 268 
2029-20334,699 1,270 
Assumed Health Care Cost Trend Rates
 December 31,
20232022
Assumed health care cost trend rate
Health care cost trend rate assumed for next year7.00 %7.50 %
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 2031 
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
2024$13 $12 
202512 12 
202612 11 
202711 11 
202811 10 
2029-203346 44