XML 120 R57.htm IDEA: XBRL DOCUMENT v3.25.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
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
2024202320242023
Change in benefit obligation    
Benefit obligation at beginning of year$12,792 $13,290 $4,718 $4,400 
Service cost28 29 12 11 
Interest cost599 645 191 200 
Plan amendments— — 14 — 
Actuarial (gains) losses1
(579)337 (393)191 
Benefits paid(1,069)(1,509)(262)(250)
Settlements and curtailments— — (14)— 
Foreign currency translation— — (106)165 
Other1 — 1 1 
Benefit obligation at end of year11,772 12,792 4,161 4,718 
Change in plan assets
Fair value of plan assets at beginning of year16,594 17,005 5,549 5,304 
Actual return on plan assets1,008 1,070 (111)267 
Company contributions31 28 29 22 
Benefits paid(1,069)(1,509)(262)(250)
Foreign currency translation— — (101)205 
Other1 1 1 
Fair value of plan assets at end of year16,565 16,594 5,105 5,549 
Funded status of plans$4,793 $3,802 $944 $831 
Amounts recognized in the Consolidated Balance Sheet consist of
Prepaid pension benefit cost2
$5,029 $4,052 $1,431 $1,335 
Accrued pension liabilities—current3
(28)(26)(15)(15)
Accrued pension liabilities—noncurrent4
(208)(224)(472)(489)
Net amount recognized$4,793 $3,802 $944 $831 
1
The actuarial gains incurred in 2024 related to the Company's U.S. plans are primarily the result of an increase in the discount rate assumption, as well as changes in demographic assumptions, partially offset by changes in demographic experience used to estimate the benefit obligations as of December 31, 2024, compared to December 31, 2023. Actuarial gains incurred in 2024 related to the Company's non-U.S. plans are primarily the result of an increase in the discount rate assumption, as well as changes in demographic assumptions, partially offset by inflation related assumptions and changes in demographic experience used to estimate the benefit obligations as of December 31, 2024, compared to December 31, 2023. 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.
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
20242023
Change in benefit obligation
Benefit obligation at beginning of year$116 $133 
Service cost— — 
Interest cost5 6 
Plan amendments— — 
Actuarial (gains) losses(7)3 
Benefits paid(16)(26)
Benefit obligation at end of year98 116 
Change in plan assets
Fair value of plan assets at beginning of year— — 
Actual return on plan assets— — 
Company contributions— — 
Benefits paid— — 
Fair value of plan assets at end of year— — 
Funded status of plans$(98)$(116)
Amounts recognized in the Consolidated Balance Sheet consist of
Accrued liabilities$(11)$(12)
Postretirement benefit obligations other than pensions1
(87)(104)
Net amount recognized$(98)$(116)
1
Excludes non-U.S. plan of $25 million and $30 million as of December 31, 2024, and 2023, respectively.
Other Changes in Plan Assets Recognized in Other Comprehensive Income
Amounts recognized in Accumulated other comprehensive loss associated with the Company's significant pension and other postretirement benefit plans at December 31, 2024, and 2023, are as follows:
 Pension Benefits
U.S. PlansNon-U.S. Plans
2024202320242023
Prior service (credit) cost$— $(7)$34 $18 
Net actuarial (gain) loss729 1,191 315 422 
Net amount recognized$729 $1,184 $349 $440 
 Other
Postretirement
Benefits
20242023
Prior service (credit) cost$(18)$(30)
Net actuarial (gain) loss(64)(68)
Net amount recognized$(82)$(98)
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
202420232022202420232022
Service cost$28 $29 $86 $12 $11 $19 
Interest cost599 645 380 191 200 103 
Expected return on plan assets(1,125)(1,111)(1,281)(301)(274)(278)
Amortization of prior service (credit) cost(7)(42)(42)1 — — 
Recognition of actuarial (gains) losses— — (14)126 153 537 
Settlements and curtailments— — (2)(17)— — 
Net periodic benefit (income) cost$(505)$(479)$(873)$12 $90 $381 
U.S. PlansNon-U.S. Plans
202420232022202420232022
Actuarial (gains) losses$(462)$378 $307 $19 $198 $294 
Prior service (credit) cost— — — 14 — — 
Prior service credit recognized during year7 42 43 2 — (1)
Actuarial (gains) losses recognized during year— — 15 (126)(153)(537)
Foreign currency translation— — — (1)17 204 
Total recognized in Other comprehensive (income) loss$(455)$420 $365 $(92)$62 $(40)
Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss$(960)$(59)$(508)$(80)$152 $341 
Other Postretirement Benefits
Years Ended December 31,
202420232022
Interest cost$5 $6 $5 
Amortization of prior service (credit) cost(12)(20)(42)
Recognition of actuarial (gains) losses(11)(13)(4)
Net periodic benefit (income) cost$(18)$(27)$(41)
Years Ended December 31,
202420232022
Actuarial (gains) losses$(7)$3 $(54)
Prior service credit recognized during year12 20 42 
Actuarial (gains) losses recognized during year11 13 4 
Total recognized in other comprehensive (income) loss16 36 (8)
Total recognized in net periodic benefit (income) cost and Other comprehensive (income) loss$(2)$9 $(49)
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
202420232022202420232022
Actuarial assumptions used to determine benefit obligations as of December 31
Discount rate5.57 %4.97 %5.17 %4.80 %4.15 %4.50 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %1.68 %2.68 %2.69 %
Actuarial assumptions used to determine net periodic benefit (income) cost for years ended December 31
Discount rate—benefit obligation4.97 %5.17 %2.87 %4.13 %4.49 %1.77 %
Discount rate—service cost5.06 %5.26 %2.98 %3.38 %3.81 %1.48 %
Discount rate—interest cost4.89 %5.07 %2.26 %4.12 %4.56 %1.59 %
Expected rate of return on plan assets7.00 %6.75 %6.40 %5.48 %5.15 %3.61 %
Expected annual rate of compensation increase3.25 %3.25 %3.25 %2.68 %2.68 %2.56 %
 Other Postretirement Benefits
202420232022
Actuarial assumptions used to determine benefit obligations as of December 31
Discount rate5.42 %5.00 %5.32 %
Actuarial assumptions used to determine net periodic benefit cost for years ended December 31
Discount rate5.00 %5.32 %2.66 %
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
2024202320242023
Projected benefit obligation$236 $251 $709 $753 
Accumulated benefit obligation228 249 695 736 
Fair value of plan assets— — 222 249 
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, 2024
TotalLevel 1Level 2Level 3
Equities
Honeywell common stock$3,283 $3,283 $— $— 
U.S. equities819 819 — — 
Fixed income
Short-term investments776 83 693 — 
Government securities2,142 — 2,142 — 
Corporate bonds5,104 230 4,874 — 
Mortgage/Asset-backed securities790 — 790 — 
Insurance contracts7 — 7 — 
Direct investments
Direct private investments1,337 — — 1,337 
Real estate properties972 — — 972 
Total$15,230 $4,415 $8,506 $2,309 
Investments measured at NAV
Private funds1,327 
Real estate funds8 
Total assets at fair value$16,565 
 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 
 Non-U.S. Plans
December 31, 2024
TotalLevel 1Level 2Level 3
Equities
U.S. equities$209 $— $209 $— 
Non-U.S. equities436 — 436 — 
Fixed income
Short-term investments385 68 317 — 
Government securities1,317 — 1,317 — 
Corporate bonds1,144 — 1,144 — 
Mortgage/Asset-backed securities18 — 18 — 
Insurance contracts90 — 90 — 
Insurance buy-in contracts1,390 — — 1,390 
Investments in private funds
Private funds112 — 34 78 
Real estate funds2 — — 2 
Total$5,103 $68 $3,565 $1,470 
Investments measured at NAV
Private funds1 
Real estate funds1 
Total assets at fair value$5,105 
 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 
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, 2022$1,284 $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, 20231,293 977 74 16 1,605 
Actual return on plan assets
Relating to assets still held at year-end16 (14)7 — (215)
Relating to assets sold during the year61 — (7)— — 
Purchases101 10 19 — — 
Sales and settlements(134)(1)(15)(14)— 
Balance at December 31, 2024$1,337 $972 $78 $2 $1,390 
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
2025$1,276 $233 
20261,215 236 
20271,163 241 
20281,112 245 
20291,068 249 
2030-20344,649 1,311 
Assumed Health Care Cost Trend Rates
 December 31,
20242023
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 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
2025$12 $11 
202611 11 
202711 10 
202810 10 
202910 9 
2030-203440 38