XML 64 R53.htm IDEA: XBRL DOCUMENT v2.4.0.6
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2011
Pension And Other Postretirement Benefits (Tables) [Abstract]  
Defined Benefit Plans Disclosure
  Pension Benefits
  U.S. Plans Non-U.S. Plans
  2011 2010 2011 2010
Change in benefit obligation:           
 Benefit obligation at beginning of year $ 14,990 $ 13,620 $ 4,373 $ 4,266
 Service cost   232   221   59   51
 Interest cost   761   768   239   228
 Plan amendments   5   117   -   -
 Actuarial losses  566   1,211   171   150
 Divestitures  (26)   -   -   -
 Benefits paid  (952)   (947)   (189)   (181)
 Settlements and curtailments  -   -   (25)   -
 Other  24   -   20   (141)
 Benefit obligation at end of year  15,600   14,990   4,648   4,373
Change in plan assets:           
 Fair value of plan assets at beginning of year  12,181   10,306   3,939   3,488
 Actual return on plan assets  (41)   1,788   87   414
 Company contributions  1,681   1,034   124   313
 Divestitures  (33)   -   -   -
 Benefits paid  (952)   (947)   (189)   (181)
 Settlements and curtailments  -   -   (25)   -
 Other  -   -   22   (95)
 Fair value of plan assets at end of year  12,836   12,181   3,958   3,939
Funded status of plans$ (2,764) $ (2,809) $ (690) $ (434)
Amounts recognized in Consolidated Balance            
Sheet consist of:           
 Prepaid pension benefit cost(1)$ - $ - $ 84 $ 135
 Accrued pension liability(2)  (2,764)   (2,809)   (774)   (569)
Net amount recognized $ (2,764) $ (2,809) $ (690) $ (434)
             
(1) Included in Other Assets on Consolidated Balance Sheet
(2) Included in Other Liabilities - Non-Current on Consolidated Balance Sheet

   Other Postretirement Benefits 
   2011 2010 
 Change in benefit obligation:      
  Benefit obligation at beginning of year $ 1,628 $ 1,748 
  Service cost   1   2 
  Interest cost   69   81 
  Plan amendments   (22)   (176) 
  Actuarial losses   6   160 
  Benefits paid   (138)   (187) 
  Settlements and curtailments   (10)   - 
  Benefit obligation at end of year   1,534   1,628 
 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 $ (1,534) $ (1,628) 
         
 Amounts recognized in Consolidated Balance Sheet consist of:      
         
  Accrued liabilities   (167)   (197) 
  Postretirement benefit obligations other than pensions(1)  (1,367)   (1,431) 
 Net amount recognized $ (1,534) $ (1,628) 
         
 (1) Excludes Non-U.S. plans of $50 and $46 million in 2011 and 2010, respectively.  
Other Changes in Plan Assets Recognized in Other Comprehensive Income
  Pension Benefits 
  U.S. Plans Non-U.S. Plans 
  2011 2010 2011 2010 
 Transition obligation $ - $ - $ 7 $ 9 
 Prior service cost (credit)   148   177   (17)   (19) 
 Net actuarial loss   1,559   1,499   430   321 
 Net amount recognized$ 1,707 $ 1,676 $ 420 $ 311 

  Other Postretirement Benefits 
  2011 2010 
 Prior service (credit) $ (67) $ (264) 
 Net actuarial loss   391   425 
 Net amount recognized$ 324 $ 161 
Net Periodic Benefit Cost
   Pension Benefits
   U.S. Plans Non-U.S. Plans
Net Periodic Benefit Cost201120102009 201120102009
Service cost $ 232$ 221$ 183 $ 59$ 51$ 41
Interest cost   761  768  785   239  228  208
Expected return on plan assets  (1,014)  (902)  (767)   (284)  (248)  (221)
Amortization of transition             
 obligation  -  -  -   2  1  1
Amortization of prior service             
 cost (credit)  33  32  26   (2)  (1)  (1)
Recognition of actuarial losses  1,568  182  447   234  289  308
Settlements and curtailments  24  -  -   1  4  -
Net periodic benefit cost$ 1,604$ 301$ 674 $ 249$ 324$ 336
                
Other Changes in Plan Assets and             
Benefits Obligations Recognized inU.S. Plans Non-U.S. Plans
Other Comprehensive (Income) Loss201120102009 201120102009
Actuarial (gains)/losses$ 1,628$ 325$ 686 $ 368$ (20)$ 449
Prior service cost (credit)  5  117  -   -  -  2
Transition obligation             
 recognized during year  -  -  -   (2)  (1)  (1)
Prior service (cost) credit             
 recognized during year  (33)  (32)  (26)   2  1  1
Actuarial losses recognized             
 during year  (1,568)  (182)  (447)   (234)  (289)  (308)
Foreign exchange translation             
 adjustments  -  -  -   (11)  (17)  42
 Total recognized in other             
  comprehensive (income) loss$ 32$ 228$ 213 $ 123$ (326)$ 185
 Total recognized in net periodic             
  benefit cost and other             
  comprehensive (income) loss$ 1,636$ 529$ 887 $ 372$ (2)$ 521

   Other Postretirement Benefits
   Years Ended December 31,
Net Periodic Benefit Cost  2011 2010 2009
Service cost  $ 1 $ 2 $ 6
Interest cost    69   81   104
Amortization of prior service (credit)    (34)   (44)   (44)
Recognition of actuarial losses   38   34   13
Settlements and curtailments   (167)   (47)   (98)
Net periodic benefit (income) cost $ (93) $ 26 $ (19)
           
   Years Ended December 31,
Other Changes in Plan Assets and Benefits Obligations  2011 2010 2009
Recognized in Other Comprehensive (Income) Loss         
Actuarial losses $ 6 $ 160 $ 46
Prior service (credit)   (21)   (176)   (180)
Prior service credit recognized during year   34   44   44
Actuarial losses recognized during year   (38)   (34)   (13)
Settlements and curtailments   167   47   98
Total recognized in other comprehensive loss (income) $ 148 $ 41 $ (5)
Total recognized in net periodic benefit cost and other         
 comprehensive loss (income) $ 55 $ 67 $ (24)
Assumptions Used in Calculations
 Pension Benefits 
 U.S. Plans Non-U.S. Plans 
 2011 2010 2009 2011 2010 2009 
Actuarial assumptions used to determine             
benefit obligations as of December 31:            
Discount rate 4.89% 5.25% 5.75% 4.84% 5.40% 5.71%
Expected annual rate of            
compensation increase 4.50% 4.50% 4.50% 3.67% 3.79% 3.87%
             
Actuarial assumptions used to determine            
net periodic benefit cost for years            
ended December 31:            
Discount rate 5.25% 5.75% 6.95% 5.40% 5.71% 6.21%
Expected rate of return            
on plan assets 8.00% 9.00% 9.00% 7.06% 7.51% 7.52%
Expected annual rate of            
compensation increase 4.50% 4.50% 4.50% 3.79% 3.87% 3.33%

    Other Postretirement Benefits 
    2011  2010  2009 
Actuarial assumptions used to determine benefit          
 obligations as of December 31:         
  Discount rate   4.00%  4.70%  5.25%
            
Actuarial assumptions used to determine net periodic         
 benefit cost for years ended December 31:         
  Discount rate  4.70%  5.25%  6.00%
Accumulated Benefit Obligations in Excess of Plan Assets
   December 31, 
   U.S. Plans Non-U.S. Plans 
   2011 2010 2011 2010 
 Projected benefit obligation  $15,600 $14,990 $4,141 $1,990 
 Accumulated benefit obligation  $14,845 $14,260 $3,912 $1,883 
 Fair value of plan assets  $12,836 $12,181 $3,367 $1,474 
Fair Value of Plan Assets
  U.S. Plans 
  December 31, 2011 
    Total Level 1 Level 2 Level 3 
Common stock/preferred stock:         
 Honeywell common stock$ 1,012$ 1,012$ -$ - 
 U.S. large cap stocks  2,697  2,416  281  - 
 U.S. mid cap stocks  1,087  1,087  -  - 
 U.S. small cap stocks  272  272  -  - 
 International stocks  2,010  1,993  17  - 
 Real estate investment trusts  32  32  -  - 
Fixed income investments:         
 Short term investments  941  941  -  - 
 Government securities  291  -  291  - 
 Corporate bonds  1,984  -  1,984  - 
 Mortgage/Asset-Backed securities  435  -  435  - 
 Insurance contracts  6  -  6  - 
Investments in private funds:         
 Private funds  1,039  -  -  1,039 
 Hedge funds  60  -  -  60 
 Real estate funds  256  -  -  256 
Direct investments:         
 Direct private investments  161  -  -  161 
 Real estate properties  553  -  -  553 
  $ 12,836$ 7,753$ 3,014$ 2,069 

  U.S. Plans 
  December 31, 2010 
    Total Level 1 Level 2 Level 3 
Common stock/preferred stock:         
 Honeywell common stock$ 986$ 986$ -$ - 
 U.S. large cap stocks  2,349  2,349  -  - 
 U.S. mid cap stocks  1,049  1,049  -  - 
 U.S. small cap stocks  301  301  -  - 
 International stocks  2,197  2,176  21  - 
 Real estate investment trusts  38  38  -  - 
Fixed income investments:         
 Short term investments  1,242  1,242  -  - 
 Government securities  240  -  240  - 
 Corporate bonds  1,342  -  1,342  - 
 Mortgage/Asset-Backed securities  422  -  422  - 
 Insurance contracts  10  -  10  - 
Investments in private funds:         
 Private funds  1,053  -  -  1,053 
 Hedge funds  77  -  -  77 
 Real estate funds  214  -  -  214 
Direct investments:         
 Direct private investments  167  -  -  167 
 Real estate properties  494  -  -  494 
  $ 12,181$ 8,141$ 2,035$ 2,005 

  Non-U.S. Plans 
  December 31, 2011 
    Total Level 1 Level 2 Level 3 
Common stock/preferred stock:         
 U.S. companies$ 371$ 249$ 122$ - 
 Non-U.S. companies  1,343  233  1,110  - 
Fixed income investments:         
 Short-term investments  78  78  -  - 
 Government securities  1,175  -  1,175  - 
 Corporate bonds  463  -  463  - 
 Mortgage/Asset-backed securities  5  -  5  - 
 Insurance contracts  197  -  197  - 
Investments in private funds:         
 Private funds  112  -  -  112 
 Hedge funds  54  -  -  54 
 Real estate funds  160  -  -  160 
  $ 3,958$ 560$ 3,072$ 326 

  Non-U.S. Plans 
  December 31, 2010 
    Total Level 1 Level 2 Level 3 
Common stock/preferred stock:         
 U.S. companies$ 338$ 327$ 11$ - 
 Non-U.S. companies  1,556  336  1,220  - 
Fixed income investments:         
 Short-term investments  176  176  -  - 
 Government securities  915  -  915  - 
 Corporate bonds  431  -  431  - 
 Mortgage/Asset-backed securities  14  -  14  - 
 Insurance contracts  196  -  196  - 
Investments in private funds:         
 Private funds  89  -  -  89 
 Hedge funds  55  -  -  55 
 Real estate funds  169  -  -  169 
  $ 3,939$ 839$ 2,787$ 313 
Changes in Fair Value of Plan Assets
   U.S. Plans
      Direct         
    Private Private Hedge Real Estate Real Estate
    Funds Investments Funds Funds Properties
Balance at December 31, 2009 $ 911 $ 149 $ 78 $ 132 $ 452
Actual return on plan assets:               
 Relating to assets still held               
  at year-end   42   (9)   11   36   45
 Relating to assets sold                
  during the year   29   -   1   1   10
Purchases, sales and               
  settlements   71   27   (13)   45   (13)
                  
Balance at December 31, 2010   1,053   167   77   214   494
Actual return on plan assets:               
 Relating to assets still held               
  at year-end   (9)   4   (7)   26   41
 Relating to assets sold                
  during the year   -   8   4   -   -
Purchases, sales and               
  settlements   (5)   (18)   (14)   16   18
Balance at December 31, 2011 $ 1,039 $ 161 $ 60 $ 256 $ 553
                  
       Non-U.S. Plans   
                 
       Private Hedge Real Estate   
       Funds Funds Funds   
Balance at December 31, 2009 $ 81 $ 51 $ 137   
Actual return on plan assets:            
 Relating to assets still held            
  at year-end   2   4   2   
 Relating to assets sold             
  during the year   3   -   5   
Purchases, sales and            
  settlements   3   -   25   
                  
Balance at December 31, 2010   89   55   169   
Actual return on plan assets:            
 Relating to assets still held            
  at year-end   2   (1)   7   
 Relating to assets sold             
  during the year   3   -   2   
Purchases, sales and            
  settlements   18   -   (18)   
Balance at December 31, 2011 $ 112 $ 54 $ 160   
Estimated Future Benefit Payments
   U.S. Plans  Non-U.S. Plans 
 2012$ 1,025 $ 185 
 2013  1,025   189 
 2014  1,051   193 
 2015  1,101   197 
 2016  1,084   203 
 2017-2021  5,473   1,097 
Assumed Health Care Cost Trend Rates
   December 31,  
   2011 2010  
 Assumed health care cost trend rate:       
  Health care cost trend rate assumed for next year   7.50%  8.00% 
  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  2017  2017  
Effect of One Percentage Point Change
   1 percentage point 
   Increase Decrease 
 Effect on total of service and interest cost components  $5 $(3) 
 Effect on postretirement benefit obligation  $126 $(80) 
Schedule Of Benefit Payments Reflecting Expected Future Service
   Without Impact of Net of 
   Medicare SubsidyMedicare Subsidy 
 2012 $180   $167  
 2013  168    156  
 2014  157    145  
 2015  147    136  
 2016  137    126  
 2017-2021  551    499