Honeywell International Inc., Charlotte, N.C., plans to contribute $112 million to its non-U.S. defined benefit plans in 2020, the company disclosed Feb. 14 in a 10-K filing with the Securities and Exchange Commission.
Honeywell contributed $43 million to the non-U.S. DB plans in 2019. For the U.S. defined benefit plans, Honeywell said it is not required nor plans to make any contributions in 2020. It did not contribute to its U.S. plans in 2019.
As of Dec. 31, U.S defined benefit plan assets totaled $19 billion, while projected benefit obligations totaled $17.28 billion, for a funding ratio of 110%. Non-U.S. plan assets totaled $7.31 billion, while projected benefit obligations totaled $6.9 billion, for a funding ratio of 105.9%. The U.S. and non-U.S. plans' funding ratios as of Dec. 31, 2018, were 106% and 104.8%, respectively.
For the U.S. DB plans, the discount rate in 2019 was 3.22%, down from 4.35% in 2018, and 1.81% for the non-U.S. plans, down from 2.63%.
As of Dec. 31, the actual allocation of the U.S. DB plans was 64.1% fixed income, 21.5% domestic equities, 10.4% private investments, 3.5% real estate, and the rest other. The non-U.S. DB plans' actual allocation was 75% fixed income, 19% international equities, 2.8% real estate, 2% domestic equities, and 1.2% private investments.
