Pension Plans (Tables)
|
9 Months Ended |
Sep. 26, 2026 |
| Retirement Benefits [Abstract] |
|
| Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
The following tables summarize the balance sheet impact, including the benefit obligations, assets, and funded status associated with the Company's U.S. Plans: | | | | | | | | | September 26, 2026 | | Change in benefit obligation: | | | Benefit obligation on December 31, 2025 | $ | — | | | Transfer from Honeywell | 6,213 | | | Service cost | 4 | | | Interest cost | 76 | | | Benefits paid | (116) | | | | | Benefit obligation on September 26, 2026 | 6,177 | | | Change in plan assets: | | | Fair value of plan assets on December 31, 2025 | — | | | Transfer from Honeywell | 9,015 | | | Expected return on plan assets | 157 | | | Benefits paid | (116) | | | Employer contributions | 4 | | | | | Expected fair value of plan assets on September 26, 2026 | 9,060 | | | Funded status of plans | $ | 2,883 | | | Amounts recognized in Consolidated Balance Sheets consist of: | | | Pension assets | $ | 3,022 | | Accrued pension liabilities—current(1) | (18) | | Accrued pension liabilities—noncurrent(2) | (121) | | | Net amount recognized | $ | 2,883 | | ________________1.Included in Accrued liabilities in the Condensed Consolidated Balance Sheets. 2.Included in Other liabilities in the Condensed Consolidated Balance Sheets.
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Amount recognized in Accumulated other comprehensive loss including the transfer from Honeywell, on a pre-tax basis, associated with the Company’s U.S. Plans as of September 26, 2026 are as follows: | | | | | | | | | September 26, 2026 | | Prior service (credit) cost | $ | — | | | Net actuarial loss | 867 | | | Net amount recognized | $ | 867 | |
|
| Schedule of Net Benefit Costs |
Net periodic benefit income for the Company's U.S. Plans includes the following components: | | | | | | | Three Months Ended | | September 26, 2026 | | Service cost | $ | 4 | | | Interest cost | 76 | | | Expected return on plan assets | (157) | | | | | | | Net periodic benefit income | $ | (77) | |
|
| Schedule of Assumptions Used in Calculations |
Major actuarial assumptions used in determining the benefit obligations and net periodic benefit (income) cost for the Company's U.S. Plans are presented in the following table as weighted averages: | | | | | | | September 26, 2026 | | Actuarial assumptions used to determine benefit obligations: | | | Discount rate | 5.50 | % | | Expected annual rate of compensation increase | 3.25 | % | | Actuarial assumptions used to determine net periodic benefit (income) cost: | | | Discount rate—benefit obligation | 5.50 | % | | Discount rate—service cost | 5.47 | % | | Discount rate—interest cost | 5.16 | % | | Expected rate of return on plan assets | 7.25 | % | | Expected annual rate of compensation increase | 3.25 | % |
|
| Schedule of Accumulated Benefit Obligations in Excess of Plan Assets |
The following amounts relate to the Company's U.S. Plans with accumulated benefit obligations exceeding the fair value of plan assets: | | | | | | | | | September 26, 2026 | | Projected benefit obligation | $ | 139 | | | Accumulated benefit obligation | 135 | | | Fair value of plan assets | — | |
|
| Schedule of Allocation of Plan Assets |
As of the Spin-off, the fair values of the Company's U.S. Plans’ assets transferred from Honeywell by asset category are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | Level 1 | | Level 2 | | Level 3 | | Equities: | | | | | | | | | Honeywell Aerospace common stock | $ | 741 | | | $ | 741 | | | $ | — | | | $ | — | | | Fixed income: | | | | | | | | | Short term investments | 338 | | | 3 | | | 335 | | | — | | | Government securities | 1,521 | | | — | | | 1,521 | | | — | | | Corporate bonds | 2,867 | | | — | | | 2,867 | | | — | | | Mortgage/Asset-backed securities | 8 | | | — | | | 8 | | | — | | | Direct investments: | | | | | | | | | Direct private investments | 294 | | | — | | | — | | | 294 | | | Real estate properties | 482 | | | — | | | — | | | 482 | | | Total | $ | 6,251 | | | $ | 744 | | | $ | 4,731 | | | $ | 776 | | | Investments measured at NAV: | | | | | | | | | Private equity funds | 961 | | | | | | | | | Total | $ | 7,212 | | | | | | | | Other items to reconcile to fair value of plan assets(1) | 1,803 | | | | | | | | | Total fair value of plan assets | $ | 9,015 | | | | | | | | __________________ 1.Other items to reconcile to fair value of plan assets represents a receivable from the Honeywell sponsored pension plan that is expected to transfer to the Honeywell Aerospace sponsored pension plan in 2027.
|
| Schedule of Expected Benefit Payments |
Benefit payments for the U.S. pension plans, including amounts to be paid from Company assets, and reflecting expected future service, as appropriate, are expected to be paid as follows: | | | | | | | Twelve Months Ended | Amount | | September 2027 | $ | 729 | | | September 2028 | 681 | | | September 2029 | 638 | | | September 2030 | 601 | | | September 2031 | 569 | | | Thereafter through September 2036 | 2,416 | |
|