v3.26.3
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 Honeywell6,213 
Service cost4 
Interest cost76 
Benefits paid(116)
Benefit obligation on September 26, 20266,177 
Change in plan assets:
Fair value of plan assets on December 31, 2025— 
Transfer from Honeywell9,015 
Expected return on plan assets157 
Benefits paid(116)
Employer contributions4 
Expected fair value of plan assets on September 26, 20269,060 
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$2,883 
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1.Included in Accrued liabilities in the Condensed Consolidated Balance Sheets.
2.Included in Other liabilities in the Condensed Consolidated Balance Sheets.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amount recognized in Accumulated other comprehensive loss including the transfer from Honeywell, on a pre-tax basis, associated with the Company’s U.S. Plans as of September 26, 2026 are as follows:
September 26, 2026
Prior service (credit) cost$— 
Net actuarial loss867 
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$4 
Interest cost76 
Expected return on plan assets(157)
Net periodic benefit income$(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 rate5.50 %
Expected annual rate of compensation increase3.25 %
Actuarial assumptions used to determine net periodic benefit (income) cost:
Discount rate—benefit obligation5.50 %
Discount rate—service cost5.47 %
Discount rate—interest cost5.16 %
Expected rate of return on plan assets7.25 %
Expected annual rate of compensation increase3.25 %
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 obligation135 
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:
TotalLevel 1Level 2Level 3
Equities:
Honeywell Aerospace common stock$741 $741 $— $— 
Fixed income:
Short term investments338 3 335 — 
Government securities1,521 — 1,521 — 
Corporate bonds2,867 — 2,867 — 
Mortgage/Asset-backed securities8 — 8 — 
Direct investments:
Direct private investments294 — — 294 
Real estate properties482 — — 482 
Total$6,251 $744 $4,731 $776 
Investments measured at NAV:
Private equity funds961 
Total$7,212 
Other items to reconcile to fair value of plan assets(1)
1,803 
Total fair value of plan assets$9,015 
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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 EndedAmount
September 2027$729 
September 2028681 
September 2029638 
September 2030601 
September 2031569 
Thereafter through September 20362,416