Excerpt from Honeywell Inc 2018 10K regarding Employee Pension Benefit Plans Note 21. Pension and Other Postretirement Benefits We sponsor a number of both funded and unfunded U.S. and non-U.S. defined benefit pension plans. Pension benefits for many of our U.S. employees are provided through non-contributory, qualified and non-qualified defined benefit plans. All non-union hourly and salaried employees joining Honeywell for the first time after December 31, 2012, are not eligible to participate in Honeywell's U.S. defined benefit pension plans. We also sponsor defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in certain jurisdictions, principally the UK, Netherlands, Germany, and Canada. Other pension plans outside of the U.S. are not material to the Company either individually or in the aggregate. We also sponsor postretirement benefit plans that provide health care benefits and life insurance coverage mainly to U.S. eligible retirees. None of Honeywell's U.S. employees are eligible for a retiree medical subsidy from the Company. In addition, the vast majority of Honeywell's U.S. retirees either have no Company subsidy or have a fixed-dollar subsidy amount. This significantly limits our exposure to the impact of future health care cost increases. The retiree medical and life insurance plans are not funded. Claims and expenses are paid from our operating cash flow. (1) (9) The following tables summarize the balance sheet impact, including the benefit obligations, assets and funded status associated with our significant pension and other postretirement benefit plans. Pension Benefits U.S. Plans Non-U.S. Plans 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 18,151 $17,414 $7,019 $6,483 Service cost 140 172 26 40 Interest cost 573 586 143 147 Plan amendments 30 Actuarial (gains) losses (1,111) 1,234 (356) (24) Benefits paid (1,137) (1,146) (264) (253) Settlements and curtailments (109) Foreign currency translation (342) 614 Other (475) (65) 13 Benefit obligation at end of year 16,141 18,151 6,182 7,019 Change in plan assets: Fair value of plan assets at beginning of year 18,985 16,8147,151 6,120 Actual return on plan assets (303) 3,287 (173) 539 Company contributions 34 139 137 161 Benefits paid (1,137) (1,146) (264) (253) Settlements and curtailments (109) - Foreign currency translation (378) 569 Other (470) 8 15 Fair value of plan assets at end of year 17,109 18,9856,481 7,151 Funded status of plans $ 968 $ 834 $ 299 $ 132 - 1100 Net Periodic Benefit Cost Service cost Interest cost Expected return on plan assets Amortization of prior service (credit) cost Recognition of actuarial losses Settlements and curtailments Net periodic benefit (income) cost Pension Benefits U.S. Plans Non-U.S. Plans 2018 2017 2016 2018 2017 2016 $ 140 $ 172 $ 191 $ 26 $ 40 $ 47 573 143 147 179 (1,426) (1,262) (1,226) (443) (411) (377) (43) (43) (43) (1) (1) (3) 41 27 37 46 246 18 $ (756) $ (488) $ (451) S(241) $(179) $ 85 (3) - (1) See questions a & b below related to Honeywell's pension footnote. a. How much pension expense (income) is reported on Honeywell's income statement in 2018? What are the key drivers to the pension expense (income) for 2018? b. What amount of benefits were paid to former employees in 2018 from the US plans
