XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.2
POSTRETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
POSTRETIREMENT BENEFIT PLANS POSTRETIREMENT BENEFIT PLANS
We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, Principal Pension Plans, Other Pension Plans, and Other Postretirement Plans (“OPEB Plans”). Please refer to Note 10, “Postretirement Benefit Plans” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for further information. On January 1, 2024, we transitioned from legacy GE multiple-employer OPEB plans to GE HealthCare sponsored single-employer OPEB plans. This change did not have an impact on our results of operations or financial position. Pension plans with pension assets or obligations less than $50 million are not included in the results below.
Components of Expense (Income)
For the three months ended June 30
Principal Pension Plans
Other Pension Plans
OPEB
202420232024202320242023
Service cost – Operating$7 $9 $6 $6 $2 $2 
Interest cost227 238 50 53 14 15 
Expected return on plan assets(284)(293)(63)(64)— — 
Amortization of net loss (gain)(19)(35)5 3 (15)(16)
Amortization of prior service cost (credit)2 — — (1)(22)(22)
Non-operating$(74)$(90)$(8)$(10)$(23)$(23)
Net periodic expense (income)$(67)$(81)$(2)$(4)$(21)$(21)

For the six months ended June 30
Principal Pension Plans
Other Pension Plans
OPEB Plans
202420232024202320242023
Service cost – Operating$14 $17 $12 $12 $4 $4 
Interest cost454 478 100 105 27 30 
Expected return on plan assets(567)(586)(126)(127)— — 
Amortization of net loss (gain)(38)(66)10 5 (30)(32)
Amortization of prior service cost (credit)4 — — (2)(44)(44)
Non-operating$(147)$(174)$(16)$(20)$(47)$(46)
Net periodic expense (income)$(133)$(157)$(4)$(8)$(43)$(42)

In the six months ended June 30, 2024, the Company made cash benefit payments totaling $59 million to its Principal Pension Plans, $40 million to its Other Pension Plans, and $71 million to its OPEB Plans. In 2024, the Company expects to make total cash contributions of approximately $336 million to these plans. The Company does not have a required minimum funding contribution for its U.S.-based GE HealthCare Pension Plan in 2024. Future contributions will depend on market conditions, interest rates, and other factors.

Defined Contribution Plan
GE HealthCare sponsors a defined contribution plan for its eligible U.S. employees. Expenses associated with our employees’ participation in GE HealthCare’s defined contribution plan were $40 million and $33 million for the three months ended June 30, 2024 and 2023, respectively, and $73 million and $66 million for the six months ended June 30, 2024 and 2023, respectively.