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POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Description Postretirement Benefit Plans
DESCRIPTION OF OUR PLANS
Plan CategoryParticipantsFundingComments
Principal Pension PlansGE Pension Plan
Covers U.S. participants ~177,000 retirees and beneficiaries, ~88,500 vested former employees and ~24,500 active employees
Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level.
This plan has been closed to new participants since 2012. Benefits for ~20,000 employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced 10/2019).
GE Supplementary Pension PlanProvides supplementary benefits to higher-level, longer-service U.S. employeesThis plan is unfunded. We pay benefits from company cash.
The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for ~700 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit.
Other Pension Plans
41 U.S. and non-U.S. pension plans with pension assets or obligations greater than $50 million
Covers ~57,500 retirees and beneficiaries, ~48,000 vested former employees and ~17,500 active employees
Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates.
Principal Retiree Benefit PlansProvides health and life insurance benefits to certain eligible participants
Covers U.S. participants ~161,000 retirees and dependents and ~22,000 active employees
We fund retiree health benefits on a pay-as-you-go basis and the retiree life insurance trust at our discretion.Participants share in the cost of the healthcare benefits.
Funded Status
FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)
202120202021202020212020
Principal Pension Plans:
GE Pension Plan (subject to regulatory funding)$65,073 $68,945 $60,990 $58,843 $4,083 $10,102 
GE Supplementary Pension Plan (not subject to regulatory funding)7,226 7,353 — — 7,226 7,353 
    72,299 76,298 60,990 58,843 11,309 17,455 
Other Pension Plans:
Subject to regulatory funding19,698 21,793 22,280 21,283 (2,582)510 
Not subject to regulatory funding2,558 2,865 210 223 2,348 2,642 
Principal retiree benefit plans (not subject to regulatory funding)4,308 5,019 42 134 4,266 4,885 
Total plans subject to regulatory funding84,771 90,738 83,270 80,126 1,501 10,612 
Total plans not subject to regulatory funding14,092 15,237 252 357 13,840 14,880 
Total plans $98,863 $105,975 $83,522 $80,483 $15,341 $25,492 
PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)
20212020
Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit
Change in benefit obligations
Balance at January 1$76,298 $24,658 $5,019 $71,756 $22,921 $5,160 
Service cost237 233 44 657 243 59 
Interest cost1,951 383 103 2,350 422 150 
Participant contributions15 24 60 69 28 63 
Plan amendments— (1)— — 27 (7)
Actuarial loss (gain) - net(2,448)(a)(1,561)(a)(446)7,057 (a)1,927 (a)85 
Benefits paid(3,754)(998)(472)(3,885)(1,062)(491)  
Curtailments— (74)— — (69)— 
Settlements— — — (1,706)(b)— — 
Dispositions/ acquisitions / other - net— (188)— — (335)—   
Exchange rate adjustments— (220)— — 556 —   
Balance at December 31$72,299 (c)$22,256 $4,308 (d)$76,298 (c)$24,658 $5,019 (d)
Change in plan assets
Balance at January 158,843 21,506 134 52,633 19,142 289 
Actual gain (loss) on plan assets5,559 1,602 41 8,926 2,542 (22)
Employer contributions327 594 279 2,806 509 295 
Participant contributions15 24 60 69 28 63 
Benefits paid(3,754)(998)(472)(3,885)(1,062)(491)
Settlements— — — (1,706)(b)— — 
Dispositions/ acquisitions / other - net— (138)— — (59)— 
Exchange rate adjustments— (100)— — 406 — 
Balance at December 31$60,990 $22,490 $42 $58,843 $21,506 $134 
Funded status - surplus (deficit)$(11,309)$234 $(4,266)$(17,455)$(3,152)$(4,885)
Amounts recorded in
Statement of Financial Position
Non-current assets - other— 2,898— — 845 — 
Current liabilities - other(337)(107)(362)(315)(106)(330)
Non-current liabilities - compensation and benefits(10,972)(2,557)(3,904)(17,140)(3,891)(4,555)
Net amount recorded$(11,309)$234 $(4,266)$(17,455)$(3,152)$(4,885)
Amounts recorded in Accumulated other comprehensive loss (income)
Prior service cost (credit)(109)(52)(1,912)(80)19 (2,148)
Net loss (gain)(2,754)2,012(1,042)5,687 4,582 (633)
Total recorded in Accumulated other comprehensive loss (income)$(2,863)$1,960 $(2,954)$5,607 $4,601 $(2,781)
(a)Principally associated with discount rate changes.
(b)Irrevocable commitment to purchase group annuity contracts from a third-party insurance company in December 2020.
(c)The benefit obligation for the GE Supplementary Pension Plan, which is an unfunded plan, was $7,226 million and $7,353 million at year-end 2021 and 2020, respectively.
(d)The benefit obligation for retiree health plans was $2,548 million and $3,094 million at December 31, 2021 and 2020, respectively.
Cost of Benefits Plans and Assumptions
COST OF OUR BENEFITS PLANS202120202019
AND ASSUMPTIONSPrincipal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit
Components of expense (income)
Service cost - operating$237 $233 $44 $657 $243 $59 $654 $246 $58 
Interest cost1,951 383 103 2,350 422 150 2,780 542 202 
Expected return on plan assets(3,049)(1,194)— (2,993)(1,082)(11)(3,428)(1,144)(21)
Amortization of net loss (gain)3,483 403 (79)3,399 434 (82)3,439 319 (118)
Amortization of prior service cost (credit)28 (3)(236)146 1 (234)135 3 (232)
Curtailment / settlement loss (gain)— 76 — — 12 — 349 13 (38)
Non-operating$2,413 $(335)$(212)$2,902 $(213)$(177)$3,275 $(267)$(207)
Net periodic expense (income)$2,650 $(102)$(168)$3,559 $30 $(118)$3,929 $(21)$(149)
Weighted-average benefit obligations assumptions
Discount rate2.94 %1.93 %2.64 %2.61 %1.44 %2.15 %3.36 %1.97 %3.05 %
Compensation increases3.05 2.35 2.63 2.95 3.06 2.82 2.95 3.16 3.75 
Initial healthcare trend rate(a)N/AN/A5.70 N/AN/A5.90 N/AN/A5.90 
Weighted-average benefit cost assumptions
Discount rate(b)2.61 1.44 2.15 3.36 1.97 3.05 4.07 2.75 4.12 
Expected rate of return on plan assets6.25 5.69 1.25 6.25 6.10 7.00 6.75 6.76 7.00 
(a) For 2021, ultimately declining to 5% for 2030 and thereafter.
(b) Weighted average 2019 discount rate for principal pension was 4.07%. Discount rate was 4.34% for January 1, 2019 through September 30, 2019 and then changed to 3.24% for the remainder of 2019 due to the remeasurement of the plans.
Composition of Plan Assets The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently.
20212020
Principal pension Other pension Principal pension Other pension
Global equities$7,778 $3,589 $5,552 $3,674 
Debt securities
Fixed income and cash investment funds7,665 10,527 6,831 10,003 
U.S. corporate(a)10,324 468 8,512 410 
Other debt securities(b)7,331 492 5,505 440 
Real estate2,510 89 2,274 81 
Private equities and other investments1,515 943 490 499 
Total37,123 16,108 29,164 15,107 
Plan assets measured at net asset value
Global equities9,517 1,172 16,259 1,415 
Debt securities5,269 1,287 5,445 1,268 
Real estate1,408 2,126 1,324 1,978 
Private equities and other investments7,673 1,797 6,651 1,738 
Total plan assets at fair value$60,990 $22,490 $58,843 $21,506 
(a)Primarily represented investment-grade bonds of U.S. issuers from diverse industries.
(b)Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt.
Asset Allocation
ASSET ALLOCATION OF PENSION PLANS2021 Target allocation2021 Actual allocation
Principal PensionOther Pension (weighted average)Principal PensionOther Pension (weighted average)
Global equities
20.0 - 38.0
%21 %28 %22 %
Debt securities (including cash equivalents)
29.0 - 75.5
58 51 57 
Real estate
0.5 - 10.5
9 6 10 
Private equities & other investments
4.5 - 26.5
12 15 11 
Schedule of Defined Benefit Plan Annual Returns
ANNUALIZED RETURNS1 year5 years10 years25 years
GE Pension Plan9.7 %10.3 %9.0 %7.6 %
Estimated Future Benefit Payments
EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANSPrincipal pensionOther pensionPrincipal retiree benefit
2022$3,800 $950 $410 
20233,835 930 390 
20243,860 930 365 
20253,880 960 350 
20263,895 970 335 
2027-203119,445 5,070 1,440 
Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income
COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME
For the years ended December 31202120202019
(Pre-tax)Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit
Cost (income) of postretirement benefit plans$2,650 $(102)$(168)$3,559 $30 $(118)$3,929 $(21)$(149)
Changes in other comprehensive loss (income)
Prior service cost (credit) - current year— (1)— — 27 (7)(42)(17)(23)
Net loss (gain) - current year(4,959)(2,104)(488)1,124 529 119 971 1,592 240 
Reclassifications out of AOCI
Curtailment / settlement gain (loss)— (68)— — (3)— (353)(12)4 
Dispositions— (68)— — (166)— — (340)— 
Amortization of net gain (loss)(3,483)(403)79 (3,399)(434)82 (3,439)(319)118 
Amortization of prior service credit (cost)(28)3 236 (146)(1)234 (135)(3)232 
Total changes in other comprehensive loss (income)(8,470)(2,641)(173)(2,421)(48)428 (2,998)901 571 
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)$(5,820)$(2,743)$(341)$1,138 $(18)$310 $931 $880 $422