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POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
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, ~82,500 vested former employees and ~23,000 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.
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 October 2019).
GE Supplementary Pension PlanProvides supplementary benefits to higher-level, longer-service U.S. employeesUnfunded. 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The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020).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(a)
41 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million
Covers ~58,000 retirees and beneficiaries, ~48,500 vested former employees and ~14,000 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 ~151,500 retirees and dependents and ~21,500 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.
(a) Plans that reach $50 million are not removed from the presentation unless part of a disposition or plan termination.
Funded Status
FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)
202220212022202120222021
Principal Pension Plans:
GE Pension Plan (subject to regulatory funding)$48,134 $65,073 $44,993 $60,990 $3,141 $4,083 
GE Supplementary Pension Plan (not subject to regulatory funding)5,457 7,226 — — 5,457 7,226 
    53,591 72,299 44,993 60,990 8,598 11,309 
Other Pension Plans:
Subject to regulatory funding12,078 19,698 14,512 22,280 (2,434)(2,582)
Not subject to regulatory funding1,838 2,558 151 210 1,687 2,348 
Principal retiree benefit plans (not subject to regulatory funding)3,304 4,308 10 42 3,294 4,266 
Total plans subject to regulatory funding60,212 84,771 59,505 83,270 707 1,501 
Total plans not subject to regulatory funding10,599 14,092 161 252 10,438 13,840 
Total plans 70,811 98,863 59,666 83,522 11,145 15,341 
Less: discontinued operations23,513 32,720 19,291 26,937 4,222 5,783 
Total plans - continuing operations$47,298 $66,143 $40,375 $56,585 $6,923 $9,558 

Effective January 1, 2023, certain postretirement benefit plans were legally split or allocated. The HealthCare plans were transferred to GE HealthCare in connection with the Separation. The Power and Renewable Energy (will be part of GE Vernova) and Aerospace plans remain with GE. Below is the funding status of the plans.

FUNDING STATUS BY PLAN TYPE at January 1, 2023Benefit ObligationFair Value of AssetsDeficit/(Surplus)
HealthCare:
  GE HealthCare Pension Plan$15,968 $14,860 $1,108 
  GE HealthCare Supplementary Pension Plan2,033 — 2,033 
  Other pension plans4,363 4,431 (68)
  Principal retiree benefit plans1,149 — 1,149 
23,513 19,291 4,222 
Power and Renewable Energy:
  GE Energy Pension Plan10,068 9,594 474 
  GE Energy Supplementary Pension Plan510 — 510 
  Other pension plans6,124 6,393 (269)
  Principal retiree benefit plans801 — 801 
17,503 15,987 1,516 
Aerospace:
  GE Aerospace Pension Plan22,098 20,539 1,559 
  GE Aerospace Supplementary Pension Plan2,914 — 2,914 
  Other pension plans3,429 3,839 (410)
  Principal retiree benefit plans1,354 10 1,344 
29,795 24,388 5,407 
Total plans$70,811 $59,666 $11,145 
PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)
20222021
Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit
Change in benefit obligations
Balance at January 1$72,299 $22,256 $4,308 $76,298 $24,658 $5,019 
Service cost221 86 39 237 233 44 
Interest cost2,069 398 108 1,951 383 103 
Participant contributions14 19 54 15 24 60 
Plan amendments— — — — (1)— 
Actuarial loss (gain) - net(17,281)(a)(6,282)(a)(778)(a)(2,448)(a)(1,561)(a)(446)
Benefits paid(3,731)(920)(438)(3,754)(998)(472)  
Curtailments— — — — (74)— 
Dispositions/acquisitions/other - net— — 11 — (188)—   
Exchange rate adjustments— (1,641)— — (220)—   
Balance at December 31$53,591 (b)$13,916 $3,304 (c)$72,299 (b)$22,256 $4,308 (c)
Change in plan assets
Balance at January 1$60,990 $22,490 $42 $58,843 $21,506 $134 
Actual gain (loss) on plan assets(12,605)(5,334)— 5,559 1,602 41 
Employer contributions325 209 352 327 594 279 
Participant contributions14 19 54 15 24 60 
Benefits paid(3,731)(920)(438)(3,754)(998)(472)
Dispositions/acquisitions/other - net— — — — (138)— 
Exchange rate adjustments— (1,801)— — (100)— 
Balance at December 31$44,993 $14,663 $10 $60,990 $22,490 $42 
Funded status - surplus (deficit)$(8,598)$747 $(3,294)$(11,309)$234 $(4,266)
Amounts recorded in
Statement of Financial Position
Continuing operations:
Non-current assets - other$— $1,747 $— $— $1,968 $— 
Current liabilities - other(214)(55)(222)(219)(46)(236)
Non-current liabilities - compensation and benefits(5,243)(1,013)(1,923)(6,967)(1,527)(2,531)
Discontinued operations:
Non-current assets— 844 — — 930 — 
Current and non-current liabilities(3,141)(776)(1,149)(4,123)(1,091)(1,499)
Net amount recorded$(8,598)$747 $(3,294)$(11,309)$234 $(4,266)
Amounts recorded in Accumulated other comprehensive loss (income)
Prior service cost (credit)$(113)$(42)$(1,677)$(109)$(52)$(1,912)
Net loss (gain)(5,710)1,787(1,705)(2,754)2,012 (1,042)
Total recorded in Accumulated other comprehensive loss (income)$(5,823)$1,745 $(3,382)$(2,863)$1,960 $(2,954)
(a)Principally associated with discount rate changes.
(b)The benefit obligation for the GE Supplementary Pension Plan, which is an unfunded plan, was $5,457 million and $7,226 million at December 31, 2022 and 2021, respectively.
(c)The benefit obligation for retiree health plans was $1,991 million and $2,548 million at December 31, 2022 and 2021, respectively.
Cost of Benefits Plans and Assumptions
COST OF OUR BENEFITS PLANS202220212020
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$221 $86 $39 $237 $233 $44 $657 $243 $59 
Interest cost2,069 398 108 1,951 383 103 2,350 422 150 
Expected return on plan assets(3,142)(967)— (3,049)(1,194)— (2,993)(1,082)(11)
Amortization of net loss (gain)1,422 101 (115)3,483 403 (79)3,399 434 (82)
Amortization of prior service cost (credit)5 (8)(235)28 (3)(236)146 1 (234)
Curtailment / settlement loss (gain)— (6)— — 76 — — 12 — 
Non-operating$354 $(482)$(242)$2,413 $(335)$(212)$2,902 $(213)$(177)
Net periodic expense (income)$575 $(396)$(203)$2,650 $(102)$(168)$3,559 $30 $(118)
Less: discontinued operations199 (109)(80)885 (8)(61)1,173 27 (44)
Continuing operations - net periodic expense (income)$376 $(287)$(123)$1,765 $(94)$(107)$2,386 $3 $(74)
Weighted-average benefit obligations assumptions
Discount rate5.53 %4.59 %5.43 %2.94 %1.93 %2.64 %2.61 %1.44 %2.15 %
Compensation increases3.07 2.44 3.12 3.05 2.35 2.63 2.95 3.06 2.82 
Initial healthcare trend rate(a)N/AN/A6.40 N/AN/A5.70 N/AN/A5.90 
Weighted-average benefit cost assumptions
Discount rate2.94 1.93 2.64 2.61 1.44 2.15 3.36 1.97 3.05 
Expected rate of return on plan assets6.00 4.80 —6.25 5.69 1.25 6.25 6.10 7.00 
(a) For 2022, ultimately declining to 5% for 2030 and thereafter.
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.
20222021
Principal pension Other pension Principal pension Other pension
Global equities$3,918 $1,097 $7,778 $3,589 
Debt securities
Fixed income and cash investment funds4,918 6,506 7,665 10,527 
U.S. corporate(a)8,715 382 10,324 468 
Other debt securities(b)7,853 443 7,331 492 
Real estate1,486 53 2,510 89 
Private equities and other investments1,245 364 1,515 943 
Total28,135 8,845 37,123 16,108 
Plan assets measured at net asset value
Global equities$3,285 $1,029 $9,517 $1,172 
Debt securities3,469 1,024 5,269 1,287 
Real estate1,624 1,976 1,408 2,126 
Private equities and other investments8,480 1,789 7,673 1,797 
Total plan assets at fair value$44,993 $14,663 $60,990 $22,490 
(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 PLANS2022 Target allocation2022 Actual allocation
Principal PensionOther Pension (weighted average)Principal PensionOther Pension (weighted average)
Global equities
14.0 - 34.0
%17 %16 %14 %
Debt securities (including cash equivalents)
31.0 - 81.5
60 55 57 
Real estate
1.0 - 10.0
8 7 14 
Private equities & other investments
6.0 - 30.0
15 22 15 
Schedule of Defined Benefit Plan Annual Returns
ANNUALIZED RETURNS1 year5 years10 years25 years
GE Pension Plan(20.5)%2.7 %5.4 %5.8 %
Estimated Future Benefit Payments
EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)Principal pensionOther pensionPrincipal retiree benefit
2023$2,545 $600 $240 
20242,570 585 230 
20252,585 590 220 
20262,595 600 210 
20272,605 615 210 
2028-203212,950 3,170 905 
(a) Benefit payments are reflected on a post-Separation basis.
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 31202220212020
(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$575 $(396)$(203)$2,650 $(102)$(168)$3,559 $30 $(118)
Changes in other comprehensive loss (income)
Prior service cost (credit) - current year— — — — (1)— — 27 (7)
Net loss (gain) - current year(1,533)(128)(778)(4,959)(2,104)(488)1,124 529 119 
Reclassifications out of AOCI
Curtailment/settlement gain (loss)— 6 — — (68)— — (3)— 
Dispositions— — — — (68)— — (166)— 
Amortization of net gain (loss)(1,422)(101)115 (3,483)(403)79 (3,399)(434)82 
Amortization of prior service credit (cost)(5)8 235 (28)3 236 (146)(1)234 
Total changes in other comprehensive loss (income)(2,960)(215)(428)(8,470)(2,641)(173)(2,421)(48)428 
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)$(2,385)$(611)$(631)$(5,820)$(2,743)$(341)$1,138 $(18)$310