POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Description Postretirement Benefit Plans

DESCRIPTION OF OUR PLANS

Plan Category

Participants

Funding

Comments

Principal Pension Plans

GE Energy Pension Plan and GE Aerospace Pension Plan

Covers U.S. participants ~115,400 retirees and beneficiaries, ~47,500 vested former employees and ~15,700 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 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 Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan

Provides supplementary benefits to higher-level, longer-service U.S. employees

Unfunded. We pay benefits on a pay-as-you-go basis 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The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020).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 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit.

Other Pension Plans(a)

34 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million

Covers ~42,600 retirees and beneficiaries, ~28,300 vested former employees and ~7,700 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 Plans

Provides health and life insurance benefits to certain eligible participants

Covers U.S. participants ~89,300 retirees and dependents and ~15,000 active employees

We fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion.

Participants share in the cost of the healthcare benefits.

(a) Plans for GE Energy, including Power and Renewable Energy (will be part of GE Vernova) and GE Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination.

Schedule of Funded Status


FUNDING STATUS BY PLAN TYPE	Benefit Obligation				Fair Value of Assets				Deficit/(Surplus)
	2023		2022		2023		2022		2023		2022
Principal Pension Plans:
GE Pension Plan (subject to regulatory funding)	$	—	$	48,134	$	—	$	44,993	$	—	$	3,141
GE Supplementary Pension Plan (not subject to regulatory funding)	—		5,457		—		—		—		5,457
GE Energy Pension Plan and GE Aerospace Pension Plan (subject to regulatory funding)	32,676		—		29,744		—		2,932		—
GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan (not subject to regulatory funding)	3,541		—		—		—		3,541		—
	36,217		53,591		29,744		44,993		6,473		8,598
Other Pension Plans:
Subject to regulatory funding	9,174		12,078		10,601		14,512		(1,427)		(2,434)
Not subject to regulatory funding	1,203		1,838		163		151		1,040		1,687
Principal retiree benefit (not subject to regulatory funding)	2,055		3,304		8		10		2,047		3,294

Total plans subject to regulatory funding	41,850		60,212		40,345		59,505		1,505		707
Total plans not subject to regulatory funding	6,799		10,599		171		161		6,628		10,438
Total plans	48,649		70,811		40,516		59,666		8,133		11,145
Less: discontinued operations	—		23,513		—		19,291		—		4,222
Total plans - continuing operations	$	48,649	$	47,298	$	40,516	$	40,375	$	8,133	$	6,923


FUNDING STATUS BY PLAN TYPE at December 31, 2023	Benefit Obligation		Fair Value of Assets		Deficit/(Surplus)







Power and Renewable Energy:
GE Energy Pension Plan	$	10,239	$	9,491	$	748
GE Energy Supplementary Pension Plan	541		—		541
Other pension plans	6,712		6,851		(139)
Principal retiree benefit plans	766		—		766
	18,258		16,342		1,916
Aerospace:
GE Aerospace Pension Plan	22,437		20,253		2,184
GE Aerospace Supplementary Pension Plan	3,000		—		3,000
Other pension plans	3,665		3,913		(248)
Principal retiree benefit plans	1,289		8		1,281
	30,391		24,174		6,217
Total plans	$	48,649	$	40,516	$	8,133


PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)
	2023									2022
	Principal pension			Other pension			Principal retiree benefit			Principal pension			Other pension			Principal retiree benefit
Change in benefit obligations
Balance at January 1	$	53,591		$	13,916		$	3,304		$	72,299		$	22,256		$	4,308
Service cost	94			37			17			221			86			39
Interest cost	1,892			422			111			2,069			398			108
Participant contributions	10			19			31			14			19			54
Plan amendments	49			—			—			—			—			—
Actuarial loss (gain) - net	1,081		(a)	526		(a)	(5)			(17,281)		(a)	(6,282)		(a)	(778)		(a)
Benefits paid	(2,503)			(618)			(254)			(3,731)			(920)			(438)


Dispositions/acquisitions/other - net	(17,997)			(4,387)			(1,149)			—			—			11
Exchange rate adjustments	—			462			—			—			(1,641)			—
Balance at December 31	$	36,217	(b)	$	10,377		$	2,055	(c)	$	53,591	(b)	$	13,916		$	3,304	(c)
Change in plan assets
Balance at January 1	$	44,993		$	14,663		$	10		$	60,990		$	22,490		$	42
Actual gain (loss) on plan assets	1,869			442			—			(12,605)			(5,334)			—
Employer contributions	212			161			221			325			209			352
Participant contributions	10			19			31			14			19			54
Benefits paid	(2,503)			(618)			(254)			(3,731)			(920)			(438)

Dispositions/acquisitions/other - net	(14,837)			(4,439)			—			—			—			—
Exchange rate adjustments	—			536			—			—			(1,801)			—
Balance at December 31	$	29,744		$	10,764		$	8		$	44,993		$	14,663		$	10
Funded status - surplus (deficit)	$	(6,473)		$	387		$	(2,047)		$	(8,598)		$	747		$	(3,294)
Amounts recorded in Statement of Financial Position
Continuing operations:
Non-current assets - other	$	—		$	1,489		$	—		$	—		$	1,747		$	—
Current liabilities - other	(224)			(54)			(205)			(214)			(55)			(222)
Non-current liabilities - compensation and benefits(d)	(6,249)			(1,048)			(1,842)			(5,243)			(1,013)			(1,923)
Discontinued operations:
Non-current assets	—			—			—			—			844			—

Current and non-current liabilities	—			—			—			(3,141)			(776)			(1,149)
Net amount recorded	$	(6,473)		$	387		$	(2,047)		$	(8,598)		$	747		$	(3,294)
Amounts recorded in Accumulated other comprehensive loss (income)
Prior service cost (credit)	$	(25)		$	(16)		$	(909)		$	(113)		$	(42)		$	(1,677)
Net loss (gain)	(1,454)			1,680			(990)			(5,710)			1,787			(1,705)
Total recorded in Accumulated other comprehensive loss (income)	$	(1,479)		$	1,664		$	(1,899)		$	(5,823)		$	1,745		$	(3,382)

(a)Primarily due to impact of discount rates.

(b)The benefit obligation for the GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan, which are unfunded plans, was $3,541 million at December 31, 2023 and the GE Supplementary Pension Plan was $5,457 million at December 31, 2022.

(c)The benefit obligation for retiree health plans from continuing operations was $1,208 million at December 31, 2023. The benefit obligation for retiree health plans was $1,991 million at December 31, 2022.

(d)Includes $37 million and $35 million of liabilities held for sale related to our Steam business as disclosed in Note 2 as of December 31, 2023 and 2022, respectively.

Schedule of Cost of Benefits Plans and Assumptions



COST OF OUR BENEFITS PLANS	2023										2022										2021
AND ASSUMPTIONS	Principal 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	$	94		$	37		$	17			$	221		$	86		$	39			$	237		$	233		$	44
Interest cost	1,892			422			111				2,069			398			108				1,951			383			103
Expected return on plan assets	(2,376)			(587)			—				(3,142)			(967)			—				(3,049)			(1,194)			—
Amortization of net loss (gain)	(723)			20			(124)				1,422			101			(115)				3,483			403			(79)
Amortization of prior service cost (credit)	5			(4)			(148)				5			(8)			(235)				28			(3)			(236)
Curtailment / settlement loss (gain)	—			(6)			—				—			(6)			—				—			76			—
Non-operating	$	(1,202)		$	(155)		$	(161)			$	354		$	(482)		$	(242)			$	2,413		$	(335)		$	(212)
Net periodic expense (income)	$	(1,108)		$	(118)		$	(144)			$	575		$	(396)		$	(203)			$	2,650		$	(102)		$	(168)
Less: discontinued operations	—			—			—				199			(109)			(80)				885			(8)			(61)
Continuing operations - net periodic expense (income)	$	(1,108)		$	(118)		$	(144)		—	$	376		$	(287)		$	(123)		—	$	1,765		$	(94)		$	(107)
Weighted-average benefit obligations assumptions
Discount rate	5.18		%	3.93		%	5.09		%		5.53		%	4.59		%	5.43		%		2.94		%	1.93		%	2.64		%
Compensation increases	3.86			2.24			3.25				3.07			2.44			3.12				3.05			2.35			2.63
Initial healthcare trend rate(a)	N/A			N/A			6.50				N/A			N/A			6.40				N/A			N/A			5.70
Weighted-average benefit cost assumptions
Discount rate	5.53			4.59			5.43				2.94			1.93			2.64				2.61			1.44			2.15
Expected rate of return on plan assets	7.00			5.66			—				6.00			4.80			—				6.25			5.69			1.25

(a) For 2023, ultimately declining to 5% for 2030 and thereafter.

Schedule of 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.


December 31	2023				2022
	Principal pension		Other pension		Principal pension		Other pension
Global equities	$	1,985	$	1,152	$	3,918	$	1,097
Debt securities
Fixed income and cash investment funds	1,764		4,188		4,918		6,506
U.S. corporate(a)	6,599		145		8,715		382
Other debt securities(b)	6,064		218		7,853		443
Real estate	775		18		1,486		53
Private equities and other investments	600		259		1,245		364
Total	17,787		5,980		28,135		8,845
Plan assets measured at net asset value
Global equities	$	3,169	$	612	$	3,285	$	1,029
Debt securities	1,907		2,224		3,469		1,024
Real estate	1,067		1,074		1,624		1,976
Private equities and other investments	5,814		874		8,480		1,789
Total plan assets at fair value	29,744		10,764		44,993		14,663
Less: discontinued operations	—		—		14,860		4,431
Total plan assets - continuing operations	$	29,744	$	10,764	$	30,133	$	10,232

(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.

Schedule of Asset Allocation


ASSET ALLOCATION OF PENSION PLANS	2023 Target allocation				2023 Actual allocation
	Principal Pension		Other Pension (weighted average)		Principal Pension		Other Pension (weighted average)
Global equities	10.0 - 30.0	%	16	%	17	%	17	%
Debt securities (including cash equivalents)	31.0 - 81.5		60		55		62
Real estate	1.0 - 10.0		8		6		10
Private equities & other investments	6.0 - 34.0		16		22		11

Schedule of Defined Benefit Plan Annual Returns


ANNUALIZED RETURNS(a)	1 year		5 years		10 years		25 years
GE Aerospace Pension Plan	6.5	%	5.2	%	4.6	%	5.3	%
GE Energy Pension Plan	6.6	%	5.2	%	4.6	%	5.3	%

(a) Prior to 2023, the annualized returns represent the GE Pension Plan's returns.

Schedule of Estimated Future Benefit Payments


EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)	Principal pension		Other pension		Principal retiree benefit
2024	$	2,570	$	570	$	220
2025	2,590		560		210
2026	2,605		560		205
2027	2,615		580		200
2028	2,615		590		195
2029-2033	12,885		3,065		845

(a) As of the measurement date of December 31, 2023.

Schedule of 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 31	2023						2022						2021
(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	$	(1,108)	$	(118)	$	(144)	$	575	$	(396)	$	(203)	$	2,650	$	(102)	$	(168)
Changes in other comprehensive loss (income)
Prior service cost (credit) - current year	49		—		—		—		—		—		—		(1)		—
Net loss (gain) - current year(a)	1,588		721		(5)		(1,533)		(128)		(778)		(4,959)		(2,104)		(488)
Reclassifications out of AOCI
Curtailment/settlement gain (loss)	—		6		—		—		6		—		—		(68)		—
Dispositions/acquisitions/other - net	1,989		(792)		1,216		—		—		—		—		(68)		—
Amortization of net gain (loss)	723		(20)		124		(1,422)		(101)		115		(3,483)		(403)		79
Amortization of prior service credit (cost)	(5)		4		148		(5)		8		235		(28)		3		236
Total changes in other comprehensive loss (income)	4,344		(81)		1,483		(2,960)		(215)		(428)		(8,470)		(2,641)		(173)
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)	$	3,236	$	(199)	$	1,339	$	(2,385)	$	(611)	$	(631)	$	(5,820)	$	(2,743)	$	(341)

(a) Primarily due to impact of discount rates and investment performance.