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RESTRUCTURING CHARGES AND SEPARATION COSTS
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING CHARGES AND SEPARATION COSTS RESTRUCTURING CHARGES AND SEPARATION COSTS
RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate & Other. Separately, in our reported segment results, significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate & Other.

Three months ended June 30Six months ended June 30
RESTRUCTURING CHARGES
2024202320242023
Workforce reductions$42 $32 $108 $52 
Plant closures & associated costs and other asset write-downs5 12 24 37 
Acquisition/disposition net charges and other36 3 38 5 
$84 $46 $170 $94 
Cost of equipment/services$— $3 $1 $6 
Selling, general and administrative expenses84 43 169 87 
Total restructuring charges(a)$84 $46 $170 $94 
Restructuring charges and other cash expenditures(b)$24 $97 $99 $144 
(a) In the second quarter of 2024, included income of $81 million, as a result of a change in estimate of the post-employment severance benefit reserve in connection with the separation of GE Vernova.
(b) Primarily related to employee severance payments.

The restructuring liability as of June 30, 2024 and December 31, 2023 was $292 million and $311 million, respectively.

For the three and six months ended June 30, 2024 and 2023, restructuring primarily included exit activities related to the restructuring program announced in the fourth quarter of 2022 reflecting lower Corporate & Other shared-service and footprint needs as a result of the GE HealthCare spin-off and subsequent GE Vernova spin-off.

SEPARATION COSTS. In November 2021, the Company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aerospace, healthcare and energy. As discussed in Note 2, we completed this plan with the spin of GE Vernova in the second quarter of 2024. Post-separation, we expect to continue to incur operational and transition costs related to ongoing separation activities.

For the three and six months ended June 30, 2024, we incurred pre-tax separation expense of $75 million and $334 million, paid $407 million and $572 million in cash, respectively, primarily related to employee costs, professional fees, costs to establish certain stand-alone functions and information technology systems, and other transformation and transaction costs to transition to a stand-alone public company. These costs are presented as separation costs in our Statement of Earnings (Loss). In addition, we recognized $216 million of net tax benefit for the three months ended June 30, 2024 and $251 million of net tax benefit for the six months ended June 30, 2024, respectively, including deferred tax benefits associated with state tax attributes.

For the three and six months ended June 30, 2023, we incurred pre-tax separation costs of $163 million and $327 million, recognized $14 million of net tax benefit and $3 million of net tax expense, and paid $319 million and $489 million in cash, respectively, related to separation activities.

The pre-tax separation costs specifically identifiable to GE HealthCare and GE Vernova are now reflected in discontinued operations. For the three and six months ended June 30, 2024, we recognized $10 million and $10 million in pre-tax income, $2 million and $2 million of net tax expense, and spent zero and $9 million in cash, respectively, related to GE HealthCare. In addition, for the three and six months ended June 30, 2024, we recognized pre-tax separation costs of $1 million and $97 million, incurred zero  and $20 million of net tax benefit and spent $38 million and $121 million in cash, respectively, related to GE Vernova.

For the three and six months ended June 30, 2023, we incurred $1 million and $21 million in pre-tax costs, recognized zero  and $4 million of tax benefits and spent $55 million and $140 million in cash for the six months ended June 30, 2023, respectively, related to GE HealthCare. For the three and six months ended June 30, 2023, we incurred $64 million and $104 million pre-tax separation costs, recognized $20 million of net tax benefit and $18 million of net tax expense and spent $52 million and $86 million in cash, respectively, related to GE Vernova.