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POSTRETIREMENT BENEFIT PLANS
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
POSTRETIREMENT BENEFIT PLANS POSTRETIREMENT BENEFIT PLANS
PENSION BENEFITS AND RETIREE HEALTH AND LIFE BENEFITS. 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 principal retiree benefit plans. Smaller pension plans with pension assets or obligations that have not reached $50 million and other retiree benefit plans are not presented.

Effective January 1, 2023, certain postretirement benefit plans and liabilities were legally split or allocated between GE HealthCare, GE Vernova and GE Aerospace. In connection with the separations, net liabilities associated with GE's postretirement benefit plans, including a portion of the principal pension plans, other pension plans and the principal retiree benefit plans, were transferred to GE HealthCare and GE Vernova and are now reported in discontinued operations. See Note 2 for more information regarding the separations. The amounts that remain with GE Aerospace following the separations are shown as continuing operations in the aggregate rather than for each remaining split plan. Assumptions used in calculations, estimates of future benefit payments and funding, and other forward looking statements are for continuing operations unless otherwise noted.    
DESCRIPTION OF OUR PLANS
Plan CategoryParticipantsFundingComments
Principal Pension PlansGE Aerospace Pension Plan
Covers U.S. GE Aerospace participants: ~79,000 retirees and beneficiaries, ~34,000 vested former employees and ~9,000 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 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 Aerospace Supplementary Pension PlanProvides supplementary benefits to higher-level, longer-service U.S. employeesUnfunded. 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)
9 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million
Covers ~10,500 retirees and beneficiaries, ~10,300 vested former employees and ~600 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. GE Aerospace participants: ~45,800 retirees and dependents and ~10,000 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 Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination.

FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)
202420232024202320242023
Principal Pension Plans:
GE Aerospace Pension Plan (subject to regulatory funding)$21,010 $22,437 $19,020 $20,253 $1,990 $2,184 
GE Aerospace Supplementary Pension Plan2,814 3,000 — — 2,814 3,000 
    23,824 25,437 19,020 20,253 4,804 5,184 
Other Pension Plans:
Subject to regulatory funding2,736 3,225 3,592 3,913 (856)(688)
Not subject to regulatory funding404 440 — — 404 440 
Principal retiree benefit plans for GE Aerospace1,202 1,289 6 8 1,196 1,281 
Total plans subject to regulatory funding23,746 25,662 22,612 24,166 1,134 1,496 
Total plans not subject to regulatory funding4,420 4,729 6 8 4,414 4,721 
Total plans 28,166 30,391 22,618 24,174 5,548 6,217 

Due to the spin-off of Vernova on April 2, 2024, as discussed in Note 1, we have excluded 2023 GE Vernova benefit obligations of $18,258, assets of $16,342, and a deficit of $1,916 from the above funding status by plan type chart.

FUNDING. The Employee Retirement Income Security Act (ERISA) determines minimum funding requirements in the U.S. No contributions were required or made for the GE Aerospace Pension Plan during 2024 and based on our current assumptions, we do not anticipate having to make additional required contributions in the near future. On an ERISA basis, our estimate for 2024 is that the GE Aerospace Pension Plan was 85% funded and the U.S. GAAP funded status is 91%.
In 2025, we expect to make payments of approximately $210 million for our GE Aerospace Supplementary Pension Plan benefits and remaining principal pension plans administrative costs. We also expect to contribute approximately $40 million to other pension plans in 2025. We fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion. We expect to contribute approximately $120 million to fund such benefits in 2025.

COST OF OUR BENEFITS PLANS AND ASSUMPTIONS202420232022
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$71 $22 $13 $94 $37 $17 $221 $86 $39 
Interest cost1,401 227 71 1,892 422 111 2,069 398 108 
Expected return on plan assets(1,751)(310)— (2,376)(587)— (3,142)(967)— 
Amortization of net loss (gain)(468)41 (82)(723)20 (124)1,422 101 (115)
Amortization of prior service cost (credit)6 (1)(103)5 (4)(148)5 (8)(235)
Curtailment / settlement loss (gain)— — — (6)— — (6)— 
Non-operating$(812)$(43)$(114)$(1,202)$(155)$(161)$354 $(482)$(242)
Net periodic expense (income)$(741)$(21)$(101)$(1,108)$(118)$(144)$575 $(396)$(203)
Less: discontinued operations(88)(12)(15)(377)(78)(57)270 (320)(134)
Continuing operations - net periodic expense (income)$(653)$(9)$(86)$(731)$(40)$(87)$305 $(76)$(69)
Weighted-average benefit obligations assumptions
Discount rate5.67 %5.48 %5.51 %5.18 %3.93 %5.09 %5.53 %4.59 %5.43 %
Compensation increases6.00 3.10 6.00 3.86 2.24 3.25 3.07 2.44 3.12 
Initial healthcare trend rate(a)N/AN/A7.00 N/AN/A6.50 N/AN/A6.40 
Weighted-average benefit cost assumptions
Discount rate5.18 3.93 5.09 5.53 4.59 5.43 2.94 1.93 2.64 
Expected rate of return on plan assets7.00 5.34 — 7.00 5.66 — 6.00 4.80 — 
(a) Current forecast is 7%, but is estimated to decline to 5% for 2034 and thereafter.

Net periodic benefit income from continuing operations in 2025 is estimated to be approximately $725 million, which is a decrease of approximately $25 million as compared to 2024. The decrease is primarily due to investment performance offset by the impact of discount rates.

The components of net periodic benefit costs, other than the service cost component, are included in Non-operating benefit cost (income) in our Statement of Earnings (Loss).
PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)
20242023
Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit
Change in benefit obligations
Balance at January 1$36,217 $10,377 $2,055 $53,591 $13,916 $3,304 
Service cost71 22 13 94 37 17 
Interest cost1,401 227 71 1,892 422 111 
Participant contributions8 4 21 10 19 31 
Plan amendments— — — 49 — — 
Actuarial loss (gain) - net(1,049)(a)(435)(a)(15)(a)1,081 (a)526 (a)(5)
Benefits paid(1,957)(305)(192)(2,503)(618)(254)
Dispositions/acquisitions/other - net(10,867)(6,548)(751)(17,997)(4,387)(1,149)
Exchange rate adjustments— (202)— — 462 — 
Balance at December 31$23,824 (b)$3,140 $1,202 (c)$36,217 $10,377 $2,055 
Change in plan assets
Balance at January 1$29,744 $10,764 $8 $44,993 $14,663 $10 
Actual return on plan assets440 (109)— 1,869 442 — 
Employer contributions216 60 169 212 161 221 
Participant contributions8 4 21 10 19 31 
Benefits paid(1,957)(305)(192)(2,503)(618)(254)
Dispositions/acquisitions/other - net(9,431)(6,611)— (14,837)(4,439)— 
Exchange rate adjustments— (211)— — 536 — 
Balance at December 31$19,020 $3,592 $6 $29,744 $10,764 $8 
Funded status - surplus (deficit)$(4,804)$452 $(1,196)$(6,473)$387 $(2,047)
Amounts recorded in
Statement of Financial Position
Continuing operations:
Non-current assets - other$— $876 $— $— $714 $— 
Current liabilities - other(199)(34)(118)(194)(35)(128)
Non-current liabilities - compensation and benefits (4,605)(390)(1,078)(4,990)(431)(1,153)
Discontinued operations:
Non-current assets— — — — 775 — 
Current and non-current liabilities— — — (1,289)(636)(766)
Net amount recorded$(4,804)$452 $(1,196)$(6,473)$387 $(2,047)
Amounts recorded in Accumulated other comprehensive loss (income)
Prior service cost (credit)$(40)$9 $(455)$(25)$(16)$(909)
Net loss (gain)(530)803(559)(1,454)1,680 (990)
Total recorded in Accumulated other comprehensive loss (income)$(570)$812 $(1,014)$(1,479)$1,664 $(1,899)
(a)Principally due to impact of discount rates.
(b)The benefit obligation for the GE Aerospace Supplementary Pension Plan, which is unfunded, was $2,814 million at December 31, 2024.
(c)The benefit obligation for retiree health plans for GE Aerospace was $716 million at December 31, 2024.

ASSUMPTIONS USED IN CALCULATIONS. Our defined benefit pension plans are accounted for on an actuarial basis, which requires the selection of various assumptions, including a discount rate, a compensation assumption, an expected return on assets, mortality rates of participants and expectation of mortality improvement.

Projected benefit obligations are measured as the present value of expected benefit payments. We discount those cash payments using a discount rate. We determine the discount rate using the weighted-average yields on high-quality fixed-income securities with maturities that correspond to the payment of benefits. Lower discount rates increase present values and generally increase subsequent-year pension expense; higher discount rates decrease present values and generally reduce subsequent-year pension expense.

The compensation assumption is used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Statement of Financial Position and amortized into earnings in subsequent periods.
The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the benefit obligations. To determine the expected long-term rate of return on pension plan assets, we consider our asset allocation as well as historical and expected returns on various categories of plan assets. In developing future long-term return expectations for our principal benefit plans’ assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given our asset allocation. Based on our analysis, we have assumed a 7.00% long-term expected return on the GE Aerospace Pension Plan assets for cost recognition in 2024 and 2023. For 2025 cost recognition, based on GE Aerospace Pension Plan assets at December 31, 2024, we have assumed a 7.00% long-term expected return.

The healthcare trend assumptions primarily apply to our pre-65 retiree medical plans. Most participants in our post-65 retiree plan have a fixed subsidy and therefore are not subject to healthcare inflation.

We evaluate these critical assumptions at least annually on a plan and country-specific basis. We periodically evaluate other assumptions involving demographics factors such as retirement age and turnover, and update them to reflect our actual experience and expectations for the future. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. Differences between our actual results and what we assumed are recorded in AOCI each period. These differences are amortized into earnings over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable. For the principal pension plans, gains and losses are amortized using a straight-line method with a separate layer for each year’s gains and losses. For most other pension plans and principal retiree benefit plans, gains and losses are amortized using a straight-line or a corridor amortization method.

SENSITIVITIES TO KEY ASSUMPTIONS. Fluctuations in discount rates can significantly impact pension cost and obligations. We would expect that a 25 basis point decrease in discount rate would increase our GE Aerospace principal pension plan cost in the following year by approximately $50 million and would also expect an increase in the GE Aerospace principal pension plan projected benefit obligation at year-end by approximately $550 million. The deficit sensitivity to the discount rate would be lower than the projected benefit obligation sensitivity as a result of the liability hedging program incorporated in the asset allocation. A 25 basis point decrease in the expected return on assets would increase GE Aerospace principal pension plan cost in the following year by approximately $50 million.

THE COMPOSITION OF OUR 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.

20242023
Principal pension Other pension Principal pension Other pension
Global equities$1,142 $217 $1,985 $1,152 
Debt securities
Fixed income and cash investment funds1,412 1,463 1,764 4,188 
U.S. corporate(a)3,091 34 6,599 145 
Other debt securities(b)3,106 46 6,064 218 
Real estate535 6 775 18 
Private equities and other investments299 118 600 259 
Total9,585 1,884 17,787 5,980 
Plan assets measured at net asset value
Global equities$1,695 $217 $3,169 $612 
Debt securities1,158 693 1,907 2,224 
Real estate715 280 1,067 1,074 
Private equities and other investments5,867 518 5,814 874 
Total plan assets at fair value19,020 3,592 29,744 10,764 
Less: discontinued operations— — 9,491 6,851 
Total plan assets - continuing operations$19,020 $3,592 $20,253 $3,913 
(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.
Plan assets that were measured at fair value using NAV as a practical expedient were excluded from the fair value hierarchy. Principal Pension Plans' investments with a fair value of $844 million and $1,203 million at December 31, 2024 and 2023, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $2,288 million and $4,034 million at December 31, 2024 and 2023, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $6,235 million and $12,703 million at December 31, 2024 and 2023, respectively, were classified within Level 2 and primarily relate to debt securities. Other pension plans investments with a fair value of $9 million and $26 million at December 31, 2024 and 2023, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $28 million and $786 million at December 31, 2024 and 2023, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $1,713 million and $4,913 million at December 31, 2024 and 2023, respectively, were classified within Level 2 and primarily relate to debt securities. Principal retiree benefit plan investments have a fair value of $6 million and $8 million at December 31, 2024 and 2023, respectively. There were no Level 3 principal retiree benefit plan investments held in 2024 and 2023.

ASSET ALLOCATION OF PENSION PLANS2024 Target allocation2024 Actual allocation
Principal PensionOther Pension (weighted average)Principal PensionOther Pension (weighted average)
Global equities
10.0 - 30.0
%10 %15 %12 %
Debt securities (including cash equivalents)
19.0 - 87.5
69 46 62 
Real estate
1.0 - 10.0
7 7 8 
Private equities & other investments
12.0 - 40.0
14 32 18 

Plan fiduciaries set investment policies and strategies for the principal pension plans and oversee their investment allocation, which includes selecting investment managers and setting long-term strategic targets. The plan fiduciaries' primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet near-term benefit payment and other cash needs. The plan has incorporated de-risking objectives and liability hedging programs as part of its long-term investment strategy and utilizes a combination of long-dated corporate bonds, treasuries, strips and derivatives to implement its investment strategies as well as for hedging asset and liability risks. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range.

GE Aerospace and GE securities represented 0.8% and 0.5% of the Principal Pension Plans' assets at December 31, 2024 and 2023, respectively.

ANNUALIZED RETURNS(a)1 year5 years10 years25 years
GE Aerospace Pension Plan2.3 %2.2 %4.3 %4.7 %
(a) Prior to 2023, the annualized returns represent the GE Pension Plan's returns.

EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)Principal pensionOther pensionPrincipal retiree benefit
2025$1,800 $175 $130 
20261,815 175 125 
20271,825 180 120 
20281,830 190 120 
20291,830 195 120 
2030-20348,960 1,045 510 
(a) As of the measurement date of December 31, 2024.

DEFINED CONTRIBUTION PLAN. We have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $265 million, $342 million and $444 million for the years ended December 31, 2024, 2023 and 2022, respectively. Employer contributions for continuing operations were $230 million, $213 million and $207 million for the years ended December 31, 2024, 2023 and 2022, respectively.
COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME
For the years ended December 31202420232022
(Pre-tax)Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit
Cost (income) of postretirement benefit plans$(741)$(21)$(101)$(1,108)$(118)$(144)$575 $(396)$(203)
Changes in other comprehensive loss (income)
Prior service cost (credit) - current year— — — 49 — — — — — 
Net loss (gain) - current year (a)262 (52)(15)1,588 721 (5)(1,533)(128)(778)
Reclassifications out of AOCI
Curtailment/settlement gain (loss)— — — — 6 — — 6 — 
Dispositions185 (761)715 1,989 (792)1,216 — — — 
Amortization of net gain (loss)468 (41)82 723 (20)124 (1,422)(101)115 
Amortization of prior service credit (cost)(6)1 103 (5)4 148 (5)8 235 
Total changes in other comprehensive loss (income)909 (853)885 4,344 (81)1,483 (2,960)(215)(428)
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)$168 $(874)$784 $3,236 $(199)$1,339 $(2,385)$(611)$(631)
(a) Primarily due to impact of discount rates and investment performance.