XML 86 R52.htm IDEA: XBRL DOCUMENT v3.25.0.1
POSTRETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Description Postretirement Benefit Plans
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on a pay-as-you-go basis from company cash.The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020).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.
Funded Status
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 
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.
Cost of Benefits Plans and Assumptions
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.
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.
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.
Asset Allocation
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 
Schedule of Defined Benefit Plan Annual Returns
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.
Estimated Future Benefit Payments
EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)Principal pensionOther pensionPrincipal retiree benefit
2025$1,800 $175 $130 
20261,815 175 125 
20271,825 180 120 
20281,830 190 120 
20291,830 195 120 
2030-20348,960 1,045 510 
(a) As of the measurement date of December 31, 2024.
Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income
COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME
For the years ended December 31202420232022
(Pre-tax)Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit
Cost (income) of postretirement benefit plans$(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.