Company: GE
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000040545-25-000062
Chunk: 93

Company: GENERAL ELECTRIC CO
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 8
Chunk 93
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.0% at both March 31, 2025 and 2024.On February 3, 2025, we closed the Canadian life and health insurance portfolio reinsurance transaction that was announced in 2024. We received a ceding commission of $128 million and the gain was deferred and will be recognized over the remaining life of the policies or earlier if the underlying treaties are novated.See Notes 3 and 9 for further information related to our run-off insurance operations.

24 2025 1Q FORM 10-Q

NOTE 13. POSTRETIREMENT BENEFIT PLANS. 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. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our Statement of Operations.PRINCIPAL PENSION PLANSThree months ended March 3120252024Service cost for benefits earned$19 $21 Prior service cost amortization(2)3 Expected return on plan assets(375)(578)Interest cost on benefit obligations325 453 Net actuarial gain amortization(128)(155)Net periodic expense (income)$(161)$(256)Less discontinued operations$— $(88)Continuing operations - net periodic expense (income)$(161)$(168)Principal retiree benefit plans income was $15 million and $36 million for the three months ended March 31, 2025 and 2024, respectively. Principal retiree benefit plans income from continuing operations was $21 million for the three months ended March 31, 2024.  Other pension plans income was $1 million and $13 million for the three months ended March 31, 2025 and 2024, respectively. Other pension plans income from continuing operations was $1 million for the three months ended March 31, 2024.  

We have a defined contribution plan for eligible U.S. employees that provides employer contributions, which were $80 million and $89 million for the three months ended March 31, 2025 and 2024, respectively. Employer contributions from continuing operations was $54 million for the three months ended March