GE Aerospace: 10-K Risk Factor Changes

(a) For the year ended December 31, 2023, included $(58) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. For the year ended December 31, 2023, application of this treatment had an insignificant effect. For the years ended December 31, 2022 and 2021, as a result of the loss from continuing operations, losses were not allocated to the participating securities.

(a) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. For the year ended December 31, 2022, application of this treatment had an insignificant effect. For the year ended December 31, 2021, as a result of the loss from continuing operations, losses were not allocated to the participating securities. For the year ended December 31, 2020, application of this treatment had an insignificant effect.

We have audited the accompanying consolidated statements of financial position of General Electric Company and subsidiaries (the "Company") as of December 31, 2023, and 2022, the related consolidated statements of earnings (loss), comprehensive income (loss), changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023, and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 2, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting.

We have audited the accompanying consolidated statements of financial position of General Electric Company and subsidiaries (the "Company") as of December 31, 2022 and 2021, the related consolidated statements of earnings (loss), comprehensive income (loss), changes in shareholders’ equity, and cash flows for the years ended 2022 and 2021, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 10, 2023, expressed an unqualified opinion on the Company's internal control over financial reporting.

COMMITMENTS. We had total investment commitments of $3,809 million and unfunded lending commitments, primarily at EFS, of $651 million at December 31, 2023. The investment commitments primarily comprise investments by our run-off insurance operations in investment securities and other assets of $3,662 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $3,545 million. See Note 23 for further information. As of December 31, 2023, in our Aerospace segment, we have committed to provide financing assistance of $2,676 million of future customer acquisitions of aircraft equipped with our engines. GUARANTEES. Credit support. We have provided $916 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees. The liability for such credit support was $21 million. Indemnification agreements – Continuing Operations. GE has obligations under the Tax Matters Agreement to indemnify GE HealthCare for certain tax costs and other indemnifications of $41 million, which are fully reserved. In addition, we have $289 million of other indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $70 million. Indemnification agreements - Discontinued Operations. Following the Separation of GE HealthCare on January 3, 2023, GE has remaining performance and bank guarantees on behalf of its former HealthCare business, with a maximum aggregate exposure of $44 million. GE also has obligations under the Transition Services Agreement and Tax Matters Agreement to indemnify GE HealthCare for certain technology and tax costs of $81 million, which are fully reserved. In addition, we have provided specific indemnities to other buyers of assets of our business that, in the aggregate, represent a maximum potential claim of $721 million with related reserves of $71 million. PRODUCT WARRANTIES. We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information, mostly historical claims experience, claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows. 202320222021Balance at January 1$1,960 $1,730 $1,897 Current-year provisions(a)961 1,081 635 Expenditures(886)(768)(724)Other changes18 (83)(78)Balance at December 31$2,053 $1,960 $1,730 a) The increase in current and prior-year provisions is primarily related to Renewable Energy which, in 2022, was substantially all due to changes in estimates on pre-existing warranties and related to the deployment of repairs and other corrective measures. LEGAL MATTERS. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. 2023 FORM 10-K 76 2023 FORM 10-K 76 2023 FORM 10-K 76 Alstom legacy legal matters. In 2015, we acquired the Steam Power, Renewables and Grid businesses from Alstom, which prior to our acquisition were the subject of significant cases involving anti-competitive activities and improper payments. We had reserves of $393 million and $455 million at December 31, 2023 and 2022, respectively, for legal and compliance matters related to the legacy business practices that were the subject of cases in various jurisdictions. Allegations in these cases relate to claimed anti-competitive conduct or improper payments in the pre-acquisition period as the source of legal violations or damages. Given the significant litigation and compliance activity related to these matters and our ongoing efforts to resolve them, it is difficult to assess whether the disbursements will ultimately be consistent with the reserve established. The estimation of this reserve may not reflect the full range of uncertainties and unpredictable outcomes inherent in litigation and investigations of this nature, and at this time we are unable to develop a meaningful estimate of the range of reasonably possible additional losses beyond the amount of this reserve. Factors that can affect the ultimate amount of losses associated with these and related matters include the way cooperation is assessed and valued, prosecutorial discretion in the determination of damages, formulas for determining disgorgement, fines or penalties, the duration and amount of legal and investigative resources applied, political and social influences within each jurisdiction, and tax consequences of any settlements or previous deductions, among other considerations. Actual losses arising from claims in these and related matters could exceed the amount provided. Shareholder and related lawsuits. Since November 2017, several putative shareholder class actions under the federal securities laws were filed against GE and certain affiliated individuals and consolidated into a single action currently pending in the U.S. District Court for the Southern District of New York (the Hachem case, also referred to as the Sjunde AP-Fonden case). The complaint against defendants GE and current and former GE executive officers alleged violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 related to insurance reserves and accounting for long-term service agreements and seeks damages on behalf of shareholders who acquired GE stock between February 27, 2013 and January 23, 2018. GE filed a motion to dismiss in December 2019. In January 2021, the court granted the motion to dismiss as to the majority of the claims. Specifically, the court dismissed all claims related to insurance reserves, as well as all claims related to accounting for long-term service agreements, with the exception of certain claims about historic disclosures related to factoring in the Power business that survive as to GE and its former CFO Jeffrey S. Bornstein. All other individual defendants have been dismissed from the case. In April 2022, the court granted the plaintiffs' motion for class certification for shareholders who acquired stock between February 26, 2016 and January 23, 2018. In September 2022, GE filed a motion for summary judgment on the plaintiffs' remaining claims. In September 2023, the court denied GE’s motion for summary judgment, except as to claims arising from disclosures made between November 2017 and January 2018. Since February 2018, multiple shareholder derivative lawsuits were filed against current and former GE executive officers and members of GE’s Board of Directors and GE (as nominal defendant). These lawsuits have alleged violations of securities laws, breaches of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control and gross mismanagement, although the specific matters underlying the allegations in the lawsuits have varied. Two shareholder derivative lawsuits are currently pending: the Lindsey and Priest/Tola cases, which were filed in New York state court. The allegations in these two cases relate to substantially the same facts as those underlying the Sjunde AP-Fonden case. The plaintiffs seek unspecified damages and improvements in GE’s corporate governance and internal procedures. The Lindsey case has been stayed by agreement of the parties, and GE filed a motion to dismiss the Priest/Tola complaint in March 2021. In July 2018, a putative class action (the Mahar case) was filed in New York state court naming as defendants GE, former GE executive officers, a former member of GE’s Board of Directors and KPMG. It alleged violations of Sections 11, 12 and 15 of the Securities Act of 1933 based on alleged misstatements related to insurance reserves and performance of GE’s business segments in GE Stock Direct Plan registration statements and documents incorporated therein by reference and seeks damages on behalf of shareholders who acquired GE stock between July 20, 2015 and July 19, 2018 through the GE Stock Direct Plan. In February 2019, this case was dismissed. In April 2019, GE filed a motion to dismiss. In October 2019, the court denied GE's motion to dismiss and stayed the case pending the outcome of the Sjunde AP-Fonden case. In November 2019, the plaintiffs moved to re-argue to challenge the stay, and GE cross-moved to re-argue the denial of the motion to dismiss and filed a notice of appeal. The court denied both motions for re-argument, and in November 2020, the Appellate Division First Department affirmed the court's denial of GE's motion to dismiss. In January 2021, GE filed a motion for leave to appeal to the New York Court of Appeals, and that motion was denied in March 2021. GE Retirement Savings Plan class actions. In 2017, four putative class action lawsuits were filed regarding the oversight of the GE RSP, and those class actions were consolidated into a single action in the U.S. District Court for the District of Massachusetts. The consolidated complaint named as defendants GE, GE Asset Management, current and former GE and GE Asset Management executive officers and employees who served on fiduciary bodies responsible for aspects of the GE RSP during the class period. Like similar lawsuits that were brought against other companies in recent years, this action alleged that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA) in their oversight of the GE RSP, principally by retaining five proprietary funds that plaintiffs alleged were underperforming as investment options for plan participants and by charging higher management fees than some alternative funds. The plaintiffs sought unspecified damages on behalf of a class of GE RSP participants and beneficiaries from September 26, 2011 through the date of any judgment. In August and December 2018, the court issued orders dismissing one count of the complaint and denying GE's motion to dismiss the remaining counts. In September 2022, both GE and the plaintiffs filed motions for summary judgment on the remaining claims. In September 2023, GE executed a class action settlement with plaintiffs in the amount of $61 million, which the court preliminarily approved in October 2023 with a hearing on final approval scheduled for March 2024. Net of insurance contributions, this had an immaterial financial impact that GE recognized in its results for the quarter ended September 30, 2023. 2023 FORM 10-K 77 2023 FORM 10-K 77 2023 FORM 10-K 77 Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. For a number of years, GE has observed an increase in the total number of lawsuits being brought against Bank BPH and other banks in Poland by current and former borrowers, and we expect this to continue in future reporting periods. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded an additional charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH as of December 31, 2023 was $2,669 million. The estimate of total losses for borrower litigation at Bank BPH as of December 31, 2023 accounts for the costs of payments to borrowers who we estimate will participate in the settlement program, as well as estimates for the results of litigation with other borrowers, which in either case can exceed the value of the current loan balance. This estimate represents our best estimate of the total losses we expect to incur over time. However, there are a number of factors that could affect the estimate in the future, including: potentially significant judicial decisions or binding resolutions by the European Court of Justice (ECJ) or the Polish Supreme Court, including a ruling by the ECJ in June 2023 that could significantly increase the cost to banks of loans invalidated by Polish courts and encourage more borrower lawsuits; the impact of any such decisions or resolutions on how Polish courts will interpret and apply the law in particular cases; the receptivity of borrowers over time to Bank BPH’s settlement program; the number of active and inactive borrowers who sue Bank BPH; the ability of Bank BPH to recover from borrowers the original principal amount of loans invalidated by Polish courts; and the impact of potential future legislation in Poland relating to foreign currency indexed or denominated mortgage loans. While we are unable at this time to develop a meaningful estimate of reasonably possible losses beyond the amount currently recorded, future changes related to any of the foregoing or in Bank BPH’s settlement approach, or other adverse developments such as actions by regulators, legislators or other governmental authorities (including consumer protection regulators), could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. See Note 2 for further information. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS. Our operations, like operations of other companies engaged in similar businesses, involve the use, disposal and cleanup of substances regulated under environmental protection laws and nuclear decommissioning regulations. We record reserves for obligations for ongoing and future environmental remediation activities, such as the Housatonic River cleanup described below, and for additional liabilities we expect to incur in connection with previously remediated sites, such as natural resource damages for the Hudson River where GE completed dredging in 2019. Additionally, like many other industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged exposure by workers and others to asbestos or other hazardous materials. Liabilities for environmental remediation, nuclear decommissioning and worker exposure claims exclude possible insurance recoveries. It is reasonably possible that our exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites and lawsuits, such amounts are not reasonably estimable. Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims were $2,465 million and $2,415 million at December 31, 2023 and 2022, respectively. In 2000, GE and the Environmental Protection Agency (EPA) entered into a consent decree relating to PCB cleanup of the Housatonic River in Massachusetts. In October 2016, the EPA issued its final decision pursuant to the consent decree, which GE and several other interested parties appealed to the EPA’s Environmental Appeals Board (EAB). The EAB issued its decision in January 2018, affirming parts of the EPA’s decision and granting relief to GE on certain significant elements of its challenge. The EAB remanded the decision back to the EPA to address those elements and reissue a revised final remedy, and the EPA convened a mediation process with GE and interested stakeholders. In February 2020, the EPA announced an agreement between the EPA and many of the mediation stakeholders, including GE, concerning a revised Housatonic River remedy. In March 2021, two local environmental advocacy groups filed a joint petition to the EAB challenging portions of the revised permit; in February 2022, the EAB denied the petition, and the permit became effective in March 2022. In May 2022, the two environmental advocacy groups petitioned the U.S. Court of Appeals for the First Circuit to review the EPA’s final permit. The Court's denial of this petition in July 2023 was not appealed, concluding these proceedings on the EPA’s remedy. As of December 31, 2023, and based on its assessment of current facts and circumstances, GE believes that it has recorded adequate reserves to cover future obligations associated with the EPA's final remedy. Expenditures for site remediation, nuclear decommissioning and worker exposure claims amounted to approximately $260 million, $220 million and $181 million for the years ended December 31, 2023, 2022 and 2021, respectively. We presently expect that such expenditures will be approximately $200 million in both 2024 and 2025.

COMMITMENTS. We had total investment commitments of $3,877 million at December 31, 2022. The commitments primarily comprise investments by our run-off insurance operations in investment securities and other assets of $3,778 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $3,773 million. See Note 23 for further information. As of December 31, 2022, in our Aerospace segment, we have committed to provide financing assistance of $2,390 million of future customer acquisitions of aircraft equipped with our engines. GUARANTEES. At December 31, 2022, we were committed under the following guarantee arrangements: Credit support. We have provided $1,143 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees. The liability for such credit support was $32 million. Indemnification agreements - Continuing Operations. We have $534 million of indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $80 million. Indemnification agreements - Discontinued Operations. We have provided specific indemnities to buyers of assets of our business that, in the aggregate, represent a maximum potential claim of $717 million with related reserves of $77 million. 2022 FORM 10-K 77 2022 FORM 10-K 77 2022 FORM 10-K 77 PRODUCT WARRANTIES. We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information, mostly historical claims experience, claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows. 202220212020Balance at January 1$1,891 $2,054 $2,165 Current-year provisions(a)1,319 862 788 Expenditures(967)(945)(913)Other changes(90)(81)14 Balance at December 31$2,153 $1,891 $2,054 (a) The increase in current-year provisions is primarily related to Renewable Energy, which was substantially all due to changes in estimates on pre-existing warranties and related to the deployment of repairs and other corrective measures. LEGAL MATTERS. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Alstom legacy legal matters. In 2015, we acquired the Steam Power, Renewables and Grid businesses from Alstom, which prior to our acquisition were the subject of significant cases involving anti-competitive activities and improper payments. We had reserves of $455 million and $567 million at December 31, 2022 and 2021, respectively, for legal and compliance matters related to the legacy business practices that were the subject of cases in various jurisdictions. Allegations in these cases relate to claimed anti-competitive conduct or improper payments in the pre-acquisition period as the source of legal violations or damages. Given the significant litigation and compliance activity related to these matters and our ongoing efforts to resolve them, it is difficult to assess whether the disbursements will ultimately be consistent with the reserve established. The estimation of this reserve may not reflect the full range of uncertainties and unpredictable outcomes inherent in litigation and investigations of this nature, and at this time we are unable to develop a meaningful estimate of the range of reasonably possible additional losses beyond the amount of this reserve. Factors that can affect the ultimate amount of losses associated with these and related matters include the way cooperation is assessed and valued, prosecutorial discretion in the determination of damages, formulas for determining disgorgement, fines or penalties, the duration and amount of legal and investigative resources applied, political and social influences within each jurisdiction, and tax consequences of any settlements or previous deductions, among other considerations. Actual losses arising from claims in these and related matters could exceed the amount provided. Shareholder and related lawsuits. Since November 2017, several putative shareholder class actions under the federal securities laws have been filed against GE and certain affiliated individuals and consolidated into a single action currently pending in the U.S. District Court for the Southern District of New York (the Hachem case). In October 2019, the lead plaintiff filed a fifth amended consolidated class action complaint naming as defendants GE and current and former GE executive officers. It alleges violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 related to insurance reserves and accounting for long-term service agreements and seeks damages on behalf of shareholders who acquired GE stock between February 27, 2013 and January 23, 2018. GE filed a motion to dismiss in December 2019. In January 2021, the court granted defendants’ motion to dismiss as to the majority of the claims. Specifically, the court dismissed all claims related to insurance reserves, as well as all claims related to accounting for long-term service agreements, with the exception of certain claims about historic disclosures related to factoring in the Power business that survive as to GE and its former CFO Jeffrey S. Bornstein. All other individual defendants have been dismissed from the case. In April 2022, the court granted the plaintiffs' motion for class certification for shareholders who acquired stock between February 26, 2016 and January 23, 2018, and granted the plaintiffs’ request to amend their complaint. In September 2022, GE filed a motion for summary judgment on the plaintiffs' remaining claims. Since February 2018, multiple shareholder derivative lawsuits have been filed against current and former GE executive officers and members of GE’s Board of Directors and GE (as nominal defendant). These lawsuits have alleged violations of securities laws, breaches of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control and gross mismanagement, although the specific matters underlying the allegations in the lawsuits have varied. Two shareholder derivative lawsuits are currently pending: the Lindsey and Priest/Tola cases, which were filed in New York state court. The allegations in these two cases relate to substantially the same facts as those underlying the Hachem case. The plaintiffs seek unspecified damages and improvements in GE’s corporate governance and internal procedures. The Lindsey case has been stayed by agreement of the parties, and GE filed a motion to dismiss the Priest/Tola complaint in March 2021. 2022 FORM 10-K 78 2022 FORM 10-K 78 2022 FORM 10-K 78 In July 2018, a putative class action (the Mahar case) was filed in New York state court naming as defendants GE, former GE executive officers, a former member of GE’s Board of Directors and KPMG. It alleged violations of Sections 11, 12 and 15 of the Securities Act of 1933 based on alleged misstatements related to insurance reserves and performance of GE’s business segments in GE Stock Direct Plan registration statements and documents incorporated therein by reference and seeks damages on behalf of shareholders who acquired GE stock between July 20, 2015 and July 19, 2018 through the GE Stock Direct Plan. In February 2019, this case was dismissed. In March 2019, plaintiffs filed an amended derivative complaint naming the same defendants. In April 2019, GE filed a motion to dismiss the amended complaint. In October 2019, the court denied GE's motion to dismiss and stayed the case pending the outcome of the Hachem case. In November 2019, the plaintiffs moved to re-argue to challenge the stay, and GE cross-moved to re-argue the denial of the motion to dismiss and filed a notice of appeal. The court denied both motions for re-argument, and in November 2020, the Appellate Division First Department affirmed the court's denial of GE's motion to dismiss. In January 2021, GE filed a motion for leave to appeal to the New York Court of Appeals, and that motion was denied in March 2021. In February 2019, a securities action (the Touchstone case) was filed in the U.S. District Court for the Southern District of New York naming as defendants GE and current and former GE executive officers. It alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Section 1707.43 of the Ohio Securities Act and common law fraud based on alleged misstatements regarding insurance reserves, GE Power’s revenue recognition practices related to long term service agreements, GE’s acquisition of Alstom, and the goodwill recognized in connection with that transaction. The lawsuit seeks damages on behalf of six institutional investors who purchased GE common stock between August 1, 2014 and October 30, 2018 and rescission of those purchases. In May 2021, the plaintiffs filed an amended complaint, and GE in June 2021 filed a motion to dismiss that complaint. In September 2022, the court granted GE’s motion to the dismiss the plaintiffs’ case with no opportunity to replead their case. In January 2023, the plaintiffs filed an appeal of the court’s dismissal of their case with the U.S. Court of Appeals for the Second Circuit. As previously reported by Baker Hughes, in March 2019, two derivative lawsuits were filed in the Delaware Court of Chancery naming as defendants GE, directors of Baker Hughes (including former members of GE’s Board of Directors and current and former GE executive officers) and Baker Hughes (as nominal defendant), and the court issued an order consolidating these two actions (the Schippnick case). The complaint as amended in May 2019 alleges, among other things, that GE and the Baker Hughes directors breached their fiduciary duties, and that GE was unjustly enriched by entering into transactions and agreements related to GE's sales of approximately 12% of its ownership interest in Baker Hughes in November 2018. The complaint seeks declaratory relief, disgorgement of profits, an award of damages, pre- and post-judgment interest and attorneys’ fees and costs. In May 2019, the plaintiffs voluntarily dismissed their claims against the directors who were members of the Baker Hughes Conflicts Committee and a former Baker Hughes director. In October 2019, the Court denied the remaining defendants’ motions to dismiss, except with respect to the unjust enrichment claim against GE, which has been dismissed. In November 2019, the defendants filed their answer to the complaint, and a special litigation committee of the Baker Hughes Board of Directors moved for an order staying all proceedings in this action pending completion of the committee's investigation of the allegations and claims asserted in the complaint. In October 2020, the special litigation committee filed a report with the Court recommending that the derivative action be terminated. In January 2021, the special committee filed a motion to terminate the action. GE Retirement Savings Plan class actions. Four putative class action lawsuits have been filed regarding the oversight of the GE RSP, and those class actions have been consolidated into a single action in the U.S. District Court for the District of Massachusetts. The consolidated complaint names as defendants GE, GE Asset Management, current and former GE and GE Asset Management executive officers and employees who served on fiduciary bodies responsible for aspects of the GE RSP during the class period. Like similar lawsuits that have been brought against other companies in recent years, this action alleges that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA) in their oversight of the GE RSP, principally by retaining five proprietary funds that plaintiffs allege were underperforming as investment options for plan participants and by charging higher management fees than some alternative funds. The plaintiffs seek unspecified damages on behalf of a class of GE RSP participants and beneficiaries from September 26, 2011 through the date of any judgment. In August and December 2018, the court issued orders dismissing one count of the complaint and denying GE's motion to dismiss the remaining counts. In September 2022, both GE and the plaintiffs filed motions for summary judgment on the remaining claims. Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. At December 31, 2022, approximately 85% of the Bank BPH portfolio is indexed to or denominated in foreign currencies (primarily Swiss francs), and the total portfolio had a carrying value, net of reserves, of $1,199 million. We continue to observe an increase in the number of lawsuits being brought against Bank BPH and other banks in Poland, and we expect this to continue in future reporting periods. 2022 FORM 10-K 79 2022 FORM 10-K 79 2022 FORM 10-K 79 We estimate potential losses for Bank BPH in connection with borrower litigation cases that are pending by recording legal reserves, as well as in connection with potential future cases or other adverse developments as part of our ongoing valuation of the Bank BPH portfolio, which we record at the lower of cost or fair value, less cost to sell. The total amount of estimated losses was $1,359 million and $755 million at December 31, 2022 and 2021, respectively. We update our assumptions underlying the amount of estimated losses based primarily on the number of lawsuits filed and estimated to be filed in the future, whether liability will be established in lawsuits and the nature of the remedy ordered by courts if liability is established. The increase in the amount of estimated losses during 2022 was driven primarily by increases in the number of lawsuits filed and estimated to be filed in the future and increased findings of liability. We expect the trends we have previously reported of an increasing number of lawsuits being filed, more findings of liability and more severe remedies being ordered against Polish banks (including Bank BPH) to continue in future reporting periods, although Bank BPH is unable at this time to develop a meaningful estimate of reasonably possible losses associated with active and inactive Bank BPH mortgage loans beyond the amounts currently recorded. Additional factors may also affect our estimated losses over time, including: potentially significant judicial decisions or binding resolutions by the European Court of Justice (ECJ) or the Polish Supreme Court; the impact of any of these or other future or recent decisions or resolutions (including an expected ECJ ruling that could adversely impact the remedy cost to Polish banks upon a finding of liability, and the Polish Supreme Court binding resolution delivered verbally in May 2021 with written reasoning issued in July 2021) on how Polish courts will interpret and apply the law in particular cases and how borrower behavior may change in response, neither of which are known immediately upon the issuance of a decision or resolution; financial, economic and other conditions in Poland that may adversely affect borrowers; uncertainty related to a proposal by the Chairman of the Polish Financial Supervisory Authority in December 2020 that banks voluntarily offer borrowers an opportunity to convert their foreign currency indexed or denominated mortgage loans to Polish zlotys using an exchange rate applicable at the date of loan origination, and about the various settlement strategies or other approaches that Polish banks have increasingly adopted or will adopt, or that Bank BPH may adopt in the future, in response to this proposal or other factors, the approaches that regulators and other government authorities will adopt in response, the receptivity of borrowers to settlement offers; and the financial and capital impact on banks that adopt settlement programs; and any potential legislation that may be passed in Poland relating to foreign exchange indexed or denominated mortgage loans. In addition, there is continued uncertainty arising from investigations of the Polish Office of Competition and Consumer Protection (UOKiK), including existing or anticipated UOKiK and court decisions resulting from those investigations, particularly UOKiK's investigation into the adequacy of disclosure of foreign exchange risk by banks (including BPH) and the legality under Polish law of unlimited foreign exchange risk on customers. Future adverse developments related to any of the foregoing, or other adverse developments such as actions by regulators, legislators or other governmental authorities (including UOKiK), likely would have a material adverse effect on Bank BPH and the carrying value of its mortgage loan portfolio as well as result in additional required capital contributions to Bank BPH or significant losses beyond the amounts that we currently estimate. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS. Our operations, like operations of other companies engaged in similar businesses, involve the use, disposal and cleanup of substances regulated under environmental protection laws and nuclear decommissioning regulations. We have obligations for ongoing and future environmental remediation activities, such as the Housatonic River cleanup described below, and may incur additional liabilities in connection with previously remediated sites, such as natural resource damages for the Hudson River where GE completed dredging in 2019. Additionally, like many other industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged worker exposure to asbestos or other hazardous materials. Liabilities for environmental remediation, nuclear decommissioning and worker exposure claims exclude possible insurance recoveries. It is reasonably possible that our exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites and lawsuits, such amounts are not reasonably estimable. Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims were $2,686 million and $2,660 million at December 31, 2022 and 2021, respectively. As previously reported, in 2000, GE and the Environmental Protection Agency (EPA) entered into a consent decree relating to PCB cleanup of the Housatonic River in Massachusetts. In October 2016, EPA issued its final decision pursuant to the consent decree. In January 2018, the EPA’s Environmental Appeals Board (EAB) remanded the decision back to the EPA with instruction to reissue a revised final remedy. After successful mediation with key stakeholders (including EPA, GE, certain towns, and environmental groups), public comment and further review by the EAB, the final revised permit (issued in January 2021) became effective in March 2022. In May 2022, two environmental advocacy groups petitioned the U.S. Court of Appeals for the First Circuit to review the EPA’s final permit. As of December 31, 2022 and based on its assessment of current facts and circumstances and its defenses, GE believes that it has recorded adequate reserves to cover future obligations associated with the proposed final remedy. Expenditures for site remediation, nuclear decommissioning and worker exposure claims amounted to approximately $231 million, $193 million and $180 million for the years ended December 31, 2022, 2021 and 2020, respectively. We presently expect that such expenditures will be approximately $250 million and $300 million in 2023 and 2024, respectively.

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 liabilites were legally split or allocated between GE HealthCare, GE Energy and GE Aerospace. GE Aerospace and GE Energy plans and liabilities remain with GE until the planned GE Vernova spin-off. In connection with the Separation, net postretirement benefit plan liabilities of approximately $4.2 billion, including a portion of the principal pension plans, other pension plans and the principal retiree benefit plans, and other compensation and benefits obligations of approximately $0.7 billion, were transferred to GE HealthCare and are now reported in discontinued operations. See Note 2 for further information. Assumptions used in calculations, estimates of future benefits payments and funding, and other forward looking statements are for continuing operations unless otherwise noted. DESCRIPTION OF OUR PLANSPlan CategoryParticipantsFundingCommentsPrincipal Pension PlansGE Energy Pension Plan and GE Aerospace Pension PlanCovers U.S. participants ~115,400 retirees and beneficiaries, ~47,500 vested former employees and ~15,700 active employeesOur 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 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)34 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 millionCovers ~42,600 retirees and beneficiaries, ~28,300 vested former employees and ~7,700 active employeesOur 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 participantsCovers U.S. participants ~89,300 retirees and dependents and ~15,000 active employeesWe 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. Covers U.S. participants ~115,400 retirees and beneficiaries, ~47,500 vested former employees and ~15,700 active employees 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 Covers U.S. participants ~89,300 retirees and dependents and ~15,000 active employees (a) Plans for GE Energy, including Power and Renewable Energy (will be part of GE Vernova) and GE Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination. 2023 FORM 10-K 61 2023 FORM 10-K 61 2023 FORM 10-K 61 FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)202320222023202220232022Principal Pension Plans:GE Pension Plan (subject to regulatory funding)$— $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 funding9,174 12,078 10,601 14,512 (1,427)(2,434)Not subject to regulatory funding1,203 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 funding41,850 60,212 40,345 59,505 1,505 707 Total plans not subject to regulatory funding6,799 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 Effective January 1, 2023, certain postretirement benefit plans and liabilities were legally split or allocated. The HealthCare plans were transferred to GE HealthCare in connection with the Separation. The GE Aerospace and GE Energy plans remain with GE until the planned GE Vernova spin-off. Below is the funding status of the plans at December 31, 2023. FUNDING STATUS BY PLAN TYPE at December 31, 2023Benefit ObligationFair Value of AssetsDeficit/(Surplus)Power and Renewable Energy: GE Energy Pension Plan$10,239 $9,491 $748 GE Energy Supplementary Pension Plan541 — 541 Other pension plans6,712 6,851 (139) Principal retiree benefit plans766 — 766 18,258 16,342 1,916 Aerospace: GE Aerospace Pension Plan22,437 20,253 2,184 GE Aerospace Supplementary Pension Plan3,000 — 3,000 Other pension plans3,665 3,913 (248) Principal retiree benefit plans1,289 8 1,281 30,391 24,174 6,217 Total plans$48,649 $40,516 $8,133 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 Energy Pension Plan or GE Aerospace Pension Plan during 2023 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 is that the GE Energy Pension Plan and GE Aerospace Pension Plan was 87% and 93% funded, respectively. The GAAP funded status for GE Energy Pension Plan and GE Aerospace Pension Plan is 93% and 90%, respectively. We expect to pay approximately $235 million for benefit payments in total under our GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan and administrative expenses of our remaining principal pension plans and expect to contribute approximately $100 million to other remaining pension plans in 2024. 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 $210 million in 2024 to fund such benefits. ACTIONS. Pension benefits for United Kingdom (UK) participants have been frozen effective January 1, 2022. In addition, pension benefits for Canadian participants have been frozen effective December 31, 2023. These transactions were reflected as a curtailment loss in 2021 upon announcement. 2023 FORM 10-K 62 2023 FORM 10-K 62 2023 FORM 10-K 62 COST OF OUR BENEFITS PLANS202320222021AND ASSUMPTIONSPrincipal 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 $44 Interest cost1,892 422 111 2,069 398 108 1,951 383 103 Expected return on plan assets(2,376)(587)— (3,142)(967)— (3,049)(1,194)— Amortization of net loss (gain)(723)20 (124)1,422 101 (115)3,483 403 (79)Amortization of prior service cost (credit)5 (4)(148)5 (8)(235)28 (3)(236)Curtailment / settlement loss (gain)— (6)— — (6)— — 76 — Non-operating$(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 assumptionsDiscount rate5.18 %3.93 %5.09 %5.53 %4.59 %5.43 %2.94 %1.93 %2.64 %Compensation increases3.86 2.24 3.25 3.07 2.44 3.12 3.05 2.35 2.63 Initial healthcare trend rate(a)N/AN/A6.50 N/AN/A6.40 N/AN/A5.70 Weighted-average benefit cost assumptionsDiscount rate5.53 4.59 5.43 2.94 1.93 2.64 2.61 1.44 2.15 Expected rate of return on plan assets7.00 5.66 —6.00 4.80 — 6.25 5.69 1.25 (a) For 2023, ultimately declining to 5% for 2030 and thereafter. Net periodic benefit income in 2024 is estimated to be $1,235 million, which is a decrease of approximately $135 million in income from 2023 from continuing operations. The decrease is primarily due to the impact of the discount rates and investment performance offset by interest cost. 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). 2023 FORM 10-K 63 2023 FORM 10-K 63 2023 FORM 10-K 63 PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)20232022Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligationsBalance at January 1$53,591 $13,916 $3,304 $72,299 $22,256 $4,308 Service cost94 37 17 221 86 39 Interest cost1,892 422 111 2,069 398 108 Participant contributions10 19 31 14 19 54 Plan amendments49 — — — — — Actuarial loss (gain) - net1,081 (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 assetsBalance at January 1$44,993 $14,663 $10 $60,990 $22,490 $42 Actual gain (loss) on plan assets1,869 442 — (12,605)(5,334)— Employer contributions212 161 221 325 209 352 Participant contributions10 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 $(3,294)Amounts recorded inStatement of Financial PositionContinuing operations:Non-current assets - other$— $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. 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. 2023 FORM 10-K 64 2023 FORM 10-K 64 2023 FORM 10-K 64 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 Energy Pension Plan and GE Aerospace Pension Plan assets for cost recognition in 2023 and 6.00% for the GE Pension Plan in 2022. For 2024 cost recognition, based on GE Energy Pension Plan and GE Aerospace Pension Plan assets at December 31, 2023, 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 principal pension plan cost for the following year by approximately $85 million and would also expect an increase in the principal pension plan projected benefit obligation at year-end by approximately $905 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 50 basis point decrease in the expected return on assets would increase principal pension plan cost in the following year by approximately $165 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. 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 3120232022Principal pension Other pension Principal pension Other pension Global equities$1,985 $1,152 $3,918 $1,097 Debt securitiesFixed income and cash investment funds1,764 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 estate775 18 1,486 53 Private equities and other investments600 259 1,245 364 Total17,787 5,980 28,135 8,845 Plan assets measured at net asset valueGlobal equities$3,169 $612 $3,285 $1,029 Debt securities1,907 2,224 3,469 1,024 Real estate1,067 1,074 1,624 1,976 Private equities and other investments5,814 874 8,480 1,789 Total plan assets at fair value29,744 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. 2023 FORM 10-K 65 2023 FORM 10-K 65 2023 FORM 10-K 65 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 $1,203 million and $2,255 million at December 31, 2023 and 2022, 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 $4,034 million and $6,759 million at December 31, 2023 and 2022, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $12,703 million and $18,606 million at December 31, 2023 and 2022, respectively, were classified within Level 2 and primarily relate to debt securities. Other pension plans investments with a fair value of $26 million and $81 million at December 31, 2023 and 2022, 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 $786 million and $841 million at December 31, 2023 and 2022, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $4,913 million and $7,580 million at December 31, 2023 and 2022, respectively, were classified within Level 2 and primarily relate to debt securities. Principal retiree benefit plan investments have a fair value of $8 million and $10 million at December 31, 2023 and 2022, respectively. There were no Level 3 principal retiree benefit plan investments held in 2023 and 2022. ASSET ALLOCATION OF PENSION PLANS2023 Target allocation2023 Actual allocationPrincipal PensionOther Pension (weighted average)Principal PensionOther Pension (weighted average)Global equities10.0 - 30.0%16 %17 %17 %Debt securities (including cash equivalents)31.0 - 81.560 55 62 Real estate1.0 - 10.08 6 10 Private equities & other investments6.0 - 34.016 22 11 10.0 - 30.0 31.0 - 81.5 1.0 - 10.0 6.0 - 34.0 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 securities represented 0.5% and 0.7% of the Principal Pension Plans' assets at December 31, 2023 and 2022, respectively. ANNUALIZED RETURNS(a)1 year5 years10 years25 yearsGE Aerospace Pension Plan6.5 %5.2 %4.6 %5.3 %GE Energy Pension Plan6.6 %5.2 %4.6 %5.3 % (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 benefit2024$2,570 $570 $220 20252,590 560 210 20262,605 560 205 20272,615 580 200 20282,615 590 195 2029-203312,885 3,065 845 (a) As of the measurement date of December 31, 2023. DEFINED CONTRIBUTION AND DEFERRED COMPENSATION PLANS. We have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $342 million, $444 million and $418 million for the years ended December 31, 2023, 2022, and 2021, respectively. Employer contributions for continuing operations were $342 million, $322 million, and $299 million for the years ended December 31, 2023, 2022, and 2021, respectively. We also have deferred incentive compensation plans and deferred salary plans for eligible employees. Liabilities associated with these plans were $916 million and $913 million as of December 31, 2023 and December 31, 2022, respectively. Expenses associated with these plans from continuing operations was $63 million, $46 million, and $43 million for the years ended December 2023, 2022, and 2021, respectively. 2023 FORM 10-K 66 2023 FORM 10-K 66 2023 FORM 10-K 66 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOMEFor the years ended December 31202320222021(Pre-tax)Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Cost (income) of postretirement benefit plans$(1,108)$(118)$(144)$575 $(396)$(203)$2,650 $(102)$(168)Changes in other comprehensive loss (income)Prior service cost (credit) - current year49 — — — — — — (1)— Net loss (gain) - current year(a)1,588 721 (5)(1,533)(128)(778)(4,959)(2,104)(488)Reclassifications out of AOCICurtailment/settlement gain (loss)— 6 — — 6 — — (68)— Dispositions/acquisitions/other - net1,989 (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.

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. Information in this Note is as of a December 31 measurement date for these plans and does not reflect the impact of the GE HealthCare Separation, including the legal split and the transfer of certain postretirement benefit plans. See Note 28 for information regarding the legal split and the transfer of certain postretirement benefit plans to GE HealthCare in connection with the Separation. DESCRIPTION OF OUR PLANSPlan CategoryParticipantsFundingCommentsPrincipal Pension PlansGE Pension PlanCovers U.S. participants ~177,000 retirees and beneficiaries, ~82,500 vested former employees and ~23,000 active employeesOur 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.This plan has been closed to new participants since 2012. Benefits for ~20,000 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 Supplementary Pension PlanProvides supplementary benefits to higher-level, longer-service U.S. employeesThis plan is unfunded. We pay benefits 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 ~700 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit.Other Pension Plans(a)41 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 millionCovers ~58,000 retirees and beneficiaries, ~48,500 vested former employees and ~14,000 active employeesOur 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 participantsCovers U.S. participants ~151,500 retirees and dependents and ~21,500 active employeesWe fund retiree health benefits on a pay-as-you-go basis and the retiree life insurance trust at our discretion.Participants share in the cost of the healthcare benefits. Covers U.S. participants ~177,000 retirees and beneficiaries, ~82,500 vested former employees and ~23,000 active employees This plan has been closed to new participants since 2012. Benefits for ~20,000 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). 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 ~700 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit. Other Pension Plans(a) 41 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million Covers ~58,000 retirees and beneficiaries, ~48,500 vested former employees and ~14,000 active employees Covers U.S. participants ~151,500 retirees and dependents and ~21,500 active employees (a) Plans that reach $50 million are not removed from the presentation unless part of a disposition or plan termination. 2022 FORM 10-K 63 2022 FORM 10-K 63 2022 FORM 10-K 63 FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)202220212022202120222021Principal Pension Plans:GE Pension Plan (subject to regulatory funding)$48,134 $65,073 $44,993 $60,990 $3,141 $4,083 GE Supplementary Pension Plan (not subject to regulatory funding)5,457 7,226 — — 5,457 7,226 53,591 72,299 44,993 60,990 8,598 11,309 Other Pension Plans:Subject to regulatory funding12,078 19,698 14,512 22,280 (2,434)(2,582)Not subject to regulatory funding1,838 2,558 151 210 1,687 2,348 Principal retiree benefit plans (not subject to regulatory funding)3,304 4,308 10 42 3,294 4,266 Total plans subject to regulatory funding60,212 84,771 59,505 83,270 707 1,501 Total plans not subject to regulatory funding10,599 14,092 161 252 10,438 13,840 Total plans $70,811 $98,863 $59,666 $83,522 $11,145 $15,341 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 Pension Plan during 2022 or 2021 and based on our current assumptions, we do not anticipate having to make additional required contributions to the plan in the near future. On an ERISA basis, our estimate is that the GE Pension Plan was 92.8% and 107.3% funded for 2022 and 2021, respectively. The GAAP funded status is 93.5% and 93.7% for 2022 and 2021, respectively. As of the measurement date of December 31, we would expect to pay approximately $370 million for benefit payments under our GE Supplementary Pension Plan and administrative expenses of our principal pension plans and would expect to contribute approximately $170 million to other pension plans in 2023. We fund retiree health benefits on a pay-as-you-go basis and the retiree life insurance trust at our discretion. As of the measurement date of December 31, we would expect to contribute approximately $365 million in 2023 to fund such benefits. ACTIONS. Pension benefits for approximately 2,700 United Kingdom (UK) participants have been frozen effective January 1, 2022. In addition, pension benefits for approximately 800 Canadian participants will be frozen effective December 31, 2023. These transactions were reflected as a curtailment loss in 2021 upon announcement. COST OF OUR BENEFITS PLANS202220212020AND ASSUMPTIONSPrincipal 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$221 $86 $39 $237 $233 $44 $657 $243 $59 Interest cost2,069 398 108 1,951 383 103 2,350 422 150 Expected return on plan assets(3,142)(967)— (3,049)(1,194)— (2,993)(1,082)(11)Amortization of net loss (gain)1,422 101 (115)3,483 403 (79)3,399 434 (82)Amortization of prior service cost (credit)5 (8)(235)28 (3)(236)146 1 (234)Curtailment / settlement loss (gain)— (6)— — 76 — — 12 — Non-operating$354 $(482)$(242)$2,413 $(335)$(212)$2,902 $(213)$(177)Net periodic expense (income)$575 $(396)$(203)$2,650 $(102)$(168)$3,559 $30 $(118)Weighted-average benefit obligations assumptionsDiscount rate5.53 %4.59 %5.43 %2.94 %1.93 %2.64 %2.61 %1.44 %2.15 %Compensation increases3.07 2.44 3.12 3.05 2.35 2.63 2.95 3.06 2.82 Initial healthcare trend rate(a)N/AN/A6.40 N/AN/A5.70 N/AN/A5.90 Weighted-average benefit cost assumptionsDiscount rate2.94 1.93 2.64 2.61 1.44 2.15 3.36 1.97 3.05 Expected rate of return on plan assets6.00 4.80 —6.25 5.69 1.25 6.25 6.10 7.00 (a) For 2022, ultimately declining to 5% for 2030 and thereafter. As of the measurement date of December 31, we would expect 2023 net periodic benefit income for principal pension, other pension and principal retiree benefit plans to be about $2,010 million, which is an increase of approximately $1,985 million in income from 2022. The increase would primarily be due to the discount rate. 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). 2022 FORM 10-K 64 2022 FORM 10-K 64 2022 FORM 10-K 64 PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)20222021Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligationsBalance at January 1$72,299 $22,256 $4,308 $76,298 $24,658 $5,019 Service cost221 86 39 237 233 44 Interest cost2,069 398 108 1,951 383 103 Participant contributions14 19 54 15 24 60 Plan amendments— — — — (1)— Actuarial loss (gain) - net(17,281)(a)(6,282)(a)(778)(a)(2,448)(a)(1,561)(a)(446)Benefits paid(3,731)(920)(438)(3,754)(998)(472) Curtailments— — — — (74)— Dispositions/acquisitions/other - net— — 11 — (188)— Exchange rate adjustments— (1,641)— — (220)— Balance at December 31$53,591 (b)$13,916 $3,304 (c)$72,299 (b)$22,256 $4,308 (c)Change in plan assetsBalance at January 1$60,990 $22,490 $42 $58,843 $21,506 $134 Actual gain (loss) on plan assets(12,605)(5,334)— 5,559 1,602 41 Employer contributions325 209 352 327 594 279 Participant contributions14 19 54 15 24 60 Benefits paid(3,731)(920)(438)(3,754)(998)(472)Dispositions/acquisitions/other - net— — — — (138)— Exchange rate adjustments— (1,801)— — (100)— Balance at December 31$44,993 $14,663 $10 $60,990 $22,490 $42 Funded status - surplus (deficit)$(8,598)$747 $(3,294)$(11,309)$234 $(4,266)Amounts recorded inStatement of Financial PositionNon-current assets - other$— $2,591 $— $— $2,898 $— Current liabilities - other(351)(101)(355)(337)(107)(362)Non-current liabilities - compensation and benefits(8,247)(1,743)(2,939)(10,972)(2,557)(3,904)Net amount recorded$(8,598)$747 $(3,294)$(11,309)$234 $(4,266)Amounts recorded in Accumulated other comprehensive loss (income)Prior service cost (credit)$(113)$(42)$(1,677)$(109)$(52)$(1,912)Net loss (gain)(5,710)1,787(1,705)(2,754)2,012 (1,042)Total recorded in Accumulated other comprehensive loss (income)$(5,823)$1,745 $(3,382)$(2,863)$1,960 $(2,954) (a)Principally associated with discount rate changes. (b)The benefit obligation for the GE Supplementary Pension Plan, which is an unfunded plan, was $5,457 million and $7,226 million at December 31, 2022 and 2021, respectively. (c)The benefit obligation for retiree health plans was $1,991 million and $2,548 million at December 31, 2022 and 2021, respectively. 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. 2022 FORM 10-K 65 2022 FORM 10-K 65 2022 FORM 10-K 65 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 6.00% and 6.25% long-term expected return on the GE Pension Plan assets for cost recognition in 2022 and 2021, respectively. For 2023 cost recognition, based on GE Pension Plan assets at December 31, 2022, we have assumed a 7.00% long-term expected return. The Society of Actuaries issued new mortality improvement tables during 2021 that were used to update mortality assumptions in the U.S. These changes in assumptions increased the December 31, 2021 U.S. pension and retiree benefit plans' obligations by $278 million. 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. As of the December 31 measurement date, we would expect a 25 basis point decrease in discount rate would increase principal pension plan cost in the following year by approximately $130 million and would also expect an increase in the principal pension plan projected benefit obligation at year-end by approximately $1,300 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 plan's asset allocation. A 50 basis point decrease in the expected return on assets would increase principal pension plan cost in the following year by approximately $260 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. 20222021Principal pension Other pension Principal pension Other pension Global equities$3,918 $1,097 $7,778 $3,589 Debt securitiesFixed income and cash investment funds4,918 6,506 7,665 10,527 U.S. corporate(a)8,715 382 10,324 468 Other debt securities(b)7,853 443 7,331 492 Real estate1,486 53 2,510 89 Private equities and other investments1,245 364 1,515 943 Total28,135 8,845 37,123 16,108 Plan assets measured at net asset valueGlobal equities$3,285 $1,029 $9,517 $1,172 Debt securities3,469 1,024 5,269 1,287 Real estate1,624 1,976 1,408 2,126 Private equities and other investments8,480 1,789 7,673 1,797 Total plan assets at fair value$44,993 $14,663 $60,990 $22,490 (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. 2022 FORM 10-K 66 2022 FORM 10-K 66 2022 FORM 10-K 66 Plan assets that were measured at fair value using NAV as a practical expedient were excluded from the fair value hierarchy. GE Pension Plan investments with a fair value of $2,255 million and $3,872 million at December 31, 2022 and 2021, 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 $6,759 million and $12,377 million at December 31, 2022 and 2021, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $18,606 million and $20,942 million at December 31, 2022 and 2021, respectively, were classified within Level 2 and primarily relate to debt securities. Other pension plans investments with a fair value of $81 million and $138 million at December 31, 2022 and 2021, 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 $841 million and $1,312 million at December 31, 2022 and 2021, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $7,580 million and $13,802 million at December 31, 2022 and 2021, respectively, were classified within Level 2 and primarily relate to debt securities. Principal retiree benefit plan investments have a fair value of $10 million and $42 million at December 31, 2022 and 2021, respectively. There were no Level 3 principal retiree benefit plan investments held in 2022 and 2021. ASSET ALLOCATION OF PENSION PLANS2022 Target allocation2022 Actual allocationPrincipal PensionOther Pension (weighted average)Principal PensionOther Pension (weighted average)Global equities14.0 - 34.0%17 %16 %14 %Debt securities (including cash equivalents)31.0 - 81.560 55 57 Real estate1.0 - 10.08 7 14 Private equities & other investments6.0 - 30.015 22 15 14.0 - 34.0 31.0 - 81.5 1.0 - 10.0 6.0 - 30.0 Plan fiduciaries of the GE Pension Plan set investment policies and strategies for the GE Pension Trust and oversee its 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 the plan's 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. The plan 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 securities represented 0.7% and 0.6% of the GE Pension Trust assets at December 31, 2022 and 2021, respectively. The GE Pension Trust has a broadly diversified portfolio of investments in equities, fixed income, private equities and real estate; these investments are both U.S. and non-U.S. in nature. ANNUALIZED RETURNS1 year5 years10 years25 yearsGE Pension Plan(20.5)%2.7 %5.4 %5.8 % EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)Principal pensionOther pensionPrincipal retiree benefit2023$3,830 $850 $375 20243,865 845 360 20253,890 855 345 20263,910 870 330 20273,920 885 325 2028-203219,510 4,585 1,375 (a) As of the measurement date of December 31, 2022 DEFINED CONTRIBUTION PLAN. We have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $444 million, $418 million and $318 million for the years ended December 31, 2022, 2021, and 2020, respectively. 2022 FORM 10-K 67 2022 FORM 10-K 67 2022 FORM 10-K 67 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOMEFor the years ended December 31202220212020(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$575 $(396)$(203)$2,650 $(102)$(168)$3,559 $30 $(118)Changes in other comprehensive loss (income)Prior service cost (credit) - current year— — — — (1)— — 27 (7)Net loss (gain) - current year(1,533)(128)(778)(4,959)(2,104)(488)1,124 529 119 Reclassifications out of AOCICurtailment/settlement gain (loss)— 6 — — (68)— — (3)— Dispositions— — — — (68)— — (166)— Amortization of net gain (loss)(1,422)(101)115 (3,483)(403)79 (3,399)(434)82 Amortization of prior service credit (cost)(5)8 235 (28)3 236 (146)(1)234 Total changes in other comprehensive loss (income)(2,960)(215)(428)(8,470)(2,641)(173)(2,421)(48)428 Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)$(2,385)$(611)$(631)$(5,820)$(2,743)$(341)$1,138 $(18)$310

Accumulated other comprehensive income (loss) – net attributable to GE Other capital Retained earnings Less common stock held in treasury Total GE shareholders’ equity

December 3120232022Raw materials and work in process$11,209 $9,191 Finished goods3,720 3,937 Deferred inventory costs(a)1,599 1,764 Inventories, including deferred inventory costs$16,528 $14,891 Raw materials and work in process (a) Represents cost deferral for shipped goods (such as components for wind turbine assemblies within our Renewable Energy segment) and labor and overhead costs on time and material service contracts (primarily originating in Power and Aerospace) and other costs for which the criteria for revenue recognition has not yet been met. 2023 FORM 10-K 54 2023 FORM 10-K 54 2023 FORM 10-K 54

December 3120222021Raw materials and work in process$10,356 $8,710 Finished goods5,030 4,927 Deferred inventory costs(a)2,017 2,210 Inventories, including deferred inventory costs$17,403 $15,847 Raw materials and work in process (a) Represents cost deferral for shipped goods (such as components for wind turbine assemblies within our Renewable Energy segment) and labor and overhead costs on time and material service contracts (primarily originating in Power and Aerospace) and other costs for which the criteria for revenue recognition has not yet been met.

3-23 5-15 3-10 3-25 (a) Balance includes payments made to our customers, primarily within our Aerospace business. December 3120232022Aerospace$4,518 $4,748 Renewable Energy149 183 Power858 958 Corporate169 216 Total other intangible assets, net$5,695 $6,105 Intangible assets decreased $410 million in 2023, primarily as a result of amortization, partially offset by the acquisition of capitalized software and customer-related intangibles mainly at Aerospace and Power of $191 million. Consolidated amortization expense was $606 million, $1,338 million and $738 million for the years ended December 31, 2023, 2022 and 2021, respectively. In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $765 million related to intangible assets at our remaining Steam business within our Power segment. We determined the fair value of these intangible assets using an income approach. This charge was recorded by Corporate in Selling, general, and administrative expenses in our Statement of Earnings (Loss). Selling, general, and administrative expenses Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION20242025202620272028Estimated annual pre-tax amortization$597 $559 $534 $495 $483 During 2023, we recorded additions to intangible assets subject to amortization of $236 million with a weighted-average amortizable period of 9.6 years, including capitalized software of $122 million, with a weighted-average amortizable period of 6.6 years.

3-15 5-15 3-10 2-50 (a) Balance includes payments made to our customers, primarily within our Aerospace business. December 3120222021Aerospace$4,748 $5,019 Renewable Energy183 229 Power958 1,965 HealthCare1,520 1,847 Corporate216 271 Total other intangible assets, net(a)$7,625 $9,330 (a) Balances include indefinite-lived intangible assets. Substantially all other intangible assets are subject to amortization. Intangible assets decreased $1,705 million in 2022, primarily as a result of amortization partially offset by the acquisition of capitalized software and patents and technology mainly at Aerospace and HealthCare of $209 million. Consolidated amortization expense was $1,742 million, $1,138 million and $1,336 million for the years ended December 31, 2022, 2021 and 2020, respectively. In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $765 million related to intangible assets at our remaining Steam business within our Power segment. We determined the fair value of these intangible assets using an income approach. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss). Selling, general, and administrative expenses Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION20232024202520262027Estimated annual pre-tax amortization$1,025 $919 $848 $751 $648 2022 FORM 10-K 58 2022 FORM 10-K 58 2022 FORM 10-K 58 During 2022, we recorded additions to intangible assets subject to amortization of $214 million with a weighted-average amortizable period of 7.1 years, including capitalized software of $172 million, with a weighted-average amortizable period of 5.9 years.

(a)The total reclassification from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in first quarter of 2023 related to the spin-off of GE HealthCare. 2023 FORM 10-K 70 2023 FORM 10-K 70 2023 FORM 10-K 70 Preferred stock. On September 15, 2023 we redeemed the remaining outstanding shares of GE preferred stock. We redeemed $5,795 million and $144 million of GE preferred stock in the years ended December 31, 2023 and 2022, respectively. Dividends on GE preferred stock totaled $237 million, including cash dividends of $236 million, $289 million, including cash dividends of $284 million, and $237 million, including cash dividends of $220 million, for the years ended December 31, 2023, 2022 and 2021, respectively. Common stock. GE's authorized common stock consists of 1,650 million shares having a par value of $0.01 each, with 1,462 million shares issued. Common stock shares outstanding were 1,088,415,995 and 1,089,107,878 at December 31, 2023 and 2022, respectively. We repurchased 11.0 million, 13.6 million and 0.5 million shares, for a total of $1,135 million, $1,000 million and $36 million for the years ended December 31, 2023, 2022 and 2021, respectively. NOTE 17. SHARE-BASED COMPENSATION. We grant stock options, restricted stock units and performance share units to employees under the 2007 and 2022 Long-Term Incentive Plans. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest, and performance share awards are earned, we issue shares from treasury stock. Stock options provide employees the opportunity to purchase GE shares in the future at the market price of our stock on the date the award is granted (the strike price). The options become exercisable over the vesting period, typically three years, and expire 10 years from the grant date if not exercised. Restricted stock units (RSU) provide an employee with the right to receive one share of GE stock when the restrictions lapse over the vesting period. Upon vesting, each RSU is converted into one share of GE common stock for each unit. Performance share units (PSU) and performance shares provide an employee with the right to receive shares of GE stock based upon achievement of certain performance or market metrics. Upon vesting, each PSU earned is converted into shares of GE common stock. We value stock options using a Black-Scholes option pricing model, RSUs using market price on grant date, and PSUs and performance shares using market price on grant date and a Monte Carlo simulation as needed based on performance metrics. In connection with the separation of GE HealthCare, outstanding awards held by participants under the 2007 and 2022 Long-Term Incentive Plans were equitably converted into shares of GE and/or GE HealthCare Technologies Inc. awards as required, to preserve the intrinsic value of the awards prior to the separation. Adjustments to the stock-based compensation awards did not result in incremental compensation expense. WEIGHTED AVERAGE GRANT DATE FAIR VALUE202320222021Stock options$36.10 $34.03 $40.64 RSUs89.60 87.68 104.98 PSUs/Performance shares89.44 95.40 108.51 Key assumptions used in the Black-Scholes valuation for stock options include: risk free rates of 4.2%, 1.6%, and 1.1%, dividend yields of 0.4%, 0.4%, and 0.3%, expected volatility of 36%, 37%, and 40%, expected lives of 6.8 years, 6.8 years, and 6.2 years, and strike prices of $88.15, $92.33, and $105.12 for 2023, 2022, and 2021, respectively. STOCK-BASED COMPENSATION ACTIVITYStock optionsRSUsShares (in thousands)Weighted average exercise priceWeighted average contractual term (in years)Intrinsic value (in millions)Shares (in thousands)Weighted average grant date fair valueWeighted average contractual term (in years)Intrinsic value (in millions)Outstanding at January 1, 202331,023 $142.68 9,687 $79.82 Spin-off adjustment(a)3,704 N/A(784)N/AGranted358 88.15 3,203 89.60 Exercised(7,275)77.64 (3,480)67.96 Forfeited(21)64.46 (523)69.73 Expired(5,216)152.04 N/AN/AOutstanding at December 31, 202322,573 $122.35 3.0$544 8,103 $76.52 1.1$1,034 Exercisable at December 31, 202321,389 $124.83 2.8$484 N/AN/AN/AN/AExpected to vest1,098 $77.50 7.7$55 7,313 $76.09 1.0$933 (a) The spin-off adjustment represents the net of shares converted into new GE awards and shares converted and transferred to GE HealthCare Technologies Inc. as a result of the January 3, 2023 separation of GE HealthCare. Total outstanding target PSUs and performance shares at December 31, 2023 were 2,315 thousand shares with a weighted average fair value of $68.58. The intrinsic value and weighted average contractual term of target PSUs and performance shares outstanding were $295 million and 1.3 years, respectively. 2023 FORM 10-K 71 2023 FORM 10-K 71 2023 FORM 10-K 71 202320222021Compensation expense (after-tax)(a)$299 $251 $305 Cash received from stock options exercised565 62 93 Intrinsic value of stock options exercised and RSU/PSUs vested561 170 217 (a) Unrecognized compensation cost related to unvested equity awards as of December 31, 2023 was $318 million, which will be amortized over a weighted average period of 1.0 year. Income tax benefit recognized in earnings was $61 million, $12 million and an insignificant amount in 2023, 2022, and 2021, respectively.

(a)The total reclassification from AOCI included $836 million, including currency translation of $688 million, net of taxes, in 2020, related to the sale of our BioPharma business within our HealthCare segment. (b)Included adjustments of $2,674 million, $3,535 million and $(1,979) million for the years ended December 31, 2022, 2021 and 2020, respectively, related to insurance liabilities and annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment security gains been realized. See Note 12 for further information. 2022 FORM 10-K 71 2022 FORM 10-K 71 2022 FORM 10-K 71 Preferred stock. GE has 50 million authorized shares of preferred stock ($1.00 par value), of which 5,795,444 shares are outstanding as of December 31, 2022 and 5,939,875 shares are outstanding as of both December 31, 2021 and 2020. Preferred stock outstanding comprises $5,550 million of GE Series D preferred stock, in addition to $245 million of existing GE Series A, B and C preferred stock. The total carrying value of GE preferred stock at December 31, 2022 was $5,795 million. Dividends on GE preferred stock are payable semi-annually in June and December and accretion is recorded on a quarterly basis. Dividends on GE preferred stock totaled $289 million, including cash dividends of $284 million, $237 million, including cash dividends of $220 million, and $474 million, including cash dividends of $295 million, for the years ended December 31, 2022, 2021 and 2020, respectively. On January 21, 2021, the GE Series D preferred stock became callable and its dividends converted from 5% fixed rate to 3-month LIBOR plus 3.33%. As of the filing date of this Form 10-K for the year ended December 31, 2022, the GE Series D preferred stock has not been called. From time to time we repurchase outstanding shares of preferred stock, and we repurchased $144 million of GE Series D preferred stock in the year ended December 31, 2022. Common stock. GE's authorized common stock consists of 1,650 million shares having a par value of $0.01 each, with 1,462 million shares issued. Common stock shares outstanding were 1,089,107,878 and 1,099,027,213 at December 31, 2022 and 2021, respectively. We repurchased 13.6 million and 0.5 million shares, for a total of $1,000 million and $36 million for the years ended December 31, 2022 and 2021, respectively. Redeemable noncontrolling interests. Our redeemable noncontrolling interests, presented within All other liabilities in our Statement of Financial Position, include common shares issued by our affiliates that are redeemable at the option of the holder of those interests and amounted to $132 million and $148 million, primarily related to our HealthCare segment, as of December 31, 2022 and 2021, respectively. NOTE 17. SHARE-BASED COMPENSATION. We grant stock options, restricted stock units and performance share units to employees under the 2007 and 2022 Long-Term Incentive Plans. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest, and performance share awards are earned, we issue shares from treasury stock. Stock options provide employees the opportunity to purchase GE shares in the future at the market price of our stock on the date the award is granted (the strike price). The options become exercisable over the vesting period, typically three years, and expire 10 years from the grant date if not exercised. Restricted stock units (RSU) provide an employee with the right to receive one share of GE stock when the restrictions lapse over the vesting period. Upon vesting, each RSU is converted into one share of GE common stock for each unit. Performance share units (PSU) and performance shares provide an employee with the right to receive shares of GE stock based upon achievement of certain performance or market metrics. Upon vesting, each PSU earned is converted into shares of GE common stock. We value stock options using a Black-Scholes option pricing model, RSUs using market price on grant date, and PSUs and performance shares using market price on grant date and a Monte Carlo simulation as needed based on performance metrics. WEIGHTED AVERAGE GRANT DATE FAIR VALUE202220212020Stock options$34.03 $40.64 $28.64 RSUs87.68 104.98 63.28 PSUs/Performance shares95.40 108.51 63.28 Key assumptions used in the Black-Scholes valuation for stock options include: risk free rates of 1.6%, 1.1%, and 1.0%, dividend yields of 0.4%, 0.3%, and 0.4%, expected volatility of 37%, 40%, and 36%, expected lives of 6.8 years, 6.2 years, and 6.1 years, and strike prices of $92.33, $105.12, and $84.48 for 2022, 2021, and 2020, respectively. STOCK-BASED COMPENSATION ACTIVITYStock optionsRSUsShares (in thousands)Weighted average exercise priceWeighted average contractual term (in years)Intrinsic value (in millions)Shares (in thousands)Weighted average grant date fair valueWeighted average contractual term (in years)Intrinsic value (in millions)Outstanding at January 1, 202238,414 $144.97 8,057 $77.90 Granted435 92.33 4,110 87.68 Exercised(951)64.45 (1,630)89.08 Forfeited(266)95.12 (850)81.92 Expired(6,609)165.67 N/AN/AOutstanding at December 31, 202231,023 $142.68 3.8$88 9,687 $79.82 1.2$812 Exercisable at December 31, 202228,723 $146.94 3.4$83 N/AN/AN/AN/AExpected to vest2,151 $90.14 7.7$5 8,476 $80.03 1.2$710 2022 FORM 10-K 72 2022 FORM 10-K 72 2022 FORM 10-K 72 Total outstanding target PSUs and performance shares at December 31, 2022 were 3,667 thousand shares with a weighted average fair value of $78.31. The intrinsic value and weighted average contractual term of target PSUs and performance shares outstanding were $307 million and 1.7 years, respectively. 202220212020Compensation expense (after-tax)(a)(b)$305 $361 $353 Cash received from stock options exercised62 93 6 Intrinsic value of stock options exercised and RSU/PSUs vested170 217 81 (a)Unrecognized compensation cost related to unvested equity awards as of December 31, 2022 was $420 million, which will be amortized over a weighted average period of 1.0 year. (b)Income tax benefit recognized in earnings was $17 million, $9 million and $10 million in 2022, 2021, and 2020, respectively.

(a)Net of valuation allowances of $6,932 million and $6,369 million as of December 31, 2023 and 2022, respectively. Of the net deferred tax asset as of December 31, 2023 of $972 million, $73 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2024 through December 31, 2026; $327 million relates to net operating losses that expire in various years ending from December 31, 2027 through December 31, 2043; and $572 million relates to net operating loss carryforwards that may be carried forward indefinitely. (b) Included valuation allowances related to assets other than non-U.S. loss carryforwards of $1,937 million and $3,264 million as of December 31, 2023 and 2022, respectively. These primarily relate to excess capital loss carryforwards and excess U.S. foreign tax credits. The decrease in valuation allowance from December 31, 2022 to December 31, 2023 reflects utilization of losses against 2023 net capital gains of $1,413 million including gains reported in discontinued operations. The valuation allowance as of December 31, 2022 increased during the year primarily because it includes $1,327 million of valuation allowance against a deferred tax asset for deductible stock and restructuring losses for the year ended December 31, 2022 which was not likely to be utilized.

(a)Net of valuation allowances of $7,171 million and $7,081 million as of December 31, 2022 and 2021, respectively. Of the net deferred tax asset as of December 31, 2022 of $1,240 million, $8 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2023 through December 31, 2025; $427 million relates to net operating losses that expire in various years ending from December 31, 2026 through December 31, 2042; and $805 million relates to net operating loss carryforwards that may be carried forward indefinitely. (b) Included valuation allowances related to assets other than non-U.S. loss carryforwards of $3,325 million and $1,653 million as of December 31, 2022 and 2021, respectively. These primarily relate to excess capital loss carryforwards.

(a) Primarily comprise amounts payable to airlines based on future aircraft deliveries by airframers and discounts on spare parts and repair sales at our Aerospace segment. NOTE 15. INCOME TAXES. GE files a consolidated U.S. federal income tax return that enables GE's businesses to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made to GE's businesses for tax reductions and from GE's businesses for tax increases. Our businesses are subject to a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. On August 16, 2022, the U.S. enacted the Inflation Reduction Act that includes a new alternative minimum tax based upon financial statement income (book minimum tax), an excise tax on stock buybacks and tax incentives for energy and climate initiatives, among other provisions. The new book minimum tax is expected to slow but not eliminate the favorable tax impact of our deferred tax assets, resulting in higher cash tax in some years that would generate future tax credits. The impact of the book minimum tax will depend on our facts in each year and guidance from the U.S. Department of the Treasury. Separately, there are tax incentives in the legislation that benefit our pre-tax income without increasing tax expense. 2023 FORM 10-K 67 2023 FORM 10-K 67 2023 FORM 10-K 67 The OECD (Organisation for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. Accordingly, we still are evaluating the potential consequences of Pillar 2 on our longer-term financial position. EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES202320222021U.S. earnings (loss)$7,037 $(908)$(3,596)Non-U.S. earnings (loss)3,154 109 (2,099)Total$10,191 $(799)$(5,695) PROVISION (BENEFIT) FOR INCOME TAXES202320222021CurrentU.S. Federal$(423)$(311)$(1,475)Non-U.S.823 733 655 U.S. State140 (52)(145)DeferredU.S. Federal49 (617)(366)Non-U.S.591 352 610 U.S. State(17)(108)(36)Total$1,162 $(3)$(757) Income taxes paid were $994 million, $1,128 million and $1,330 million for the years ended December 31, 2023, 2022 and 2021, respectively, including payments reported in discontinued operations. RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE202320222021AmountRateAmountRateAmountRateU.S. federal statutory income tax rate$2,140 21.0 %$(168)21.0 %$(1,196)21.0 %Tax on global activities including exports(a)462 4.5 300 (37.6)154 (2.7)U.S. general business credits(b)(273)(2.7)(233)29.1 (175)3.1 Debt tender and related valuation allowances— — 30 (3.8)940 (16.5)Deductible stock and restructuring losses— — — — (583)10.2 Retained and sold ownership interests(1,215)(11.9)3 (0.4)45 (0.8)All other – net(c)(d)48 0.5 65 (7.9)58 (1.0)(978)(9.6)165 (20.6)439 (7.7)Actual income tax rate$1,162 11.4 %$(3)0.4 %$(757)13.3 % (a)For the year ended December 31, 2023, 2022, and 2021, respectively, the expense/(benefit) related to the negotiated tax rate in Singapore was $(136) million, $(112) million and $(83) million. (b)Primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. (c)For the year ended December 31, 2023 and 2022, included $9 million and $134 million for separation income tax costs of which $38 million and $66 million was due to the repatriation of previously reinvested earnings. (d)Included for each period, the expense or benefit for U.S. state taxes reported above in the consolidated (benefit) provision for income taxes, net of 21.0% federal effect. (d) UNRECOGNIZED TAX POSITIONS. Annually, we file over 2,300 income tax returns in over 270 global taxing jurisdictions. We are under examination or engaged in tax litigation in many of these jurisdictions. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2018. In September 2021, GE resolved its dispute with the United Kingdom tax authority, HM Revenue & Customs (HMRC) in connection with interest deductions claimed by GE Capital for the years 2004-2015. As previously disclosed, HMRC had proposed to disallow interest deductions with a potential impact of approximately $1,100 million, which included a possible assessment of tax and reduction of deferred tax assets, not including interest and penalties. As part of the settlement, GE and HMRC agreed that a portion of the interest deductions claimed were disallowed, with no fault or blame attributed to either party. The resolution concluded the dispute in its entirety without interest or penalties. The adjustments result in no current tax payment to HMRC, but a deferred tax charge of $112 million as part of discontinued operations as a result of a reduction of available tax attributes, which had previously been recorded as deferred tax assets. 2023 FORM 10-K 68 2023 FORM 10-K 68 2023 FORM 10-K 68 The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months (excluding the expected decrease to the GE balance due to the announced plan to spin-off GE Vernova and for 2022 and 2021 the impact of the spin-off of GE HealthCare) were: UNRECOGNIZED TAX BENEFITS202320222021Unrecognized tax benefits$3,399 $3,951 $4,224 Portion that, if recognized, would reduce tax expense and effective tax rate(a)2,708 3,072 3,351 Accrued interest on unrecognized tax benefits635 614 597 Accrued penalties on unrecognized tax benefits111 111 146 Reasonably possible reduction to the balance of unrecognized tax benefitsin succeeding 12 months0-1000-6500-250Portion that, if recognized, would reduce tax expense and effective tax rate(a)0-1000-6000-200 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-100 0-650 0-250 0-100 0-600 0-200 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION202320222021Balance at January 1$3,951 $4,224 $4,191 Additions for tax positions of the current year109 62 396 Additions for tax positions of prior years156 120 327 Reductions for tax positions of prior years(a)(710)(393)(585)Settlements with tax authorities(56)(8)(33)Expiration of the statute of limitations(51)(54)(71)Balance at December 31$3,399 $3,951 $4,224 (a) For 2023, reductions included $577 million related to the spin-off of GE HealthCare. We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2023, 2022 and 2021, $28 million, $36 million and $17 million of interest expense (income), respectively, and $7 million, $(26) million and $(29) million of tax expense (income) related to penalties, respectively, were recognized in our Statement of Earnings (Loss). DEFERRED INCOME TAXES. As part of the Tax Cuts and Jobs Act of 2017 (U.S. tax reform), the U.S. has enacted a minimum tax on foreign earnings (global intangible low taxed income). We have not made an accrual for the deferred tax aspects of this provision. We also have not provided deferred taxes on cumulative net earnings of non-U.S. affiliates and associated companies of approximately $7 billion that have been reinvested indefinitely. Given U.S. tax reform, substantially all of our prior unrepatriated net earnings were subject to U.S. tax and accordingly we expect to have the ability to repatriate available non-U.S. cash without additional federal tax cost, and any foreign withholding tax on a repatriation to the U.S. may be at least partially offset by a U.S. foreign tax credit. Most of these earnings have been reinvested in active non-U.S. business operations and it is not practicable to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. We reassess reinvestment of earnings on an ongoing basis. In 2023 and 2022, in connection with the execution of the Company’s plans to prepare for the spin-off of GE Vernova and GE HealthCare, we incurred $38 million and $66 million of tax, respectively, due to repatriation of previously reinvested earnings. The total deferred tax asset as of December 31, 2023 and December 31, 2022 includes $858 million and $435 million, respectively, related to the required capitalization of research costs for U.S. tax purposes effective January 1, 2022. Included in discontinued operations as of December 31, 2022 is a deferred tax asset of $279 million related to GE HealthCare, which became a deferred asset of the separate company upon spin-off in the first quarter of 2023. In the event capitalization of research costs is adjusted through retroactive legislation effective for 2022, GE will record a tax provision benefit related to GE HealthCare research costs as a result of the benefit in a consolidated GE tax return without payment under the Tax Matters Agreement. The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES December 3120232022Total assets$11,128 $10,626 Total liabilities(553)(625)Net deferred income tax asset (liability)$10,575 $10,001

(a) Primarily comprise amounts payable to airlines based on future aircraft deliveries by airframers and discounts on spare parts and repair sales at our Aerospace segment. NOTE 15. INCOME TAXES. GE files a consolidated U.S. federal income tax return which enables GE's businesses to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made to GE's businesses for tax reductions and from GE's businesses for tax increases. Our businesses are subject to regulation under a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. On August 16, 2022, the U.S. enacted the Inflation Reduction Act that includes a new alternative minimum tax based upon financial statement income (book minimum tax), an excise tax on stock buybacks and tax incentives for energy and climate initiatives, among other provisions. The new book minimum tax is expected to slow but not eliminate the favorable tax impact of our deferred tax assets, resulting in higher cash tax in some years that would generate future tax credits. The impact of the book minimum tax will depend on our facts in each year and anticipated guidance from the U.S. Department of the Treasury. Separately, we continue to assess tax incentives in the legislation which could change our pre-tax or tax amounts and impact our tax rate. 2022 FORM 10-K 68 2022 FORM 10-K 68 2022 FORM 10-K 68 EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES202220212020U.S. earnings (loss)$(238)$(2,959)$(4,823)Non-U.S. earnings (loss)1,650 (724)10,793 Total$1,412 $(3,683)$5,970 PROVISION (BENEFIT) FOR INCOME TAXES202220212020CurrentU.S. Federal$62 $(1,347)$865 Non-U.S.1,040 1,154 1,276 U.S. State4 (85)152 DeferredU.S. Federal(956)(567)(1,898)Non-U.S.466 608 (810)U.S. State(141)(50)(72)Total$476 $(286)$(487) Income taxes paid were $1,128 million, $1,330 million and $1,291 million for the years ended December 31, 2022, 2021 and 2020, respectively, including payments reported in discontinued operations. RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE202220212020AmountRateAmountRateAmountRateU.S. federal statutory income tax rate$297 21.0 %$(773)21.0 %$1,254 21.0 %Tax on global activities including exports342 24.2 155 (4.2)(47)(0.8)U.S. business credits(a)(246)(17.4)(189)5.1 (169)(2.8)Debt tender and related valuation allowances30 2.1 940 (25.5)— — Deductible stock and restructuring losses— — (583)15.8 (203)(3.4)Sale of Biopharma business(13)(0.9)(5)0.1 (1,447)(24.2)Goodwill impairments— — — — 184 3.1 All other – net(b)(c)(d)66 4.7 169 (4.5)(59)(1.1)179 12.7 487 (13.2)(1,741)(29.2)Actual income tax rate$476 33.7 %$(286)7.8 %$(487)(8.2)% (a)U.S. general business credits, primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. (b)For the year ended December 31, 2022, included $134 million for separation income tax costs of which $66 million was due to the repatriation of previously reinvested earnings. (c)For the year ended December 31, 2020, included $(140) million for the resolution of the IRS audit of our consolidated U.S. income tax returns for 2014-2015. (d)Included for each period, the expense or benefit for U.S. state taxes reported above in the consolidated (benefit) provision for income taxes, net of 21.0% federal effect. UNRECOGNIZED TAX POSITIONS. Annually, we file over 2,600 income tax returns in over 270 global taxing jurisdictions. We are under examination or engaged in tax litigation in many of these jurisdictions. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2018. In December 2020, the IRS completed the audit of our consolidated U.S. income tax returns for 2014-2015. The Company recognized a continuing operations benefit of $140 million plus an additional net interest benefit of $96 million. In addition, the Company recorded a benefit in discontinued operations of $130 million of tax benefits and $25 million of net interest benefits. See Note 2 for further information. In September 2021, GE resolved its dispute with the United Kingdom tax authority, HM Revenue & Customs (HMRC) in connection with interest deductions claimed by GE Capital for the years 2004-2015. As previously disclosed, HMRC had proposed to disallow interest deductions with a potential impact of approximately $1,100 million, which included a possible assessment of tax and reduction of deferred tax assets, not including interest and penalties. As part of the settlement, GE and HMRC agreed that a portion of the interest deductions claimed were disallowed, with no fault or blame attributed to either party. The resolution concluded the dispute in its entirety without interest or penalties. The adjustments result in no current tax payment to HMRC, but a deferred tax charge of $112 million as part of discontinued operations as a result of a reduction of available tax attributes, which had previously been recorded as deferred tax assets. 2022 FORM 10-K 69 2022 FORM 10-K 69 2022 FORM 10-K 69 The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months (excluding the expected decrease to the GE balance of $552 million due to the spin-off of GE HealthCare) were: UNRECOGNIZED TAX BENEFITS December 31202220212020Unrecognized tax benefits$3,951 $4,224 $4,191 Portion that, if recognized, would reduce tax expense and effective tax rate(a)3,072 3,351 2,986 Accrued interest on unrecognized tax benefits614 597 628 Accrued penalties on unrecognized tax benefits111 146 179 Reasonably possible reduction to the balance of unrecognized tax benefitsin succeeding 12 months0-6500-2500-350Portion that, if recognized, would reduce tax expense and effective tax rate(a)0-6000-2000-250

Included in the “Financial Statements and Supplementary Data” section of this report: Management’s Annual Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Statement of Earnings (Loss) for the years ended December 31, 2023, 2022 and 2021 Statement of Financial Position at December 31, 2023 and 2022 Statement of Cash Flows for the years ended December 31, 2023, 2022 and 2021 Statement of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021 Statement of Changes in Shareholders' Equity for the years ended December 31, 2023, 2022 and 2021 Notes to consolidated financial statements Management’s Discussion and Analysis of Financial Condition and Results of Operations - Summary of Operating Segments

Included in the “Financial Statements and Supplementary Data” section of this report: Management’s Annual Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firms Statement of Earnings (Loss) for the years ended December 31, 2022, 2021 and 2020 Statement of Financial Position at December 31, 2022 and 2021 Statement of Cash Flows for the years ended December 31, 2022, 2021 and 2020 Statement of Comprehensive Income (Loss) for the years ended December 31, 2022, 2021 and 2020 Statement of Changes in Shareholders' Equity for the years ended December 31, 2022, 2021 and 2020 Notes to consolidated financial statements Management’s Discussion and Analysis of Financial Condition and Results of Operations - Summary of Operating Segments

(a) Included $1,963 million and $848 million of valuation allowances against Financing receivables held for sale, of which $1,712 million and $611 million related to estimated borrower litigation losses, and $957 million and $748 million in All other liabilities, related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio, as of December 31, 2023 and December 31, 2022, respectively. Accordingly, total estimated losses related to borrower litigation were $2,669 million and $1,359 million as of December 31, 2023 and December 31, 2022, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of December 31, 2023. NOTE 3. INVESTMENT SECURITIES. All of our debt securities are classified as available-for-sale and substantially all are investment-grade supporting obligations to annuitants and policyholders in our run-off insurance operations. We manage the investments in our run-off insurance operations under strict investment guidelines, including limitations on asset class concentration, single issuer exposures, asset-liability duration variances, and other factors to meet credit quality, yield, liquidity and diversification requirements associated with servicing our insurance liabilities under reasonable circumstances. This process includes consideration of various asset allocation strategies and incorporates information from several external investment advisors to improve our investment yield subject to maintaining our ability to satisfy insurance liabilities when due, as well as considering our risk-based capital requirements, regulatory constraints, and tolerance for surplus volatility. Asset allocation planning is a dynamic process that considers changes in market conditions, risk appetite, liquidity needs and other factors, which are reviewed on a periodic basis by our investment team. Our investment in GE HealthCare comprised 61.6 million shares (approximately 13.5% ownership interest) at December 31, 2023. We sold our remaining equity shares in AerCap and Baker Hughes during the fourth and first quarters of 2023, respectively. Our senior note from AerCap, for which we have adopted the fair value option and matures in the fourth quarter of 2025, is still outstanding as of December 31, 2023. Our GE HealthCare and AerCap investments are recorded as Equity securities with readily determinable fair values (RDFV). Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. December 31, 2023December 31, 2022AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value Equity (GE HealthCare)$— $— $— $4,761 $— $— $— $— Equity and note (AerCap)— — — 944 — — — 7,403 Equity (Baker Hughes)— — — — — — — 207 Current investment securities$— $— $— $5,706 $— $— $— $7,609 DebtU.S. corporate$27,495 $1,034 $(1,606)$26,923 $26,921 $675 $(2,164)$25,432 Non-U.S. corporate2,529 34 (209)2,353 2,548 18 (300)2,266 State and municipal2,828 79 (185)2,723 2,898 66 (241)2,722 Mortgage and asset-backed4,827 34 (291)4,571 4,442 21 (290)4,173 Government and agencies1,213 3 (116)1,100 1,172 2 (147)1,026 Other equity331 — — 331 408 — — 408 Non-current investment securities$39,222 $1,183 $(2,406)$38,000 $38,388 $781 $(3,143)$36,027 The amortized cost of debt securities excludes accrued interest of $466 million and $457 million at December 31, 2023 and December 31, 2022, respectively, which is reported in All other current assets. , which is reported in All other current assets. , which is reported in All other current assets. 2023 FORM 10-K 52 2023 FORM 10-K 52 2023 FORM 10-K 52 The estimated fair value of investment securities at December 31, 2023 increased since December 31, 2022, primarily due to the classification of our remaining equity interest in GE HealthCare within investment securities, the mark-to-market effect on our equity interest in GE HealthCare, new investments at Insurance and lower market yields, offset by AerCap, GE HealthCare and Baker Hughes share sales. Total estimated fair value of debt securities in an unrealized loss position were $18,730 million and $21,482 million, of which $17,146 million and $3,275 million had gross unrealized losses of $(2,370) million and $(835) million and had been in a loss position for 12 months or more at December 31, 2023 and December 31, 2022, respectively. At December 31, 2023, the majority of our U.S. and Non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology and insurance industries. In addition, gross unrealized losses on our Mortgage and asset-backed securities included $(203) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(82) million related to asset-backed securities. The majority of our CMBS and asset-backed securities in an unrealized loss position have received investment-grade credit ratings from the major rating agencies. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis. For the years ended December 31202320222021Net unrealized gains (losses) for equity securities with RDFV$6,413 $(40)$1,660 Proceeds from debt/equity securities sales and early redemptions12,712 7,267 6,665 Gross realized gains on debt securities52 34 69 Gross realized losses and impairments on debt securities(66)(42)(11) Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows: For the years ended December 3120232022Purchases of investment securities$(5,163)$(4,046)Dispositions and maturities of investment securities4,176 3,170 Net (purchases) dispositions of insurance investment securities$(986)$(876) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2023 are as follows: Amortized costEstimated fair valueWithin one year$618 $609 After one year through five years5,004 5,049 After five years through ten years5,131 5,234 After ten years23,311 22,205 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. In addition to the equity securities described above, we held $1,012 million and $614 million of equity securities without RDFV, including $939 million and $548 million at Insurance, as of December 31, 2023 and December 31, 2022, respectively, that are classified within non-current All other assets in our Statement of Financial Position. Fair value adjustments, including impairments, recorded in earnings were $69 million for the year ended December 31, 2023 and insignificant for the years ended December 31, 2022 and 2021. These are primarily limited partnership investments in private equity, infrastructure and real estate funds that are measured at net asset value per share (or equivalent) as a practical expedient to estimated fair value and are excluded from the fair value hierarchy. Our run-off insurance operations have approximately $800 million of assets held by states or other regulatory bodies in statutorily required deposit accounts, and approximately $31,800 million of assets held in trust accounts associated with reinsurance contracts and reinsurance security trust agreements in place between either Employers Reassurance Corporation (ERAC) or Union Fidelity Life Insurance Company (UFLIC) as the reinsuring entity and a number of ceding insurers. Assets in these trusts are held by an independent trustee for the benefit of the ceding insurer, and are subject to various investment guidelines as set forth in the respective reinsurance contracts and trust agreements. Some of these trust agreements may allow a ceding company to withdraw trust assets from the trust and hold these assets on its balance sheet, in an account under its control for the benefit of ERAC or UFLIC which might allow the ceding company to exercise investment control over such assets. 2023 FORM 10-K 53 2023 FORM 10-K 53 2023 FORM 10-K 53

NOTE 3. INVESTMENT SECURITIES. All of our debt securities are classified as available-for-sale and substantially all are investment-grade supporting obligations to annuitants and policyholders in our run-off insurance operations. We manage the investments in our run-off insurance operations under strict investment guidelines, including limitations on asset class concentration, single issuer exposures, asset-liability duration variances, and other factors to meet credit quality, yield, liquidity and diversification requirements associated with servicing our insurance liabilities under reasonable circumstances. This process includes consideration of various asset allocation strategies and incorporates information from several external investment advisors to improve our investment yield subject to maintaining our ability to satisfy insurance liabilities when due, as well as considering our risk-based capital requirements, regulatory constraints, and tolerance for surplus volatility. Asset allocation planning is a dynamic process that considers changes in market conditions, risk appetite, liquidity needs and other factors, which are reviewed on a periodic basis by our investment team. On November 1, 2021, we received 111.5 million ordinary shares of AerCap (approximately 46% ownership interest) and an AerCap senior note as partial consideration in conjunction with the GECAS transaction, for which we have adopted the fair value option. Our investment in Baker Hughes (BKR) comprises 7.0 million shares (approximately 1% ownership interest) at December 31, 2022. Both our AerCap and BKR investments are recorded as Equity securities with readily determinable fair values. Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. NOTE 3. INVESTMENT SECURITIES. All of our debt securities are classified as available-for-sale and substantially all are investment-grade supporting obligations to annuitants and policyholders in our run-off insurance operations. We manage the investments in our run-off insurance operations under strict investment guidelines, including limitations on asset class concentration, single issuer exposures, asset-liability duration variances, and other factors to meet credit quality, yield, liquidity and diversification requirements associated with servicing our insurance liabilities under reasonable circumstances. This process includes consideration of various asset allocation strategies and incorporates information from several external investment advisors to improve our investment yield subject to maintaining our ability to satisfy insurance liabilities when due, as well as considering our risk-based capital requirements, regulatory constraints, and tolerance for surplus volatility. Asset allocation planning is a dynamic process that considers changes in market conditions, risk appetite, liquidity needs and other factors, which are reviewed on a periodic basis by our investment team. On November 1, 2021, we received 111.5 million ordinary shares of AerCap (approximately 46% ownership interest) and an AerCap senior note as partial consideration in conjunction with the GECAS transaction, for which we have adopted the fair value option. Our investment in Baker Hughes (BKR) comprises 7.0 million shares (approximately 1% ownership interest) at December 31, 2022. Both our AerCap and BKR investments are recorded as Equity securities with readily determinable fair values. Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. 2022 FORM 10-K 54 2022 FORM 10-K 54 2022 FORM 10-K 54 December 31, 2022December 31, 2021AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value Equity and note (AerCap)$— $— $— $7,403 $— $— $— $8,287 Equity (Baker Hughes)— — — 207 — — — 4,010 Current investment securities$— $— $— $7,609 $— $— $— $12,297 DebtU.S. corporate$26,921 $675 $(2,164)$25,432 $25,182 $5,502 $(33)$30,652 Non-U.S. corporate2,548 18 (300)2,266 2,361 343 (4)2,701 State and municipal2,898 66 (241)2,722 2,639 573 (6)3,205 Mortgage and asset-backed4,442 21 (290)4,173 3,950 117 (47)4,019 Government and agencies1,172 2 (147)1,026 1,086 104 (2)1,188 Other equity429 — — 429 443 — — 443 Non-current investment securities$38,410 $781 $(3,143)$36,048 $35,662 $6,639 $(92)$42,209 The amortized cost of debt securities excludes accrued interest of $457 million and $415 million at December 31, 2022 and 2021, respectively, which is reported in All other current assets. , which is reported in All other current assets. , which is reported in All other current assets. The estimated fair value of investment securities at December 31, 2022 decreased since December 31, 2021, primarily due to higher market yields and widening credit spreads, BKR share sales, and the mark-to-market effect on our equity interest in AerCap, partially offset by new insurance investments, including related to the recapture transaction, and the mark-to-market effect on our remaining equity interest in BKR. See Note 12 for further information about the recapture transaction. Total estimated fair value of debt securities in an unrealized loss position were $21,482 million and $3,446 million, of which $3,275 million and $644 million had gross unrealized losses of $(835) million and $(42) million and had been in a loss position for 12 months or more at December 31, 2022 and 2021, respectively. Gross unrealized losses of $(3,143) million at December 31, 2022 included $(2,164) million related to U.S. corporate securities, $(182) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(106) million related to Asset-backed securities. The majority of our U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology, insurance and energy industries. The majority of our CMBS and Asset-backed securities in an unrealized loss position have received investment-grade credit ratings from the major rating agencies. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their amortized cost basis. Net unrealized gains (losses) for equity securities with readily determinable fair values, which are recorded in Other income (loss) within continuing operations, were $(65) million, $1,656 million and $(1,670) million for the years ended December 31, 2022, 2021 and 2020, respectively. Proceeds from debt and equity securities sales, early redemptions by issuers and principal payments on the BKR promissory note totaled $7,268 million, $6,666 million and $5,060 million for the years ended December 31, 2022, 2021 and 2020, respectively. Gross realized gains on debt securities were $34 million, $69 million and $173 million for the years ended December 31, 2022, 2021 and 2020, respectively. Gross realized losses and impairments on debt securities were $(42) million, $(11) million and $(68) million for the years ended December 31, 2022, 2021 and 2020, respectively. Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows: For the years ended December 3120222021Purchases of investment securities$(4,046)$(4,286)Dispositions and maturities of investment securities3,170 2,997 Net (purchases) dispositions of insurance investment securities$(876)$(1,290) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2022 are as follows: Amortized costEstimated fair valueWithin one year$413 $409 After one year through five years4,287 4,247 After five years through ten years5,910 5,869 After ten years22,928 20,920 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. 2022 FORM 10-K 55 2022 FORM 10-K 55 2022 FORM 10-K 55 In addition to the equity securities described above, we hold $731 million and $441 million of equity securities without readily determinable fair values at December 31, 2022 and 2021, respectively, that are classified within non-current All other assets in our Statement of Financial Position. Fair value adjustments, including impairments, recorded in earnings were $(11) million, $46 million and $(141) million for the years ended December 31, 2022, 2021 and 2020, respectively. Our run-off insurance operations have approximately $800 million of assets held by states or other regulatory bodies in statutorily required deposit accounts, and approximately $29,700 million of assets held in trust accounts, including $2,300 million to be added in the first quarter of 2023, associated with reinsurance contracts and reinsurance security trust agreements in place between either Employers Reassurance Corporation (ERAC) or Union Fidelity Life Insurance Company (UFLIC) as the reinsuring entity and a number of ceding insurers. Assets in these trusts are held by an independent trustee for the benefit of the ceding insurer, and are subject to various investment guidelines as set forth in the respective reinsurance contracts and trust agreements. Some of these trust agreements may allow a ceding company to withdraw trust assets from the trust and hold these assets on its balance sheet, in an account under its control for the benefit of ERAC or UFLIC which might allow the ceding company to exercise investment control over such assets.

Depreciable livesOriginal CostNet Carrying ValueDecember 31(in years)2023202220232022Land and improvements8$482 $472 $469 $461 Buildings, structures and related equipment8 - 406,340 6,024 2,852 2,703 Machinery and equipment4 - 2019,003 18,577 6,280 6,163 Leasehold costs and manufacturing plant under construction1 - 101,507 1,568 1,053 1,012 ROU operating lease assets1,840 1,854 Property, plant and equipment - net$27,332 $26,641 $12,494 $12,192 8 - 40 4 - 20 1 - 10 ROU operating lease assets ROU operating lease assets In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $59 million related to property, plant and equipment at our remaining Steam business within our Power segment. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss). Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities in our Statement of Financial Position, was $1,973 million and $2,089 million, as of December 31, 2023 and 2022, respectively. Substantially all of our operating leases have remaining lease terms of 14 years or less, some of which may include options to extend. All other liabilities All other liabilities OPERATING LEASE EXPENSE202320222021Long-term (fixed)$567 $646 $644 Long-term (variable)75 66 56 Short-term178 150 188 Total operating lease expense$820 $863 $888 MATURITY OF LEASE LIABILITIES20242025202620272028ThereafterTotalUndiscounted lease payments$564 $428 $325 $233 $165 $586 $2,302 Less: imputed interest(329)Total lease liability as of December 31, 2023$1,973

Depreciable livesOriginal CostNet Carrying ValueDecember 31(in years)2022202120222021Land and improvements8$542 $585 $530 $576 Buildings, structures and related equipment8 - 407,913 8,311 3,483 3,728 Machinery and equipment4 - 2021,119 21,036 6,913 7,356 Leasehold costs and manufacturing plant under construction1 - 102,059 1,971 1,415 1,343 ROU operating lease assets2,137 2,606 Property, plant and equipment - net$31,633 $31,904 $14,478 $15,609 8 - 40 4 - 20 1 - 10 ROU operating lease assets ROU operating lease assets In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $59 million related to property, plant and equipment at our remaining Steam business within our Power segment. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss). Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities in our Statement of Financial Position, was $2,393 million and $2,848 million, as of December 31, 2022 and 2021, respectively. Substantially all of our operating leases have remaining lease terms of 11 years or less, some of which may include options to extend. All other liabilities All other liabilities OPERATING LEASE EXPENSE202220212020Long-term (fixed)$755 $770 $827 Long-term (variable)147 119 143 Short-term153 192 206 Total operating lease expense$1,055 $1,081 $1,176 MATURITY OF LEASE LIABILITIES20232024202520262027ThereafterTotalUndiscounted lease payments$687 $567 $397 $291 $206 $603 $2,751 Less: imputed interest(357)Total lease liability as of December 31, 2022$2,393

2023 FORM 10-K 42 2023 FORM 10-K 42 2023 FORM 10-K 42 STATEMENT OF CASH FLOWSFor the years ended December 31 (In millions)202320222021Net earnings (loss)$9,443 $407 $(6,408)(Earnings) loss from discontinued operations activities(414)(1,202)1,469 Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities:Depreciation and amortization of property, plant and equipment1,473 1,564 1,622 Amortization of intangible assets (Note 7)606 1,338 738 (Gains) losses on purchases and sales of business interests (Note 19)(104)(60)52 (Gains) losses on retained and sold ownership interests and other equity securities(5,842)113 (1,632)Debt extinguishment costs— 465 6,524 Principal pension plans cost (Note 13)(1,108)376 1,766 Principal pension plans employer contributions(212)(204)(205)Other postretirement benefit plans (net)(644)(755)(900)Provision (benefit) for income taxes1,162 (3)(757)Cash recovered (paid) during the year for income taxes(1,148)(430)(373)Changes in operating working capital:Decrease (increase) in current receivables(833)(2,719)524 Decrease (increase) in inventories, including deferred inventory costs(1,524)(1,925)(306)Decrease (increase) in current contract assets1,283 1,652 1,007 Increase (decrease) in accounts payable and equipment project payables(221)2,236 (390)Increase (decrease) in progress collections and current deferred income2,933 2,348 (1,113)Financial services derivatives net collateral/settlement3 (154)(1,143)All other operating activities717 998 (1,326)Cash from (used for) operating activities – continuing operations5,570 4,043 (850)Cash from (used for) operating activities – discontinued operations(391)1,873 4,332 Cash from (used for) operating activities5,179 5,916 3,481 Additions to property, plant and equipment and internal-use software(1,595)(1,174)(1,113)Dispositions of property, plant and equipment89 206 151 Proceeds from sale of discontinued operations— — 22,356 Proceeds from principal business dispositions— 15 — Net cash from (payments for) principal businesses purchased(365)(30)(69)Dispositions of retained ownership interests9,004 4,717 4,145 Net (purchases) dispositions of insurance investment securities(986)(876)(1,290)All other investing activities791 8,033 1,641 Cash from (used for) investing activities – continuing operations6,938 10,891 25,822 Cash from (used for) investing activities – discontinued operations(2,960)(8,621)(4,443)Cash from (used for) investing activities3,977 2,270 21,379 Net increase (decrease) in borrowings (maturities of 90 days or less)(55)56 (704)Newly issued debt (maturities longer than 90 days)11 16 359 Repayments and other debt reductions (maturities longer than 90 days)(3,360)(11,202)(36,510)Dividends paid to shareholders(589)(639)(575)Cash received (paid) for debt extinguishment costs— 338 (7,196)Redemption of GE preferred stock(5,795)(144)— Purchases of GE common stock for treasury(1,233)(1,048)(107)All other financing activities410 (1,065)(523)Cash from (used for) financing activities – continuing operations(10,612)(13,688)(45,256)Cash from (used for) financing activities – discontinued operations2,000 8,102 (140)Cash from (used for) financing activities(8,613)(5,585)(45,397)Effect of currency exchange rate changes on cash, cash equivalents and restricted cash120 (369)(213)Increase (decrease) in cash, cash equivalents and restricted cash$664 $2,232 $(20,750)Cash, cash equivalents and restricted cash at beginning of year$19,092 $16,859 $37,608 Cash, cash equivalents and restricted cash at December 3119,755 19,092 16,859 Less cash, cash equivalents and restricted cash of discontinued operations at December 311,396 2,627 1,332 Cash, cash equivalents and restricted cash of continuing operations at December 31$18,360 $16,464 $15,527 Supplemental disclosure of cash flows informationCash paid during the year for interest$(1,067)$(1,561)$(2,536) Cash, cash equivalents and restricted cash at December 31 Less cash, cash equivalents and restricted cash of discontinued operations at December 31 Cash, cash equivalents and restricted cash of continuing operations at December 31 2023 FORM 10-K 43 2023 FORM 10-K 43 2023 FORM 10-K 43 STATEMENT OF COMPREHENSIVE INCOME (LOSS)For the years ended December 31 (In millions)202320222021Net earnings (loss)$9,443 $407 $(6,408)Less: net earnings (loss) attributable to noncontrolling interests(37)67 (71)Net earnings (loss) attributable to the Company$9,481 $339 $(6,337)Currency translation adjustments2,274 (1,326)(172)Benefit plans(4,747)2,889 9,044 Investment securities and cash flow hedges968 (7,099)(1,299)Long-duration insurance contracts(a)(2,371)8,126 2,599 Less: other comprehensive income (loss) attributable to noncontrolling interests2 1 5 Other comprehensive income (loss) attributable to the Company$(3,878)$2,589 $10,166 Comprehensive income (loss)$5,567 $2,996 $3,764 Less: comprehensive income (loss) attributable to noncontrolling interests(35)68 (66)Comprehensive income (loss) attributable to the Company$5,602 $2,928 $3,830 Currency translation adjustments Benefit plans Investment securities and cash flow hedges Less: other comprehensive income (loss) attributable to noncontrolling interests Less: comprehensive income (loss) attributable to noncontrolling interests (a) Represents the net after-tax change in future policy benefit reserves and related reinsurance recoverables from updating the discount rate. See Note 12 for further information. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the years ended December 31 (In millions)202320222021Preferred stock issued(a)$— $6 $6 Common stock issued$15 $15 $15 Beginning balance(2,272)(4,860)(9,749)Currency translation adjustments2,270 (1,324)(174)Benefit plans(4,745)2,886 9,041 Investment securities and cash flow hedges968 (7,099)(1,299)Long-duration insurance contracts(2,371)8,126 2,599 Adoption of new accounting standards— — (5,278)Accumulated other comprehensive income (loss)$(6,150)$(2,272)$(4,860)Beginning balance34,173 34,691 34,307 Gains (losses) on treasury stock dispositions(1,845)(741)(740)Stock-based compensation355 362 429 Other changes(a)(5,721)(139)696 Other capital$26,962 $34,173 $34,691 Beginning balance82,983 83,286 92,247 Net earnings (loss) attributable to the Company9,481 339 (6,337)Dividends and other transactions with shareholders(b)(5,937)(642)(617)Adoption of new accounting standards— — (2,007)Retained earnings$86,527 $82,983 $83,286 Beginning balance(81,209)(81,093)(81,961)Purchases(1,244)(1,048)(107)Dispositions2,477 931 974 Common stock held in treasury$(79,976)$(81,209)$(81,093)GE shareholders' equity balance27,378 33,696 32,044 Noncontrolling interests balance1,202 1,216 1,302 Total equity balance at December 31$28,579 $34,912 $33,346 Investment securities and cash flow hedges

2022 FORM 10-K 45 2022 FORM 10-K 45 2022 FORM 10-K 45 STATEMENT OF CASH FLOWSFor the years ended December 31 (In millions)202220212020Net earnings (loss)$292 $(6,591)$5,546 (Earnings) loss from discontinued operations activities644 3,195 911 Adjustments to reconcile net earnings (loss) to cash from (used for) operating activitiesDepreciation and amortization of property, plant and equipment1,802 1,871 2,128 Amortization of intangible assets (Note 7)1,742 1,138 1,336 Goodwill impairments (Note 7)— — 877 (Gains) losses on purchases and sales of business interests (Note 19)(66)40 (12,469)(Gains) losses on equity securities (Note 19)144 (1,656)2,085 Debt extinguishment costs465 6,524 301 Principal pension plans cost (Note 13)575 2,650 3,559 Principal pension plans employer contributions (Note 13)(325)(326)(2,806)Other postretirement benefit plans (net) (Note 13)(1,160)(1,144)(893)Provision (benefit) for income taxes (Note 15)476 (286)(487)Cash recovered (paid) during the year for income taxes(1,127)(1,165)(1,441)Changes in operating working capital:Decrease (increase) in current receivables(3,011)(177)(1,319)Decrease (increase) in inventories, including deferred inventory costs(2,341)(702)1,105 Decrease (increase) in current contract assets1,463 1,031 1,631 Increase (decrease) in accounts payable and equipment project payables2,793 (2)(582)Increase (decrease) in progress collections and current deferred income2,492 (1,052)(247)Financial services derivatives net collateral/settlement(154)(1,143)1,897 All other operating activities1,160 (1,317)(109)Cash from (used for) operating activities – continuing operations5,864 888 1,025 Cash from (used for) operating activities – discontinued operations52 2,444 2,543 Cash from (used for) operating activities5,916 3,332 3,568 Additions to property, plant and equipment(1,371)(1,250)(1,579)Dispositions of property, plant and equipment209 167 203 Additions to internal-use software(113)(111)(151)Proceeds from sale of discontinued operations— 22,356 — Proceeds from principal business dispositions15 1 20,562 Net cash from (payments for) principal businesses purchased(30)(1,550)(85)Sales of retained ownership interests4,717 4,145 417 Net (purchases) dispositions of insurance investment securities(876)(1,290)(1,352)All other investing activities(726)1,237 1,280 Cash from (used for) investing activities – continuing operations1,825 23,705 19,297 Cash from (used for) investing activities – discontinued operations444 (2,397)(2,626)Cash from (used for) investing activities2,270 21,308 16,671 Net increase (decrease) in borrowings (maturities of 90 days or less)65 (710)(4,168)Newly issued debt (maturities longer than 90 days)8,205 364 15,028 Repayments and other debt reductions (maturities longer than 90 days)(11,205)(36,521)(29,632)Dividends paid to shareholders(639)(575)(648)Cash received (paid) for debt extinguishment costs338 (7,196)(335)Purchases of GE common stock for treasury(1,048)(107)(28)All other financing activities(1,302)(551)23 Cash from (used for) financing activities – continuing operations(5,585)(45,296)(19,762)Cash from (used for) financing activities – discontinued operations— 119 (90)Cash from (used for) financing activities(5,585)(45,177)(19,852)Effect of currency exchange rate changes on cash, cash equivalents and restricted cash(369)(213)145 Increase (decrease) in cash, cash equivalents and restricted cash2,232 (20,750)531 Cash, cash equivalents and restricted cash at beginning of year16,859 37,608 37,077 Cash, cash equivalents and restricted cash at December 3119,092 16,859 37,608 Less cash, cash equivalents and restricted cash of discontinued operations at December 311,176 736 623 Cash, cash equivalents and restricted cash of continuing operations at December 31$17,916 $16,123 $36,985 Supplemental disclosure of cash flows informationCash paid during the year for interest$(1,561)$(2,536)$(2,976) Cash, cash equivalents and restricted cash at December 31 Less cash, cash equivalents and restricted cash of discontinued operations at December 31 Cash, cash equivalents and restricted cash of continuing operations at December 31 2022 FORM 10-K 46 2022 FORM 10-K 46 2022 FORM 10-K 46 STATEMENT OF COMPREHENSIVE INCOME (LOSS)For the years ended December 31 (In millions)202220212020Net earnings (loss)$292 $(6,591)$5,546 Less: net earnings (loss) attributable to noncontrolling interests67 (71)(158)Net earnings (loss) attributable to the Company$225 $(6,520)$5,704 Currency translation adjustments(1,355)(174)435 Benefit plans2,889 9,044 1,632 Investment securities and cash flow hedges(4,425)2,466 (78)Less: other comprehensive income (loss) attributable to noncontrolling interests1 5 6 Other comprehensive income (loss) attributable to the Company$(2,893)$11,330 $1,984 Comprehensive income (loss)$(2,600)$4,745 $7,536 Less: comprehensive income (loss) attributable to noncontrolling interests68 (66)(152)Comprehensive income (loss) attributable to the Company$(2,668)$4,810 $7,688

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dividends per share in dollars)202320222021Beginning balance$(5,893)$(4,569)$(4,395)AOCI before reclasses – net of taxes of $74, $144 and $(90)12 (1,326)(101)Reclasses from AOCI – net of taxes of $(626), $0 and $87(a)2,262 — (71)AOCI2,274 (1,326)(172)Less AOCI attributable to noncontrolling interests4 (2)2 Currency translation adjustments AOCI$(3,623)$(5,893)$(4,569)Beginning balance$6,531 $3,646 $(5,395)AOCI before reclasses – net of taxes of $(497), $597 and $1,643(1,874)2,117 6,225 Reclasses from AOCI – net of taxes of $(778), $216 and $793(a)(2,873)772 2,819 AOCI(4,747)2,889 9,044 Less AOCI attributable to noncontrolling interests(2)3 3 Benefit plans AOCI$1,786 $6,531 $3,646 Beginning balance$(1,927)$5,172 $6,471 AOCI before reclasses – net of taxes of $248, $(1,861) and $(386)1,046 (7,135)(1,343)Reclasses from AOCI – net of taxes of $(7), $(20) and $23(a)(78)36 44 AOCI968 (7,099)(1,299)Investment securities and cash flow hedges AOCI $(959)$(1,927)$5,172 Beginning balance$(983)$(9,109)$(11,708)AOCI before reclasses – net of taxes of $(630), $2,160 and $691(2,371)8,126 2,599 AOCI(2,371)8,126 2,599 Long-duration insurance contracts AOCI$(3,354)$(983)$(9,109)AOCI at December 31$(6,150)$(2,272)$(4,860)Dividends declared per common share$0.32 $0.32 $0.32

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)202220212020Beginning balance$(4,562)$(4,386)$(4,818)AOCI before reclasses – net of taxes of $127, $(91) and $(25)(1,355)(104)(255)Reclasses from AOCI – net of taxes of $—, $87 and $—(a)— (71)691 AOCI(1,355)(174)435 Less AOCI attributable to noncontrolling interests(2)2 2 Currency translation adjustments AOCI$(5,915)$(4,562)$(4,386)Beginning balance$3,646 $(5,395)$(7,024)AOCI before reclasses – net of taxes of $597, $1,643 and $(283) 2,117 6,225 (1,256)Reclasses from AOCI – net of taxes of $216, $793 and $805(a) 772 2,819 2,888 AOCI2,889 9,044 1,632 Less AOCI attributable to noncontrolling interests3 3 4 Benefit plans AOCI$6,531 $3,646 $(5,395)Beginning balance$2,498 $32 $109 AOCI before reclasses – net of taxes of $(1,141), $615 and $21(b)(4,461)2,422 (39)Reclasses from AOCI – net of taxes of $(20), $23 and $(25)(a)36 44 (39)AOCI(4,425)2,466 (78)Investment securities and cash flow hedges AOCI $(1,927)$2,498 $32 AOCI at December 31$(1,311)$1,582 $(9,749)Dividends declared per common share$0.32 $0.32 $0.32 AOCI before reclasses – net of taxes of $127, $(91) and $(25) Reclasses from AOCI – net of taxes of $—, $87 and $—(a) AOCI before reclasses – net of taxes of $597, $1,643 and $(283) Reclasses from AOCI – net of taxes of $216, $793 and $805(a) AOCI before reclasses – net of taxes of $(1,141), $615 and $21(b) Reclasses from AOCI – net of taxes of $(20), $23 and $(25)(a)

(a)Primarily included net unrealized gains (losses) of $134 million and $(994) million in Other comprehensive income for the years ended December 31, 2023 and 2022, respectively. (b)Included $379 million of U.S. corporate debt securities and $177 million of Mortgage and asset-backed debt securities for the year ended December 31, 2023. Included $508 million of U.S. corporate debt securities and $302 million of Mortgage and asset-backed debt securities for the year ended December 31, 2022. The majority of these Level 3 securities are fair valued using non-binding broker quotes or other third-party sources that utilize a number of different unobservable inputs not subject to meaningful aggregation. NOTE 22. FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. December 31, 2023December 31, 2022Carryingamount(net)Estimatedfair valueCarryingamount(net)Estimatedfair valueAssetsLoans and other receivables$2,438 $2,379 $2,557 $2,418 LiabilitiesBorrowings (Note 10)$20,965 $20,689 $24,059 $22,849 Investment contracts (Note 12)1,535 1,616 1,708 1,758 2023 FORM 10-K 74 2023 FORM 10-K 74 2023 FORM 10-K 74 Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securities and derivative financial instruments. DERIVATIVES AND HEDGING. Our policy requires that derivatives are used solely for managing risks and not for speculative purposes. We use derivatives to manage currency risks related to foreign exchange, and interest rate and currency risk between financial assets and liabilities, and certain equity investments and commodity prices. We use cash flow hedges primarily to reduce or eliminate the effects of foreign exchange rate changes, net investment hedges to hedge investments in foreign operations as well as fair value hedges to hedge the effects of interest rate and currency changes on debt it has issued. We also use derivatives not designated as hedges from an accounting standpoint (and therefore we do not apply hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging arrangements. We use economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. FAIR VALUE OF DERIVATIVESDecember 31, 2023December 31, 2022Gross NotionalAll other current assetsAll other current liabilitiesGross NotionalAll other current assetsAll other current liabilitiesQualifying currency exchange contracts$6,648 $156 $91 $5,112 $132 $146 Non-qualifying currency exchange contracts and other50,563 794 580 52,786 1,143 1,095 Gross derivatives$57,211 $950 $671 $57,898 $1,275 $1,241 Netting and credit adjustments$(512)$(510)$(821)$(820)Net derivatives in statement of financial position$437 $161 $454 $420 All other current assets All other current liabilities All other current assets All other current liabilities FAIR VALUE HEDGES. As of December 31, 2023, all fair value hedges were terminated. Gains (losses) associated with the terminated hedging relationships will continue to amortize into interest expense until the hedged borrowings mature. The cumulative amount of hedging adjustments of $1,162 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $9,253 million. At December 31, 2022, the cumulative amount of hedging adjustments of $1,240 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $9,933 million. The cumulative amount of hedging adjustments was primarily recorded in long-term borrowings. long-term borrowings long-term borrowings CASH FLOW HEDGES AND NET INVESTMENT HEDGESGain (loss) recognized in AOCI for the year ended December 31202320222021Cash flow hedges(a)$83 $(242)$(140)Net investment hedges(b)(153)341 487 (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,726 million and $3,329 million as of December 31, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero, zero and $(87) million for the years ended December 31, 2023, 2022 and 2021, respectively. Changes in the fair value of cash flow hedges are recorded in AOCI and recorded in earnings in the period in which the hedged transaction occurs. The total amount in AOCI related to cash flow hedges of forecasted transactions was a $2 million loss as of December 31, 2023. We expect to reclassify $6 million of loss to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. As of December 31, 2023, the maximum term of derivative instruments that hedge forecasted transactions was approximately 12 years. The table below presents the effects of hedges and resulting gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): 20232022RevenuesInterest ExpenseSG&A(b)Other Income(a)RevenuesDebtextinguishmentcostsInterest ExpenseSG&A(b)Other Income(a)$67,954 $1,118 $9,195 $57,521 $58,100 $465 $1,477 $9,173 $45,444 Cash flow hedges$(1)$(10)$1 $39 $(23)$(20)$(2)$(100)Fair value hedges$— $(16)Non-hedging derivatives$— $— $130 $(167)$7 $159 $(4)$(269)$(485) (a) Amounts are inclusive of cost of sales and other income (loss). (b) SG&A was primarily driven by hedges of deferred incentive compensation, and hedges of remeasurement of monetary assets and liabilities. 2023 FORM 10-K 75 2023 FORM 10-K 75 2023 FORM 10-K 75 COUNTERPARTY CREDIT RISK. Our exposures to counterparties were $374 million and $306 million at December 31, 2023 and December 31, 2022, respectively. Counterparties' exposures to our derivative liability were $120 million and $365 million at December 31, 2023 and December 31, 2022, respectively. NOTE 23. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $117 million and $401 million and liabilities of $203 million and $206 million at December 31, 2023 and December 31, 2022, respectively, in consolidated Variable Interest Entities (VIEs). These entities were created to help our customers facilitate or finance the purchase of GE equipment and services and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. Our investments in unconsolidated VIEs were $6,657 million and $5,917 million at December 31, 2023 and December 31, 2022, respectively. Of these investments, $1,272 million and $1,481 million were owned by Energy Financial Services (EFS), comprising equity method investments, primarily renewable energy tax equity investments, at December 31, 2023 and December 31, 2022, respectively. In addition, $5,151 million and $4,219 million were owned by our run-off insurance operations, primarily comprising equity method investments at December 31, 2023 and December 31, 2022, respectively. Our maximum exposure to loss in respect of unconsolidated VIEs is increased by our commitments to make additional investments in these entities described in Note 24.

(a)Primarily included net unrealized gains (losses) of $(994) million and $(288) million in Other comprehensive income for the years ended December 31, 2022 and 2021, respectively. (b)Included $508 million of U.S. corporate debt securities and $302 million of Mortgage and asset-backed debt securities for the year ended December 31, 2022. Included $1,084 million of Mortgage and asset-backed debt securities and $1,000 million AerCap senior note received as partial consideration on the completion of the GECAS transaction for the year ended December 31, 2021. The majority of these Level 3 securities are fair valued using non-binding broker quotes or other third-party sources that utilize a number of different unobservable inputs not subject to meaningful aggregation. NOTE 22. FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. December 31, 2022December 31, 2021Carryingamount(net)Estimatedfair valueCarryingamount(net)Estimatedfair valueAssetsLoans and other receivables$2,695 $2,560 $2,706 $2,853 LiabilitiesBorrowings (Note 10)$32,350 $31,410 $35,186 $41,207 Investment contracts (Note 12)1,771 1,822 1,909 2,282 Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securities and derivative financial instruments. 2022 FORM 10-K 75 2022 FORM 10-K 75 2022 FORM 10-K 75 DERIVATIVES AND HEDGING. Our policy requires that derivatives are used solely for managing risks and not for speculative purposes. We use derivatives to manage currency risks related to foreign exchange, and interest rate and currency risk between financial assets and liabilities, and certain equity investments and commodity prices. We use cash flow hedges primarily to reduce or eliminate the effects of foreign exchange rate changes, net investment hedges to hedge investments in foreign operations as well as fair value hedges to hedge the effects of interest rate and currency changes on debt it has issued. We also use derivatives not designated as hedges from an accounting standpoint (and therefore we do not apply hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging arrangements. We use economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. FAIR VALUE OF DERIVATIVESDecember 31, 2022December 31, 2021Gross NotionalAll other assetsAll other liabilitiesGross NotionalAll other assetsAll other liabilitiesCurrency exchange contracts$8,484 $164 $312 $7,214 $114 $122 Interest rate contracts2,071 75 4 Derivatives accounted for as hedges$8,484 $164 $312 $9,285 $188 $126 Currency exchange contracts$56,950 $977 $1,118 $64,097 $794 $756 Interest rate contracts43 — 1 1,369 5 1 Other contracts914 200 20 1,674 387 10 Derivatives not accounted for as hedges$57,907 $1,178 $1,139 $67,140 $1,186 $767 Gross derivatives$66,392 $1,341 $1,451 $76,425 $1,374 $893 Netting and credit adjustments$(859)$(862)$(637)$(639)Cash collateral adjustments— — (54)(42)Net derivatives recognized in statement of financial position$482 $589 $684 $212 Net accrued interest$— $(4)$10 $5 Securities held as collateral— — (2)— Net amount$482 $585 $691 $217 All other assets All other liabilities All other assets All other liabilities FAIR VALUE HEDGES. As of December 31, 2022, all fair value hedges were terminated due to exposure management actions, including debt maturities. Gains (losses) associated with the terminated hedging relationships will continue to amortize into interest expense until the bonds mature. The cumulative amount of hedging adjustments of $1,240 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $9,933 million. At December 31, 2021, the cumulative amount of hedging adjustments of $2,072 million (including $2,073 million on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $16,819 million. The cumulative amount of hedging adjustments was primarily recorded in long-term borrowings.

RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate, and the charges are shown below for the business where they originated. 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. RESTRUCTURING AND OTHER CHARGES202320222021Workforce reductions$392 $281 $568 Plant closures & associated costs and other asset write-downs258 533 117 Acquisition/disposition net charges and other56 30 (21)Total restructuring and other charges$706 $845 $664 Cost of equipment/services$157 $206 $348 Selling, general and administrative expenses549 669 390 Other (income) loss— (31)(75)Total restructuring and other charges$706 $845 $664 Aerospace$13 $20 $70 Renewable Energy296 177 204 Power107 155 369 Corporate290 494 20 Total restructuring and other charges(a)$706 $845 $664 Restructuring and other charges cash expenditures(b)$508 $415 $683 (a) Includes $303 million, $366 million and $114 million primarily in non-cash impairment, accelerated depreciation and other charges for the years ended December 31, 2023, 2022 and 2021, respectively, not reflected in the liability table below. (b) Primarily for employee severance payments, contract and lease terminations. An analysis of changes in the liability for restructuring follows: 202320222021Balance at beginning of period$977 $825 $1,065 Additions403 479 550 Payments(351)(310)(570)Remeasurement(42)15 (169)Effect of foreign currency and other(69)(32)(51)Balance at December 31(a)$918 $977 $825

RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate, and the charges are shown below for the business where they originated. 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. RESTRUCTURING AND OTHER CHARGES202220212020Workforce reductions$348 $695 $856 Plant closures & associated costs and other asset write-downs615 145 332 Acquisition/disposition net charges and other30 (21)66 Total restructuring and other charges$993 $819 $1,254 Cost of equipment/services$250 $394 $570 Selling, general and administrative expenses774 499 697 Other (income) loss(31)(75)(13)Total restructuring and other charges$993 $819 $1,254 Aerospace$20 $70 $397 Renewable Energy177 204 213 Power155 369 236 HealthCare148 155 137 Corporate494 20 270 Total restructuring and other charges$993 $819 $1,254 Restructuring and other charges cash expenditures$492 $781 $1,175 An analysis of changes in the liability for restructuring follows. 202220212020Balance at January 1$1,026 $1,337 $1,746 Additions578 655 860 Payments(385)(670)(997)Remeasurement(4)(245)(212)Effect of foreign currency and other(31)(52)(60)Balance at December 31 (a)$1,183 $1,026 $1,337

Information about our Executive Officers (As of February 2, 2024) Date assumedExecutiveNamePositionAgeOfficer PositionH. Lawrence Culp, Jr.Chairman of the Board & Chief Executive Officer, GE;60October 2018CEO, GE AerospaceRahul GhaiSenior Vice President & Chief Financial Officer, GE52September 2023L. Kevin CoxSenior Vice President, Chief Human Resources Officer, GE60February 2019Michael J. HolstonSenior Vice President, General Counsel & Secretary, GE 61April 2018Russell StokesSenior Vice President, GE;52September 2018President & CEO, Commercial Engines and Services, GE AerospaceScott L. StrazikSenior Vice President, GE;45January 2019President & CEO, GE Vernova;Thomas S. TimkoVice President, Controller & Chief Accounting Officer, GE55September 2018 All Executive Officers are elected by the Board of Directors for an initial term that continues until the Board meeting immediately preceding the next annual statutory meeting of shareholders, and thereafter are elected for one-year terms or until their successors have been elected. Other than Mr. Ghai, the Executive Officers have been executives of General Electric Company for at least five years. Prior to joining GE in August 2022, Mr. Ghai was Executive Vice President and Chief Financial Officer of Otis Worldwide Corporation, an elevator and escalator manufacturing, installation and service company, since 2019. Prior to that, he served as Senior Vice President and Chief Financial Officer of Harris Corporation, a technology company and defense contractor, from 2016 until 2019. The remaining information called for by this item is incorporated by reference to “Election of Directors”, “Other Governance Policies & Practices”, “Board Committees”, and “Board Operations” in our definitive proxy statement for our 2024 Annual Meeting of Shareholders to be held May 7, 2024, which will be filed within 120 days of the end of our fiscal year ended December 31, 2023 (the 2024 Proxy Statement).

Information about our Executive Officers (As of February 1, 2023) Date assumedExecutiveNamePositionAgeOfficer PositionH. Lawrence Culp, Jr.Chairman of the Board & Chief Executive Officer, GE;59October 2018CEO, GE AerospaceCarolina Dybeck HappeSenior Vice President & Chief Financial Officer, GE50March 2020L. Kevin CoxSenior Vice President, Chief Human Resources Officer, GE59February 2019Michael J. HolstonSenior Vice President, General Counsel & Secretary, GE 60April 2018John SlatterySenior Vice President, GE;54September 2020Executive Vice President & Chief Commercial Officer, GE AerospaceRussell StokesSenior Vice President, GE;51September 2018President & CEO, Commercial Engines and Services, GE AerospaceScott L. StrazikSenior Vice President, GE;44January 2019President & CEO, GE Power and GE Renewable Energy;Thomas S. TimkoVice President, Controller & Chief Accounting Officer, GE54September 2018 All Executive Officers are elected by the Board of Directors for an initial term that continues until the Board meeting immediately preceding the next annual statutory meeting of shareholders, and thereafter are elected for one-year terms or until their successors have been elected. Other than Messrs. Culp, Cox, Holston, Slattery and Timko and Ms. Dybeck Happe, the Executive Officers have been executives of General Electric Company for at least five years. Prior to joining GE in April 2018 as an independent director and being elected to the position of Chairman and CEO in October 2018, Mr. Culp served as CEO at Danaher Corp. (2001-2014); as a senior advisor at Danaher Corp. (2014-2016); as a senior lecturer at Harvard Business School (2015-2018); and as a senior adviser at Bain Capital Private Equity, LP (2017-2018). Prior to joining GE in March 2020, Ms. Dybeck Happe had been Chief Financial Officer of A.P. Moller - Maersk A/S since 2019 after serving as Chief Financial Officer of Assa Abloy AB since 2012 until 2018. Prior to joining GE in February 2019, Mr. Cox had been Chief Human Resources Officer at American Express since 2005. Prior to joining GE in April 2018, Mr. Holston had been general counsel at Merck since 2015, after joining the drugmaker as chief ethics and compliance officer in 2012. Prior to joining GE in July 2020, Mr. Slattery had been President and Chief Executive Officer of Commercial Aviation for Embraer, S.A. since 2016 after serving as the Chief Commercial Officer for Embraer Commercial Aviation since 2012. Prior to joining GE in September 2018, Mr. Timko was Vice President, Controller and Chief Accounting Officer at General Motors since 2013. The remaining information called for by this item is incorporated by reference to “Election of Directors,” “Other Governance Policies & Practices”, “Board Committees”, and “Board Operations” in our definitive proxy statement for our 2023 Annual Meeting of Shareholders to be held May 3, 2023, which will be filed within 120 days of the end of our fiscal year ended December 31, 2022 (the 2023 Proxy Statement). 2022 FORM 10-K 86 2022 FORM 10-K 86 2022 FORM 10-K 86

Contract and other deferred assets decreased $1,337 million in the year ended December 31, 2023 primarily due to a decrease in long-term service agreements, partially offset by the timing of revenue recognition ahead of billing milestones on long-term equipment contracts. Our long-term service agreements decreased primarily due to billings of $13,165 million, partially offset by revenues recognized of $11,312 million and a net favorable change in estimated profitability of $90 million at Power and $74 million at Aerospace. December 31, 2023AerospaceRenewable EnergyPowerCorporateTotalRevenues in excess of billings$2,377 $— $5,205 $— $7,582 Billings in excess of revenues(7,902)— (1,810)— (9,712)Long-term service agreements$(5,525)$— $3,395 $— $(2,130)Equipment and other service agreements494 1,374 1,499 263 3,630 Current contract assets$(5,030)$1,374 $4,894 $263 $1,500 Nonrecurring engineering costs(a)2,444 18 1 — 2,463 Customer advances and other(b)2,342 — 601 — 2,943 Non-current contract and other deferred assets$4,785 $18 $603 $— $5,406 Total contract and other deferred assets$(245)$1,392 $5,497 $263 $6,907

Contract and other deferred assets decreased $1,907 million in the year ended December 31, 2022 primarily due to decreased long-term service agreements and the timing of billing milestones ahead of revenue recognition on long-term equipment contracts. Our long-term service agreements decreased primarily due to billings of $11,665 million, partially offset by revenues recognized of $9,680 million and net favorable changes in estimated profitability of $85 million at Aerospace and $303 million at Power, primarily attributable to contractual increases in billings, partially offset by cost inflation. December 31, 2022AerospaceRenewable EnergyPowerHealthCareCorporateTotalRevenues in excess of billings$2,363 $— $5,403 $— $— $7,766 Billings in excess of revenues(6,681)— (1,763)— — (8,443)Long-term service agreements$(4,318)$— $3,640 $— $— $(677)Short-term and other service agreements391 108 56 174 245 973 Equipment contract revenues42 955 1,348 447 — 2,792 Current contract assets$(3,884)$1,063 $5,044 $621 $245 $3,088 Nonrecurring engineering costs(a)2,513 17 4 30 — 2,563 Customer advances and other(b)2,519 — 724 204 — 3,447 Non-current contract and other deferred assets$5,032 $17 $728 $234 $— $6,010 Total contract and other deferred assets$1,148 $1,079 $5,772 $854 $245 $9,098

December 3120232022Sales discounts and allowances(a)$3,746 $3,950 Equipment projects and other commercial liabilities2,019 1,422 Product warranties (Note 24)910 1,075 Employee compensation and benefit liabilities4,001 3,339 Interest payable323 352 Taxes payable654 578 Environmental, health and safety liabilities (Note 24)188 248 Derivative instruments (Note 22)161 420 Other711 746 All other current liabilities $12,712 $12,130 Equipment projects and other commercial liabilities$1,802 $2,192 Product warranties (Note 24)1,143 885 Operating lease liabilities (Note 6)1,973 2,089 Uncertain and other income taxes and related liabilities2,182 2,459 Alstom legacy legal matters (Note 24) 393 455 Environmental, health and safety liabilities (Note 24)2,278 2,166 Other737 816 All other non-current liabilities $10,508 $11,063 Total All other liabilities$23,221 $23,193

December 3120222021Sales discounts and allowances(a)$4,042 $4,020 Equipment projects and other commercial liabilities1,652 1,618 Product warranties (Note 24)1,268 1,091 Employee compensation and benefit liabilities4,662 4,677 Interest payable400 276 Taxes payable743 500 Environmental, health and safety liabilities (Note 24)282 386 Derivative instruments (Note 22)589 212 Other847 1,196 All other current liabilities $14,485 $13,977 Equipment projects and other commercial liabilities$2,229 $2,451 Product warranties (Note 24)885 800 Operating lease liabilities (Note 6)2,393 2,848 Uncertain and other income taxes and related liabilities2,581 3,041 Alstom legacy legal matters (Note 24) 455 567 Environmental, health and safety liabilities (Note 24)2,404 2,274 Redeemable noncontrolling interests (Note 16)132 148 Interest payable— 179 Other1,076 934 All other non-current liabilities $12,154 $13,240 Total All other liabilities$26,639 $27,217

(a) Includes actuarial determined post-employment severance benefits reserve of $324 million, $348 million and $321 million as of December 31, 2023, 2022 and 2021, respectively. In 2023 and 2022, restructuring primarily included exit activities related to the restructuring programs announced in 2022, reflecting lower Corporate shared-service and footprint needs as a result of the GE HealthCare spin-off, and exit activities across our businesses planned to be part of GE Vernova, primarily reflecting the selectivity strategy to operate in fewer markets and to simplify and standardize product variants at Renewable Energy. This plan was expanded during the third quarter of 2023 to include the consolidation of the global footprint and related resources at our Power business to better serve our customers. In 2021, restructuring primarily included exit activities at our Power business related to our new coal build wind-down actions, which included the exit of certain product lines, closing certain manufacturing and office facilities and other workforce reduction programs. SEPARATION COSTS. In November 2021, the company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy. As a result of this plan, we have incurred and expect to continue to incur separation, transition, and operational costs, which will depend on specifics of the transactions. For the year ended December 31, 2023, we incurred pre-tax separation expense of $978 million and paid $1,059 million in cash, 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 stand-alone public companies. These costs are presented as separation costs in our consolidated Statement of Earnings (Loss). In addition, we recognized $197 million of net tax benefit, primarily associated with planned legal entity separation and tax on changes to indefinite reinvestment of foreign earnings. 2023 FORM 10-K 73 2023 FORM 10-K 73 2023 FORM 10-K 73 For the year ended December 31, 2022, we incurred pre-tax separation costs of $715 million, and paid $158 million in cash, and recognized $16 million of net tax benefit, related to separation activities. As discussed in Note 2, GE completed the separation of its HealthCare business into a separate, independent publicly traded company, GE HealthCare Technologies Inc. As a result, pre-tax separation costs specifically identifiable to GE HealthCare are now reflected in discontinued operations. We incurred $22 million and $258 million in pre-tax costs, recognized $5 million and $54 million of tax benefit and spent $182 million and $103 million in cash related to GE HealthCare for the year ended December 31, 2023 and 2022, respectively. NOTE 21. FAIR VALUE MEASUREMENTS Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations, our equity interests in GE HealthCare and AerCap and derivatives. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASISLevel 1Level 2Level 3(a)Nettingadjustment(d)Net balance(b)December 312023202220232022202320222023202220232022Investment securities$4,767 $6,732 $32,098 $30,483 $6,841 $6,421 $— $— $43,706 $43,636 Derivatives— — 943 1,274 6 1 (512)(821)437 454 Total assets$4,767 $6,732 $33,042 $31,757 $6,847 $6,421 $(512)$(821)$44,143 $44,090 Derivatives$— $— $669 $1,240 $2 $— $(510)$(820)$161 $420 Other(c)— — 428 379 — — — — 428 379 Total liabilities$— $— $1,097 $1,619 $2 $— $(510)$(820)$588 $799 (a)Included $3,873 million of U.S. corporate debt securities, $1,491 million of Mortgage and asset-backed debt securities, and the $944 million AerCap note at December 31, 2023. Included $3,548 million of U.S. corporate debt securities, $1,386 million of Mortgage and asset-backed debt securities, and the $900 million AerCap note at December 31, 2022. (b)Included investment securities in our run-off Insurance operations of $37,592 million and $35,503 million as of December 31, 2023 and 2022, respectively, which are Level 2 and 3. See Notes 3 and 22 for further information on the composition of our investment securities and derivative portfolios. (c)Primarily represents the liabilities associated with certain of our deferred incentive compensation plans. (d)The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts include fair value adjustments related to our own and counterparty non-performance risk. (d) LEVEL 3 INSTRUMENTS. The majority of our Level 3 balances comprised debt securities classified as available-for-sale with changes in fair value recorded in Other comprehensive income. Balance atJanuary 1Net realized/unrealized gains(losses)(a)Purchases(b)Sales & SettlementsTransfersintoLevel 3Transfersout ofLevel 3Balance atDecember 312023Investment securities$6,421 $195 $617 $(398)$37 $(30)$6,841 2022Investment securities$7,222 $(1,002)$973 $(628)$57 $(201)$6,421

(a) Includes actuarial determined post-employment severance benefits reserve of $475 million, $464 million and $722 million as of December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2022, restructuring and other initiatives primarily included exit activities related to the restructuring program announced in the fourth quarter reflecting lower Corporate shared-service and footprint needs as GE HealthCare prepared to become independent. It also includes exit activities associated with the plan announced in October 2022 to undertake a restructuring program across our businesses planned to be part of GE Vernova, primarily reflecting the selectivity strategy to operate in fewer markets and to simplify and standardize product variants at Renewable Energy. We recorded total charges of $993 million, consisting of $416 million primarily in non-cash impairment, accelerated depreciation and other charges, not reflected in the table above, and $578 million primarily in employee workforce reduction and contract related charges, which are reflected in the table above. We incurred $492 million in cash outflows related to restructuring actions, primarily for employee severance payments. For the year ended December 31, 2021, restructuring and other initiatives primarily included exit activities at our Power business related to our new coal build wind-down actions, which included the exit of certain product lines, closing certain manufacturing and office facilities and other workforce reduction programs. We recorded total charges of $819 million, consisting of $164 million primarily in non-cash impairment, accelerated depreciation and other charges, not reflected in the table above, and $655 million primarily in employee workforce reduction charges, which are reflected in the table above. We incurred $781 million in cash outflows related to restructuring actions, primarily for employee severance payments. For the year ended December 31, 2020, restructuring and other initiatives primarily included actions related to the impacts of the COVID-19 pandemic on our Aerospace business and Corporate cost reduction programs, which included closing certain manufacturing and office facilities and other workforce reduction programs. We recorded total charges of $1,254 million, consisting of $394 million in non-cash asset impairments and other charges, not reflected in the table above, and $860 million primarily in workforce reduction charges, which are reflected in the table above. We incurred $1,175 million in cash outflows related to restructuring actions, primarily for employee severance payments. SEPARATION COSTS. In November 2021, the company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy. As a result of this plan, we expect to incur separation, transition, and operational costs, which will depend on specifics of the transactions. 2022 FORM 10-K 74 2022 FORM 10-K 74 2022 FORM 10-K 74 We incurred pre-tax separation costs of $973 million, primarily related to employee costs, costs to establish certain stand-alone functions and information technology systems, professional fees, and other transformation and transaction costs to transition to three stand-alone public companies, for the year ended December 31, 2022. These costs are presented as separation costs in our consolidated Statement of Earnings (Loss). In addition, we incurred $71 million of net tax benefit, including taxes associated with planned legal entity restructuring and changes to indefinite reinvestment of foreign earnings, for the year ended December 31, 2022. We spent $261 million in cash for the year ended December 31, 2022. NOTE 21. FAIR VALUE MEASUREMENTS Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations, our equity interests in AerCap and Baker Hughes, and derivatives. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASISLevel 1Level 2Level 3(a)Nettingadjustment(d)Net balance(b)December 312022202120222021202220212022202120222021Investment securities$6,754 $11,434 $30,483 $35,849 $6,421 $7,222 $— $— $43,657 $54,506 Derivatives— — 1,340 1,357 1 17 (859)(691)482 684 Total assets$6,754 $11,434 $31,823 $37,207 $6,421 $7,239 $(859)$(691)$44,139 $55,189 Derivatives$— $— $1,444 $891 $7 $1 $(862)$(681)$589 $212 Other(c)— — 627 863 — — — — 627 863 Total liabilities$— $— $2,071 $1,754 $7 $1 $(862)$(681)$1,216 $1,075 (a)Included $3,548 million of U.S. corporate debt securities, $1,386 million of Mortgage and asset-backed debt securities, and the $900 million AerCap note at December 31, 2022. Included $4,228 million of U.S. corporate debt securities, $1,427 million of Mortgage and asset-backed debt securities, and the $993 million AerCap note at December 31, 2021. (b)See Notes 3 and 22 for further information on the composition of our investment securities and derivative portfolios. (c)Primarily represents the liabilities associated with certain of our deferred incentive compensation plans. (d)The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts include fair value adjustments related to our own and counterparty non-performance risk. LEVEL 3 INSTRUMENTS. The majority of our Level 3 balances comprised debt securities classified as available-for-sale with changes in fair value recorded in Other comprehensive income. Balance atJanuary 1Net realized/unrealized gains(losses)(a)Purchases(b)Sales & SettlementsTransfersintoLevel 3Transfersout ofLevel 3Balance atDecember 312022Investment securities$7,222 $(1,002)$973 $(628)$57 $(201)$6,421 2021Investment securities$5,866 $(261)$2,589 $(943)$6 $(35)$7,222

202320222021(Earnings for per-share calculation, shares in millions, per-share amounts in dollars)DilutedBasicDilutedBasicDilutedBasicEarnings (loss) from continuing operations$9,063 $9,066 $(811)$(811)$(4,822)$(4,822)Preferred stock dividends and other and accretion of preferred share repurchase(a)(295)(295)(286)(286)(246)(246)Earnings (loss) from continuing operations attributable to common shareholders 8,769 8,772 (1,097)(1,097)(5,067)(5,067)Earnings (loss) from discontinued operations 414 414 1,151 1,151 (1,516)(1,516)Net earnings (loss) attributable to GE common shareholders 9,182 9,186 54 54 (6,583)(6,583)Shares of GE common stock outstanding1,089 1,089 1,096 1,096 1,098 1,098 Employee compensation-related shares (including stock options)10 — — — — — Total average equivalent shares1,099 1,089 1,096 1,096 1,098 1,098 Earnings (loss) from continuing operations$7.98 $8.06 $(1.00)$(1.00)$(4.62)$(4.62)Earnings (loss) from discontinued operations0.38 0.38 1.05 1.05 (1.38)(1.38)Net earnings (loss) per share8.36 8.44 0.05 0.05 (6.00)(6.00)Potentially dilutive securities(b)26 45 41 Earnings (loss) from discontinued operations Shares of GE common stock outstanding Employee compensation-related shares (including stock options)

202220212020(Earnings for per-share calculation, shares in millions, per-share amounts in dollars)DilutedBasicDilutedBasicDilutedBasicEarnings (loss) from continuing operations$869 $869 $(3,326)$(3,326)$6,601 $6,601 Preferred stock dividends(289)(289)(237)(237)(474)(474)Accretion of redeemable noncontrolling interests, net of tax— — (9)(9)(151)(151)Accretion of preferred share repurchase4 4 — — — — Earnings (loss) from continuing operations attributable to common shareholders 584 584 (3,571)(3,571)5,975 5,975 Earnings (loss) from discontinued operations (644)(644)(3,195)(3,195)(909)(909)Net earnings (loss) attributable to GE common shareholders (60)(60)(6,766)(6,766)5,066 5,066 Shares of GE common stock outstanding1,096 1,096 1,098 1,098 1,094 1,094 Employee compensation-related shares (including stock options)6 — — — 1 — Total average equivalent shares1,101 1,096 1,098 1,098 1,095 1,094 Earnings (loss) from continuing operations$0.53 $0.53 $(3.25)$(3.25)$5.46 $5.46 Earnings (loss) from discontinued operations(0.58)(0.59)(2.91)(2.91)(0.83)(0.83)Net earnings (loss) per share(0.05)(0.06)(6.16)(6.16)4.63 4.63 Potentially dilutive securities(a)44 41 56 (a) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. Preferred stock dividends Earnings (loss) from discontinued operations Shares of GE common stock outstanding Employee compensation-related shares (including stock options)

SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES202320222021Operating cash flows used for operating leases$659 $682 $719 Right-of-use assets obtained in exchange for new lease liabilities553 447 513 Weighted-average remaining lease term7.1 years5.7 years7.5 yearsWeighted-average discount rate4.4 %3.4 %4.2 %

SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES202220212020Operating cash flows used for operating leases$790 $834 $835 Right-of-use assets obtained in exchange for new lease liabilities526 603 594 Weighted-average remaining lease term6.2 years7.2 years6.7 yearsWeighted-average discount rate3.8 %4.0 %4.6 % 2022 FORM 10-K 57 2022 FORM 10-K 57 2022 FORM 10-K 57

CURRENT RECEIVABLESDecember 3120232022Customer receivables$12,349 $11,803 Revenue sharing program receivables(a)1,252 1,326 Non-income based tax receivables1,140 1,146 Supplier advances891 691 Receivables from disposed businesses121 115 Other sundry receivables360 518 Allowance for credit losses(647)(768)Total current receivables$15,466 $14,831 (a) Revenue sharing program receivables in Aerospace are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. ALLOWANCE FOR CREDIT LOSSES202320222021Balance as of January 1$768 $967 $1,055 New provisions, net of (releases)32 (14)136 Write-offs, net(161)(87)(198)Foreign exchange and other8 (98)(26)Balance as of December 31$647 $768 $967 December 3120232022Aerospace$8,010 $7,784 Renewable Energy2,907 2,415 Power4,232 4,229 Corporate318 404 Total current receivables$15,466 $14,831 Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer receivables to third parties and subsequently collected $2,110 million and $2,052 million in the year ended December 31, 2023 and 2022, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in Renewable Energy and Aerospace, the Company has no continuing involvement, fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice due date. Included in the sales of customer receivables in the year ended December 31, 2023, was $82 million in our Gas Power business, primarily for risk mitigation purposes. LONG-TERM RECEIVABLESDecember 3120232022Long-term customer receivables(a)$479 $457 Supplier advances274 266 Non-income based tax receivables174 213 Sundry receivables373 483 Allowance for credit losses(171)(183)Total long-term receivables $1,129 $1,236 (a) The Company sold $83 million of long-term customer receivables to third parties for the year ended December 31, 2022, primarily in our Gas Power business for risk mitigation purposes.

CURRENT RECEIVABLESDecember 3120222021Customer receivables$14,916 $13,079 Revenue sharing program receivables(a)1,326 1,166 Non-income based tax receivables1,320 1,222 Supplier advances711 596 Receivables from disposed businesses115 148 Other sundry receivables447 483 Allowance for credit losses(b)(859)(1,074)Total current receivables$17,976 $15,620 (a) Revenue sharing program receivables in Aerospace are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Allowance for credit losses decreased primarily due to write-offs, recoveries and foreign currency impact, partially offset by net new provisions of $48 million. December 3120222021Aerospace$7,784 $5,812 Renewable Energy2,415 2,218 Power4,229 4,092 HealthCare3,354 3,255 Corporate195 244 Total current receivables$17,976 $15,620 Sales of customer receivables. Previously, GE businesses sold customer receivables to our Working Capital Solutions (WCS) business. These programs were discontinued in 2021. Separately, the Company from time to time sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. Activity related to current customer receivables sold by GE businesses is as follows: 20222021Third PartiesWCSThird PartiesBalance at January 1$161 $3,618 $2,992 GE businesses sales to WCS— 13,773 — GE businesses sales to third parties(a)2,061 — 1,415 WCS sales to third parties— (10,816)10,816 Collections and other(2,163)(6,676)(15,062)Reclassification from long-term customer receivables41 100 — Balance at December 31$100 $— $161

(a) Corporate balance at December 31, 2023 and 2022 comprises our Digital business. In the fourth quarter of 2023, we performed our annual impairment test. Based on the results of this test, the fair values of each of our reporting units exceeded their carrying values, however, we identified one reporting unit, our Additive reporting unit in our Aerospace segment, for which the fair value was not substantially in excess of its carrying value. At December 31, 2023, our Additive reporting unit had goodwill of $247 million. Determining the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is reasonably possible that the judgments and estimates described above could change in future periods. 2023 FORM 10-K 55 2023 FORM 10-K 55 2023 FORM 10-K 55 20232022INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31Useful lives (in years)Gross carryingamountAccumulatedamortizationNetGross carryingamountAccumulatedamortizationNetCustomer-related(a)3-23$6,201 $(3,851)$2,351 $5,991 $(3,453)$2,538 Patents and technology5-155,924 (3,372)2,553 5,888 (3,202)2,686 Capitalized software3-102,356 (1,639)717 2,979 (2,186)793 Trademarks & other3-25276 (200)75 384 (295)88 Total$14,757 $(9,061)$5,695 $15,242 $(9,137)$6,105

(a) Corporate balance at December 31, 2022 and 2021 comprises our Digital business. In the fourth quarter of 2022, we performed our annual impairment test. Based on the results of this test, the fair values of each of our reporting units exceeded their carrying values, however, we identified two reporting units for which the fair values were not substantially in excess of their carrying values. The fair values of our Digital reporting unit at Corporate and the Additive reporting unit in our Aerospace segment were in excess of their carrying values by 16% and 21%, respectively. At December 31, 2022, our Digital and Additive reporting units had goodwill of $818 million and $239 million, respectively. Determining the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is reasonably possible that the judgments and estimates described above could change in future periods. 20222021INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31Useful lives (in years)Gross carryingamountAccumulatedamortizationNetGross carryingamountAccumulatedamortizationNetCustomer-related(a)3-15$6,063 $(3,475)$2,587 $6,400 $(3,250)$3,150 Patents and technology5-158,432 (5,018)3,415 8,592 (4,361)4,230 Capitalized software3-105,288 (3,824)1,464 5,764 (3,999)1,765 Trademarks & other2-50419 (322)97 449 (313)136 Total$20,202 $(12,639)$7,563 $21,205 $(11,923)$9,282

DISCONTINUED OPERATIONS primarily comprise our former GE HealthCare business, our mortgage portfolio in Poland (Bank BPH), our GE Capital Aviation Services (GECAS) business, and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. GE HealthCare. On January 3, 2023, we completed the previously announced separation of our HealthCare business (the Separation), into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The Separation was structured as a tax-free spin-off, and was achieved through GE's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of GE common stock. In connection with the Separation, the historical results of GE HealthCare and certain assets and liabilities included in the Separation are reported in GE's consolidated financial statements as discontinued operations. We have continuing involvement with GE HealthCare primarily through a transition services agreement, through which GE and GE HealthCare continue to provide certain services to each other for a period of time following the Separation, and a trademark licensing agreement. For the year ended December 31, 2023, we collected net cash of $842 million related to these activities. Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded a charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH was $2,669 million and $1,359 million as of December 31, 2023 and 2022, respectively. In order to maintain appropriate regulatory capital levels, during the year ended December 31, 2023, we made previously reported non-cash capital contributions in the form of intercompany loan forgiveness of $1,797 million; no incremental cash contributions from GE were required in 2023. During the year ended December 31, 2022, we made cash capital contributions of $530 million. For further information about factors that are relevant to the estimate of total losses for borrower litigation at Bank BPH, see Note 24. Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. 2023 FORM 10-K 50 2023 FORM 10-K 50 2023 FORM 10-K 50 The Bank BPH financing receivable portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields and estimates with respect to ongoing borrower litigation. Earnings (loss) from discontinued operations included $1,189 million, $720 million and $509 million in pre-tax charges for the years ended December 31, 2023, 2022 and 2021, respectively, primarily related to the ongoing borrower litigation. At December 31, 2023, the total portfolio had a carrying value of zero, net of a valuation allowance. GECAS/AerCap. We have continuing involvement with AerCap, primarily through a note receivable, ongoing sales or leases of products and services, and transition services that we provide to AerCap. We paid net cash of $203 million to AerCap related to this activity. RESULTS OF DISCONTINUED OPERATIONSFor the year ended December 31, 2023 GE HealthCareGECASBank BPH & OtherTotalTotal revenues$— $— $— $— Cost of equipment and services sold— — — — Other income, costs and expenses(50)— (1,252)(1,301)Earnings (loss) of discontinued operations before income taxes(50)— (1,252)(1,301)Benefit (provision) for income taxes1,706 — 4 1,710 Earnings (loss) of discontinued operations, net of taxes1,656 — (1,248)409 Gain (loss) on disposal before income taxes— — 6 6 Benefit (provision) for income taxes— — — — Gain (loss) on disposal, net of taxes— — 6 6 Earnings (loss) from discontinued operations, net of taxes$1,656 $— $(1,242)$414

DISCONTINUED OPERATIONS primarily comprise our GE Capital Aviation Services (GECAS) business, discontinued in 2021, our mortgage portfolio in Poland, and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. GECAS/AerCap. On November 1, 2021, we completed the combination of our GECAS business with AerCap Holdings N.V. (AerCap). We deconsolidated this business, reclassified its results to discontinued operations for all periods presented and recognized a non-cash after-tax loss of $3,882 million in discontinued operations for the year ended December 31, 2021. We have continuing involvement with AerCap, primarily through our ownership interest, ongoing sales or leases of products and services, and transition services that we provide to AerCap. For the year ended December 31, 2022, we had direct and indirect sales of $162 million to AerCap, primarily related to engine services and sales, and purchases of $174 million from AerCap, primarily related to engine leases. We paid net cash of $48 million to AerCap related to this activity. Bank BPH. The mortgage portfolio in Poland (Bank BPH) comprises floating rate residential mortgages, 85% of which are indexed to or denominated in foreign currencies (primarily Swiss francs). At December 31, 2022, the total portfolio had a carrying value, net of reserves, of $1,199 million. The portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields as well as estimates with respect to ongoing litigation in Poland related to foreign currency-denominated mortgages and other factors. Loss from discontinued operations included $720 million, $509 million and $121 million non-cash pre-tax charges for the years ended December 31, 2022, 2021 and 2020, respectively, reflecting estimates with respect to ongoing litigation as well as market yields. To ensure appropriate capital levels, we made capital contributions in cash of $530 million and $360 million into Bank BPH during the second quarter of 2022 and fourth quarter of 2021, respectively. Future changes in the estimated legal liabilities or market yields could result in further losses and capital contributions related to these loans in future reporting periods beyond the amounts that we currently estimate. See Note 24 for further information. RESULTS OF DISCONTINUED OPERATIONSFor the year ended December 31, 2022 GECASBank BPH & OtherTotalTotal revenues$— $— $— Cost of equipment and services sold— — — Other income, costs and expenses— (808)(808)Earnings (loss) of discontinued operations before income taxes— (808)(808)Benefit (provision) for income taxes— (32)(32)Earnings (loss) of discontinued operations, net of taxes(a)— (841)(841)Gain (loss) on disposal before income taxes(18)75 58 Benefit (provision) for income taxes139 — 139 Gain (loss) on disposal, net of taxes121 75 196 Earnings (loss) from discontinued operations, net of taxes$121 $(765)$(644)

For the year ended December 31, 2021Total revenues$17,717 $— $— $17,717 Cost of equipment and services sold(10,520)(398)— (10,918)Other income, costs and expenses(4,965)1,992 (599)(3,572)Earnings (loss) of discontinued operations before income taxes2,233 1,594 (599)3,227 Benefit (provision) for income taxes(521)(258)(77)(856)Earnings (loss) of discontinued operations, net of taxes1,711 1,336 (676)2,371 Gain (loss) on disposal before income taxes12 (3,312)65 (3,234)Benefit (provision) for income taxes2 (570)(38)(606)Gain (loss) on disposal, net of taxes14 (3,882)27 (3,841)Earnings (loss) from discontinued operations, net of taxes$1,726 $(2,546)$(649)$(1,469)

2022 FORM 10-K 53 2022 FORM 10-K 53 2022 FORM 10-K 53 For the year ended December 31, 2021GECASBank BPH & OtherTotalTotal revenues$— $— $— Cost of equipment and services sold(398)— (398)Other income, costs and expenses1,992 (599)1,393 Earnings (loss) of discontinued operations before income taxes1,594 (599)995 Benefit (provision) for income taxes(258)(77)(335)Earnings (loss) of discontinued operations, net of taxes(a)1,336 (676)660 Gain (loss) on disposal before income taxes(3,312)65 (3,246)Benefit (provision) for income taxes(570)(38)(608)Gain (loss) on disposal, net of taxes(3,882)27 (3,855)Earnings (loss) from discontinued operations, net of taxes$(2,546)$(648)$(3,195)

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ DELOITTE & TOUCHE LLPBoston, Massachusetts February 2, 2024 2023 FORM 10-K 40 2023 FORM 10-K 40 2023 FORM 10-K 40 STATEMENT OF EARNINGS (LOSS)For the years ended December 31 (In millions; per-share amounts in dollars)202320222021Sales of equipment$26,793 $22,334 $25,096 Sales of services37,772 32,808 28,272 Insurance revenues (Note 12)3,389 2,957 3,101 Total revenues67,954 58,100 56,469 Cost of equipment sold27,683 23,743 25,161 Cost of services sold22,709 20,529 18,217 Selling, general and administrative expenses9,195 9,173 8,177 Separation costs (Note 20)978 715 — Research and development1,907 1,786 1,682 Interest and other financial charges1,118 1,477 1,790 Debt extinguishment costs— 465 6,524 Insurance losses, annuity benefits and other costs (Note 12)2,886 2,592 2,174 Non-operating benefit cost (income)(1,585)(409)1,136 Total costs and expenses64,891 60,071 64,861 Other income (loss) (Note 19)7,129 1,172 2,696 Earnings (loss) from continuing operations before income taxes10,191 (799)(5,695)Benefit (provision) for income taxes (Note 15)(1,162)3 757 Earnings (loss) from continuing operations9,029 (795)(4,939)Earnings (loss) from discontinued operations, net of taxes (Note 2)414 1,202 (1,469)Net earnings (loss)9,443 407 (6,408)Less net earnings (loss) attributable to noncontrolling interests(37)67 (71)Net earnings (loss) attributable to the Company9,481 339 (6,337)Preferred stock dividends and other(295)(289)(237)Net earnings (loss) attributable to GE common shareholders$9,186 $51 $(6,573)Amounts attributable to GE common shareholdersEarnings (loss) from continuing operations$9,029 $(795)$(4,939)Less net earnings (loss) attributable to noncontrolling interests, continuing operations(38)16 (117)Earnings (loss) from continuing operations attributable to the Company9,067 (811)(4,821)Preferred stock dividends and other(295)(289)(237)Earnings (loss) from continuing operations attributable to GE common shareholders8,772 (1,100)(5,058)Earnings (loss) from discontinued operations attributableto GE common shareholders414 1,151 (1,515)Net earnings (loss) attributable to GE common shareholders$9,186 $51 $(6,573)Earnings (loss) per share from continuing operations (Note 18)Diluted earnings (loss) per share$7.98 $(1.00)$(4.62)Basic earnings (loss) per share$8.06 $(1.00)$(4.62)Net earnings (loss) per share (Note 18)Diluted earnings (loss) per share$8.36 $0.05 $(6.00)Basic earnings (loss) per share$8.44 $0.05 $(6.00) 2023 FORM 10-K 41 2023 FORM 10-K 41 2023 FORM 10-K 41 STATEMENT OF FINANCIAL POSITIONDecember 31 (In millions)20232022Cash, cash equivalents and restricted cash$16,967 $15,810 Investment securities (Note 3)5,706 7,609 Current receivables (Note 4)15,466 14,831 Inventories, including deferred inventory costs (Note 5)16,528 14,891 Current contract assets (Note 8)1,500 2,467 All other current assets (Note 9)1,647 1,400 Assets of businesses held for sale (Note 2)1,985 1,374 Current assets59,799 58,384 Investment securities (Note 3)38,000 36,027 Property, plant and equipment – net (Note 6)12,494 12,192 Goodwill (Note 7)13,385 12,999 Other intangible assets – net (Note 7)5,695 6,105 Contract and other deferred assets (Note 8)5,406 5,776 All other assets (Note 9)15,997 15,477 Deferred income taxes (Note 15)10,575 10,001 Assets of discontinued operations (Note 2)1,695 31,890 Total assets$163,045 $188,851 Short-term borrowings (Note 10)$1,253 $3,739 Accounts payable and equipment project payables (Note 11)15,408 15,399 Progress collections and deferred income (Note 8)19,677 16,216 All other current liabilities (Note 14)12,712 12,130 Liabilities of businesses held for sale (Note 2)1,826 1,944 Current liabilities50,876 49,428 Deferred income (Note 8)1,339 1,409 Long-term borrowings (Note 10)19,711 20,320 Insurance liabilities and annuity benefits (Note 12)39,624 36,845 Non-current compensation and benefits (Note 13)11,214 10,400 All other liabilities (Note 14)10,508 11,063 Liabilities of discontinued operations (Note 2)1,193 24,474 Total liabilities134,466 153,938 Preferred stock (Note 16)— 6 Common stock (Note 16)15 15 Accumulated other comprehensive income (loss) – net attributable to GE (Note 16)(6,150)(2,272)Other capital26,962 34,173 Retained earnings86,527 82,983 Less common stock held in treasury(79,976)(81,209)Total GE shareholders’ equity27,378 33,696 Noncontrolling interests1,202 1,216 Total equity28,579 34,912 Total liabilities and equity$163,045 $188,851 Assets of discontinued operations (Note 2)

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. /s/ KPMG LLPKPMG LLPWe served as the Company’s auditor from 1909 to 2020.Boston, Massachusetts February 12, 2021, except for the changes described in the third paragraph of note 1 and the fifth paragraph of note 2, as to which the date is February 11, 2022. We served as the Company’s auditor from 1909 to 2020. February 12, 2021, except for the changes described in the third paragraph of note 1 and the fifth paragraph of note 2, as to which the date is February 11, 2022. 2022 FORM 10-K 43 2022 FORM 10-K 43 2022 FORM 10-K 43 STATEMENT OF EARNINGS (LOSS)For the years ended December 31 (In millions; per-share amounts in dollars)202220212020Sales of equipment$31,976 $34,200 $37,584 Sales of services41,626 36,890 35,385 Insurance revenues (Note 12)2,954 3,106 2,865 Total revenues76,555 74,196 75,833 Cost of equipment sold30,426 31,399 35,242 Cost of services sold25,109 22,497 22,629 Selling, general and administrative expenses12,781 11,716 12,628 Separation costs (Note 20)973 — — Research and development2,813 2,497 2,565 Interest and other financial charges1,607 1,876 2,068 Debt extinguishment costs (Note 10)465 6,524 301 Insurance losses, annuity benefits and other costs (Note 12)2,734 2,410 2,519 Goodwill impairments (Note 7)— — 877 Non-operating benefit cost (income)(532)1,782 2,430 Total costs and expenses76,375 80,702 81,259 Other income (loss) (Note 19)1,231 2,823 11,396 Earnings (loss) from continuing operations before income taxes1,412 (3,683)5,970 Benefit (provision) for income taxes (Note 15)(476)286 487 Earnings (loss) from continuing operations936 (3,396)6,457 Earnings (loss) from discontinued operations, net of taxes (Note 2)(644)(3,195)(911)Net earnings (loss)292 (6,591)5,546 Less net earnings (loss) attributable to noncontrolling interests67 (71)(158)Net earnings (loss) attributable to the Company225 (6,520)5,704 Preferred stock dividends(289)(237)(474)Net earnings (loss) attributable to GE common shareholders$(64)$(6,757)$5,230 Amounts attributable to GE common shareholdersEarnings (loss) from continuing operations$936 $(3,396)$6,457 Less net earnings (loss) attributable to noncontrolling interests, continuing operations67 (71)(158)Earnings (loss) from continuing operations attributable to the Company869 (3,325)6,615 Preferred stock dividends(289)(237)(474)Earnings (loss) from continuing operations attributable to GE common shareholders581 (3,562)6,141 Earnings (loss) from discontinued operations attributableto GE common shareholders(644)(3,195)(911)Net earnings (loss) attributable to GE common shareholders$(64)$(6,757)$5,230 Earnings (loss) per share from continuing operations (Note 18)Diluted earnings (loss) per share$0.53 $(3.25)$5.46 Basic earnings (loss) per share$0.53 $(3.25)$5.46 Net earnings (loss) per share (Note 18)Diluted earnings (loss) per share$(0.05)$(6.16)$4.63 Basic earnings (loss) per share$(0.06)$(6.16)$4.63 2022 FORM 10-K 44 2022 FORM 10-K 44 2022 FORM 10-K 44 STATEMENT OF FINANCIAL POSITIONDecember 31 (In millions)20222021Cash, cash equivalents and restricted cash$17,262 $15,770 Investment securities (Note 3)7,609 12,297 Current receivables (Note 4)17,976 15,620 Inventories, including deferred inventory costs (Note 5)17,403 15,847 Current contract assets (Note 8)3,088 4,881 All other current assets (Note 9)1,521 1,933 Assets of businesses held for sale (Note 2)1,374 — Current assets66,234 66,348 Investment securities (Note 3)36,048 42,209 Property, plant and equipment – net (Note 6)14,478 15,609 Goodwill (Note 7)25,798 26,182 Other intangible assets – net (Note 7)7,625 9,330 Contract and other deferred assets (Note 8)6,010 6,124 All other assets (Note 9)16,998 19,040 Deferred income taxes (Note 15)11,705 10,855 Assets of discontinued operations (Note 2)2,892 3,177 Total assets$187,788 $198,874 Short-term borrowings (Note 10)$3,757 $4,361 Accounts payable and equipment project payables (Note 11)18,644 16,243 Progress collections and deferred income18,118 17,372 All other current liabilities (Note 14)14,485 13,977 Liabilities of businesses held for sale (Note 2)1,944 — Current liabilities56,947 51,953 Deferred income2,006 1,989 Long-term borrowings (Note 10)28,593 30,824 Insurance liabilities and annuity benefits (Note 12)33,347 37,166 Non-current compensation and benefits16,021 21,202 All other liabilities (Note 14)12,154 13,240 Liabilities of discontinued operations (Note 2)1,137 887 Total liabilities150,206 157,262 Preferred stock (Note 16)6 6 Common stock (Note 16)15 15 Accumulated other comprehensive income (loss) – net attributable to GE(1,311)1,582 Other capital34,173 34,691 Retained earnings84,693 85,110 Less common stock held in treasury(81,209)(81,093)Total GE shareholders’ equity36,366 40,310 Noncontrolling interests (Note 16)1,216 1,302 Total equity37,582 41,612 Total liabilities and equity$187,788 $198,874 Assets of discontinued operations (Note 2)

Critical Audit Matter Description The liability for future policy benefits as of December 31, 2023 is measured under ASU 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts” (LDTI) based on current assumptions applied to the underlying policy cash flows. The liability for future policy benefits includes $26,832 million for long term care policies. Significant uncertainties exist in evaluating future cash flow projections, including consideration of a wide range of possible outcomes of future events over the life of the insurance contracts that can extend for long periods of time. Key assumptions impacting the cash flow projections used in the measurement of such liabilities that are sensitive and are more subjective requiring significant judgment by management are rate of changes in morbidity and future long-term care premium rate increases. Given the significant judgments required by management, auditing the liability for future policy benefits required a high degree of auditor judgment and an increased extent of effort, including the involvement of actuarial specialists. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures, including those performed by our actuarial specialists, included the following, among others: We tested the effectiveness of controls related to the determination of the liability for future policy benefits. •We evaluated judgments applied by management in setting key assumptions by considering actual experience, sensitivity analysis and relevant industry data, when available. We performed retrospective reviews of future long-term care premium rate increases to evaluate for management bias. 2023 FORM 10-K 39 2023 FORM 10-K 39 2023 FORM 10-K 39 •We tested the underlying data for completeness and accuracy, including historical cash flows that served as a basis for the actuarial estimates. •We performed policy level testing to assess that management’s intended assumptions were used and the model accurately calculated the cash flow projections. •We validated the levels of aggregation of the liability calculations determined by the Company were in accordance with their policy and performed recalculations on a sample basis to validate the appropriateness of the discount rate assumptions used and tested the application of the net premium ratio used to measure the liability for future policy benefits. /s/ DELOITTE & TOUCHE LLPBoston, Massachusetts February 2, 2024We have served as the Company's auditor since 2020. /s/ DELOITTE & TOUCHE LLP

Critical Audit Matter Description The Company performs premium deficiency testing to assess the adequacy of future policy benefit reserves on an annual basis or whenever events or changes in circumstances indicate that a premium deficiency event may have occurred. Significant uncertainties exist in testing cash flow projections in the premium deficiency test for these insurance contracts, including consideration of a wide range of possible outcomes of future events over the life of the insurance contracts that can extend for long periods of time. Given the significant judgments made by management in estimating the cash flow projections used in the premium deficiency test, including the determination of certain key assumptions, auditing the premium deficiency test required a high degree of auditor judgment and an increased extent of effort, including the involvement of our actuarial specialists. Key assumptions impacting the cash flow projections that are sensitive and are more subjective requiring significant judgment by management are discount rate, rate of changes in morbidity, and future long-term care premium rate increases. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures, which included the involvement of our actuarial specialists, related to the premium deficiency analysis included the following, among others: •We tested the effectiveness of controls related to the premium deficiency test process, including controls over the development of key assumptions and management’s judgments related to the development of the cash flow projections. •We tested the underlying data for completeness and accuracy, including historical cash flows that served as the basis for the actuarial estimates. •We evaluated the key assumptions by considering historical actual experience, sensitivity analyses, relevant industry data when available, and management’s basis for changes or lack of change in key assumptions. •We performed recalculations to assess key assumptions were appropriately applied in the cash flow projections. •We evaluated management’s conclusion for the premium deficiency test and verified the results appropriately reflected key assumptions. /s/ DELOITTE & TOUCHE LLPBoston, Massachusetts February 10, 2023We have served as the Company's auditor since 2020. /s/ DELOITTE & TOUCHE LLP 2022 FORM 10-K 41 2022 FORM 10-K 41 2022 FORM 10-K 41

202320222021Investment in GE HealthCare realized and unrealized gain (loss)$5,639 $— $— Investment in and note with AerCap realized and unrealized gain (loss)129 (865)711 Investment in Baker Hughes realized and unrealized gain (loss)10 912 938 Gains (losses) on retained and sold ownership interests$5,778 $47 $1,649 Other net interest and investment income (loss)(a)739 474 585 Licensing and royalty income244 185 175 Equity method income237 220 (123)Purchases and sales of business interests(b)104 60 (52)Other items28 185 462 Total other income (loss)$7,129 $1,172 $2,696 Total other income (loss) Total other income (loss) Total other income (loss) (a) Included interest income associated with customer advances of $156 million, $162 million and $167 million in 2023, 2022 and 2021, respectively. See Note 8 for further information. (b) Included a pre-tax loss of $170 million related to the sale of our boiler manufacturing business in China in our Power segment in 2021. 2023 FORM 10-K 72 2023 FORM 10-K 72 2023 FORM 10-K 72 Our investment in GE HealthCare comprises 61.6 million shares (approximately 13.5% ownership interest) at December 31, 2023. During the year ended December 31, 2023, we received total proceeds of $2,192 million from the disposition of GE HealthCare shares. During the year ended December 31, 2023, we received total proceeds of $6,587 million from the sale of our remaining AerCap shares, leaving an AerCap senior note as our only remaining position. During the first quarter of 2023, we received proceeds of $216 million from the sale of Baker Hughes shares and have now fully monetized our position.

202220212020Purchases and sales of business interests(a)$66 $(40)$12,468 Licensing and royalty income203 192 161 Equity method income233 (96)7 Investment in Baker Hughes realized and unrealized gain (loss)912 938 (2,037)Investment in and note with AerCap unrealized gain (loss)(865)711 — Other net interest and investment income (loss)(b)456 621 590 Other items226 497 207 Total other income (loss)$1,231 $2,823 $11,396 Total other income (loss) (a) Included a pre-tax loss of $170 million related to the sale of our boiler manufacturing business in China in our Power segment in 2021. Included a pre-tax gain of $12,362 million on the sale of our BioPharma business in 2020. See Note 2 for further information. (b) Included interest income associated with customer advances of $162 million, $167 million and $146 million in 2022, 2021 and 2020, respectively. See Note 8 for further information. 2022 FORM 10-K 73 2022 FORM 10-K 73 2022 FORM 10-K 73

(a) Included decreases of $5,795 million and $144 million, substantially all in Other capital related to our redemption of GE preferred stock in the years ended December 31, 2023 and 2022, respectively. Included a $687 million increase in all Other capital related to the change in par value of issued common stock from $0.06 to $0.01 in the year ended December 31, 2021. (b) Included a $5,300 million decrease in Retained earnings reflecting a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare on January 3, 2023. 2023 FORM 10-K 44 2023 FORM 10-K 44 2023 FORM 10-K 44

(a) Included $687 million related to the change in par value of issued common stock from $0.06 to $0.01 in the year ended December 31, 2021. 2022 FORM 10-K 47 2022 FORM 10-K 47 2022 FORM 10-K 47

First quarterSecond quarterThird quarterFourth quarter(Per-share amounts in dollars)20232022202320222023202220232022Total revenues$14,486 $12,675 $16,699 $14,127 $17,346 $14,470 $19,423 $16,828 Sales of equipment and services13,695 11,910 15,852 13,361 16,504 13,826 18,514 16,045 Cost of equipment and services sold10,729 9,774 12,362 10,525 12,905 11,534 14,396 12,440 Earnings (loss) from continuing operations6,221 (1,209)1,058 (1,127)161 (245)1,589 1,786 Earnings (loss) from discontinued operations1,257 101 (1,019)264 173 409 3 427 Net earnings (loss)7,478 (1,108)39 (863)335 165 1,591 2,213 Less net earnings (loss) attributable to noncontrolling interests(27)28 4 19 (14)4 — 16 Net earnings (loss) attributable to the Company$7,506 $(1,136)$35 $(882)$348 $161 $1,591 $2,197 Per-share amounts – earnings (loss) from continuing operationsDiluted earnings (loss) per share$5.56 $(1.16)$0.91 $(1.09)$0.08 $(0.29)$1.44 $1.53 Basic earnings (loss) per share5.60 (1.16)0.91 (1.09)0.08 (0.29)1.46 1.55 Per-share amounts – earnings (loss) from discontinued operationsDiluted earnings (loss) per share1.15 0.08 (0.93)0.23 0.16 0.37 — 0.37 Basic earnings (loss) per share1.15 0.08 (0.94)0.23 0.16 0.37 — 0.37 Per-share amounts – net earnings (loss)Diluted earnings (loss) per share6.71 (1.08)(0.02)(0.86)0.23 0.08 1.45 1.90 Basic earnings (loss) per share6.76 (1.08)(0.02)(0.86)0.24 0.08 1.46 1.93 Dividends declared0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 Less net earnings (loss) attributable to noncontrolling interests Per-share amounts – earnings (loss) from continuing operations Per-share amounts – earnings (loss) from discontinued operations Earnings-per-share amounts are computed independently each quarter for earnings (loss) from continuing operations, earnings (loss) from discontinued operations and net earnings (loss). As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings (loss) for the respective quarters. 2023 FORM 10-K 81 2023 FORM 10-K 81 2023 FORM 10-K 81

First quarterSecond quarterThird quarterFourth quarter(Per-share amounts in dollars)20222021202220212022202120222021Total revenues$17,040 $17,071 $18,646 $18,253 $19,084 $18,569 $21,786 $20,303 Sales of equipment and services16,272 16,316 17,880 17,470 18,438 17,813 21,011 19,492 Cost of equipment and services sold12,453 12,538 13,244 13,618 14,371 13,401 15,467 14,338 Earnings (loss) from continuing operations(729)97 (561)(571)(76)582 2,302 (3,504)Earnings (loss) from discontinued operations(286)(2,894)(210)(564)(85)602 (64)(339)Net earnings (loss)(1,014)(2,798)(771)(1,135)(160)1,184 2,238 (3,843)Less net earnings (loss) attributable to noncontrolling interests28 5 19 (3)4 (73)16 1 Net earnings (loss) attributable to the Company$(1,042)$(2,802)$(790)$(1,131)$(165)$1,257 $2,222 $(3,843)Per-share amounts – earnings (loss) from continuing operationsDiluted earnings (loss) per share$(0.74)$0.02 $(0.59)$(0.57)$(0.14)$0.54 $1.99 $(3.24)Basic earnings (loss) per share(0.74)0.02 (0.59)(0.57)(0.14)0.54 2.01 (3.24)Per-share amounts – earnings (loss) from discontinued operationsDiluted earnings (loss) per share(0.26)(2.63)(0.19)(0.51)(0.08)0.54 (0.06)(0.31)Basic earnings (loss) per share(0.26)(2.64)(0.19)(0.51)(0.08)0.55 (0.06)(0.31)Per-share amounts – net earnings (loss)Diluted earnings (loss) per share(0.99)(2.61)(0.78)(1.08)(0.21)1.08 1.93 (3.55)Basic earnings (loss) per share(0.99)(2.62)(0.78)(1.08)(0.21)1.09 1.95 (3.55)Dividends declared0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 Less net earnings (loss) attributable to noncontrolling interests Per-share amounts – earnings (loss) from continuing operations Per-share amounts – earnings (loss) from discontinued operations Earnings-per-share amounts are computed independently each quarter for earnings (loss) from continuing operations, earnings (loss) from discontinued operations and net earnings (loss). As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings (loss) for the respective quarters. NOTE 28. SUBSEQUENT EVENT. On January 3, 2023 (the Distribution Date), GE completed the previously announced separation of its HealthCare business, into a separate, independent publicly traded company, GE HealthCare Technologies, Inc. (GE HealthCare). The Separation was structured as a tax-free spin-off, and was achieved through GE's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of GE common stock. On the Distribution Date, each holder of record of GE common stock received one share of GE HealthCare common stock for every three shares of GE common stock held. As a result of the Separation, GE HealthCare became an independent public company that trades under the symbol “GEHC” on The Nasdaq Stock Market LLC and we will no longer consolidate GE HealthCare into our financial results. In connection with the Separation, the historical results of GE HealthCare and certain assets and liabilities included in the Separation will be reported in GE's consolidated financial statements as discontinued operations beginning in the first quarter of 2023. GE will prospectively measure its retained ownership interest of approximately 19.9% in GE HealthCare common stock at fair value. This equity ownership interest and the related earnings impact from subsequent changes in its fair value will be recognized in continuing operations. In addition, we expect to fully monetize our stake in GE HealthCare over time. Also in connection with the Separation, the Company entered into various agreements to effect the Separation and provide a framework for the relationship between GE and GE HealthCare, including a Separation and Distribution Agreement (SDA), a Tax Matters Agreement and a Transition Services Agreement (TSA). In connection with the Separation and as a result of the legal split of certain plans as set forth in Note 13, net liabilities of approximately $4.0 billion associated with GE's postretirement benefit plans, including a portion of the principal pension plans, the principal retiree benefit plans and other pension plans were transferred to GE HealthCare. Deferred compensation arrangements and other compensation and benefits obligations of approximately $0.7 billion were also transferred to GE HealthCare. The legal split and transfer of the plans and the related liabilities and obligations to GE HealthCare will impact our assumptions and projections used to determine the funding and costs of GE’s remaining plans. In connection with the Separation, GE received $1.5 billion of cash funded by GE HealthCare's additional $2.0 billion of indebtedness incurred on January 3, 2023. 2022 FORM 10-K 85 2022 FORM 10-K 85 2022 FORM 10-K 85 Following the Separation, GE has remaining performance and bank guarantees on behalf of its former HealthCare business. Under the SDA, GE HealthCare is obligated to use reasonable best efforts to replace GE as the guarantor on or terminate all such credit support instruments. Until such termination or replacement, in the event of non-fulfillment of contractual obligations by the relevant obligor(s), GE could be obligated to make payments under the applicable instruments. Under the SDA, GE HealthCare is obligated to reimburse and indemnify GE for any such payments. As of January 3, 2023, GE’s maximum aggregate exposure under such credit support instruments is approximately $0.5 billion. Most of these guarantees are not expected to remain in effect as of December 2023. In addition, GE also has an obligation under the TSA to indemnify GE HealthCare for certain of its technology costs of approximately $0.1 billion, which are expected to be incurred by GE HealthCare within the first year following the Separation.

2023 FORM 10-K 56 2023 FORM 10-K 56 2023 FORM 10-K 56 December 31, 2022AerospaceRenewable EnergyPowerCorporateTotalRevenues in excess of billings$2,363 $— $5,403 $— $7,766 Billings in excess of revenues(6,681)— (1,763)— (8,443)Long-term service agreements$(4,318)$— $3,640 $— $(677)Equipment and other service agreements433 1,063 1,404 245 3,144 Current contract assets$(3,884)$1,063 $5,044 $245 $2,467 Nonrecurring engineering costs(a)2,513 17 4 — 2,534 Customer advances and other(b)2,519 — 724 — 3,243 Non-current contract and other deferred assets$5,032 $17 $728 $— $5,776 Total contract and other deferred assets$1,148 $1,079 $5,772 $245 $8,244 (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced. (b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements. Progress collections and deferred income increased $3,392 million primarily due to new collections received in excess of revenue recognition primarily at Renewable Energy and Power. Revenues recognized for contracts included in a liability position at the beginning of the year were $13,967 million and $12,345 million for the years ended December 31, 2023 and 2022, respectively. December 31, 2023AerospaceRenewable EnergyPowerCorporateTotalProgress collections$6,198 $6,886 $5,898 $124 $19,106 Current deferred income201 239 20 112 571 Progress collections and deferred income$6,399 $7,125 $5,918 $236 $19,677 Non-current deferred income1,150 122 48 20 1,339 Total Progress collections and deferred income$7,549 $7,247 $5,965 $256 $21,017

(a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced. (b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements. Progress collections and deferred income increased $763 million primarily due new collections received in excess of revenue recognition at Aerospace, including increased collections to support higher production, and at Renewable Energy, partially offset by a decrease at Power due to the reclassification of a portion of our GE Steam Power business to held for sale. Revenues recognized for contracts included in a liability position at the beginning of the year were $13,863 million and $14,884 million for the years ended December 31, 2022 and 2021, respectively. December 31, 2022AerospaceRenewable EnergyPowerHealthCareCorporateTotalProgress collections on equipment contracts$74 $2,464 $3,973 $— $— $6,511 Other progress collections5,740 2,731 541 511 131 9,654 Current deferred income233 208 13 1,391 107 1,952 Progress collections and deferred income$6,047 $5,404 $4,527 $1,902 $238 $18,118 Non-current deferred income1,110 183 104 597 12 2,006 Total Progress collections and deferred income$7,157 $5,586 $4,632 $2,499 $250 $20,124

Gross premiums (a) Determined using the current discount rate as of December 31, 2023 and 2022. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. 20232022Long-term careStructured settlement annuitiesLifeLong-term careStructured settlement annuitiesLifeDuration (years)(a)12.811.35.313.010.75.0Interest accretion rate5.5%5.4%5.0%5.5%5.4%4.9%Current discount rate4.9%4.8%4.7%5.6%5.5%5.4% Duration (years)(a) (a) Determined using the current discount rate as of December 31, 2023 and 2022. Our 2023 annual review of future policy benefit reserves cash flow assumptions resulted in an immaterial charge to net earnings, indicating claims experience continues to develop consistently with our models. Our 2022 annual review resulted in changes to our assumptions principally related to higher near-term mortality related to COVID-19. Included in Insurance losses, annuity benefits and other costs in our Statement of Earnings (Loss) for the years ended December 31, 2023 and 2022 are unfavorable and favorable pre-tax adjustments of $(155) million and $404 million, respectively, from updating the net premium ratio (i.e., the percentage of projected gross premiums required to cover expected policy benefits and related expenses) after updating for actual historical experience each quarter and updating of future cash flow assumptions. Included in these amounts for the years ended December 31, 2023 and 2022, are unfavorable adjustments of $335 million and $190 million, respectively, due to insufficient gross premiums (i.e., net premium ratio exceeded 100%), related to certain cohorts in our long-term care and life insurance portfolios. These adjustments are primarily attributable to increases in the net premium ratio as a result of updating future cash flow assumptions on cohorts where the beginning of the period net premium ratio exceeded 100%. At December 31, 2023 and 2022, policyholders account balances totaled $1,725 million and $1,964 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the years ended December 31, 2023 and 2022 are primarily attributed to surrenders, withdrawals, and benefit payments of $489 million and $441 million, partially offset by net additions from separate accounts and interest credited of $245 million and $271 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both December 31, 2023 and 2022. Reinsurance recoveries are recorded as a reduction of Insurance losses, annuity benefits and other costs in our Statement of Earnings (Loss) and amounted to $108 million, $321 million and $351 million for the years ended December 31, 2023, 2022 and 2021, respectively. Reinsurance recoverables, net of allowances of insignificant amounts, are included in non-current All other assets in our Statement of Financial Position, and amounted to $213 million and $255 million at December 31, 2023 and 2022, respectively. Statutory accounting practices, not GAAP, determine the required statutory capital levels of our insurance legal entities. Statutory accounting practices are set forth by the National Association of Insurance Commissioners (NAIC) as well as state laws, regulation and general administrative rules and differ in certain respects from GAAP. We annually perform statutory asset adequacy testing, the results of which may affect the amount or timing of capital contributions from GE to the insurance legal entities. Following approval of a statutory permitted accounting practice in 2018 by our primary regulator, the Kansas Insurance Department (KID), we provided a total of $13,215 million of capital contributions to our run-off insurance subsidiaries, including $1,815 million in the first quarter of 2023. In accordance with the terms of the 2018 statutory permitted accounting practice, we expect to provide the final capital contribution of up to $1,820 million in the first quarter of 2024, pending completion of our December 31, 2023 statutory reporting process, which includes asset adequacy testing, subject to ongoing monitoring by KID. GE is a party to capital maintenance agreements with its run-off insurance subsidiaries under which GE is required to maintain their statutory capital levels at 300% of their year-end Authorized Control Level risk-based capital requirements as defined from time to time by the NAIC. See Notes 1, 3 and 9 for further information related to our run-off insurance operations. 2023 FORM 10-K 60 2023 FORM 10-K 60 2023 FORM 10-K 60

Future policy benefit reserves Claim reserves(b) Investment contracts Unearned premiums and other Total (a) The decrease in Other adjustments of $3,394 million is a result of the decline in unrealized gains on investment securities. (b) Other contracts included claim reserves of $242 million related to short-duration contracts at Electric Insurance Company (EIC), net of eliminations, at December 31, 2021. EIC is a property and casualty insurance company primarily providing insurance to GE and its employees. Claim reserve activity included incurred claims of $1,481 million, $1,699 million and $1,801 million, of which insignificant amounts related to the recognition of adjustments to prior year claim reserves arising from our periodic reserve evaluation in the years ended December 31, 2022, 2021 and 2020, respectively. Paid claims were $1,518 million, $1,709 million and $1,728 million in the years ended December 31, 2022, 2021 and 2020, respectively. Reinsurance recoveries are recorded as a reduction of insurance losses and annuity benefits in our Statement of Earnings (Loss) and amounted to $321 million, $351 million and $350 million for the years ended December 31, 2022, 2021 and 2020, respectively. Reinsurance recoverables, net of allowances of an insignificant amount and $1,654 million, are included in non-current All other assets in our Statement of Financial Position, and amounted to $132 million and $2,651 million at December 31, 2022 and 2021, respectively. In the third quarter of 2022, we agreed to terminate substantially all long-term care insurance exposures previously ceded to a single reinsurance company (recapture transaction) and recorded an increase to our allowance for credit losses on such reinsurance recoverables of $415 million (pre-tax) ($328 million (after-tax)) which is unrelated to changes in claim experience or projections of future policy benefit reserves. Upon closing of the recapture transaction in the fourth quarter of 2022, we received a net portfolio of investment securities with an estimated fair value of $2,396 million in complete settlement of reinsurance recoverables previously recognized under retrocession agreements with the reinsurance company, which represented substantially all of our reinsurance recoverables balance as of September 30, 2022 and recorded an incremental loss of $56 million (pre-tax) ($44 million (after-tax)). The recapture transaction reduces both our financial and operational risks by removing the future inherent risk of collectability of reinsurance recoverables, eliminating retrocession contracts having complex terms and conditions, assuming direct control of the portfolio of investment securities held in a trust for our benefit and redeploying those assets consistent with our portfolio realignment strategy and establishing administration service standards intended to enhance claim administration and innovation efforts. The effect of the recapture agreement does not increase our long-term care insurance liabilities as under the existing retrocession agreements we were not previously relieved of our primary obligation to companies from which we originally assumed the liabilities. In addition, we do not expect changes to projected statutory funding as a result of the recapture transaction. Premium Deficiency Testing. We completed our annual premium deficiency testing in the aggregate across our run-off insurance portfolio in the third quarter of 2022. These procedures included updating certain experience studies since our last test completed in the third quarter of 2021, independent actuarial analysis (principally on long-term care insurance exposures) and review of industry benchmarks. Using updated assumptions, the 2022 premium deficiency testing results indicated a positive margin of about 10% of the related future policy benefit reserves recorded at September 30, 2022, or approximately equivalent to the 2021 premium deficiency testing results. The premium deficiency testing margin in 2022 was impacted by a lower discount rate in our ERAC portfolio due to the recapture transaction, as explained above, partially offset by higher prevailing benchmark interest rates in the U.S. The portfolio of investment securities expected to be received from the recapture transaction were assumed to be invested at yields below ERAC’s current portfolio yield before ultimately grading to the long-term average investment yield as we reinvest the portfolio over time. This effect was partially offset by the net impact from assumed moderately higher near-term mortality related to COVID-19 in the aggregate across our run-off insurance products (i.e., for life insurance products, higher mortality increases the present value of expected future benefit payments, while for annuity and long-term care insurance contracts, higher mortality decreases the present value of expected future benefit payments). Excluding the net impact from assumed moderately higher near-term mortality related to COVID-19, we have made no substantial change to our assumptions concerning morbidity, morbidity improvement, mortality, mortality improvement, terminations, or long-term care insurance premium rate increases in 2022. We regularly monitor emerging experience and industry developments, including these factors, to help us refine all our reserve assumptions, which may result in future changes to those assumptions. 2022 FORM 10-K 62 2022 FORM 10-K 62 2022 FORM 10-K 62 Statutory accounting practices, not GAAP, determine the required statutory capital levels of our insurance legal entities. Statutory accounting practices are set forth by the National Association of Insurance Commissioners (NAIC) as well as state laws, regulation and general administrative rules and differ in certain respects from GAAP. We annually perform statutory asset adequacy testing and expect our December 31, 2022 testing process to be completed in the first quarter of 2023, the results of which may affect the amount or timing of capital contributions from GE to the insurance legal entities. Following approval of a statutory permitted accounting practice in 2018 by our primary regulator, the Kansas Insurance Department (KID), we provided a total of $11,400 million of capital contributions to our run-off insurance subsidiaries. We expect to provide further capital contributions of approximately $3,600 million through 2024 (of which approximately $1,800 million is expected to be contributed in the first quarter of 2023, pending completion of our December 31, 2022 statutory reporting process, which includes asset adequacy testing), subject to ongoing monitoring by KID. GE is a party to capital maintenance agreements with its run-off insurance subsidiaries under which GE is required to maintain their statutory capital levels at 300% of their year-end Authorized Control Level risk-based capital requirements as defined from time to time by the NAIC.

As of September 14, 2023, our investment in AerCap ownership reduced below 20%, and as a result, we no longer have significant influence in AerCap. On November 16, 2023, we sold our remaining equity interest in AerCap and only the note remains outstanding. The fair value of our interest in AerCap, including the note, was $944 million and $7,403 million, which is included within Investment securities on our Statement of Financial Position at December 31, 2023 and 2022, respectively. We recognized a realized pre-tax and after-tax gain of $129 million based on several transactions during the year with share prices in the range of $55.75 to $65.89, an unrealized pre-tax loss of $865 million ($1,052 million after-tax) based on a share price of $58.32 and an unrealized pre-tax and after-tax gain of $711 million based on a share price of $65.42 related to our interest in AerCap for the years ended December 31, 2023, 2022, and 2021, respectively. See Notes 2, 3 and 19 for further information. Given AerCap summarized financial information is not available as of the date of this filing, the summarized financial information presented below is reported on a one quarter lag. For the years ended December 312023(a)2022(b)Revenues$7,511 $6,627 Net income (loss)2,539 (1,128)Net income (loss) attributable to the entity2,525 (1,132) (a) We reported summarized financial information ending September 30, 2023 instead of September 14, 2023 (date investment reduced below 20%). (b) We reported summarized financial information starting October 1, 2021 instead of November 1, 2021 (the acquisition date). As of December 312023(a)2022(b)Flight equipment held for operating leases, net$— $54,611 Other— 15,200 Total assets$— $69,811 $— Debt$— $47,350 Other— 6,817 Total liabilities$— $54,167 Noncontrolling interests$— $77 (a) As of September 14, 2023 (date investment reduced below 20%). As a result, we no longer have significant influence. (b) Financial information is from September 30, 2022. AerCap is a SEC registrant with separate filing requirements, and their respective financial information can be obtained from www.sec.gov. 2023 FORM 10-K 80 2023 FORM 10-K 80 2023 FORM 10-K 80 Equity method investments. Unconsolidated entities over which we have significant influence are accounted for as equity method investments and presented on a one-line basis in All other assets on our Statement of Financial Position. Equity method income includes our share of the results of unconsolidated entities, gains (loss) from sales and impairments of investments, which is included in Other income and in Insurance revenues in our Statement of Earnings (Loss). See Notes 1, 9 and 19 for further information. Equity method investment balance (Note 9)Equity method income (loss)December 3120232022202320222021Aerospace$1,958 $1,931 $295 $149 $58 Renewable Energy808 752 74 32 39 Power1,029 960 78 89 23 Corporate(a)4,136 3,991 (34)103 68 Total consolidated$7,931 $7,633 $413 $373 $188 (a) Equity method investments within Corporate include investments held by EFS of $1,718 million and $1,975 million and held by our run-off insurance operations of $2,383 million and $1,980 million as of December 31, 2023 and 2022, respectively. Summarized financial information of these equity method investments, exclusive of AerCap, is as follows. For the years ended December 31202320222021Revenues$43,463 $33,891 $27,210 Gross Profit2,791 2,579 2,060 Net income (loss)2,847 2,068 2,020 Net income (loss) attributable to the entity2,802 2,035 2,000 2023 2021 As of December 3120232022Current assets$29,167 $26,659 Total assets$68,313 $61,105 Current liabilities$23,484 $21,918 Total liabilities$33,573 $31,947 Noncontrolling interests$552 $399 2023

(a) Includes interest and other financial charges of $54 million, $63 million and $50 million and benefit for income taxes of $213 million, $162 million and $154 million related to EFS within Corporate for the years ended December 31, 2022, 2021, and 2020, respectively. 2022 FORM 10-K 82 2022 FORM 10-K 82 2022 FORM 10-K 82 AssetsProperty, plant andequipment additions(a)Depreciation and amortizationAt December 31For the years ended December 31For the years ended December 31202220212020202220212020202220212020Aerospace$39,243 $38,298 $38,634 $543 $445 $737 $1,037 $1,074 $1,142 Renewable Energy15,719 14,804 15,927 275 349 302 412 432 413 Power22,173 23,569 24,453 210 189 245 506 692 749 HealthCare26,070 24,770 22,229 310 278 256 640 641 628 Corporate(b)(c)81,692 94,256 114,220 34 25 40 948 168 531 Total continuing$184,896 $195,697 $215,463 $1,371 $1,286 $1,579 $3,543 $3,009 $3,464 (a)Additions to property, plant and equipment include amounts relating to principal businesses purchased. (b)Depreciation and amortization included the Steam asset sale impairment in the first quarter of 2022. (c)Included deferred income taxes that are presented as assets for purposes of our Statement of Financial Position presentation. We classify certain assets that cannot meaningfully be associated with specific geographic areas as “Other Global” for this purpose. December 31 20222021U.S.$126,005 $130,956 Non-U.S.Europe36,603 42,213 Asia11,317 11,534 Americas6,405 6,406 Other Global4,566 4,588 Total Non-U.S.$58,892 $64,741 Total assets (Continuing operations)$184,896 $195,697 The decrease in continuing assets in 2022 was primarily driven by decreases in estimated fair value of our debt securities, depreciation and amortization on property, plant and equipment and intangible assets, including the Steam asset sale impairment, and the effects of a stronger U.S. dollar. Property, plant and equipment – net associated with operations based in the United States were $7,508 million and $8,411 million at December 31, 2022 and 2021, respectively. Property, plant and equipment – net associated with operations based outside the United States were $6,970 million and $7,198 million at December 31, 2022 and 2021, respectively. NOTE 26. SUMMARIZED FINANCIAL INFORMATION. We account for our remaining interest in Baker Hughes (comprising 7 million shares with approximately 1% ownership interest as of December 31, 2022) at fair value. As of November 3, 2021, our investment in BKR ownership reduced below 20%, and as a result, we no longer have significant influence in BKR. The fair value of our interest in Baker Hughes at December 31, 2022 and 2021 was $207 million and $4,010 million, respectively. We recognized a realized and unrealized pre-tax gain of $912 million ($702 million after-tax) based on a share price of $29.53, a realized and unrealized pre-tax gain of $938 million ($696 million after-tax) based on a share price of $24.06, and a realized and unrealized pre-tax loss of $2,037 million ($1,562 million after-tax) based on a share price of $20.85 for the years ended December 31, 2022, 2021 and 2020, respectively. The 2022 gain, 2021 gain and 2020 loss included a $109 million pre-tax derivative gain, a $129 million pre-tax derivative gain and a $54 million pre-tax derivative loss, respectively, associated with the forward sale of Baker Hughes shares pursuant to our previously announced program to monetize our Baker Hughes position. During the years ended December 31, 2022, 2021 and 2020, we completed forward sales of 160 million, 183 million and 28 million shares and received proceeds of $4,717 million, $4,145 million and $417 million, respectively. In January 2023, we sold our remaining 7 million shares and received net proceeds of $216 million. See Notes 2, 3 and 19 for further information. Summarized financial information of Baker Hughes is as follows. For the years ended December 312022(a)2021(b)2020Revenues$— $16,997 $20,705 Gross Profit— 3,276 3,199 Net income (loss)— (546)(15,761)Net income (loss) attributable to the entity— (407)(9,940) 2022(a) 2020 (a) As of November 3, 2021, our investment in BKR reduced below 20%, and as a result, we no longer have significant influence. (b) Financial information is from January 1, 2021 to November 3, 2021 (date investment in BKR reduced below 20%). On November 1, 2021, we received 111.5 million ordinary shares of AerCap (approximately 46% ownership interest) and an AerCap senior note as partial consideration in conjunction with the GECAS transaction, for which we have adopted the fair value option. The fair value of our interest in AerCap, including the note, at December 31, 2022 and 2021 was $7,403 million and $8,287 million, respectively. We recognized an unrealized pre-tax loss of $865 million ($1,052 million after-tax) based on a share price of $58.32 and an unrealized pre-tax and after-tax gain of $711 million based on a share price of $65.42 related to our interest in AerCap for the years ended December 31, 2022 and 2021, respectively. See Notes 2, 3 and 19 for further information. Given AerCap summarized financial information is not available as of the date of this filing, this information is reported on a one quarter lag. Summarized financial information of AerCap is as follows. 2022 FORM 10-K 83 2022 FORM 10-K 83 2022 FORM 10-K 83 For the year ended December 312022(a)Revenues$6,627 Net income (loss)(1,128)Net income (loss) attributable to the entity(1,132) 2022(a) (a) As we are unable to obtain monthly financial data for AerCap to match the exact period of ownership, we reported summarized financial information for AerCap starting October 1, 2021 instead of November 1, 2021. As of December 312022(a)Flight equipment held for operating leases, net$54,611 Other15,200 Total assets$69,811 Debt$47,350 Other6,817 Total liabilities$54,167 Noncontrolling interests$77 2022(a) (a) Financial information is from September 30, 2022. Baker Hughes and AerCap are SEC registrants with separate filing requirements, and their respective financial information can be obtained from www.sec.gov. GE, within its Aerospace segment, has interests in certain joint ventures formed to manufacture and service commercial jet engines and engine parts, collectively referred to herein as the Commercial Aerospace Joint Ventures. These interests include: CFM International Inc., CFM International SA and CFM Materials, LP, joint operations of the CFM56 and LEAP engine programs with Safran Aircraft Engines, a subsidiary of Safran Group of France; Engine Alliance, LLC, a joint operation of the GP7200 engine program with Raytheon Technologies Corporation via their Pratt & Whitney segment; GE Honda Aero Engines, LLC, a joint operation of the HF120 engine program with Honda Aero, Inc; and Advanced Atomization Technologies, LLC, a joint operation for engine fuel nozzles with Parker-Hannifin Corporation. GE recognizes revenue on sales to these Commercial Aerospace Joint Ventures upon the transfer of its products and services, of which the timing and the amount of revenue recognized could be different than that of the joint ventures. Summarized financial information of these Commercial Aerospace Joint Ventures is as follows. For the years ended December 31202220212020Revenues$23,317 $17,118 $15,931 Gross Profit312 284 359 Net income (loss)249 (123)327 Net income (loss) attributable to the entity237 (140)312 2022 2020 As of December 3120222021Current assets$13,328 $8,845 Total assets$14,327 $9,941 Current liabilities$12,828 $8,435 Total liabilities$12,887 $8,470 Noncontrolling interests$153 $147 2022 2022 FORM 10-K 84 2022 FORM 10-K 84 2022 FORM 10-K 84

2023 FORM 10-K 69 2023 FORM 10-K 69 2023 FORM 10-K 69 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 3120232022Deferred tax assets Insurance company loss reserves$3,185 $2,492 Progress collections, contract assets and deferred items2,753 2,365 Accrued expenses and reserves2,197 2,215 Deferred expenses1,317 1,438 Other compensation and benefits1,143 1,173 Principal pension plans1,359 1,146 Non-U.S. loss carryforwards(a)972 939 Other(b)843 1,000 Total deferred tax assets$13,769 $12,768 Deferred tax liabilities Depreciation$(702)$(613) Global investments, partnerships, join ventures and non-consolidated entities(1,389)(1,440) Other(1,103)(714)Total deferred tax liabilities(3,194)(2,767)Net deferred income tax asset (liability)$10,575 $10,001

2022 FORM 10-K 70 2022 FORM 10-K 70 2022 FORM 10-K 70 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 3120222021Deferred tax assets Accrued expenses and reserves$2,538 $2,635 Progress collections, contract assets and deferred items2,520 2,093 Deferred expenses1,925 1,597 Principal pension plans1,806 2,375 Insurance company loss reserves1,782 1,700 Non-U.S. loss carryforwards(a)1,240 1,354 Other compensation and benefits975 1,397 Investment securities516 (1,278) Principal retiree benefit plans692 896 Other(b)703 1,329 Total deferred tax assets$14,697 $14,098 Deferred tax liabilities Investment in global operations$(1,011)$(1,775) Other(1,981)(1,468)Total deferred tax liabilities(2,992)(3,243)Net deferred income tax asset (liability)$11,705 $10,855

BASIS FOR PRESENTATION. Our operating businesses are organized based on the nature of markets and customers. Segment accounting policies are the same as described and referenced in Note 1. A description of our operating segments as of December 31, 2023 can be found in the Segment Operations section within MD&A. REVENUESTotal revenuesIntersegment revenuesExternal revenuesYears ended December 31202320222021202320222021202320222021Aerospace$31,770 $26,050 $21,310 $708 $660 $1,036 $31,062 $25,390 $20,274 Renewable Energy15,050 12,977 15,697 76 80 138 14,974 12,896 15,559 Power17,731 16,262 16,903 180 267 345 17,551 15,995 16,558 Corporate 3,403 2,812 2,559 (965)(1,008)(1,519)4,367 3,819 4,078 Total$67,954 $58,100 $56,469 $— $— $— $67,954 $58,100 $56,469 2023 FORM 10-K 78 2023 FORM 10-K 78 2023 FORM 10-K 78 Years ended December 31202320222021EquipmentServicesTotalEquipmentServicesTotalEquipmentServicesTotalAerospace$9,319 $22,451 $31,770 $7,842 $18,207 $26,050 $7,531 $13,780 $21,310 Renewable Energy12,625 2,425 15,050 10,191 2,785 12,977 13,224 2,473 15,697 Power5,396 12,335 17,731 4,737 11,526 16,262 5,035 11,868 16,903 Total segment revenues$27,340 $37,211 $64,551 $22,770 $32,518 $55,289 $25,789 $28,121 $53,910 Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is presented separately from the remainder of the Americas. Years ended December 31202320222021AerospaceRenewable EnergyPowerCorporateTotalTotalTotalU.S.$13,486 $6,327 $6,008 $3,270$29,090 $24,964 $25,607 Non-U.S.Europe7,225 4,099 4,178 14815,650 12,587 11,244 China region2,607 214 1,081 (2)3,900 3,537 4,044 Asia (excluding China region)3,195 1,874 2,002 (102)6,969 6,098 5,762 Americas1,865 1,579 1,576 145,034 4,750 3,553 Middle East and Africa3,393 958 2,885 757,310 6,164 6,259 Total Non-U.S.$18,285 $8,723 $11,722 $133$38,863 $33,136 $30,862 Total geographic revenues$31,770 $15,050 $17,731 $3,403$67,954 $58,100 $56,469 Non-U.S. revenues as a % of total58 %58 %66 %57 %57 %55 % REMAINING PERFORMANCE OBLIGATION. As of December 31, 2023, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations was $267,233 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $54,675 million of which 44%, 68% and 92% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $212,558 million of which 12%, 42%, 66% and 82% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations. Total sales of equipment and services to agencies of the U.S. Government were 8% of total revenues for the years ended December 31, 2023, 2022 and 2021. Within our Aerospace segment, defense-related sales were 6%, 7% and 7% of total revenues for the years ended December 31, 2023, 2022 and 2021, respectively. PROFIT AND EARNINGS For the years ended December 31202320222021Aerospace$6,115 $4,775 $2,882 Renewable Energy(1,437)(2,240)(795)Power1,449 1,217 726 Total segment profit (loss)6,126 3,751 2,812 Corporate(a)3,785 (2,875)1,158 Interest and other financial charges(1,073)(1,423)(1,727)Debt extinguishment costs— (465)(6,524)Non-operating benefit income (cost)1,585 409 (1,136)Benefit (provision) for income taxes(1,357)(210)595 Preferred stock dividends(295)(289)(237)Earnings (loss) from continuing operations attributable to GE common shareholders8,772 (1,100)(5,058)Earnings (loss) from discontinued operations attributable to GE common shareholders414 1,151 (1,515)Net earnings (loss) attributable to GE common shareholders$9,186 $51 $(6,573)

REMAINING PERFORMANCE OBLIGATION. As of December 31, 2022, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations was $250,997 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $48,936 million of which 59%, 81% and 98% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $202,061 million of which 13%, 46%, 70% and 84% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations. Total sales of equipment and services to agencies of the U.S. Government were 6%, 6% and 7% of total revenues for the years ended December 31, 2022, 2021 and 2020, respectively. Within our Aerospace segment, defense-related sales were 5%, 5% and 6% of total revenues for the years ended December 31, 2022, 2021 and 2020, respectively. PROFIT AND EARNINGS For the years ended December 31202220212020Aerospace$4,775 $2,882 $1,229 Renewable Energy(2,240)(795)(715)Power1,217 726 274 HealthCare2,705 2,966 3,060 Total segment profit (loss)6,456 5,778 3,848 Corporate(a)(3,413)892 8,061 Interest and other financial charges(1,552)(1,813)(2,018)Debt extinguishment costs(465)(6,524)(301)Non-operating benefit income (cost)532 (1,782)(2,430)Goodwill impairments— — (877)Benefit (provision) for income taxes(689)124 333 Preferred stock dividends(289)(237)(474)Earnings (loss) from continuing operations attributable to GE common shareholders581 (3,562)6,141 Earnings (loss) from discontinued operations attributable to GE common shareholders(644)(3,195)(911)Net earnings (loss) attributable to GE common shareholders$(64)$(6,757)$5,230

December 3120232022Trade payables$10,678 $10,033 Supply chain finance programs(a)3,133 3,689 Equipment project payables(b)1,193 1,236 Non-income based tax payables403 441 Accounts payable and equipment project payables$15,408 $15,399 (a) During the fourth quarter of 2023, Renewable Energy, Power and Corporate made prepayments of $473 million, $185 million and $76 million, respectively, related to supply chain finance programs. (b) Primarily related to projects at Power and Renewable Energy. We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE receivables to third parties at the sole discretion of both the suppliers and the third parties. Total supplier invoices paid through these third-party programs were $8,552 million and $6,990 million for the year ended December 31, 2023 and 2022, respectively. NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. On January 1, 2023, we adopted Accounting Standards Update No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The new guidance for measuring the liability for future policy benefits and related reinsurance recoverable asset was adopted on a modified retrospective basis such that those balances were adjusted to conform to the new guidance at the January 1, 2021 transition date. Refer to the revised portions of our 2022 Form 10-K filed as Exhibit 99(a) with the Form 8-K on April 25, 2023 for more information. On January 1, 2023, we adopted Accounting Standards Update No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenues of $3,389 million, $2,957 million and $3,101 million, profit was $332 million, $205 million and $798 million and net earnings was $260 million, $159 million and $627 million for the years ended December 31, 2023, 2022 and 2021, respectively. These operations were primarily supported by investment securities of $37,592 million and $35,503 million, limited partnerships of $3,300 million and $2,506 million, and a diversified commercial mortgage loan portfolio substantially all collateralized by first liens on U.S. commercial real estate properties of $1,947 million and $1,975 million (net of allowance for credit losses of $48 million and $27 million), at December 31, 2023 and 2022, respectively. As of December 31, 2023, the commercial mortgage loan portfolio had one delinquent loan, no non-accrual loans and about one-third of the portfolio was held in the office sector which had a weighted average loan-to-value ratio of 68%, debt service coverage of 1.6, and no scheduled maturities through 2025. A summary of our insurance liabilities and annuity benefits is presented below: 2023 FORM 10-K 58 2023 FORM 10-K 58 2023 FORM 10-K 58 December 31, 2023Long-term careStructured settlement annuitiesLifeOther contractsTotalFuture policy benefit reserves$26,832 $9,357 $1,117 $382 $37,689 Investment contracts— 793 — 742 1,535 Other— — 116285 400 Total$26,832 $10,150 $1,233 $1,409 $39,624

December 3120222021Trade payables$12,479 $10,970 Supply chain finance programs4,081 3,402 Equipment project payables(a)1,469 1,341 Non-income based tax payables616 531 Accounts payable and equipment project payables$18,644 $16,243 (a) Primarily related to projects in our Power and Renewable Energy segments. NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenues of $2,954 million, $3,106 million and $2,865 million, profit was $60 million, $566 million and $197 million and net earnings was $44 million, $444 million and $143 million for the years ended December 31, 2022, 2021 and 2020, respectively. These operations were supported by assets of $44,197 million and $49,894 million at December 31, 2022 and 2021, respectively. A summary of our insurance contracts is presented below: NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenues of $2,954 million, $3,106 million and $2,865 million, profit was $60 million, $566 million and $197 million and net earnings was $44 million, $444 million and $143 million for the years ended December 31, 2022, 2021 and 2020, respectively. These operations were supported by assets of $44,197 million and $49,894 million at December 31, 2022 and 2021, respectively. A summary of our insurance contracts is presented below: 2022 FORM 10-K 61 2022 FORM 10-K 61 2022 FORM 10-K 61 December 31, 2022Long-term careStructured settlement annuities & lifeOther contractsOther adjustments(a)TotalFuture policy benefit reserves$17,357 $8,678 $187 $— $26,223 Claim reserves4,596 254 307 — 5,156 Investment contracts— 864 907 — 1,771 Unearned premiums and other18 174 5 — 197 Total$21,971 $9,970 $1,406 $— $33,347

CHANGES IN GOODWILL BALANCESBalance at December 31, 2021DispositionsCurrency exchange and otherBalance at December 31, 2022AcquisitionsCurrency exchange and otherBalance at December 31, 2023Aerospace$9,013 $(6)$(171)$8,835 $— $113 $8,948 Renewable Energy3,231 — (30)3,201 — 86 3,287 Power145 — (1)144 164 — 307 Corporate(a)914 — (96)818 22 1 842 Total$13,303 $(6)$(299)$12,999 $186 $200 $13,385

ACQUISITIONS. On December 21, 2021 our HealthCare business acquired BK Medical, a leader in surgical ultrasound imaging and guidance technology, for $1,455 million. The final purchase price allocation resulted in goodwill of $997 million, amortizable intangible assets of $398 million and indefinite-lived intangible assets of $23 million. CHANGES IN GOODWILL BALANCESBalance at December 31, 2020AcquisitionsCurrency exchange and otherBalance at December 31, 2021DispositionsCurrency exchange and otherBalance at December 31, 2022Aerospace$9,247 $— $(234)$9,013 $(6)$(171)$8,835 Renewable Energy3,401 — (169)3,231 — (30)3,201 Power146 — (1)145 — (1)144 HealthCare11,855 1,064 (40)12,879 — (80)12,799 Corporate(a)876 43 (4)914 — (96)818 Total$25,524 $1,106 $(448)$26,182 $(6)$(378)$25,798

For the year ended December 31, 2022Total revenues$18,457 $— $— $18,457 Cost of equipment and services sold(11,265)— — (11,265)Other income, costs and expenses(4,842)— (808)(5,651)Earnings (loss) of discontinued operations before income taxes2,350 — (808)1,541 Benefit (provision) for income taxes(521)— (32)(553)Earnings (loss) of discontinued operations, net of taxes1,829 — (841)988 Gain (loss) on disposal before income taxes6 (18)75 64 Benefit (provision) for income taxes11 139 — 150 Gain (loss) on disposal, net of taxes17 121 75 213 Earnings (loss) from discontinued operations, net of taxes$1,846 $121 $(765)$1,202

For the year ended December 31, 2020Total revenues$— $— $— Cost of equipment and services sold(2,555)— (2,555)Other income, costs and expenses1,781 (195)1,586 Earnings (loss) of discontinued operations before income taxes(773)(195)(968)Benefit (provision) for income taxes(13)101 89 Earnings (loss) of discontinued operations, net of taxes(a)(786)(93)(879)Gain (loss) on disposal before income taxes— (31)(31)Benefit (provision) for income taxes— (1)(1)Gain (loss) on disposal, net of taxes— (32)(32)Earnings (loss) from discontinued operations, net of taxes$(786)$(125)$(911)

December 3120232022Derivative instruments (Note 22)$437 $454 Prepaid taxes and deferred charges248 313 Accrued interest and investment income466 457 Other495 176 All other current assets $1,647 $1,400 Equity method investments (Note 26)7,931 7,633 Long-term receivables (Note 4)1,129 1,236 Prepaid taxes and deferred charges608 583 Insurance receivables(a)2,364 2,438 Insurance investments without readily determinable fair value (Note 3)939 548 Insurance cash and cash equivalents(b)784 619 Pension surplus1,468 1,793 Other774 627 All other non-current assets$15,997 $15,477 Total All other assets$17,643 $16,876 (a) Included commercial mortgage loans related to our run-off insurance operations. See Note 12. (b) Cash and cash equivalents in our insurance entities are subject to regulatory restrictions and used for operations of those entities. Therefore, the balance is included in All other assets. 2023 FORM 10-K 57 2023 FORM 10-K 57 2023 FORM 10-K 57

December 3120222021Derivative instruments (Note 22)$482 $684 Assets held for sale95 208 Prepaid taxes and deferred charges395 341 Cash collateral on derivatives— 76 Accrued interest and investment income457 426 Other93 199 All other current assets $1,521 $1,933 Equity method and other investments8,554 7,840 Long-term receivables (Note 4)1,672 2,097 Prepaid taxes and deferred charges670 800 Insurance receivables2,315 4,705 Insurance cash and cash equivalents(a)619 353 Pension surplus2,578 2,784 Other591 461 All other non-current assets$16,998 $19,040 Total All other assets$18,520 $20,973 (a) Cash and cash equivalents in our insurance entities are subject to regulatory restrictions and used for operations of those entities. Therefore, the balance is included in All other assets. Equity method investments. Unconsolidated entities over which we have significant influence are accounted for as equity method investments and presented on a one-line basis in All other assets on our Statement of Financial Position. Equity method income includes our share of the results of unconsolidated entities, gains (loss) from sales and impairments of investments, which is included in Other income and in Insurance revenues in our Statement of Earnings (Loss). See Note 1 for further information. Equity method investment balanceEquity method income (loss)December 3120222021202220212020Aerospace$1,931 $2,000 $149 $58 $(41)Renewable Energy752 739 32 39 13 Power960 977 89 23 43 HealthCare182 223 13 27 7 Corporate(a)3,991 3,451 103 68 23 Total consolidated$7,815 $7,391 $386 $215 $46 (a) Equity method investments within Corporate include investments held by EFS of $1,975 million and $1,943 million and held by our run-off insurance operations of $1,980 million and $1,480 million as of December 31, 2022 and 2021, respectively. 2022 FORM 10-K 60 2022 FORM 10-K 60 2022 FORM 10-K 60