XML 34 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefit Plans
9 Months Ended
Sep. 30, 2017
Retirement Benefits [Abstract]  
Employee Benefits Plans
EMPLOYEE BENEFIT PLANS
Certain U.S. employees are covered under various U.S. GE employee benefit plans, including GE's retirement plans (pension, retiree health and life insurance, and savings benefit plans). In addition, certain United Kingdom (UK) employees participate in the GE UK Pension Plan. We are allocated relevant participation costs for these GE employee benefit plans as part of multiemployer plans. As such, we have not recorded any liabilities associated with our participation in these plans. Expenses associated with our participation in these plans was $22 million and $25 million in the three months ended September 30, 2017 and 2016, respectively, and $67 million and $73 million in the nine months ended September 30, 2017 and 2016, respectively.
In addition to the GE Plans, we have both funded and unfunded noncontributory defined benefit pension plans (Pension Benefits) covering certain employees primarily in the U.S., UK, Germany and Canada. Our pension plans include seven U.S. and six non-U.S. pension plans with pension assets or obligations greater than $20 million. We also provide certain postretirement health care benefits (Other Postretirement Benefits), through unfunded plans, to a closed group of U.S. employees who, when they retire, have met certain age and service requirements.
The components of net periodic cost of plans sponsored by us are as follows for the three months ended September 30:

U.S. Pension Benefits
Non-U.S. Pension Benefits
Other Postretirement Benefits

2017
2016
2017
2016
2017
2016
Service cost
$
12

$
3

$
4

$
1

$
1

$

Interest cost
12

5

6

2

2


Expected return on plan assets
(20
)
(8
)
(11
)
(1
)


Amortization of prior service credit




(1
)
1

Amortization of net actuarial loss
2

2

2

1



Other





(3
)
Net periodic cost (benefit)
$
6

$
2

$
1

$
3

$
2

$
(2
)

The components of net periodic cost of plans sponsored by us are as follows for the nine months ended September 30:

U.S. Pension Benefits
Non-U.S. Pension Benefits
Other Postretirement Benefits

2017
2016
2017
2016
2017
2016
Service cost
$
17

$
8

$
7

$
5

$
2

$
1

Interest cost
23

17

9

9

4

4

Expected return on plan assets
(38
)
(25
)
(13
)
(10
)


Amortization of prior service credit




(2
)
(2
)
Amortization of net actuarial loss
4

6

5

5

(2
)

Curtailment/settlement gain (a)



(26
)
(3
)
(2
)
Other





(8
)
Net periodic cost (benefit)
$
6

$
6

$
8

$
(17
)
$
(1
)
$
(7
)

(a) 
The curtailment/settlement gain for the non-U.S. pension benefits for the nine months ended September 30, 2016 is primarily associated with two UK plans merging into the GE UK Pension Plan.
For all pension plans sponsored by us, we make annual contributions to the plans in amounts equal to or greater than amounts necessary to meet minimum government funding requirements. During the nine months ended September 30, 2017, we contributed approximately $49 million to our pension and postretirement benefit plans. For our defined contribution plans (including GE sponsored plans) during the nine months ended September 30, 2017 we contributed approximately $69 million.