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POSTRETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
POSTRETIREMENT BENEFIT PLANS POSTRETIREMENT BENEFIT PLANS
PENSION BENEFITS AND RETIREE HEALTH AND LIFE BENEFITS SPONSORED BY GE, TRANSFERRED TO GE HEALTHCARE IN CONNECTION WITH THE SPIN-OFF.

Certain GE HealthCare employees were covered under various pension and retiree health and life plans sponsored by GE prior to the Spin-Off, including principal pension plans, other pension plans, and principal retiree benefit plans. A subset of these pension plans have been closed to new participants. For the three and six months ended June 30, 2022, relevant participation costs for these plans were allocated to the Company and recognized within the Condensed Combined Statement of Income. These included service costs for active employees in the U.S. GE Pension Plan, certain international pension plans, the U.S. GE Supplementary Pension Plan, and the U.S. retiree benefit plan. We did not record any liabilities associated with our participation in these plans in our Condensed Combined Statement of Financial Position as of December 31, 2022.

Expenses associated with our employees’ participation in the U.S. GE principal pension and principal retiree benefit plans, which represent the majority of related expense, were $25 million and $49 million for the three and six months ended June 30, 2022. Expenses associated with our employees’ participation in GE’s non-U.S. based pension plans were $12 million and $16 million for the three and six months ended June 30, 2022.

In connection with the Spin-Off, on January 1, 2023, these plans were separated and GE transferred certain liabilities and assets of these plans to GE HealthCare based upon measurements as of December 31, 2022. The amounts assumed by GE HealthCare on January 1, 2023, are shown in the tables below.

Accumulated Benefit Obligations and Unrecognized Gain
As of January 1, 2023
Defined benefit plansOther postretirement plansTotal
Accumulated benefit obligations$21,696 $1,210 $22,906 
Unrecognized gain to be recorded in AOCI1,258 1,223 2,481 

Net Benefit Liability
As of January 1, 2023
Defined benefit plansOther postretirement plansTotal
Projected benefit obligations$21,743 $1,210 $22,953 
Fair value of assets18,908 — 18,908 
Net liability$2,835 $1,210 $4,045 

PENSION PLANS SPONSORED BY GE HEALTHCARE, INCLUDING THOSE TRANSFERRED BY GE.

As the pension plans were transferred by GE on January 1, 2023, there are no amounts included for these plans in the periods ended June 30, 2022. Pension plans with pension assets or obligations less than $50 million and $20 million as of June 30, 2023 and 2022, respectively, are not included in the results below.
Components of Expense (Income)
For the three months ended June 30
Defined benefit plansOther postretirement plans
2023202220232022
Service cost – Operating$15 $5 $2 $— 
Interest cost290 5 15 — 
Expected return on plan assets(357)(7)— — 
Amortization of net loss (gain)(32)1 (16)— 
Amortization of prior service cost (credit)(1)(1)(22)— 
Non-operating$(100)$(2)$(23)$— 
Net periodic expense (income)$(85)$3 $(21)$— 

For the six months ended June 30
Defined benefit plansOther postretirement plans
2023202220232022
Service cost – Operating$29 $10 $4 $— 
Interest cost582 9 30 — 
Expected return on plan assets(713)(14)— — 
Amortization of net loss (gain)(61)3 (32)— 
Amortization of prior service cost (credit)(2)(2)(44)— 
Non-operating$(194)$(4)$(46)$— 
Net periodic expense (income)$(165)$6 $(42)$— 

For the six months ended June 30, 2023, the Company made contributions for benefit payments totaling $107 million to the pension plans and $73 million to its postretirement plans. During 2023, the Company expects to make total benefit payments of approximately $353 million to our defined benefit pension and postretirement plans for benefit payments. The Company does not have a required minimum cash pension contribution obligation for its U.S. plans in 2023. Future contributions will depend on market conditions, interest rates, and other factors.

Prior to the Spin-Off, we disclosed postretirement plans with assets or obligations that exceeded $20 million. As a result of the transferred liabilities and assets to GE HealthCare on January 1, 2023, we now present postretirement plans with assets or obligations that exceed $50 million. For the year, the Company expects to contribute approximately $11 million to postretirement plans that are no longer disclosed.

Defined Contribution Plan
As a result of the Spin-Off, GE HealthCare established a defined contribution plan for its eligible U.S. employees that was largely consistent with the plan they participated in while GE HealthCare operated as a business of GE. Expenses associated with our employees’ participation in GE HealthCare’s defined contribution plan in 2023 and GE’s defined contribution plan in 2022 represent the employer matching contributions for GE HealthCare employees and were $33 million and $35 million for the three months ended June 30, 2023 and 2022, respectively, and $66 million for both the six months ended June 30, 2023 and 2022.