RESTRUCTURING AND OTHER ACTIVITIES - NET

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND OTHER ACTIVITIES - NET

RESTRUCTURING AND OTHER ACTIVITIES – NET

Restructuring activities are essential to optimize the business operating model for GE HealthCare as a stand-alone company and mostly involve workforce reductions, organizational realignments, and revisions to our real estate footprint. Specifically, restructuring and other charges (gains) primarily include facility exit costs, employee-related termination benefits associated with workforce reductions, asset write-downs, and cease-use costs. For segment reporting, restructuring and other activities are not allocated.

For restructuring initiatives committed to by management through December 31, 2023, we recorded net expenses of $54 million, $146 million, and $155 million for the years ended December 31, 2023, 2022, and 2021. These restructuring initiatives are expected to result in additional expenses of approximately $20 million, to be incurred primarily over the next 12 months, substantially related to employee-related termination benefits and facility exit costs. Restructuring expenses (gains) are recognized within Cost of products, Cost of services, or SG&A, as appropriate, in the Consolidated and Combined Statements of Income.

Restructuring and Other Activities
	For the years ended December 31
	2023		2022		2021
Employee termination costs	$	38	$	74	$	127
Facility and other exit costs	3		46		20
Asset write-downs	13		26		8
Total restructuring and other activities – net	$	54	$	146	$	155

In connection with the Spin-Off, GE transferred employee termination obligations for services already rendered of $31 million to GE HealthCare of which $4 million was remaining as of December 31, 2023. Liabilities related to restructuring are recognized within All other current liabilities and All other liabilities in the Consolidated and Combined Statements of Financial Position and totaled $68 million and $75 million as of December 31, 2023 and 2022, respectively.