Defined Benefit Plans For General Electronics Week Two

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Defined Benefit Plans For General Electronics. By: Jiten Pomal University of Arizona Global Campus Module FIN689: Advanced Financial Management and Analysis (MUL2341A) Instructor: Susan Paris Due Date: 10/23/2023 1 | P a g e

General Electric, commonly known as GE, is a global conglomerate with a rich history spanning over a century. Established in 1892 by Thomas Edison, the company has evolved into one of the world's leading industrial giants, playing a pivotal role in shaping modern technology and innovation. GE's diverse portfolio includes businesses in aviation, healthcare, renewable energy, power, and more, making it a powerhouse in various sectors. Over the years, GE has navigated through economic shifts, technological advancements, and market challenges, demonstrating resilience and adaptability. This conglomerate is not only known for its cutting-edge products and solutions but also for its significant contributions to industrial and technological progress. In this detailed analysis, we delve into GE's financial landscape, focusing on its pension plans, cash flow dynamics, assumptions guiding financial decisions, and compliance with accounting standards. By examining these critical aspects, we aim to provide a comprehensive understanding of GE's financial health and strategic positioning in the global market. 2 | P a g e

Determination of Compliance in GE Financial Reporting According to the SEC.Gov, General Electric Company complies with U.S. Generally Accepted Accounting Principles (GAAP) in its financial reporting. The statement explicitly mentions that their consolidated financial statements are prepared in conformity with U.S. GAAP. Components of Ge’s defined benefit costs over 3 years With the table above let's break down the components of General Electric's defined benefit costs using the provided table values over the latest 3 years (2021, 2022, and 2023) and illustrate the trend in these costs. Components of General Electric's Defined Benefit Costs: Principal Pension Plans - GE Pension Plan: 3 | P a g e

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 Service Cost for Benefits Earned: This cost increased from $657 million in 2021 to $237 million in 2022 and then decreased to $221 million in 2023.  Interest Cost on Benefit Obligations: It increased from $2,350 million in 2021 to $1,951 million in 2022 and then increased again to $2,069 million in 2023.  Expected Return on Plan Assets: This decreased from $(2,993) million in 2021 to $(3,049) million in 2022 and further decreased to $(3,142) million in 2023.  Net Actuarial Loss Amortization: It decreased from $3,399 million in 2021 to $3,483 million in 2022 and then decreased to $1,422 million in 2023.  Prior Service Cost Amortization: This decreased from $146 million in 2021 to $28 million in 2022 and then increased slightly to $5 million in 2023.  Curtailment Loss: There were no curtailment losses reported.  Non-Operating Costs: These decreased from $2,902 million in 2021 to $2,413 million in 2022 and then increased to $354 million in 2023.  Benefit Plans Cost: The total cost decreased from $3,559 million in 2021 to $2,650 million in 2022 and then further decreased to $575 million in 2023. Other Pension Plans:  Service Cost for Benefits Earned : It decreased from $243 million in 2021 to $233 million in 2022 and then increased to $86 million in 2023. 4 | P a g e

 Interest Cost on Benefit Obligations: It increased from $422 million in 2021 to $383 million in 2022 and then further increased to $398 million in 2023.  Expected Return on Plan Assets: This decreased from $(1,082) million in 2021 to $(1,194) million in 2022 and further decreased to $(967) million in 2023.  Net Actuarial Loss Amortization: It increased from $434 million in 2021 to $403 million in 2022 and then further increased to $101 million in 2023.  Prior Service Cost Amortization : It increased from $1 million in 2021 to $3 million in 2022 and then further increased to $(8) million in 2023.  Curtailment Loss: It increased from $12 million in 2021 to $76 million in 2022 and then further decreased to $(6) million in 2023.  Non-Operating Costs: These decreased from $(213) million in 2021 to $(335) million in 2022 and then increased to $(482) million in 2023.  Benefit Plans Cost: The total cost increased from $30 million in 2021 to $(102) million in 2022 and then further decreased to $(396) million in 2023. Principal Retiree Benefit Plans:  Service Cost for Benefits Earned: It decreased from $59 million in 2021 to $44 million in 2022 and then increased to $39 million in 2023.  Interest Cost on Benefit Obligations: It increased from $150 million in 2021 to $103 million in 2022 and then further increased to $108 million in 2023. 5 | P a g e

 Expected Return on Plan Assets: It decreased from $(11) million in 2021 to $0 million in 2022 and remained at $0 million in 2023.  Net Actuarial Loss Amortization: It increased from $(82) million in 2021 to $(79) million in 2022 and then further increased to $(115) million in 2023.  Prior Service Cost Amortization: It remained stable at $(234) million across the three years.  Curtailment Loss: There were no curtailment losses reported.  Non-Operating Costs: These decreased from $(177) million in 2021 to $(212) million in 2022 and then increased to $(242) million in 2023.  Benefit Plans Cost: The total cost decreased from $(118) million in 2021 to $(168) million in 2022 and then further decreased to $(203) million in 2023. Critique of Pension Plan Cash Flow Impact: Analysis of the Last 3 Years Analyzing the cash flow (Appendix 2) impact of the pension plan for each of the last three years (2020, 2021, and 2022) provides insights into how General Electric's pension activities have affected its liquidity. Let's break down the impact: 2020: Principal Pension Plans Cost: General Electric had a significant pension cost of $3,559 million in 2020. This represented a substantial outflow of cash related to the company's 6 | P a g e

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pension obligations. The high cost indicates a financial strain on the company due to pension-related expenses. 2021: Principal Pension Plans Cost: The pension cost decreased to $2,650 million in 2021, indicating a reduction in the cash outflow related to pension obligations compared to the previous year. This reduction could be due to various factors, such as changes in actuarial assumptions, adjustments in the pension plan structure, or improved investment performance. 2022: Principal Pension Plans Cost: The pension cost further decreased to $575 million in 2022. This substantial reduction in pension-related cash outflows indicates that General Electric implemented significant changes, possibly including benefit restructuring, improved investment strategies, or other measures to manage pension obligations more efficiently. Overall Analysis:  Positive Trend: The trend shows a positive direction in managing pension-related cash outflows. General Electric significantly reduced its pension plan costs over the three years, which is a positive indicator of effective financial management and strategic decision-making. 7 | P a g e

 Improved Liquidity: The reduction in pension costs likely contributed to improved liquidity. By decreasing the cash outflows related to pensions, General Electric had more funds available for other operational and strategic needs, contributing to enhanced financial flexibility.  Potential Challenges: While the reduction in pension costs is positive, it's essential to consider the potential challenges associated with pension obligations. Long-term sustainability and meeting future pension commitments should remain a priority. Companies need to balance cost reduction with ensuring the financial health of their pension plans for the long term.  Investor Confidence: General Electric's ability to manage pension costs efficiently could instill confidence among investors, indicating the company's commitment to financial prudence and optimizing cash flow for business growth and shareholder value. Assumptions Analysis 2022:  Operating Activities: The pension plan negatively impacted operating cash flows by $575 million, reflecting the principal pension plans' cost.  Investing Activities: There is no direct impact mentioned in the context of the pension plan for investing activities. 8 | P a g e

 Financing Activities: In financing activities, there is no specific item related to the pension plan, suggesting no direct impact on financing cash flows.  Overall Impact: The pension plan had a negative impact on operating cash flow due to its cost. 2021:  Operating Activities: The pension plan again had a negative impact of $2,650 million on operating cash flows, reflecting its principal pension plans' cost.  Investing Activities: There is no direct impact mentioned in the context of the pension plan for investing activities.  Financing Activities: Similarly, there is no specific item related to the pension plan in financing activities, indicating no direct impact on financing cash flows.  Overall Impact: The pension plan significantly reduced operating cash flow due to its substantial cost. 2020:  Operating Activities: The pension plan negatively impacted operating cash flows by $3,559 million, reflecting the principal pension plans' cost.  Investing Activities: There is no direct impact mentioned in the context of the pension plan for investing activities. 9 | P a g e

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 Financing Activities: There is no specific item related to the pension plan in financing activities, indicating no direct impact on financing cash flows. The pension plan had a consistent negative impact on operating cash flows over the three years, reducing the available cash generated from the company's core operations. There is no direct impact noted in investing or financing activities related to the pension plan.The consistent negative impact on operating cash flows suggests that managing pension obligations might be a challenge for the company, impacting its liquidity and available funds for other investments or distributions. Changes In Assumptions Over The 3-Year Period. As per the POSTRETIREMENT BENEFIT PLANS - Cost of Benefits Plans and Assumptions as per the Appendix One. The changes in assumptions over the 3-year period and their impact on the reporting of the pension plan obligations for the Principal Pension Plans, Other Pension Plans, and Principal Retiree Benefit Plans. Principal Pension Plans: 1. Expected Rate of Return on Plan Assets:  2020: 6%  2021: 6.25% 10 | P a g e ROR 2020 2021 2022

 2022: 7% The increase in the expected rate of return on plan assets suggests higher anticipated returns on investments. This change might have positively impacted the plan's funded status, possibly reducing the net pension liability and periodic cost for the company. 2. Discount Rate:  2020: 1.44%  2021: 1.93%  2022: 4.59% The substantial increase in the discount rate in 2022 likely reduced the present value of pension obligations. As a result, it may have reduced the net pension liability and periodic cost for the company. 3. Expected Rate of Return on Plan Assets:  2020: 6.10%  2021: 5.69%  2022: 4.80% 11 | P a g e Discount Rate 2020 2021 2022 Expected ROR 2020 2021 2022

Impact: The decrease in the expected rate of return on plan assets suggests a more conservative investment approach. This change might have increased the reported pension liability and periodic cost for the company due to lower anticipated returns. Principal Retiree Benefit Plans:  2020: 2.15%  2021: 2.64%  2022: 5.43% The increase in the discount rate in 2022 likely reduced the present value of retiree benefit obligations. This change probably decreased the net liability and periodic cost for the retiree benefit plans. Overall Impact: Whenever the discount rate increased, it generally led to a reduction in reported pension liabilities and periodic costs. A decrease in the expected rate of return generally increased reported pension liabilities and periodic costs. Analysis of Expected Rate of Return on Plan Assets: Evaluating Alignment with Targeted Asset Allocation The decrease in the expected rate of return on plan assets indicates a conservative investment strategy. Typically, pension plans invest in a mix of assets such as equities, fixed income 12 | P a g e Benefit Plan 2020 2021 2022

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securities, and alternative investments. The expected rate of return reflects the average annual return the plan's investments are anticipated to generate over the long term. Given the trend of decreasing expected rates of return, it seems that the plan administrators have taken a more conservative approach to investment. There could be several reasons for this conservative strategy:  Risk Mitigation: A more conservative approach reduces the risk of significant losses, especially in times of economic uncertainty or market downturns.  Liability Management: By being conservative, the plan can better match its assets to its liabilities. This is crucial for meeting future pension obligations without relying excessively on high investment returns.  Market Conditions: Economic conditions and market volatility might have influenced the decision to adopt a more conservative investment stance.  Changing Demographics: If the plan's demographics have shifted (e.g., an aging workforce), a more conservative approach might be taken to ensure the fund's stability. While a conservative approach is prudent in managing risks, it's also important for the plan's expected rate of return to align with the plan's targeted asset allocation. Net Underfunded Pension Liability To GE’s Current Market Equity And Total Debt. 13 | P a g e

N et Underfunded Pension Liability (Dec. 31, 2023): $2,010 million  Total Debt (Dec. 31, 2023): $187,788 million  Current Market Equity (Dec. 31, 2023): $106.69 million calculating the ratio of the net underfunded pension liability to both total debt and current market equity for the year 2023: Net Underfunded Pension Liability to Total Debt Ratio (2023) =187,7882,010×100% =1.07% Net Underfunded Pension Liability to Market Equity Ratio (2023) =2,010106.69×100% = 1.88% Net Underfunded Pension Liability represents approximately 1.07% of Total Debt. Net Underfunded Pension Liability represents approximately 1.88% of Current Market Equity. With these ratios, we can see that the net underfunded pension liability is relatively small compared to both total debt and current market equity. A net underfunded pension liability of around 1.07% of total debt and 1.88% of market equity suggests that the pension liability is manageable in relation to the company's debt and market value. Estimated amount of annual cash flow the company would have to contribute to the plan if the company wanted to fully fund the plan by the end of 15 years. 14 | P a g e

To estimate the amount of annual cash, flow the company would have to contribute to fully fund the plan over 15 years, we need to consider the net underfunded pension liability ($2,010 million) and divide it by 15 to get the annual contribution required for full funding. this annual contribution to the company's operating cash flow and capital expenditures from each of the past 3 years: 2022 2021 2020 Operating Cash Flow $5,916 million $3,332 million $3,568 million Capital Expenditures $1,484 million $1,361 million $1,730 million Comparing the annual contribution for full funding ($134 million) to the company's operating cash flow and capital expenditures: Operating Cash Flow: 2022 : The annual contribution for full funding ($134 million) is approximately 2.26% of the 2022 operating cash flow ($5,916 million). 2021 : The annual contribution for full funding ($134 million) is approximately 4.02% of the 2021 operating cash flow ($3,332 million). 15 | P a g e

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2020 : The annual contribution for full funding ($134 million) is approximately 3.76% of the 2020 operating cash flow ($3,568 million). 16 | P a g e

Capital Expenditures: 2022 : The annual contribution for full funding ($134 million) is approximately 9.03% of the 2022 capital expenditures ($1,484 million). 2021 : The annual contribution for full funding ($134 million) is approximately 9.85% of the 2021 capital expenditures ($1,361 million). 2020 : The annual contribution for full funding ($134 million) is approximately 7.75% of the 2020 capital expenditures ($1,730 million). Based on these comparisons, the annual contribution required for full funding of the pension plan is a relatively small percentage of the company's operating cash flow and capital expenditures in each of the past 3 years. The Role Of The Pension Benefit Guaranty Corporation (PBGC). The Pension Benefit Guaranty Corporation (PBGC) is a federal agency in the United States that was created under the Employee Retirement Income Security Act of 1974 (ERISA). The PBGC serves as a safety net for participants in private-sector defined benefit pension plans. Its primary role is to protect the retirement incomes of workers and retirees in these plans in case their employers' pension plans fail or become unable to meet their obligations. 17 | P a g e

Here are the key roles and functions of the PBGC: 1. Pension Plan Insurance: The PBGC provides insurance for private defined benefit pension plans. Employers pay premiums to the PBGC to insure their plans. If a covered pension plan fails, the PBGC steps in to pay pension benefits to participants up to a certain limit defined by law. 2. Pension Plan Takeover: When a company's pension plan is underfunded and the company faces financial distress, the PBGC may take over the administration of the plan. By taking over the plan, PBGC ensures that retirees and workers still receive their promised pension benefits, even if the company cannot fulfill its obligations. 3. Benefit Guarantees: PBGC guarantees basic pension benefits, such as normal and early retirement benefits, disability benefits, and certain survivor benefits, within the limits set by law. The guarantees are subject to maximum limits that are adjusted annually. These limits protect participants from losing all of their pension benefits in case of plan failure. 18 | P a g e

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The Impact The Failure Of This Pension Plan Would Have On The PBGC As Well As The Participants In The Plan. The failure of a significant pension plan would have several significant impacts on both the Pension Benefit Guaranty Corporation (PBGC) and the participants in the plan: Impact on PBGC: Financial Strain: A large-scale pension plan failure would place a significant financial burden on the PBGC. The PBGC's obligations to cover the guaranteed benefits of the plan participants would increase substantially, potentially straining its financial resources. Increased Deficit: The PBGC might face a widening deficit if it has to pay more in guaranteed benefits than it receives in premiums from other pension plans. This deficit could impact its ability to cover future pension plan failures effectively. Premium Adjustments: To cope with increased financial pressure, the PBGC might need to raise premiums on other covered pension plans. This increase in premiums could, in turn, burden employers, potentially leading to reduced pension offerings or increased financial strain on businesses. 19 | P a g e

Impact on Participants:  Benefit Reductions: While the PBGC guarantees certain benefits, these guaranteed amounts might be lower than what participants were expecting from their original pension plan. Participants might face reductions in their retirement income, impacting their financial security in retirement.  Uncertain Future: Participants might face uncertainty about their future financial stability. The sudden reduction in expected pension benefits could lead to financial hardship, especially for retirees who rely heavily on their pension income.  Search for Alternatives: Affected participants might need to seek alternative sources of income or employment, even in their retirement years, to compensate for the reduced pension benefits. This could impact older workers' ability to retire as planned. 20 | P a g e

Appendix One POSTRETIREMENT BENEFIT PLANS - Cost of Benefits Plans and Assumptions (Details) - USD ($) $ in Millions 12 Months Ended Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020  Forecast | Subsequent event Components of expense (income) Benefit plans cost $ (2,010) Weighted-average benefit cost assumptions Decrease in net periodic benefit cost $ 1,985 Principal pension plans Components of expense (income) Service cost for benefits earned $ 221 $ 237 $ 657 Interest cost on benefit obligations 2,069 1,951 2,350 Expected return on plan assets (3,142) (3,049) (2,993) Net actuarial loss amortization 1,422 3,483 3,399 Prior service cost amortization 5 28 146 Curtailment loss 0 0 0 Non-operating 354 2,413 2,902 Benefit plans cost 575 2,650 3,559 Principal pension plans | GE Pension Plan Weighted-average benefit cost assumptions Increase (decrease) in mortality assumptions decreased benefit plan obligations 278 Increase in principal pension plan cost assuming 25 basis point decrease in discount rate 130 Increase in principal pension benefit obligation assuming 25 basis point decrease in discount rate 1,300 Increase in principal pension plan cost assuming 50 basis point decrease in expected return on assets 260 Other pension plans Components of expense (income) Service cost for benefits earned 86 233 243 Interest cost on benefit obligations 398 383 422 Expected return on plan assets (967) (1,194) (1,082) Net actuarial loss amortization 101 403 434 Prior service cost amortization (8) (3) 1 Curtailment loss (6) 76 12 Non-operating (482) (335) (213) 21 | P a g e

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Benefit plans cost (396) (102) 30 Principal retiree benefit plans Components of expense (income) Service cost for benefits earned 39 44 59 Interest cost on benefit obligations 108 103 150 Expected return on plan assets 0 0 (11) Net actuarial loss amortization (115) (79) (82) Prior service cost amortization (235) (236) (234) Curtailment loss 0 0 0 Non-operating (242) (212) (177) Benefit plans cost $ (203) $ (168) $ (118) Weighted-average benefit cost assumptions Ultimate health care cost trend rate 5% Weighted average | Principal pension plans Weighted-average benefit obligations assumptions Discount rate 5.53% 2.94% 2.61% Compensation increases 3.07% 3.05% 2.95% Weighted-average benefit cost assumptions Discount rate 2.94% 2.61% 3.36% Expected rate of return on plan assets 6% 6.25% Weighted average | Principal pension plans | Forecast | Subsequent event Weighted-average benefit cost assumptions Expected rate of return on plan assets 7% Weighted average | Other pension plans Weighted-average benefit obligations assumptions Discount rate 4.59% 1.93% 1.44% Compensation increases 2.44% 2.35% 3.06% Weighted-average benefit cost assumptions Discount rate 1.93% 1.44% 1.97% Expected rate of return on plan assets 4.80% 5.69% 6.10% Weighted average | Principal retiree benefit plans Weighted-average benefit obligations assumptions Discount rate 5.43% 2.64% 2.15% Compensation increases 3.12% 2.63% 2.82% Initial healthcare trend rate 6.40% 5.70% 5.90% Weighted-average benefit cost assumptions Discount rate 2.64% 2.15% 3.05% Expected rate of return on plan assets 0% 1.25% 7% Appendix Two 22 | P a g e

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands 12 Months Ended Jan. 01, 2023 Jan. 02, 2022 Jan. 03, 2021 Cash flows from operating activities: Net income $ 452,263 $ 510,467 $ 491,296 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 80,251 72,923 65,038 Refranchising gain (21,173) 0 0 Loss on sale/disposal of assets 1,813 1,189 2,922 Amortization of debt issuance costs 5,645 7,509 5,526 Provision for deferred income taxes 253 1,988 14,424 Non-cash equity-based compensation expense 28,709 28,670 24,244 Excess tax benefits from equity-based compensation (2,169) (18,911) (60,364) Provision for losses on accounts and notes receivable 3,536 659 2,134 Unrealized gain on investments 0 (36,758) 0 Changes in operating assets and liabilities: Changes in accounts receivable (6,333) (8,107) (33,334) Changes in inventories, prepaid expenses and other (17,059) (9,420) (24,959) Changes in accounts payable and accrued liabilities (36,605) 51,346 68,954 Changes in insurance reserves 1,507 6,216 5,544 Changes in operating lease assets and liabilities 2,174 1,210 2,592 Changes in advertising fund assets and liabilities, restricted (17,495) 45,225 28,777 Net cash provided by operating activities 475,317 654,206 592,794 Cash flows from investing activities: Capital expenditures (87,234) (94,172) (88,768) Proceeds from sale of assets 41,089 16 174 Purchases of franchise operations and other assets (6,814) 0 0 Purchase of investments 0 (49,082) (40,000) Other (722) 515 (333) Net cash used in investing activities (53,681) (142,723) (128,927) Cash flows from financing activities: Proceeds from issuance of long-term debt 120,000 1,850,000 158,000 Repayments of long-term debt and finance lease obligations (175,676) (910,212) (202,058) Proceeds from exercise of stock options 3,312 19,682 30,970 Purchases of common stock (293,740) (1,320,902) (304,590) Tax payments for restricted stock upon vesting (10,720) (6,820) (6,803) Payments of common stock dividends and equivalents (157,531) (139,399) (121,925) Cash paid for financing costs (1,594) (14,938) 0 Other 0 (244) 0 Net cash used in financing activities (515,949) (522,833) (446,406) Effect of exchange rate changes on cash (963) (316) 761 Change in cash and cash equivalents, restricted cash and cash equivalents (95,276) (11,666) 18,222 Cash and cash equivalents, beginning of period 148,160 168,821 190,615 Restricted cash and cash equivalents, beginning of period 180,579 217,453 209,269 23 | P a g e

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Cash and cash equivalents included in advertising fund assets, restricted, beginning of period 161,741 115,872 84,040 Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period 490,480 502,146 483,924 Cash and cash equivalents, end of period 60,356 148,160 168,821 Restricted cash and cash equivalents, end of period 191,289 180,579 217,453 Cash and cash equivalents included in advertising fund assets, restricted, end of period 143,559 161,741 115,872 Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, end of period $ 395,204 $ 490,480 $ 502,146 Reference Inline XBRL Viewer. Available at: https://www.sec.gov/ix?doc=%2FArchives%2Fedgar%2Fdata %2F0000040545%2F000004054523000023%2Fge-20221231.htm (Accessed: 23 October 2023). General Electric Co (GE) stock price & news (no date) Google Finance . Available at: https://www.google.com/finance/quote/GE:NYSE (Accessed: 23 October 2023). PBGC pension insurance: We’ve got you covered (no date) PBGC Pension Insurance: We’ve Got You Covered | Pension Benefit Guaranty Corporation . Available at: https://www.pbgc.gov/wr/find-an-insured-pension-plan/pbgc-protects-pensions (Accessed: 23 October 2023). Team, T.I. (no date) An overview of the Pension Benefit Guaranty Corporation (PBGC) , Investopedia . Available at: https://www.investopedia.com/articles/retirement/06/pbgc.asp (Accessed: 23 October 2023). 24 | P a g e

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25 | P a g e

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Defined Benefit Plans For General Electronics Week Two

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