0001701605-20-000086 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 16, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-38143
Registrant Name	Baker Hughes Company
Entity Incorporation, State Code	DE
Entity Tax Identification Number	81-4403168
Entity Address, Address Line One	17021 Aldine Westfield
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77073-5101
City Area Code	713
Local Phone Number	439-8600
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	BKR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001701605
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		685,817,013
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		349,439,701

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue:
Revenues	$ 5,049	$ 5,882	$ 15,210	$ 17,490
Costs and expenses:
Selling, general and administrative	565	679	1,830	2,083
Goodwill impairment	0	0	14,773	0
Restructuring, impairment and other	209	71	1,637	183
Separation related	32	54	110	128
Total costs and expenses	5,098	5,585	31,370	16,746
Operating income (loss)	(49)	297	(16,160)	744
Other non-operating loss, net	(149)	(14)	(367)	(124)
Interest expense, net	(66)	(59)	(195)	(174)
Income (loss) before income taxes	(264)	224	(16,722)	446
Benefit (provision) for income taxes	(6)	(107)	10	(269)
Net income (loss)	(270)	117	(16,712)	177
Less: Net income (loss) attributable to noncontrolling interests	(100)	60	(6,120)	97
Net income (loss) attributable to Baker Hughes Company	$ (170)	$ 57	$ (10,592)	$ 80
Common Class A
Per share amounts:
Basic and diluted earnings (loss) per Class A common stock (in dollars per share)	$ (0.25)	$ 0.11	$ (16.01)	$ 0.15
Cash dividend per Class A common stock (in dollars per share)	$ 0.18	$ 0.18	$ 0.54	$ 0.54
Sales of goods
Revenue:
Revenues	$ 3,290	$ 3,339	$ 9,240	$ 9,886
Costs and expenses:
Costs	2,920	2,901	8,296	8,647
Sales of services
Revenue:
Revenues	1,759	2,543	5,970	7,604
Costs and expenses:
Costs	$ 1,372	$ 1,880	$ 4,724	$ 5,705

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (270)	$ 117	$ (16,712)	$ 177
Less: Net income (loss) attributable to noncontrolling interests	(100)	60	(6,120)	97
Net income (loss) attributable to Baker Hughes Company	(170)	57	(10,592)	80
Other comprehensive income (loss):
Investment securities	0	(1)	(2)	0
Foreign currency translation adjustments	135	(123)	(101)	(96)
Cash flow hedges	2	2	(6)	3
Benefit plans	(54)	7	(24)	(6)
Other comprehensive income (loss)	83	(115)	(133)	(99)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	29	(42)	(52)	(33)
Other comprehensive income (loss) attributable to Baker Hughes Company	54	(73)	(81)	(66)
Comprehensive income (loss)	(187)	2	(16,845)	78
Less: Comprehensive income (loss) attributable to noncontrolling interests	(71)	18	(6,172)	64
Comprehensive income (loss) attributable to Baker Hughes Company	$ (116)	$ (16)	$ (10,673)	$ 14

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($)
$ in Millions

Sep. 30, 2020

Dec. 31, 2019

Current assets:

Cash and cash equivalents

$ 4,061

$ 3,249

Current receivables, net

5,647

6,416

Inventories, net

4,469

4,608

All other current assets

1,031

949

Total current assets

15,208

15,222

Property, plant and equipment (net of accumulated depreciation of $4,744 and $4,384)

5,536

6,240

Goodwill

5,923

20,690

Other intangible assets, net

4,377

5,381

Contract and other deferred assets

1,971

1,881

All other assets

3,019

3,001

Deferred income taxes

1,305

954

Total assets

^[1]

37,339

53,369

Current liabilities:

Accounts payable

3,482

4,268

Short-term debt and current portion of long-term debt

935

321

Progress collections and deferred income

3,623

2,870

All other current liabilities

2,599

2,555

Total current liabilities

10,639

10,014

Long-term debt

6,754

6,301

Deferred income taxes

172

Liabilities for pensions and other postretirement benefits

1,147

1,079

All other liabilities

1,378

1,425

Equity:

Capital in excess of par value

23,977

23,565

Retained loss

(10,594)

Accumulated other comprehensive loss

(1,801)

(1,636)

Baker Hughes Company equity

11,582

21,929

Noncontrolling interests

5,667

12,570

Total noncontrolling interests

17,249

34,499

Total liabilities and equity

37,339

53,369

Equity:

Equity:

$ 0

[1]

Total assets include $111 million and $273 million of assets held on behalf of General Electric Company, of which $85 million and $162 million is cash and cash equivalents and $26 million and $111 million is investment securities at September 30, 2020 and December 31, 2019, respectively, and a corresponding amount of liability is reported in short-term debt. See "Note 16. Related Party Transactions" for further details.

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, plant and equipment, accumulated depreciation	$ 4,744	$ 4,384
Investment securities held on behalf of GE	101	283
Related party amount, due to related party \| GE
Assets held on behalf of GE	111	273
Cash and cash equivalents held on behalf of GE	85	162
Investment securities held on behalf of GE	$ 26	$ 111
Common Class A
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock issued (in shares)	685,000,000	650,000,000
Common stock outstanding (in shares)	685,000,000	650,000,000
Common Class B
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,250,000,000	1,250,000,000
Common stock issued (in shares)	349,000,000	377,000,000
Common stock outstanding (in shares)	349,000,000	377,000,000

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings (Loss)	Accumulated Other Comprehensive Loss	Non- controlling Interests
Beginning Balance at Dec. 31, 2018	$ 35,013	$ 0	$ 18,659	$ 25	$ (1,219)	$ 17,548
Comprehensive income (loss):
Net income (loss)	177			80		97
Other comprehensive loss	(99)				(66)	(33)
Cash dividend	(278)		(172)	(106)
Distributions to GE	(282)					(282)
Effect of exchange of Class B common stock and associated BHH LLC Units	0		4,740		(332)	(4,408)
Repurchase and cancellation of Class B common stock and associated BHH LLC Units	(250)		107		(18)	(339)
Stock-based compensation cost	136		136
Other	19		100	1	(59)	(23)
Ending Balance at Sep. 30, 2019	34,436	0	23,570	0	(1,694)	12,560
Beginning Balance at Jun. 30, 2019	34,781	0	18,668	(9)	(1,271)	17,393
Comprehensive income (loss):
Net income (loss)	117			57		60
Other comprehensive loss	(115)				(73)	(42)
Cash dividend	(93)		(45)	(48)
Distributions to GE	(94)					(94)
Effect of exchange of Class B common stock and associated BHH LLC Units	0		4,740		(332)	(4,408)
Repurchase and cancellation of Class B common stock and associated BHH LLC Units	(250)		107		(18)	(339)
Stock-based compensation cost	50		50
Other	40		50			(10)
Ending Balance at Sep. 30, 2019	34,436	0	23,570	0	(1,694)	12,560
Beginning Balance at Dec. 31, 2019	34,499	0	23,565	0	(1,636)	12,570
Comprehensive income (loss):
Net income (loss)	(16,712)			(10,592)		(6,120)
Other comprehensive loss	(133)				(81)	(52)
Cash dividend	(359)		(359)
Distributions to GE	(199)					(199)
Effect of exchange of Class B common stock and associated BHH LLC Units	0		608		(84)	(524)
Stock-based compensation cost	164		164
Other	(11)		(1)	(2)		(8)
Ending Balance at Sep. 30, 2020	17,249	0	23,977	(10,594)	(1,801)	5,667
Beginning Balance at Jun. 30, 2020	17,565	0	23,432	(10,424)	(1,771)	6,328
Comprehensive income (loss):
Net income (loss)	(270)			(170)		(100)
Other comprehensive loss	83				54	29
Cash dividend	(123)		(123)
Distributions to GE	(63)					(63)
Effect of exchange of Class B common stock and associated BHH LLC Units	0		608		(84)	(524)
Stock-based compensation cost	52		52
Other	5		8			(3)
Ending Balance at Sep. 30, 2020	$ 17,249	$ 0	$ 23,977	$ (10,594)	$ (1,801)	$ 5,667

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common Class A
Cash dividends per share (in dollars per share)	$ 0.18	$ 0.18	$ 0.54	$ 0.54

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (16,712)	$ 177
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,010	1,065
Goodwill impairment	14,773	0
Intangible assets impairment	729	0
Property, plant and equipment impairment	290	0
Inventory impairment	218	0
Loss on sale of business	217	138
Write-down of assets held for sale	129	0
Benefit for deferred income taxes	(265)	(46)
Changes in operating assets and liabilities:
Current receivables	579	(375)
Inventories	(183)	(324)
Accounts payable	(670)	(51)
Progress collections and deferred income	619	710
Contract and other deferred assets	(90)	(46)
Other operating items, net	283	(479)
Net cash flows from operating activities	927	769
Cash flows from investing activities:
Expenditures for capital assets	(801)	(873)
Proceeds from disposal of assets	141	201
Other investing items, net	109	13
Net cash flows used in investing activities	(551)	(659)
Cash flows from financing activities:
Net repayments of debt and other borrowings	(170)	(227)
Proceeds from issuance of commercial paper	737	0
Proceeds from issuance of long-term debt	500	0
Dividends paid	(359)	(278)
Distributions to GE	(199)	(282)
Repurchase of common units from GE by BHH LLC	0	(250)
Other financing items, net	(15)	41
Net cash flows from (used in) financing activities	494	(996)
Effect of currency exchange rate changes on cash and cash equivalents	(58)	(29)
Increase (decrease) in cash and cash equivalents	812	(915)
Cash and cash equivalents, beginning of period	3,249	3,723
Cash and cash equivalents, end of period	4,061	2,808
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	317	286
Interest paid	$ 188	$ 196

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF THE BUSINESS Baker Hughes Company (Baker Hughes, the Company, we, us, or our) is an energy technology company with a diversified portfolio of technologies and services that span the entire energy value chain. The Company was formed as the result of a combination between Baker Hughes Incorporated (BHI) and the oil and gas business (GE O&G) of General Electric Company (GE). We are a holding company and have no material assets other than our 66.2% ownership interest in Baker Hughes Holdings LLC (BHH LLC, formerly known as Baker Hughes, a GE company, LLC), the Baker Hughes trade name, and certain intercompany and tax related balances. BHH LLC is a Securities and Exchange Commission (SEC) Registrant with separate filing requirements with the SEC and its separate financial information can be obtained from www.sec.gov. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. and such principles, U.S. GAAP) and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated and combined financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Annual Report). We hold a majority economic interest in BHH LLC and conduct and exercise full control over all activities of BHH LLC without the approval of any other member. Accordingly, we consolidate the financial results of BHH LLC and report a noncontrolling interest in our condensed consolidated financial statements for the economic interest held by GE. As of September 30, 2020, GE's interest in us was 33.8%. See "Note 12. Equity" for further information. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all of our subsidiaries (entities in which we have a controlling financial interest, most often because we hold a majority voting interest). All intercompany accounts and transactions have been eliminated. In the Company's financial statements and notes, certain amounts have been reclassified to conform to the current year presentation. In the notes to unaudited condensed consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in our financial statements and notes thereto may not add due to the use of rounded numbers. Separation related costs as reflected in our condensed consolidated statements of income (loss) include costs incurred in connection with the ongoing activities related to our separation from GE. See "Note 16. Related Party Transactions" for further information. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies," to our consolidated financial statements from our 2019 Annual Report for the discussion of our significant accounting policies. Please refer to the "New Accounting Standards Adopted" section of this Note for changes to our accounting policies. Cash and Cash Equivalents As of September 30, 2020 and December 31, 2019, we had $803 million and $1,102 million, respectively, of cash held in bank accounts that cannot be released, transferred or otherwise converted into a currency that is regularly transacted internationally, due to lack of market liquidity, capital controls or similar monetary or exchange limitations limiting the flow of capital out of the jurisdiction. These funds are available to fund operations and growth in these jurisdictions, and we do not currently anticipate a need to transfer these funds to the U.S. Included in these amounts are $75 million and $142 million, as of September 30, 2020 and December 31, 2019, respectively, held on behalf of GE. Cash and cash equivalents includes a total of $85 million and $162 million of cash at September 30, 2020 and December 31, 2019, respectively, held on behalf of GE, and a corresponding liability is reported in short-term debt. See "Note 16. Related Party Transactions" for further details. NEW ACCOUNTING STANDARDS ADOPTED On January 1, 2020, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses. The ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models previously used under U.S. GAAP, which generally require that a loss be incurred before it is recognized. The new standard also applies to financial assets arising from revenue transactions such as contract assets and accounts receivables. The adoption did not have a material impact on our condensed consolidated financial statements. On January 1, 2020, we adopted FASB ASU 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating the requirement to calculate the fair value of the individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the new ASU, when required to test goodwill for recoverability, an entity will perform its goodwill impairment test by comparing the fair value of the reporting unit with its carrying value and should recognize an impairment charge for the amount by which the carrying value exceeds the fair value of the reporting unit. We have applied this ASU on a prospective basis. See "Note 5. Goodwill and Other Intangible Assets" for further details. NEW ACCOUNTING STANDARDS TO BE ADOPTED All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

Revenue Related to Contracts with Customers

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

We disaggregate our revenue from contracts with customers by primary geographic markets.


	Three Months Ended September 30,						Nine Months Ended September 30,
Total Revenue	2020		2019		2020		2019
U.S.	$	1,032	$	1,500	$	3,330	$	4,621
Non-U.S.	4,017		4,382		11,880		12,869
Total	$	5,049	$	5,882	$	15,210	$	17,490

REMAINING PERFORMANCE OBLIGATIONS

As of September 30, 2020 and 2019, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $23.0 billion and $22.2 billion, respectively. As of September 30, 2020, we expect to recognize revenue of approximately 49%, 68% and 92% of the total remaining performance obligations within 2, 5, 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.

PROGRESS COLLECTIONS AND DEFERRED INCOME

Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities are comprised of the following:


	September 30, 2020		December 31, 2019
Progress collections	$	3,503	$	2,760
Deferred income	120		110
Progress collections and deferred income (contract liabilities)	$	3,623	$	2,870

Revenue recognized during the three months ended September 30, 2020 and 2019 that was included in the contract liabilities at the beginning of the period was $501 million and $156 million, respectively, and $1,314 million and $1,004 million during the nine months ended September 30, 2020 and 2019, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Current Receivables

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Current Receivables

CURRENT RECEIVABLES

Current receivables are comprised of the following:


	September 30, 2020		December 31, 2019
Customer receivables	$	4,657	$	5,448
Related parties	526		495
Other	826		796
Total current receivables	6,009		6,739
Less: Allowance for credit losses	(362)		(323)
Total current receivables, net	$	5,647	$	6,416

Customer receivables are recorded at the invoiced amount. Related parties consists primarily of amounts owed to us by GE. The "Other" category consists primarily of indirect taxes, other tax receivables, customer retentions and advance payments to suppliers.

Inventories

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories, net of reserves of $425 million and $429 million as of September 30, 2020 and December 31, 2019, respectively, are comprised of the following:


	September 30, 2020		December 31, 2019
Finished goods	$	2,425	$	2,546
Work in process and raw materials	2,044		2,062

Total inventories, net	$	4,469	$	4,608

During the three and nine months ended September 30, 2020, we recorded inventory impairments of $42 million and $218 million, respectively, predominantly in our Oilfield Services segment as a result of certain restructuring activities initiated by the Company. Charges for inventory impairments are predominantly reported in the "Cost of goods sold" caption of the condensed consolidated statements of income (loss).

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

The changes in the carrying value of goodwill are detailed below by segment:


	Oilfield Services		Oilfield Equipment		Turbo- machinery & Process Solutions		Digital Solutions		Total
Balance at December 31, 2018, gross	$	15,676	$	4,177	$	2,186	$	2,432	$	24,471
Accumulated impairment at December 31, 2018	(2,633)		(867)		—		(254)		(3,754)
Balance at December 31, 2018	13,043		3,310		2,186		2,178		20,717
Currency exchange and others	—		9		(15)		(21)		(27)
Balance at December 31, 2019	13,043		3,319		2,171		2,157		20,690
Impairment	(11,484)		(3,289)		—		—		(14,773)
Currency exchange and others	(20)		(24)		43		7		6
Balance at September 30, 2020	$	1,539	$	6	$	2,214	$	2,164	$	5,923

We perform our annual goodwill impairment test for each of our reporting units as of July 1 of each fiscal year, in conjunction with our annual strategic planning process. Our reporting units are the same as our four reportable segments. We also test goodwill for impairment whenever events or circumstances occur which, in our judgment, could more likely than not reduce the fair value of one or more reporting units below its carrying value. Potential impairment indicators include, but are not limited to, (i) the results of our most recent annual or interim impairment testing, in particular the magnitude of the excess of fair value over carrying value observed, (ii) downward revisions to internal forecasts, and the magnitude thereof, if any, and (iii) declines in our market capitalization below our book value, and the magnitude and duration of those declines, if any.

During the first quarter of 2020, our market capitalization declined significantly compared to the fourth quarter of 2019. Our closing stock price fell to a historic low of $9.33 on March 23, 2020. Over the same period, the equity value of our peer group companies and the overall U.S. stock market also declined significantly amid market volatility. In addition, the Oilfield Services Index (OSX), an indicator of investors’ view of the earnings prospects and cost of capital of the oil and gas services industry, traded at prices that were the lowest in its history. These declines were driven by the uncertainty surrounding the outbreak of the coronavirus (COVID-19) and other macroeconomic events such as the geopolitical tensions between OPEC and Russia, which also resulted in a significant drop in oil prices. Based on these factors, we concluded that a triggering event occurred and, accordingly, an interim quantitative impairment test was performed as of March 31, 2020 (“testing date”).

In performing the interim quantitative impairment test and consistent with our prior practice, we determined the fair value of each of our reporting units using a combination of the income approach and the market approach by assessing each of these valuation methodologies based upon availability and relevance of comparable company data and determining the appropriate weighting.

Under the income approach, the fair value for each of our reporting units was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. We used our internal forecasts, updated for recent events, to estimate future cash flows with cash flows beyond the specific operating plans estimated using a terminal value calculation, which incorporates historical and forecasted trends, including an estimate of long-term future growth rates, based on our most recent views of the long-term outlook for each reporting unit. Our internal forecasts include assumptions about future commodity pricing and expected demand for our goods and services. Due to the inherent uncertainties involved in making estimates and assumptions, actual results may differ from those assumed in our forecasts.

We derived our discount rates using a capital asset pricing model and analyzing published rates for industries relevant to our reporting units to estimate the cost of equity financing. We used discount rates that are

commensurate with the risks and uncertainties inherent in the respective businesses and in our internally developed forecasts, updated for recent events.

Valuations using the market approach were derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses was based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services.

Based upon the results of our interim quantitative impairment test performed during the first quarter of 2020, we concluded that the carrying value of the Oilfield Services (OFS) and Oilfield Equipment (OFE) reporting units exceeded their estimated fair value as of the testing date, which resulted in goodwill impairment charges of $11,484 million and $3,289 million, respectively. The goodwill impairment was calculated as the amount that the carrying value of the reporting unit, including any goodwill, exceeded its fair value. As of March 31, 2020, the carrying value of our OFS and OFE reporting units equaled their fair value upon completion of the goodwill impairment test whereas our other reporting units still maintained a headroom that was substantially in excess of their carrying values.

During the third quarter of 2020, we completed our annual impairment test for each reporting unit. As a result of this assessment, we concluded that no indicators existed that would lead to a determination that it is more likely than not that the fair value of each reporting unit is less than its carrying value. There can be no assurances that future sustained declines in macroeconomic or business conditions affecting our industry will not occur, which could result in goodwill impairment charges in future periods.

OTHER INTANGIBLE ASSETS

Intangible assets are comprised of the following:


	September 30, 2020										December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships ⁽¹⁾	$	2,243	$	(888)	$	1,355	$	3,027	$	(1,045)	$	1,982
Technology ⁽¹⁾	1,097		(663)		434		1,075		(626)		449
Trade names and trademarks⁽¹⁾	325		(178)		147		696		(254)		442
Capitalized software ⁽¹⁾	1,253		(1,005)		248		1,193		(928)		265

Other	—		—		—		3		(2)		1
Finite-lived intangible assets	4,918		(2,734)		2,184		5,994		(2,855)		3,139
Indefinite-lived intangible assets	2,193		—		2,193		2,242		—		2,242
Total intangible assets	$	7,111	$	(2,734)	$	4,377	$	8,236	$	(2,855)	$	5,381

⁽¹⁾During the three months ended September 30, 2020, we recorded $4 million of intangible asset impairments to customer relationships. During the nine months ended September 30, 2020, we recorded intangible asset impairments to customer relationships of $480 million, technology of $8 million, trade names and trademarks of $236 million, and capitalized software of $3 million. See "Note 18. Restructuring, Impairment and Other" for further discussion.

Intangible assets are generally amortized on a straight-line basis with estimated useful lives ranging from 1 to 30 years. Amortization expense for the three months ended September 30, 2020 and 2019 was $75 million and $85 million, respectively, and $231 million and $278 million for the nine months ended September 30, 2020 and 2019, respectively.

Estimated amortization expense for the remainder of 2020 and each of the subsequent five fiscal years is expected to be as follows:


Year	Estimated Amortization Expense
Remainder of 2020	$	70
2021	245
2022	205
2023	192
2024	175
2025	137

Contract and Other Deferred Assets

9 Months Ended

Sep. 30, 2020

Deferred Revenue Disclosure [Abstract]

Contract and Other Deferred Assets

CONTRACT AND OTHER DEFERRED ASSETS

A majority of our long-term product service agreements relate to our Turbomachinery & Process Solutions segment. Contract assets reflect revenue earned in excess of billings on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements and other deferred contract related costs. Contract assets are comprised of the following:


	September 30, 2020		December 31, 2019
Long-term product service agreements	$	655	$	603
Long-term equipment contracts ⁽¹⁾	1,158		1,097
Contract assets (total revenue in excess of billings)	1,813		1,700
Deferred inventory costs	115		130
Non-recurring engineering costs	43		51

Contract and other deferred assets	$	1,971	$	1,881

⁽¹⁾Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment and certain other service agreements.

Revenue recognized during the three months ended September 30, 2020 and 2019 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $(8) million and $(31) million, respectively, and $22 million and $(9) million during the nine months ended September 30, 2020 and 2019, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract’s total estimated profitability resulting in an adjustment of earnings.

Progress Collections and Deferred Income

9 Months Ended

Sep. 30, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Progress Collections and Deferred Income

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

We disaggregate our revenue from contracts with customers by primary geographic markets.


	Three Months Ended September 30,						Nine Months Ended September 30,
Total Revenue	2020		2019		2020		2019
U.S.	$	1,032	$	1,500	$	3,330	$	4,621
Non-U.S.	4,017		4,382		11,880		12,869
Total	$	5,049	$	5,882	$	15,210	$	17,490

REMAINING PERFORMANCE OBLIGATIONS

PROGRESS COLLECTIONS AND DEFERRED INCOME


	September 30, 2020		December 31, 2019
Progress collections	$	3,503	$	2,760
Deferred income	120		110
Progress collections and deferred income (contract liabilities)	$	3,623	$	2,870

- Definition

+ References

+ Details

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

LEASES

Our leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities, research centers, service centers, sales offices and certain equipment.


	Three Months Ended September 30,						Nine Months Ended September 30,
Operating Lease Expense	2020		2019		2020		2019
Long-term fixed lease	$	71	$	61	$	213	$	169
Long-term variable lease	3		13		23		37
Short-term lease ⁽¹⁾	102		202		382		544
Total operating lease expense	$	176	$	276	$	618	$	750

⁽¹⁾Leases with a term of one year or less, including leases with a term of one month or less

Cash flows used in operating activities for operating leases approximates our expense for the three and nine months ended September 30, 2020 and 2019. The weighted-average remaining lease term as of September 30, 2020 and 2019 was approximately eight years and eight years, respectively, for our operating leases. The weighted-average discount rate used to determine the operating lease liability as of September 30, 2020 and 2019 was 4.3%

Borrowings

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Short-term and long-term borrowings are comprised of the following:


	September 30, 2020		December 31, 2019
Short-term borrowings


Commercial paper	$	772	$	—
Short-term borrowings from GE	111		273
Other borrowings	52		48
Total short-term borrowings	935		321


Long-term borrowings

2.773% Senior Notes due December 2022	1,247		1,246
8.55% Debentures due June 2024	124		127
3.337% Senior Notes due December 2027	1,344		1,343
6.875% Notes due January 2029	285		289
3.138% Senior Notes due November 2029	522		522
4.486% Senior Notes due May 2030	497		—
5.125% Senior Notes due September 2040	1,298		1,301
4.08% Senior Notes due December 2047	1,337		1,337
Other long-term borrowings	100		136
Total long-term borrowings	6,754		6,301
Total borrowings	$	7,689	$	6,622

On May 1, 2020, BHH LLC issued $500 million aggregate principal amount of 4.486% Senior Notes due May 1, 2030. We will pay interest on the notes each May 1 and November 1, beginning on November 1, 2020. These Senior Notes are presented net of issuance costs of $4 million in our condensed consolidated statements of financial position.

We have a commercial paper program under which we may issue from time to time commercial paper with maturities of no more than 397 days. During the second quarter of 2020, we increased our commercial paper program from $3 billion to approximately $3.8 billion.

Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC on our long-term debt securities. This co-obligor is a 100%-owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose. As of September 30, 2020, Baker Hughes Co-Obligor, Inc. is a co-obligor of our long-term debt securities totaling $6,654 million.

Certain Senior Notes contain covenants that restrict BHH LLC's ability to take certain actions, including, but not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions and engaging in certain merger, consolidation and asset sale transactions in excess of specified limits. At September 30, 2020, we were in compliance with all debt covenants.

The estimated fair value of total borrowings at September 30, 2020 and December 31, 2019 was $8,075 million and $6,847 million, respectively. For a majority of our borrowings the fair value was determined using quoted period-end market prices. Where market prices are not available, we estimate fair values based on valuation methodologies using current market interest rate data adjusted for our non-performance risk.

See "Note 16. Related Party Transactions" for additional information on the short-term borrowings from GE.

Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

We have both funded and unfunded defined benefit plans which include four U.S. plans and seven non-U.S. plans, primarily in the UK, Germany, and Canada, all with plan assets or obligations greater than $20 million. We use a December 31 measurement date for these plans, and generally provide benefits to employees based on formulas recognizing length of service and earnings.

The components of net periodic cost of plans sponsored by us are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	7	$	4	$	21	$	14
Interest cost	19		24		59		65
Expected return on plan assets	(31)		(33)		(93)		(88)

Amortization of net actuarial loss	9		5		25		14
Curtailment/settlement loss	3		—		3		7

Net periodic cost	$	7	$	—	$	15	$	12

The service cost component of the net periodic cost is included in operating income (loss) and all other components are included in non-operating loss in our condensed consolidated statements of income (loss).

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended September 30, 2020, provision for income tax was $6 million. The difference between the U.S. statutory tax rate of 21% and the current effective tax rate is primarily related to losses with no tax benefit due to valuation allowances, partially offset by the impact of the U.S. Coronavirus Aid, Relief, and Economic Security Act (CARES Act). For the nine months ended September 30, 2020, income tax benefit was $10 million. The difference between the U.S. statutory tax rate of 21% and the current effective tax rate is primarily related to non-deductible goodwill impairment, the geographical mix of earnings and losses, and losses with no tax benefit due to valuation allowances, partially offset by the impact of the CARES Act.In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to their income and non-income-based tax laws. The CARES Act, which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including allowing net operating losses originating in 2018, 2019 or 2020 to be carried back up to five years. During the nine months ended September 30, 2020, we elected to carry back losses to 2014 and accordingly recognized a $117 million tax benefit

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Equity

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Equity

EQUITY

COMMON STOCK

We are authorized to issue 2 billion shares of Class A common stock, 1.25 billion shares of Class B common stock and 50 million shares of preferred stock each of which have a par value of $0.0001 per share. The number of shares of Class A common stock and Class B common stock outstanding as of September 30, 2020 is 685 million and 349 million, respectively. We have not issued any preferred stock. GE owns all the issued and outstanding Class B common stock. Each share of Class A and Class B common stock and the associated membership interest in BHH LLC form a paired interest. While each share of Class B common stock has equal voting rights to a share of Class A common stock, it has no economic rights, meaning holders of Class B common stock have no right to dividends or any assets in the event of liquidation of the Company. GE is entitled through BHH LLC Units (LLC Units) to receive distributions on an equal amount of any dividend paid by the Company. In July 2020, GE launched a program to divest of its ownership interest in us, at its discretion, in a series of transactions over approximately three years, subject to market conditions and other factors.

The following table presents the changes in the number of shares outstanding (in thousands):


	Class A Common Stock			Class B Common Stock
	2020	2019	2020	2019
Balance at January 1	650,065	513,399	377,428	521,543
Issue of shares upon vesting of restricted stock units ⁽¹⁾	3,425	1,852	—	—
Issue of shares on exercises of stock options ⁽¹⁾	5	350	—	—
Issue of shares for employee stock purchase plan	3,291	1,329	—	—
Exchange of Class B common stock for Class A common stock ⁽²⁾	27,988	132,250	(27,988)	(132,250)
Repurchase and cancellation of Class B common stock⁽³⁾	—	—	—	(11,865)
Balance at September 30	684,775	649,181	349,440	377,428

⁽¹⁾ Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation.

⁽²⁾ In July 2020, GE exchanged 28 million shares of Class B common stock and paired LLC Units for Class A common stock. In September 2019, we completed an underwritten secondary public offering in which GE and its affiliates sold 132.3 million shares of our Class A common stock for $21.07 per share, net of discounts and commissions. We did not receive any proceeds from the shares sold by GE and its affiliates in this offering. The offering included the exchange by GE and its affiliates of LLC Units, together with the corresponding shares of our Class B common stock, for our Class A common stock. When shares of Class B common stock, together with associated LLC Units, are exchanged for shares of Class A common stock pursuant to the Exchange Agreement, such shares of Class B common stock are canceled.

⁽³⁾In September 2019, we also repurchased approximately 11.9 million shares of Class B common stock, together with an equal number of associated LLC Units, from GE and its affiliates for an aggregate of approximately $250 million, or $21.07 per share, which is the same per share price paid by the underwriters to GE and its affiliates in the underwritten public offering. In connection with this repurchase, the corresponding shares of Class B common stock held by GE and its affiliates were canceled.

ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL)

The following tables present the changes in accumulated other comprehensive loss, net of tax:


	Investment Securities		Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2019	$	1	$	(1,436)	$	6	$	(207)	$	(1,636)
Other comprehensive income (loss) before reclassifications	(2)		(101)		(5)		(56)		(164)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(2)		35		33
Deferred taxes	—		—		1		(3)		(2)
Other comprehensive income (loss)	(2)		(101)		(6)		(24)		(133)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1)		(42)		(2)		(7)		(52)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	—		75		—		9		84

Balance at September 30, 2020	$	—	$	(1,570)	$	2	$	(233)	$	(1,801)


	Investment Securities		Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2018	$	—	$	(1,152)	$	(1)	$	(66)	$	(1,219)
Other comprehensive income (loss) before reclassifications	—		(96)		2		(22)		(116)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		2		19		21
Deferred taxes	—		—		(1)		(3)		(4)
Other comprehensive income (loss)	—		(96)		3		(6)		(99)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	1		(32)		2		(4)		(33)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	(1)		314		—		37		350
Less: Other adjustments	—		—		—		59		59

Balance at September 30, 2019	$	—	$	(1,530)	$	—	$	(164)	$	(1,694)

The amounts reclassified from accumulated other comprehensive loss during the nine months ended September 30, 2020 and 2019 represent amortization of net actuarial gain (loss) which are included in the computation of net periodic pension cost (see "Note 10. Employee Benefit Plans" for additional details). These reclassifications are recorded across the various cost and expense line items within the condensed consolidated statements of income (loss).

NONCONTROLLING INTEREST

Noncontrolling interests represent the portion of net assets in consolidated entities that are not owned by the Company. As of September 30, 2020 and December 31, 2019, GE owned approximately 33.8% and 36.7%, respectively, of BHH LLC and this represents the majority of the noncontrolling interest balance reported within equity.


	September 30, 2020		December 31, 2019
GE's interest in BHH LLC	$	5,536	$	12,454
Other noncontrolling interests	131		116
Total noncontrolling interests	$	5,667	$	12,570

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic and diluted net income (loss) per share of Class A common stock is presented below:


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share amounts)	2020		2019		2020		2019
Net income (loss)	$	(270)	$	117	$	(16,712)	$	177
Less: Net income (loss) attributable to noncontrolling interests	(100)		60		(6,120)		97
Net income (loss) attributable to Baker Hughes Company	$	(170)	$	57	$	(10,592)	$	80

Weighted average shares outstanding:
Class A basic	676		538		662		523
Class A diluted	676		541		662		525
Net income (loss) per share attributable to common stockholders:
Class A basic & diluted	$	(0.25)	$	0.11	$	(16.01)	$	0.15

Under the Exchange Agreement between GE and us, GE is entitled to exchange its holding in our Class B common stock, and associated LLC Units, for Class A common stock on a one-for-one basis (subject to adjustment in accordance with the terms of the Exchange Agreement) or, at the option of Baker Hughes, an amount of cash equal to the aggregate value (determined in accordance with the terms of the Exchange Agreement) of the shares of Class A common stock that would have otherwise been received by GE in the exchange. In computing the dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income (loss) attributable to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling interests associated with the Class B common stock (including any tax impact). For the three and nine months ended September 30, 2020 and 2019, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

Shares of our Class B common stock do not share in earnings or losses of the Company and are not considered in the calculation of basic or diluted earnings per share (EPS). As such, separate presentation of basic and diluted EPS of Class B under the two class method has not been presented.

For the three and nine months ended September 30, 2020, we excluded all outstanding equity awards from the computation of diluted net loss per share because their effect is antidilutive. For the three and nine months ended September 30, 2019, Class A diluted shares include the dilutive impact of equity awards except for approximately six million options that were excluded because the exercise price exceeded the average market price of the Class A common stock and is therefore antidilutive.

Financial Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

FINANCIAL INSTRUMENTS

RECURRING FAIR VALUE MEASUREMENTS

Our assets and liabilities measured at fair value on a recurring basis consists of derivative instruments and investment securities.


	September 30, 2020														December 31, 2019
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	109	$	—	$	109	$	—	$	58	$	—	$	58
Investment securities	2		1		98		101		24		—		259		283
Total assets	2		110		98		210		24		58		259		341

Liabilities
Derivatives	—		(63)		—		(63)		—		(27)		—		(27)
Total liabilities	$	—	$	(63)	$	—	$	(63)	$	—	$	(27)	$	—	$	(27)

There were no transfers between Level 1, 2 and 3 during the nine months ended September 30, 2020.

The following table provides a reconciliation of recurring Level 3 fair value measurements for investment securities:


	2020		2019
Balance at January 1	$	259	$	288
Purchases	10		7
Proceeds at maturity	(168)		(31)
Unrealized gains (losses) recognized in accumulated other comprehensive income (loss)	(3)		—
Balance at September 30	$	98	$	265

The most significant unobservable input used in the valuation of our Level 3 instruments is the discount rate. Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value of our investment securities. There are no unrealized gains or losses recognized in the condensed consolidated statement of income (loss) on account of any Level 3 instrument still held at the reporting date. At September 30, 2020 and December 31, 2019, we held $26 million and $111 million, respectively, of these investment securities on behalf of GE.


	September 30, 2020														December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investment securities
Non-U.S. debt securities ⁽¹⁾	$	99	$	—	$	—	$	99	$	257	$	2	$	—	$	259
Equity securities ⁽²⁾	2		—		—		2		24		—		—		24
Total	$	101	$	—	$	—	$	101	$	281	$	2	$	—	$	283

⁽¹⁾All of our investment securities are classified as available for sale instruments. Non-U.S. debt securities mature within two years.

⁽²⁾Gains (losses) recorded to earnings related to these securities were nil for the three months ended September 30, 2020 and 2019, respectively, and $(12) million and $1 million for the nine months ended September 30, 2020 and 2019, respectively.

FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS

Our financial instruments include cash, cash equivalents, current receivables, certain investments, accounts payable, short and long-term debt, and derivative financial instruments. Except for long-term debt, the estimated fair value of these financial instruments at September 30, 2020 and December 31, 2019 approximates their carrying value as reflected in our condensed consolidated financial statements. For further information on the fair value of our debt, see "Note 9. Borrowings."

DERIVATIVES AND HEDGING

We use derivatives to manage our risks and do not use derivatives for speculation. The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.


	September 30, 2020						December 31, 2019
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	4	$	—	$	11	$	—

Derivatives not accounted for as hedges
Currency exchange contracts and other	105		(63)		47		(27)


Total derivatives	$	109	$	(63)	$	58	$	(27)

Derivatives are classified in the captions "All other current assets," "All other assets," "All other current liabilities," and "All other liabilities" depending on their respective maturity date.

As of September 30, 2020 and December 31, 2019, $106 million and $52 million of derivative assets are recorded in "All other current assets" and $3 million and $6 million are recorded in "All other assets" of the condensed consolidated statements of financial position, respectively. As of September 30, 2020 and December 31, 2019, $61 million and $24 million of derivative liabilities are recorded in "All other current liabilities" and $2 million and $3 million are recorded in "All other liabilities" of the condensed consolidated statements of financial position, respectively.

FORMS OF HEDGING

Cash Flow Hedges

We use cash flow hedging primarily to reduce or eliminate the effects of foreign exchange rate changes on purchase and sale contracts. Accordingly, the vast majority of our derivative activity in this category consists of currency exchange contracts. We also use commodity derivatives to reduce or eliminate price risk on raw materials purchased for use in manufacturing.

Changes in the fair value of cash flow hedges are recorded in a separate component of equity (referred to below as Accumulated Other Comprehensive Income, or AOCI) and are recorded in earnings in the period in which the hedged transaction occurs. The table below summarizes our hedging instrument activity for currency exchange contracts.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Gain (loss) recognized in AOCI	$	3	$	1	$	(5)	$	2
Gain (loss) reclassified from AOCI to earnings	2		(1)		2		(2)

We expect to transfer $4 million to earnings as a gain in the next 12 months contemporaneously with the earnings effects of the related forecast transactions. At September 30, 2020 and December 31, 2019, the maximum term of derivative instruments that hedge forecast transactions was one year and one year, respectively.

Economic Hedges

These derivatives are 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. Economic hedges are marked to fair value through earnings each period.

The following table summarizes the gains (losses) from derivatives not designated as hedges in the condensed consolidated statements of income (loss).


Derivatives not designated as hedging instruments	Condensed consolidated statement of income caption	Three Months Ended September 30,						Nine Months Ended September 30,
						2020		2019		2020	2019
Currency exchange contracts ⁽¹⁾	Cost of goods sold	$	5	$	(8)	$	(9)	$	(13)
Currency exchange contracts	Selling, general and administrative	32		(7)		109		(11)
Commodity derivatives	Cost of goods sold	3		2		2		2
Other derivatives	Other non-operating loss, net	—		(1)		8		1
Total ⁽²⁾		$	40	$	(14)	$	110	$	(21)

⁽¹⁾Excludes losses of $14 million and gains of $1 million on embedded derivatives for the three months ended September 30, 2020 and 2019, respectively, and losses of $9 million and nil during the nine months ended September 30, 2020 and 2019, respectively, as embedded derivatives are not considered to be hedging instruments in our economic hedges.

⁽²⁾The effect on earnings of derivatives not designated as hedges is substantially offset by the change in fair value of the economically hedged items in the current and future periods.

NOTIONAL AMOUNT OF DERIVATIVES

The notional amount of a derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). A substantial majority of the outstanding notional amount of $6.7 billion and $5.7 billion at September 30, 2020 and December 31, 2019, respectively, is related to hedges of anticipated sales and purchases in foreign currency, commodity purchases, and contractual terms in contracts that are considered embedded derivatives and for intercompany borrowings in foreign currencies. We generally disclose derivative notional amounts on a gross basis to indicate the total counterparty risk. Where we have gross purchase and sale derivative contracts for a particular currency, we look to execute these contracts with the same counterparty to reduce our exposure. The notional amount of these derivative instruments do not generally represent amounts exchanged by us and the counterparties, and thus are not reflective of the cash requirements related to these derivative instruments or of any other possible exposure.

COUNTERPARTY CREDIT RISK

Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk that counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis.

OTHER EQUITY INVESTMENTS

As of September 30, 2020 and December 31, 2019, the carrying amount of equity securities without readily determinable fair values was $637 million.

During 2018, we discontinued applying the equity method on our investment in BJ Services, as required under U.S. GAAP, as previous losses had reduced our investment to zero, and we have no requirements to advance any additional funds.

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Our reportable segments, which are the same as our operating segments, are organized based on the nature of markets and customers. We report our operating results through our four operating segments that consist of similar products and services within each segment as described below.

OILFIELD SERVICES (OFS)

Oilfield Services provides products and services for onshore and offshore operations across the lifecycle of a well, ranging from drilling, evaluation, completion, production and intervention. Products and services include diamond and tri-cone drill bits, drilling services, including directional drilling technology, measurement while drilling & logging while drilling, downhole completion tools and systems, wellbore intervention tools and services, wireline services, drilling and completions fluids, oilfield and industrial chemicals, pressure pumping, and artificial lift technologies, including electrical submersible pumps.

OILFIELD EQUIPMENT (OFE)

Oilfield Equipment provides a broad portfolio of products and services required to facilitate the safe and reliable flow of hydrocarbons from the subsea wellhead to the surface. Products and services include pressure control equipment and services, subsea production systems and services, drilling equipment, and flexible pipeline systems. Oilfield Equipment designs and manufactures onshore and offshore drilling and production systems and equipment for floating production platforms and provides a full range of services related to onshore and offshore drilling activities.

TURBOMACHINERY & PROCESS SOLUTIONS (TPS)

Turbomachinery & Process Solutions provides equipment and related services for mechanical-drive, compression and power-generation applications across the oil and gas industry as well as products and services to serve the downstream segments of the industry including refining, petrochemical, distributed gas, flow and process control and other industrial applications. The Turbomachinery & Process Solutions portfolio includes drivers (aero-derivative gas turbines, heavy-duty gas turbines and synchronous and induction electric motors), compressors (centrifugal and axial, direct drive high speed, integrated, subsea compressors, turbo expanders and reciprocating), turn-key solutions (industrial modules and waste heat recovery), pumps, valves, and compressed natural gas (CNG) and small-scale liquefied natural gas (LNG) solutions used primarily for shale oil and gas field development.

DIGITAL SOLUTIONS (DS)

Digital Solutions provides equipment, software, and services for a wide range of industries, including oil & gas, power generation, aerospace, metals, and transportation. The offerings include sensor-based process measurement, non-destructive testing and inspection, turbine, generator and plant controls and condition monitoring, as well as pipeline integrity solutions.

SEGMENT RESULTS

Segment revenue and profit are determined based on the internal performance measures used by the Company to assess the performance of each segment in a financial period. Summarized financial information is shown in the following tables. Consistent accounting policies have been applied by all segments within the Company, for all reporting periods.


	Three Months Ended September 30,						Nine Months Ended September 30,
Segment revenue	2020		2019		2020		2019
Oilfield Services	$	2,308	$	3,348	$	7,858	$	9,597
Oilfield Equipment	726		728		2,133		2,156
Turbomachinery & Process Solutions	1,513		1,197		3,759		3,904
Digital Solutions	503		609		1,460		1,833
Total	$	5,049	$	5,882	$	15,210	$	17,490

The performance of our operating segments is evaluated based on segment operating income (loss), which is defined as income (loss) before income taxes before the following: net interest expense, net other non-operating loss, corporate expenses, restructuring, impairment and other charges, inventory impairments, separation related costs, goodwill impairments and certain gains and losses not allocated to the operating segments.


	Three Months Ended September 30,						Nine Months Ended September 30,
Segment income (loss) before income taxes	2020		2019		2020		2019
Oilfield Services	$	93	$	274	$	345	$	683
Oilfield Equipment	19		14		(4)		40
Turbomachinery & Process Solutions	191		161		473		414
Digital Solutions	46		82		117		234
Total segment	349		531		931		1,370
Corporate	(115)		(109)		(353)		(314)
Inventory impairment ⁽¹⁾	(42)		—		(218)		—
Goodwill impairment	—		—		(14,773)		—
Restructuring, impairment and other	(209)		(71)		(1,637)		(183)
Separation related	(32)		(54)		(110)		(128)
Other non-operating loss, net	(149)		(14)		(367)		(124)
Interest expense, net	(66)		(59)		(195)		(174)
Total	$	(264)	$	224	$	(16,722)	$	446

⁽¹⁾Charges for inventory impairments are predominantly reported in the "Cost of goods sold" caption of the condensed consolidated statements of income (loss).

The following table presents total assets by segment:


Segment assets	September 30, 2020		December 31, 2019
Oilfield Services	$	15,963	$	30,611
Oilfield Equipment	3,687		7,645
Turbomachinery & Process Solutions	8,727		8,365
Digital Solutions	3,890		3,983
Total segment	32,267		50,604
Corporate and eliminations ⁽¹⁾	5,072		2,765
Total	$	37,339	$	53,369

⁽¹⁾Corporate and eliminations in total segment assets includes adjustments of intercompany investments and receivables that are reflected within the total assets of the four reportable segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS GE is our largest shareholder and their interest in us was 33.8% as of September 30, 2020. On September 16, 2019, GE ceased to be our controlling shareholder when their ownership in us was reduced from approximately 50.3% to approximately 36.8% (the Trigger Date). Following the Trigger Date and until GE and its affiliates own less than 20% of the voting power of our outstanding common stock, GE is entitled to designate one person for nomination to our board of directors. During 2018 and 2019, we entered into a Master Agreement and a series of related ancillary agreements with GE and BHH LLC (collectively, the Master Agreement Framework) designed to solidify the commercial and technological collaborations between us and GE and to facilitate our transition from operating as a controlled company. In particular, the Master Agreement Framework contemplated long-term agreements between us, BHH LLC and GE on technology, fulfillment and other key areas providing greater clarity to customers, employees and shareholders. Also in 2019, we entered into an Omnibus Agreement, a general framework agreement that addresses certain outstanding matters under existing long-term commercial agreements between us and GE. The Omnibus Agreement contains provisions regarding, among other things, (i) the repayment of certain outstanding amounts mutually owed by the parties, (ii) certain employee and assets transfers (including the allocation of costs and expenses associated therewith), and (iii) certain matters related to three international joint ventures. RELATED PARTY TRANSACTIONS WITH GE On July 3, 2017, we executed a promissory note with GE (which was amended and restated on July 31, 2019 in connection with the entry into the Omnibus Agreement referenced above) that represents certain cash that we are holding on GE's behalf due to the restricted nature of the cash. The restriction arises as the majority of the cash cannot be released, transferred or otherwise converted into a non-restricted market currency due to the lack of market liquidity, capital controls or similar monetary or exchange limitations by a government entity of the jurisdiction in which such cash is situated. There is no maturity date on the promissory note, but we remain obligated to repay GE, therefore, this obligation is reflected as short-term borrowings. As of September 30, 2020, of the $111 million due to GE, $85 million was held in the form of cash and $26 million was held in the form of investment securities. As of December 31, 2019, of the $273 million due to GE, $162 million was held in the form of cash and $111 million was held in the form of investment securities. A corresponding liability is reported in short-term debt in the condensed consolidated statements of financial position. We sold products and services to GE and its affiliates for $46 million and $71 million during the three months ended September 30, 2020 and 2019, respectively, and $150 million and $260 million during the nine months ended September 30, 2020 and 2019, respectively. Purchases from GE and its affiliates were $384 million and $336 million during the three months ended September 30, 2020 and 2019, respectively, and $993 million and $1,215 million during the nine months ended September 30, 2020 and 2019, respectively. The Company has $408 million and $536 million of accounts payable at September 30, 2020 and December 31, 2019, respectively, for goods and services provided by GE in the ordinary course of business. The Company has $526 million and $495 million of current receivables at September 30, 2020 and December 31, 2019, respectively, for goods and services provided to GE in the ordinary course of business.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

LITIGATION

We are subject to a number of lawsuits and claims arising out of the conduct of our business. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. We record a liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, including accruals for self-insured losses which are calculated based on historical claim data, specific loss development factors and other information.

A range of total possible losses for all litigation matters cannot be reasonably estimated. Based on a consideration of all relevant facts and circumstances, we do not expect the ultimate outcome of currently pending lawsuits or claims against us, other than those discussed below, will have a material adverse effect on our financial position, results of operations or cash flows, however, there can be no assurance as to the ultimate outcome of these matters.

With respect to the litigation matters below, if there was an adverse outcome individually or collectively, there could be a material impact on our business, financial condition and results of operations expected for the year. These litigation matters are subject to inherent uncertainties and management's view of these matters may change in the future. Therefore, there can be no assurance as to the ultimate outcome of these matters.

During 2014, we received notification from a customer related to a possible equipment failure in a natural gas storage system in Northern Germany, which includes certain of our products. The customer initiated arbitration proceedings against us on June 19, 2015, under the rules of the German Institute of Arbitration e.V. (DIS). On August 3, 2016, the customer amended its claims and alleged damages of €202 million plus interest at an annual rate of prime + 5%. Hearings before the arbitration panel were held January 16, 2017 through January 23, 2017, and March 20, 2017 through March 21, 2017. In addition, on September 21, 2015, TRIUVA Kapitalverwaltungsgesellschaft mbH filed a lawsuit in the United States District Court for the Southern District of Texas, Houston Division against the Company and Baker Hughes Oilfield Operations, Inc. alleging that the plaintiff is the owner of gas storage caverns in Etzel, Germany in which the Company provided certain equipment in connection with the development of the gas storage caverns. The plaintiff further alleges that the Company supplied equipment that was either defectively designed or failed to warn of risks that the equipment posed, and that these alleged defects caused damage to the plaintiff's property. The plaintiff seeks recovery of alleged compensatory and punitive damages of an unspecified amount, in addition to reasonable attorneys' fees, court costs and pre-judgment and post-judgment interest. The allegations in this lawsuit are related to the claims made in the June 19, 2015 German arbitration referenced above. On June 7, 2018, the DIS arbitration panel issued a confidential Arbitration Ruling which addressed all claims asserted by the customer. The estimated financial impact of the Arbitration Ruling has been reflected in the Company's financial statements and did not have a material impact. Further, on March 11, 2019, the customer initiated a second arbitral proceeding against us, under the rules of the German Institute of Arbitration e.V. (DIS). The customer alleged damages of €142 million plus interest at an annual rate of prime + 5% since June 20, 2015. The allegations in this second arbitration proceeding are related to the claims made in the June 19, 2015 German arbitration and Houston Federal Court proceedings referenced above. The Company is contesting the claims made by TRIUVA in the Houston Federal Court and the claims made by the customer in the second arbitration proceeding. At this time, we are not able to predict the outcome of the claims asserted in the Houston Federal Court or the second arbitration proceeding.

On July 31, 2015, Rapid Completions LLC filed a lawsuit in federal court in the Eastern District of Texas against Baker Hughes Incorporated, Baker Hughes Oilfield Operations, Inc., and others claiming infringement of U.S. Patent Nos. 6,907,936; 7,134,505; 7,543,634; 7,861,774; and 8,657,009. On August 6, 2015, Rapid Completions amended its complaint to allege infringement of U.S. Patent No. 9,074,451. On April 1, 2016, Rapid Completions removed U.S. Patent No. 6,907,936 from its claims in the lawsuit. On April 5, 2016, Rapid Completions filed a second lawsuit

in federal court in the Eastern District of Texas against Baker Hughes Incorporated, Baker Hughes Oilfield Operations, Inc. and others claiming infringement of U.S. Patent No. 9,303,501. These patents relate primarily to certain specific downhole completions equipment. The plaintiff has requested a permanent injunction against further alleged infringement, damages in an unspecified amount, supplemental and enhanced damages, and additional relief such as attorney's fees and costs. During August and September 2016, the United States Patent and Trademark Office (USPTO) agreed to institute an inter-partes review of U.S. Patent Nos 7,861,774; 7,134,505; 7,543,634; 6,907,936; 8,657,009; and 9,074,451. On August 29, 2017, the USPTO issued its final written decisions in the inter-partes reviews of U.S. Patent Nos. 8,657,009 and 9,074,451 finding that all claims of those patents were unpatentable. On August 31, 2017, the USPTO issued its final written decision in the inter-partes review of U.S. Patent 6,907,936 - the patent dropped from the lawsuit by the plaintiffs - finding that all claims of this patent were patentable. On October 27, 2017, Rapid Completions filed its notices of appeal of the USPTO’s final written decision in the inter-partes review of U.S. Patent Nos. 8,657,009 and 9,074,451. On September 26, 2018, the USPTO issued its final written decision in the inter-partes review of U.S. Patent No. 7,134,505 finding all of the challenged claims unpatentable. On September 27, 2018, the USPTO issued its final written decision in the inter-partes review of U.S. Patent No. 7,543,634 finding all of the challenged claims unpatentable. On November 19, 2018, the U.S. Court of Appeals for the Federal Circuit affirmed the USPTO’s unpatentability findings with respect to U.S. Patent Nos. 8,657,009 and 9,074,451. On November 26, 2018, Rapid Completions filed notices of appeal of the USPTO’s final written decisions in the inter partes reviews of U.S. Patent No. 7,134,505, and 7,543,634. On May 2, 2019, the USPTO issued a final written decision in an IPR on U.S. Patent Number 9,303,501 finding all of its claims unpatentable, and Rapid Completions appealed that decision to the Federal Circuit on July 5, 2019. On November 13, 2019, the U.S. Court of Appeals for the Federal Circuit affirmed the USPTO’s unpatentability findings with respect to U.S. Patent No. 7,134,505, and 7,543,634. On November 26, 2019, the USPTO issued a final written decision in the inter-partes review of U.S. Patent No. 7,861,774 finding all challenged claims unpatentable, and Rapid Completions did not timely appeal that decision. On January 21, 2020, the Federal Circuit affirmed the USPTO’s unpatentability finding as to all asserted claims of the U.S. Patent No. 9,303,501. The deadline for Rapid Completions to file a writ of certiorari petition to the U.S. Supreme Court on any of the USPTO's unpatentability findings has passed. On October 14, 2020, the federal court in the Eastern District of Texas dismissed the pending lawsuits.

In January 2013, INEOS and Naphtachimie initiated expertise proceedings in Aix-en-Provence, France arising out of a fire at a chemical plant owned by INEOS in Lavera, France, which resulted in a 15-day plant shutdown and destruction of a steam turbine, which was part of a compressor train owned by Naphtachimie. The most recent quantification of the alleged damages is €250 million. Two of the Company's subsidiaries (and 17 other companies) were notified to participate in the proceedings. The proceedings are ongoing, and at this time, there is no indication that the Company's subsidiaries were involved in the incident. Although the outcome of the claims remains uncertain, our insurer has accepted coverage and is defending the Company in the expertise proceeding.

On July 31, 2018, International Engineering & Construction S.A. (IEC) initiated arbitration proceedings in New York administered by the International Center for Dispute Resolution (ICDR) against the Company and its subsidiaries arising out of a series of sales and service contracts entered between IEC and the Company’s subsidiaries for the sale and installation of LNG plants and related power generation equipment in Nigeria (Contracts). Prior to the filing of the IEC Arbitration, the Company’s subsidiaries made demands for payment due under the Contracts. On August 15, 2018, the Company’s subsidiaries initiated a separate demand for ICDR arbitration against IEC for claims of additional costs and amounts due under the Contracts. On October 10, 2018, IEC filed a Petition to Compel Arbitration in the United States District Court for the Southern District of New York against the Company seeking to compel non-signatory Baker Hughes entities to participate in the arbitration filed by IEC. The complaint is captioned International Engineering & Construction S.A. et al. v. Baker Hughes, a GE company LLC, et al. No. 18-cv-09241 (S.D.N.Y 2018); this action was dismissed by the Court on August 13, 2019. In the arbitration, IEC alleges breach of contract and other claims against the Company and its subsidiaries and seeks recovery of alleged compensatory damages, in addition to reasonable attorneys' fees, expenses and arbitration costs. On March 15, 2019, IEC amended its request for arbitration to alleged damages of $591 million of lost profits plus unspecified additional costs based on alleged non-performance of the contracts in dispute. The arbitration hearing was held from December 9, 2019 to December 20, 2019. On March 3, 2020, IEC amended their damages claim to $700 million of alleged loss cash flow or, in the alternative, $244.9 million of lost profits and various costs based on alleged non-performance of the contracts in dispute, and in addition $4.8 million of liquidated damages, $58.6 million in take-or-pay costs of feed gas, and unspecified additional costs of rectification

and take-or-pay future obligations, plus unspecified interest and attorneys' fees. On May 3, 2020, the arbitration panel dismissed IEC's request for take-or-pay damages. On May 29, 2020, IEC quantified their claim for legal fees at $14.2 million and reduced their alternative claim from $244.9 million to approximately $235 million. The Company and its subsidiaries have contested IEC’s claims and are pursuing claims for compensation under the contracts. At this time, we are not able to predict the outcome of these claims.

On March 15, 2019 and March 18, 2019, the City of Riviera Beach Pension Fund and Richard Schippnick, respectively, filed in the Delaware Court of Chancery shareholder derivative lawsuits for and on the Company’s behalf against GE, the then-current members of the Board of Directors of the Company and the Company as a nominal defendant, related to the decision to (i) terminate the contractual prohibition barring GE from selling any of the Company’s shares before July 3, 2019; (ii) repurchase $1.5 billion in the Company’s stock from GE; (iii) permit GE to sell approximately $2.5 billion in the Company’s stock through a secondary offering; and (iv) enter into a series of other agreements and amendments that will govern the ongoing relationship between the Company and GE (collectively, the “2018 Transactions”). The complaints in both lawsuits allege, among other things, that GE, as the Company’s controlling stockholder, and the members of the Company’s Board of Directors breached their fiduciary duties by entering into the 2018 Transactions. The relief sought in the complaints includes a request for a declaration that the defendants breached their fiduciary duties, that GE was unjustly enriched, disgorgement of profits, an award of damages sustained by the Company, pre- and post-judgment interest, and attorneys’ fees and costs. On March 21, 2019, the Chancery Court entered an order consolidating the Schippnick and City of Riviera Beach complaints under consolidated C.A. No. 2019-0201-AGB, styled in re Baker Hughes, a GE company derivative litigation. On May 10, 2019, Plaintiffs voluntarily dismissed their claims against the members of the Company’s Conflicts Committee, and on May 15, 2019, Plaintiffs voluntarily dismissed their claims against former Baker Hughes director Martin Craighead. On June 7, 2019, the defendants and nominal defendant filed a motion to dismiss the lawsuit on the ground that the derivative plaintiffs failed to make a demand on the Company’s Board of Directors to pursue the claims itself, and GE and the Company’s Board of Directors filed a motion to dismiss the lawsuit on the ground that the complaint failed to state a claim on which relief can be granted. The Chancery Court denied the motions on October 8, 2019, except granted GE’s motion to dismiss the unjust enrichment claim against it. On October 31, 2019, the Company’s Board of Directors designated a Special Litigation Committee and empowered it with full authority to investigate and evaluate the allegations and issues raised in the derivative litigation. The Special Litigation Committee filed a motion to stay the derivative litigation during its investigation. On December 3, 2019, the Chancery Court granted the motion and stayed the derivative litigation until June 1, 2020. On May 20, 2020, the Chancery Court granted an extension of the stay to October 1, 2020, and on September 29, 2020, the Court granted a further extension of the stay to October 15, 2020. On October 13, 2020, the Special Litigation Committee filed its report with the Court. At this time, we are not able to predict the outcome of these claims.

In March 2019, the Company received a document request from the United States Department of Justice (the “DOJ”) related to certain of the Company’s operations in Iraq and its dealings with Unaoil Limited and its affiliates. In December 2019, the Company received a similar document request from the Securities Exchange Commission (the "SEC"). The Company is cooperating with the DOJ and the SEC in connection with their requests and any related matters. In addition, the Company has agreed to toll any statute of limitations in connection with the matters subject to the DOJ’s document request.

On August 13, 2019, Tri-State Joint Fund filed in the Delaware Court of Chancery, a shareholder class action lawsuit for and on the behalf of itself and all similarly situated public stockholders of Baker Hughes Incorporated (“BHI”) against the General Electric Company (GE), the former members of the Board of Directors of BHI, and certain former BHI Officers alleging breaches of fiduciary duty, aiding and abetting, and other claims in connection with the combination of BHI and the oil and gas business (GE O&G) of GE (the Transactions). On October 28, 2019, City of Providence filed in the Delaware Court of Chancery a shareholder class action lawsuit for and on behalf of itself and all similarly situated public shareholders of BHI against GE, the former members of the Board of Directors of BHI, and certain former BHI Officers alleging substantially the same claims in connection with the Transactions. The relief sought in these complaints include a request for a declaration that Defendants breached their fiduciary duties, an award of damages, pre- and post-judgment interest, and attorneys’ fees and costs. The lawsuits have been consolidated, and plaintiffs filed a consolidated class action complaint on December 17, 2019 against certain former BHI officers alleging breaches of fiduciary duty and against GE for aiding and abetting those breaches. The December 2019 complaint omitted the former members of the Board of Directors of BHI, except for Mr. Craighead who also served as President and CEO of BHI. Mr. Craighead and Ms. Ross, who served as Senior

Vice President and Chief Financial Officer of BHI, remain named in the December 2019 complaint along with GE. The relief sought in the consolidated complaint includes a declaration that the former BHI officers breached their fiduciary duties and that GE aided and abetted those breaches, an award of damages, pre- and post-judgment interest, and attorneys’ fees and costs. At this time, we are not able to predict the outcome of these claims.

On December 11, 2019, BMC Software, Inc. (“BMC”) filed a lawsuit in federal court in the Southern District of Texas against Baker Hughes, a GE company, LLC alleging trademark infringement, unfair competition, and unjust enrichment, arising out of the Company’s use of its new logo and affiliated branding. On January 1, 2020, BMC amended its complaint to add Baker Hughes Company. The relief sought in the complaint includes a request for injunctive relief, an award of damages (including punitive damages), pre- and post-judgment interest, and attorneys’ fees and costs. At this time, we are not able to predict the outcome of these claims.

The Company is reporting the following matter in compliance with SEC requirements to disclose environmental proceedings where the government is a party and that potentially involve monetary sanctions of $0.1 million or greater. In June 2020, Kern County California issued an administrative enforcement order with a proposed penalty of $0.7 million for alleged health, safety and environmental violations at a repackaging and distribution facility in Taft, California that is indirectly owned by the Company.

We insure against risks arising from our business to the extent deemed prudent by our management and to the extent insurance is available, but no assurance can be given that the nature and amount of that insurance will be sufficient to fully indemnify us against liabilities arising out of pending or future legal proceedings or other claims. Most of our insurance policies contain deductibles or self-insured retentions in amounts we deem prudent and for which we are responsible for payment. In determining the amount of self-insurance, it is our policy to self-insure those losses that are predictable, measurable and recurring in nature, such as claims for automobile liability, general liability and workers compensation.

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, primarily historical claims experience, claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties are as follows:


	2020		2019
Balance at January 1	$	220	$	236
Provisions	6		6
Expenditures	(8)		(12)
Other	8		(8)
Balance at September 30	$	226	$	222

OTHER

In the normal course of business with customers, vendors and others, we have entered into off-balance sheet arrangements, such as surety bonds for performance, letters of credit and other bank issued guarantees. We also provide guarantees to GE Capital on behalf of some customers who have entered into financing arrangements with GE Capital. These off-balance sheet arrangements totaled approximately $4.1 billion at September 30, 2020. It is not practicable to estimate the fair value of these financial instruments. None of the off-balance sheet arrangements either has, or is likely to have, a material effect on our financial position, results of operations or cash flows.

We sometimes enter into consortium or similar arrangements for certain projects primarily in our Oilfield Equipment segment. Under such arrangements, each party is responsible for performing a certain scope of work within the total scope of the contracted work, and the obligations expire when all contractual obligations are completed. The failure or inability, financially or otherwise, of any of the parties to perform their obligations could

impose additional cost and obligations on us. These factors could result in unanticipated costs to complete the project, liquidated damages or contract disputes.

Restructuring, Impairment and Other

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Other

RESTRUCTURING, IMPAIRMENT AND OTHER

During the first quarter of 2020, in response to the impact on our business from the COVID-19 pandemic and the significant decline in oil and gas prices, we approved a plan of $1.8 billion (the 2020 Plan) primarily associated with rationalizing certain product lines and restructuring our business, which is designed to, among other things, right-size our operations for anticipated activity levels and market conditions. As a result, we recorded restructuring, impairment and other charges of $209 million and $1,637 million for the three and nine months ended September 30, 2020, respectively. Also included in the 2020 Plan are inventory impairments of $42 million and $218 million for the three and nine months ended September 30, 2020, respectively. See "Note 4. Inventories" for further discussion.

RESTRUCTURING AND IMPAIRMENT

The following table presents restructuring and impairment charges by the impacted segment, however, these charges are not included in the reported segment results:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Oilfield Services	$	144	$	27	$	453	$	63
Oilfield Equipment	21		1		121		19
Turbomachinery & Process Solutions	7		10		27		39
Digital Solutions	18		—		52		12
Corporate	1		—		15		12
Total	$	191	$	38	$	668	$	145

Restructuring and impairment charges were primarily related to employee termination expenses from reducing our headcount in certain geographical locations, and product line rationalization, including plant closures and related expenses such as property, plant & equipment impairments and contract termination fees. Details of these charges are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Impairments of property, plant & equipment	$	65	$	6	$	214	$	22
Employee-related termination expenses	108		28		406		106

Contract termination fees	1		2		23		11
Other incremental costs	17		2		25		6
Total	$	191	$	38	$	668	$	145

OTHER

Other charges included in "Restructuring, impairment and other" of the condensed consolidated statements of income (loss) were $18 million and $33 million for the three months ended September 30, 2020 and 2019, respectively, and $969 million and $38 million for the nine months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020, such charges consisted primarily of intangible asset impairments of $605 million driven by our decision to exit certain businesses primarily in our OFS segment, other long-lived asset impairments of $216 million ($124 million of intangible assets, $77 million of property, plant and equipment and $15 million of other assets) in our OFE segment, other charges of $73 million driven by certain litigation matters and impairment of an equity method investment primarily in corporate and the OFE segment, and charges of $61 million primarily related to corporate facility rationalization.

Business Disposition	9 Months Ended
Business Disposition	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Business Disposition	BUSINESS DISPOSITIONOn June 30, 2020, we completed the sale of our Rod Lift Systems (RLS) business. RLS was part of our OFS segment and provided rod lift products, technologies, services and solutions to the oil and gas industry. The sale resulted in a loss before income taxes of approximately $217 million and is reported in the "Other non-operating loss, net" caption of the condensed consolidated statements of income (loss).ASSETS AND LIABILITIES OF BUSINESS HELD FOR SALEOn September 3, 2020, we entered into an agreement to sell our Surface Pressure Control Flow (“SPC Flow”) business, a non-strategic product line in our Oilfield Equipment segment that provides surface wellhead and surface tree systems for the onshore market. As of September 30, 2020, the disposal group met the criteria to be classified as held for sale and is measured and reported at the lower of its' carrying amount or fair value less costs to sell, which resulted in a loss of $129 million to write-down the disposal group to fair value. The loss is reported in the "Other non-operating loss, net" caption of the condensed consolidated statements of income (loss).

Assets and Liabilities of Business Held for Sale	9 Months Ended
Assets and Liabilities of Business Held for Sale	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities of Business Held for Sale	BUSINESS DISPOSITIONOn June 30, 2020, we completed the sale of our Rod Lift Systems (RLS) business. RLS was part of our OFS segment and provided rod lift products, technologies, services and solutions to the oil and gas industry. The sale resulted in a loss before income taxes of approximately $217 million and is reported in the "Other non-operating loss, net" caption of the condensed consolidated statements of income (loss).ASSETS AND LIABILITIES OF BUSINESS HELD FOR SALEOn September 3, 2020, we entered into an agreement to sell our Surface Pressure Control Flow (“SPC Flow”) business, a non-strategic product line in our Oilfield Equipment segment that provides surface wellhead and surface tree systems for the onshore market. As of September 30, 2020, the disposal group met the criteria to be classified as held for sale and is measured and reported at the lower of its' carrying amount or fair value less costs to sell, which resulted in a loss of $129 million to write-down the disposal group to fair value. The loss is reported in the "Other non-operating loss, net" caption of the condensed consolidated statements of income (loss).

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. and such principles, U.S. GAAP) and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated and combined financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Annual Report). We hold a majority economic interest in BHH LLC and conduct and exercise full control over all activities of BHH LLC without the approval of any other member. Accordingly, we consolidate the financial results of BHH LLC and report a noncontrolling interest in our condensed consolidated financial statements for the economic interest held by GE. As of September 30, 2020, GE's interest in us was 33.8%. See "Note 12. Equity" for further information. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all of our subsidiaries (entities in which we have a controlling financial interest, most often because we hold a majority voting interest). All intercompany accounts and transactions have been eliminated. In the Company's financial statements and notes, certain amounts have been reclassified to conform to the current year presentation. In the notes to unaudited condensed consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in our financial statements and notes thereto may not add due to the use of rounded numbers. Separation related costs as reflected in our condensed consolidated statements of income (loss) include costs incurred in connection with the ongoing activities related to our separation from GE. See "Note 16. Related Party Transactions" for further information. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies," to our consolidated financial statements from our 2019 Annual Report for the discussion of our significant accounting policies. Please refer to the "New Accounting Standards Adopted" section of this Note for changes to our accounting policies.
Cash and Cash Equivalents	Cash and Cash Equivalents As of September 30, 2020 and December 31, 2019, we had $803 million and $1,102 million, respectively, of cash held in bank accounts that cannot be released, transferred or otherwise converted into a currency that is regularly transacted internationally, due to lack of market liquidity, capital controls or similar monetary or exchange limitations limiting the flow of capital out of the jurisdiction. These funds are available to fund operations and growth in these jurisdictions, and we do not currently anticipate a need to transfer these funds to the U.S. Included in these amounts are $75 million and $142 million, as of September 30, 2020 and December 31, 2019, respectively, held on behalf of GE. Cash and cash equivalents includes a total of $85 million and $162 million of cash at September 30, 2020 and December 31, 2019, respectively, held on behalf of GE, and a corresponding liability is reported in short-term debt.
New Accounting Standards Adopted and To Be Adopted	NEW ACCOUNTING STANDARDS ADOPTED On January 1, 2020, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses. The ASU introduces a new accounting model, the Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaces the multiple existing impairment models previously used under U.S. GAAP, which generally require that a loss be incurred before it is recognized. The new standard also applies to financial assets arising from revenue transactions such as contract assets and accounts receivables. The adoption did not have a material impact on our condensed consolidated financial statements. On January 1, 2020, we adopted FASB ASU 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating the requirement to calculate the fair value of the individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the new ASU, when required to test goodwill for recoverability, an entity will perform its goodwill impairment test by comparing the fair value of the reporting unit with its carrying value and should recognize an impairment charge for the amount by which the carrying value exceeds the fair value of the reporting unit. We have applied this ASU on a prospective basis. See "Note 5. Goodwill and Other Intangible Assets" for further details. NEW ACCOUNTING STANDARDS TO BE ADOPTED All other new accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.
Fair Value Measurements	The most significant unobservable input used in the valuation of our Level 3 instruments is the discount rate. Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value of our investment securities.

Revenue Related to Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregated revenue from contracts with customers by primary geographical markets

We disaggregate our revenue from contracts with customers by primary geographic markets.


	Three Months Ended September 30,						Nine Months Ended September 30,
Total Revenue	2020		2019		2020		2019
U.S.	$	1,032	$	1,500	$	3,330	$	4,621
Non-U.S.	4,017		4,382		11,880		12,869
Total	$	5,049	$	5,882	$	15,210	$	17,490

Current Receivables (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Current receivables

Current receivables are comprised of the following:


	September 30, 2020		December 31, 2019
Customer receivables	$	4,657	$	5,448
Related parties	526		495
Other	826		796
Total current receivables	6,009		6,739
Less: Allowance for credit losses	(362)		(323)
Total current receivables, net	$	5,647	$	6,416

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Inventories, net of reserves

Inventories, net of reserves of $425 million and $429 million as of September 30, 2020 and December 31, 2019, respectively, are comprised of the following:


	September 30, 2020		December 31, 2019
Finished goods	$	2,425	$	2,546
Work in process and raw materials	2,044		2,062

Total inventories, net	$	4,469	$	4,608

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The changes in the carrying value of goodwill are detailed below by segment:


	Oilfield Services		Oilfield Equipment		Turbo- machinery & Process Solutions		Digital Solutions		Total
Balance at December 31, 2018, gross	$	15,676	$	4,177	$	2,186	$	2,432	$	24,471
Accumulated impairment at December 31, 2018	(2,633)		(867)		—		(254)		(3,754)
Balance at December 31, 2018	13,043		3,310		2,186		2,178		20,717
Currency exchange and others	—		9		(15)		(21)		(27)
Balance at December 31, 2019	13,043		3,319		2,171		2,157		20,690
Impairment	(11,484)		(3,289)		—		—		(14,773)
Currency exchange and others	(20)		(24)		43		7		6
Balance at September 30, 2020	$	1,539	$	6	$	2,214	$	2,164	$	5,923

Schedule of finite-lived intangible assets

Intangible assets are comprised of the following:


	September 30, 2020										December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships ⁽¹⁾	$	2,243	$	(888)	$	1,355	$	3,027	$	(1,045)	$	1,982
Technology ⁽¹⁾	1,097		(663)		434		1,075		(626)		449
Trade names and trademarks⁽¹⁾	325		(178)		147		696		(254)		442
Capitalized software ⁽¹⁾	1,253		(1,005)		248		1,193		(928)		265

Other	—		—		—		3		(2)		1
Finite-lived intangible assets	4,918		(2,734)		2,184		5,994		(2,855)		3,139
Indefinite-lived intangible assets	2,193		—		2,193		2,242		—		2,242
Total intangible assets	$	7,111	$	(2,734)	$	4,377	$	8,236	$	(2,855)	$	5,381

Schedule of indefinite-lived intangible assets

Intangible assets are comprised of the following:


	September 30, 2020										December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships ⁽¹⁾	$	2,243	$	(888)	$	1,355	$	3,027	$	(1,045)	$	1,982
Technology ⁽¹⁾	1,097		(663)		434		1,075		(626)		449
Trade names and trademarks⁽¹⁾	325		(178)		147		696		(254)		442
Capitalized software ⁽¹⁾	1,253		(1,005)		248		1,193		(928)		265

Other	—		—		—		3		(2)		1
Finite-lived intangible assets	4,918		(2,734)		2,184		5,994		(2,855)		3,139
Indefinite-lived intangible assets	2,193		—		2,193		2,242		—		2,242
Total intangible assets	$	7,111	$	(2,734)	$	4,377	$	8,236	$	(2,855)	$	5,381

Schedule of finite-lived intangible assets, future amortization expense

Estimated amortization expense for the remainder of 2020 and each of the subsequent five fiscal years is expected to be as follows:


Year	Estimated Amortization Expense
Remainder of 2020	$	70
2021	245
2022	205
2023	192
2024	175
2025	137

Contract and Other Deferred Assets (Tables)

9 Months Ended

Sep. 30, 2020

Deferred Revenue Disclosure [Abstract]

Contract assets

Contract assets are comprised of the following:


	September 30, 2020		December 31, 2019
Long-term product service agreements	$	655	$	603
Long-term equipment contracts ⁽¹⁾	1,158		1,097
Contract assets (total revenue in excess of billings)	1,813		1,700
Deferred inventory costs	115		130
Non-recurring engineering costs	43		51

Contract and other deferred assets	$	1,971	$	1,881

⁽¹⁾Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment and certain other service agreements.

Contract liabilities are comprised of the following:


	September 30, 2020		December 31, 2019
Progress collections	$	3,503	$	2,760
Deferred income	120		110
Progress collections and deferred income (contract liabilities)	$	3,623	$	2,870

Progress Collections and Deferred Income (Tables)

9 Months Ended

Sep. 30, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Contract liabilities

Contract assets are comprised of the following:


	September 30, 2020		December 31, 2019
Long-term product service agreements	$	655	$	603
Long-term equipment contracts ⁽¹⁾	1,158		1,097
Contract assets (total revenue in excess of billings)	1,813		1,700
Deferred inventory costs	115		130
Non-recurring engineering costs	43		51

Contract and other deferred assets	$	1,971	$	1,881

⁽¹⁾Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment and certain other service agreements.

Contract liabilities are comprised of the following:


	September 30, 2020		December 31, 2019
Progress collections	$	3,503	$	2,760
Deferred income	120		110
Progress collections and deferred income (contract liabilities)	$	3,623	$	2,870

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of operating lease expense

Our leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities, research centers, service centers, sales offices and certain equipment.


	Three Months Ended September 30,						Nine Months Ended September 30,
Operating Lease Expense	2020		2019		2020		2019
Long-term fixed lease	$	71	$	61	$	213	$	169
Long-term variable lease	3		13		23		37
Short-term lease ⁽¹⁾	102		202		382		544
Total operating lease expense	$	176	$	276	$	618	$	750

⁽¹⁾Leases with a term of one year or less, including leases with a term of one month or less

Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Short-term and long-term borrowings

Short-term and long-term borrowings are comprised of the following:


	September 30, 2020		December 31, 2019
Short-term borrowings


Commercial paper	$	772	$	—
Short-term borrowings from GE	111		273
Other borrowings	52		48
Total short-term borrowings	935		321


Long-term borrowings

2.773% Senior Notes due December 2022	1,247		1,246
8.55% Debentures due June 2024	124		127
3.337% Senior Notes due December 2027	1,344		1,343
6.875% Notes due January 2029	285		289
3.138% Senior Notes due November 2029	522		522
4.486% Senior Notes due May 2030	497		—
5.125% Senior Notes due September 2040	1,298		1,301
4.08% Senior Notes due December 2047	1,337		1,337
Other long-term borrowings	100		136
Total long-term borrowings	6,754		6,301
Total borrowings	$	7,689	$	6,622

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Schedule of net periodic cost

The components of net periodic cost of plans sponsored by us are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	7	$	4	$	21	$	14
Interest cost	19		24		59		65
Expected return on plan assets	(31)		(33)		(93)		(88)

Amortization of net actuarial loss	9		5		25		14
Curtailment/settlement loss	3		—		3		7

Net periodic cost	$	7	$	—	$	15	$	12

Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of changes in number of shares outstanding

The following table presents the changes in the number of shares outstanding (in thousands):


	Class A Common Stock			Class B Common Stock
	2020	2019	2020	2019
Balance at January 1	650,065	513,399	377,428	521,543
Issue of shares upon vesting of restricted stock units ⁽¹⁾	3,425	1,852	—	—
Issue of shares on exercises of stock options ⁽¹⁾	5	350	—	—
Issue of shares for employee stock purchase plan	3,291	1,329	—	—
Exchange of Class B common stock for Class A common stock ⁽²⁾	27,988	132,250	(27,988)	(132,250)
Repurchase and cancellation of Class B common stock⁽³⁾	—	—	—	(11,865)
Balance at September 30	684,775	649,181	349,440	377,428

⁽¹⁾ Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation.

Schedule of accumulated other comprehensive loss

The following tables present the changes in accumulated other comprehensive loss, net of tax:


	Investment Securities		Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2019	$	1	$	(1,436)	$	6	$	(207)	$	(1,636)
Other comprehensive income (loss) before reclassifications	(2)		(101)		(5)		(56)		(164)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(2)		35		33
Deferred taxes	—		—		1		(3)		(2)
Other comprehensive income (loss)	(2)		(101)		(6)		(24)		(133)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1)		(42)		(2)		(7)		(52)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	—		75		—		9		84

Balance at September 30, 2020	$	—	$	(1,570)	$	2	$	(233)	$	(1,801)


	Investment Securities		Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2018	$	—	$	(1,152)	$	(1)	$	(66)	$	(1,219)
Other comprehensive income (loss) before reclassifications	—		(96)		2		(22)		(116)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		2		19		21
Deferred taxes	—		—		(1)		(3)		(4)
Other comprehensive income (loss)	—		(96)		3		(6)		(99)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	1		(32)		2		(4)		(33)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	(1)		314		—		37		350
Less: Other adjustments	—		—		—		59		59

Balance at September 30, 2019	$	—	$	(1,530)	$	—	$	(164)	$	(1,694)

Schedule of noncontrolling interest

As of September 30, 2020 and December 31, 2019, GE owned approximately 33.8% and 36.7%, respectively, of BHH LLC and this represents the majority of the noncontrolling interest balance reported within equity.


	September 30, 2020		December 31, 2019
GE's interest in BHH LLC	$	5,536	$	12,454
Other noncontrolling interests	131		116
Total noncontrolling interests	$	5,667	$	12,570

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Basic and diluted net income (loss) per share

Basic and diluted net income (loss) per share of Class A common stock is presented below:


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share amounts)	2020		2019		2020		2019
Net income (loss)	$	(270)	$	117	$	(16,712)	$	177
Less: Net income (loss) attributable to noncontrolling interests	(100)		60		(6,120)		97
Net income (loss) attributable to Baker Hughes Company	$	(170)	$	57	$	(10,592)	$	80

Weighted average shares outstanding:
Class A basic	676		538		662		523
Class A diluted	676		541		662		525
Net income (loss) per share attributable to common stockholders:
Class A basic & diluted	$	(0.25)	$	0.11	$	(16.01)	$	0.15

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Assets and liabilities measured at fair value on a recurring basis

Our assets and liabilities measured at fair value on a recurring basis consists of derivative instruments and investment securities.


	September 30, 2020														December 31, 2019
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	109	$	—	$	109	$	—	$	58	$	—	$	58
Investment securities	2		1		98		101		24		—		259		283
Total assets	2		110		98		210		24		58		259		341

Liabilities
Derivatives	—		(63)		—		(63)		—		(27)		—		(27)
Total liabilities	$	—	$	(63)	$	—	$	(63)	$	—	$	(27)	$	—	$	(27)

Reconciliation of recurring Level 3 fair value measurements

The following table provides a reconciliation of recurring Level 3 fair value measurements for investment securities:


	2020		2019
Balance at January 1	$	259	$	288
Purchases	10		7
Proceeds at maturity	(168)		(31)
Unrealized gains (losses) recognized in accumulated other comprehensive income (loss)	(3)		—
Balance at September 30	$	98	$	265

Schedule of investment securities classified as available for sale


	September 30, 2020														December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investment securities
Non-U.S. debt securities ⁽¹⁾	$	99	$	—	$	—	$	99	$	257	$	2	$	—	$	259
Equity securities ⁽²⁾	2		—		—		2		24		—		—		24
Total	$	101	$	—	$	—	$	101	$	281	$	2	$	—	$	283

⁽¹⁾All of our investment securities are classified as available for sale instruments. Non-U.S. debt securities mature within two years.

Schedule of derivatives

The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.


	September 30, 2020						December 31, 2019
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	4	$	—	$	11	$	—

Derivatives not accounted for as hedges
Currency exchange contracts and other	105		(63)		47		(27)


Total derivatives	$	109	$	(63)	$	58	$	(27)

Schedule of hedging instrument, currency exchange contract

The table below summarizes our hedging instrument activity for currency exchange contracts.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Gain (loss) recognized in AOCI	$	3	$	1	$	(5)	$	2
Gain (loss) reclassified from AOCI to earnings	2		(1)		2		(2)

Schedule of gains (losses) from derivatives not designated as hedges

The following table summarizes the gains (losses) from derivatives not designated as hedges in the condensed consolidated statements of income (loss).


Derivatives not designated as hedging instruments	Condensed consolidated statement of income caption	Three Months Ended September 30,						Nine Months Ended September 30,
						2020		2019		2020	2019
Currency exchange contracts ⁽¹⁾	Cost of goods sold	$	5	$	(8)	$	(9)	$	(13)
Currency exchange contracts	Selling, general and administrative	32		(7)		109		(11)
Commodity derivatives	Cost of goods sold	3		2		2		2
Other derivatives	Other non-operating loss, net	—		(1)		8		1
Total ⁽²⁾		$	40	$	(14)	$	110	$	(21)

⁽²⁾The effect on earnings of derivatives not designated as hedges is substantially offset by the change in fair value of the economically hedged items in the current and future periods.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Summarized financial information

Summarized financial information is shown in the following tables. Consistent accounting policies have been applied by all segments within the Company, for all reporting periods.


	Three Months Ended September 30,						Nine Months Ended September 30,
Segment revenue	2020		2019		2020		2019
Oilfield Services	$	2,308	$	3,348	$	7,858	$	9,597
Oilfield Equipment	726		728		2,133		2,156
Turbomachinery & Process Solutions	1,513		1,197		3,759		3,904
Digital Solutions	503		609		1,460		1,833
Total	$	5,049	$	5,882	$	15,210	$	17,490


	Three Months Ended September 30,						Nine Months Ended September 30,
Segment income (loss) before income taxes	2020		2019		2020		2019
Oilfield Services	$	93	$	274	$	345	$	683
Oilfield Equipment	19		14		(4)		40
Turbomachinery & Process Solutions	191		161		473		414
Digital Solutions	46		82		117		234
Total segment	349		531		931		1,370
Corporate	(115)		(109)		(353)		(314)
Inventory impairment ⁽¹⁾	(42)		—		(218)		—
Goodwill impairment	—		—		(14,773)		—
Restructuring, impairment and other	(209)		(71)		(1,637)		(183)
Separation related	(32)		(54)		(110)		(128)
Other non-operating loss, net	(149)		(14)		(367)		(124)
Interest expense, net	(66)		(59)		(195)		(174)
Total	$	(264)	$	224	$	(16,722)	$	446

⁽¹⁾Charges for inventory impairments are predominantly reported in the "Cost of goods sold" caption of the condensed consolidated statements of income (loss).

The following table presents total assets by segment:


Segment assets	September 30, 2020		December 31, 2019
Oilfield Services	$	15,963	$	30,611
Oilfield Equipment	3,687		7,645
Turbomachinery & Process Solutions	8,727		8,365
Digital Solutions	3,890		3,983
Total segment	32,267		50,604
Corporate and eliminations ⁽¹⁾	5,072		2,765
Total	$	37,339	$	53,369

⁽¹⁾Corporate and eliminations in total segment assets includes adjustments of intercompany investments and receivables that are reflected within the total assets of the four reportable segments.

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of product warranties

An analysis of changes in the liability for product warranties are as follows:


	2020		2019
Balance at January 1	$	220	$	236
Provisions	6		6
Expenditures	(8)		(12)
Other	8		(8)
Balance at September 30	$	226	$	222

Restructuring, Impairment and Other (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Impairment and restructuring charges

The following table presents restructuring and impairment charges by the impacted segment, however, these charges are not included in the reported segment results:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Oilfield Services	$	144	$	27	$	453	$	63
Oilfield Equipment	21		1		121		19
Turbomachinery & Process Solutions	7		10		27		39
Digital Solutions	18		—		52		12
Corporate	1		—		15		12
Total	$	191	$	38	$	668	$	145


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Impairments of property, plant & equipment	$	65	$	6	$	214	$	22
Employee-related termination expenses	108		28		406		106

Contract termination fees	1		2		23		11
Other incremental costs	17		2		25		6
Total	$	191	$	38	$	668	$	145

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions			9 Months Ended
	Sep. 16, 2019	Sep. 15, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Restricted cash and cash equivalents held in bank accounts			$ 803	$ 1,102
General Electric Company
Business Acquisition [Line Items]
Restricted cash and cash equivalents held in bank accounts			75	142
Related party amount, due to related party \| GE
Business Acquisition [Line Items]
Cash and cash equivalents held on behalf of GE			$ 85	$ 162
BHH LLC
Business Acquisition [Line Items]
Approximate interest			66.20%
Baker Hughes \| General Electric Company
Business Acquisition [Line Items]
Approximate interest	36.80%	50.30%
Ownership percentage by noncontrolling owners			33.80%	36.70%

Revenue Related to Contracts with Customers - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 5,049	$ 5,882	$ 15,210	$ 17,490
U.S.
Disaggregation of Revenue [Line Items]
Revenues	1,032	1,500	3,330	4,621
Non-U.S.
Disaggregation of Revenue [Line Items]
Revenues	$ 4,017	$ 4,382	$ 11,880	$ 12,869

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Related to Contracts with Customers - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 23.0	$ 22.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 \| Period one
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied, percent	49.00%
Performance obligations expected to be satisfied, expected timing	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 \| Period two
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied, percent	68.00%
Performance obligations expected to be satisfied, expected timing	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 \| Period three
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied, percent	92.00%
Performance obligations expected to be satisfied, expected timing	15 years

Current Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 6,009	$ 6,739
Less: Allowance for credit losses	(362)	(323)
Total current receivables, net	5,647	6,416
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	4,657	5,448
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	826	796
GE \| Related parties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 526	$ 495

Inventories (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Inventory, Net [Abstract]
Inventory valuation reserves	$ 425	$ 425		$ 429
Finished goods	2,425	2,425		2,546
Work in process and raw materials	2,044	2,044		2,062
Total inventories, net	4,469	4,469		$ 4,608
Inventory impairment	$ 42	$ 218	$ 0

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill, Gross						$ 24,471
Accumulated impairment						(3,754)
Goodwill [Roll Forward]
Goodwill, net, beginning balance			$ 20,690	$ 20,717	$ 20,717
Impairment	$ 0	$ 0	(14,773)	0
Currency exchange and others			6		(27)
Goodwill, net, ending balance	5,923		5,923		20,690
Oilfield Services
Goodwill [Line Items]
Goodwill, Gross						15,676
Accumulated impairment						(2,633)
Goodwill [Roll Forward]
Goodwill, net, beginning balance			13,043	13,043	13,043
Impairment			(11,484)
Currency exchange and others			(20)		0
Goodwill, net, ending balance	1,539		1,539		13,043
Oilfield Equipment
Goodwill [Line Items]
Goodwill, Gross						4,177
Accumulated impairment						(867)
Goodwill [Roll Forward]
Goodwill, net, beginning balance			3,319	3,310	3,310
Impairment			(3,289)
Currency exchange and others			(24)		9
Goodwill, net, ending balance	6		6		3,319
Turbo- machinery & Process Solutions
Goodwill [Line Items]
Goodwill, Gross						2,186
Accumulated impairment						0
Goodwill [Roll Forward]
Goodwill, net, beginning balance			2,171	2,186	2,186
Impairment			0
Currency exchange and others			43		(15)
Goodwill, net, ending balance	2,214		2,214		2,171
Digital Solutions
Goodwill [Line Items]
Goodwill, Gross						2,432
Accumulated impairment						$ (254)
Goodwill [Roll Forward]
Goodwill, net, beginning balance			2,157	$ 2,178	2,178
Impairment			0
Currency exchange and others			7		(21)
Goodwill, net, ending balance	$ 2,164		$ 2,164		$ 2,157

Goodwill and Other Intangible Assets - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)	Mar. 23, 2020 $ / shares
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments \| segment				4
Number of reportable units \| segment				4
Share price (in dollars per share) \| $ / shares						$ 9.33
Finite-Lived Intangible Assets [Line Items]
Impairment	$ 0		$ 0	$ 14,773	$ 0
Amortization expense for intangible assets included in net income	$ 75		$ 85	$ 231	$ 278
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives				1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives				30 years
Oilfield Services
Finite-Lived Intangible Assets [Line Items]
Impairment		$ 11,484
Oilfield Equipment
Finite-Lived Intangible Assets [Line Items]
Impairment		$ 3,289

Goodwill and Other Intangible Assets - Schedule of Intangible Assets by Type (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived intangible assets, gross	$ 4,918	$ 4,918		$ 5,994
Finite-lived intangible assets, accumulated amortization	(2,734)	(2,734)		(2,855)
Finite-lived intangible assets, net	2,184	2,184		3,139
Indefinite-lived intangible assets	2,193	2,193		2,242
Intangible assets, gross	7,111	7,111		8,236
Other intangible assets, net	4,377	4,377		5,381
Intangible assets impairment		729	$ 0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived intangible assets, gross	2,243	2,243		3,027
Finite-lived intangible assets, accumulated amortization	(888)	(888)		(1,045)
Finite-lived intangible assets, net	1,355	1,355		1,982
Intangible assets impairment	4	480
Technology
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived intangible assets, gross	1,097	1,097		1,075
Finite-lived intangible assets, accumulated amortization	(663)	(663)		(626)
Finite-lived intangible assets, net	434	434		449
Intangible assets impairment		8
Trade names and trademarks
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived intangible assets, gross	325	325		696
Finite-lived intangible assets, accumulated amortization	(178)	(178)		(254)
Finite-lived intangible assets, net	147	147		442
Intangible assets impairment		236
Capitalized software
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived intangible assets, gross	1,253	1,253		1,193
Finite-lived intangible assets, accumulated amortization	(1,005)	(1,005)		(928)
Finite-lived intangible assets, net	248	248		265
Intangible assets impairment		3
Other
Finite-Lived Intangible Assets, Net [Abstract]
Finite-lived intangible assets, gross	0	0		3
Finite-lived intangible assets, accumulated amortization	0	0		(2)
Finite-lived intangible assets, net	$ 0	$ 0		$ 1

Goodwill and Other Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Millions	Sep. 30, 2020 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2020	$ 70
2021	245
2022	205
2023	192
2024	175
2025	$ 137

Contract and Other Deferred Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (revenue in excess of billings)	$ 1,813		$ 1,813		$ 1,700
Deferred inventory costs	115		115		130
Non-recurring engineering costs	43		43		51
Contract and other deferred assets	1,971		1,971		1,881
Revenue recognized from performance obligations satisfied in previous periods	(8)	$ (31)	22	$ (9)
Long-term product service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (revenue in excess of billings)	655		655		603
Long-term equipment contracts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (revenue in excess of billings)	$ 1,158		$ 1,158		$ 1,097

Progress Collections and Deferred Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 3,623		$ 3,623		$ 2,870
Revenue recognized, included in contract liability	501	$ 156	1,314	$ 1,004
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	3,503		3,503		2,760
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 120		$ 120		$ 110

Leases - Operating Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Lease Expense
Long-term fixed lease	$ 71	$ 61	$ 213	$ 169
Long-term variable lease	3	13	23	37
Short-term lease	102	202	382	544
Total operating lease expense	$ 176	$ 276	$ 618	$ 750

Leases - Narrative (Details)	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease, weighted-average remaining lease term	8 years	8 years
Operating lease, weighted-average discount rate	4.30%	4.30%

Borrowings - Short-term and Long-term Borrowings (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Short-term borrowings
Total short-term borrowings	$ 935	$ 321
Long-term borrowings
Other long-term borrowings	100	136
Total long-term borrowings	6,754	6,301
Total borrowings	$ 7,689	6,622
2.773% Senior Notes due December 2022
Debt Instrument [Line Items]
Stated interest rate	2.773%
8.55% Debentures due June 2024
Debt Instrument [Line Items]
Stated interest rate	8.55%
3.337% Senior Notes due December 2027
Debt Instrument [Line Items]
Stated interest rate	3.337%
6.875% Notes due January 2029
Debt Instrument [Line Items]
Stated interest rate	6.875%
3.138% Senior Notes due November 2029
Debt Instrument [Line Items]
Stated interest rate	3.138%
5.125% Senior Notes due September 2040
Debt Instrument [Line Items]
Stated interest rate	5.125%
4.08% Senior Notes due December 2047
Debt Instrument [Line Items]
Stated interest rate	4.08%
Senior Notes \| 2.773% Senior Notes due December 2022
Long-term borrowings
Long-term borrowings	$ 1,247	1,246
Senior Notes \| 3.337% Senior Notes due December 2027
Long-term borrowings
Long-term borrowings	1,344	1,343
Senior Notes \| 6.875% Notes due January 2029
Long-term borrowings
Long-term borrowings	285	289
Senior Notes \| 3.138% Senior Notes due November 2029
Long-term borrowings
Long-term borrowings	$ 522	522
Senior Notes \| 4.486% Senior Notes due May 2030
Debt Instrument [Line Items]
Stated interest rate	4.486%
Long-term borrowings
Long-term borrowings	$ 497	0
Senior Notes \| 5.125% Senior Notes due September 2040
Long-term borrowings
Long-term borrowings	1,298	1,301
Senior Notes \| 4.08% Senior Notes due December 2047
Long-term borrowings
Long-term borrowings	1,337	1,337
Debentures \| 8.55% Debentures due June 2024
Long-term borrowings
Long-term borrowings	124	127
Commercial paper
Short-term borrowings
Total short-term borrowings	772	0
Short-term borrowings from GE
Short-term borrowings
Total short-term borrowings	111	273
Other borrowings
Short-term borrowings
Total short-term borrowings	$ 52	$ 48

Borrowings - Narrative (Details) - USD ($)	9 Months Ended
Borrowings - Narrative (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	May 01, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 8,075,000,000			$ 6,847,000,000
Commercial paper
Line of Credit Facility [Line Items]
Debt term	397 days
Maximum borrowing capacity	$ 3,800,000,000	$ 3,000,000,000
Senior Notes \| 4.486% Senior Notes due May 2030
Line of Credit Facility [Line Items]
Stated interest rate	4.486%
Long-term borrowings	$ 497,000,000			$ 0
BHH LLC \| Senior Notes \| 4.486% Senior Notes due May 2030
Line of Credit Facility [Line Items]
Principal amount			$ 500,000,000
Stated interest rate			4.486%
Issuance costs			$ 4,000,000
BHH LLC \| Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Ownership percentage	100.00%
BHH LLC \| Baker Hughes Co-Obligor, Inc. \| Senior Notes
Line of Credit Facility [Line Items]
Long-term borrowings	$ 6,654,000,000

Employee Benefit Plans - Narrative (Details) - Pension Benefits	9 Months Ended
	Sep. 30, 2020 USD ($) plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension assets or obligations, threshold, per plan \| $	$ 20,000,000
U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of plans	4
Non-U.S. Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of plans	7

Employee Benefit Plans - Net Period Cost (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Components of net periodic benefit cost [Abstract]
Service cost	$ 7	$ 4	$ 21	$ 14
Interest cost	19	24	59	65
Expected return on plan assets	(31)	(33)	(93)	(88)
Amortization of net actuarial loss	9	5	25	14
Curtailment/settlement loss	3	0	3	7
Net periodic cost	$ 7	$ 0	$ 15	$ 12

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 6	$ 107	$ (10)	$ 269
Anticipated cash refund for loss carryback			$ 117

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Equity - Narrative (Details) - $ / shares	1 Months Ended
Equity - Narrative (Details) - $ / shares	Jul. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Preferred stock authorized (in shares)		50,000,000
Preferred stock par value (in dollars per share)		$ 0.0001
General Electric Company \| Baker Hughes
Class of Stock [Line Items]
Period of complete divestment	3 years
Ownership percentage by noncontrolling owners		33.80%	36.70%
Common Class A
Class of Stock [Line Items]
Common stock authorized (in shares)		2,000,000,000	2,000,000,000
Common stock par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock outstanding (in shares)		685,000,000	650,000,000
Common Class A \| Common Stock [Member]
Class of Stock [Line Items]
Common stock outstanding (in shares)		684,775,000	650,065,000	649,181,000	513,399,000
Common Class B
Class of Stock [Line Items]
Common stock authorized (in shares)		1,250,000,000	1,250,000,000
Common stock par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock outstanding (in shares)		349,000,000	377,000,000
Common Class B \| Common Stock [Member]
Class of Stock [Line Items]
Common stock outstanding (in shares)		349,440,000	377,428,000	377,428,000	521,543,000

Equity - Changes in Number of Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					650,000
Ending balance (in shares)			685,000		685,000
Cash dividends per share (in dollars per share)			$ 0.18	$ 0.18	$ 0.54	$ 0.54
Common Class A \| General Electric Company \| BHGE LLC
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Sale of stock, number of shares issued in transaction (in shares)		132,300
Cash dividends per share (in dollars per share)		$ 21.07
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					377,000
Ending balance (in shares)			349,000		349,000
Common Class B \| General Electric Company \| BHGE LLC
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends per share (in dollars per share)		$ 21.07
Stock repurchased (in shares)		11,900
Payments for repurchase of common stock		$ 250
Common Stock \| Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					650,065	513,399
Issue of shares for employee stock purchase plan (in shares)					3,291	1,329
Exchange of Class B common stock for Class A common stock (in shares)					27,988	132,250
Repurchase and cancellation of Class B common stock (in shares)					0	0
Ending balance (in shares)		649,181	684,775	649,181	684,775	649,181
Exchange of Class B common stock for Class A common stock (in shares)					27,988	132,250
Common Stock \| Common Class A \| General Electric Company
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exchange of Class B common stock for Class A common stock (in shares)	28,000
Exchange of Class B common stock for Class A common stock (in shares)	28,000
Common Stock \| Common Class A \| Restricted Stock Units (RSUs)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares upon vesting of restricted stock units (in shares)					3,425	1,852
Common Stock \| Common Class A \| Options
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares on exercises of stock options (in shares)					5	350
Common Stock \| Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)					377,428	521,543
Issue of shares for employee stock purchase plan (in shares)					0	0
Exchange of Class B common stock for Class A common stock (in shares)					27,988	132,250
Repurchase and cancellation of Class B common stock (in shares)					0	11,865
Ending balance (in shares)		377,428	349,440	377,428	349,440	377,428
Exchange of Class B common stock for Class A common stock (in shares)					27,988	132,250
Common Stock \| Common Class B \| Restricted Stock Units (RSUs)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares upon vesting of restricted stock units (in shares)					0	0
Common Stock \| Common Class B \| Options
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares on exercises of stock options (in shares)					0	0

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 17,565	$ 34,781	$ 34,499	$ 35,013
Other comprehensive income (loss) before reclassifications			(164)	(116)
Amounts reclassified from accumulated other comprehensive income (loss)			33	21
Deferred taxes			(2)	(4)
Other comprehensive income (loss)	83	(115)	(133)	(99)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	29	(42)	(52)	(33)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units			84	350
Less: Other adjustments				59
Ending Balance	17,249	34,436	17,249	34,436
Investment Securities, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			1	0
Ending Balance	0	0	0	0
Investment Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(2)	0
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Deferred taxes			0	0
Other comprehensive income (loss)			(2)	0
Investment Securities, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(1)	1
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units			0	(1)
Less: Other adjustments				0
Foreign Currency Translation Adjustment, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(1,436)	(1,152)
Ending Balance	(1,570)	(1,530)	(1,570)	(1,530)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(101)	(96)
Amounts reclassified from accumulated other comprehensive income (loss)			0	0
Deferred taxes			0	0
Other comprehensive income (loss)			(101)	(96)
Foreign Currency Translation Adjustments, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(42)	(32)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units			75	314
Less: Other adjustments				0
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			6	(1)
Ending Balance	2	0	2	0
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(5)	2
Amounts reclassified from accumulated other comprehensive income (loss)			(2)	2
Deferred taxes			1	(1)
Other comprehensive income (loss)			(6)	3
Cash Flow Hedges, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(2)	2
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units			0	0
Less: Other adjustments				0
Benefit Plans, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(207)	(66)
Ending Balance	(233)	(164)	(233)	(164)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(56)	(22)
Amounts reclassified from accumulated other comprehensive income (loss)			35	19
Deferred taxes			(3)	(3)
Other comprehensive income (loss)			(24)	(6)
Benefit Plans, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive income (loss) attributable to noncontrolling interests			(7)	(4)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units			9	37
Less: Other adjustments				59
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(1,771)	(1,271)	(1,636)	(1,219)
Other comprehensive income (loss)	54	(73)	(81)	(66)
Ending Balance	$ (1,801)	$ (1,694)	$ (1,801)	$ (1,694)

Equity - Non-controlling Interest (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Noncontrolling Interest [Line Items]
Total noncontrolling interests	$ 5,667	$ 12,570
GE's interest in BHH LLC
Noncontrolling Interest [Line Items]
Total noncontrolling interests	5,536	12,454
Other noncontrolling interests
Noncontrolling Interest [Line Items]
Total noncontrolling interests	$ 131	$ 116

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References + Details

Earnings Per Share - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share
Net income (loss)	$ (270)	$ 117	$ (16,712)	$ 177
Less: Net income (loss) attributable to noncontrolling interests	(100)	60	(6,120)	97
Net income (loss) attributable to Baker Hughes Company	$ (170)	$ 57	$ (10,592)	$ 80
Common Class A
Weighted average shares outstanding:
Class A basic (in shares)	676	538	662	523
Class A diluted (in shares)	676	541	662	525
Net income (loss) per share attributable to common stockholders:
Basic and diluted earnings (loss) per Class A common stock (in dollars per share)	$ (0.25)	$ 0.11	$ (16.01)	$ 0.15

Earnings Per Share - Narrative (Details) - Common Class A shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019 shares	Sep. 30, 2020	Sep. 30, 2019 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion ratio		1
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted EPS calculation (in options)	6		6

Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Investment securities	$ 101	$ 283
Total assets	109	58
Liabilities
Total liabilities	(63)	(27)
Fair value, measurements, recurring
Assets
Derivatives	109	58
Investment securities	101	283
Total assets	210	341
Liabilities
Derivatives	(63)	(27)
Total liabilities	(63)	(27)
Fair value, measurements, recurring \| Level 1
Assets
Derivatives	0	0
Investment securities	2	24
Total assets	2	24
Liabilities
Derivatives	0	0
Total liabilities	0	0
Fair value, measurements, recurring \| Level 2
Assets
Derivatives	109	58
Investment securities	1	0
Total assets	110	58
Liabilities
Derivatives	(63)	(27)
Total liabilities	(63)	(27)
Fair value, measurements, recurring \| Level 3
Assets
Derivatives	0	0
Investment securities	98	259
Total assets	98	259
Liabilities
Derivatives	0	0
Total liabilities	$ 0	$ 0

Financial Instruments - Reconciliation of Recurring Level 3 Fair Value Measurements (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 259	$ 288
Purchases	10	7
Proceeds at maturity	(168)	(31)
Unrealized gains (losses) recognized in accumulated other comprehensive income (loss)	(3)	0
Ending balance	$ 98	$ 265

Financial Instruments - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
Financial Instruments - Narrative (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Investment securities	$ 101,000,000	$ 283,000,000
Derivative, transfer to earnings	4,000,000
Derivative, notional amount	6,700,000,000	5,700,000,000
Equity securities without readily determinable fair values	$ 637,000,000	$ 637,000,000
Equity method on our investment in BJ Services			$ 0
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, term	1 year	1 year
All other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 106,000,000	$ 52,000,000
All other assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	3,000,000	6,000,000
All other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	61,000,000	24,000,000
All other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	2,000,000	3,000,000
Related party amount, due to related party \| GE
Derivative Instruments, Gain (Loss) [Line Items]
Investment securities	26,000,000	$ 111,000,000
Level 3
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on Level 3 instruments held at reporting date	$ 0

Financial Instruments - Investment Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Investment securities, gross unrealized gains	$ 0		$ 0		$ 2,000,000
Investment securities, gross unrealized losses	0		0		0
Equity securities, amortized cost	2,000,000		2,000,000		24,000,000
Equity securities, estimated fair value	2,000,000		2,000,000		24,000,000
Total, amortized cost	101,000,000		101,000,000		281,000,000
Investment securities	101,000,000		101,000,000		283,000,000
Net unrealized gain (loss)	0	$ 0	(12,000,000)	$ 1,000,000
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Investment securities, amortized cost	99,000,000		99,000,000		257,000,000
Investment securities, gross unrealized gains	0		0		2,000,000
Investment securities, gross unrealized losses	0		0		0
Investment securities	$ 99,000,000		$ 99,000,000		$ 259,000,000
Derivative, term			2 years

Financial Instruments - Derivatives and Hedging (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Assets	$ 109	$ 58
(Liabilities)	(63)	(27)
Currency exchange contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	4	11
(Liabilities)	0	0
Currency exchange contracts \| Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	105	47
(Liabilities)	$ (63)	$ (27)

Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	$ 2	$ 2	$ (6)	$ 3
Cash flow hedging \| Currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in AOCI	3	1	(5)	2
Gain (loss) reclassified from AOCI to earnings	$ 2	$ (1)	$ 2	$ (2)

Financial Instruments - Economic Hedges (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Embedded derivatives, loss	$ (14,000,000)		$ (9,000,000)	$ 0
Embedded derivatives, gain		$ 1,000,000
Not designated as hedging instrument, economic hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	40,000,000	(14,000,000)	110,000,000	(21,000,000)
Not designated as hedging instrument, economic hedge \| Currency exchange contracts \| Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	5,000,000	(8,000,000)	(9,000,000)	(13,000,000)
Not designated as hedging instrument, economic hedge \| Currency exchange contracts \| Selling, general and administrative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	32,000,000	(7,000,000)	109,000,000	(11,000,000)
Not designated as hedging instrument, economic hedge \| Commodity derivatives \| Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	3,000,000	2,000,000	2,000,000	2,000,000
Not designated as hedging instrument, economic hedge \| Other derivatives \| Other non-operating loss, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	$ 0	$ (1,000,000)	$ 8,000,000	$ 1,000,000

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Summarized Financial Information (Details)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2020

USD ($)

Sep. 30, 2019

USD ($)

Sep. 30, 2020

USD ($)

segment

Sep. 30, 2019

USD ($)

Dec. 31, 2019

USD ($)

Segment Reporting Information [Line Items]

Revenues

$ 5,049

$ 5,882

$ 15,210

$ 17,490

Summarized financial information [Abstract]

Income (loss) before income taxes and equity in loss of affiliate

(264)

224

(16,722)

446

Inventory impairments

(42)

(218)

Goodwill impairment

(14,773)

Other non-operating loss, net

(149)

(14)

(367)

(124)

Interest expense, net

(66)

(59)

(195)

(174)

Assets

^[1]

37,339

$ 37,339

$ 53,369

Number of operating segments | segment

Operating segments

Summarized financial information [Abstract]

Income (loss) before income taxes and equity in loss of affiliate

349

531

$ 931

1,370

Assets

32,267

50,604

Corporate

Summarized financial information [Abstract]

Income (loss) before income taxes and equity in loss of affiliate

(115)

(109)

(353)

(314)

Segment reconciling items

Summarized financial information [Abstract]

Inventory impairments

(42)

(218)

Goodwill impairment

(14,773)

Restructuring, impairment and other

(209)

(71)

(1,637)

(183)

Separation related

(32)

(54)

(110)

(128)

Other non-operating loss, net

(149)

(14)

(367)

(124)

Interest expense, net

(66)

(59)

(195)

(174)

Corporate and eliminations

Summarized financial information [Abstract]

Assets

5,072

2,765

Oilfield Services

Segment Reporting Information [Line Items]

Revenues

2,308

3,348

7,858

9,597

Summarized financial information [Abstract]

Goodwill impairment

(11,484)

Oilfield Services | Operating segments

Summarized financial information [Abstract]

Income (loss) before income taxes and equity in loss of affiliate

274

345

683

Assets

15,963

30,611

Oilfield Equipment

Segment Reporting Information [Line Items]

Revenues

726

728

2,133

2,156

Summarized financial information [Abstract]

Goodwill impairment

(3,289)

Oilfield Equipment | Operating segments

Summarized financial information [Abstract]

Income (loss) before income taxes and equity in loss of affiliate

(4)

Assets

3,687

7,645

Turbomachinery & Process Solutions

Segment Reporting Information [Line Items]

Revenues

1,513

1,197

3,759

3,904

Summarized financial information [Abstract]

Goodwill impairment

Turbomachinery & Process Solutions | Operating segments

Summarized financial information [Abstract]

Income (loss) before income taxes and equity in loss of affiliate

191

161

473

414

Assets

8,727

8,365

Digital Solutions

Segment Reporting Information [Line Items]

Revenues

503

609

1,460

1,833

Summarized financial information [Abstract]

Goodwill impairment

Digital Solutions | Operating segments

Summarized financial information [Abstract]

Income (loss) before income taxes and equity in loss of affiliate

$ 82

117

$ 234

Assets

$ 3,890

$ 3,983

[1]

Related Party Transactions (Details) $ in Millions			3 Months Ended		9 Months Ended
Related Party Transactions (Details) $ in Millions	Sep. 16, 2019 person	Sep. 15, 2019	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) joint_venture
Related Party Transaction [Line Items]
Number of joint Ventures \| joint_venture							3
Investment securities held on behalf of GE			$ 101		$ 101		$ 283
Total current receivables, gross			6,009		6,009		6,739
Accounts Payable, GE and its affiliates
Related Party Transaction [Line Items]
Accounts payable, related party			408		408		536
JV aero-derivative gas turbine products and services \| Joint venture, GE aero-derivative gas turbine products and services
Related Party Transaction [Line Items]
Voting power threshold	20.00%
Board of directors nomination, upon triggering event \| person	1
GE \| Related parties
Related Party Transaction [Line Items]
Total current receivables, gross			526		526		495
GE \| Related party amount, due to related party
Related Party Transaction [Line Items]
Assets held on behalf of GE			111		111		273
Cash and cash equivalents held on behalf of GE			85		85		162
Investment securities held on behalf of GE			26		26		$ 111
GE \| Sales of products and services, GE and its affiliates
Related Party Transaction [Line Items]
Revenue from related parties			46	$ 71	150	$ 260
GE \| Purchases, GE and its affiliates
Related Party Transaction [Line Items]
Related party purchases			$ 384	$ 336	$ 993	$ 1,215
General Electric Company \| Baker Hughes
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners			33.80%		33.80%		36.70%
Approximate interest	36.80%	50.30%

Commitments and Contingencies - Narrative (Details) € in Millions, $ in Millions						1 Months Ended		9 Months Ended	12 Months Ended
	May 29, 2020 USD ($)	Mar. 03, 2020 USD ($)	Mar. 15, 2019 USD ($)	Mar. 11, 2019 EUR (€)	Aug. 03, 2016 EUR (€)	Jun. 30, 2020 USD ($)	Jan. 31, 2013	Sep. 30, 2020 EUR (€) subsidiary company	Mar. 18, 2019 USD ($)	Sep. 30, 2020 USD ($)
Loss Contingencies [Line Items]
Off-balance sheet arrangements										$ 4,100.0
Administrative enforcement order
Loss Contingencies [Line Items]
Value of alleged damages sought						$ 0.7
Pending litigation \| Equipment failure \| Natural Gas Storage System in Northern Germany
Loss Contingencies [Line Items]
Value of alleged damages sought \| €				€ 142	€ 202
Marginal rate on annual prime rate (percent)				5.00%	5.00%
Pending litigation \| Damage from fire \| INOES and Naphtachimie
Loss Contingencies [Line Items]
Value of alleged damages sought \| €								€ 250
Plant shutdown days							15 days
Subsidiaries participating \| subsidiary								2
Other companies participating \| company								17
Pending litigation \| Breach of contract \| International Engineering & Construction S.A. (IEC)
Loss Contingencies [Line Items]
Value of alleged damages sought			$ 591.0
Pending litigation \| Loss of cash flow \| International Engineering & Construction S.A. (IEC)
Loss Contingencies [Line Items]
Value of alleged damages sought		$ 700.0
Pending litigation \| Lost profits and various costs \| International Engineering & Construction S.A. (IEC)
Loss Contingencies [Line Items]
Value of alleged damages sought	$ 235.0	244.9
Pending litigation \| Liquidated damages \| International Engineering & Construction S.A. (IEC)
Loss Contingencies [Line Items]
Value of alleged damages sought		4.8
Pending litigation \| Take-or-pay future obligations \| International Engineering & Construction S.A. (IEC)
Loss Contingencies [Line Items]
Value of alleged damages sought		$ 58.6
Pending litigation \| Legal fees \| International Engineering & Construction S.A. (IEC)
Loss Contingencies [Line Items]
Value of alleged damages sought	$ 14.2
Pending litigation \| Breach of fiduciary duties \| Shareholder derivative lawsuits
Loss Contingencies [Line Items]
Repurchase of stock from GE									$ 1,500.0
GE sale of stock									$ 2,500.0

Commitments and Contingencies - Schedule of Product Warranties (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at January 1	$ 220	$ 236
Provisions	6	6
Expenditures	(8)	(12)
Other	8	(8)
Balance at September 30	$ 226	$ 222

Restructuring, Impairment and Other - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring and Related Activities [Abstract]
Approved a restructuring plan	$ 1,800		$ 1,800
Restructuring, impairment and other	209	$ 71	1,637	$ 183
Inventory impairment	42		218	0
Other charges	$ 18	$ 33	969	38
Restructuring Cost and Reserve [Line Items]
Intangible assets impairment			729	0
Property, plant and equipment impairment			290	$ 0
Litigation and impairment of equity method investment			73
Corporate facility rationalization			61
Oilfield Services
Restructuring Cost and Reserve [Line Items]
Intangible assets impairment			605
Oilfield Equipment
Restructuring Cost and Reserve [Line Items]
Intangible assets impairment			124
Other long-lived asset impairments			216
Property, plant and equipment impairment			77
Other assets			$ 15

Restructuring, Impairment and Other - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 191	$ 38	$ 668	$ 145
Impairments of property, plant & equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	65	6	214	22
Employee-related termination expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	108	28	406	106
Contract termination fees
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	1	2	23	11
Other incremental costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	17	2	25	6
Operating segments \| Oilfield Services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	144	27	453	63
Operating segments \| Oilfield Equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	21	1	121	19
Operating segments \| Turbo- machinery & Process Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	7	10	27	39
Operating segments \| Digital Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	18	0	52	12
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1	$ 0	$ 15	$ 12

Business Disposition (Details) - USD ($) $ in Millions	9 Months Ended
Business Disposition (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of business	$ (217)	$ (138)
RLS
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of business	$ (217)

Assets and Liabilities of Business Held for Sale (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
SPC Flow \| Held for sale \| Other non-operating loss, net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss	$ 129