0001701605-22-000050 | 10-K | XBRL Viewer

Earnings Per Share

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

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


(In millions, except per share amounts)	2021		2020		2019
Net income (loss)	$	(330)	$	(15,761)	$	271

Less: Net income (loss) attributable to noncontrolling interests	(111)		(5,821)		143
Net income (loss) attributable to Baker Hughes Company	$	(219)	$	(9,940)	$	128

Weighted average shares outstanding:
Class A basic	824		675		555
Class A diluted	824		675		557
Net income (loss) per share attributable to common stockholders:
Class A basic	$	(0.27)	$	(14.73)	$	0.23
Class A diluted	$	(0.27)	$	(14.73)	$	0.23

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") above. As such, separate presentation of basic and diluted EPS of Class B under the two class method has not been presented. The basic weighted average shares outstanding for our Class B common stock were 215 million, 359 million, and 479 million for the years ended December 31, 2021, 2020 and 2019, respectively. The basic weighted average shares outstanding for both our Class A and Class B common stock combined were 1,039 million, 1,034 million, and 1,034 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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 years ended December 31, 2021, 2020 and 2019, such exchange is not reflected in diluted net income (loss) per share as the assumed exchange is not dilutive.

For the years ended December 31, 2021 and 2020, we excluded all outstanding equity awards from the computation of diluted net loss per share because their effect is antidilutive. For the year ended December 31, 2019, Class A diluted shares included the dilutive impact of equity awards except for approximately 6 million options that were excluded because the exercise price exceeded the average market price of the Class A common stock and is therefore antidilutive.

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($) country	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Total Gross Unrecognized Tax Benefits
CARES Act tax benefit		$ 117
Operating loss carryforwards	$ 2,255	2,249
Valuation allowances	3,928	3,472
Deferred tax assets, foreign operating loss carryforwards	348
Cumulative amount of undistributed foreign earnings	4,400
Tax liabilities for gross unrecognized tax benefits	(531)	(483)	$ (451)
Interest accrued on income taxes for unrecognized tax benefits	153
Penalties accrued on income taxes for unrecognized tax benefits	49
Uncertain tax positions	733
Unrecognized tax benefits that would impact effective tax rate	646
Deferred tax asset that we did not prevail on all uncertain tax position	87
Deferred tax asset that we did not prevail on all uncertain tax position, foreign taxing jurisdiction	63
Deferred tax asset that we did not prevail on all uncertain tax position, increased valuation allowances	24
Uncertain tax positions liabilities	$ 63
Number of countries in which entity operates (more than) \| country	120
GE \| GE
Total Gross Unrecognized Tax Benefits
Tax indemnification receivables	$ 170	53
Tax indemnification interest and penalties receivable	87	$ 25
Foreign Net Operating Loss
Total Gross Unrecognized Tax Benefits
Valuation allowances	1,687
U.S Net Operating Loss
Total Gross Unrecognized Tax Benefits
Valuation allowances	220
US And Foreign Tax Credit Carryforward
Total Gross Unrecognized Tax Benefits
Valuation allowances	979
Other United States Net Operating Loss Tax Credit Carryforward
Total Gross Unrecognized Tax Benefits
Valuation allowances	191
Other US And Foreign Deferred Tax Assets
Total Gross Unrecognized Tax Benefits
Valuation allowances	851
Five years
Total Gross Unrecognized Tax Benefits
Expiring operating loss carryforwards	321
Six to 20 years
Total Gross Unrecognized Tax Benefits
Expiring operating loss carryforwards	$ 479
Six to 20 years \| Maximum
Total Gross Unrecognized Tax Benefits
Expiration of operation loss carryforwards over the next six to 20 years	20 years
Six to 20 years \| Minimum
Total Gross Unrecognized Tax Benefits
Expiration of operation loss carryforwards over the next six to 20 years	6 years
Indefinite Foreign Tax
Total Gross Unrecognized Tax Benefits
Non-U.S. tax credits	$ 419
Definite Foreign Tax
Total Gross Unrecognized Tax Benefits
Non-U.S. tax credits	563
Other Tax
Total Gross Unrecognized Tax Benefits
Other credits	$ 201

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Preferred stock authorized (in shares)	50,000,000
Common stock par value (in dollars per share)	$ 0.0001
Authorized stock repurchase (in shares)	2,000,000,000
Repurchase and cancellation of Class A common stock	$ 434
Remaining authorized repurchase amount	$ 1,600
BHH LLC
Class of Stock [Line Items]
Period of complete divestment		3 years
BHH LLC \| GE
Class of Stock [Line Items]
Ownership percentage by noncontrolling owners	11.40%	30.10%
Class A Common Stock
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)	909,000,000	724,000,000
Stock repurchased and canceled (in shares)	17,600,000
Repurchase and cancellation of Class A common stock	$ 434
Cash dividends per share (in dollars per share)	$ 0.72	$ 0.72	$ 0.72
Class A Common Stock \| Cash dividend
Class of Stock [Line Items]
Cash dividends per share (in dollars per share)	$ 0.72	$ 0.72
Class B Common Stock
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)	117,000,000	311,000,000

Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

BORROWINGS

Short-term and long-term borrowings are comprised of the following at December 31:


	2021				2020
	Amount		Effective Interest Rate (1)		Amount		Effective Interest Rate (1)
Short-term borrowings

Commercial paper	$	—	n/a		$	801	0.5	%
Short-term borrowings from GE	—		n/a		45		n/a
Other borrowings	40		4.5	%	43		4.2	%
Total short-term borrowings	40				889

Long-term borrowings

2.773% Senior Notes due December 2022	—		—	%	1,247		2.9	%
1.231% Senior Notes due December 2023	647		1.5	%	—		—
8.55% Debentures due June 2024 (2)	118		4.1	%	123		4.1	%
2.061% Senior Notes due December 2026	597		2.2	%	—		—
3.337% Senior Notes due December 2027	1,335		3.2	%	1,344		3.4	%
6.875% Notes due January 2029 (2)	279		4.0	%	284		3.9	%
3.138% Senior Notes due November 2029	522		3.2	%	522		3.2	%
4.486% Senior Notes due May 2030	497		4.6	%	497		4.6	%
5.125% Senior Notes due September 2040 (2)	1,292		4.2	%	1,297		4.2	%
4.080% Senior Notes due December 2047	1,337		4.1	%	1,337		4.1	%
Other long-term borrowings	63		2.9	%	93		3.0	%

Total long-term borrowings	6,687				6,744
Total borrowings	$	6,727			$	7,633

(1)Effective interest rate is based on the carrying value including issuance costs and step-up adjustments, as applicable, recorded for certain Senior Notes and Debentures assumed in connection with the acquisition of BHI.

(2)Represents long-term fixed rate debt obligations assumed in connection with the acquisition of BHI.

In December 2021, BHH LLC issued $1,250 million aggregate principal amount of Senior Notes, consisting of $650 million aggregate principal amount of 1.231% Senior Notes due December 2023 and $600 million aggregate principal amount of 2.061% Senior Notes due December 2026 (collectively, "the Notes"). BHH LLC will pay interest on each series of Notes semi-annually on June 15 and December 15 of each year, beginning on June 15, 2022. These Notes are presented net of issuance costs in our consolidated statements of financial position.

On December 9, 2021, BHH LLC issued a notice to redeem the entire principal amount outstanding of its 2.773% Senior Notes due December 2022 ("the 2022 Notes") using the proceeds from the offering of the Notes. As a result, as of December 31, 2021, we incurred a $28 million charge related to the early redemption, which was recorded within "Interest expense, net" in our consolidated statement of income (loss). On January 10, 2022, the 2022 Notes were redeemed using funds irrevocably deposited in trust with the trustee on December 16, 2021.

In May 2020, BHH LLC issued $500 million aggregate principal amount of 4.486% Senior Notes due May 2030. BHH LLC pays interest on these Senior Notes semi-annually on May 15 and November 15 of each year, which began on November 15, 2020. These Senior Notes are presented net of issuance costs in our consolidated statements of financial position.

The estimated fair value of total borrowings at December 31, 2021 and 2020 was $7,328 million and $8,502 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.

Maturities of debt for each of the five years in the period ending December 31, 2026, and in the aggregate thereafter, are listed in the table below:


	2022		2023		2024		2025		2026		Thereafter
Total debt	$	40	$	649	$	151	$	14	$	597	$	5,276

BHH LLC has a $3 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial banks maturing in December 2024. The Credit Agreement contains certain customary representations and warranties, certain customary affirmative covenants and certain customary negative covenants. Upon the occurrence of certain events of default, BHH LLC's obligations under the Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the Credit Agreement and other customary defaults. No such events of default have occurred. During 2021 and 2020, there were no borrowings under the Credit Agreement.

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. As a result of the repayment of our commercial paper that matured on April 30, 2021, our authorized commercial paper program was reduced from $3.8 billion to $3 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 December 31, 2021, Baker Hughes Co-Obligor, Inc. is a co-obligor of our long-term debt securities totaling $6,624 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 December 31, 2021, we were in compliance with all debt covenants.

See "Note 18. Related Party Transactions" for additional information on the short-term borrowings with GE.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Related Party Transactions - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($) people	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Investment securities	$ 1,041	$ 1,041	$ 1,532
Accounts Payable, GE and its affiliates
Related Party Transaction [Line Items]
Accounts payable,	278	278	356
Accounts Receivable, GE and its affiliates
Related Party Transaction [Line Items]
Accounts receivable	$ 481	481	429
GE, majority shareholder \| Purchases, GE and its affiliates
Related Party Transaction [Line Items]
Related party purchases		1,319	1,446	$ 1,498
GE, majority shareholder \| Sales of products and services, GE and its affiliates
Related Party Transaction [Line Items]
Revenue from related parties		$ 191	216	$ 337
GE
Related Party Transaction [Line Items]
Voting power of outstanding common stock	20.00%
Board of directors nomination, upon triggering event \| people	1
GE \| Related party amount, due to related party
Related Party Transaction [Line Items]
Cash held on behalf of GE			45
Cash held on behalf of GE			44
Investment securities			$ 1
GE \| BHH LLC
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	11.40%	11.40%	30.10%
JV aero-derivative gas turbine products and services \| C3 AI
Related Party Transaction [Line Items]
Purchase commitment to be paid 2023	$ 85	$ 85
Purchase commitment to be paid 2024	110	110
Purchase commitment to be paid 2025	$ 125	$ 125

Employee Benefit Plans - Narrative (Details)	12 Months Ended
Employee Benefit Plans - Narrative (Details)	Dec. 31, 2021 USD ($) plan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution per dollar	$ 1.00
Defined contribution plan, employer matching contribution	5.00%
Defined contribution plan, employers matching contribution for vesting plan	4.00%
Defined contribution plan, employers matching contribution for vesting, period	3 years
Defined contribution plans, cost	$ 194,000,000	$ 236,000,000
Number of non-qualified defined contribution plans \| plan	2
Defined contribution plan, assets and liabilities	$ 322,000,000	314,000,000
Pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension assets or obligations, threshold, per plan	20,000,000
Accumulated postretirement benefit obligation	3,550,000,000	3,806,000,000	$ 3,451,000,000
Fair values of the plan assets	3,147,000,000	3,202,000,000	$ 3,004,000,000
Employer contributions	28,000,000	20,000,000
Pension plan \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated future employer contributions in next fiscal year	30,000,000
Pension plan \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated future employer contributions in next fiscal year	35,000,000
Pension plan \| Fixed income and cash investment funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets	1,890,000,000	1,807,000,000
Pension plan \| Fair value measured at Net Asset Value per share
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets	$ 3,028,000,000	$ 3,072,000,000
Pension plan \| Fair value measured at Net Asset Value per share \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percent of plan assets valued using NAV	16.00%	21.00%
Pension plan \| Fair value measured at Net Asset Value per share \| Fixed income and cash investment funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percent of plan assets valued using NAV	62.00%	59.00%
Pension plan \| Fair value measured at Net Asset Value per share \| Alternative investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Percent of plan assets valued using NAV	22.00%	20.00%
Pension plan \| Fair Value, Inputs, Level 1, 2 and 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets	$ 119,000,000	$ 130,000,000
Pension plan \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets	$ 112,000,000	120,000,000
Pension plan \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of retirement plans \| plan	4
Pension plan \| Foreign
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of retirement plans \| plan	7
Postretirement Health Care Benefits \| U.S.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated postretirement benefit obligation	$ 50,000,000	62,000,000
Supplemental Pension Plan \| U.S. \| Nonqualified Plan \| BH SPP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Trust assets	$ 45,000,000	$ 44,000,000

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory, Net [Abstract]

Schedule of Inventories, Net of Reserves

Inventories, net of reserves of $374 million and $421 million in 2021 and 2020, respectively, are comprised of the following at December 31:


	2021		2020
Finished goods	$	2,228	$	2,337
Work in process and raw materials	1,751		2,084
Total inventories, net	$	3,979	$	4,421

Current Receivables (Tables)

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Schedule of Current Receivables

Current receivables are comprised of the following at December 31:


	2021		2020
Customer receivables	$	4,724	$	4,676
Related parties	481		429
Other	846		890
Total current receivables	6,051		5,995
Less: Allowance for credit losses	(400)		(373)
Total current receivables, net	$	5,651	$	5,622

The change in allowance for credit losses is as follows:


	2021		2020
Balance at beginning of year	$	373	$	323
Provision	72		66
Write-offs & other	(45)		(16)

Balance at end of year	$	400	$	373

Equity - Changes in Number of Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares upon vesting of restricted stock units (in shares)	850	1,553	867
Issue of shares on exercises of stock options (in shares)	438
Common Stock \| Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of year (in shares)	723,999	650,065
Issue of shares for employee stock purchase plan (in shares)	2,510	4,378
Exchange of Class B common stock for Class A common stock (in shares)	194,885	65,995
Repurchase and cancellation of Class A common stock (in shares)	(17,628)	0
Balance at end of year (in shares)	909,142	723,999	650,065
Common Stock \| Class A Common Stock \| RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares upon vesting of restricted stock units (in shares)	4,968	3,548
Common Stock \| Class A Common Stock \| Options
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares on exercises of stock options (in shares)	408	13
Common Stock \| Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of year (in shares)	311,433	377,428
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)	(194,885)	(65,995)
Repurchase and cancellation of Class A common stock (in shares)	0	0
Balance at end of year (in shares)	116,548	311,433	377,428
Common Stock \| Class B Common Stock \| RSUs
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares upon vesting of restricted stock units (in shares)	0	0
Common Stock \| Class B Common Stock \| Options
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares on exercises of stock options (in shares)	0	0

Stock-Based Compensation - RSUs (Details) - RSUs shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Units
Outstanding, beginning balance (in shares) \| shares	14,292
Granted (in shares) \| shares	9,357
Vested (in shares) \| shares	(6,439)
Forfeited (in shares) \| shares	(1,175)
Outstanding, ending balance (in shares) \| shares	16,035
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 23.70
Granted (in dollars per share) \| $ / shares	20.64
Vested (in dollars per share) \| $ / shares	25.10
Forfeited (in dollars per share) \| $ / shares	21.98
Unvested, ending balance (in dollars per share) \| $ / shares	$ 21.50

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 3,853	$ 4,132
Current receivables, net	5,651	5,622
Inventories, net	3,979	4,421
All other current assets	1,582	2,280
Total current assets	15,065	16,455
Property, plant and equipment, less accumulated depreciation	4,877	5,358
Goodwill	5,959	5,977
Other intangible assets, net	4,131	4,397
Contract and other deferred assets	1,598	2,001
All other assets	2,943	2,866
Deferred income taxes	735	953
Total assets	35,308	38,007
Current Liabilities:
Accounts payable	3,745	3,532
Short-term debt and current portion of long-term debt	40	889
Progress collections and deferred income	3,232	3,454
All other current liabilities	2,111	2,352
Total current liabilities	9,128	10,227
Long-term debt	6,687	6,744
Deferred income taxes	127	186
Liabilities for pensions and other postretirement benefits	1,110	1,217
All other liabilities	1,510	1,391
Equity:
Capital in excess of par value	27,375	24,613
Retained loss	(10,160)	(9,942)
Accumulated other comprehensive loss	(2,385)	(1,778)
Baker Hughes Company equity	14,830	12,893
Noncontrolling interests	139	133
Total equity	16,746	18,242
Total liabilities and equity	35,308	38,007
Class A Common Stock
Equity:
Common stock	0	0
Class B Common Stock
Equity:
Common stock	$ 0	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Operating Lease Expense

The following table presents operating lease expense:


Operating Lease Expense	2021		2020		2019
Long-term fixed lease	$	255	$	288	$	233
Long-term variable lease	32		25		48
Short-term lease (1)	440		477		706
Total operating lease expense	$	727	$	790	$	987

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

Schedule of Maturities of Lease Liabilities, Operating Leases

As of December 31, 2021, maturities of our operating lease liabilities are as follows:


Year	Operating Leases
2022	$	216
2023	156
2024	117
2025	94
2026	81
Thereafter	315
Total lease payments	979
Less: imputed interest	159
Total	$	820

Schedule of Liabilities

Amounts recognized in the consolidated statement of financial position for operating leases are as follows:


	2021		2020
All other current liabilities	$	196	$	218
All other liabilities	624		591


Total	$	820	$	809

Stock-Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 23, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 205,000,000	$ 210,000,000	$ 187,000,000
Tax benefit of stock-based compensation cost	$ 16,000,000
Weighted average remaining contractual term for options outstanding	4 years 4 months 24 days
Weighted average remaining contractual term for options exercisable	4 years 1 month 6 days
Options vested (in shares)	850,000	1,553,000	867,000
Fair value of options vested	$ 7,000,000	$ 14,000,000	$ 10,000,000
Total intrinsic value of stock options exercised	1,000,000
Total intrinsic value of stock options outstanding	2,000,000
Total intrinsic value of stock options exercisable	$ 2,000,000
Share price (in dollars per share)	$ 24.06			$ 9.33
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award of common stock, right to receive (in shares)	1
Stock-based compensation, service period	3 years
Vested intrinsic value	$ 141,000,000
Intrinsic value, outstanding	386,000,000
Fair value options vested in period	162,000,000
Unrecognized compensation cost, unvested	$ 185,000,000
Weighted average period of recognition for unrecognized compensation cost	1 year 10 months 9 days
RSUs \| Non-employee director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, service period	1 year
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, service period	3 years
Vested intrinsic value	$ 15,000,000
Fair value options vested in period	22,000,000
Unrecognized compensation cost, unvested	$ 35,000,000
Weighted average period of recognition for unrecognized compensation cost	1 year 11 months 12 days
Unvested intrinsic value	$ 89,000,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Expected life (years)			6 years
Risk free interest rate			2.60%
Volatility percentage			36.50%
Dividend yield			3.10%
Weighted average fair value per share at grant date (in dollars per share)			$ 6.37
Maximum contractual term	7 years 1 month 6 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee purchase, maximum per quarter	$ 3,000
Employee purchase, maximum	$ 12,000
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Class A Common Stock \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount of the fair market value	15.00%
Common stock authorized (in shares)	21,500,000
Common stock reserved for future issuance (in shares)	12,500,000
Class A Common Stock \| Employee Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
After-tax basis	1.00%
Class A Common Stock \| Employee Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
After-tax basis	20.00%
LTI Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	29,500,000
Number of shares available for issuance (in shares)	31,700,000
Number of shares from initial reserve (in shares)	2,500,000
LTI Plan, initial reserve \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)	29,200,000

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS WITH GE We have continuing involvement with GE primarily through their remaining interest in us and BHH LLC, ongoing purchases and sales of products and services, transition services that they provide, as well as an aeroderivative joint venture ("Aero JV") we formed with GE in 2019. During the fourth quarter of 2021, GE’s voting power of our outstanding common stock, which includes both Class A and B common stock, fell below 20%, which terminated GE’s right to designate one person for nomination to our Board of Directors. Our Conflicts Committee waived the obligation of the GE designee serving on our Board of Directors to deliver his resignation and such designee will therefore continue as a member of the Board of Directors but not as a designee of GE. At December 31, 2021, GE's economic interest in BHH LLC through their ownership of Class B common stock and associated LLC Units was 11.4%. The Aero JV is jointly controlled by GE and us, and therefore, we do not consolidate the JV. We had purchases with GE and its affiliates, including the Aero JV, of $1,319 million, $1,446 million and $1,498 million during the years ended December 31, 2021, 2020 and 2019, respectively. In addition, we sold products and services to GE and its affiliates for $191 million, $216 million and $337 million during the years ended December 31, 2021, 2020 and 2019, respectively. The Company has $278 million and $356 million of accounts payable and $481 million and $429 million of current receivables at December 31, 2021 and 2020, respectively, for goods and services provided by, or to, GE in the ordinary course of business and includes amounts owed to, or from, GE for certain tax matters indemnified pursuant to the Tax Matters Agreement. We had a promissory note with GE that represented certain cash that we were holding on GE's behalf due to the restricted nature of the cash. During 2021, the promissory note was repaid in full. As of December 31, 2020, of the $45 million due to GE, $44 million was held in the form of cash and $1 million was held in the form of investment securities. A corresponding liability was reported in short-term debt in the consolidated statements of financial position. RELATED PARTY TRANSACTIONS WITH C3 AI The Company has agreements with C3 AI under which, among other things, we received a subscription (which we refer to below as "direct subscription fees") to use certain C3 AI offerings for internal use and the development of applications on the C3 AI Suite, as well as the right to resell C3 AI offerings worldwide on an exclusive basis in the oil and gas market and, with C3 AI's prior consent, non-exclusively in other markets, in each case subject to certain exceptions and conditions. The Company and C3 AI revised these agreements in October 2021. As part of these revisions, the Company and C3 AI agreed to extend the term by an additional year with an expiration date of April 30, 2025, and to modify the amount of the Company's revenue commitments to $85 million in 2023, $110 million in 2024, and $125 million in 2025, which includes the Company's direct subscription fees. These annual commitments will be reduced by any revenue that we generate from certain customers. We have exceeded the annual minimum revenue commitments for each of C3 AI's fiscal years through 2022. Lorenzo Simonelli, Chief Executive Officer of Baker Hughes, served as a member of the board of directors of C3 AI until December 17, 2021. See “Note 16. Financial Instruments” for further discussion of our investment in C3 AI.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES LITIGATION We are subject to legal proceedings arising in the ordinary course of our business. Because legal proceedings are inherently uncertain, we are unable to predict the ultimate outcome of such matters. We record a liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. Based on the opinion of management, we do not expect the ultimate outcome of currently pending legal proceedings to have a material adverse effect on our results of operations, financial position or cash flows. However, there can be no assurance as to the ultimate outcome of these matters. 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. On October 31, 2020, the ICDR notified the arbitration panel’s final award, which dismissed the majority of IEC’s claims and awarded a portion of the Company’s claims. On January 27, 2021, IEC filed a petition to vacate the arbitral award in the Supreme Court of New York, County of New York. On March 5, 2021, the Company filed a petition to confirm the arbitral award, and on March 8, 2021, the Company removed the matter to the United States District Court for the Southern District of New York. On November 16, 2021, the court granted the Company's petition to confirm the award and denied IEC's petition to vacate. On February 3, 2022, IEC initiated another arbitration proceeding in New York administered by the ICDR against certain of the Company’s subsidiaries arising out of the same project which formed the basis of the first arbitration. At this time, we are not able to predict the outcome of this proceeding. 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. 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. On or around February 12, 2020, the defendants filed motions to dismiss the lawsuit on the grounds that the complaint failed to state a claim on which relief could be granted. On or around October 27, 2020, the Chancery Court granted GE’s motion to dismiss, and granted in part the motion to dismiss filed by Mr. Craighead and Ms. Ross, thereby dismissing all of the claims against GE and Ms. Ross, and all but one of the claims against Mr. Craighead. At this time, we are not able to predict the outcome of the remaining claim. 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. In December 2020, the Company received notice that the SEC is conducting a formal investigation that the Company understands is related to its books and records and internal controls regarding sales of its products and services in projects impacted by U.S. sanctions. The Company is cooperating with the SEC and providing requested information. The Company has also initiated an internal review with the assistance of external legal counsel regarding internal controls and compliance related to U.S. sanctions requirements. While the Company's review remains ongoing, in September 2021, the Company voluntarily informed the Office of Foreign Assets Control ("OFAC") that non-U.S. Baker Hughes affiliates in two foreign countries appear to have received payments, involving U.S. touchpoints, that are subject to debt restrictions pursuant to applicable U.S. sanctions laws. Although the value of the payments in connection with the identified transactions is immaterial, the Company is unable to determine at this time if any remedial or other actions may be taken by OFAC. The Company provided a copy of the letter to the SEC, and, as the SEC investigation is ongoing, the Company cannot anticipate the timing, outcome or possible impact of the investigation or review, financial or otherwise. 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. ENVIRONMENTAL MATTERS Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company reasonably believes will exceed a specified threshold. The Company uses a threshold of $1 million for such proceedings. Applying this threshold, there are no environmental matters to disclose for this period. Estimated remediation costs are accrued using currently available facts, existing environmental permits, technology and enacted laws and regulations. Our cost estimates are developed based on internal evaluations and are not discounted. Accruals are recorded when it is probable that we will be obligated to pay for environmental site evaluation, remediation or related activities, and such costs can be reasonably estimated. As additional information becomes available, accruals are adjusted to reflect current cost estimates. Ongoing environmental compliance costs, such as obtaining or renewing environmental permits, installation of pollution control equipment and waste disposal are expensed as incurred. Where we have been identified as a potentially responsible party in a U.S. federal or state Comprehensive Environmental Response, Compensation and Liability Act ("Superfund") site, we accrue our share, if known, of the estimated remediation costs of the site. This share is based on the ratio of the estimated volume of waste we contributed to the site to the total volume of waste disposed at the site. 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 a customer who has entered into financing arrangements with GE Capital. Total off-balance sheet arrangements were approximately $4.5 billion at December 31, 2021. 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 also had commitments outstanding for purchase obligations for each of the five years in the period ending December 31, 2026 of $1,304 million, $119 million, $127 million, $46 million and $40 million, respectively, and $65 million in the aggregate thereafter. 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 costs and obligations on us. These factors could result in unanticipated costs to complete the project, liquidated damages or contract disputes.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Class A Common Stock	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)	271				128		143
Other comprehensive loss	(8)					(7)	(1)
Dividends on Class A Common Stock	(395)			(241)	(154)
Distributions to GE	(350)						(350)
Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock	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	187			187
Other	31			113	1	(60)	(23)
Ending balance at Dec. 31, 2019	34,499		0	23,565	0	(1,636)	12,570
Comprehensive income (loss):
Net income (loss)	(15,761)				(9,940)		(5,821)
Other comprehensive loss	43					43
Dividends on Class A Common Stock	(488)			(488)
Distributions to GE	(256)						(256)
Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock	0			1,317		(185)	(1,132)
Stock-based compensation cost	210			210
Other	(5)			9	(2)		(12)
Ending balance at Dec. 31, 2020	18,242		0	24,613	(9,942)	(1,778)	5,349
Comprehensive income (loss):
Net income (loss)	(330)				(219)		(111)
Other comprehensive loss	(151)					(135)	(16)
Dividends on Class A Common Stock	(592)			(592)
Distributions to GE	(157)						(157)
Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock	0			3,584		(477)	(3,107)
Repurchase and cancellation of Class A common stock	(434)	$ (434)		(418)		5	(21)
Stock-based compensation cost	205			205
Other	(37)			(17)	1		(21)
Ending balance at Dec. 31, 2021	$ 16,746		$ 0	$ 27,375	$ (10,160)	$ (2,385)	$ 1,916

Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 18,242	$ 34,499	$ 35,013
Other comprehensive income (loss) before reclassifications	(220)	(10)
Amounts reclassified from accumulated other comprehensive loss	70	47
Deferred taxes	(1)	6
Other comprehensive income (loss)	(151)	43	(8)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(16)	0	(1)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	472	185
Ending balance	16,746	18,242	34,499
Investment Securities, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0	1
Ending balance	0	0	1
Investment Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	0	(2)
Amounts reclassified from accumulated other comprehensive loss	0	0
Deferred taxes	0	0
Other comprehensive income (loss)	0	(2)
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	0	(1)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	0	0
Foreign Currency Translation Adjustment, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,464)	(1,436)
Ending balance	(2,125)	(1,464)	(1,436)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(344)	175
Amounts reclassified from accumulated other comprehensive loss	39	0
Deferred taxes	0	0
Other comprehensive income (loss)	(305)	175
Foreign Currency Translation Adjustment, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(38)	40
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	394	163
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3	6
Ending balance	(10)	3	6
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(11)	(2)
Amounts reclassified from accumulated other comprehensive loss	(7)	(4)
Deferred taxes	2	1
Other comprehensive income (loss)	(16)	(5)
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	(3)	(2)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	0	0
Benefit Plans, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(317)	(207)
Ending balance	(250)	(317)	(207)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	135	(181)
Amounts reclassified from accumulated other comprehensive loss	38	51
Deferred taxes	(3)	5
Other comprehensive income (loss)	170	(125)
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	25	(37)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	78	22
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,778)	(1,636)	(1,219)
Other comprehensive income (loss)	(135)	43	(7)
Ending balance	$ (2,385)	$ (1,778)	$ (1,636)

Income Taxes - Difference between Provision and U.S. Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Total Gross Unrecognized Tax Benefits
Income (loss) before income taxes	$ 428	$ (15,202)	$ 753
Taxes at the U.S. federal statutory income tax rate	90	(3,192)	158
Impact of goodwill impairment	0	3,102	0
Effect of foreign operations	216	148	84
Tax expense (benefit) due to unrecognized tax benefits (1)	201	35	(24)
Tax impact of partnership structure	137	(33)	17
Change in valuation allowances	70	494	241
CARES Act	0	(117)	0
Other - net	44	122	6
Provision for income taxes	$ 758	$ 559	$ 482
Actual income tax rate	177.10%	(3.70%)	64.00%
GE \| GE
Total Gross Unrecognized Tax Benefits
Tax expense (benefit) due to unrecognized tax benefits (1)	$ 119

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND 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, 2019, gross	$	15,676	$	4,186	$	2,171	$	2,411	$	24,444
Accumulated impairment at December 31, 2019	(2,633)		(867)		—		(254)		(3,754)
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)		63		41		60
Balance at December 31, 2020	1,539		6		2,234		2,198		5,977

Currency exchange and others	10		(3)		(62)		37		(18)
Balance at December 31, 2021	$	1,549	$	3	$	2,172	$	2,235	$	5,959

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 third quarter of 2021, we completed our annual impairment test as of July 1 and determined that the fair value was substantially in excess of the carrying value for each reporting unit resulting in no goodwill impairment. Between our annual test date of July 1, 2021 and December 31, 2021, we did not identify any indicators that would lead to a determination that it is more likely than not the fair value of any 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.

During the first quarter of 2020, our market capitalization declined significantly. 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 the Organization of Petroleum Exporting Countries ("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. Based upon the results of our interim quantitative impairment test, we concluded that the carrying value of the Oilfield Services and Oilfield Equipment reporting units exceeded their estimated fair value as of March 31, 2020, 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.

OTHER INTANGIBLE ASSETS

Intangible assets are comprised of the following at December 31:


	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,922	$	(752)	$	1,170	$	2,261	$	(916)	$	1,345
Technology	1,090		(747)		343		1,127		(696)		$	431
Trade names and trademarks	292		(169)		123		326		(181)		145
Capitalized software	1,311		(1,057)		254		1,294		(1,041)		253



Finite-lived intangible assets (1)	4,615		(2,725)		1,890		5,008		(2,834)		2,174
Indefinite-lived intangible assets	2,241		—		2,241		2,223		—		2,223
Total intangible assets	$	6,856	$	(2,725)	$	4,131	$	7,231	$	(2,834)	$	4,397

(1)For the year ended December 31, 2020, we recorded intangible asset impairments to customer relationships of $481 million, technology of $8 million, and trade names and trademarks of $237 million. See "Note 20. 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 35 years. Amortization expense was $253 million, $308 million and $365 million for the years ended December 31, 2021, 2020 and 2019, respectively.

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


Year	Estimated Amortization Expense
2022	$	216
2023	204
2024	187
2025	142
2026	95

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Changes of RSUs and Related Information

The following table presents the changes in RSUs outstanding and related information (in thousands, except per unit prices):


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2020	14,292	$	23.70
Granted	9,357	20.64
Vested	(6,439)	25.10
Forfeited	(1,175)	21.98
Unvested balance at December 31, 2021	16,035	$	21.50

Schedule of Changes of PSUs and Related Information

The following table presents the changes in PSUs outstanding and related information (in thousands, except per unit prices):


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2020	3,161	$	25.39
Granted	1,352	22.14
Vested	(637)	35.16
Forfeited	(174)	24.43
Unvested balance at December 31, 2021	3,702	$	22.57

Schedule of Changes in Stock Options Outstanding

The following table presents the changes in stock options outstanding and related information (in thousands, except per option prices):


	Number of Options	Weighted Average Exercise Price Per Option
Outstanding at December 31, 2020	7,285	$	32.63

Exercised	(438)	22.48
Forfeited	(11)	26.42
Expired	(1,587)	40.13
Outstanding at December 31, 2021	5,249	$	31.25
Exercisable at December 31, 2021	4,719	$	32.18

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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 energy and industrial value chain. We are a holding company and have no material assets other than our 88.6% ownership interest in our operating company, Baker Hughes Holdings LLC ("BHH LLC"), 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 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 annual financial information. The consolidated financial statements include the accounts of Baker Hughes and all of its subsidiaries and affiliates which it controls or variable interest entities for which we have determined that we are the primary beneficiary. All intercompany accounts and transactions have been eliminated. 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 consolidated financial statements for the economic interest held by GE. As of December 31, 2021, GE's economic interest in BHH LLC was 11.4%. See "Note 14. Equity" for further information. In the Company's consolidated financial statements and notes, certain amounts have been reclassified to conform with the current year presentation. In the notes to the 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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of any contingent assets or liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty, and accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets, including revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in acquisitions. Foreign Currency Assets and liabilities of non-U.S. operations with a functional currency other than the U.S. dollar have been translated into U.S. dollars using our period end exchange rates, and revenue, expenses, and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). Gains and losses from foreign currency transactions, such as those resulting from the settlement of receivables or payables in the non-functional currency and those resulting from remeasurements of monetary items of non-U.S. operations where the functional currency is the U.S. dollar, are included in the consolidated statements of income (loss). Revenue from Sale of Equipment Performance Obligations Satisfied Over Time We recognize revenue on agreements for sales of goods manufactured to unique customer specifications including long-term construction projects, on an over time basis utilizing cost inputs as the measurement criteria in assessing the progress toward completion. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We begin to recognize revenue on these contracts when the contract specific inventory becomes customized for a customer, which is reflective of our initial transfer of control of the incurred costs. We provide for potential losses on any of these agreements when it is probable that we will incur the loss. Our billing terms for these over time contracts vary, but are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We recognize revenue for non-customized equipment at the point in time that the customer obtains control of the good. Equipment for which we recognize revenue at a point in time include goods we manufacture on a standardized basis for sale to the market. We use proof of delivery for certain large equipment with more complex logistics associated with the shipment, whereas the delivery of other equipment is generally determined based on historical data of transit times between regions. On occasion we sell products with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the goods and that acceptance is likely to occur. Our billing terms for these point in time equipment contracts vary, but are generally based on shipment of the goods to the customer. Revenue from Sale of Services Performance Obligations Satisfied Over Time We sell product services under long-term product maintenance or extended warranty agreements in our Turbomachinery & Process Solutions and Oilfield Equipment segments. These agreements require us to maintain the customers' assets over the service agreement contract terms, which generally range from 10 to 20 years. In general, these are contractual arrangements to provide services, repairs, and maintenance of a covered unit (gas turbines for mechanical drive or power generation, primarily on LNG applications, drilling rigs). These services are performed at various times during the life of the contract, thus the costs of performing services are incurred on other than a straight-line basis. We recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We provide for any loss that we expect to incur on any of these agreements when that loss is probable. The Company utilizes historical customer data, prior product performance data, statistical analysis, third-party data, and internal management estimates to calculate contract-specific margins. In certain contracts, the total transaction price is variable based on customer utilization, which is excluded from the contract margin until the period that the customer has utilized to appropriately reflect the revenue activity in the period earned. In addition, revenue for certain oilfield services is recognized on an over time basis as performed. Our billing terms for these contracts are generally based on asset utilization (i.e. usage per hour) or the occurrence of a major maintenance event within the contract. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We sell certain tangible products, largely spare equipment, through our services business. We recognize revenue for this equipment at the point in time that the customer obtains control of the good, which is at the point in time we deliver the spare part to the customer. Our billing terms for these point in time service contracts vary, but are generally based on shipment of the goods to the customer. Research and Development Research and development costs are expensed as incurred and relate to the research and development of new products and services. These costs amounted to $492 million, $595 million and $687 million for the years ended December 31, 2021, 2020 and 2019, respectively. Research and development expenses were reported in cost of goods sold and cost of services sold. Separation Related Separation related costs relate to the ongoing activities for the separation from GE including costs for the build-out of certain information technology infrastructures as a result of the separation. Cash and Cash Equivalents Short-term investments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities. As of December 31, 2021 and 2020, we had $601 million and $687 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. Allowance for Credit Losses We monitor our customers' payment history and current credit worthiness to determine that collectability of the related financial assets are reasonably assured. We also consider the overall business climate in which our customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations. Concentration of Credit Risk We grant credit to our customers who primarily operate in the oil and natural gas industry. Although this concentration affects our overall exposure to credit risk, our current receivables are spread over a diverse group of customers across many countries, which mitigates this risk. We perform periodic credit evaluations of our customers' financial conditions, including monitoring our customers' payment history and current credit worthiness to manage this risk. We do not generally require collateral in support of our current receivables, but we may require payment in advance or security in the form of a letter of credit or a bank guarantee. Inventories All inventories are stated at the lower of cost or net realizable values and they are measured on a first-in, first-out ("FIFO") basis or average cost basis. As necessary, we record provisions and maintain reserves for excess, slow moving and obsolete inventory. To determine these reserve amounts, we regularly review inventory quantities on hand and compare them to estimates of future product demand, market conditions, production requirements and technological developments. Property, Plant and Equipment ("PP&E") Property, plant and equipment is initially stated at cost and is depreciated over its estimated economic life. Subsequently, property, plant and equipment is measured at cost less accumulated depreciation, which is generally provided by using the straight-line method over the estimated economic lives of the individual assets, and impairment losses. We manufacture a substantial portion of our tools and equipment in our OFS segment and the cost of these items, which includes direct and indirect manufacturing costs, is capitalized in inventory and subsequently moved to PP&E. Other Intangible Assets We amortize the cost of other intangible assets over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset's estimated economic life. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required. Refer to the Impairment of Goodwill and Other Long-Lived Assets accounting policy. Impairment of Goodwill and Other Long-lived Assets We perform an annual impairment test of goodwill on a qualitative or quantitative basis for each of our reporting units as of July 1, or more frequently when circumstances indicate an impairment may exist at the reporting unit level. When performing the annual impairment test we have the option of first performing a qualitative assessment to determine the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative impairment assessment of goodwill. However, if the assessment leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then no further assessments are required. A quantitative assessment for the determination of impairment is made by comparing the carrying amount of each reporting unit with its fair value, which is generally calculated using a combination of market, comparable transaction and discounted cash flow approaches. See "Note 6. Goodwill and Other Intangible Assets" for further information on valuation methodology and impairment of goodwill. We review PP&E, intangible assets and certain other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and at least annually for indefinite-lived intangible assets. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of recoverability is made based upon the estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related assets. Financial Instruments Our financial instruments include cash and equivalents, current receivables, investments, accounts payables, short and long-term debt, and derivative financial instruments. We monitor our exposure to various business risks including commodity prices and foreign currency exchange rates and we regularly use derivative financial instruments to manage these risks. At the inception of a new derivative, we designate the derivative as a hedge or we determine the derivative to be undesignated as a hedging instrument. We document the relationships between the hedging instruments and the hedged items, as well as our risk management objectives and strategy for undertaking various hedge transactions. We assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. We have a program that utilizes foreign currency forward contracts to reduce the risks associated with the effects of certain foreign currency exposures. Under this program, our strategy is to have gains or losses on the foreign currency forward contracts mitigate the foreign currency transaction and translation gains or losses to the extent practical. These foreign currency exposures typically arise from changes in the value of assets (for example, current receivables) and liabilities (for example, current payables) which are denominated in currencies other than the functional currency of the respective entity. We record all derivatives as of the end of our reporting period in our consolidated statement of financial position at fair value. For the forward contracts held as undesignated hedging instruments, we record the changes in fair value of the forward contracts in our consolidated statements of income (loss) along with the change in the fair value, related to foreign exchange movements, of the hedged item. Changes in the fair value of forward contracts designated as cash flow hedging instruments are recognized in other comprehensive income until the hedged item is recognized in earnings. Fair Value Measurements For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: •Level 1 - Quoted prices for identical instruments in active markets. •Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3 - Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data available. In addition, we perform reviews to assess the reasonableness of the valuations. With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations. Such reviews include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as well as other published data, such as rating agency market reports and current appraisals. Recurring Fair Value Measurements Derivatives When we have Level 1 derivatives, which are traded either on exchanges or liquid over-the-counter markets, we use closing prices for valuation. The majority of our derivatives are valued using internal models and are included in Level 2. These internal models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent foreign currency and commodity forward contracts for the Company. Investments in Debt and Equity Securities When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For investment securities for which market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we use pricing models that are consistent with what other market participants would use. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2. When we use valuations that are based on significant unobservable inputs we classify the investment securities in Level 3. Non-Recurring Fair Value Measurements Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when they are held for sale, equity securities without readily determinable fair value and equity method investments and long-lived assets that are written down to fair value when they are impaired and the remeasurement of retained investments in formerly consolidated subsidiaries upon a change in control that results in a deconsolidation of a subsidiary, if we sell a controlling interest and retain a noncontrolling stake in the entity. Assets that are written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occurs. Investments in Equity Securities Investments in equity securities (of entities in which we do not have either a controlling financial interest or significant influence, most often because we hold a voting interest of 0% to 20%) with readily determinable fair values are measured at fair value with changes in fair value recognized in earnings and reported in "other non- operating income (loss), net" in the consolidated statements of income (loss). Equity securities that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity securities of the same issuer. These changes are recorded in "other non-operating income (loss), net" in the consolidated statements of income (loss). Associated companies are entities in which we do not have a controlling financial interest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associated companies are accounted for as equity method investments. The results of associated companies are presented in the consolidated statements of income (loss) as follows: (i) if the associated company is integral to our operations, their results are included in "Selling, general and administrative," and (ii) if the associated company is not integral to our operations, their results are included in "Other non-operating income (loss), net." Investments in, and advances to, associated companies are presented on a one-line basis in the caption "All other assets" in our consolidated statement of financial position. Income Taxes We file U.S. federal and state income tax returns which primarily includes our distributive share of items of income, gain, loss and deduction of BHH LLC, which is treated as a partnership for U.S. tax purposes. As such, BHH LLC will not itself be subject to U.S. federal income tax under current U.S. tax laws. Non-U.S. current and deferred income taxes owed by the subsidiaries of BHH LLC are reflected in the financial statements. We account for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities based on enacted tax rates expected to be in effect when taxes are actually paid or recovered, as well as for net operating losses and tax credit carryforwards. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. We provide U.S. deferred taxes on our outside basis difference in our investment in BHH LLC. In determining this outside basis difference, we exclude non-deductible goodwill and the basis difference related to certain foreign corporations owned by BHH LLC where the undistributed earnings of the foreign corporation have been, or will be, reinvested indefinitely. Indefinite reinvestment is determined by management’s judgment and intentions concerning the future operations of the Company. In cases where repatriation would incur significant withholding or income taxes, these foreign earnings have been indefinitely reinvested in the Company’s active non-U.S. business operations. Computation of the potential deferred tax liability associated with these undistributed earnings and any other basis difference is not practicable. Significant judgment is required in determining our tax expense and in evaluating our tax positions, including evaluating uncertainties. Our tax filings are subject to audit by the tax authorities in the jurisdictions where we conduct business. These audits may result in assessments of additional taxes that are resolved with the tax authorities or through the courts. We have provided for the amounts that we believe will ultimately result from these proceedings. We recognize uncertain tax positions that are “more likely than not” to be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, we measure the amount of tax benefit based on the largest amount of tax benefit that has a greater than 50% chance of being realized in a final settlement with the relevant authority. We classify interest and penalties associated with uncertain tax positions as income tax expense. The effects of tax adjustments and settlements from taxing authorities are presented in financial statements in the period they are finalized. Environmental Liabilities We are involved in numerous remediation actions to clean up hazardous waste as required by federal and state laws. Liabilities for remediation costs exclude possible insurance recoveries and, when dates and amounts of such costs are not known, are not discounted. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low end of such range. It is reasonably possible that our environmental remediation exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites, such amounts are not reasonably estimable. The determination of the required accruals for remediation costs is subject to uncertainty, including the evolving nature of environmental regulations and the difficulty in estimating the extent and type of remediation activity that is necessary. NEW ACCOUNTING STANDARDS TO BE ADOPTED 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.

Progress Collections and Deferred Income

12 Months Ended

Dec. 31, 2021

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.


Total Revenue	2021		2020		2019
U.S.	$	4,497	$	4,638	$	6,188
Non-U.S.	16,005		16,067		17,650
Total	$	20,502	$	20,705	$	23,838

REMAINING PERFORMANCE OBLIGATIONS

As of December 31, 2021 and 2020, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $23.6 billion and $23.4 billion, respectively. As of December 31, 2021, we expect to recognize revenue of approximately 53%, 68% and 89% 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 at December 31:


	2021		2020
Progress collections	$	3,108	$	3,352
Deferred income	124		102
Progress collections and deferred income (contract liabilities)	$	3,232	$	3,454

Revenue recognized during the year ended December 31, 2021 and 2020 that was included in the contract liabilities at the beginning of the year was $2,398 million and $1,962 million, 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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)
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+ Details

Income Taxes - Geographic Sources of Income (Loss) before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S.	$ (724)	$ (14,288)	$ (693)
Foreign	1,152	(914)	1,446
Income (loss) before income taxes	$ 428	$ (15,202)	$ 753

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Financial Instruments - Economic Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Embedded derivatives, loss	$ 7	$ 14	$ 7
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	(3)	131	(24)
Derivatives not designated as hedging instruments \| Currency exchange contracts \| Cost of goods sold \| Sales of goods
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	(9)	59	(13)
Derivatives not designated as hedging instruments \| Currency exchange contracts \| Cost of goods sold \| Sales of services
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	5	62	(15)
Derivatives not designated as hedging instruments \| Commodity derivatives \| Cost of goods sold \| Sales of goods
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	1	2	2
Derivatives not designated as hedging instruments \| Other derivatives \| Other non-operating income (loss), net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	$ 0	$ 8	$ 2

Borrowings - Short-term and long-term borrowings (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 09, 2021	Dec. 31, 2020	May 31, 2020
Short-term borrowings
Effective Interest Rate	2.90%		3.00%
Total short-term borrowings	$ 40		$ 889
Long-term borrowings
Other long-term borrowings	63		93
Total long-term borrowings	6,687		6,744
Total borrowings	$ 6,727		$ 7,633
3.337% Senior Notes due December 2027
Debt Instrument [Line Items]
Stated interest rate	3.337%
Senior Notes \| 2.773% Senior Notes due December 2022
Debt Instrument [Line Items]
Stated interest rate	2.773%	2.773%
Short-term borrowings
Effective Interest Rate	0.00%		2.90%
Long-term borrowings
Long-term borrowings	$ 0		$ 1,247
Senior Notes \| 1.231% Senior Notes due December 2023
Debt Instrument [Line Items]
Stated interest rate	1.231%
Short-term borrowings
Effective Interest Rate	1.50%		0.00%
Long-term borrowings
Long-term borrowings	$ 647		$ 0
Senior Notes \| 8.55% Debentures due June 2024
Debt Instrument [Line Items]
Stated interest rate	8.55%
Senior Notes \| 2.061% Senior Notes due December 2026
Debt Instrument [Line Items]
Stated interest rate	2.061%
Short-term borrowings
Effective Interest Rate	2.20%		0.00%
Long-term borrowings
Long-term borrowings	$ 597		$ 0
Senior Notes \| 3.337% Senior Notes due December 2027
Debt Instrument [Line Items]
Stated interest rate	3.337%
Short-term borrowings
Effective Interest Rate	3.20%		3.40%
Long-term borrowings
Long-term borrowings	$ 1,335		$ 1,344
Senior Notes \| 6.875% Notes due January 2029
Debt Instrument [Line Items]
Stated interest rate	6.875%
Short-term borrowings
Effective Interest Rate	4.00%		3.90%
Long-term borrowings
Long-term borrowings	$ 279		$ 284
Senior Notes \| 3.138% Senior Notes due November 2029
Debt Instrument [Line Items]
Stated interest rate	3.138%
Short-term borrowings
Effective Interest Rate	3.20%		3.20%
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%			4.486%
Short-term borrowings
Effective Interest Rate	4.60%		4.60%
Long-term borrowings
Long-term borrowings	$ 497		$ 497
Senior Notes \| 5.125% Senior Notes due September 2040
Debt Instrument [Line Items]
Stated interest rate	5.125%
Short-term borrowings
Effective Interest Rate	4.20%		4.20%
Long-term borrowings
Long-term borrowings	$ 1,292		$ 1,297
Senior Notes \| 4.080% Senior Notes due December 2047
Debt Instrument [Line Items]
Stated interest rate	4.08%
Short-term borrowings
Effective Interest Rate	4.10%		4.10%
Long-term borrowings
Long-term borrowings	$ 1,337		$ 1,337
Debentures \| 8.55% Debentures due June 2024
Short-term borrowings
Effective Interest Rate	4.10%		4.10%
Long-term borrowings
Long-term borrowings	$ 118		$ 123
Commercial paper
Short-term borrowings
Effective Interest Rate			0.50%
Total short-term borrowings	0		$ 801
Short-term borrowings from GE
Short-term borrowings
Total short-term borrowings	$ 0		$ 45
Other borrowings
Short-term borrowings
Effective Interest Rate	4.50%		4.20%
Total short-term borrowings	$ 40		$ 43

Goodwill and Intangible Assets - Goodwill (Details) - USD ($)		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Balance at December 31, 2019, gross				$ 24,444,000,000
Accumulated impairment at December 31, 2019				(3,754,000,000)
Goodwill [Roll Forward]
Goodwill, net, beginning balance		$ 5,977,000,000	$ 20,690,000,000
Impairment	$ 0	0	(14,773,000,000)	0
Currency exchange and others		(18,000,000)	60,000,000
Goodwill, net, ending balance		5,959,000,000	5,977,000,000	20,690,000,000
Oilfield Services
Goodwill [Line Items]
Balance at December 31, 2019, gross				15,676,000,000
Accumulated impairment at December 31, 2019				(2,633,000,000)
Goodwill [Roll Forward]
Goodwill, net, beginning balance		1,539,000,000	13,043,000,000
Impairment			(11,484,000,000)
Currency exchange and others		10,000,000	(20,000,000)
Goodwill, net, ending balance		1,549,000,000	1,539,000,000	13,043,000,000
Oilfield Equipment
Goodwill [Line Items]
Balance at December 31, 2019, gross				4,186,000,000
Accumulated impairment at December 31, 2019				(867,000,000)
Goodwill [Roll Forward]
Goodwill, net, beginning balance		6,000,000	3,319,000,000
Impairment			(3,289,000,000)
Currency exchange and others		(3,000,000)	(24,000,000)
Goodwill, net, ending balance		3,000,000	6,000,000	3,319,000,000
Turbo-machinery & Process Solutions
Goodwill [Line Items]
Balance at December 31, 2019, gross				2,171,000,000
Accumulated impairment at December 31, 2019				0
Goodwill [Roll Forward]
Goodwill, net, beginning balance		2,234,000,000	2,171,000,000
Impairment			0
Currency exchange and others		(62,000,000)	63,000,000
Goodwill, net, ending balance		2,172,000,000	2,234,000,000	2,171,000,000
Digital Solutions
Goodwill [Line Items]
Balance at December 31, 2019, gross				2,411,000,000
Accumulated impairment at December 31, 2019				(254,000,000)
Goodwill [Roll Forward]
Goodwill, net, beginning balance		2,198,000,000	2,157,000,000
Impairment			0
Currency exchange and others		37,000,000	41,000,000
Goodwill, net, ending balance		$ 2,235,000,000	$ 2,198,000,000	$ 2,157,000,000

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Operating loss carryforwards	$ 2,255	$ 2,249
Tax credit carryforwards	1,183	1,083
Investment in partnership	457	160
Property	156	127
Employee benefits	116	138
Goodwill and other intangibles	97	143
Receivables	72	53
Inventory	61	51
Other	153	264
Total deferred income tax asset	4,550	4,268
Valuation allowances	(3,928)	(3,472)
Total deferred income tax asset after valuation allowance	622	796
Deferred tax liabilities:
Other	(14)	(29)
Total deferred income tax liability	(14)	(29)
Net deferred tax asset	$ 608	$ 767

Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Changes in Number of Shares Outstanding

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


	2021		2020
	Class A Common Stock	Class B Common Stock	Class A Common Stock	Class B Common Stock
Balance at beginning of year	723,999	311,433	650,065	377,428
Issue of shares upon vesting of restricted stock units (1)	4,968	—	3,548	—
Issue of shares on exercises of stock options (1)	408	—	13	—
Issue of shares for employee stock purchase plan	2,510	—	4,378	—
Exchange of Class B common stock for Class A common stock (2)	194,885	(194,885)	65,995	(65,995)
Repurchase and cancellation of Class A common stock	(17,628)	—	—	—
Balance at end of year	909,142	116,548	723,999	311,433

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

(2) 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.

Schedule of Accumulated Other Comprehensive Loss

The following table presents 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)		175		(2)		(181)		(10)
Amounts reclassified from accumulated other comprehensive loss	—		—		(4)		51		47
Deferred taxes	—		—		1		5		6
Other comprehensive income (loss)	(2)		175		(5)		(125)		43
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1)		40		(2)		(37)		—
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	—		163		—		22		185

Balance at December 31, 2020	—		(1,464)		3		(317)		(1,778)
Other comprehensive income (loss) before reclassifications	—		(344)		(11)		135		(220)
Amounts reclassified from accumulated other comprehensive loss	—		39		(7)		38		70
Deferred taxes	—		—		2		(3)		(1)
Other comprehensive income (loss)	—		(305)		(16)		170		(151)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		(38)		(3)		25		(16)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	—		394		—		78		472

Balance at December 31, 2021	$	—	$	(2,125)	$	(10)	$	(250)	$	(2,385)

Schedule of Noncontrolling Interest

As of December 31, 2021 and 2020, GE owned approximately 11.4% and 30.1%, respectively, of BHH LLC and this represents the majority of the noncontrolling interest balance reported within equity.


	2021		2020
GE's interest in BHH LLC	$	1,777	$	5,216
Other noncontrolling interests	139		133
Total noncontrolling interests	$	1,916	$	5,349

- 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

Supplementary Information - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Guarantees and Product Warranties [Abstract]
Employee-related liabilities	$ 955	$ 910

Restructuring, Impairment and Other

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring, Impairment and Other

RESTRUCTURING, IMPAIRMENT AND OTHER

In 2021, we recorded restructuring, impairment and other charges totaling $209 million. Charges incurred are primarily related to the continuation of our overall strategy to restructure our business, which is designed to optimize our structural costs for the year-over-year change in activity levels and market conditions.

In 2020, in response to the impact on our business from the COVID-19 pandemic and the significant decline in oil and gas prices, we recorded restructuring, impairment and other charges totaling $1,866 million, and inventory impairments of $246 million, see "Note 4. Inventories" for further discussion. Charges incurred are primarily related to rationalizing certain product lines and restructuring our business to right-size our operations and to address the challenging market conditions in the upstream oil and gas market.

In 2019, we recorded restructuring, impairment and other charges of $342 million. Charges incurred are primarily related to the consolidation of certain manufacturing and service facilities and reduction in headcount across various functions.

RESTRUCTURING AND IMPAIRMENT

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


	2021		2020		2019
Oilfield Services	$	121	$	675	$	211
Oilfield Equipment	—		125		18
Turbomachinery & Process Solutions	9		35		48
Digital Solutions	2		54		15
Corporate	6		14		22
Total	$	138	$	903	$	314

Restructuring and impairment charges were primarily related to employee termination expenses from reducing our headcount in certain geographical locations, and product line rationalization, including facility closures and related expenses such as property, plant and equipment impairments, and contract termination fees. The table below includes any gains on the dispositions of certain property, plant and equipment previously impaired as a consequence of exit activities. Details of these charges are as follows:


	2021		2020		2019
Property, plant and equipment	$	7	$	385	$	107
Employee-related termination expenses	99		464		179
Asset relocation costs	20		15		4

Contract termination fees	2		23		12
Other incremental costs	10		16		12
Total	$	138	$	903	$	314

OTHER CHARGES

Other charges included in "Restructuring, impairment and other" caption in the consolidated statements of income (loss) were $71 million, $963 million, and $28 million for the years ended December 31, 2021, 2020 and 2019, respectively.

In 2021, such charges were primarily related to certain litigation matters in our TPS segment and the release of foreign currency translation adjustments for certain restructured product lines in our DS segment.

In 2020, such charges were comprised 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 the impairment of an equity method investment primarily in corporate and the OFE segment, and charges related to corporate facility rationalization.

In 2019, such charges primarily relate to currency devaluations in our OFS segment.

Goodwill and Intangible Assets - Intangible Assets by Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 4,615	$ 5,008
Accumulated Amortization	(2,725)	(2,834)
Net	1,890	2,174
Indefinite-lived intangible assets	2,241	2,223
Total intangible assets, Gross Carrying Amount	6,856	7,231
Total intangible assets, Net	4,131	4,397
Intangible assets impairment	0	729	$ 0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,922	2,261
Accumulated Amortization	(752)	(916)
Net	1,170	1,345
Intangible assets impairment		481
Technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,090	1,127
Accumulated Amortization	(747)	(696)
Net	343	431
Intangible assets impairment		8
Trade names and trademarks
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	292	326
Accumulated Amortization	(169)	(181)
Net	123	145
Intangible assets impairment		237
Capitalized software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,311	1,294
Accumulated Amortization	(1,057)	(1,041)
Net	$ 254	$ 253

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of 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.


	2021								2020
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	29	$	—	$	29	$	—	$	118	$	—	$	118
Investment securities	1,033		—		8		1,041		1,502		—		30		1,532
Total assets	1,033		29		8		1,070		1,502		118		30		1,650

Liabilities
Derivatives	—		(49)		—		(49)		—		(52)		—		(52)
Total liabilities	$	—	$	(49)	$	—	$	(49)	$	—	$	(52)	$	—	$	(52)

Schedule of Reconciliation of Recurring Level 3 Fair Value Measurements

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


	2021		2020
Balance at beginning of year	$	30	$	259
Purchases	—		12
Proceeds at maturity	(22)		(239)
Unrealized gains (losses) recognized in other comprehensive loss	—		(2)
Balance at end of year	$	8	$	30

Schedule of Investment Securities Classified as Available for Sale


	2021								2020
	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)	$	8	$	—	$	—	$	8	$	30	$	—	$	—	$	30
Equity securities (2)	579		455		(1)		1,033		76		1,431		(5)		1,502
Total	$	587	$	455	$	(1)	$	1,041	$	106	$	1,431	$	(5)	$	1,532

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

(2)Gains (losses) recorded to earnings related to these securities were $(843) million, $1.4 billion and $2 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Schedule of Derivatives

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


	2021				2020
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	—	$	(3)	$	5	$	—
Interest rate swap contracts	—		(10)		—		—

Derivatives not accounted for as hedges
Currency exchange contracts and other	29		(36)		113		(52)
Total derivatives	$	29	$	(49)	$	118	$	(52)

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 consolidated statements of income (loss):


Derivatives not designated as hedging instruments	Consolidated statement of income caption	2021		2020		2019
Currency exchange contracts (1)	Cost of goods sold	$	(9)	$	59	$	(13)
Currency exchange contracts	Cost of services sold	5		62		(15)
Commodity derivatives	Cost of goods sold	1		2		2
Other derivatives	Other non-operating income (loss), net	—		8		2
Total (2)		$	(3)	$	131	$	(24)

(1)Excludes gains of $7 million and losses of $14 million and $7 million on embedded derivatives for the years ended December 31, 2021, 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.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

Restructuring, Impairment and Other - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and other	$ 209,000,000	$ 1,866,000,000	$ 342,000,000
Inventory impairment	0	246,000,000	0
Other charged	71,000,000	963,000,000	28,000,000
Intangible assets impairment	0	729,000,000	0
Property, plant and equipment impairment	$ 7,000,000	461,000,000	$ 107,000,000
Litigation and impairment of equity method investment		73,000,000
Oilfield Services
Restructuring Cost and Reserve [Line Items]
Intangible assets impairment		605,000,000
Oilfield Equipment
Restructuring Cost and Reserve [Line Items]
Intangible assets impairment		124,000,000
Other long-lived asset impairments		216,000,000
Property, plant and equipment impairment		77,000,000
Other assets		$ 15,000,000

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (Loss) per Share

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


(In millions, except per share amounts)	2021		2020		2019
Net income (loss)	$	(330)	$	(15,761)	$	271

Less: Net income (loss) attributable to noncontrolling interests	(111)		(5,821)		143
Net income (loss) attributable to Baker Hughes Company	$	(219)	$	(9,940)	$	128

Weighted average shares outstanding:
Class A basic	824		675		555
Class A diluted	824		675		557
Net income (loss) per share attributable to common stockholders:
Class A basic	$	(0.27)	$	(14.73)	$	0.23
Class A diluted	$	(0.27)	$	(14.73)	$	0.23

Contract and Other Deferred Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,414	$ 1,820
Deferred inventory costs	156	138
Non-recurring engineering costs	28	43
Contract and other deferred assets	1,598	2,001
Revenue recognized from performance obligations satisfied in previous periods	14	17
Long-term product service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	589	660
Long-term equipment contract
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 825	$ 1,160

Employee Benefit Plans - Components of Net Periodic Cost (Income) (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 27	$ 27	$ 21
Interest cost	64	77	90
Expected return on plan assets	(130)	(121)	(122)
Amortization of prior service credit	1	1	1
Amortization of net actuarial loss	40	34	17
Curtailment / settlement loss	2	10	9
Net periodic cost	$ 4	$ 28	$ 16

Employee Benefit Plans - Assumptions Used for Net Periodic Cost (Details) - Pension Benefits	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	1.66%	2.34%	3.43%
Expected long-term return on plan assets	4.07%	4.20%	5.48%
Interest crediting rate	2.60%	2.60%	3.15%

Goodwill and Intangible Assets - Future Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2021 USD ($)
Estimated Amortization Expense
2022	$ 216
2023	204
2024	187
2025	142
2026	$ 95

Segment Information - Assets by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	$ 35,308	$ 38,007
Segment depreciation and amortization	1,105	1,317	$ 1,418
Segment capital expenditures	856	974	1,240
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	29,659	31,725
Segment depreciation and amortization	1,082	1,288	1,379
Segment capital expenditures	841	939	1,220
Operating segments \| Oilfield Services
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	15,454	15,482
Segment depreciation and amortization	771	926	985
Segment capital expenditures	590	669	926
Operating segments \| Oilfield Equipment
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	2,616	3,344
Segment depreciation and amortization	103	146	175
Segment capital expenditures	69	74	120
Operating segments \| Turbo-machinery & Process Solutions
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	7,692	8,951
Segment depreciation and amortization	120	118	116
Segment capital expenditures	126	137	118
Operating segments \| Digital Solutions
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	3,897	3,948
Segment depreciation and amortization	88	98	103
Segment capital expenditures	56	59	56
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Segment assets	5,649	6,282
Segment depreciation and amortization	23	29	39
Segment capital expenditures	$ 15	$ 35	$ 20

Employee Benefit Plans - Benefit Obligation and Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation:
Benefit obligation at beginning of year	$ 3,806	$ 3,451
Service cost	27	27	$ 21
Interest cost	64	77	90
Actuarial (gain) loss	(154)	393
Benefits paid	(111)	(101)
Curtailments	(9)	(3)
Settlements	(33)	(79)
Other	2	1
Foreign currency translation adjustments	(42)	40
Benefit obligation at end of year	3,550	3,806	3,451
Change in plan assets:
Fair value of plan assets at beginning of year	3,202	3,004
Actual return on plan assets	83	347
Employer contributions	28	20
Benefits paid	(111)	(101)
Settlements	(33)	(79)
Foreign currency translation adjustments	(22)	11
Fair value of plan assets at end of year	3,147	3,202	$ 3,004
Funded status - underfunded at end of year	(403)	(604)
Accumulated benefit obligation	$ 3,497	$ 3,755

Income Taxes - Provision or Benefit for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
U.S.	$ 11	$ (59)	$ (12)
Foreign	614	458	443
Total current	625	399	431
Deferred:
U.S.	(24)	11	(12)
Foreign	157	149	63
Total deferred	133	160	51
Provision for income taxes	$ 758	$ 559	$ 482

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue:
Revenues	$ 20,502,000,000	$ 20,705,000,000	$ 23,838,000,000
Costs and expenses:
Selling, general and administrative	2,470,000,000	2,404,000,000	2,832,000,000
Goodwill impairment	0	14,773,000,000	0
Restructuring, impairment and other	209,000,000	1,866,000,000	342,000,000
Separation related	60,000,000	134,000,000	184,000,000
Total costs and expenses	19,192,000,000	36,683,000,000	22,764,000,000
Operating income (loss)	1,310,000,000	(15,978,000,000)	1,074,000,000
Other non-operating income (loss), net	(583,000,000)	1,040,000,000	(84,000,000)
Interest expense, net	(299,000,000)	(264,000,000)	(237,000,000)
Income (loss) before income taxes	428,000,000	(15,202,000,000)	753,000,000
Provision for income taxes	(758,000,000)	(559,000,000)	(482,000,000)
Net income (loss)	(330,000,000)	(15,761,000,000)	271,000,000
Less: Net income (loss) attributable to noncontrolling interests	(111,000,000)	(5,821,000,000)	143,000,000
Net income (loss) attributable to Baker Hughes Company	$ (219,000,000)	$ (9,940,000,000)	$ 128,000,000
Per share amounts:
Diluted income (loss) per Class A common share (in dollars per share)	$ (0.27)	$ (14.73)	$ 0.23
Class A Common Stock
Per share amounts:
Basic income (loss) per Class A common share (in dollars per share)	(0.27)	(14.73)	0.23
Diluted income (loss) per Class A common share (in dollars per share)	(0.27)	(14.73)	0.23
Cash dividends per Class A common share (in dollars per share)	$ 0.72	$ 0.72	$ 0.72
Sales of goods
Revenue:
Revenues	$ 12,248,000,000	$ 12,846,000,000	$ 13,689,000,000
Costs and expenses:
Cost	10,458,000,000	11,383,000,000	11,798,000,000
Sales of services
Revenue:
Revenues	8,254,000,000	7,859,000,000	10,149,000,000
Costs and expenses:
Cost	$ 5,995,000,000	$ 6,123,000,000	$ 7,608,000,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision or Benefit for Income Taxes

The provision for income taxes is comprised of the following:


	2021		2020		2019
Current:
U.S.	$	11	$	(59)	$	(12)
Foreign	614		458		443
Total current	625		399		431
Deferred:
U.S.	(24)		11		(12)
Foreign	157		149		63
Total deferred	133		160		51
Provision for income taxes	$	758	$	559	$	482

Schedule of Geographic Sources of Income (Loss) Before Income Taxes

The geographic sources of income (loss) before income taxes are as follows:


	2021		2020		2019
U.S.	$	(724)	$	(14,288)	$	(693)
Foreign	1,152		(914)		1,446
Income (loss) before income taxes	$	428	$	(15,202)	$	753

Schedule of Difference Between Provision and U.S. Statutory Tax Rate

The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate to the loss or income before income taxes for the reasons set forth below for the years ended December 31:


	2021			2020			2019
Income (loss) before income taxes	$	428		$	(15,202)		$	753

Taxes at the U.S. federal statutory income tax rate	90			(3,192)			158
Impact of goodwill impairment	—			3,102			—
Effect of foreign operations	216			148			84
Tax expense (benefit) due to unrecognized tax benefits (1)	201			35			(24)
Tax impact of partnership structure	137			(33)			17


Change in valuation allowances	70			494			241
CARES Act	—			(117)			—

Other - net	44			122			6
Provision for income taxes	$	758		$	559		$	482
Actual income tax rate	177.1		%	(3.7)		%	64.0		%

(1)For December 31, 2021, $119 million of this amount is indemnified under the Tax Matters Agreement with GE.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of our temporary differences and carryforwards are as follows at December 31:


	2021		2020
Deferred tax assets:
Operating loss carryforwards	$	2,255	$	2,249
Tax credit carryforwards	1,183		1,083
Investment in partnership	457		160
Property	156		127
Employee benefits	116		138
Goodwill and other intangibles	97		143
Receivables	72		53
Inventory	61		51
Other	153		264
Total deferred income tax asset	4,550		4,268
Valuation allowances	(3,928)		(3,472)
Total deferred income tax asset after valuation allowance	622		796
Deferred tax liabilities:
Other	(14)		(29)
Total deferred income tax liability	(14)		(29)
Net deferred tax asset	$	608	$	767

Schedule of Changes in Gross Unrecognized Tax Benefits

The following table presents the changes in our gross unrecognized tax benefits included in the consolidated statements of financial position.


Asset / (Liability)	2021		2020
Balance at beginning of year	$	(483)	$	(451)
Additions for tax positions of the current year	(32)		(71)
Additions for tax positions of prior years	(166)		(31)
Reductions for tax positions of prior years	42		35
Settlements with tax authorities	95		12
Lapse of statute of limitations	13		23
Balance at end of year	$	(531)	$	(483)

Employee Benefit Plans - Future Expected Benefit Payments (Details) - Pension Benefits $ in Millions	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure
2022	$ 161
2023	132
2024	135
2025	137
2026	142
2027-2031	$ 744

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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, 2019, gross	$	15,676	$	4,186	$	2,171	$	2,411	$	24,444
Accumulated impairment at December 31, 2019	(2,633)		(867)		—		(254)		(3,754)
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)		63		41		60
Balance at December 31, 2020	1,539		6		2,234		2,198		5,977

Currency exchange and others	10		(3)		(62)		37		(18)
Balance at December 31, 2021	$	1,549	$	3	$	2,172	$	2,235	$	5,959

Schedule of Finite-lived Intangible Assets

Intangible assets are comprised of the following at December 31:


	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,922	$	(752)	$	1,170	$	2,261	$	(916)	$	1,345
Technology	1,090		(747)		343		1,127		(696)		$	431
Trade names and trademarks	292		(169)		123		326		(181)		145
Capitalized software	1,311		(1,057)		254		1,294		(1,041)		253



Finite-lived intangible assets (1)	4,615		(2,725)		1,890		5,008		(2,834)		2,174
Indefinite-lived intangible assets	2,241		—		2,241		2,223		—		2,223
Total intangible assets	$	6,856	$	(2,725)	$	4,131	$	7,231	$	(2,834)	$	4,397

Schedule of Indefinite-lived Intangible Assets

Intangible assets are comprised of the following at December 31:


	2021						2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,922	$	(752)	$	1,170	$	2,261	$	(916)	$	1,345
Technology	1,090		(747)		343		1,127		(696)		$	431
Trade names and trademarks	292		(169)		123		326		(181)		145
Capitalized software	1,311		(1,057)		254		1,294		(1,041)		253



Finite-lived intangible assets (1)	4,615		(2,725)		1,890		5,008		(2,834)		2,174
Indefinite-lived intangible assets	2,241		—		2,241		2,223		—		2,223
Total intangible assets	$	6,856	$	(2,725)	$	4,131	$	7,231	$	(2,834)	$	4,397

Schedule of Finite-lived Intangible Assets, Future Amortization Expense

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


Year	Estimated Amortization Expense
2022	$	216
2023	204
2024	187
2025	142
2026	95

Financial Instruments

12 Months Ended

Dec. 31, 2021

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.


	2021								2020
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	29	$	—	$	29	$	—	$	118	$	—	$	118
Investment securities	1,033		—		8		1,041		1,502		—		30		1,532
Total assets	1,033		29		8		1,070		1,502		118		30		1,650

Liabilities
Derivatives	—		(49)		—		(49)		—		(52)		—		(52)
Total liabilities	$	—	$	(49)	$	—	$	(49)	$	—	$	(52)	$	—	$	(52)

There were no transfers between Level 1, 2 and 3 during 2021.

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


	2021		2020
Balance at beginning of year	$	30	$	259
Purchases	—		12
Proceeds at maturity	(22)		(239)
Unrealized gains (losses) recognized in other comprehensive loss	—		(2)
Balance at end of year	$	8	$	30

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 consolidated statement of income (loss) on account of any Level 3 instrument still held at the reporting date.


	2021								2020
	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)	$	8	$	—	$	—	$	8	$	30	$	—	$	—	$	30
Equity securities (2)	579		455		(1)		1,033		76		1,431		(5)		1,502
Total	$	587	$	455	$	(1)	$	1,041	$	106	$	1,431	$	(5)	$	1,532

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

(2)Gains (losses) recorded to earnings related to these securities were $(843) million, $1.4 billion and $2 million for the years ended December 31, 2021, 2020, and 2019, respectively.

As of December 31, 2021, our equity securities with readily determinable fair values are comprised primarily of our investment in C3.ai, Inc. ("C3 AI") of $270 million and ADNOC Drilling of $741 million. As of December 31, 2020, our equity securities with readily determinable fair values are comprised primarily of our investment in C3 AI of $1,500 million. We measured our investments to fair value based on quoted prices in active markets.

During 2021, we sold approximately 2.2 million of our C3 AI shares and received proceeds of $145 million. At December 31, 2021, our investment in C3 AI consists of 8,650,476 shares. For the year ended December 31, 2021 and 2020, we recorded a loss of $1,085 million and a gain of $1,417 million, respectively, from the net change in fair value of our investment in C3 AI, which is reported in “Other non-operating income (loss), net” in our consolidated statements of income (loss). See “Note 18. Related Party Transactions” for further details on our agreements with C3 AI.

Our original investment in ADNOC Drilling from 2018 consists of a five percent investment, or $500 million, and did not have a recurring readily determinable fair value until October 4, 2021 when ADNOC Drilling became publicly traded, at which point the investment was transferred to investment securities with a readily determinable fair value. At December 31, 2021, our investment in ADNOC Drilling consists of 800,000,000 shares. For the year ended December 31, 2021, we recorded a gain of $241 million from the net change in fair value of our investment in ADNOC Drilling, which is reported in “Other non-operating income (loss), net” in our consolidated statements of income (loss).

As of December 31, 2021 and 2020, $1,041 million and $1,514 million of total investment securities are recorded in "All other current assets" and nil and $18 million are recorded in "All other assets" of the consolidated statements of financial position, respectively.

FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS

Our financial instruments include cash and equivalents, current receivables, 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 December 31, 2021 and 2020 approximates their carrying value as reflected in our consolidated financial statements. For further information on the fair value of our debt, see "Note 10. 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.


	2021				2020
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	—	$	(3)	$	5	$	—
Interest rate swap contracts	—		(10)		—		—

Derivatives not accounted for as hedges
Currency exchange contracts and other	29		(36)		113		(52)
Total derivatives	$	29	$	(49)	$	118	$	(52)

Derivatives are classified in the consolidated statements of financial position depending on their respective maturity date. As of December 31, 2021 and 2020, $28 million and $115 million of derivative assets are recorded in "All other current assets" and $1 million and $3 million are recorded in "All other assets" of the consolidated statements of financial position, respectively. As of December 31, 2021 and 2020, $39 million and $48 million of derivative liabilities are recorded in "All other current liabilities" and $10 million and $4 million are recorded in "All other liabilities" of the 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. Changes in the fair value of cash flow hedges are recorded in a separate component of equity (referred to as "Accumulated Other Comprehensive Income", or "AOCI") and are recorded in earnings in the period in which the hedged transaction occurs. See "Note 14. Equity" for further information on activity in AOCI for cash flow hedges. The maximum term of cash flow hedges that hedge forecasted transactions was one year at December 31, 2021 and 2020.

Fair Value Hedges

All of our long-term debt is comprised of fixed rate instruments. We are subject to interest rate risk on our debt portfolio and may use interest rate swaps to manage the economic effect of fixed rate obligations associated with certain debt. Under these arrangements, we agree to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

As of December 31, 2021, we had interest rate swaps with a notional amount of $500 million that converted a portion of our $1,350 million aggregate principal amount of 3.337% fixed rate Senior Notes due 2027 into a floating rate instrument with an interest rate based on a LIBOR index as a hedge of its exposure to changes in fair value that are attributable to interest rate risk. We concluded that the interest rate swap met the criteria necessary to qualify for the short-cut method of hedge accounting, and as such, an assumption is made that the change in the fair value of the hedged debt, due to changes in the benchmark rate, exactly offsets the change in the fair value of the interest rate swaps. Therefore, the derivative is considered to be effective at achieving offsetting changes in the fair value of the hedged liability, and no ineffectiveness is recognized. The mark-to-market of this fair value hedge is recorded as gains or losses in interest expense and is equally offset by the gain or loss of the underlying debt instrument, which also is recorded in interest expense.

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 consolidated statements of income (loss):


Derivatives not designated as hedging instruments	Consolidated statement of income caption	2021		2020		2019
Currency exchange contracts (1)	Cost of goods sold	$	(9)	$	59	$	(13)
Currency exchange contracts	Cost of services sold	5		62		(15)
Commodity derivatives	Cost of goods sold	1		2		2
Other derivatives	Other non-operating income (loss), net	—		8		2
Total (2)		$	(3)	$	131	$	(24)

(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. A substantial majority of the outstanding notional amount of $3.9 billion and $7.0 billion at December 31, 2021 and 2020, respectively, is related to hedges of anticipated sales and purchases in foreign currency, commodity purchases, changes in interest rates, 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 cash amounts exchanged by us and the counterparties, but rather the nominal amount upon which changes in the value of the derivatives are measured.

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 December 31, 2021 and 2020, the carrying amount of equity securities without readily determinable fair values was $56 million and $554 million, respectively. These investments are recorded in "All other assets" of the consolidated statements of financial position. Our balance as of December 31, 2020 included $500 million related to our five percent investment in ADNOC Drilling.

Revenue Related to Contracts With Customers - Narrative (Details) - USD ($) $ in Billions	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 23.6	$ 23.4
Within 2 years \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied, percentage	53.00%
Performance obligations expected to be satisfied, expected timing	2 years
Within 5 years \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied, percentage	68.00%
Performance obligations expected to be satisfied, expected timing	5 years
Within 15 years \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied, percentage	89.00%
Performance obligations expected to be satisfied, expected timing	15 years

Stock-Based Compensation - Changes in Stock Options Outstanding (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Options
Outstanding, beginning balance (in shares) \| shares	7,285
Exercised (in shares) \| shares	(438)
Forfeited (in shares) \| shares	(11)
Expired (in shares) \| shares	(1,587)
Outstanding, ending balance (in shares) \| shares	5,249
Options exercisable (in shares) \| shares	4,719
Weighted Average Exercise Price Per Option
Outstanding, beginning (in dollars per share) \| $ / shares	$ 32.63
Exercised (in dollars per share) \| $ / shares	22.48
Forfeited (in dollars per share) \| $ / shares	26.42
Expired (in dollars per share) \| $ / shares	40.13
Outstanding, ending (in dollars per share) \| $ / shares	31.25
Options exercisable (in dollars per share) \| $ / shares	$ 32.18

Business Dispositions	12 Months Ended
Business Dispositions	Dec. 31, 2021
Business Combinations [Abstract]
Business Dispositions	BUSINESS DISPOSITIONS We completed several product line dispositions over the past three years as described below. Any gain or loss on a business disposition is reported in the "Other non-operating income (loss), net" caption of the consolidated statements of income (loss). •In October 2021, we closed a transaction with Akastor ASA to create a joint venture company ("JV Company") to deliver global offshore drilling solutions. We contributed our subsea drilling systems business, a division of our OFE segment, to the JV Company and received as consideration 50% of the shares of the JV Company, cash of $70 million, and a promissory note of $80 million. The transaction resulted in an immaterial gain. The Company's interest in the JV Company is accounted for as an equity method investment. Our ongoing operations in the JV Company are not integral to our operations and, therefore, our share of the income or loss from the JV will be reported as non-operating income (loss). •In October 2020, we completed the sale of our surface pressure control flow business, a non-strategic product line in our OFE segment that provided surface wellhead and surface tree systems for the onshore market. The sale resulted in a loss before income taxes of $137 million. •In June 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 $216 million. •In July 2019, we completed the sale of our high-speed reciprocating compression ("Recip") business. Recip was part of our TPS segment and provided high-speed reciprocating compression equipment and aftermarket parts and services for oil and gas production, gas processing, gas distribution and independent power industries. The sale resulted in a loss before income taxes of $138 million.

Borrowings - Narrative (Details) - USD ($)	12 Months Ended
Borrowings - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 09, 2021	Apr. 30, 2021	Apr. 29, 2021	Dec. 31, 2020	May 31, 2020
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 7,328,000,000				$ 8,502,000,000
Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Ownership percentage	100.00%
Commercial paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 3,000,000,000	$ 3,800,000,000
Maturity (no more than)	397 days
Credit Agreement \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 3,000,000,000
Borrowings	0				0
Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	1,250,000,000
Senior Notes \| Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Long-term debt securities	6,624,000,000
Senior Notes \| 1.231% Senior Notes due December 2023
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 650,000,000
Stated interest rate	1.231%
Long-term debt securities	$ 647,000,000				0
Senior Notes \| 2.061% Senior Notes due December 2026
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 600,000,000
Stated interest rate	2.061%
Long-term debt securities	$ 597,000,000				0
Senior Notes \| 2022 Notes
Line of Credit Facility [Line Items]
Stated interest rate	2.773%	2.773%
Early redemption charge	$ 28,000,000
Long-term debt securities	$ 0				1,247,000,000
Senior Notes \| 4.486% Senior Notes due May 2030
Line of Credit Facility [Line Items]
Aggregate principal amount						$ 500,000,000
Stated interest rate	4.486%					4.486%
Long-term debt securities	$ 497,000,000				$ 497,000,000

Restructuring, Impairment and Other - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 138	$ 903	$ 314
Property, plant and equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	7	385	107
Employee-related termination expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	99	464	179
Asset relocation costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	20	15	4
Contract termination fees
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2	23	12
Other incremental costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	10	16	12
Operating segments \| Oilfield Services
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	121	675	211
Operating segments \| Oilfield Equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	125	18
Operating segments \| Turbo-machinery & Process Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	9	35	48
Operating segments \| Digital Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2	54	15
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 6	$ 14	$ 22

Earnings Per Share - Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share
Net income (loss)	$ (330)	$ (15,761)	$ 271
Less: Net income (loss) attributable to noncontrolling interests	(111)	(5,821)	143
Net income (loss) attributable to Baker Hughes Company	$ (219)	$ (9,940)	$ 128
Net income (loss) per share attributable to common stockholders:
Class A diluted (in dollars per share)	$ (0.27)	$ (14.73)	$ 0.23
Class A Common Stock
Weighted average shares outstanding:
Class A basic (in shares)	824	675	555
Class A diluted (in shares)	824	675	557
Net income (loss) per share attributable to common stockholders:
Class A basic (in dollars per share)	$ (0.27)	$ (14.73)	$ 0.23
Class A diluted (in dollars per share)	$ (0.27)	$ (14.73)	$ 0.23

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Financial Information


Segment revenue	2021		2020		2019
Oilfield Services	$	9,542	$	10,140	$	12,889
Oilfield Equipment	2,486		2,844		2,921
Turbomachinery & Process Solutions	6,417		5,705		5,536
Digital Solutions	2,057		2,015		2,492
Total	$	20,502	$	20,705	$	23,838

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 income (loss), corporate expenses, restructuring, impairment and other charges, inventory impairments, separation related costs, goodwill impairment and certain gains and losses not allocated to the operating segments.


Segment income (loss) before income taxes	2021		2020		2019
Oilfield Services	$	761	$	487	$	917
Oilfield Equipment	69		19		55
Turbomachinery & Process Solutions	1,050		805		719
Digital Solutions	126		193		343
Total segment	2,006		1,504		2,035
Corporate	(429)		(464)		(433)
Inventory impairment (1)	—		(246)		—
Goodwill impairment	—		(14,773)		—
Restructuring, impairment and other	(209)		(1,866)		(342)
Separation related	(60)		(134)		(184)
Other non-operating income (loss), net	(583)		1,040		(84)
Interest expense, net	(299)		(264)		(237)
Income (loss) before income taxes	$	428	$	(15,202)	$	753

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

Schedule of Assets and Segment Depreciation and Amortization

The following table presents total assets by segment at December 31:


Segment assets	2021		2020
Oilfield Services	$	15,454	$	15,482
Oilfield Equipment	2,616		3,344
Turbomachinery & Process Solutions	7,692		8,951
Digital Solutions	3,897		3,948
Total segment	29,659		31,725
Corporate and eliminations (1)	5,649		6,282
Total	$	35,308	$	38,007

(1)The assets in Corporate and eliminations consist primarily of cash, the Baker Hughes trade name, our investment in C3 AI, certain facilities, and certain other noncurrent assets. It also includes adjustments to eliminate intercompany investments and receivables reflected within the total assets of each of our reportable segments.

The following table presents depreciation and amortization by segment:


Segment depreciation and amortization	2021		2020		2019
Oilfield Services	$	771	$	926	$	985
Oilfield Equipment	103		146		175
Turbomachinery & Process Solutions	120		118		116
Digital Solutions	88		98		103
Total Segment	1,082		1,288		1,379
Corporate	23		29		39
Total	$	1,105	$	1,317	$	1,418

The following table presents capital expenditures by segment:


Segment capital expenditures	2021		2020		2019
Oilfield Services	$	590	$	669	$	926
Oilfield Equipment	69		74		120
Turbomachinery & Process Solutions	126		137		118
Digital Solutions	56		59		56
Total Segment	841		939		1,220
Corporate	15		35		20
Total	$	856	$	974	$	1,240

Schedule of Revenues and Property, Plant and Equipment, Net

The following table presents net property, plant and equipment by its geographic location at December 31:


Property, plant and equipment - net	2021		2020		2019
U.S.	$	1,651	$	2,007	$	2,594
Non-U.S.	3,226		3,351		3,646
Total	$	4,877	$	5,358	$	6,240

Employee Benefit Plans - Assumptions Used for Benefit Obligation (Details) - Pension Benefits	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.15%	1.66%
Rate of compensation increase	3.21%	3.25%
Interest crediting rate	2.60%	2.60%

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2021 segment
Segment Reporting [Abstract]
Number of operating segments	4

Leases - Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
2022	$ 216
2023	156
2024	117
2025	94
2026	81
Thereafter	315
Total lease payments	979
Less: imputed interest	159
Total	$ 820	$ 809

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total cost	$ 9,880	$ 10,473
Less: Accumulated depreciation	(5,003)	(5,115)
Property, plant and equipment, less accumulated depreciation	4,877	5,358	$ 6,240
Depreciation expense	852	1,009	$ 1,053
Land and improvements
Property, Plant and Equipment [Line Items]
Total cost	350	404
Buildings, structures and related equipment
Property, Plant and Equipment [Line Items]
Total cost	2,271	2,618
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Total cost	$ 7,259	$ 7,451
Minimum \| Land and improvements
Property, Plant and Equipment [Line Items]
Useful Life	8 years
Minimum \| Buildings, structures and related equipment
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Minimum \| Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Useful Life	2 years
Maximum \| Land and improvements
Property, Plant and Equipment [Line Items]
Useful Life	20 years
Maximum \| Buildings, structures and related equipment
Property, Plant and Equipment [Line Items]
Useful Life	40 years
Maximum \| Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Useful Life	20 years

Equity - Noncontrolling Interest (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Total noncontrolling interests	$ 139	$ 133

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details

Income Taxes - Changes in Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ (483)	$ (451)
Additions for tax positions of the current year	(32)	(71)
Additions for tax positions of prior years	(166)	(31)
Reductions for tax positions of prior years	42	35
Settlements with tax authorities	95	12
Lapse of statute of limitations	13	23
Balance at end of year	$ (531)	$ (483)

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment are comprised of the following at December 31:


	Useful Life	2021		2020
Land and improvements (1)	8 - 20 years (1)	$	350	$	404
Buildings, structures and related equipment	5 - 40 years	2,271		2,618
Machinery, equipment and other	2 - 20 years	7,259		7,451
Total cost		9,880		10,473
Less: Accumulated depreciation		(5,003)		(5,115)
Property, plant and equipment, less accumulated depreciation		$	4,877	$	5,358

(1)Useful life excludes land.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (330,000,000)	$ (15,761,000,000)	$ 271,000,000
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,105,000,000	1,317,000,000	1,418,000,000
Loss (gain) on equity securities	845,000,000	(1,417,000,000)	0
Provision for deferred income taxes	133,000,000	160,000,000	51,000,000
Property, plant and equipment impairment	7,000,000	461,000,000	107,000,000
Goodwill impairment	0	14,773,000,000	0
Intangible assets impairment	0	729,000,000	0
Loss on business dispositions	0	353,000,000	138,000,000
Inventory impairment	0	246,000,000	0
Changes in operating assets and liabilities:
Current receivables	(126,000,000)	680,000,000	(583,000,000)
Inventories	170,000,000	(80,000,000)	(200,000,000)
Accounts payable	246,000,000	(711,000,000)	249,000,000
Progress collections and deferred income	(72,000,000)	396,000,000	1,147,000,000
Contract and other deferred assets	262,000,000	(69,000,000)	(60,000,000)
Other operating items, net	134,000,000	227,000,000	(412,000,000)
Net cash flows from operating activities	2,374,000,000	1,304,000,000	2,126,000,000
Cash flows from investing activities:
Expenditures for capital assets	(856,000,000)	(974,000,000)	(1,240,000,000)
Proceeds from disposal of assets	315,000,000	187,000,000	264,000,000
Proceeds from business dispositions	70,000,000	187,000,000	77,000,000
Net cash paid for business interests	(179,000,000)	(26,000,000)	(176,000,000)
Other investing items, net	187,000,000	8,000,000	30,000,000
Net cash flows used in investing activities	(463,000,000)	(618,000,000)	(1,045,000,000)
Cash flows from financing activities:
Net repayments of short-term debt	(41,000,000)	(204,000,000)	(542,000,000)
Proceeds from the issuance of long-term debt	1,250,000,000	500,000,000	525,000,000
Proceeds from (repayment of) commercial paper	(832,000,000)	737,000,000	0
Repayments of long-term debt	(1,313,000,000)	(42,000,000)	(570,000,000)
Dividends paid	(592,000,000)	(488,000,000)	(395,000,000)
Distributions to GE	(157,000,000)	(256,000,000)	(350,000,000)
Repurchase of Class A common stock	(434,000,000)	0	0
Repurchase of common units from GE by BHH LLC	0	0	(250,000,000)
Other financing items, net	(24,000,000)	(22,000,000)	48,000,000
Net cash flows from (used in) financing activities	(2,143,000,000)	225,000,000	(1,534,000,000)
Effect of currency exchange rate changes on cash and cash equivalents	(47,000,000)	(28,000,000)	(21,000,000)
Increase (decrease) in cash and cash equivalents	(279,000,000)	883,000,000	(474,000,000)
Cash and cash equivalents, beginning of period	4,132,000,000	3,249,000,000	3,723,000,000
Cash and cash equivalents, end of period	$ 3,853,000,000	$ 4,132,000,000	$ 3,249,000,000

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

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 Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"), which was enacted on March 27, 2020 in the U.S., contained measures to assist companies, including allowing net operating losses originating in 2018, 2019, or 2020 to be carried back up to five years. During 2020, we elected to carry back losses to 2014 and accordingly recognized a $117 million tax benefit. As of December 31, 2021, we have received the cash refunds related to that benefit.

The provision for income taxes is comprised of the following:


	2021		2020		2019
Current:
U.S.	$	11	$	(59)	$	(12)
Foreign	614		458		443
Total current	625		399		431
Deferred:
U.S.	(24)		11		(12)
Foreign	157		149		63
Total deferred	133		160		51
Provision for income taxes	$	758	$	559	$	482

The geographic sources of income (loss) before income taxes are as follows:


	2021		2020		2019
U.S.	$	(724)	$	(14,288)	$	(693)
Foreign	1,152		(914)		1,446
Income (loss) before income taxes	$	428	$	(15,202)	$	753


	2021			2020			2019
Income (loss) before income taxes	$	428		$	(15,202)		$	753

Taxes at the U.S. federal statutory income tax rate	90			(3,192)			158
Impact of goodwill impairment	—			3,102			—
Effect of foreign operations	216			148			84
Tax expense (benefit) due to unrecognized tax benefits (1)	201			35			(24)
Tax impact of partnership structure	137			(33)			17


Change in valuation allowances	70			494			241
CARES Act	—			(117)			—

Other - net	44			122			6
Provision for income taxes	$	758		$	559		$	482
Actual income tax rate	177.1		%	(3.7)		%	64.0		%

(1)For December 31, 2021, $119 million of this amount is indemnified under the Tax Matters Agreement with GE.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as operating loss and tax credit carryforwards.

The tax effects of our temporary differences and carryforwards are as follows at December 31:


	2021		2020
Deferred tax assets:
Operating loss carryforwards	$	2,255	$	2,249
Tax credit carryforwards	1,183		1,083
Investment in partnership	457		160
Property	156		127
Employee benefits	116		138
Goodwill and other intangibles	97		143
Receivables	72		53
Inventory	61		51
Other	153		264
Total deferred income tax asset	4,550		4,268
Valuation allowances	(3,928)		(3,472)
Total deferred income tax asset after valuation allowance	622		796
Deferred tax liabilities:
Other	(14)		(29)
Total deferred income tax liability	(14)		(29)
Net deferred tax asset	$	608	$	767

At December 31, 2021, we had approximately $419 million of non-U.S. tax credits which may be carried forward indefinitely under applicable foreign law, $563 million of U.S. foreign tax credits and $201 million of other U.S. credits, the majority of which will expire after tax year 2027 under U.S. tax law. Additionally, we had $2,255 million of net operating loss carryforwards ("NOLs"), of which approximately $321 million will expire within five years, $479 million will expire between 6 years and 20 years, and the remainder can be carried forward indefinitely.

We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. At December 31, 2021, $3,928 million of valuation allowances are recorded against various deferred tax assets, including foreign NOLs of $1,687 million, U.S. NOLs of $220 million, U.S. foreign and non-U.S. tax credit carryforwards of $979 million, other tax credit carryforwards of $191 million, and certain other U.S. and foreign deferred tax assets of $851 million. There are $348 million of deferred tax assets related primarily to foreign NOLs without a valuation allowance as we expect that the deferred tax assets will be realized within the carryforward period.

Indefinite reinvestment is determined by management’s intentions concerning the future operations of the Company. In cases where repatriation would otherwise incur significant withholding or income taxes, these earnings have been indefinitely reinvested in the Company's active non-U.S. business operations. As of December 31, 2021, the cumulative amount of undistributed foreign earnings is approximately $4.4 billion. Computation of the potential deferred tax liability associated with these undistributed earnings and any other basis differences is not practicable.

At December 31, 2021, we had $531 million of tax liabilities for total gross unrecognized tax benefits related to uncertain tax positions. In addition to these uncertain tax positions, we had $153 million and $49 million related to interest and penalties, respectively, for total liabilities of $733 million for uncertain positions. If we were to prevail on all uncertain positions, the net effect would result in an income tax benefit of approximately $646 million. The remaining $87 million is comprised of $63 million for deferred tax assets that represent tax benefits that would be received in different taxing jurisdictions or in a different character and $24 million increased valuation allowances. As of December 31, 2021 and 2020, the Company had $170 million and $53 million, respectively, of current receivables related to uncertain tax positions, including interest and penalties of $87 million and $25 million, respectively, that are indemnified pursuant to the Tax Matters Agreement with GE.

The following table presents the changes in our gross unrecognized tax benefits included in the consolidated statements of financial position.


Asset / (Liability)	2021		2020
Balance at beginning of year	$	(483)	$	(451)
Additions for tax positions of the current year	(32)		(71)
Additions for tax positions of prior years	(166)		(31)
Reductions for tax positions of prior years	42		35
Settlements with tax authorities	95		12
Lapse of statute of limitations	13		23
Balance at end of year	$	(531)	$	(483)

It is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring statutes, audit activity, tax payments, and competent authority proceedings related to transfer pricing or final decisions in matters that are the subject of litigation in various taxing jurisdictions in which we operate. At December 31, 2021, we had approximately $63 million of tax liabilities related to uncertain tax positions, each of which are individually insignificant, and each of which are reasonably possible of being settled within the next twelve months.

We conduct business in more than 120 countries and are subject to income taxes in most taxing jurisdictions in which we operate, each of which may have multiple open years subject to examination. All Internal Revenue Service examinations have been completed and closed through 2016 for the most significant U.S. returns. We believe that we have made adequate provision for all income tax uncertainties.

- 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

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+ Details

Supplementary Information

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Supplementary Information

SUPPLEMENTARY INFORMATION

ALL OTHER CURRENT LIABILITIES

All other current liabilities as of December 31, 2021 and 2020 include $955 million and $910 million, respectively, of employee related liabilities.

ALLOWANCE FOR CREDIT LOSSES

The change in allowance for credit losses is as follows:


	2021		2020
Balance at beginning of year	$	373	$	323
Provision	72		66
Write-offs & other	(45)		(16)

Balance at end of year	$	400	$	373

CASH FLOW DISCLOSURES

Supplemental cash flow disclosures are as follows for the years ended December 31:


	2021		2020		2019
Income taxes paid, net of refunds	$	314	$	441	$	438
Interest paid	$	305	$	289	$	285

Contract and Other Deferred Assets

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Contract and Other Deferred Assets

CONTRACT AND OTHER DEFERRED ASSETS

The 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 at December 31:


	2021		2020
Long-term product service agreements	$	589	$	660
Long-term equipment contracts (1)	825		1,160
Contract assets (total revenue in excess of billings)	1,414		1,820
Deferred inventory costs	156		138
Non-recurring engineering costs	28		43
Contract and other deferred assets	$	1,598	$	2,001

(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 year ended December 31, 2021 and 2020 from performance obligations satisfied (or partially satisfied) in previous years related to our long-term service agreements was $14 million and $17 million, 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.

- Definition

The entire disclosure for long-term contracts or programs.

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+ Details

Leases - Operating Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Lease Expense
Long-term fixed lease	$ 255	$ 288	$ 233
Long-term variable lease	32	25	48
Short-term lease	440	477	706
Total operating lease expense	$ 727	$ 790	$ 987

Inventories

12 Months Ended

Dec. 31, 2021

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories, net of reserves of $374 million and $421 million in 2021 and 2020, respectively, are comprised of the following at December 31:


	2021		2020
Finished goods	$	2,228	$	2,337
Work in process and raw materials	1,751		2,084
Total inventories, net	$	3,979	$	4,421

There were no inventory impairments during 2021. For the year ended December 31, 2020, we recorded inventory impairments of $246 million. Inventory impairments in 2020 are 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 consolidated statements of income (loss).

Goodwill and Intangible Assets - Narrative (Details)			12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Jul. 01, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) segment $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 23, 2020 $ / shares
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments \| segment			4
Number of reporting units \| segment			4
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0		$ 0	$ 14,773,000,000	$ 0
Share price (in dollars per share) \| $ / shares			$ 24.06			$ 9.33
Amortization expense for intangible assets			$ 253,000,000	$ 308,000,000	$ 365,000,000
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated weighted average life (years)			1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated weighted average life (years)			35 years
Oilfield Services
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 11,484,000,000
Oilfield Equipment
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 3,289,000,000

Segment Information

12 Months Ended

Dec. 31, 2021

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. Our operating results are reviewed regularly by the chief operating decision maker, who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. These products and services operate across upstream oil and gas and broader energy and industrial markets.

OILFIELD SERVICES

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

OILFIELD EQUIPMENT

Oilfield Equipment provides a broad portfolio of products and services required to facilitate the safe and reliable control and flow of hydrocarbons from the wellhead to the production facilities. The Oilfield Equipment portfolio has solutions for the subsea, offshore surface, and onshore operating environments. Products and services include subsea and surface wellheads, pressure control and production systems and services, flexible pipe systems for offshore and onshore applications, and life-of-field solutions including well intervention and decommissioning solutions, covering the entire life cycle of a field.

TURBOMACHINERY & PROCESS SOLUTIONS

Turbomachinery & Process Solutions provides technology solutions and services for mechanical-drive, compression and power-generation applications across the energy industry, including oil and gas, liquefied natural gas ("LNG") operations, downstream refining and petrochemical segments, as well as lower carbon solutions to broader energy and industrial sectors. 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), turnkey solutions (industrial modules and waste heat recovery), pumps, valves, and compressed natural gas ("CNG") and small-scale LNG solutions.

DIGITAL SOLUTIONS

Digital Solutions provides equipment, software, and services for a wide range of industries, including oil and gas, power generation, aerospace, metals, and transportation. The offerings include a number of products and solutions that provide industrial asset management capabilities, including sensor-based process measurement, machine health and condition monitoring, asset strategy and management, control systems, as well as non-destructive testing and inspection, and 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.


Segment revenue	2021		2020		2019
Oilfield Services	$	9,542	$	10,140	$	12,889
Oilfield Equipment	2,486		2,844		2,921
Turbomachinery & Process Solutions	6,417		5,705		5,536
Digital Solutions	2,057		2,015		2,492
Total	$	20,502	$	20,705	$	23,838


Segment income (loss) before income taxes	2021		2020		2019
Oilfield Services	$	761	$	487	$	917
Oilfield Equipment	69		19		55
Turbomachinery & Process Solutions	1,050		805		719
Digital Solutions	126		193		343
Total segment	2,006		1,504		2,035
Corporate	(429)		(464)		(433)
Inventory impairment (1)	—		(246)		—
Goodwill impairment	—		(14,773)		—
Restructuring, impairment and other	(209)		(1,866)		(342)
Separation related	(60)		(134)		(184)
Other non-operating income (loss), net	(583)		1,040		(84)
Interest expense, net	(299)		(264)		(237)
Income (loss) before income taxes	$	428	$	(15,202)	$	753

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

The following table presents total assets by segment at December 31:


Segment assets	2021		2020
Oilfield Services	$	15,454	$	15,482
Oilfield Equipment	2,616		3,344
Turbomachinery & Process Solutions	7,692		8,951
Digital Solutions	3,897		3,948
Total segment	29,659		31,725
Corporate and eliminations (1)	5,649		6,282
Total	$	35,308	$	38,007

The following table presents depreciation and amortization by segment:


Segment depreciation and amortization	2021		2020		2019
Oilfield Services	$	771	$	926	$	985
Oilfield Equipment	103		146		175
Turbomachinery & Process Solutions	120		118		116
Digital Solutions	88		98		103
Total Segment	1,082		1,288		1,379
Corporate	23		29		39
Total	$	1,105	$	1,317	$	1,418

The following table presents capital expenditures by segment:


Segment capital expenditures	2021		2020		2019
Oilfield Services	$	590	$	669	$	926
Oilfield Equipment	69		74		120
Turbomachinery & Process Solutions	126		137		118
Digital Solutions	56		59		56
Total Segment	841		939		1,220
Corporate	15		35		20
Total	$	856	$	974	$	1,240

The following table presents net property, plant and equipment by its geographic location at December 31:


Property, plant and equipment - net	2021		2020		2019
U.S.	$	1,651	$	2,007	$	2,594
Non-U.S.	3,226		3,351		3,646
Total	$	4,877	$	5,358	$	6,240

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class A Common Stock
Cash dividends per share (in dollars per share)	$ 0.72	$ 0.72	$ 0.72

Commitments and Contingencies - Narrative (Details) € in Millions, $ in Millions					1 Months Ended	12 Months Ended
	May 29, 2020 USD ($)	Mar. 03, 2020 USD ($)	Mar. 15, 2019 USD ($)	Mar. 18, 2018 USD ($)	Jan. 31, 2013	Dec. 31, 2021 EUR (€) subsidiary company	Dec. 31, 2021 USD ($)	Mar. 18, 2019 USD ($)
Loss Contingencies [Line Items]
Environmental loss contingencies							$ 1.0
Total, off-balance sheet liability							4,500.0
Purchase obligations, within next twelve months							1,304.0
Purchase obligations, year two							119.0
Purchase obligations, year three							127.0
Purchase obligations, year four							46.0
Purchase obligations, year five							40.0
Purchase obligations, thereafter							$ 65.0
Pending litigation \| INOES and Naphtachimie \| Damage from fire
Loss Contingencies [Line Items]
Plant shutdown days					15 days
Damages sought \| €						€ 250
Subsidiaries participating \| subsidiary						2
Other companies participating \| company						17
Pending litigation \| IEC \| Lost profits and various costs
Loss Contingencies [Line Items]
Damages sought	$ 235.0	$ 244.9	$ 591.0
Pending litigation \| IEC \| Loss of cash flow
Loss Contingencies [Line Items]
Damages sought		700.0
Pending litigation \| IEC \| Liquidated damages
Loss Contingencies [Line Items]
Damages sought		4.8
Pending litigation \| IEC \| Take-or-pay future obligations
Loss Contingencies [Line Items]
Damages sought		$ 58.6
Pending litigation \| IEC \| Legal fees
Loss Contingencies [Line Items]
Damages sought	$ 14.2
Pending litigation \| City of Riviera Beach Pension Fund and Richard Schippnick
Loss Contingencies [Line Items]
Repurchase of stock from GE								$ 1,500.0
GE sale of stock				$ 2,500.0

Leases

12 Months Ended

Dec. 31, 2021

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.

The following table presents operating lease expense:


Operating Lease Expense	2021		2020		2019
Long-term fixed lease	$	255	$	288	$	233
Long-term variable lease	32		25		48
Short-term lease (1)	440		477		706
Total operating lease expense	$	727	$	790	$	987

(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 years ended December 31, 2021, 2020 and 2019.

As of December 31, 2021, maturities of our operating lease liabilities are as follows:


Year	Operating Leases
2022	$	216
2023	156
2024	117
2025	94
2026	81
Thereafter	315
Total lease payments	979
Less: imputed interest	159
Total	$	820

Amounts recognized in the consolidated statement of financial position for operating leases are as follows:


	2021		2020
All other current liabilities	$	196	$	218
All other liabilities	624		591


Total	$	820	$	809

Right-of-use assets of $822 million and $802 million as of December 31, 2021 and 2020, respectively, were included in "All other assets" in our consolidated statements of financial position. The weighted-average remaining lease term for our operating leases was approximately 9 years and 8 years for the years ended December 31, 2021 and 2020, respectively. The weighted-average discount rate used to determine the operating lease liability as of December 31, 2021 and 2020 was 3.3% and 3.7%, respectively.

Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Short-term and Long-term Borrowings

Short-term and long-term borrowings are comprised of the following at December 31:


	2021				2020
	Amount		Effective Interest Rate (1)		Amount		Effective Interest Rate (1)
Short-term borrowings

Commercial paper	$	—	n/a		$	801	0.5	%
Short-term borrowings from GE	—		n/a		45		n/a
Other borrowings	40		4.5	%	43		4.2	%
Total short-term borrowings	40				889

Long-term borrowings

2.773% Senior Notes due December 2022	—		—	%	1,247		2.9	%
1.231% Senior Notes due December 2023	647		1.5	%	—		—
8.55% Debentures due June 2024 (2)	118		4.1	%	123		4.1	%
2.061% Senior Notes due December 2026	597		2.2	%	—		—
3.337% Senior Notes due December 2027	1,335		3.2	%	1,344		3.4	%
6.875% Notes due January 2029 (2)	279		4.0	%	284		3.9	%
3.138% Senior Notes due November 2029	522		3.2	%	522		3.2	%
4.486% Senior Notes due May 2030	497		4.6	%	497		4.6	%
5.125% Senior Notes due September 2040 (2)	1,292		4.2	%	1,297		4.2	%
4.080% Senior Notes due December 2047	1,337		4.1	%	1,337		4.1	%
Other long-term borrowings	63		2.9	%	93		3.0	%

Total long-term borrowings	6,687				6,744
Total borrowings	$	6,727			$	7,633

(2)Represents long-term fixed rate debt obligations assumed in connection with the acquisition of BHI.

Schedule of Maturities of Debt

Maturities of debt for each of the five years in the period ending December 31, 2026, and in the aggregate thereafter, are listed in the table below:


	2022		2023		2024		2025		2026		Thereafter
Total debt	$	40	$	649	$	151	$	14	$	597	$	5,276

Financial Instruments - Recurring fair value measurements (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Assets
Derivatives	$ 29	$ 118
Investment securities	1,041	1,532
Liabilities
Derivatives	(49)	(52)
Recurring
Assets
Derivatives	29	118
Investment securities	1,041	1,532
Assets, fair value	1,070	1,650
Liabilities
Derivatives	(49)	(52)
Total liabilities	(49)	(52)
Recurring \| Level 1
Assets
Derivatives	0	0
Investment securities	1,033	1,502
Assets, fair value	1,033	1,502
Liabilities
Derivatives	0	0
Total liabilities	0	0
Recurring \| Level 2
Assets
Derivatives	29	118
Investment securities	0	0
Assets, fair value	29	118
Liabilities
Derivatives	(49)	(52)
Total liabilities	(49)	(52)
Recurring \| Level 3
Assets
Derivatives	0	0
Investment securities	8	30
Assets, fair value	8	30
Liabilities
Derivatives	0	0
Total liabilities	$ 0	$ 0

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Company has a 2021 Long-Term Incentive Plan ("LTI Plan") under which we may grant restricted stock units ("RSU"), performance share units ("PSU"), stock options and other equity-based awards to employees and non-employee directors providing services to the Company and our subsidiaries. A total of up to 29.5 million shares of Class A common stock are reserved and available for issuance pursuant to awards granted under the LTI Plan over its term which expires on the date of the annual meeting of the Company in 2031. A total of 31.7 million shares of Class A common stock are available for issuance as of December 31, 2021. This amount includes 29.2 million shares remaining from the initial reserve and 2.5 million shares added due to forfeitures, cancellations, and shares withheld to pay the employee's taxes, subject to the adjustments as provided in the LTI Plan.

Stock-based compensation cost was $205 million, $210 million and $187 million for the years ended December 31, 2021, 2020 and 2019, respectively. We recorded a tax benefit of approximately $16 million in 2021 on our stock-based compensation cost. Stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant. The compensation cost is determined based on awards ultimately expected to vest; therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. There were no stock-based compensation costs capitalized as the amounts were not material.

Restricted Stock

We may grant to our officers, directors and key employees restricted stock units ("RSU"), where each unit represents the right to receive, at the end of a stipulated period, one unrestricted share of stock with no exercise price. Certain RSUs are subject to cliff or graded vesting, generally ranging over a period of 3 years, or over a one year period for non-employee directors. Cash dividend equivalents are accumulated on RSUs and are payable upon vesting of the awards. We determine the fair value of RSUs based on the market price of our common stock on the date of grant.

The following table presents the changes in RSUs outstanding and related information (in thousands, except per unit prices):


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2020	14,292	$	23.70
Granted	9,357	20.64
Vested	(6,439)	25.10
Forfeited	(1,175)	21.98
Unvested balance at December 31, 2021	16,035	$	21.50

In 2021, the total intrinsic value of RSUs vested (defined as the value of shares awarded based on the price of our common stock at vesting date) was $141 million and unvested RSUs was $386 million. The total grant date fair value of RSUs vested in 2021 was $162 million. As of December 31, 2021, there was $185 million of total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.86 years.

Performance Share Units

We may grant performance share units ("PSUs") to certain officers and key employees. The PSUs are stock-based awards tied to predefined company metrics and total shareholder return ("TSR"). PSUs generally cliff vest after a service period of 3 years. Cash dividend equivalents are accumulated on certain PSUs and are payable upon vesting of the awards. The fair value of the awards determined for the predefined company metrics are based on the market price of our common stock on the date of grant. The fair value of the TSR awards are determined based on a Monte Carlo simulation method.

The following table presents the changes in PSUs outstanding and related information (in thousands, except per unit prices):


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2020	3,161	$	25.39
Granted	1,352	22.14
Vested	(637)	35.16
Forfeited	(174)	24.43
Unvested balance at December 31, 2021	3,702	$	22.57

The total intrinsic value of PSUs vested and unvested, (defined as the value of the shares awarded at the year-end market price) was $15 million and $89 million, respectively, as of December 31, 2021. The total grant date fair value of PSUs vested in 2021 was $22 million. Total unrecognized compensation cost related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.95 years, was $35 million as of December 31, 2021.

Stock Options

We previously granted stock options to our officers, directors and key employees. Stock options generally vest in equal amounts over a vesting period of 3 years provided that the employee has remained continuously employed by the Company through such vesting date. The fair value of each stock option granted is estimated using the Black-Scholes option pricing model. Our 2019 option assumptions were as follows: expected life - 6 years, risk free interest rate - 2.6%, volatility - 36.5%, dividend yield - 3.1%, and the weighted average fair value per share at grant date was $6.37. We have not granted stock options to officers, directors, or key employees since 2019.

The following table presents the changes in stock options outstanding and related information (in thousands, except per option prices):


	Number of Options	Weighted Average Exercise Price Per Option
Outstanding at December 31, 2020	7,285	$	32.63

Exercised	(438)	22.48
Forfeited	(11)	26.42
Expired	(1,587)	40.13
Outstanding at December 31, 2021	5,249	$	31.25
Exercisable at December 31, 2021	4,719	$	32.18

The weighted average remaining contractual term for options outstanding and options exercisable at December 31, 2021 were 4.4 years and 4.1 years, respectively. The maximum contractual term of options outstanding is 7.1 years.

There were 850 thousand, 1,553 thousand and 867 thousand options that vested in 2021, 2020 and 2019, respectively. The total fair value of options vested was $7 million, $14 million and $10 million, in 2021, 2020 and 2019, respectively. Unrecognized compensation cost related to unvested stock options was immaterial as of December 31, 2021. Generally, all stock options outstanding will be fully vested and exercisable by the end of the first quarter of 2022.

The total intrinsic value of stock options exercised (defined as the amount by which the market price of our common stock on the date of exercise exceeds the exercise price of the option) in 2021 was $1 million. The total intrinsic value of stock options outstanding and options exercisable at December 31, 2021 was $2 million. The

intrinsic value of stock options outstanding is calculated as the amount by which the quoted price of $24.06 of our common stock as of the end of 2021 exceeds the exercise price of the options.

Employee Stock Purchase Plan

The Employee Stock Purchase Plan ("ESPP") provides for eligible employees to purchase shares of Class A common stock quarterly on an after-tax basis in an amount between 1% and 20% of their annual pay on March 31, June 30, September 30 and December 31 of each year at a 15% discount of the fair market value of our Class A common stock on March 31, June 30, September 30 and December 31. An employee may not purchase more than $3,000 in any of the three-month measurement periods described above or $12,000 annually.

A total of 21.5 million shares of Class A common stock are authorized for issuance, and at December 31, 2021, there were 12.5 million shares of Class A common stock reserved for future issuance.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are comprised of the following at December 31:


	Useful Life	2021		2020
Land and improvements (1)	8 - 20 years (1)	$	350	$	404
Buildings, structures and related equipment	5 - 40 years	2,271		2,618
Machinery, equipment and other	2 - 20 years	7,259		7,451
Total cost		9,880		10,473
Less: Accumulated depreciation		(5,003)		(5,115)
Property, plant and equipment, less accumulated depreciation		$	4,877	$	5,358

(1)Useful life excludes land.

Depreciation expense relating to property, plant and equipment was $852 million, $1,009 million and $1,053 million for the years ended December 31, 2021, 2020 and 2019, respectively. See "Note 20. Restructuring, Impairment and Other" for additional information on property, plant and equipment impairments.

Earnings Per Share - Narrative (Details) shares in Millions	12 Months Ended
Earnings Per Share - Narrative (Details) shares in Millions	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Class B Common Stock
Class of Stock [Line Items]
Basic weighted average shares outstanding (in shares)	215	359	479
Common Class A and B
Class of Stock [Line Items]
Basic weighted average shares outstanding (in shares)	1,039	1,034	1,034
Class A Common Stock
Class of Stock [Line Items]
Basic weighted average shares outstanding (in shares)	824	675	555
Conversion ratio	1
Class A Common Stock \| Options
Class of Stock [Line Items]
Antidilutive securities excluded from diluted EPS calculation (in shares)			6

Segment Information - Net Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from geographic segments
Property, plant and equipment - net	$ 4,877	$ 5,358	$ 6,240
U.S.
Revenue from geographic segments
Property, plant and equipment - net	1,651	2,007	2,594
Non-U.S.
Revenue from geographic segments
Property, plant and equipment - net	$ 3,226	$ 3,351	$ 3,646

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plan Funded Status of Plan

Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets and the funded status of our pension plans.


	Pension Benefits
	2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,806	$	3,451
Service cost	27		27
Interest cost	64		77

Actuarial (gain) loss (1)	(154)		393
Benefits paid	(111)		(101)
Curtailments	(9)		(3)
Settlements	(33)		(79)

Other	2		1
Foreign currency translation adjustments	(42)		40
Benefit obligation at end of year	3,550		3,806

Change in plan assets:
Fair value of plan assets at beginning of year	3,202		3,004
Actual return on plan assets	83		347
Employer contributions	28		20
Benefits paid	(111)		(101)
Settlements	(33)		(79)


Foreign currency translation adjustments	(22)		11
Fair value of plan assets at end of year	3,147		3,202

Funded status - underfunded at end of year	$	(403)	$	(604)

Accumulated benefit obligation	$	3,497	$	3,755

(1)The actuarial (gain) loss was primarily related to a change in the discount rate used to measure the benefit obligation for our plans in 2021 and 2020.

Schedule of Amounts Recognized in the Consolidated Balance Sheets

The amounts recognized in the consolidated statements of financial position consist of the following at December 31:


	Pension Benefits
	2021		2020
Noncurrent assets	$	109	$	14
Current liabilities	(17)		(18)
Noncurrent liabilities	(495)		(600)
Net amount recognized	$	(403)	$	(604)

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

Information for the plans with ABOs and PBOs in excess of plan assets is as follows at December 31:


	Pension Benefits
	2021		2020
Projected benefit obligation	$	1,476	$	3,390
Accumulated benefit obligation	$	1,423	$	3,340
Fair value of plan assets	$	964	$	2,772

Schedule of Projected Benefit Obligation in Excess of Plan Assets

Information for the plans with ABOs and PBOs in excess of plan assets is as follows at December 31:


	Pension Benefits
	2021		2020
Projected benefit obligation	$	1,476	$	3,390
Accumulated benefit obligation	$	1,423	$	3,340
Fair value of plan assets	$	964	$	2,772

Schedule of Net Period Cost (Income)

The components of net periodic cost are as follows:


	Pension Benefits
	2021		2020		2019
Service cost	$	27	$	27	$	21
Interest cost	64		77		90
Expected return on plan assets	(130)		(121)		(122)
Amortization of prior service credit	1		1		1
Amortization of net actuarial loss	40		34		17
Curtailment / settlement loss	2		10		9

Net periodic cost	$	4	$	28	$	16

Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations for these plans are as follows:


	Pension Benefits
	2021		2020
Discount rate	2.15	%	1.66	%
Rate of compensation increase	3.21	%	3.25	%
Interest crediting rate	2.60	%	2.60	%

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Cost

Weighted average assumptions used to determine net periodic cost for these plans are as follows:


	Pension Benefits
	2021		2020		2019
Discount rate	1.66	%	2.34	%	3.43	%
Expected long-term return on plan assets	4.07	%	4.20	%	5.48	%
Interest crediting rate	2.60	%	2.60	%	3.15	%

Schedule of Accumulated Other Comprehensive Loss

The amount recorded before-tax in accumulated other comprehensive loss related to our pension plans consists of the following at December 31:


	Pension Benefits
	2021		2020
Net actuarial loss	$	365	$	527
Net prior service cost	17		18
Total	$	382	$	545

Schedule of Fair Values of the Assets in U.S. Plan

The table below presents the fair value of the pension assets at December 31:


	2021		2020
Debt securities
Fixed income and cash investment funds	$	1,890	$	1,807

Equity securities
Global equity securities (1)	250		346
U.S. equity securities (1)	222		299
Insurance contracts	112		120
Real estate	59		85
Private equities	48		52
Other investments (2)	566		493
Total plan assets	$	3,147	$	3,202

(1)Include direct investments and investment funds.

(2)Consists primarily of asset allocation fund investments.

Schedule of Expected Future Benefit Payments

The following table presents the expected benefit payments for Pension Benefits over the next 10 years. For company sponsored pension plans, the benefit payments are made by the respective pension trust funds.


Year	Pension Benefits
2022	$	161
2023	132
2024	135
2025	137
2026	142
2027-2031	744

Current Receivables

12 Months Ended

Dec. 31, 2021

Receivables [Abstract]

Current Receivables

CURRENT RECEIVABLES

Current receivables are comprised of the following at December 31:


	2021		2020
Customer receivables	$	4,724	$	4,676
Related parties	481		429
Other	846		890
Total current receivables	6,051		5,995
Less: Allowance for credit losses	(400)		(373)
Total current receivables, net	$	5,651	$	5,622

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

Supplementary Information (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Allowance for Credit Losses

Current receivables are comprised of the following at December 31:


	2021		2020
Customer receivables	$	4,724	$	4,676
Related parties	481		429
Other	846		890
Total current receivables	6,051		5,995
Less: Allowance for credit losses	(400)		(373)
Total current receivables, net	$	5,651	$	5,622

The change in allowance for credit losses is as follows:


	2021		2020
Balance at beginning of year	$	373	$	323
Provision	72		66
Write-offs & other	(45)		(16)

Balance at end of year	$	400	$	373

Schedule of Cash Flow Supplemental Disclosures

Supplemental cash flow disclosures are as follows for the years ended December 31:


	2021		2020		2019
Income taxes paid, net of refunds	$	314	$	441	$	438
Interest paid	$	305	$	289	$	285

Business Dispositions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2021	Oct. 31, 2020	Jun. 30, 2020	Jul. 31, 2019
Joint Venture Company
Business Acquisition [Line Items]
Approximate interest to be acquired	50.00%
Payments to acquire membership interest	$ 70
Promissory note	$ 80
Sale \| Surface Pressure Control Flow (SPC Flow)
Business Acquisition [Line Items]
Other non operating income (loss) resulted from sale		$ 137
Sale \| Rod Lift Systems (RLS)
Business Acquisition [Line Items]
Other non operating income (loss) resulted from sale			$ 216
Sale \| Recip
Business Acquisition [Line Items]
Other non operating income (loss) resulted from sale				$ 138

Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
Financial Instruments - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Loss on equity securities	$ 1,000,000	$ 5,000,000
Original investment	56,000,000	554,000,000
Investment securities	1,041,000,000	1,532,000,000
Assets	29,000,000	118,000,000
Derivative liability	49,000,000	52,000,000
Notional amount	$ 3,900,000,000	$ 7,000,000,000
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, term	1 year	1 year
Senior Notes
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate principal amount	$ 1,250,000,000
3.337% Senior Notes due December 2027
Derivative Instruments, Gain (Loss) [Line Items]
Fixed rate	3.337%
3.337% Senior Notes due December 2027 \| Senior Notes
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate principal amount	$ 1,350,000,000
Fixed rate	3.337%
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 500,000,000
All other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Investment securities	1,041,000,000	$ 1,514,000,000
Assets	28,000,000	115,000,000
All other assets
Derivative Instruments, Gain (Loss) [Line Items]
Investment securities	0	18,000,000
Assets	1,000,000	3,000,000
All other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	39,000,000	48,000,000
All other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	10,000,000	4,000,000
C3 AI
Derivative Instruments, Gain (Loss) [Line Items]
Equity securities economic interest fair value	$ 270,000,000	1,500,000,000
Investment (in shares)	8,650,476
Investments owned, number of shares sold (in shares)	2,200,000
Proceeds from sale of long-term investments	$ 145,000,000
Loss on equity securities	1,085,000,000	1,417,000,000
ADNOC Drilling
Derivative Instruments, Gain (Loss) [Line Items]
Equity securities economic interest fair value	$ 741,000,000
Investment (in shares)	800,000,000
Original investment		$ 500,000,000
Mark to market unrealized gain	$ 241,000,000
ADNOC Drilling \| ADNOC Drilling
Derivative Instruments, Gain (Loss) [Line Items]
Investment percent		5.00%
Level 3
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on Level 3 instruments held at reporting date	$ 0

Revenue Related to Contracts With Customers

12 Months Ended

Dec. 31, 2021

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.


Total Revenue	2021		2020		2019
U.S.	$	4,497	$	4,638	$	6,188
Non-U.S.	16,005		16,067		17,650
Total	$	20,502	$	20,705	$	23,838

REMAINING PERFORMANCE OBLIGATIONS

PROGRESS COLLECTIONS AND DEFERRED INCOME


	2021		2020
Progress collections	$	3,108	$	3,352
Deferred income	124		102
Progress collections and deferred income (contract liabilities)	$	3,232	$	3,454

Revenue recognized during the year ended December 31, 2021 and 2020 that was included in the contract liabilities at the beginning of the year was $2,398 million and $1,962 million, respectively.

- Definition

+ References

+ Details

Inventories (Details) - USD ($)	12 Months Ended
Inventories (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Inventory valuation reserves	$ 374,000,000	$ 421,000,000
Inventory, Net, Items Net of Reserve Alternative [Abstract]
Finished goods	2,228,000,000	2,337,000,000
Work in process and raw materials	1,751,000,000	2,084,000,000
Total inventories, net	3,979,000,000	4,421,000,000
Inventory impairment	$ 0	$ 246,000,000	$ 0

Restructuring, Impairment and Other (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Impairment Charges

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


	2021		2020		2019
Oilfield Services	$	121	$	675	$	211
Oilfield Equipment	—		125		18
Turbomachinery & Process Solutions	9		35		48
Digital Solutions	2		54		15
Corporate	6		14		22
Total	$	138	$	903	$	314


	2021		2020		2019
Property, plant and equipment	$	7	$	385	$	107
Employee-related termination expenses	99		464		179
Asset relocation costs	20		15		4

Contract termination fees	2		23		12
Other incremental costs	10		16		12
Total	$	138	$	903	$	314

Stock-Based Compensation - PSU (Details) - PSUs shares in Thousands	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares) \| shares	3,161
Granted (in shares) \| shares	1,352
Vested (in shares) \| shares	637
Forfeited (in shares) \| shares	(174)
Outstanding, ending balance (in shares) \| shares	3,702
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 25.39
Granted (in dollars per share) \| $ / shares	22.14
Vested (in dollars per share) \| $ / shares	35.16
Forfeited (in dollars per share) \| $ / shares	24.43
Unvested, ending balance (in dollars per share) \| $ / shares	$ 22.57

Employee Benefit Plans - Fair Value of the Pension Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	$ 3,147	$ 3,202	$ 3,004
Fixed income and cash investment funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	1,890	1,807
Global equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	250	346
U.S. equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	222	299
Insurance contracts
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	112	120
Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	59	85
Private equities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	48	52
Other investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	$ 566	$ 493

Financial Instruments - Derivatives and hedging (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Assets	$ 29	$ 118
(Liabilities)	(49)	(52)
Currency exchange contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	5
(Liabilities)	(3)	0
Currency exchange contracts \| Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	29	113
(Liabilities)	(36)	(52)
Interest rate swap contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	0
(Liabilities)	$ (10)	$ 0

Current Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables, gross	$ 6,051	$ 5,995
Less: Allowance for credit losses	(400)	(373)
Total current receivables, net	5,651	5,622
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables, gross	4,724	4,676
Related parties
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables, gross	481	429
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables, gross	$ 846	$ 890

Supplementary Information - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts
Balance at beginning of year	$ 373	$ 323
Provision	72	66
Write-offs & other	(45)	(16)
Balance at end of year	$ 400	$ 373

Leases - Lease Liabilities Statement of Financial Position (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	All other current liabilities	All other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	All other liabilities	All other liabilities
All other current liabilities	$ 196	$ 218
All other liabilities	624	591
Total	$ 820	$ 809

Revenue Related to Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue From Contracts With Customers by Primary Geographical Markets

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


Total Revenue	2021		2020		2019
U.S.	$	4,497	$	4,638	$	6,188
Non-U.S.	16,005		16,067		17,650
Total	$	20,502	$	20,705	$	23,838

Financial Instruments - Reconciliation of recurring Level 3 fair value measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	$ 30	$ 259
Purchases	0	12
Proceeds at maturity	(22)	(239)
Unrealized gains (losses) recognized in other comprehensive loss	0	(2)
Balance at end of year	$ 8	$ 30

Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease assets	$ 822	$ 802
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	All other assets	All other assets
Operating lease, weighted-average remaining lease term	9 years	8 years
Operating lease, weighted-average discount rate	3.30%	3.70%

Revenue Related to Contracts With Customers - Disaggregated revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 20,502	$ 20,705	$ 23,838
U.S.
Disaggregation of Revenue [Line Items]
Revenues	4,497	4,638	6,188
Non-U.S.
Disaggregation of Revenue [Line Items]
Revenues	$ 16,005	$ 16,067	$ 17,650

- 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.

+ References

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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Borrowings - Maturities of Debt Schedule (Details) $ in Millions	Dec. 31, 2021 USD ($)
Debt
2022	$ 40
2023	649
2024	151
2025	14
2026	597
Thereafter	$ 5,276

Employee Benefit Plans - Information for Plans with ABOs and PBOs in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Projected benefit obligation	$ 1,476	$ 3,390
Accumulated benefit obligation	1,423	3,340
Fair value of plan assets	964	2,772
Projected benefit obligation	1,476	3,390
Accumulated benefit obligation	1,423	3,340
Fair value of plan assets	$ 964	$ 2,772

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (330)	$ (15,761)	$ 271
Less: Net income (loss) attributable to noncontrolling interests	(111)	(5,821)	143
Net income (loss) attributable to Baker Hughes Company	(219)	(9,940)	128
Other comprehensive income (loss):
Investment securities	0	(2)	2
Foreign currency translation adjustments	(305)	175	53
Cash flow hedges	(16)	(5)	12
Benefit plans	170	(125)	(75)
Other comprehensive income (loss)	(151)	43	(8)
Less: Other comprehensive loss attributable to noncontrolling interests	(16)	0	(1)
Other comprehensive income (loss) attributable to Baker Hughes Company	(135)	43	(7)
Comprehensive income (loss)	(481)	(15,718)	263
Less: Comprehensive income (loss) attributable to noncontrolling interests	(127)	(5,821)	142
Comprehensive income (loss) attributable to Baker Hughes Company	$ (354)	$ (9,897)	$ 121

Progress Collections and Deferred Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 3,232	$ 3,454
Revenue recognized, included in contract liability	2,398	1,962
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	3,108	3,352
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 124	$ 102

Progress Collections and Deferred Income (Tables)

12 Months Ended

Dec. 31, 2021

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Contract Liabilities

Contract assets are comprised of the following at December 31:


	2021		2020
Long-term product service agreements	$	589	$	660
Long-term equipment contracts (1)	825		1,160
Contract assets (total revenue in excess of billings)	1,414		1,820
Deferred inventory costs	156		138
Non-recurring engineering costs	28		43
Contract and other deferred assets	$	1,598	$	2,001

(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 at December 31:


	2021		2020
Progress collections	$	3,108	$	3,352
Deferred income	124		102
Progress collections and deferred income (contract liabilities)	$	3,232	$	3,454

Employee Benefit Plans - Reconciliation to Accumulated Other Comprehensive Loss (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss	$ 365	$ 527
Net prior service cost	17	18
Total	$ 382	$ 545

Equity

12 Months Ended

Dec. 31, 2021

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 at December 31, 2021 is 909 million and 117 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 and 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 per share amount of any dividend paid by the Company.

In 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. As of December 31, 2021, GE’s economic interest in BHH LLC was 11.4%.

In 2021, our Board of Directors authorized each of the Company and BHH LLC to repurchase up to $2 billion of its Class A common stock and LLC Units, respectively. We expect to fund the repurchase program from cash generated from operations, and we expect to make share repurchases from time to time subject to the Company's capital plan, market conditions, and other factors, including regulatory restrictions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. In 2021, the Company and BHH LLC repurchased and canceled 17.6 million shares of Class A common stock and LLC Units, respectively, each for $434 million. As of December 31, 2021, the Company and BHH LLC had authorization remaining to repurchase up to approximately $1.6 billion of its Class A common stock and LLC Units, respectively.

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


	2021		2020
	Class A Common Stock	Class B Common Stock	Class A Common Stock	Class B Common Stock
Balance at beginning of year	723,999	311,433	650,065	377,428
Issue of shares upon vesting of restricted stock units (1)	4,968	—	3,548	—
Issue of shares on exercises of stock options (1)	408	—	13	—
Issue of shares for employee stock purchase plan	2,510	—	4,378	—
Exchange of Class B common stock for Class A common stock (2)	194,885	(194,885)	65,995	(65,995)
Repurchase and cancellation of Class A common stock	(17,628)	—	—	—
Balance at end of year	909,142	116,548	723,999	311,433

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

During 2021 and 2020, the Company declared and paid aggregate regular dividends of $0.72 per share to holders of record of the Company's Class A common stock.

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")

The following table presents 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)		175		(2)		(181)		(10)
Amounts reclassified from accumulated other comprehensive loss	—		—		(4)		51		47
Deferred taxes	—		—		1		5		6
Other comprehensive income (loss)	(2)		175		(5)		(125)		43
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1)		40		(2)		(37)		—
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	—		163		—		22		185

Balance at December 31, 2020	—		(1,464)		3		(317)		(1,778)
Other comprehensive income (loss) before reclassifications	—		(344)		(11)		135		(220)
Amounts reclassified from accumulated other comprehensive loss	—		39		(7)		38		70
Deferred taxes	—		—		2		(3)		(1)
Other comprehensive income (loss)	—		(305)		(16)		170		(151)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	—		(38)		(3)		25		(16)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	—		394		—		78		472

Balance at December 31, 2021	$	—	$	(2,125)	$	(10)	$	(250)	$	(2,385)

The amounts reclassified from accumulated other comprehensive loss during the years ended December 31, 2021 and 2020 represent (i) gains (losses) reclassified on cash flow hedges when the hedged transaction occurs, (ii) the amortization of net actuarial gain (loss), prior service credit, and curtailments which are included in the computation of net periodic pension cost (see "Note 11. Employee Benefit Plans" for additional details), and (iii) the release of foreign currency translation adjustments for certain restructured product lines (see "Note 20. Restructuring, Impairment and Other" for additional details).

NONCONTROLLING INTEREST

Noncontrolling interests represent the portion of net assets in consolidated entities that are not owned by the Company. As of December 31, 2021 and 2020, GE owned approximately 11.4% and 30.1%, respectively, of BHH LLC and this represents the majority of the noncontrolling interest balance reported within equity.


	2021		2020
GE's interest in BHH LLC	$	1,777	$	5,216
Other noncontrolling interests	139		133
Total noncontrolling interests	$	1,916	$	5,349

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATIONThe accompanying 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 annual financial information.
Consolidation	The consolidated financial statements include the accounts of Baker Hughes and all of its subsidiaries and affiliates which it controls or variable interest entities for which we have determined that we are the primary beneficiary. All intercompany accounts and transactions have been eliminated.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 consolidated financial statements for the economic interest held by GE.
Reclassification	In the Company's consolidated financial statements and notes, certain amounts have been reclassified to conform with the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of any contingent assets or liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty, and accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets, including revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in acquisitions.
Foreign Currency	Foreign Currency Assets and liabilities of non-U.S. operations with a functional currency other than the U.S. dollar have been translated into U.S. dollars using our period end exchange rates, and revenue, expenses, and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). Gains and losses from foreign currency transactions, such as those resulting from the settlement of receivables or payables in the non-functional currency and those resulting from remeasurements of monetary items of non-U.S. operations where the functional currency is the U.S. dollar, are included in the consolidated statements of income (loss).
Revenue from Sale of Equipment	Revenue from Sale of Equipment Performance Obligations Satisfied Over Time We recognize revenue on agreements for sales of goods manufactured to unique customer specifications including long-term construction projects, on an over time basis utilizing cost inputs as the measurement criteria in assessing the progress toward completion. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We begin to recognize revenue on these contracts when the contract specific inventory becomes customized for a customer, which is reflective of our initial transfer of control of the incurred costs. We provide for potential losses on any of these agreements when it is probable that we will incur the loss. Our billing terms for these over time contracts vary, but are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We recognize revenue for non-customized equipment at the point in time that the customer obtains control of the good. Equipment for which we recognize revenue at a point in time include goods we manufacture on a standardized basis for sale to the market. We use proof of delivery for certain large equipment with more complex logistics associated with the shipment, whereas the delivery of other equipment is generally determined based on historical data of transit times between regions. On occasion we sell products with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the goods and that acceptance is likely to occur. Our billing terms for these point in time equipment contracts vary, but are generally based on shipment of the goods to the customer. Revenue from Sale of Services Performance Obligations Satisfied Over Time We sell product services under long-term product maintenance or extended warranty agreements in our Turbomachinery & Process Solutions and Oilfield Equipment segments. These agreements require us to maintain the customers' assets over the service agreement contract terms, which generally range from 10 to 20 years. In general, these are contractual arrangements to provide services, repairs, and maintenance of a covered unit (gas turbines for mechanical drive or power generation, primarily on LNG applications, drilling rigs). These services are performed at various times during the life of the contract, thus the costs of performing services are incurred on other than a straight-line basis. We recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We provide for any loss that we expect to incur on any of these agreements when that loss is probable. The Company utilizes historical customer data, prior product performance data, statistical analysis, third-party data, and internal management estimates to calculate contract-specific margins. In certain contracts, the total transaction price is variable based on customer utilization, which is excluded from the contract margin until the period that the customer has utilized to appropriately reflect the revenue activity in the period earned. In addition, revenue for certain oilfield services is recognized on an over time basis as performed. Our billing terms for these contracts are generally based on asset utilization (i.e. usage per hour) or the occurrence of a major maintenance event within the contract. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We sell certain tangible products, largely spare equipment, through our services business. We recognize revenue for this equipment at the point in time that the customer obtains control of the good, which is at the point in time we deliver the spare part to the customer. Our billing terms for these point in time service contracts vary, but are generally based on shipment of the goods to the customer.
Research and Development	Research and Development Research and development costs are expensed as incurred and relate to the research and development of new products and services. These costs amounted to $492 million, $595 million and $687 million for the years ended December 31, 2021, 2020 and 2019, respectively. Research and development expenses were reported in cost of goods sold and cost of services sold.
Separation Related	Separation Related Separation related costs relate to the ongoing activities for the separation from GE including costs for the build-out of certain information technology infrastructures as a result of the separation.
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term investments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities.
Allowance for Credit Losses	Allowance for Credit Losses We monitor our customers' payment history and current credit worthiness to determine that collectability of the related financial assets are reasonably assured. We also consider the overall business climate in which our customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations.
Concentration of Credit Risk	Concentration of Credit Risk We grant credit to our customers who primarily operate in the oil and natural gas industry. Although this concentration affects our overall exposure to credit risk, our current receivables are spread over a diverse group of customers across many countries, which mitigates this risk. We perform periodic credit evaluations of our customers' financial conditions, including monitoring our customers' payment history and current credit worthiness to manage this risk. We do not generally require collateral in support of our current receivables, but we may require payment in advance or security in the form of a letter of credit or a bank guarantee.
Inventories	Inventories All inventories are stated at the lower of cost or net realizable values and they are measured on a first-in, first-out ("FIFO") basis or average cost basis. As necessary, we record provisions and maintain reserves for excess, slow moving and obsolete inventory. To determine these reserve amounts, we regularly review inventory quantities on hand and compare them to estimates of future product demand, market conditions, production requirements and technological developments.
Property, Plant and Equipment (PP&E)	Property, Plant and Equipment ("PP&E") Property, plant and equipment is initially stated at cost and is depreciated over its estimated economic life. Subsequently, property, plant and equipment is measured at cost less accumulated depreciation, which is generally provided by using the straight-line method over the estimated economic lives of the individual assets, and impairment losses. We manufacture a substantial portion of our tools and equipment in our OFS segment and the cost of these items, which includes direct and indirect manufacturing costs, is capitalized in inventory and subsequently moved to PP&E.
Other Intangible Assets	Other Intangible AssetsWe amortize the cost of other intangible assets over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset's estimated economic life. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required.
Impairment of Goodwill	We perform an annual impairment test of goodwill on a qualitative or quantitative basis for each of our reporting units as of July 1, or more frequently when circumstances indicate an impairment may exist at the reporting unit level. When performing the annual impairment test we have the option of first performing a qualitative assessment to determine the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative impairment assessment of goodwill. However, if the assessment leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then no further assessments are required. A quantitative assessment for the determination of impairment is made by comparing the carrying amount of each reporting unit with its fair value, which is generally calculated using a combination of market, comparable transaction and discounted cash flow approaches. See "Note 6. Goodwill and Other Intangible Assets" for further information on valuation methodology and impairment of goodwill.
Impairment of Other Long-Lived Assets	We review PP&E, intangible assets and certain other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and at least annually for indefinite-lived intangible assets. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of recoverability is made based upon the estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related assets.
Financial Instruments	Financial Instruments Our financial instruments include cash and equivalents, current receivables, investments, accounts payables, short and long-term debt, and derivative financial instruments. We monitor our exposure to various business risks including commodity prices and foreign currency exchange rates and we regularly use derivative financial instruments to manage these risks. At the inception of a new derivative, we designate the derivative as a hedge or we determine the derivative to be undesignated as a hedging instrument. We document the relationships between the hedging instruments and the hedged items, as well as our risk management objectives and strategy for undertaking various hedge transactions. We assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. We have a program that utilizes foreign currency forward contracts to reduce the risks associated with the effects of certain foreign currency exposures. Under this program, our strategy is to have gains or losses on the foreign currency forward contracts mitigate the foreign currency transaction and translation gains or losses to the extent practical. These foreign currency exposures typically arise from changes in the value of assets (for example, current receivables) and liabilities (for example, current payables) which are denominated in currencies other than the functional currency of the respective entity. We record all derivatives as of the end of our reporting period in our consolidated statement of financial position at fair value. For the forward contracts held as undesignated hedging instruments, we record the changes in fair value of the forward contracts in our consolidated statements of income (loss) along with the change in the fair value, related to foreign exchange movements, of the hedged item. Changes in the fair value of forward contracts designated as cash flow hedging instruments are recognized in other comprehensive income until the hedged item is recognized in earnings.
Fair Value Measurements	Fair Value Measurements For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: •Level 1 - Quoted prices for identical instruments in active markets. •Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3 - Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data available. In addition, we perform reviews to assess the reasonableness of the valuations. With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations. Such reviews include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as well as other published data, such as rating agency market reports and current appraisals. Recurring Fair Value Measurements Derivatives When we have Level 1 derivatives, which are traded either on exchanges or liquid over-the-counter markets, we use closing prices for valuation. The majority of our derivatives are valued using internal models and are included in Level 2. These internal models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent foreign currency and commodity forward contracts for the Company. Investments in Debt and Equity Securities When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For investment securities for which market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we use pricing models that are consistent with what other market participants would use. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Thus, certain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2. When we use valuations that are based on significant unobservable inputs we classify the investment securities in Level 3. Non-Recurring Fair Value Measurements Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when they are held for sale, equity securities without readily determinable fair value and equity method investments and long-lived assets that are written down to fair value when they are impaired and the remeasurement of retained investments in formerly consolidated subsidiaries upon a change in control that results in a deconsolidation of a subsidiary, if we sell a controlling interest and retain a noncontrolling stake in the entity. Assets that are written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occurs.
Investments in Equity Securities	Investments in Equity Securities Investments in equity securities (of entities in which we do not have either a controlling financial interest or significant influence, most often because we hold a voting interest of 0% to 20%) with readily determinable fair values are measured at fair value with changes in fair value recognized in earnings and reported in "other non- operating income (loss), net" in the consolidated statements of income (loss). Equity securities that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity securities of the same issuer. These changes are recorded in "other non-operating income (loss), net" in the consolidated statements of income (loss). Associated companies are entities in which we do not have a controlling financial interest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associated companies are accounted for as equity method investments. The results of associated companies are presented in the consolidated statements of income (loss) as follows: (i) if the associated company is integral to our operations, their results are included in "Selling, general and administrative," and (ii) if the associated company is not integral to our operations, their results are included in "Other non-operating income (loss), net." Investments in, and advances to, associated companies are presented on a one-line basis in the caption "All other assets" in our consolidated statement of financial position.
Income Taxes	Income Taxes We file U.S. federal and state income tax returns which primarily includes our distributive share of items of income, gain, loss and deduction of BHH LLC, which is treated as a partnership for U.S. tax purposes. As such, BHH LLC will not itself be subject to U.S. federal income tax under current U.S. tax laws. Non-U.S. current and deferred income taxes owed by the subsidiaries of BHH LLC are reflected in the financial statements. We account for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities based on enacted tax rates expected to be in effect when taxes are actually paid or recovered, as well as for net operating losses and tax credit carryforwards. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. We provide U.S. deferred taxes on our outside basis difference in our investment in BHH LLC. In determining this outside basis difference, we exclude non-deductible goodwill and the basis difference related to certain foreign corporations owned by BHH LLC where the undistributed earnings of the foreign corporation have been, or will be, reinvested indefinitely. Indefinite reinvestment is determined by management’s judgment and intentions concerning the future operations of the Company. In cases where repatriation would incur significant withholding or income taxes, these foreign earnings have been indefinitely reinvested in the Company’s active non-U.S. business operations. Computation of the potential deferred tax liability associated with these undistributed earnings and any other basis difference is not practicable. Significant judgment is required in determining our tax expense and in evaluating our tax positions, including evaluating uncertainties. Our tax filings are subject to audit by the tax authorities in the jurisdictions where we conduct business. These audits may result in assessments of additional taxes that are resolved with the tax authorities or through the courts. We have provided for the amounts that we believe will ultimately result from these proceedings. We recognize uncertain tax positions that are “more likely than not” to be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, we measure the amount of tax benefit based on the largest amount of tax benefit that has a greater than 50% chance of being realized in a final settlement with the relevant authority. We classify interest and penalties associated with uncertain tax positions as income tax expense. The effects of tax adjustments and settlements from taxing authorities are presented in financial statements in the period they are finalized.
Environmental Liabilities	Environmental Liabilities We are involved in numerous remediation actions to clean up hazardous waste as required by federal and state laws. Liabilities for remediation costs exclude possible insurance recoveries and, when dates and amounts of such costs are not known, are not discounted. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low end of such range. It is reasonably possible that our environmental remediation exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites, such amounts are not reasonably estimable. The determination of the required accruals for remediation costs is subject to uncertainty, including the evolving nature of environmental regulations and the difficulty in estimating the extent and type of remediation activity that is necessary.
New Accounting Standards To Be Adopted	NEW ACCOUNTING STANDARDS TO BE ADOPTED 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.

Contract and Other Deferred Assets (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets

Contract assets are comprised of the following at December 31:


	2021		2020
Long-term product service agreements	$	589	$	660
Long-term equipment contracts (1)	825		1,160
Contract assets (total revenue in excess of billings)	1,414		1,820
Deferred inventory costs	156		138
Non-recurring engineering costs	28		43
Contract and other deferred assets	$	1,598	$	2,001

(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 at December 31:


	2021		2020
Progress collections	$	3,108	$	3,352
Deferred income	124		102
Progress collections and deferred income (contract liabilities)	$	3,232	$	3,454

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) country	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Performance obligations expected to be satisfied, expected timing	We sell product services under long-term product maintenance or extended warranty agreements in our Turbomachinery & Process Solutions and Oilfield Equipment segments. These agreements require us to maintain the customers' assets over the service agreement contract terms, which generally range from 10 to 20 years.
Research and development expenses	$ 492	$ 595	$ 687
Restricted cash and cash equivalents held in bank accounts	$ 601	$ 687
Number of countries in which entity operates (more than) \| country	120
BHH LLC
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Approximate interest	88.60%
BHH LLC \| GE
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ownership percentage by noncontrolling owners	11.40%	30.10%

Financial Instruments - Investment Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Equity securities, amortized cost	$ 579	$ 76
Equity securities, gross unrealized gain	455	1,431
Equity securities, gross unrealized loss	(1)	(5)
Equity securities, estimated fair value	1,033	1,502
Total, amortized cost	587	106
Total , gross unrealized gains	455	1,431
Total , gross unrealized losses	(1)	(5)
Total, estimated fair value	1,041	1,532
Net unrealized gain (loss)	(843)	1,400	$ 2
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, amortized cost	8	30
Debt securities, gross unrealized gains	0	0
Debt securities, gross unrealized losses	0	0
Debt securities, estimated fair value	$ 8	$ 30
Debt securities, term	1 year

Segment Information - Operating Profit (Loss) by Segment (Details) - USD ($)		12 Months Ended
	Jul. 01, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information
Revenues		$ 20,502,000,000	$ 20,705,000,000	$ 23,838,000,000
Segment income (loss) before income taxes
Income (loss) before income taxes		428,000,000	(15,202,000,000)	753,000,000
Inventory impairment		0	(246,000,000)	0
Goodwill impairment	$ 0	0	(14,773,000,000)	0
Restructuring, impairment and other		(209,000,000)	(1,866,000,000)	(342,000,000)
Separation related		(60,000,000)	(134,000,000)	(184,000,000)
Other non-operating income (loss), net		(583,000,000)	1,040,000,000	(84,000,000)
Interest expense, net		(299,000,000)	(264,000,000)	(237,000,000)
Operating segments
Segment Reporting Information
Revenues		20,502,000,000	20,705,000,000	23,838,000,000
Segment income (loss) before income taxes
Income (loss) before income taxes		2,006,000,000	1,504,000,000	2,035,000,000
Corporate
Segment income (loss) before income taxes
Income (loss) before income taxes		(429,000,000)	(464,000,000)	(433,000,000)
Segment reconciling items
Segment income (loss) before income taxes
Inventory impairment		0	(246,000,000)	0
Goodwill impairment		0	(14,773,000,000)	0
Restructuring, impairment and other		(209,000,000)	(1,866,000,000)	(342,000,000)
Separation related		(60,000,000)	(134,000,000)	(184,000,000)
Other non-operating income (loss), net		(583,000,000)	1,040,000,000	(84,000,000)
Interest expense, net		(299,000,000)	(264,000,000)	(237,000,000)
Oilfield Services
Segment income (loss) before income taxes
Goodwill impairment			(11,484,000,000)
Oilfield Services \| Operating segments
Segment Reporting Information
Revenues		9,542,000,000	10,140,000,000	12,889,000,000
Segment income (loss) before income taxes
Income (loss) before income taxes		761,000,000	487,000,000	917,000,000
Oilfield Equipment
Segment income (loss) before income taxes
Goodwill impairment			(3,289,000,000)
Oilfield Equipment \| Operating segments
Segment Reporting Information
Revenues		2,486,000,000	2,844,000,000	2,921,000,000
Segment income (loss) before income taxes
Income (loss) before income taxes		69,000,000	19,000,000	55,000,000
Turbo-machinery & Process Solutions
Segment income (loss) before income taxes
Goodwill impairment			0
Turbo-machinery & Process Solutions \| Operating segments
Segment Reporting Information
Revenues		6,417,000,000	5,705,000,000	5,536,000,000
Segment income (loss) before income taxes
Income (loss) before income taxes		1,050,000,000	805,000,000	719,000,000
Digital Solutions
Segment income (loss) before income taxes
Goodwill impairment			0
Digital Solutions \| Operating segments
Segment Reporting Information
Revenues		2,057,000,000	2,015,000,000	2,492,000,000
Segment income (loss) before income taxes
Income (loss) before income taxes		$ 126,000,000	$ 193,000,000	$ 343,000,000

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT PLANS

Certain of our employees are covered by company sponsored pension plans. Our primary pension plans in 2021 included four U.S. plans and seven non-U.S. pension plans, primarily in the UK, Germany, and Canada, all with pension assets or obligations greater than $20 million. We use a December 31 measurement date for these plans. These defined benefit plans generally provide benefits to employees based on formulas recognizing length of service and earnings; however, the majority of these plans are either frozen or closed to new entrants. We also provide certain postretirement health care benefits, through unfunded plans, to a closed group of U.S. employees who retire and meet certain age and service requirements. The accumulated postretirement benefit obligation related to these plans was $50 million and $62 million at December 31, 2021 and 2020, respectively.

Funded Status

The funded status position represents the difference between the benefit obligation and the plan assets. The projected benefit obligation ("PBO") for pension benefits represents the actuarial present value of benefits attributed to employee services and compensation and includes an assumption about future compensation levels. The accumulated benefit obligation ("ABO") is the actuarial present value of pension benefits attributed to employee

service to date at present compensation levels. The ABO differs from the PBO in that the ABO does not include any assumptions about future compensation levels.

Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets and the funded status of our pension plans.


	Pension Benefits
	2021		2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,806	$	3,451
Service cost	27		27
Interest cost	64		77

Actuarial (gain) loss (1)	(154)		393
Benefits paid	(111)		(101)
Curtailments	(9)		(3)
Settlements	(33)		(79)

Other	2		1
Foreign currency translation adjustments	(42)		40
Benefit obligation at end of year	3,550		3,806

Change in plan assets:
Fair value of plan assets at beginning of year	3,202		3,004
Actual return on plan assets	83		347
Employer contributions	28		20
Benefits paid	(111)		(101)
Settlements	(33)		(79)


Foreign currency translation adjustments	(22)		11
Fair value of plan assets at end of year	3,147		3,202

Funded status - underfunded at end of year	$	(403)	$	(604)

Accumulated benefit obligation	$	3,497	$	3,755

(1)The actuarial (gain) loss was primarily related to a change in the discount rate used to measure the benefit obligation for our plans in 2021 and 2020.

The amounts recognized in the consolidated statements of financial position consist of the following at December 31:


	Pension Benefits
	2021		2020
Noncurrent assets	$	109	$	14
Current liabilities	(17)		(18)
Noncurrent liabilities	(495)		(600)
Net amount recognized	$	(403)	$	(604)

Information for the plans with ABOs and PBOs in excess of plan assets is as follows at December 31:


	Pension Benefits
	2021		2020
Projected benefit obligation	$	1,476	$	3,390
Accumulated benefit obligation	$	1,423	$	3,340
Fair value of plan assets	$	964	$	2,772

We have a U.S. non-qualified supplemental pension plan (“BH SPP”) for certain employees which are included in the benefit obligations and funded status in the tables above. In order to meet a portion of our obligations of the BH SPP, we have established a trust comprised primarily of mutual fund assets. The value of these assets were $45 million and $44 million as of December 31, 2021 and 2020, respectively. These assets are not included as plan assets or in the funded status amounts in the tables above and below.

Net Periodic Cost

The components of net periodic cost are as follows:


	Pension Benefits
	2021		2020		2019
Service cost	$	27	$	27	$	21
Interest cost	64		77		90
Expected return on plan assets	(130)		(121)		(122)
Amortization of prior service credit	1		1		1
Amortization of net actuarial loss	40		34		17
Curtailment / settlement loss	2		10		9

Net periodic cost	$	4	$	28	$	16

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

Assumptions Used in Benefit Calculations

Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time over which the pension obligations will be paid. The actual amount of future benefit payments will depend upon when participants retire, the amount of their benefit at retirement and how long they live. To reflect the obligation in today’s dollars, we discount the future payments using a rate that matches the time frame over which the payments are expected to be made. We also need to assume a long-term rate of return that will be earned on investments used to fund these payments.

Another assumption used is the interest crediting rate for our U.S. qualified cash balance plan. Under the provisions of this pension plan, a hypothetical cash balance account has been established for each participant. Such accounts receive quarterly interest credits based on a prescribed formula.

Weighted average assumptions used to determine benefit obligations for these plans are as follows:


	Pension Benefits
	2021		2020
Discount rate	2.15	%	1.66	%
Rate of compensation increase	3.21	%	3.25	%
Interest crediting rate	2.60	%	2.60	%

Weighted average assumptions used to determine net periodic cost for these plans are as follows:


	Pension Benefits
	2021		2020		2019
Discount rate	1.66	%	2.34	%	3.43	%
Expected long-term return on plan assets	4.07	%	4.20	%	5.48	%
Interest crediting rate	2.60	%	2.60	%	3.15	%

We determine the discount rate using a bond matching model, whereby the weighted average yields on high-quality fixed-income securities have maturities consistent with the timing of benefit payments. Lower discount rates increase the size of the benefit obligations and pension expense in the following year; higher discount rates reduce the size of the benefit obligation and subsequent-year pension expense. The compensation assumption is used in our active plans to estimate the annual rate at which the pay for plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase.

The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the pension obligations. To determine this rate, we consider the current and target composition of plan investments, our historical returns earned, and our expectations about the future.

Accumulated Other Comprehensive Loss

The amount recorded before-tax in accumulated other comprehensive loss related to our pension plans consists of the following at December 31:


	Pension Benefits
	2021		2020
Net actuarial loss	$	365	$	527
Net prior service cost	17		18
Total	$	382	$	545

Plan Assets

We have investment committees that meet regularly to review portfolio returns and to determine asset-mix targets based on asset/liability studies. Third-party investment consultants assist these committees in developing asset allocation strategies to determine our expected rates of return and expected risk for various investment portfolios. The investment committees considered these strategies in the formal establishment of the current asset-mix targets based on the projected risk and return levels for all major asset classes.

The table below presents the fair value of the pension assets at December 31:


	2021		2020
Debt securities
Fixed income and cash investment funds	$	1,890	$	1,807

Equity securities
Global equity securities (1)	250		346
U.S. equity securities (1)	222		299
Insurance contracts	112		120
Real estate	59		85
Private equities	48		52
Other investments (2)	566		493
Total plan assets	$	3,147	$	3,202

(1)Include direct investments and investment funds.

(2)Consists primarily of asset allocation fund investments.

Plan assets valued using Net Asset Value ("NAV") as a practical expedient amounted to $3,028 million and $3,072 million as of December 31, 2021 and 2020, respectively. The percentages of plan assets valued using NAV by investment fund type for equity securities, fixed income and cash, and alternative investments were 16%, 62%, and 22% as of December 31, 2021, respectively, and 21%, 59%, and 20% as of December 31, 2020, respectively. Those investments that were measured at fair value using NAV as a practical expedient were excluded from the fair value hierarchy. The practical expedient was not applied for investments with a fair value of $119 million and $130 million as of December 31, 2021 and 2020, respectively. There were investments classified within Level 3 of $112 million and $120 million for non U.S. insurance contracts as of December 31, 2021 and 2020, respectively.

Funding Policy

The funding policy for our Pension Benefits is to contribute amounts sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws plus such additional amounts as we may determine to be appropriate. In 2021, we contributed approximately $28 million. We anticipate we will contribute between approximately $30 million to $35 million to our pension plans in 2022.


Year	Pension Benefits
2022	$	161
2023	132
2024	135
2025	137
2026	142
2027-2031	744

DEFINED CONTRIBUTION PLANS

Our primary defined contribution plan during 2021 was the Company-sponsored U.S. 401(k) plan ("401(k) Plan"). The 401(k) Plan allows eligible employees to contribute portions of their eligible compensation to an investment trust. The Company matches employee contributions at the rate of $1.00 per $1.00 employee contribution for the first 5% of the employee's eligible compensation, and such contributions vest immediately. In

addition, we make cash contributions for all eligible employees of 4% of their eligible compensation and such contributions are fully vested after three years of employment. The 401(k) Plan provides several investment options, for which the employee has sole investment discretion; however, the 401(k) Plan does not offer the Company's common stock as an investment option. Our costs for the 401(k) Plan and several other U.S. and non-U.S. defined contribution plans amounted to $194 million and $236 million, in 2021 and 2020, respectively.

We have two non-qualified defined contribution plans that are invested through trusts. The assets and corresponding liabilities were $322 million and $314 million at December 31, 2021 and 2020, respectively, and are included in the captions "All other assets" and "Liabilities for pensions and other postretirement benefits," respectively, in our consolidated statements of financial position.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Employee Benefit Plans - Amounts Recognized in the Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure
Noncurrent liabilities	$ (1,110)	$ (1,217)
Pension Benefits
Defined Benefit Plan Disclosure
Noncurrent assets	109	14
Current liabilities	(17)	(18)
Noncurrent liabilities	(495)	(600)
Net amount recognized	$ (403)	$ (604)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock par value (in dollars per share)	$ 0.0001
Class A Common Stock
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)	909,000,000	724,000,000
Common stock outstanding (in shares)	909,000,000	724,000,000
Class B Common Stock
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)	117,000,000	311,000,000
Common stock outstanding (in shares)	117,000,000	311,000,000

Supplementary Information -Supplemental cash flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Guarantees and Product Warranties [Abstract]
Income taxes paid, net of refunds	$ 314	$ 441	$ 438
Interest paid	$ 305	$ 289	$ 285