0000808362-23-000013 | 10-Q | XBRL Viewer | Baker Hughes Holdings LLC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-09397
Entity Registrant Name	Baker Hughes Holdings LLC
Entity Incorporation, State Code	DE
Entity Tax Identification Number	76-0207995
Entity Address, Address Line One	17021 Aldine Westfield
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77073-5101
City Area Code	713
Local Phone Number	439-8600
Title of 12(b) Security	5.125% Senior Notes due 2040
Trading Symbol	-
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,012,362,186
Entity Central Index Key	0000808362
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenues	$ 5,716	$ 4,835
Costs and expenses:
Selling, general and administrative	655	621
Restructuring, impairment and other	56	70
Total costs and expenses	5,278	4,556
Operating income	438	279
Other non-operating income (loss), net	386	(28)
Interest expense, net	(64)	(64)
Income before income taxes	760	187
Provision for income taxes	(141)	(95)
Net income	619	92
Less: Net income attributable to noncontrolling interests	5	5
Net income attributable to Baker Hughes Holdings LLC	614	87
Sales of goods
Revenue:
Revenues	3,484	2,809
Costs and expenses:
Costs	2,982	2,366
Sales of services
Revenue:
Revenues	2,232	2,026
Costs and expenses:
Costs	$ 1,585	$ 1,499

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 619	$ 92
Less: Net income attributable to noncontrolling interests	5	5
Net income attributable to Baker Hughes Holdings LLC	614	87
Other comprehensive income (loss):
Foreign currency translation adjustments	(61)	17
Cash flow hedges	(1)	1
Benefit plans	7	8
Other comprehensive income (loss)	(55)	26
Less: Other comprehensive loss attributable to noncontrolling interests	0	(1)
Other comprehensive income (loss) attributable to Baker Hughes Holdings LLC	(55)	27
Comprehensive income	564	118
Less: Comprehensive income attributable to noncontrolling interests	5	4
Comprehensive income attributable to Baker Hughes Holdings LLC	$ 559	$ 114

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,413	$ 2,485
Current receivables, net	6,376	5,974
Inventories, net	4,786	4,587
All other current assets	1,894	1,559
Total current assets	15,469	14,605
Property, plant and equipment (net of accumulated depreciation of $5,258 and $5,121)	4,513	4,538
Goodwill	5,677	5,691
Other intangible assets, net	4,123	4,180
Contract and other deferred assets	1,603	1,503
All other assets	3,067	2,998
Deferred income taxes	663	657
Total assets	35,115	34,172
Current liabilities:
Accounts payable	4,263	4,298
Short-term and current portion of long-term debt	684	677
Progress collections and deferred income	4,434	3,822
All other current liabilities	2,185	2,235
Total current liabilities	11,566	11,032
Long-term debt	5,975	5,980
Deferred income taxes	129	135
Liabilities for pensions and other postretirement benefits	932	960
All other liabilities	1,421	1,406
Members' Equity:
Members' capital, common units, 1,012 and 1,006 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	34,207	34,336
Retained loss	(16,224)	(16,837)
Accumulated other comprehensive loss	(3,026)	(2,971)
Baker Hughes Holdings LLC equity	14,957	14,528
Noncontrolling interests	135	131
Total equity	15,092	14,659
Total liabilities and equity	$ 35,115	$ 34,172

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, plant and equipment, accumulated depreciation	$ 5,258	$ 5,121
Units Held by Baker Hughes
Common stock issued (in shares)	1,012,000	1,006,000
Common stock outstanding (in shares)	1,011,881	1,005,960
Units Held by GE
Common stock outstanding (in shares)	0	0

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Members' Capital	Retained Loss	Accumulated Other Comprehensive Loss	Non- controlling Interests
Beginning Balance at Dec. 31, 2021	$ 16,726	$ 35,589	$ (16,311)	$ (2,691)	$ 139
Comprehensive income (loss):
Net income	92		87		5
Other comprehensive income (loss)	26			27
Dividends on Class A common stock	(185)	(185)
Repurchase and cancellation of common units	(236)	(236)
Baker Hughes stock-based compensation cost	52	52
Other	38	45			(7)
Ending Balance at Mar. 31, 2022	16,513	35,265	(16,224)	(2,664)	136
Beginning Balance at Dec. 31, 2022	14,659	34,336	(16,837)	(2,971)	131
Comprehensive income (loss):
Net income	619		614		5
Other comprehensive income (loss)	(55)			(55)
Dividends on Class A common stock	(192)	(192)
Baker Hughes stock-based compensation cost	49	49
Other	12	14	1		(1)
Ending Balance at Mar. 31, 2023	$ 15,092	$ 34,207	$ (16,224)	$ (3,026)	$ 135

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Units Held by Baker Hughes
Cash dividends per share (in dollars per share)	$ 0.19	$ 0.18

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 619	$ 92
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	269	277
Gain on equity securities	(392)	(11)
Provision for deferred income taxes	23	12
Stock-based compensation cost	49	52
Inventory impairment	18	0
Changes in operating assets and liabilities:
Current receivables	(401)	(264)
Inventories	(265)	(205)
Accounts payable	43	74
Progress collections and deferred income	639	280
Contract and other deferred assets	(148)	(38)
Other operating items, net	8	(191)
Net cash flows from operating activities	462	78
Cash flows from investing activities:
Expenditures for capital assets	(310)	(268)
Proceeds from disposal of assets	46	91
Other investing items, net	35	(89)
Net cash flows used in investing activities	(229)	(266)
Cash flows from financing activities:
Net repayments of debt	(5)	(11)
Distributions to Members	(192)	(185)
Repurchase of common units	0	(236)
Other financing items, net	(53)	(37)
Net cash flows used in financing activities	(250)	(469)
Effect of currency exchange rate changes on cash and cash equivalents	(55)	1
Decrease in cash and cash equivalents	(72)	(656)
Cash and cash equivalents, beginning of period	2,485	3,843
Cash and cash equivalents, end of period	2,413	3,187
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	163	130
Interest paid	$ 50	$ 48

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 Holdings LLC, a Delaware limited liability company ("the Company", "BHH LLC", "we", "us", or "our") and the successor to Baker Hughes Incorporated ("BHI"), is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. BHH LLC is a Securities and Exchange Commission ("SEC") Registrant with separate filing requirements with the SEC and its separate financial information can be obtained from www.sec.gov. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. The condensed consolidated financial statements include the accounts of BHH LLC 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. In the Company's financial statements and notes, certain prior year amounts have been reclassified to conform to the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and common unit amounts in tabulations are in millions of dollars and units, 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 Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies," to our consolidated financial statements from our 2022 Annual Report for the discussion of our significant accounting policies. Cash and Cash Equivalents As of March 31, 2023 and December 31, 2022, we had $549 million and $605 million, respectively, of cash held in bank accounts that cannot be readily 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. Supply Chain Finance Programs On January 1, 2023, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency of supplier finance programs and requires certain disclosures for a buyer in a supplier finance program. Under the supply chain finance (“SCF”) programs, administered by a third party, our suppliers are given the opportunity to sell receivables from us to participating financial institutions at their sole discretion at a rate that leverages our credit rating and thus might be more beneficial to our suppliers. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution. The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program. As of March 31, 2023 and December 31, 2022, $316 million and $275 million of SCF program liabilities are recorded in “Accounts payable” in our condensed consolidated statements of financial position, respectively, and reflected as cash flow from operating activities in our condensed consolidated statements of cash flows when settled. 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.

CURRENT RECEIVABLES

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

CURRENT RECEIVABLES

Current receivables are comprised of the following:


	March 31, 2023		December 31, 2022
Customer receivables	$	5,264	$	5,083
Other	1,451		1,232
Total current receivables	6,715		6,315
Less: Allowance for credit losses	(339)		(341)
Total current receivables, net	$	6,376	$	5,974

Customer receivables are recorded at the invoiced amount. The "Other" category consists primarily of advance payments to suppliers, indirect taxes, related parties, and customer retentions.

INVENTORIES

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

INVENTORIES

Inventories, net of reserves of $383 million and $396 million as of March 31, 2023 and December 31, 2022, respectively, are comprised of the following:


	March 31, 2023		December 31, 2022
Finished goods	$	2,461	$	2,419
Work in process and raw materials	2,325		2,168

Total inventories, net	$	4,786	$	4,587

During the three months ended March 31, 2023, we recorded inventory impairments of $18 million, predominately in our Oilfield Services & Equipment ("OFSE") segment. Charges for inventory impairments are reported in the "Cost of goods sold" caption in the condensed consolidated statements of income (loss). See "Note 16. Restructuring, Impairment, and Other" for further information.

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL

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


	Oilfield Services & Equipment		Industrial & Energy Technology		Total
Balance at December 31, 2021, gross	$	19,531	$	4,661	$	24,192
Accumulated impairment at December 31, 2021	(18,217)		(254)		(18,471)
Balance at December 31, 2021	1,314		4,407		5,721

Disposition	(161)		—		(161)
Acquisitions	41		417		458
Currency exchange, impairment and other	—		(96)		(96)
Total	1,194		4,728		5,922
Classified as held for sale (1)	—		(230)		(230)
Balance at December 31, 2022	1,194		4,498		5,691


Currency exchange and other	16		(30)		(14)
Balance at March 31, 2023	$	1,210	$	4,468	$	5,677

(1)The reduction in Industrial & Energy Technology ("IET") goodwill relates to transferring our IET Nexus Controls business to held for sale. See "Note 17. Business Held for Sale" for further information.

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. 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 Baker Hughes' market capitalization below its book value, and the magnitude and duration of those declines, if any.

During the first quarter of 2023, we completed a review to assess whether indicators of impairment existed. As a result of this assessment, we concluded that no indicators existed that would lead to a determination that it is more likely than not that the fair value of each reporting unit is less than its carrying value. There can be no assurances that future sustained declines in macroeconomic or business conditions affecting our industry will not occur, which could result in goodwill impairment charges in future periods.

OTHER INTANGIBLE ASSETS

Intangible assets are comprised of the following:


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,898	$	(746)	$	1,152	$	1,917	$	(729)	$	1,189
Technology	1,204		(816)		388		1,212		(803)		409
Trade names and trademarks	287		(178)		109		287		(175)		112
Capitalized software	1,325		(1,053)		272		1,308		(1,040)		268


Finite-lived intangible assets	4,714		(2,793)		1,921		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	6,916	$	(2,793)	$	4,123	$	6,927	$	(2,747)	$	4,180

Intangible assets are generally amortized on a straight-line basis with estimated useful lives ranging from 1 to 35 years. Amortization expense for the three months ended March 31, 2023 and 2022 was $63 million and $55 million, respectively.

Estimated amortization expense for the remainder of 2023 and each of the subsequent five fiscal years is expected to be as follows:


Year	Estimated Amortization Expense
Remainder of 2023	$	184
2024	227
2025	186
2026	144
2027	120
2028	97

CONTRACT AND OTHER DEFERRED ASSETS

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

CONTRACT AND OTHER DEFERRED ASSETS

Contract assets reflect revenue earned in excess of billings on our long-term contracts to construct technically complex equipment, provide long-term product service and maintenance or extended warranty arrangements and other deferred contract related costs. Our long-term product service agreements are provided by our IET segment. Our long-term equipment contracts are provided by both our IET and OFSE segments. Contract assets are comprised of the following:


	March 31, 2023		December 31, 2022
Long-term product service agreements	$	396	$	392
Long-term equipment contracts and certain other service agreements	1,034		955
Contract assets (total revenue in excess of billings)	1,430		1,347
Deferred inventory costs	142		125
Other costs to fulfill or obtain a contract (1)	31		31

Contract and other deferred assets	$	1,603	$	1,503

(1) Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered.

Revenue recognized during the three months ended March 31, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $1 million and $(4) 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

PROGRESS COLLECTIONS AND DEFERRED INCOME

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

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:


	March 31, 2023		December 31, 2022
Progress collections	$	4,282	$	3,713
Deferred income	152		109
Progress collections and deferred income (contract liabilities)	$	4,434	$	3,822

Revenue recognized during the three months ended March 31, 2023 and 2022 that was included in the contract liabilities at the beginning of the period was $962 million and $739 million, respectively.

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

We disaggregate our OFSE and IET segment revenue from contracts with customers by product lines. See "Note 13. Segment Information" for further details.


	Three Months Ended March 31,
Total Revenue	2023		2022
Well Construction	$	1,061	$	883
Completions, Intervention & Measurements	909		781
Production Solutions	938		825
Subsea & Surface Pressure Systems	670		528
Oilfield Services & Equipment	3,577		3,017
Gas Technology - Equipment	827		543
Gas Technology - Services	591		581
Total Gas Technology	1,418		1,124
Condition Monitoring	140		126
Inspection	254		212
Pumps, Valves & Gears	201		221
PSI & Controls	125		136
Total Industrial Technology	721		694
Industrial & Energy Technology	2,138		1,818
Total	$	5,716	$	4,835

In addition, management views OFSE segment revenue from contracts with customers by geographic region:


	Three Months Ended March 31,
Oilfield Services & Equipment Geographic Revenue	2023		2022
North America	$	992	$	823
Latin America	661		440
Europe/CIS/Sub-Saharan Africa	581		660
Middle East/Asia	1,345		1,094
Oilfield Services & Equipment	$	3,577	$	3,017

REMAINING PERFORMANCE OBLIGATIONS

As of March 31, 2023, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $29.6 billion. As of March 31, 2023, we expect to recognize revenue of approximately 60%, 72% and 90% 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.

- 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.

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+ Details

LEASES

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

LEASES

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


	Three Months Ended March 31,
Operating Lease Expense	2023		2022
Long-term fixed lease	$	69	$	63
Long-term variable lease	15		9
Short-term lease	128		109
Total operating lease expense	$	212	$	181

Cash flows used in operating activities for operating leases approximates our expense for the three months ended March 31, 2023 and 2022.

The weighted-average remaining lease term as of March 31, 2023 and December 31, 2022 was approximately seven years for our operating leases. The weighted-average discount rate used to determine the operating lease liability as of March 31, 2023 and December 31, 2022 was 3.2% and 3.1%, respectively.

DEBT

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

DEBT

The carrying value of our short-term and long-term debt are comprised of the following:


	March 31, 2023		December 31, 2022
Short-term and current portion of long-term debt


1.231% Senior Notes due December 2023	$	649	$	649
Other debt	35		29
Total short-term and current portion of long-term debt	684		677


Long-term debt

8.55% Debentures due June 2024	113		114
2.061% Senior Notes due December 2026	597		597
3.337% Senior Notes due December 2027	1,287		1,277
6.875% Notes due January 2029	272		273
3.138% Senior Notes due November 2029	523		523
4.486% Senior Notes due May 2030	497		497
5.125% Senior Notes due September 2040	1,285		1,286
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	63		75
Total long-term debt	5,975		5,980
Total debt	$	6,659	$	6,658

The estimated fair value of total debt at March 31, 2023 and December 31, 2022 was $6,040 million and $5,863 million, respectively. For a majority of our debt 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.

BHH LLC has a $3 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial banks maturing in December 2024. In addition, we have a commercial paper program with authorization up to $3 billion under which we may issue from time to time commercial paper with maturities of no more than 397 days. 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. At March 31, 2023 and December 31, 2022, there were no borrowings under either the Credit Agreement or the commercial paper program.

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 March 31, 2023, Baker Hughes Co-Obligor, Inc. is a co-obligor of our long-term debt securities totaling $6,560 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 March 31, 2023, we were in compliance with all debt covenants.

- 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

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2023, the provision for income taxes was $141 million. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income subject to U.S. tax at an effective rate less than 21% due to valuation allowances, which is partially offset by income in jurisdictions with tax rates higher than in the U.S. In addition, since we are a partnership for U.S. federal tax purposes, any tax impacts associated with U.S. income or losses are recognized by our Members and not reflected in our tax expense. For the three months ended March 31, 2022, the provision for income taxes was $95 million. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to losses with no tax benefit due to valuation allowances and income in jurisdictions with tax rates higher than the U.S., partially offset by tax benefits related to uncertain tax positions.

- 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.

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+ Details

EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

EQUITY

MEMBERS' EQUITY

COMMON UNITS

The BHH LLC Agreement provides that initially there is one class of common units ("Units"), which are currently held by the Members. If Baker Hughes issues a share of Class A common stock, including in connection with an equity incentive or similar plan, we will also issue a corresponding Unit to Baker Hughes or one of its direct subsidiaries. For the three months ended March 31, 2023 and 2022, we issued 5,920 thousand and 7,730 thousand Units, respectively, to Baker Hughes or one of its direct subsidiaries in connection with the issuance of its Class A common stock. The Members are entitled through their Units to receive distributions on an equal amount of any dividend paid by Baker Hughes to its Class A shareholders.

We have a Unit repurchase program which we expect to fund from cash generated from operations, and we expect to make Unit 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. There were no Units repurchased during the three months ended March 31, 2023. During the three months ended March 31, 2022, we repurchased and canceled 8.1 million Units for a total of $236 million, representing an average price per Unit of $28.96. As of March 31, 2023, we had authorization remaining to repurchase up to approximately $2.8 billion of our Units.

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


	Units Held by Baker Hughes		Units Held by GE
	2023	2022	2023	2022
Balance at January 1	1,005,960	909,142	—	116,548
Issue of Units to Baker Hughes under equity incentive plan	5,920	7,730	—	—


Exchange of Units (1)	—	75,957	—	(75,957)
Repurchase and cancellation of Units	—	(8,142)	—	—
Balance at March 31	1,011,881	984,688	—	40,591

(1)When shares of Class B common stock, together with associated Units, are exchanged for shares of Class A common stock, such shares of Class B common stock are canceled.

ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL)

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(2,665)	$	(10)	$	(296)	$	(2,971)
Other comprehensive income before reclassifications	(61)		(1)		3		(59)
Amounts reclassified from accumulated other comprehensive loss	—		1		4		5

Other comprehensive income (loss)	(61)		(1)		7		(55)



Balance at March 31, 2023	$	(2,726)	$	(11)	$	(289)	$	(3,026)


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2021	$	(2,398)	$	(12)	$	(281)	$	(2,691)
Other comprehensive income (loss) before reclassifications	(17)		—		5		(12)
Amounts reclassified from accumulated other comprehensive loss	34		1		6		41
Deferred taxes	—		—		(2)		(2)
Other comprehensive income	17		1		8		26
Less: Other comprehensive loss attributable to noncontrolling interests	(1)		—		—		(1)



Balance at March 31, 2022	$	(2,380)	$	(11)	$	(273)	$	(2,664)

The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2023 and 2022 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, settlements, and curtailments which are included in the computation of net periodic pension cost, and (iii) the release of foreign currency translation adjustments (see "Note 16. Restructuring, Impairment, and Other" for additional details).

- 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.

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+ Details

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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.


	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	27	$	—	$	27	$	—	$	18	$	—	$	18
Investment securities	1,105		—		—		1,105		748		—		—		748
Total assets	1,105		27		—		1,132		748		18		—		766

Liabilities
Derivatives	—		(88)		—		(88)		—		(86)		—		(86)
Total liabilities	$	—	$	(88)	$	—	$	(88)	$	—	$	(86)	$	—	$	(86)


	March 31, 2023								December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investment securities (1)
Non-U.S. debt securities (2)	$	11	$	—	$	—	$	11	$	—	$	—	$	—	$	—
Equity securities	545		549		—		1,094		557		191		—		748
Total	$	556	$	549	$	—	$	1,105	$	557	$	191	$	—	$	748

(1)Gains recorded to earnings related to these securities were $392 million and $12 million for the three months ended March 31, 2023 and 2022, respectively.

(2)As of March 31, 2023, our non-U.S. debt securities are classified as available for sale securities and mature within one year.

As of March 31, 2023 and December 31, 2022, our equity securities with readily determinable fair values are comprised primarily of our investment in C3.ai, Inc. ("C3 AI") of $232 million and $97 million, respectively, and ADNOC Drilling of $860 million and $649 million, respectively. We measured our investments to fair value based on quoted prices in active markets.

As of March 31, 2023, our investment in C3 AI consists of 6,920,476 shares of Class A common stock ("C3 AI Shares"). During the three months ended March 31, 2023, we sold approximately 1.7 million of C3 AI Shares and received proceeds of $46 million. For the three months ended March 31, 2023 and 2022, we recorded a gain of $181 million and a loss of $74 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 condensed consolidated statements of income (loss).

As of March 31, 2023, our investment in ADNOC Drilling consists of 800,000,000 shares. For the three months ended March 31, 2023 and 2022, we recorded a gain of $211 million and $85 million, respectively, 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 condensed consolidated statements of income (loss).

As of March 31, 2023 and December 31, 2022, $1,105 million and $748 million, respectively, of total investment securities are recorded in "All other current assets."

FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS

Our financial instruments include cash and cash equivalents, current receivables, certain investments, accounts payable, short and long-term debt, and derivative financial instruments. Except for long-term debt, the estimated fair value of these financial instruments as of March 31, 2023 and December 31, 2022 approximates their carrying value as reflected in our condensed consolidated financial statements. For further information on the fair value of our debt, see "Note 8. Debt."

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.


	March 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	—	$	—	$	1	$	—
Interest rate swap contracts	—		(61)		—		(69)

Derivatives not accounted for as hedges
Currency exchange contracts and other	27		(27)		17		(17)


Total derivatives	$	27	$	(88)	$	18	$	(86)

Derivatives are classified in the condensed consolidated statements of financial position depending on their respective maturity date. As of March 31, 2023 and December 31, 2022, $26 million and $17 million of derivative assets are recorded in "All other current assets" and $1 million and $1 million are recorded in "All other assets" in the condensed consolidated statements of financial position, respectively. As of March 31, 2023 and December 31, 2022, $29 million and $17 million of derivative liabilities are recorded in "All other current liabilities" and $59 million and $69 million are recorded in "All other liabilities" of the condensed consolidated statements of financial position, respectively.

FORMS OF HEDGING

Cash Flow Hedges

We use cash flow hedging primarily to reduce or eliminate the effects of foreign exchange rate changes on purchase and sale contracts. Accordingly, the vast majority of our derivative activity in this category consists of currency exchange contracts. In addition, we are exposed to interest rate risk fluctuations in connection with long-term debt that we issue from time to time to fund our operations. During the three months ended March 31, 2023, the Company executed interest rate swap contracts designated as cash flow hedges with a notional amount of $375 million in order to hedge the Company's expected exposure in connection with refinancing activities we may undertake in 2023. 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 10. Members' Equity" for further information on activity in AOCI for cash flow hedges. As of March 31, 2023 and December 31, 2022, the maximum term of derivative instruments that hedge forecasted transactions was approximately one year.

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 March 31, 2023 and December 31, 2022, 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 condensed consolidated statements of income (loss):


Derivatives not designated as hedging instruments	Condensed consolidated statements of income (loss) caption	Three Months Ended March 31,
		2023		2022
Currency exchange contracts (1)	Cost of goods sold	$	3	$	(2)
Currency exchange contracts	Cost of services sold	2		3
Commodity derivatives	Cost of goods sold	1		9

Total (2)		$	6	$	10

(1)Excludes losses of nil and gains of $1 million on embedded derivatives for the three months ended March 31, 2023 and 2022, respectively, as embedded derivatives are not considered to be hedging instruments in our economic hedges.

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

NOTIONAL AMOUNT OF DERIVATIVES

The notional amount of a derivative is the number of units of the underlying. A substantial majority of the outstanding notional amount of $4.3 billion and $3.8 billion at March 31, 2023 and December 31, 2022, 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.

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

PROGRESS COLLECTIONS AND DEFERRED INCOME


	March 31, 2023		December 31, 2022
Progress collections	$	4,282	$	3,713
Deferred income	152		109
Progress collections and deferred income (contract liabilities)	$	4,434	$	3,822

Revenue recognized during the three months ended March 31, 2023 and 2022 that was included in the contract liabilities at the beginning of the period was $962 million and $739 million, respectively.

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

We disaggregate our OFSE and IET segment revenue from contracts with customers by product lines. See "Note 13. Segment Information" for further details.


	Three Months Ended March 31,
Total Revenue	2023		2022
Well Construction	$	1,061	$	883
Completions, Intervention & Measurements	909		781
Production Solutions	938		825
Subsea & Surface Pressure Systems	670		528
Oilfield Services & Equipment	3,577		3,017
Gas Technology - Equipment	827		543
Gas Technology - Services	591		581
Total Gas Technology	1,418		1,124
Condition Monitoring	140		126
Inspection	254		212
Pumps, Valves & Gears	201		221
PSI & Controls	125		136
Total Industrial Technology	721		694
Industrial & Energy Technology	2,138		1,818
Total	$	5,716	$	4,835

In addition, management views OFSE segment revenue from contracts with customers by geographic region:


	Three Months Ended March 31,
Oilfield Services & Equipment Geographic Revenue	2023		2022
North America	$	992	$	823
Latin America	661		440
Europe/CIS/Sub-Saharan Africa	581		660
Middle East/Asia	1,345		1,094
Oilfield Services & Equipment	$	3,577	$	3,017

REMAINING PERFORMANCE OBLIGATIONS

- Definition

+ References

+ Details

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company's segments are determined as those operations whose results are reviewed regularly by the chief operating decision maker ("CODM"), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. We report our operating results through two operating segments, Oilfield Services & Equipment and Industrial & Energy Technology. Each segment is organized and managed based upon the nature of our markets and customers and consists of similar products and services. These products and services operate across upstream oil and gas and broader energy and industrial markets.

OILFIELD SERVICES & EQUIPMENT ("OFSE")

Oilfield Services & Equipment provides products and services for onshore and offshore oilfield operations across the lifecycle of a well, ranging from exploration, appraisal, and development, to production, rejuvenation, and decommissioning. OFSE is organized into four product lines: Well Construction, which encompasses drilling services, drill bits, and drilling & completions fluids; Completions, Intervention, and Measurements, which encompasses well completions, pressure pumping, and wireline services; Production Solutions, which spans artificial lift systems and oilfield & industrial chemicals; and Subsea & Surface Pressure Systems, which encompasses subsea projects services and drilling systems, surface pressure control, and flexible pipe systems. Beyond its traditional oilfield concentration, OFSE is expanding its capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening its digital architecture and addressing key energy market themes.

INDUSTRIAL & ENERGY TECHNOLOGY ("IET")

Industrial & Energy Technology 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 markets, as well as lower carbon solutions to broader energy and industrial sectors. IET also provides equipment, software, and services that serve a wide range of industries including petrochemical and refining, nuclear, aviation, automotive, mining, cement, metals, pulp and paper, and food and beverage. IET is organized into six product lines - Gas Technology Equipment and Gas Technology Services, collectively referred to as Gas Technology, and Condition Monitoring, Inspection, Pumps Valves & Gears, and PSI & Controls, collectively referred to as Industrial Technology.

Revenue and operating income for each segment are determined based on the internal performance measures used by the CODM to assess the performance of each segment in a financial period. 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, and certain gains and losses not allocated to the operating segments. Consistent accounting policies have been applied by all segments within the Company, for all reporting periods. Intercompany revenue and expense amounts have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance.

Summarized financial information for the Company's segments is shown in the following tables.


	Three Months Ended March 31,
Revenue	2023		2022
Oilfield Services & Equipment	$	3,577	$	3,017
Industrial & Energy Technology	2,138		1,818
Total	$	5,716	$	4,835


	Three Months Ended March 31,
Income before income taxes	2023		2022
Oilfield Services & Equipment	$	371	$	213
Industrial & Energy Technology	241		241
Total segment	612		453
Corporate	(100)		(105)

Inventory impairment	(18)		—
Restructuring, impairment and other	(56)		(70)
Other non-operating income (loss), net	386		(28)
Interest expense, net	(64)		(64)
Income before income taxes	$	760	$	187

The following table presents depreciation and amortization by segment:


	Three Months Ended March 31,
Depreciation and amortization	2023		2022
Oilfield Services & Equipment	$	208	$	222
Industrial & Energy Technology	56		51
Total segment	264		272
Corporate	5		4
Total	$	269	$	277

- 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
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-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: 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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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS We have an aeroderivative joint venture ("Aero JV") we formed with GE in 2019. The Aero JV is jointly controlled by GE and us, each with ownership interest of 50%, and therefore, we do not consolidate the JV. We had purchases with the Aero JV of $114 million and $108 million during the three months ended March 31, 2023 and 2022, respectively. We have $55 million and $110 million of accounts payable at March 31, 2023 and December 31, 2022, respectively, for goods and services provided by the Aero JV in the ordinary course of business. Sales of products and services and related receivables with the Aero JV were immaterial for the three months ended March 31, 2023 and 2022. The Company also has $85 million and $16 million of current receivables at March 31, 2023 and December 31, 2022, respectively, from Baker Hughes.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
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. 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. During the second quarter of 2022, IEC paid the amounts owed under the arbitration award, which had an immaterial impact on the Company’s financial statements. 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. On March 25, 2022, the Company's subsidiaries initiated a separate demand for ICDR arbitration against IEC for claims of additional costs and amounts due; such claims against IEC have now been resolved, with any consideration having an immaterial impact on the Company’s financial statements. At this time, we are not able to predict the outcome of the proceeding which is pending against the Company’s subsidiaries. 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 Baker Hughes' behalf against GE, the then-current members of the Board of Directors of Baker Hughes and Baker Hughes as a nominal defendant, related to the decision to (i) terminate the contractual prohibition barring GE from selling any of Baker Hughes’ shares before July 3, 2019; (ii) repurchase $1.5 billion in Baker Hughes' stock from GE; (iii) permit GE to sell approximately $2.5 billion in Baker Hughes' stock through a secondary offering; and (iv) enter into a series of other agreements and amendments that will govern the ongoing relationship between Baker Hughes and GE (collectively, the “2018 Transactions”). The complaints in both lawsuits allege, among other things, that GE, as Baker Hughes' controlling stockholder, and the members of Baker Hughes' 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 Baker Hughes, 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 Baker Hughes' 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 Baker Hughes' Board of Directors to pursue the claims itself, and GE and Baker Hughes' 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, Baker Hughes' 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. On April 17, 2023, the Court granted the Special Litigation Committee’s motion to terminate the litigation. 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 or around February 15, 2023, the lead plaintiff and three additional named plaintiffs in a putative securities class action styled The Reckstin Family Trust, et al., v. C3.ai, Inc., et al., No. 4:22-cv-01413-HSG, filed an amended class action complaint (the “Amended Complaint”) in the United States District Court for the Northern District of California. The Amended Complaint names the following as defendants: (i) C3.ai., Inc. (“C3 AI”), (ii) certain of C3 AI’s current and/or former officers and directors, (iii) certain underwriters for the C3 AI initial public offering (the “IPO”), and (iv) Baker Hughes, and its President and CEO (who formerly served as a director on the board of C3 AI). The Amended Complaint alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with the IPO and the subsequent period between December 9, 2020 and December 2, 2021, during which BHH LLC held equity investments in C3 AI. The action seeks unspecified damages and the award of costs and expenses, including reasonable attorneys' fees. At this time, we are not able to predict the outcome of these proceedings. 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. 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 a guarantee to GE Capital on behalf of a customer who entered into a financing arrangement with GE Capital. Total off-balance sheet arrangements were approximately $4.7 billion at March 31, 2023. It is not practicable to estimate the fair value of these financial instruments. As of March 31, 2023, none of the off-balance sheet arrangements either has, or is likely to have, a material effect on our financial position, results of operations or cash flows. We sometimes enter into consortium or similar arrangements for certain projects primarily in our OFSE 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.

RESTRUCTURING, IMPAIRMENT AND OTHER

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING, IMPAIRMENT AND OTHER

We recorded restructuring, impairment and other charges of $56 million and $70 million during the three months ended March 31, 2023 and 2022, respectively.

RESTRUCTURING AND IMPAIRMENT CHARGES

We recorded restructuring and impairment charges of $56 million for the three months ended March 31, 2023. In the third quarter of 2022, we announced a restructuring plan in conjunction with a change in our operating segments that was effective October 1, 2022 (the "2022 Plan"). As a result, we continued to incur charges in the first quarter of 2023 related to the 2022 Plan primarily for employee termination expenses driven by actions taken by the Company to facilitate the reorganization into two segments and corporate restructuring. In addition, under a new plan (the "2023 Plan") we incurred costs related to exit activities at specific locations in our segments to align with our current market outlook and rationalize our manufacturing supply chain footprint. These actions also included inventory impairments of $18 million recorded in "Cost of goods sold" in our condensed consolidated statements of income (loss). We expect to incur additional charges of approximately $145 million in 2023 in connection with these restructuring plans, and currently expect these plans to be substantially completed by the end of 2023, with the majority of charges incurred within the first half of 2023.

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


	Three Months Ended March 31,
Segments	2023		2022
Oilfield Services & Equipment	$	15	$	2
Industrial & Energy Technology	14		(1)
Corporate	27		3
Total	$	56	$	4

The following table presents restructuring and impairment charges by type, and includes gains on the dispositions of certain property, plant and equipment previously impaired as a consequence of exit activities:


	Three Months Ended March 31,
Charges by Type	2023		2022
Property, plant & equipment, net	$	15	$	(9)
Employee-related termination costs	31		8



Other incremental costs	10		5
Total	$	56	$	4

OTHER CHARGES

We recorded other charges of nil and $66 million for the three months ended March 31, 2023 and 2022, respectively. Other charges for the three months ended March 31, 2022 were predominately in our IET segment for

a write-off of an equity method investment and the release of foreign currency translation adjustments. The 2022 charges also include separation related costs.

BUSINESS HELD FOR SALE

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

BUSINESS HELD FOR SALE

The Company classifies assets and liabilities as held for sale (“disposal group”) when management commits to a plan to sell the disposal group and concludes that it meets the relevant criteria. Assets held for sale are measured at the lower of their carrying value or fair value less costs to sell. Any loss resulting from the measurement is recognized in the period the held for sale criteria are met. Conversely, gains are not recognized until the date of sale.

In July 2022, we entered into an agreement with GE to sell our Nexus Controls business, a product line in our IET segment, specializing in scalable industrial controls systems, safety systems, hardware, and software cybersecurity solutions and services, and on April 3, 2023, we completed the sale resulting in an immaterial gain.

The following table presents financial information related to the assets and liabilities of our Nexus Controls business classified as held for sale and reported in “All other current assets” and “All other current liabilities” in our condensed consolidated statements of financial position as of March 31, 2023.


Assets and liabilities of business held for sale	Nexus Controls
Assets
Current receivables	$	48

Inventories	40
Property, plant and equipment	2
Goodwill	230
Other assets	9

Total assets of business held for sale	329

Liabilities

Accounts payable	18
Progress collections and deferred income	39
All other current liabilities	19
Other liabilities	7
Total liabilities of business held for sale	83
Total net assets of business held for sale	$	246

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. The condensed consolidated financial statements include the accounts of BHH LLC 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. In the Company's financial statements and notes, certain prior year amounts have been reclassified to conform to the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and common unit amounts in tabulations are in millions of dollars and units, 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.
Cash and Cash Equivalents	Cash and Cash Equivalents As of March 31, 2023 and December 31, 2022, we had $549 million and $605 million, respectively, of cash held in bank accounts that cannot be readily 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.
Supply Chain Finance Programs and New Accounting Standards To Be Adopted	Supply Chain Finance Programs On January 1, 2023, we adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency of supplier finance programs and requires certain disclosures for a buyer in a supplier finance program. Under the supply chain finance (“SCF”) programs, administered by a third party, our suppliers are given the opportunity to sell receivables from us to participating financial institutions at their sole discretion at a rate that leverages our credit rating and thus might be more beneficial to our suppliers. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution. The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program. As of March 31, 2023 and December 31, 2022, $316 million and $275 million of SCF program liabilities are recorded in “Accounts payable” in our condensed consolidated statements of financial position, respectively, and reflected as cash flow from operating activities in our condensed consolidated statements of cash flows when settled. 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.

CURRENT RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Schedule of Current Receivables

Current receivables are comprised of the following:


	March 31, 2023		December 31, 2022
Customer receivables	$	5,264	$	5,083
Other	1,451		1,232
Total current receivables	6,715		6,315
Less: Allowance for credit losses	(339)		(341)
Total current receivables, net	$	6,376	$	5,974

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2023

Inventory, Net [Abstract]

Schedule of Inventories, Net of Reserves

Inventories, net of reserves of $383 million and $396 million as of March 31, 2023 and December 31, 2022, respectively, are comprised of the following:


	March 31, 2023		December 31, 2022
Finished goods	$	2,461	$	2,419
Work in process and raw materials	2,325		2,168

Total inventories, net	$	4,786	$	4,587

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


	Oilfield Services & Equipment		Industrial & Energy Technology		Total
Balance at December 31, 2021, gross	$	19,531	$	4,661	$	24,192
Accumulated impairment at December 31, 2021	(18,217)		(254)		(18,471)
Balance at December 31, 2021	1,314		4,407		5,721

Disposition	(161)		—		(161)
Acquisitions	41		417		458
Currency exchange, impairment and other	—		(96)		(96)
Total	1,194		4,728		5,922
Classified as held for sale (1)	—		(230)		(230)
Balance at December 31, 2022	1,194		4,498		5,691


Currency exchange and other	16		(30)		(14)
Balance at March 31, 2023	$	1,210	$	4,468	$	5,677

Schedule of Finite-Lived Intangible Assets

Intangible assets are comprised of the following:


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,898	$	(746)	$	1,152	$	1,917	$	(729)	$	1,189
Technology	1,204		(816)		388		1,212		(803)		409
Trade names and trademarks	287		(178)		109		287		(175)		112
Capitalized software	1,325		(1,053)		272		1,308		(1,040)		268


Finite-lived intangible assets	4,714		(2,793)		1,921		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	6,916	$	(2,793)	$	4,123	$	6,927	$	(2,747)	$	4,180

Schedule of Indefinite-Lived Intangible Assets

Intangible assets are comprised of the following:


	March 31, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,898	$	(746)	$	1,152	$	1,917	$	(729)	$	1,189
Technology	1,204		(816)		388		1,212		(803)		409
Trade names and trademarks	287		(178)		109		287		(175)		112
Capitalized software	1,325		(1,053)		272		1,308		(1,040)		268


Finite-lived intangible assets	4,714		(2,793)		1,921		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	6,916	$	(2,793)	$	4,123	$	6,927	$	(2,747)	$	4,180

Schedule of Estimated Amortization Expense

Estimated amortization expense for the remainder of 2023 and each of the subsequent five fiscal years is expected to be as follows:


Year	Estimated Amortization Expense
Remainder of 2023	$	184
2024	227
2025	186
2026	144
2027	120
2028	97

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

CONTRACT AND OTHER DEFERRED ASSETS (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets

Contract assets are comprised of the following:


	March 31, 2023		December 31, 2022
Long-term product service agreements	$	396	$	392
Long-term equipment contracts and certain other service agreements	1,034		955
Contract assets (total revenue in excess of billings)	1,430		1,347
Deferred inventory costs	142		125
Other costs to fulfill or obtain a contract (1)	31		31

Contract and other deferred assets	$	1,603	$	1,503

(1) Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered.

Contract liabilities are comprised of the following:


	March 31, 2023		December 31, 2022
Progress collections	$	4,282	$	3,713
Deferred income	152		109
Progress collections and deferred income (contract liabilities)	$	4,434	$	3,822

PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Liabilities

Contract assets are comprised of the following:


	March 31, 2023		December 31, 2022
Long-term product service agreements	$	396	$	392
Long-term equipment contracts and certain other service agreements	1,034		955
Contract assets (total revenue in excess of billings)	1,430		1,347
Deferred inventory costs	142		125
Other costs to fulfill or obtain a contract (1)	31		31

Contract and other deferred assets	$	1,603	$	1,503

(1) Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered.

Contract liabilities are comprised of the following:


	March 31, 2023		December 31, 2022
Progress collections	$	4,282	$	3,713
Deferred income	152		109
Progress collections and deferred income (contract liabilities)	$	4,434	$	3,822

LEASES (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Operating Lease Expense

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


	Three Months Ended March 31,
Operating Lease Expense	2023		2022
Long-term fixed lease	$	69	$	63
Long-term variable lease	15		9
Short-term lease	128		109
Total operating lease expense	$	212	$	181

DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Borrowings

The carrying value of our short-term and long-term debt are comprised of the following:


	March 31, 2023		December 31, 2022
Short-term and current portion of long-term debt


1.231% Senior Notes due December 2023	$	649	$	649
Other debt	35		29
Total short-term and current portion of long-term debt	684		677


Long-term debt

8.55% Debentures due June 2024	113		114
2.061% Senior Notes due December 2026	597		597
3.337% Senior Notes due December 2027	1,287		1,277
6.875% Notes due January 2029	272		273
3.138% Senior Notes due November 2029	523		523
4.486% Senior Notes due May 2030	497		497
5.125% Senior Notes due September 2040	1,285		1,286
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	63		75
Total long-term debt	5,975		5,980
Total debt	$	6,659	$	6,658

EQUITY (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Changes in Number of Shares Outstanding

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


	Units Held by Baker Hughes		Units Held by GE
	2023	2022	2023	2022
Balance at January 1	1,005,960	909,142	—	116,548
Issue of Units to Baker Hughes under equity incentive plan	5,920	7,730	—	—


Exchange of Units (1)	—	75,957	—	(75,957)
Repurchase and cancellation of Units	—	(8,142)	—	—
Balance at March 31	1,011,881	984,688	—	40,591

(1)When shares of Class B common stock, together with associated Units, are exchanged for shares of Class A common stock, such shares of Class B common stock are canceled.

Schedule of Accumulated Other Comprehensive Loss

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(2,665)	$	(10)	$	(296)	$	(2,971)
Other comprehensive income before reclassifications	(61)		(1)		3		(59)
Amounts reclassified from accumulated other comprehensive loss	—		1		4		5

Other comprehensive income (loss)	(61)		(1)		7		(55)



Balance at March 31, 2023	$	(2,726)	$	(11)	$	(289)	$	(3,026)


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2021	$	(2,398)	$	(12)	$	(281)	$	(2,691)
Other comprehensive income (loss) before reclassifications	(17)		—		5		(12)
Amounts reclassified from accumulated other comprehensive loss	34		1		6		41
Deferred taxes	—		—		(2)		(2)
Other comprehensive income	17		1		8		26
Less: Other comprehensive loss attributable to noncontrolling interests	(1)		—		—		(1)



Balance at March 31, 2022	$	(2,380)	$	(11)	$	(273)	$	(2,664)

- 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

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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.


	March 31, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	27	$	—	$	27	$	—	$	18	$	—	$	18
Investment securities	1,105		—		—		1,105		748		—		—		748
Total assets	1,105		27		—		1,132		748		18		—		766

Liabilities
Derivatives	—		(88)		—		(88)		—		(86)		—		(86)
Total liabilities	$	—	$	(88)	$	—	$	(88)	$	—	$	(86)	$	—	$	(86)

Schedule of Investment Securities Classified as Available for Sale


	March 31, 2023								December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investment securities (1)
Non-U.S. debt securities (2)	$	11	$	—	$	—	$	11	$	—	$	—	$	—	$	—
Equity securities	545		549		—		1,094		557		191		—		748
Total	$	556	$	549	$	—	$	1,105	$	557	$	191	$	—	$	748

(1)Gains recorded to earnings related to these securities were $392 million and $12 million for the three months ended March 31, 2023 and 2022, respectively.

(2)As of March 31, 2023, our non-U.S. debt securities are classified as available for sale securities and mature within one year.

Schedule of Derivatives

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


	March 31, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	—	$	—	$	1	$	—
Interest rate swap contracts	—		(61)		—		(69)

Derivatives not accounted for as hedges
Currency exchange contracts and other	27		(27)		17		(17)


Total derivatives	$	27	$	(88)	$	18	$	(86)

Schedule of Gains (Losses) From Derivatives not Designated as Hedges

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


Derivatives not designated as hedging instruments	Condensed consolidated statements of income (loss) caption	Three Months Ended March 31,
		2023		2022
Currency exchange contracts (1)	Cost of goods sold	$	3	$	(2)
Currency exchange contracts	Cost of services sold	2		3
Commodity derivatives	Cost of goods sold	1		9

Total (2)		$	6	$	10

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

- Definition

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

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+ Details

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Segment Revenue

We disaggregate our OFSE and IET segment revenue from contracts with customers by product lines. See "Note 13. Segment Information" for further details.


	Three Months Ended March 31,
Total Revenue	2023		2022
Well Construction	$	1,061	$	883
Completions, Intervention & Measurements	909		781
Production Solutions	938		825
Subsea & Surface Pressure Systems	670		528
Oilfield Services & Equipment	3,577		3,017
Gas Technology - Equipment	827		543
Gas Technology - Services	591		581
Total Gas Technology	1,418		1,124
Condition Monitoring	140		126
Inspection	254		212
Pumps, Valves & Gears	201		221
PSI & Controls	125		136
Total Industrial Technology	721		694
Industrial & Energy Technology	2,138		1,818
Total	$	5,716	$	4,835

Schedule of Revenue by Geographic Region

In addition, management views OFSE segment revenue from contracts with customers by geographic region:


	Three Months Ended March 31,
Oilfield Services & Equipment Geographic Revenue	2023		2022
North America	$	992	$	823
Latin America	661		440
Europe/CIS/Sub-Saharan Africa	581		660
Middle East/Asia	1,345		1,094
Oilfield Services & Equipment	$	3,577	$	3,017

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Financial Information

Summarized financial information for the Company's segments is shown in the following tables.


	Three Months Ended March 31,
Revenue	2023		2022
Oilfield Services & Equipment	$	3,577	$	3,017
Industrial & Energy Technology	2,138		1,818
Total	$	5,716	$	4,835


	Three Months Ended March 31,
Income before income taxes	2023		2022
Oilfield Services & Equipment	$	371	$	213
Industrial & Energy Technology	241		241
Total segment	612		453
Corporate	(100)		(105)

Inventory impairment	(18)		—
Restructuring, impairment and other	(56)		(70)
Other non-operating income (loss), net	386		(28)
Interest expense, net	(64)		(64)
Income before income taxes	$	760	$	187

The following table presents depreciation and amortization by segment:


	Three Months Ended March 31,
Depreciation and amortization	2023		2022
Oilfield Services & Equipment	$	208	$	222
Industrial & Energy Technology	56		51
Total segment	264		272
Corporate	5		4
Total	$	269	$	277

RESTRUCTURING, IMPAIRMENT AND OTHER (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Impairment Charges

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


	Three Months Ended March 31,
Segments	2023		2022
Oilfield Services & Equipment	$	15	$	2
Industrial & Energy Technology	14		(1)
Corporate	27		3
Total	$	56	$	4


	Three Months Ended March 31,
Charges by Type	2023		2022
Property, plant & equipment, net	$	15	$	(9)
Employee-related termination costs	31		8



Other incremental costs	10		5
Total	$	56	$	4

BUSINESS HELD FOR SALE (Tables)

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets and Liabilities of Businesses Held for Sale and All Other Current Assets and All Other Current Liabilities


Assets and liabilities of business held for sale	Nexus Controls
Assets
Current receivables	$	48

Inventories	40
Property, plant and equipment	2
Goodwill	230
Other assets	9

Total assets of business held for sale	329

Liabilities

Accounts payable	18
Progress collections and deferred income	39
All other current liabilities	19
Other liabilities	7
Total liabilities of business held for sale	83
Total net assets of business held for sale	$	246

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Restricted cash and cash equivalents held in bank accounts	$ 549	$ 605
Accounts payable	4,263	4,298
Accounting Standards Update 2022-04 \| SCF program
Supplier Finance Program [Line Items]
Supplier Finance Program, Obligation, Current	$ 316	$ 275

CURRENT RECEIVABLES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 6,715	$ 6,315
Less: Allowance for credit losses	(339)	(341)
Total current receivables, net	6,376	5,974
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	5,264	5,083
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 1,451	$ 1,232

INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended
INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventory, Net [Abstract]
Inventory valuation reserves	$ 383		$ 396
Finished goods	2,461		2,419
Work in process and raw materials	2,325		2,168
Total inventories, net	4,786		$ 4,587
Inventory impairment	$ 18	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Balance at December 31, 2021, gross			$ 24,192
Accumulated impairment at December 31, 2021			(18,471)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 5,691	$ 5,721
Goodwill, Written off Related to Sale of Business Unit		(161)
Goodwill, acquisition		458
Currency exchange, impairment and other	(14)	(96)
Total		5,922
Classified as held for sale		(230)
Goodwill, net, ending balance	5,677	5,691
Oilfield Services & Equipment
Goodwill [Line Items]
Balance at December 31, 2021, gross			19,531
Accumulated impairment at December 31, 2021			(18,217)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	1,194	1,314
Goodwill, Written off Related to Sale of Business Unit		(161)
Goodwill, acquisition		41
Currency exchange, impairment and other	16	0
Total		1,194
Classified as held for sale		0
Goodwill, net, ending balance	1,210	1,194
Industrial & Energy Technology
Goodwill [Line Items]
Balance at December 31, 2021, gross			4,661
Accumulated impairment at December 31, 2021			$ (254)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	4,498	4,407
Goodwill, Written off Related to Sale of Business Unit		0
Goodwill, acquisition		417
Currency exchange, impairment and other	(30)	(96)
Total		4,728
Classified as held for sale		(230)
Goodwill, net, ending balance	$ 4,468	$ 4,498

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 63	$ 55
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	35 years

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL - Intangible Assets by Type (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets
Gross Carrying Amount	$ 4,714	$ 4,725
Accumulated Amortization	(2,793)	(2,747)
Net	1,921	1,978
Indefinite-lived intangible assets	2,202	2,202
Total intangible assets, Gross Carrying Amount	6,916	6,927
Total intangible assets, Accumulated Amortization	(2,793)	(2,747)
Total intangible assets, Net	4,123	4,180
Customer relationships
Finite-lived intangible assets
Gross Carrying Amount	1,898	1,917
Accumulated Amortization	(746)	(729)
Net	1,152	1,189
Total intangible assets, Accumulated Amortization	(746)	(729)
Technology
Finite-lived intangible assets
Gross Carrying Amount	1,204	1,212
Accumulated Amortization	(816)	(803)
Net	388	409
Total intangible assets, Accumulated Amortization	(816)	(803)
Trade names and trademarks
Finite-lived intangible assets
Gross Carrying Amount	287	287
Accumulated Amortization	(178)	(175)
Net	109	112
Total intangible assets, Accumulated Amortization	(178)	(175)
Capitalized software
Finite-lived intangible assets
Gross Carrying Amount	1,325	1,308
Accumulated Amortization	(1,053)	(1,040)
Net	272	268
Total intangible assets, Accumulated Amortization	$ (1,053)	$ (1,040)

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL - Future Estimated Amortization Expense (Details) $ in Millions	Mar. 31, 2023 USD ($)
Estimated Amortization Expense
Remainder of 2023	$ 184
2024	227
2025	186
2026	144
2027	120
2028	$ 97

CONTRACT AND OTHER DEFERRED ASSETS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,430		$ 1,347
Deferred inventory costs	142		125
Other costs to fulfill or obtain a contract	31		31
Contract and other deferred assets	1,603		1,503
Revenue recognized from performance obligations satisfied in previous periods	1	$ (4)
Long-term product service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	396		392
Long-term equipment contracts and certain other service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,034		$ 955

PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 4,434		$ 3,822
Revenue recognized, included in contract liability	962	$ 739
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	4,282		3,713
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 152		$ 109

LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Lease Expense
Long-term fixed lease	$ 69	$ 63
Long-term variable lease	15	9
Short-term lease	128	109
Total operating lease expense	$ 212	$ 181

LEASES - Narrative (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term	7 years	7 years
Weighted-average discount rate	3.20%	3.10%

DEBT - Current and Long-term Borrowings (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 684	$ 677
Long-term debt
Other long-term debt	63	75
Total long-term debt	5,975	5,980
Total debt	$ 6,659	6,658
Senior Notes \| 2.061% Senior Notes due December 2026
Debt Instrument [Line Items]
Stated interest rate	2.061%
Long-term debt
Long-term debt	$ 597	$ 597
Senior Notes \| 3.337% Senior Notes due December 2027
Debt Instrument [Line Items]
Stated interest rate	3.337%	3.337%
Long-term debt
Long-term debt	$ 1,287	$ 1,277
Senior Notes \| 6.875% Notes due January 2029
Debt Instrument [Line Items]
Stated interest rate	6.875%
Long-term debt
Long-term debt	$ 272	273
Senior Notes \| 3.138% Senior Notes due November 2029
Debt Instrument [Line Items]
Stated interest rate	3.138%
Long-term debt
Long-term debt	$ 523	523
Senior Notes \| 4.486% Senior Notes due May 2030
Debt Instrument [Line Items]
Stated interest rate	4.486%
Long-term debt
Long-term debt	$ 497	497
Senior Notes \| 5.125% Senior Notes due September 2040
Debt Instrument [Line Items]
Stated interest rate	5.125%
Long-term debt
Long-term debt	$ 1,285	1,286
Senior Notes \| 4.080% Senior Notes due December 2047
Debt Instrument [Line Items]
Stated interest rate	4.08%
Long-term debt
Long-term debt	$ 1,338	1,338
Debentures \| 8.55% Debentures due June 2024
Debt Instrument [Line Items]
Stated interest rate	8.55%
Long-term debt
Long-term debt	$ 113	114
Other debt
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 35	29
Senior Notes \| 1.231% Senior Notes due December 2023
Debt Instrument [Line Items]
Stated interest rate	1.231%
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 649	$ 649

DEBT - Narrative (Details) - USD ($)	3 Months Ended
DEBT - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 6,040,000,000	$ 5,863,000,000
Commercial paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 3,000,000,000
Debt term (no more than)	397 days
BHH LLC \| Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Ownership percentage	100.00%
Long-term debt	$ 6,560,000,000
Revolving Credit Facility \| The Credit Agreement \| BHH LLC
Line of Credit Facility [Line Items]
Maximum borrowing capacity	3,000,000,000
Line of credit outstanding	$ 0	$ 0

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 141	$ 95

- Definition

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

+ References + Details

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Repurchase and cancellation of Class A common stock		$ 236
BHH LLC
Class of Stock [Line Items]
Stock repurchased and canceled (in shares)	0	8,100,000
Repurchase and cancellation of Class A common stock		$ 236
Stock repurchase average price per share (in dollars per share)		$ 28.96
Remaining authorized repurchase amount	$ 2,800
Units Held by Baker Hughes
Class of Stock [Line Items]
Common stock outstanding (in shares)	1,011,881,000	984,688,000	1,005,960,000	909,142,000
Units Held by GE
Class of Stock [Line Items]
Common stock outstanding (in shares)	0	40,591,000	0	116,548,000

EQUITY - Changes in Number of Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Units Held by Baker Hughes
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,005,960	909,142
Issue of shares upon vesting of restricted stock units (in shares)	5,920	7,730
Exchange of Class B common stock for Class A common stock (in shares)	0	75,957
Repurchase and cancellation of Class A common stock (in shares)	0	(8,142)
Ending balance (in shares)	1,011,881	984,688
Units Held by GE
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	116,548
Issue of shares upon vesting of restricted stock units (in shares)	0	0
Exchange of Class B common stock for Class A common stock (in shares)	0	(75,957)
Repurchase and cancellation of Class A common stock (in shares)	0	0
Ending balance (in shares)	0	40,591

EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 14,659	$ 16,726
Other comprehensive income before reclassifications	(59)	(12)
Amounts reclassified from accumulated other comprehensive loss	5	41
Deferred taxes		(2)
Other comprehensive income (loss)	(55)	26
Less: Other comprehensive loss attributable to noncontrolling interests	0	(1)
Ending Balance	15,092	16,513
Foreign Currency Translation Adjustment, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(2,665)	(2,398)
Ending Balance	(2,726)	(2,380)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications	(61)	(17)
Amounts reclassified from accumulated other comprehensive loss	0	34
Deferred taxes		0
Other comprehensive income (loss)	(61)	17
Foreign Currency Translation Adjustments, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interests		(1)
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(10)	(12)
Ending Balance	(11)	(11)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications	(1)	0
Amounts reclassified from accumulated other comprehensive loss	1	1
Deferred taxes		0
Other comprehensive income (loss)	(1)	1
Cash Flow Hedges, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interests		0
Benefit Plans, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(296)	(281)
Ending Balance	(289)	(273)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications	3	5
Amounts reclassified from accumulated other comprehensive loss	4	6
Deferred taxes		(2)
Other comprehensive income (loss)	7	8
Benefit Plans, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interests		0
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(2,971)	(2,691)
Other comprehensive income (loss)	(55)	27
Ending Balance	$ (3,026)	$ (2,664)

FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Derivatives	$ 27	$ 18
Investment securities	1,105	748
Liabilities
Derivatives	$ (88)	(86)
Non-U.S. debt securities
Liabilities
Available for sale securities maturity	1 year
Recurring
Assets
Derivatives	$ 27	18
Investment securities	1,105	748
Total assets	1,132	766
Liabilities
Derivatives	(88)	(86)
Total liabilities	(88)	(86)
Recurring \| Level 1
Assets
Derivatives	0	0
Investment securities	1,105	748
Total assets	1,105	748
Liabilities
Derivatives	0	0
Total liabilities	0	0
Recurring \| Level 2
Assets
Derivatives	27	18
Investment securities	0	0
Total assets	27	18
Liabilities
Derivatives	(88)	(86)
Total liabilities	(88)	(86)
Recurring \| Level 3
Assets
Derivatives	0	0
Investment securities	0	0
Total assets	0	0
Liabilities
Derivatives	0	0
Total liabilities	$ 0	$ 0

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Investment securities	$ 1,105.0		$ 748.0
Assets	27.0		18.0
Derivative liability	88.0		86.0
Notional amount	4,300.0		3,800.0
3.337% Senior Notes due December 2027 \| Senior Notes
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate principal amount	$ 1,350.0		$ 1,350.0
Stated interest rate	3.337%		3.337%
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative term	1 year		1 year
Cash flow hedging \| Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 375.0
Fair Value Hedging \| Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	500.0		$ 500.0
All other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Investment securities	1,105.0		748.0
Assets	26.0		17.0
All other assets
Derivative Instruments, Gain (Loss) [Line Items]
Assets	1.0		1.0
All other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	29.0		17.0
All other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	59.0		69.0
C3 AI
Derivative Instruments, Gain (Loss) [Line Items]
Equity securities economic interest fair value	$ 232.0		$ 97.0
Investment shares owned (in shares)	6,920,476		6,920,476
Investments owned, number of shares sold (in shares)	1,700,000
Proceeds from sale of long-term investments	$ 46.0
Gain on equity securities	181.0
Loss on equity securities		$ (74.0)
ADNOC Drilling
Derivative Instruments, Gain (Loss) [Line Items]
Equity securities economic interest fair value	$ 860.0		$ 649.0
Investment shares owned (in shares)	800,000,000
Mark to market unrealized loss	$ 211.0	$ 85.0

FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Equity securities, amortized cost	$ 545		$ 557
Equity securities, gross unrealized gains	549		191
Equity securities, gross unrealized losses	0		0
Equity securities, estimated fair value	1,094		748
Total, amortized cost	556		557
Total, gross unrealized gains	549		191
Total, gross unrealized losses	0		0
Total, estimated fair value	1,105		748
Net unrealized gain (loss)	392	$ 12
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, amortized cost	11		0
Debt securities, gross unrealized gains	0		0
Debt securities, gross unrealized losses	0		0
Debt securities, estimated fair value	$ 11		$ 0

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Assets	$ 27	$ 18
Liabilities	(88)	(86)
Currency exchange contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	1
Liabilities	0	0
Currency exchange contracts \| Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	27	17
Liabilities	(27)	(17)
Interest rate swap contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ (61)	$ (69)

FINANCIAL INSTRUMENTS - Economic Hedges (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Embedded derivatives gain (loss)	$ 0	$ 1,000,000
Derivatives not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	6,000,000	10,000,000
Derivatives not designated as hedging instruments \| Currency exchange contracts \| Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	3,000,000	(2,000,000)
Derivatives not designated as hedging instruments \| Currency exchange contracts \| Cost of services sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	2,000,000	3,000,000
Derivatives not designated as hedging instruments \| Commodity derivatives \| Cost of goods sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gains (losses) from derivatives	$ 1,000,000	$ 9,000,000

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Segment Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 5,716	$ 4,835
Oilfield Services & Equipment
Disaggregation of Revenue [Line Items]
Revenue	3,577	3,017
Oilfield Services & Equipment \| North America
Disaggregation of Revenue [Line Items]
Revenue	992	823
Oilfield Services & Equipment \| Latin America
Disaggregation of Revenue [Line Items]
Revenue	661	440
Oilfield Services & Equipment \| Europe/CIS/Sub-Saharan Africa
Disaggregation of Revenue [Line Items]
Revenue	581	660
Oilfield Services & Equipment \| Middle East/Asia
Disaggregation of Revenue [Line Items]
Revenue	1,345	1,094
Oilfield Services & Equipment \| Well Construction
Disaggregation of Revenue [Line Items]
Revenue	1,061	883
Oilfield Services & Equipment \| Completions, Intervention & Measurements
Disaggregation of Revenue [Line Items]
Revenue	909	781
Oilfield Services & Equipment \| Production Solutions
Disaggregation of Revenue [Line Items]
Revenue	938	825
Oilfield Services & Equipment \| Subsea & Surface Pressure Systems
Disaggregation of Revenue [Line Items]
Revenue	670	528
Industrial & Energy Technology
Disaggregation of Revenue [Line Items]
Revenue	2,138	1,818
Industrial & Energy Technology \| Gas Technology - Equipment
Disaggregation of Revenue [Line Items]
Revenue	827	543
Industrial & Energy Technology \| Gas Technology - Services
Disaggregation of Revenue [Line Items]
Revenue	591	581
Industrial & Energy Technology \| Total Gas Technology
Disaggregation of Revenue [Line Items]
Revenue	1,418	1,124
Industrial & Energy Technology \| Condition Monitoring
Disaggregation of Revenue [Line Items]
Revenue	140	126
Industrial & Energy Technology \| Inspection
Disaggregation of Revenue [Line Items]
Revenue	254	212
Industrial & Energy Technology \| Pumps, Valves & Gears
Disaggregation of Revenue [Line Items]
Revenue	201	221
Industrial & Energy Technology \| PSI & Controls
Disaggregation of Revenue [Line Items]
Revenue	125	136
Industrial & Energy Technology \| Total Industrial Technology
Disaggregation of Revenue [Line Items]
Revenue	$ 721	$ 694

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Billions	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 29.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Within 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	60.00%
Timing of revenue expected to be recognized	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Within 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	72.00%
Timing of revenue expected to be recognized	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 \| Within 15 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	90.00%
Timing of revenue expected to be recognized	15 years

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2023 segment product_line
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Number of product lines	4
Industrial & Energy Technology
Segment Reporting Information [Line Items]
Number of product lines	6

SEGMENT INFORMATION - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 5,716	$ 4,835
Summarized financial information [Abstract]
Income before income taxes	760	187
Inventory impairment	(18)	0
Other non-operating income (loss), net	386	(28)
Interest expense, net	(64)	(64)
Operating segments
Summarized financial information [Abstract]
Income before income taxes	612	453
Corporate
Summarized financial information [Abstract]
Income before income taxes	(100)	(105)
Segment reconciling items
Summarized financial information [Abstract]
Inventory impairment	(18)	0
Restructuring, impairment and other	(56)	(70)
Other non-operating income (loss), net	386	(28)
Interest expense, net	(64)	(64)
Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Revenue	3,577	3,017
Oilfield Services & Equipment \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	371	213
Industrial & Energy Technology
Segment Reporting Information [Line Items]
Revenue	2,138	1,818
Industrial & Energy Technology \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	$ 241	$ 241

SEGMENT INFORMATION - Capital Expenditures and Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 269	$ 277
Operating segments
Segment Reporting Information [Line Items]
Depreciation and amortization	264	272
Operating segments \| Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Depreciation and amortization	208	222
Operating segments \| Industrial & Energy Technology
Segment Reporting Information [Line Items]
Depreciation and amortization	56	51
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 5	$ 4

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2019
Related Party Transaction [Line Items]
Total current receivables, gross	$ 6,715		$ 6,315
Corporate joint venture
Related Party Transaction [Line Items]
Purchases	114	$ 108
Accounts payable	55		110
Corporate joint venture \| Aero JV
Related Party Transaction [Line Items]
Ownership percentage				50.00%
Corporate joint venture \| Aero JV \| GE
Related Party Transaction [Line Items]
Ownership percentage				50.00%
GE
Related Party Transaction [Line Items]
Total current receivables, gross	$ 85		$ 16

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	May 29, 2020	Mar. 03, 2020	Mar. 18, 2019	Mar. 15, 2019	Mar. 31, 2023
Loss Contingencies [Line Items]
Off-balance sheet arrangements					$ 4,700.0
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Lost Profits and Various Costs
Loss Contingencies [Line Items]
Value of alleged damages sought	$ 235.0	$ 244.9		$ 591.0
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Loss of Cash Flow
Loss Contingencies [Line Items]
Value of alleged damages sought		700.0
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Liquidated Damages
Loss Contingencies [Line Items]
Value of alleged damages sought		4.8
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Take-or-pay Future Obligations
Loss Contingencies [Line Items]
Value of alleged damages sought		$ 58.6
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Legal Fees
Loss Contingencies [Line Items]
Value of alleged damages sought	$ 14.2
City of Riviera Beach Pension Fund and Richard Schippnick \| Pending Litigation
Loss Contingencies [Line Items]
Repurchase of stock from GE			$ 1,500.0
GE sale of stock			$ 2,500.0

RESTRUCTURING, IMPAIRMENT AND OTHER - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring, impairment and other	$ 56,000,000	$ 70,000,000
Restructuring and impairment charges	$ 56,000,000	4,000,000
Number of operating segments \| segment	2
Inventory impairment	$ 18,000,000	0
Estimated remaining charges	145,000,000
Other charges	$ 0	$ 66,000,000

RESTRUCTURING, IMPAIRMENT AND OTHER - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 56	$ 4
Property, plant & equipment, net
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	15	(9)
Employee-related termination costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	31	8
Other incremental costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	10	5
Operating segments \| Oilfield Services & Equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	15	2
Operating segments \| Industrial & Energy Technology
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	14	(1)
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 27	$ 3

BUSINESS HELD FOR SALE - Schedule of Assets and Liabilities of Businesses Held for Sale and All Other Current Assets and All Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Goodwill		$ 230
Held for sale \| Nexus Controls
Assets
Current receivables	$ 48
Inventories	40
Property, plant and equipment	2
Goodwill	230
Other assets	9
Total assets of business held for sale	329
Liabilities
Accounts payable	18
Progress collections and deferred income	39
All other current liabilities	19
Other liabilities	7
Total liabilities of business held for sale	83
Total net assets of business held for sale	$ 246