0000808362-23-000017 | 10-Q | XBRL Viewer | Baker Hughes Holdings LLC

OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets are comprised of the following:


	June 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,927	$	(775)	$	1,152	$	1,917	$	(729)	$	1,189
Technology	1,231		(849)		382		1,212		(803)		409
Trade names and trademarks	290		(181)		109		287		(175)		112
Capitalized software	1,365		(1,086)		279		1,308		(1,040)		268

Finite-lived intangible assets	4,813		(2,891)		1,922		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,015	$	(2,891)	$	4,124	$	6,927	$	(2,747)	$	4,180

Schedule of Indefinite-Lived Intangible Assets

Intangible assets are comprised of the following:


	June 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,927	$	(775)	$	1,152	$	1,917	$	(729)	$	1,189
Technology	1,231		(849)		382		1,212		(803)		409
Trade names and trademarks	290		(181)		109		287		(175)		112
Capitalized software	1,365		(1,086)		279		1,308		(1,040)		268

Finite-lived intangible assets	4,813		(2,891)		1,922		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,015	$	(2,891)	$	4,124	$	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	$	124
2024	232
2025	192
2026	146
2027	123
2028	107

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 6,315	$ 5,047	$ 12,030	$ 9,882
Costs and expenses:
Selling, general and administrative	695	624	1,351	1,245
Restructuring, impairment and other	102	371	158	441
Total costs and expenses	5,801	5,072	11,078	9,629
Operating income (loss)	514	(25)	952	253
Other non-operating income (loss), net	158	(570)	544	(597)
Interest expense, net	(58)	(60)	(122)	(124)
Income (loss) before income taxes	614	(655)	1,374	(468)
Provision for income taxes	(171)	(181)	(312)	(276)
Net income (loss)	443	(836)	1,062	(744)
Less: Net income attributable to noncontrolling interests	4	7	10	12
Net income (loss) attributable to Baker Hughes Holdings LLC	$ 439	$ (843)	$ 1,052	$ (756)
Units Held by Baker Hughes
Costs and expenses:
Cash dividends per share (in dollars per share)	$ 0.19	$ 0.18	$ 0.38	$ 0.36
Sales of goods
Revenue:
Total revenue	$ 3,793	$ 2,817	$ 7,276	$ 5,626
Costs and expenses:
Costs	3,255	2,495	6,237	4,862
Sales of services
Revenue:
Total revenue	2,522	2,230	4,754	4,256
Costs and expenses:
Costs	$ 1,749	$ 1,582	$ 3,332	$ 3,081

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		1,009,653,944
Entity Central Index Key	0000808362
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 171	$ 181	$ 312	$ 276

- Definition

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

+ References + Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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. 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 June 30, 2023 and December 31, 2022, $280 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.

FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Equity securities, amortized cost	$ 534		$ 534		$ 557
Equity securities, gross unrealized gains	510		510		191
Equity securities, gross unrealized losses	0		0		0
Equity securities, estimated fair value	1,044		1,044		748
Total, amortized cost	567		567		557
Total, gross unrealized gains	511		511		191
Total, gross unrealized losses	0		0		0
Total, estimated fair value	1,078		1,078		748
Net unrealized gain (loss)	(1)	$ (130)	391	$ (118)
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, amortized cost	33		33		0
Debt securities, gross unrealized gains	1		1		0
Debt securities, gross unrealized losses	0		0		0
Debt securities, estimated fair value	$ 34		$ 34		$ 0
Available for sale securities maturity	1 year		1 year

PROGRESS COLLECTIONS AND DEFERRED INCOME

6 Months Ended

Jun. 30, 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:


	June 30, 2023		December 31, 2022
Progress collections	$	4,950	$	3,713
Deferred income	151		109
Progress collections and deferred income (contract liabilities)	$	5,101	$	3,822

Revenue recognized during the three months ended June 30, 2023 and 2022 that was included in the contract liabilities at the beginning of the period was $507 million and $513 million, respectively, and $1,468 million and $1,253 million during the six months ended June 30, 2023 and 2022, respectively.

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

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


	Three Months Ended June 30,				Six Months Ended June 30,
Total Revenue	2023		2022		2023		2022
Well Construction	$	1,076	$	936	$	2,137	$	1,819
Completions, Intervention & Measurements	1,090		886		1,999		1,667
Production Solutions	959		866		1,897		1,691
Subsea & Surface Pressure Systems	752		541		1,422		1,070
Oilfield Services & Equipment	3,877		3,230		7,454		6,247
Gas Technology - Equipment	999		556		1,826		1,099
Gas Technology - Services	658		542		1,249		1,123
Total Gas Technology	1,658		1,098		3,075		2,222
Condition Monitoring	154		133		294		259
Inspection	318		257		572		469
Pumps, Valves & Gears	217		194		418		415
PSI & Controls	92		135		216		270
Total Industrial Technology	780		718		1,501		1,413
Industrial & Energy Technology	2,438		1,816		4,576		3,635
Total	$	6,315	$	5,047	$	12,030	$	9,882

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


	Three Months Ended June 30,				Six Months Ended June 30,
Oilfield Services & Equipment Geographic Revenue	2023		2022		2023		2022
North America	$	1,042	$	925	$	2,033	$	1,748
Latin America	698		509		1,358		950
Europe/CIS/Sub-Saharan Africa	672		660		1,253		1,320
Middle East/Asia	1,465		1,136		2,810		2,230
Oilfield Services & Equipment	$	3,877	$	3,230	$	7,454	$	6,247

REMAINING PERFORMANCE OBLIGATIONS

As of June 30, 2023, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $31 billion. As of June 30, 2023, we expect to recognize revenue of approximately 60%, 74% 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivatives	$ 27	$ 18
Investment securities	1,078	748
Liabilities
Derivatives	(73)	(86)
Recurring
Assets
Derivatives	27	18
Investment securities	1,078	748
Total assets	1,105	766
Liabilities
Derivatives	(73)	(86)
Total liabilities	(73)	(86)
Recurring \| Level 1
Assets
Derivatives	0	0
Investment securities	1,078	748
Total assets	1,078	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	(73)	(86)
Total liabilities	(73)	(86)
Recurring \| Level 3
Assets
Derivatives	0	0
Investment securities	0	0
Total assets	0	0
Liabilities
Derivatives	0	0
Total liabilities	$ 0	$ 0

SEGMENT INFORMATION - Capital Expenditures and Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 276	$ 275	$ 545	$ 551
Operating segments
Segment Reporting Information [Line Items]
Depreciation and amortization	271	270	535	542
Operating segments \| Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Depreciation and amortization	219	221	426	443
Operating segments \| Industrial & Energy Technology
Segment Reporting Information [Line Items]
Depreciation and amortization	52	49	109	100
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 5	$ 5	$ 10	$ 9

SEGMENT INFORMATION - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 6,315	$ 5,047	$ 12,030	$ 9,882
Summarized financial information [Abstract]
Income before income taxes	614	(655)	1,374	(468)
Inventory impairment	(15)		(33)	(31)
Other non-operating income (loss), net	158	(570)	544	(597)
Interest expense, net	(58)	(60)	(122)	(124)
Operating segments
Summarized financial information [Abstract]
Income before income taxes	728	485	1,341	938
Corporate
Summarized financial information [Abstract]
Income before income taxes	(97)	(108)	(197)	(213)
Segment reconciling items
Summarized financial information [Abstract]
Inventory impairment	(15)	(31)	(33)	(31)
Restructuring, impairment and other	(102)	(371)	(158)	(441)
Other non-operating income (loss), net	158	(570)	544	(597)
Interest expense, net	(58)	(60)	(122)	(124)
Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Revenue	3,877	3,230	7,454	6,247
Oilfield Services & Equipment \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	417	249	789	461
Industrial & Energy Technology
Segment Reporting Information [Line Items]
Revenue	2,438	1,816	4,576	3,635
Industrial & Energy Technology \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	$ 311	$ 236	$ 552	$ 476

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2019
Related Party Transaction [Line Items]
Accounts payable	$ 4,154		$ 4,154		$ 4,298
Corporate joint venture
Related Party Transaction [Line Items]
Purchases	131	$ 145	245	$ 253
Accounts payable	$ 61		$ 61		$ 110
Corporate joint venture \| Aero JV
Related Party Transaction [Line Items]
Ownership percentage						50.00%
Corporate joint venture \| Aero JV \| General Electric Company (GE)
Related Party Transaction [Line Items]
Ownership percentage						50.00%

DEBT (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Borrowings

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


	June 30, 2023		December 31, 2022
Short-term and current portion of long-term debt
1.231% Senior Notes due December 2023	$	649	$	649
8.55% Debentures due June 2024	111		—
Other debt	85		29
Total short-term and current portion of long-term debt	845		677


Long-term debt
8.55% Debentures due June 2024	—		114
2.061% Senior Notes due December 2026	598		597
3.337% Senior Notes due December 2027	1,280		1,277
6.875% Notes due January 2029	270		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	1,284		1,286
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	58		75
Total long-term debt	5,848		5,980
Total debt	$	6,693	$	6,658

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Units Held by Baker Hughes
Cash dividends per share (in dollars per share)	$ 0.19	$ 0.18	$ 0.38	$ 0.36

LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Lease Expense
Long-term fixed lease	$ 68	$ 63	$ 137	$ 126
Long-term variable lease	19	13	34	22
Short-term lease	124	114	251	224
Total operating lease expense	$ 210	$ 190	$ 422	$ 372

CURRENT RECEIVABLES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 6,824	$ 6,315
Less: Allowance for credit losses	(348)	(341)
Total current receivables, net	6,476	5,974
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	5,414	5,083
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 1,410	$ 1,232

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Segment Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 6,315	$ 5,047	$ 12,030	$ 9,882
Oilfield Services & Equipment
Disaggregation of Revenue [Line Items]
Revenue	3,877	3,230	7,454	6,247
Oilfield Services & Equipment \| North America
Disaggregation of Revenue [Line Items]
Revenue	1,042	925	2,033	1,748
Oilfield Services & Equipment \| Latin America
Disaggregation of Revenue [Line Items]
Revenue	698	509	1,358	950
Oilfield Services & Equipment \| Europe/CIS/Sub-Saharan Africa
Disaggregation of Revenue [Line Items]
Revenue	672	660	1,253	1,320
Oilfield Services & Equipment \| Middle East/Asia
Disaggregation of Revenue [Line Items]
Revenue	1,465	1,136	2,810	2,230
Oilfield Services & Equipment \| Well Construction
Disaggregation of Revenue [Line Items]
Revenue	1,076	936	2,137	1,819
Oilfield Services & Equipment \| Completions, Intervention & Measurements
Disaggregation of Revenue [Line Items]
Revenue	1,090	886	1,999	1,667
Oilfield Services & Equipment \| Production Solutions
Disaggregation of Revenue [Line Items]
Revenue	959	866	1,897	1,691
Oilfield Services & Equipment \| Subsea & Surface Pressure Systems
Disaggregation of Revenue [Line Items]
Revenue	752	541	1,422	1,070
Industrial & Energy Technology
Disaggregation of Revenue [Line Items]
Revenue	2,438	1,816	4,576	3,635
Industrial & Energy Technology \| Gas Technology - Equipment
Disaggregation of Revenue [Line Items]
Revenue	999	556	1,826	1,099
Industrial & Energy Technology \| Gas Technology - Services
Disaggregation of Revenue [Line Items]
Revenue	658	542	1,249	1,123
Industrial & Energy Technology \| Total Gas Technology
Disaggregation of Revenue [Line Items]
Revenue	1,658	1,098	3,075	2,222
Industrial & Energy Technology \| Condition Monitoring
Disaggregation of Revenue [Line Items]
Revenue	154	133	294	259
Industrial & Energy Technology \| Inspection
Disaggregation of Revenue [Line Items]
Revenue	318	257	572	469
Industrial & Energy Technology \| Pumps, Valves & Gears
Disaggregation of Revenue [Line Items]
Revenue	217	194	418	415
Industrial & Energy Technology \| PSI & Controls
Disaggregation of Revenue [Line Items]
Revenue	92	135	216	270
Industrial & Energy Technology \| Total Industrial Technology
Disaggregation of Revenue [Line Items]
Revenue	$ 780	$ 718	$ 1,501	$ 1,413

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2023

Inventory, Net [Abstract]

Schedule of Inventories, Net of Reserves

Inventories, net of reserves of $400 million and $396 million as of June 30, 2023 and December 31, 2022, respectively, are comprised of the following:


	June 30, 2023		December 31, 2022
Finished goods	$	2,604	$	2,419
Work in process and raw materials	2,353		2,168

Total inventories, net	$	4,957	$	4,587

CONTRACT AND OTHER DEFERRED ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets

Contract assets are comprised of the following:


	June 30, 2023		December 31, 2022
Long-term product service agreements	$	410	$	392
Long-term equipment contracts and certain other service agreements	1,145		955
Contract assets (total revenue in excess of billings)	1,555		1,347
Deferred inventory costs	180		125
Other costs to fulfill or obtain a contract (1)	41		31

Contract and other deferred assets	$	1,776	$	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:


	June 30, 2023		December 31, 2022
Progress collections	$	4,950	$	3,713
Deferred income	151		109
Progress collections and deferred income (contract liabilities)	$	5,101	$	3,822

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:
Net income	(744)		(756)		12
Other comprehensive income (loss)	(120)			(118)	(2)
Dividends on Class A common stock	(369)	(369)
Repurchase and cancellation of common units	(462)	(462)
Baker Hughes Company stock-based compensation cost	102	102
Other	22	63			(41)
Ending Balance at Jun. 30, 2022	15,155	34,923	(17,067)	(2,809)	108
Beginning Balance at Mar. 31, 2022	16,513	35,265	(16,224)	(2,664)	136
Comprehensive income:
Net income	(836)		(843)		7
Other comprehensive income (loss)	(146)			(145)	(1)
Dividends on Class A common stock	(184)	(184)
Repurchase and cancellation of common units	(226)	(226)
Baker Hughes Company stock-based compensation cost	50	50
Other	(16)	18			(34)
Ending Balance at Jun. 30, 2022	15,155	34,923	(17,067)	(2,809)	108
Beginning Balance at Dec. 31, 2022	14,659	34,336	(16,837)	(2,971)	131
Comprehensive income:
Net income	1,062		1,052		10
Other comprehensive income (loss)	176			176
Dividends on Class A common stock	(384)	(384)
Repurchase and cancellation of common units	(99)	(99)
Baker Hughes Company stock-based compensation cost	98	98
Other	26	30			(4)
Ending Balance at Jun. 30, 2023	15,538	33,981	(15,785)	(2,795)	137
Beginning Balance at Mar. 31, 2023	15,092	34,207	(16,224)	(3,026)	135
Comprehensive income:
Net income	443		439		4
Other comprehensive income (loss)	232			232
Dividends on Class A common stock	(192)	(192)
Repurchase and cancellation of common units	(99)	(99)
Baker Hughes Company stock-based compensation cost	49	49
Other	13	16		(1)	(2)
Ending Balance at Jun. 30, 2023	$ 15,538	$ 33,981	$ (15,785)	$ (2,795)	$ 137

- 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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+ Details

OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS

Intangible assets are comprised of the following:


	June 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,927	$	(775)	$	1,152	$	1,917	$	(729)	$	1,189
Technology	1,231		(849)		382		1,212		(803)		409
Trade names and trademarks	290		(181)		109		287		(175)		112
Capitalized software	1,365		(1,086)		279		1,308		(1,040)		268

Finite-lived intangible assets	4,813		(2,891)		1,922		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,015	$	(2,891)	$	4,124	$	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 June 30, 2023 and 2022 was $63 million and $55 million, respectively, and $126 million and $110 million for the six months ended June 30, 2023 and 2022, 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	$	124
2024	232
2025	192
2026	146
2027	123
2028	107

CURRENT RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Current Receivables

Current receivables are comprised of the following:


	June 30, 2023		December 31, 2022
Customer receivables	$	5,414	$	5,083
Other	1,410		1,232
Total current receivables	6,824		6,315
Less: Allowance for credit losses	(348)		(341)
Total current receivables, net	$	6,476	$	5,974

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Estimated Amortization Expense (Details) $ in Millions	Jun. 30, 2023 USD ($)
Year
Remainder of 2023	$ 124
2024	232
2025	192
2026	146
2027	123
2028	$ 107

EQUITY - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 15,092	$ 16,513	$ 14,659	$ 16,726
Other comprehensive income (loss) before reclassifications			167	(162)
Amounts reclassified from accumulated other comprehensive loss			9	49
Deferred taxes			0	(7)
Other comprehensive income (loss)	232	(146)	176	(120)
Less: Other comprehensive loss attributable to noncontrolling interests	0	(1)	0	(2)
Ending Balance	15,538	15,155	15,538	15,155
Investment Securities, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			0
Ending Balance	1		1
Investment Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			1
Amounts reclassified from accumulated other comprehensive loss			0
Deferred taxes			0
Other comprehensive income (loss)			1
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	(2,498)	(2,549)	(2,498)	(2,549)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			168	(188)
Amounts reclassified from accumulated other comprehensive loss			0	35
Deferred taxes			0	0
Other comprehensive income (loss)			168	(153)
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				(2)
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(10)	(12)
Ending Balance	1	(11)	1	(11)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			11	(1)
Amounts reclassified from accumulated other comprehensive loss			2	2
Deferred taxes			(2)	0
Other comprehensive income (loss)			11	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	(299)	(249)	(299)	(249)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(13)	27
Amounts reclassified from accumulated other comprehensive loss			7	12
Deferred taxes			2	(7)
Other comprehensive income (loss)			(4)	32
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	(3,026)	(2,664)	(2,971)	(2,691)
Other comprehensive income (loss)	232	(145)	176	(118)
Ending Balance	$ (2,795)	$ (2,809)	$ (2,795)	$ (2,809)

LEASES

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Operating Lease Expense	2023		2022		2023		2022
Long-term fixed lease	$	68	$	63	$	137	$	126
Long-term variable lease	19		13		34		22
Short-term lease	124		114		251		224
Total operating lease expense	$	210	$	190	$	422	$	372

Cash flows used in operating activities for operating leases approximates our expense for the three and six months ended June 30, 2023 and 2022.

The weighted-average remaining lease term as of June 30, 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 June 30, 2023 and December 31, 2022 was 3.5% and 3.1%, respectively.

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Stock repurchased and canceled (in shares)	3,600,000	6,700,000	3,600,000	14,800,000
Repurchase and cancellation of common units	$ 99	$ 226	$ 99	$ 462
Stock repurchase average price per share (in dollars per share)	$ 27.66	$ 33.77	$ 27.66	$ 31.13
Remaining authorized repurchase amount	$ 2,700		$ 2,700
Units Held by Baker Hughes
Class of Stock [Line Items]
Common stock outstanding (in shares)	1,009,061,000	1,012,335,000	1,009,061,000	1,012,335,000	1,005,960,000	909,142,000
Units Held by General Electric Company
Class of Stock [Line Items]
Common stock outstanding (in shares)	0	7,000,000	0	7,000,000	0	116,548,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSWe have an aeroderivative joint venture ("Aero JV") we formed with General Electric Company ("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 from the Aero JV of $131 million and $145 million during the three months ended June 30, 2023 and 2022, respectively, and $245 million and $253 million during the six months ended June 30, 2023 and 2022, respectively. We have $61 million and $110 million of accounts payable at June 30, 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 and six months ended June 30, 2023 and 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 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

PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 5,101		$ 5,101		$ 3,822
Revenue recognized, included in contract liability	507	$ 513	1,468	$ 1,253
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	4,950		4,950		3,713
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 151		$ 151		$ 109

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,804	$ 2,485
Current receivables, net	6,476	5,974
Inventories, net	4,957	4,587
All other current assets	1,626	1,559
Total current assets	15,863	14,605
Property, plant and equipment (net of accumulated depreciation of $5,491 and $5,121)	4,723	4,538
Goodwill	5,835	5,691
Other intangible assets, net	4,124	4,180
Contract and other deferred assets	1,776	1,503
All other assets	3,229	2,998
Deferred income taxes	670	657
Total assets	36,220	34,172
Current liabilities:
Accounts payable	4,154	4,298
Short-term and current portion of long-term debt	845	677
Progress collections and deferred income	5,101	3,822
All other current liabilities	2,200	2,235
Total current liabilities	12,300	11,032
Long-term debt	5,848	5,980
Deferred income taxes	147	135
Liabilities for pensions and other postretirement benefits	968	960
All other liabilities	1,419	1,406
Members' Equity:
Members' capital, common units, 1,009 and 1,006 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	33,981	34,336
Retained loss	(15,785)	(16,837)
Accumulated other comprehensive loss	(2,795)	(2,971)
Baker Hughes Holdings LLC equity	15,401	14,528
Noncontrolling interests	137	131
Total equity	15,538	14,659
Total liabilities and equity	$ 36,220	$ 34,172

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 1,062	$ (744)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	545	551
(Gain) loss on equity securities	(540)	112
Provision (benefit) for deferred income taxes	57	(34)
Stock-based compensation cost	98	102
Loss on assets held for sale	0	426
Inventory impairment	33	31
Changes in operating assets and liabilities:
Current receivables	(434)	(412)
Inventories	(332)	(408)
Accounts payable	(156)	185
Progress collections and deferred income	1,223	624
Contract and other deferred assets	(236)	(122)
Other operating items, net	(47)	89
Net cash flows from operating activities	1,273	400
Cash flows from investing activities:
Expenditures for capital assets	(587)	(494)
Proceeds from disposal of assets	87	143
Proceeds from business dispositions	293	0
Net cash paid for acquisitions	(282)	(86)
Other investing items, net	75	7
Net cash flows used in investing activities	(414)	(430)
Cash flows from financing activities:
Distributions to Members	(384)	(369)
Repurchase of common units	(99)	(462)
Other financing items, net	(18)	(37)
Net cash flows used in financing activities	(501)	(868)
Effect of currency exchange rate changes on cash and cash equivalents	(39)	(20)
Increase (decrease) in cash and cash equivalents	319	(919)
Cash and cash equivalents, beginning of period	2,485	3,843
Cash and cash equivalents, end of period	2,804	2,924
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	316	282
Interest paid	$ 157	$ 140

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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.


	June 30, 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	1,078		—		—		1,078		748		—		—		748
Total assets	1,078		27		—		1,105		748		18		—		766

Liabilities
Derivatives	—		(73)		—		(73)		—		(86)		—		(86)
Total liabilities	$	—	$	(73)	$	—	$	(73)	$	—	$	(86)	$	—	$	(86)

Schedule of Investment Securities Classified as Available for Sale


	June 30, 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)	$	33	$	1	$	—	$	34	$	—	$	—	$	—	$	—
Equity securities	534		510		—		1,044		557		191		—		748
Total	$	567	$	511	$	—	$	1,078	$	557	$	191	$	—	$	748

(1)Gains (losses) recorded to earnings related to these securities were $(1) million and $(130) million for the three months ended June 30, 2023 and 2022, respectively, and $391 million and $(118) million for the six months ended June 30, 2023 and 2022.

(2)As of June 30, 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.


	June 30, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	5	$	—	$	1	$	—
Interest rate swap contracts	6		(66)		—		(69)

Derivatives not accounted for as hedges
Currency exchange contracts and other	16		(7)		17		(17)


Total derivatives	$	27	$	(73)	$	18	$	(86)

- Definition

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

+ References + Details

CURRENT RECEIVABLES

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

CURRENT RECEIVABLES

Current receivables are comprised of the following:


	June 30, 2023		December 31, 2022
Customer receivables	$	5,414	$	5,083
Other	1,410		1,232
Total current receivables	6,824		6,315
Less: Allowance for credit losses	(348)		(341)
Total current receivables, net	$	6,476	$	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.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 439	$ (843)	$ 1,052	$ (756)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

EQUITY - Changes in Number of Shares Outstanding (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 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)	6,696	8,470
Exchange of Class B common stock for Class A common stock (in shares)	0	109,548
Repurchase and cancellation of Class A common stock (in shares)	(3,596)	(14,825)
Ending balance (in shares)	1,009,061	1,012,335
Units Held by General Electric Company
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	(109,548)
Repurchase and cancellation of Class A common stock (in shares)	0	0
Ending balance (in shares)	0	7,000

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three and six months ended June 30, 2023, the provision for income taxes was $171 million and $312 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S., which is partially offset by tax benefits related to uncertain tax positions. Further, for the six months ended June 30, 2023, the tax rate is also partially reduced by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances. 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 and six months ended June 30, 2022, the provision for income taxes was $181 million and $276 million, respectively. 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, restructuring charges related to our Russia operations for which a majority has no tax benefit, and income in jurisdictions with tax rates higher than in the U.S.

- Definition

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

+ References

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+ Details

CONTRACT AND OTHER DEFERRED ASSETS

6 Months Ended

Jun. 30, 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:


	June 30, 2023		December 31, 2022
Long-term product service agreements	$	410	$	392
Long-term equipment contracts and certain other service agreements	1,145		955
Contract assets (total revenue in excess of billings)	1,555		1,347
Deferred inventory costs	180		125
Other costs to fulfill or obtain a contract (1)	41		31

Contract and other deferred assets	$	1,776	$	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 June 30, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $13 million and $17 million, respectively, and $14 million and $13 million during the six months ended June 30, 2023 and 2022, 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.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 443	$ (836)	$ 1,062	$ (744)
Less: Net income attributable to noncontrolling interests	4	7	10	12
Net income (loss) attributable to Baker Hughes Holdings LLC	439	(843)	1,052	(756)
Other comprehensive income (loss):
Investment securities	1	0	1	0
Foreign currency translation adjustments	230	(170)	168	(153)
Cash flow hedges	11	0	11	1
Benefit plans	(10)	24	(4)	32
Other comprehensive income (loss)	232	(146)	176	(120)
Less: Other comprehensive loss attributable to noncontrolling interests	0	(1)	0	(2)
Other comprehensive income (loss) attributable to Baker Hughes Holdings LLC	232	(145)	176	(118)
Comprehensive income (loss)	675	(982)	1,238	(864)
Less: Comprehensive income attributable to noncontrolling interests	4	6	10	10
Comprehensive income (loss) attributable to Baker Hughes Holdings LLC	$ 671	$ (988)	$ 1,228	$ (874)

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 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 May 16, 2023, the plaintiffs filed a notice of appeal. At this time, we are not able to predict the outcome of these proceedings. 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. On May 2, 2023, a stipulation of dismissal, disposing of the plaintiffs' remaining claims, was granted by the Court. 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 $5 billion at June 30, 2023. It is not practicable to estimate the fair value of these financial instruments. As of June 30, 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.

BUSINESS ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 5,835		$ 5,691
Proceeds from business dispositions	293	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Nexus Controls
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from business dispositions	293
Several Acquisitions including Altus Intervention
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred	282
Goodwill	113
Intangible assets	$ 31

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounting Standards Update 2022-04 \| SCF program
Supplier Finance Program [Line Items]
SCF program liabilities	$ 280	$ 275

INVENTORIES

6 Months Ended

Jun. 30, 2023

Inventory, Net [Abstract]

INVENTORIES

Inventories, net of reserves of $400 million and $396 million as of June 30, 2023 and December 31, 2022, respectively, are comprised of the following:


	June 30, 2023		December 31, 2022
Finished goods	$	2,604	$	2,419
Work in process and raw materials	2,353		2,168

Total inventories, net	$	4,957	$	4,587

During the three and six months ended June 30, 2023, we recorded inventory impairments of $15 million and $33 million, respectively, primarily in our Oilfield Services & Equipment ("OFSE") segment related to exit activities at specific locations. During the three and six months ended June 30, 2022, we recorded inventory impairments of $31 million primarily in our Industrial & Energy Technology ("IET") segment as part of suspending our Russia operations. 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.

FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 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.


	June 30, 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	1,078		—		—		1,078		748		—		—		748
Total assets	1,078		27		—		1,105		748		18		—		766

Liabilities
Derivatives	—		(73)		—		(73)		—		(86)		—		(86)
Total liabilities	$	—	$	(73)	$	—	$	(73)	$	—	$	(86)	$	—	$	(86)


	June 30, 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)	$	33	$	1	$	—	$	34	$	—	$	—	$	—	$	—
Equity securities	534		510		—		1,044		557		191		—		748
Total	$	567	$	511	$	—	$	1,078	$	557	$	191	$	—	$	748

(2)As of June 30, 2023, our non-U.S. debt securities are classified as available for sale securities and mature within one year.

As of June 30, 2023 and December 31, 2022, the balance of our equity securities with readily determinable fair values were $1,044 million and $748 million, respectively, and are comprised primarily of our investment in ADNOC Drilling and C3.ai, Inc., and are recorded in "All other current assets" in the condensed consolidated statements of financial position. We measured our investments to fair value based on quoted prices in active markets.

Gains (losses) recorded to earnings for our equity securities with readily determinable fair values were $29 million and $(123) million for the three months ended June 30, 2023 and 2022, respectively, and $421 million and $(111) million for the six months ended June 30, 2023 and 2022, respectively. Gains (losses) related to our equity securities with readily determinable fair values are reported in "Other non-operating income (loss), net" in our condensed consolidated statements of income (loss).

OTHER EQUITY INVESTMENTS

As of June 30, 2023 and December 31, 2022, the carrying amount of equity securities without readily determinable fair values was $143 million and $60 million, respectively. During the second quarter of 2023, certain of these equity securities were remeasured to fair value as of the date that an observable transaction occurred. The remeasurement resulted in the Company recording a gain of $118 million. Gains (losses) related to our equity

securities without readily determinable fair values are reported in "Other non-operating income (loss), net" in our condensed consolidated statements of income (loss).

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 June 30, 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.


	June 30, 2023				December 31, 2022
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	5	$	—	$	1	$	—
Interest rate swap contracts	6		(66)		—		(69)

Derivatives not accounted for as hedges
Currency exchange contracts and other	16		(7)		17		(17)


Total derivatives	$	27	$	(73)	$	18	$	(86)

Derivatives are classified in the condensed consolidated statements of financial position depending on their respective maturity date. As of June 30, 2023 and December 31, 2022, $25 million and $17 million of derivative assets are recorded in "All other current assets" and $2 million and $1 million are recorded in "All other assets" in the condensed consolidated statements of financial position, respectively. As of June 30, 2023 and December 31, 2022, $7 million and $17 million of derivative liabilities are recorded in "All other current liabilities" and $66 million and $69 million are recorded in "All other liabilities" in 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 six months ended June 30, 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 June 30, 2023 and December 31, 2022, the maximum term of derivative instruments that hedge forecasted transactions was approximately two years and one year, respectively.

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 June 30, 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. As of July 1, 2023, the interest rate is based on a Secured Overnight Financing Rate ("SOFR") index. 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.

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 $4.1 billion and $3.8 billion at June 30, 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.

BUSINESS ACQUISITIONS AND DISPOSITIONS	6 Months Ended
BUSINESS ACQUISITIONS AND DISPOSITIONS	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
BUSINESS ACQUISITIONS AND DISPOSITIONS	BUSINESS ACQUISITIONS AND DISPOSITIONS ACQUISITIONS During the first six months of 2023, we completed the acquisition of businesses for total cash consideration of $282 million, net of cash acquired, which consisted primarily of the acquisition of Altus Intervention in the OFSE segment in April 2023. Altus Intervention is a leading international provider of well intervention services and downhole technology. The assets acquired and liabilities assumed in these acquisitions were recorded based on preliminary estimates of their fair values as of the acquisition date. As a result of these acquisitions, we recorded $113 million of goodwill and $31 million of intangible assets, subject to final fair value adjustments. Pro forma results of operations for these acquisitions have not been presented because the effects of these acquisitions were not material to our consolidated financial statements. DISPOSITIONS During the first six months of 2023, we completed the sale of businesses and received total cash consideration of $293 million. The dispositions consisted primarily of the sale of our Nexus Controls business in the IET segment to GE in April 2023, which resulted in an immaterial gain. Nexus Controls specializes in scalable industrial controls systems, safety systems, hardware, and software cybersecurity solutions and services. GE will continue to provide Baker Hughes with GE's MarkTM controls products currently in the Nexus Controls portfolio, and we will be the exclusive supplier and service provider of such GE products for our oil and gas customers' control needs.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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 carbon capture, utilization and storage, 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 June 30,				Six Months Ended June 30,
Revenue	2023		2022		2023		2022
Oilfield Services & Equipment	$	3,877	$	3,230	$	7,454	$	6,247
Industrial & Energy Technology	2,438		1,816		4,576		3,635
Total	$	6,315	$	5,047	$	12,030	$	9,882


	Three Months Ended June 30,				Six Months Ended June 30,
Income before income taxes	2023		2022		2023		2022
Oilfield Services & Equipment	$	417	$	249	$	789	$	461
Industrial & Energy Technology	311		236		552		476
Total segment	728		485		1,341		938
Corporate	(97)		(108)		(197)		(213)

Inventory impairment	(15)		(31)		(33)		(31)
Restructuring, impairment and other	(102)		(371)		(158)		(441)
Other non-operating income (loss), net	158		(570)		544		(597)
Interest expense, net	(58)		(60)		(122)		(124)
Income before income taxes	$	614	$	(655)	$	1,374	$	(468)

The following table presents depreciation and amortization by segment:


	Three Months Ended June 30,				Six Months Ended June 30,
Depreciation and amortization	2023		2022		2023		2022
Oilfield Services & Equipment	$	219	$	221	$	426	$	443
Industrial & Energy Technology	52		49		109		100
Total segment	271		270		535		542
Corporate	5		5		10		9
Total	$	276	$	275	$	545	$	551

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Revenue	2023		2022		2023		2022
Oilfield Services & Equipment	$	3,877	$	3,230	$	7,454	$	6,247
Industrial & Energy Technology	2,438		1,816		4,576		3,635
Total	$	6,315	$	5,047	$	12,030	$	9,882


	Three Months Ended June 30,				Six Months Ended June 30,
Income before income taxes	2023		2022		2023		2022
Oilfield Services & Equipment	$	417	$	249	$	789	$	461
Industrial & Energy Technology	311		236		552		476
Total segment	728		485		1,341		938
Corporate	(97)		(108)		(197)		(213)

Inventory impairment	(15)		(31)		(33)		(31)
Restructuring, impairment and other	(102)		(371)		(158)		(441)
Other non-operating income (loss), net	158		(570)		544		(597)
Interest expense, net	(58)		(60)		(122)		(124)
Income before income taxes	$	614	$	(655)	$	1,374	$	(468)

The following table presents depreciation and amortization by segment:


	Three Months Ended June 30,				Six Months Ended June 30,
Depreciation and amortization	2023		2022		2023		2022
Oilfield Services & Equipment	$	219	$	221	$	426	$	443
Industrial & Energy Technology	52		49		109		100
Total segment	271		270		535		542
Corporate	5		5		10		9
Total	$	276	$	275	$	545	$	551

PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Liabilities

Contract assets are comprised of the following:


	June 30, 2023		December 31, 2022
Long-term product service agreements	$	410	$	392
Long-term equipment contracts and certain other service agreements	1,145		955
Contract assets (total revenue in excess of billings)	1,555		1,347
Deferred inventory costs	180		125
Other costs to fulfill or obtain a contract (1)	41		31

Contract and other deferred assets	$	1,776	$	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:


	June 30, 2023		December 31, 2022
Progress collections	$	4,950	$	3,713
Deferred income	151		109
Progress collections and deferred income (contract liabilities)	$	5,101	$	3,822

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 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 line. See "Note 13. Segment Information" for further details.


	Three Months Ended June 30,				Six Months Ended June 30,
Total Revenue	2023		2022		2023		2022
Well Construction	$	1,076	$	936	$	2,137	$	1,819
Completions, Intervention & Measurements	1,090		886		1,999		1,667
Production Solutions	959		866		1,897		1,691
Subsea & Surface Pressure Systems	752		541		1,422		1,070
Oilfield Services & Equipment	3,877		3,230		7,454		6,247
Gas Technology - Equipment	999		556		1,826		1,099
Gas Technology - Services	658		542		1,249		1,123
Total Gas Technology	1,658		1,098		3,075		2,222
Condition Monitoring	154		133		294		259
Inspection	318		257		572		469
Pumps, Valves & Gears	217		194		418		415
PSI & Controls	92		135		216		270
Total Industrial Technology	780		718		1,501		1,413
Industrial & Energy Technology	2,438		1,816		4,576		3,635
Total	$	6,315	$	5,047	$	12,030	$	9,882

Schedule of Revenue by Geographic Region

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


	Three Months Ended June 30,				Six Months Ended June 30,
Oilfield Services & Equipment Geographic Revenue	2023		2022		2023		2022
North America	$	1,042	$	925	$	2,033	$	1,748
Latin America	698		509		1,358		950
Europe/CIS/Sub-Saharan Africa	672		660		1,253		1,320
Middle East/Asia	1,465		1,136		2,810		2,230
Oilfield Services & Equipment	$	3,877	$	3,230	$	7,454	$	6,247

INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventory [Line Items]
Inventory valuation reserves	$ 400		$ 400		$ 396
Finished goods	2,604		2,604		2,419
Work in process and raw materials	2,353		2,353		2,168
Total inventories, net	4,957		4,957		$ 4,587
Inventory impairment	15		33	$ 31
Oilfield Services & Equipment
Inventory [Line Items]
Inventory impairment	$ 15		$ 33
Industrial & Energy Technology
Inventory [Line Items]
Inventory impairment		$ 31		$ 31

EQUITY

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

EQUITY

MEMBERS' EQUITY

COMMON UNITS

The BHH LLC Agreement provides that there is one class of common units ("Units") and the holders of the Units are referred to as Members. As of June 30, 2023 and December 31, 2022, all outstanding Units are held by Baker Hughes Company ("Baker Hughes") or one of its direct subsidiaries. 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 six months ended June 30, 2023 and 2022, we issued 6,696 thousand and 8,470 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. During the three and six months ended June 30, 2023, we repurchased and canceled 3.6 million Units for $99 million, representing an average price per Unit of $27.66. During the three and six months ended June 30, 2022, we repurchased and canceled 6.7 million and 14.8 million Units for $226 million and $462 million, representing an average price per Unit of $33.77 and $31.13, respectively. As of June 30, 2023, we had authorization remaining to repurchase up to approximately $2.7 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 General Electric Company
	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	6,696	8,470	—	—


Exchange of Units (1)	—	109,548	—	(109,548)
Repurchase and cancellation of Units	(3,596)	(14,825)	—	—
Balance at June 30	1,009,061	1,012,335	—	7,000

(1)When shares of Baker Hughes' Class B common stock, together with associated Units, are exchanged for shares of Baker Hughes' 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:


	Investment Securities		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 (loss) before reclassifications	1		168		11		(13)		167
Amounts reclassified from accumulated other comprehensive loss	—		—		2		7		9
Deferred taxes	—		—		(2)		2		—
Other comprehensive income (loss)	1		168		11		(4)		176



Balance at June 30, 2023	$	1	$	(2,498)	$	1	$	(299)	$	(2,795)


	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	(188)		(1)		27		(162)
Amounts reclassified from accumulated other comprehensive loss	35		2		12		49
Deferred taxes	—		—		(7)		(7)
Other comprehensive income (loss)	(153)		1		32		(120)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(2)		—		—		(2)



Balance at June 30, 2022	$	(2,549)	$	(11)	$	(249)	$	(2,809)

The amounts reclassified from accumulated other comprehensive loss during the six months ended June 30, 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 equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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+ Details

RESTRUCTURING, IMPAIRMENT AND OTHER - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and other	$ 102	$ 371	$ 158	$ 441
Restructuring and impairment charges	96	25	$ 152	29
Number of operating segments \| segment			2
Inventory impairment	15		$ 33	31
Estimated remaining charges	45		45
Other charges	$ 6	346	$ 6	412
Industrial & Energy Technology
Restructuring Cost and Reserve [Line Items]
Inventory impairment		31		31
Held for sale \| Oilfield Services, Russia Business [Member]
Restructuring Cost and Reserve [Line Items]
Other impairment charges		$ 334		$ 334

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Assets	$ 27	$ 18
Liabilities	(73)	(86)
Currency exchange contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	5	1
Liabilities	0	0
Currency exchange contracts \| Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	16	17
Liabilities	(7)	(17)
Interest rate swap contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	6	0
Liabilities	$ (66)	$ (69)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

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+ Details

LEASES - Narrative (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term	7 years	7 years
Weighted-average discount rate	3.50%	3.10%

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 63	$ 55	$ 126	$ 110
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	1 year		1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives	35 years		35 years

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Billions	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 31.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 \| 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]: 2023-07-01 \| Within 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	74.00%
Timing of revenue expected to be recognized	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 \| 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

LEASES (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Operating Lease Expense	2023		2022		2023		2022
Long-term fixed lease	$	68	$	63	$	137	$	126
Long-term variable lease	19		13		34		22
Short-term lease	124		114		251		224
Total operating lease expense	$	210	$	190	$	422	$	372

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	May 29, 2020	Mar. 03, 2020	Mar. 18, 2019	Mar. 15, 2019	Jun. 30, 2023
Loss Contingencies [Line Items]
Off-balance sheet arrangements					$ 5,000.0
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

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING, IMPAIRMENT AND OTHER

We recorded restructuring, impairment and other charges of $102 million and $158 million during the three and six months ended June 30, 2023, respectively, and $371 million and $441 million during the three and six months ended June 30, 2022, respectively.

RESTRUCTURING AND IMPAIRMENT CHARGES

We recorded restructuring and impairment charges of $96 million and $152 million for the three and six months ended June 30, 2023, respectively. 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 second 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 $15 million and $33 million for the three and six months ended June 30, 2023, respectively, recorded in "Cost of goods sold" in our condensed consolidated statements of income (loss). We expect to incur additional restructuring charges of approximately $45 million in the second half of 2023 related to these plans, and currently expect these plans to be substantially completed by the end 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 June 30,				Six Months Ended June 30,
Segments	2023		2022		2023		2022
Oilfield Services & Equipment	$	26	$	16	$	41	$	18
Industrial & Energy Technology	52		4		66		3
Corporate	17		5		45		8
Total	$	96	$	25	$	152	$	29

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


	Three Months Ended June 30,				Six Months Ended June 30,
Charges by Type	2023		2022		2023		2022
Property, plant & equipment, net	$	(1)	$	3	$	14	$	(6)
Employee-related termination costs	80		21		110		29



Other incremental costs	17		1		28		6
Total	$	96	$	25	$	152	$	29

OTHER CHARGES

We recorded other charges of $6 million for the three and six months ended June 30, 2023, respectively, and $346 million and $412 million for the three and six months ended June 30, 2022.

Other charges for the three and six months ended June 30, 2022 were primarily associated with the discontinuation of our Russia operations. As a result of the ongoing conflict between Russia and Ukraine, we took actions to suspend substantially all of our operational activities related to Russia. These actions resulted in other charges of $334 million, primarily associated with the suspension of contracts including all our IET LNG contracts, and the impairment of assets consisting primarily of contract assets, PP&E and reserve for accounts receivable. In addition to these charges, we recorded inventory impairments of $31 million primarily in IET as part of suspending our Russia operations, which were reported in the “Cost of goods sold” caption in the consolidated condensed statement of income (loss). The 2022 charges also include a write-off of an equity method investment, the release of foreign currency translation adjustments for certain restructured product lines, and separation related costs.

DEBT - Narrative (Details) - USD ($)	6 Months Ended
DEBT - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 5,964,000,000	$ 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	$ 6,550,000,000
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

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Balance of equity securities with readily determinable fair value	$ 1,044		$ 1,044		$ 748
Gain (loss) on earnings of equity securities	29	$ (123)	421	$ (111)
Equity securities without readily determinable fair values	143		143		60
Remeasurement gain	118
Assets	27		27		18
Derivative liability	73		73		86
Notional amount	4,100		4,100		3,800
3.337% Senior Notes due December 2027 \| Senior Notes
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate principal amount	$ 1,350		$ 1,350		$ 1,350
Stated interest rate	3.337%		3.337%		3.337%
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative term			2 years		1 year
Cash flow hedging \| Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 375		$ 375
Fair Value Hedging \| Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	500		500		$ 500
All other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Assets	25		25		17
All other assets
Derivative Instruments, Gain (Loss) [Line Items]
Assets	2		2		1
All other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	7		7		17
All other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	$ 66		$ 66		$ 69

RESTRUCTURING, IMPAIRMENT AND OTHER - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 96	$ 25	$ 152	$ 29
Property, plant & equipment, net
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	(1)	3	14	(6)
Employee-related termination costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	80	21	110	29
Other incremental costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	17	1	28	6
Operating segments \| Oilfield Services & Equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	26	16	41	18
Operating segments \| Industrial & Energy Technology
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	52	4	66	3
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 17	$ 5	$ 45	$ 8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, plant and equipment, accumulated depreciation	$ 5,491	$ 5,121
Units Held by Baker Hughes
Common stock issued (in shares)	1,009,000	1,006,000
Common stock outstanding (in shares)	1,009,061	1,005,960
Units Held by General Electric Company
Common stock outstanding (in shares)	0	0

DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

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


	June 30, 2023		December 31, 2022
Short-term and current portion of long-term debt
1.231% Senior Notes due December 2023	$	649	$	649
8.55% Debentures due June 2024	111		—
Other debt	85		29
Total short-term and current portion of long-term debt	845		677


Long-term debt
8.55% Debentures due June 2024	—		114
2.061% Senior Notes due December 2026	598		597
3.337% Senior Notes due December 2027	1,280		1,277
6.875% Notes due January 2029	270		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	1,284		1,286
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	58		75
Total long-term debt	5,848		5,980
Total debt	$	6,693	$	6,658

The estimated fair value of total debt at June 30, 2023 and December 31, 2022 was $5,964 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.

We have 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, our 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 June 30, 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 debt securities and has no assets or operations other than those related to its sole purpose. As of June 30, 2023, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling $6,550 million.

Certain Senior Notes contain covenants that restrict our 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 June 30, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

DEBT - Current and Long-term Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 845	$ 677
Long-term debt
Other long-term debt	58	75
Total long-term debt	5,848	5,980
Total debt	$ 6,693	6,658
Debentures \| 8.55% Debentures due June 2024
Debt Instrument [Line Items]
Stated interest rate	8.55%
Long-term debt
Long-term debt	$ 0	114
Senior Notes \| 2.061% Senior Notes due December 2026
Debt Instrument [Line Items]
Stated interest rate	2.061%
Long-term debt
Long-term debt	$ 598	$ 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	$ 1,280	$ 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	$ 270	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	$ 1,284	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
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
Debentures \| 8.55% Debentures due June 2024
Debt Instrument [Line Items]
Stated interest rate	8.55%
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 111	0
Other debt
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 85	$ 29

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

PROGRESS COLLECTIONS AND DEFERRED INCOME


	June 30, 2023		December 31, 2022
Progress collections	$	4,950	$	3,713
Deferred income	151		109
Progress collections and deferred income (contract liabilities)	$	5,101	$	3,822

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

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


	Three Months Ended June 30,				Six Months Ended June 30,
Total Revenue	2023		2022		2023		2022
Well Construction	$	1,076	$	936	$	2,137	$	1,819
Completions, Intervention & Measurements	1,090		886		1,999		1,667
Production Solutions	959		866		1,897		1,691
Subsea & Surface Pressure Systems	752		541		1,422		1,070
Oilfield Services & Equipment	3,877		3,230		7,454		6,247
Gas Technology - Equipment	999		556		1,826		1,099
Gas Technology - Services	658		542		1,249		1,123
Total Gas Technology	1,658		1,098		3,075		2,222
Condition Monitoring	154		133		294		259
Inspection	318		257		572		469
Pumps, Valves & Gears	217		194		418		415
PSI & Controls	92		135		216		270
Total Industrial Technology	780		718		1,501		1,413
Industrial & Energy Technology	2,438		1,816		4,576		3,635
Total	$	6,315	$	5,047	$	12,030	$	9,882

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


	Three Months Ended June 30,				Six Months Ended June 30,
Oilfield Services & Equipment Geographic Revenue	2023		2022		2023		2022
North America	$	1,042	$	925	$	2,033	$	1,748
Latin America	698		509		1,358		950
Europe/CIS/Sub-Saharan Africa	672		660		1,253		1,320
Middle East/Asia	1,465		1,136		2,810		2,230
Oilfield Services & Equipment	$	3,877	$	3,230	$	7,454	$	6,247

REMAINING PERFORMANCE OBLIGATIONS

- Definition

+ References

+ Details

CONTRACT AND OTHER DEFERRED ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,555		$ 1,555		$ 1,347
Deferred inventory costs	180		180		125
Other costs to fulfill or obtain a contract	41		41		31
Contract and other deferred assets	1,776		1,776		1,503
Revenue recognized from performance obligations satisfied in previous periods	13	$ 17	14	$ 13
Long-term product service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	410		410		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)	$ 1,145		$ 1,145		$ 955

RESTRUCTURING, IMPAIRMENT AND OTHER (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Segments	2023		2022		2023		2022
Oilfield Services & Equipment	$	26	$	16	$	41	$	18
Industrial & Energy Technology	52		4		66		3
Corporate	17		5		45		8
Total	$	96	$	25	$	152	$	29


	Three Months Ended June 30,				Six Months Ended June 30,
Charges by Type	2023		2022		2023		2022
Property, plant & equipment, net	$	(1)	$	3	$	14	$	(6)
Employee-related termination costs	80		21		110		29



Other incremental costs	17		1		28		6
Total	$	96	$	25	$	152	$	29

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Finite-lived intangible assets
Gross Carrying Amount	$ 4,813	$ 4,725
Accumulated Amortization	(2,891)	(2,747)
Net	1,922	1,978
Indefinite-lived intangible assets	2,202	2,202
Total intangible assets, Gross Carrying Amount	7,015	6,927
Total intangible assets, Net	4,124	4,180
Customer relationships
Finite-lived intangible assets
Gross Carrying Amount	1,927	1,917
Accumulated Amortization	(775)	(729)
Net	1,152	1,189
Technology
Finite-lived intangible assets
Gross Carrying Amount	1,231	1,212
Accumulated Amortization	(849)	(803)
Net	382	409
Trade names and trademarks
Finite-lived intangible assets
Gross Carrying Amount	290	287
Accumulated Amortization	(181)	(175)
Net	109	112
Capitalized software
Finite-lived intangible assets
Gross Carrying Amount	1,365	1,308
Accumulated Amortization	(1,086)	(1,040)
Net	$ 279	$ 268

EQUITY (Tables)

6 Months Ended

Jun. 30, 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 General Electric Company
	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	6,696	8,470	—	—


Exchange of Units (1)	—	109,548	—	(109,548)
Repurchase and cancellation of Units	(3,596)	(14,825)	—	—
Balance at June 30	1,009,061	1,012,335	—	7,000

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

Schedule of Accumulated Other Comprehensive Loss, Net of Tax

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


	Investment Securities		Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	—	$	(2,665)	$	(10)	$	(296)	$	(2,971)
Other comprehensive income (loss) before reclassifications	1		168		11		(13)		167
Amounts reclassified from accumulated other comprehensive loss	—		—		2		7		9
Deferred taxes	—		—		(2)		2		—
Other comprehensive income (loss)	1		168		11		(4)		176



Balance at June 30, 2023	$	1	$	(2,498)	$	1	$	(299)	$	(2,795)


	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	(188)		(1)		27		(162)
Amounts reclassified from accumulated other comprehensive loss	35		2		12		49
Deferred taxes	—		—		(7)		(7)
Other comprehensive income (loss)	(153)		1		32		(120)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(2)		—		—		(2)



Balance at June 30, 2022	$	(2,549)	$	(11)	$	(249)	$	(2,809)

- 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.

+ References

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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.
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 June 30, 2023 and December 31, 2022, $280 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.