0001701605-24-000033 | 10-K | XBRL Viewer

Schedule of Contract Assets

Contract assets consist of the following at December 31:


	2023		2022
Long-term product service agreements	$	418	$	392
Long-term equipment contracts and certain other service agreements	1,184		955
Contract assets (total revenue in excess of billings)	1,602		1,347
Deferred inventory costs	126		125
Other costs to fulfill or obtain a contract (1)	28		31

Contract and other deferred assets	$	1,756	$	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 consist of the following at December 31:


	2023		2022
Progress collections	$	5,405	$	3,713
Deferred income	137		109
Progress collections and deferred income (contract liabilities)	$	5,542	$	3,822

DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT

The carrying value of our short-term and long-term debt consist of the following at December 31:


	2023				2022
	Amount		Effective Interest Rate (1)		Amount		Effective Interest Rate (1)
Short-term and current portion of long-term debt
1.231% Senior Notes due December 2023	$	—	—	%	$	649	1.5	%
8.55% Debentures due June 2024 (2)	109		4.1	%	—		—	%
Other debt	39		4.9	%	29		2.9	%
Total short-term and current portion of long-term debt	148				677

Long-term debt
8.55% Debentures due June 2024 (2)	—		—	%	114		4.1	%
2.061% Senior Notes due December 2026	598		2.4	%	597		2.4	%
3.337% Senior Notes due December 2027	1,294		5.3	%	1,277		3.8	%
6.875% Notes due January 2029 (2)	268		3.9	%	273		3.9	%
3.138% Senior Notes due November 2029	523		3.2	%	523		3.2	%
4.486% Senior Notes due May 2030	498		4.6	%	497		4.6	%
5.125% Senior Notes due September 2040 (2)	1,281		4.2	%	1,286		4.2	%
4.080% Senior Notes due December 2047	1,338		4.1	%	1,338		4.1	%
Other long-term debt	73		6.3	%	75		4.2	%

Total long-term debt	5,872				5,980
Total debt	$	6,020			$	6,658

(1)Effective interest rate is based on the carrying value including issuance costs, interest rate swaps, and step-up adjustments from the Baker Hughes Incorporated ("BHI") acquisition recorded for certain Senior Notes and Debentures.

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

The carrying value of our short-term and long-term debt includes issuance costs, changes in fair value of the debt instrument hedged by interest rate swaps, and step-up adjustments for the BHI acquisition. At December 31, 2023 and 2022, these adjustments resulted in a net increase to the carrying value of our debt totaling $95 million and $91 million, respectively. The estimated fair value of total debt at December 31, 2023 and 2022 was $5,571 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.

Maturities of debt for each of the five years in the period ending December 31, 2028, and in the aggregate thereafter, are listed in the table below:


	2024		2025		2026		2027		2028		Thereafter
Total debt	$	148	$	4	$	614	$	1,308	$	—	$	3,946

In November 2023, BHH LLC entered into a $3 billion committed unsecured revolving credit facility ("the New Credit Agreement") with commercial banks maturing in November 2028. The New Credit Agreement contains certain representations and warranties, certain affirmative covenants and negative covenants, in each case we consider customary. Upon the occurrence of certain events of default, our obligations under the New Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the New Credit Agreement and other customary defaults. No such events of default have occurred. The New Credit Agreement is

fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes. In addition, we have authorization to issue up to $3 billion of commercial paper. At December 31, 2023 and 2022, there were no borrowings under the New Credit Agreement and no outstanding commercial paper.

Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC on our long-term debt securities. This co-obligor is a 100%-owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose. As of December 31, 2023, Baker Hughes Co-Obligor, Inc. is a co-obligor of our long-term debt securities totaling $5,908 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 December 31, 2023, we were in compliance with all debt covenants.

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

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REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2023

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 consist of the following at December 31:


	2023		2022
Progress collections	$	5,405	$	3,713
Deferred income	137		109
Progress collections and deferred income (contract liabilities)	$	5,542	$	3,822

Revenue recognized during the years ended December 31, 2023 and 2022 that was included in the contract liabilities at the beginning of the year was $2,999 million and $2,185 million, respectively.

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

We disaggregate our revenue from contracts with customers by product line for both our OFSE and IET segments, as we believe this best depicts how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. In addition, management views revenue from contracts with customers for OFSE by geography based on the location to where the product is shipped or the services are performed.

Effective October 1, 2023, IET began operating through five product lines - Gas Technology Equipment, which will now include the Pumps business; Gas Technology Services; Industrial Solutions, which brings together the Condition Monitoring and PSI businesses, along with IET Digital initiatives; Industrial Products, which brings together the Inspection business merging with the Valves and Gears businesses; and a newly formed product line, Climate Technology Solutions, which will combine our carbon capture, utilization and storage ("CCUS"), hydrogen, clean power and emissions abatement capabilities, that previously was reported in each of the individual IET product lines, into one business focused on serving the energy transition. The financial information for 2022 and 2021 have been recast to conform to the new product line presentation.

The series of tables below present our revenue disaggregated by these categories.


Total Revenue	2023		2022		2021
Well Construction	$	4,387	$	3,854	$	3,301
Completions, Intervention & Measurements	4,170		3,559		3,106
Production Solutions	3,854		3,587		3,135
Subsea & Surface Pressure Systems	2,950		2,230		2,486
Oilfield Services & Equipment	15,361		13,229		12,028
Gas Technology Equipment	4,232		2,599		3,039
Gas Technology Services	2,600		2,440		2,696
Total Gas Technology	6,832		5,039		5,735
Industrial Products	1,962		1,697		1,598
Industrial Solutions	983		884		880
Controls (1)	41		208		217
Total Industrial Technology	2,987		2,789		2,695
Climate Technology Solutions	326		98		43
Industrial & Energy Technology	10,145		7,926		8,473
Total	$	25,506	$	21,156	$	20,502

(1)The sale of Nexus Controls business was completed in April 2023.


Oilfield Services & Equipment Geographic Revenue	2023		2022		2021
North America	$	4,116	$	3,764	$	2,904
Latin America	2,761		2,099		1,681
Europe/CIS/Sub-Saharan Africa	2,655		2,483		2,865
Middle East/Asia	5,829		4,883		4,579
Oilfield Services & Equipment	$	15,361	$	13,229	$	12,028

REMAINING PERFORMANCE OBLIGATIONS

As of December 31, 2023, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $33.5 billion. As of December 31, 2023, we expect to recognize revenue of approximately 61%, 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.

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

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Schedule of Changes in Number of Shares Outstanding

EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

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


	2023		2022
	Class A Common Stock	Class B Common Stock	Class A Common Stock	Class B Common Stock
Balance at beginning of year	1,005,960	—	909,142	116,548
Issue of shares upon vesting of restricted stock units (1)	5,738	—	6,316	—
Issue of shares on exercise of stock options (1)	434	—	1,632	—
Issue of shares for employee stock purchase plan	1,846	—	2,017	—
Exchange of Class B common stock for Class A common stock (2)	—	—	116,548	(116,548)
Repurchase and cancellation of Class A common stock	(16,269)	—	(29,694)	—
Balance at end of year	997,709	—	1,005,960	—

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

(2) When shares of Class B common stock, together with associated BHH LLC member units ("LLC Units"), were exchanged for shares of Class A common stock, such shares of Class B common stock were canceled.

Schedule of Accumulated Other Comprehensive Loss

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2021	$	(2,125)	$	(10)	$	(250)	$	(2,385)
Other comprehensive income (loss) before reclassifications	(294)		(1)		2		(293)
Amounts reclassified from accumulated other comprehensive loss	25		3		27		55
Deferred taxes	—		—		(43)		(43)
Other comprehensive income (loss)	(269)		2		(14)		(281)
Less: Other comprehensive loss attributable to noncontrolling interests	(3)		—		—		(3)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	275		1		32		308

Balance at December 31, 2022	(2,666)		(9)		(296)		(2,971)
Other comprehensive income (loss) before reclassifications	153		12		(14)		151
Amounts reclassified from accumulated other comprehensive loss	—		(8)		28		20
Deferred taxes	—		(1)		5		4
Other comprehensive income (loss)	153		3		19		175



Balance at December 31, 2023	$	(2,513)	$	(6)	$	(277)	$	(2,796)

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

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STOCK-BASED COMPENSATION - Changes in Stock Options Outstanding (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Options
Outstanding, beginning balance (in shares) \| shares	2,907
Exercised (in shares) \| shares	(492)
Expired (in shares) \| shares	(174)
Outstanding, ending balance (in shares) \| shares	2,241
Exercisable, ending balance (in shares) \| shares	2,241
Weighted Average Exercise Price Per Option
Outstanding, beginning (in dollars per share) \| $ / shares	$ 33.02
Exercised (in dollars per share) \| $ / shares	26.44
Expired (in dollars per share) \| $ / shares	39.79
Outstanding, ending (in dollars per share) \| $ / shares	33.92
Exercisable, ending (in dollars per share) \| $ / shares	$ 33.92

INCOME TAXES - Geographic Sources of Income (Loss) before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 882	$ (698)	$ (724)
Foreign	1,773	720	1,152
Income before income taxes	$ 2,655	$ 22	$ 428

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

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

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SEGMENT INFORMATION - Revenue based on the Location of Product and Services and Net Property, Plant and Equipment by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from geographic segments
Revenue	$ 25,506	$ 21,156	$ 20,502
Property, plant and equipment - net	4,893	4,538
U.S.
Revenue from geographic segments
Revenue	6,557	4,942	4,497
Property, plant and equipment - net	1,579	1,554
Non-U.S.
Revenue from geographic segments
Revenue	18,949	16,214	$ 16,005
Property, plant and equipment - net	$ 3,314	$ 2,984

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

Schedule of Carrying Value of Short-term and Long-term Debt

DEBT - Maturities of Debt Schedule (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt
2024	$ 148
2025	4
2026	614
2027	1,308
2028	0
Thereafter	$ 3,946

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Segment Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 25,506	$ 21,156	$ 20,502
Oilfield Services & Equipment
Disaggregation of Revenue [Line Items]
Revenues	15,361	13,229	12,028
Oilfield Services & Equipment \| North America
Disaggregation of Revenue [Line Items]
Revenues	4,116	3,764	2,904
Oilfield Services & Equipment \| Latin America
Disaggregation of Revenue [Line Items]
Revenues	2,761	2,099	1,681
Oilfield Services & Equipment \| Europe/CIS/Sub-Saharan Africa
Disaggregation of Revenue [Line Items]
Revenues	2,655	2,483	2,865
Oilfield Services & Equipment \| Middle East/Asia
Disaggregation of Revenue [Line Items]
Revenues	5,829	4,883	4,579
Oilfield Services & Equipment \| Well Construction
Disaggregation of Revenue [Line Items]
Revenues	4,387	3,854	3,301
Oilfield Services & Equipment \| Completions, Intervention & Measurements
Disaggregation of Revenue [Line Items]
Revenues	4,170	3,559	3,106
Oilfield Services & Equipment \| Production Solutions
Disaggregation of Revenue [Line Items]
Revenues	3,854	3,587	3,135
Oilfield Services & Equipment \| Subsea & Surface Pressure Systems
Disaggregation of Revenue [Line Items]
Revenues	2,950	2,230	2,486
Industrial & Energy Technology
Disaggregation of Revenue [Line Items]
Revenues	10,145	7,926	8,473
Industrial & Energy Technology \| Gas Technology Equipment
Disaggregation of Revenue [Line Items]
Revenues	4,232	2,599	3,039
Industrial & Energy Technology \| Gas Technology Services
Disaggregation of Revenue [Line Items]
Revenues	2,600	2,440	2,696
Industrial & Energy Technology \| Total Gas Technology
Disaggregation of Revenue [Line Items]
Revenues	6,832	5,039	5,735
Industrial & Energy Technology \| Industrial Products
Disaggregation of Revenue [Line Items]
Revenues	1,962	1,697	1,598
Industrial & Energy Technology \| Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenues	983	884	880
Industrial & Energy Technology \| Controls
Disaggregation of Revenue [Line Items]
Revenues	41	208	217
Industrial & Energy Technology \| Climate Technology Solutions
Disaggregation of Revenue [Line Items]
Revenues	326	98	43
Industrial & Energy Technology \| Climate Technology Solutions
Disaggregation of Revenue [Line Items]
Revenues	$ 2,987	$ 2,789	$ 2,695

DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

The carrying value of our short-term and long-term debt consist of the following at December 31:


	2023				2022
	Amount		Effective Interest Rate (1)		Amount		Effective Interest Rate (1)
Short-term and current portion of long-term debt
1.231% Senior Notes due December 2023	$	—	—	%	$	649	1.5	%
8.55% Debentures due June 2024 (2)	109		4.1	%	—		—	%
Other debt	39		4.9	%	29		2.9	%
Total short-term and current portion of long-term debt	148				677

Long-term debt
8.55% Debentures due June 2024 (2)	—		—	%	114		4.1	%
2.061% Senior Notes due December 2026	598		2.4	%	597		2.4	%
3.337% Senior Notes due December 2027	1,294		5.3	%	1,277		3.8	%
6.875% Notes due January 2029 (2)	268		3.9	%	273		3.9	%
3.138% Senior Notes due November 2029	523		3.2	%	523		3.2	%
4.486% Senior Notes due May 2030	498		4.6	%	497		4.6	%
5.125% Senior Notes due September 2040 (2)	1,281		4.2	%	1,286		4.2	%
4.080% Senior Notes due December 2047	1,338		4.1	%	1,338		4.1	%
Other long-term debt	73		6.3	%	75		4.2	%

Total long-term debt	5,872				5,980
Total debt	$	6,020			$	6,658

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

Schedule of Maturities of Debt

Maturities of debt for each of the five years in the period ending December 31, 2028, and in the aggregate thereafter, are listed in the table below:


	2024		2025		2026		2027		2028		Thereafter
Total debt	$	148	$	4	$	614	$	1,308	$	—	$	3,946

EMPLOYEE BENEFIT PLANS - Assumptions Used for Net Periodic Cost (Details) - Pension Benefits	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	4.89%	2.15%	1.66%
Expected long-term return on plan assets	5.05%	3.85%	4.07%
Interest crediting rate	4.31%	2.60%	2.60%

LEASES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease assets	$ 769	$ 757
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	All other assets	All other assets
Weighted-average remaining lease term	7 years	7 years
Weighted-average discount rate	3.30%	3.10%

FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


	2023								2022
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	34	$	—	$	34	$	—	$	18	$	—	$	18
Investment securities	1,040		—		2		1,042		748		—		—		748
Total assets	1,040		34		2		1,076		748		18		—		766

Liabilities
Derivatives	—		(76)		—		(76)		—		(86)		—		(86)
Total liabilities	$	—	$	(76)	$	—	$	(76)	$	—	$	(86)	$	—	$	(86)

Schedule of Investment Securities Classified as Available for Sale


	2023								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)	$	66	$	1	$	—	$	67	$	—	$	—	$	—	$	—
Equity securities	527		451		(3)		975		557		191		—		748
Total	$	593	$	452	$	(3)	$	1,042	$	557	$	191	$	—	$	748

(1)Gains (losses) recorded to earnings related to these securities were $405 million, $(271) million and $(843) million for the years ended December 31, 2023, 2022, and 2021, respectively.

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

Schedule of Derivatives

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


	2023				2022
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	10	$	(3)	$	1	$	—
Interest rate swap contracts	—		(52)		—		(69)

Derivatives not accounted for as hedges
Currency exchange contracts and other	24		(21)		17		(17)


Total derivatives	$	34	$	(76)	$	18	$	(86)

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.

Share-Based Payment Arrangement [Abstract]

INCOME TAXES - Changes in Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ (496)	$ (531)
Additions for tax positions of the current year	(15)	(19)
Additions for tax positions of prior years	(50)	(99)
Reductions for tax positions of prior years	32	100
Settlements with tax authorities	26	24
Lapse of statute of limitations	36	29
Balance at end of year	$ (467)	$ (496)

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock authorized (in shares)	50,000,000
Common stock par value (in dollars per share)	$ 0.0001
Stock repurchased and canceled (in shares)	16,300,000	29,700,000
Repurchase and cancellation of Class A common stock	$ 538	$ 828	$ 434
Treasury stock acquired, average cost (in dollars per share)	$ 33.09	$ 27.91
Remaining authorized repurchase amount	$ 2,200
Class A Common Stock
Class of Stock [Line Items]
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock outstanding (in shares)	997,709,000	1,005,960,000	909,142,000
Common stock issued (in shares)	998,000,000	1,006,000,000
Cash dividends per share (in dollars per share)	$ 0.78	$ 0.73	$ 0.72
Class A Common Stock \| Cash dividend
Class of Stock [Line Items]
Cash dividends per share (in dollars per share)	$ 0.78	$ 0.73
Class B Common Stock
Class of Stock [Line Items]
Common stock authorized (in shares)	1,250,000,000	1,250,000,000
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock par value (in dollars per share)	$ 0.0001
Common stock outstanding (in shares)	0	0	116,548,000
Common stock issued (in shares)	0	0

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings (Loss)	Accumulated Other Comprehensive Loss	Non-controlling Interests
Beginning balance at Dec. 31, 2020	$ 18,242	$ 0	$ 24,613	$ (9,942)	$ (1,778)	$ 5,349
Comprehensive income (loss):
Net income (loss)	(330)			(219)		(111)
Other comprehensive income (loss)	(151)				(135)	(16)
Dividends on Class A Common Stock	(592)		(592)
Distributions to GE	(157)					(157)
Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock	0		3,584		(477)	(3,107)
Repurchase and cancellation of Class A common stock	(434)		(418)		5	(21)
Stock-based compensation cost	205		205
Other	(37)		(17)	1		(21)
Ending balance at Dec. 31, 2021	16,746	0	27,375	(10,160)	(2,385)	1,916
Comprehensive income (loss):
Net income (loss)	(578)			(601)		23
Other comprehensive income (loss)	(281)				(278)	(3)
Dividends on Class A Common Stock	(726)		(726)
Distributions to GE	(17)					(17)
Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock	0		2,060		(309)	(1,751)
Repurchase and cancellation of Class A common stock	(828)		(823)		1	(6)
Stock-based compensation cost	207		207
Other	2		33			(31)
Ending balance at Dec. 31, 2022	14,525	0	28,126	(10,761)	(2,971)	131
Comprehensive income (loss):
Net income (loss)	1,970			1,943		27
Other comprehensive income (loss)	175				175
Dividends on Class A Common Stock	(786)		(786)
Repurchase and cancellation of Class A common stock	(538)		(538)
Stock-based compensation cost	197		197
Other	(24)		(16)	(1)		(7)
Ending balance at Dec. 31, 2023	$ 15,519	$ 0	$ 26,983	$ (8,819)	$ (2,796)	$ 151

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Changes of RSUs Outstanding and Related Information

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


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2022	14,342	$	24.31
Granted	6,404	30.20
Vested	(7,351)	23.60
Forfeited	(1,282)	26.43
Unvested balance at December 31, 2023	12,113	$	27.70

Schedule of Changes of PSUs Outstanding and Related Information

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


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2022	3,525	$	25.56
Granted	1,222	30.17
Vested	(827)	20.61
Cancelled (1)	(563)	21.85
Forfeited	(529)	29.06
Unvested balance at December 31, 2023	2,828	$	28.70

(1)Includes adjustments based on achievement of predefined company metrics.

Schedule of Changes in Stock Options Outstanding

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


	Number of Options	Weighted Average Exercise Price Per Option
Outstanding at December 31, 2022	2,907	$	33.02

Exercised	(492)	26.44

Expired	(174)	39.79
Outstanding and exercisable at December 31, 2023	2,241	$	33.92

CONTRACT AND OTHER DEFERRED ASSETS

12 Months Ended

Dec. 31, 2023

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 consist of the following at December 31:


	2023		2022
Long-term product service agreements	$	418	$	392
Long-term equipment contracts and certain other service agreements	1,184		955
Contract assets (total revenue in excess of billings)	1,602		1,347
Deferred inventory costs	126		125
Other costs to fulfill or obtain a contract (1)	28		31

Contract and other deferred assets	$	1,756	$	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 years ended December 31, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous years related to our long-term service agreements was $15 million and $20 million, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability resulting in an adjustment of earnings.

The entire disclosure for long-term contracts or programs.

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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 18: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 910
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482546/910-10-50-5

Schedule of Defined Benefit Plan Funded Status of Defined Benefit Plan (Pension Benefits)

EMPLOYEE BENEFIT PLANS - Fair Value of the Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	$ 2,080	$ 2,266	$ 3,147
Fixed income and cash investment funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	1,122	1,482
Global equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	227	180
U.S. equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	157	102
Insurance contracts
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	103	100
Real estate
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	34	53
Private equities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	35	37
Other investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair values of the plan assets by asset category and by levels of fair value	$ 402	$ 313

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets and the funded status of our defined benefit plans ("Pension Benefits").


	Pension Benefits
	2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	2,634	$	3,550
Service cost	15		23
Interest cost	116		78

Actuarial gain (1)	(4)		(928)
Benefits paid	(126)		(119)

Settlements	(4)		(24)
Settlement due to plan termination (2)	(246)		—
Acquisition	—		202

Foreign currency translation adjustments	58		(148)
Benefit obligation at end of year	2,443		2,634

Change in plan assets:
Fair value of plan assets at beginning of year	2,266		3,147
Actual return on plan assets	121		(850)
Employer contributions	18		32
Benefits paid	(126)		(119)
Settlements	(4)		(24)
Settlement due to plan termination (2)	(246)		—
Acquisition	—		214

Foreign currency translation adjustments	51		(134)
Fair value of plan assets at end of year	2,080		2,266

Funded status - underfunded at end of year	$	(363)	$	(368)

Accumulated benefit obligation	$	2,399	$	2,595

(1)The actuarial gain in 2022 was primarily related to a change in the discount rate used to measure the benefit obligation for our plans.

(2)Plan termination relates to the termination of one of our fully funded frozen U.S. defined benefit plans that was initiated in April 2022.

Schedule of Amounts Recognized in the Consolidated Balance Sheets

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


	Pension Benefits
	2023		2022
Noncurrent assets	$	78	$	58
Current liabilities	(17)		(15)
Noncurrent liabilities	(424)		(411)
Net amount recognized	$	(363)	$	(368)

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

Information for the plans with ABOs and PBOs in excess of plan assets consist of the following at December 31:


	Pension Benefits
	2023		2022
Projected benefit obligation	$	1,410	$	1,143
Accumulated benefit obligation	$	1,366	$	1,103
Fair value of plan assets	$	968	$	717

Schedule of Projected Benefit Obligation in Excess of Plan Assets

Information for the plans with ABOs and PBOs in excess of plan assets consist of the following at December 31:


	Pension Benefits
	2023		2022
Projected benefit obligation	$	1,410	$	1,143
Accumulated benefit obligation	$	1,366	$	1,103
Fair value of plan assets	$	968	$	717

Schedule of Net Period Cost

The components of net periodic cost consist of the following:


	Pension Benefits
	2023		2022		2021
Service cost	$	15	$	23	$	27
Interest cost	116		78		64
Expected return on plan assets	(102)		(114)		(130)
Amortization of prior service credit	1		1		1
Amortization of net actuarial loss	19		27		40
Curtailment / settlement loss	(16)		2		2

Net periodic cost	$	33	$	17	$	4

Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations

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


	Pension Benefits
	2023		2022
Discount rate	4.54	%	4.89	%
Rate of compensation increase	3.26	%	3.30	%
Interest crediting rate	3.98	%	4.31	%

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Cost

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


	Pension Benefits
	2023		2022		2021
Discount rate	4.89	%	2.15	%	1.66	%
Expected long-term return on plan assets	5.05	%	3.85	%	4.07	%
Interest crediting rate	4.31	%	2.60	%	2.60	%

Schedule of Accumulated Other Comprehensive Loss

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


	Pension Benefits
	2023		2022
Net actuarial loss	$	333	$	348
Net prior service cost	15		15
Total	$	348	$	363

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

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


	2023		2022
Debt securities
Fixed income and cash investment funds	$	1,122	$	1,482

Equity securities
Global equity securities (1)	227		180
U.S. equity securities (1)	157		102
Insurance contracts	103		100
Real estate	34		53
Private equities	35		37
Other investments (2)	402		313
Total plan assets	$	2,080	$	2,266

(1)Include direct investments and investment funds.

(2)Consists primarily of asset allocation fund investments.

Schedule of Expected Future Benefit Payments

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


Year	Pension Benefits
2024	$	164
2025	127
2026	132
2027	135
2028	136
2029-2033	717

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Cost (Details) - Pension Benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 15	$ 23	$ 27
Interest cost	116	78	64
Expected return on plan assets	(102)	(114)	(130)
Amortization of prior service credit	1	1	1
Amortization of net actuarial loss	19	27	40
Curtailment / settlement loss	(16)	2	2
Net periodic cost	$ 33	$ 17	$ 4

INCOME TAXES - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) country	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Total Gross Unrecognized Tax Benefits
NOLs	$ 3,299
Valuation allowances	4,416	$ 4,090
Cumulative amount of undistributed foreign earnings	3,708
Tax liabilities for gross unrecognized tax benefits	467	$ 496	$ 531
Interest accrued on income taxes for unrecognized tax benefits	83
Penalties accrued on income taxes for unrecognized tax benefits	79
Uncertain tax positions	629
Unrecognized tax benefits that would impact effective tax rate	559
Deferred tax asset that we did not prevail on all uncertain tax position	71
Deferred tax asset that we did not prevail on all uncertain tax position, foreign taxing jurisdiction	41
Deferred tax asset that we did not prevail on all uncertain tax position, increased valuation allowances	30
Uncertain tax positions liabilities	$ 40
Number of countries \| country	120
Foreign operating and capital losses
Total Gross Unrecognized Tax Benefits
Valuation allowances	$ 2,987
U.S. foreign and non-U.S. tax credit carryforwards
Total Gross Unrecognized Tax Benefits
Valuation allowances	770
Five years
Total Gross Unrecognized Tax Benefits
Expiring operating loss carryforwards	252
Six to 20 years
Total Gross Unrecognized Tax Benefits
Expiring operating loss carryforwards	1,862
Indefinitely
Total Gross Unrecognized Tax Benefits
Capital loss carryforwards	33
Indefinite Foreign Tax
Total Gross Unrecognized Tax Benefits
Non-U.S. tax credits	417
Definite Foreign Tax
Total Gross Unrecognized Tax Benefits
Non-U.S. tax credits	366
Other Tax
Total Gross Unrecognized Tax Benefits
Other credits	$ 153

FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

RECURRING FAIR VALUE MEASUREMENTS

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


	2023								2022
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	34	$	—	$	34	$	—	$	18	$	—	$	18
Investment securities	1,040		—		2		1,042		748		—		—		748
Total assets	1,040		34		2		1,076		748		18		—		766

Liabilities
Derivatives	—		(76)		—		(76)		—		(86)		—		(86)
Total liabilities	$	—	$	(76)	$	—	$	(76)	$	—	$	(86)	$	—	$	(86)


	2023								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)	$	66	$	1	$	—	$	67	$	—	$	—	$	—	$	—
Equity securities	527		451		(3)		975		557		191		—		748
Total	$	593	$	452	$	(3)	$	1,042	$	557	$	191	$	—	$	748

(1)Gains (losses) recorded to earnings related to these securities were $405 million, $(271) million and $(843) million for the years ended December 31, 2023, 2022, and 2021, respectively.

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

As of December 31, 2023 and 2022, the balance of our equity securities with readily determinable fair values is $975 million and $748 million, respectively, and is comprised mainly of our investment in ADNOC Drilling, and is recorded primarily in "All other current assets" in the consolidated statements of financial position. We measured our investments at fair value based on quoted prices in active markets.

Gains (losses) recorded to earnings for our equity securities with readily determinable fair values were $435 million, $(264) million, and $(843) million for the years ended December 31, 2023, 2022 and 2021, respectively. Gains (losses) related to our equity securities with readily determinable fair values are reported in "Other non-operating income (loss), net" in the consolidated statements of income (loss).

OTHER EQUITY INVESTMENTS

During the second quarter of 2023, certain equity securities without a readily determinable fair value were remeasured as of the date that an observable transaction occurred, which 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 the 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 at December 31, 2023 and 2022 approximates their carrying value as reflected in our consolidated financial statements. For further information on the fair value of our debt, see "Note 9. 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.


	2023				2022
	Assets		(Liabilities)		Assets		(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts	$	10	$	(3)	$	1	$	—
Interest rate swap contracts	—		(52)		—		(69)

Derivatives not accounted for as hedges
Currency exchange contracts and other	24		(21)		17		(17)


Total derivatives	$	34	$	(76)	$	18	$	(86)

Derivatives are classified in the consolidated statements of financial position depending on their respective maturity date. As of December 31, 2023 and 2022, $31 million and $17 million of derivative assets are recorded in

"All other current assets" and $3 million and $1 million are recorded in "All other assets" in the consolidated statements of financial position, respectively. As of December 31, 2023 and 2022, $23 million and $17 million of derivative liabilities are recorded in "All other current liabilities" and $53 million and $69 million are recorded in "All other liabilities" in the consolidated statements of financial position, respectively.

FORMS OF HEDGING

Cash Flow Hedges

We use cash flow hedging primarily to mitigate 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. 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 13. Equity" for further information on activity in AOCI for cash flow hedges. The maximum term of cash flow hedges that hedge forecasted transactions was approximately two years and one year at December 31, 2023 and 2022, 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 December 31, 2023 and 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 changed to be based on a Secured Overnight Financing Rate 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 used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. We disclose the derivative notional amounts on a gross basis to indicate the total counterparty risk but it does not generally represent amounts exchanged by us and the counterparties. A substantial majority of the outstanding notional amount of $4.2 billion and $3.8 billion at December 31, 2023 and 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.

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.

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 197,000,000	$ 207,000,000	$ 205,000,000
Weighted average remaining contractual term for options outstanding	3 years 4 months 24 days
Weighted average remaining contractual term for options exercisable	3 years 4 months 24 days
Options vested (in shares)	0	530,000	850,000
Fair value of options vested	$ 0	$ 3,000,000	$ 7,000,000
Total intrinsic value of stock options exercised	3,000,000
Total intrinsic value of stock options outstanding	6,000,000
Total intrinsic value of stock options exercisable	$ 6,000,000
Share price (in dollars per share)	$ 34.18
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award of common stock, right to receive (in shares)	1
Stock-based compensation, service period	3 years
Vested intrinsic value	$ 227,000,000
Intrinsic value, outstanding	414,000,000
Fair value options vested in period	173,000,000
Unrecognized compensation cost, unvested	$ 178,000,000
Weighted average period of recognition for unrecognized compensation cost	1 year 9 months 3 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, service period	3 years
Vested intrinsic value	$ 23,000,000
Fair value options vested in period	17,000,000
Unrecognized compensation cost, unvested	$ 28,000,000
Weighted average period of recognition for unrecognized compensation cost	1 year 10 months 20 days
Unvested intrinsic value	$ 97,000,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum contractual term	5 years 1 month 6 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee purchase, maximum per quarter	$ 3,000
Employee purchase, maximum	$ 12,000
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested (in shares)	5,738,000	6,316,000
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Class A Common Stock \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount of the fair market value	15.00%
Common stock authorized (in shares)	21,500,000
Common stock reserved for future issuance (in shares)	8,700,000
Class A Common Stock \| Employee Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
After-tax basis	1.00%
Class A Common Stock \| Employee Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
After-tax basis	20.00%
LTI Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	29,500,000
Number of shares available for issuance (in shares)	25,100,000

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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

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


(In millions, except per share amounts)	2023		2022		2021
Net income (loss)	$	1,970	$	(578)	$	(330)

Less: Net income (loss) attributable to noncontrolling interests	27		23		(111)
Net income (loss) attributable to Baker Hughes Company	$	1,943	$	(601)	$	(219)

Weighted average shares outstanding:
Class A basic	1,008		987		824
Class A diluted	1,015		987		824
Net income (loss) per share attributable to common stockholders:
Class A basic	$	1.93	$	(0.61)	$	(0.27)
Class A diluted	$	1.91	$	(0.61)	$	(0.27)

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

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


	Useful Life	2023		2022
Land and improvements (1)	8 - 10 years (1)	$	332	$	347
Buildings, structures and related equipment	5 - 40 years	2,264		2,120
Machinery, equipment and other	1 - 20 years	7,974		7,192
Total cost		10,570		9,659
Less: Accumulated depreciation		(5,678)		(5,121)
Property, plant and equipment, less accumulated depreciation		$	4,893	$	4,538

(1)Useful life excludes land.

Depreciation expense relating to property, plant and equipment was $830 million, $839 million and $852 million for the years ended December 31, 2023, 2022 and 2021, respectively. See "Note 20. Restructuring, Impairment and Other" for additional information on property, plant and equipment impairments.

FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Derivatives	$ 34	$ 18
Investment securities	1,042	748
Liabilities
Derivatives	(76)	(86)
Recurring
Assets
Derivatives	34	18
Investment securities	1,042	748
Total assets	1,076	766
Liabilities
Derivatives	(76)	(86)
Total liabilities	(76)	(86)
Recurring \| Level 1
Assets
Derivatives	0	0
Investment securities	1,040	748
Total assets	1,040	748
Liabilities
Derivatives	0	0
Total liabilities	0	0
Recurring \| Level 2
Assets
Derivatives	34	18
Investment securities	0	0
Total assets	34	18
Liabilities
Derivatives	(76)	(86)
Total liabilities	(76)	(86)
Recurring \| Level 3
Assets
Derivatives	0	0
Investment securities	2	0
Total assets	2	0
Liabilities
Derivatives	0	0
Total liabilities	$ 0	$ 0

PROGRESS COLLECTIONS AND DEFERRED INCOME

12 Months Ended

Dec. 31, 2023

PROGRESS COLLECTIONS AND DEFERRED INCOME


	2023		2022
Progress collections	$	5,405	$	3,713
Deferred income	137		109
Progress collections and deferred income (contract liabilities)	$	5,542	$	3,822

Revenue recognized during the years ended December 31, 2023 and 2022 that was included in the contract liabilities at the beginning of the year was $2,999 million and $2,185 million, respectively.

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

DISAGGREGATED REVENUE

The series of tables below present our revenue disaggregated by these categories.


Total Revenue	2023		2022		2021
Well Construction	$	4,387	$	3,854	$	3,301
Completions, Intervention & Measurements	4,170		3,559		3,106
Production Solutions	3,854		3,587		3,135
Subsea & Surface Pressure Systems	2,950		2,230		2,486
Oilfield Services & Equipment	15,361		13,229		12,028
Gas Technology Equipment	4,232		2,599		3,039
Gas Technology Services	2,600		2,440		2,696
Total Gas Technology	6,832		5,039		5,735
Industrial Products	1,962		1,697		1,598
Industrial Solutions	983		884		880
Controls (1)	41		208		217
Total Industrial Technology	2,987		2,789		2,695
Climate Technology Solutions	326		98		43
Industrial & Energy Technology	10,145		7,926		8,473
Total	$	25,506	$	21,156	$	20,502

(1)The sale of Nexus Controls business was completed in April 2023.


Oilfield Services & Equipment Geographic Revenue	2023		2022		2021
North America	$	4,116	$	3,764	$	2,904
Latin America	2,761		2,099		1,681
Europe/CIS/Sub-Saharan Africa	2,655		2,483		2,865
Middle East/Asia	5,829		4,883		4,579
Oilfield Services & Equipment	$	15,361	$	13,229	$	12,028

REMAINING PERFORMANCE OBLIGATIONS

EARNINGS PER SHARE - Narrative (Details) - shares	12 Months Ended
EARNINGS PER SHARE - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class B Common Stock
Class of Stock [Line Items]
Basic weighted average shares outstanding (in shares)	0	30,000,000	215,000,000
Common Class A and B
Class of Stock [Line Items]
Basic weighted average shares outstanding (in shares)	1,008,000,000	1,017,000,000	1,039,000,000
Class A Common Stock
Class of Stock [Line Items]
Basic weighted average shares outstanding (in shares)	1,008,000,000	987,000,000	824,000,000
Class A Common Stock \| Employee Stock
Class of Stock [Line Items]
Antidilutive securities excluded from diluted EPS calculation (in shares)	2,000,000

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Contract Liabilities

Contract assets consist of the following at December 31:


	2023		2022
Long-term product service agreements	$	418	$	392
Long-term equipment contracts and certain other service agreements	1,184		955
Contract assets (total revenue in excess of billings)	1,602		1,347
Deferred inventory costs	126		125
Other costs to fulfill or obtain a contract (1)	28		31

Contract and other deferred assets	$	1,756	$	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 consist of the following at December 31:


	2023		2022
Progress collections	$	5,405	$	3,713
Deferred income	137		109
Progress collections and deferred income (contract liabilities)	$	5,542	$	3,822

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Billions	Dec. 31, 2023 USD ($)	Oct. 01, 2023 product_line
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied \| $	$ 33.5
Within 2 years \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied, percentage	61.00%
Performance obligations expected to be satisfied, expected timing	2 years
Within 5 years \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied, percentage	74.00%
Performance obligations expected to be satisfied, expected timing	5 years
Within 15 years \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Performance obligations expected to be satisfied, percentage	90.00%
Performance obligations expected to be satisfied, expected timing	15 years
Industrial & Energy Technology
Disaggregation of Revenue [Line Items]
Number Of Product Lines \| product_line		5

STOCK-BASED COMPENSATION - RSUs (Details) - RSUs shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Units
Outstanding, beginning balance (in shares) \| shares	14,342
Granted (in shares) \| shares	6,404
Vested (in shares) \| shares	(7,351)
Forfeited (in shares) \| shares	(1,282)
Outstanding, ending balance (in shares) \| shares	12,113
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 24.31
Granted (in dollars per share) \| $ / shares	30.20
Vested (in dollars per share) \| $ / shares	23.60
Forfeited (in dollars per share) \| $ / shares	26.43
Unvested, ending balance (in dollars per share) \| $ / shares	$ 27.70

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for annual financial information.
Consolidation	The consolidated financial statements include the accounts of Baker Hughes and all of its subsidiaries and affiliates which it controls or variable interest entities for which we have determined that we are the primary beneficiary. All intercompany accounts and transactions have been eliminated.
Reclassification	In the Company's consolidated financial statements and notes, certain amounts have been reclassified to conform with the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of any contingent assets or liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty, and accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in acquisitions.
Foreign Currency	Foreign Currency Assets and liabilities of non-U.S. operations with a functional currency other than the U.S. dollar have been translated into U.S. dollars using our period end exchange rates, and revenue, expenses, and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). The impact of remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the Company or its subsidiaries is included in the consolidated statements of income (loss).
Revenue from Sale of Equipment	Revenue from Sale of Equipment Performance Obligations Satisfied Over Time We recognize revenue on agreements for sales of equipment manufactured to unique customer specifications including long-term construction projects, on an over time basis, utilizing cost inputs as the measurement criteria in assessing the progress toward completion. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We begin to recognize revenue on these contracts when the contract specific inventory becomes customized for a customer, which is reflective of our initial transfer of control of the incurred costs. We provide for potential losses on any of these agreements when it is probable that we will incur the loss. Our billing terms for these over time contracts vary, but are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We recognize revenue for non-customized equipment at the point in time that the customer obtains control of the good. Equipment for which we recognize revenue at a point in time includes equipment we manufacture on a standardized basis for sale to the market. We use proof of delivery for certain large equipment with more complex logistics associated with the shipment, whereas the delivery of other equipment is generally determined based on historical data of transit times between regions. On occasion we sell equipment with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment and that acceptance has or is likely to occur. Our billing terms for these point in time equipment contracts vary, but are generally based on shipment of the equipment to the customer. Revenue from Sale of Services Performance Obligations Satisfied Over Time We sell product services under long-term product maintenance or extended warranty agreements in our Industrial & Energy Technology segment. These agreements require us to maintain the customers' assets over the service agreement contract terms, which generally range from 10 to 20 years. In general, these are contractual arrangements to provide services, repairs, and maintenance of a covered unit (gas turbines for mechanical drive or power generation, primarily on liquefied natural gas ("LNG") applications). These services are performed at various times during the life of the contract, thus the costs of performing services are incurred on an other than straight-line basis. We recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We provide for any loss that we expect to incur on any of these agreements when that loss becomes probable. The Company utilizes historical customer data, prior product performance data, statistical analysis, third-party data, and internal management estimates to calculate contract-specific margins. In certain contracts, the total transaction price is variable based on customer utilization, which is excluded from the contract margin until the period that the customer has utilized to appropriately reflect the revenue activity in the period earned. In addition, revenue for certain oilfield services is recognized on an over time basis as performed. Our billing terms for these contracts are generally based on asset utilization (i.e. usage per hour) or the occurrence of a major maintenance event within the contract. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We sell certain tangible products, largely spare equipment, through our services business. We recognize revenue for this equipment at the point in time that the customer obtains control of the good, which is at the point in time we deliver the spare part to the customer. Our billing terms for these point in time service contracts vary, but are generally based on shipment of the equipment to the customer.
Research and Development	Research and Development Research and development costs are expensed as incurred and relate to the research and development of new products and services. These costs amounted to $658 million, $556 million and $492 million for the years ended December 31, 2023, 2022 and 2021, respectively. Research and development expenses were reported in "Cost of goods sold" and "Cost of services sold" in the consolidated statements of income (loss).
Cash and Cash Equivalents	Cash and Cash Equivalents Short-term investments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities.
Allowance for Credit Losses	Allowance for Credit Losses We monitor our customers' payment history and current credit worthiness to determine that collectability of the related financial assets is reasonably assured. We also consider the overall business climate in which our customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations.
Concentration of Credit Risk	Concentration of Credit Risk Our current receivables are spread over a broad and diverse group of customers across many countries. We grant credit to our customers and perform periodic credit evaluations of our customers' financial conditions, including monitoring our customers' payment history and current credit worthiness to manage this risk. We do not generally require collateral in support of our current receivables, but we may require payment in advance or security in the form of a letter of credit or a bank guarantee.
Inventories	Inventories All inventories are stated at the lower of cost or net realizable values and they are measured on a first-in, first-out ("FIFO") basis or average cost basis. As necessary, we record provisions and maintain reserves for excess, slow moving and obsolete inventory. To determine these reserve amounts, we regularly review inventory quantities on hand and compare them to estimates of future product demand, market conditions, production requirements and technological developments.
Property, Plant and Equipment (PP&E)	Property, Plant and Equipment Property, plant and equipment ("PP&E") is initially stated at cost and is depreciated over its estimated economic life. Subsequently, PP&E is measured at cost less accumulated depreciation, which is generally provided by using the straight-line method over the estimated economic lives of the individual assets, and impairment losses. We manufacture a substantial portion of our tools and equipment in our OFSE segment and the cost of these items, which includes direct and indirect manufacturing costs, is capitalized in inventory and subsequently moved to PP&E.
Other Intangible Assets	Other Intangible Assets We amortize the cost of other intangible assets over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset's estimated economic life. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required.
Impairment of Goodwill	We perform an annual impairment test of goodwill on a qualitative or quantitative basis for each of our reporting units as of July 1, in conjunction with our annual strategic planning process, or more frequently when circumstances indicate an impairment may exist at the reporting unit level. When performing the annual impairment test we have the option of first performing a qualitative assessment to determine the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative impairment assessment of goodwill. However, if the assessment leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then no further assessments are required. A quantitative assessment for the determination of impairment is made by comparing the carrying amount of each reporting unit with its fair value, which is generally calculated using a combination of market, comparable transaction and discounted cash flow approaches. Potential impairment indicators include, but are not limited to, (i) the results of our most recent annual or interim impairment testing, in particular the magnitude of the excess of fair value over carrying value observed, (ii) downward revisions to internal forecasts, and the magnitude thereof, if any, and (iii) declines in our market capitalization below our book value, and the magnitude and duration of those declines, if any.
Impairment of Other Long-Lived Assets	We review PP&E, intangible assets and certain other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and at least annually for indefinite-lived intangible assets. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of recoverability is made based upon the estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related assets.
Financial Instruments	Financial Instruments Our financial instruments include cash and equivalents, current receivables, investments, accounts payables, short and long-term debt, and derivative financial instruments. We monitor our exposure to various business risks including commodity prices, interest rates, and foreign currency exchange rates, and we regularly use derivative financial instruments to manage these risks. At the inception of a new derivative, we designate the derivative as a hedge, or we determine the derivative to be undesignated as a hedging instrument. We document the relationships between the hedging instruments and the hedged items, as well as our risk management objectives and strategy for undertaking various hedge transactions. We assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. We record all derivatives as of the end of our reporting period in our consolidated statements of financial position at fair value. For the forward contracts held as undesignated hedging instruments, we record the changes in fair value in our consolidated statements of income (loss) along with the change in the fair value, related to foreign exchange movements, of the hedged item. Changes in the fair value of forward contracts designated as cash flow hedging instruments are recognized in other comprehensive income until the hedged item is recognized in earnings.
Fair Value Measurements	Fair Value Measurements For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: •Level 1 - Quoted prices for identical instruments in active markets. •Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3 - Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data available. In addition, we perform reviews to assess the reasonableness of the valuations. With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations. Such reviews include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as well as other published data, such as rating agency market reports and current appraisals. Recurring Fair Value Measurements Derivatives When we have Level 1 derivatives, which are traded either on exchanges or liquid markets, we use closing prices for valuation. The majority of our derivatives are valued using internal models and are included in Level 2. These internal models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent foreign currency and commodity forward contracts for the Company. Investments in Debt and Equity Securities When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For investment securities for which market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we use pricing models and observable inputs that are consistent with what other market participants would use and these are included in Level 2. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. When we use valuations that are based on significant unobservable inputs, we classify the investment securities in Level 3. Non-Recurring Fair Value Measurements Certain assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when they are held for sale, equity securities without readily determinable fair value, equity method investments and long-lived assets that are written down to fair value when they are impaired, and the remeasurement of retained investments in formerly consolidated subsidiaries upon a change in control that results in a deconsolidation of a subsidiary, if we sell a controlling interest and retain a noncontrolling stake in the entity.
Investments in Equity Securities	Investments in Equity Securities Investments in equity securities (in which we do not have a controlling financial interest or significant influence, most often because we hold a voting interest of 0% to 20%) with readily determinable fair values are measured at fair value with changes recognized in earnings and reported in "Other non-operating income (loss), net" in the consolidated statements of income (loss). Equity securities that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity securities of the same issuer. These changes are recorded in "Other non-operating income (loss), net" in the consolidated statements of income (loss). Equity method investments are equity holdings in entities in which we do not have a controlling financial interest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. At December 31, 2023 and 2022, the aggregate carrying amount of our equity method investments was $979 million and $919 million, respectively. The results of our equity method investments are presented in the consolidated statements of income (loss) as follows: (i) if the investment is integral to our operations, their results are included in "Selling, general and administrative," and (ii) if the investment is not integral to our operations, their results are included in "Other non-operating income (loss), net." Investments in, and advances to, equity method investments are presented on a one-line basis in "All other assets" in the consolidated statements of financial position.
Income Taxes	Income Taxes We file U.S. federal and state income tax returns which primarily includes our distributive share of items of income, gain, loss, and deduction of Baker Hughes Holdings LLC ("BHH LLC"), our primary operating company and a wholly owned subsidiary of the Company since December 2022, which was treated as a partnership for U.S. tax purposes until December 30, 2023. Effective December 30, 2023, the Company and various subsidiaries completed a reorganization that resulted in BHH LLC no longer being treated as a partnership for U.S. tax purposes. As a partnership, BHH LLC was not subject to U.S. federal income tax under current U.S. tax laws. However, as of December 31, 2023, BHH LLC will be included and taxed as part of the Company's consolidated U.S. tax return. Non-U.S. current and deferred income taxes owed by the subsidiaries of BHH LLC are reflected in the Company's financial statements. We account for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and the tax base of assets and liabilities based on enacted tax rates expected to be in effect when taxes are actually paid or recovered, as well as for net operating losses and tax credit carryforwards. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. Significant judgment is required in determining our tax expense and in evaluating our tax positions, including evaluating uncertainties. Our tax filings are subject to audit by the tax authorities in the jurisdictions where we conduct business. These audits may result in assessments of additional taxes that are resolved with the tax authorities or through the courts. We have provided for the amounts that we believe will ultimately result from these proceedings. We recognize uncertain tax positions that are "more likely than not" to be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, we measure the amount of tax benefit based on the largest amount of tax benefit that has a greater than 50% chance of being realized in a final settlement with the relevant authority. We classify interest and penalties associated with uncertain tax positions as income tax expense. The effects of tax adjustments and settlements from taxing authorities are presented in the financial statements in the period they are finalized.
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 December 31, 2023 and 2022, $332 million and $275 million of SCF program liabilities are recorded in "Accounts payable" in the consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in the consolidated statements of cash flows when settled. NEW ACCOUNTING STANDARDS TO BE ADOPTED In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which enhances the disclosures required for operating segments in the Company's annual and interim consolidated financial statements. ASU 2023-07 is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures. All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT PLANS

We maintain Company sponsored pension plans for certain of our employees. We also maintain unfunded end-of-service benefit plans that are mandated in certain countries in which we operate. Our primary plans disclosed in 2023 included four U.S. plans and eight non-U.S. plans, primarily in the United Kingdom and Germany, all with plan assets or obligations greater than $20 million. These defined benefit plans generally provide benefits to employees based on formulas recognizing length of service and earnings; however, the majority of these plans are either frozen or closed to new entrants. We also provide certain postretirement health care benefits, through unfunded plans, to a closed group of U.S. employees who retire and meet certain age and service requirements. The accumulated postretirement benefit obligation related to these plans was $33 million and $37 million at December 31, 2023 and 2022, respectively.

Funded Status

The funded status position represents the difference between the benefit obligation and the plan assets. Our primary plans consist of seven funded plans and five unfunded plans. The projected benefit obligation ("PBO") for pension benefits represents the actuarial present value of benefits attributed to employee services and compensation and includes an assumption about future compensation levels. The accumulated benefit obligation ("ABO") is the actuarial present value of pension benefits attributed to employee service to date at present compensation levels. The ABO differs from the PBO in that the ABO does not include any assumptions about future compensation levels.

Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets and the funded status of our defined benefit plans ("Pension Benefits").


	Pension Benefits
	2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	2,634	$	3,550
Service cost	15		23
Interest cost	116		78

Actuarial gain (1)	(4)		(928)
Benefits paid	(126)		(119)

Settlements	(4)		(24)
Settlement due to plan termination (2)	(246)		—
Acquisition	—		202

Foreign currency translation adjustments	58		(148)
Benefit obligation at end of year	2,443		2,634

Change in plan assets:
Fair value of plan assets at beginning of year	2,266		3,147
Actual return on plan assets	121		(850)
Employer contributions	18		32
Benefits paid	(126)		(119)
Settlements	(4)		(24)
Settlement due to plan termination (2)	(246)		—
Acquisition	—		214

Foreign currency translation adjustments	51		(134)
Fair value of plan assets at end of year	2,080		2,266

Funded status - underfunded at end of year	$	(363)	$	(368)

Accumulated benefit obligation	$	2,399	$	2,595

(1)The actuarial gain in 2022 was primarily related to a change in the discount rate used to measure the benefit obligation for our plans.

(2)Plan termination relates to the termination of one of our fully funded frozen U.S. defined benefit plans that was initiated in April 2022.

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


	Pension Benefits
	2023		2022
Noncurrent assets	$	78	$	58
Current liabilities	(17)		(15)
Noncurrent liabilities	(424)		(411)
Net amount recognized	$	(363)	$	(368)

Information for the plans with ABOs and PBOs in excess of plan assets consist of the following at December 31:


	Pension Benefits
	2023		2022
Projected benefit obligation	$	1,410	$	1,143
Accumulated benefit obligation	$	1,366	$	1,103
Fair value of plan assets	$	968	$	717

We have a U.S. non-qualified supplemental pension plan ("BH SPP") for certain employees which is included in the benefit obligations and funded status in the tables above. In order to meet a portion of our obligations of the BH SPP, we established a trust comprised primarily of mutual fund assets. The value of these assets was $36 million and $34 million as of December 31, 2023 and 2022, respectively. These assets are not included as plan assets or in the funded status amounts in the tables above and below.

Net Periodic Cost

The components of net periodic cost consist of the following:


	Pension Benefits
	2023		2022		2021
Service cost	$	15	$	23	$	27
Interest cost	116		78		64
Expected return on plan assets	(102)		(114)		(130)
Amortization of prior service credit	1		1		1
Amortization of net actuarial loss	19		27		40
Curtailment / settlement loss	(16)		2		2

Net periodic cost	$	33	$	17	$	4

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

Assumptions Used in Benefit Calculations

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

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

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


	Pension Benefits
	2023		2022
Discount rate	4.54	%	4.89	%
Rate of compensation increase	3.26	%	3.30	%
Interest crediting rate	3.98	%	4.31	%

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


	Pension Benefits
	2023		2022		2021
Discount rate	4.89	%	2.15	%	1.66	%
Expected long-term return on plan assets	5.05	%	3.85	%	4.07	%
Interest crediting rate	4.31	%	2.60	%	2.60	%

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

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

Accumulated Other Comprehensive Loss

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


	Pension Benefits
	2023		2022
Net actuarial loss	$	333	$	348
Net prior service cost	15		15
Total	$	348	$	363

Plan Assets

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

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


	2023		2022
Debt securities
Fixed income and cash investment funds	$	1,122	$	1,482

Equity securities
Global equity securities (1)	227		180
U.S. equity securities (1)	157		102
Insurance contracts	103		100
Real estate	34		53
Private equities	35		37
Other investments (2)	402		313
Total plan assets	$	2,080	$	2,266

(1)Include direct investments and investment funds.

(2)Consists primarily of asset allocation fund investments.

Plan assets valued using Net Asset Value ("NAV") as a practical expedient amounted to $1,967 million and $2,157 million as of December 31, 2023 and 2022, respectively. The percentages of plan assets valued using NAV by investment fund type for equity securities, fixed income and cash, and alternative investments were 20%, 57%, and 23% as of December 31, 2023, respectively, and 13%, 69%, and 18% as of December 31, 2022, respectively. Those investments that were measured at fair value using NAV as a practical expedient were excluded from the fair value hierarchy. The practical expedient was not applied for investments with a fair value of $113 million and $109 million as of December 31, 2023 and 2022, respectively. There were investments classified within Level 3 of $103 million and $100 million for non U.S. insurance contracts as of December 31, 2023 and 2022, respectively.

Funding Policy

The funding policy for our Pension Benefits is to contribute amounts sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws plus such additional amounts as we may determine to be appropriate. In 2023, we contributed approximately $18 million, which includes benefit payments made directly to the employee for our unfunded plans. We anticipate we will contribute between approximately $40 million to $45 million to our pension plans in 2024.


Year	Pension Benefits
2024	$	164
2025	127
2026	132
2027	135
2028	136
2029-2033	717

DEFINED CONTRIBUTION PLANS

Our primary defined contribution plan during 2023 was the Company-sponsored U.S. 401(k) plan ("401(k) Plan"). The 401(k) Plan allows eligible employees to contribute portions of their eligible compensation to an investment trust. The Company matches employee contributions at the rate of $1.00 per $1.00 employee contribution for the first 5% of the employee's eligible compensation, and such contributions vest immediately. In

addition, we make cash contributions for all eligible employees of 4% of their eligible compensation and such contributions are fully vested after three years of employment. The 401(k) Plan provides several investment options, for which the employee has sole investment discretion; however, the 401(k) Plan does not offer the Company's common stock as an investment option. Our costs for the 401(k) Plan and several other U.S. and non-U.S. defined contribution plans amounted to $217 million and $212 million in 2023 and 2022, respectively.

We have two non-qualified defined contribution plans that are invested through trusts. The assets and corresponding liabilities were $281 million and $256 million at December 31, 2023 and 2022, respectively, and are included in "All other assets" and "Liabilities for pensions and other postretirement benefits," respectively, in the consolidated statements of financial position.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 1,970	$ (578)	$ (330)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,087	1,061	1,105
(Gain) loss on business dispositions	(40)	451	0
(Gain) loss on equity securities	(555)	265	845
Stock-based compensation cost	197	207	205
Property, plant and equipment impairment, net	(1)	166	7
(Benefit) provision for deferred income taxes	(59)	105	133
Inventory impairment	35	31	0
Changes in operating assets and liabilities:
Current receivables	(986)	(625)	(126)
Inventories	(461)	(885)	170
Accounts payable	61	605	246
Progress collections and deferred income	1,639	1,103	(72)
Contract and other deferred assets	(211)	(76)	262
Other operating items, net	386	58	(71)
Net cash flows from operating activities	3,062	1,888	2,374
Cash flows from investing activities:
Expenditures for capital assets	(1,224)	(989)	(856)
Proceeds from disposal of assets	208	217	315
Proceeds from sale of equity securities	372	26	147
Proceeds from business dispositions	293	0	70
Net cash paid for acquisitions	(301)	(767)	(87)
Other investing items, net	(165)	(51)	(52)
Net cash flows used in investing activities	(817)	(1,564)	(463)
Cash flows from financing activities:
Repayment of long-term debt	(651)	0	(1,313)
Proceeds from the issuance of long-term debt	0	0	1,250
Repayment of commercial paper	0	0	(832)
Dividends paid	(786)	(726)	(592)
Repurchase of Class A common stock	(538)	(828)	(434)
Distributions to GE	0	(17)	(157)
Other financing items, net	(53)	(21)	(65)
Net cash flows used in financing activities	(2,028)	(1,592)	(2,143)
Effect of currency exchange rate changes on cash and cash equivalents	(59)	(97)	(47)
Increase (decrease) in cash and cash equivalents	158	(1,365)	(279)
Cash and cash equivalents, beginning of period	2,488	3,853	4,132
Cash and cash equivalents, end of period	$ 2,646	$ 2,488	$ 3,853

DEBT - Narrative (Details) - USD ($)	12 Months Ended
DEBT - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2023
Line of Credit Facility [Line Items]
Net increase to carrying value	$ 95,000,000	$ 91,000,000
Estimated fair value of debt	$ 5,571,000,000	5,863,000,000
Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 3,000,000,000
BHH LLC \| Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Ownership percentage	100.00%
BHH LLC \| Senior Notes \| Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Long-term borrowings	$ 5,908,000,000
Revolving Credit Facility \| Credit Agreement \| BHH LLC
Line of Credit Facility [Line Items]
Borrowings	$ 0	$ 0
Revolving Credit Facility \| Credit Agreement \| BHH LLC \| Unsecured
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 3,000,000,000

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	May 29, 2020	Mar. 03, 2020	Mar. 18, 2019	Mar. 15, 2019	Dec. 31, 2023
Loss Contingencies [Line Items]
Environmental loss contingencies					$ 1.0
Total, off-balance sheet liability					5,100.0
Purchase obligations, within next twelve months					1,871.0
Purchase obligations, year two					366.0
Purchase obligations, year three					220.0
Purchase obligations, year four					215.0
Purchase obligations, year five					47.0
Purchase obligations, thereafter					$ 27.0
Pending litigation \| IEC \| Lost profits and various costs
Loss Contingencies [Line Items]
Damages sought	$ 235.0	$ 244.9		$ 591.0
Pending litigation \| IEC \| Loss of cash flow
Loss Contingencies [Line Items]
Damages sought		700.0
Pending litigation \| IEC \| Liquidated damages
Loss Contingencies [Line Items]
Damages sought		4.8
Pending litigation \| IEC \| Take-or-pay future obligations
Loss Contingencies [Line Items]
Damages sought		$ 58.6
Pending litigation \| IEC \| Legal fees
Loss Contingencies [Line Items]
Damages sought	$ 14.2
Pending litigation \| City of Riviera Beach Pension Fund and Richard Schippnick
Loss Contingencies [Line Items]
Repurchase of stock from GE			$ 1,500.0
GE sale of stock			$ 2,500.0

LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Expense
Long-term fixed lease	$ 276	$ 254	$ 255
Long-term variable lease	73	48	32
Short-term lease	503	477	440
Total operating lease expense	$ 852	$ 779	$ 727

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


(In millions, except per share amounts)	2023		2022		2021
Net income (loss)	$	1,970	$	(578)	$	(330)

Less: Net income (loss) attributable to noncontrolling interests	27		23		(111)
Net income (loss) attributable to Baker Hughes Company	$	1,943	$	(601)	$	(219)

Weighted average shares outstanding:
Class A basic	1,008		987		824
Class A diluted	1,015		987		824
Net income (loss) per share attributable to common stockholders:
Class A basic	$	1.93	$	(0.61)	$	(0.27)
Class A diluted	$	1.91	$	(0.61)	$	(0.27)

Shares of our Class B common stock do not share in earnings or losses of the Company and are not considered in the calculation of basic or diluted earnings per share ("EPS") above. As such, separate presentation of basic and diluted EPS of Class B under the two class method has not been presented. The basic weighted average shares outstanding for our Class B common stock were nil, 30 million, and 215 million for the years ended December 31, 2023, 2022 and 2021, respectively. The basic weighted average shares outstanding for both our Class A and Class B common stock combined were 1,008 million, 1,017 million, and 1,039 million for the years ended December 31, 2023, 2022 and 2021, respectively.

For the year ended December 31, 2023, Class A diluted shares include the dilutive impact of equity awards except for approximately 2 million options that were excluded because the exercise price exceeded the average market price of our Class A common stock and is therefore antidilutive. For the years ended December 31, 2022, and 2021, we excluded all outstanding equity awards from the computation of diluted net loss per share because their effect is antidilutive.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF THE BUSINESS Baker Hughes Company ("Baker Hughes," "the Company," "we," "us," or "our") is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. BASIS OF PRESENTATION The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for annual financial information. The consolidated financial statements include the accounts of Baker Hughes and all of its subsidiaries and affiliates which it controls or variable interest entities for which we have determined that we are the primary beneficiary. All intercompany accounts and transactions have been eliminated. In the Company's consolidated financial statements and notes, certain amounts have been reclassified to conform with the current year presentation. In the notes to the consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in our financial statements and notes thereto may not add due to the use of rounded numbers. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of any contingent assets or liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be perceived with certainty, and accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in acquisitions. Foreign Currency Assets and liabilities of non-U.S. operations with a functional currency other than the U.S. dollar have been translated into U.S. dollars using our period end exchange rates, and revenue, expenses, and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). The impact of remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the Company or its subsidiaries is included in the consolidated statements of income (loss). Revenue from Sale of Equipment Performance Obligations Satisfied Over Time We recognize revenue on agreements for sales of equipment manufactured to unique customer specifications including long-term construction projects, on an over time basis, utilizing cost inputs as the measurement criteria in assessing the progress toward completion. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We begin to recognize revenue on these contracts when the contract specific inventory becomes customized for a customer, which is reflective of our initial transfer of control of the incurred costs. We provide for potential losses on any of these agreements when it is probable that we will incur the loss. Our billing terms for these over time contracts vary, but are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We recognize revenue for non-customized equipment at the point in time that the customer obtains control of the good. Equipment for which we recognize revenue at a point in time includes equipment we manufacture on a standardized basis for sale to the market. We use proof of delivery for certain large equipment with more complex logistics associated with the shipment, whereas the delivery of other equipment is generally determined based on historical data of transit times between regions. On occasion we sell equipment with a right of return. We use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment and that acceptance has or is likely to occur. Our billing terms for these point in time equipment contracts vary, but are generally based on shipment of the equipment to the customer. Revenue from Sale of Services Performance Obligations Satisfied Over Time We sell product services under long-term product maintenance or extended warranty agreements in our Industrial & Energy Technology segment. These agreements require us to maintain the customers' assets over the service agreement contract terms, which generally range from 10 to 20 years. In general, these are contractual arrangements to provide services, repairs, and maintenance of a covered unit (gas turbines for mechanical drive or power generation, primarily on liquefied natural gas ("LNG") applications). These services are performed at various times during the life of the contract, thus the costs of performing services are incurred on an other than straight-line basis. We recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We provide for any loss that we expect to incur on any of these agreements when that loss becomes probable. The Company utilizes historical customer data, prior product performance data, statistical analysis, third-party data, and internal management estimates to calculate contract-specific margins. In certain contracts, the total transaction price is variable based on customer utilization, which is excluded from the contract margin until the period that the customer has utilized to appropriately reflect the revenue activity in the period earned. In addition, revenue for certain oilfield services is recognized on an over time basis as performed. Our billing terms for these contracts are generally based on asset utilization (i.e. usage per hour) or the occurrence of a major maintenance event within the contract. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. Performance Obligations Satisfied at a Point In Time We sell certain tangible products, largely spare equipment, through our services business. We recognize revenue for this equipment at the point in time that the customer obtains control of the good, which is at the point in time we deliver the spare part to the customer. Our billing terms for these point in time service contracts vary, but are generally based on shipment of the equipment to the customer. Research and Development Research and development costs are expensed as incurred and relate to the research and development of new products and services. These costs amounted to $658 million, $556 million and $492 million for the years ended December 31, 2023, 2022 and 2021, respectively. Research and development expenses were reported in "Cost of goods sold" and "Cost of services sold" in the consolidated statements of income (loss). Cash and Cash Equivalents Short-term investments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities. Allowance for Credit Losses We monitor our customers' payment history and current credit worthiness to determine that collectability of the related financial assets is reasonably assured. We also consider the overall business climate in which our customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and management expectations. Concentration of Credit Risk Our current receivables are spread over a broad and diverse group of customers across many countries. We grant credit to our customers and perform periodic credit evaluations of our customers' financial conditions, including monitoring our customers' payment history and current credit worthiness to manage this risk. We do not generally require collateral in support of our current receivables, but we may require payment in advance or security in the form of a letter of credit or a bank guarantee. Inventories All inventories are stated at the lower of cost or net realizable values and they are measured on a first-in, first-out ("FIFO") basis or average cost basis. As necessary, we record provisions and maintain reserves for excess, slow moving and obsolete inventory. To determine these reserve amounts, we regularly review inventory quantities on hand and compare them to estimates of future product demand, market conditions, production requirements and technological developments. Property, Plant and Equipment Property, plant and equipment ("PP&E") is initially stated at cost and is depreciated over its estimated economic life. Subsequently, PP&E is measured at cost less accumulated depreciation, which is generally provided by using the straight-line method over the estimated economic lives of the individual assets, and impairment losses. We manufacture a substantial portion of our tools and equipment in our OFSE segment and the cost of these items, which includes direct and indirect manufacturing costs, is capitalized in inventory and subsequently moved to PP&E. Other Intangible Assets We amortize the cost of other intangible assets over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset's estimated economic life. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required. Refer to the Impairment of Goodwill and Other Long-Lived Assets accounting policy. Impairment of Goodwill and Other Long-lived Assets We perform an annual impairment test of goodwill on a qualitative or quantitative basis for each of our reporting units as of July 1, in conjunction with our annual strategic planning process, or more frequently when circumstances indicate an impairment may exist at the reporting unit level. When performing the annual impairment test we have the option of first performing a qualitative assessment to determine the existence of events and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would then be required to perform a quantitative impairment assessment of goodwill. However, if the assessment leads to a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then no further assessments are required. A quantitative assessment for the determination of impairment is made by comparing the carrying amount of each reporting unit with its fair value, which is generally calculated using a combination of market, comparable transaction and discounted cash flow approaches. Potential impairment indicators include, but are not limited to, (i) the results of our most recent annual or interim impairment testing, in particular the magnitude of the excess of fair value over carrying value observed, (ii) downward revisions to internal forecasts, and the magnitude thereof, if any, and (iii) declines in our market capitalization below our book value, and the magnitude and duration of those declines, if any. We review PP&E, intangible assets and certain other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and at least annually for indefinite-lived intangible assets. When testing for impairment, we group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (or asset group). The determination of recoverability is made based upon the estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related assets. Financial Instruments Our financial instruments include cash and equivalents, current receivables, investments, accounts payables, short and long-term debt, and derivative financial instruments. We monitor our exposure to various business risks including commodity prices, interest rates, and foreign currency exchange rates, and we regularly use derivative financial instruments to manage these risks. At the inception of a new derivative, we designate the derivative as a hedge, or we determine the derivative to be undesignated as a hedging instrument. We document the relationships between the hedging instruments and the hedged items, as well as our risk management objectives and strategy for undertaking various hedge transactions. We assess whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged item at both the inception of the hedge and on an ongoing basis. We record all derivatives as of the end of our reporting period in our consolidated statements of financial position at fair value. For the forward contracts held as undesignated hedging instruments, we record the changes in fair value in our consolidated statements of income (loss) along with the change in the fair value, related to foreign exchange movements, of the hedged item. Changes in the fair value of forward contracts designated as cash flow hedging instruments are recognized in other comprehensive income until the hedged item is recognized in earnings. Fair Value Measurements For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: •Level 1 - Quoted prices for identical instruments in active markets. •Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3 - Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data available. In addition, we perform reviews to assess the reasonableness of the valuations. With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations. Such reviews include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as well as other published data, such as rating agency market reports and current appraisals. Recurring Fair Value Measurements Derivatives When we have Level 1 derivatives, which are traded either on exchanges or liquid markets, we use closing prices for valuation. The majority of our derivatives are valued using internal models and are included in Level 2. These internal models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent foreign currency and commodity forward contracts for the Company. Investments in Debt and Equity Securities When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For investment securities for which market prices are observable for identical or similar investment securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we use pricing models and observable inputs that are consistent with what other market participants would use and these are included in Level 2. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. When we use valuations that are based on significant unobservable inputs, we classify the investment securities in Level 3. Non-Recurring Fair Value Measurements Certain assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when they are held for sale, equity securities without readily determinable fair value, equity method investments and long-lived assets that are written down to fair value when they are impaired, and the remeasurement of retained investments in formerly consolidated subsidiaries upon a change in control that results in a deconsolidation of a subsidiary, if we sell a controlling interest and retain a noncontrolling stake in the entity. Investments in Equity Securities Investments in equity securities (in which we do not have a controlling financial interest or significant influence, most often because we hold a voting interest of 0% to 20%) with readily determinable fair values are measured at fair value with changes recognized in earnings and reported in "Other non-operating income (loss), net" in the consolidated statements of income (loss). Equity securities that do not have readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar equity securities of the same issuer. These changes are recorded in "Other non-operating income (loss), net" in the consolidated statements of income (loss). Equity method investments are equity holdings in entities in which we do not have a controlling financial interest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. At December 31, 2023 and 2022, the aggregate carrying amount of our equity method investments was $979 million and $919 million, respectively. The results of our equity method investments are presented in the consolidated statements of income (loss) as follows: (i) if the investment is integral to our operations, their results are included in "Selling, general and administrative," and (ii) if the investment is not integral to our operations, their results are included in "Other non-operating income (loss), net." Investments in, and advances to, equity method investments are presented on a one-line basis in "All other assets" in the consolidated statements of financial position. Income Taxes We file U.S. federal and state income tax returns which primarily includes our distributive share of items of income, gain, loss, and deduction of Baker Hughes Holdings LLC ("BHH LLC"), our primary operating company and a wholly owned subsidiary of the Company since December 2022, which was treated as a partnership for U.S. tax purposes until December 30, 2023. Effective December 30, 2023, the Company and various subsidiaries completed a reorganization that resulted in BHH LLC no longer being treated as a partnership for U.S. tax purposes. As a partnership, BHH LLC was not subject to U.S. federal income tax under current U.S. tax laws. However, as of December 31, 2023, BHH LLC will be included and taxed as part of the Company's consolidated U.S. tax return. Non-U.S. current and deferred income taxes owed by the subsidiaries of BHH LLC are reflected in the Company's financial statements. We account for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and the tax base of assets and liabilities based on enacted tax rates expected to be in effect when taxes are actually paid or recovered, as well as for net operating losses and tax credit carryforwards. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. Significant judgment is required in determining our tax expense and in evaluating our tax positions, including evaluating uncertainties. Our tax filings are subject to audit by the tax authorities in the jurisdictions where we conduct business. These audits may result in assessments of additional taxes that are resolved with the tax authorities or through the courts. We have provided for the amounts that we believe will ultimately result from these proceedings. We recognize uncertain tax positions that are "more likely than not" to be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, we measure the amount of tax benefit based on the largest amount of tax benefit that has a greater than 50% chance of being realized in a final settlement with the relevant authority. We classify interest and penalties associated with uncertain tax positions as income tax expense. The effects of tax adjustments and settlements from taxing authorities are presented in the financial statements in the period they are finalized. 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 December 31, 2023 and 2022, $332 million and $275 million of SCF program liabilities are recorded in "Accounts payable" in the consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in the consolidated statements of cash flows when settled. NEW ACCOUNTING STANDARDS TO BE ADOPTED In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which enhances the disclosures required for operating segments in the Company's annual and interim consolidated financial statements. ASU 2023-07 is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures. All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

EQUITY

COMMON STOCK

We are authorized to issue 2 billion shares of Class A common stock, 1.25 billion shares of Class B common stock and 50 million shares of preferred stock each of which have a par value of $0.0001 per share. The number of shares outstanding of Class A and Class B common stock at December 31, 2023 is 998 million and nil, respectively. We have not issued any preferred stock. Each share of Class B common stock and the associated member units of BHH LLC form a paired interest. While each share of Class B common stock has equal voting rights to a share of Class A common stock, it has no economic rights, meaning holders of Class B common stock have no right to dividends or any assets in the event of liquidation of the Company. Our Class B common stock was previously held by GE. As of December 31, 2023 and 2022, there were no shares of Class B common stock issued and outstanding.

We have a share repurchase program which we expect to fund from cash generated from operations, and we expect to make share repurchases from time to time subject to the Company's capital plan, market conditions, and other factors, including regulatory restrictions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. In 2023 and 2022, the Company repurchased and canceled 16.3 million and 29.7 million shares of Class A common stock, each for $538 million and $828 million, representing an average price per share of $33.09 and $27.91, respectively. As of December 31, 2023, the Company had authorization remaining to repurchase up to approximately $2.2 billion of its Class A common stock.

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


	2023		2022
	Class A Common Stock	Class B Common Stock	Class A Common Stock	Class B Common Stock
Balance at beginning of year	1,005,960	—	909,142	116,548
Issue of shares upon vesting of restricted stock units (1)	5,738	—	6,316	—
Issue of shares on exercise of stock options (1)	434	—	1,632	—
Issue of shares for employee stock purchase plan	1,846	—	2,017	—
Exchange of Class B common stock for Class A common stock (2)	—	—	116,548	(116,548)
Repurchase and cancellation of Class A common stock	(16,269)	—	(29,694)	—
Balance at end of year	997,709	—	1,005,960	—

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

During 2023 and 2022, the Company declared and paid aggregate regular dividends of $0.78 and $0.73 per share, respectively, to holders of record of the Company's Class A common stock.

ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")

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


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2021	$	(2,125)	$	(10)	$	(250)	$	(2,385)
Other comprehensive income (loss) before reclassifications	(294)		(1)		2		(293)
Amounts reclassified from accumulated other comprehensive loss	25		3		27		55
Deferred taxes	—		—		(43)		(43)
Other comprehensive income (loss)	(269)		2		(14)		(281)
Less: Other comprehensive loss attributable to noncontrolling interests	(3)		—		—		(3)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units	275		1		32		308

Balance at December 31, 2022	(2,666)		(9)		(296)		(2,971)
Other comprehensive income (loss) before reclassifications	153		12		(14)		151
Amounts reclassified from accumulated other comprehensive loss	—		(8)		28		20
Deferred taxes	—		(1)		5		4
Other comprehensive income (loss)	153		3		19		175



Balance at December 31, 2023	$	(2,513)	$	(6)	$	(277)	$	(2,796)

The amounts reclassified from accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 represent (i) gains (losses) reclassified on cash flow hedges when the hedged transaction occurs, (ii) the amortization of net actuarial gain (loss), prior service credit, settlements, and curtailments which are included in the computation of net periodic pension cost (see "Note 10. Employee Benefit Plans" for additional details), and (iii) the release of foreign currency translation adjustments.

The entire disclosure for equity.

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EMPLOYEE BENEFIT PLANS - Future Expected Benefit Payments (Details) - Pension Benefits $ in Millions	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure
2024	$ 164
2025	127
2026	132
2027	135
2028	136
2029-2033	$ 717

INCOME TAXES - Provision or Benefit for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S.	$ 33	$ 6	$ 11
Foreign	711	489	614
Total current	744	495	625
Deferred:
U.S.	(27)	40	(24)
Foreign	(32)	65	157
Total deferred	(59)	105	133
Provision for income taxes	$ 685	$ 600	$ 758

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

Other Liabilities Disclosure [Abstract]

SUPPLEMENTARY INFORMATION

12 Months Ended

Dec. 31, 2023

SUPPLEMENTARY INFORMATION

ALL OTHER CURRENT LIABILITIES

All other current liabilities as of December 31, 2023 and 2022 include $1,346 million and $837 million, respectively, of employee related liabilities.

ALLOWANCE FOR CREDIT LOSSES

The following table presents the change in allowance for credit losses:


	2023		2022
Balance at beginning of year	$	341	$	400
Provision	79		69
Write-offs	(26)		(34)
Prior year recoveries	(31)		(44)
Other	(13)		(50)
Balance at end of year	$	350	$	341

CASH FLOW DISCLOSURES

Supplemental cash flow disclosures consist of the following:


	2023		2022		2021
Income taxes paid, net of refunds	$	595	$	498	$	314
Interest paid	$	309	$	291	$	305

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS We have an aeroderivative joint venture ("Aero JV") we formed with GE in 2019. The Aero JV is jointly controlled by GE and us, each with ownership interest of 50%, and therefore, we do not consolidate the Aero JV. We had purchases from the Aero JV of $517 million, $528 million, and $603 million during the years ended December 31, 2023, 2022 and 2021, respectively. We have $71 million and $110 million of accounts payable at December 31, 2023 and 2022, respectively, for products 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 years ended December 31, 2023, 2022 and 2021. During the second quarter of 2022, GE's ownership interest in the Company and BHH LLC was reduced to less than 5%. As a result, considering all aspects of our relationship with GE, as of June 30, 2022, we no longer considered GE a related party. We had purchases with GE and its affiliates of $293 million during the six months ended June 30, 2022, and $716 million during the year ended December 31, 2021, respectively. In addition, we sold products and services to GE and its affiliates for $83 million during the six months ended June 30, 2022, and $185 million during the year ended December 31, 2021, respectively.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Related Party Transaction [Line Items]
Accounts payable		$ 4,471	$ 4,298
JV aero-derivative gas turbine products and services
Related Party Transaction [Line Items]
Related party purchases		517	528	$ 603
Accounts payable		$ 71	$ 110
JV aero-derivative gas turbine products and services \| Aeroderivative Joint venture
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners					50.00%
Affiliated Entity \| Purchases, GE and its affiliates
Related Party Transaction [Line Items]
Related party purchases	$ 293			716
Affiliated Entity \| Sales of products and services, GE and its affiliates
Related Party Transaction [Line Items]
Related party sold	$ 83			$ 185
GE \| JV aero-derivative gas turbine products and services \| Aeroderivative Joint venture
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners					50.00%
GE \| Affiliated Entity \| Baker Hughes Company
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owners	5.00%

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company's segments are determined as those operations whose results are reviewed regularly by the chief operating decision maker ("CODM"), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. We report our operating results through two operating segments, OFSE and IET. 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. The following is a description of each segment's business operations:

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

Industrial & Energy Technology provides technology solutions and services for mechanical-drive, compression and power-generation applications across the energy industry, including oil and 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 five product lines - Gas Technology Equipment, Gas Technology Services, Industrial Products, Industrial Solutions, and Climate Technology Solutions.

Revenue and operating income for each segment are 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.


Revenue	2023		2022		2021
Oilfield Services & Equipment	$	15,361	$	13,229	$	12,028
Industrial & Energy Technology	10,145		7,926		8,473
Total	$	25,506	$	21,156	$	20,502


Income before income taxes	2023		2022		2021
Oilfield Services & Equipment	$	1,746	$	1,201	$	830
Industrial & Energy Technology	1,310		1,135		1,177
Total segment	3,055		2,336		2,006
Corporate	(380)		(416)		(429)
Inventory impairment (1)	(35)		(31)		—

Restructuring, impairment and other	(323)		(705)		(269)
Other non-operating income (loss), net	554		(911)		(583)
Interest expense, net	(216)		(252)		(299)
Income (loss) before income taxes	$	2,655	$	22	$	428

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

The following table presents total assets at December 31:


Assets	2023		2022
Oilfield Services & Equipment	$	17,925	$	17,181
Industrial & Energy Technology	13,781		12,286
Total segment	31,706		29,467
Corporate and eliminations (1)	5,239		4,714
Total	$	36,945	$	34,181

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

The following table presents depreciation and amortization:


Depreciation and amortization	2023		2022		2021
Oilfield Services & Equipment	$	849	$	845	$	874
Industrial & Energy Technology	217		197		208
Total segment	1,066		1,042		1,082
Corporate	21		19		23
Total	$	1,087	$	1,061	$	1,105

The following table presents capital expenditures:


Capital expenditures	2023		2022		2021
Oilfield Services & Equipment	$	960	$	791	$	659
Industrial & Energy Technology	229		183		182
Total segment	1,189		974		841
Corporate	35		15		15
Total	$	1,224	$	989	$	856

The following table presents consolidated revenue based on the location to where the product is shipped or the services are performed. Other than the U.S., no other country accounted for more than 10% of our consolidated revenue during the periods presented.


Revenue	2023		2022		2021
U.S.	$	6,557	$	4,942	$	4,497
Non-U.S.	18,949		16,214		16,005
Total	$	25,506	$	21,156	$	20,502

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


Property, plant and equipment - net	2023		2022
U.S.	$	1,579	$	1,554
Non-U.S.	3,314		2,984
Total	$	4,893	$	4,538

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.

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Other Liabilities Disclosure [Abstract]

SUPPLEMENTARY INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Allowance for Credit Losses

Current receivables consist of the following at December 31:


	2023		2022
Customer receivables	$	6,033	$	5,083
Other	1,392		1,216
Total current receivables	7,425		6,299
Less: Allowance for credit losses	(350)		(341)
Total current receivables, net	$	7,075	$	5,958

The following table presents the change in allowance for credit losses:


	2023		2022
Balance at beginning of year	$	341	$	400
Provision	79		69
Write-offs	(26)		(34)
Prior year recoveries	(31)		(44)
Other	(13)		(50)
Balance at end of year	$	350	$	341

Schedule of Cash Flow Supplemental Disclosures

Supplemental cash flow disclosures consist of the following:


	2023		2022		2021
Income taxes paid, net of refunds	$	595	$	498	$	314
Interest paid	$	309	$	291	$	305

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Financial Information

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


Revenue	2023		2022		2021
Oilfield Services & Equipment	$	15,361	$	13,229	$	12,028
Industrial & Energy Technology	10,145		7,926		8,473
Total	$	25,506	$	21,156	$	20,502


Income before income taxes	2023		2022		2021
Oilfield Services & Equipment	$	1,746	$	1,201	$	830
Industrial & Energy Technology	1,310		1,135		1,177
Total segment	3,055		2,336		2,006
Corporate	(380)		(416)		(429)
Inventory impairment (1)	(35)		(31)		—

Restructuring, impairment and other	(323)		(705)		(269)
Other non-operating income (loss), net	554		(911)		(583)
Interest expense, net	(216)		(252)		(299)
Income (loss) before income taxes	$	2,655	$	22	$	428

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

Schedule of Assets and Segment Depreciation and Amortization

The following table presents total assets at December 31:


Assets	2023		2022
Oilfield Services & Equipment	$	17,925	$	17,181
Industrial & Energy Technology	13,781		12,286
Total segment	31,706		29,467
Corporate and eliminations (1)	5,239		4,714
Total	$	36,945	$	34,181

The following table presents depreciation and amortization:


Depreciation and amortization	2023		2022		2021
Oilfield Services & Equipment	$	849	$	845	$	874
Industrial & Energy Technology	217		197		208
Total segment	1,066		1,042		1,082
Corporate	21		19		23
Total	$	1,087	$	1,061	$	1,105

The following table presents capital expenditures:


Capital expenditures	2023		2022		2021
Oilfield Services & Equipment	$	960	$	791	$	659
Industrial & Energy Technology	229		183		182
Total segment	1,189		974		841
Corporate	35		15		15
Total	$	1,224	$	989	$	856

Schedule of Revenues and Property, Plant and Equipment, Net


Revenue	2023		2022		2021
U.S.	$	6,557	$	4,942	$	4,497
Non-U.S.	18,949		16,214		16,005
Total	$	25,506	$	21,156	$	20,502

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


Property, plant and equipment - net	2023		2022
U.S.	$	1,579	$	1,554
Non-U.S.	3,314		2,984
Total	$	4,893	$	4,538

CURRENT RECEIVABLES

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

CURRENT RECEIVABLES

Current receivables consist of the following at December 31:


	2023		2022
Customer receivables	$	6,033	$	5,083
Other	1,392		1,216
Total current receivables	7,425		6,299
Less: Allowance for credit losses	(350)		(341)
Total current receivables, net	$	7,075	$	5,958

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

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Jan. 26, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-38143
Entity Registrant Name	Baker Hughes Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4403168
Entity Address, Address Line Two	Suite 100
Entity Address, Address Line One	575 N. Dairy Ashford Rd.,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079-1121
City Area Code	713
Local Phone Number	439-8600
Title of 12(b) Security	Class A Common Stock, $0.0001 Par Value per Share
Trading Symbol	BKR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 31,860,362,416
Entity Common Stock, Shares Outstanding		1,000,881,406
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of Registrant's Definitive Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001701605
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 257	$ 222	$ 253
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated weighted average life (years)	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated weighted average life (years)	35 years

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock par value (in dollars per share)	$ 0.0001
Class A Common Stock
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock issued (in shares)	998,000,000	1,006,000,000
Common stock outstanding (in shares)	997,709,000	1,005,960,000	909,142,000
Class B Common Stock
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,250,000,000	1,250,000,000
Common stock issued (in shares)	0	0
Common stock outstanding (in shares)	0	0	116,548,000

FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Equity securities, amortized cost	$ 527	$ 557
Equity securities, gross unrealized gain	451	191
Equity securities, gross unrealized losses	(3)	0
Equity securities, estimated fair value	975	748
Total, amortized cost	593	557
Total , gross unrealized gains	452	191
Total , gross unrealized losses	(3)	0
Total, estimated fair value	1,042	748
Gains (losses) recorded to earnings	405	(271)	$ (843)
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, amortized cost	66	0
Debt securities, gross unrealized gains	1	0
Debt securities, gross unrealized losses	0	0
Debt securities, estimated fair value	$ 67	$ 0
Available for sale securities maturity	2 years

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Assets	$ 34	$ 18
(Liabilities)	$ (76)	$ (86)
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	All other current assets, All other assets	All other current assets, All other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	All other current liabilities, All other liabilities	All other current liabilities, All other liabilities
Currency exchange contracts and other \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	$ 10	$ 1
(Liabilities)	(3)	0
Currency exchange contracts and other \| Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	24	17
(Liabilities)	(21)	(17)
Interest rate swap contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	0
(Liabilities)	$ (52)	$ (69)

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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Fair value, after the effects of master netting arrangements, of a financial liability or 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 liabilities not subject to a master netting arrangement and not elected to be offset.

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EMPLOYEE BENEFIT PLANS - Assumptions Used for Benefit Obligation (Details) - Pension Benefits	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	4.54%	4.89%
Rate of compensation increase	3.26%	3.30%
Interest crediting rate	3.98%	4.31%

EMPLOYEE BENEFIT PLANS - Reconciliation to Accumulated Other Comprehensive Loss (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial loss	$ 333	$ 348
Net prior service cost	15	15
Total	$ 348	$ 363

INVENTORIES

12 Months Ended

Dec. 31, 2023

Inventory, Net [Abstract]

INVENTORIES

Inventories, net of reserves of $389 million and $396 million in 2023 and 2022, respectively, consist of the following at December 31:


	2023		2022
Finished goods	$	2,626	$	2,419
Work in process and raw materials	2,468		2,168
Total inventories, net	$	5,094	$	4,587

For the year ended December 31, 2023, we recorded inventory impairments of $35 million primarily in our Oilfield Services & Equipment segment ("OFSE"). For the year ended December 31, 2022, we recorded inventory

impairments of $31 million, primarily in our Industrial & Energy Technology ("IET") segment. See "Note 20. Restructuring, Impairment, and Other" for further information.

PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 5,542	$ 3,822
Revenue recognized, included in contract liability	2,999	2,185
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	5,405	3,713
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 137	$ 109

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.

Share-Based Payment Arrangement [Abstract]

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Operating & capital loss carryforwards	$ 3,332	$ 2,074
Tax credit & other carryforwards	936	1,087
Investment in partnerships & subsidiaries	286	846
Property, plant and equipment	169	128
Employee benefits	241	62
Goodwill and other intangible assets	137	46
Receivables	111	94
Inventory	73	52
Other	181	163
Total deferred income tax asset	5,466	4,552
Valuation allowances	(4,416)	(4,090)
Total deferred income tax asset after valuation allowance	1,050	462
Deferred tax liabilities:
Indefinite-lived intangible assets	(380)	0
Fair value of derivative financial instruments	(90)	0
Other	(34)	(34)
Total deferred income tax liability	(504)	(34)
Net deferred tax asset	$ 546	$ 428

GOODWILL AND INTANGIBLE ASSETS - Future Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2023 USD ($)
Estimated Amortization Expense
2024	$ 243
2025	201
2026	156
2027	134
2028	$ 115

CONTRACT AND OTHER DEFERRED ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,602	$ 1,347
Deferred inventory costs	126	125
Other costs to fulfill or obtain a contract	28	31
Contract and other deferred assets	1,756	1,503
Revenue recognized from performance obligations satisfied in previous periods	15	20
Long-term product service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	418	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)	$ 1,184	$ 955

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,970	$ (578)	$ (330)
Less: Net income (loss) attributable to noncontrolling interests	27	23	(111)
Net income (loss) attributable to Baker Hughes Company	1,943	(601)	(219)
Other comprehensive income (loss):
Foreign currency translation adjustments	153	(269)	(305)
Cash flow hedges	3	2	(16)
Benefit plans	19	(14)	170
Other comprehensive income (loss)	175	(281)	(151)
Less: Other comprehensive loss attributable to noncontrolling interests	0	(3)	(16)
Other comprehensive income (loss) attributable to Baker Hughes Company	175	(278)	(135)
Comprehensive income (loss)	2,145	(859)	(481)
Less: Comprehensive income (loss) attributable to noncontrolling interests	27	20	(127)
Comprehensive income (loss) attributable to Baker Hughes Company	$ 2,118	$ (879)	$ (354)

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Balance at December 31, 2021, gross			$ 24,486
Accumulated impairment at December 31, 2021			(18,527)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	$ 5,930	$ 5,959
Disposition		(161)
Acquisitions	138	458
Currency exchange and other	69	(96)
Total		6,160
Classified as held for sale		(230)
Goodwill, net, ending balance	6,137	5,930
Oilfield Services & Equipment
Goodwill [Line Items]
Balance at December 31, 2021, gross			19,825
Accumulated impairment at December 31, 2021			(18,273)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	1,432	1,552
Disposition		(161)
Acquisitions	95	41
Currency exchange and other	14	0
Total		1,432
Classified as held for sale		0
Goodwill, net, ending balance	1,541	1,432
Industrial & Energy Technology
Goodwill [Line Items]
Balance at December 31, 2021, gross			4,661
Accumulated impairment at December 31, 2021			$ (254)
Goodwill [Roll Forward]
Goodwill, net, beginning balance	4,498	4,407
Disposition		0
Acquisitions	43	417
Currency exchange and other	55	(96)
Total		4,728
Classified as held for sale		(230)
Goodwill, net, ending balance	$ 4,596	$ 4,498

STOCK-BASED COMPENSATION - PSU (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Units
Cancelled (in shares) \| shares	(563)
Weighted Average Grant Date Fair Value Per Unit
Cancelled (in dollars per share) \| $ / shares	$ 21.85
PSUs
Number of Units
Outstanding, beginning balance (in shares) \| shares	3,525
Granted (in shares) \| shares	1,222
Vested (in shares) \| shares	827
Forfeited (in shares) \| shares	(529)
Outstanding, ending balance (in shares) \| shares	2,828
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 25.56
Granted (in dollars per share) \| $ / shares	30.17
Vested (in dollars per share) \| $ / shares	20.61
Forfeited (in dollars per share) \| $ / shares	29.06
Unvested, ending balance (in dollars per share) \| $ / shares	$ 28.70

BUSINESS DISPOSITIONS AND ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Income (Loss)
Proceeds from business dispositions	$ 293	$ 0	$ 70
(Gain) loss on business dispositions	(40)	451	0
Goodwill	6,137	5,930	$ 5,959
Joint Venture Company
Business Acquisition [Line Items]
Approximate interest to be acquired			50.00%
Payments to acquire membership interest			$ 70
Promissory note			$ 80
Several acquisitions
Business Acquisition [Line Items]
Total purchase consideration	301	767
Goodwill	138	458
Intangible assets	58	211
Cash acquired from acquisition		$ 50
Sale \| Businesses Including Nexus Controls
Business Acquisition [Line Items]
Proceeds from business dispositions	$ 293

EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 14,525	$ 16,746	$ 18,242
Other comprehensive income (loss) before reclassifications	151	(293)
Amounts reclassified from accumulated other comprehensive loss	20	55
Deferred taxes	4	(43)
Other comprehensive income (loss)	175	(281)	(151)
Less: Other comprehensive loss attributable to noncontrolling interests	0	(3)	(16)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units		308
Ending balance	15,519	14,525	16,746
Foreign Currency Translation Adjustment, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,666)	(2,125)
Other comprehensive income (loss) before reclassifications	153
Amounts reclassified from accumulated other comprehensive loss	0
Deferred taxes	0
Other comprehensive income (loss)	153
Ending balance	(2,513)	(2,666)	(2,125)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications		(294)
Amounts reclassified from accumulated other comprehensive loss		25
Deferred taxes		0
Other comprehensive income (loss)		(269)
Foreign Currency Translation Adjustment, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other comprehensive loss attributable to noncontrolling interests		(3)
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units		275
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(9)	(10)
Other comprehensive income (loss) before reclassifications	12
Amounts reclassified from accumulated other comprehensive loss	(8)
Deferred taxes	(1)
Other comprehensive income (loss)	3
Ending balance	(6)	(9)	(10)
Cash Flow Hedges
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		3
Deferred taxes		0
Other comprehensive income (loss)		2
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
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units		1
Benefit Plans, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(296)	(250)
Other comprehensive income (loss) before reclassifications	(14)
Amounts reclassified from accumulated other comprehensive loss	28
Deferred taxes	5
Other comprehensive income (loss)	19
Ending balance	(277)	(296)	(250)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications		2
Amounts reclassified from accumulated other comprehensive loss		27
Deferred taxes		(43)
Other comprehensive income (loss)		(14)
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
Less: Reallocation of AOCL based on change in ownership of BHH LLC Units		32
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,971)	(2,385)	(1,778)
Other comprehensive income (loss)	175	(278)	(135)
Ending balance	$ (2,796)	$ (2,971)	$ (2,385)

BUSINESS DISPOSITIONS AND ACQUISITIONS - Schedule of Assets and Liabilities of Businesses Held for Sale and All Other Current Assets and All Other Current Liabilities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Assets
Goodwill	$ 230
Sale \| Nexus Controls
Assets
Current receivables	59
Inventories	36
Property, plant and equipment	2
Goodwill	230
Other assets	10
Total assets of business held for sale	337
Liabilities
Accounts payable	30
All other current liabilities	56
Other liabilities	7
Total liabilities of business held for sale	93
Total net assets of business held for sale	$ 244

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

STOCK-BASED COMPENSATION

The Company has the Long-Term Incentive Plan ("LTI Plan") under which we may grant restricted stock units ("RSU"), performance share units ("PSU"), stock options and other equity-based awards to employees and non-employee directors providing services to the Company and our subsidiaries. The Company also provides an Employee Stock Purchase Plan for eligible employees. A total of up to 29.5 million shares of Class A common stock are reserved and available for issuance pursuant to awards granted under the LTI Plan over its term which expires on the date of the annual meeting of the Company in 2031. A total of 25.1 million shares of Class A common stock are available for issuance as of December 31, 2023.

Stock-based compensation cost was $197 million, $207 million and $205 million for the years ended December 31, 2023, 2022 and 2021, respectively. Stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant. The compensation cost is determined based on awards ultimately expected to vest; therefore, we have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. There were no stock-based compensation costs capitalized as the amounts were not material.

Restricted Stock

We may grant to our officers, directors and key employees RSUs, where each unit represents the right to receive, at the end of a stipulated period, one unrestricted share of stock with no exercise price. Certain RSUs are subject to cliff or graded vesting, generally ranging over a period of three years. Non-employee directors are granted RSUs that immediately vest on the grant date. Cash dividend equivalents are accumulated on RSUs and are payable upon vesting of the awards. We determine the fair value of RSUs based on the market price of our common stock on the date of grant.

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


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2022	14,342	$	24.31
Granted	6,404	30.20
Vested	(7,351)	23.60
Forfeited	(1,282)	26.43
Unvested balance at December 31, 2023	12,113	$	27.70

In 2023, the total intrinsic value of RSUs vested (defined as the value of shares awarded based on the price of our common stock at vesting date) was $227 million and unvested RSUs was $414 million. The total grant date fair value of RSUs vested in 2023 was $173 million. As of December 31, 2023, there was $178 million of total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted average period of 1.76 years.

Performance Share Units

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

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


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested balance at December 31, 2022	3,525	$	25.56
Granted	1,222	30.17
Vested	(827)	20.61
Cancelled (1)	(563)	21.85
Forfeited	(529)	29.06
Unvested balance at December 31, 2023	2,828	$	28.70

(1)Includes adjustments based on achievement of predefined company metrics.

The total intrinsic value of PSUs vested and unvested, (defined as the value of the shares awarded at the year-end market price) was $23 million and $97 million, respectively, as of December 31, 2023. The total grant date fair value of PSUs vested in 2023 was $17 million. Total unrecognized compensation cost related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.89 years, was $28 million as of December 31, 2023.

Stock Options

We previously granted stock options to our officers, directors and key employees. Stock options generally vest in equal amounts over a vesting period of three years provided that the employee has remained continuously employed by the Company through such vesting date. We have not granted stock options to officers, directors, or key employees since 2019.

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


	Number of Options	Weighted Average Exercise Price Per Option
Outstanding at December 31, 2022	2,907	$	33.02

Exercised	(492)	26.44

Expired	(174)	39.79
Outstanding and exercisable at December 31, 2023	2,241	$	33.92

The weighted average remaining contractual term for options outstanding and options exercisable at December 31, 2023 was 3.4 years. The maximum contractual term of options outstanding is 5.1 years.

There were nil, 530 thousand and 850 thousand options that vested in 2023, 2022 and 2021, respectively. The total fair value of options vested was nil, $3 million and $7 million, in 2023, 2022 and 2021, respectively. Unrecognized compensation cost related to unvested stock options was immaterial as of December 31, 2023.

The total intrinsic value of stock options exercised (defined as the amount by which the market price of our common stock on the date of exercise exceeds the exercise price of the option) in 2023 was $3 million. The total intrinsic value of stock options outstanding and options exercisable at December 31, 2023 was $6 million. The intrinsic value of stock options outstanding is calculated as the amount by which the quoted price of $34.18 of our common stock as of the end of 2023 exceeds the exercise price of the options.

Employee Stock Purchase Plan

The employee stock purchase plan provides for eligible employees to purchase shares of Class A common stock quarterly on an after-tax basis in an amount between 1% and 20% of their annual pay at a 15% discount of the fair market value of our Class A common stock at the end of each quarterly offering period. An employee may not purchase more than $3,000 in any of the three-month measurement periods described above or $12,000 annually.

A total of 21.5 million shares of Class A common stock are authorized for issuance, and at December 31, 2023, there were 8.7 million shares of Class A common stock reserved for future issuance.

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	Useful Life	2023		2022
Land and improvements (1)	8 - 10 years (1)	$	332	$	347
Buildings, structures and related equipment	5 - 40 years	2,264		2,120
Machinery, equipment and other	1 - 20 years	7,974		7,192
Total cost		10,570		9,659
Less: Accumulated depreciation		(5,678)		(5,121)
Property, plant and equipment, less accumulated depreciation		$	4,893	$	4,538

(1)Useful life excludes land.

EMPLOYEE BENEFIT PLANS - Amounts Recognized in the Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure
Noncurrent liabilities	$ (978)	$ (960)
Pension Benefits
Defined Benefit Plan Disclosure
Noncurrent assets	78	58
Current liabilities	(17)	(15)
Noncurrent liabilities	(424)	(411)
Net amount recognized	$ (363)	$ (368)

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

Restructuring and Related Activities [Abstract]

RESTRUCTURING, IMPAIRMENT AND OTHER

12 Months Ended

Dec. 31, 2023

RESTRUCTURING, IMPAIRMENT AND OTHER

We recorded restructuring, impairment and other charges of $323 million, $705 million, and $269 million during the years ended December 31, 2023, 2022 and 2021, respectively.

RESTRUCTURING AND IMPAIRMENT CHARGES

In 2023, we recorded restructuring and impairment charges of $313 million. In 2022, we announced a corporate restructuring plan in conjunction with a change in our operating segments (the "2022 Plan"). We continued to incur charges in 2023 related to our 2022 Plan primarily for employee termination expenses. Restructuring charges for 2023 also include costs under a new plan (the "2023 Plan") primarily for employee termination expenses related to exit activities at specific locations in our segments to align with our market outlook and rationalize our manufacturing supply chain footprint. These actions also included inventory impairments of $35 million in 2023, recorded in "Cost of goods sold" in the consolidated statements of income (loss). In the fourth quarter of 2023, we incurred additional costs related to a planned workforce reduction, primarily in OFSE.

In 2022, we recorded restructuring and impairment charges of $196 million. The charges are related to our 2022 Plan and are primarily for employee termination expenses driven by actions taken by the Company to facilitate the reorganization into two segments and corporate restructuring. In addition, PP&E impairments and other costs were recorded related to exit activities at specific locations in the OFSE segment.

In 2021, we recorded restructuring and impairment charges totaling $138 million. Charges incurred were primarily related to the continuation of our overall strategy to restructure our business, which was designed to optimize our structural costs for the year-over-year change in activity levels and market conditions.

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


	2023		2022		2021
Oilfield Services & Equipment	$	148	$	121	$	121
Industrial & Energy Technology	98		36		11
Corporate	67		39		6
Total	$	313	$	196	$	138

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


	2023		2022		2021
Property, plant and equipment	$	(2)	$	58	$	7
Employee-related termination expenses	270		121		99
Asset relocation costs	5		3		20

Contract termination fees	1		1		2
Other incremental costs	39		13		10
Total	$	313	$	196	$	138

OTHER CHARGES

Other charges included in "Restructuring, impairment and other" in the consolidated statements of income (loss) were $10 million, $509 million, and $131 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In 2022, other charges were primarily associated with the discontinuation of our Russia operations. As a result of the 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 recorded in the second quarter of 2022

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 a result of suspending our Russia operations, which are reported in "Cost of goods sold" in the consolidated statements of income (loss).

In 2022, we also recorded other charges of $84 million in our OFSE segment primarily related to the impairment of PP&E and intangibles for the subsea production systems business due to a decrease in the estimated future cash flows driven by a decline in our long-term market outlook for this business, and $68 million in our IET segment primarily related to a write-off of an equity method investment and the release of foreign currency translation adjustments. In 2021, other charges were primarily related to certain litigation matters in our IET segment and the release of foreign currency translation adjustments for certain restructured product lines in our IET segment. The 2022 and 2021 charges also include separation related costs.

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Equity securities, estimated fair value		$ 975,000,000	$ 748,000,000
Gains (losses) recorded to earnings for our equity securities		435,000,000	(264,000,000)	$ (843,000,000)
Equity securities, unrealized gain	$ 118,000,000
Current derivative asset		$ 31,000,000	$ 17,000,000
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]		All other current assets	All other current assets
Noncurrent derivative asset		$ 3,000,000	$ 1,000,000
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]		All other assets	All other assets
Current derivative liability		$ 23,000,000	$ 17,000,000
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]		All other current liabilities	All other current liabilities
Noncurrent derivative liability		$ 53,000,000	$ 69,000,000
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		All other liabilities	All other liabilities
Notional amount		$ 4,200,000,000	$ 3,800,000,000
3.337% Senior Notes due December 2027
Derivative Instruments, Gain (Loss) [Line Items]
Stated interest rate		3.337%	3.337%
3.337% Senior Notes due December 2027 \| Senior Notes
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate principal amount		$ 1,350,000,000	$ 1,350,000,000
Stated interest rate		3.337%
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount		$ 500,000,000	$ 500,000,000
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, term		2 years	1 year

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Disaggregated Segment Revenue

The series of tables below present our revenue disaggregated by these categories.


Total Revenue	2023		2022		2021
Well Construction	$	4,387	$	3,854	$	3,301
Completions, Intervention & Measurements	4,170		3,559		3,106
Production Solutions	3,854		3,587		3,135
Subsea & Surface Pressure Systems	2,950		2,230		2,486
Oilfield Services & Equipment	15,361		13,229		12,028
Gas Technology Equipment	4,232		2,599		3,039
Gas Technology Services	2,600		2,440		2,696
Total Gas Technology	6,832		5,039		5,735
Industrial Products	1,962		1,697		1,598
Industrial Solutions	983		884		880
Controls (1)	41		208		217
Total Industrial Technology	2,987		2,789		2,695
Climate Technology Solutions	326		98		43
Industrial & Energy Technology	10,145		7,926		8,473
Total	$	25,506	$	21,156	$	20,502

(1)The sale of Nexus Controls business was completed in April 2023.

Schedule of Revenue by Geographic Region


Oilfield Services & Equipment Geographic Revenue	2023		2022		2021
North America	$	4,116	$	3,764	$	2,904
Latin America	2,761		2,099		1,681
Europe/CIS/Sub-Saharan Africa	2,655		2,483		2,865
Middle East/Asia	5,829		4,883		4,579
Oilfield Services & Equipment	$	15,361	$	13,229	$	12,028

EQUITY - Changes in Number of Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of shares upon vesting of restricted stock units (in shares)	0	530,000	850,000
Issue of shares on exercises of stock options (in shares)	492,000
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,005,960,000	909,142,000
Issue of shares upon vesting of restricted stock units (in shares)	5,738,000	6,316,000
Issue of shares on exercises of stock options (in shares)	434,000	1,632,000
Issue of shares for employee stock purchase plan (in shares)	1,846,000	2,017,000
Exchange of Class B common stock for Class A common stock (in shares)	0	116,548,000
Repurchase and cancellation of Class A common stock (in shares)	(16,269,000)	(29,694,000)
Ending balance (in shares)	997,709,000	1,005,960,000	909,142,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	116,548,000
Issue of shares upon vesting of restricted stock units (in shares)	0	0
Issue of shares on exercises of stock options (in shares)	0	0
Issue of shares for employee stock purchase plan (in shares)	0	0
Exchange of Class B common stock for Class A common stock (in shares)	0	(116,548,000)
Repurchase and cancellation of Class A common stock (in shares)	0	0
Ending balance (in shares)	0	0	116,548,000

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 4,901	$ 4,725
Accumulated Amortization	(3,010)	(2,747)
Net	1,891	1,978
Indefinite-lived intangible assets	2,202	2,202
Total intangible assets	7,103	6,927
Total intangible assets	4,093	4,180
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,945	1,917
Accumulated Amortization	(818)	(729)
Net	1,127	1,189
Technology
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,253	1,212
Accumulated Amortization	(899)	(803)
Net	354	409
Trade names and trademarks
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	290	287
Accumulated Amortization	(186)	(175)
Net	104	112
Capitalized software
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	1,413	1,308
Accumulated Amortization	(1,107)	(1,040)
Net	$ 306	$ 268

SEGMENT INFORMATION - Assets by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 36,945	$ 34,181
Depreciation and amortization	1,087	1,061	$ 1,105
Capital expenditures	1,224	989	856
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	31,706	29,467
Depreciation and amortization	1,066	1,042	1,082
Capital expenditures	1,189	974	841
Operating segments \| Oilfield Services & Equipment
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	17,925	17,181
Depreciation and amortization	849	845	874
Capital expenditures	960	791	659
Operating segments \| Industrial & Energy Technology
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	13,781	12,286
Depreciation and amortization	217	197	208
Capital expenditures	229	183	182
Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	5,239	4,714
Depreciation and amortization	21	19	23
Capital expenditures	$ 35	$ 15	$ 15

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Discontinued Operations and Disposal Groups [Abstract]

SUPPLEMENTARY INFORMATION - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Employee-related liabilities	$ 1,346	$ 837

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 2,646	$ 2,488
Current receivables, net	7,075	5,958
Inventories, net	5,094	4,587
All other current assets	1,486	1,559
Total current assets	16,301	14,592
Property, plant and equipment, less accumulated depreciation	4,893	4,538
Goodwill	6,137	5,930
Other intangible assets, net	4,093	4,180
Contract and other deferred assets	1,756	1,503
All other assets	3,043	2,781
Deferred income taxes	722	657
Total assets	36,945	34,181
Current Liabilities:
Accounts payable	4,471	4,298
Short-term and current portion of long-term debt	148	677
Progress collections and deferred income	5,542	3,822
All other current liabilities	2,830	2,278
Total current liabilities	12,991	11,075
Long-term debt	5,872	5,980
Deferred income taxes	176	229
Liabilities for pensions and other postretirement benefits	978	960
All other liabilities	1,409	1,412
Equity:
Capital in excess of par value	26,983	28,126
Retained loss	(8,819)	(10,761)
Accumulated other comprehensive loss	(2,796)	(2,971)
Baker Hughes Company equity	15,368	14,394
Noncontrolling interests	151	131
Total equity	15,519	14,525
Total liabilities and equity	36,945	34,181
Class A Common Stock
Equity:
Common stock	0	0
Class B Common Stock
Equity:
Common stock	$ 0	$ 0

BUSINESS DISPOSITIONS AND ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

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

The following table presents financial information related to the assets and liabilities of our Nexus Controls business classified as held for sale and reported in "All other current assets" and "All other current liabilities" in the consolidated statements of financial position as of December 31, 2022.


Assets and liabilities of business held for sale	Nexus Controls
Assets

Current receivables	$	59

Inventories	36
Property, plant and equipment	2
Goodwill	230
Other assets	10

Total assets of business held for sale	337

Liabilities
Accounts payable	30


All other current liabilities	56
Other liabilities	7
Total liabilities of business held for sale	93
Total net assets of business held for sale	$	244

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

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Discontinued Operations and Disposal Groups [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Performance obligations expected to be satisfied, expected timing	We sell product services under long-term product maintenance or extended warranty agreements in our Industrial & Energy Technology segment. These agreements require us to maintain the customers' assets over the service agreement contract terms, which generally range from 10 to 20 years.
Research and development expenses	$ 658	$ 556	$ 492
Equity method investment	979	919
SCF program liabilities	$ 332	$ 275
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES LITIGATION We are subject to legal proceedings arising in the ordinary course of our business. Because legal proceedings are inherently uncertain, we are unable to predict the ultimate outcome of such matters. We record a liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. Based on the opinion of management, we do not expect the ultimate outcome of currently pending legal proceedings to have a material adverse effect on our results of operations, financial position or cash flows. However, there can be no assurance as to the ultimate outcome of these matters. On July 31, 2018, International Engineering & Construction S.A. ("IEC") initiated arbitration proceedings in New York administered by the International Center for Dispute Resolution ("ICDR") against the Company and its subsidiaries arising out of a series of sales and service contracts entered between IEC and the Company's subsidiaries for the sale and installation of LNG plants and related power generation equipment in Nigeria ("Contracts"). Prior to the filing of the IEC Arbitration, the Company's subsidiaries made demands for payment due under the Contracts. On August 15, 2018, the Company's subsidiaries initiated a separate demand for ICDR arbitration against IEC for claims of additional costs and amounts due under the Contracts. On October 10, 2018, IEC filed a Petition to Compel Arbitration in the United States District Court for the Southern District of New York against the Company seeking to compel non-signatory Baker Hughes entities to participate in the arbitration filed by IEC. The complaint is captioned International Engineering & Construction S.A. et al. v. Baker Hughes, a GE company, LLC, et al. No. 18-cv-09241 ("S.D.N.Y 2018"); this action was dismissed by the Court on August 13, 2019. In the arbitration, IEC alleges breach of contract and other claims against the Company and its subsidiaries and seeks recovery of alleged compensatory damages, in addition to reasonable attorneys' fees, expenses and arbitration costs. On March 15, 2019, IEC amended its request for arbitration to alleged damages of $591 million of lost profits plus unspecified additional costs based on alleged non-performance of the contracts in dispute. The arbitration hearing was held from December 9, 2019 to December 20, 2019. On March 3, 2020, IEC amended their damages claim to $700 million of alleged loss cash flow or, in the alternative, $244.9 million of lost profits and various costs based on alleged non-performance of the contracts in dispute, and in addition $4.8 million of liquidated damages, $58.6 million in take-or-pay costs of feed gas, and unspecified additional costs of rectification and take-or-pay future obligations, plus unspecified interest and attorneys' fees. On May 3, 2020, the arbitration panel dismissed IEC's request for take-or-pay damages. On May 29, 2020, IEC quantified their claim for legal fees at $14.2 million and reduced their alternative claim from $244.9 million to approximately $235 million. The Company and its subsidiaries have contested IEC's claims and are pursuing claims for compensation under the contracts. On October 31, 2020, the ICDR notified the arbitration panel's final award, which dismissed the majority of IEC's claims and awarded a portion of the Company's claims. On January 27, 2021, IEC filed a petition to vacate the arbitral award in the Supreme Court of New York, County of New York. On March 5, 2021, the Company filed a petition to confirm the arbitral award, and on March 8, 2021, the Company removed the matter to the United States District Court for the Southern District of New York. On November 16, 2021, the court granted the Company's petition to confirm the award and denied IEC's petition to vacate. During the second quarter of 2022, IEC paid the amounts owed under the arbitration award, which had an immaterial impact on the Company's financial statements. On February 3, 2022, IEC initiated another arbitration proceeding in New York administered by the ICDR against certain of the Company's subsidiaries arising out of the same project which formed the basis of the first arbitration. On March 25, 2022, the Company's subsidiaries initiated a separate demand for ICDR arbitration against IEC for claims of additional costs and amounts due; such claims against IEC have now been resolved, with any consideration having an immaterial impact on the Company's financial statements. At this time, we are not able to predict the outcome of the proceeding which is pending against the Company's subsidiaries. On March 15, 2019 and March 18, 2019, the City of Riviera Beach Pension Fund and Richard Schippnick, respectively, filed in the Delaware Court of Chancery shareholder derivative lawsuits for and on the Company's behalf against GE, the then-current members of the Board of Directors of the Company and the Company as a nominal defendant, related to the decision to (i) terminate the contractual prohibition barring GE from selling any of the Company's shares before July 3, 2019; (ii) repurchase $1.5 billion in the Company's stock from GE; (iii) permit GE to sell approximately $2.5 billion in the Company's stock through a secondary offering; and (iv) enter into a series of other agreements and amendments that will govern the ongoing relationship between the Company and GE (collectively, the "2018 Transactions"). The complaints in both lawsuits allege, among other things, that GE, as the Company's controlling stockholder, and the members of the Company's Board of Directors breached their fiduciary duties by entering into the 2018 Transactions. The relief sought in the complaints includes a request for a declaration that the defendants breached their fiduciary duties, that GE was unjustly enriched, disgorgement of profits, an award of damages sustained by the Company, pre- and post-judgment interest, and attorneys' fees and costs. On March 21, 2019, the Chancery Court entered an order consolidating the Schippnick and City of Riviera Beach complaints under consolidated C.A. No. 2019-0201-AGB, styled in re Baker Hughes, a GE company derivative litigation. On May 10, 2019, Plaintiffs voluntarily dismissed their claims against the members of the Company's Conflicts Committee, and on May 15, 2019, Plaintiffs voluntarily dismissed their claims against former Baker Hughes director Martin Craighead. On June 7, 2019, the defendants and nominal defendant filed a motion to dismiss the lawsuit on the ground that the derivative plaintiffs failed to make a demand on the Company's Board of Directors to pursue the claims itself, and GE and the Company's Board of Directors filed a motion to dismiss the lawsuit on the ground that the complaint failed to state a claim on which relief can be granted. The Chancery Court denied the motions on October 8, 2019, except granted GE's motion to dismiss the unjust enrichment claim against it. On October 31, 2019, the Company's Board of Directors designated a Special Litigation Committee and empowered it with full authority to investigate and evaluate the allegations and issues raised in the derivative litigation. The Special Litigation Committee filed a motion to stay the derivative litigation during its investigation. On December 3, 2019, the Chancery Court granted the motion and stayed the derivative litigation until June 1, 2020. On May 20, 2020, the Chancery Court granted an extension of the stay to October 1, 2020, and on September 29, 2020, the Court granted a further extension of the stay to October 15, 2020. On October 13, 2020, the Special Litigation Committee filed its report with the Court. 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. On February 1, 2024, the Supreme Court of the State of Delaware affirmed the judgment of the Court of Chancery. 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) the Company, 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. ENVIRONMENTAL MATTERS Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company reasonably believes will exceed a specified threshold. The Company uses a threshold of $1 million for such proceedings. Applying this threshold, there are no environmental matters to disclose for this period. Estimated remediation costs are accrued using currently available facts, existing environmental permits, technology and enacted laws and regulations. Our cost estimates are developed based on internal evaluations and are not discounted. Accruals are recorded when it is probable that we will be obligated to pay for environmental site evaluation, remediation or related activities, and such costs can be reasonably estimated. As additional information becomes available, accruals are adjusted to reflect current cost estimates. 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 $5.1 billion at December 31, 2023. It is not practicable to estimate the fair value of these financial instruments. As of December 31, 2023, none of the off-balance sheet arrangements either has, or is likely to have, a material effect on our financial position, results of operations or cash flows. We also had commitments outstanding for purchase obligations for each of the five years in the period ending December 31, 2028 of $1,871 million, $366 million, $220 million, $215 million and $47 million, respectively, and $27 million in the aggregate thereafter. 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.

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total cost	$ 10,570	$ 9,659
Less: Accumulated depreciation	(5,678)	(5,121)
Property, plant and equipment, less accumulated depreciation	4,893	4,538
Depreciation expense	830	839	$ 852
Land and improvements
Property, Plant and Equipment [Line Items]
Total cost	332	347
Buildings, structures and related equipment
Property, Plant and Equipment [Line Items]
Total cost	2,264	2,120
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Total cost	$ 7,974	$ 7,192
Minimum \| Land and improvements
Property, Plant and Equipment [Line Items]
Useful Life	8 years
Minimum \| Buildings, structures and related equipment
Property, Plant and Equipment [Line Items]
Useful Life	5 years
Minimum \| Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Useful Life	1 year
Maximum \| Land and improvements
Property, Plant and Equipment [Line Items]
Useful Life	10 years
Maximum \| Buildings, structures and related equipment
Property, Plant and Equipment [Line Items]
Useful Life	40 years
Maximum \| Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Useful Life	20 years

BUSINESS DISPOSITIONS AND ACQUISITIONS

12 Months Ended

Dec. 31, 2023

BUSINESS DISPOSITIONS AND ACQUISITIONS

DISPOSITIONS

We completed several business dispositions over the past three years as described below. Any gain or loss on a business disposition is reported in "Other non-operating income (loss), net" in the consolidated statements of income (loss).

During 2023, we completed the sale of businesses and received total cash consideration $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.


Assets and liabilities of business held for sale	Nexus Controls
Assets

Current receivables	$	59

Inventories	36
Property, plant and equipment	2
Goodwill	230
Other assets	10

Total assets of business held for sale	337

Liabilities
Accounts payable	30


All other current liabilities	56
Other liabilities	7
Total liabilities of business held for sale	93
Total net assets of business held for sale	$	244

During 2022, we sold part of our OFSE Russia business to local management for a nominal amount, which resulted in a loss before income taxes of $451 million.

During 2021, we closed a transaction with Akastor ASA to create a joint venture company ("JV Company") to deliver global offshore drilling solutions. We contributed our subsea drilling systems business, a division of our

OFSE segment, to the JV Company and received as consideration 50% of the shares of the JV Company, cash of $70 million, and a promissory note of $80 million. The transaction resulted in an immaterial gain.

ACQUISITIONS

During 2023, we completed the acquisition of businesses for total cash consideration of $301 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 $138 million of goodwill and $58 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.

During 2022, we completed several acquisitions for total cash consideration of $767 million, net of cash acquired of $50 million, subject to the finalization of post-closing working capital adjustments. The transactions have been accounted for using the acquisition method of accounting and accordingly, assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. As a result of these acquisitions, we recorded $458 million of goodwill and $211 million of intangible assets. 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.

SUPPLEMENTARY INFORMATION - Allowance for Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts
Balance at beginning of year	$ 341	$ 400
Provision	79	69
Write-offs	(26)	(34)
Prior year recoveries	(31)	(44)
Other	(13)	(50)
Balance at end of year	$ 350	$ 341

CURRENT RECEIVABLES (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Current Receivables

Current receivables consist of the following at December 31:


	2023		2022
Customer receivables	$	6,033	$	5,083
Other	1,392		1,216
Total current receivables	7,425		6,299
Less: Allowance for credit losses	(350)		(341)
Total current receivables, net	$	7,075	$	5,958

The following table presents the change in allowance for credit losses:


	2023		2022
Balance at beginning of year	$	341	$	400
Provision	79		69
Write-offs	(26)		(34)
Prior year recoveries	(31)		(44)
Other	(13)		(50)
Balance at end of year	$	350	$	341

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2023, certain of our officers or directors listed below adopted or terminated trading arrangements for the sale of shares of our Class A common stock in amounts and prices determined in accordance with a formula set forth in each such plan:

Plans

Name and Title

Action

Date

Rule 10b5-1 (1)

Non-Rule 10b5-1 (2)

Number of Shares to be Sold

Expiration

James E. Apostolides,

Senior Vice President, Enterprise Operational Excellence

Adoption

November 22, 2023

15,000

Earlier of when all shares under plan are sold and April 8, 2024

(1)Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

(2)Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

James E. Apostolides [Member]

Trading Arrangements, by Individual

Name

James E. Apostolides

Title

Senior Vice President, Enterprise Operational Excellence

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 22, 2023

Arrangement Duration

138 days

Aggregate Available

15,000

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Operating Lease Expense

The following table presents operating lease expense:


Operating Lease Expense	2023		2022		2021
Long-term fixed lease	$	276	$	254	$	255
Long-term variable lease	73		48		32
Short-term lease (1)	503		477		440
Total operating lease expense	$	852	$	779	$	727

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

Schedule of Maturities of Operating Leases Liabilities

As of December 31, 2023, maturities of our operating lease liabilities are as follows:


Year	Operating Leases
2024	$	244
2025	178
2026	122
2027	79
2028	57
Thereafter	234
Total lease payments	914
Less: imputed interest	145
Total	$	769

Schedule of Liabilities

Amounts recognized in the consolidated statements of financial position for operating leases consist of the following:


	2023		2022
All other current liabilities	$	220	$	189
All other liabilities	549		552


Total	$	769	$	741

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The provision for income taxes consists of the following:


	2023		2022		2021
Current:
U.S.	$	33	$	6	$	11
Foreign	711		489		614
Total current	744		495		625
Deferred:
U.S.	(27)		40		(24)
Foreign	(32)		65		157
Total deferred	(59)		105		133
Provision for income taxes	$	685	$	600	$	758

On August 16, 2022, the U.S. enacted The Inflation Reduction Act which included a number of additional credits and deductions for businesses and individuals. The Inflation Reduction Act also included the adoption of the Corporate Alternative Minimum Tax in 2023, which is based on financial statement book income of large corporations. In 2023, the Company is not subject to the Corporate Alternative Minimum Tax.

The geographic sources of income before income taxes consist of the following:


	2023		2022		2021
U.S.	$	882	$	(698)	$	(724)
Foreign	1,773		720		1,152
Income before income taxes	$	2,655	$	22	$	428

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


	2023			2022			2021
Income before income taxes	$	2,655		$	22		$	428

Taxes at the U.S. federal statutory income tax rate	558			5			90

Effect of foreign operations (2)	112			338			216
Tax impact of partnership structure	(103)			6			137
Change in valuation allowances (1)	53			164			70
Tax expense (benefit) due to unrecognized tax benefits	(5)			(7)			201




Other - net	70			94			44
Provision for income taxes (3)	$	685		$	600		$	758
Actual income tax rate	25.8		%	2,727.3		%	177.1		%

(1)For December 31, 2023, this amount was reduced by $81 million that is related to the release of a valuation allowance for certain deferred tax assets.

(2)For December 31, 2022, $140 million of this amount relates to the charges associated with the sale and suspension of our Russia operations.

(3)For December 31, 2021, $121 million of this amount was previously indemnified under the Tax Matters Agreement with General Electric ("GE") of which $119 million was included in tax expense due to unrecognized tax benefits. In December 2022, the Company and GE entered into an agreement to terminate the Tax Matters Agreement.

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

As a result of an internal reorganization completed on December 30, 2023, BHH LLC became a single member LLC thereby terminating the partnership for U.S. income tax purposes. As of December 31, 2023, U.S. deferred tax assets and liabilities are now recorded based on the inside book basis versus tax basis difference and are no longer recorded based on the Company's outside basis difference in the BHH LLC partnership. As a result, in 2023 the deferred tax asset related to the investment in partnership has been adjusted accordingly and other deferred tax assets and liabilities, including PP&E, intangible assets, and lower tier investment in partnerships & subsidiaries, have been increased to reflect the tax effect of the inside basis difference of those respective assets and liabilities.

The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 consist of the following:


	2023		2022
Deferred tax assets:
Operating & capital loss carryforwards	$	3,332	$	2,074
Tax credit & other carryforwards	936		1,087
Investment in partnerships & subsidiaries	286		846
Property, plant and equipment	169		128
Employee benefits	241		62
Goodwill and other intangible assets	137		46
Receivables	111		94
Inventory	73		52
Other	181		163
Total deferred income tax asset	5,466		4,552
Valuation allowances	(4,416)		(4,090)
Total deferred income tax asset after valuation allowance	1,050		462
Deferred tax liabilities:
Indefinite-lived intangible assets	(380)		—
Fair value of derivative financial instruments	(90)		—
Other	(34)		(34)
Total deferred income tax liability	(504)		(34)
Net deferred tax asset	$	546	$	428

At December 31, 2023, we had approximately $417 million of non-U.S. tax credits which may be carried forward indefinitely under applicable foreign law, $366 million of U.S. foreign tax credits and $153 million of other U.S. Federal and state tax credits and other carryforwards, the majority of which will expire after tax year 2027 under U.S. Federal and state tax law. Additionally, we had $3,299 million of net operating loss carryforwards ("NOLs"), of which approximately $252 million will expire within five years, $1,862 million will expire between six years and 20 years, and the remainder can be carried forward indefinitely. Lastly, we had $33 million of capital loss carryforwards, the majority of which can be carried forward indefinitely.

We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. At December 31, 2023, $4,416 million of valuation allowances are recorded against various deferred tax assets, primarily related to foreign operating and capital losses of $2,987 million and U.S. foreign and non-U.S. tax credit carryforwards of $770 million.

Indefinite reinvestment is determined by management’s intentions concerning the future operations of the Company. In cases where repatriation would otherwise incur significant withholding or income taxes, these earnings have been indefinitely reinvested in the Company's active non-U.S. business operations. As of December 31, 2023, the cumulative amount of undistributed foreign earnings is approximately $3,708 million. Computation of the potential deferred tax liability associated with these undistributed earnings and any other basis differences is not practicable.

At December 31, 2023, we had $467 million of tax liabilities for total gross unrecognized tax benefits related to uncertain tax positions. In addition to these uncertain tax positions, we had $83 million and $79 million related to interest and penalties, respectively, for total liabilities of $629 million for uncertain positions. If we were to prevail on all uncertain positions, the net effect would result in an income tax benefit of approximately $559 million. The remaining $71 million is comprised of $41 million for deferred tax assets that represent tax benefits that would be received in different taxing jurisdictions or in a different character and $30 million increased valuation allowances.

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


Asset / (Liability)	2023		2022
Balance at beginning of year	$	(496)	$	(531)
Additions for tax positions of the current year	(15)		(19)
Additions for tax positions of prior years	(50)		(99)
Reductions for tax positions of prior years	32		100
Settlements with tax authorities	26		24
Lapse of statute of limitations	36		29
Balance at end of year	$	(467)	$	(496)

It is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring statutes, audit activity, tax payments, and competent authority proceedings related to transfer pricing or final decisions in matters that are the subject of litigation in various taxing jurisdictions in which we operate. At December 31, 2023, we had approximately $40 million of tax liabilities related to uncertain tax positions, each of which are individually insignificant, and each of which are reasonably possible of being settled within the next twelve months.

We conduct business in more than 120 countries and are subject to income taxes in most taxing jurisdictions in which we operate, each of which may have multiple open years subject to examination. All Internal Revenue Service examinations have been completed and closed through 2015 for the most significant U.S. returns. We believe that we have made adequate provision for all income tax uncertainties in all jurisdictions.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Provision for Income Taxes

EMPLOYEE BENEFIT PLANS - Information for Plans with ABOs and PBOs in Excess of Plan Assets (Details) - Pension Benefits - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Projected benefit obligation	$ 1,410	$ 1,143
Accumulated benefit obligation	1,366	1,103
Fair value of plan assets	968	717
Projected benefit obligation	1,410	1,143
Accumulated benefit obligation	1,366	1,103
Fair value of plan assets	$ 968	$ 717

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Revenues	$ 25,506	$ 21,156	$ 20,502
Costs and expenses:
Selling, general and administrative	2,611	2,510	2,470
Restructuring, impairment and other	323	705	269
Total costs and expenses	23,189	19,971	19,192
Operating income	2,317	1,185	1,310
Other non-operating income (loss), net	554	(911)	(583)
Interest expense, net	(216)	(252)	(299)
Income before income taxes	2,655	22	428
Provision for income taxes	(685)	(600)	(758)
Net income (loss)	1,970	(578)	(330)
Less: Net income (loss) attributable to noncontrolling interests	27	23	(111)
Net income (loss) attributable to Baker Hughes Company	$ 1,943	$ (601)	$ (219)
Per share amounts:
Basic income (loss) per Class A common share (in dollars per share)	$ 1.93	$ (0.61)	$ (0.27)
Diluted income (loss) per Class A common share (in dollars per share)	1.91	(0.61)	(0.27)
Class A Common Stock
Per share amounts:
Basic income (loss) per Class A common share (in dollars per share)	1.93	(0.61)	(0.27)
Diluted income (loss) per Class A common share (in dollars per share)	1.91	(0.61)	(0.27)
Cash dividends per Class A common share (in dollars per share)	$ 0.78	$ 0.73	$ 0.72
Sales of goods
Revenue:
Revenues	$ 15,617	$ 12,236	$ 12,248
Costs and expenses:
Cost	13,309	10,445	10,458
Sales of services
Revenue:
Revenues	9,889	8,920	8,254
Costs and expenses:
Cost	$ 6,946	$ 6,311	$ 5,995

SEGMENT INFORMATION - Operating Profit (Loss) by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Revenues	$ 25,506	$ 21,156	$ 20,502
Income before income taxes
Income (loss) before income taxes	2,655	22	428
Inventory impairment	(35)	(31)	0
Restructuring, impairment and other	(323)	(705)	(269)
Other non-operating income (loss), net	554	(911)	(583)
Interest expense, net	(216)	(252)	(299)
Operating segments
Income before income taxes
Income (loss) before income taxes	3,055	2,336	2,006
Corporate
Income before income taxes
Income (loss) before income taxes	(380)	(416)	(429)
Segment reconciling items
Income before income taxes
Inventory impairment	(35)	(31)	0
Restructuring, impairment and other	(323)	(705)	(269)
Other non-operating income (loss), net	554	(911)	(583)
Interest expense, net	(216)	(252)	(299)
Oilfield Services & Equipment
Segment Reporting Information
Revenues	15,361	13,229	12,028
Oilfield Services & Equipment \| Operating segments
Income before income taxes
Income (loss) before income taxes	1,746	1,201	830
Industrial & Energy Technology
Segment Reporting Information
Revenues	10,145	7,926	8,473
Industrial & Energy Technology \| Operating segments
Income before income taxes
Income (loss) before income taxes	$ 1,310	$ 1,135	$ 1,177

EMPLOYEE BENEFIT PLANS - Benefit Obligation and Plan Assets (Details) - Pension Benefits $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Change in benefit obligation:
Benefit obligation at beginning of year	$ 2,634	$ 3,550
Service cost	15	23	$ 27
Interest cost	116	78	64
Actuarial gain	(4)	(928)
Benefits paid	(126)	(119)
Settlements	(4)	(24)
Settlement due to plan termination	(246)	0
Acquisition	0	202
Foreign currency translation adjustments	58	(148)
Benefit obligation at end of year	2,443	2,634	3,550
Change in plan assets:
Fair value of plan assets at beginning of year	2,266	3,147
Actual return on plan assets	121	(850)
Employer contributions	18	32
Benefits paid	(126)	(119)
Settlements	(4)	(24)
Settlement due to plan termination	(246)	0
Acquisition	0	214
Foreign currency translation adjustments	51	(134)
Fair value of plan assets at end of year	2,080	2,266	$ 3,147
Funded status - underfunded at end of year	(363)	(368)
Accumulated benefit obligation	$ 2,399	$ 2,595
Number of retirement plans \| plan	1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

The provision for income taxes consists of the following:


	2023		2022		2021
Current:
U.S.	$	33	$	6	$	11
Foreign	711		489		614
Total current	744		495		625
Deferred:
U.S.	(27)		40		(24)
Foreign	(32)		65		157
Total deferred	(59)		105		133
Provision for income taxes	$	685	$	600	$	758

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

The geographic sources of income before income taxes consist of the following:


	2023		2022		2021
U.S.	$	882	$	(698)	$	(724)
Foreign	1,773		720		1,152
Income before income taxes	$	2,655	$	22	$	428

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


	2023			2022			2021
Income before income taxes	$	2,655		$	22		$	428

Taxes at the U.S. federal statutory income tax rate	558			5			90

Effect of foreign operations (2)	112			338			216
Tax impact of partnership structure	(103)			6			137
Change in valuation allowances (1)	53			164			70
Tax expense (benefit) due to unrecognized tax benefits	(5)			(7)			201




Other - net	70			94			44
Provision for income taxes (3)	$	685		$	600		$	758
Actual income tax rate	25.8		%	2,727.3		%	177.1		%

(1)For December 31, 2023, this amount was reduced by $81 million that is related to the release of a valuation allowance for certain deferred tax assets.

(2)For December 31, 2022, $140 million of this amount relates to the charges associated with the sale and suspension of our Russia operations.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 consist of the following:


	2023		2022
Deferred tax assets:
Operating & capital loss carryforwards	$	3,332	$	2,074
Tax credit & other carryforwards	936		1,087
Investment in partnerships & subsidiaries	286		846
Property, plant and equipment	169		128
Employee benefits	241		62
Goodwill and other intangible assets	137		46
Receivables	111		94
Inventory	73		52
Other	181		163
Total deferred income tax asset	5,466		4,552
Valuation allowances	(4,416)		(4,090)
Total deferred income tax asset after valuation allowance	1,050		462
Deferred tax liabilities:
Indefinite-lived intangible assets	(380)		—
Fair value of derivative financial instruments	(90)		—
Other	(34)		(34)
Total deferred income tax liability	(504)		(34)
Net deferred tax asset	$	546	$	428

Schedule of Changes in Gross Unrecognized Tax Benefits

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


Asset / (Liability)	2023		2022
Balance at beginning of year	$	(496)	$	(531)
Additions for tax positions of the current year	(15)		(19)
Additions for tax positions of prior years	(50)		(99)
Reductions for tax positions of prior years	32		100
Settlements with tax authorities	26		24
Lapse of statute of limitations	36		29
Balance at end of year	$	(467)	$	(496)

EARNINGS PER SHARE - Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share
Net income (loss)	$ 1,970	$ (578)	$ (330)
Less: Net income (loss) attributable to noncontrolling interests	27	23	(111)
Net income (loss) attributable to Baker Hughes Company	$ 1,943	$ (601)	$ (219)
Net income (loss) per share attributable to common stockholders:
Class A basic (in dollars per share)	$ 1.93	$ (0.61)	$ (0.27)
Class A diluted (in dollars per share)	$ 1.91	$ (0.61)	$ (0.27)
Class A Common Stock
Weighted average shares outstanding:
Class A basic (in shares)	1,008	987	824
Class A diluted (in shares)	1,015	987	824
Net income (loss) per share attributable to common stockholders:
Class A basic (in dollars per share)	$ 1.93	$ (0.61)	$ (0.27)
Class A diluted (in dollars per share)	$ 1.91	$ (0.61)	$ (0.27)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class A Common Stock
Cash dividends per share (in dollars per share)	$ 0.78	$ 0.73	$ 0.72

RESTRUCTURING, IMPAIRMENT AND OTHER - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and other		$ 323	$ 705	$ 269
Restructuring charges		313	196	138
Inventory impairment		$ 35	$ 31	0
Number of operating segments \| segment		2	2
Other charges		$ 10	$ 509	$ 131
Sale \| Oilfield Services and Equipment Russia business
Restructuring Cost and Reserve [Line Items]
Other impairment charges	$ 334
Sale \| Industrial & Energy Technology
Restructuring Cost and Reserve [Line Items]
Inventory impairment	$ 31
Oilfield Services & Equipment
Restructuring Cost and Reserve [Line Items]
Other charges			84
Industrial & Energy Technology
Restructuring Cost and Reserve [Line Items]
Other charges			$ 68

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


	Oilfield Services & Equipment		Industrial & Energy Technology		Total
Balance at December 31, 2021, gross	$	19,825	$	4,661	$	24,486
Accumulated impairment at December 31, 2021	(18,273)		(254)		(18,527)
Balance at December 31, 2021	1,552		4,407		5,959


Disposition	(161)		—		(161)
Acquisitions	41		417		458
Currency exchange and other	—		(96)		(96)
Total	1,432		4,728		6,160
Classified as held for sale (1)	—		(230)		(230)
Balance at December 31, 2022	1,432		4,498		5,930


Acquisitions	95		43		138
Currency exchange and other	14		55		69
Balance at December 31, 2023	$	1,541	$	4,596	$	6,137

(1)The reduction in IET goodwill reflects a transfer of goodwill to business held for sale related to our Nexus Controls business. See "Note 21. Business Dispositions and Acquisitions" for further information.

Schedule of Finite-lived Intangible Assets

Intangible assets consist of the following at December 31:


	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,945	$	(818)	$	1,127	$	1,917	$	(729)	$	1,189
Technology	1,253		(899)		354		1,212		(803)		$	409
Trade names and trademarks	290		(186)		104		287		(175)		112
Capitalized software	1,413		(1,107)		306		1,308		(1,040)		268

Finite-lived intangible assets	4,901		(3,010)		1,891		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,103	$	(3,010)	$	4,093	$	6,927	$	(2,747)	$	4,180

Schedule of Indefinite-lived Intangible Assets

Intangible assets consist of the following at December 31:


	2023						2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,945	$	(818)	$	1,127	$	1,917	$	(729)	$	1,189
Technology	1,253		(899)		354		1,212		(803)		$	409
Trade names and trademarks	290		(186)		104		287		(175)		112
Capitalized software	1,413		(1,107)		306		1,308		(1,040)		268

Finite-lived intangible assets	4,901		(3,010)		1,891		4,725		(2,747)		1,978
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,103	$	(3,010)	$	4,093	$	6,927	$	(2,747)	$	4,180

Schedule of Estimated Amortization Expense

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


Year	Estimated Amortization Expense
2024	$	243
2025	201
2026	156
2027	134
2028	115

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

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SUPPLEMENTARY INFORMATION - Supplemental cash flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Income taxes paid, net of refunds	$ 595	$ 498	$ 314
Interest paid	$ 309	$ 291	$ 305

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Houston, Texas
Auditor Firm ID	185

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 1,943	$ (601)	$ (219)

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

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