0001701605-24-000067 | 10-Q | XBRL Viewer

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:


	March 31, 2024		December 31, 2023
Progress collections	$	5,573	$	5,405
Deferred income	138		137
Progress collections and deferred income (contract liabilities)	$	5,711	$	5,542

Revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the contract liabilities at the beginning of the period was $1,476 million and $962 million, respectivelyREVENUE 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.

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


	Three Months Ended March 31,
Total Revenue	2024		2023
Well Construction	$	1,061	$	1,061
Completions, Intervention & Measurements	1,006		909
Production Solutions	945		938
Subsea & Surface Pressure Systems	771		670
Oilfield Services & Equipment	3,783		3,577
Gas Technology Equipment	1,210		831
Gas Technology Services	614		591
Total Gas Technology	1,824		1,422
Industrial Products	462		423
Industrial Solutions	265		222
Controls (1)	—		40
Total Industrial Technology	727		685
Climate Technology Solutions	83		31
Industrial & Energy Technology	2,634		2,138
Total	$	6,418	$	5,716

(1)The sale of our controls business was completed in April 2023.


	Three Months Ended March 31,
Oilfield Services & Equipment Geographic Revenue	2024		2023
North America	$	990	$	992
Latin America	637		661
Europe/CIS/Sub-Saharan Africa	750		581
Middle East/Asia	1,405		1,345
Oilfield Services & Equipment	$	3,783	$	3,577

REMAINING PERFORMANCE OBLIGATIONS

As of March 31, 2024, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $32.7 billion. As of March 31, 2024, we expect to recognize revenue of approximately 62%, 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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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EQUITY - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 15,519	$ 14,525
Other comprehensive income (loss) before reclassifications	(62)	(59)
Amounts reclassified from accumulated other comprehensive loss	4	5
Deferred taxes	(1)
Other comprehensive loss	(59)	(55)
Less: Other comprehensive loss attributable to noncontrolling interests	0	0
Ending Balance	15,550	14,849
Foreign Currency Translation Adjustment, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(2,513)	(2,666)
Ending Balance	(2,576)	(2,727)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(63)	(61)
Amounts reclassified from accumulated other comprehensive loss	0	0
Deferred taxes	0
Other comprehensive loss	(63)	(61)
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(6)	(9)
Ending Balance	(4)	(10)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	2	(1)
Amounts reclassified from accumulated other comprehensive loss	1	1
Deferred taxes	(1)
Other comprehensive loss	2	(1)
Benefit Plans, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(277)	(296)
Ending Balance	(275)	(289)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(1)	3
Amounts reclassified from accumulated other comprehensive loss	3	4
Deferred taxes	0
Other comprehensive loss	2	7
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(2,796)	(2,971)
Other comprehensive loss	(59)	(55)
Ending Balance	$ (2,855)	$ (3,026)

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	Three Months Ended March 31,
(In millions, except per share amounts)	2024		2023
Net income	$	463	$	581
Less: Net income attributable to noncontrolling interests	8		5
Net income attributable to Baker Hughes Company	$	455	$	576

Weighted average shares outstanding:
Class A basic	998		1,010
Class A diluted	1,004		1,018
Net income per share attributable to common stockholders:
Class A basic	$	0.46	$	0.57
Class A diluted	$	0.45	$	0.57

For the three months ended March 31, 2024 and 2023, Class A diluted shares include the dilutive impact of equity awards except for approximately 1 million and 2 million options, respectively, that were excluded because the exercise price exceeded the average market price of our Class A common stock and is therefore antidilutive.

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Balance of equity securities with readily determinable fair value	$ 1,014,000,000	$ 975,000,000
Gain (loss) on earnings of equity securities	52,000,000		$ 392,000,000
Derivative assets	21,000,000	34,000,000
Derivative liabilities	73,000,000	76,000,000
Notional amount	5,000,000,000	4,200,000,000
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%	3.337%
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative term	2 years	2 years
Fair Value Hedging \| Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 500,000,000	$ 500,000,000
All other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	19,000,000	31,000,000
All other assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	2,000,000	3,000,000
All other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	16,000,000	23,000,000
All other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 57,000,000	$ 53,000,000

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 178	$ 179

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

Schedule of Operating Lease Expense

EARNINGS PER SHARE - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Net income	$ 463	$ 581
Less: Net income attributable to noncontrolling interests	8	5
Net income attributable to Baker Hughes Company	$ 455	$ 576
Class A Common Stock
Weighted average shares outstanding:
Class A basic (in shares)	998	1,010
Class A diluted (in shares)	1,004	1,018
Net income per share attributable to common stockholders:
Class A basic (in dollars per share)	$ 0.46	$ 0.57
Class A diluted (in dollars per share)	$ 0.45	$ 0.57

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Segment Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 6,418	$ 5,716
Oilfield Services & Equipment
Disaggregation of Revenue [Line Items]
Revenue	3,783	3,577
Oilfield Services & Equipment \| North America
Disaggregation of Revenue [Line Items]
Revenue	990	992
Oilfield Services & Equipment \| Latin America
Disaggregation of Revenue [Line Items]
Revenue	637	661
Oilfield Services & Equipment \| Europe/CIS/Sub-Saharan Africa
Disaggregation of Revenue [Line Items]
Revenue	750	581
Oilfield Services & Equipment \| Middle East/Asia
Disaggregation of Revenue [Line Items]
Revenue	1,405	1,345
Oilfield Services & Equipment \| Well Construction
Disaggregation of Revenue [Line Items]
Revenue	1,061	1,061
Oilfield Services & Equipment \| Completions, Intervention & Measurements
Disaggregation of Revenue [Line Items]
Revenue	1,006	909
Oilfield Services & Equipment \| Production Solutions
Disaggregation of Revenue [Line Items]
Revenue	945	938
Oilfield Services & Equipment \| Subsea & Surface Pressure Systems
Disaggregation of Revenue [Line Items]
Revenue	771	670
Industrial & Energy Technology
Disaggregation of Revenue [Line Items]
Revenue	2,634	2,138
Industrial & Energy Technology \| Gas Technology Equipment
Disaggregation of Revenue [Line Items]
Revenue	1,210	831
Industrial & Energy Technology \| Gas Technology Services
Disaggregation of Revenue [Line Items]
Revenue	614	591
Industrial & Energy Technology \| Total Gas Technology
Disaggregation of Revenue [Line Items]
Revenue	1,824	1,422
Industrial & Energy Technology \| Industrial Products
Disaggregation of Revenue [Line Items]
Revenue	462	423
Industrial & Energy Technology \| Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenue	265	222
Industrial & Energy Technology \| Controls (1)
Disaggregation of Revenue [Line Items]
Revenue	0	40
Industrial & Energy Technology \| Total Industrial Technology
Disaggregation of Revenue [Line Items]
Revenue	727	685
Industrial & Energy Technology \| Climate Technology Solutions
Disaggregation of Revenue [Line Items]
Revenue	$ 83	$ 31

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all of our subsidiaries (entities in which we have a controlling financial interest, most often because we hold a majority voting interest). All intercompany accounts and transactions have been eliminated. In the Company's financial statements and notes, certain prior year amounts have been reclassified to conform with the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in our financial statements and notes thereto may not add due to the use of rounded numbers.
Supply Chain Finance Programs and New Accounting Standards To Be Adopted	Supply Chain Finance Programs As of March 31, 2024 and December 31, 2023, $391 million and $332 million of supply chain finance program liabilities are recorded in "Accounts payable" in our condensed consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in our condensed 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.

EARNINGS PER SHARE - Narrative (Details) - Class A Common Stock - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding (in shares)	998	1,010
Employee Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted EPS calculation (in shares)	1	2

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

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


	Three Months Ended March 31,
Operating Lease Expense	2024		2023
Long-term fixed lease	$	74	$	69
Long-term variable lease	24		15
Short-term lease	140		128
Total operating lease expense	$	238	$	212

CONTRACT AND OTHER DEFERRED ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Contract Assets

Contract assets consist of the following:


	March 31, 2024		December 31, 2023
Long-term product service agreements	$	402	$	418
Long-term equipment contracts and certain other service agreements	1,271		1,184
Contract assets (total revenue in excess of billings)	1,673		1,602
Deferred inventory costs	128		126
Other costs to fulfill or obtain a contract	22		28

Contract and other deferred assets	$	1,824	$	1,756

Contract liabilities consist of the following:


	March 31, 2024		December 31, 2023
Progress collections	$	5,573	$	5,405
Deferred income	138		137
Progress collections and deferred income (contract liabilities)	$	5,711	$	5,542

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Information

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


	Three Months Ended March 31,
Revenue	2024		2023
Oilfield Services & Equipment	$	3,783	$	3,577
Industrial & Energy Technology	2,634		2,138
Total	$	6,418	$	5,716


	Three Months Ended March 31,
Income before income taxes	2024		2023
Oilfield Services & Equipment	$	422	$	371
Industrial & Energy Technology	330		241
Total segment	752		612
Corporate	(92)		(100)

Inventory impairment (1)	—		(18)
Restructuring, impairment and other	(7)		(56)
Other non-operating income, net	29		386
Interest expense, net	(41)		(64)
Income before income taxes	$	641	$	760

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

The following table presents depreciation and amortization:


	Three Months Ended March 31,
Depreciation and amortization	2024		2023
Oilfield Services & Equipment	$	222	$	208
Industrial & Energy Technology	56		56
Total segment	279		264
Corporate	4		5
Total	$	283	$	269

EQUITY

3 Months Ended

Mar. 31, 2024

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. As of March 31, 2024 and December 31, 2023, there were no shares of Class B common stock issued and outstanding. We have not issued any preferred stock.

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. During the three months ended March 31, 2024, the Company repurchased and canceled 5.4 million shares of Class A common stock for $158 million, representing an average price per share of $29.32. There were no shares of Class common stock repurchased during the three months ended March 31, 2023. As of March 31, 2024, the Company had authorization remaining to repurchase up to approximately $2.1 billion of its Class A common stock.

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


	Class A Common Stock
	2024	2023
Balance at January 1	997,709	1,005,960
Issue of shares upon vesting of restricted stock units (1)	4,745	5,342
Issue of shares on exercise of stock options (1)	—	88
Issue of shares for employee stock purchase plan	458	491

Repurchase and cancellation of Class A common stock	(5,399)	—
Balance at March 31	997,513	1,011,881

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

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, 2023	$	(2,513)	$	(6)	$	(277)	$	(2,796)
Other comprehensive income (loss) before reclassifications	(63)		2		(1)		(62)
Amounts reclassified from accumulated other comprehensive loss	—		1		3		4
Deferred taxes	—		(1)		—		(1)
Other comprehensive income (loss)	(63)		2		2		(59)



Balance at March 31, 2024	$	(2,576)	$	(4)	$	(275)	$	(2,855)


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(2,666)	$	(9)	$	(296)	$	(2,971)
Other comprehensive loss before reclassifications	(61)		(1)		3		(59)
Amounts reclassified from accumulated other comprehensive loss	—		1		4		5

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




Balance at March 31, 2023	$	(2,727)	$	(10)	$	(289)	$	(3,026)

The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2024 and 2023 represent (i) gains (losses) reclassified on cash flow hedges when the hedged transaction occurs, (ii) the amortization of net actuarial gain (loss), prior service credit, settlements, and curtailments which are included in the computation of net periodic pension cost, and (iii) the release of foreign currency translation adjustments.

The entire disclosure for equity.

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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Restructuring and Related Activities [Abstract]

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Billions	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 32.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Within 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	62.00%
Timing of revenue expected to be recognized	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Within 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	74.00%
Timing of revenue expected to be recognized	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 \| Within 15 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	90.00%
Timing of revenue expected to be recognized	15 years

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,717	$ 2,646
Current receivables, net	6,873	7,075
Inventories, net	5,339	5,094
All other current assets	1,491	1,486
Total current assets	16,420	16,301
Property, plant and equipment (net of accumulated depreciation of $5,824 and $5,678)	4,931	4,893
Goodwill	6,114	6,137
Other intangible assets, net	4,055	4,093
Contract and other deferred assets	1,824	1,756
All other assets	3,067	3,043
Deferred income taxes	730	722
Total assets	37,141	36,945
Current liabilities:
Accounts payable	4,595	4,471
Short-term and current portion of long-term debt	147	148
Progress collections and deferred income	5,711	5,542
All other current liabilities	2,726	2,830
Total current liabilities	13,179	12,991
Long-term debt	5,859	5,872
Deferred income taxes	149	176
Liabilities for pensions and other postretirement benefits	984	978
All other liabilities	1,420	1,409
Equity:
Capital in excess of par value	26,610	26,983
Retained loss	(8,364)	(8,819)
Accumulated other comprehensive loss	(2,855)	(2,796)
Baker Hughes Company equity	15,391	15,368
Noncontrolling interests	159	151
Total equity	15,550	15,519
Total liabilities and equity	37,141	36,945
Class A Common Stock
Equity:
Common stock	0	0
Class B Common Stock
Equity:
Common stock	$ 0	$ 0

RESTRUCTURING, IMPAIRMENT AND OTHER (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Restructuring and Impairment Charges

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


	Three Months Ended
Segments	March 31, 2023
Oilfield Services & Equipment	$	15
Industrial & Energy Technology	14
Corporate	27
Total	$	56

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


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



Other incremental costs	10
Total	$	56

DEBT - Current and Long-term Borrowings (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 147	$ 148
Long-term debt
Other long-term debt	67	73
Total long-term debt	5,859	5,872
Total debt	$ 6,006	6,020
Senior Notes \| 2.061% Senior Notes due December 2026
Debt Instrument [Line Items]
Stated interest rate	2.061%
Long-term debt
Long-term debt	$ 598	$ 598
Senior Notes \| 3.337% Senior Notes due December 2027
Debt Instrument [Line Items]
Stated interest rate	3.337%	3.337%
Long-term debt
Long-term debt	$ 1,289	$ 1,294
Senior Notes \| 6.875% Notes due January 2029
Debt Instrument [Line Items]
Stated interest rate	6.875%
Long-term debt
Long-term debt	$ 266	268
Senior Notes \| 3.138% Senior Notes due November 2029
Debt Instrument [Line Items]
Stated interest rate	3.138%
Long-term debt
Long-term debt	$ 523	523
Senior Notes \| 4.486% Senior Notes due May 2030
Debt Instrument [Line Items]
Stated interest rate	4.486%
Long-term debt
Long-term debt	$ 498	498
Senior Notes \| 5.125% Senior Notes due September 2040
Debt Instrument [Line Items]
Stated interest rate	5.125%
Long-term debt
Long-term debt	$ 1,279	1,281
Senior Notes \| 4.080% Senior Notes due December 2047
Debt Instrument [Line Items]
Stated interest rate	4.08%
Long-term debt
Long-term debt	$ 1,338	1,338
Debentures \| 8.55% Debentures due June 2024
Debt Instrument [Line Items]
Stated interest rate	8.55%
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 108	109
Other debt
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 39	$ 39

LEASES

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

LEASES

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


	Three Months Ended March 31,
Operating Lease Expense	2024		2023
Long-term fixed lease	$	74	$	69
Long-term variable lease	24		15
Short-term lease	140		128
Total operating lease expense	$	238	$	212

Cash flows used in operating activities for operating leases approximates our expense for the three months ended March 31, 2024 and 2023.

The weighted-average remaining lease term as of March 31, 2024 and December 31, 2023 was approximately seven years for our operating leases. The weighted-average discount rate used to determine the operating lease liability as of March 31, 2024 and December 31, 2023 was 4.0% and 3.3%, respectively.

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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

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


	Three Months Ended March 31,
(In millions, except per share amounts)	2024		2023
Net income	$	463	$	581
Less: Net income attributable to noncontrolling interests	8		5
Net income attributable to Baker Hughes Company	$	455	$	576

Weighted average shares outstanding:
Class A basic	998		1,010
Class A diluted	1,004		1,018
Net income per share attributable to common stockholders:
Class A basic	$	0.46	$	0.57
Class A diluted	$	0.45	$	0.57

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class A Common Stock
Cash dividends per share (in dollars per share)	$ 0.21	$ 0.19

OTHER INTANGIBLE ASSETS - Future Estimated Amortization Expense (Details) $ in Millions	Mar. 31, 2024 USD ($)
Year
Remainder of 2024	$ 190
2025	215
2026	170
2027	147
2028	126
2029	$ 105

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

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.

OILFIELD SERVICES & EQUIPMENT

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

INDUSTRIAL & ENERGY TECHNOLOGY

Industrial & Energy Technology provides technology solutions and services for mechanical-drive, compression and power-generation applications across the energy industry, including oil and gas, liquefied natural gas ("LNG") operations, downstream refining and petrochemical markets, as well as lower carbon solutions to broader energy and industrial sectors. IET also provides equipment, software, and services that serve a wide range of industries including petrochemical and refining, nuclear, aviation, automotive, mining, cement, metals, pulp and paper, and food and beverage. IET is organized into 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.


	Three Months Ended March 31,
Revenue	2024		2023
Oilfield Services & Equipment	$	3,783	$	3,577
Industrial & Energy Technology	2,634		2,138
Total	$	6,418	$	5,716


	Three Months Ended March 31,
Income before income taxes	2024		2023
Oilfield Services & Equipment	$	422	$	371
Industrial & Energy Technology	330		241
Total segment	752		612
Corporate	(92)		(100)

Inventory impairment (1)	—		(18)
Restructuring, impairment and other	(7)		(56)
Other non-operating income, net	29		386
Interest expense, net	(41)		(64)
Income before income taxes	$	641	$	760

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

The following table presents depreciation and amortization:


	Three Months Ended March 31,
Depreciation and amortization	2024		2023
Oilfield Services & Equipment	$	222	$	208
Industrial & Energy Technology	56		56
Total segment	279		264
Corporate	4		5
Total	$	283	$	269

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 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 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Inventories, Net of Reserves

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2024

Inventory, Net [Abstract]

Inventories, net of reserves of $382 million and $389 million as of March 31, 2024 and December 31, 2023, respectively, consist of the following:


	March 31, 2024		December 31, 2023
Finished goods	$	2,575	$	2,626
Work in process and raw materials	2,764		2,468

Total inventories, net	$	5,339	$	5,094

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2019
Related Party Transaction [Line Items]
Accounts payable	$ 4,595		$ 4,471
Corporate joint venture
Related Party Transaction [Line Items]
Purchases	103	$ 114
Accounts payable	$ 82		$ 71
Corporate joint venture \| Aero JV
Related Party Transaction [Line Items]
Ownership percentage				50.00%
Corporate joint venture \| Aero JV \| General Electric Company (GE)
Related Party Transaction [Line Items]
Ownership percentage				50.00%

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

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.


	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	21	$	—	$	21	$	—	$	34	$	—	$	34
Investment securities	1,042		—		2		1,044		1,040		—		2		1,042
Total assets	1,042		21		2		1,065		1,040		34		2		1,076

Liabilities
Derivatives	—		(73)		—		(73)		—		(76)		—		(76)
Total liabilities	$	—	$	(73)	$	—	$	(73)	$	—	$	(76)	$	—	$	(76)


	March 31, 2024								December 31, 2023
	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)	$	30	$	—	$	—	$	30	$	66	$	1	$	—	$	67
Equity securities	529		485		—		1,014		527		451		(3)		975
Total	$	559	$	485	$	—	$	1,044	$	593	$	452	$	(3)	$	1,042

(1)Gains recorded to earnings related to these securities were $27 million and $392 million for the three months ended March 31, 2024 and 2023, respectively.

(2)As of March 31, 2024, our non-U.S. debt securities are classified as available for sale securities and mature within two years.

As of March 31, 2024 and December 31, 2023, the balance of our equity securities with readily determinable fair values is $1,014 million and $975 million, respectively, and is comprised mainly of our investment in ADNOC Drilling, and is recorded primarily in "All other current assets" in the condensed consolidated statements of financial position. We measured our investments at fair value based on quoted prices in active markets.

Gains recorded to earnings for our equity securities with readily determinable fair values were $52 million and $392 million for the three months ended March 31, 2024 and 2023, respectively. Gains (losses) related to our equity securities with readily determinable fair values are reported in "Other non-operating income (loss), net" in the condensed consolidated statements of income (loss).

FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS

Our financial instruments include cash and cash equivalents, current receivables, certain investments, accounts payable, short and long-term debt, and derivative financial instruments. Except for long-term debt, the estimated fair value of these financial instruments as of March 31, 2024 and December 31, 2023 approximates their carrying value

as reflected in our condensed consolidated financial statements. For further information on the fair value of our debt, see "Note 8. Debt."

DERIVATIVES AND HEDGING

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


	March 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	10	$	(1)	$	10	$	(3)
Interest rate swap contracts	—		(57)		—		(52)

Derivatives not accounted for as hedges
Currency exchange contracts and other	11		(15)		24		(21)


Total derivatives	$	21	$	(73)	$	34	$	(76)

Derivatives are classified in the condensed consolidated statements of financial position depending on their respective maturity date. As of March 31, 2024 and December 31, 2023, $19 million and $31 million of derivative assets are recorded in "All other current assets" and $2 million and $3 million are recorded in "All other assets" in the condensed consolidated statements of financial position, respectively. As of March 31, 2024 and December 31, 2023, $16 million and $23 million of derivative liabilities are recorded in "All other current liabilities" and $57 million and $53 million are recorded in "All other liabilities" in the condensed consolidated statements of financial position, respectively.

In January 2024, we issued a credit default swap ("CDS") for a notional amount of $261 million to a third-party financial institution. The CDS relates to a secured borrowing provided by the financial institution to a customer in Mexico that was utilized to pay certain of our outstanding receivables. The notional amount of the CDS will reduce on a monthly basis over its 26-month term. As of March 31, 2024, the fair value of this derivative liability was not material.

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 10. Equity" for further information on activity in AOCI for cash flow hedges. As of March 31, 2024 and December 31, 2023, the maximum term of cash flow hedges that hedge forecasted transactions was approximately two years.

Fair Value Hedges

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

As of March 31, 2024 and December 31, 2023, 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 $5.0 billion and $4.2 billion at March 31, 2024 and December 31, 2023, 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.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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 unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. Under this basis of presentation, our financial statements consolidate all of our subsidiaries (entities in which we have a controlling financial interest, most often because we hold a majority voting interest). All intercompany accounts and transactions have been eliminated. In the Company's financial statements and notes, certain prior year amounts have been reclassified to conform with the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in our financial statements and notes thereto may not add due to the use of rounded numbers. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies," to our consolidated financial statements from our 2023 Annual Report for the discussion of our significant accounting policies. Supply Chain Finance Programs As of March 31, 2024 and December 31, 2023, $391 million and $332 million of supply chain finance program liabilities are recorded in "Accounts payable" in our condensed consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in our condensed 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.

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

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


	March 31, 2024		December 31, 2023
Short-term and current portion of long-term debt
8.55% Debentures due June 2024	$	108	$	109
Other debt	39		39
Total short-term and current portion of long-term debt	147		148


Long-term debt
2.061% Senior Notes due December 2026	598		598
3.337% Senior Notes due December 2027	1,289		1,294
6.875% Notes due January 2029	266		268
3.138% Senior Notes due November 2029	523		523
4.486% Senior Notes due May 2030	498		498
5.125% Senior Notes due September 2040	1,279		1,281
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	67		73
Total long-term debt	5,859		5,872
Total debt	$	6,006	$	6,020

The estimated fair value of total debt at March 31, 2024 and December 31, 2023 was $5,479 million and $5,571 million, respectively. For a majority of our debt the fair value was determined using quoted period-end market prices. Where market prices are not available, we estimate fair values based on valuation methodologies using current market interest rate data adjusted for our non-performance risk.

We have a $3 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial banks maturing in November 2028. The 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 Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the Credit Agreement and other customary defaults. No such events of default have occurred. The 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 March 31, 2024 and December 31, 2023, there were no borrowings under the Credit Agreement and no outstanding commercial paper.

Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with Baker Hughes Holdings LLC ("BHH LLC") on our long-term debt securities. This co-obligor is a 100%-owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose. As of March 31, 2024, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling $5,900 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 March 31, 2024, 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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RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS We have an aeroderivative joint venture ("Aero JV") we formed with General Electric Company ("GE") in 2019. As of March 31, 2024, the Aero JV was jointly controlled by GE and us, each with ownership interest of 50%, and therefore, we do not consolidate the Aero JV. In February 2024, we received notice from GE that it intends to transfer its interest in the Aero JV to GE Vernova LLC in the second quarter of 2024. The transfer occurred as a result of GE's spin-off of GE Vernova. We had purchases from the Aero JV of $103 million and $114 million during the three months ended March 31, 2024 and 2023, respectively. We have $82 million and $71 million of accounts payable at March 31, 2024 and December 31, 2023, respectively, for products and services provided by the Aero JV in the ordinary course of business.

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

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Goodwill and Intangible Assets Disclosure [Abstract]

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock authorized (in shares)	50,000,000
Stock repurchased and canceled (in shares)	5,400,000	0
Repurchase and cancellation of Class A common stock	$ 158
Stock repurchase average price per share (in dollars per share)	$ 29.32
Remaining authorized repurchase amount	$ 2,100
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)	997,513,000	1,011,881,000	997,709,000	1,005,960,000
Common stock issued (in shares)	998,000,000		998,000,000
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
Common stock issued (in shares)	0		0

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2024 segment product_line
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Number of product lines	4
Industrial & Energy Technology
Segment Reporting Information [Line Items]
Number of product lines	5

OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

OTHER INTANGIBLE ASSETS

Intangible assets consist of the following:


	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,940	$	(836)	$	1,104	$	1,945	$	(818)	$	1,127
Technology	1,258		(921)		337		1,253		(899)		354
Trade names and trademarks	291		(189)		102		290		(186)		104
Capitalized software	1,437		(1,127)		310		1,413		(1,107)		306

Finite-lived intangible assets	4,926		(3,073)		1,853		4,901		(3,010)		1,891
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,128	$	(3,073)	$	4,055	$	7,103	$	(3,010)	$	4,093

Amortization expense for the three months ended March 31, 2024 and 2023 was $68 million and $63 million, respectively.

Estimated amortization expense for the remainder of 2024 and each of the subsequent five fiscal years is expected to be as follows:


Year	Estimated Amortization Expense
Remainder of 2024	$	190
2025	215
2026	170
2027	147
2028	126
2029	105

INVENTORIES (Details) - USD ($)	3 Months Ended
INVENTORIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory [Line Items]
Inventory valuation reserves	$ 382,000,000		$ 389,000,000
Finished goods	2,575,000,000		2,626,000,000
Work in process and raw materials	2,764,000,000		2,468,000,000
Total inventories, net	5,339,000,000		$ 5,094,000,000
Inventory impairment	$ 0	$ 18,000,000
Oilfield Services & Equipment
Inventory [Line Items]
Inventory impairment		$ 18,000,000

EQUITY - Changes in Number of Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	997,709,000	1,005,960,000
Issue of shares upon vesting of restricted stock units (in shares)	4,745,000	5,342,000
Issue of shares on exercises of stock options (in shares)	0	88,000
Issue of shares for employee stock purchase plan (in shares)	458,000	491,000
Repurchase and cancellation of Class A common stock (in shares)	(5,399,000)	0
Ending balance (in shares)	997,513,000	1,011,881,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0
Ending balance (in shares)	0

SEGMENT INFORMATION - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 6,418	$ 5,716
Summarized financial information [Abstract]
Income before income taxes	641	760
Inventory impairment	0	(18)
Other non-operating income, net	29	386
Interest expense, net	(41)	(64)
Operating segments
Summarized financial information [Abstract]
Income before income taxes	752	612
Corporate
Summarized financial information [Abstract]
Income before income taxes	(92)	(100)
Segment reconciling items
Summarized financial information [Abstract]
Inventory impairment	0	(18)
Restructuring, impairment and other	(7)	(56)
Other non-operating income, net	29	386
Interest expense, net	(41)	(64)
Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Revenue	3,783	3,577
Oilfield Services & Equipment \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	422	371
Industrial & Energy Technology
Segment Reporting Information [Line Items]
Revenue	2,634	2,138
Industrial & Energy Technology \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	$ 330	$ 241

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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.


	March 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	21	$	—	$	21	$	—	$	34	$	—	$	34
Investment securities	1,042		—		2		1,044		1,040		—		2		1,042
Total assets	1,042		21		2		1,065		1,040		34		2		1,076

Liabilities
Derivatives	—		(73)		—		(73)		—		(76)		—		(76)
Total liabilities	$	—	$	(73)	$	—	$	(73)	$	—	$	(76)	$	—	$	(76)

Schedule of Investment Securities Classified as Available for Sale


	March 31, 2024								December 31, 2023
	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)	$	30	$	—	$	—	$	30	$	66	$	1	$	—	$	67
Equity securities	529		485		—		1,014		527		451		(3)		975
Total	$	559	$	485	$	—	$	1,044	$	593	$	452	$	(3)	$	1,042

(1)Gains recorded to earnings related to these securities were $27 million and $392 million for the three months ended March 31, 2024 and 2023, respectively.

(2)As of March 31, 2024, 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.


	March 31, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	10	$	(1)	$	10	$	(3)
Interest rate swap contracts	—		(57)		—		(52)

Derivatives not accounted for as hedges
Currency exchange contracts and other	11		(15)		24		(21)


Total derivatives	$	21	$	(73)	$	34	$	(76)

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.

Schedule of Current Receivables

OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 68	$ 63

CURRENT RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Current receivables consist of the following:


	March 31, 2024		December 31, 2023
Customer receivables	$	5,863	$	6,033
Other	1,336		1,392
Total current receivables	7,199		7,425
Less: Allowance for credit losses	(326)		(350)
Total current receivables, net	$	6,873	$	7,075

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
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 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. On February 22, 2024, the Court dismissed the claims against the Company. However, on April 4, 2024, the plaintiffs filed an amended complaint, reasserting their claims against the Company under the Securities Act of 1933 and the Exchange Act. At this time, we are not able to predict the outcome of these proceedings. We insure against risks arising from our business to the extent deemed prudent by our management and to the extent insurance is available, but no assurance can be given that the nature and amount of that insurance will be sufficient to fully indemnify us against liabilities arising out of pending or future legal proceedings or other claims. Most of our insurance policies contain deductibles or self-insured retentions in amounts we deem prudent and for which we are responsible for payment. In determining the amount of self-insurance, it is our policy to self-insure those losses that are predictable, measurable and recurring in nature, such as claims for automobile liability, general liability and workers compensation. OTHER In the normal course of business with customers, vendors and others, we have entered into off-balance sheet arrangements, such as surety bonds for performance, letters of credit and other bank issued guarantees. We also provide a guarantee to GE Capital on behalf of a customer who entered into a financing arrangement with GE Capital. Total off-balance sheet arrangements were approximately $5.1 billion at March 31, 2024. It is not practicable to estimate the fair value of these financial instruments. As of March 31, 2024, none of the off-balance sheet arrangements either has, or is likely to have, a material effect on our financial position, results of operations or cash flows. We sometimes enter into consortium or similar arrangements for certain projects primarily in our OFSE segment. Under such arrangements, each party is responsible for performing a certain scope of work within the total scope of the contracted work, and the obligations expire when all contractual obligations are completed. The failure or inability, financially or otherwise, of any of the parties to perform their obligations could impose additional costs and obligations on us. These factors could result in unanticipated costs to complete the project, liquidated damages or contract disputes.

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

3 Months Ended

Mar. 31, 2024

PROGRESS COLLECTIONS AND DEFERRED INCOME


	March 31, 2024		December 31, 2023
Progress collections	$	5,573	$	5,405
Deferred income	138		137
Progress collections and deferred income (contract liabilities)	$	5,711	$	5,542

DISAGGREGATED REVENUE

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


	Three Months Ended March 31,
Total Revenue	2024		2023
Well Construction	$	1,061	$	1,061
Completions, Intervention & Measurements	1,006		909
Production Solutions	945		938
Subsea & Surface Pressure Systems	771		670
Oilfield Services & Equipment	3,783		3,577
Gas Technology Equipment	1,210		831
Gas Technology Services	614		591
Total Gas Technology	1,824		1,422
Industrial Products	462		423
Industrial Solutions	265		222
Controls (1)	—		40
Total Industrial Technology	727		685
Climate Technology Solutions	83		31
Industrial & Energy Technology	2,634		2,138
Total	$	6,418	$	5,716

(1)The sale of our controls business was completed in April 2023.


	Three Months Ended March 31,
Oilfield Services & Equipment Geographic Revenue	2024		2023
North America	$	990	$	992
Latin America	637		661
Europe/CIS/Sub-Saharan Africa	750		581
Middle East/Asia	1,405		1,345
Oilfield Services & Equipment	$	3,783	$	3,577

REMAINING PERFORMANCE OBLIGATIONS

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Assets	$ 21	$ 34
Liabilities	(73)	(76)
Credit Default Swap
Derivatives, Fair Value [Line Items]
Debt Instrument, Debt Default, Amount	$ 261
Debt term (no more than)	26 months
Currency exchange contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	$ 10	10
Liabilities	(1)	(3)
Currency exchange contracts \| Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	11	24
Liabilities	(15)	(21)
Interest rate swap contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ (57)	$ (52)

CONTRACT AND OTHER DEFERRED ASSETS

3 Months Ended

Mar. 31, 2024

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 Industrial & Energy Technology ("IET") segment. Our long-term equipment contracts are provided by both our IET and OFSE segments. Contract assets consist of the following:


	March 31, 2024		December 31, 2023
Long-term product service agreements	$	402	$	418
Long-term equipment contracts and certain other service agreements	1,271		1,184
Contract assets (total revenue in excess of billings)	1,673		1,602
Deferred inventory costs	128		126
Other costs to fulfill or obtain a contract	22		28

Contract and other deferred assets	$	1,824	$	1,756

Revenue recognized during the three months ended March 31, 2024 and 2023 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $(1) million and $1 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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SEGMENT INFORMATION - Capital Expenditures and Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 283	$ 269
Operating segments
Segment Reporting Information [Line Items]
Depreciation and amortization	279	264
Operating segments \| Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Depreciation and amortization	222	208
Operating segments \| Industrial & Energy Technology
Segment Reporting Information [Line Items]
Depreciation and amortization	56	56
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 4	$ 5

RESTRUCTURING, IMPAIRMENT AND OTHER - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and other	$ 7	$ 56
Restructuring and impairment charges		56
Number of operating segments \| segment	2
Inventory impairment	$ 0	$ 18

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.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounting Standards Update 2022-04 \| SCF program
Supplier Finance Program [Line Items]
SCF program liabilities	$ 391	$ 332

PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Contract Liabilities

Contract assets consist of the following:


	March 31, 2024		December 31, 2023
Long-term product service agreements	$	402	$	418
Long-term equipment contracts and certain other service agreements	1,271		1,184
Contract assets (total revenue in excess of billings)	1,673		1,602
Deferred inventory costs	128		126
Other costs to fulfill or obtain a contract	22		28

Contract and other deferred assets	$	1,824	$	1,756

Contract liabilities consist of the following:


	March 31, 2024		December 31, 2023
Progress collections	$	5,573	$	5,405
Deferred income	138		137
Progress collections and deferred income (contract liabilities)	$	5,711	$	5,542

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 463	$ 581
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	283	269
Gain on equity securities	(52)	(392)
Provision (benefit) for deferred income taxes	(24)	58
Stock-based compensation cost	51	49
Inventory impairment	0	18
Changes in operating assets and liabilities:
Current receivables	199	(332)
Inventories	(265)	(265)
Accounts payable	173	43
Progress collections and deferred income	170	639
Contract and other deferred assets	(68)	(148)
Other operating items, net	(146)	(59)
Net cash flows from operating activities	784	461
Cash flows from investing activities:
Expenditures for capital assets	(333)	(310)
Proceeds from disposal of assets	51	46
Other investing items, net	13	35
Net cash flows used in investing activities	(269)	(229)
Cash flows from financing activities:
Dividends paid	(210)	(192)
Repurchase of Class A common stock	(158)	0
Other financing items, net	(59)	(58)
Net cash flows used in financing activities	(427)	(250)
Effect of currency exchange rate changes on cash and cash equivalents	(17)	(55)
Increase (decrease) in cash and cash equivalents	71	(73)
Cash and cash equivalents, beginning of period	2,646	2,488
Cash and cash equivalents, end of period	2,717	2,415
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	108	163
Interest paid	$ 48	$ 50

INVENTORIES

3 Months Ended

Mar. 31, 2024

Inventory, Net [Abstract]

INVENTORIES

Inventories, net of reserves of $382 million and $389 million as of March 31, 2024 and December 31, 2023, respectively, consist of the following:


	March 31, 2024		December 31, 2023
Finished goods	$	2,575	$	2,626
Work in process and raw materials	2,764		2,468

Total inventories, net	$	5,339	$	5,094

During the three months ended March 31, 2023, we recorded inventory impairments of $18 million, primarily in our Oilfield Services & Equipment ("OFSE") segment. See "Note 17. Restructuring, Impairment, and Other" for further information.

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Class A and Class B Common Stock	Capital in Excess of Par Value	Retained Loss	Accumulated Other Comprehensive Loss	Non- controlling Interests
Beginning Balance at Dec. 31, 2022	$ 14,525	$ 0	$ 28,126	$ (10,761)	$ (2,971)	$ 131
Comprehensive income:
Net income	581			576		5
Other comprehensive income (loss)	(55)				(55)
Dividends on Class A common stock	(192)		(192)
Stock-based compensation cost	49		49
Other	(59)		(58)			(1)
Ending Balance at Mar. 31, 2023	14,849	0	27,925	(10,185)	(3,026)	135
Beginning Balance at Dec. 31, 2023	15,519	0	26,983	(8,819)	(2,796)	151
Comprehensive income:
Net income	463			455		8
Other comprehensive income (loss)	(59)				(59)
Dividends on Class A common stock	(210)		(210)
Repurchase and cancellation of Class A common stock	(158)		(158)
Stock-based compensation cost	51		51
Other	(56)		(56)
Ending Balance at Mar. 31, 2024	$ 15,550	$ 0	$ 26,610	$ (8,364)	$ (2,855)	$ 159

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

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 455	$ 576

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

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Schedule of Changes in Number of Shares Outstanding

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Lorenzo Simonelli [Member]
Trading Arrangements, by Individual
Name	Lorenzo Simonelli
Title	Chairman, President and Chief Executive Officer
Adoption Date	February 8, 2024
Aggregate Available	228,572
Maria Claudia Borras [Member]
Trading Arrangements, by Individual
Name	Maria Claudia Borras
Title	Executive Vice President, Oilfield Services and Equipment
Adoption Date	February 21, 2024
Aggregate Available	55,980

EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

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


	Class A Common Stock
	2024	2023
Balance at January 1	997,709	1,005,960
Issue of shares upon vesting of restricted stock units (1)	4,745	5,342
Issue of shares on exercise of stock options (1)	—	88
Issue of shares for employee stock purchase plan	458	491

Repurchase and cancellation of Class A common stock	(5,399)	—
Balance at March 31	997,513	1,011,881

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

Schedule of Accumulated Other Comprehensive Loss, Net of Tax

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, 2023	$	(2,513)	$	(6)	$	(277)	$	(2,796)
Other comprehensive income (loss) before reclassifications	(63)		2		(1)		(62)
Amounts reclassified from accumulated other comprehensive loss	—		1		3		4
Deferred taxes	—		(1)		—		(1)
Other comprehensive income (loss)	(63)		2		2		(59)



Balance at March 31, 2024	$	(2,576)	$	(4)	$	(275)	$	(2,855)


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(2,666)	$	(9)	$	(296)	$	(2,971)
Other comprehensive loss before reclassifications	(61)		(1)		3		(59)
Amounts reclassified from accumulated other comprehensive loss	—		1		4		5

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




Balance at March 31, 2023	$	(2,727)	$	(10)	$	(289)	$	(3,026)

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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REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Disaggregated Segment Revenue

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


	Three Months Ended March 31,
Total Revenue	2024		2023
Well Construction	$	1,061	$	1,061
Completions, Intervention & Measurements	1,006		909
Production Solutions	945		938
Subsea & Surface Pressure Systems	771		670
Oilfield Services & Equipment	3,783		3,577
Gas Technology Equipment	1,210		831
Gas Technology Services	614		591
Total Gas Technology	1,824		1,422
Industrial Products	462		423
Industrial Solutions	265		222
Controls (1)	—		40
Total Industrial Technology	727		685
Climate Technology Solutions	83		31
Industrial & Energy Technology	2,634		2,138
Total	$	6,418	$	5,716

(1)The sale of our controls business was completed in April 2023.

Schedule of Revenue by Geographic Region


	Three Months Ended March 31,
Oilfield Services & Equipment Geographic Revenue	2024		2023
North America	$	990	$	992
Latin America	637		661
Europe/CIS/Sub-Saharan Africa	750		581
Middle East/Asia	1,405		1,345
Oilfield Services & Equipment	$	3,783	$	3,577

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, plant and equipment, accumulated depreciation	$ 5,824	$ 5,678
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	998,000,000
Common stock outstanding (in shares)	997,513,000	997,709,000
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

OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,940	$	(836)	$	1,104	$	1,945	$	(818)	$	1,127
Technology	1,258		(921)		337		1,253		(899)		354
Trade names and trademarks	291		(189)		102		290		(186)		104
Capitalized software	1,437		(1,127)		310		1,413		(1,107)		306

Finite-lived intangible assets	4,926		(3,073)		1,853		4,901		(3,010)		1,891
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,128	$	(3,073)	$	4,055	$	7,103	$	(3,010)	$	4,093

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	March 31, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,940	$	(836)	$	1,104	$	1,945	$	(818)	$	1,127
Technology	1,258		(921)		337		1,253		(899)		354
Trade names and trademarks	291		(189)		102		290		(186)		104
Capitalized software	1,437		(1,127)		310		1,413		(1,107)		306

Finite-lived intangible assets	4,926		(3,073)		1,853		4,901		(3,010)		1,891
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,128	$	(3,073)	$	4,055	$	7,103	$	(3,010)	$	4,093

Schedule of Estimated Amortization Expense

Estimated amortization expense for the remainder of 2024 and each of the subsequent five fiscal years is expected to be as follows:


Year	Estimated Amortization Expense
Remainder of 2024	$	190
2025	215
2026	170
2027	147
2028	126
2029	105

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2024, the provision for income taxes was $178 million. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S. and losses with no tax benefit due to valuation allowances, partially offset by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances. For the three months ended March 31, 2023, the provision for income taxes was $179 million. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S., which is partially offset by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances.

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

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Equity securities, amortized cost	$ 529		$ 527
Equity securities, gross unrealized gains	485		451
Equity securities, gross unrealized losses	0		(3)
Equity securities, estimated fair value	1,014		975
Total, amortized cost	559		593
Total, gross unrealized gains	485		452
Total, gross unrealized losses	0		(3)
Total, estimated fair value	1,044		1,042
Gains (losses) recorded to earnings	27	$ 392
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, amortized cost	30		66
Debt securities, gross unrealized gains	0		1
Debt securities, gross unrealized losses	0		0
Debt securities, estimated fair value	$ 30		$ 67
Available for sale securities maturity	2 years

FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Derivatives	$ 21	$ 34
Investment securities	1,044	1,042
Liabilities
Derivatives	(73)	(76)
Recurring
Assets
Derivatives	21	34
Investment securities	1,044	1,042
Total assets	1,065	1,076
Liabilities
Derivatives	(73)	(76)
Total liabilities	(73)	(76)
Recurring \| Level 1
Assets
Derivatives	0	0
Investment securities	1,042	1,040
Total assets	1,042	1,040
Liabilities
Derivatives	0	0
Total liabilities	0	0
Recurring \| Level 2
Assets
Derivatives	21	34
Investment securities	0	0
Total assets	21	34
Liabilities
Derivatives	(73)	(76)
Total liabilities	(73)	(76)
Recurring \| Level 3
Assets
Derivatives	0	0
Investment securities	2	2
Total assets	2	2
Liabilities
Derivatives	0	0
Total liabilities	$ 0	$ 0

BUSINESS ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 6,114	$ 6,137

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

Restructuring and Related Activities [Abstract]

CURRENT RECEIVABLES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 7,199	$ 7,425
Less: Allowance for credit losses	(326)	(350)
Total current receivables, net	6,873	7,075
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	5,863	6,033
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 1,336	$ 1,392

CURRENT RECEIVABLES

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

CURRENT RECEIVABLES

Current receivables consist of the following:


	March 31, 2024		December 31, 2023
Customer receivables	$	5,863	$	6,033
Other	1,336		1,392
Total current receivables	7,199		7,425
Less: Allowance for credit losses	(326)		(350)
Total current receivables, net	$	6,873	$	7,075

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

RESTRUCTURING, IMPAIRMENT AND OTHER

3 Months Ended

Mar. 31, 2024

RESTRUCTURING, IMPAIRMENT AND OTHER

We recorded restructuring, impairment and other charges of $7 million and $56 million during the three months ended March 31, 2024 and 2023, respectively.

The charges in the first quarter of 2023 primarily relate to employee termination expenses driven by actions taken by the Company to facilitate the reorganization into two segments and corporate restructuring. These actions also included inventory impairments of $18 million, recorded in "Cost of goods sold" in our condensed consolidated statements of income (loss).

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


	Three Months Ended
Segments	March 31, 2023
Oilfield Services & Equipment	$	15
Industrial & Energy Technology	14
Corporate	27
Total	$	56

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


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



Other incremental costs	10
Total	$	56

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 18, 2024
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-38143
Entity Registrant Name	Baker Hughes Company
Entity Incorporation, State Code	DE
Entity Tax Identification Number	81-4403168
Entity Address, Address Line One	575 N. Dairy Ashford Rd.,
Entity Address, Address Line Two	Suite 100
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, par value $0.0001 per share
Trading Symbol	BKR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		997,997,634
Entity Central Index Key	0001701605
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 5,711		$ 5,542
Revenue recognized, included in contract liability	1,476	$ 962
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	5,573		5,405
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 138		$ 137

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.

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

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.