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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 pursuant to the rules and regulations of the Securities and Exchange Commission 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 June 30, 2024 and December 31, 2023, $448 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 continuing to evaluate the impact of this standard on our disclosures. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which enhances the disclosures required for operating segments in the Company's annual and interim consolidated financial statements. ASU 2023-07 is effective retrospectively for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our disclosures. All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

EQUITY

6 Months Ended

Jun. 30, 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 has a par value of $0.0001 per share. As of June 30, 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 and six months ended June 30, 2024, the Company repurchased and canceled 5.1 million and 10.5 million shares of Class A common stock for $166 million and $324 million, representing an average price per share of $32.19 and $30.72, respectively. During the three and six months ended June 30, 2023, the Company repurchased and canceled 3.6 million shares of Class A common stock for $99 million, representing an average price per share of $27.66. As of June 30, 2024, the Company had authorization remaining to repurchase up to approximately $1.9 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)	4,831	5,535
Issue of shares on exercise of stock options (1)	21	203
Issue of shares for employee stock purchase plan	919	959

Repurchase and cancellation of Class A common stock	(10,539)	(3,596)
Balance at June 30	992,941	1,009,061

(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	(192)		(3)		—		(195)
Amounts reclassified from accumulated other comprehensive loss	—		—		9		9
Deferred taxes	—		1		—		1
Other comprehensive income (loss)	(192)		(2)		9		(185)



Balance at June 30, 2024	$	(2,705)	$	(8)	$	(268)	$	(2,981)


	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	169		11		(13)		167
Amounts reclassified from accumulated other comprehensive loss	—		2		7		9
Deferred taxes	—		(2)		2		—
Other comprehensive income (loss)	169		11		(4)		176



Balance at June 30, 2023	$	(2,497)	$	1	$	(299)	$	(2,795)

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

- Definition

The entire disclosure for equity.

+ References

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+ Details

EQUITY - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 15,550	$ 14,849	$ 15,519	$ 14,525
Other comprehensive income (loss) before reclassifications			(195)	167
Amounts reclassified from accumulated other comprehensive loss			9	9
Deferred taxes			1	0
Other comprehensive income (loss)	(126)	232	(185)	176
Less: Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Ending Balance	15,721	15,262	15,721	15,262
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	(2,705)	(2,497)	(2,705)	(2,497)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(192)	169
Amounts reclassified from accumulated other comprehensive loss			0	0
Deferred taxes			0	0
Other comprehensive income (loss)			(192)	169
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(6)	(9)
Ending Balance	(8)	1	(8)	1
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(3)	11
Amounts reclassified from accumulated other comprehensive loss			0	2
Deferred taxes			1	(2)
Other comprehensive income (loss)			(2)	11
Benefit Plans, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(277)	(296)
Ending Balance	(268)	(299)	(268)	(299)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			0	(13)
Amounts reclassified from accumulated other comprehensive loss			9	7
Deferred taxes			0	2
Other comprehensive income (loss)			9	(4)
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(2,855)	(3,026)	(2,796)	(2,971)
Other comprehensive income (loss)	(126)	232	(185)	176
Ending Balance	$ (2,981)	$ (2,795)	$ (2,981)	$ (2,795)

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
Revenue	2024		2023		2024		2023
Oilfield Services & Equipment	$	4,011	$	3,877	$	7,794	$	7,454
Industrial & Energy Technology	3,128		2,438		5,763		4,576
Total	$	7,139	$	6,315	$	13,557	$	12,030


	Three Months Ended June 30,				Six Months Ended June 30,
Income before income taxes	2024		2023		2024		2023
Oilfield Services & Equipment	$	493	$	417	$	915	$	789
Industrial & Energy Technology	442		311		772		552
Total segment	935		728		1,687		1,341
Corporate	(88)		(97)		(180)		(197)

Inventory impairment (1)	—		(15)		—		(33)
Restructuring, impairment and other	(14)		(102)		(21)		(158)
Other non-operating income, net	38		158		67		544
Interest expense, net	(47)		(58)		(88)		(122)
Income before income taxes	$	824	$	614	$	1,465	$	1,374

(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 June 30,				Six Months Ended June 30,
Depreciation and amortization	2024		2023		2024		2023
Oilfield Services & Equipment	$	223	$	219	$	445	$	426
Industrial & Energy Technology	55		52		111		109
Total segment	278		271		556		535
Corporate	6		5		10		10
Total	$	283	$	276	$	566	$	545

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 7,139	$ 6,315	$ 13,557	$ 12,030
Costs and expenses:
Selling, general and administrative	643	695	1,261	1,351
Restructuring, impairment and other	14	102	21	158
Total costs and expenses	6,306	5,801	12,071	11,078
Operating income	833	514	1,486	952
Other non-operating income, net	38	158	67	544
Interest expense, net	(47)	(58)	(88)	(122)
Income before income taxes	824	614	1,465	1,374
Provision for income taxes	(243)	(200)	(421)	(379)
Net income	581	414	1,044	995
Less: Net income attributable to noncontrolling interests	2	4	10	10
Net income attributable to Baker Hughes Company	$ 579	$ 410	$ 1,034	$ 985
Class A Common Stock
Per share amounts:
Basic income (loss) per Class A common stock (in dollars per share)	$ 0.58	$ 0.41	$ 1.04	$ 0.98
Diluted income (loss) per Class A common stock (in dollars per share)	0.58	0.40	1.03	0.97
Cash dividend per Class A common stock (in dollars per share)	$ 0.21	$ 0.19	$ 0.42	$ 0.38
Sales of goods
Revenue:
Total revenue	$ 4,552	$ 3,793	$ 8,550	$ 7,276
Costs and expenses:
Costs	3,780	3,255	7,182	6,237
Sales of services
Revenue:
Total revenue	2,587	2,522	5,007	4,754
Costs and expenses:
Costs	$ 1,869	$ 1,749	$ 3,607	$ 3,332

RESTRUCTURING, IMPAIRMENT AND OTHER - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 8	$ 96	$ 8	$ 152
Property, plant & equipment, net
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	(1)	0	14
Employee-related termination costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	8	80	8	110
Other incremental costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	17	0	28
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2		2
Operating segments \| Oilfield Services & Equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	26	0	41
Operating segments \| Industrial & Energy Technology
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	52	0	66
Corporate
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 2	$ 17	$ 2	$ 45

FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Assets
Derivatives	$ 15		$ 15		$ 34
Investment securities	1,046		1,046		1,042
Liabilities
Derivatives	(64)		(64)		(76)
Gain (loss) on earnings of equity securities	19	$ 29	71	$ 421
Recurring
Assets
Derivatives	15		15		34
Investment securities	1,046		1,046		1,042
Total assets	1,061		1,061		1,076
Liabilities
Derivatives	(64)		(64)		(76)
Total liabilities	(64)		(64)		(76)
Recurring \| Level 1
Assets
Derivatives	0		0		0
Investment securities	1,044		1,044		1,040
Total assets	1,044		1,044		1,040
Liabilities
Derivatives	0		0		0
Total liabilities	0		0		0
Recurring \| Level 2
Assets
Derivatives	15		15		34
Investment securities	0		0		0
Total assets	15		15		34
Liabilities
Derivatives	(64)		(64)		(76)
Total liabilities	(64)		(64)		(76)
Recurring \| Level 3
Assets
Derivatives	0		0		0
Investment securities	2		2		2
Total assets	2		2		2
Liabilities
Derivatives	0		0		0
Total liabilities	$ 0		$ 0		$ 0

FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 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.


	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	15	$	—	$	15	$	—	$	34	$	—	$	34
Investment securities	1,044		—		2		1,046		1,040		—		2		1,042
Total assets	1,044		15		2		1,061		1,040		34		2		1,076

Liabilities
Derivatives	—		(64)		—		(64)		—		(76)		—		(76)
Total liabilities	$	—	$	(64)	$	—	$	(64)	$	—	$	(76)	$	—	$	(76)


	June 30, 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)	$	7	$	—	$	—	$	7	$	66	$	1	$	—	$	67
Equity securities	537		502		—		1,039		527		451		(3)		975
Total	$	544	$	502	$	—	$	1,046	$	593	$	452	$	(3)	$	1,042

(1)Gains (losses) recorded to earnings related to these securities were $19 million and $(1) million for the three months ended June 30, 2024 and 2023, respectively, and $45 million and $391 million for the six months ended June 30, 2024 and 2023, respectively.

(2)As of June 30, 2024, our non-U.S. debt securities are classified as available for sale securities and mature within two years.

As of June 30, 2024 and December 31, 2023, the balance of our equity securities with readily determinable fair values is $1,039 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 $19 million and $29 million for the three months ended June 30, 2024 and 2023, respectively, and $71 million and $421 million for the six months ended June 30, 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).

OTHER EQUITY INVESTMENTS

During the second quarter of 2023, certain equity securities without a readily determinable fair value were remeasured as of the date that an observable transaction occurred, which resulted in the Company recording a gain of $118 million. Gains (losses) related to our equity securities without readily determinable fair values are reported in "Other non-operating income (loss), net" in our condensed consolidated statements of income (loss).

FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS

Our financial instruments include cash and cash equivalents, receivables, certain investments, accounts payable, short and long-term debt, and derivative financial instruments. Except for long-term debt, the estimated fair value of these financial instruments as of June 30, 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.


	June 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	8	$	(1)	$	10	$	(3)
Interest rate swap contracts	—		(55)		—		(52)

Derivatives not accounted for as hedges
Currency exchange contracts and other	7		(8)		24		(21)


Total derivatives	$	15	$	(64)	$	34	$	(76)

Derivatives are classified in the condensed consolidated statements of financial position depending on their respective maturity date. As of June 30, 2024 and December 31, 2023, $14 million and $31 million of derivative assets are recorded in "All other current assets" and $1 million and $3 million are recorded in "All other assets" in the condensed consolidated statements of financial position, respectively. As of June 30, 2024 and December 31, 2023, $9 million and $23 million of derivative liabilities are recorded in "All other current liabilities" and $55 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 June 30, 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 June 30, 2024 and December 31, 2023, the maximum term of cash flow hedges that hedge forecasted transactions was approximately one year and two years, respectively.

Fair Value Hedges

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

As of June 30, 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 Secured Overnight Financing Rate index. We concluded that the interest rate swap met the criteria necessary to qualify for hedge accounting, and as such, the changes in this fair value hedge are recorded as gains or losses in interest expense and are equally offset by the gains or losses of the underlying debt instrument, which are also recorded in interest expense.

NOTIONAL AMOUNT OF DERIVATIVES

The notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. We disclose the derivative notional amounts on a gross basis to indicate the total counterparty risk but it does not generally represent amounts exchanged by us and the counterparties. A substantial majority of the outstanding notional amount of $4.3 billion and $4.2 billion at June 30, 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.

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

CURRENT RECEIVABLES

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

CURRENT RECEIVABLES

Current receivables consist of the following:


	June 30, 2024		December 31, 2023
Customer receivables	$	6,042	$	6,033
Other	1,347		1,392
Total current receivables	7,389		7,425
Less: Allowance for credit losses	(338)		(350)
Total current receivables, net	$	7,051	$	7,075

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

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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

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

INDUSTRIAL & ENERGY TECHNOLOGY

IET 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, significant restructuring plans, impairment and other charges, inventory impairments, and certain gains and losses not allocated to the operating segments. Accounting policies have been applied consistently by all segments within the Company for all reporting periods. Intercompany revenue and expense amounts have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance.

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


	Three Months Ended June 30,				Six Months Ended June 30,
Revenue	2024		2023		2024		2023
Oilfield Services & Equipment	$	4,011	$	3,877	$	7,794	$	7,454
Industrial & Energy Technology	3,128		2,438		5,763		4,576
Total	$	7,139	$	6,315	$	13,557	$	12,030


	Three Months Ended June 30,				Six Months Ended June 30,
Income before income taxes	2024		2023		2024		2023
Oilfield Services & Equipment	$	493	$	417	$	915	$	789
Industrial & Energy Technology	442		311		772		552
Total segment	935		728		1,687		1,341
Corporate	(88)		(97)		(180)		(197)

Inventory impairment (1)	—		(15)		—		(33)
Restructuring, impairment and other	(14)		(102)		(21)		(158)
Other non-operating income, net	38		158		67		544
Interest expense, net	(47)		(58)		(88)		(122)
Income before income taxes	$	824	$	614	$	1,465	$	1,374

(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 June 30,				Six Months Ended June 30,
Depreciation and amortization	2024		2023		2024		2023
Oilfield Services & Equipment	$	223	$	219	$	445	$	426
Industrial & Energy Technology	55		52		111		109
Total segment	278		271		556		535
Corporate	6		5		10		10
Total	$	283	$	276	$	566	$	545

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Billions	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 33.5
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	63.00%
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	75.00%
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	91.00%
Timing of revenue expected to be recognized	15 years

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class A Common Stock
Cash dividends per share (in dollars per share)	$ 0.21	$ 0.19	$ 0.42	$ 0.38

DEBT - Narrative (Details) - USD ($)	6 Months Ended
DEBT - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 5,254,000,000	$ 5,571,000,000
BHH LLC \| Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Ownership percentage	100.00%
Long-term debt	$ 5,800,000,000
Revolving Credit Facility \| The Credit Agreement \| BHH LLC
Line of Credit Facility [Line Items]
Maximum borrowing capacity	3,000,000,000.0
Line of credit outstanding	$ 0	$ 0

OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS

Intangible assets consist of the following:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,932	$	(850)	$	1,082	$	1,945	$	(818)	$	1,127
Technology	1,254		(940)		314		1,253		(899)		354
Trade names and trademarks	290		(191)		99		290		(186)		104
Capitalized software	1,461		(1,139)		322		1,413		(1,107)		306

Finite-lived intangible assets	4,937		(3,120)		1,817		4,901		(3,010)		1,891
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,139	$	(3,120)	$	4,019	$	7,103	$	(3,010)	$	4,093

Amortization expense for the three months ended June 30, 2024 and 2023 was $66 million and $63 million, respectively, and $133 million and $126 million for the six months ended June 30, 2024 and 2023, 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	$	129
2025	222
2026	177
2027	154
2028	132
2029	110

EARNINGS PER SHARE - Narrative (Details) - Class A Common Stock - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding (in shares)	996	1,010	997	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	1	2

CONTRACT AND OTHER DEFERRED ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,719		$ 1,719		$ 1,602
Deferred inventory costs	128		128		126
Other costs to fulfill or obtain a contract	21		21		28
Contract and other deferred assets	1,868		1,868		1,756
Revenue recognized from performance obligations satisfied in previous periods	(3)	$ 13	(4)	$ 14
Long-term product service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	395		395		418
Long-term equipment contracts and certain other service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,324		$ 1,324		$ 1,184

FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Equity securities, amortized cost	$ 537		$ 537		$ 527
Equity securities, gross unrealized gains	502		502		451
Equity securities, gross unrealized losses	0		0		(3)
Equity securities, estimated fair value	1,039		1,039		975
Total, amortized cost	544		544		593
Total, gross unrealized gains	502		502		452
Total, gross unrealized losses	0		0		(3)
Total, estimated fair value	1,046		1,046		1,042
Gains (losses) recorded to earnings	19	$ (1)	45	$ 391
Remeasurement gain		$ 118
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, amortized cost	7		7		66
Debt securities, gross unrealized gains	0		0		1
Debt securities, gross unrealized losses	0		0		0
Debt securities, estimated fair value	$ 7		$ 7		$ 67
Available for sale securities maturity	2 years		2 years

PROGRESS COLLECTIONS AND DEFERRED INCOME

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

PROGRESS COLLECTIONS AND DEFERRED INCOME

Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities consist of the following:


	June 30, 2024		December 31, 2023
Progress collections	$	5,359	$	5,405
Deferred income	147		137
Progress collections and deferred income (contract liabilities)	$	5,506	$	5,542

Revenue recognized during the three months ended June 30, 2024 and 2023 that was included in the contract liabilities at the beginning of the period was $1,392 million and $507 million, respectively, and $2,868 million and $1,468 million during the six months ended June 30, 2024 and 2023, 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 June 30,				Six Months Ended June 30,
Total Revenue	2024		2023		2024		2023
Well Construction	$	1,090	$	1,076	$	2,151	$	2,137
Completions, Intervention & Measurements	1,118		1,090		2,123		1,999
Production Solutions	958		959		1,903		1,897
Subsea & Surface Pressure Systems	845		752		1,617		1,422
Oilfield Services & Equipment	4,011		3,877		7,794		7,454
Gas Technology Equipment	1,539		968		2,749		1,799
Gas Technology Services	691		658		1,305		1,249
Total Gas Technology	2,230		1,626		4,054		3,048
Industrial Products	509		506		971		929
Industrial Solutions	262		242		526		464
Controls (1)	—		1		—		41
Total Industrial Technology	770		749		1,498		1,435
Climate Technology Solutions	128		62		211		93
Industrial & Energy Technology	3,128		2,438		5,763		4,576
Total	$	7,139	$	6,315	$	13,557	$	12,030

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


	Three Months Ended June 30,				Six Months Ended June 30,
Oilfield Services & Equipment Geographic Revenue	2024		2023		2024		2023
North America	$	1,023	$	1,042	$	2,013	$	2,033
Latin America	663		698		1,300		1,358
Europe/CIS/Sub-Saharan Africa	827		672		1,577		1,253
Middle East/Asia	1,498		1,465		2,903		2,810
Oilfield Services & Equipment	$	4,011	$	3,877	$	7,794	$	7,454

REMAINING PERFORMANCE OBLIGATIONS

As of June 30, 2024, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $33.5 billion. As of June 30, 2024, we expect to recognize revenue of approximately 63%, 75% and 91% of the total remaining performance obligations within 2, 5, and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 17, 2024
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		993,423,677
Entity Central Index Key	0001701605
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

OTHER INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets
Gross Carrying Amount	$ 4,937	$ 4,901
Accumulated Amortization	(3,120)	(3,010)
Net	1,817	1,891
Indefinite-lived intangible assets	2,202	2,202
Total intangible assets, Gross Carrying Amount	7,139	7,103
Total intangible assets, Net	4,019	4,093
Customer relationships
Finite-lived intangible assets
Gross Carrying Amount	1,932	1,945
Accumulated Amortization	(850)	(818)
Net	1,082	1,127
Technology
Finite-lived intangible assets
Gross Carrying Amount	1,254	1,253
Accumulated Amortization	(940)	(899)
Net	314	354
Trade names and trademarks
Finite-lived intangible assets
Gross Carrying Amount	290	290
Accumulated Amortization	(191)	(186)
Net	99	104
Capitalized software
Finite-lived intangible assets
Gross Carrying Amount	1,461	1,413
Accumulated Amortization	(1,139)	(1,107)
Net	$ 322	$ 306

LEASES - Narrative (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	7 years	7 years
Weighted-average discount rate	4.10%	3.90%

SEGMENT INFORMATION - Capital Expenditures and Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 283	$ 276	$ 566	$ 545
Operating segments
Segment Reporting Information [Line Items]
Depreciation and amortization	278	271	556	535
Operating segments \| Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Depreciation and amortization	223	219	445	426
Operating segments \| Industrial & Energy Technology
Segment Reporting Information [Line Items]
Depreciation and amortization	55	52	111	109
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 6	$ 5	$ 10	$ 10

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Property, plant and equipment, accumulated depreciation	$ 5,940	$ 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)	993,000,000	998,000,000
Common stock outstanding (in shares)	992,941,000	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

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Segment Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 7,139	$ 6,315	$ 13,557	$ 12,030
Oilfield Services & Equipment
Disaggregation of Revenue [Line Items]
Revenue	4,011	3,877	7,794	7,454
Oilfield Services & Equipment \| North America
Disaggregation of Revenue [Line Items]
Revenue	1,023	1,042	2,013	2,033
Oilfield Services & Equipment \| Latin America
Disaggregation of Revenue [Line Items]
Revenue	663	698	1,300	1,358
Oilfield Services & Equipment \| Europe/CIS/Sub-Saharan Africa
Disaggregation of Revenue [Line Items]
Revenue	827	672	1,577	1,253
Oilfield Services & Equipment \| Middle East/Asia
Disaggregation of Revenue [Line Items]
Revenue	1,498	1,465	2,903	2,810
Oilfield Services & Equipment \| Well Construction
Disaggregation of Revenue [Line Items]
Revenue	1,090	1,076	2,151	2,137
Oilfield Services & Equipment \| Completions, Intervention & Measurements
Disaggregation of Revenue [Line Items]
Revenue	1,118	1,090	2,123	1,999
Oilfield Services & Equipment \| Production Solutions
Disaggregation of Revenue [Line Items]
Revenue	958	959	1,903	1,897
Oilfield Services & Equipment \| Subsea & Surface Pressure Systems
Disaggregation of Revenue [Line Items]
Revenue	845	752	1,617	1,422
Industrial & Energy Technology
Disaggregation of Revenue [Line Items]
Revenue	3,128	2,438	5,763	4,576
Industrial & Energy Technology \| Gas Technology Equipment
Disaggregation of Revenue [Line Items]
Revenue	1,539	968	2,749	1,799
Industrial & Energy Technology \| Gas Technology Services
Disaggregation of Revenue [Line Items]
Revenue	691	658	1,305	1,249
Industrial & Energy Technology \| Total Gas Technology
Disaggregation of Revenue [Line Items]
Revenue	2,230	1,626	4,054	3,048
Industrial & Energy Technology \| Industrial Products
Disaggregation of Revenue [Line Items]
Revenue	509	506	971	929
Industrial & Energy Technology \| Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenue	262	242	526	464
Industrial & Energy Technology \| Controls (1)
Disaggregation of Revenue [Line Items]
Revenue	0	1	0	41
Industrial & Energy Technology \| Total Industrial Technology
Disaggregation of Revenue [Line Items]
Revenue	770	749	1,498	1,435
Industrial & Energy Technology \| Climate Technology Solutions
Disaggregation of Revenue [Line Items]
Revenue	$ 128	$ 62	$ 211	$ 93

BUSINESS ACQUISITIONS AND DISPOSITIONS	6 Months Ended
BUSINESS ACQUISITIONS AND DISPOSITIONS	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
BUSINESS ACQUISITIONS AND DISPOSITIONS	BUSINESS ACQUISITIONS AND DISPOSITIONS We had no business acquisitions or dispositions during the six months ended June 30, 2024. ACQUISITIONS During the first six months of 2023, we completed the acquisition of businesses for total cash consideration of $282 million, net of cash acquired, which consisted primarily of the acquisition of Altus Intervention in the OFSE segment in April 2023. Altus Intervention is a leading international provider of well intervention services and downhole technology. The assets acquired and liabilities assumed in these acquisitions were recorded based on preliminary estimates of their fair values as of the acquisition date. As a result of these acquisitions, we recorded $113 million of goodwill and $31 million of intangible assets, subject to final fair value adjustments. Pro forma results of operations for these acquisitions have not been presented because the effects of these acquisitions were not material to our consolidated financial statements. DISPOSITIONS During the first six months of 2023, we completed the sale of businesses and received total cash consideration of $293 million. The dispositions consisted primarily of the sale of our Nexus Controls business in the IET segment to GE in April 2023, which resulted in an immaterial gain. Nexus Controls specializes in scalable industrial controls systems, safety systems, hardware, and software cybersecurity solutions and services.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions, except per share amounts)	2024		2023		2024		2023
Net income	$	581	$	414	$	1,044	$	995
Less: Net income attributable to noncontrolling interests	2		4		10		10
Net income attributable to Baker Hughes Company	$	579	$	410	$	1,034	$	985

Weighted average shares outstanding:
Class A basic	996		1,010		997		1,010
Class A diluted	1,001		1,015		1,002		1,016
Net income per share attributable to common stockholders:
Class A basic	$	0.58	$	0.41	$	1.04	$	0.98
Class A diluted	$	0.58	$	0.40	$	1.03	$	0.97

For the three and six months ended June 30, 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.

CURRENT RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Current Receivables

Current receivables consist of the following:


	June 30, 2024		December 31, 2023
Customer receivables	$	6,042	$	6,033
Other	1,347		1,392
Total current receivables	7,389		7,425
Less: Allowance for credit losses	(338)		(350)
Total current receivables, net	$	7,051	$	7,075

SEGMENT INFORMATION - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 7,139	$ 6,315	$ 13,557	$ 12,030
Summarized financial information [Abstract]
Income before income taxes	824	614	1,465	1,374
Inventory impairment		(15)	0	(33)
Other non-operating income, net	38	158	67	544
Interest expense, net	(47)	(58)	(88)	(122)
Operating segments
Summarized financial information [Abstract]
Income before income taxes	935	728	1,687	1,341
Corporate
Summarized financial information [Abstract]
Income before income taxes	(88)	(97)	(180)	(197)
Segment reconciling items
Summarized financial information [Abstract]
Inventory impairment	0	(15)	0	(33)
Restructuring, impairment and other	(14)	(102)	(21)	(158)
Other non-operating income, net	38	158	67	544
Interest expense, net	(47)	(58)	(88)	(122)
Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Revenue	4,011	3,877	7,794	7,454
Oilfield Services & Equipment \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	493	417	915	789
Industrial & Energy Technology
Segment Reporting Information [Line Items]
Revenue	3,128	2,438	5,763	4,576
Industrial & Energy Technology \| Operating segments
Summarized financial information [Abstract]
Income before income taxes	$ 442	$ 311	$ 772	$ 552

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 579	$ 410	$ 1,034	$ 985

- Definition

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

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+ Details

EQUITY (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Changes in Number of Shares Outstanding

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)	4,831	5,535
Issue of shares on exercise of stock options (1)	21	203
Issue of shares for employee stock purchase plan	919	959

Repurchase and cancellation of Class A common stock	(10,539)	(3,596)
Balance at June 30	992,941	1,009,061

(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	(192)		(3)		—		(195)
Amounts reclassified from accumulated other comprehensive loss	—		—		9		9
Deferred taxes	—		1		—		1
Other comprehensive income (loss)	(192)		(2)		9		(185)



Balance at June 30, 2024	$	(2,705)	$	(8)	$	(268)	$	(2,981)


	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	169		11		(13)		167
Amounts reclassified from accumulated other comprehensive loss	—		2		7		9
Deferred taxes	—		(2)		2		—
Other comprehensive income (loss)	169		11		(4)		176



Balance at June 30, 2023	$	(2,497)	$	1	$	(299)	$	(2,795)

- Definition

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

+ References

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+ Details

FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 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.


	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Net Balance		Level 1		Level 2		Level 3		Net Balance
Assets
Derivatives	$	—	$	15	$	—	$	15	$	—	$	34	$	—	$	34
Investment securities	1,044		—		2		1,046		1,040		—		2		1,042
Total assets	1,044		15		2		1,061		1,040		34		2		1,076

Liabilities
Derivatives	—		(64)		—		(64)		—		(76)		—		(76)
Total liabilities	$	—	$	(64)	$	—	$	(64)	$	—	$	(76)	$	—	$	(76)

Schedule of Investment Securities Classified as Available for Sale


	June 30, 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)	$	7	$	—	$	—	$	7	$	66	$	1	$	—	$	67
Equity securities	537		502		—		1,039		527		451		(3)		975
Total	$	544	$	502	$	—	$	1,046	$	593	$	452	$	(3)	$	1,042

(2)As of June 30, 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.


	June 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Derivatives accounted for as hedges
Currency exchange contracts	$	8	$	(1)	$	10	$	(3)
Interest rate swap contracts	—		(55)		—		(52)

Derivatives not accounted for as hedges
Currency exchange contracts and other	7		(8)		24		(21)


Total derivatives	$	15	$	(64)	$	34	$	(76)

- Definition

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

+ References + Details

OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,932	$	(850)	$	1,082	$	1,945	$	(818)	$	1,127
Technology	1,254		(940)		314		1,253		(899)		354
Trade names and trademarks	290		(191)		99		290		(186)		104
Capitalized software	1,461		(1,139)		322		1,413		(1,107)		306

Finite-lived intangible assets	4,937		(3,120)		1,817		4,901		(3,010)		1,891
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,139	$	(3,120)	$	4,019	$	7,103	$	(3,010)	$	4,093

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,932	$	(850)	$	1,082	$	1,945	$	(818)	$	1,127
Technology	1,254		(940)		314		1,253		(899)		354
Trade names and trademarks	290		(191)		99		290		(186)		104
Capitalized software	1,461		(1,139)		322		1,413		(1,107)		306

Finite-lived intangible assets	4,937		(3,120)		1,817		4,901		(3,010)		1,891
Indefinite-lived intangible assets	2,202		—		2,202		2,202		—		2,202
Total intangible assets	$	7,139	$	(3,120)	$	4,019	$	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	$	129
2025	222
2026	177
2027	154
2028	132
2029	110

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2019
Related Party Transaction [Line Items]
Accounts payable	$ 4,649		$ 4,649		$ 4,471
Corporate joint venture
Related Party Transaction [Line Items]
Purchases	173	$ 131	276	$ 245
Accounts payable	$ 73		$ 73		$ 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%

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

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


	June 30, 2024		December 31, 2023
Short-term and current portion of long-term debt
8.55% Debentures due June 2024	$	—	$	109
Other debt	34		39
Total short-term and current portion of long-term debt	34		148


Long-term debt
2.061% Senior Notes due December 2026	598		598
3.337% Senior Notes due December 2027	1,292		1,294
6.875% Notes due January 2029	265		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	1,278		1,281
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	69		73
Total long-term debt	5,861		5,872
Total debt	$	5,895	$	6,020

The estimated fair value of total debt at June 30, 2024 and December 31, 2023 was $5,254 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 $3.0 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. No related events of default have occurred. The Credit Agreement is fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes. At June 30, 2024 and December 31, 2023, there were no borrowings under the Credit Agreement.

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 June 30, 2024, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling $5.8 billion.

Certain Senior Notes contain covenants that restrict our ability to take certain actions, including, but not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions, and engaging in certain merger, consolidation and asset sale transactions in excess of specified limits. At June 30, 2024, we were in compliance with all debt covenants.

- Definition

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

+ References

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+ Details

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 243	$ 200	$ 421	$ 379

- Definition

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

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-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 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 June 30, 2024, the Aero JV was jointly controlled by GE Vernova Inc. and us, each with ownership interest of 50%, and therefore, we do not consolidate the Aero JV. As a result of GE's spin-off of GE Vernova Inc., GE has transferred its interest in the Aero JV to GE Vernova Inc. in the second quarter of 2024. We had purchases from the Aero JV of $173 million and $131 million during the three months ended June 30, 2024 and 2023, respectively, and $276 million and $245 million during the six months ended June 30, 2024 and 2023, respectively. We have $73 million and $71 million of accounts payable at June 30, 2024 and December 31, 2023, respectively, for products and services provided by the Aero JV in the ordinary course of business.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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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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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CURRENT RECEIVABLES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 7,389	$ 7,425
Less: Allowance for credit losses	(338)	(350)
Total current receivables, net	7,051	7,075
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	6,042	6,033
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 1,347	$ 1,392

RESTRUCTURING, IMPAIRMENT AND OTHER - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and other	$ 14	$ 102	$ 21	$ 158
Restructuring and impairment charges	8	96	$ 8	152
Number of operating segments \| segment			2
Inventory impairment		15	$ 0	33
Other charges	12	6	19	6
Restructuring, impairment and other	14	$ 102	21	$ 158
Restructuring and Related Cost, Incurred Cost	6		6
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 2		$ 2

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 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 Vernova Inc. on behalf of a customer who entered into a financing arrangement with GE Vernova Inc. Total off-balance sheet arrangements were approximately $5.3 billion at June 30, 2024. It is not practicable to estimate the fair value of these financial instruments. As of June 30, 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.

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock authorized (in shares)	50,000,000		50,000,000
Stock repurchased and canceled (in shares)	5,100,000	3,600,000	10,500,000	3,600,000
Repurchase and cancellation of Class A common stock	$ 166	$ 99	$ 324	$ 99
Stock repurchase average price per share (in dollars per share)	$ 32.19	$ 27.66	$ 30.72	$ 27.66
Remaining authorized repurchase amount	$ 1,900		$ 1,900
Class A Common Stock
Class of Stock [Line Items]
Common stock authorized (in shares)	2,000,000,000		2,000,000,000		2,000,000,000
Common stock par value (in dollars per share)	$ 0.0001		$ 0.0001		$ 0.0001
Common stock outstanding (in shares)	992,941,000	1,009,061,000	992,941,000	1,009,061,000	997,709,000	1,005,960,000
Common stock issued (in shares)	993,000,000		993,000,000		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		1,250,000,000
Common stock par value (in dollars per share)	$ 0.0001		$ 0.0001		$ 0.0001
Preferred stock par value (in dollars per share)	$ 0.0001		$ 0.0001
Common stock outstanding (in shares)	0		0		0
Common stock issued (in shares)	0		0		0

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(In millions, except per share amounts)	2024		2023		2024		2023
Net income	$	581	$	414	$	1,044	$	995
Less: Net income attributable to noncontrolling interests	2		4		10		10
Net income attributable to Baker Hughes Company	$	579	$	410	$	1,034	$	985

Weighted average shares outstanding:
Class A basic	996		1,010		997		1,010
Class A diluted	1,001		1,015		1,002		1,016
Net income per share attributable to common stockholders:
Class A basic	$	0.58	$	0.41	$	1.04	$	0.98
Class A diluted	$	0.58	$	0.40	$	1.03	$	0.97

CONTRACT AND OTHER DEFERRED ASSETS

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

CONTRACT AND OTHER DEFERRED ASSETS

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


	June 30, 2024		December 31, 2023
Long-term product service agreements	$	395	$	418
Long-term equipment contracts and certain other service agreements	1,324		1,184
Contract assets (total revenue in excess of billings)	1,719		1,602
Deferred inventory costs	128		126
Other costs to fulfill or obtain a contract	21		28

Contract and other deferred assets	$	1,868	$	1,756

Revenue recognized during the three months ended June 30, 2024 and 2023 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $(3) million and $13 million, respectively, and $(4) million and $14 million during the six months ended June 30, 2024 and 2023, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability.

- Definition

The entire disclosure for long-term contracts or programs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-SubTopic 35
-Topic 605
-Publisher FASB
-URI https://asc.fasb.org/605-35/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/912/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147479072/912-275-50-4

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-URI https://asc.fasb.org/1943274/2147479072/912-275-50-5

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-URI https://asc.fasb.org/1943274/2147479072/912-275-50-6

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-Name Accounting Standards Codification
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
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-URI https://asc.fasb.org/1943274/2147477623/912-405-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

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


	June 30, 2024		December 31, 2023
Short-term and current portion of long-term debt
8.55% Debentures due June 2024	$	—	$	109
Other debt	34		39
Total short-term and current portion of long-term debt	34		148


Long-term debt
2.061% Senior Notes due December 2026	598		598
3.337% Senior Notes due December 2027	1,292		1,294
6.875% Notes due January 2029	265		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	1,278		1,281
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	69		73
Total long-term debt	5,861		5,872
Total debt	$	5,895	$	6,020

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	May 29, 2020	Mar. 03, 2020	Mar. 15, 2019	Jun. 30, 2024
Loss Contingencies [Line Items]
Off-balance sheet arrangements				$ 5,300.0
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Lost Profits and Various Costs
Loss Contingencies [Line Items]
Value of alleged damages sought	$ 235.0	$ 244.9	$ 591.0
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Loss of Cash Flow
Loss Contingencies [Line Items]
Value of alleged damages sought		700.0
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Liquidated Damages
Loss Contingencies [Line Items]
Value of alleged damages sought		4.8
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Take-or-pay Future Obligations
Loss Contingencies [Line Items]
Value of alleged damages sought		$ 58.6
International Engineering & Construction S.A. (IEC) \| Pending Litigation \| Legal Fees
Loss Contingencies [Line Items]
Value of alleged damages sought	$ 14.2

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Operating Lease Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
Operating Lease Expense	2024		2023		2024		2023
Long-term fixed lease	$	73	$	68	$	146	$	137
Long-term variable lease	21		19		45		34
Short-term lease	129		124		270		251
Total operating lease expense	$	223	$	210	$	461	$	422

OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 66	$ 63	$ 133	$ 126

- Definition

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

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 581	$ 414	$ 1,044	$ 995
Less: Net income attributable to noncontrolling interests	2	4	10	10
Net income attributable to Baker Hughes Company	579	410	1,034	985
Other comprehensive income (loss):
Foreign currency translation adjustments	(128)	231	(192)	169
Cash flow hedges	(4)	11	(2)	11
Benefit plans	6	(10)	9	(4)
Other comprehensive income (loss)	(126)	232	(185)	176
Less: Other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
Other comprehensive income (loss) attributable to Baker Hughes Company	(126)	232	(185)	176
Comprehensive income	455	646	859	1,171
Less: Comprehensive income attributable to noncontrolling interests	2	4	10	10
Comprehensive income attributable to Baker Hughes Company	$ 453	$ 641	$ 849	$ 1,162

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 (loss):
Net income	995			985		10
Other comprehensive income (loss)	176				176
Dividends on Class A common stock	(384)		(384)
Repurchase and cancellation of Class A common stock	(99)		(99)
Stock-based compensation cost	98		98
Other	(49)		(45)			(4)
Ending Balance at Jun. 30, 2023	15,262	0	27,696	(9,776)	(2,795)	137
Beginning Balance at Mar. 31, 2023	14,849	0	27,925	(10,185)	(3,026)	135
Comprehensive income (loss):
Net income	414			410		4
Other comprehensive income (loss)	232				232
Dividends on Class A common stock	(192)		(192)
Repurchase and cancellation of Class A common stock	(99)		(99)
Stock-based compensation cost	49		49
Other	9		13	(1)	(1)	(2)
Ending Balance at Jun. 30, 2023	15,262	0	27,696	(9,776)	(2,795)	137
Beginning Balance at Dec. 31, 2023	15,519	0	26,983	(8,819)	(2,796)	151
Comprehensive income (loss):
Net income	1,044			1,034		10
Other comprehensive income (loss)	(185)				(185)
Dividends on Class A common stock	(419)		(419)
Repurchase and cancellation of Class A common stock	(324)		(324)
Stock-based compensation cost	101		101
Other	(15)		(1)			(14)
Ending Balance at Jun. 30, 2024	15,721	0	26,340	(7,785)	(2,981)	147
Beginning Balance at Mar. 31, 2024	15,550	0	26,610	(8,364)	(2,855)	159
Comprehensive income (loss):
Net income	581			579		2
Other comprehensive income (loss)	(126)				(126)
Dividends on Class A common stock	(209)		(209)
Repurchase and cancellation of Class A common stock	(166)		(166)
Stock-based compensation cost	50		50
Other	41		55			(14)
Ending Balance at Jun. 30, 2024	$ 15,721	$ 0	$ 26,340	$ (7,785)	$ (2,981)	$ 147

- Definition

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

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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

INVENTORIES

6 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

INVENTORIES

Inventories, net of reserves of $403 million and $389 million as of June 30, 2024 and December 31, 2023, respectively, consist of the following:


	June 30, 2024		December 31, 2023
Finished goods	$	2,624	$	2,626
Work in process and raw materials	2,502		2,468

Total inventories, net	$	5,126	$	5,094

During the three and six months ended June 30, 2023, we recorded inventory impairments of $15 million and $33 million, respectively, primarily in our Oilfield Services & Equipment ("OFSE") segment related to exit activities at specific locations. See "Note 17. Restructuring, Impairment, and Other" for further information.

RESTRUCTURING, IMPAIRMENT AND OTHER

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING, IMPAIRMENT AND OTHER

We recorded restructuring, impairment and other charges of $14 million and $21 million during the three and six months ended June 30, 2024, respectively, and $102 million and $158 million during the three and six months ended June 30, 2023, respectively.

RESTRUCTURING AND IMPAIRMENT CHARGES

We recorded restructuring and impairment charges of $2 million during the three and six months ended June 30, 2024.

The charges during three and six months ended June 30, 2023 primarily relate to employee termination expenses driven by actions taken by the Company to facilitate the reorganization into two segments and corporate restructuring. In addition, under a new plan (the "2023 Plan") we incurred costs related to exit activities at specific locations in our segments to align with our current market outlook and rationalize our manufacturing supply chain footprint. These actions also included inventory impairments of $15 million and $33 million for the three and six months ended June 30, 2023, respectively, recorded in "Cost of goods sold" in our condensed consolidated statements of income (loss).

The following table presents restructuring and impairment charges by the impacted segment:


	Three Months Ended June 30,				Six Months Ended June 30,
Segments	2024		2023		2024		2023
Oilfield Services & Equipment	$	—	$	26	$	—	$	41
Industrial & Energy Technology (1)	—		52		—		66
Corporate	2		17		2		45
Total	$	2	$	96	$	2	$	152

(1)For the three and six months ended June 30, 2024, $6 million of additional restructuring charges are included within segment operating income and reported in “Selling, general and administrative” in the condensed consolidated statements of income (loss).

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


	Three Months Ended June 30,				Six Months Ended June 30,
Charges by Type	2024		2023		2024		2023
Property, plant & equipment, net	$	—	$	(1)	$	—	$	14
Employee-related termination costs	8		80		8		110



Other incremental costs	—		17		—		28
Total	$	8	$	96	$	8	$	152

OTHER CHARGES

We recorded other charges of $12 million and $19 million for the three and six months ended June 30, 2024, respectively, and $6 million for the three and six months ended June 30, 2023.

CONTRACT AND OTHER DEFERRED ASSETS (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets

Contract assets consist of the following:


	June 30, 2024		December 31, 2023
Long-term product service agreements	$	395	$	418
Long-term equipment contracts and certain other service agreements	1,324		1,184
Contract assets (total revenue in excess of billings)	1,719		1,602
Deferred inventory costs	128		126
Other costs to fulfill or obtain a contract	21		28

Contract and other deferred assets	$	1,868	$	1,756

Contract liabilities consist of the following:


	June 30, 2024		December 31, 2023
Progress collections	$	5,359	$	5,405
Deferred income	147		137
Progress collections and deferred income (contract liabilities)	$	5,506	$	5,542

RESTRUCTURING, IMPAIRMENT AND OTHER (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Impairment Charges

The following table presents restructuring and impairment charges by the impacted segment:


	Three Months Ended June 30,				Six Months Ended June 30,
Segments	2024		2023		2024		2023
Oilfield Services & Equipment	$	—	$	26	$	—	$	41
Industrial & Energy Technology (1)	—		52		—		66
Corporate	2		17		2		45
Total	$	2	$	96	$	2	$	152


	Three Months Ended June 30,				Six Months Ended June 30,
Charges by Type	2024		2023		2024		2023
Property, plant & equipment, net	$	—	$	(1)	$	—	$	14
Employee-related termination costs	8		80		8		110



Other incremental costs	—		17		—		28
Total	$	8	$	96	$	8	$	152

LEASES

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

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


	Three Months Ended June 30,				Six Months Ended June 30,
Operating Lease Expense	2024		2023		2024		2023
Long-term fixed lease	$	73	$	68	$	146	$	137
Long-term variable lease	21		19		45		34
Short-term lease	129		124		270		251
Total operating lease expense	$	223	$	210	$	461	$	422

Cash flows used in operating activities for operating leases approximates our expense for the three and six months ended June 30, 2024 and 2023.

The weighted-average remaining lease term as of June 30, 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 June 30, 2024 and December 31, 2023 was 4.1% and 3.9%, respectively.

EQUITY - Changes in Number of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchase average price per share (in dollars per share)	$ 32.19	$ 27.66	$ 30.72	$ 27.66
Stock repurchased and canceled (in shares)	5,100,000	3,600,000	10,500,000	3,600,000
Repurchase and cancellation of Class A common stock	$ 166	$ 99	$ 324	$ 99
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)			4,831,000	5,535,000
Issue of shares on exercises of stock options (in shares)			21,000	203,000
Issue of shares for employee stock purchase plan (in shares)			919,000	959,000
Repurchase and cancellation of Class A common stock (in shares)			(10,539,000)	(3,596,000)
Ending balance (in shares)	992,941,000	1,009,061,000	992,941,000	1,009,061,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			0
Ending balance (in shares)	0		0

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

PROGRESS COLLECTIONS AND DEFERRED INCOME


	June 30, 2024		December 31, 2023
Progress collections	$	5,359	$	5,405
Deferred income	147		137
Progress collections and deferred income (contract liabilities)	$	5,506	$	5,542

DISAGGREGATED REVENUE

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


	Three Months Ended June 30,				Six Months Ended June 30,
Total Revenue	2024		2023		2024		2023
Well Construction	$	1,090	$	1,076	$	2,151	$	2,137
Completions, Intervention & Measurements	1,118		1,090		2,123		1,999
Production Solutions	958		959		1,903		1,897
Subsea & Surface Pressure Systems	845		752		1,617		1,422
Oilfield Services & Equipment	4,011		3,877		7,794		7,454
Gas Technology Equipment	1,539		968		2,749		1,799
Gas Technology Services	691		658		1,305		1,249
Total Gas Technology	2,230		1,626		4,054		3,048
Industrial Products	509		506		971		929
Industrial Solutions	262		242		526		464
Controls (1)	—		1		—		41
Total Industrial Technology	770		749		1,498		1,435
Climate Technology Solutions	128		62		211		93
Industrial & Energy Technology	3,128		2,438		5,763		4,576
Total	$	7,139	$	6,315	$	13,557	$	12,030

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


	Three Months Ended June 30,				Six Months Ended June 30,
Oilfield Services & Equipment Geographic Revenue	2024		2023		2024		2023
North America	$	1,023	$	1,042	$	2,013	$	2,033
Latin America	663		698		1,300		1,358
Europe/CIS/Sub-Saharan Africa	827		672		1,577		1,253
Middle East/Asia	1,498		1,465		2,903		2,810
Oilfield Services & Equipment	$	4,011	$	3,877	$	7,794	$	7,454

REMAINING PERFORMANCE OBLIGATIONS

- Definition

+ References

+ Details

LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Lease Expense
Long-term fixed lease	$ 73	$ 68	$ 146	$ 137
Long-term variable lease	21	19	45	34
Short-term lease	129	124	270	251
Total operating lease expense	$ 223	$ 210	$ 461	$ 422

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2024

Inventory, Net [Abstract]

Schedule of Inventories, Net of Reserves

Inventories, net of reserves of $403 million and $389 million as of June 30, 2024 and December 31, 2023, respectively, consist of the following:


	June 30, 2024		December 31, 2023
Finished goods	$	2,624	$	2,626
Work in process and raw materials	2,502		2,468

Total inventories, net	$	5,126	$	5,094

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounting Standards Update 2022-04 \| SCF program
Supplier Finance Program [Line Items]
SCF program liabilities	$ 448	$ 332

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 pursuant to the rules and regulations of the Securities and Exchange Commission 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 June 30, 2024 and December 31, 2023, $448 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 continuing to evaluate 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.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 1,044	$ 995
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	566	545
Gain on equity securities	(71)	(540)
Provision for deferred income taxes	33	110
Stock-based compensation cost	101	98
Inventory impairment	0	33
Changes in operating assets and liabilities:
Current receivables	(5)	(323)
Inventories	(124)	(332)
Accounts payable	227	(156)
Progress collections and deferred income	17	1,223
Contract and other deferred assets	(151)	(236)
Other operating items, net	(505)	(97)
Net cash flows from operating activities	1,132	1,320
Cash flows from investing activities:
Expenditures for capital assets	(625)	(587)
Proceeds from disposal of assets	101	87
Proceeds from business dispositions	0	293
Payments to Acquire Businesses, Net of Cash Acquired	0	(282)
Other investing items, net	(6)	75
Net cash flows used in investing activities	(530)	(414)
Cash flows from financing activities:
Repayment of long-term debt	(125)	0
Dividends paid	(419)	(384)
Repurchase of Class A common stock	(324)	(99)
Other financing items, net	(61)	(67)
Net cash flows used in financing activities	(929)	(550)
Effect of currency exchange rate changes on cash and cash equivalents	(35)	(39)
Increase (decrease) in cash and cash equivalents	(362)	317
Cash and cash equivalents, beginning of period	2,646	2,488
Cash and cash equivalents, end of period	2,284	2,805
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	336	323
Interest paid	$ 150	$ 157

PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Liabilities

Contract assets consist of the following:


	June 30, 2024		December 31, 2023
Long-term product service agreements	$	395	$	418
Long-term equipment contracts and certain other service agreements	1,324		1,184
Contract assets (total revenue in excess of billings)	1,719		1,602
Deferred inventory costs	128		126
Other costs to fulfill or obtain a contract	21		28

Contract and other deferred assets	$	1,868	$	1,756

Contract liabilities consist of the following:


	June 30, 2024		December 31, 2023
Progress collections	$	5,359	$	5,405
Deferred income	147		137
Progress collections and deferred income (contract liabilities)	$	5,506	$	5,542

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three and six months ended June 30, 2024, the provision for income taxes was $243 million and $421 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S. 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 and six months ended June 30, 2023, the provision for income taxes was $200 million and $379 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S., which is partially offset by tax benefits related to uncertain tax positions. Further, for the six months ended June 30, 2023, the tax rate is also partially reduced by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Assets	$ 15	$ 34
Liabilities	(64)	(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	$ 8	10
Liabilities	(1)	(3)
Currency exchange contracts \| Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	7	24
Liabilities	(8)	(21)
Interest rate swap contracts \| Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ (55)	$ (52)

EARNINGS PER SHARE - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Net income	$ 581	$ 414	$ 1,044	$ 995
Less: Net income attributable to noncontrolling interests	2	4	10	10
Net income attributable to Baker Hughes Company	$ 579	$ 410	$ 1,034	$ 985
Class A Common Stock
Weighted average shares outstanding:
Class A basic (in shares)	996	1,010	997	1,010
Class A diluted (in shares)	1,001	1,015	1,002	1,016
Net income per share attributable to common stockholders:
Class A basic (in dollars per share)	$ 0.58	$ 0.41	$ 1.04	$ 0.98
Class A diluted (in dollars per share)	$ 0.58	$ 0.40	$ 1.03	$ 0.97
Class A Common Stock \| Employee Stock
Net income per share attributable to common stockholders:
Antidilutive securities excluded from diluted EPS calculation (in shares)	1	2	1	2

OTHER INTANGIBLE ASSETS - Future Estimated Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Year
Remainder of 2024	$ 129		$ 129
2025	222		222
2026	177		177
2027	154		154
2028	132		132
2029	110		110
Amortization expense	$ 66	$ 63	$ 133	$ 126

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Segment Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
Total Revenue	2024		2023		2024		2023
Well Construction	$	1,090	$	1,076	$	2,151	$	2,137
Completions, Intervention & Measurements	1,118		1,090		2,123		1,999
Production Solutions	958		959		1,903		1,897
Subsea & Surface Pressure Systems	845		752		1,617		1,422
Oilfield Services & Equipment	4,011		3,877		7,794		7,454
Gas Technology Equipment	1,539		968		2,749		1,799
Gas Technology Services	691		658		1,305		1,249
Total Gas Technology	2,230		1,626		4,054		3,048
Industrial Products	509		506		971		929
Industrial Solutions	262		242		526		464
Controls (1)	—		1		—		41
Total Industrial Technology	770		749		1,498		1,435
Climate Technology Solutions	128		62		211		93
Industrial & Energy Technology	3,128		2,438		5,763		4,576
Total	$	7,139	$	6,315	$	13,557	$	12,030

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

Schedule of Revenue by Geographic Region


	Three Months Ended June 30,				Six Months Ended June 30,
Oilfield Services & Equipment Geographic Revenue	2024		2023		2024		2023
North America	$	1,023	$	1,042	$	2,013	$	2,033
Latin America	663		698		1,300		1,358
Europe/CIS/Sub-Saharan Africa	827		672		1,577		1,253
Middle East/Asia	1,498		1,465		2,903		2,810
Oilfield Services & Equipment	$	4,011	$	3,877	$	7,794	$	7,454

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended June 30, 2024, certain of our officers or directors listed below adopted or terminated trading arrangements for the sale of shares of our Class A common stock in amounts and prices determined in accordance with a formula set forth in each such plan:

Name and Title

Action

Date

Plans

Number of Shares to be Sold

Expiration

Rule 10b5-1 (1)

Non-Rule 10b5-1 (2)

Nancy Buese,

Executive Vice President and Chief Financial Officer

Adoption

April 26, 2024

25,000

Earlier of when all shares under plan are sold and December 15, 2025

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

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

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

April 26, 2024

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Nancy Buese [Member]

Trading Arrangements, by Individual

Name

Nancy Buese

Title

Executive Vice President and Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Adoption Date

April 26, 2024

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Aggregate Available

25,000

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,284	$ 2,646
Current receivables, net	7,051	7,075
Inventories, net	5,126	5,094
All other current assets	1,469	1,486
Total current assets	15,930	16,301
Property, plant and equipment (net of accumulated depreciation of $5,940 and $5,678)	4,951	4,893
Goodwill	6,105	6,137
Other intangible assets, net	4,019	4,093
Contract and other deferred assets	1,868	1,756
All other assets	3,107	3,043
Deferred income taxes	676	722
Total assets	36,656	36,945
Current liabilities:
Accounts payable	4,649	4,471
Short-term and current portion of long-term debt	34	148
Progress collections and deferred income	5,506	5,542
All other current liabilities	2,397	2,830
Total current liabilities	12,586	12,991
Long-term debt	5,861	5,872
Deferred income taxes	156	176
Liabilities for pensions and other postretirement benefits	984	978
All other liabilities	1,348	1,409
Equity:
Capital in excess of par value	26,340	26,983
Retained loss	(7,785)	(8,819)
Accumulated other comprehensive loss	(2,981)	(2,796)
Baker Hughes Company equity	15,574	15,368
Noncontrolling interests	147	151
Total equity	15,721	15,519
Total liabilities and equity	36,656	36,945
Class A Common Stock
Equity:
Common stock	$ 0	$ 0
Common stock issued (in shares)	993,000,000	998,000,000
Common stock outstanding (in shares)	992,941,000	997,709,000
Class B Common Stock
Equity:
Common stock	$ 0	$ 0
Common stock issued (in shares)	0	0
Common stock outstanding (in shares)	0	0

INVENTORIES (Details) - USD ($)	3 Months Ended	6 Months Ended
INVENTORIES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventory [Line Items]
Inventory valuation reserves		$ 403,000,000		$ 389,000,000
Finished goods		2,624,000,000		2,626,000,000
Work in process and raw materials		2,502,000,000		2,468,000,000
Total inventories, net		5,126,000,000		$ 5,094,000,000
Inventory impairment	$ 15,000,000	$ 0	$ 33,000,000
Oilfield Services & Equipment
Inventory [Line Items]
Inventory impairment	$ 15,000,000		$ 33,000,000

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Balance of equity securities with readily determinable fair value	$ 1,039,000,000	$ 975,000,000		$ 1,039,000,000
Gain (loss) on earnings of equity securities	19,000,000		$ 29,000,000	71,000,000	$ 421,000,000
Derivative assets	15,000,000	34,000,000		15,000,000
Derivative liabilities	64,000,000	76,000,000		64,000,000
Notional amount	4,300,000,000	4,200,000,000		4,300,000,000
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		$ 1,350,000,000
Stated interest rate	3.337%	3.337%		3.337%
Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative term		2 years		1 year
Fair Value Hedging \| Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 500,000,000	$ 500,000,000		$ 500,000,000
All other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	14,000,000	31,000,000		14,000,000
All other assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	1,000,000	3,000,000		1,000,000
All other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	9,000,000	23,000,000		9,000,000
All other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 55,000,000	$ 53,000,000		$ 55,000,000

DEBT - Current and Long-term Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 34	$ 148
Long-term debt
Other long-term debt	69	73
Total long-term debt	5,861	5,872
Total debt	$ 5,895	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	$ 1,292	$ 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	$ 265	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	$ 1,278	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	$ 0	109
Other debt
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 34	$ 39

PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 5,506		$ 5,506		$ 5,542
Revenue recognized, included in contract liability	1,392	$ 507	2,868	$ 1,468
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	5,359		5,359		5,405
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 147		$ 147		$ 137

- Definition

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

+ References + Details

BUSINESS ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 6,105		$ 6,137
Proceeds from business dispositions	$ 0	$ 293
Sale \| Nexus Controls
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from business dispositions		293
Several Acquisitions including Altus Intervention
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred		282
Goodwill		113
Intangible assets		$ 31

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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