Baker Hughes (BKR) 10-Q 23 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 16, 2024
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		989,525,809
Entity Central Index Key	0001701605
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
5.125 Senior Notes due 2040 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc. [Domain]
Entity Addresses [Line Items]
Title of 12(b) Security	5.125% Senior Notes due 2040 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc.
Trading Symbol	BKR40
Security Exchange Name	NASDAQ

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 6,908	$ 6,641	$ 20,465	$ 18,671
Costs and expenses:
Selling, general and administrative	612	627	1,873	1,977
Restructuring, impairment and other	0	2	21	161
Total costs and expenses	5,978	5,927	18,049	17,005
Operating income	930	714	2,416	1,666
Other non-operating income, net	134	94	200	638
Interest expense, net	(55)	(49)	(143)	(171)
Income before income taxes	1,009	759	2,473	2,133
Provision for income taxes	(235)	(235)	(656)	(614)
Net income	774	524	1,817	1,519
Less: Net income attributable to noncontrolling interests	8	6	17	16
Net income attributable to Baker Hughes Company	$ 766	$ 518	$ 1,800	$ 1,503
Class A Common Stock
Per share amounts:
Basic income (loss) per Class A common stock (in dollars per share)	$ 0.77	$ 0.51	$ 1.81	$ 1.49
Diluted income (loss) per Class A common stock (in dollars per share)	0.77	0.51	1.80	1.48
Cash dividend per Class A common stock (in dollars per share)	$ 0.21	$ 0.20	$ 0.63	$ 0.58
Sales of goods
Revenue:
Total revenue	$ 4,413	$ 4,044	$ 12,963	$ 11,320
Costs and expenses:
Costs	3,581	3,467	10,763	9,704
Sales of services
Revenue:
Total revenue	2,495	2,597	7,502	7,351
Costs and expenses:
Costs	$ 1,785	$ 1,831	$ 5,392	$ 5,163

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 774	$ 524	$ 1,817	$ 1,519
Less: Net income attributable to noncontrolling interests	8	6	17	16
Net income attributable to Baker Hughes Company	766	518	1,800	1,503
Other comprehensive income (loss):
Foreign currency translation adjustments	142	(122)	(50)	47
Cash flow hedges	8	(14)	6	(3)
Benefit plans	(5)	24	4	20
Other comprehensive income (loss)	145	(112)	(40)	64
Less: Other comprehensive income attributable to noncontrolling interests	1	0	0	0
Other comprehensive income (loss) attributable to Baker Hughes Company	144	(112)	(40)	64
Comprehensive income	919	412	1,777	1,583
Less: Comprehensive income attributable to noncontrolling interests	8	6	18	16
Comprehensive income attributable to Baker Hughes Company	$ 911	$ 406	$ 1,759	$ 1,567

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,664	$ 2,646
Current receivables, net	6,920	7,075
Inventories, net	5,254	5,094
All other current assets	1,730	1,486
Total current assets	16,568	16,301
Property, plant and equipment (net of accumulated depreciation of $6,157 and $5,678)	5,150	4,893
Goodwill	6,167	6,137
Other intangible assets, net	3,995	4,093
Contract and other deferred assets	1,904	1,756
All other assets	3,097	3,043
Deferred income taxes	649	722
Total assets	37,530	36,945
Current liabilities:
Accounts payable	4,431	4,471
Short-term and current portion of long-term debt	52	148
Progress collections and deferred income	5,685	5,542
All other current liabilities	2,622	2,830
Total current liabilities	12,790	12,991
Long-term debt	5,984	5,872
Deferred income taxes	154	176
Liabilities for pensions and other postretirement benefits	991	978
All other liabilities	1,268	1,409
Equity:
Capital in excess of par value	26,045	26,983
Retained loss	(7,019)	(8,819)
Accumulated other comprehensive loss	(2,837)	(2,796)
Baker Hughes Company equity	16,189	15,368
Noncontrolling interests	154	151
Total equity	16,343	15,519
Total liabilities and equity	37,530	36,945
Class A Common Stock
Equity:
Common stock	$ 0	$ 0
Common stock issued (in shares)	989,000,000	998,000,000
Common stock outstanding (in shares)	989,085,000	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

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, plant and equipment, accumulated depreciation	$ 6,157	$ 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)	989,000,000	998,000,000
Common stock outstanding (in shares)	989,085,000	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

Condensed Consolidated Statem_5

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	1,519			1,503		16
Other comprehensive income (loss)	64				64
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings			586
Dividends on Class A common stock	(586)
Repurchase and cancellation of Class A common stock	(219)		(219)
Stock-based compensation cost	148		148
Other	(56)		(54)			(2)
Ending Balance at Sep. 30, 2023	15,395	0	27,415	(9,258)	(2,907)	145
Beginning Balance at Jun. 30, 2023	15,262	0	27,696	(9,776)	(2,795)	137
Comprehensive income (loss):
Net income	524			518		6
Other comprehensive income (loss)	(112)				(112)
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings			202
Dividends on Class A common stock	(202)
Repurchase and cancellation of Class A common stock	(119)		(119)
Stock-based compensation cost	51		51
Other	(9)		(11)			2
Ending Balance at Sep. 30, 2023	15,395	0	27,415	(9,258)	(2,907)	145
Beginning Balance at Dec. 31, 2023	15,519	0	26,983	(8,819)	(2,796)	151
Comprehensive income (loss):
Net income	1,817			1,800		17
Other comprehensive income (loss)	(40)				(40)
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings			628
Dividends on Class A common stock	(628)
Repurchase and cancellation of Class A common stock	(476)		(476)
Stock-based compensation cost	154		154
Other	(3)		12		(1)	(14)
Ending Balance at Sep. 30, 2024	16,343	0	26,045	(7,019)	(2,837)	154
Beginning Balance at Jun. 30, 2024	15,721	0	26,340	(7,785)	(2,981)	147
Comprehensive income (loss):
Net income	774			766		8
Other comprehensive income (loss)	145				144	1
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings			209
Dividends on Class A common stock	(209)
Repurchase and cancellation of Class A common stock	(152)		(152)
Stock-based compensation cost	53		53
Other	11		13			(2)
Ending Balance at Sep. 30, 2024	$ 16,343	$ 0	$ 26,045	$ (7,019)	$ (2,837)	$ 154

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class A Common Stock
Cash dividends per share (in dollars per share)	$ 0.21	$ 0.20	$ 0.63	$ 0.58

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 1,817,000,000	$ 1,519,000,000
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	844,000,000	813,000,000
Gain on equity securities	(171,000,000)	(639,000,000)
Provision for deferred income taxes	35,000,000	68,000,000
Stock-based compensation cost	154,000,000	148,000,000
Inventory impairment	0	33,000,000
Property, plant and equipment impairment, net	0	10,000,000
Changes in operating assets and liabilities:
Current receivables	203,000,000	(467,000,000)
Inventories	(150,000,000)	(410,000,000)
Accounts payable	(40,000,000)	(209,000,000)
Progress collections and deferred income	92,000,000	1,375,000,000
Contract and other deferred assets	(162,000,000)	(270,000,000)
Other operating items, net	(480,000,000)	159,000,000
Net cash flows provided by operating activities	2,142,000,000	2,130,000,000
Cash flows from investing activities:
Expenditures for capital assets	(925,000,000)	(868,000,000)
Proceeds from disposal of assets	145,000,000	150,000,000
Proceeds from sale of equity securities	21,000,000	372,000,000
Proceeds from business dispositions	0	293,000,000
Payments to Acquire Businesses, Net of Cash Acquired	0	(301,000,000)
Other investing items, net	(40,000,000)	(149,000,000)
Net cash flows used in investing activities	(799,000,000)	(503,000,000)
Cash flows from financing activities:
Repayment of long-term debt	(134,000,000)	0
Dividends paid	(628,000,000)	(586,000,000)
Repurchase of Class A common stock	(476,000,000)	(219,000,000)
Other financing items, net	(55,000,000)	(56,000,000)
Net cash flows used in financing activities	(1,293,000,000)	(861,000,000)
Effect of currency exchange rate changes on cash and cash equivalents	(32,000,000)	(53,000,000)
Increase in cash and cash equivalents	18,000,000	713,000,000
Cash and cash equivalents, beginning of period	2,646,000,000	2,488,000,000
Cash and cash equivalents, end of period	2,664,000,000	3,201,000,000
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	733,000,000	463,000,000
Interest paid	$ 199,000,000	$ 205,000,000

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 the Company's annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company's 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 the 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, the Company's financial statements consolidate all of its subsidiaries (entities in which the Company has a controlling financial interest, most often because the Company holds 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 the 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 the consolidated financial statements from the Company's 2023 Annual Report for the discussion of significant accounting policies. Goodwill During the third quarter of 2024, the Company completed its annual goodwill impairment test, concluding that there are no events or circumstances that existed that would lead to a determination that it is more likely than not that the fair value of any reporting units is less than its carrying value. Supply Chain Finance Programs As of September 30, 2024 and December 31, 2023, $431 million and $332 million of supply chain finance program liabilities are recorded in "Accounts payable" in the condensed consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in the 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, which allows for early adoption, is effective for the Company prospectively to all annual periods beginning after December 15, 2024. The Company continues to evaluate the impact of this standard on its 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 its 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 the Company's financial position or results of operations.

CURRENT RECEIVABLES

CURRENT RECEIVABLES	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
CURRENT RECEIVABLES	CURRENT RECEIVABLES Current receivables consist of the following: September 30, 2024 December 31, 2023 Customer receivables $ 5,897 $ 6,033 Other 1,361 1,392 Total current receivables 7,258 7,425 Less: Allowance for credit losses (338) (350) Total current receivables, net $ 6,920 $ 7,075 Customer receivables are recorded at the invoiced amount. The "Other" category consists primarily of advance payments to suppliers and indirect taxes.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2024
Inventory, Net [Abstract]
INVENTORIES	INVENTORIES Inventories, net of reserves of $421 million and $389 million as of September 30, 2024 and December 31, 2023, respectively, consist of the following: September 30, 2024 December 31, 2023 Finished goods $ 2,666 $ 2,626 Work in process and raw materials 2,588 2,468 Total inventories, net $ 5,254 $ 5,094 The Company had no inventory impairments during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, the Company recorded inventory impairments of nil and $33 million, respectively, primarily in the Oilfield Services & Equipment ("OFSE") segment. See "Note 17. Restructuring, Impairment and Other" for further information.

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
OTHER INTANGIBLE ASSETS	OTHER INTANGIBLE ASSETS Intangible assets consist of the following: September 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,946 $ (879) $ 1,067 $ 1,945 $ (818) $ 1,127 Technology 1,266 (973) 293 1,253 (899) 354 Trade names and trademarks 291 (195) 96 290 (186) 104 Capitalized software 1,514 (1,177) 337 1,413 (1,107) 306 Finite-lived intangible assets 5,017 (3,224) 1,793 4,901 (3,010) 1,891 Indefinite-lived intangible assets 2,202 — 2,202 2,202 — 2,202 Total intangible assets $ 7,219 $ (3,224) $ 3,995 $ 7,103 $ (3,010) $ 4,093 Amortization expense for the three months ended September 30, 2024 and 2023 was $66 million and $64 million, respectively, and $200 million and $190 million for the nine months ended September 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 $ 66 2025 227 2026 182 2027 159 2028 136 2029 111

CONTRACT AND OTHER DEFERRED ASS

CONTRACT AND OTHER DEFERRED ASSETS	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
CONTRACT AND OTHER DEFERRED ASSETS	CONTRACT AND OTHER DEFERRED ASSETS Contract assets reflect revenue earned in excess of billings on 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. The Company's long-term product service agreements are provided by the Industrial & Energy Technology ("IET") segment. The Company's long-term equipment contracts are provided by both the IET and OFSE segments. Contract assets consist of the following: September 30, 2024 December 31, 2023 Long-term product service agreements $ 390 $ 418 Long-term equipment contracts and certain other service agreements 1,353 1,184 Contract assets (total revenue in excess of billings) 1,743 1,602 Deferred inventory costs 142 126 Other costs to fulfill or obtain a contract 19 28 Contract and other deferred assets $ 1,904 $ 1,756 Revenue recognized during the three months ended September 30, 2024 and 2023 from performance obligations satisfied (or partially satisfied) in previous periods related to long-term service agreements was $(1) million and $6 million, respectively, and $(5) million and $20 million during the nine months ended September 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.

PROGRESS COLLECTIONS AND DEFERR

PROGRESS COLLECTIONS AND DEFERRED INCOME	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
PROGRESS COLLECTIONS AND DEFERRED INCOME	PROGRESS COLLECTIONS AND DEFERRED INCOME Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities consist of the following: September 30, 2024 December 31, 2023 Progress collections $ 5,531 $ 5,405 Deferred income 154 137 Progress collections and deferred income (contract liabilities) $ 5,685 $ 5,542 DISAGGREGATED REVENUE The Company disaggregates its revenue from contracts with customers by product line for both the OFSE and IET segments, as the Company believes this best depicts how the nature, amount, timing, and uncertainty of its 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 the Company's revenue disaggregated by these categories. Three Months Ended September 30, Nine Months Ended September 30, Total Revenue 2024 2023 2024 2023 Well Construction $ 1,050 $ 1,128 $ 3,201 $ 3,265 Completions, Intervention & Measurements 1,009 1,085 3,132 3,084 Production Solutions 983 967 2,886 2,863 Subsea & Surface Pressure Systems 921 770 2,538 2,192 Oilfield Services & Equipment 3,963 3,951 11,757 11,405 Gas Technology Equipment 1,281 1,227 4,030 3,026 Gas Technology Services 697 637 2,002 1,886 Total Gas Technology 1,978 1,865 6,032 4,913 Industrial Products 520 520 1,492 1,449 Industrial Solutions 257 243 783 707 Controls (1) — — — 41 Total Industrial Technology 777 763 2,275 2,197 Climate Technology Solutions 191 63 402 156 Industrial & Energy Technology 2,945 2,691 8,708 7,267 Total $ 6,908 $ 6,641 $ 20,465 $ 18,671 (1) The sale of the Company's controls business was completed in April 2023. Three Months Ended September 30, Nine Months Ended September 30, Oilfield Services & Equipment Geographic Revenue 2024 2023 2024 2023 North America $ 971 $ 1,064 $ 2,984 $ 3,097 Latin America 648 695 1,948 2,053 Europe/CIS/Sub-Saharan Africa 933 695 2,510 1,948 Middle East/Asia 1,411 1,497 4,315 4,306 Oilfield Services & Equipment $ 3,963 $ 3,951 $ 11,757 $ 11,405 REMAINING PERFORMANCE OBLIGATIONS As of September 30, 2024, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $33.4 billion. As of September 30, 2024, the Company expects to recognize revenue of approximately 61%, 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 the Company fulfills the related remaining performance obligations.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
LEASES	LEASES The Company's leasing activities primarily consist of operating leases for service centers, manufacturing facilities, sales and administrative offices, and certain equipment. Three Months Ended September 30, Nine Months Ended September 30, Operating Lease Expense 2024 2023 2024 2023 Long-term fixed lease $ 73 $ 69 $ 219 $ 206 Long-term variable lease 17 18 62 53 Short-term lease 120 126 390 377 Total operating lease expense $ 210 $ 213 $ 671 $ 636 Cash flows used in operating activities for operating leases approximate lease expense for the three and nine months ended September 30, 2024 and 2023. The weighted-average remaining lease term as of September 30, 2024 and December 31, 2023 was approximately seven years for operating leases. The weighted-average discount rate used to determine the operating lease liability as of September 30, 2024 and December 31, 2023 was 4.2% and 3.9%, respectively.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT The carrying value of the Company's short-term and long-term debt consists of the following: September 30, 2024 December 31, 2023 Short-term and current portion of long-term debt 8.55% Debentures due June 2024 $ — $ 109 Other debt 52 39 Total short-term and current portion of long-term debt 52 148 Long-term debt 2.061% Senior Notes due December 2026 598 598 3.337% Senior Notes due December 2027 1,309 1,294 6.875% Notes due January 2029 263 268 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 1,277 1,281 4.080% Senior Notes due December 2047 1,338 1,338 Other long-term debt 178 73 Total long-term debt 5,984 5,872 Total debt $ 6,036 $ 6,020 The estimated fair value of total debt at September 30, 2024 and December 31, 2023 was $5,642 million and $5,571 million, respectively. For a majority of the Company's debt, the fair value was determined using quoted period-end market prices. Where market prices are not available, the Company estimates fair values based on valuation methodologies using current market interest rate data adjusted for non-performance risk. The Company has 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 considered 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 September 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 the Company's 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 September 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 the Company's ability to take certain actions, including, but not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions, and engaging in certain merger, consolidation and asset sale transactions in excess of specified limits. At September 30, 2024, the Company was in compliance with all debt covenants.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three and nine months ended September 30, 2024, the provision for income taxes was $235 million and $656 million, respectively. For the three and nine months ended September 30, 2023, the provision for income taxes was $235 million and $614 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate in all periods 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. The Company monitors the recoverability of its deferred tax assets with particular focus on the business outlook across its operating jurisdictions and the continued utilization of existing deferred tax assets.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY	EQUITY COMMON STOCK The Company is 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 September 30, 2024 and December 31, 2023, there were no shares of Class B common stock issued and outstanding. The Company has not issued any preferred stock. The Company has a share repurchase program which it expects to fund from cash generated from operations, and it expects 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 nine months ended September 30, 2024, the Company repurchased and canceled 4.5 million and 15.0 million shares of Class A common stock for $152 million and $476 million, representing an average price per share of $33.88 and $31.66, respectively. During the three and nine months ended September 30, 2023, the Company repurchased and canceled 3.4 million and 7.0 million shares of Class A common stock for $119 million and $219 million, representing an average price per share of $35.50 and $31.45, respectively. As of September 30, 2024, the Company had authorization remaining to repurchase up to approximately $1.7 billion of its Class A common stock. The following table presents the changes in the number of shares outstanding (in thousands): Class A 2024 2023 Balance at January 1 997,709 1,005,960 Issue of shares upon vesting of restricted stock units (1) 4,900 5,629 Issue of shares on exercise of stock options (1) 113 409 Issue of shares for employee stock purchase plan 1,382 1,429 Repurchase and cancellation of Class A common stock (15,019) (6,956) Balance at September 30 989,085 1,006,471 (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 (50) 19 (10) (41) Amounts reclassified from accumulated other comprehensive loss — (11) 12 1 Deferred taxes — (2) 2 — Other comprehensive income (loss) (50) 6 4 (40) Less: Other adjustments — 1 — 1 Balance at September 30, 2024 $ (2,563) $ (1) $ (273) $ (2,837) 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 income (loss) before reclassifications 47 (7) (6) 34 Amounts reclassified from accumulated other comprehensive loss — — 25 25 Deferred taxes — 4 1 5 Other comprehensive income (loss) 47 (3) 20 64 Balance at September 30, 2023 $ (2,619) $ (12) $ (276) $ (2,907) The amounts reclassified from accumulated other comprehensive loss during the nine months ended September 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic and diluted net income per share of Class A common stock is presented below: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 Net income $ 774 $ 524 $ 1,817 $ 1,519 Less: Net income attributable to noncontrolling interests 8 6 17 16 Net income attributable to Baker Hughes Company $ 766 $ 518 $ 1,800 $ 1,503 Weighted average shares outstanding: Class A basic 993 1,009 996 1,010 Class A diluted 999 1,017 1,001 1,016 Net income per share attributable to common stockholders: Class A basic $ 0.77 $ 0.51 $ 1.81 $ 1.49 Class A diluted $ 0.77 $ 0.51 $ 1.80 $ 1.48 Class A diluted shares include the dilutive impact of equity awards except for approximately 1 million options for the three and nine months ended September 30, 2024, and 2 million options for the three and nine months ended September 30, 2023, respectively, that were excluded because the exercise price exceeded the average market price of the Company's Class A common stock and is therefore antidilutive.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS RECURRING FAIR VALUE MEASUREMENTS The Company's assets and liabilities measured at fair value on a recurring basis consist of derivative instruments and investment securities. September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Net Balance Level 1 Level 2 Level 3 Net Balance Assets Derivatives $ — $ 30 $ — $ 30 $ — $ 34 $ — $ 34 Investment securities 1,155 — 2 1,157 1,040 — 2 1,042 Total assets 1,155 30 2 1,187 1,040 34 2 1,076 Liabilities Derivatives — (48) — (48) — (76) — (76) Total liabilities $ — $ (48) $ — $ (48) $ — $ (76) $ — $ (76) September 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) $ 9 $ — $ — $ 9 $ 66 $ 1 $ — $ 67 Equity securities 538 614 (4) 1,148 527 451 (3) 975 Total $ 547 $ 614 $ (4) $ 1,157 $ 593 $ 452 $ (3) $ 1,042 (1) Net gains recorded to earnings related to these securities were $100 million and $99 million for the three months ended September 30, 2024 and 2023, respectively, and $146 million and $489 million for the nine months ended September 30, 2024 and 2023, respectively. (2) As of September 30, 2024, the Company's non-U.S. debt securities are classified as available for sale securities and mature within two years. As of September 30, 2024 and December 31, 2023, the balance of the Company's equity securities with readily determinable fair values is $1,148 million and $975 million, respectively, and is comprised mainly of the Company's investment in ADNOC Drilling, and is recorded primarily in "All other current assets" in the condensed consolidated statements of financial position. The Company measured its investments at fair value based on quoted prices in active markets. Net gains recorded to earnings for the Company's equity securities with readily determinable fair values were $100 million and $99 million for the three months ended September 30, 2024 and 2023, respectively, and $171 million and $520 million for the nine months ended September 30, 2024 and 2023, respectively. Gains (losses) related to the Company's 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 2024, no observable transactions occurred on the Company's equity securities without a readily determinable fair value. During 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 the Company's equity securities without readily determinable fair values are reported in "Other non-operating income (loss), net" in the condensed consolidated statements of income (loss). FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS The Company's 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 September 30, 2024 and December 31, 2023 approximates their carrying value as reflected in the condensed consolidated financial statements. For further information on the fair value of the Company's debt, see "Note 8. Debt." DERIVATIVES AND HEDGING The Company uses derivatives to manage its risks and does not use derivatives for speculation. The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives. September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Currency exchange contracts $ 19 $ — $ 10 $ (3) Interest rate swap contracts — (38) — (52) Derivatives not accounted for as hedges Currency exchange contracts and other 11 (10) 24 (21) Total derivatives $ 30 $ (48) $ 34 $ (76) Derivatives are classified in the condensed consolidated statements of financial position depending on their respective maturity date. As of September 30, 2024 and December 31, 2023, $30 million and $31 million of derivative assets are recorded in "All other current assets" and nil and $3 million are recorded in "All other assets" in the condensed consolidated statements of financial position, respectively. As of September 30, 2024 and December 31, 2023, $10 million and $23 million of derivative liabilities are recorded in "All other current liabilities" and $38 million and $53 million are recorded in "All other liabilities" in the condensed consolidated statements of financial position, respectively. During 2024, the Company issued credit default swaps ("CDS") in the total of $475 million to third-party financial institutions. The CDS relate to secured borrowings provided by these financial institutions to a customer in Mexico who utilized these borrowings to pay certain of the Company's outstanding receivables. The total notional amount remaining on the issued CDS was $388 million as of September 30, 2024, which will reduce each month through July 2026 as the customer repays the borrowings. The fair value of these derivative liabilities is not material. FORMS OF HEDGING Cash Flow Hedges The Company uses cash flow hedging primarily to mitigate the effects of foreign exchange rate changes on purchase and sale contracts. Accordingly, the vast majority of derivative activity in this category consists of currency exchange contracts. In addition, the Company is exposed to interest rate risk fluctuations in connection with long-term debt that it issues from time to time to fund its 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 September 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 the Company's long-term debt is comprised of fixed rate instruments. The Company is subject to interest rate risk on its debt portfolio and may use interest rate swaps to manage the economic effect of fixed rate obligations associated with certain debt. Under these arrangements, the Company agrees 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 September 30, 2024 and December 31, 2023, the Company had interest rate swaps with a notional amount of $500 million that converted a portion of its $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. The Company 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. The Company discloses the derivative notional amounts on a gross basis to indicate the total counterparty risk but it does not generally represent amounts exchanged by the Company and the counterparties. A substantial majority of the outstanding notional amount of $5.1 billion and $4.2 billion at September 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 the Company's derivatives can change significantly from period to period based on, among other factors, market movements and changes in the Company's positions. The Company manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis.

REVENUE RELATED TO CONTRACTS WI

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RELATED TO CONTRACTS WITH CUSTOMERS	PROGRESS COLLECTIONS AND DEFERRED INCOME Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities consist of the following: September 30, 2024 December 31, 2023 Progress collections $ 5,531 $ 5,405 Deferred income 154 137 Progress collections and deferred income (contract liabilities) $ 5,685 $ 5,542 DISAGGREGATED REVENUE The Company disaggregates its revenue from contracts with customers by product line for both the OFSE and IET segments, as the Company believes this best depicts how the nature, amount, timing, and uncertainty of its 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 the Company's revenue disaggregated by these categories. Three Months Ended September 30, Nine Months Ended September 30, Total Revenue 2024 2023 2024 2023 Well Construction $ 1,050 $ 1,128 $ 3,201 $ 3,265 Completions, Intervention & Measurements 1,009 1,085 3,132 3,084 Production Solutions 983 967 2,886 2,863 Subsea & Surface Pressure Systems 921 770 2,538 2,192 Oilfield Services & Equipment 3,963 3,951 11,757 11,405 Gas Technology Equipment 1,281 1,227 4,030 3,026 Gas Technology Services 697 637 2,002 1,886 Total Gas Technology 1,978 1,865 6,032 4,913 Industrial Products 520 520 1,492 1,449 Industrial Solutions 257 243 783 707 Controls (1) — — — 41 Total Industrial Technology 777 763 2,275 2,197 Climate Technology Solutions 191 63 402 156 Industrial & Energy Technology 2,945 2,691 8,708 7,267 Total $ 6,908 $ 6,641 $ 20,465 $ 18,671 (1) The sale of the Company's controls business was completed in April 2023. Three Months Ended September 30, Nine Months Ended September 30, Oilfield Services & Equipment Geographic Revenue 2024 2023 2024 2023 North America $ 971 $ 1,064 $ 2,984 $ 3,097 Latin America 648 695 1,948 2,053 Europe/CIS/Sub-Saharan Africa 933 695 2,510 1,948 Middle East/Asia 1,411 1,497 4,315 4,306 Oilfield Services & Equipment $ 3,963 $ 3,951 $ 11,757 $ 11,405 REMAINING PERFORMANCE OBLIGATIONS As of September 30, 2024, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $33.4 billion. As of September 30, 2024, the Company expects to recognize revenue of approximately 61%, 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 the Company fulfills the related remaining performance obligations.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	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 the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company reports its operating results through two operating segments, OFSE and IET. Each segment is organized and managed based upon the nature of the Company's 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 and services, 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 the 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), unallocated 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 September 30, Nine Months Ended September 30, Revenue 2024 2023 2024 2023 Oilfield Services & Equipment $ 3,963 $ 3,951 $ 11,757 $ 11,405 Industrial & Energy Technology 2,945 2,691 8,708 7,267 Total $ 6,908 $ 6,641 $ 20,465 $ 18,671 Three Months Ended September 30, Nine Months Ended September 30, Income before income taxes 2024 2023 2024 2023 Oilfield Services & Equipment $ 547 $ 465 $ 1,462 $ 1,253 Industrial & Energy Technology 474 346 1,246 898 Total segment 1,021 811 2,708 2,151 Corporate (1) (91) (95) (271) (292) Inventory impairment (2) — — — (33) Restructuring, impairment and other — (2) (21) (161) Other non-operating income, net 134 94 200 638 Interest expense, net (55) (49) (143) (171) Income before income taxes $ 1,009 $ 759 $ 2,473 $ 2,133 (1) Corporate costs are primarily reported in "Selling, general and administrative" in the condensed consolidated statements of income (loss). (2) 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 September 30, Nine Months Ended September 30, Depreciation and amortization 2024 2023 2024 2023 Oilfield Services & Equipment $ 218 $ 206 $ 663 $ 632 Industrial & Energy Technology 54 57 165 166 Total segment 272 263 828 798 Corporate 6 4 16 15 Total $ 278 $ 267 $ 844 $ 813

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has an aeroderivative joint venture ("Aero JV") it formed with General Electric Company ("GE") in 2019. As of September 30, 2024, the Aero JV was jointly controlled by GE Vernova Inc. and the Company, each with ownership interest of 50%, and therefore, the Company does not consolidate the Aero JV. As a result of GE's spin-off of GE Vernova Inc., GE transferred its interest in the Aero JV to GE Vernova Inc. in the second quarter of 2024. The Company had purchases from the Aero JV of $157 million and $136 million during the three months ended September 30, 2024 and 2023, respectively, and $432 million and $381 million during the nine months ended September 30, 2024 and 2023, respectively. The Company has $72 million and $71 million of accounts payable at September 30, 2024 and December 31, 2023, respectively, for products and services provided by the Aero JV in the ordinary course of business.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES LITIGATION The Company is subject to legal proceedings arising in the ordinary course of business. Because legal proceedings are inherently uncertain, management is unable to predict the ultimate outcome of such matters. The Company records 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, the Company does not expect the ultimate outcome of currently pending legal proceedings to have a material adverse effect on its 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, the Company is 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, the Company is not able to predict the outcome of these proceedings. The Company insures against risks arising from its business to the extent deemed prudent by 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 the Company against liabilities arising out of pending or future legal proceedings or other claims. Most of the Company's insurance policies contain deductibles or self-insured retentions in amounts management deems prudent and for which the Company is responsible for payment. In determining the amount of self-insurance, it is the Company's 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, the Company has entered into off-balance sheet arrangements, such as surety bonds for performance, letters of credit, and other bank issued guarantees. The Company also provides 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 $5.5 billion at September 30, 2024. It is not practicable to estimate the fair value of these financial instruments. As of September 30, 2024, none of the off-balance sheet arrangements either has, or is likely to have, a material effect on the Company's financial position, results of operations or cash flows. The Company sometimes enters into consortium or similar arrangements for certain projects primarily in the 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 the Company. These factors could result in unanticipated costs to complete the project, liquidated damages or contract disputes.

RESTRUCTURING, IMPAIRMENT AND O

RESTRUCTURING, IMPAIRMENT AND OTHER	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING, IMPAIRMENT AND OTHER	RESTRUCTURING, IMPAIRMENT AND OTHER The Company recorded restructuring, impairment, and other charges of nil and $21 million during the three and nine months ended September 30, 2024, respectively, and $2 million and $161 million during the three and nine months ended September 30, 2023, respectively. RESTRUCTURING AND IMPAIRMENT CHARGES The Company recorded restructuring and impairment charges of nil and $2 million during the three and nine months ended September 30, 2024, respectively. The charges during three and nine months ended September 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. Restructuring charges for the nine months ended September 30, 2023 also include costs incurred under a new plan (the "2023 Plan") related to exit activities at specific locations in the Company's segments to align with the Company's current market outlook and rationalize the Company's manufacturing supply chain footprint. These actions also included inventory impairments of $33 million for the nine months ended September 30, 2023, recorded in "Cost of goods sold" in the condensed consolidated statements of income (loss). The following table presents restructuring and impairment charges by the impacted segment: Three Months Ended September 30, Nine Months Ended September 30, Segments 2024 2023 2024 2023 Oilfield Services & Equipment $ — $ 4 $ — $ 46 Industrial & Energy Technology (1) — 2 — 68 Corporate — (1) 2 44 Total $ — $ 5 $ 2 $ 158 (1) For the three and nine months ended September 30, 2024, nil and $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 previously impaired as a consequence of exit activities: Three Months Ended September 30, Nine Months Ended September 30, Charges by Type 2024 2023 2024 2023 Property, plant & equipment, net $ — $ (5) $ — $ 9 Employee-related termination costs — 7 8 117 Other incremental costs — 3 — 32 Total $ — $ 5 $ 8 $ 158 OTHER CHARGES The Company recorded other charges of nil and $18 million for the three and nine months ended September 30, 2024, respectively, and (gains) charges of $(3) million and $3 million for the three and nine months ended September 30, 2023, respectively.

BUSINESS ACQUISITIONS AND DISPO

BUSINESS ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
BUSINESS ACQUISITIONS AND DISPOSITIONS	BUSINESS ACQUISITIONS AND DISPOSITIONS The Company had no business acquisitions or dispositions during the nine months ended September 30, 2024. ACQUISITIONS During the first nine months of 2023, the Company completed the acquisition of businesses for total cash consideration of $301 million, net of cash acquired, which consisted primarily of the acquisition of Altus Intervention in the OFSE segment in the second quarter of 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, the Company recorded $115 million of goodwill and $45 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 the consolidated financial statements. DISPOSITIONS During the first nine months of 2023, the Company completed the sale of businesses and received total cash consideration of $293 million. The dispositions consisted primarily of the sale of the Nexus Controls business in the IET segment to GE in April 2023, which resulted in an immaterial gain in the second quarter of 2023. Nexus Controls specializes in scalable industrial controls systems, safety systems, hardware, and software cybersecurity solutions and services.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 766	$ 518	$ 1,800	$ 1,503

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the three months ended September 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) Maria Claudia Borras, Executive Vice President, Oilfield Services and Equipment Adoption September 13, 2024 X 72,500 Earlier of when all shares under plan are sold and May 30, 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	September 13, 2024
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Maria Claudia Borras [Member]
Trading Arrangements, by Individual
Name	Maria Claudia Borras
Title	Executive Vice President, Oilfield Services and Equipment
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	September 13, 2024
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Aggregate Available	72,500

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 the Company's annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company's 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 the 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, the Company's financial statements consolidate all of its subsidiaries (entities in which the Company has a controlling financial interest, most often because the Company holds 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 the 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 September 30, 2024 and December 31, 2023, $431 million and $332 million of supply chain finance program liabilities are recorded in "Accounts payable" in the condensed consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in the 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, which allows for early adoption, is effective for the Company prospectively to all annual periods beginning after December 15, 2024. The Company continues to evaluate the impact of this standard on its 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 its 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 the Company's financial position or results of operations.

CURRENT RECEIVABLES (Tables)

CURRENT RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Current Receivables	Current receivables consist of the following: September 30, 2024 December 31, 2023 Customer receivables $ 5,897 $ 6,033 Other 1,361 1,392 Total current receivables 7,258 7,425 Less: Allowance for credit losses (338) (350) Total current receivables, net $ 6,920 $ 7,075

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory, Net [Abstract]
Schedule of Inventories, Net of Reserves	Inventories, net of reserves of $421 million and $389 million as of September 30, 2024 and December 31, 2023, respectively, consist of the following: September 30, 2024 December 31, 2023 Finished goods $ 2,666 $ 2,626 Work in process and raw materials 2,588 2,468 Total inventories, net $ 5,254 $ 5,094

OTHER INTANGIBLE ASSETS (Tables

OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consist of the following: September 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,946 $ (879) $ 1,067 $ 1,945 $ (818) $ 1,127 Technology 1,266 (973) 293 1,253 (899) 354 Trade names and trademarks 291 (195) 96 290 (186) 104 Capitalized software 1,514 (1,177) 337 1,413 (1,107) 306 Finite-lived intangible assets 5,017 (3,224) 1,793 4,901 (3,010) 1,891 Indefinite-lived intangible assets 2,202 — 2,202 2,202 — 2,202 Total intangible assets $ 7,219 $ (3,224) $ 3,995 $ 7,103 $ (3,010) $ 4,093
Schedule of Indefinite-Lived Intangible Assets	Intangible assets consist of the following: September 30, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,946 $ (879) $ 1,067 $ 1,945 $ (818) $ 1,127 Technology 1,266 (973) 293 1,253 (899) 354 Trade names and trademarks 291 (195) 96 290 (186) 104 Capitalized software 1,514 (1,177) 337 1,413 (1,107) 306 Finite-lived intangible assets 5,017 (3,224) 1,793 4,901 (3,010) 1,891 Indefinite-lived intangible assets 2,202 — 2,202 2,202 — 2,202 Total intangible assets $ 7,219 $ (3,224) $ 3,995 $ 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 $ 66 2025 227 2026 182 2027 159 2028 136 2029 111

CONTRACT AND OTHER DEFERRED A_2

CONTRACT AND OTHER DEFERRED ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets	Contract assets consist of the following: September 30, 2024 December 31, 2023 Long-term product service agreements $ 390 $ 418 Long-term equipment contracts and certain other service agreements 1,353 1,184 Contract assets (total revenue in excess of billings) 1,743 1,602 Deferred inventory costs 142 126 Other costs to fulfill or obtain a contract 19 28 Contract and other deferred assets $ 1,904 $ 1,756 September 30, 2024 December 31, 2023 Progress collections $ 5,531 $ 5,405 Deferred income 154 137 Progress collections and deferred income (contract liabilities) $ 5,685 $ 5,542

PROGRESS COLLECTIONS AND DEFE_2

PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Contract assets consist of the following: September 30, 2024 December 31, 2023 Long-term product service agreements $ 390 $ 418 Long-term equipment contracts and certain other service agreements 1,353 1,184 Contract assets (total revenue in excess of billings) 1,743 1,602 Deferred inventory costs 142 126 Other costs to fulfill or obtain a contract 19 28 Contract and other deferred assets $ 1,904 $ 1,756 September 30, 2024 December 31, 2023 Progress collections $ 5,531 $ 5,405 Deferred income 154 137 Progress collections and deferred income (contract liabilities) $ 5,685 $ 5,542

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Operating Lease Expense	The Company's leasing activities primarily consist of operating leases for service centers, manufacturing facilities, sales and administrative offices, and certain equipment. Three Months Ended September 30, Nine Months Ended September 30, Operating Lease Expense 2024 2023 2024 2023 Long-term fixed lease $ 73 $ 69 $ 219 $ 206 Long-term variable lease 17 18 62 53 Short-term lease 120 126 390 377 Total operating lease expense $ 210 $ 213 $ 671 $ 636

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Borrowings	The carrying value of the Company's short-term and long-term debt consists of the following: September 30, 2024 December 31, 2023 Short-term and current portion of long-term debt 8.55% Debentures due June 2024 $ — $ 109 Other debt 52 39 Total short-term and current portion of long-term debt 52 148 Long-term debt 2.061% Senior Notes due December 2026 598 598 3.337% Senior Notes due December 2027 1,309 1,294 6.875% Notes due January 2029 263 268 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 1,277 1,281 4.080% Senior Notes due December 2047 1,338 1,338 Other long-term debt 178 73 Total long-term debt 5,984 5,872 Total debt $ 6,036 $ 6,020

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 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 2024 2023 Balance at January 1 997,709 1,005,960 Issue of shares upon vesting of restricted stock units (1) 4,900 5,629 Issue of shares on exercise of stock options (1) 113 409 Issue of shares for employee stock purchase plan 1,382 1,429 Repurchase and cancellation of Class A common stock (15,019) (6,956) Balance at September 30 989,085 1,006,471 (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 (50) 19 (10) (41) Amounts reclassified from accumulated other comprehensive loss — (11) 12 1 Deferred taxes — (2) 2 — Other comprehensive income (loss) (50) 6 4 (40) Less: Other adjustments — 1 — 1 Balance at September 30, 2024 $ (2,563) $ (1) $ (273) $ (2,837) 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 income (loss) before reclassifications 47 (7) (6) 34 Amounts reclassified from accumulated other comprehensive loss — — 25 25 Deferred taxes — 4 1 5 Other comprehensive income (loss) 47 (3) 20 64 Balance at September 30, 2023 $ (2,619) $ (12) $ (276) $ (2,907)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 Net income $ 774 $ 524 $ 1,817 $ 1,519 Less: Net income attributable to noncontrolling interests 8 6 17 16 Net income attributable to Baker Hughes Company $ 766 $ 518 $ 1,800 $ 1,503 Weighted average shares outstanding: Class A basic 993 1,009 996 1,010 Class A diluted 999 1,017 1,001 1,016 Net income per share attributable to common stockholders: Class A basic $ 0.77 $ 0.51 $ 1.81 $ 1.49 Class A diluted $ 0.77 $ 0.51 $ 1.80 $ 1.48

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The Company's assets and liabilities measured at fair value on a recurring basis consist of derivative instruments and investment securities. September 30, 2024 December 31, 2023 Level 1 Level 2 Level 3 Net Balance Level 1 Level 2 Level 3 Net Balance Assets Derivatives $ — $ 30 $ — $ 30 $ — $ 34 $ — $ 34 Investment securities 1,155 — 2 1,157 1,040 — 2 1,042 Total assets 1,155 30 2 1,187 1,040 34 2 1,076 Liabilities Derivatives — (48) — (48) — (76) — (76) Total liabilities $ — $ (48) $ — $ (48) $ — $ (76) $ — $ (76)
Schedule of Investment Securities Classified as Available for Sale	September 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) $ 9 $ — $ — $ 9 $ 66 $ 1 $ — $ 67 Equity securities 538 614 (4) 1,148 527 451 (3) 975 Total $ 547 $ 614 $ (4) $ 1,157 $ 593 $ 452 $ (3) $ 1,042 (1) Net gains recorded to earnings related to these securities were $100 million and $99 million for the three months ended September 30, 2024 and 2023, respectively, and $146 million and $489 million for the nine months ended September 30, 2024 and 2023, respectively. (2) As of September 30, 2024, the Company's 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. September 30, 2024 December 31, 2023 Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Currency exchange contracts $ 19 $ — $ 10 $ (3) Interest rate swap contracts — (38) — (52) Derivatives not accounted for as hedges Currency exchange contracts and other 11 (10) 24 (21) Total derivatives $ 30 $ (48) $ 34 $ (76)

REVENUE RELATED TO CONTRACTS _2

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Segment Revenue	The series of tables below present the Company's revenue disaggregated by these categories. Three Months Ended September 30, Nine Months Ended September 30, Total Revenue 2024 2023 2024 2023 Well Construction $ 1,050 $ 1,128 $ 3,201 $ 3,265 Completions, Intervention & Measurements 1,009 1,085 3,132 3,084 Production Solutions 983 967 2,886 2,863 Subsea & Surface Pressure Systems 921 770 2,538 2,192 Oilfield Services & Equipment 3,963 3,951 11,757 11,405 Gas Technology Equipment 1,281 1,227 4,030 3,026 Gas Technology Services 697 637 2,002 1,886 Total Gas Technology 1,978 1,865 6,032 4,913 Industrial Products 520 520 1,492 1,449 Industrial Solutions 257 243 783 707 Controls (1) — — — 41 Total Industrial Technology 777 763 2,275 2,197 Climate Technology Solutions 191 63 402 156 Industrial & Energy Technology 2,945 2,691 8,708 7,267 Total $ 6,908 $ 6,641 $ 20,465 $ 18,671 (1) The sale of the Company's controls business was completed in April 2023.
Schedule of Revenue by Geographic Region	Three Months Ended September 30, Nine Months Ended September 30, Oilfield Services & Equipment Geographic Revenue 2024 2023 2024 2023 North America $ 971 $ 1,064 $ 2,984 $ 3,097 Latin America 648 695 1,948 2,053 Europe/CIS/Sub-Saharan Africa 933 695 2,510 1,948 Middle East/Asia 1,411 1,497 4,315 4,306 Oilfield Services & Equipment $ 3,963 $ 3,951 $ 11,757 $ 11,405

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, Revenue 2024 2023 2024 2023 Oilfield Services & Equipment $ 3,963 $ 3,951 $ 11,757 $ 11,405 Industrial & Energy Technology 2,945 2,691 8,708 7,267 Total $ 6,908 $ 6,641 $ 20,465 $ 18,671 Three Months Ended September 30, Nine Months Ended September 30, Income before income taxes 2024 2023 2024 2023 Oilfield Services & Equipment $ 547 $ 465 $ 1,462 $ 1,253 Industrial & Energy Technology 474 346 1,246 898 Total segment 1,021 811 2,708 2,151 Corporate (1) (91) (95) (271) (292) Inventory impairment (2) — — — (33) Restructuring, impairment and other — (2) (21) (161) Other non-operating income, net 134 94 200 638 Interest expense, net (55) (49) (143) (171) Income before income taxes $ 1,009 $ 759 $ 2,473 $ 2,133 (1) Corporate costs are primarily reported in "Selling, general and administrative" in the condensed consolidated statements of income (loss). (2) 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 September 30, Nine Months Ended September 30, Depreciation and amortization 2024 2023 2024 2023 Oilfield Services & Equipment $ 218 $ 206 $ 663 $ 632 Industrial & Energy Technology 54 57 165 166 Total segment 272 263 828 798 Corporate 6 4 16 15 Total $ 278 $ 267 $ 844 $ 813

RESTRUCTURING, IMPAIRMENT AND_2

RESTRUCTURING, IMPAIRMENT AND OTHER (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, Segments 2024 2023 2024 2023 Oilfield Services & Equipment $ — $ 4 $ — $ 46 Industrial & Energy Technology (1) — 2 — 68 Corporate — (1) 2 44 Total $ — $ 5 $ 2 $ 158 (1) For the three and nine months ended September 30, 2024, nil and $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 previously impaired as a consequence of exit activities: Three Months Ended September 30, Nine Months Ended September 30, Charges by Type 2024 2023 2024 2023 Property, plant & equipment, net $ — $ (5) $ — $ 9 Employee-related termination costs — 7 8 117 Other incremental costs — 3 — 32 Total $ — $ 5 $ 8 $ 158

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounting Standards Update 2022-04 | SCF program
Supplier Finance Program [Line Items]
SCF program liabilities	$ 431	$ 332

CURRENT RECEIVABLES (Details)

CURRENT RECEIVABLES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 7,258	$ 7,425
Less: Allowance for credit losses	(338)	(350)
Total current receivables, net	6,920	7,075
Customer receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	5,897	6,033
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total current receivables	$ 1,361	$ 1,392

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory [Line Items]
Inventory valuation reserves	$ 421,000,000		$ 421,000,000		$ 389,000,000
Finished goods	2,666,000,000		2,666,000,000		2,626,000,000
Work in process and raw materials	2,588,000,000		2,588,000,000		2,468,000,000
Total inventories, net	5,254,000,000		5,254,000,000		$ 5,094,000,000
Inventory impairment	$ 0		$ 0	$ 33,000,000
Oilfield Services & Equipment
Inventory [Line Items]
Inventory impairment		$ 0		$ 33,000,000

OTHER INTANGIBLE ASSETS - Intan

OTHER INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets
Gross Carrying Amount	$ 5,017	$ 4,901
Accumulated Amortization	(3,224)	(3,010)
Net	1,793	1,891
Indefinite-lived intangible assets	2,202	2,202
Total intangible assets, Gross Carrying Amount	7,219	7,103
Total intangible assets, Net	3,995	4,093
Customer relationships
Finite-lived intangible assets
Gross Carrying Amount	1,946	1,945
Accumulated Amortization	(879)	(818)
Net	1,067	1,127
Technology
Finite-lived intangible assets
Gross Carrying Amount	1,266	1,253
Accumulated Amortization	(973)	(899)
Net	293	354
Trade names and trademarks
Finite-lived intangible assets
Gross Carrying Amount	291	290
Accumulated Amortization	(195)	(186)
Net	96	104
Capitalized software
Finite-lived intangible assets
Gross Carrying Amount	1,514	1,413
Accumulated Amortization	(1,177)	(1,107)
Net	$ 337	$ 306

OTHER INTANGIBLE ASSETS - Narra

OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 66	$ 64	$ 200	$ 190

OTHER INTANGIBLE ASSETS - Futur

OTHER INTANGIBLE ASSETS - Future Estimated Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Year
Remainder of 2024	$ 66		$ 66
2025	227		227
2026	182		182
2027	159		159
2028	136		136
2029	111		111
Amortization expense	$ 66	$ 64	$ 200	$ 190

CONTRACT AND OTHER DEFERRED A_3

CONTRACT AND OTHER DEFERRED ASSETS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	$ 1,743		$ 1,743		$ 1,602
Deferred inventory costs	142		142		126
Other costs to fulfill or obtain a contract	19		19		28
Contract and other deferred assets	1,904		1,904		1,756
Revenue recognized from performance obligations satisfied in previous periods	(1)	$ 6	(5)	$ 20
Long-term product service agreements
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract assets (total revenue in excess of billings)	390		390		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)	$ 1,353		$ 1,353		$ 1,184

PROGRESS COLLECTIONS AND DEFE_3

PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 5,685		$ 5,685		$ 5,542
Revenue recognized, included in contract liability	844	$ 881	3,712	$ 2,349
Progress collections
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	5,531		5,531		5,405
Deferred income
Disaggregation of Revenue [Line Items]
Progress collections and deferred income (contract liabilities)	$ 154		$ 154		$ 137

LEASES - Operating Lease Expens

LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Lease Expense
Long-term fixed lease	$ 73	$ 69	$ 219	$ 206
Long-term variable lease	17	18	62	53
Short-term lease	120	126	390	377
Total operating lease expense	$ 210	$ 213	$ 671	$ 636

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term	7 years	7 years
Weighted-average discount rate	4.20%	3.90%

DEBT - Current and Long-term Bo

DEBT - Current and Long-term Borrowings (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Short-term and current portion of long-term debt
Total short-term and current portion of long-term debt	$ 52	$ 148
Long-term debt
Other long-term debt	178	73
Total long-term debt	5,984	5,872
Total debt	$ 6,036	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	$ 1,309	$ 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	$ 263	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	$ 1,277	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	$ 52	$ 39

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Estimated fair value of debt	$ 5,642,000,000	$ 5,571,000,000
BHH LLC | Baker Hughes Co-Obligor, Inc.
Line of Credit Facility [Line Items]
Ownership percentage	100%
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
Line of credit outstanding	$ 0	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 235	$ 235	$ 656	$ 614

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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)	4,500,000	3,400,000	15,000,000	7,000,000
Repurchase and cancellation of Class A common stock	$ 152	$ 119	$ 476	$ 219
Stock repurchase average price per share (in dollars per share)	$ 33.88	$ 35.50	$ 31.66	$ 31.45
Remaining authorized repurchase amount	$ 1,700		$ 1,700
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)	989,085,000	1,006,471,000	989,085,000	1,006,471,000	997,709,000	1,005,960,000
Common stock issued (in shares)	989,000,000		989,000,000		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

EQUITY - Changes in Number of S

EQUITY - Changes in Number of Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock repurchase average price per share (in dollars per share)	$ 33.88	$ 35.50	$ 31.66	$ 31.45
Stock repurchased and canceled (in shares)	4,500,000	3,400,000	15,000,000	7,000,000
Repurchase and cancellation of Class A common stock	$ 152	$ 119	$ 476	$ 219
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)			4,900,000	5,629,000
Issue of shares on exercises of stock options (in shares)			113,000	409,000
Issue of shares for employee stock purchase plan (in shares)			1,382,000	1,429,000
Repurchase and cancellation of Class A common stock (in shares)			(15,019,000)	(6,956,000)
Ending balance (in shares)	989,085,000	1,006,471,000	989,085,000	1,006,471,000
Class B Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)			0
Ending balance (in shares)	0		0

EQUITY - Accumulated Other Comp

EQUITY - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 15,721	$ 15,262	$ 15,519	$ 14,525
Other comprehensive income (loss) before reclassifications			(41)	34
Amounts reclassified from accumulated other comprehensive loss			1	25
Deferred taxes			0	5
Other comprehensive income (loss)	145	(112)	(40)	64
Less: Other comprehensive income attributable to noncontrolling interests	1	0	0	0
Ending Balance	16,343	15,395	16,343	15,395
Less: Other adjustments			1
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	(2,563)	(2,619)	(2,563)	(2,619)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(50)	47
Amounts reclassified from accumulated other comprehensive loss			0	0
Deferred taxes			0	0
Other comprehensive income (loss)			(50)	47
Cash Flow Hedges, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(6)	(9)
Ending Balance	(1)	(12)	(1)	(12)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			19	(7)
Amounts reclassified from accumulated other comprehensive loss			(11)	0
Deferred taxes			(2)	4
Other comprehensive income (loss)			6	(3)
Benefit Plans, Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(277)	(296)
Ending Balance	(273)	(276)	(273)	(276)
Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications			(10)	(6)
Amounts reclassified from accumulated other comprehensive loss			12	25
Deferred taxes			2	1
Other comprehensive income (loss)			4	20
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(2,981)	(2,795)	(2,796)	(2,971)
Other comprehensive income (loss)	144	(112)	(40)	64
Ending Balance	$ (2,837)	$ (2,907)	(2,837)	$ (2,907)
Foreign Currency Translation Adjustments, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other adjustments			0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other adjustments			1
Benefit Plans, Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Less: Other adjustments			$ 0

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock [Line Items]
Net income	$ 774	$ 524	$ 1,817	$ 1,519
Less: Net income attributable to noncontrolling interests	8	6	17	16
Net income attributable to Baker Hughes Company	$ 766	$ 518	$ 1,800	$ 1,503
Class A Common Stock
Weighted average shares outstanding:
Class A basic (in shares)	993	1,009	996	1,010
Class A diluted (in shares)	999	1,017	1,001	1,016
Net income per share attributable to common stockholders:
Class A basic (in dollars per share)	$ 0.77	$ 0.51	$ 1.81	$ 1.49
Class A diluted (in dollars per share)	$ 0.77	$ 0.51	$ 1.80	$ 1.48
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

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - Class A Common Stock - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding (in shares)	993	1,009	996	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

FINANCIAL INSTRUMENTS - Recurri

FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Assets
Derivatives	$ 30		$ 30		$ 34
Investment securities	1,157		1,157		1,042
Liabilities
Derivatives	(48)		(48)		(76)
Gain (loss) on earnings of equity securities	100	$ 99	171	$ 520
Recurring
Assets
Derivatives	30		30		34
Investment securities	1,157		1,157		1,042
Total assets	1,187		1,187		1,076
Liabilities
Derivatives	(48)		(48)		(76)
Total liabilities	(48)		(48)		(76)
Recurring | Level 1
Assets
Derivatives	0		0		0
Investment securities	1,155		1,155		1,040
Total assets	1,155		1,155		1,040
Liabilities
Derivatives	0		0		0
Total liabilities	0		0		0
Recurring | Level 2
Assets
Derivatives	30		30		34
Investment securities	0		0		0
Total assets	30		30		34
Liabilities
Derivatives	(48)		(48)		(76)
Total liabilities	(48)		(48)		(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 - Investm

FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Equity securities, amortized cost	$ 538			$ 538		$ 527
Equity securities, gross unrealized gains	614			614		451
Equity securities, gross unrealized losses	(4)			(4)		(3)
Equity securities, estimated fair value	1,148			1,148		975
Total, amortized cost	547			547		593
Total, gross unrealized gains	614			614		452
Total, gross unrealized losses	(4)			(4)		(3)
Total, estimated fair value	1,157			1,157		1,042
Gains (losses) recorded to earnings	100	$ 99		146	$ 489
Remeasurement gain			$ 118
Non-U.S. debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, amortized cost	9			9		66
Debt securities, gross unrealized gains	0			0		1
Debt securities, gross unrealized losses	0			0		0
Debt securities, estimated fair value	$ 9			$ 9		$ 67
Available for sale securities maturity	2 years			2 years

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Balance of equity securities with readily determinable fair value	$ 1,148,000,000	$ 975,000,000			$ 1,148,000,000
Gain (loss) on earnings of equity securities	100,000,000		$ 99,000,000		171,000,000	$ 520,000,000
Derivative assets	30,000,000	34,000,000			30,000,000
Derivative liabilities	48,000,000	76,000,000			48,000,000
Notional amount	5,100,000,000	4,200,000,000			5,100,000,000
Remeasurement gain				$ 118,000,000
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	30,000,000	31,000,000			30,000,000
All other assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	0	3,000,000			0
All other current liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	10,000,000	23,000,000			10,000,000
All other liabilities
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 38,000,000	$ 53,000,000			$ 38,000,000

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Derivatives, Fair Value [Line Items]
Assets	$ 34	$ 30
Liabilities	(76)	(48)
Notional amount	$ 4,200	$ 5,100
Cash flow hedging
Derivatives, Fair Value [Line Items]
Derivative term	2 years	1 year
Currency exchange contracts | Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	$ 10	$ 19
Liabilities	(3)	0
Currency exchange contracts | Derivatives not accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	24	11
Liabilities	(21)	(10)
Interest rate swap contracts | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Notional amount	500	500
Interest rate swap contracts | Derivatives accounted for as hedges
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ (52)	(38)
Credit Default Swap
Derivatives, Fair Value [Line Items]
Liabilities		(475)
Notional amount		$ 388

REVENUE RELATED TO CONTRACTS _3

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Segment Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 6,908	$ 6,641	$ 20,465	$ 18,671
Oilfield Services & Equipment
Disaggregation of Revenue [Line Items]
Revenue	3,963	3,951	11,757	11,405
Oilfield Services & Equipment | North America
Disaggregation of Revenue [Line Items]
Revenue	971	1,064	2,984	3,097
Oilfield Services & Equipment | Latin America
Disaggregation of Revenue [Line Items]
Revenue	648	695	1,948	2,053
Oilfield Services & Equipment | Europe/CIS/Sub-Saharan Africa
Disaggregation of Revenue [Line Items]
Revenue	933	695	2,510	1,948
Oilfield Services & Equipment | Middle East/Asia
Disaggregation of Revenue [Line Items]
Revenue	1,411	1,497	4,315	4,306
Oilfield Services & Equipment | Well Construction
Disaggregation of Revenue [Line Items]
Revenue	1,050	1,128	3,201	3,265
Oilfield Services & Equipment | Completions, Intervention & Measurements
Disaggregation of Revenue [Line Items]
Revenue	1,009	1,085	3,132	3,084
Oilfield Services & Equipment | Production Solutions
Disaggregation of Revenue [Line Items]
Revenue	983	967	2,886	2,863
Oilfield Services & Equipment | Subsea & Surface Pressure Systems
Disaggregation of Revenue [Line Items]
Revenue	921	770	2,538	2,192
Industrial & Energy Technology
Disaggregation of Revenue [Line Items]
Revenue	2,945	2,691	8,708	7,267
Industrial & Energy Technology | Gas Technology Equipment
Disaggregation of Revenue [Line Items]
Revenue	1,281	1,227	4,030	3,026
Industrial & Energy Technology | Gas Technology Services
Disaggregation of Revenue [Line Items]
Revenue	697	637	2,002	1,886
Industrial & Energy Technology | Total Gas Technology
Disaggregation of Revenue [Line Items]
Revenue	1,978	1,865	6,032	4,913
Industrial & Energy Technology | Industrial Products
Disaggregation of Revenue [Line Items]
Revenue	520	520	1,492	1,449
Industrial & Energy Technology | Industrial Solutions
Disaggregation of Revenue [Line Items]
Revenue	257	243	783	707
Industrial & Energy Technology | Controls (1)
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	41
Industrial & Energy Technology | Total Industrial Technology
Disaggregation of Revenue [Line Items]
Revenue	777	763	2,275	2,197
Industrial & Energy Technology | Climate Technology Solutions
Disaggregation of Revenue [Line Items]
Revenue	$ 191	$ 63	$ 402	$ 156

REVENUE RELATED TO CONTRACTS _4

REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Billions	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 33.4
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	61%
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%
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%
Timing of revenue expected to be recognized	15 years

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 product_line segment
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

SEGMENT INFORMATION - Summarize

SEGMENT INFORMATION - Summarized Financial Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 6,908,000,000	$ 6,641,000,000	$ 20,465,000,000	$ 18,671,000,000
Summarized financial information [Abstract]
Income before income taxes	1,009,000,000	759,000,000	2,473,000,000	2,133,000,000
Inventory impairment	0		0	(33,000,000)
Other non-operating income, net	134,000,000	94,000,000	200,000,000	638,000,000
Interest expense, net	(55,000,000)	(49,000,000)	(143,000,000)	(171,000,000)
Corporate
Summarized financial information [Abstract]
Income before income taxes	(91,000,000)	(95,000,000)	(271,000,000)	(292,000,000)
Operating segments
Summarized financial information [Abstract]
Income before income taxes	1,021,000,000	811,000,000	2,708,000,000	2,151,000,000
Segment reconciling items
Summarized financial information [Abstract]
Inventory impairment	0	0	0	(33,000,000)
Restructuring, impairment and other	0	(2,000,000)	(21,000,000)	(161,000,000)
Other non-operating income, net	134,000,000	94,000,000	200,000,000	638,000,000
Interest expense, net	(55,000,000)	(49,000,000)	(143,000,000)	(171,000,000)
Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Revenue	3,963,000,000	3,951,000,000	11,757,000,000	11,405,000,000
Oilfield Services & Equipment | Operating segments
Summarized financial information [Abstract]
Income before income taxes	547,000,000	465,000,000	1,462,000,000	1,253,000,000
Industrial & Energy Technology
Segment Reporting Information [Line Items]
Revenue	2,945,000,000	2,691,000,000	8,708,000,000	7,267,000,000
Industrial & Energy Technology | Operating segments
Summarized financial information [Abstract]
Income before income taxes	$ 474,000,000	$ 346,000,000	$ 1,246,000,000	$ 898,000,000

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures and Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 278	$ 267	$ 844	$ 813
Operating segments
Segment Reporting Information [Line Items]
Depreciation and amortization	272	263	828	798
Operating segments | Oilfield Services & Equipment
Segment Reporting Information [Line Items]
Depreciation and amortization	218	206	663	632
Operating segments | Industrial & Energy Technology
Segment Reporting Information [Line Items]
Depreciation and amortization	54	57	165	166
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization	$ 6	$ 4	$ 16	$ 15

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2019
Related Party Transaction [Line Items]
Accounts payable	$ 4,431		$ 4,431		$ 4,471
Corporate joint venture
Related Party Transaction [Line Items]
Purchases	157	$ 136	432	$ 381
Accounts payable	$ 72		$ 72		$ 71
Corporate joint venture | Aero JV
Related Party Transaction [Line Items]
Ownership percentage						50%
Corporate joint venture | Aero JV | General Electric Company (GE)
Related Party Transaction [Line Items]
Ownership percentage						50%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	May 29, 2020	Mar. 03, 2020	Mar. 15, 2019	Sep. 30, 2024
Loss Contingencies [Line Items]
Off-balance sheet arrangements				$ 5,500
International Engineering & Construction S.A. (IEC) | Pending Litigation | Lost Profits and Various Costs
Loss Contingencies [Line Items]
Value of alleged damages sought	$ 235	$ 244.9	$ 591
International Engineering & Construction S.A. (IEC) | Pending Litigation | Loss of Cash Flow
Loss Contingencies [Line Items]
Value of alleged damages sought		700
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

RESTRUCTURING, IMPAIRMENT AND_3

RESTRUCTURING, IMPAIRMENT AND OTHER - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring, impairment and other	$ 0	$ 2,000,000	$ 21,000,000	$ 161,000,000
Restructuring and impairment charges	0	5,000,000	$ 8,000,000	158,000,000
Number of operating segments | segment			2
Inventory impairment	0		$ 0	33,000,000
Other charges	0	(3,000,000)	18,000,000	3,000,000
Restructuring, impairment and other	0	2,000,000	21,000,000	161,000,000
Restructuring and Related Cost, Incurred Cost	0		6,000,000
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	0	(1,000,000)	2,000,000	44,000,000
Segment reconciling items
Restructuring Cost and Reserve [Line Items]
Inventory impairment	0	0	0	33,000,000
Other impairment charges	0	2,000,000	21,000,000	161,000,000
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 0	$ 5,000,000	$ 2,000,000	$ 158,000,000

RESTRUCTURING, IMPAIRMENT AND_4

RESTRUCTURING, IMPAIRMENT AND OTHER - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 0	$ 5	$ 8	$ 158
Property, plant & equipment, net
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	(5)	0	9
Employee-related termination costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	7	8	117
Other incremental costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	3	0	32
Restructuring Charges
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	5	2	158
Operating segments | Oilfield Services & Equipment
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0	4	0	46
Operating segments | Industrial & Energy Technology
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 0	$ 2	$ 0	$ 68

BUSINESS ACQUISITIONS AND DIS_2

BUSINESS ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 6,167		$ 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		301
Goodwill		115
Intangible assets		$ 45