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10-Q Filing

BAKER HUGHES CO CIK: 1701605 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001701605-20-000039
Period End Date 20200331
Filing Date 20200424
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance bkr-20200331_htm.xml
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.25B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.07B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.01B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.72B USD Point-in-time
Current receivables, net ReceivablesNetCurrent $6.42B USD Point-in-time
Current receivables, net ReceivablesNetCurrent $6.15B USD Point-in-time
Inventories, net InventoryNet $4.53B USD Point-in-time
Inventories, net InventoryNet $4.61B USD Point-in-time
All other current assets OtherAssetsCurrent $961.00M USD Point-in-time
All other current assets OtherAssetsCurrent $949.00M USD Point-in-time
Property, plant and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $4.38B USD Point-in-time
Total current assets AssetsCurrent $15.22B USD Point-in-time
Property, plant and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $4.51B USD Point-in-time
Total current assets AssetsCurrent $14.65B USD Point-in-time
Property, plant and equipment (net of accumulated depreciation of $4,506 and $4,384) PropertyPlantAndEquipmentNet $6.24B USD Point-in-time
Common stock par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Property, plant and equipment (net of accumulated depreciation of $4,506 and $4,384) PropertyPlantAndEquipmentNet $6.00B USD Point-in-time
Goodwill Goodwill $20.72B USD Point-in-time
Goodwill Goodwill $20.69B USD Point-in-time
Goodwill Goodwill $5.88B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $5.38B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $4.58B USD Point-in-time
Contract and other deferred assets UnbilledContractsReceivable $1.83B USD Point-in-time
Contract and other deferred assets UnbilledContractsReceivable $1.88B USD Point-in-time
All other assets OtherAssetsNoncurrent $2.98B USD Point-in-time
All other assets OtherAssetsNoncurrent $3.00B USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $954.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $1.31B USD Point-in-time
Investment securities held on behalf of GE InvestmentsFairValueDisclosure $283.00M USD Point-in-time
Total assets Assets $37.23B USD Point-in-time
Investment securities held on behalf of GE InvestmentsFairValueDisclosure $189.00M USD Point-in-time
Total assets Assets $53.37B USD Point-in-time
Accounts payable AccountsPayableCurrent $4.27B USD Point-in-time
Accounts payable AccountsPayableCurrent $3.99B USD Point-in-time
Short-term debt and current portion of long-term debt DebtCurrent $210.00M USD Point-in-time
Short-term debt and current portion of long-term debt DebtCurrent $321.00M USD Point-in-time
Progress collections and deferred income ContractWithCustomerLiabilityCurrent $3.20B USD Point-in-time
Progress collections and deferred income ContractWithCustomerLiabilityCurrent $2.87B USD Point-in-time
All other current liabilities OtherLiabilitiesCurrent $2.74B USD Point-in-time
All other current liabilities OtherLiabilitiesCurrent $2.56B USD Point-in-time
Total current liabilities LiabilitiesCurrent $10.14B USD Point-in-time
Total current liabilities LiabilitiesCurrent $10.01B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $6.30B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $6.29B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $314.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $51.00M USD Point-in-time
Liabilities for pensions and other postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $1.08B USD Point-in-time
Liabilities for pensions and other postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $1.02B USD Point-in-time
All other liabilities OtherLiabilitiesNoncurrent $1.43B USD Point-in-time
All other liabilities OtherLiabilitiesNoncurrent $1.48B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $23.57B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $23.49B USD Point-in-time
Retained loss RetainedEarningsAccumulatedDeficit - USD Point-in-time
Retained loss RetainedEarningsAccumulatedDeficit $-10.21B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.80B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-1.64B USD Point-in-time
Baker Hughes Company equity StockholdersEquity $21.93B USD Point-in-time
Baker Hughes Company equity StockholdersEquity $11.47B USD Point-in-time
Noncontrolling interests MinorityInterest $12.57B USD Point-in-time
Noncontrolling interests MinorityInterest $6.51B USD Point-in-time
Total noncontrolling interests StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $34.50B USD Point-in-time
Total noncontrolling interests StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $35.01B USD Point-in-time
Total noncontrolling interests StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $17.98B USD Point-in-time
Total noncontrolling interests StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $35.09B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $37.23B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $53.37B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $5.62B USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $5.42B USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $704.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $675.00M USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss $14.77B USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss - USD 1 Quarter
Restructuring, impairment and other RestructuringImpairmentAndOther $1.32B USD 1 Quarter
Restructuring, impairment and other RestructuringImpairmentAndOther $62.00M USD 1 Quarter
Separation and merger related SeparationAndMergerRelatedCosts $41.00M USD 1 Quarter
Separation and merger related SeparationAndMergerRelatedCosts $34.00M USD 1 Quarter
Total costs and expenses CostsAndExpenses $5.44B USD 1 Quarter
Total costs and expenses CostsAndExpenses $21.48B USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $176.00M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $-16.06B USD 1 Quarter
Other non-operating income, net OtherNonoperatingIncomeExpense $21.00M USD 1 Quarter
Other non-operating income, net OtherNonoperatingIncomeExpense $25.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-59.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-59.00M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $-16.09B USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $138.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $67.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $5.00M USD 1 Quarter
Net income (loss) ProfitLoss $71.00M USD 1 Quarter
Net income (loss) ProfitLoss $-16.10B USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $39.00M USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-5.89B USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $32.00M USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $-10.21B USD 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $71.00M USD 1 Quarter
Net income (loss) ProfitLoss $-16.10B USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $355.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $350.00M USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss $14.77B USD 1 Quarter
Goodwill impairment GoodwillImpairmentLoss - USD 1 Quarter
Intangible assets impairment ImpairmentOfIntangibleAssetsFinitelived $725.00M USD 1 Quarter
Intangible assets impairment ImpairmentOfIntangibleAssetsFinitelived - USD 1 Quarter
Property, plant and equipment impairment ImpairmentOfLongLivedAssetsHeldForUse - USD 1 Quarter
Property, plant and equipment impairment ImpairmentOfLongLivedAssetsHeldForUse $218.00M USD 1 Quarter
Inventory impairment InventoryWriteDown - USD 1 Quarter
Inventory impairment InventoryWriteDown $160.00M USD 1 Quarter
Current receivables IncreaseDecreaseInAccountsReceivable $204.00M USD 1 Quarter
Current receivables IncreaseDecreaseInAccountsReceivable $-179.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $220.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $140.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-93.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-182.00M USD 1 Quarter
Progress collections and deferred income IncreaseDecreaseInContractWithCustomerLiability $311.00M USD 1 Quarter
Progress collections and deferred income IncreaseDecreaseInContractWithCustomerLiability $62.00M USD 1 Quarter
Contract and other deferred assets IncreaseDecreaseInDeferredCharges $-15.00M USD 1 Quarter
Contract and other deferred assets IncreaseDecreaseInDeferredCharges $-61.00M USD 1 Quarter
Other operating items, net IncreaseDecreaseInOtherOperatingCapitalNet $211.00M USD 1 Quarter
Other operating items, net IncreaseDecreaseInOtherOperatingCapitalNet $-162.00M USD 1 Quarter
Net cash flows from (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-184.00M USD 1 Quarter
Net cash flows from (used in) operating activities NetCashProvidedByUsedInOperatingActivities $478.00M USD 1 Quarter
Expenditures for capital assets PaymentsToAcquireProductiveAssets $294.00M USD 1 Quarter
Expenditures for capital assets PaymentsToAcquireProductiveAssets $365.00M USD 1 Quarter
Proceeds from disposal of assets ProceedsFromSaleOfProductiveAssets $59.00M USD 1 Quarter
Proceeds from disposal of assets ProceedsFromSaleOfProductiveAssets $40.00M USD 1 Quarter
Other investing items, net PaymentsForProceedsFromOtherInvestingActivities $-7.00M USD 1 Quarter
Other investing items, net PaymentsForProceedsFromOtherInvestingActivities $21.00M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-256.00M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-318.00M USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt $115.00M USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt $48.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $118.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $93.00M USD 1 Quarter
Distributions to GE PaymentsToMinorityShareholders $68.00M USD 1 Quarter
Distributions to GE PaymentsToMinorityShareholders $94.00M USD 1 Quarter
Other financing items, net ProceedsFromPaymentsForOtherFinancingActivities $-26.00M USD 1 Quarter
Other financing items, net ProceedsFromPaymentsForOtherFinancingActivities $3.00M USD 1 Quarter
Net cash flows used in financing activities NetCashProvidedByUsedInFinancingActivities $-232.00M USD 1 Quarter
Net cash flows used in financing activities NetCashProvidedByUsedInFinancingActivities $-327.00M USD 1 Quarter
Effect of currency exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-72.00M USD 1 Quarter
Effect of currency exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $22.00M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-650.00M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-239.00M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.25B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.07B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.01B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.72B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.25B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.07B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.01B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.72B USD Point-in-time
Income taxes paid, net of refunds IncomeTaxesPaidNet $118.00M USD 1 Quarter
Income taxes paid, net of refunds IncomeTaxesPaidNet $76.00M USD 1 Quarter
Interest paid InterestPaidNet $56.00M USD 1 Quarter
Interest paid InterestPaidNet $49.00M USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $34.50B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $35.01B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $17.98B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $35.09B USD Point-in-time
Net income (loss) ProfitLoss $71.00M USD 1 Quarter
Net income (loss) ProfitLoss $-16.10B USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $-265.00M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $172.00M USD 1 Quarter
Cash dividend DividendsCommonStockCash $93.00M USD 1 Quarter
Cash dividend DividendsCommonStockCash $118.00M USD 1 Quarter
Distribution to GE MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $68.00M USD 1 Quarter
Distribution to GE MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $94.00M USD 1 Quarter
Stock-based compensation cost AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $56.00M USD 1 Quarter
Stock-based compensation cost AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $40.00M USD 1 Quarter
Other StockholdersEquityOther $23.00M USD 1 Quarter
Other StockholdersEquityOther $21.00M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $17.98B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $34.50B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $35.01B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $35.09B USD Point-in-time
Comprehensive Income 26 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $71.00M USD 1 Quarter
Net income (loss) ProfitLoss $-16.10B USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $39.00M USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-5.89B USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $32.00M USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $-10.21B USD 1 Quarter
Investment securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $2.00M USD 1 Quarter
Investment securities OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax $-2.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $166.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-277.00M USD 1 Quarter
Cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $4.00M USD 1 Quarter
Cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-8.00M USD 1 Quarter
Benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax - USD 1 Quarter
Benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-22.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-265.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $172.00M USD 1 Quarter
Less: Other comprehensive income (loss) attributable to noncontrolling interests OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest $-97.00M USD 1 Quarter
Less: Other comprehensive income (loss) attributable to noncontrolling interests OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest $87.00M USD 1 Quarter
Other comprehensive income (loss) attributable to Baker Hughes Company OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $85.00M USD 1 Quarter
Other comprehensive income (loss) attributable to Baker Hughes Company OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-168.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-16.36B USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $243.00M USD 1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $126.00M USD 1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-5.99B USD 1 Quarter
Comprehensive income (loss) attributable to Baker Hughes Company ComprehensiveIncomeNetOfTax $117.00M USD 1 Quarter
Comprehensive income (loss) attributable to Baker Hughes Company ComprehensiveIncomeNetOfTax $-10.38B USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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