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10-Q Filing

BAKER HUGHES CO CIK: 1701605 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001701605-22-000079
Period End Date 20220331
Filing Date 20220420
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance bkr-20220331_htm.xml
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Property, plant and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.12B USD Point-in-time
Property, plant and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.00B USD Point-in-time
Common stock par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.19B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.13B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.38B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.85B USD Point-in-time
Current receivables, net ReceivablesNetCurrent $5.74B USD Point-in-time
Current receivables, net ReceivablesNetCurrent $5.65B USD Point-in-time
Inventories, net InventoryNet $4.15B USD Point-in-time
Inventories, net InventoryNet $3.98B USD Point-in-time
All other current assets OtherAssetsCurrent $1.63B USD Point-in-time
All other current assets OtherAssetsCurrent $1.58B USD Point-in-time
Total current assets AssetsCurrent $14.71B USD Point-in-time
Total current assets AssetsCurrent $15.06B USD Point-in-time
Property, plant and equipment (net of accumulated depreciation of $5,116 and $5,003) PropertyPlantAndEquipmentNet $4.80B USD Point-in-time
Property, plant and equipment (net of accumulated depreciation of $5,116 and $5,003) PropertyPlantAndEquipmentNet $4.88B USD Point-in-time
Goodwill Goodwill $5.96B USD Point-in-time
Goodwill Goodwill $5.99B USD Point-in-time
Goodwill Goodwill $5.98B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $4.12B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $4.13B USD Point-in-time
Contract and other deferred assets UnbilledContractsReceivable $1.60B USD Point-in-time
Contract and other deferred assets UnbilledContractsReceivable $1.67B USD Point-in-time
All other assets OtherAssetsNoncurrent $2.94B USD Point-in-time
All other assets OtherAssetsNoncurrent $2.94B USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $761.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $735.00M USD Point-in-time
Total assets Assets $35.31B USD Point-in-time
Total assets Assets $34.99B USD Point-in-time
Accounts payable AccountsPayableCurrent $3.75B USD Point-in-time
Accounts payable AccountsPayableCurrent $3.75B USD Point-in-time
Current portion of long-term debt DebtCurrent $35.00M USD Point-in-time
Current portion of long-term debt DebtCurrent $40.00M USD Point-in-time
Progress collections and deferred income ContractWithCustomerLiabilityCurrent $3.23B USD Point-in-time
Progress collections and deferred income ContractWithCustomerLiabilityCurrent $3.48B USD Point-in-time
All other current liabilities OtherLiabilitiesCurrent $1.87B USD Point-in-time
All other current liabilities OtherLiabilitiesCurrent $2.11B USD Point-in-time
Total current liabilities LiabilitiesCurrent $9.13B USD Point-in-time
Total current liabilities LiabilitiesCurrent $9.14B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $6.69B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $6.65B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $127.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $192.00M USD Point-in-time
Liabilities for pensions and other postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $1.11B USD Point-in-time
Liabilities for pensions and other postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $1.06B USD Point-in-time
All other liabilities OtherLiabilitiesNoncurrent $1.51B USD Point-in-time
All other liabilities OtherLiabilitiesNoncurrent $1.50B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $28.35B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $27.38B USD Point-in-time
Retained loss RetainedEarningsAccumulatedDeficit $-10.16B USD Point-in-time
Retained loss RetainedEarningsAccumulatedDeficit $-10.09B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.56B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.38B USD Point-in-time
Baker Hughes Company equity StockholdersEquity $15.70B USD Point-in-time
Baker Hughes Company equity StockholdersEquity $14.83B USD Point-in-time
Noncontrolling interests MinorityInterest $1.92B USD Point-in-time
Noncontrolling interests MinorityInterest $743.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.75B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $18.24B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.45B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $17.42B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $35.31B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $34.99B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $4.78B USD 1 Quarter
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $4.83B USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $621.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $587.00M USD 1 Quarter
Restructuring, impairment and other charges RestructuringImpairmentAndOther $80.00M USD 1 Quarter
Restructuring, impairment and other charges RestructuringImpairmentAndOther $61.00M USD 1 Quarter
Separation related SeparationAndMergerRelatedCosts $27.00M USD 1 Quarter
Separation related SeparationAndMergerRelatedCosts $9.00M USD 1 Quarter
Total costs and expenses CostsAndExpenses $4.56B USD 1 Quarter
Total costs and expenses CostsAndExpenses $4.62B USD 1 Quarter
Operating income OperatingIncomeLoss $279.00M USD 1 Quarter
Operating income OperatingIncomeLoss $164.00M USD 1 Quarter
Other non-operating loss, net OtherNonoperatingIncomeExpense $-626.00M USD 1 Quarter
Other non-operating loss, net OtherNonoperatingIncomeExpense $-28.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-74.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-64.00M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $187.00M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-536.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $107.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $69.00M USD 1 Quarter
Net income (loss) ProfitLoss $80.00M USD 1 Quarter
Net income (loss) ProfitLoss $-605.00M USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-153.00M USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $-452.00M USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $72.00M USD 1 Quarter
Diluted income (loss) per Class A common stock (in dollars per share) EarningsPerShareDiluted $-0.61 USD 1 Quarter
Diluted income (loss) per Class A common stock (in dollars per share) EarningsPerShareDiluted $0.08 USD 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $80.00M USD 1 Quarter
Net income (loss) ProfitLoss $-605.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $277.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $292.00M USD 1 Quarter
(Gain) loss on equity securities EquitySecuritiesFVNIUnrealizedAndRealizedLoss $788.00M USD 1 Quarter
(Gain) loss on equity securities EquitySecuritiesFVNIUnrealizedAndRealizedLoss $-11.00M USD 1 Quarter
Current receivables IncreaseDecreaseInAccountsReceivable $-341.00M USD 1 Quarter
Current receivables IncreaseDecreaseInAccountsReceivable $204.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $205.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-88.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-11.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $74.00M USD 1 Quarter
Progress collections and deferred income IncreaseDecreaseInContractWithCustomerLiability $-19.00M USD 1 Quarter
Progress collections and deferred income IncreaseDecreaseInContractWithCustomerLiability $280.00M USD 1 Quarter
Contract and other deferred assets IncreaseDecreaseInDeferredCharges $38.00M USD 1 Quarter
Contract and other deferred assets IncreaseDecreaseInDeferredCharges $-6.00M USD 1 Quarter
Other operating items, net IncreaseDecreaseInOtherOperatingCapitalNet $202.00M USD 1 Quarter
Other operating items, net IncreaseDecreaseInOtherOperatingCapitalNet $181.00M USD 1 Quarter
Net cash flows from operating activities NetCashProvidedByUsedInOperatingActivities $72.00M USD 1 Quarter
Net cash flows from operating activities NetCashProvidedByUsedInOperatingActivities $678.00M USD 1 Quarter
Expenditures for capital assets PaymentsToAcquireProductiveAssets $268.00M USD 1 Quarter
Expenditures for capital assets PaymentsToAcquireProductiveAssets $221.00M USD 1 Quarter
Proceeds from disposal of assets ProceedsFromSaleOfProductiveAssets $91.00M USD 1 Quarter
Proceeds from disposal of assets ProceedsFromSaleOfProductiveAssets $41.00M USD 1 Quarter
Other investing items, net PaymentsForProceedsFromOtherInvestingActivities $-6.00M USD 1 Quarter
Other investing items, net PaymentsForProceedsFromOtherInvestingActivities $89.00M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-174.00M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-266.00M USD 1 Quarter
Net repayments of debt and other borrowings ProceedsFromRepaymentsOfOtherDebtAndOtherBorrowings $-11.00M USD 1 Quarter
Net repayments of debt and other borrowings ProceedsFromRepaymentsOfOtherDebtAndOtherBorrowings $-36.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $131.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $172.00M USD 1 Quarter
Distributions to GE PaymentsToMinorityShareholders $56.00M USD 1 Quarter
Distributions to GE PaymentsToMinorityShareholders $13.00M USD 1 Quarter
Repurchase of Class A common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchase of Class A common stock PaymentsForRepurchaseOfCommonStock $236.00M USD 1 Quarter
Other financing items, net ProceedsFromPaymentsForOtherFinancingActivities $-37.00M USD 1 Quarter
Other financing items, net ProceedsFromPaymentsForOtherFinancingActivities $-32.00M USD 1 Quarter
Net cash flows used in financing activities NetCashProvidedByUsedInFinancingActivities $-469.00M USD 1 Quarter
Net cash flows used in financing activities NetCashProvidedByUsedInFinancingActivities $-255.00M USD 1 Quarter
Effect of currency exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD 1 Quarter
Effect of currency exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $250.00M USD 1 Quarter
Increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-662.00M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.19B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.13B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.38B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.85B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.19B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.13B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.38B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.85B USD Point-in-time
Income taxes paid, net of refunds IncomeTaxesPaidNet $130.00M USD 1 Quarter
Income taxes paid, net of refunds IncomeTaxesPaidNet $39.00M USD 1 Quarter
Interest paid InterestPaidNet $51.00M USD 1 Quarter
Interest paid InterestPaidNet $48.00M USD 1 Quarter
Stockholders Equity 23 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.75B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $18.24B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.45B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $17.42B USD Point-in-time
Net income (loss) ProfitLoss $80.00M USD 1 Quarter
Net income (loss) ProfitLoss $-605.00M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $-42.00M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $26.00M USD 1 Quarter
Dividends on Class A common stock DividendsCommonStockCash $131.00M USD 1 Quarter
Dividends on Class A common stock DividendsCommonStockCash $172.00M USD 1 Quarter
Distributions to GE MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $13.00M USD 1 Quarter
Distributions to GE MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $56.00M USD 1 Quarter
Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock MinorityInterestDecreaseFromRedemptions - USD 1 Quarter
Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock MinorityInterestDecreaseFromRedemptions - USD 1 Quarter
Repurchase and cancellation of Class A common stock StockRepurchasedAndRetiredDuringPeriodValue $236.00M USD 1 Quarter
Stock-based compensation cost AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $50.00M USD 1 Quarter
Stock-based compensation cost AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $52.00M USD 1 Quarter
Other StockholdersEquityOther $34.00M USD 1 Quarter
Other StockholdersEquityOther $36.00M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.45B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.75B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $18.24B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $17.42B USD Point-in-time
Comprehensive Income 24 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $80.00M USD 1 Quarter
Net income (loss) ProfitLoss $-605.00M USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-153.00M USD 1 Quarter
Less: Net income (loss) attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $-452.00M USD 1 Quarter
Net income (loss) attributable to Baker Hughes Company NetIncomeLoss $72.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-51.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $17.00M USD 1 Quarter
Cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $1.00M USD 1 Quarter
Cash flow hedges OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $6.00M USD 1 Quarter
Benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-3.00M USD 1 Quarter
Benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-8.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-42.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $26.00M USD 1 Quarter
Less: Other comprehensive income (loss) attributable to noncontrolling interests OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest $-11.00M USD 1 Quarter
Less: Other comprehensive income (loss) attributable to noncontrolling interests OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest - USD 1 Quarter
Other comprehensive income (loss) attributable to Baker Hughes Company OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-31.00M USD 1 Quarter
Other comprehensive income (loss) attributable to Baker Hughes Company OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $26.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-647.00M USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $106.00M USD 1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Less: Comprehensive income (loss) attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-164.00M USD 1 Quarter
Comprehensive income (loss) attributable to Baker Hughes Company ComprehensiveIncomeNetOfTax $-483.00M USD 1 Quarter
Comprehensive income (loss) attributable to Baker Hughes Company ComprehensiveIncomeNetOfTax $98.00M USD 1 Quarter

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

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