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10-Q Filing

BAKER HUGHES CO CIK: 1701605 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001701605-23-000049
Period End Date 20230331
Filing Date 20230419
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance bkr-20230331_htm.xml
Balance Sheet 64 line items
Line Item Tag Value Unit Period
Property, plant and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.26B USD Point-in-time
Property, plant and equipment, accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $5.12B 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 $2.49B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.85B USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.42B USD Point-in-time
Current receivables, net ReceivablesNetCurrent $6.29B USD Point-in-time
Current receivables, net ReceivablesNetCurrent $5.96B USD Point-in-time
Inventories, net InventoryNet $4.79B USD Point-in-time
Inventories, net InventoryNet $4.59B USD Point-in-time
All other current assets OtherAssetsCurrent $1.56B USD Point-in-time
All other current assets OtherAssetsCurrent $1.89B USD Point-in-time
Total current assets AssetsCurrent $14.59B USD Point-in-time
Total current assets AssetsCurrent $15.39B USD Point-in-time
Property, plant and equipment (net of accumulated depreciation of $5,258 and $5,121) PropertyPlantAndEquipmentNet $4.54B USD Point-in-time
Property, plant and equipment (net of accumulated depreciation of $5,258 and $5,121) PropertyPlantAndEquipmentNet $4.51B USD Point-in-time
Goodwill Goodwill $5.96B USD Point-in-time
Goodwill Goodwill $5.93B USD Point-in-time
Goodwill Goodwill $5.92B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $4.12B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $4.18B USD Point-in-time
Contract and other deferred assets UnbilledContractsReceivable $1.60B USD Point-in-time
Contract and other deferred assets UnbilledContractsReceivable $1.50B USD Point-in-time
All other assets OtherAssetsNoncurrent $2.78B USD Point-in-time
All other assets OtherAssetsNoncurrent $2.84B USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $657.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $663.00M USD Point-in-time
Total assets Assets $34.18B USD Point-in-time
Total assets Assets $35.04B USD Point-in-time
Accounts payable AccountsPayableCurrent $4.26B USD Point-in-time
Accounts payable AccountsPayableCurrent $4.30B USD Point-in-time
Short-term and current portion of long-term debt DebtCurrent $684.00M USD Point-in-time
Short-term and current portion of long-term debt DebtCurrent $677.00M USD Point-in-time
Progress collections and deferred income ContractWithCustomerLiabilityCurrent $4.43B USD Point-in-time
Progress collections and deferred income ContractWithCustomerLiabilityCurrent $3.82B USD Point-in-time
All other current liabilities OtherLiabilitiesCurrent $2.24B USD Point-in-time
All other current liabilities OtherLiabilitiesCurrent $2.28B USD Point-in-time
Total current liabilities LiabilitiesCurrent $11.62B USD Point-in-time
Total current liabilities LiabilitiesCurrent $11.07B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $5.97B USD Point-in-time
Long-term debt LongTermDebtAndCapitalLeaseObligations $5.98B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $229.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $246.00M USD Point-in-time
Liabilities for pensions and other postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $960.00M USD Point-in-time
Liabilities for pensions and other postretirement benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $932.00M USD Point-in-time
All other liabilities OtherLiabilitiesNoncurrent $1.41B USD Point-in-time
All other liabilities OtherLiabilitiesNoncurrent $1.42B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $28.13B USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $27.93B USD Point-in-time
Retained loss RetainedEarningsAccumulatedDeficit $-10.76B USD Point-in-time
Retained loss RetainedEarningsAccumulatedDeficit $-10.19B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.97B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-3.03B USD Point-in-time
Baker Hughes Company equity StockholdersEquity $14.71B USD Point-in-time
Baker Hughes Company equity StockholdersEquity $14.39B USD Point-in-time
Noncontrolling interests MinorityInterest $131.00M USD Point-in-time
Noncontrolling interests MinorityInterest $135.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.45B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.75B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $14.85B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $14.53B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $35.04B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $34.18B USD Point-in-time
Income Statement 24 line items
Line Item Tag Value Unit Period
Revenues RevenueFromContractWithCustomerExcludingAssessedTax $5.72B 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 $655.00M USD 1 Quarter
Restructuring, impairment and other RestructuringImpairmentAndOther $56.00M USD 1 Quarter
Restructuring, impairment and other RestructuringImpairmentAndOther $70.00M USD 1 Quarter
Total costs and expenses CostsAndExpenses $4.56B USD 1 Quarter
Total costs and expenses CostsAndExpenses $5.28B USD 1 Quarter
Operating income OperatingIncomeLoss $279.00M USD 1 Quarter
Operating income OperatingIncomeLoss $438.00M USD 1 Quarter
Other non-operating income (loss), net OtherNonoperatingIncomeExpense $-28.00M USD 1 Quarter
Other non-operating income (loss), net OtherNonoperatingIncomeExpense $386.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-64.00M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-64.00M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $187.00M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $760.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $107.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $179.00M USD 1 Quarter
Net income ProfitLoss $80.00M USD 1 Quarter
Net income ProfitLoss $581.00M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.00M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Net income attributable to Baker Hughes Company NetIncomeLoss $72.00M USD 1 Quarter
Net income attributable to Baker Hughes Company NetIncomeLoss $576.00M USD 1 Quarter
Cash Flow Statement 62 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $80.00M USD 1 Quarter
Net income ProfitLoss $581.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $269.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $277.00M USD 1 Quarter
Gain on equity securities EquitySecuritiesFVNIUnrealizedAndRealizedLoss $-392.00M USD 1 Quarter
Gain on equity securities EquitySecuritiesFVNIUnrealizedAndRealizedLoss $-11.00M USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $23.00M USD 1 Quarter
Provision for deferred income taxes DeferredIncomeTaxExpenseBenefit $58.00M USD 1 Quarter
Stock-based compensation cost ShareBasedCompensation $49.00M USD 1 Quarter
Stock-based compensation cost ShareBasedCompensation $52.00M USD 1 Quarter
Inventory impairment InventoryWriteDown $18.00M USD 1 Quarter
Inventory impairment InventoryWriteDown - USD 1 Quarter
Current receivables IncreaseDecreaseInAccountsReceivable $332.00M USD 1 Quarter
Current receivables IncreaseDecreaseInAccountsReceivable $204.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $265.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $205.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $74.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $43.00M USD 1 Quarter
Progress collections and deferred income IncreaseDecreaseInContractWithCustomerLiability $639.00M USD 1 Quarter
Progress collections and deferred income IncreaseDecreaseInContractWithCustomerLiability $280.00M USD 1 Quarter
Contract and other deferred assets IncreaseDecreaseInDeferredCharges $148.00M USD 1 Quarter
Contract and other deferred assets IncreaseDecreaseInDeferredCharges $38.00M USD 1 Quarter
Other operating items, net IncreaseDecreaseInOtherOperatingCapitalNet $59.00M USD 1 Quarter
Other operating items, net IncreaseDecreaseInOtherOperatingCapitalNet $256.00M USD 1 Quarter
Net cash flows from operating activities NetCashProvidedByUsedInOperatingActivities $72.00M USD 1 Quarter
Net cash flows from operating activities NetCashProvidedByUsedInOperatingActivities $461.00M USD 1 Quarter
Expenditures for capital assets PaymentsToAcquireProductiveAssets $268.00M USD 1 Quarter
Expenditures for capital assets PaymentsToAcquireProductiveAssets $310.00M USD 1 Quarter
Proceeds from disposal of assets ProceedsFromSaleOfProductiveAssets $46.00M USD 1 Quarter
Proceeds from disposal of assets ProceedsFromSaleOfProductiveAssets $91.00M USD 1 Quarter
Other investing items, net PaymentsForProceedsFromOtherInvestingActivities $89.00M USD 1 Quarter
Other investing items, net PaymentsForProceedsFromOtherInvestingActivities $-35.00M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-266.00M USD 1 Quarter
Net cash flows used in investing activities NetCashProvidedByUsedInInvestingActivities $-229.00M USD 1 Quarter
Net repayments of debt ProceedsFromRepaymentsOfDebt $-5.00M USD 1 Quarter
Net repayments of debt ProceedsFromRepaymentsOfDebt $-11.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $192.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $172.00M USD 1 Quarter
Distributions to GE PaymentsToMinorityShareholders - USD 1 Quarter
Distributions to GE PaymentsToMinorityShareholders $13.00M USD 1 Quarter
Repurchase of Class A common stock PaymentsForRepurchaseOfCommonStock $236.00M USD 1 Quarter
Repurchase of Class A common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Other financing items, net ProceedsFromPaymentsForOtherFinancingActivities $-53.00M USD 1 Quarter
Other financing items, net ProceedsFromPaymentsForOtherFinancingActivities $-37.00M USD 1 Quarter
Net cash flows used in financing activities NetCashProvidedByUsedInFinancingActivities $-250.00M USD 1 Quarter
Net cash flows used in financing activities NetCashProvidedByUsedInFinancingActivities $-469.00M 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 $-55.00M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-662.00M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-73.00M 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 $2.49B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.85B USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.42B 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 $2.49B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.85B USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.42B USD Point-in-time
Income taxes paid, net of refunds IncomeTaxesPaidNet $130.00M USD 1 Quarter
Income taxes paid, net of refunds IncomeTaxesPaidNet $163.00M USD 1 Quarter
Interest paid InterestPaidNet $48.00M USD 1 Quarter
Interest paid InterestPaidNet $50.00M USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.45B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.75B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $14.85B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $14.53B USD Point-in-time
Net income ProfitLoss $80.00M USD 1 Quarter
Net income ProfitLoss $581.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-55.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $26.00M USD 1 Quarter
Dividends on Class A common stock DividendsCommonStockCash $192.00M USD 1 Quarter
Dividends on Class A common stock DividendsCommonStockCash $172.00M USD 1 Quarter
Distributions to GE MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $13.00M USD 1 Quarter
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 $49.00M USD 1 Quarter
Stock-based compensation cost AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $52.00M USD 1 Quarter
Other StockholdersEquityOther $36.00M USD 1 Quarter
Other StockholdersEquityOther $59.00M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.45B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $16.75B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $14.85B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $14.53B USD Point-in-time
Comprehensive Income 20 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $80.00M USD 1 Quarter
Net income ProfitLoss $581.00M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $5.00M USD 1 Quarter
Less: Net income attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Net income attributable to Baker Hughes Company NetIncomeLoss $72.00M USD 1 Quarter
Net income attributable to Baker Hughes Company NetIncomeLoss $576.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-61.00M 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 $-1.00M USD 1 Quarter
Benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-8.00M USD 1 Quarter
Benefit plans OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-7.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-55.00M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $26.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $526.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $106.00M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $5.00M USD 1 Quarter
Less: Comprehensive income attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $8.00M USD 1 Quarter
Comprehensive income attributable to Baker Hughes Company ComprehensiveIncomeNetOfTax $98.00M USD 1 Quarter
Comprehensive income attributable to Baker Hughes Company ComprehensiveIncomeNetOfTax $521.00M USD 1 Quarter

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

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