Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 13, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-09397 | |
Entity Registrant Name | Baker Hughes Holdings LLC | |
Entity Incorporation, State Code | DE | |
Entity Tax Identification Number | 76-0207995 | |
Entity Address, Address Line One | 17021 Aldine Westfield | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77073-5101 | |
City Area Code | 713 | |
Local Phone Number | 439-8600 | |
Title of 12(b) Security | 5.125% Senior Notes due 2040 | |
Trading Symbol | - | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,009,653,944 | |
Entity Central Index Key | 0000808362 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue: | ||||
Total revenue | $ 6,315 | $ 5,047 | $ 12,030 | $ 9,882 |
Costs and expenses: | ||||
Selling, general and administrative | 695 | 624 | 1,351 | 1,245 |
Restructuring, impairment and other | 102 | 371 | 158 | 441 |
Total costs and expenses | 5,801 | 5,072 | 11,078 | 9,629 |
Operating income (loss) | 514 | (25) | 952 | 253 |
Other non-operating income (loss), net | 158 | (570) | 544 | (597) |
Interest expense, net | (58) | (60) | (122) | (124) |
Income (loss) before income taxes | 614 | (655) | 1,374 | (468) |
Provision for income taxes | (171) | (181) | (312) | (276) |
Net income (loss) | 443 | (836) | 1,062 | (744) |
Less: Net income attributable to noncontrolling interests | 4 | 7 | 10 | 12 |
Net income (loss) attributable to Baker Hughes Holdings LLC | $ 439 | $ (843) | $ 1,052 | $ (756) |
Units Held by Baker Hughes | ||||
Costs and expenses: | ||||
Cash dividends per share (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.38 | $ 0.36 |
Sales of goods | ||||
Revenue: | ||||
Total revenue | $ 3,793 | $ 2,817 | $ 7,276 | $ 5,626 |
Costs and expenses: | ||||
Costs | 3,255 | 2,495 | 6,237 | 4,862 |
Sales of services | ||||
Revenue: | ||||
Total revenue | 2,522 | 2,230 | 4,754 | 4,256 |
Costs and expenses: | ||||
Costs | $ 1,749 | $ 1,582 | $ 3,332 | $ 3,081 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 443 | $ (836) | $ 1,062 | $ (744) |
Less: Net income attributable to noncontrolling interests | 4 | 7 | 10 | 12 |
Net income (loss) attributable to Baker Hughes Holdings LLC | 439 | (843) | 1,052 | (756) |
Other comprehensive income (loss): | ||||
Investment securities | 1 | 0 | 1 | 0 |
Foreign currency translation adjustments | 230 | (170) | 168 | (153) |
Cash flow hedges | 11 | 0 | 11 | 1 |
Benefit plans | (10) | 24 | (4) | 32 |
Other comprehensive income (loss) | 232 | (146) | 176 | (120) |
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | (1) | 0 | (2) |
Other comprehensive income (loss) attributable to Baker Hughes Holdings LLC | 232 | (145) | 176 | (118) |
Comprehensive income (loss) | 675 | (982) | 1,238 | (864) |
Less: Comprehensive income attributable to noncontrolling interests | 4 | 6 | 10 | 10 |
Comprehensive income (loss) attributable to Baker Hughes Holdings LLC | $ 671 | $ (988) | $ 1,228 | $ (874) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,804 | $ 2,485 |
Current receivables, net | 6,476 | 5,974 |
Inventories, net | 4,957 | 4,587 |
All other current assets | 1,626 | 1,559 |
Total current assets | 15,863 | 14,605 |
Property, plant and equipment (net of accumulated depreciation of $5,491 and $5,121) | 4,723 | 4,538 |
Goodwill | 5,835 | 5,691 |
Other intangible assets, net | 4,124 | 4,180 |
Contract and other deferred assets | 1,776 | 1,503 |
All other assets | 3,229 | 2,998 |
Deferred income taxes | 670 | 657 |
Total assets | 36,220 | 34,172 |
Current liabilities: | ||
Accounts payable | 4,154 | 4,298 |
Short-term and current portion of long-term debt | 845 | 677 |
Progress collections and deferred income | 5,101 | 3,822 |
All other current liabilities | 2,200 | 2,235 |
Total current liabilities | 12,300 | 11,032 |
Long-term debt | 5,848 | 5,980 |
Deferred income taxes | 147 | 135 |
Liabilities for pensions and other postretirement benefits | 968 | 960 |
All other liabilities | 1,419 | 1,406 |
Members' Equity: | ||
Members' capital, common units, 1,009 and 1,006 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 33,981 | 34,336 |
Retained loss | (15,785) | (16,837) |
Accumulated other comprehensive loss | (2,795) | (2,971) |
Baker Hughes Holdings LLC equity | 15,401 | 14,528 |
Noncontrolling interests | 137 | 131 |
Total equity | 15,538 | 14,659 |
Total liabilities and equity | $ 36,220 | $ 34,172 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment, accumulated depreciation | $ 5,491 | $ 5,121 |
Units Held by Baker Hughes | ||
Common stock issued (in shares) | 1,009,000 | 1,006,000 |
Common stock outstanding (in shares) | 1,009,061 | 1,005,960 |
Units Held by General Electric Company | ||
Common stock outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions | Total | Members' Capital | Retained Loss | Accumulated Other Comprehensive Loss | Non- controlling Interests |
Beginning Balance at Dec. 31, 2021 | $ 16,726 | $ 35,589 | $ (16,311) | $ (2,691) | $ 139 |
Comprehensive income: | |||||
Net income | (744) | (756) | 12 | ||
Other comprehensive income (loss) | (120) | (118) | (2) | ||
Dividends on Class A common stock | (369) | (369) | |||
Repurchase and cancellation of common units | (462) | (462) | |||
Baker Hughes Company stock-based compensation cost | 102 | 102 | |||
Other | 22 | 63 | (41) | ||
Ending Balance at Jun. 30, 2022 | 15,155 | 34,923 | (17,067) | (2,809) | 108 |
Beginning Balance at Mar. 31, 2022 | 16,513 | 35,265 | (16,224) | (2,664) | 136 |
Comprehensive income: | |||||
Net income | (836) | (843) | 7 | ||
Other comprehensive income (loss) | (146) | (145) | (1) | ||
Dividends on Class A common stock | (184) | (184) | |||
Repurchase and cancellation of common units | (226) | (226) | |||
Baker Hughes Company stock-based compensation cost | 50 | 50 | |||
Other | (16) | 18 | (34) | ||
Ending Balance at Jun. 30, 2022 | 15,155 | 34,923 | (17,067) | (2,809) | 108 |
Beginning Balance at Dec. 31, 2022 | 14,659 | 34,336 | (16,837) | (2,971) | 131 |
Comprehensive income: | |||||
Net income | 1,062 | 1,052 | 10 | ||
Other comprehensive income (loss) | 176 | 176 | |||
Dividends on Class A common stock | (384) | (384) | |||
Repurchase and cancellation of common units | (99) | (99) | |||
Baker Hughes Company stock-based compensation cost | 98 | 98 | |||
Other | 26 | 30 | (4) | ||
Ending Balance at Jun. 30, 2023 | 15,538 | 33,981 | (15,785) | (2,795) | 137 |
Beginning Balance at Mar. 31, 2023 | 15,092 | 34,207 | (16,224) | (3,026) | 135 |
Comprehensive income: | |||||
Net income | 443 | 439 | 4 | ||
Other comprehensive income (loss) | 232 | 232 | |||
Dividends on Class A common stock | (192) | (192) | |||
Repurchase and cancellation of common units | (99) | (99) | |||
Baker Hughes Company stock-based compensation cost | 49 | 49 | |||
Other | 13 | 16 | (1) | (2) | |
Ending Balance at Jun. 30, 2023 | $ 15,538 | $ 33,981 | $ (15,785) | $ (2,795) | $ 137 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Units Held by Baker Hughes | ||||
Cash dividends per share (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.38 | $ 0.36 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,062 | $ (744) |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||
Depreciation and amortization | 545 | 551 |
(Gain) loss on equity securities | (540) | 112 |
Provision (benefit) for deferred income taxes | 57 | (34) |
Stock-based compensation cost | 98 | 102 |
Loss on assets held for sale | 0 | 426 |
Inventory impairment | 33 | 31 |
Changes in operating assets and liabilities: | ||
Current receivables | (434) | (412) |
Inventories | (332) | (408) |
Accounts payable | (156) | 185 |
Progress collections and deferred income | 1,223 | 624 |
Contract and other deferred assets | (236) | (122) |
Other operating items, net | (47) | 89 |
Net cash flows from operating activities | 1,273 | 400 |
Cash flows from investing activities: | ||
Expenditures for capital assets | (587) | (494) |
Proceeds from disposal of assets | 87 | 143 |
Proceeds from business dispositions | 293 | 0 |
Net cash paid for acquisitions | (282) | (86) |
Other investing items, net | 75 | 7 |
Net cash flows used in investing activities | (414) | (430) |
Cash flows from financing activities: | ||
Distributions to Members | (384) | (369) |
Repurchase of common units | (99) | (462) |
Other financing items, net | (18) | (37) |
Net cash flows used in financing activities | (501) | (868) |
Effect of currency exchange rate changes on cash and cash equivalents | (39) | (20) |
Increase (decrease) in cash and cash equivalents | 319 | (919) |
Cash and cash equivalents, beginning of period | 2,485 | 3,843 |
Cash and cash equivalents, end of period | 2,804 | 2,924 |
Supplemental cash flows disclosures: | ||
Income taxes paid, net of refunds | 316 | 282 |
Interest paid | $ 157 | $ 140 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
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 Holdings LLC, a Delaware limited liability company ("the Company", "BHH LLC", "we", "us", or "our") and the successor to Baker Hughes Incorporated ("BHI"), is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. BHH LLC is a Securities and Exchange Commission ("SEC") Registrant with separate filing requirements with the SEC and its separate financial information can be obtained from www.sec.gov. 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 such principles, "U.S. GAAP") and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. The condensed consolidated financial statements include the accounts of BHH LLC and all of its subsidiaries and affiliates which it controls or variable interest entities for which we have determined that we are the primary beneficiary. 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 to the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and common unit amounts in tabulations are in millions of dollars and units, respectively, unless otherwise indicated. Certain columns and rows in our financial statements and notes thereto may not add due to the use of rounded numbers. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies," to our consolidated financial statements from our 2022 Annual Report for the discussion of our significant accounting policies. Supply Chain Finance Programs On January 1, 2023, we adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency of supplier finance programs and requires certain disclosures for a buyer in a supplier finance program. Under the supply chain finance ("SCF") programs, administered by a third party, our suppliers are given the opportunity to sell receivables from us to participating financial institutions at their sole discretion at a rate that leverages our credit rating and thus might be more beneficial to our suppliers. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution. The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program. As of June 30, 2023 and December 31, 2022, $280 million and $275 million of SCF program liabilities are recorded in "Accounts payable" in our condensed consolidated statements of financial position, respectively, and reflected as cash flow from operating activities in our condensed consolidated statements of cash flows when settled. NEW ACCOUNTING STANDARDS TO BE ADOPTED New accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
CURRENT RECEIVABLES
CURRENT RECEIVABLES | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
CURRENT RECEIVABLES | CURRENT RECEIVABLES Current receivables are comprised of the following: June 30, 2023 December 31, 2022 Customer receivables $ 5,414 $ 5,083 Other 1,410 1,232 Total current receivables 6,824 6,315 Less: Allowance for credit losses (348) (341) Total current receivables, net $ 6,476 $ 5,974 Customer receivables are recorded at the invoiced amount. The "Other" category consists primarily of advance payments to suppliers, indirect taxes, related parties, and customer retentions. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
INVENTORIES | INVENTORIES Inventories, net of reserves of $400 million and $396 million as of June 30, 2023 and December 31, 2022, respectively, are comprised of the following: June 30, 2023 December 31, 2022 Finished goods $ 2,604 $ 2,419 Work in process and raw materials 2,353 2,168 Total inventories, net $ 4,957 $ 4,587 During the three and six months ended June 30, 2023, we recorded inventory impairments of $15 million and $33 million, respectively, primarily in our Oilfield Services & Equipment ("OFSE") segment related to exit activities at specific locations. During the three and six months ended June 30, 2022, we recorded inventory impairments of $31 million primarily in our Industrial & Energy Technology ("IET") segment as part of suspending our Russia operations. Charges for inventory impairments are reported in the "Cost of goods sold" caption in the condensed consolidated statements of income (loss). See "Note 16. Restructuring, Impairment, and Other" for further information. |
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
OTHER INTANGIBLE ASSETS | OTHER INTANGIBLE ASSETS Intangible assets are comprised of the following: June 30, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,927 $ (775) $ 1,152 $ 1,917 $ (729) $ 1,189 Technology 1,231 (849) 382 1,212 (803) 409 Trade names and trademarks 290 (181) 109 287 (175) 112 Capitalized software 1,365 (1,086) 279 1,308 (1,040) 268 Finite-lived intangible assets 4,813 (2,891) 1,922 4,725 (2,747) 1,978 Indefinite-lived intangible assets 2,202 — 2,202 2,202 — 2,202 Total intangible assets $ 7,015 $ (2,891) $ 4,124 $ 6,927 $ (2,747) $ 4,180 Intangible assets are generally amortized on a straight-line basis with estimated useful lives ranging from 1 to 35 years. Amortization expense for the three months ended June 30, 2023 and 2022 was $63 million and $55 million, respectively, and $126 million and $110 million for the six months ended June 30, 2023 and 2022, respectively. Estimated amortization expense for the remainder of 2023 and each of the subsequent five fiscal years is expected to be as follows: Year Estimated Amortization Expense Remainder of 2023 $ 124 2024 232 2025 192 2026 146 2027 123 2028 107 |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
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 our long-term contracts to construct technically complex equipment, provide long-term product service and maintenance or extended warranty arrangements and other deferred contract related costs. Our long-term product service agreements are provided by our IET segment. Our long-term equipment contracts are provided by both our IET and OFSE segments. Contract assets are comprised of the following: June 30, 2023 December 31, 2022 Long-term product service agreements $ 410 $ 392 Long-term equipment contracts and certain other service agreements 1,145 955 Contract assets (total revenue in excess of billings) 1,555 1,347 Deferred inventory costs 180 125 Other costs to fulfill or obtain a contract (1) 41 31 Contract and other deferred assets $ 1,776 $ 1,503 (1) Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered. Revenue recognized during the three months ended June 30, 2023 and 2022 from performance obligations satisfied (or partially satisfied) in previous periods related to our long-term service agreements was $13 million and $17 million, respectively, and $14 million and $13 million during the six months ended June 30, 2023 and 2022, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability resulting in an adjustment of earnings. |
PROGRESS COLLECTIONS AND DEFERR
PROGRESS COLLECTIONS AND DEFERRED INCOME | 6 Months Ended |
Jun. 30, 2023 | |
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 our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities are comprised of the following: June 30, 2023 December 31, 2022 Progress collections $ 4,950 $ 3,713 Deferred income 151 109 Progress collections and deferred income (contract liabilities) $ 5,101 $ 3,822 Revenue recognized during the three months ended June 30, 2023 and 2022 that was included in the contract liabilities at the beginning of the period was $507 million and $513 million, respectively, and $1,468 million and $1,253 million during the six months ended June 30, 2023 and 2022, respectively. DISAGGREGATED REVENUE We disaggregate our OFSE and IET segment revenue from contracts with customers by product line. See "Note 13. Segment Information" for further details. Three Months Ended June 30, Six Months Ended June 30, Total Revenue 2023 2022 2023 2022 Well Construction $ 1,076 $ 936 $ 2,137 $ 1,819 Completions, Intervention & Measurements 1,090 886 1,999 1,667 Production Solutions 959 866 1,897 1,691 Subsea & Surface Pressure Systems 752 541 1,422 1,070 Oilfield Services & Equipment 3,877 3,230 7,454 6,247 Gas Technology - Equipment 999 556 1,826 1,099 Gas Technology - Services 658 542 1,249 1,123 Total Gas Technology 1,658 1,098 3,075 2,222 Condition Monitoring 154 133 294 259 Inspection 318 257 572 469 Pumps, Valves & Gears 217 194 418 415 PSI & Controls 92 135 216 270 Total Industrial Technology 780 718 1,501 1,413 Industrial & Energy Technology 2,438 1,816 4,576 3,635 Total $ 6,315 $ 5,047 $ 12,030 $ 9,882 In addition, management views OFSE segment revenue from contracts with customers by geographic region: Three Months Ended June 30, Six Months Ended June 30, Oilfield Services & Equipment Geographic Revenue 2023 2022 2023 2022 North America $ 1,042 $ 925 $ 2,033 $ 1,748 Latin America 698 509 1,358 950 Europe/CIS/Sub-Saharan Africa 672 660 1,253 1,320 Middle East/Asia 1,465 1,136 2,810 2,230 Oilfield Services & Equipment $ 3,877 $ 3,230 $ 7,454 $ 6,247 REMAINING PERFORMANCE OBLIGATIONS As of June 30, 2023, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $31 billion. As of June 30, 2023, we expect to recognize revenue of approximately 60%, 74% and 90% of the total remaining performance obligations within 2, 5, and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | LEASES Our leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities, research centers, service centers, sales offices and certain equipment. Three Months Ended June 30, Six Months Ended June 30, Operating Lease Expense 2023 2022 2023 2022 Long-term fixed lease $ 68 $ 63 $ 137 $ 126 Long-term variable lease 19 13 34 22 Short-term lease 124 114 251 224 Total operating lease expense $ 210 $ 190 $ 422 $ 372 Cash flows used in operating activities for operating leases approximates our expense for the three and six months ended June 30, 2023 and 2022. The weighted-average remaining lease term as of June 30, 2023 and December 31, 2022 was approximately seven years for our operating leases. The weighted-average discount rate used to determine the operating lease liability as of June 30, 2023 and December 31, 2022 was 3.5% and 3.1%, respectively. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The carrying value of our short-term and long-term debt are comprised of the following: June 30, 2023 December 31, 2022 Short-term and current portion of long-term debt 1.231% Senior Notes due December 2023 $ 649 $ 649 8.55% Debentures due June 2024 111 — Other debt 85 29 Total short-term and current portion of long-term debt 845 677 Long-term debt 8.55% Debentures due June 2024 — 114 2.061% Senior Notes due December 2026 598 597 3.337% Senior Notes due December 2027 1,280 1,277 6.875% Notes due January 2029 270 273 3.138% Senior Notes due November 2029 523 523 4.486% Senior Notes due May 2030 497 497 5.125% Senior Notes due September 2040 1,284 1,286 4.080% Senior Notes due December 2047 1,338 1,338 Other long-term debt 58 75 Total long-term debt 5,848 5,980 Total debt $ 6,693 $ 6,658 The estimated fair value of total debt at June 30, 2023 and December 31, 2022 was $5,964 million and $5,863 million, respectively. For a majority of our debt the fair value was determined using quoted period-end market prices. Where market prices are not available, we estimate fair values based on valuation methodologies using current market interest rate data adjusted for our non-performance risk. We have a $3 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial banks maturing in December 2024. In addition, we have a commercial paper program with authorization up to $3 billion under which we may issue from time to time commercial paper with maturities of no more than 397 days. The Credit Agreement contains certain customary representations and warranties, certain customary affirmative covenants and certain customary negative covenants. Upon the occurrence of certain events of default, our obligations under the Credit Agreement may be accelerated. Such events of default include payment defaults to lenders under the Credit Agreement and other customary defaults. No such events of default have occurred. At June 30, 2023 and December 31, 2022, there were no borrowings under either the Credit Agreement or the commercial paper program. Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC on our long-term debt securities. This co-obligor is a 100%-owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of debt securities and has no assets or operations other than those related to its sole purpose. As of June 30, 2023, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling $6,550 million. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three and six months ended June 30, 2023, the provision for income taxes was $171 million and $312 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S., which is partially offset by tax benefits related to uncertain tax positions. Further, for the six months ended June 30, 2023, the tax rate is also partially reduced by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances. In addition, since we are a partnership for U.S. federal tax purposes, any tax impacts associated with U.S. income or losses are recognized by our Members and not reflected in our tax expense. For the three and six months ended June 30, 2022, the provision for income taxes was $181 million and $276 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to losses with no tax benefit due to valuation allowances, restructuring charges related to our Russia operations for which a majority has no tax benefit, and income in jurisdictions with tax rates higher than in the U.S. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
EQUITY | MEMBERS' EQUITY COMMON UNITS The BHH LLC Agreement provides that there is one class of common units ("Units") and the holders of the Units are referred to as Members. As of June 30, 2023 and December 31, 2022, all outstanding Units are held by Baker Hughes Company ("Baker Hughes") or one of its direct subsidiaries. If Baker Hughes issues a share of Class A common stock, including in connection with an equity incentive or similar plan, we will also issue a corresponding Unit to Baker Hughes or one of its direct subsidiaries. For the six months ended June 30, 2023 and 2022, we issued 6,696 thousand and 8,470 thousand Units, respectively, to Baker Hughes or one of its direct subsidiaries in connection with the issuance of its Class A common stock. The Members are entitled through their Units to receive distributions on an equal amount of any dividend paid by Baker Hughes to its Class A shareholders. We have a Unit repurchase program which we expect to fund from cash generated from operations, and we expect to make Unit repurchases from time to time subject to the Company's capital plan, market conditions, and other factors, including regulatory restrictions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the three and six months ended June 30, 2023, we repurchased and canceled 3.6 million Units for $99 million, representing an average price per Unit of $27.66. During the three and six months ended June 30, 2022, we repurchased and canceled 6.7 million and 14.8 million Units for $226 million and $462 million, representing an average price per Unit of $33.77 and $31.13, respectively. As of June 30, 2023, we had authorization remaining to repurchase up to approximately $2.7 billion of our Units. The following table presents the changes in the number of Units outstanding (in thousands): Units Held Units Held 2023 2022 2023 2022 Balance at January 1 1,005,960 909,142 — 116,548 Issue of Units to Baker Hughes under equity incentive plan 6,696 8,470 — — Exchange of Units (1) — 109,548 — (109,548) Repurchase and cancellation of Units (3,596) (14,825) — — Balance at June 30 1,009,061 1,012,335 — 7,000 (1) When shares of Baker Hughes' Class B common stock, together with associated Units, are exchanged for shares of Baker Hughes' Class A common stock, such shares of Class B common stock are canceled. ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) The following tables present the changes in accumulated other comprehensive loss, net of tax: Investment Securities Foreign Currency Translation Adjustments Cash Flow Hedges Benefit Plans Accumulated Other Comprehensive Loss Balance at December 31, 2022 $ — $ (2,665) $ (10) $ (296) $ (2,971) Other comprehensive income (loss) before reclassifications 1 168 11 (13) 167 Amounts reclassified from accumulated other comprehensive loss — — 2 7 9 Deferred taxes — — (2) 2 — Other comprehensive income (loss) 1 168 11 (4) 176 Balance at June 30, 2023 $ 1 $ (2,498) $ 1 $ (299) $ (2,795) Foreign Currency Translation Adjustments Cash Flow Hedges Benefit Plans Accumulated Other Comprehensive Loss Balance at December 31, 2021 $ (2,398) $ (12) $ (281) $ (2,691) Other comprehensive income (loss) before reclassifications (188) (1) 27 (162) Amounts reclassified from accumulated other comprehensive loss 35 2 12 49 Deferred taxes — — (7) (7) Other comprehensive income (loss) (153) 1 32 (120) Less: Other comprehensive income (loss) attributable to noncontrolling interests (2) — — (2) Balance at June 30, 2022 $ (2,549) $ (11) $ (249) $ (2,809) The amounts reclassified from accumulated other comprehensive loss during the six months ended June 30, 2023 and 2022 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 (see "Note 16. Restructuring, Impairment, and Other" for additional details). |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS RECURRING FAIR VALUE MEASUREMENTS Our assets and liabilities measured at fair value on a recurring basis consists of derivative instruments and investment securities. June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Net Balance Level 1 Level 2 Level 3 Net Balance Assets Derivatives $ — $ 27 $ — $ 27 $ — $ 18 $ — $ 18 Investment securities 1,078 — — 1,078 748 — — 748 Total assets 1,078 27 — 1,105 748 18 — 766 Liabilities Derivatives — (73) — (73) — (86) — (86) Total liabilities $ — $ (73) $ — $ (73) $ — $ (86) $ — $ (86) June 30, 2023 December 31, 2022 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) $ 33 $ 1 $ — $ 34 $ — $ — $ — $ — Equity securities 534 510 — 1,044 557 191 — 748 Total $ 567 $ 511 $ — $ 1,078 $ 557 $ 191 $ — $ 748 (1) Gains (losses) recorded to earnings related to these securities were $(1) million and $(130) million for the three months ended June 30, 2023 and 2022, respectively, and $391 million and $(118) million for the six months ended June 30, 2023 and 2022. (2) As of June 30, 2023, our non-U.S. debt securities are classified as available for sale securities and mature within one year. As of June 30, 2023 and December 31, 2022, the balance of our equity securities with readily determinable fair values were $1,044 million and $748 million, respectively, and are comprised primarily of our investment in ADNOC Drilling and C3.ai, Inc., and are recorded in "All other current assets" in the condensed consolidated statements of financial position. We measured our investments to fair value based on quoted prices in active markets. Gains (losses) recorded to earnings for our equity securities with readily determinable fair values were $29 million and $(123) million for the three months ended June 30, 2023 and 2022, respectively, and $421 million and $(111) million for the six months ended June 30, 2023 and 2022, respectively. Gains (losses) related to our equity securities with readily determinable fair values are reported in "Other non-operating income (loss), net" in our condensed consolidated statements of income (loss). OTHER EQUITY INVESTMENTS As of June 30, 2023 and December 31, 2022, the carrying amount of equity securities without readily determinable fair values was $143 million and $60 million, respectively. During the second quarter of 2023, certain of these equity securities were remeasured to fair value as of the date that an observable transaction occurred. The remeasurement resulted in the Company recording a gain of $118 million. Gains (losses) related to our equity securities without readily determinable fair values are reported in "Other non-operating income (loss), net" in our condensed consolidated statements of income (loss) . FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS Our financial instruments include cash and cash equivalents, current receivables, certain investments, accounts payable, short and long-term debt, and derivative financial instruments. Except for long-term debt, the estimated fair value of these financial instruments as of June 30, 2023 and December 31, 2022 approximates their carrying value as reflected in our condensed consolidated financial statements. For further information on the fair value of our debt, see "Note 8. Debt." DERIVATIVES AND HEDGING We use derivatives to manage our risks and do not use derivatives for speculation. The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives. June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Currency exchange contracts $ 5 $ — $ 1 $ — Interest rate swap contracts 6 (66) — (69) Derivatives not accounted for as hedges Currency exchange contracts and other 16 (7) 17 (17) Total derivatives $ 27 $ (73) $ 18 $ (86) Derivatives are classified in the condensed consolidated statements of financial position depending on their respective maturity date. As of June 30, 2023 and December 31, 2022, $25 million and $17 million of derivative assets are recorded in "All other current assets" and $2 million and $1 million are recorded in "All other assets" in the condensed consolidated statements of financial position, respectively. As of June 30, 2023 and December 31, 2022, $7 million and $17 million of derivative liabilities are recorded in "All other current liabilities" and $66 million and $69 million are recorded in "All other liabilities" in the condensed consolidated statements of financial position, respectively. FORMS OF HEDGING Cash Flow Hedges We use cash flow hedging primarily to reduce or eliminate the effects of foreign exchange rate changes on purchase and sale contracts. Accordingly, the vast majority of our derivative activity in this category consists of currency exchange contracts. In addition, we are exposed to interest rate risk fluctuations in connection with long-term debt that we issue from time to time to fund our operations. During the six months ended June 30, 2023, the Company executed interest rate swap contracts designated as cash flow hedges with a notional amount of $375 million in order to hedge the Company's expected exposure in connection with refinancing activities we may undertake in 2023. 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. Members' Equity" for further information on activity in AOCI for cash flow hedges. As of June 30, 2023 and December 31, 2022, the maximum term of derivative instruments that hedge forecasted transactions was approximately two years and one year, respectively. Fair Value Hedges All of our long-term debt is comprised of fixed rate instruments. We are subject to interest rate risk on our debt portfolio and may use interest rate swaps to manage the economic effect of fixed rate obligations associated with certain debt. Under these arrangements, we agree to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. As of June 30, 2023 and December 31, 2022, we had interest rate swaps with a notional amount of $500 million that converted a portion of our $1,350 million aggregate principal amount of 3.337% fixed rate Senior Notes due 2027 into a floating rate instrument with an interest rate based on a LIBOR index as a hedge of its exposure to changes in fair value that are attributable to interest rate risk. As of July 1, 2023, the interest rate is based on a Secured Overnight Financing Rate ("SOFR") index. We concluded that the interest rate swap met the criteria necessary to qualify for the short-cut method of hedge accounting, and as such, an assumption is made that the change in the fair value of the hedged debt, due to changes in the benchmark rate, exactly offsets the change in the fair value of the interest rate swaps. Therefore, the derivative is considered to be effective at achieving offsetting changes in the fair value of the hedged liability, and no ineffectiveness is recognized. The mark-to-market of this fair value hedge is recorded as gains or losses in interest expense and is equally offset by the gain or loss of the underlying debt instrument, which also is recorded in interest expense. NOTIONAL AMOUNT OF DERIVATIVES The notional amount of a derivative is the number of units of the underlying. A substantial majority of the outstanding notional amount of $4.1 billion and $3.8 billion at June 30, 2023 and December 31, 2022, 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. We generally disclose derivative notional amounts on a gross basis to indicate the total counterparty risk. Where we have gross purchase and sale derivative contracts for a particular currency, we look to execute these contracts with the same counterparty to reduce our exposure. The notional amount of these derivative instruments do not generally represent cash amounts exchanged by us and the counterparties, but rather the nominal amount upon which changes in the value of the derivatives are measured. COUNTERPARTY CREDIT RISK Fair values of our derivatives can change significantly from period to period based on, among other factors, market movements and changes in our positions. We manage counterparty credit risk (the risk that counterparties will default and not make payments to us according to the terms of our agreements) on an individual counterparty basis. |
REVENUE RELATED TO CONTRACTS WI
REVENUE RELATED TO CONTRACTS WITH CUSTOMERS | 6 Months Ended |
Jun. 30, 2023 | |
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 our long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities are comprised of the following: June 30, 2023 December 31, 2022 Progress collections $ 4,950 $ 3,713 Deferred income 151 109 Progress collections and deferred income (contract liabilities) $ 5,101 $ 3,822 Revenue recognized during the three months ended June 30, 2023 and 2022 that was included in the contract liabilities at the beginning of the period was $507 million and $513 million, respectively, and $1,468 million and $1,253 million during the six months ended June 30, 2023 and 2022, respectively. DISAGGREGATED REVENUE We disaggregate our OFSE and IET segment revenue from contracts with customers by product line. See "Note 13. Segment Information" for further details. Three Months Ended June 30, Six Months Ended June 30, Total Revenue 2023 2022 2023 2022 Well Construction $ 1,076 $ 936 $ 2,137 $ 1,819 Completions, Intervention & Measurements 1,090 886 1,999 1,667 Production Solutions 959 866 1,897 1,691 Subsea & Surface Pressure Systems 752 541 1,422 1,070 Oilfield Services & Equipment 3,877 3,230 7,454 6,247 Gas Technology - Equipment 999 556 1,826 1,099 Gas Technology - Services 658 542 1,249 1,123 Total Gas Technology 1,658 1,098 3,075 2,222 Condition Monitoring 154 133 294 259 Inspection 318 257 572 469 Pumps, Valves & Gears 217 194 418 415 PSI & Controls 92 135 216 270 Total Industrial Technology 780 718 1,501 1,413 Industrial & Energy Technology 2,438 1,816 4,576 3,635 Total $ 6,315 $ 5,047 $ 12,030 $ 9,882 In addition, management views OFSE segment revenue from contracts with customers by geographic region: Three Months Ended June 30, Six Months Ended June 30, Oilfield Services & Equipment Geographic Revenue 2023 2022 2023 2022 North America $ 1,042 $ 925 $ 2,033 $ 1,748 Latin America 698 509 1,358 950 Europe/CIS/Sub-Saharan Africa 672 660 1,253 1,320 Middle East/Asia 1,465 1,136 2,810 2,230 Oilfield Services & Equipment $ 3,877 $ 3,230 $ 7,454 $ 6,247 REMAINING PERFORMANCE OBLIGATIONS As of June 30, 2023, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $31 billion. As of June 30, 2023, we expect to recognize revenue of approximately 60%, 74% and 90% of the total remaining performance obligations within 2, 5, and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
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 our Chief Executive Officer, in deciding how to allocate resources and assess performance. We report our operating results through two operating segments, Oilfield Services & Equipment and Industrial & Energy Technology. Each segment is organized and managed based upon the nature of our markets and customers and consists of similar products and services. These products and services operate across upstream oil and gas and broader energy and industrial markets. OILFIELD SERVICES & EQUIPMENT ("OFSE") Oilfield Services & Equipment provides products and services for onshore and offshore oilfield operations across the lifecycle of a well, ranging from exploration, appraisal, and development, to production, rejuvenation, and decommissioning. OFSE is organized into four product lines: Well Construction, which encompasses drilling services, drill bits, and drilling & completions fluids; Completions, Intervention, and Measurements , which encompasses well completions, pressure pumping, and wireline services; Production Solutions , which spans artificial lift systems and oilfield & industrial chemicals; and Subsea & Surface Pressure Systems , which encompasses subsea projects services and drilling systems, surface pressure control, and flexible pipe systems. Beyond its traditional oilfield concentration, OFSE is expanding its capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and carbon capture, utilization and storage, strengthening its digital architecture and addressing key energy market themes. INDUSTRIAL & ENERGY TECHNOLOGY ("IET") Industrial & Energy Technology 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 six product lines - Gas Technology Equipment and Gas Technology Services , collectively referred to as Gas Technology, and Condition Monitoring, Inspection, Pumps Valves & Gears, and PSI & Controls , collectively referred to as Industrial Technology. Revenue and operating income for each segment are determined based on the internal performance measures used by the CODM to assess the performance of each segment in a financial period. The performance of our operating segments is evaluated based on segment operating income (loss), which is defined as income (loss) before income taxes before the following: net interest expense, net other non-operating income (loss), corporate expenses, restructuring, impairment and other charges, inventory impairments, and certain gains and losses not allocated to the operating segments. Consistent accounting policies have been applied by all segments within the Company, for all reporting periods. Intercompany revenue and expense amounts have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance. Summarized financial information for the Company's segments is shown in the following tables. Three Months Ended June 30, Six Months Ended June 30, Revenue 2023 2022 2023 2022 Oilfield Services & Equipment $ 3,877 $ 3,230 $ 7,454 $ 6,247 Industrial & Energy Technology 2,438 1,816 4,576 3,635 Total $ 6,315 $ 5,047 $ 12,030 $ 9,882 Three Months Ended June 30, Six Months Ended June 30, Income before income taxes 2023 2022 2023 2022 Oilfield Services & Equipment $ 417 $ 249 $ 789 $ 461 Industrial & Energy Technology 311 236 552 476 Total segment 728 485 1,341 938 Corporate (97) (108) (197) (213) Inventory impairment (15) (31) (33) (31) Restructuring, impairment and other (102) (371) (158) (441) Other non-operating income (loss), net 158 (570) 544 (597) Interest expense, net (58) (60) (122) (124) Income before income taxes $ 614 $ (655) $ 1,374 $ (468) The following table presents depreciation and amortization by segment: Three Months Ended June 30, Six Months Ended June 30, Depreciation and amortization 2023 2022 2023 2022 Oilfield Services & Equipment $ 219 $ 221 $ 426 $ 443 Industrial & Energy Technology 52 49 109 100 Total segment 271 270 535 542 Corporate 5 5 10 9 Total $ 276 $ 275 $ 545 $ 551 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSWe have an aeroderivative joint venture ("Aero JV") we formed with General Electric Company ("GE") in 2019. The Aero JV is jointly controlled by GE and us, each with ownership interest of 50%, and therefore, we do not consolidate the JV. We had purchases from the Aero JV of $131 million and $145 million during the three months ended June 30, 2023 and 2022, respectively, and $245 million and $253 million during the six months ended June 30, 2023 and 2022, respectively. We have $61 million and $110 million of accounts payable at June 30, 2023 and December 31, 2022, respectively, for goods and services provided by the Aero JV in the ordinary course of business. Sales of products and services and related receivables with the Aero JV were immaterial for the three and six months ended June 30, 2023 and 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES LITIGATION We are subject to legal proceedings arising in the ordinary course of our business. Because legal proceedings are inherently uncertain, we are unable to predict the ultimate outcome of such matters. We record a liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. Based on the opinion of management, we do not expect the ultimate outcome of currently pending legal proceedings to have a material adverse effect on our results of operations, financial position or cash flows. However, there can be no assurance as to the ultimate outcome of these matters. On July 31, 2018, International Engineering & Construction S.A. ("IEC") initiated arbitration proceedings in New York administered by the International Center for Dispute Resolution ("ICDR") against the Company and its subsidiaries arising out of a series of sales and service contracts entered between IEC and the Company's subsidiaries for the sale and installation of LNG plants and related power generation equipment in Nigeria ("Contracts"). Prior to the filing of the IEC Arbitration, the Company’s subsidiaries made demands for payment due under the Contracts. On August 15, 2018, the Company's subsidiaries initiated a separate demand for ICDR arbitration against IEC for claims of additional costs and amounts due under the Contracts. On October 10, 2018, IEC filed a Petition to Compel Arbitration in the United States District Court for the Southern District of New York against the Company seeking to compel non-signatory Baker Hughes entities to participate in the arbitration filed by IEC. The complaint is captioned International Engineering & Construction S.A. et al. v. Baker Hughes, a GE company, LLC, et al. No. 18-cv-09241 ("S.D.N.Y 2018"); this action was dismissed by the Court on August 13, 2019. In the arbitration, IEC alleges breach of contract and other claims against the Company and its subsidiaries and seeks recovery of alleged compensatory damages, in addition to reasonable attorneys' fees, expenses and arbitration costs. On March 15, 2019, IEC amended its request for arbitration to alleged damages of $591 million of lost profits plus unspecified additional costs based on alleged non-performance of the contracts in dispute. The arbitration hearing was held from December 9, 2019 to December 20, 2019. On March 3, 2020, IEC amended their damages claim to $700 million of alleged loss cash flow or, in the alternative, $244.9 million of lost profits and various costs based on alleged non-performance of the contracts in dispute, and in addition $4.8 million of liquidated damages, $58.6 million in take-or-pay costs of feed gas, and unspecified additional costs of rectification and take-or-pay future obligations, plus unspecified interest and attorneys' fees. On May 3, 2020, the arbitration panel dismissed IEC's request for take-or-pay damages. On May 29, 2020, IEC quantified their claim for legal fees at $14.2 million and reduced their alternative claim from $244.9 million to approximately $235 million. The Company and its subsidiaries have contested IEC's claims and are pursuing claims for compensation under the contracts. On October 31, 2020, the ICDR notified the arbitration panel's final award, which dismissed the majority of IEC's claims and awarded a portion of the Company's claims. On January 27, 2021, IEC filed a petition to vacate the arbitral award in the Supreme Court of New York, County of New York. On March 5, 2021, the Company filed a petition to confirm the arbitral award, and on March 8, 2021, the Company removed the matter to the United States District Court for the Southern District of New York. On November 16, 2021, the court granted the Company's petition to confirm the award and denied IEC's petition to vacate. During the second quarter of 2022, IEC paid the amounts owed under the arbitration award, which had an immaterial impact on the Company's financial statements. On February 3, 2022, IEC initiated another arbitration proceeding in New York administered by the ICDR against certain of the Company's subsidiaries arising out of the same project which formed the basis of the first arbitration. On March 25, 2022, the Company's subsidiaries initiated a separate demand for ICDR arbitration against IEC for claims of additional costs and amounts due; such claims against IEC have now been resolved, with any consideration having an immaterial impact on the Company's financial statements. At this time, we are not able to predict the outcome of the proceeding which is pending against the Company's subsidiaries. On March 15, 2019 and March 18, 2019, the City of Riviera Beach Pension Fund and Richard Schippnick, respectively, filed in the Delaware Court of Chancery shareholder derivative lawsuits for and on Baker Hughes' behalf against GE, the then-current members of the Board of Directors of Baker Hughes and Baker Hughes as a nominal defendant, related to the decision to (i) terminate the contractual prohibition barring GE from selling any of Baker Hughes' shares before July 3, 2019; (ii) repurchase $1.5 billion in Baker Hughes' stock from GE; (iii) permit GE to sell approximately $2.5 billion in Baker Hughes' stock through a secondary offering; and (iv) enter into a series of other agreements and amendments that will govern the ongoing relationship between Baker Hughes and GE (collectively, the "2018 Transactions"). The complaints in both lawsuits allege, among other things, that GE, as Baker Hughes' controlling stockholder, and the members of Baker Hughes' Board of Directors breached their fiduciary duties by entering into the 2018 Transactions. The relief sought in the complaints includes a request for a declaration that the defendants breached their fiduciary duties, that GE was unjustly enriched, disgorgement of profits, an award of damages sustained by Baker Hughes, pre- and post-judgment interest, and attorneys' fees and costs. On March 21, 2019, the Chancery Court entered an order consolidating the Schippnick and City of Riviera Beach complaints under consolidated C.A. No. 2019-0201-AGB, styled in re Baker Hughes, a GE company derivative litigation. On May 10, 2019, Plaintiffs voluntarily dismissed their claims against the members of Baker Hughes' Conflicts Committee, and on May 15, 2019, Plaintiffs voluntarily dismissed their claims against former Baker Hughes director Martin Craighead. On June 7, 2019, the defendants and nominal defendant filed a motion to dismiss the lawsuit on the ground that the derivative plaintiffs failed to make a demand on Baker Hughes' Board of Directors to pursue the claims itself, and GE and Baker Hughes' Board of Directors filed a motion to dismiss the lawsuit on the ground that the complaint failed to state a claim on which relief can be granted. The Chancery Court denied the motions on October 8, 2019, except granted GE's motion to dismiss the unjust enrichment claim against it. On October 31, 2019, Baker Hughes' Board of Directors designated a Special Litigation Committee and empowered it with full authority to investigate and evaluate the allegations and issues raised in the derivative litigation. The Special Litigation Committee filed a motion to stay the derivative litigation during its investigation. On December 3, 2019, the Chancery Court granted the motion and stayed the derivative litigation until June 1, 2020. On May 20, 2020, the Chancery Court granted an extension of the stay to October 1, 2020, and on September 29, 2020, the Court granted a further extension of the stay to October 15, 2020. On October 13, 2020, the Special Litigation Committee filed its report with the Court. On April 17, 2023, the Court granted the Special Litigation Committee's motion to terminate the litigation. On May 16, 2023, the plaintiffs filed a notice of appeal. At this time, we are not able to predict the outcome of these proceedings. On August 13, 2019, Tri-State Joint Fund filed in the Delaware Court of Chancery, a shareholder class action lawsuit for and on the behalf of itself and all similarly situated public stockholders of Baker Hughes Incorporated ("BHI") against the General Electric Company ("GE"), the former members of the Board of Directors of BHI, and certain former BHI Officers alleging breaches of fiduciary duty, aiding and abetting, and other claims in connection with the combination of BHI and the oil and gas business ("GE O&G") of GE ("the Transactions"). On October 28, 2019, City of Providence filed in the Delaware Court of Chancery a shareholder class action lawsuit for and on behalf of itself and all similarly situated public shareholders of BHI against GE, the former members of the Board of Directors of BHI, and certain former BHI Officers alleging substantially the same claims in connection with the Transactions. The relief sought in these complaints include a request for a declaration that Defendants breached their fiduciary duties, an award of damages, pre- and post-judgment interest, and attorneys' fees and costs. The lawsuits have been consolidated, and plaintiffs filed a consolidated class action complaint on December 17, 2019 against certain former BHI officers alleging breaches of fiduciary duty and against GE for aiding and abetting those breaches. The December 2019 complaint omitted the former members of the Board of Directors of BHI, except for Mr. Craighead who also served as President and CEO of BHI. Mr. Craighead and Ms. Ross, who served as Senior Vice President and Chief Financial Officer of BHI, remain named in the December 2019 complaint along with GE. The relief sought in the consolidated complaint includes a declaration that the former BHI officers breached their fiduciary duties and that GE aided and abetted those breaches, an award of damages, pre- and post-judgment interest, and attorneys' fees and costs. On or around February 12, 2020, the defendants filed motions to dismiss the lawsuit on the grounds that the complaint failed to state a claim on which relief could be granted. On or around October 27, 2020, the Chancery Court granted GE's motion to dismiss, and granted in part the motion to dismiss filed by Mr. Craighead and Ms. Ross, thereby dismissing all of the claims against GE and Ms. Ross, and all but one of the claims against Mr. Craighead. On May 2, 2023, a stipulation of dismissal, disposing of the plaintiffs' remaining claims, was granted by the Court. 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) Baker Hughes, 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. At this time, we are not able to predict the outcome of these proceedings. We insure against risks arising from our business to the extent deemed prudent by our management and to the extent insurance is available, but no assurance can be given that the nature and amount of that insurance will be sufficient to fully indemnify us against liabilities arising out of pending or future legal proceedings or other claims. Most of our insurance policies contain deductibles or self-insured retentions in amounts we deem prudent and for which we are responsible for payment. In determining the amount of self-insurance, it is our policy to self-insure those losses that are predictable, measurable and recurring in nature, such as claims for automobile liability, general liability and workers compensation. OTHER In the normal course of business with customers, vendors and others, we have entered into off-balance sheet arrangements, such as surety bonds for performance, letters of credit and other bank issued guarantees. We also provide a guarantee to GE Capital on behalf of a customer who entered into a financing arrangement with GE Capital. Total off-balance sheet arrangements were approximately $5 billion at June 30, 2023. It is not practicable to estimate the fair value of these financial instruments. As of June 30, 2023, none of the off-balance sheet arrangements either has, or is likely to have, a material effect on our financial position, results of operations or cash flows. We sometimes enter into consortium or similar arrangements for certain projects primarily in our OFSE segment. Under such arrangements, each party is responsible for performing a certain scope of work within the total scope of the contracted work, and the obligations expire when all contractual obligations are completed. The failure or inability, financially or otherwise, of any of the parties to perform their obligations could impose additional costs and obligations on us. These factors could result in unanticipated costs to complete the project, liquidated damages or contract disputes. |
RESTRUCTURING, IMPAIRMENT AND O
RESTRUCTURING, IMPAIRMENT AND OTHER | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING, IMPAIRMENT AND OTHER | RESTRUCTURING, IMPAIRMENT AND OTHER We recorded restructuring, impairment and other charges of $102 million and $158 million during the three and six months ended June 30, 2023, respectively, and $371 million and $441 million during the three and six months ended June 30, 2022, respectively. RESTRUCTURING AND IMPAIRMENT CHARGES We recorded restructuring and impairment charges of $96 million and $152 million for the three and six months ended June 30, 2023, respectively. In the third quarter of 2022, we announced a restructuring plan in conjunction with a change in our operating segments that was effective October 1, 2022 (the "2022 Plan"). As a result, we continued to incur charges in the second quarter of 2023 related to the 2022 Plan primarily for employee termination expenses driven by actions taken by the Company to facilitate the reorganization into two segments and corporate restructuring. In addition, under a new plan (the "2023 Plan") we incurred costs related to exit activities at specific locations in our segments to align with our current market outlook and rationalize our manufacturing supply chain footprint. These actions also included inventory impairments of $15 million and $33 million for the three and six months ended June 30, 2023, respectively, recorded in "Cost of goods sold" in our condensed consolidated statements of income (loss). We expect to incur additional restructuring charges of approximately $45 million in the second half of 2023 related to these plans, and currently expect these plans to be substantially completed by the end of 2023. The following table presents restructuring and impairment charges by the impacted segment, however, these charges are not included in the reported segment results: Three Months Ended June 30, Six Months Ended June 30, Segments 2023 2022 2023 2022 Oilfield Services & Equipment $ 26 $ 16 $ 41 $ 18 Industrial & Energy Technology 52 4 66 3 Corporate 17 5 45 8 Total $ 96 $ 25 $ 152 $ 29 The following table presents restructuring and impairment charges by type, and includes gains on the dispositions of certain property, plant and equipment ("PP&E") previously impaired as a consequence of exit activities: Three Months Ended June 30, Six Months Ended June 30, Charges by Type 2023 2022 2023 2022 Property, plant & equipment, net $ (1) $ 3 $ 14 $ (6) Employee-related termination costs 80 21 110 29 Other incremental costs 17 1 28 6 Total $ 96 $ 25 $ 152 $ 29 OTHER CHARGES We recorded other charges of $6 million for the three and six months ended June 30, 2023, respectively, and $346 million and $412 million for the three and six months ended June 30, 2022. Other charges for the three and six months ended June 30, 2022 were primarily associated with the discontinuation of our Russia operations. As a result of the ongoing conflict between Russia and Ukraine, we took actions to suspend substantially all of our operational activities related to Russia. These actions resulted in other charges of $334 million, primarily associated with the suspension of contracts including all our IET LNG contracts, and the impairment of assets consisting primarily of contract assets, PP&E and reserve for accounts receivable. In addition to these charges, we recorded inventory impairments of $31 million primarily in IET as part of suspending our Russia operations, which were reported in the “Cost of goods sold” caption in the consolidated condensed statement of income (loss). The 2022 charges also include a write-off of an equity method investment, the release of foreign currency translation adjustments for certain restructured product lines, and separation related costs. |
BUSINESS ACQUISITIONS AND DISPO
BUSINESS ACQUISITIONS AND DISPOSITIONS | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESS ACQUISITIONS AND DISPOSITIONS | BUSINESS ACQUISITIONS AND DISPOSITIONS ACQUISITIONS During the first six months of 2023, we completed the acquisition of businesses for total cash consideration of $282 million, net of cash acquired, which consisted primarily of the acquisition of Altus Intervention in the OFSE segment in April 2023. Altus Intervention is a leading international provider of well intervention services and downhole technology. The assets acquired and liabilities assumed in these acquisitions were recorded based on preliminary estimates of their fair values as of the acquisition date. As a result of these acquisitions, we recorded $113 million of goodwill and $31 million of intangible assets, subject to final fair value adjustments. Pro forma results of operations for these acquisitions have not been presented because the effects of these acquisitions were not material to our consolidated financial statements. DISPOSITIONS During the first six months of 2023, we completed the sale of businesses and received total cash consideration of $293 million. The dispositions consisted primarily of the sale of our Nexus Controls business in the IET segment to GE in April 2023, which resulted in an immaterial gain. Nexus Controls specializes in scalable industrial controls systems, safety systems, hardware, and software cybersecurity solutions and services. GE will continue to provide Baker Hughes with GE's MarkTM controls products currently in the Nexus Controls portfolio, and we will be the exclusive supplier and service provider of such GE products for our oil and gas customers' control needs. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 439 | $ (843) | $ 1,052 | $ (756) |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 such principles, "U.S. GAAP") and pursuant to the rules and regulations of the SEC for interim financial information. Accordingly, certain information and disclosures normally included in our annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the "2022 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state our results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. The condensed consolidated financial statements include the accounts of BHH LLC and all of its subsidiaries and affiliates which it controls or variable interest entities for which we have determined that we are the primary beneficiary. 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 to the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and common unit amounts in tabulations are in millions of dollars and units, respectively, unless otherwise indicated. Certain columns and rows in our financial statements and notes thereto may not add due to the use of rounded numbers. |
Supply Chain Finance Programs and New Accounting Standards To Be Adopted | Supply Chain Finance Programs On January 1, 2023, we adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency of supplier finance programs and requires certain disclosures for a buyer in a supplier finance program. Under the supply chain finance ("SCF") programs, administered by a third party, our suppliers are given the opportunity to sell receivables from us to participating financial institutions at their sole discretion at a rate that leverages our credit rating and thus might be more beneficial to our suppliers. Our responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of whether the supplier sells its receivable to a financial institution. The range of payment terms we negotiate with our suppliers is consistent, irrespective of whether a supplier participates in the program. As of June 30, 2023 and December 31, 2022, $280 million and $275 million of SCF program liabilities are recorded in "Accounts payable" in our condensed consolidated statements of financial position, respectively, and reflected as cash flow from operating activities in our condensed consolidated statements of cash flows when settled. NEW ACCOUNTING STANDARDS TO BE ADOPTED New accounting pronouncements that have been issued but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations. |
CURRENT RECEIVABLES (Tables)
CURRENT RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Current Receivables | Current receivables are comprised of the following: June 30, 2023 December 31, 2022 Customer receivables $ 5,414 $ 5,083 Other 1,410 1,232 Total current receivables 6,824 6,315 Less: Allowance for credit losses (348) (341) Total current receivables, net $ 6,476 $ 5,974 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory, Net [Abstract] | |
Schedule of Inventories, Net of Reserves | Inventories, net of reserves of $400 million and $396 million as of June 30, 2023 and December 31, 2022, respectively, are comprised of the following: June 30, 2023 December 31, 2022 Finished goods $ 2,604 $ 2,419 Work in process and raw materials 2,353 2,168 Total inventories, net $ 4,957 $ 4,587 |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets are comprised of the following: June 30, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,927 $ (775) $ 1,152 $ 1,917 $ (729) $ 1,189 Technology 1,231 (849) 382 1,212 (803) 409 Trade names and trademarks 290 (181) 109 287 (175) 112 Capitalized software 1,365 (1,086) 279 1,308 (1,040) 268 Finite-lived intangible assets 4,813 (2,891) 1,922 4,725 (2,747) 1,978 Indefinite-lived intangible assets 2,202 — 2,202 2,202 — 2,202 Total intangible assets $ 7,015 $ (2,891) $ 4,124 $ 6,927 $ (2,747) $ 4,180 |
Schedule of Indefinite-Lived Intangible Assets | Intangible assets are comprised of the following: June 30, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,927 $ (775) $ 1,152 $ 1,917 $ (729) $ 1,189 Technology 1,231 (849) 382 1,212 (803) 409 Trade names and trademarks 290 (181) 109 287 (175) 112 Capitalized software 1,365 (1,086) 279 1,308 (1,040) 268 Finite-lived intangible assets 4,813 (2,891) 1,922 4,725 (2,747) 1,978 Indefinite-lived intangible assets 2,202 — 2,202 2,202 — 2,202 Total intangible assets $ 7,015 $ (2,891) $ 4,124 $ 6,927 $ (2,747) $ 4,180 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the remainder of 2023 and each of the subsequent five fiscal years is expected to be as follows: Year Estimated Amortization Expense Remainder of 2023 $ 124 2024 232 2025 192 2026 146 2027 123 2028 107 |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets | Contract assets are comprised of the following: June 30, 2023 December 31, 2022 Long-term product service agreements $ 410 $ 392 Long-term equipment contracts and certain other service agreements 1,145 955 Contract assets (total revenue in excess of billings) 1,555 1,347 Deferred inventory costs 180 125 Other costs to fulfill or obtain a contract (1) 41 31 Contract and other deferred assets $ 1,776 $ 1,503 (1) Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered. June 30, 2023 December 31, 2022 Progress collections $ 4,950 $ 3,713 Deferred income 151 109 Progress collections and deferred income (contract liabilities) $ 5,101 $ 3,822 |
PROGRESS COLLECTIONS AND DEFE_2
PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Liabilities | Contract assets are comprised of the following: June 30, 2023 December 31, 2022 Long-term product service agreements $ 410 $ 392 Long-term equipment contracts and certain other service agreements 1,145 955 Contract assets (total revenue in excess of billings) 1,555 1,347 Deferred inventory costs 180 125 Other costs to fulfill or obtain a contract (1) 41 31 Contract and other deferred assets $ 1,776 $ 1,503 (1) Other costs to fulfill or obtain a contract consist primarily of non-recurring engineering costs incurred and expected to be recovered. June 30, 2023 December 31, 2022 Progress collections $ 4,950 $ 3,713 Deferred income 151 109 Progress collections and deferred income (contract liabilities) $ 5,101 $ 3,822 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease Expense | Our leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities, research centers, service centers, sales offices and certain equipment. Three Months Ended June 30, Six Months Ended June 30, Operating Lease Expense 2023 2022 2023 2022 Long-term fixed lease $ 68 $ 63 $ 137 $ 126 Long-term variable lease 19 13 34 22 Short-term lease 124 114 251 224 Total operating lease expense $ 210 $ 190 $ 422 $ 372 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | The carrying value of our short-term and long-term debt are comprised of the following: June 30, 2023 December 31, 2022 Short-term and current portion of long-term debt 1.231% Senior Notes due December 2023 $ 649 $ 649 8.55% Debentures due June 2024 111 — Other debt 85 29 Total short-term and current portion of long-term debt 845 677 Long-term debt 8.55% Debentures due June 2024 — 114 2.061% Senior Notes due December 2026 598 597 3.337% Senior Notes due December 2027 1,280 1,277 6.875% Notes due January 2029 270 273 3.138% Senior Notes due November 2029 523 523 4.486% Senior Notes due May 2030 497 497 5.125% Senior Notes due September 2040 1,284 1,286 4.080% Senior Notes due December 2047 1,338 1,338 Other long-term debt 58 75 Total long-term debt 5,848 5,980 Total debt $ 6,693 $ 6,658 |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Number of Shares Outstanding | The following table presents the changes in the number of Units outstanding (in thousands): Units Held Units Held 2023 2022 2023 2022 Balance at January 1 1,005,960 909,142 — 116,548 Issue of Units to Baker Hughes under equity incentive plan 6,696 8,470 — — Exchange of Units (1) — 109,548 — (109,548) Repurchase and cancellation of Units (3,596) (14,825) — — Balance at June 30 1,009,061 1,012,335 — 7,000 (1) When shares of Baker Hughes' Class B common stock, together with associated Units, are exchanged for shares of Baker Hughes' Class A common stock, such shares of Class B common stock are canceled. |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | The following tables present the changes in accumulated other comprehensive loss, net of tax: Investment Securities Foreign Currency Translation Adjustments Cash Flow Hedges Benefit Plans Accumulated Other Comprehensive Loss Balance at December 31, 2022 $ — $ (2,665) $ (10) $ (296) $ (2,971) Other comprehensive income (loss) before reclassifications 1 168 11 (13) 167 Amounts reclassified from accumulated other comprehensive loss — — 2 7 9 Deferred taxes — — (2) 2 — Other comprehensive income (loss) 1 168 11 (4) 176 Balance at June 30, 2023 $ 1 $ (2,498) $ 1 $ (299) $ (2,795) Foreign Currency Translation Adjustments Cash Flow Hedges Benefit Plans Accumulated Other Comprehensive Loss Balance at December 31, 2021 $ (2,398) $ (12) $ (281) $ (2,691) Other comprehensive income (loss) before reclassifications (188) (1) 27 (162) Amounts reclassified from accumulated other comprehensive loss 35 2 12 49 Deferred taxes — — (7) (7) Other comprehensive income (loss) (153) 1 32 (120) Less: Other comprehensive income (loss) attributable to noncontrolling interests (2) — — (2) Balance at June 30, 2022 $ (2,549) $ (11) $ (249) $ (2,809) |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Our assets and liabilities measured at fair value on a recurring basis consists of derivative instruments and investment securities. June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Net Balance Level 1 Level 2 Level 3 Net Balance Assets Derivatives $ — $ 27 $ — $ 27 $ — $ 18 $ — $ 18 Investment securities 1,078 — — 1,078 748 — — 748 Total assets 1,078 27 — 1,105 748 18 — 766 Liabilities Derivatives — (73) — (73) — (86) — (86) Total liabilities $ — $ (73) $ — $ (73) $ — $ (86) $ — $ (86) |
Schedule of Investment Securities Classified as Available for Sale | June 30, 2023 December 31, 2022 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) $ 33 $ 1 $ — $ 34 $ — $ — $ — $ — Equity securities 534 510 — 1,044 557 191 — 748 Total $ 567 $ 511 $ — $ 1,078 $ 557 $ 191 $ — $ 748 (1) Gains (losses) recorded to earnings related to these securities were $(1) million and $(130) million for the three months ended June 30, 2023 and 2022, respectively, and $391 million and $(118) million for the six months ended June 30, 2023 and 2022. (2) As of June 30, 2023, our non-U.S. debt securities are classified as available for sale securities and mature within one year. |
Schedule of Derivatives | The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives. June 30, 2023 December 31, 2022 Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Currency exchange contracts $ 5 $ — $ 1 $ — Interest rate swap contracts 6 (66) — (69) Derivatives not accounted for as hedges Currency exchange contracts and other 16 (7) 17 (17) Total derivatives $ 27 $ (73) $ 18 $ (86) |
REVENUE RELATED TO CONTRACTS _2
REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Segment Revenue | We disaggregate our OFSE and IET segment revenue from contracts with customers by product line. See "Note 13. Segment Information" for further details. Three Months Ended June 30, Six Months Ended June 30, Total Revenue 2023 2022 2023 2022 Well Construction $ 1,076 $ 936 $ 2,137 $ 1,819 Completions, Intervention & Measurements 1,090 886 1,999 1,667 Production Solutions 959 866 1,897 1,691 Subsea & Surface Pressure Systems 752 541 1,422 1,070 Oilfield Services & Equipment 3,877 3,230 7,454 6,247 Gas Technology - Equipment 999 556 1,826 1,099 Gas Technology - Services 658 542 1,249 1,123 Total Gas Technology 1,658 1,098 3,075 2,222 Condition Monitoring 154 133 294 259 Inspection 318 257 572 469 Pumps, Valves & Gears 217 194 418 415 PSI & Controls 92 135 216 270 Total Industrial Technology 780 718 1,501 1,413 Industrial & Energy Technology 2,438 1,816 4,576 3,635 Total $ 6,315 $ 5,047 $ 12,030 $ 9,882 |
Schedule of Revenue by Geographic Region | In addition, management views OFSE segment revenue from contracts with customers by geographic region: Three Months Ended June 30, Six Months Ended June 30, Oilfield Services & Equipment Geographic Revenue 2023 2022 2023 2022 North America $ 1,042 $ 925 $ 2,033 $ 1,748 Latin America 698 509 1,358 950 Europe/CIS/Sub-Saharan Africa 672 660 1,253 1,320 Middle East/Asia 1,465 1,136 2,810 2,230 Oilfield Services & Equipment $ 3,877 $ 3,230 $ 7,454 $ 6,247 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information | Summarized financial information for the Company's segments is shown in the following tables. Three Months Ended June 30, Six Months Ended June 30, Revenue 2023 2022 2023 2022 Oilfield Services & Equipment $ 3,877 $ 3,230 $ 7,454 $ 6,247 Industrial & Energy Technology 2,438 1,816 4,576 3,635 Total $ 6,315 $ 5,047 $ 12,030 $ 9,882 Three Months Ended June 30, Six Months Ended June 30, Income before income taxes 2023 2022 2023 2022 Oilfield Services & Equipment $ 417 $ 249 $ 789 $ 461 Industrial & Energy Technology 311 236 552 476 Total segment 728 485 1,341 938 Corporate (97) (108) (197) (213) Inventory impairment (15) (31) (33) (31) Restructuring, impairment and other (102) (371) (158) (441) Other non-operating income (loss), net 158 (570) 544 (597) Interest expense, net (58) (60) (122) (124) Income before income taxes $ 614 $ (655) $ 1,374 $ (468) The following table presents depreciation and amortization by segment: Three Months Ended June 30, Six Months Ended June 30, Depreciation and amortization 2023 2022 2023 2022 Oilfield Services & Equipment $ 219 $ 221 $ 426 $ 443 Industrial & Energy Technology 52 49 109 100 Total segment 271 270 535 542 Corporate 5 5 10 9 Total $ 276 $ 275 $ 545 $ 551 |
RESTRUCTURING, IMPAIRMENT AND_2
RESTRUCTURING, IMPAIRMENT AND OTHER (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Impairment Charges | The following table presents restructuring and impairment charges by the impacted segment, however, these charges are not included in the reported segment results: Three Months Ended June 30, Six Months Ended June 30, Segments 2023 2022 2023 2022 Oilfield Services & Equipment $ 26 $ 16 $ 41 $ 18 Industrial & Energy Technology 52 4 66 3 Corporate 17 5 45 8 Total $ 96 $ 25 $ 152 $ 29 The following table presents restructuring and impairment charges by type, and includes gains on the dispositions of certain property, plant and equipment ("PP&E") previously impaired as a consequence of exit activities: Three Months Ended June 30, Six Months Ended June 30, Charges by Type 2023 2022 2023 2022 Property, plant & equipment, net $ (1) $ 3 $ 14 $ (6) Employee-related termination costs 80 21 110 29 Other incremental costs 17 1 28 6 Total $ 96 $ 25 $ 152 $ 29 |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounting Standards Update 2022-04 | SCF program | ||
Supplier Finance Program [Line Items] | ||
SCF program liabilities | $ 280 | $ 275 |
CURRENT RECEIVABLES (Details)
CURRENT RECEIVABLES (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | $ 6,824 | $ 6,315 |
Less: Allowance for credit losses | (348) | (341) |
Total current receivables, net | 6,476 | 5,974 |
Customer receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | 5,414 | 5,083 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | $ 1,410 | $ 1,232 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Inventory [Line Items] | |||||
Inventory valuation reserves | $ 400 | $ 400 | $ 396 | ||
Finished goods | 2,604 | 2,604 | 2,419 | ||
Work in process and raw materials | 2,353 | 2,353 | 2,168 | ||
Total inventories, net | 4,957 | 4,957 | $ 4,587 | ||
Inventory impairment | 15 | 33 | $ 31 | ||
Oilfield Services & Equipment | |||||
Inventory [Line Items] | |||||
Inventory impairment | $ 15 | $ 33 | |||
Industrial & Energy Technology | |||||
Inventory [Line Items] | |||||
Inventory impairment | $ 31 | $ 31 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-lived intangible assets | ||
Gross Carrying Amount | $ 4,813 | $ 4,725 |
Accumulated Amortization | (2,891) | (2,747) |
Net | 1,922 | 1,978 |
Indefinite-lived intangible assets | 2,202 | 2,202 |
Total intangible assets, Gross Carrying Amount | 7,015 | 6,927 |
Total intangible assets, Net | 4,124 | 4,180 |
Customer relationships | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 1,927 | 1,917 |
Accumulated Amortization | (775) | (729) |
Net | 1,152 | 1,189 |
Technology | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 1,231 | 1,212 |
Accumulated Amortization | (849) | (803) |
Net | 382 | 409 |
Trade names and trademarks | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 290 | 287 |
Accumulated Amortization | (181) | (175) |
Net | 109 | 112 |
Capitalized software | ||
Finite-lived intangible assets | ||
Gross Carrying Amount | 1,365 | 1,308 |
Accumulated Amortization | (1,086) | (1,040) |
Net | $ 279 | $ 268 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 63 | $ 55 | $ 126 | $ 110 |
Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 1 year | 1 year | ||
Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated useful lives | 35 years | 35 years |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Future Estimated Amortization Expense (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Year | |
Remainder of 2023 | $ 124 |
2024 | 232 |
2025 | 192 |
2026 | 146 |
2027 | 123 |
2028 | $ 107 |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contract assets (total revenue in excess of billings) | $ 1,555 | $ 1,555 | $ 1,347 | ||
Deferred inventory costs | 180 | 180 | 125 | ||
Other costs to fulfill or obtain a contract | 41 | 41 | 31 | ||
Contract and other deferred assets | 1,776 | 1,776 | 1,503 | ||
Revenue recognized from performance obligations satisfied in previous periods | 13 | $ 17 | 14 | $ 13 | |
Long-term product service agreements | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contract assets (total revenue in excess of billings) | 410 | 410 | 392 | ||
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) | $ 1,145 | $ 1,145 | $ 955 |
PROGRESS COLLECTIONS AND DEFE_3
PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Progress collections and deferred income (contract liabilities) | $ 5,101 | $ 5,101 | $ 3,822 | ||
Revenue recognized, included in contract liability | 507 | $ 513 | 1,468 | $ 1,253 | |
Progress collections | |||||
Disaggregation of Revenue [Line Items] | |||||
Progress collections and deferred income (contract liabilities) | 4,950 | 4,950 | 3,713 | ||
Deferred income | |||||
Disaggregation of Revenue [Line Items] | |||||
Progress collections and deferred income (contract liabilities) | $ 151 | $ 151 | $ 109 |
LEASES - Operating Lease Expens
LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Lease Expense | ||||
Long-term fixed lease | $ 68 | $ 63 | $ 137 | $ 126 |
Long-term variable lease | 19 | 13 | 34 | 22 |
Short-term lease | 124 | 114 | 251 | 224 |
Total operating lease expense | $ 210 | $ 190 | $ 422 | $ 372 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | Jun. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 7 years | 7 years |
Weighted-average discount rate | 3.50% | 3.10% |
DEBT - Current and Long-term Bo
DEBT - Current and Long-term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Short-term and current portion of long-term debt | ||
Total short-term and current portion of long-term debt | $ 845 | $ 677 |
Long-term debt | ||
Other long-term debt | 58 | 75 |
Total long-term debt | 5,848 | 5,980 |
Total debt | $ 6,693 | 6,658 |
Debentures | 8.55% Debentures due June 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 8.55% | |
Long-term debt | ||
Long-term debt | $ 0 | 114 |
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 | $ 597 |
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 | $ 1,280 | $ 1,277 |
Senior Notes | 6.875% Notes due January 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 6.875% | |
Long-term debt | ||
Long-term debt | $ 270 | 273 |
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 | $ 497 | 497 |
Senior Notes | 5.125% Senior Notes due September 2040 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.125% | |
Long-term debt | ||
Long-term debt | $ 1,284 | 1,286 |
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 |
Senior Notes | 1.231% Senior Notes due December 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.231% | |
Short-term and current portion of long-term debt | ||
Total short-term and current portion of long-term debt | $ 649 | 649 |
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 | $ 111 | 0 |
Other debt | ||
Short-term and current portion of long-term debt | ||
Total short-term and current portion of long-term debt | $ 85 | $ 29 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Estimated fair value of debt | $ 5,964,000,000 | $ 5,863,000,000 |
Commercial paper | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 3,000,000,000 | |
Debt term (no more than) | 397 days | |
BHH LLC | Baker Hughes Co-Obligor, Inc. | ||
Line of Credit Facility [Line Items] | ||
Ownership percentage | 100% | |
Long-term debt | $ 6,550,000,000 | |
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 | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 171 | $ 181 | $ 312 | $ 276 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||
Stock repurchased and canceled (in shares) | 3,600,000 | 6,700,000 | 3,600,000 | 14,800,000 | ||
Repurchase and cancellation of common units | $ 99 | $ 226 | $ 99 | $ 462 | ||
Stock repurchase average price per share (in dollars per share) | $ 27.66 | $ 33.77 | $ 27.66 | $ 31.13 | ||
Remaining authorized repurchase amount | $ 2,700 | $ 2,700 | ||||
Units Held by Baker Hughes | ||||||
Class of Stock [Line Items] | ||||||
Common stock outstanding (in shares) | 1,009,061,000 | 1,012,335,000 | 1,009,061,000 | 1,012,335,000 | 1,005,960,000 | 909,142,000 |
Units Held by General Electric Company | ||||||
Class of Stock [Line Items] | ||||||
Common stock outstanding (in shares) | 0 | 7,000,000 | 0 | 7,000,000 | 0 | 116,548,000 |
EQUITY - Changes in Number of S
EQUITY - Changes in Number of Shares Outstanding (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Units Held by Baker Hughes | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance (in shares) | 1,005,960 | 909,142 |
Issue of shares upon vesting of restricted stock units (in shares) | 6,696 | 8,470 |
Exchange of Class B common stock for Class A common stock (in shares) | 0 | 109,548 |
Repurchase and cancellation of Class A common stock (in shares) | (3,596) | (14,825) |
Ending balance (in shares) | 1,009,061 | 1,012,335 |
Units Held by General Electric Company | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance (in shares) | 0 | 116,548 |
Issue of shares upon vesting of restricted stock units (in shares) | 0 | 0 |
Exchange of Class B common stock for Class A common stock (in shares) | 0 | (109,548) |
Repurchase and cancellation of Class A common stock (in shares) | 0 | 0 |
Ending balance (in shares) | 0 | 7,000 |
EQUITY - Accumulated Other Comp
EQUITY - Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 15,092 | $ 16,513 | $ 14,659 | $ 16,726 |
Other comprehensive income (loss) before reclassifications | 167 | (162) | ||
Amounts reclassified from accumulated other comprehensive loss | 9 | 49 | ||
Deferred taxes | 0 | (7) | ||
Other comprehensive income (loss) | 232 | (146) | 176 | (120) |
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | (1) | 0 | (2) |
Ending Balance | 15,538 | 15,155 | 15,538 | 15,155 |
Investment Securities, Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | 0 | |||
Ending Balance | 1 | 1 | ||
Investment Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | 1 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Deferred taxes | 0 | |||
Other comprehensive income (loss) | 1 | |||
Foreign Currency Translation Adjustment, Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (2,665) | (2,398) | ||
Ending Balance | (2,498) | (2,549) | (2,498) | (2,549) |
Foreign Currency Translation Adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | 168 | (188) | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 35 | ||
Deferred taxes | 0 | 0 | ||
Other comprehensive income (loss) | 168 | (153) | ||
Foreign Currency Translation Adjustments, Noncontrolling Interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Less: Other comprehensive loss attributable to noncontrolling interests | (2) | |||
Cash Flow Hedges, Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (10) | (12) | ||
Ending Balance | 1 | (11) | 1 | (11) |
Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | 11 | (1) | ||
Amounts reclassified from accumulated other comprehensive loss | 2 | 2 | ||
Deferred taxes | (2) | 0 | ||
Other comprehensive income (loss) | 11 | 1 | ||
Cash Flow Hedges, Noncontrolling Interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | |||
Benefit Plans, Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (296) | (281) | ||
Ending Balance | (299) | (249) | (299) | (249) |
Benefit Plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Other comprehensive income (loss) before reclassifications | (13) | 27 | ||
Amounts reclassified from accumulated other comprehensive loss | 7 | 12 | ||
Deferred taxes | 2 | (7) | ||
Other comprehensive income (loss) | (4) | 32 | ||
Benefit Plans, Noncontrolling Interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Less: Other comprehensive loss attributable to noncontrolling interests | 0 | |||
Accumulated Other Comprehensive Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (3,026) | (2,664) | (2,971) | (2,691) |
Other comprehensive income (loss) | 232 | (145) | 176 | (118) |
Ending Balance | $ (2,795) | $ (2,809) | $ (2,795) | $ (2,809) |
FINANCIAL INSTRUMENTS - Recurri
FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Derivatives | $ 27 | $ 18 |
Investment securities | 1,078 | 748 |
Liabilities | ||
Derivatives | (73) | (86) |
Recurring | ||
Assets | ||
Derivatives | 27 | 18 |
Investment securities | 1,078 | 748 |
Total assets | 1,105 | 766 |
Liabilities | ||
Derivatives | (73) | (86) |
Total liabilities | (73) | (86) |
Recurring | Level 1 | ||
Assets | ||
Derivatives | 0 | 0 |
Investment securities | 1,078 | 748 |
Total assets | 1,078 | 748 |
Liabilities | ||
Derivatives | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Derivatives | 27 | 18 |
Investment securities | 0 | 0 |
Total assets | 27 | 18 |
Liabilities | ||
Derivatives | (73) | (86) |
Total liabilities | (73) | (86) |
Recurring | Level 3 | ||
Assets | ||
Derivatives | 0 | 0 |
Investment securities | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Total liabilities | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Investm
FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Equity securities, amortized cost | $ 534 | $ 534 | $ 557 | ||
Equity securities, gross unrealized gains | 510 | 510 | 191 | ||
Equity securities, gross unrealized losses | 0 | 0 | 0 | ||
Equity securities, estimated fair value | 1,044 | 1,044 | 748 | ||
Total, amortized cost | 567 | 567 | 557 | ||
Total, gross unrealized gains | 511 | 511 | 191 | ||
Total, gross unrealized losses | 0 | 0 | 0 | ||
Total, estimated fair value | 1,078 | 1,078 | 748 | ||
Net unrealized gain (loss) | (1) | $ (130) | 391 | $ (118) | |
Non-U.S. debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, amortized cost | 33 | 33 | 0 | ||
Debt securities, gross unrealized gains | 1 | 1 | 0 | ||
Debt securities, gross unrealized losses | 0 | 0 | 0 | ||
Debt securities, estimated fair value | $ 34 | $ 34 | $ 0 | ||
Available for sale securities maturity | 1 year | 1 year |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Balance of equity securities with readily determinable fair value | $ 1,044 | $ 1,044 | $ 748 | ||
Gain (loss) on earnings of equity securities | 29 | $ (123) | 421 | $ (111) | |
Equity securities without readily determinable fair values | 143 | 143 | 60 | ||
Remeasurement gain | 118 | ||||
Assets | 27 | 27 | 18 | ||
Derivative liability | 73 | 73 | 86 | ||
Notional amount | 4,100 | 4,100 | 3,800 | ||
3.337% Senior Notes due December 2027 | Senior Notes | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Aggregate principal amount | $ 1,350 | $ 1,350 | $ 1,350 | ||
Stated interest rate | 3.337% | 3.337% | 3.337% | ||
Cash flow hedging | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative term | 2 years | 1 year | |||
Cash flow hedging | Interest rate swap contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional amount | $ 375 | $ 375 | |||
Fair Value Hedging | Interest rate swap contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional amount | 500 | 500 | $ 500 | ||
All other current assets | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Assets | 25 | 25 | 17 | ||
All other assets | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Assets | 2 | 2 | 1 | ||
All other current liabilities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative liability | 7 | 7 | 17 | ||
All other liabilities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative liability | $ 66 | $ 66 | $ 69 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Assets | $ 27 | $ 18 |
Liabilities | (73) | (86) |
Currency exchange contracts | Derivatives accounted for as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 5 | 1 |
Liabilities | 0 | 0 |
Currency exchange contracts | Derivatives not accounted for as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 16 | 17 |
Liabilities | (7) | (17) |
Interest rate swap contracts | Derivatives accounted for as hedges | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 6 | 0 |
Liabilities | $ (66) | $ (69) |
REVENUE RELATED TO CONTRACTS _3
REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Segment Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,315 | $ 5,047 | $ 12,030 | $ 9,882 |
Oilfield Services & Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,877 | 3,230 | 7,454 | 6,247 |
Oilfield Services & Equipment | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,042 | 925 | 2,033 | 1,748 |
Oilfield Services & Equipment | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 698 | 509 | 1,358 | 950 |
Oilfield Services & Equipment | Europe/CIS/Sub-Saharan Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 672 | 660 | 1,253 | 1,320 |
Oilfield Services & Equipment | Middle East/Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,465 | 1,136 | 2,810 | 2,230 |
Oilfield Services & Equipment | Well Construction | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,076 | 936 | 2,137 | 1,819 |
Oilfield Services & Equipment | Completions, Intervention & Measurements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,090 | 886 | 1,999 | 1,667 |
Oilfield Services & Equipment | Production Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 959 | 866 | 1,897 | 1,691 |
Oilfield Services & Equipment | Subsea & Surface Pressure Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 752 | 541 | 1,422 | 1,070 |
Industrial & Energy Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,438 | 1,816 | 4,576 | 3,635 |
Industrial & Energy Technology | Gas Technology - Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 999 | 556 | 1,826 | 1,099 |
Industrial & Energy Technology | Gas Technology - Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 658 | 542 | 1,249 | 1,123 |
Industrial & Energy Technology | Total Gas Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,658 | 1,098 | 3,075 | 2,222 |
Industrial & Energy Technology | Condition Monitoring | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 154 | 133 | 294 | 259 |
Industrial & Energy Technology | Inspection | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 318 | 257 | 572 | 469 |
Industrial & Energy Technology | Pumps, Valves & Gears | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 217 | 194 | 418 | 415 |
Industrial & Energy Technology | PSI & Controls | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 92 | 135 | 216 | 270 |
Industrial & Energy Technology | Total Industrial Technology | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 780 | $ 718 | $ 1,501 | $ 1,413 |
REVENUE RELATED TO CONTRACTS _4
REVENUE RELATED TO CONTRACTS WITH CUSTOMERS - Narrative (Details) $ in Billions | Jun. 30, 2023 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Performance obligations expected to be satisfied | $ 31 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Within 2 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | 60% |
Timing of revenue expected to be recognized | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Within 5 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | 74% |
Timing of revenue expected to be recognized | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | Within 15 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized | 90% |
Timing of revenue expected to be recognized | 15 years |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 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 | 6 |
SEGMENT INFORMATION - Summarize
SEGMENT INFORMATION - Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 6,315 | $ 5,047 | $ 12,030 | $ 9,882 |
Summarized financial information [Abstract] | ||||
Income before income taxes | 614 | (655) | 1,374 | (468) |
Inventory impairment | (15) | (33) | (31) | |
Other non-operating income (loss), net | 158 | (570) | 544 | (597) |
Interest expense, net | (58) | (60) | (122) | (124) |
Operating segments | ||||
Summarized financial information [Abstract] | ||||
Income before income taxes | 728 | 485 | 1,341 | 938 |
Corporate | ||||
Summarized financial information [Abstract] | ||||
Income before income taxes | (97) | (108) | (197) | (213) |
Segment reconciling items | ||||
Summarized financial information [Abstract] | ||||
Inventory impairment | (15) | (31) | (33) | (31) |
Restructuring, impairment and other | (102) | (371) | (158) | (441) |
Other non-operating income (loss), net | 158 | (570) | 544 | (597) |
Interest expense, net | (58) | (60) | (122) | (124) |
Oilfield Services & Equipment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,877 | 3,230 | 7,454 | 6,247 |
Oilfield Services & Equipment | Operating segments | ||||
Summarized financial information [Abstract] | ||||
Income before income taxes | 417 | 249 | 789 | 461 |
Industrial & Energy Technology | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,438 | 1,816 | 4,576 | 3,635 |
Industrial & Energy Technology | Operating segments | ||||
Summarized financial information [Abstract] | ||||
Income before income taxes | $ 311 | $ 236 | $ 552 | $ 476 |
SEGMENT INFORMATION - Capital E
SEGMENT INFORMATION - Capital Expenditures and Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 276 | $ 275 | $ 545 | $ 551 |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 271 | 270 | 535 | 542 |
Operating segments | Oilfield Services & Equipment | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 219 | 221 | 426 | 443 |
Operating segments | Industrial & Energy Technology | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 52 | 49 | 109 | 100 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 5 | $ 5 | $ 10 | $ 9 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||||
Accounts payable | $ 4,154 | $ 4,154 | $ 4,298 | |||
Corporate joint venture | ||||||
Related Party Transaction [Line Items] | ||||||
Purchases | 131 | $ 145 | 245 | $ 253 | ||
Accounts payable | $ 61 | $ 61 | $ 110 | |||
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. 18, 2019 | Mar. 15, 2019 | Jun. 30, 2023 |
Loss Contingencies [Line Items] | |||||
Off-balance sheet arrangements | $ 5,000 | ||||
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 | ||||
City of Riviera Beach Pension Fund and Richard Schippnick | Pending Litigation | |||||
Loss Contingencies [Line Items] | |||||
Repurchase of stock from GE | $ 1,500 | ||||
GE sale of stock | $ 2,500 |
RESTRUCTURING, IMPAIRMENT AND_3
RESTRUCTURING, IMPAIRMENT AND OTHER - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, impairment and other | $ 102 | $ 371 | $ 158 | $ 441 |
Restructuring and impairment charges | 96 | 25 | $ 152 | 29 |
Number of operating segments | segment | 2 | |||
Inventory impairment | 15 | $ 33 | 31 | |
Estimated remaining charges | 45 | 45 | ||
Other charges | $ 6 | 346 | $ 6 | 412 |
Industrial & Energy Technology | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Inventory impairment | 31 | 31 | ||
Held for sale | Oilfield Services, Russia Business [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other impairment charges | $ 334 | $ 334 |
RESTRUCTURING, IMPAIRMENT AND_4
RESTRUCTURING, IMPAIRMENT AND OTHER - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 96 | $ 25 | $ 152 | $ 29 |
Property, plant & equipment, net | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | (1) | 3 | 14 | (6) |
Employee-related termination costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 80 | 21 | 110 | 29 |
Other incremental costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 17 | 1 | 28 | 6 |
Operating segments | Oilfield Services & Equipment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 26 | 16 | 41 | 18 |
Operating segments | Industrial & Energy Technology | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | 52 | 4 | 66 | 3 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges | $ 17 | $ 5 | $ 45 | $ 8 |
BUSINESS ACQUISITIONS AND DIS_2
BUSINESS ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Goodwill | $ 5,835 | $ 5,691 | |
Proceeds from business dispositions | 293 | $ 0 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Nexus Controls | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from business dispositions | 293 | ||
Several Acquisitions including Altus Intervention | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration transferred | 282 | ||
Goodwill | 113 | ||
Intangible assets | $ 31 |