BAKER HUGHES INC

CIK:0000808362|SEC Filings

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenue	$ 6,641	$ 5,369	$ 18,671	$ 15,251
Costs and expenses:
Selling, general and administrative	627	620	1,977	1,865
Restructuring, impairment and other	2	235	161	676
Total costs and expenses	5,927	5,100	17,005	14,729
Operating income	714	269	1,666	522
Other non-operating income (loss), net	94	(60)	638	(657)
Interest expense, net	(49)	(65)	(171)	(188)
Income (loss) before income taxes	759	144	2,133	(323)
Provision for income taxes	(222)	(145)	(534)	(422)
Net income (loss)	537	(1)	1,599	(745)
Less: Net income attributable to noncontrolling interests	6	8	16	20
Net income (loss) attributable to Baker Hughes Holdings LLC	$ 531	$ (9)	$ 1,583	$ (765)
Units Held by Baker Hughes
Per share amounts:
Cash dividend per Class A common stock (in dollars per share)	$ 0.20	$ 0.18	$ 0.58	$ 0.54
Sales of goods
Revenue:
Total revenue	$ 4,044	$ 3,084	$ 11,320	$ 8,710
Costs and expenses:
Costs	3,467	2,639	9,704	7,502
Sales of services
Revenue:
Total revenue	2,597	2,285	7,351	6,541
Costs and expenses:
Costs	$ 1,831	$ 1,606	$ 5,163	$ 4,686

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 1,599	$ (745)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	813	806
(Gain) loss on equity securities	(639)	164
Provision for deferred income taxes	5	22
Stock-based compensation cost	148	155
Loss on assets held for sale	0	426
Property, plant and equipment impairment, net	10	168
Inventory impairment	33	31
Changes in operating assets and liabilities:
Current receivables	(507)	(452)
Inventories	(410)	(626)
Accounts payable	(209)	263
Progress collections and deferred income	1,375	705
Contract and other deferred assets	(270)	(151)
Other operating items, net	195	231
Net cash flows from operating activities	2,143	997
Cash flows from investing activities:
Expenditures for capital assets	(868)	(720)
Proceeds from disposal of assets	150	189
Proceeds from sale of equity securities	372	26
Proceeds from business dispositions	293	0
Net cash paid for acquisitions	(301)	(86)
Other investing items, net	(149)	11
Net cash flows used in investing activities	(503)	(580)
Cash flows from financing activities:
Distributions to Members	(586)	(552)
Repurchase of common units	(219)	(727)
Other financing items, net	(66)	(18)
Net cash flows used in financing activities	(871)	(1,297)
Effect of currency exchange rate changes on cash and cash equivalents	(53)	(115)
Increase (decrease) in cash and cash equivalents	716	(995)
Cash and cash equivalents, beginning of period	2,485	3,843
Cash and cash equivalents, end of period	3,201	2,848
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	456	395
Interest paid	$ 205	$ 190

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) shares in Thousands, $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,201	$ 2,485
Current receivables, net	6,517	5,974
Inventories, net	4,964	4,587
All other current assets	1,491	1,559
Total current assets	16,173	14,605
Property, plant and equipment (net of accumulated depreciation of $5,545 and $5,121)	4,768	4,538
Goodwill	5,809	5,691
Other intangible assets, net	4,104	4,180
Contract and other deferred assets	1,778	1,503
All other assets	3,301	2,998
Deferred income taxes	687	657
Total assets	36,620	34,172
Current liabilities:
Accounts payable	4,123	4,298
Short-term and current portion of long-term debt	792	677
Progress collections and deferred income	5,187	3,822
All other current liabilities	2,479	2,235
Total current liabilities	12,581	11,032
Long-term debt	5,857	5,980
Deferred income taxes	133	135
Liabilities for pensions and other postretirement benefits	952	960
All other liabilities	1,385	1,406
Members' Equity:
Members' capital, common units, 1,006 issued and outstanding as of September 30, 2023 and December 31, 2022	33,728	34,336
Retained loss	(15,254)	(16,837)
Accumulated other comprehensive loss	(2,907)	(2,971)
Baker Hughes Holdings LLC equity	15,567	14,528
Noncontrolling interests	145	131
Total equity	15,712	14,659
Total liabilities and equity	$ 36,620	$ 34,172
Units Held by Baker Hughes
Members' Equity:
Common stock issued (in shares)	1,006,000	1,006,000
Common stock outstanding (in shares)	1,006,471	1,005,960
Units Held by General Electric Company
Members' Equity:
Common stock outstanding (in shares)	0	0