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美国
证券交易委员会
华盛顿特区20549

表格 10-Q
（标记一）
☑根据1934年证券交易法第13或15(d)节的季度报告
截至季度结束日期的财务报告2024年9月30日
或者
☐根据1934年证券交易法第13或15(d)节的转型报告书
过渡期从_________到__________
委员会文件号 1-38143
贝克休斯公司
(根据其章程规定的注册人准确名称)
特拉华州81-4403168
(所在州或其他司法管辖区)（纳税人识别号码）
成立或组织的州）
575 N. Dairy Ashford Rd., 100套房
休斯顿，得克萨斯州
77079-1121
，（主要行政办公地址）(邮政编码)
报告人电话号码，包括区号：（713) 439-8600

在法案第12(b)条的规定下注册的证券：
每一类的名称交易代码在其上注册的交易所的名称
A类普通股，每股面值0.0001美元BKR纳斯达克证券交易所 LLC
baker hughes控股有限责任公司和baker hughes共同担保人发行的到期日为2040年的5.125%高级票据。
baker hughes40
纳斯达克证券交易所 LLC
请在以下方框中打勾，表示注册者（1）在过去的12个月内（或被要求提交此类报告的较短期间内），已提交根据1934年证券交易法第18或15（d）条款规定所需提交的所有报告文件，（2）在过去的90天内一直受到提交报告文件的规定的约束。
是 ☑否☐
请用勾号表示：注册者在过去12个月内（或者在注册者需要提交这些文件的较短期间内），是否已根据《S-T规定》第405条规定要求提交每个互动数据文件。
是 ☑否☐
请用复选标记表示该注册人是否为大型加速存量发行公司、加速存量发行公司、非加速存量发行公司、较小报告公司或新兴增长公司。请参阅《交易所法》120亿.2条对“大型加速存量发行公司”、“加速存量发行公司”、“较小报告公司”和“新兴增长公司”的定义。（选择一项）：
大型加速报告人☑加速文件提交人☐非加速文件提交人☐较小的报告公司☐
新兴成长公司
☐
如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。 ☐
请勾选以下项目，指示注册人是否为壳公司（在证券交易法案规则12b-2中定义）。
是的 ☐否☑
截至2024年10月16日，登记人持有 989,525,809 股A普通股，每股面值为$0.0001。


贝克休斯公司
目录
页码.
baker hughes公司2024年第三季度10-Q表格 | i


第一部分 — 财务信息
项目1.基本报表（未经审计）
贝克休斯公司
基本报表-损益简表
(未经审计)

截至9月30日的三个月截至9月30日的九个月
（以百万为单位，每股数据除外）2024202320242023
营业收入：
货物销售$4,413 $4,044 $12,963 $11,320 
服务销售额2,495 2,597 7,502 7,351 
营业收入总额6,908 6,641 20,465 18,671 
成本和费用：
营业成本3,581 3,467 10,763 9,704 
(t)1,785 1,831 5,392 5,163 
销售、一般及行政费用612 627 1,873 1,977 
重组、减值和其他— 2 21 161 
总成本和费用5,978 5,927 18,049 17,005 
营业利润930 714 2,416 1,666 
其他非运营净收入
134 94 200 638 
利息费用，净额(55)(49)(143)(171)
税前收入
1,009 759 2,473 2,133 
所得税费用(235)(235)(656)(614)
净收入
774 524 1,817 1,519 
净利润归属于非控制权益8 6 17 16 
归属于baker hughes公司的净利润
$766 $518 $1,800 $1,503 
每股金额：
每股A类普通股的基本收入
$0.77 $0.51 $1.81 $1.49 
每股A类普通股的摊薄收入
$0.77 $0.51 $1.80 $1.48 
每股A类普通股的现金股利$0.21 $0.20 $0.63 $0.58 
请参见附注的未经审计的简明合并财务报表。
baker hughes公司2024年第三季度10-Q表格 | 1


贝克休斯公司
综合收益（损失）的简明合并报表
(未经审计)
截至9月30日的三个月截至9月30日的九个月
（以百万计）2024202320242023
净收入$774 $524 $1,817 $1,519 
净利润归属于非控制权益8 6 17 16 
归属于baker hughes公司的净利润766 518 1,800 1,503 
其他综合收益（损失）：
外币翻译调整142 (122)(50)47 
现金流量套期收益8 (14)6 (3)
福利计划(5)24 4 20 
其他综合收益（损失）
145 (112)(40)64 
扣除：归属于非控制股权的其他综合收益
1 — — — 
归属于baker hughes公司的其他综合收益（损失）
144 (112)(40)64 
综合收益
919 412 1,777 1,583 
扣除归属于非控股权益的综合收益8 6 18 16 
归属于baker hughes公司的综合收益
$911 $406 $1,759 $1,567 
请参见附注的未经审计的简明合并财务报表。
baker hughes公司2024年第三季度10-Q表格 | 2


贝克休斯公司
经简化的合并资产负债表
(未经审计)
（以百万美元为单位，除每股面值外）
2020年9月30日
2024		12月31日
2023
资产
流动资产：
现金及现金等价物$2,664 $2,646 
应收账款，净额6,920 7,075 
净存货5,254 5,094 
所有板块中的其他流动资产1,730 1,486 
总流动资产16,568 16,301 
Property, plant and equipment (net of accumulated depreciation of $6,157 和 $5,678)
5,150 4,893 
商誉6,167 6,137 
其他无形资产，净额3,995 4,093 
合同和其他递延资产1,904 1,756 
所有板块的其他资产3,097 3,043 
延迟所得税649 722 
总资产$37,530 $36,945 
负债和股东权益
流动负债:
应付账款$4,431 $4,471 
短期和长期负债的流动部分52 148 
进展收款和递延收入 5,685 5,542 
所有板块的其他流动负债2,622 2,830 
流动负债合计12,790 12,991 
长期债务5,984 5,872 
延迟所得税154 176 
养老金和其他退休福利的负债991 978 
所有其他负债1,268 1,409 
股东权益：
0.0000010.0001面值 - 2,000已授权，1618250已发行。989和页面。998 截至2024年9月30日和2023年12月31日的已发行和流通股份分别为
— — 
B类普通股，$2,443,750股已发行并流通截至2023年12月31日和2024年3月31日。0.0001面值 - 1,250已授权，1618250已发行。无 截至2024年9月30日和2023年12月31日的已发行和流通股份分别为
— — 
超过面值的资本
26,045 26,983 
保留亏损(7,019)(8,819)
累计其他综合损失(2,837)(2,796)
baker hughes公司股权16,189 15,368 
非控制权益154 151 
股东权益总计16,343 15,519 
负债和所有者权益总额$37,530 $36,945 
请参见附注的未经审计的简明合并财务报表。
Baker Hughes公司2024年第三季度10-Q表格 | 3


贝克休斯公司
简明合并权益变动表
(未经审计)

(以百万为单位，除每股金额外)
A类和B类
普通股		资本
超过
面值		留存收益
Loss		累计
其他
综合的
Loss		非-
控制中
兴趣		总资产
截至2023年12月31日的余额$— $26,983 $(8,819)$(2,796)$151 $15,519 
综合收益（损失）：
净利润 1,800 17 1,817 
其他综合损失
 (40) (40)
A类普通股的分红派息（$0.63 每股）
(628)  (628)
回购和注销A类普通股(476)   (476)
基于股票的补偿费用154 154 
其他12  (1)(14)(3)
截至2024年9月30日的余额$— $26,045 $(7,019)$(2,837)$154 $16,343 

(以百万为单位，除每股金额外)A类和B类
普通股		资本
超过
面值		留存收益
Loss		累计
其他
综合的
Loss		非-
控制中
兴趣		总资产
截至2024年6月30日的余额$— $26,340 $(7,785)$(2,981)$147 $15,721 
综合收益：
净利润 766 8 774 
其他综合收益
 144 1 145 
A类普通股的分红派息（$0.21 每股）
(209)  (209)
回购并注销A类普通股(152)   (152)
基于股票的补偿成本53 53 
其他13   (2)11 
截至2024年9月30日的余额$— $26,045 $(7,019)$(2,837)$154 $16,343 
请参见附注的未经审计的简明合并财务报表。









Baker Hughes公司2024年第三季度10-Q表格 | 4


贝克休斯公司
简明合并权益变动表
(未经审计)

(以百万为单位，除每股金额外)A类和B类
普通股		资本
超过
面值		留存收益
Loss		累计
其他
综合的
Loss		非-
控制中
兴趣		总资产
截至2022年12月31日的余额$— $28,126 $(10,761)$(2,971)$131 $14,525 
综合收益：
净利润1,503 16 1,519 
其他综合收益
64  64 
对A类普通股的分红派息（$0.58 每股）
(586)(586)
回购及注销A类普通股(219)  (219)
基于股票的薪酬成本148 148 
其他(54) (2)(56)
截至2023年9月30日的余额$— $27,415 $(9,258)$(2,907)$145 $15,395 

(以百万为单位，除每股金额外)A类和B类
普通股		资本
超过
面值		留存收益
Loss		累计
其他
综合的
Loss		非-
控制中
兴趣		总资产
截至2023年6月30日的余额$— $27,696 $(9,776)$(2,795)$137 $15,262 
综合收益（损失）：
净利润
518 6 524 
其他综合损失
(112)(112)
A类普通股的分红派息（$0.20 每股）
(202)(202)
对A类普通股的回购与注销(119)(119)
基于股票的薪酬成本51 51 
其他(11)2 (9)
截至2023年9月30日的余额$— $27,415 $(9,258)$(2,907)$145 $15,395 
请参见附注的未经审计的简明合并财务报表。
Baker Hughes公司2024第三季度10-Q表格 | 5


贝克休斯公司
简明合并现金流量表
(未经审计)

截至9月30日的九个月
(单位：百万)20242023
经营活动产生的现金流：
净利润$1,817 $1,519 
调整净利润与经营活动的净现金流量的调节：
折旧和摊销844 813 
股权证券收益
(171)(639)
股票基础的薪酬成本154 148 
递延所得税的准备
35 68 
库存减值— 33 
资产、厂房和设备减值净值— 10 
经营资产和负债的变动：
流动应收款203 (467)
存货(150)(410)
应付账款(40)(209)
预收款项和递延收入92 1,375 
合同及其他递延资产(162)(270)
其他营业项目，净额(480)159 
经营活动产生的净现金流
2,142 2,130 
投资活动的现金流：
资本资产支出(925)(868)
资产处置收益145 150 
出售股权证券的收益
21 372 
业务处置收入 — 293 
用于收购的净现金
— (301)
其他投资项目，净额(40)(149)
用于投资活动的净现金流(799)(503)
融资活动产生的现金流:
偿还长期债务
(134)— 
分红派息(628)(586)
回购A类普通股(476)(219)
其他融资项目，净额(55)(56)
用于融资活动的净现金流(1,293)(861)
货币兑换率变动对现金及现金等价物的影响(32)(53)
现金及现金等价物增加
18 713 
期初现金及现金等价物2,646 2,488 
期末现金及现金等价物$2,664 $3,201 
现金流量补充披露：
所得税支付，扣除退款后的净额$733 $463 
支付的利息$199 $205 
请参见附注的未经审计的简明合并财务报表。
巴克休斯公司2024年第三季度10-Q表格 | 6


贝克休斯公司
简明联合财务报表附注(未经审计)
注释 1. 财务报表的呈报基础和主要会计政策摘要
业务描述
贝克休斯公司（"贝克休斯"、"公司"、"我们"、"我们"或"我们的"）是一家能源科技公司，拥有多样化的科技和服务组合，涵盖能源和工业价值链。
BASIS OF PRESENTATION
公司附带的未经审计的压缩合并基本报表是根据美国通用会计原则（"U.S."）及根据证券交易委员会对中期财务信息的规则和条例编制的。因此，在公司的年度财务报表中通常包括的某些信息和披露已被压缩或省略。因此，这些未经审计的压缩合并基本报表应与公司在截至2023年12月31日的年度报告（"2023年度报告"）中包含的经过审计的合并基本报表一起阅读。
在管理层看来，合并的基本报表反映了管理层认为必要的所有调整（包括正常的经常性调整），以公平地陈述公司及其子公司在所示期间的运营结果、财务状况和现金流量，并不表示全年可能预期的结果。公司的基本报表是以合并的方式编制的。在这种陈述基础下，公司的基本报表合并了其所有子公司（公司对其拥有控制性财务利益的实体，通常因为公司持有多数投票权）。所有公司间账户和交易均已被消除。
在公司的基本报表及其附注中，某些往年金额已重新分类，以符合本年度的展示。在未经审计的简明合并基本报表的附注中，除非另有说明，所有表格中的金额和股份均以百万美元和股份为单位。由于使用了四舍五入的数字，因此基本报表及其附注中的某些列和行可能无法相加。
重要会计政策概要
请参阅公司2023年年报中合并基本报表的"附注1. 报告基础和重大会计政策摘要"，以了解重大会计政策的讨论。
商誉
在2024年第三季度，公司完成了年度商誉减值测试，得出结论认为不存在事件或情况，使得更加可能的判断认为任何报告单元的公允价值低于其账面价值。
供应链金融项目
截至2024年9月30日和2023年12月31日，$431 百万和$332 百万个供应链金融项目负债在浓缩合并财务状况表中的“应付账款”项下记录，并在合并现金流量表中结算时反映在经营活动产生的现金流量净额中。
将采用新的会计标准
在2023年12月，FASB发布了ASU 2023-09，"所得税（主题740）：所得税披露的改进"（"ASU 2023-09"），旨在提高所得税披露的透明度和决策有效性。ASU 2023-09中的修正案主要通过对税率调节和已支付所得税信息的更改来提供增强的所得税信息。ASU 2023-09允许提前采纳，
Baker Hughes公司2024年第三季度10-Q表格 | 7


贝克休斯公司
简明联合财务报表附注(未经审计)
对公司而言，在2024年12月15日之后开始的所有年度期间均有效。公司仍在评估该标准对其披露的影响。
2023年11月，FASB发布了ASU 2023-07，"分部报告（主题280）：可报告分部披露的改进"（"ASU 2023-07"），该标准增强了公司年度和临时合并基本报表中所需的运营分部披露。ASU 2023-07于2023年12月15日后开始的财政年度及2024年12月15日后开始的财政年度内的临时期间追溯生效。允许提前采用。公司目前正在评估该标准对其披露的影响。
所有其他已发布但尚未生效的新会计准则目前正处于评估阶段，预计不会对公司的财务状况或经营成果产生重大影响。
注释 2. 当前应收账款
当前应收账款包括以下内容：
2024年9月30日2023年12月31日
客户应收账款$5,897 $6,033 
其他1,361 1,392 
总应收款项7,258 7,425 
减：信用损失准备(338)(350)
总应收款项，净额$6,920 $7,075 
客户应收款项按开具发票的金额记录。"其他"类别主要包括预付款给供应商和间接税款。
注释 3. 存货
存货，扣除储备后的净额 $421 百万和$389 截至2024年9月30日和2023年12月31日，分别为：
2024年9月30日2023年12月31日
成品$2,666 $2,626 
在制品和原材料2,588 2,468 
净总库存$5,254 $5,094 
公司截至2024年11月4日有 无 截至2024年9月30日的三个月和九个月内的库存减值情况。截止2023年9月30日的三个月和九个月内，公司的库存减值分别为 零 和 $33 百万，主要在油田服务及设备（"OFSE"）部门。有关更多信息，请参见"注释17：重组、减值和其他"。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 8


贝克休斯公司
简明联合财务报表附注(未经审计)
注释 4. 其他无形资产
无形资产包括以下内容：
2024年9月30日2023年12月31日
总计
账面
金额		累计
摊销		净总计
账面
金额		累计
摊销		净
客户关系$1,946 $(879)$1,067 $1,945 $(818)$1,127 
科技1,266 (973)293 1,253 (899)354 
商标与商号291 (195)96 290 (186)104 
资本化软件1,514 (1,177)337 1,413 (1,107)306 
有限使用寿命的无形资产5,017 (3,224)1,793 4,901 (3,010)1,891 
无限期无形资产2,202 — 2,202 2,202 — 2,202 
总无形资产$7,219 $(3,224)$3,995 $7,103 $(3,010)$4,093 
截至2024年9月30日和2023年9月30日的三个月的摊销费用为$66 百万和$64 百万，分别为$200 百万和$190 截至2024年和2023年9月30日的九个月分别为百万。
预计2024年剩余时间及随后的五个财政年度的摊销费用如下：
年份预计摊销费用
2024年剩余时间
$66 
2025227 
2026182 
2027159 
2028136 
2029111 
注释 5. 合同与其他递延资产
合同资产反映了在长期合同中赚取的营业收入，这些合同用于构建技术复杂的设备，提供长期产品服务和维护，或延长保修安排以及其他递延合同相关费用。公司的长期产品服务协议由工业与能源科技（"IET"）部门提供。公司的长期设备合同由IET和OFSE两个部门提供。 合同资产包括以下内容：
2024年9月30日2023年12月31日
长期产品服务协议 $390 $418 
长期设备合同和某些其他服务协议1,353 1,184 
合同资产（总营业收入超过账单）1,743 1,602 
递延库存成本142 126 
其他履行或获取合同的成本
19 28 
合同及其他递延资产$1,904 $1,756 
Baker Hughes公司2024年第三季度10-Q表格 | 9


贝克休斯公司
简明联合财务报表附注(未经审计)
截至2024年9月30日和2023年9月30日的三个月内，从以往期间满足（或部分满足）的性能义务中确认的营业收入来自长期服务协议，数额为$(1）百万和$6 百万，分别为$(5）百万和$20 在截至2024年9月30日和2023年9月30日的九个月内，数额为分别为百万。这包括因合同总预估盈利能力可能受影响而根据成本或账单估算的修订而确认的营业收入。
注意 6. 进度收集和递延收入
合同负债包括进度款项，这反映了超过营业收入的账款，以及用于建设技术复杂设备的长期合同中的递延收入、长期产品维护或延长保修安排。 合同负债包括以下内容：
2024年9月30日2023年12月31日
进展收款$5,531 $5,405 
递延收入154 137 
进展收款和递延收入（合同负债）$5,685 $5,542 
截至2024年9月30日和2023年9月30日的三个月内确认的营业收入，在期初包含在合同负债中为$844 百万和$881 百万，分别为$3,712 百万和$2,349 在截至2024年和2023年9月30日的九个月内分别为百万。.
注意 7. 租赁
公司的租赁活动主要包括用于服务中心、制造业-半导体设施、销售和行政办公室以及某些设备的经营租赁。
截至9月30日的三个月截至9月30日的九个月
经营租赁费用2024202320242023
长期固定租赁$73 $69 $219 $206 
长期变量租赁17 18 62 53 
短期租赁120 126 390 377 
总运营租赁费用$210 $213 $671 $636 
用于经营租赁的经营活动现金流量大致等于截至2024年和2023年9月30日的三个月和九个月的租赁费用。
截至2024年9月30日和2023年12月31日，剩余租赁期的加权平均值约为 七年 的运营租赁。用于判断截至2024年9月30日和2023年12月31日的运营租赁负债的加权平均折现率为 4.2% 3.9%，分别。
Baker Hughes 公司 2024 年第三季度表格 10-Q | 10


贝克休斯公司
简明联合财务报表附注(未经审计)
注意 8. 债务
本公司的短期债务和长期债务的账面价值包括以下内容：
2024年9月30日2023年12月31日
开空和长期债务的当前部分
8.55% 可转换债券到期于2024年6月
$— $109 
其他债务52 39 
总开空和长期债务的当前部分52 148 
   
长期债务  
2.061% 高级票据到期于2026年12月
598 598 
3.337% 百万年期票据，到期日为2027年12月
1,309 1,294 
6.875% 百万年期票据，到期日为2029年1月
263 268 
3.138% 百万年期票据，到期日为2029年11月
523 523 
4.486% 百万年期票据，到期日为2030年5月
498 498 
5.125% 百万年期票据，到期日为2040年9月
1,277 1,281 
4.080% 百万年期票据，到期日为2047年12月
1,338 1,338 
其他开多长期债务178 73 
所有长期债务5,984 5,872 
总债务$6,036 $6,020 
截至2024年9月30日和2023年12月31日，总债务的预计公允价值为$5,642 百万和$5,571 百万美元。对于公司大部分债务，公允价值是根据报价的期末市场价格确定的。在市场价格不可用的情况下，公司根据当前市场利率数据调整非履约风险的估值方法估算公允价值。
公司与一家金融机构有一份价值$3.0 亿未担保可再使用信贷额度（"信贷协议"）与商业银行签订，截止到2028年11月到期。信贷协议包含某些声明和保证、某些肯定性契约和负面契约，每一项都被视为惯例。没有发生相关的违约事件。信贷协议由Baker Hughes提供完全和无条件的高级无担保担保。至2024年9月30日和2023年12月31日，存在 无 根据信贷协议的借款。
贝克休斯共同债务人公司是与贝克休斯控股有限责任公司（"BHH LLC"）共同承担公司的长期债务证券的共同债务人，承担连带责任。该共同债务人是 100BHH LLC的百分之多少持股的金融子公司，成立的唯一目的是作为长期债务证券的公司共同债务人，除了与其唯一目的相关的资产或运营外，没有其他资产或运营。到2024年9月30日，贝克休斯共同债务人公司是某些债务证券的共同债务人，总额为$5.8 十亿。
某些高级票据包含限制条款，限制公司采取某些行动，包括但不限于创建某些担保债务的抵押权、进入某些出售回租交易，以及进行超过特定限额的某些合并、重组和资产出售交易。截至2024年9月30日，公司已遵守所有债务契约。
Baker Hughes 公司 2024 年第三季度表格 10-Q | 11


贝克休斯公司
简明联合财务报表附注(未经审计)
备注 9. 所得税
截至2024年9月30日的三个月和九个月，所得税准备金为$235 百万和$656 百万美元。截止2023年9月30日的三个月和九个月，所得税准备金为$235 百万和$614 百万美元。美国法定税率21%与所有期间的有效税率之间的差异主要与税率高于美国的地区的收入和由于估值准备金而没有税收利益的损失有关，部分被由于估值准备金而导致的有效税率低于21%的美国税收所征收的收入所抵消。公司关注其递延税资产的可回收性，特别关注其经营辖区的业务前景及现有递延税资产的持续利用。
注意 10. 股本
普通股
公司获准发行 2 亿股A类普通股， 1.25 亿股B类普通股和 50 百万股优先股，每股面值为$0.0001 截至2024年9月30日和2023年12月31日，已发行和流通的B类普通股为 无 公司尚未发行任何优先股。
公司有一个股票回购计划，预计将通过运营产生的现金来资助，并且预计将在公司资本计划、市场状况及其他因素（包括监管限制）的情况下不时进行股票回购。回购计划可能会在任何时候暂停或终止，并且没有规定的到期日期。在截至2024年9月30日的三个月和九个月期间，公司回购并注销了 4.5 百万 15.0 百万股A类普通股，总金额为$152 百万和$476 百万，代表每股平均价格为$33.88 和 $31.66，分别如此。在截至2023年9月30日的三个月和九个月期间，公司回购并注销了 3.4 百万 7.0 百万股A类普通股，价格为$119 百万和$219 百万美元，代表每股平均价格为$35.50 和 $31.45，分别为。截至2024年9月30日，公司仍有授权回购约$1.7 十亿美元的A类普通股。
下表显示了流通股数的变化（单位：千股）：
A类
普通股
20242023
截至1月1日的余额997,709 1,005,960 
限制性股票单位的归属而发行股份 (1)
4,900 5,629 
根据行使期权而发行股份 (1)
113 409 
员工股票购买计划的股份发行1,382 1,429 
对A类普通股的回购与注销(15,019)(6,956)
截至九月三十日的余额989,085 1,006,471 
(1)上述反映的分享金额是扣除用于满足员工税收预扣义务的股票后净额。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 12


贝克休斯公司
简明联合财务报表附注(未经审计)
累计其他综合损失（AOCL）
下表呈现了扣除税后的累计其他综合损失的变化：
外币翻译调整现金流对冲福利计划累计其他全面收益亏损
截至2023年12月31日的余额$(2,513)$(6)$(277)$(2,796)
重新分类之前的其他全面收益（损失）(50)19 (10)(41)
从累计其他综合损失重新分类的金额— (11)12 1 
递延税项— (2)2 — 
其他综合收益（损失）(50)6 4 (40)
减：其他调整
— 1 — 1 
截至2024年9月30日的余额$(2,563)$(1)$(273)$(2,837)
外币翻译调整现金流对冲福利计划累计其他全面收益亏损
截至2022年12月31日的余额$(2,666)$(9)$(296)$(2,971)
重新分类之前的其他全面收益（损失）
47 (7)(6)34 
从累计其他综合损失重新分类的金额— — 25 25 
递延税项— 4 1 5 
其他综合收益（损失）47 (3)20 64 
截至2023年9月30日的余额$(2,619)$(12)$(276)$(2,907)
截至2024年和2023年9月30日的九个月内，从累计其他综合损失中重新分类的金额代表（i）在对冲交易发生时重新分类的现金流对冲的收益（损失），（ii）在净定期养老金成本计算中包含的净精算收益（损失）、以前的服务信用、结算和缩减的摊销，以及（iii）外汇翻译调整的释放。
Baker Hughes公司2024年第三季度10-Q报告 | 13


贝克休斯公司
简明联合财务报表附注(未经审计)
注释 11. 每股收益
以下是A类普通股的基本和稀释每股净利润：
截至9月30日的三个月截至9月30日的九个月
(以百万为单位，除每股金额外)2024202320242023
净利润$774 $524 $1,817 $1,519 
减：归属于非控制性权益的净利润8 6 17 16 
归属于Baker Hughes公司的净利润$766 $518 $1,800 $1,503 
加权平均流通股数：
A类基本993 1,009 996 1,010 
A类摊薄999 1,017 1,001 1,016 
归属于普通股股东的每股净利润：
A类基本$0.77 $0.51 $1.81 $1.49 
A类摊薄$0.77 $0.51 $1.80 $1.48 
A类摊薄股份包括股本奖励的摊薄影响，除了大约 1 百万期权，截止到2024年9月30日的三个月和九个月，以及 2 百万期权，截止到2023年9月30日的三个月和九个月，因行使价格超过公司A类普通股的平均市场价格，因此被排除在外，具有反摊薄效果。
Baker Hughes公司2024年第三季度10-Q表格 | 14


贝克休斯公司
简明联合财务报表附注(未经审计)
注12。 金融工具
重复的公允价值测量
公司的资产和负债按公允价值定期计量，包括衍生工具和投资证券。
2024年9月30日2023年12月31日
一级二级第三级净余额一级二级第三级净余额
资产   
衍生品
$— $30 $— $30 $— $34 $— $34 
投资证券1,155 — 2 1,157 1,040 — 2 1,042 
总资产1,155 30 2 1,187 1,040 34 2 1,076 
负债
衍生品— (48)— (48)— (76)— (76)
总负债$— $(48)$— $(48)$— $(76)$— $(76)
2024年9月30日2023年12月31日
摊销成本未实现毛利未实现毛损预计公允价值摊销成本未实现毛利未实现毛损预计公允价值
投资证券 (1)
      
非美国债务证券 (2)
$9 $— $— $9 $66 $1 $— $67 
权益证券538 614 (4)1,148 527 451 (3)975 
总计$547 $614 $(4)$1,157 $593 $452 $(3)$1,042 
(1)与这些证券相关的净收益记录为$100 百万和$99 百万，截止2024年和2023年9月30日的三个月，分别为$146 百万和$489 截至2024年和2023年9月30日的九个月分别为百万。
(2)截至2024年9月30日，公司的非美国债务证券被分类为可供出售证券，并在其到期前成熟。 两年.
截至2024年9月30日和2023年12月31日，公司可随时确定公允价值的权益证券余额为$1,148 百万和$975 百万，主要由公司在ADNOC钻探的投资组成，主要记录在合并财务状况表中的"所有板块其他流动资产"。公司根据活跃市场的报价对其投资进行公允价值计量。
公司可随时确定公允价值的权益证券净收益记录为$100 百万和$99 百万，截止2024年和2023年9月30日的三个月，分别为$171 百万和$520 截止2024年和2023年9月30日的九个月，共计达到百万美元。与公司可随时确定公允价值的权益证券相关的收益（损失）在摘要合并损益表中报告为“其他非经营收入（损失），净额”。
其他股权投资
在2024年，公司的股权证券没有发生任何可观察的交易且没有可立即确定的公允价值。在2023年，某些没有可立即确定公允价值的股权证券在发生可观察交易的日期被重新计量，导致公司记录了$118 百万的收益。与公司无可立即确定公允价值的股权证券相关的收益（损失）在缩编合并损益表中报告为“其他非经营收入（损失），净额”。
Baker Hughes公司2024年第三季度10-Q表格 | 15


贝克休斯公司
简明联合财务报表附注(未经审计)
金融工具的公允价值披露
公司的金融工具包括现金及现金等价物、应收款项、某些投资、应付账款、开空和开多债务以及衍生金融工具。除了长期债务外，截至2024年9月30日和2023年12月31日，这些金融工具的估计公允价值大致等于其在简化合并基本报表中反映的账面价值。有关公司债务的公允价值的更多信息，请参见 "注释8. 债务。"
衍生品与对冲
公司使用衍生品来管理风险，而不是出于投机目的使用衍生品。 下表总结了所有衍生工具的公允价值，包括对冲工具和嵌入式衍生工具。
 2024年9月30日2023年12月31日
资产负债资产负债
作为对冲的衍生工具
货币兑换合同$19 $— $10 $(3)
利率互换合同— (38)— (52)
未作为对冲核算的衍生品
货币兑换合同和其他11 (10)24 (21)
衍生工具总计$30 $(48)$34 $(76)
衍生工具在压缩合并财务状况表中根据其各自的到期日进行分类。截止到2024年9月30日和2023年12月31日，$30 百万和$31 百万的衍生资产记录在"所有板块其他流动资产"中， 零 和 $3 百万的衍生资产分别记录在"所有板块其他资产"中。截止到2024年9月30日和2023年12月31日，$10 百万和$23 百万的衍生负债记录在"所有板块其他流动负债"中，$38 百万和$53 在简化合并财务状况表中，"所有其他负债"中记录了百万。
在2024年，公司向第三方金融机构发行了总计$的信用违约掉期（"CDS"）475 该信用违约掉期与这些金融机构向墨西哥的一位客户提供的有担保借款相关，这位客户利用这些借款支付了公司的一些未偿还应收款项。388 截至2024年9月30日，已发行的信用违约掉期的总名义金额为$，预计在客户偿还借款的过程中，金额将于2026年7月逐月减少。这些衍生负债的公允价值并不重大。
对冲的形式
现金流对冲
本公司主要使用现金流对冲来减轻汇率变化对购买和销售合同的影响。因此，这一类别中的绝大部分衍生品活动由货币兑换合同组成。此外，本公司还面临与其不时发行的长期债务相关的利率风险波动，以资助其运营。现金流对冲的公允价值变化记录在权益的一个单独组成部分（称为“累计其他综合收益”或“AOCI”）中，并在对冲交易发生的期间录入收益。有关现金流对冲在AOCI中活动的更多信息，请参见“第10条 股东权益”。截至2024年9月30日和2023年12月31日，预计交易对冲的现金流对冲的最大期限约为 一年 和 两年，分别为。
公允价值对冲
公司的所有长期债务均由固定利率工具组成。公司面临债务组合的利率风险，可能会使用利率掉期来管理固定利率的经济影响。
Baker Hughes公司2024年第三季度10-Q表格 | 16


贝克休斯公司
简明联合财务报表附注(未经审计)
与某些债务相关的义务。在这些安排下，公司同意在指定的时间间隔内，根据商定的名义本金金额计算固定和浮动利息金额之间的差额进行交易所的交换。
截至2024年9月30日和2023年12月31日，公司持有名义金额为$的利率掉期。500 该掉期将其$的部分%固定利率高级票据（于2027年到期）转换为以担保隔夜融资利率指数为基础的浮动利率工具。1,350 百万的总本金金额为 3.337公司得出结论，利率掉期符合资格标准，从而可申请对冲会计，因此，此公允价值对冲的变化被记录为利息支出的收益或损失，并且与基础债务工具的收益或损失相抵消，后者也记录在利息支出中。
衍生品的名义金额
衍生品的名义金额用于判断，以及衍生品的其他条款，确定交易对方之间交换的金额。公司以总额披露衍生品名义金额，以显示总的交易对方风险，但它通常并不代表公司与交易对方实际交换的金额。当前未偿还的名义金额的绝大部分为 $5.1 十亿和$4.2 到2024年9月30日和2023年12月31日，分别为十亿，与预期销售和外汇采购的对冲、商品采购、利率变化，以及被视为嵌入式衍生品的合同条款，以及以外币进行的公司间借款相关。
对手信用风险
公司的衍生品公允价值可能会因市场波动和公司头寸变化等因素在不同时期发生显著变化。公司基于每个交易对手单独管理交易对手信用风险（即交易对手未按照协议条款付款的风险）。
Baker Hughes公司2024年第三季度10-Q表格 | 17


贝克休斯公司
简明联合财务报表附注(未经审计)
注意 13. 与客户合同相关的营业收入
分解的营业收入
公司根据产品线将来自客户合同的营业收入进行细分，适用于OFSE和IEt两个业务部门，因为公司认为这最好描述了经济因素如何影响其营业收入和现金流的性质、数量、时间和不确定性。此外，管理层根据地理位置查看OFSE来自客户合同的营业收入， 基于产品运输到的地点或服务提供的地点.
以下的一系列表格展示了公司的营业收入按这些类别进行的详细分类。
截至9月30日的三个月截至9月30日的九个月
总营业收入2024202320242023
井施工$1,050 $1,128 $3,201 $3,265 
完成、干预与测量1,009 1,085 3,132 3,084 
生产解决方案983 967 2,886 2,863 
海底与地面压力系统921 770 2,538 2,192 
油田服务与设备3,963 3,951 11,757 11,405 
燃料币科技设备
1,281 1,227 4,030 3,026 
燃料币科技服务
697 637 2,002 1,886 
总燃料币科技1,978 1,865 6,032 4,913 
工业产品
520 520 1,492 1,449 
工业解决方案
257 243 783 707 
控制 (1)
— — — 41 
总工业科技777 763 2,275 2,197 
气候科技解决方案191 63 402 156 
工业产品与能源科技2,945 2,691 8,708 7,267 
总计$6,908 $6,641 $20,465 $18,671 
(1)公司的控制业务的销售于2023年4月完成。
截至9月30日的三个月截至9月30日的九个月
油田服务与设备的区域营业收入2024202320242023
北美$971 $1,064 $2,984 $3,097 
拉丁美洲648 695 1,948 2,053 
欧洲/独联体/撒哈拉以南非洲933 695 2,510 1,948 
中东/亚洲1,411 1,497 4,315 4,306 
油田服务与设备$3,963 $3,951 $11,757 $11,405 
剩余的履约义务
截至2024年9月30日，分配给未满足（或部分满足）业绩义务的交易价格总额为$33.4 十亿。截至2024年9月30日，公司预计将在 61%, 75% 91%的总剩余业绩义务内确认营业收入， 2, 5，以及 15 年，剩余部分将在此之后确认。合同变更可能影响完成的时间以及公司履行相关剩余业绩义务时将收到的金额。
Baker Hughes公司2024年第三季度10-Q表格 | 18


贝克休斯公司
未经审计的简明合并财务报表附注
注意 14. 分部门信息
公司的分部由首席运营决策者（"CODM"）定期审查的运营结果确定，首席运营决策者是公司的首席执行官，用于决定如何分配资源和评估业绩。公司通过 两个 运营分部，OFSE和IEt来报告其经营结果。每个分部根据公司市场和客户的性质进行组织和管理，并由类似的产品和服务组成。这些产品和服务在上游石油和天然气及更广泛的能源和工业市场中运营。
石油田服务与设备
OFSE为陆上和海上油田作业提供产品和服务，涵盖了井的整个生命周期，从勘探、评估、开发，到生产、复兴和退役。OFSE被组织为 四个 产品线： 井施工， 涵盖钻井服务、钻头和钻井及完井液； 完井、干预和测量，涵盖井完井、压裂和电缆服务； 生产解决方案包括人工举升系统和油田&工业化学品；以及 海底与地面压力系统包括海底项目和服务、地面压力控制及柔性管道系统。除了传统的油田集中，OFSE正在扩展其能力和科技组合，以应对净零未来的挑战。这些努力包括扩展到新的能源领域，例如地热能和碳捕获、利用与储存，强化其数字架构和解决关键能源市场主题。
工业与能源科技
IEt为能源行业提供机械驱动、压缩和发电应用的科技解决方案和服务，包括石油和天然气、液化天然气（"LNG"）操作、下游-脑机精炼和石化市场，以及向更广泛的能源和工业部门提供低碳解决方案。IEt还提供设备、软件和服务，覆盖诸多行业，包括石化和炼油、核能、航空、汽车、采矿、水泥、金属期货、纸业股以及食品和饮料。 IEt被组织为 五 产品线 - 燃料币科技设备， 燃料币科技服务, 工业产品，工业解决方案， 和 气候科技解决方案.
各个板块的营业收入和运营收入由首席运营决策者（CODm）用于评估每个板块在财务周期内的表现。运营板块的表现是根据板块运营收入（损失）进行评估的，该运营收入（损失）定义为税前收入（损失）减去以下项目：净利息支出、净其他非运营收入（损失）、未分配的公司费用、重大重组计划、减值及其他费用、存货减值，以及未分配给运营板块的某些收益和损失。公司所有板块在所有报告期间均已一致应用会计政策。各个板块内的公司间收入和费用金额已被消除，以便根据管理层用于内部评估板块表现的基础进行报告。
公司各个业务部门的财务信息汇总如下表所示。
截至9月30日的三个月截至9月30日的九个月
营业收入2024202320242023
油田服务与设备$3,963 $3,951 $11,757 $11,405 
工业产品与能源科技2,945 2,691 8,708 7,267 
总计$6,908 $6,641 $20,465 $18,671 
贝克休斯公司2024年第三季度表格10-Q | 19


贝克休斯公司
简明联合财务报表附注(未经审计)
截至9月30日的三个月截至9月30日的九个月
税前收入2024202320242023
油田服务与设备$547 $465 $1,462 $1,253 
工业产品与能源科技474 346 1,246 898 
总部门1,021 811 2,708 2,151 
公司 (1)
(91)(95)(271)(292)
库存减值 (2)
— — — (33)
重组、减值及其他— (2)(21)(161)
其他非经营性收入，净额134 94 200 638 
利息费用，净额(55)(49)(143)(171)
税前收入$1,009 $759 $2,473 $2,133 
(1)企业费用主要在简明的合并损益表中的“销售、一般和行政”中报告。
(2)存货减值的费用在合并财务报表中的"营业成本"一栏报告。
下表列出了折旧和摊销：
截至9月30日的三个月截至9月30日的九个月
折旧和摊销2024202320242023
油田服务与设备$218 $206 $663 $632 
工业产品与能源科技54 57 165 166 
总部门272 263 828 798 
企业6 4 16 15 
总计$278 $267 $844 $813 
备注 15. 相关方交易
公司与通用电气公司（"GE"）于2019年成立了一家航空衍生品合资公司（"Aero JV"）。截至2024年9月30日，Aero JV由GE Vernova Inc.与公司共同控制，各自拥有的所有权利益为 50%，因此公司未对Aero JV进行合并。由于GE对GE Vernova Inc.的分拆，GE在2024年第二季度将其在Aero JV中的权益转让给了GE Vernova Inc。公司在2024年和2023年截至9月30日的三个月内分别从Aero JV购买了$157 百万和$136 百万，而在截至2024年和2023年9月30日的九个月内分别购买了$432 百万和$381 百万。公司在截至2024年9月30日和2023年12月31日的账户应付账款为$72 百万和$71 百万，涉及Aero JV在日常业务中提供的产品和服务。
注释 16. 承诺和或有事项
诉讼
公司面临与日常业务相关的法律诉讼。由于法律诉讼本质上具有不确定性，管理层无法预测这些事项的最终结果。公司对于那些发生损失可能性高且金额可以合理估计的或有事项记录了一项负债。根据管理层的意见，公司不预计当前待处理法律诉讼的最终结果会对其经营业绩、财务状况或现金流产生重大不利影响。但是，无法保证这些事务的最终结果。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 20


贝克休斯公司
简明联合财务报表附注(未经审计)
2018年7月31日，国际工程与建筑有限公司（“IEC”）在纽约启动了由国际争议解决中心（“ICDR”）管理的针对公司及其子公司的仲裁程序，该诉讼源于国际工程与建筑公司（“IEC”）签订的一系列销售和服务合同，该合同涉及在尼日利亚销售和安装液化天然气厂及相关发电设备（“合同”）。在提交IEC仲裁之前，该公司的子公司要求根据合同到期付款。2018年8月15日，该公司的子公司针对合同规定的额外费用和应付金额的索赔，单独要求对IEC进行ICDR仲裁。2018年10月10日，IEC向美国纽约南区地方法院提交了针对公司的强制仲裁申请，要求强制非签署方贝克休斯实体参与IEC提起的仲裁。该投诉的标题为国际工程与建筑股份有限公司等人诉通用电气公司贝克休斯等。第 18-cv-09241 号（“S.D.N.Y 2018”）；该诉讼于2019年8月13日被法院驳回。在仲裁中，IEC指控该公司及其子公司违反合同和其他索赔，除了合理的律师费、开支和仲裁费用外，还要求追回所谓的补偿性损失。2019 年 3 月 15 日，IEC 将其仲裁请求修改为所谓的损害赔偿金591 百万利润损失加上因涉嫌未履行争议合同而产生的未指明的额外费用。仲裁听证会于2019年12月9日至2019年12月20日举行。2020 年 3 月 3 日，IEC 将其损害赔偿索赔修改为 $700 百万美元的所谓损失现金流，或者换言之，美元244.9 由于涉嫌不履行争议合同而造成的百万利润损失和各种成本，此外还有 $4.8 百万美元的违约金，美元58.6 百万美元的饲料气收付成本，以及未指明的额外整改费用和接受或支付未来债务的费用，外加未指明的利息和律师费。2020年5月3日，仲裁小组驳回了IEC关于收取或支付损害赔偿金的请求。2020年5月29日，IEC将他们的律师费索赔量化为美元14.2 百万并将他们的替代索赔从美元减少了244.9 百万美元到大约 $235 百万。该公司及其子公司已对IEC的索赔提出异议，并正在根据合同提出赔偿要求。2020年10月31日，ICDR通知了仲裁小组的最终裁决，该裁决驳回了IEC的大部分索赔并裁定了公司的部分索赔。2021年1月27日，IEC向纽约州最高法院提交了撤销仲裁裁决的申请。2021年3月5日，公司提交了确认仲裁裁决的申请，并于2021年3月8日将此事移交给美国纽约南区地方法院。2021年11月16日，法院批准了公司确认该裁决的申请，并驳回了IEC的撤销申请。在2022年第二季度，IEC支付了仲裁裁决下的欠款，这对公司的财务报表没有实质性影响。2022年2月3日，IEC在纽约启动了另一项由ICDR管理的针对该公司的某些子公司的仲裁程序，该程序源于构成第一次仲裁基础的同一项目。2022年3月25日，该公司的子公司单独要求对IEC进行ICDR仲裁，以处理额外费用和应付金额的索赔；针对IEC的此类索赔现已得到解决，任何对价都会对公司的财务报表产生非实质性影响。目前，公司无法预测针对公司子公司的未决诉讼的结果。
在2023年2月15日左右，作为原告的主要申请人和另外三名在一起名为《Reckstin家庭信托诉C3.ai, Inc.等（案号：4:22-cv-01413-HSG）》的假定证券集体诉讼中提交了一份修订后的集体诉讼控告（以下简称“修订控告”）给美国加利福尼亚北区地区法院。修订控告中列出的被告包括：（i）C3.ai, Inc.（“C3 AI”），（ii）C3 AI现任和/或前任高管和董事，（iii）C3 AI首次公开募股（“IPO”）的某些承销商，以及（iv）本公司及其总裁兼首席执行官（曾担任C3 AI董事会的董事）。修订控告指控与首次公开募股及在2020年12月9日至2021年12月2日期间BHH LLC持有C3 AI股权投资相关的1933年证券法和1934年证券交易法（“交易所法”）的违规行为。该行动寻求未规定的损害赔偿和费用的补偿，包括合理的律师费。2024年2月22日，法院驳回了对本公司的诉讼请求。然而，在2024年4月4日，原告提交了修订后的控告，重新主张他们根据1933年证券法和交易所法对本公司的诉讼请求。目前，本公司无法预测这些诉讼程序的结果。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 21


贝克休斯公司
简明联合财务报表附注(未经审计)
公司对其业务所产生的风险进行保险，范围由管理层认为审慎的程度以及可用的保险决定，但无法保证该保险的性质和金额足以使公司全面赔偿因待决或未来法律诉讼或其他索赔所产生的责任。大部分公司的保险政策包含由管理层认为审慎的免赔额或自保保留金额，由公司负责支付。在确定自保险金额时，公司的政策是对那些可预测、可测量和可重复出现的损失进行自保，例如汽车责任、一般责任和工人赔偿的索赔。
其他
在与客户、供应商和其他人的正常业务往来中，公司已签订了表外安排，如履约担保、信用证和其他银行发行的担保。公司还为与GE Vernova Inc.达成融资协议的客户提供担保。总的表外安排约为$5.5 在2024年9月30日为止，金额为十亿。估算这些金融工具的公允价值并不切实际。截至2024年9月30日，任何表外安排均未对公司的财务状况、经营成果或现金流产生重大影响，也不太可能产生重大影响。
公司有时会在OFSE领域为某些项目进入财团或类似安排。在这种安排下，各方负责在合同工作总范围内执行一定的工作范围，当所有合同义务履行完毕后，义务即告终止。任何一方未能或无法履行其义务，无论是财务方面还是其他方面，可能会给公司带来额外的成本和义务。这些因素可能导致项目完工时出现不可预见的费用、违约金或合同争议。
注释 17. 重组、减值及其他
公司在截至2024年9月30日的三个月和九个月内记录了重组、减值及其他费用，金额为 零 和 $21 百万美元，分别为$2 百万和$161 百万，在截至2023年9月30日的三个月和九个月期间，分别为。
重组和减值费用
公司在截至2024年9月30日的三个月和九个月期间记录了重组和减值费用 零 和 $2 百万。
截至2023年9月30日的三个月和九个月的费用主要与员工解雇相关，这是由于公司为促进重组所采取的措施。 两个 重组费用截至2023年9月30日的九个月还包括根据新计划（"2023计划"）在公司某些部门特定地点进行退出活动所产生的费用，以符合公司当前的市场前景并理顺公司的制造业-半导体供应链布局。这些措施还包括对截至2023年9月30日的九个月的库存减值，总计$33 百万，记录在合并损益表中的"营业成本"。
Baker Hughes公司2024年第三季度10-Q表格 | 22


贝克休斯公司
简明联合财务报表附注(未经审计)
下表显示了受影响部门的重组和减值费用：
截至9月30日的三个月截至9月30日的九个月
细分市场2024202320242023
油田服务与设备$— $4 $— $46 
工业产品与能源科技 (1)
— 2 — 68 
企业— (1)2 44 
总计$— $5 $2 $158 
(1)截至2024年9月30日的三个月和九个月， 零 和 $6 以百万计的额外重组费用包含在部门经营收入中，并在简明合并损益表中的“销售、一般和行政”中报告。
下表展示了按类型划分的总重组和减值费用，并包括由于退出活动而之前减值的某些物业、厂房和设备的处置收益：
截至9月30日的三个月截至9月30日的九个月
按类型收费2024202320242023
净资产、厂房和设备$— $(5)$— $9 
与员工相关的解雇费用— 7 8 117 
其他增量费用— 3 — 32 
总计$— $5 $8 $158 
其他收费
公司记录了其他费用， 零 和 $18 截至2024年9月30日的三个月和九个月分别为百万，以及（收益）费用为$(3）百万和$3 百万美元，截止到2023年9月30日的三个月和九个月，分别为。
注释 18. 业务收购与处置
截至2024年9月30日的九个月中，公司没有进行任何业务收购或处置。
收购
截至2023年9月，公司完成了业务收购，总现金对价为$301 百万，扣除收购现金，主要包括在2023年第二季度收购Altus Intervention在OFSE部门的业务。Altus Intervention是一家国际领先的井干预服务和井下科技提供商。这些收购中获得的资产和承担的负债是根据收购日期的初步公允价值估计记录的。由于这些收购，公司记录了$115 百万的商誉和$45 百万的无形资产，最终公允价值调整尚待确定。由于这些收购的影响对综合基本报表没有重大影响，因此未提供这些收购的业绩的提前结果。
处置
在2023年前九个月，公司完成了业务出售，并收到总现金对价为$293 此次处置主要包括将IEt部门的Nexus Controls业务于2023年4月出售给GE，这导致2023年第二季度产生了微不足道的收益。Nexus Controls专注于可扩展的工业控制系统、安全系统、硬件和软件网络安全概念解决方案及服务。
Baker Hughes公司2024年第三季度10-Q表格 | 23


项目2. 管理层对财务控件和运营结果的讨论与分析
管理层对控件和经营成果的讨论与分析应与第1项中包含的简明合并基本报表及相关附注一起阅读，以及我们截至2023年12月31日的年度报告（"2023年度报告"）。
Baker Hughes公司（"Baker Hughes，" "公司，" "我们，" "我们，" 或 "我们的"）是一家能源科技公司，拥有广泛多样化的技术和服务组合，覆盖能源和工业价值链。我们在120多个国家开展业务，雇佣大约57,000名员工。我们通过两个业务部门运营：油田服务与设备（"OFSE"）和工业与能源科技（"IET"）。我们主要在全球油气市场内，按上游、中游-脑机和下游-脑机部门，以及更广泛的工业和新能母基市场销售产品和服务。
执行摘要
Market Conditions
在2024年第三季度，我们看到石油市场受到需求和供应方面因素的影响，包括全球经济增长放缓、北美生产依然强劲、石油输出国组织（"OPEC"）的合规性减弱，以及地缘政治的不确定性。
展望2024年第四季度和2025年，我们对全球燃料币的前景持积极态度，而全球石油前景则不确定。根据当前的宏观经济和地缘政治环境，我们预计2025年全球上游支出将与2024年相似。我们仍然预计生产商将把支出转向成熟资产的优化，并且天然气将继续保持强劲。
在OFSE中，我们看到宏观经济背景的不确定性加剧。北美的持续产量增加、深水生产的增长以及近期OPEC计划的产量增加可能会对石油基本面造成压力。中东地区的地缘政治不确定性也可能为油价带来额外的波动。
在IEt，我们对全球天然气和液化天然气（"LNG"）的发展持乐观态度。这一积极展望得益于对液化天然气、燃气基础设施以及陆上和海上生产项目需求的增长。我们还预计，其他结构性增长驱动因素将继续带来积极势头，例如对电力需求的增加、下游-脑机应用的转换，以及向新能母基解决方案的过渡。
全球地缘政治不确定性继续影响石油和燃料币市场。虽然我们的运营没有受到实质性影响，但我们将继续监测和评估这些风险。此外，在IEt中，我们将继续管理航空衍生品供应链的紧张情况。
财务结果和公司关键举措
在2024年第三季度，运营收入为93000万，比2023年第三季度的71400万增加了21600万。这一增长得益于IEt的成交量增加，两个市场的价格上升以及结构成本削减措施，部分被IEt的成本通胀抵消。
随着我们转型之旅的持续推进，我们在提高效率和现代化业务运作方面取得了进展。业务进行了重大结构调整，我们在利润表现上看到了运营效益的提升。
Baker Hughes始终致力于灵活的资本配置政策，平衡向股东返还现金与投资增长机会。在2024年第三季度，我们以分红派息和股票回购的形式向股东返还了总计36100万美元。
Baker Hughes公司2024年第三季度10-Q表格 | 24


展望
我们的业务受到多个宏观因素的影响，这些因素在行业当前波动的环境下影响着我们的展望和期望。我们所有的展望期望完全基于我们今天所看到的市场，并且受行业条件变化的影响。
•北美OFSE活动：进入2024年第四季度及2025年，北美的活动水平仍然低迷。
•OFSE国际活动：我们预计在2024年第四季度及2025年，北美以外的支出增长步伐将放缓。
•IEt LNG项目：我们对LNG市场的长期前景持乐观态度，并将天然气视为一种过渡和目标燃料。我们继续认为LNG行业板块的长期经济前景是积极的。
我们的投资组合中还有其他业务，这些业务与各种行业指标有更高的相关性，包括全球GDP增长。我们投资组合中还有一些业务涉及新能母基解决方案，特别关注于减少能源和更广泛行业的碳排放，包括：氢能；地热能；碳捕获、利用与储存；能源储存；清洁能源；和减排解决方案。随着新能母基解决方案成为更广泛能源组合中更普遍的一部分，我们预计这些全球业务将持续增长。
总体而言，我们相信我们的投资组合在能源价值链上具备竞争力，并能够为客户提供全面的解决方案。我们对石油和燃气行业的长期经济前景持乐观态度，但我们仍在灵活运营。随着时间的推移，我们相信全球对能源的需求将持续上升，而碳氢化合物将在可预见的未来中满足全球能源需求方面发挥重要作用。因此，我们将继续专注于提供创新的、低排放的和具有成本效益的解决方案，以实现客户在操作和经济绩效方面的显著提升。
可持续性
我们相信作为行业板块的领导者和合作伙伴，我们在社会中扮演着重要角色。我们认为环保母基、社会和治理领域是转变我们公司和行业绩效的关键杠杆。2019年1月，我们承诺到2030年将我们的运营范围1和范围2的二氧化碳当量排放量减少50%，并在2050年实现净零排放。我们在减少排放方面持续取得进展，并在2023年的企业可持续发展报告中报告与2019年基准年相比，我们的范围1和范围2的二氧化碳当量排放量减少了28.3%。
业务环境
以下讨论和分析总结了截至2024年9月30日和2023年9月30日的三个和九个月内对我们运营结果、财务状况和流动性状况产生重大影响的因素，应该与我们的简明合并基本报表及相关附注一起阅读。
我们的营业收入主要来自向全球主要、国家和独立的石油和天然气公司销售产品和服务，并且依赖于客户在石油和天然气勘探、油田开发和生产上的支出。这些支出受到多种因素的驱动，包括客户对未来能源需求和供应的预测、他们获取资源以开发和生产石油和天然气的能力、他们资助资本项目的能力、新政府法规的影响以及他们对石油和天然气价格的预期，这些都是影响他们现金流的重要因素。
Baker Hughes公司 2024年第三季度10-Q表格 | 25


石油和天然气价格
下表汇总了各个时期的油价和天然气价格，数据为每日收盘价的平均值。
截至9月30日的三个月截至9月30日的九个月
2024202320242023
布伦特原油价格 ($/桶) (1)
$80.01 $86.65 $82.50 $81.99 
西德克萨斯原油价格 ($/桶) (2)
76.43 82.25 78.58 77.27 
天然气价格 ($/百万英国热单位) (3)
2.11 2.59 2.11 2.46 
(1)Energy Information Administration ("EIA") Europe Brent Spot Price per Barrel
(2)EIA Cushing, OK West Texas Intermediate ("WTI") spot price
(3)EIA Henry Hub Natural Gas Spot Price per million British Thermal Unit
Outside North America, customer spending is influenced by Brent oil prices. In North America, customer spending is influenced by WTI oil prices and natural gas prices are measured by the Henry Hub Natural Gas Spot Price.
Baker Hughes Rig Count
The Baker Hughes rig counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active, they consume products and services produced by the oil service industry. Rig count trends are driven by the exploration and development spending by oil and natural gas companies, which in turn is influenced by current and future price expectations for oil and natural gas. The counts may reflect the relative strength and stability of energy prices and overall market activity; however, these counts should not be solely relied on as other specific and pervasive conditions may exist that affect overall energy prices and market activity.
We have been providing rig counts to the public since 1944. We gather all relevant data through our field service personnel, who obtain the necessary data from routine visits to the various rigs, customers, contractors and other outside sources as necessary. We base the classification of a well as either oil or natural gas primarily upon filings made by operators in the relevant jurisdiction. This data is then compiled and distributed to various wire services and trade associations and is published on our website. We believe the counting process and resulting data is reliable; however, it is subject to our ability to obtain accurate and timely information. Rig counts are compiled weekly for the United States of America ("U.S.") and Canada and monthly for all international rigs. Published international rig counts do not include rigs drilling in certain locations such as onshore China because this information is not readily available.
Rigs in the U.S. and Canada are counted as active if, on the day the count is taken, the well being drilled has been started but drilling has not been completed and the well is anticipated to be of sufficient depth to be a potential consumer of our drill bits. In international areas, rigs are counted on a weekly basis and deemed active if drilling activities occurred during the majority of the week. The weekly results are then averaged for the month and published accordingly. The rig count does not include rigs that are in transit from one location to another, rigging up, being used in non-drilling activities including production testing, completion and workover, and are not expected to be significant consumers of drill bits.
The rig counts are summarized in the table below as averages for each of the periods indicated.
Three Months Ended September 30,Nine Months Ended September 30,
20242023% Change20242023% Change
North America796 836 (5)%788 885 (11)%
International937 951 (1)%955 942 1 %
Worldwide1,733 1,787 (3)%1,743 1,827 (5)%
Baker Hughes Company 2024 Third Quarter Form 10-Q | 26


The worldwide rig count was 1,733 for the third quarter of 2024, a decrease of 3% as compared to the same period last year primarily due to a decrease in North America. Within North America, the decrease was primarily driven by the U.S. rig count, which was down 10% when compared to the same period last year, partially offset by an increase in the Canada rig count, which was up 12% when compared to the same period last year. Internationally, the rig count decrease was driven primarily by a decrease in the Latin America, Asia-Pacific, and Europe regions of 10%, 2%, and 2%, respectively, when compared to the same period last year.
The worldwide rig count was 1,743 for the nine months ended September 30, 2024, a decrease of 5% as compared to the same period last year primarily due to a decrease in North America. Within North America, the decrease was driven by the U.S. rig count, which was down 15% when compared to the same period last year. Internationally, the rig count increase was driven primarily by an increase in the Africa, Middle East, Asia-Pacific, and Europe regions of 10%, 4%, 3%, and 1%, respectively.
RESULTS OF OPERATIONS
The discussions below relating to significant line items from our condensed consolidated statements of income (loss) are based on available information and represent our analysis of significant changes or events that impact the comparability of reported amounts. Where appropriate, we have identified specific events and changes that affect comparability or trends and, where reasonably practicable, have quantified the impact of such items. In addition, the discussions below for revenue and cost of revenue are on a total basis as the business drivers for product sales and services are similar. All dollar amounts in tabulations in this section are in millions of dollars, unless otherwise stated. Certain columns and rows may not add due to the use of rounded numbers.
Our condensed consolidated statements of income (loss) display sales and costs of sales in accordance with the Securities and Exchange Commission ("SEC") regulations under which "goods" is required to include all sales of tangible products and "services" must include all other sales, including other service activities. For the amounts shown below, we distinguish between "equipment" and "product services," where product services refer to sales under product services agreements, including sales of both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs), which is an important part of our operations. We refer to "product services" simply as "services" within the Business Environment section of Management's Discussion and Analysis.
Our results of operations are evaluated by the Chief Executive Officer on a consolidated basis as well as at the segment level. The performance of our operating segments is primarily evaluated based on segment operating income (loss), which is defined as income (loss) before income taxes and before the following: net interest expense, net other non-operating income (loss), unallocated corporate expenses, significant restructuring plans, impairment and other charges, inventory impairments, and certain gains and losses not allocated to the operating segments.
In evaluating the performance, we primarily use the following:
Volume: Volume is defined as the increase or decrease in products and/or services sold period-over-period excluding the impact of foreign exchange and price. The volume impact on profit is calculated by multiplying the prior period profit rate by the change in revenue volume between the current and prior period. Volume also includes price, which is defined as the change in sales price for a comparable product or service period-over-period and is calculated as the period-over-period change in sales prices of comparable products and services.
Foreign Exchange ("FX"): FX measures the translational foreign exchange impact, or the translation impact of the period-over-period change on sales and costs directly attributable to change in the foreign exchange rate compared to the U.S. dollar. FX impact is calculated by multiplying the functional currency amounts (revenue or profit) with the period-over-period FX rate variance, using the average exchange rate for the respective period.
(Inflation)/Deflation: (Inflation)/deflation is defined as the increase or decrease in direct and indirect costs of the same type for an equal amount of volume. It is calculated as the year-over-year change in cost (i.e. price paid) of direct material, compensation and benefits, and overhead costs.
Productivity: Productivity is measured by the remaining variance in profit, after adjusting for the period-over-period impact of volume and price, foreign exchange, and (inflation)/deflation as defined above. Improved or lower period-over-period cost productivity is the result of cost efficiencies or inefficiencies, such as cost decreasing or
Baker Hughes Company 2024 Third Quarter Form 10-Q | 27


increasing more than volume, or cost increasing or decreasing less than volume, or changes in sales mix among segments. This also includes the period-over-period variance of transactional foreign exchange, aside from those foreign currency devaluations that are reported separately for business evaluation purposes.
Orders and Remaining Performance Obligations
Summarized orders information for our segments are shown in the following table.
Three Months Ended September 30,$ ChangeNine Months Ended September 30,$ Change
2024202320242023
Orders:
Oilfield Services & Equipment3,807 4,178 (371)11,500 12,470 (970)
Gas Technology Equipment1,088 2,813 (1,725)3,810 6,070 (2,260)
Gas Technology Services778 724 54 2,239 2,196 43 
Total Gas Technology1,866 3,537 (1,671)6,049 8,266 (2,217)
Industrial Products494 477 17 1,564 1,555 9 
Industrial Solutions293 271 23 831 797 34 
Controls (1)
— — — — 66 (66)
Total Industrial Technology787 748 40 2,395 2,418 (23)
Climate Technology Solutions (2)
215 49 166 800 463 336 
Industrial & Energy Technology2,868 4,334 (1,465)9,244 11,148 (1,904)
Total$6,676 $8,512 $(1,836)$20,744 $23,618 $(2,874)
(1)The sale of our controls business was completed in April 2023.
(2)For the three and nine months ended September 30, 2024, total new energy orders incorporates CTS in IET of $0.2 billion and $0.8 billion, respectively.
The Remaining Performance Obligations ("RPO") relate to the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations. As of September 30, 2024, RPO totaled $33.4 billion, of which OFSE totaled $3.2 billion, and IET totaled $30.2 billion.
The Third Quarter of 2024 Compared to the Third Quarter of 2023
Revenue increased $267 million, or 4%, to $6.9 billion. OFSE increased $12 million and IET increased $254 million.
Selling, general and administrative decreased $15 million, or 2%, to $612 million, and our Corporate costs, which are primarily reported within this financial measure, decreased $3 million, or 3%, to $91 million. These decreases were driven primarily by cost optimization initiatives, partially offset by inflationary pressure.
Operating income increased $216 million, or 30%, to $930 million, driven primarily by: improved performance in margins from both segments, price, and continued benefit of cost optimization initiatives, partially offset by inflationary pressure and unfavorable business mix.
We recorded other non-operating income of $134 million in the third quarter of 2024, which included a net gain of $99 million from the change in fair value for certain equity investments. In the third quarter of 2023, we recorded $94 million of other non-operating income. Included in this amount was a net gain of $99 million from the change in fair value for certain equity investments.
Net interest expense incurred in the third quarter of 2024 was $55 million, which includes interest income of $18 million. Net interest expense increased $6 million compared to the third quarter of 2023, with lower interest income primarily driven by lower average cash on deposit.
Baker Hughes Company 2024 Third Quarter Form 10-Q | 28


We recorded income taxes in the third quarter of 2024 and 2023 of $235 million. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S. and losses with no tax benefit due to valuation allowances, partially offset by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances.
Segment Revenues and Segment Operating Income
Oilfield Services & Equipment
Three Months Ended September 30,$ Change
20242023
Revenue
Well Construction$1,050 $1,128$(77)
Completions, Intervention & Measurements1,009 1,085(77)
Production Solutions983 96716 
Subsea & Surface Pressure Systems921 770151 
Total
$3,963 $3,951$12 
Operating income
$547 $465$83 
Operating margin (1)
13.8 %11.8 %2pts
(1)Operating margin is defined as operating income divided by revenue.
OFSE revenue of $3,963 million increased $12 million in the third quarter of 2024 compared to the third quarter of 2023, driven by Subsea & Surface Pressure Systems ("SSPS"). From a geographical perspective, international revenue was $2,992 million, an increase of $106 million from the third quarter of 2023, primarily driven by the Europe/CIS/Sub-Saharan Africa regions, partially offset by the Latin America and Middle East/Asia regions. North America revenue was $971 million in the third quarter of 2024, a decrease of $93 million from the third quarter of 2023.
OFSE segment operating income was $547 million in the third quarter of 2024 compared to $465 million in the third quarter of 2023. The improved performance in the third quarter of 2024 was primarily driven by higher price, cost-out initiatives, and operational efficiencies driving productivity, partially offset by unfavorable business mix and inflationary pressure.
Baker Hughes Company 2024 Third Quarter Form 10-Q | 29


Industrial & Energy Technology
Three Months Ended September 30,$ Change
20242023
Revenue
Gas Technology Equipment
$1,281 $1,227$54 
Gas Technology Services
697 63759 
Total Gas Technology1,978 1,865113 
Industrial Products
520 5201 
Industrial Solutions257 24314 
Total Industrial Technology777 76314 
Climate Technology Solutions191 63127 
Total
$2,945 $2,691$254 
Operating income
$474 $346$128 
Operating margin (1)
16.1 %12.9 %3.2pts
(1)Operating margin is defined as operating income divided by revenue.
IET revenue of $2,945 million increased $254 million, or 9%, in the third quarter of 2024 compared to the third quarter of 2023. The increase was primarily driven by Climate Technology Solutions and across the Gas Technology business and, to a lesser extent, in Industrial Technology.
IET segment operating income was $474 million in the third quarter of 2024 compared to $346 million in the third quarter of 2023. The improved performance in the third quarter of 2024 was primarily driven by higher volume, price, and cost-out initiatives, partially offset by inflationary pressure.
The First Nine Months of 2024 Compared to the First Nine Months of 2023
Revenue increased $1,794 million, or 10%, to $20.5 billion, driven by both segments. OFSE increased $352 million and IET increased $1,442 million.
Selling, general and administrative decreased $104 million, or 5%, to $1,873 million, and our Corporate costs, which are primarily reported within this financial measure, decreased $21 million, or 7%, to $271 million. These decreases were driven primarily by cost optimization initiatives, partially offset by inflationary pressure.
Operating income increased $750 million, or 45%, to $2,416 million, driven primarily by: improved performance within each segment, increased volume, price, and continued benefit of cost optimization initiatives, partially offset by unfavorable business mix and inflationary pressure.
Restructuring, impairment, and other charges were $21 million in the first nine months of 2024, compared to $161 million in the first nine months of 2023. The charges in the first nine months of 2023 primarily related to employee termination expenses driven by actions taken to facilitate the reorganization into two segments and to optimize our corporate structure. In addition, costs were incurred related to exit activities at specific locations in our segments to align with our current market outlook and to rationalize our manufacturing supply chain footprint.
Other non-operating income in the first nine months of 2024 was $200 million, which included a gain of $171 million from the change in fair value for certain equity investments. For the first nine months of 2023, we recorded $638 million of other non-operating income. Included in this amount was a gain of $639 million from the change in fair value for certain equity investments.
Net interest expense in the first nine months of 2024 was $143 million, which includes interest income of $74 million. Net interest expense decreased $28 million compared to the first nine months of 2023, primarily driven by
Baker Hughes Company 2024 Third Quarter Form 10-Q | 30


higher interest income from the net impact of interest income and FX on cash held in Argentina and, to a lesser extent, lower interest expense following debt repayments.
In the first nine months of 2024 and 2023, the provision for income taxes was $656 million and $614 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate is primarily related to income in jurisdictions with tax rates higher than in the U.S. and losses with no tax benefit due to valuation allowances, partially offset by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances.
Segment Revenues and Segment Operating Income
Oilfield Services & Equipment
Nine Months Ended September 30,$ Change
20242023
Revenue
Well Construction$3,201 $3,265$(64)
Completions, Intervention & Measurements3,132 3,08447 
Production Solutions2,886 2,86323 
Subsea & Surface Pressure Systems2,538 2,192346 
Total
$11,757 $11,405$352 
Operating income
$1,462 $1,253$209 
Operating margin (1)
12.4 %11.0 %1.4pts
(1)Operating margin is defined as operating income divided by revenue.
OFSE revenue of $11,757 million increased $352 million, or 3%, in the first nine months of 2024 compared to the first nine months of 2023, driven by SSPS and international markets, partially offset by North America. From a geographical perspective, international revenue was $8,773 million, an increase of $466 million from the first nine months of 2023, primarily driven by the Europe/CIS/Sub-Saharan Africa region, partially offset by the Latin America region. North America revenue was $2,984 million in the first nine months of 2024, a decrease of $113 million from the first nine months of 2023.
OFSE segment operating income was $1,462 million in the first nine months of 2024 compared to $1,253 million in the first nine months of 2023. The improved performance was primarily driven by higher volume, price, and cost-out initiatives, partially offset by unfavorable business mix and inflationary pressure.
Baker Hughes Company 2024 Third Quarter Form 10-Q | 31


Industrial & Energy Technology
Nine Months Ended September 30,$ Change
20242023
Revenue
Gas Technology Equipment
$4,030 $3,026$1,004 
Gas Technology Services
2,002 1,886115 
Total Gas Technology6,032 4,9131,119 
Industrial Products
1,492 1,44943 
Industrial Solutions
783 70776 
Controls (1)
— 41(41)
Total Industrial Technology2,275 2,19778 
Climate Technology Solutions402 156245 
Total$8,708 $7,267$1,442 
Operating income
$1,246 $898$348 
Operating margin (2)
14.3 %12.4 %1.9pts
(1)The sale of our controls business was completed in April 2023.
(2)Operating margin is defined as operating income divided by revenue.
IET revenue of $8,708 million increased $1,442 million, or 20%, in the first nine months of 2024 compared to the first nine months of 2023. The increase was primarily driven by Gas Technology (predominately in GTE) and, to a lesser extent, in CTS and Industrial Technology.
IET segment operating income was $1,246 million in the first nine months of 2024 compared to $898 million in the first nine months of 2023. The improved performance in the first nine months of 2024 was driven by higher volume, price, and cost-out initiatives, partially offset by unfavorable business mix and inflationary pressure.
LIQUIDITY AND CAPITAL RESOURCES
Our objective in financing our business is to maintain sufficient liquidity, adequate financial resources, and financial flexibility in order to fund the requirements of our business. We continue to maintain solid financial strength and liquidity. At September 30, 2024, we had cash and cash equivalents of $2.7 billion compared to $2.6 billion at December 31, 2023.
In the U.S. we held cash and cash equivalents of approximately $0.5 billion and $0.6 billion and outside the U.S. of approximately $2.2 billion and $2.0 billion as of September 30, 2024 and December 31, 2023, respectively. A substantial portion of the cash held outside the U.S. at September 30, 2024 has been reinvested in active non-U.S. business operations. If we decide at a later date to repatriate certain cash to the U.S., we may incur other additional taxes that would not be significant to the total tax provision.
As of September 30, 2024 and December 31, 2023, we had $785 million and $637 million, respectively, of cash held in countries with currency controls that limit the flow of cash out of the jurisdiction or limit our ability to transfer funds without potentially incurring substantial costs. These funds are available to fund operations and growth in their respective jurisdictions, and we do not currently anticipate a need to transfer these funds to the U.S.
We have a $3.0 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial banks maturing in November 2028. The Credit Agreement contains certain representations and warranties, certain affirmative covenants and negative covenants, in each case we consider customary. No related events of default have occurred. The Credit Agreement is fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes. At September 30, 2024 and December 31, 2023, there were no borrowings under the Credit Agreement.
Baker Hughes Company 2024 Third Quarter Form 10-Q | 32


Certain Senior Notes contain covenants that restrict our ability to take certain actions. See "Note 8. Debt" of the Notes to Unaudited Condensed Consolidated Financial Statements in this Quarterly Report for further details. At September 30, 2024, we were in compliance with all debt covenants. Our next debt maturity is December 2026.
We continuously review our liquidity and capital resources. If market conditions were to change, for instance due to the uncertainty created by geopolitical events, a global pandemic, or a significant decline in oil and gas prices, and our revenue was reduced significantly or operating costs were to increase significantly, our cash flows and liquidity could be negatively impacted. Additionally, it could cause the rating agencies to lower our credit ratings. There are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility; however, a downgrade in our credit ratings could increase the cost of borrowings under the credit facility. Should this occur, we could seek alternative sources of funding, including borrowing under the credit facility.
During the nine months ended September 30, 2024, we dispersed cash to fund a variety of activities including certain working capital needs, capital expenditures, the payment of dividends, and repurchases of our common stock.
Cash Flows
Cash flows provided by (used in) each type of activity were as follows for the nine months ended September 30:
(In millions)20242023
Operating activities$2,142 $2,130 
Investing activities(799)(503)
Financing activities(1,293)(861)
Operating Activities
Cash flows provided by operating activities were $2,142 million and $2,130 million for the nine months ended September 30, 2024 and 2023, respectively.
Our largest source of operating cash is payments from customers, of which the largest component is collecting cash related to our sales of products and services, including advance payments or progress collections for work to be performed. The primary use of operating cash is to pay our suppliers, employees, tax authorities, and others for a wide range of goods and services.
Cash generated from operating activities is primarily driven by net income adjusted for certain noncash items (including depreciation, amortization, gain on equity securities, stock-based compensation cost, deferred tax provision, and the impairment of certain assets).
For the nine months ended September 30, 2024, net working capital cash usage was $57 million, mainly due to an increase in inventory and contract assets as we continue to build for growth, partially offset by accounts receivables. Included in the cash flows from operating activities for the nine months ended September 30, 2024 are payments of $187 million made primarily for employee severance as a result of our restructuring activities.
For the nine months ended September 30, 2023, net working capital cash generation was $19 million for the nine months ended September 30, 2023, mainly due to strong progress collections on equipment contracts, mostly offset by an increase in receivables and inventory as we built for growth.
Investing Activities
Cash flows used in investing activities were $799 million and $503 million for the nine months ended September 30, 2024 and 2023, respectively.
Our principal recurring investing activity is the funding of capital expenditures including property, plant, and equipment ("PP&E") and software, to support and generate revenue from operations. Expenditures for capital assets were $925 million and $868 million for the nine months ended September 30, 2024 and 2023, respectively, partially offset by cash flows from the disposal of PP&E of $145 million and $150 million for the nine months ended September 30, 2024 and 2023, respectively. Proceeds from the disposal of assets are primarily related to
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equipment that was lost-in-hole, predominantly in OFSE, and PP&E no longer used in operations that was sold throughout the period.
We had proceeds from the sale of certain equity securities of $21 million and $372 million during the nine months ended September 30, 2024 and 2023, respectively.
During the nine months ended September 30, 2023, we completed the acquisition of businesses for total cash consideration of $301 million, net of cash acquired, which consisted primarily of the acquisition of Altus Intervention in the OFSE segment in the second quarter of 2023. We also completed the sale of businesses and received total cash consideration of $293 million, which consisted primarily of the sale of our Nexus Controls business in the IET segment in the second quarter of 2023.
Financing Activities
Cash flows used in financing activities were $1,293 million and $861 million for the nine months ended September 30, 2024 and 2023, respectively.
During the nine months ended September 30, 2024, we repaid long-term debt of $134 million primarily related to debentures that matured in the second quarter of 2024. We increased our quarterly dividend during the nine months ended September 30, 2024 and 2023 by one cent to $0.21 and $0.20 per share, respectively. We paid dividends of $628 million and $586 million to our Class A shareholders during the nine months ended September 30, 2024 and 2023, respectively.
We repurchased and canceled 15.0 million shares of Class A common stock for a total of $476 million during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, we repurchased and canceled 7.0 million shares of Class A common stock for a total of $219 million.
Cash Requirements
We believe cash on hand, cash flows from operating activities, the available revolving credit facility, access to our uncommitted lines of credit, and availability under our existing shelf registrations of debt will provide us with sufficient capital resources and liquidity in the short-term and long-term to manage our working capital needs, meet contractual obligations, fund capital expenditures and dividends, repay debt, repurchase our common stock, and support the development of our short-term and long-term operating strategies.
Our capital expenditures can be adjusted and managed by us to match market demand and activity levels. We continue to believe that based on current market conditions, capital expenditures in 2024 are expected to be made at a rate that would equal up to 5% of annual revenue. The expenditures are expected to be used primarily for normal, recurring items necessary to support our business.
We currently anticipate making income tax payments in the range of $900 million to $950 million in 2024.
Other Factors Affecting Liquidity
Customer receivables: In line with industry practice, we may bill our customers for services provided in arrears dependent upon contractual terms. In a challenging economic environment, we may experience delays in the payment of our invoices due to customers' lower cash flow from operations or their more limited access to credit markets. While historically there have not been material non-payment events, we attempt to mitigate this risk through working with our customers to restructure their debts. In regards to our primary customer in Mexico, we have not historically had any material write-offs due to uncollectible accounts receivable, nor are these balances currently in dispute. During 2024, we have issued a total of $475 million Credit Default Swaps to financial institutions, which were used to support borrowings for this customer, the proceeds from which were used to repay outstanding receivables.
A customer's failure or delay in payment could have a material adverse effect on our short-term liquidity and results of operations. Our gross customer receivables in the U.S. were 15% as of September 30, 2024. No other country accounted for more than 10% of our gross customer receivables at this date.
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International operations: Our cash that is held outside the U.S. is 83% of the total cash balance as of September 30, 2024. Depending on the jurisdiction or country where this cash is held, we may not be able to use this cash quickly and efficiently due to exchange or cash controls that could make it challenging. As a result, our cash balance may not represent our ability to quickly and efficiently use this cash.
Guarantor Information
We have senior unsecured notes and senior unsecured debentures (collectively the "Debt Securities") outstanding with an aggregate principal amount of $5.8 billion as of September 30, 2024, with maturities ranging from 2024 to 2047. The Debt Securities constitute debt obligations of Baker Hughes Holdings LLC ("BHH LLC"), an indirect, 100% owned subsidiary and the primary operating company of Baker Hughes, and Baker Hughes Co-Obligor, Inc, a 100%-owned finance subsidiary of BHH LLC (the "Issuers") that was incorporated for the sole purpose of serving as a corporate co-obligor of debt securities. The Debt Securities are fully and unconditionally guaranteed on a senior unsecured basis by us and rank equally in right of payment with all of the Company's other senior and unsecured debt obligations.
As permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded summarized financial information for the Issuers because the combined assets, liabilities, and results of operations of the Issuers are not materially different than the corresponding amounts in our condensed consolidated financial statements and management believes such summarized financial information would be repetitive and would not provide incremental value to investors.
CRITICAL ACCOUNTING ESTIMATES
Our critical accounting estimation processes are consistent with those described in Item 7 of Part II, "Management's discussion and analysis of financial condition and results of operations" of our 2023 Annual Report.
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, (each a "forward-looking statement"). All statements, other than historical facts, including statements regarding the presentation of the Company's operations in future reports and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target," "goal" or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, the risk factors identified in the "Risk Factors" section of Part II of Item 1A of this report and Part 1 of Item 1A of our 2023 Annual Report and those set forth from time-to-time in other filings by the Company with the SEC. These documents are available through our website or through the SEC's Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://www.sec.gov.
Any forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For quantitative and qualitative disclosures about market risk affecting us, see Item 7A. "Quantitative and Qualitative Disclosures about Market Risk," in our 2023 Annual Report. Our exposure to market risk has not changed materially since December 31, 2023.
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ITEM 4. CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures (as defined in Rule 15d-15(e) of the Exchange Act) were effective at a reasonable assurance level.
There has been no change in our internal controls over financial reporting during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.
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PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
See discussion of legal proceedings in "Note 16. Commitments and Contingencies" of the Notes to Unaudited Condensed Consolidated Financial Statements in this Quarterly Report, Item 3 of Part I of our 2023 Annual Report and Note 19 of the Notes to Consolidated Financial Statements included in Item 8 of our 2023 Annual Report.
ITEM 1A. RISK FACTORS
As of the date of this filing, the Company and our operations continue to be subject to the risk factors previously discussed in the "Risk Factors" sections contained in the 2023 Annual Report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table contains information about our purchases of our Class A common stock equity securities during the three months ended September 30, 2024.
Period
Total Number of Shares Purchased (1)
Average
Price Paid 
Per Share (2)
Total Number of Shares Purchased as Part of a Publicly Announced Program (3)(4)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (3)(4)
July 1-31, 2024
9,449 $35.25 — $1,893,645,541 
August 1-31, 2024
24,541 $35.35 — $1,893,645,541 
September 1-30, 2024
4,486,105 $33.88 4,480,285 $1,741,865,699 
Total4,520,095 $33.89 4,480,285 
(1)Represents Class A common stock purchased from employees to satisfy the tax withholding obligations primarily in connection with the vesting of restricted stock units.
(2)Average price paid for Class A common stock purchased from employees to satisfy the tax withholding obligations in connection with the vesting of restricted stock units and shares purchased in the open market under our publicly announced purchase program.
(3)On July 30, 2021, our Board of Directors authorized the Company to repurchase up to $2 billion of its Class A common stock. On October 27, 2022, our Board of Directors authorized an increase to our repurchase program of $2 billion of additional Class A common stock, increasing its existing repurchase authorization of $2 billion to $4 billion. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.
(4)During the three months ended September 30, 2024, we repurchased 4.5 million shares of Class A common stock at an average price of $33.88 per share for a total of $152 million.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
We have no mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K to report for the current quarter.
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ITEM 5. OTHER INFORMATION
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the three months ended September 30, 2024, certain of our officers or directors listed below adopted or terminated trading arrangements for the sale of shares of our Class A common stock in amounts and prices determined in accordance with a formula set forth in each such plan:
Name and TitleActionDatePlansNumber of Shares to be SoldExpiration
Rule 10b5-1 (1)
Non-Rule 10b5-1 (2)
Maria Claudia Borras,
Executive Vice President, Oilfield Services and Equipment
AdoptionSeptember 13, 2024X72,500
Earlier of when all shares under plan are sold and May 30, 2025
(1)Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)
(2)Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)
ITEM 6. EXHIBITS
Each exhibit identified below is filed as a part of this report. Exhibits designated with an "*" are filed as an exhibit to this Quarterly Report on Form 10-Q and Exhibits designated with an "**" are furnished as an exhibit to this Quarterly Report on Form 10-Q. Exhibits designated with a "+" are identified as management contracts or compensatory plans or arrangements. Exhibits previously filed are incorporated by reference.
101.INS*XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*XBRL Schema Document
101.CAL*XBRL Calculation Linkbase Document
101.DEF*XBRL Definition Linkbase Document
101.LAB*XBRL Label Linkbase Document
101.PRE*XBRL Presentation Linkbase Document
104*Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Baker Hughes Company
(Registrant)
Date:October 23, 2024By:/s/ NANCY BUESE
Nancy Buese
Executive Vice President and Chief Financial Officer
Date:October 23, 2024By:
/s/ REBECCA CHARLTON 
Rebecca Charlton
Senior Vice President, Controller and Chief Accounting Officer
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