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美國
證券交易委員會
華盛頓特區20549

表格 10-Q
（標記一）
☑根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從_________到__________
委員會文件號 1-38143
貝克休斯公司
(根據其章程規定的註冊人準確名稱)
特拉華州81-4403168
(所在州或其他司法管轄區)（納稅人識別號碼）
成立或組織的州）
575 N. Dairy Ashford Rd., 100套房
休斯頓，得克薩斯州
77079-1121
，（主要行政辦公地址）(郵政編碼)
報告人電話號碼，包括區號：（713) 439-8600

在法案第12(b)條的規定下注冊的證券：
每一類的名稱交易代碼在其上註冊的交易所的名稱
A類普通股，每股面值0.0001美元BKR納斯達克證券交易所 LLC
baker hughes控股有限責任公司和baker hughes共同擔保人發行的到期日爲2040年的5.125%高級票據。
baker hughes40
納斯達克證券交易所 LLC
請在以下方框中打勾，表示註冊者（1）在過去的12個月內（或被要求提交此類報告的較短期間內），已提交根據1934年證券交易法第18或15（d）條款規定所需提交的所有報告文件，（2）在過去的90天內一直受到提交報告文件的規定的約束。
是 ☑否☐
請用勾號表示：註冊者在過去12個月內（或者在註冊者需要提交這些文件的較短期間內），是否已根據《S-T規定》第405條規定要求提交每個互動數據文件。
是 ☑否☐
請用複選標記表示該註冊人是否爲大型加速存量發行公司、加速存量發行公司、非加速存量發行公司、較小報告公司或新興增長公司。請參閱《交易所法》120億.2條對「大型加速存量發行公司」、「加速存量發行公司」、「較小報告公司」和「新興增長公司」的定義。（選擇一項）：
大型加速報告人☑加速文件提交人☐非加速文件提交人☐較小的報告公司☐
新興成長公司
☐
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐
請勾選以下項目，指示註冊人是否爲殼公司（在證券交易法案規則12b-2中定義）。
是的 ☐否☑
截至2024年10月16日，登記人持有 989,525,809 股A普通股，每股面值爲$0.0001。


貝克休斯公司
目錄
頁碼.
baker hughes公司2024年第三季度10-Q表格 | i


第一部分 — 財務信息
項目1.基本報表（未經審計）
貝克休斯公司
基本報表-損益簡表
(未經審計)

截至9月30日的三個月截至9月30日的九個月
（以百萬爲單位，每股數據除外）2024202320242023
營業收入：
貨物銷售$4,413 $4,044 $12,963 $11,320 
服務銷售額2,495 2,597 7,502 7,351 
營業收入總額6,908 6,641 20,465 18,671 
成本和費用：
營業成本3,581 3,467 10,763 9,704 
(t)1,785 1,831 5,392 5,163 
銷售、一般及行政費用612 627 1,873 1,977 
重組、減值和其他— 2 21 161 
總成本和費用5,978 5,927 18,049 17,005 
營業利潤930 714 2,416 1,666 
其他非運營淨收入
134 94 200 638 
利息費用，淨額(55)(49)(143)(171)
稅前收入
1,009 759 2,473 2,133 
所得稅費用(235)(235)(656)(614)
淨收入
774 524 1,817 1,519 
淨利潤歸屬於非控制權益8 6 17 16 
歸屬於baker hughes公司的淨利潤
$766 $518 $1,800 $1,503 
每股金額：
每股A類普通股的基本收入
$0.77 $0.51 $1.81 $1.49 
每股A類普通股的攤薄收入
$0.77 $0.51 $1.80 $1.48 
每股A類普通股的現金股利$0.21 $0.20 $0.63 $0.58 
請參見附註的未經審計的簡明合併財務報表。
baker hughes公司2024年第三季度10-Q表格 | 1


貝克休斯公司
綜合收益（損失）的簡明合併報表
(未經審計)
截至9月30日的三個月截至9月30日的九個月
（以百萬計）2024202320242023
淨收入$774 $524 $1,817 $1,519 
淨利潤歸屬於非控制權益8 6 17 16 
歸屬於baker hughes公司的淨利潤766 518 1,800 1,503 
其他綜合收益（損失）：
外幣翻譯調整142 (122)(50)47 
現金流量套期收益8 (14)6 (3)
福利計劃(5)24 4 20 
其他綜合收益（損失）
145 (112)(40)64 
扣除：歸屬於非控制股權的其他綜合收益
1 — — — 
歸屬於baker hughes公司的其他綜合收益（損失）
144 (112)(40)64 
綜合收益
919 412 1,777 1,583 
扣除歸屬於非控股權益的綜合收益8 6 18 16 
歸屬於baker hughes公司的綜合收益
$911 $406 $1,759 $1,567 
請參見附註的未經審計的簡明合併財務報表。
baker hughes公司2024年第三季度10-Q表格 | 2


貝克休斯公司
經簡化的合併資產負債表
(未經審計)
（以百萬美元爲單位，除每股面值外）
2020年9月30日
2024		12月31日
2023
資產
流動資產：
現金及現金等價物$2,664 $2,646 
應收賬款，淨額6,920 7,075 
淨存貨5,254 5,094 
所有板塊中的其他流動資產1,730 1,486 
總流動資產16,568 16,301 
Property, plant and equipment (net of accumulated depreciation of $6,157 和 $5,678)
5,150 4,893 
商譽6,167 6,137 
其他無形資產，淨額3,995 4,093 
合同和其他遞延資產1,904 1,756 
所有板塊的其他資產3,097 3,043 
延遲所得稅649 722 
總資產$37,530 $36,945 
負債和股東權益
流動負債:
應付賬款$4,431 $4,471 
短期和長期負債的流動部分52 148 
進展收款和遞延收入 5,685 5,542 
所有板塊的其他流動負債2,622 2,830 
流動負債合計12,790 12,991 
長期債務5,984 5,872 
延遲所得稅154 176 
養老金和其他退休福利的負債991 978 
所有其他負債1,268 1,409 
股東權益：
0.0000010.0001面值 - 2,000已授權，1618250已發行。989和頁面。998 截至2024年9月30日和2023年12月31日的已發行和流通股份分別爲
— — 
B類普通股，$2,443,750股已發行並流通截至2023年12月31日和2024年3月31日。0.0001面值 - 1,250已授權，1618250已發行。無 截至2024年9月30日和2023年12月31日的已發行和流通股份分別爲
— — 
超過面值的資本
26,045 26,983 
保留虧損(7,019)(8,819)
累計其他綜合損失(2,837)(2,796)
baker hughes公司股權16,189 15,368 
非控制權益154 151 
股東權益總計16,343 15,519 
負債和所有者權益總額$37,530 $36,945 
請參見附註的未經審計的簡明合併財務報表。
Baker Hughes公司2024年第三季度10-Q表格 | 3


貝克休斯公司
簡明合併權益變動表
(未經審計)

(以百萬爲單位，除每股金額外)
A類和B類
普通股		資本
超過
面值		留存收益
Loss		累計
其他
綜合的
Loss		非-
控制中
興趣		總資產
截至2023年12月31日的餘額$— $26,983 $(8,819)$(2,796)$151 $15,519 
綜合收益（損失）：
凈利潤 1,800 17 1,817 
其他綜合損失
 (40) (40)
A類普通股的分紅派息（$0.63 每股）
(628)  (628)
回購和註銷A類普通股(476)   (476)
基於股票的補償費用154 154 
其他12  (1)(14)(3)
截至2024年9月30日的餘額$— $26,045 $(7,019)$(2,837)$154 $16,343 

(以百萬爲單位，除每股金額外)A類和B類
普通股		資本
超過
面值		留存收益
Loss		累計
其他
綜合的
Loss		非-
控制中
興趣		總資產
截至2024年6月30日的餘額$— $26,340 $(7,785)$(2,981)$147 $15,721 
綜合收益：
凈利潤 766 8 774 
其他綜合收益
 144 1 145 
A類普通股的分紅派息（$0.21 每股）
(209)  (209)
回購並註銷A類普通股(152)   (152)
基於股票的補償成本53 53 
其他13   (2)11 
截至2024年9月30日的餘額$— $26,045 $(7,019)$(2,837)$154 $16,343 
請參見附註的未經審計的簡明合併財務報表。









Baker Hughes公司2024年第三季度10-Q表格 | 4


貝克休斯公司
簡明合併權益變動表
(未經審計)

(以百萬爲單位，除每股金額外)A類和B類
普通股		資本
超過
面值		留存收益
Loss		累計
其他
綜合的
Loss		非-
控制中
興趣		總資產
截至2022年12月31日的餘額$— $28,126 $(10,761)$(2,971)$131 $14,525 
綜合收益：
凈利潤1,503 16 1,519 
其他綜合收益
64  64 
對A類普通股的分紅派息（$0.58 每股）
(586)(586)
回購及註銷A類普通股(219)  (219)
基於股票的薪酬成本148 148 
其他(54) (2)(56)
截至2023年9月30日的餘額$— $27,415 $(9,258)$(2,907)$145 $15,395 

(以百萬爲單位，除每股金額外)A類和B類
普通股		資本
超過
面值		留存收益
Loss		累計
其他
綜合的
Loss		非-
控制中
興趣		總資產
截至2023年6月30日的餘額$— $27,696 $(9,776)$(2,795)$137 $15,262 
綜合收益（損失）：
凈利潤
518 6 524 
其他綜合損失
(112)(112)
A類普通股的分紅派息（$0.20 每股）
(202)(202)
對A類普通股的回購與註銷(119)(119)
基於股票的薪酬成本51 51 
其他(11)2 (9)
截至2023年9月30日的餘額$— $27,415 $(9,258)$(2,907)$145 $15,395 
請參見附註的未經審計的簡明合併財務報表。
Baker Hughes公司2024第三季度10-Q表格 | 5


貝克休斯公司
簡明合併現金流量表
(未經審計)

截至9月30日的九個月
(單位：百萬)20242023
經營活動產生的現金流：
凈利潤$1,817 $1,519 
調整凈利潤與經營活動的淨現金流量的調節：
折舊和攤銷844 813 
股權證券收益
(171)(639)
股票基礎的薪酬成本154 148 
遞延所得稅的準備
35 68 
庫存減值— 33 
資產、廠房和設備減值淨值— 10 
經營資產和負債的變動：
流動應收款203 (467)
存貨(150)(410)
應付賬款(40)(209)
預收款項和遞延收入92 1,375 
合同及其他遞延資產(162)(270)
其他營業項目，淨額(480)159 
經營活動產生的淨現金流
2,142 2,130 
投資活動的現金流：
資本資產支出(925)(868)
資產處置收益145 150 
出售股權證券的收益
21 372 
業務處置收入 — 293 
用於收購的淨現金
— (301)
其他投資項目，淨額(40)(149)
用於投資活動的淨現金流(799)(503)
融資活動產生的現金流:
償還長期債務
(134)— 
分紅派息(628)(586)
回購A類普通股(476)(219)
其他融資項目，淨額(55)(56)
用於融資活動的淨現金流(1,293)(861)
貨幣兌換率變動對現金及現金等價物的影響(32)(53)
現金及現金等價物增加
18 713 
期初現金及現金等價物2,646 2,488 
期末現金及現金等價物$2,664 $3,201 
現金流量補充披露：
所得稅支付，扣除退款後的淨額$733 $463 
支付的利息$199 $205 
請參見附註的未經審計的簡明合併財務報表。
巴克休斯公司2024年第三季度10-Q表格 | 6


貝克休斯公司
簡明聯合財務報表附註(未經審計)
註釋 1. 財務報表的呈報基礎和主要會計政策摘要
業務描述
貝克休斯公司（"貝克休斯"、"公司"、"我們"、"我們"或"我們的"）是一家能源科技公司，擁有多樣化的科技和服務組合，涵蓋能源和工業價值鏈。
BASIS OF PRESENTATION
公司附帶的未經審計的壓縮合並基本報表是根據美國通用會計原則（"U.S."）及根據證券交易委員會對中期財務信息的規則和條例編制的。因此，在公司的年度財務報表中通常包括的某些信息和披露已被壓縮或省略。因此，這些未經審計的壓縮合並基本報表應與公司在截至2023年12月31日的年度報告（"2023年度報告"）中包含的經過審計的合併基本報表一起閱讀。
在管理層看來，合併的基本報表反映了管理層認爲必要的所有調整（包括正常的經常性調整），以公平地陳述公司及其子公司在所示期間的運營結果、財務狀況和現金流量，並不表示全年可能預期的結果。公司的基本報表是以合併的方式編制的。在這種陳述基礎下，公司的基本報表合併了其所有子公司（公司對其擁有控制性財務利益的實體，通常因爲公司持有多數投票權）。所有公司間賬戶和交易均已被消除。
在公司的基本報表及其附註中，某些往年金額已重新分類，以符合本年度的展示。在未經審計的簡明合併基本報表的附註中，除非另有說明，所有表格中的金額和股份均以百萬美元和股份爲單位。由於使用了四捨五入的數字，因此基本報表及其附註中的某些列和行可能無法相加。
重要會計政策概要
請參閱公司2023年年報中合併基本報表的"附註1. 報告基礎和重大會計政策摘要"，以了解重大會計政策的討論。
商譽
在2024年第三季度，公司完成了年度商譽減值測試，得出結論認爲不存在事件或情況，使得更加可能的判斷認爲任何報告單元的公允價值低於其賬面價值。
供應鏈金融項目
截至2024年9月30日和2023年12月31日，$431 百萬和$332 百萬個供應鏈金融項目負債在濃縮合並財務狀況表中的「應付賬款」項下記錄，並在合併現金流量表中結算時反映在經營活動產生的現金流量淨額中。
將採用新的會計標準
在2023年12月，FASB發佈了ASU 2023-09，"所得稅（主題740）：所得稅披露的改進"（"ASU 2023-09"），旨在提高所得稅披露的透明度和決策有效性。ASU 2023-09中的修正案主要通過對稅率調節和已支付所得稅信息的更改來提供增強的所得稅信息。ASU 2023-09允許提前採納，
Baker Hughes公司2024年第三季度10-Q表格 | 7


貝克休斯公司
簡明聯合財務報表附註(未經審計)
對公司而言，在2024年12月15日之後開始的所有年度期間均有效。公司仍在評估該標準對其披露的影響。
2023年11月，FASB發佈了ASU 2023-07，"分部報告（主題280）：可報告分部披露的改進"（"ASU 2023-07"），該標準增強了公司年度和臨時合併基本報表中所需的運營分部披露。ASU 2023-07於2023年12月15日後開始的財政年度及2024年12月15日後開始的財政年度內的臨時期間追溯生效。允許提前採用。公司目前正在評估該標準對其披露的影響。
所有其他已發佈但尚未生效的新會計準則目前正處於評估階段，預計不會對公司的財務狀況或經營成果產生重大影響。
註釋 2. 當前應收賬款
當前應收賬款包括以下內容：
2024年9月30日2023年12月31日
客戶應收賬款$5,897 $6,033 
其他1,361 1,392 
總應收款項7,258 7,425 
減：信用損失準備(338)(350)
總應收款項，淨額$6,920 $7,075 
客戶應收款項按開具發票的金額記錄。"其他"類別主要包括預付款給供應商和間接稅款。
註釋 3. 存貨
存貨，扣除儲備後的淨額 $421 百萬和$389 截至2024年9月30日和2023年12月31日，分別爲：
2024年9月30日2023年12月31日
成品$2,666 $2,626 
在製品和原材料2,588 2,468 
淨總庫存$5,254 $5,094 
公司截至2024年11月4日有 無 截至2024年9月30日的三個月和九個月內的庫存減值情況。截止2023年9月30日的三個月和九個月內，公司的庫存減值分別爲 零 和 $33 百萬，主要在油田服務及設備（"OFSE"）部門。有關更多信息，請參見"註釋17：重組、減值和其他"。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 8


貝克休斯公司
簡明聯合財務報表附註(未經審計)
註釋 4. 其他無形資產
無形資產包括以下內容：
2024年9月30日2023年12月31日
總計
賬面
金額		累計
攤銷		淨總計
賬面
金額		累計
攤銷		淨
客戶關係$1,946 $(879)$1,067 $1,945 $(818)$1,127 
科技1,266 (973)293 1,253 (899)354 
商標與商號291 (195)96 290 (186)104 
資本化軟體1,514 (1,177)337 1,413 (1,107)306 
有限使用壽命的無形資產5,017 (3,224)1,793 4,901 (3,010)1,891 
無限期無形資產2,202 — 2,202 2,202 — 2,202 
總無形資產$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日的三個月的攤銷費用爲$66 百萬和$64 百萬，分別爲$200 百萬和$190 截至2024年和2023年9月30日的九個月分別爲百萬。
預計2024年剩餘時間及隨後的五個財政年度的攤銷費用如下：
年份預計攤銷費用
2024年剩餘時間
$66 
2025227 
2026182 
2027159 
2028136 
2029111 
註釋 5. 合同與其他遞延資產
合同資產反映了在長期合同中賺取的營業收入，這些合同用於構建技術複雜的設備，提供長期產品服務和維護，或延長保修安排以及其他遞延合同相關費用。公司的長期產品服務協議由工業與能源科技（"IET"）部門提供。公司的長期設備合同由IET和OFSE兩個部門提供。 合同資產包括以下內容：
2024年9月30日2023年12月31日
長期產品服務協議 $390 $418 
長期設備合同和某些其他服務協議1,353 1,184 
合同資產（總營業收入超過賬單）1,743 1,602 
遞延庫存成本142 126 
其他履行或獲取合同的成本
19 28 
合同及其他遞延資產$1,904 $1,756 
Baker Hughes公司2024年第三季度10-Q表格 | 9


貝克休斯公司
簡明聯合財務報表附註(未經審計)
截至2024年9月30日和2023年9月30日的三個月內，從以往期間滿足（或部分滿足）的性能義務中確認的營業收入來自長期服務協議，數額爲$(1）百萬和$6 百萬，分別爲$(5）百萬和$20 在截至2024年9月30日和2023年9月30日的九個月內，數額爲分別爲百萬。這包括因合同總預估盈利能力可能受影響而根據成本或賬單估算的修訂而確認的營業收入。
注意 6. 進度收集和遞延收入
合同負債包括進度款項，這反映了超過營業收入的賬款，以及用於建設技術複雜設備的長期合同中的遞延收入、長期產品維護或延長保修安排。 合同負債包括以下內容：
2024年9月30日2023年12月31日
進展收款$5,531 $5,405 
遞延收入154 137 
進展收款和遞延收入（合同負債）$5,685 $5,542 
截至2024年9月30日和2023年9月30日的三個月內確認的營業收入，在期初包含在合同負債中爲$844 百萬和$881 百萬，分別爲$3,712 百萬和$2,349 在截至2024年和2023年9月30日的九個月內分別爲百萬。.
備註 7. 租賃
公司的租賃活動主要包括用於服務中心、製造業設施、銷售和行政辦公室以及某些設備的經營租賃。
截至9月30日的三個月截至9月30日的九個月
經營租賃費用2024202320242023
長期固定租賃$73 $69 $219 $206 
長期變量租賃17 18 62 53 
短期租賃120 126 390 377 
總運營租賃費用$210 $213 $671 $636 
用於經營租賃的經營活動現金流量大致等於截至2024年和2023年9月30日的三個月和九個月的租賃費用。
截至2024年9月30日和2023年12月31日，剩餘租賃期的加權平均值約爲 七年 的運營租賃。用於判斷截至2024年9月30日和2023年12月31日的運營租賃負債的加權平均折現率爲 4.2% 3.9%，分別。
Baker Hughes 公司 2024 年第三季度表格 10-Q | 10


貝克休斯公司
簡明聯合財務報表附註(未經審計)
注意 8. 債務
本公司的短期債務和長期債務的賬面價值包括以下內容：
2024年9月30日2023年12月31日
開空和長期債務的當前部分
8.55% 可轉換債券到期於2024年6月
$— $109 
其他債務52 39 
總開空和長期債務的當前部分52 148 
   
長期債務  
2.061% 高級票據到期於2026年12月
598 598 
3.337% 百萬年期票據，到期日爲2027年12月
1,309 1,294 
6.875% 百萬年期票據，到期日爲2029年1月
263 268 
3.138% 百萬年期票據，到期日爲2029年11月
523 523 
4.486% 百萬年期票據，到期日爲2030年5月
498 498 
5.125% 百萬年期票據，到期日爲2040年9月
1,277 1,281 
4.080% 百萬年期票據，到期日爲2047年12月
1,338 1,338 
其他開多長期債務178 73 
所有長期債務5,984 5,872 
總債務$6,036 $6,020 
截至2024年9月30日和2023年12月31日，總債務的預計公允價值爲$5,642 百萬和$5,571 百萬美元。對於公司大部分債務，公允價值是根據報價的期末市場價格確定的。在市場價格不可用的情況下，公司根據當前市場利率數據調整非履約風險的估值方法估算公允價值。
公司與一家金融機構有一份價值$3.0 億未擔保可再使用信貸額度（"信貸協議"）與商業銀行簽訂，截止到2028年11月到期。信貸協議包含某些聲明和保證、某些肯定性契約和負面契約，每一項都被視爲慣例。沒有發生相關的違約事件。信貸協議由Baker Hughes提供完全和無條件的高級無擔保擔保。至2024年9月30日和2023年12月31日，存在 無 根據信貸協議的借款。
貝克休斯共同債務人公司是與貝克休斯控股有限責任公司（"BHH LLC"）共同承擔公司的長期債務證券的共同債務人，承擔連帶責任。該共同債務人是 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爲長期債務證券的公司共同債務人，除了與其唯一目的相關的資產或運營外，沒有其他資產或運營。到2024年9月30日，貝克休斯共同債務人公司是某些債務證券的共同債務人，總額爲$5.8 十億。
某些高級票據包含限制條款，限制公司採取某些行動，包括但不限於創建某些擔保債務的抵押權、進入某些出售回租交易，以及進行超過特定限額的某些合併、重組和資產出售交易。截至2024年9月30日，公司已遵守所有債務契約。
Baker Hughes 公司 2024 年第三季度表格 10-Q | 11


貝克休斯公司
簡明聯合財務報表附註(未經審計)
備註 9. 所得稅
截至2024年9月30日的三個月和九個月，所得稅準備金爲$235 百萬和$656 百萬美元。截止2023年9月30日的三個月和九個月，所得稅準備金爲$235 百萬和$614 百萬美元。美國法定稅率21%與所有期間的有效稅率之間的差異主要與稅率高於美國的地區的收入和由於估值準備金而沒有稅收利益的損失有關，部分被由於估值準備金而導致的有效稅率低於21%的美國稅收所徵收的收入所抵消。公司關注其遞延稅資產的可回收性，特別關注其經營轄區的業務前景及現有遞延稅資產的持續利用。
注意 10. 股本
普通股
公司獲准發行 2 億股A類普通股， 1.25 億股B類普通股和 50 百萬股優先股，每股面值爲$0.0001 截至2024年9月30日和2023年12月31日，已發行和流通的B類普通股爲 無 公司尚未發行任何優先股。
公司有一個股票回購計劃，預計將通過運營產生的現金來資助，並且預計將在公司資本計劃、市場狀況及其他因素（包括監管限制）的情況下不時進行股票回購。回購計劃可能會在任何時候暫停或終止，並且沒有規定的到期日期。在截至2024年9月30日的三個月和九個月期間，公司回購並註銷了 4.5 百萬 15.0 百萬股A類普通股，總金額爲$152 百萬和$476 百萬，代表每股平均價格爲$33.88 和 $31.66，分別如此。在截至2023年9月30日的三個月和九個月期間，公司回購並註銷了 3.4 百萬 7.0 百萬股A類普通股，價格爲$119 百萬和$219 百萬美元，代表每股平均價格爲$35.50 和 $31.45，分別爲。截至2024年9月30日，公司仍有授權回購約$1.7 十億美元的A類普通股。
下表顯示了流通股數的變化（單位：千股）：
A類
普通股
20242023
截至1月1日的餘額997,709 1,005,960 
限制性股票單位的歸屬而發行股份 (1)
4,900 5,629 
根據行使期權而發行股份 (1)
113 409 
員工股票購買計劃的股份發行1,382 1,429 
對A類普通股的回購與註銷(15,019)(6,956)
截至九月三十日的餘額989,085 1,006,471 
(1)上述反映的分享金額是扣除用於滿足員工稅收預扣義務的股票後淨額。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 12


貝克休斯公司
簡明聯合財務報表附註(未經審計)
累計其他綜合損失（AOCL）
下表呈現了扣除稅後的累計其他綜合損失的變化：
外幣翻譯調整現金流對沖福利計劃累計其他全面收益虧損
截至2023年12月31日的餘額$(2,513)$(6)$(277)$(2,796)
重新分類之前的其他全面收益（損失）(50)19 (10)(41)
從累計其他綜合損失重新分類的金額— (11)12 1 
遞延稅項— (2)2 — 
其他綜合收益（損失）(50)6 4 (40)
減：其他調整
— 1 — 1 
截至2024年9月30日的餘額$(2,563)$(1)$(273)$(2,837)
外幣翻譯調整現金流對沖福利計劃累計其他全面收益虧損
截至2022年12月31日的餘額$(2,666)$(9)$(296)$(2,971)
重新分類之前的其他全面收益（損失）
47 (7)(6)34 
從累計其他綜合損失重新分類的金額— — 25 25 
遞延稅項— 4 1 5 
其他綜合收益（損失）47 (3)20 64 
截至2023年9月30日的餘額$(2,619)$(12)$(276)$(2,907)
截至2024年和2023年9月30日的九個月內，從累計其他綜合損失中重新分類的金額代表（i）在對沖交易發生時重新分類的現金流對沖的收益（損失），（ii）在淨定期養老金成本計算中包含的淨精算收益（損失）、以前的服務信用、結算和縮減的攤銷，以及（iii）外匯翻譯調整的釋放。
Baker Hughes公司2024年第三季度10-Q報告 | 13


貝克休斯公司
簡明聯合財務報表附註(未經審計)
註釋 11. 每股收益
以下是A類普通股的基本和稀釋每股凈利潤：
截至9月30日的三個月截至9月30日的九個月
(以百萬爲單位，除每股金額外)2024202320242023
凈利潤$774 $524 $1,817 $1,519 
減：歸屬於非控制性權益的凈利潤8 6 17 16 
歸屬於Baker Hughes公司的凈利潤$766 $518 $1,800 $1,503 
加權平均流通股數：
A類基本993 1,009 996 1,010 
A類攤薄999 1,017 1,001 1,016 
歸屬於普通股股東的每股凈利潤：
A類基本$0.77 $0.51 $1.81 $1.49 
A類攤薄$0.77 $0.51 $1.80 $1.48 
A類攤薄股份包括股本獎勵的攤薄影響，除了大約 1 百萬期權，截止到2024年9月30日的三個月和九個月，以及 2 百萬期權，截止到2023年9月30日的三個月和九個月，因行使價格超過公司A類普通股的平均市場價格，因此被排除在外，具有反攤薄效果。
Baker Hughes公司2024年第三季度10-Q表格 | 14


貝克休斯公司
簡明聯合財務報表附註(未經審計)
注12。 金融工具
重複的公允價值測量
公司的資產和負債按公允價值定期計量，包括衍生工具和投資證券。
2024年9月30日2023年12月31日
一級二級第三級淨餘額一級二級第三級淨餘額
資產   
衍生品
$— $30 $— $30 $— $34 $— $34 
投資證券1,155 — 2 1,157 1,040 — 2 1,042 
總資產1,155 30 2 1,187 1,040 34 2 1,076 
負債
衍生品— (48)— (48)— (76)— (76)
總負債$— $(48)$— $(48)$— $(76)$— $(76)
2024年9月30日2023年12月31日
攤銷成本未實現毛利未實現毛損預計公允價值攤銷成本未實現毛利未實現毛損預計公允價值
投資證券 (1)
      
非美國債務證券 (2)
$9 $— $— $9 $66 $1 $— $67 
權益證券538 614 (4)1,148 527 451 (3)975 
總計$547 $614 $(4)$1,157 $593 $452 $(3)$1,042 
(1)與這些證券相關的淨收益記錄爲$100 百萬和$99 百萬，截止2024年和2023年9月30日的三個月，分別爲$146 百萬和$489 截至2024年和2023年9月30日的九個月分別爲百萬。
(2)截至2024年9月30日，公司的非美國債務證券被分類爲可供出售證券，並在其到期前成熟。 兩年.
截至2024年9月30日和2023年12月31日，公司可隨時確定公允價值的權益證券餘額爲$1,148 百萬和$975 百萬，主要由公司在ADNOC鑽探的投資組成，主要記錄在合併財務狀況表中的"所有板塊其他流動資產"。公司根據活躍市場的報價對其投資進行公允價值計量。
公司可隨時確定公允價值的權益證券淨收益記錄爲$100 百萬和$99 百萬，截止2024年和2023年9月30日的三個月，分別爲$171 百萬和$520 截止2024年和2023年9月30日的九個月，共計達到百萬美元。與公司可隨時確定公允價值的權益證券相關的收益（損失）在摘要合併損益表中報告爲「其他非經營收入（損失），淨額」。
其他股權投資
在2024年，公司的股權證券沒有發生任何可觀察的交易且沒有可立即確定的公允價值。在2023年，某些沒有可立即確定公允價值的股權證券在發生可觀察交易的日期被重新計量，導致公司記錄了$118 百萬的收益。與公司無可立即確定公允價值的股權證券相關的收益（損失）在縮編合併損益表中報告爲「其他非經營收入（損失），淨額」。
Baker Hughes公司2024年第三季度10-Q表格 | 15


貝克休斯公司
簡明聯合財務報表附註(未經審計)
金融工具的公允價值披露
公司的金融工具包括現金及現金等價物、應收款項、某些投資、應付賬款、開空和開多債務以及衍生金融工具。除了長期債務外，截至2024年9月30日和2023年12月31日，這些金融工具的估計公允價值大致等於其在簡化合並基本報表中反映的賬面價值。有關公司債務的公允價值的更多信息，請參見 "註釋8. 債務。"
衍生品與對沖
公司使用衍生品來管理風險，而不是出於投機目的使用衍生品。 下表總結了所有衍生工具的公允價值，包括對沖工具和嵌入式衍生工具。
 2024年9月30日2023年12月31日
資產負債資產負債
作爲對沖的衍生工具
貨幣兌換合同$19 $— $10 $(3)
利率互換合同— (38)— (52)
未作爲對沖覈算的衍生品
貨幣兌換合同和其他11 (10)24 (21)
衍生工具總計$30 $(48)$34 $(76)
衍生工具在壓縮合並財務狀況表中根據其各自的到期日進行分類。截止到2024年9月30日和2023年12月31日，$30 百萬和$31 百萬的衍生資產記錄在"所有板塊其他流動資產"中， 零 和 $3 百萬的衍生資產分別記錄在"所有板塊其他資產"中。截止到2024年9月30日和2023年12月31日，$10 百萬和$23 百萬的衍生負債記錄在"所有板塊其他流動負債"中，$38 百萬和$53 在簡化合並財務狀況表中，"所有其他負債"中記錄了百萬。
在2024年，公司向第三方金融機構發行了總計$的信用違約掉期（"CDS"）475 該信用違約掉期與這些金融機構向墨西哥的一位客戶提供的有擔保借款相關，這位客戶利用這些借款支付了公司的一些未償還應收款項。388 截至2024年9月30日，已發行的信用違約掉期的總名義金額爲$，預計在客戶償還借款的過程中，金額將於2026年7月逐月減少。這些衍生負債的公允價值並不重大。
對沖的形式
現金流對沖
本公司主要使用現金流對沖來減輕匯率變化對購買和銷售合同的影響。因此，這一類別中的絕大部分衍生品活動由貨幣兌換合同組成。此外，本公司還面臨與其不時發行的長期債務相關的利率風險波動，以資助其運營。現金流對沖的公允價值變化記錄在權益的一個單獨組成部分（稱爲「累計其他綜合收益」或「AOCI」）中，並在對沖交易發生的期間錄入收益。有關現金流對沖在AOCI中活動的更多信息，請參見「第10條 股東權益」。截至2024年9月30日和2023年12月31日，預計交易對沖的現金流對沖的最大期限約爲 一年 和 兩年，分別爲。
公允價值對沖
公司的所有長期債務均由固定利率工具組成。公司面臨債務組合的利率風險，可能會使用利率掉期來管理固定利率的經濟影響。
Baker Hughes公司2024年第三季度10-Q表格 | 16


貝克休斯公司
簡明聯合財務報表附註(未經審計)
與某些債務相關的義務。在這些安排下，公司同意在指定的時間間隔內，根據商定的名義本金金額計算固定和浮動利息金額之間的差額進行交易所的交換。
截至2024年9月30日和2023年12月31日，公司持有名義金額爲$的利率掉期。500 該掉期將其$的部分%固定利率高級票據（於2027年到期）轉換爲以擔保隔夜融資利率指數爲基礎的浮動利率工具。1,350 百萬的總本金金額爲 3.337公司得出結論，利率掉期符合資格標準，從而可申請對沖會計，因此，此公允價值對沖的變化被記錄爲利息支出的收益或損失，並且與基礎債務工具的收益或損失相抵消，後者也記錄在利息支出中。
衍生品的名義金額
衍生品的名義金額用於判斷，以及衍生品的其他條款，確定交易對方之間交換的金額。公司以總額披露衍生品名義金額，以顯示總的交易對方風險，但它通常並不代表公司與交易對方實際交換的金額。當前未償還的名義金額的絕大部分爲 $5.1 十億和$4.2 到2024年9月30日和2023年12月31日，分別爲十億，與預期銷售和外匯採購的對沖、商品採購、利率變化，以及被視爲嵌入式衍生品的合同條款，以及以外幣進行的公司間借款相關。
對手信用風險
公司的衍生品公允價值可能會因市場波動和公司頭寸變化等因素在不同時期發生顯著變化。公司基於每個交易對手單獨管理交易對手信用風險（即交易對手未按照協議條款付款的風險）。
Baker Hughes公司2024年第三季度10-Q表格 | 17


貝克休斯公司
簡明聯合財務報表附註(未經審計)
注意 13. 與客戶合同相關的營業收入
分解的營業收入
公司根據產品線將來自客戶合同的營業收入進行細分，適用於OFSE和IEt兩個業務部門，因爲公司認爲這最好描述了經濟因素如何影響其營業收入和現金流的性質、數量、時間和不確定性。此外，管理層根據地理位置查看OFSE來自客戶合同的營業收入， 基於產品交通到的地點或服務提供的地點.
以下的一系列表格展示了公司的營業收入按這些類別進行的詳細分類。
截至9月30日的三個月截至9月30日的九個月
總營業收入2024202320242023
井施工$1,050 $1,128 $3,201 $3,265 
完成、干預與測量1,009 1,085 3,132 3,084 
生產解決方案983 967 2,886 2,863 
海底與地面壓力系統921 770 2,538 2,192 
油田服務與設備3,963 3,951 11,757 11,405 
燃料幣科技設備
1,281 1,227 4,030 3,026 
燃料幣科技服務
697 637 2,002 1,886 
總燃料幣科技1,978 1,865 6,032 4,913 
工業產品
520 520 1,492 1,449 
工業解決方案
257 243 783 707 
控制 (1)
— — — 41 
總工業科技777 763 2,275 2,197 
氣候科技解決方案191 63 402 156 
工業產品與能源科技2,945 2,691 8,708 7,267 
總計$6,908 $6,641 $20,465 $18,671 
(1)公司的控制業務的銷售於2023年4月完成。
截至9月30日的三個月截至9月30日的九個月
油田服務與設備的區域營業收入2024202320242023
北美$971 $1,064 $2,984 $3,097 
拉丁美洲648 695 1,948 2,053 
歐洲/獨聯體/撒哈拉以南非洲933 695 2,510 1,948 
中東/亞洲1,411 1,497 4,315 4,306 
油田服務與設備$3,963 $3,951 $11,757 $11,405 
剩餘的履約義務
截至2024年9月30日，分配給未滿足（或部分滿足）業績義務的交易價格總額爲$33.4 十億。截至2024年9月30日，公司預計將在 61%, 75% 91%的總剩餘業績義務內確認營業收入， 2, 5，以及 15 年，剩餘部分將在此之後確認。合同變更可能影響完成的時間以及公司履行相關剩餘業績義務時將收到的金額。
Baker Hughes公司2024年第三季度10-Q表格 | 18


貝克休斯公司
未經審計的簡明合併財務報表附註
注意 14. 分部門信息
公司的分部由首席運營決策者（"CODM"）定期審查的運營結果確定，首席運營決策者是公司的首席執行官，用於決定如何分配資源和評估業績。公司通過 兩個 運營分部，OFSE和IEt來報告其經營結果。每個分部根據公司市場和客戶的性質進行組織和管理，並由類似的產品和服務組成。這些產品和服務在上游石油和天然氣及更廣泛的能源和工業市場中運營。
石油田服務與設備
OFSE爲陸上和海上油田作業提供產品和服務，涵蓋了井的整個生命週期，從勘探、評估、開發，到生產、復興和退役。OFSE被組織爲 四個 產品線： 井施工， 涵蓋鑽井服務、鑽頭和鑽井及完井液； 完井、干預和測量，涵蓋井完井、壓裂和電纜服務； 生產解決方案包括人工舉升系統和油田&工業化學品；以及 海底與地面壓力系統包括海底項目和服務、地面壓力控制及柔性管道系統。除了傳統的油田集中，OFSE正在擴展其能力和科技組合，以應對淨零未來的挑戰。這些努力包括擴展到新的能源領域，例如地熱能和碳捕獲、利用與儲存，強化其數字架構和解決關鍵能源市場主題。
工業與能源科技
IEt爲能源行業提供機械驅動、壓縮和發電應用的科技解決方案和服務，包括石油和天然氣、液化天然氣（"LNG"）操作、下遊精煉和石化市場，以及向更廣泛的能源和工業部門提供低碳解決方案。IEt還提供設備、軟體和服務，覆蓋諸多行業，包括石化和煉油、核能、航空、汽車、採礦、水泥、金屬期貨、紙業股以及食品和飲料。 IEt被組織爲 五 產品線 - 燃料幣科技設備， 燃料幣科技服務, 工業產品，工業解決方案， 和 氣候科技解決方案.
各個板塊的營業收入和運營收入由首席運營決策者（CODm）用於評估每個板塊在財務週期內的表現。運營板塊的表現是根據板塊運營收入（損失）進行評估的，該運營收入（損失）定義爲稅前收入（損失）減去以下項目：淨利息支出、淨其他非運營收入（損失）、未分配的公司費用、重大重組計劃、減值及其他費用、存貨減值，以及未分配給運營板塊的某些收益和損失。公司所有板塊在所有報告期間均已一致應用會計政策。各個板塊內的公司間收入和費用金額已被消除，以便根據管理層用於內部評估板塊表現的基礎進行報告。
公司各個業務部門的財務信息彙總如下表所示。
截至9月30日的三個月截至9月30日的九個月
營業收入2024202320242023
油田服務與設備$3,963 $3,951 $11,757 $11,405 
工業產品與能源科技2,945 2,691 8,708 7,267 
總計$6,908 $6,641 $20,465 $18,671 
貝克休斯公司2024年第三季度表格10-Q | 19


貝克休斯公司
簡明聯合財務報表附註(未經審計)
截至9月30日的三個月截至9月30日的九個月
稅前收入2024202320242023
油田服務與設備$547 $465 $1,462 $1,253 
工業產品與能源科技474 346 1,246 898 
總部門1,021 811 2,708 2,151 
公司 (1)
(91)(95)(271)(292)
庫存減值 (2)
— — — (33)
重組、減值及其他— (2)(21)(161)
其他非經營性收入，淨額134 94 200 638 
利息費用，淨額(55)(49)(143)(171)
稅前收入$1,009 $759 $2,473 $2,133 
(1)企業費用主要在簡明的合併損益表中的「銷售、一般和行政」中報告。
(2)存貨減值的費用在合併財務報表中的"營業成本"一欄報告。
下表列出了折舊和攤銷：
截至9月30日的三個月截至9月30日的九個月
折舊和攤銷2024202320242023
油田服務與設備$218 $206 $663 $632 
工業產品與能源科技54 57 165 166 
總部門272 263 828 798 
企業6 4 16 15 
總計$278 $267 $844 $813 
備註 15. 相關方交易
公司與通用電氣公司（"GE"）於2019年成立了一家航空衍生品合資公司（"Aero JV"）。截至2024年9月30日，Aero JV由GE Vernova Inc.與公司共同控制，各自擁有的所有權利益爲 50%，因此公司未對Aero JV進行合併。由於GE對GE Vernova Inc.的分拆，GE在2024年第二季度將其在Aero JV中的權益轉讓給了GE Vernova Inc。公司在2024年和2023年截至9月30日的三個月內分別從Aero JV購買了$157 百萬和$136 百萬，而在截至2024年和2023年9月30日的九個月內分別購買了$432 百萬和$381 百萬。公司在截至2024年9月30日和2023年12月31日的賬戶應付賬款爲$72 百萬和$71 百萬，涉及Aero JV在日常業務中提供的產品和服務。
註釋 16. 承諾和或有事項
訴訟
公司面臨與日常業務相關的法律訴訟。由於法律訴訟本質上具有不確定性，管理層無法預測這些事項的最終結果。公司對於那些發生損失可能性高且金額可以合理估計的或有事項記錄了一項負債。根據管理層的意見，公司不預計當前待處理法律訴訟的最終結果會對其經營業績、財務狀況或現金流產生重大不利影響。但是，無法保證這些事務的最終結果。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 20


貝克休斯公司
簡明聯合財務報表附註(未經審計)
2018年7月31日，國際工程與建築有限公司（「IEC」）在紐約啓動了由國際爭議解決中心（「ICDR」）管理的針對公司及其子公司的仲裁程序，該訴訟源於國際工程與建築公司（「IEC」）簽訂的一系列銷售和服務合同，該合同涉及在尼日利亞銷售和安裝液化天然氣廠及相關發電設備（「合同」）。在提交IEC仲裁之前，該公司的子公司要求根據合同到期付款。2018年8月15日，該公司的子公司針對合同規定的額外費用和應付金額的索賠，單獨要求對IEC進行ICDR仲裁。2018年10月10日，IEC向美國紐約南區地方法院提交了針對公司的強制仲裁申請，要求強制非簽署方貝克休斯實體參與IEC提起的仲裁。該投訴的標題爲國際工程與建築股份有限公司等人訴通用電氣公司貝克休斯等。第 18-cv-09241 號（「S.D.N.Y 2018」）；該訴訟於2019年8月13日被法院駁回。在仲裁中，IEC指控該公司及其子公司違反合同和其他索賠，除了合理的律師費、開支和仲裁費用外，還要求追回所謂的補償性損失。2019 年 3 月 15 日，IEC 將其仲裁請求修改爲所謂的損害賠償金591 百萬利潤損失加上因涉嫌未履行爭議合同而產生的未指明的額外費用。仲裁聽證會於2019年12月9日至2019年12月20日舉行。2020 年 3 月 3 日，IEC 將其損害賠償索賠修改爲 $700 百萬美元的所謂損失現金流，或者換言之，美元244.9 由於涉嫌不履行爭議合同而造成的百萬利潤損失和各種成本，此外還有 $4.8 百萬美元的違約金，美元58.6 百萬美元的飼料氣收付成本，以及未指明的額外整改費用和接受或支付未來債務的費用，外加未指明的利息和律師費。2020年5月3日，仲裁小組駁回了IEC關於收取或支付損害賠償金的請求。2020年5月29日，IEC將他們的律師費索賠量化爲美元14.2 百萬並將他們的替代索賠從美元減少了244.9 百萬美元到大約 $235 百萬。該公司及其子公司已對IEC的索賠提出異議，並正在根據合同提出賠償要求。2020年10月31日，ICDR通知了仲裁小組的最終裁決，該裁決駁回了IEC的大部分索賠並裁定了公司的部分索賠。2021年1月27日，IEC向紐約州最高法院提交了撤銷仲裁裁決的申請。2021年3月5日，公司提交了確認仲裁裁決的申請，並於2021年3月8日將此事移交給美國紐約南區地方法院。2021年11月16日，法院批准了公司確認該裁決的申請，並駁回了IEC的撤銷申請。在2022年第二季度，IEC支付了仲裁裁決下的欠款，這對公司的財務報表沒有實質性影響。2022年2月3日，IEC在紐約啓動了另一項由ICDR管理的針對該公司的某些子公司的仲裁程序，該程序源於構成第一次仲裁基礎的同一項目。2022年3月25日，該公司的子公司單獨要求對IEC進行ICDR仲裁，以處理額外費用和應付金額的索賠；針對IEC的此類索賠現已得到解決，任何對價都會對公司的財務報表產生非實質性影響。目前，公司無法預測針對公司子公司的未決訴訟的結果。
在2023年2月15日左右，作爲原告的主要申請人和另外三名在一起名爲《Reckstin家庭信託訴C3.ai, Inc.等（案號：4:22-cv-01413-HSG）》的假定證券集體訴訟中提交了一份修訂後的集體訴訟控告（以下簡稱「修訂控告」）給美國加利福尼亞北區地區法院。修訂控告中列出的被告包括：（i）C3.ai, Inc.（「C3 AI」），（ii）C3 AI現任和/或前任高管和董事，（iii）C3 AI首次公開募股（「IPO」）的某些承銷商，以及（iv）本公司及其總裁兼首席執行官（曾擔任C3 AI董事會的董事）。修訂控告指控與首次公開募股及在2020年12月9日至2021年12月2日期間BHH LLC持有C3 AI股權投資相關的1933年證券法和1934年證券交易法（「交易所法」）的違規行爲。該行動尋求未規定的損害賠償和費用的補償，包括合理的律師費。2024年2月22日，法院駁回了對本公司的訴訟請求。然而，在2024年4月4日，原告提交了修訂後的控告，重新主張他們根據1933年證券法和交易所法對本公司的訴訟請求。目前，本公司無法預測這些訴訟程序的結果。
Baker Hughes 公司 2024 年第三季度 10-Q 表格 | 21


貝克休斯公司
簡明聯合財務報表附註(未經審計)
公司對其業務所產生的風險進行保險，範圍由管理層認爲審慎的程度以及可用的保險決定，但無法保證該保險的性質和金額足以使公司全面賠償因待決或未來法律訴訟或其他索賠所產生的責任。大部分公司的保險政策包含由管理層認爲審慎的免賠額或自保保留金額，由公司負責支付。在確定自保險金額時，公司的政策是對那些可預測、可測量和可重複出現的損失進行自保，例如汽車責任、一般責任和工人賠償的索賠。
其他
在與客戶、供應商和其他人的正常業務往來中，公司已簽訂了表外安排，如履約擔保、信用證和其他銀行發行的擔保。公司還爲與GE Vernova Inc.達成融資協議的客戶提供擔保。總的表外安排約爲$5.5 在2024年9月30日爲止，金額爲十億。估算這些金融工具的公允價值並不切實際。截至2024年9月30日，任何表外安排均未對公司的財務狀況、經營成果或現金流產生重大影響，也不太可能產生重大影響。
公司有時會在OFSE領域爲某些項目進入財團或類似安排。在這種安排下，各方負責在合同工作總範圍內執行一定的工作範圍，當所有合同義務履行完畢後，義務即告終止。任何一方未能或無法履行其義務，無論是財務方面還是其他方面，可能會給公司帶來額外的成本和義務。這些因素可能導致項目完工時出現不可預見的費用、違約金或合同爭議。
註釋 17. 重組、減值及其他
公司在截至2024年9月30日的三個月和九個月內記錄了重組、減值及其他費用，金額爲 零 和 $21 百萬美元，分別爲$2 百萬和$161 百萬，在截至2023年9月30日的三個月和九個月期間，分別爲。
重組和減值費用
公司在截至2024年9月30日的三個月和九個月期間記錄了重組和減值費用 零 和 $2 百萬。
截至2023年9月30日的三個月和九個月的費用主要與員工解僱相關，這是由於公司爲促進重組所採取的措施。 兩個 重組費用截至2023年9月30日的九個月還包括根據新計劃（"2023計劃"）在公司某些部門特定地點進行退出活動所產生的費用，以符合公司當前的市場前景並理順公司的製造業供應鏈佈局。這些措施還包括對截至2023年9月30日的九個月的庫存減值，總計$33 百萬，記錄在合併損益表中的"營業成本"。
Baker Hughes公司2024年第三季度10-Q表格 | 22


貝克休斯公司
簡明聯合財務報表附註(未經審計)
下表顯示了受影響部門的重組和減值費用：
截至9月30日的三個月截至9月30日的九個月
細分市場2024202320242023
油田服務與設備$— $4 $— $46 
工業產品與能源科技 (1)
— 2 — 68 
企業— (1)2 44 
總計$— $5 $2 $158 
(1)截至2024年9月30日的三個月和九個月， 零 和 $6 以百萬計的額外重組費用包含在部門經營收入中，並在簡明合併損益表中的「銷售、一般和行政」中報告。
下表展示了按類型劃分的總重組和減值費用，幷包括由於退出活動而之前減值的某些物業、廠房和設備的處置收益：
截至9月30日的三個月截至9月30日的九個月
按類型收費2024202320242023
淨資產、廠房和設備$— $(5)$— $9 
與員工相關的解僱費用— 7 8 117 
其他增量費用— 3 — 32 
總計$— $5 $8 $158 
其他收費
公司記錄了其他費用， 零 和 $18 截至2024年9月30日的三個月和九個月分別爲百萬，以及（收益）費用爲$(3）百萬和$3 百萬美元，截止到2023年9月30日的三個月和九個月，分別爲。
註釋 18. 業務收購與處置
截至2024年9月30日的九個月中，公司沒有進行任何業務收購或處置。
收購
截至2023年9月，公司完成了業務收購，總現金對價爲$301 百萬，扣除收購現金，主要包括在2023年第二季度收購Altus Intervention在OFSE部門的業務。Altus Intervention是一家國際領先的井榦預服務和井下科技提供商。這些收購中獲得的資產和承擔的負債是根據收購日期的初步公允價值估計記錄的。由於這些收購，公司記錄了$115 百萬的商譽和$45 百萬的無形資產，最終公允價值調整尚待確定。由於這些收購的影響對綜合基本報表沒有重大影響，因此未提供這些收購的業績的提前結果。
處置
在2023年前九個月，公司完成了業務出售，並收到總現金對價爲$293 此次處置主要包括將IEt部門的Nexus Controls業務於2023年4月出售給GE，這導致2023年第二季度產生了微不足道的收益。Nexus Controls專注於可擴展的工業控制系統、安全系統、硬件和軟體網絡安全概念解決方案及服務。
Baker Hughes公司2024年第三季度10-Q表格 | 23


項目2. 管理層對財務控制項和運營結果的討論與分析
管理層對控制項和經營成果的討論與分析應與第1項中包含的簡明合併基本報表及相關附註一起閱讀，以及我們截至2023年12月31日的年度報告（"2023年度報告"）。
Baker Hughes公司（"Baker Hughes，" "公司，" "我們，" "我們，" 或 "我們的"）是一家能源科技公司，擁有廣泛多樣化的技術和服務組合，覆蓋能源和工業價值鏈。我們在120多個國家開展業務，僱傭大約57,000名員工。我們通過兩個業務部門運營：油田服務與設備（"OFSE"）和工業與能源科技（"IET"）。我們主要在全球油氣市場內，按上游、中遊和下遊部門，以及更廣泛的工業和新能母基市場銷售產品和服務。
執行摘要
Market Conditions
在2024年第三季度，我們看到石油市場受到需求和供應方面因素的影響，包括全球經濟增長放緩、北美生產依然強勁、石油輸出國組織（"OPEC"）的合規性減弱，以及地緣政治的不確定性。
展望2024年第四季度和2025年，我們對全球燃料幣的前景持積極態度，而全球石油前景則不確定。根據當前的宏觀經濟和地緣政治環境，我們預計2025年全球上游支出將與2024年相似。我們仍然預計生產商將把支出轉向成熟資產的優化，並且天然氣將繼續保持強勁。
在OFSE中，我們看到宏觀經濟背景的不確定性加劇。北美的持續產量增加、深水生產的增長以及近期OPEC計劃的產量增加可能會對石油基本面造成壓力。中東地區的地緣政治不確定性也可能爲油價帶來額外的波動。
在IEt，我們對全球天然氣和液化天然氣（"LNG"）的發展持樂觀態度。這一積極展望得益於對液化天然氣、燃氣基礎設施以及陸上和海上生產項目需求的增長。我們還預計，其他結構性增長驅動因素將繼續帶來積極勢頭，例如對電力需求的增加、下遊應用的轉換，以及向新能母基解決方案的過渡。
全球地緣政治不確定性繼續影響石油和燃料幣市場。雖然我們的運營沒有受到實質性影響，但我們將繼續監測和評估這些風險。此外，在IEt中，我們將繼續管理航空衍生品供應鏈的緊張情況。
財務結果和公司關鍵舉措
在2024年第三季度，運營收入爲93000萬，比2023年第三季度的71400萬增加了21600萬。這一增長得益於IEt的成交量增加，兩個市場的價格上升以及結構成本削減措施，部分被IEt的成本通脹抵消。
隨着我們轉型之旅的持續推進，我們在提高效率和現代化業務運作方面取得了進展。業務進行了重大結構調整，我們在利潤表現上看到了運營效益的提升。
Baker Hughes始終致力於靈活的資本配置政策，平衡向股東返還現金與投資增長機會。在2024年第三季度，我們以分紅派息和股票回購的形式向股東返還了總計36100萬美元。
Baker Hughes公司2024年第三季度10-Q表格 | 24


展望
我們的業務受到多個宏觀因素的影響，這些因素在行業當前波動的環境下影響着我們的展望和期望。我們所有的展望期望完全基於我們今天所看到的市場，並且受行業條件變化的影響。
•北美OFSE活動：進入2024年第四季度及2025年，北美的活動水平仍然低迷。
•OFSE國際活動：我們預計在2024年第四季度及2025年，北美以外的支出增長步伐將放緩。
•IEt LNG項目：我們對LNG市場的長期前景持樂觀態度，並將天然氣視爲一種過渡和目標燃料。我們繼續認爲LNG行業板塊的長期經濟前景是積極的。
我們的投資組合中還有其他業務，這些業務與各種行業指標有更高的相關性，包括全球GDP增長。我們投資組合中還有一些業務涉及新能母基解決方案，特別關注於減少能源和更廣泛行業的碳排放，包括：氫能；地熱能；碳捕獲、利用與儲存；能源儲存；清潔能源；和減排解決方案。隨着新能母基解決方案成爲更廣泛能源組合中更普遍的一部分，我們預計這些全球業務將持續增長。
總體而言，我們相信我們的投資組合在能源價值鏈上具備競爭力，並能夠爲客戶提供全面的解決方案。我們對石油和燃氣行業的長期經濟前景持樂觀態度，但我們仍在靈活運營。隨着時間的推移，我們相信全球對能源的需求將持續上升，而碳氫化合物將在可預見的未來中滿足全球能源需求方面發揮重要作用。因此，我們將繼續專注於提供創新的、低排放的和具有成本效益的解決方案，以實現客戶在操作和經濟績效方面的顯著提升。
可持續性
我們相信作爲行業板塊的領導者和合作夥伴，我們在社會中扮演着重要角色。我們認爲環保母基、社會和治理領域是轉變我們公司和行業績效的關鍵槓桿。2019年1月，我們承諾到2030年將我們的運營範圍1和範圍2的二氧化碳當量排放量減少50%，並在2050年實現淨零排放。我們在減少排放方面持續取得進展，並在2023年的企業可持續發展報告中報告與2019年基準年相比，我們的範圍1和範圍2的二氧化碳當量排放量減少了28.3%。
業務環境
以下討論和分析總結了截至2024年9月30日和2023年9月30日的三個和九個月內對我們運營結果、財務狀況和流動性狀況產生重大影響的因素，應該與我們的簡明合併基本報表及相關附註一起閱讀。
我們的營業收入主要來自向全球主要、國家和獨立的石油和天然氣公司銷售產品和服務，並且依賴於客戶在石油和天然氣勘探、油田開發和生產上的支出。這些支出受到多種因素的驅動，包括客戶對未來能源需求和供應的預測、他們獲取資源以開發和生產石油和天然氣的能力、他們資助資本項目的能力、新政府法規的影響以及他們對石油和天然氣價格的預期，這些都是影響他們現金流的重要因素。
Baker Hughes公司 2024年第三季度10-Q表格 | 25


石油和天然氣價格
下表彙總了各個時期的油價和天然氣價格，數據爲每日收盤價的平均值。
截至9月30日的三個月截至9月30日的九個月
2024202320242023
布倫特原油價格 ($/桶) (1)
$80.01 $86.65 $82.50 $81.99 
西德克薩斯原油價格 ($/桶) (2)
76.43 82.25 78.58 77.27 
天然氣價格 ($/百萬英國熱單位) (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.
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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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