| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| (State or other jurisdiction | (I.R.S. Employer Identification No.) | ||||||||||
| of incorporation or organization) | |||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
| ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||||||||||||||
Page No. | ||||||||
| Three Months Ended March 31, | ||||||||
| (In millions, except per share amounts) | 2026 | 2025 | ||||||
| Revenue: | ||||||||
| Sales of goods | $ | $ | ||||||
| Sales of services | ||||||||
| Total revenue | ||||||||
| Costs and expenses: | ||||||||
| Cost of goods sold | ||||||||
| Cost of services sold | ||||||||
| Selling, general and administrative | ||||||||
Research and development costs | ||||||||
Restructuring | ||||||||
Other (income) expense, net | ( | |||||||
| Interest expense, net | ||||||||
Income before income taxes | ||||||||
| Provision for income taxes | ( | ( | ||||||
Net income | ||||||||
| Less: Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Baker Hughes Company | $ | $ | ||||||
| Per share amounts: | ||||||||
Basic income per Class A common stock | $ | $ | ||||||
Diluted income per Class A common stock | $ | $ | ||||||
| Cash dividend per Class A common stock | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| (In millions) | 2026 | 2025 | ||||||
| Net income | $ | $ | ||||||
| Less: Net income attributable to noncontrolling interests | ||||||||
| Net income attributable to Baker Hughes Company | ||||||||
| Other comprehensive income (loss): | ||||||||
| Foreign currency translation adjustments | ( | |||||||
| Cash flow hedges | ( | |||||||
| Benefit plans | ||||||||
Other comprehensive income (loss) | ( | |||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | ( | |||||||
Other comprehensive income (loss) attributable to Baker Hughes Company | ( | |||||||
Comprehensive income | ||||||||
| Less: Comprehensive income attributable to noncontrolling interests | ||||||||
Comprehensive income attributable to Baker Hughes Company | $ | $ | ||||||
(In millions, except par value) | March 31, 2026 | December 31, 2025 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Current receivables, net | ||||||||
| Inventories, net | ||||||||
| All other current assets | ||||||||
| Total current assets | ||||||||
Property, plant and equipment (net of accumulated depreciation of $ | ||||||||
| Goodwill | ||||||||
| Other intangible assets, net | ||||||||
| Contract and other deferred assets | ||||||||
Deferred income tax assets | ||||||||
| All other assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
Short-term debt | ||||||||
| Progress collections and deferred income | ||||||||
| All other current liabilities | ||||||||
| Total current liabilities | ||||||||
| Long-term debt | ||||||||
| Liabilities for pensions and other postretirement benefits | ||||||||
Deferred income tax liabilities | ||||||||
| All other liabilities | ||||||||
| Equity: | ||||||||
Class A Common Stock, $ | ||||||||
Capital in excess of par value | ||||||||
| Retained loss | ( | ( | ||||||
| Accumulated other comprehensive loss | ( | ( | ||||||
| Baker Hughes Company equity | ||||||||
| Noncontrolling interests | ||||||||
| Total equity | ||||||||
| Total liabilities and equity | $ | $ | ||||||
(In millions, except per share amounts) | Class A Common Stock | Capital in Excess of Par Value | Retained Loss | Accumulated Other Comprehensive Loss | Non- controlling Interests | Total Equity | ||||||||||||||
| Balance at December 31, 2025 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||
| Net income | ||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | |||||||||||||||||
Dividends on Class A common stock ($ | ( | ( | ||||||||||||||||||
| Stock-based compensation cost | ||||||||||||||||||||
| Other | ( | ( | ( | |||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||
| (In millions, except per share amounts) | Class A Common Stock | Capital in Excess of Par Value | Retained Loss | Accumulated Other Comprehensive Loss | Non- controlling Interests | Total Equity | ||||||||||||||
| Balance at December 31, 2024 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||
Comprehensive income: | ||||||||||||||||||||
| Net income | ||||||||||||||||||||
| Other comprehensive income | ||||||||||||||||||||
Dividends on Class A common stock ($ | ( | ( | ||||||||||||||||||
| Repurchase and cancellation of Class A common stock | ( | ( | ||||||||||||||||||
| Stock-based compensation cost | ||||||||||||||||||||
| Other | ( | ( | ( | |||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||
| Three Months Ended March 31, | ||||||||
| (In millions) | 2026 | 2025 | ||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | $ | ||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Stock-based compensation cost | ||||||||
Change in fair value of equity securities | ||||||||
Gain on business dispositions | ( | |||||||
(Benefit) provision for deferred income taxes | ( | |||||||
| Changes in operating assets and liabilities: | ||||||||
| Current receivables | ||||||||
| Inventories | ( | |||||||
| Accounts payable | ( | ( | ||||||
| Progress collections and deferred income | ( | |||||||
| Contract and other deferred assets | ( | |||||||
| Other operating items, net | ( | ( | ||||||
Net cash flows provided by operating activities | ||||||||
| Cash flows from investing activities: | ||||||||
| Expenditures for capital assets | ( | ( | ||||||
| Proceeds from disposal of assets | ||||||||
| Proceeds from business dispositions | ||||||||
| Other investing items, net | ( | ( | ||||||
Net cash flows provided by (used in) investing activities | ( | |||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of long-term debt | ||||||||
| Dividends paid | ( | ( | ||||||
| Repurchase of Class A common stock | ( | |||||||
| Other financing items, net | ( | ( | ||||||
Net cash flows provided by (used in) financing activities | ( | |||||||
| Effect of currency exchange rate changes on cash and cash equivalents | ( | |||||||
| Increase (decrease) in cash and cash equivalents | ( | |||||||
| Cash and cash equivalents, beginning of period | ||||||||
| Cash and cash equivalents, end of period | $ | $ | ||||||
| Supplemental cash flows disclosures: | ||||||||
| Income taxes paid, net of refunds | $ | $ | ||||||
| Interest paid | $ | $ | ||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Customer receivables | $ | $ | ||||||
| Other | ||||||||
| Total current receivables | ||||||||
| Less: Allowance for credit losses | ( | ( | ||||||
| Total current receivables, net | $ | $ | ||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Finished goods | $ | $ | ||||||
| Work in process and raw materials | ||||||||
| Total inventories, net | $ | $ | ||||||
| Oilfield Services & Equipment | Industrial & Energy Technology | Total | |||||||||
| Balance at December 31, 2024 | $ | $ | $ | ||||||||
| Acquisitions | |||||||||||
| Currency exchange and other | |||||||||||
| Classified as held for sale | ( | ( | |||||||||
| Balance at December 31, 2025 | |||||||||||
| Currency exchange and other | ( | ( | |||||||||
| Balance at March 31, 2026 | $ | $ | $ | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
| Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
| Technology | ( | ( | ||||||||||||||||||
| Trade names and trademarks | ( | ( | ||||||||||||||||||
| Capitalized software | ( | ( | ||||||||||||||||||
| Finite-lived intangible assets | ( | ( | ||||||||||||||||||
| Indefinite-lived intangible assets | — | — | ||||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
| Year | Estimated Amortization Expense | ||||
| Remainder of 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| 2031 | |||||
| March 31, 2026 | December 31, 2025 | |||||||
| Long-term equipment contracts and certain other service agreements | $ | $ | ||||||
| Long-term product service agreements | ||||||||
| Contract assets (total revenue in excess of billings) | ||||||||
| Deferred inventory costs | ||||||||
Other costs to fulfill or obtain a contract | ||||||||
| Contract and other deferred assets | $ | $ | ||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Equipment contracts and other service agreements | $ | $ | ||||||
| Long-term product service agreements | ||||||||
| Progress collections | ||||||||
| Deferred income | ||||||||
| Progress collections and deferred income (contract liabilities) | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| Operating Lease Expense | 2026 | 2025 | ||||||
| Short-term lease | $ | $ | ||||||
| Long-term fixed lease | ||||||||
| Long-term variable lease | ||||||||
| Total operating lease expense | $ | $ | ||||||
| March 31, 2026 | December 31, 2025 | |||||||
U.S. dollar short-term debt | ||||||||
| $ | $ | |||||||
| Other debt | ||||||||
Total short-term debt | ||||||||
U.S. dollar long-term debt | ||||||||
| Other long-term debt | ||||||||
| Euro long-term debt | ||||||||
| Total long-term debt | ||||||||
| Total debt | $ | $ | ||||||
| Class A Common Stock | ||||||||
| 2026 | 2025 | |||||||
| Balance at January 1 | ||||||||
Issue of shares upon vesting of restricted stock units (1) | ||||||||
Issue of shares on exercise of stock options (1) | ||||||||
| Issue of shares for employee stock purchase plan | ||||||||
| Repurchase and cancellation of Class A common stock | ( | |||||||
| Balance at March 31 | ||||||||
| Foreign Currency Translation Adjustments | Cash Flow Hedges | Benefit Plans | Accumulated Other Comprehensive Loss | |||||||||||
| Balance at December 31, 2025 | $ | ( | $ | $ | ( | $ | ( | |||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||
| Deferred taxes | ( | ( | ||||||||||||
Other comprehensive income (loss) | ( | ( | ( | |||||||||||
| Less: Other comprehensive loss attributable to noncontrolling interests | ( | ( | ||||||||||||
| Balance at March 31, 2026 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Foreign Currency Translation Adjustments | Cash Flow Hedges | Benefit Plans | Accumulated Other Comprehensive Loss | |||||||||||
| Balance at December 31, 2024 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ||||||||||||||
| Deferred taxes | ||||||||||||||
Other comprehensive income | ||||||||||||||
| Less: Other adjustments | ( | |||||||||||||
| Balance at March 31, 2025 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||
| Three Months Ended March 31, | ||||||||
| (In millions, except per share amounts) | 2026 | 2025 | ||||||
| Net income | $ | $ | ||||||
| Less: Net income attributable to noncontrolling interests | ||||||||
| Net income attributable to Baker Hughes Company | $ | $ | ||||||
| Weighted average shares outstanding: | ||||||||
| Class A basic | ||||||||
| Class A diluted | ||||||||
Net income per share attributable to common stockholders: | ||||||||
| Class A basic | $ | $ | ||||||
| Class A diluted | $ | $ | ||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Net Balance | Level 1 | Level 2 | Level 3 | Net Balance | |||||||||||||||||||
| Assets | ||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Investment securities | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||
| Derivatives | ( | ( | ( | ( | ||||||||||||||||||||||
| Total liabilities | $ | $ | ( | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
Investment securities (1) | ||||||||||||||||||||||||||
Non-U.S. debt securities (2) | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
| Equity securities | ( | ( | ||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Assets | Liabilities | Assets | Liabilities | |||||||||||
| Derivatives accounted for as hedges | ||||||||||||||
| Interest rate swap contracts | $ | $ | ( | $ | $ | ( | ||||||||
| Derivatives not accounted for as hedges | ||||||||||||||
| Currency exchange contracts and other | ( | ( | ||||||||||||
| Total derivatives | $ | $ | ( | $ | $ | ( | ||||||||
| Three Months Ended March 31, | ||||||||
| Total Revenue | 2026 | 2025 | ||||||
| Well Construction | $ | $ | ||||||
Completions, Intervention, and Measurements | ||||||||
| Production Solutions | ||||||||
| Subsea & Surface Pressure Systems | ||||||||
| Oilfield Services & Equipment | ||||||||
Gas Technology Equipment | ||||||||
Gas Technology Services | ||||||||
| Total Gas Technology | ||||||||
Industrial Products | ||||||||
| Industrial Solutions | ||||||||
| Total Industrial Technology | ||||||||
| Climate Technology Solutions | ||||||||
| Industrial & Energy Technology | ||||||||
| Total | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
Oilfield Services & Equipment Geographic Revenue | 2026 | 2025 | ||||||
| North America | $ | $ | ||||||
| Latin America | ||||||||
| Europe/CIS/Sub-Saharan Africa | ||||||||
| Middle East/Asia | ||||||||
| Oilfield Services & Equipment | $ | $ | ||||||
| Three Months Ended March 31, 2026 | |||||||||||
OFSE | IET | Total | |||||||||
Revenue | $ | $ | $ | ||||||||
Cost of goods and services sold | ( | ( | ( | ||||||||
Research and development costs | ( | ( | ( | ||||||||
Selling, general and administrative | ( | ( | ( | ||||||||
Other income (expense) | ( | ||||||||||
Add: Depreciation and amortization | |||||||||||
| Segment EBITDA | $ | $ | $ | ||||||||
| Three Months Ended March 31, 2025 | |||||||||||
OFSE | IET | Total | |||||||||
Revenue | $ | $ | $ | ||||||||
Cost of goods and services sold | ( | ( | ( | ||||||||
Research and development costs | ( | ( | ( | ||||||||
Selling, general and administrative | ( | ( | ( | ||||||||
Add: Depreciation and amortization | |||||||||||
Segment EBITDA | $ | $ | $ | ||||||||
Reconciliation of segment EBITDA to Net Income Attributable to Baker Hughes Company: | Three Months Ended March 31, | |||||||
| 2026 | 2025 | |||||||
| OFSE | $ | $ | ||||||
IET | ||||||||
Total segment | ||||||||
Corporate costs (1) | ( | ( | ||||||
Restructuring | ( | |||||||
Inventory impairment | ( | |||||||
Other income (expense), net (2) | ( | |||||||
Depreciation and amortization | ( | ( | ||||||
| Interest expense, net | ( | ( | ||||||
Income before income taxes | ||||||||
| Provision for income taxes | ( | ( | ||||||
Net income | ||||||||
| Less: Net income attributable to noncontrolling interests | ||||||||
Net income attributable to Baker Hughes Company | $ | $ | ||||||
Assets | March 31, 2026 | December 31, 2025 | ||||||
OFSE | $ | $ | ||||||
IET | ||||||||
Total segment | ||||||||
Corporate and eliminations (1) | ||||||||
| Total | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| Depreciation and amortization | 2026 | 2025 | ||||||
OFSE | $ | $ | ||||||
IET | ||||||||
| Total segment | ||||||||
| Corporate | ||||||||
| Total | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
Capital expenditures | 2026 | 2025 | ||||||
OFSE | $ | $ | ||||||
IET | ||||||||
| Total segment | ||||||||
| Corporate | ||||||||
| Total | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Oilfield Services & Equipment | $ | $ | ||||||
Industrial & Energy Technology | ||||||||
| Corporate | ( | |||||||
| Total | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Employee-related termination expenses | $ | $ | ||||||
| Other incremental costs | ||||||||
| Total | $ | $ | ||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
Change in fair value of equity securities | $ | $ | ||||||
Gain on business dispositions | ( | |||||||
Transaction related costs | ||||||||
Other charges and credits (1) | ||||||||
| Total | $ | ( | $ | |||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
Brent oil prices ($/Bbl) (1) | $ | 80.72 | $ | 75.87 | ||||
WTI oil prices ($/Bbl) (2) | 72.74 | 71.78 | ||||||
Natural gas prices ($/mmBtu) (3) | 4.71 | 4.14 | ||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | % Change | |||||||||
| North America | 749 | 803 | (7) | % | |||||||
| International | 1,083 | 903 | 20 | % | |||||||
| Worldwide | 1,832 | 1,706 | 7 | % | |||||||
| Three Months Ended March 31, | $ Change | ||||||||||
| 2026 | 2025 | ||||||||||
| Orders: | |||||||||||
| Oilfield Services & Equipment | $ | 3,272 | $ | 3,281 | $ | (9) | |||||
| Gas Technology Equipment | 1,824 | 1,335 | 489 | ||||||||
| Gas Technology Services | 973 | 913 | 60 | ||||||||
| Total Gas Technology | 2,797 | 2,248 | 549 | ||||||||
| Industrial Products | 604 | 501 | 104 | ||||||||
| Industrial Solutions | 229 | 281 | (53) | ||||||||
| Total Industrial Technology | 833 | 782 | 51 | ||||||||
Climate Technology Solutions | 1,257 | 148 | 1,109 | ||||||||
| Industrial & Energy Technology | 4,887 | 3,178 | 1,709 | ||||||||
| Total | $ | 8,159 | $ | 6,459 | $ | 1,700 | |||||
| Three Months Ended March 31, | $ Change | ||||||||||
| 2026 | 2025 | ||||||||||
Revenue | |||||||||||
| Well Construction | $ | 843 | $ | 892 | $ | (48) | |||||
Completions, Intervention, and Measurements | 883 | 925 | (42) | ||||||||
| Production Solutions | 898 | 899 | (2) | ||||||||
| Subsea & Surface Pressure Systems | 613 | 782 | (170) | ||||||||
Total | $ | 3,237 | $ | 3,499 | $ | (262) | |||||
| Cost of goods and services sold | $ | 2,691 | $ | 2,819 | $ | (128) | |||||
Research and development costs | 54 | 61 | (7) | ||||||||
Selling, general and administrative | 204 | 221 | (18) | ||||||||
Other (income) expense | 1 | — | 1 | ||||||||
| Less: Depreciation and amortization | (278) | (226) | (52) | ||||||||
| Segment EBITDA | $ | 565 | $ | 623 | $ | (58) | |||||
| Three Months Ended March 31, | $ Change | ||||||||||
| 2026 | 2025 | ||||||||||
Revenue | |||||||||||
Gas Technology Equipment | $ | 1,665 | $ | 1,456 | $ | 210 | |||||
Gas Technology Services | 791 | 592 | 199 | ||||||||
| Total Gas Technology | 2,456 | 2,047 | 409 | ||||||||
Industrial Products | 491 | 445 | 46 | ||||||||
| Industrial Solutions | 185 | 258 | (73) | ||||||||
| Total Industrial Technology | 676 | 703 | (28) | ||||||||
| Climate Technology Solutions | 218 | 178 | 40 | ||||||||
| Total | $ | 3,350 | $ | 2,928 | $ | 422 | |||||
| Cost of goods and services sold | $ | 2,382 | $ | 2,112 | $ | 269 | |||||
Research and development costs | 79 | 84 | (5) | ||||||||
Selling, general and administrative | 284 | 284 | (1) | ||||||||
Other (income) expense | (4) | — | (4) | ||||||||
Less: Depreciation and amortization | (69) | (53) | (15) | ||||||||
Segment EBITDA | $ | 678 | $ | 501 | $ | 177 | |||||
| (In millions) | 2026 | 2025 | ||||||
| Operating activities | $ | 500 | $ | 709 | ||||
| Investing activities | 1,038 | (310) | ||||||
| Financing activities | 9,523 | (502) | ||||||
| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program (1)(2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)(2) | ||||||||||
| January 1-31, 2026 | — | $ | — | — | $ | 1,348,978,828 | ||||||||
| February 1-28, 2026 | — | $ | — | — | $ | 1,348,978,828 | ||||||||
| March 1-31, 2026 | — | $ | — | — | $ | 1,348,978,828 | ||||||||
| Total | — | $ | — | — | ||||||||||
Plans | ||||||||||||||||||||
Name and Title | Action | Date | Rule 10b5-1(1) | Non-Rule 10b5-1(2) | Number of Shares to be Sold | Expiration | ||||||||||||||
X | Earlier of when all shares under plan are sold and | |||||||||||||||||||
X | Earlier of when all shares under plan are sold and | |||||||||||||||||||
X | Earlier of when all shares under plan are sold and | |||||||||||||||||||
X | Earlier of when all shares under plan are sold and | |||||||||||||||||||
X | Earlier of when all shares under plan are sold and | |||||||||||||||||||
| 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) | |||||||
| Baker Hughes Company (Registrant) | |||||||||||
| Date: | April 24, 2026 | By: | /s/ AHMED MOGHAL | ||||||||
Ahmed Moghal | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
| Date: | April 24, 2026 | By: | /s/ REBECCA CHARLTON | ||||||||
| Rebecca Charlton | |||||||||||
| Senior Vice President, Controller and Chief Accounting Officer | |||||||||||
| Cumulative ROIC | Performance Condition Attainment | ||||
≥ 18.0% | 200% | ||||
| 15.5% | 100% | ||||
| 13.0% | 50% | ||||
| <13.0% | 0% | ||||
| Relative Cumulative Free Cash Flow Divided by Cumulative Adjusted EBITDA (Percentile v. Peers) | Performance Condition Attainment for Relative Cumulative Free Cash Flow Divided by Cumulative Adjusted EBITDA | ||||
≥ 75 | 200% | ||||
| 50 | 100% | ||||
| 25 | 50% | ||||
| <25 | 0% | ||||
| Relative TSR Percentile Rank | TSR Modifier | ||||
| 25th Percentile or Less | -25% | ||||
| 50th Percentile | 0% | ||||
| 75th Percentile or Greater | 25% | ||||
| Average Adjusted EBITDA % | Performance Condition Attainment | ||||
≥ 20% | 200% | ||||
| 18.9% | 100% | ||||
| 18% | 50% | ||||
| <18% | 0% | ||||
| Average Free Cash Flow Conversion | Performance Condition Attainment | ||||
≥ 52% | 200% | ||||
| 50% | 100% | ||||
| 48% | 50% | ||||
| <48% | 0% | ||||
IET Orders (Billions) | Performance Condition Attainment | ||||
≥ $45 | 200% | ||||
| $40 | 100% | ||||
| $35 | 50% | ||||
| <$35 | 0% | ||||
Criteria | Criteria Description | Weighting | ||||||
Enterprise Deal Orders | As detailed in long range plan | 50% | ||||||
Portfolio Management | As detailed in long range plan | 25% | ||||||
Growth Priorities: - Digital Orders - Mature Asset Solutions Revenue - New Energy Orders - Industrial Expansion & Adjacencies Orders | As detailed in long range plan | 25% | ||||||
Name of Subsidiary | Jurisdiction of Formation | Role | ||||||
Baker Hughes Holdings LLC (formerly Baker Hughes, a GE company, LLC) | Delaware | Obligor | ||||||
Baker Hughes Co-Obligor, Inc. | Delaware | Obligor | ||||||
| Date: | April 24, 2026 | By: | /s/ Lorenzo Simonelli | |||||||||||
| Lorenzo Simonelli | ||||||||||||||
| President and Chief Executive Officer | ||||||||||||||
| Date: | April 24, 2026 | By: | /s/ Ahmed Moghal | |||||||||||
Ahmed Moghal | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
| /s/ Lorenzo Simonelli | ||||||||||||||
| Name: | Lorenzo Simonelli | |||||||||||||
| Title: | President and Chief Executive Officer | |||||||||||||
| Date: | April 24, 2026 | |||||||||||||
/s/ Ahmed Moghal | ||||||||||||||
| Name: | Ahmed Moghal | |||||||||||||
| Title: | Executive Vice President and Chief Financial Officer | |||||||||||||
| Date: | April 24, 2026 | |||||||||||||
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Statement of Comprehensive Income [Abstract] | ||
| Net income | $ 938 | $ 409 |
| Less: Net income attributable to noncontrolling interests | 8 | 7 |
| Net income attributable to Baker Hughes Company | 930 | 402 |
| Other comprehensive income (loss): | ||
| Foreign currency translation adjustments | (99) | 188 |
| Cash flow hedges | (99) | 2 |
| Benefit plans | 5 | 1 |
| Other comprehensive income (loss) | (193) | 191 |
| Less: Other comprehensive income (loss) attributable to noncontrolling interests | (1) | 0 |
| Other comprehensive income (loss) attributable to Baker Hughes Company | (192) | 191 |
| Comprehensive income | 745 | 600 |
| Less: Comprehensive income attributable to noncontrolling interests | 7 | 7 |
| Comprehensive income attributable to Baker Hughes Company | $ 738 | $ 593 |
Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Property, plant and equipment, accumulated depreciation | $ 6,833 | $ 6,686 |
| Class A Common Stock | ||
| Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
| Common stock issued (in shares) | 992,000,000 | 987,000,000 |
| Common stock outstanding (in shares) | 991,773,000 | 986,815,000 |
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions |
Total |
Class A Common Stock |
Capital in Excess of Par Value |
Retained Loss |
Accumulated Other Comprehensive Loss |
Non- controlling Interests |
|---|---|---|---|---|---|---|
| Beginning balance at Dec. 31, 2024 | $ 17,055 | $ 0 | $ 25,896 | $ (5,840) | $ (3,161) | $ 160 |
| Comprehensive income (loss): | ||||||
| Net income | 409 | 402 | 7 | |||
| Other comprehensive income (loss) | 191 | 191 | ||||
| Dividends on Class A common stock | (229) | (229) | ||||
| Repurchase and cancellation of Class A common stock | (188) | (188) | ||||
| Stock-based compensation cost | 50 | 50 | ||||
| Other | (82) | (79) | (3) | |||
| Ending balance at Mar. 31, 2025 | 17,206 | 0 | 25,450 | (5,438) | (2,970) | 164 |
| Beginning balance at Dec. 31, 2025 | 19,010 | 0 | 24,738 | (3,252) | (2,652) | 176 |
| Comprehensive income (loss): | ||||||
| Net income | 938 | 930 | 8 | |||
| Other comprehensive income (loss) | (193) | (192) | (1) | |||
| Dividends on Class A common stock | (228) | (228) | ||||
| Stock-based compensation cost | 45 | 45 | ||||
| Other | (82) | (75) | (7) | |||
| Ending balance at Mar. 31, 2026 | $ 19,490 | $ 0 | $ 24,480 | $ (2,322) | $ (2,844) | $ 176 |
Condensed Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Class A Common Stock | ||
| Dividends on Class A common stock (in dollars per share) | $ 0.23 | $ 0.23 |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Accounting Policies [Abstract] | |
| BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF THE BUSINESS Baker Hughes Company ("Baker Hughes," "the Company," "we," "us," or "our") is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.") and pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and disclosures normally included in the Company's annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. Under this basis of presentation, the Company's financial statements consolidate all of its subsidiaries (entities in which the Company has a controlling financial interest, most often because the Company holds a majority voting interest). All intercompany accounts and transactions have been eliminated. In the Company's financial statements and notes, certain prior year amounts have been reclassified to conform with the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies" of the Notes to the consolidated financial statements from the Company's 2025 Annual Report for the discussion of significant accounting policies. Supply Chain Finance Programs As of March 31, 2026 and December 31, 2025, $360 million and $410 million of supply chain finance program liabilities are recorded in "Accounts payable" in the condensed consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in the condensed consolidated statements of cash flows when settled. NEW ACCOUNTING STANDARDS TO BE ADOPTED In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" ("ASU 2024-03"), which enhances the disclosures required for certain expense captions in the Company's annual and interim consolidated financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within annual reporting periods beginning after December 15, 2027, and may be applied on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"). Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its accounting for internal-use software. All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on the Company's financial position or results of operations.
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CURRENT RECEIVABLES |
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CURRENT RECEIVABLES | CURRENT RECEIVABLES Current receivables consist of the following:
Customer receivables are recorded at the invoiced amount. The "Other" category consists primarily of advance payments to suppliers and indirect taxes. The Company's customer receivables are spread over a broad and diverse group of customers across many countries. As of March 31, 2026, 18% of the Company's gross customer receivables were from customers in the U.S. As of December 31, 2025, 16% of the Company's gross customer receivables were from customers in the U.S. and 10% were from customers in the United Arab Emirates. No other country accounted for more than 10% of the Company's gross customer receivables at these dates.
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INVENTORIES |
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| Inventory, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| INVENTORIES | INVENTORIES Inventories, net of reserves of $402 million and $381 million as of March 31, 2026 and December 31, 2025, respectively, consist of the following:
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL The changes in the carrying value of goodwill are detailed below by segment:
During the third quarter of 2025, the Company completed its annual goodwill impairment test, concluding that there are no events or circumstances that existed that would lead to a determination that it is more likely than not that the fair value of any reporting unit is less than its carrying value. During 2025, the Company recorded goodwill of $254 million, of which $229 million related to the acquisition of Continental Disc Corporation ("CDC") in the Industrial & Energy Technology ("IET") segment. OTHER INTANGIBLE ASSETS Intangible assets consist of the following:
Amortization expense for the three months ended March 31, 2026 and 2025 was $58 million and $66 million, respectively. Estimated amortization expense for the remainder of 2026 and each of the subsequent five fiscal years is expected to be as follows:
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CONTRACT AND OTHER DEFERRED ASSETS |
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| CONTRACT AND OTHER DEFERRED ASSETS | CONTRACT AND OTHER DEFERRED ASSETS Contract assets reflect revenue earned in excess of billings on long-term contracts to construct technically complex equipment, and provide long-term product service agreements and extended maintenance agreements and other deferred contract related costs. The Company's long-term product service agreements are provided by the IET segment. The Company's long-term equipment contracts are provided by both the IET and Oilfield Services & Equipment ("OFSE") segments. Contract assets consist of the following:
Revenue recognized during the three months ended March 31, 2026 and 2025 from performance obligations satisfied (or partially satisfied) in previous periods related to long-term service agreements was $3 million and $4 million, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability.
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PROGRESS COLLECTIONS AND DEFERRED INCOME |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROGRESS COLLECTIONS AND DEFERRED INCOME | PROGRESS COLLECTIONS AND DEFERRED INCOME Contract liabilities include progress collections, which reflect billings in excess of revenue, and deferred income on long-term contracts to construct technically complex equipment, and provide long-term product service agreements and extended maintenance arrangements. Contract liabilities consist of the following:
Revenue recognized during the three months ended March 31, 2026 and 2025 that was included in the contract liabilities at the beginning of the period was $1,610 million and $1,546 million, respectively. REVENUE RELATED TO CONTRACTS WITH CUSTOMERSDISAGGREGATED REVENUE The Company disaggregates its revenue from contracts with customers by product line for both the OFSE and IET segments, as the Company believes this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. In addition, management views revenue from contracts with customers for OFSE by geography based on the location to where the product is shipped or the services are performed. The series of tables below present the Company's revenue disaggregated by these categories.
REMAINING PERFORMANCE OBLIGATIONS As of March 31, 2026, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $36.1 billion. As of March 31, 2026, the Company expects to recognize revenue of approximately 58%, 74% and 89% of the total remaining performance obligations within 2, 5, and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.
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LEASES |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | LEASES The Company's leasing activities primarily consist of operating leases for service centers, manufacturing facilities, sales and administrative offices, and certain equipment.
Cash flows used in operating activities for operating leases approximate lease expense for the three months ended March 31, 2026 and 2025. The weighted-average remaining lease term as of March 31, 2026 and December 31, 2025 was approximately nine years and seven years for operating leases, respectively. The weighted-average discount rate used to determine the operating lease liability as of March 31, 2026 and December 31, 2025 was 4.8% and 4.6%, respectively.
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DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT The carrying value of the Company's short-term and long-term debt consists of the following:
The estimated fair value of total debt at March 31, 2026 and December 31, 2025 was $15,576 million and $5,628 million, respectively. For a majority of the Company's debt, the fair value was determined using quoted period-end market prices. Where market prices are not available, the Company estimates fair values based on valuation methodologies using current market interest rate data adjusted for non-performance risk. Baker Hughes Holding LLC ("BHH LLC"), a wholly owned subsidiary of the Company, has 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 considered 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 March 31, 2026 and December 31, 2025, there were no borrowings under the Credit Agreement. On July 28, 2025, BHH LLC entered into a commitment letter providing for a $14.9 billion senior unsecured 364-day bridge facility (the "Bridge Facility") to finance all or a portion of the Chart Industries, Inc. ("Chart") acquisition. On August 15, 2025, BHH LLC, as borrower, and Baker Hughes Company, as parent guarantor, entered into a $2.6 billion senior unsecured delayed-draw term loan facility (the "DDTL"), which reduced the commitments remaining under the Bridge Facility to $12.3 billion. On November 12, 2025, BHH LLC elected to voluntarily reduce the commitments outstanding under the Bridge Facility to $11.0 billion. On March 11, 2026, the Company completed an offering of $6.5 billion in USD-denominated notes, along with €3.0 billion of Euro-denominated notes. These senior notes are presented net of $86 million of unamortized debt issuance costs and discount in our consolidated statements of financial position. As a result of the completed offering, the Company terminated the remaining Bridge Facility and recognized the previously unamortized lending fees of $43 million within interest expense during the first quarter of 2026. The Company intends to use the net proceeds of the notes to fund a portion of the cash consideration for the proposed acquisition of all outstanding shares of common stock of Chart. The notes are subject to a special mandatory redemption, which requires that the notes be redeemed at 101% of the aggregate principal amount, plus any accrued and unpaid interest up to, but excluding, the special mandatory redemption date, upon the occurrence of any of the following: (i) the Chart acquisition is not consummated on or before the later of July 28, 2026 or five business days after the outside date specified in (or as extended pursuant to) the merger agreement, (ii) the merger agreement is terminated prior to such outside date, or (iii) the Company determines not to pursue the transaction. Upon the special mandatory redemption and payment, interest on the notes will cease to accrue. Failure to effect the special mandatory redemption when required would constitute an event of default. Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC of the Company's long-term debt securities. This co-obligor is a 100% owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose. As of March 31, 2026, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling approximately $15.7 billion. Certain Senior Notes contain covenants that limit the Company's capacity to perform various activities including, but not limited to, establishing liens securing debt, completing sale-leaseback transactions, and conducting mergers, consolidations and asset sales above specified limits. At March 31, 2026, the Company was in compliance with all debt covenants.
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INCOME TAXES |
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Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXESFor the three months ended March 31, 2026 and 2025, the provision for income taxes was $336 million and $152 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate in both periods is primarily related to income generated in jurisdictions with tax rates higher than in the U.S. and losses with no tax benefit due to valuation allowances. |
EQUITY |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY | EQUITY COMMON STOCK The Company is authorized to issue 2 billion shares of Class A common stock and 50 million shares of preferred stock, each of which has a par value of $0.0001 per share. The Company has a share repurchase program which it expects to fund from cash generated from operations, and it expects to make share repurchases from time to time subject to the Company's capital plan, market conditions, and other factors, including regulatory restrictions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. There were no shares of Class A common stock repurchased during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company repurchased and canceled 4.4 million shares of Class A common stock for $188 million representing an average price per share of $42.69. As of March 31, 2026, the Company had authorization remaining to repurchase up to approximately $1.3 billion of its Class A common stock. The following table presents the changes in the number of shares outstanding (in thousands):
(1)Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation. ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present the changes in accumulated other comprehensive loss, net of tax:
The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2026 and 2025 represent (i) net gains (losses) reclassified on cash flow hedges when the hedged transaction occurs, and (ii) the amortization of net actuarial gain (loss), prior service credit, settlements, and curtailments which are included in the computation of net periodic pension cost, and (iii) during the three months ended March 31, 2026 only, foreign currency translation adjustments related to business dispositions during the quarter.
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EARNINGS PER SHARE |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | EARNINGS PER SHARE Basic and diluted net income per share of Class A common stock is presented below:
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FINANCIAL INSTRUMENTS |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS RECURRING FAIR VALUE MEASUREMENTS The Company's assets and liabilities measured at fair value on a recurring basis consist of derivative instruments and investment securities.
(1)Net gains (losses) recorded to earnings related to these securities were $(50) million and $(140) million for the three months ended March 31, 2026 and 2025. (2)As of March 31, 2026, the Company's non-U.S. debt securities are classified as available for sale securities and mature within one year. As of March 31, 2026 and December 31, 2025, the balance of the Company's equity securities with readily determinable fair values is $1,170 million and $1,217 million, respectively, and is comprised mainly of the Company's investment in Abu Dhabi National Oil Company Drilling, and is recorded in "All other current assets" in the condensed consolidated statements of financial position. The Company measured its investments at fair value based on quoted prices in active markets. Net gains (losses) related to the Company's equity securities with readily determinable fair values are reported in "Other (income) expense, net" in the condensed consolidated statements of income (loss). See "Note 18. Other (Income) Expense, Net" for further information. FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS The Company's financial instruments include cash and cash equivalents, receivables, certain investments, accounts payable, short and long-term debt, and derivative financial instruments. Except for long-term debt, the estimated fair value of these financial instruments as of March 31, 2026 and December 31, 2025 approximates their carrying value as reflected in the condensed consolidated financial statements. For further information on the fair value of the Company's debt, see "Note 8. Debt." DERIVATIVES AND HEDGING The Company uses derivatives to manage its risks and does not use derivatives for speculation. The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.
Derivatives are classified in the condensed consolidated statements of financial position depending on their respective maturity date. As of March 31, 2026 and December 31, 2025, $10 million and $22 million of derivative assets are recorded in "All other current assets" and nil and nil are recorded in "All other assets" in the condensed consolidated statements of financial position, respectively. As of March 31, 2026 and December 31, 2025, $14 million and $8 million of derivative liabilities are recorded in "All other current liabilities" and $24 million and $25 million are recorded in "All other liabilities" in the condensed consolidated statements of financial position, respectively. As of March 31, 2026 and December 31, 2025, the Company had issued credit default swaps ("CDS") with original notional balances totaling $514 million and $775 million, respectively, with third-party financial institutions. The CDS relate to borrowings provided by these financial institutions to a customer in Mexico who utilized these borrowings to pay certain of the Company's outstanding receivables. The total notional amount remaining on the issued CDS was $159 million and $287 million as of March 31, 2026 and December 31, 2025, respectively, which will reduce each month through September 2026 as the customer repays the borrowings. As of March 31, 2026, the fair value of these derivative liabilities is not material. FORMS OF HEDGING Cash Flow Hedges The Company uses cash flow hedging primarily to mitigate the effects of foreign exchange rate changes on purchase and sale contracts. Accordingly, the vast majority of derivative activity in this category consists of currency exchange contracts. In addition, the Company is exposed to interest rate risk fluctuations in connection with long-term debt that it issues from time to time to fund its operations. Changes in the fair value of cash flow hedges are recorded in a separate component of equity (referred to as "Accumulated Other Comprehensive Income" or "AOCI") and are recorded in earnings in the period in which the hedged transaction occurs. See "Note 10. Equity" for further information on activity in AOCI for cash flow hedges. In March 2026, the interest rate swap contracts designated as cash flow hedges with a notional amount of $2.5 billion hedging a portion of the Company's expected exposure in connection with future debt financing activities related to the acquisition of Chart, were terminated with the completion of the debt financing. A loss of $91 million was recorded in AOCI, of which, $12 million will amortize to earnings over a 10-year period and $79 million will amortize to earnings over a 30-year period. As of March 31, 2026, there are no active cash flow hedges. Fair Value Hedges All of the Company's long-term debt is comprised of fixed rate instruments. The Company is subject to interest rate risk on its debt portfolio and may use interest rate swaps to manage the economic effect of fixed rate obligations associated with certain debt. Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. As of March 31, 2026 and December 31, 2025, the Company had interest rate swaps with a notional amount of $500 million that converted a portion of its $1,350 million aggregate principal amount of 3.337% fixed rate Senior Notes due 2027 into a floating rate instrument with an interest rate based on a Secured Overnight Financing Rate index. The Company concluded that the interest rate swap met the criteria necessary to qualify for hedge accounting, and as such, the changes in this fair value hedge are recorded as gains or losses in interest expense and are equally offset by the gains or losses of the underlying debt instrument, which are also recorded in interest expense. Net Investment Hedges The Company utilizes net investment hedges to manage foreign currency translation risk associated with its net investment in foreign operations. For qualifying net investment hedges, changes in fair value are recorded in AOCI and offset translation adjustments related to the hedged net investment. The fair value will remain in AOCI until the hedged foreign net investment operation is materially disposed of, at which time the AOCI will be recorded to earnings. The Company evaluates hedge effectiveness on a qualitative basis, any portion of the hedges deemed ineffective will be recorded in earnings in the period recognized. As of March 31, 2026, the Company designated €3.0 billion (approximately $3.4 billion, equivalent) of its recently issued notes as a non-derivative net investment hedge. The fair value recorded in AOCI related to this non-derivative hedge was a $37 million gain. NOTIONAL AMOUNT OF DERIVATIVES The notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Company discloses the derivative notional amounts on a gross basis to indicate the total counterparty risk but it does not generally represent amounts exchanged by the Company and the counterparties. A substantial majority of the outstanding notional amount of $3.5 billion and $7.1 billion at March 31, 2026 and December 31, 2025, respectively, is related to hedges of anticipated sales and purchases in foreign currency, commodity purchases, changes in interest rates, and contractual terms in contracts that are considered embedded derivatives and for intercompany borrowings in foreign currencies. COUNTERPARTY CREDIT RISK Fair values of the Company's derivatives can change significantly from period to period based on, among other factors, market movements and changes in the Company's positions. The Company manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis.
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REVENUE RELATED TO CONTRACTS WITH CUSTOMERS |
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| REVENUE RELATED TO CONTRACTS WITH CUSTOMERS | PROGRESS COLLECTIONS AND DEFERRED INCOME Contract liabilities include progress collections, which reflect billings in excess of revenue, and deferred income on long-term contracts to construct technically complex equipment, and provide long-term product service agreements and extended maintenance arrangements. Contract liabilities consist of the following:
Revenue recognized during the three months ended March 31, 2026 and 2025 that was included in the contract liabilities at the beginning of the period was $1,610 million and $1,546 million, respectively. REVENUE RELATED TO CONTRACTS WITH CUSTOMERSDISAGGREGATED REVENUE The Company disaggregates its revenue from contracts with customers by product line for both the OFSE and IET segments, as the Company believes this best depicts how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. In addition, management views revenue from contracts with customers for OFSE by geography based on the location to where the product is shipped or the services are performed. The series of tables below present the Company's revenue disaggregated by these categories.
REMAINING PERFORMANCE OBLIGATIONS As of March 31, 2026, the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $36.1 billion. As of March 31, 2026, the Company expects to recognize revenue of approximately 58%, 74% and 89% of the total remaining performance obligations within 2, 5, and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.
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SEGMENT INFORMATION |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | SEGMENT INFORMATION The Company's segments are determined as those operations whose results are reviewed regularly by the chief operating decision maker ("CODM"), who is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company reports its operating results through two operating segments, OFSE and IET. Each segment is organized and managed based upon the nature of the Company's markets and customers and consists of similar products and services. These products and services operate across upstream oil and gas and broader energy and industrial markets. The following is a description of each segment's business operations: OILFIELD SERVICES & EQUIPMENT OFSE provides products and services for onshore and offshore oilfield operations across the lifecycle of a well, ranging from exploration, appraisal, and development, to production, rejuvenation, and decommissioning. OFSE is organized into four product lines: Well Construction, which encompasses drilling services, drill bits, and drilling & completions fluids; Completions, Intervention, and Measurements, which encompasses well completions, pressure pumping, and wireline services; Production Solutions, which spans artificial lift systems and oilfield & industrial chemicals; and Subsea & Surface Pressure Systems, which encompasses subsea projects and services, and flexible pipe systems. Beyond its traditional oilfield concentration, OFSE is expanding its capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and carbon capture, utilization and storage, strengthening its digital architecture and addressing key energy market themes. INDUSTRIAL & ENERGY TECHNOLOGY IET provides technology solutions and services for mechanical-drive, compression and power-generation applications across the energy industry, including oil and gas, liquefied natural gas ("LNG") operations, downstream refining, and petrochemical markets, as well as lower carbon solutions to broader energy and industrial sectors. IET also provides equipment, software, and services that serve a wide range of industries including petrochemical and refining, nuclear, aviation, automotive, mining, cement, metals, pulp and paper, and food and beverage. IET is organized into five product lines - Gas Technology Equipment, Gas Technology Services, Industrial Products, Industrial Solutions, and Climate Technology Solutions. The CODM assesses the performance of each segment based on segment EBITDA, which is defined as income (loss) before income taxes and before the following: net interest expense, costs associated with significant restructuring programs, depreciation and amortization, and unallocated corporate costs and other income (expense). The CODM uses segment EBITDA as the measure to make resource (including financial or capital resources) allocation decisions for each segment, predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when evaluating performance for each segment and making decisions about capital allocation. Accounting policies have been applied consistently by all segments within the Company for all reporting periods. Intercompany revenue and expense amounts have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance. Summarized financial information for the Company's segments is shown in the following tables.
(1)Corporate costs are primarily reported in "Selling, general and administrative" in the condensed consolidated statements of income and exclude $7 million and $6 million of depreciation and amortization for the three months ended March 31, 2026 and 2025, respectively. (2)Other income (expense), net excludes immaterial amounts recorded within Segment EBITDA and corporate costs for the three months ended March 31, 2026 and 2025. See "Note 18. Other (Income) Expense, Net" for further information. The following table presents total assets:
(1)The assets reported in Corporate and eliminations consist primarily of the Baker Hughes trade name, cash, and tax assets. It also includes adjustments to eliminate intercompany investments and receivables reflected within the total assets of each of the reportable segments. The following table presents depreciation and amortization:
The following table presents capital expenditures:
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RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS The Company has an aeroderivative joint venture ("Aero JV") that is jointly controlled by GE Vernova (NYSE: GEV) and the Company, each with an ownership interest of 50%. The Company had purchases from the Aero JV of $210 million and $148 million during the three months ended March 31, 2026 and 2025, respectively. The Company had $145 million and $136 million of amounts due at March 31, 2026 and December 31, 2025, respectively, for products and services provided by the Aero JV in the ordinary course of business.
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES LITIGATION The Company is subject to legal proceedings arising in the ordinary course of business. Because legal proceedings are inherently uncertain, management is unable to predict the ultimate outcome of such matters. For matters where the range of possible loss is probable and reasonably estimable, the Company has accrued the appropriate amount for the matters disclosed. Unless otherwise disclosed, any potential loss above accrued amounts is not reasonably estimable. Based on the opinion of management, the Company does not expect the ultimate outcome of currently pending legal proceedings to have a material adverse effect on its results of operations, financial position, or cash flows. However, there can be no assurance as to the ultimate outcome of these matters. On or around February 15, 2023, the lead plaintiff and three additional named plaintiffs in a putative securities class action styled The Reckstin Family Trust, et al., v. C3.ai, Inc., et al., No. 4:22-cv-01413-HSG, filed an amended class action complaint (the "Amended Complaint") in the United States District Court for the Northern District of California. The Amended Complaint names the following as defendants: (i) C3.ai., Inc. ("C3 AI"), (ii) certain of C3 AI's current and/or former officers and directors, (iii) certain underwriters for the C3 AI initial public offering (the "IPO"), and (iv) the Company, and its President and CEO (who formerly served as a director on the board of C3 AI). The Amended Complaint alleges violations of the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the IPO and the subsequent period between December 9, 2020 and December 2, 2021, during which BHH LLC held equity investments in C3 AI. The action seeks unspecified damages and the award of costs and expenses, including reasonable attorneys' fees. On February 22, 2024, the Court dismissed the claims against the Company. However, on April 4, 2024, the plaintiffs filed an amended complaint, reasserting their claims against the Company under the Securities Act and the Exchange Act. On or around February 14, 2025, the plaintiffs filed a further amended complaint, once again reasserting their claims against the Company under the Securities Act and the Exchange Act. On March 12, 2026, the Court dismissed the claims against the Company. The Company insures against risks arising from its business to the extent deemed prudent by management and to the extent insurance is available, but no assurance can be given that the nature and amount of that insurance will be sufficient to fully indemnify the Company against liabilities arising out of pending or future legal proceedings or other claims. Most of the Company's insurance policies contain deductibles or self-insured retentions in amounts management deems prudent and for which the Company is responsible for payment. In determining the amount of self-insurance, it is the Company's policy to self-insure those losses that are predictable, measurable and recurring in nature, such as claims for automobile liability, general liability and workers' compensation. OTHER In the normal course of business with customers, vendors and others, the Company has entered into off-balance sheet arrangements, such as surety bonds for performance, letters of credit, and other bank issued guarantees. Total off-balance sheet arrangements were approximately $6.4 billion at March 31, 2026. It is not practicable to estimate the fair value of these financial instruments. As of March 31, 2026, none of the off-balance sheet arrangements either has, or is likely to have, a material effect on the Company's financial position, results of operations or cash flows. The Company sometimes enters into joint and several liability consortiums or similar arrangements for certain projects. Under such arrangements, each party is responsible for performing a certain scope of work within the total scope of the contracted work, and the obligations expire when all contractual obligations are completed. The failure or inability, financially or otherwise, of any of the parties to perform their obligations could impose additional costs and obligations on the Company. These factors could result in unanticipated costs to complete the project, liquidated damages or contract disputes.
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RESTRUCTURING |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING | RESTRUCTURING The Company recorded restructuring charges of $37 million and nil during the three months ended March 31, 2026 and 2025, respectively. The following table presents restructuring and associated impairment charges by the impacted segment:
The following table presents restructuring charges by type:
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OTHER (INCOME) EXPENSE, NET |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER (INCOME) EXPENSE, NET | OTHER (INCOME) EXPENSE, NET Other (income) expense, net consists of the following:
(1)Other charges and credits of $(3) million and nil for the three months ended March 31, 2026 and 2025, respectively, consist of other (income) expense, net within OFSE and IET. The Company recorded other (income) expense, net of $(588) million and $140 million for the three months ended March 31, 2026 and 2025. The gain on business dispositions of $721 million is further discussed in "Note 19. Business Acquisitions and Dispositions." Transaction related costs consist of legal and other professional fees in connection with the businesses being disposed of and acquired, the most significant of which are the ongoing Chart acquisition activities.
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BUSINESS ACQUISITIONS AND DISPOSITIONS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| BUSINESS ACQUISITIONS AND DISPOSITIONS | BUSINESS ACQUISITIONS AND DISPOSITIONS ACQUISITIONS On July 28, 2025, the Company entered into a definitive agreement to acquire Chart. The Company will acquire all outstanding shares of Chart's common stock for $210 per share in cash, equivalent to a total enterprise value of $13.6 billion. The acquisition is expected to close in the second quarter of 2026, subject to customary conditions, including regulatory approvals. See "Note 8. Debt" for further information on the financing for this transaction. On August 7, 2025, the Company completed the acquisition of CDC in the IET segment for total consideration of $554 million. CDC is a leading provider of safety-critical pressure management solutions. The assets acquired and liabilities assumed in this acquisition were recorded based on preliminary estimates of their fair values as of the acquisition date. As a result of this acquisition, the Company recorded $229 million of goodwill and $269 million of intangible assets, subject to final fair value adjustments. Pro forma results of operations for this acquisition have not been presented because the effects of the acquisition were not material to the Company's condensed consolidated financial statements. DISPOSITIONS During the first quarter of 2026, the Company completed the formation of a joint venture with a subsidiary of Cactus, Inc. ("Cactus") whereby the Company contributed the Surface Pressure Control business, a business within the Subsea & Surface Pressure Systems product line of its OFSE segment, to the newly formed joint venture in exchange for total consideration of $479 million comprised of a 35% noncontrolling interest and proceeds of approximately $323 million, a portion of which was deferred and is expected to be collected in the second half of 2026 upon the final transfer of certain legal entities. The carrying value of the joint venture is approximately $156 million, which is reported within "All other assets" on the consolidated statements of financial position. This transaction resulted in a gain of approximately $225 million, and is reported in "Other (income) expense, net" in the consolidated statements of income. In connection with the transaction, the Company and Cactus' parent entered into reciprocal put and call arrangements exercisable on the second anniversary of closing. The arrangements provide for the future cash settlement of the Company's retained interest based on a contractual pricing formula determined at the exercise date. During the first quarter of 2026, the Company completed the sale of its Precision Sensors & Instrumentation business, a business within the Industrial Solutions product line of its IET segment, to Crane Company, a diversified manufacturer of engineered industrial products, for a total cash consideration of approximately $1.2 billion. The Company recognized a gain of approximately $497 million as a result of the transaction, which is reported in "Other (income) expense, net" in the consolidated statements of income. On April 13, 2026, the Company entered into an agreement with Hexagon AB, a global measurement technology company ("Hexagon"), to sell its Waygate Technologies business to Hexagon in an all-cash transaction valued at approximately $1.45 billion, before customary closing adjustments. The Company expects to complete the sale in the second half of 2026.
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Insider Trading Arrangements |
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Mar. 31, 2026
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| Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Material Terms of Trading Arrangement | During the three months ended March 31, 2026, certain of our officers or directors listed below adopted or terminated trading agreements for the sale of shares of Class A common stock in amounts and prices determined in accordance with a formula set forth in each such plan:
(1)Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (2)A "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K (3)Reflects a 10b5-1 trading plan adopted by the officer's spouse (4)This figure is an estimation of after-tax sale amounts of vested equity awards based on the Company's best estimates at this time
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| Non-Rule 10b5-1 Arrangement Adopted | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lorenzo Simonelli [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Lorenzo Simonelli | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Chairman, President and Chief Executive Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | March 11, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | March 11, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 365 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 362,822 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahmed Moghal One [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Ahmed Moghal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Executive Vice President and Chief Financial Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | March 13, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | March 15, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 367 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ahmed Moghal Two [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Ahmed Moghal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Executive Vice President and Chief Financial Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | March 13, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | March 15, 2027 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 367 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 3,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maria Claudia Borras [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Maria Claudia Borras | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Chief Growth & Experience Officer and Interim Executive Vice President, Industrial & Energy Technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | March 12, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | July 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 141 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 72,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rebecca Charlton [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Rebecca Charlton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Senior Vice President, Controller and Chief Accounting Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | February 24, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | December 15, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 294 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 6,271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.") and pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and disclosures normally included in the Company's annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"). In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. Under this basis of presentation, the Company's financial statements consolidate all of its subsidiaries (entities in which the Company has a controlling financial interest, most often because the Company holds a majority voting interest). All intercompany accounts and transactions have been eliminated. In the Company's financial statements and notes, certain prior year amounts have been reclassified to conform with the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers.
|
| New Accounting Standards To Be Adopted | NEW ACCOUNTING STANDARDS TO BE ADOPTED In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" ("ASU 2024-03"), which enhances the disclosures required for certain expense captions in the Company's annual and interim consolidated financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within annual reporting periods beginning after December 15, 2027, and may be applied on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures. In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"). Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its accounting for internal-use software. All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on the Company's financial position or results of operations.
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CURRENT RECEIVABLES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Current Receivables | Current receivables consist of the following:
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INVENTORIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| Inventory, Net [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventories, Net of Reserves | Inventories, net of reserves of $402 million and $381 million as of March 31, 2026 and December 31, 2025, respectively, consist of the following:
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The changes in the carrying value of goodwill are detailed below by segment:
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| Schedule of Finite-Lived Intangible Assets | Intangible assets consist of the following:
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| Schedule of Indefinite-Lived Intangible Assets | Intangible assets consist of the following:
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| Schedule of Estimated Amortization Expense | Estimated amortization expense for the remainder of 2026 and each of the subsequent five fiscal years is expected to be as follows:
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CONTRACT AND OTHER DEFERRED ASSETS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Contract Assets | Contract assets consist of the following:
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PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Contract Liabilities | Contract assets consist of the following:
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LEASES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Lease Expense | The Company's leasing activities primarily consist of operating leases for service centers, manufacturing facilities, sales and administrative offices, and certain equipment.
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DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Borrowings | The carrying value of the Company's short-term and long-term debt consists of the following:
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EQUITY (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Number of Shares Outstanding | The following table presents the changes in the number of shares outstanding (in thousands):
(1)Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation.
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| Schedule of Accumulated Other Comprehensive Loss, Net of Tax | The following tables present the changes in accumulated other comprehensive loss, net of tax:
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EARNINGS PER SHARE (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Net Income per Share | Basic and diluted net income per share of Class A common stock is presented below:
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FINANCIAL INSTRUMENTS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The Company's assets and liabilities measured at fair value on a recurring basis consist of derivative instruments and investment securities.
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| Schedule of Investment Securities Classified as Available for Sale |
(1)Net gains (losses) recorded to earnings related to these securities were $(50) million and $(140) million for the three months ended March 31, 2026 and 2025. (2)As of March 31, 2026, the Company's non-U.S. debt securities are classified as available for sale securities and mature within one year.
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| Schedule of Derivatives | The table below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.
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REVENUE RELATED TO CONTRACTS WITH CUSTOMERS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregated Segment Revenue | The series of tables below present the Company's revenue disaggregated by these categories.
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| Schedule of Revenue by Geographic Region |
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SEGMENT INFORMATION (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Information | Summarized financial information for the Company's segments is shown in the following tables.
(1)Corporate costs are primarily reported in "Selling, general and administrative" in the condensed consolidated statements of income and exclude $7 million and $6 million of depreciation and amortization for the three months ended March 31, 2026 and 2025, respectively. (2)Other income (expense), net excludes immaterial amounts recorded within Segment EBITDA and corporate costs for the three months ended March 31, 2026 and 2025. See "Note 18. Other (Income) Expense, Net" for further information. The following table presents total assets:
(1)The assets reported in Corporate and eliminations consist primarily of the Baker Hughes trade name, cash, and tax assets. It also includes adjustments to eliminate intercompany investments and receivables reflected within the total assets of each of the reportable segments. The following table presents depreciation and amortization:
The following table presents capital expenditures:
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RESTRUCTURING (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring and Impairment Charges | The following table presents restructuring and associated impairment charges by the impacted segment:
The following table presents restructuring charges by type:
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OTHER (INCOME) EXPENSE, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Nonoperating Income (Expense) | Other (income) expense, net consists of the following:
(1)Other charges and credits of $(3) million and nil for the three months ended March 31, 2026 and 2025, respectively, consist of other (income) expense, net within OFSE and IET.
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Accounting Policies [Abstract] | ||
| Supply chain finance program liabilities | $ 360 | $ 410 |
CURRENT RECEIVABLES (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total current receivables | $ 6,986 | $ 6,918 |
| Less: Allowance for credit losses | (290) | (277) |
| Total current receivables, net | $ 6,696 | $ 6,641 |
| UNITED STATES | Customer concentration risk | Accounts receivable | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Customer receivables (as a percent) | 18.00% | 16.00% |
| UNITED ARAB EMIRATES | Customer concentration risk | Accounts receivable | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Customer receivables (as a percent) | 10.00% | |
| Customer receivables | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total current receivables | $ 5,507 | $ 5,558 |
| Other | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Total current receivables | $ 1,479 | $ 1,360 |
INVENTORIES (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Inventory, Net [Abstract] | ||
| Inventory valuation reserves | $ 402 | $ 381 |
| Finished goods | 2,361 | 2,381 |
| Work in process and raw materials | 2,507 | 2,573 |
| Total inventories, net | $ 4,868 | $ 4,954 |
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| Goodwill [Roll Forward] | ||
| Goodwill, net, beginning balance | $ 6,068 | $ 6,078 |
| Acquisitions | 254 | |
| Currency exchange and other | (36) | 158 |
| Classified as held for sale | (422) | |
| Goodwill, net, ending balance | 6,032 | 6,068 |
| Oilfield Services & Equipment | ||
| Goodwill [Roll Forward] | ||
| Goodwill, net, beginning balance | 1,556 | 1,547 |
| Acquisitions | 0 | |
| Currency exchange and other | 4 | 9 |
| Classified as held for sale | 0 | |
| Goodwill, net, ending balance | 1,560 | 1,556 |
| Industrial & Energy Technology | ||
| Goodwill [Roll Forward] | ||
| Goodwill, net, beginning balance | 4,512 | 4,531 |
| Acquisitions | 254 | |
| Currency exchange and other | (40) | 149 |
| Classified as held for sale | (422) | |
| Goodwill, net, ending balance | $ 4,472 | $ 4,512 |
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Aug. 07, 2025 |
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Intangible Asset, Acquired, Indefinite-Lived [Line Items] | |||||
| Goodwill | $ 6,032 | $ 6,068 | $ 6,078 | ||
| Goodwill, acquired | 254 | ||||
| Amortization expense | 58 | $ 66 | |||
| Continental Disc Corporation | |||||
| Intangible Asset, Acquired, Indefinite-Lived [Line Items] | |||||
| Goodwill, acquired | $ 229 | ||||
| Industrial & Energy Technology | |||||
| Intangible Asset, Acquired, Indefinite-Lived [Line Items] | |||||
| Goodwill | $ 4,472 | 4,512 | $ 4,531 | ||
| Goodwill, acquired | 254 | ||||
| Industrial & Energy Technology | Continental Disc Corporation | |||||
| Intangible Asset, Acquired, Indefinite-Lived [Line Items] | |||||
| Goodwill | 254 | ||||
| Goodwill, acquired | $ 229 | ||||
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets by Type (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Finite-lived intangible assets | ||
| Gross Carrying Amount | $ 5,357 | $ 5,345 |
| Accumulated Amortization | (3,436) | (3,400) |
| Net | 1,921 | 1,945 |
| Indefinite-lived intangible assets | 2,152 | 2,152 |
| Total intangible assets, gross carrying amount | 7,509 | 7,497 |
| Total intangible assets, net | 4,073 | 4,097 |
| Customer relationships | ||
| Finite-lived intangible assets | ||
| Gross Carrying Amount | 2,184 | 2,186 |
| Accumulated Amortization | (1,004) | (986) |
| Net | 1,180 | 1,200 |
| Technology | ||
| Finite-lived intangible assets | ||
| Gross Carrying Amount | 1,211 | 1,217 |
| Accumulated Amortization | (992) | (987) |
| Net | 219 | 230 |
| Trade names and trademarks | ||
| Finite-lived intangible assets | ||
| Gross Carrying Amount | 306 | 306 |
| Accumulated Amortization | (211) | (208) |
| Net | 95 | 98 |
| Capitalized software | ||
| Finite-lived intangible assets | ||
| Gross Carrying Amount | 1,656 | 1,636 |
| Accumulated Amortization | (1,229) | (1,219) |
| Net | $ 427 | $ 417 |
GOODWILL AND OTHER INTANGIBLE ASSETS- Future Estimated Amortization Expense (Details) $ in Millions |
Mar. 31, 2026
USD ($)
|
|---|---|
| Year | |
| Remainder of 2026 | $ 178 |
| 2027 | 223 |
| 2028 | 200 |
| 2029 | 172 |
| 2030 | 146 |
| 2031 | $ 117 |
CONTRACT AND OTHER DEFERRED ASSETS (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Contract assets (total revenue in excess of billings) | $ 1,568 | $ 1,453 | |
| Deferred inventory costs | 149 | 141 | |
| Other costs to fulfill or obtain a contract | 30 | 26 | |
| Contract and other deferred assets | 1,747 | 1,620 | |
| Revenue recognized from performance obligations satisfied in previous periods | 3 | $ 4 | |
| Long-term equipment contracts and certain other service agreements | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Contract assets (total revenue in excess of billings) | 326 | 330 | |
| Long-term product service agreements | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Contract assets (total revenue in excess of billings) | $ 1,242 | $ 1,123 | |
PROGRESS COLLECTIONS AND DEFERRED INCOME (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Disaggregation of Revenue [Line Items] | |||
| Progress collections and deferred income (contract liabilities) | $ 5,999 | $ 5,904 | |
| Revenue recognized, included in contract liability | 1,610 | $ 1,546 | |
| Equipment contracts and other service agreements | |||
| Disaggregation of Revenue [Line Items] | |||
| Long-term product service and equipment contracts and other service agreements | 5,349 | 5,249 | |
| Long-term product service agreements | |||
| Disaggregation of Revenue [Line Items] | |||
| Long-term product service and equipment contracts and other service agreements | 518 | 507 | |
| Progress collections | |||
| Disaggregation of Revenue [Line Items] | |||
| Progress collections and deferred income (contract liabilities) | 5,867 | 5,756 | |
| Deferred income | |||
| Disaggregation of Revenue [Line Items] | |||
| Progress collections and deferred income (contract liabilities) | $ 132 | $ 148 | |
LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Operating Lease Expense | ||
| Short-term lease | $ 115 | $ 119 |
| Long-term fixed lease | 61 | 69 |
| Long-term variable lease | 19 | 17 |
| Total operating lease expense | $ 195 | $ 205 |
LEASES - Narrative (Details) |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted-average remaining lease term | 9 years | 7 years |
| Weighted-average discount rate | 4.80% | 4.60% |
INCOME TAXES (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Income Tax Disclosure [Abstract] | ||
| Provision for income taxes | $ 336 | $ 152 |
EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Class of Stock [Line Items] | |||
| Preferred stock authorized (in shares) | 50,000,000 | ||
| Stock repurchased and canceled (in shares) | 0 | 4,400,000 | |
| Repurchase and cancellation of Class A common stock | $ 188 | ||
| Stock repurchase average price per share (in dollars per share) | $ 42.69 | ||
| Remaining authorized repurchase amount | $ 1,300 | ||
| Class A Common Stock | |||
| Class of Stock [Line Items] | |||
| Common stock authorized (in shares) | 2,000,000,000 | 2,000,000,000 | |
| Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 | |
| Preferred stock par value (in dollars per share) | $ 0.0001 | ||
| Stock repurchased and canceled (in shares) | 0 | 4,406,000 | |
EQUITY - Changes in Number of Shares Outstanding (Details) - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
| Repurchase and cancellation of Class A common stock (in shares) | 0 | (4,400,000) |
| Class A Common Stock | ||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
| Beginning balance (in shares) | 986,815,000 | 989,646,000 |
| Issue of shares upon vesting of restricted stock units (in shares) | 4,145,000 | 4,643,000 |
| Issue of shares on exercises of stock options (in shares) | 429,000 | 76,000 |
| Issue of shares for employee stock purchase plan (in shares) | 384,000 | 401,000 |
| Repurchase and cancellation of Class A common stock (in shares) | 0 | (4,406,000) |
| Ending balance (in shares) | 991,773,000 | 990,361,000 |
EARNINGS PER SHARE - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Class of Stock [Line Items] | ||
| Net income | $ 938 | $ 409 |
| Less: Net income attributable to noncontrolling interests | 8 | 7 |
| Net income attributable to Baker Hughes Company | $ 930 | $ 402 |
| Class A Common Stock | ||
| Weighted average shares outstanding: | ||
| Class A basic (in shares) | 990 | 992 |
| Class A diluted (in shares) | 996 | 999 |
| Net income per share attributable to common stockholders: | ||
| Class A basic (in dollars per share) | $ 0.94 | $ 0.41 |
| Class A diluted (in dollars per share) | $ 0.93 | $ 0.40 |
FINANCIAL INSTRUMENTS - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Assets | ||
| Derivatives | $ 10 | $ 22 |
| Investment securities | 1,198 | 1,241 |
| Total assets | 1,208 | 1,263 |
| Liabilities | ||
| Derivatives | (38) | (33) |
| Total liabilities | (38) | (33) |
| Level 1 | ||
| Assets | ||
| Derivatives | 0 | 0 |
| Investment securities | 1,170 | 1,217 |
| Total assets | 1,170 | 1,217 |
| Liabilities | ||
| Derivatives | 0 | 0 |
| Total liabilities | 0 | 0 |
| Level 2 | ||
| Assets | ||
| Derivatives | 10 | 22 |
| Investment securities | 0 | 0 |
| Total assets | 10 | 22 |
| Liabilities | ||
| Derivatives | (38) | (33) |
| Total liabilities | (38) | (33) |
| Level 3 | ||
| Assets | ||
| Derivatives | 0 | 0 |
| Investment securities | 28 | 24 |
| Total assets | 28 | 24 |
| Liabilities | ||
| Derivatives | 0 | 0 |
| Total liabilities | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Investment Securities (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Debt Securities, Available-for-sale [Line Items] | |||
| Equity securities, amortized cost | $ 581 | $ 578 | |
| Total, amortized cost | 609 | 602 | |
| Equity securities, gross unrealized gains | 629 | 666 | |
| Total, gross unrealized gains | 629 | 666 | |
| Equity securities, gross unrealized losses | (40) | (27) | |
| Total, gross unrealized losses | (40) | (27) | |
| Equity securities, estimated fair value | 1,170 | 1,217 | |
| Total, estimated fair value | 1,198 | 1,241 | |
| Gains (losses) recorded to earnings | $ (50) | $ (140) | |
| Maturity period | 1 year | ||
| Non-U.S. debt securities | |||
| Debt Securities, Available-for-sale [Line Items] | |||
| Debt securities, amortized cost | $ 28 | 24 | |
| Debt securities, gross unrealized gains | 0 | 0 | |
| Debt securities, gross unrealized losses | 0 | 0 | |
| Debt securities, estimated fair value | $ 28 | $ 24 | |
FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Assets | $ 10 | $ 22 |
| Liabilities | (38) | (33) |
| Interest rate swap contracts | Derivatives accounted for as hedges | ||
| Derivatives, Fair Value [Line Items] | ||
| Assets | 0 | 9 |
| Liabilities | (24) | (24) |
| Currency exchange contracts and other | Derivatives not accounted for as hedges | ||
| Derivatives, Fair Value [Line Items] | ||
| Assets | 10 | 13 |
| Liabilities | $ (14) | $ (9) |
SEGMENT INFORMATION - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
productLine
segment
| |
| Segment Reporting Information [Line Items] | |
| Number of operating segments | segment | 2 |
| Number of reportable segments | segment | 2 |
| Oilfield Services & Equipment | |
| Segment Reporting Information [Line Items] | |
| Number of product lines | productLine | 4 |
| Industrial & Energy Technology | |
| Segment Reporting Information [Line Items] | |
| Number of product lines | productLine | 5 |
SEGMENT INFORMATION - Capital Expenditures and Depreciation and Amortization by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | $ 354 | $ 285 |
| Capital expenditures | 336 | 300 |
| Operating segments | ||
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | 347 | 279 |
| Capital expenditures | 322 | 286 |
| Operating segments | Oilfield Services & Equipment | ||
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | 278 | 226 |
| Capital expenditures | 218 | 201 |
| Operating segments | Industrial & Energy Technology | ||
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | 69 | 53 |
| Capital expenditures | 104 | 85 |
| Corporate | ||
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | 7 | 6 |
| Capital expenditures | $ 14 | $ 14 |
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Related Party Transaction [Line Items] | |||
| Purchases | $ 210 | $ 148 | |
| Accounts payable | 4,257 | $ 4,579 | |
| Corporate joint venture | |||
| Related Party Transaction [Line Items] | |||
| Accounts payable | $ 145 | $ 136 | |
| Corporate joint venture | Aero JV | |||
| Related Party Transaction [Line Items] | |||
| Ownership percentage | 50.00% | ||
| Corporate joint venture | Aero JV | GE Vernova | |||
| Related Party Transaction [Line Items] | |||
| Ownership percentage | 50.00% | ||
COMMITMENTS AND CONTINGENCIES (Details) $ in Billions |
Mar. 31, 2026
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| Off-balance sheet arrangements | $ 6.4 |
RESTRUCTURING - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Restructuring and Related Activities [Abstract] | ||
| Restructuring and impairment charges | $ 37 | $ 0 |
RESTRUCTURING - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Restructuring Cost and Reserve [Line Items] | ||
| Total restructuring charges | $ 37 | $ 0 |
| Employee-related termination expenses | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Total restructuring charges | 26 | 0 |
| Other incremental costs | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Total restructuring charges | 11 | 0 |
| Operating segments | Oilfield Services & Equipment | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Total restructuring charges | 11 | 0 |
| Operating segments | Industrial & Energy Technology | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Total restructuring charges | 28 | 0 |
| Corporate | ||
| Restructuring Cost and Reserve [Line Items] | ||
| Total restructuring charges | $ (2) | $ 0 |
OTHER (INCOME) EXPENSE, NET - Schedule of Other Nonoperating Income (Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Other Commitments [Line Items] | ||
| Change in fair value of equity securities | $ 50 | $ 140 |
| Gain on business dispositions | (721) | 0 |
| Transaction related costs | 28 | 0 |
| Other charges and credits | 55 | 0 |
| Total | (588) | 140 |
| Operating segments | ||
| Other Commitments [Line Items] | ||
| Total | $ (3) | $ 0 |
OTHER (INCOME) EXPENSE, NET - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Other Income and Expenses [Abstract] | ||
| Other income (expense), net | $ 588 | $ (140) |
| Gain on business dispositions | $ (721) | $ 0 |
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