Baker Hughes Co. Files 2023 Annual Report on Form 10-K

Ticker: BKR · Form: 10-K · Filed: Feb 5, 2024 · CIK: 1701605

Baker Hughes CO 10-K Filing Summary
FieldDetail
CompanyBaker Hughes CO (BKR)
Form Type10-K
Filed DateFeb 5, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.0001, $658 million, $30.5 billion, $26.8 billion, $16.3 billion
Sentimentneutral

Complexity: moderate

Sentiment: neutral

Topics: Baker Hughes, 10-K, Annual Report, Financials, Oil & Gas

TL;DR

<b>Baker Hughes Co. has filed its 2023 annual report (10-K) detailing financial performance and position for the fiscal year ending December 31, 2023.</b>

AI Summary

Baker Hughes Co (BKR) filed a Annual Report (10-K) with the SEC on February 5, 2024. Baker Hughes Co. filed its 2023 Form 10-K on February 5, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2021, 2022, and 2023, including product and service segment revenues. Key financial statement items such as Accounts Payable, Other Liabilities (current and noncurrent), and Other Assets (current and noncurrent) are detailed. The report includes information on common stock, additional paid-in capital, retained earnings, accumulated other comprehensive income, and noncontrolling interest as of December 31, 2020, 2021, 2022, and 2023. The company's principal business address is located at 575 North Dairy Ashford Road, Suite 100, Houston, TX 77079-1121.

Why It Matters

For investors and stakeholders tracking Baker Hughes Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Baker Hughes' financial health and operational results for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and segment reporting offer insights into revenue generation from both product and service lines, enabling analysis of business segment performance and strategic focus.

Risk Assessment

Risk Level: medium — Baker Hughes Co shows moderate risk based on this filing. The filing is a standard annual report (10-K), which is routine for public companies. However, the oil and gas industry is subject to inherent volatility and regulatory changes, which could impact Baker Hughes.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-K to understand revenue drivers and identify potential areas of growth or concern for Baker Hughes.

Revenue Breakdown

SegmentRevenueGrowth
Product
Service

Key Numbers

Key Players & Entities

FAQ

When did Baker Hughes Co file this 10-K?

Baker Hughes Co filed this Annual Report (10-K) with the SEC on February 5, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Baker Hughes Co (BKR).

Where can I read the original 10-K filing from Baker Hughes Co?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Baker Hughes Co.

What are the key takeaways from Baker Hughes Co's 10-K?

Baker Hughes Co filed this 10-K on February 5, 2024. Key takeaways: Baker Hughes Co. filed its 2023 Form 10-K on February 5, 2024, reporting on the fiscal year ending December 31, 2023.. The filing covers financial data for the fiscal years 2021, 2022, and 2023, including product and service segment revenues.. Key financial statement items such as Accounts Payable, Other Liabilities (current and noncurrent), and Other Assets (current and noncurrent) are detailed..

Is Baker Hughes Co a risky investment based on this filing?

Based on this 10-K, Baker Hughes Co presents a moderate-risk profile. The filing is a standard annual report (10-K), which is routine for public companies. However, the oil and gas industry is subject to inherent volatility and regulatory changes, which could impact Baker Hughes.

What should investors do after reading Baker Hughes Co's 10-K?

Review the detailed financial statements and segment performance within the 10-K to understand revenue drivers and identify potential areas of growth or concern for Baker Hughes. The overall sentiment from this filing is neutral.

Risk Factors

Filing Stats: 4,264 words · 17 min read · ~14 pages · Grade level 15.8 · Accepted 2024-02-05 07:52:57

Key Financial Figures

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Management's Report on Internal Control Over Financial Reporting 48 Report of Independent Registered Public Accounting Firm 49 Consolidated Statements of Income (Loss) 52 Consolidated Statements of Comprehensive Income (Loss) 53 Consolidated Statements of Financial Position 54 Consolidated Statements of Changes in Equity 55 Consolidated Statements of Cash Flows 56

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 57 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 93 Item 9A.

Controls and Procedures

Controls and Procedures 93 Item 9B. Other Information 93 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 93 Part III Item 10. Directors, Executive Officers and Corporate Governance 94 Item 11.

Executive Compensation

Executive Compensation 94 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 94 Item 13. Certain Relationships and Related Transactions, and Director Independence 95 Item 14. Principal Accounting Fees and Services 95 Part IV Item 15. Exhibits and Financial Statement Schedules 96 Item 16. Form 10-K Summary 98

Signatures

Signatures 99 Baker Hughes Company 2023 Form 10-K | i PART I

BUSINESS

ITEM 1. 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. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward. OUR VISION & STRATEGY With the breadth of our portfolio, leading technology, and unique partnership models, we are positioned to deliver outcome-based solutions across the energy and industrial markets. By integrating health, safety & environment ("HSE") into everything we do, we protect our people, our customers, and the environment. The oil and gas macroeconomic environment continues to be complex. While we believe that the world's reliance on hydrocarbons will not disappear, and oil and gas will continue to remain relevant in meeting global energy demand, we also acknowledge the need to transition to new energy sources. Over the last several years, this transition has been progressing, with governments and society focused on a long-term goal of net-zero emissions while trying to balance the "energy trilemma" - energy security, sustainability, and affordability. There is a growing consensus that the energy transition will likely take longer than many expected due to the energy trilemma. We believe the industry is going through a transformation that requires a change in how we work with our existing and new customers expecting new partnerships and commercial models and new technology solutions to deliver sustainable productivity improvements and leverage economies of scale, with a lower carbon footprint. That is why our strategy is focused on improving our core competitiveness and delivering higher-productivity solutions today, while positioning to lead the energy transition and solving the energy trilemma. Our unique portfolio is expected to benefit regardless of how quickly the energy

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