bkr-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to__________

Commission File Number 1-38143


Baker Hughes Company

(Exact name of registrant as specified in its charter)


Delaware		81-4403168
(State or other jurisdiction		(I.R.S. Employer Identification No.)
of incorporation or organization)

575 N. Dairy Ashford Rd., Suite 100
Houston,	Texas	77079-1121
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (713) 439-8600

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	BKR	The Nasdaq Stock Market LLC
5.125% Senior Notes due 2040 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc.	BKR40	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of April 16, 2025, the registrant had outstanding 990,749,975 shares of Class A Common Stock, $0.0001 par value per share.

Baker Hughes Company

Table of Contents


		Page No.
PART I -	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Condensed Consolidated Statements of Income (Loss) (Unaudited) - Three months ended March 31, 2025 and 2024	1

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - Three months ended March 31, 2025 and 2024	2

	Condensed Consolidated Statements of Financial Position (Unaudited) - March 31, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Changes in Equity (Unaudited) - Three months ended March 31, 2025 and 2024	4

	Condensed Consolidated Statements of Cash Flows (Unaudited) - Three months ended March 31, 2025 and 2024	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31

Item 4.	Controls and Procedures	32

PART II -	OTHER INFORMATION

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3.	Defaults Upon Senior Securities	33

Item 4.	Mine Safety Disclosures	33

Item 5.	Other Information	34

Item 6.	Exhibits	35

	Signatures	36

Baker Hughes Company 2025 First Quarter Form 10-Q | i

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

Baker Hughes Company

Condensed Consolidated Statements of Income (Loss)

(Unaudited)


	Three Months Ended March 31,
(In millions, except per share amounts)	2025		2024
Revenue:
Sales of goods	$	4,144	$	3,999
Sales of services	2,283		2,419
Total revenue	6,427		6,418

Costs and expenses:
Cost of goods sold	3,329		3,276
Cost of services sold	1,623		1,700
Selling, general and administrative	577		618
Research and development costs	146		164

Other (income) expense, net	140		(22)
Interest expense, net	51		41
Income before income taxes	561		641
Provision for income taxes	(152)		(178)
Net income	409		463
Less: Net income attributable to noncontrolling interests	7		8
Net income attributable to Baker Hughes Company	$	402	$	455

Per share amounts:
Basic income per Class A common stock	$	0.41	$	0.46
Diluted income per Class A common stock	$	0.40	$	0.45

Cash dividend per Class A common stock	$	0.23	$	0.21

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2025 First Quarter Form 10-Q | 1

Baker Hughes Company

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Net income	$	409	$	463
Less: Net income attributable to noncontrolling interests	7		8
Net income attributable to Baker Hughes Company	402		455
Other comprehensive income (loss):

Foreign currency translation adjustments	188		(63)
Cash flow hedges	2		2
Benefit plans	1		2
Other comprehensive income (loss)	191		(59)
Less: Other comprehensive income attributable to noncontrolling interests	—		—
Other comprehensive income (loss) attributable to Baker Hughes Company	191		(59)
Comprehensive income	600		404
Less: Comprehensive income attributable to noncontrolling interests	7		8
Comprehensive income attributable to Baker Hughes Company	$	593	$	396

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2025 First Quarter Form 10-Q | 2

Baker Hughes Company

Condensed Consolidated Statements of Financial Position

(Unaudited)


(In millions, except par value)	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	3,277	$	3,364
Current receivables, net	6,710		7,122
Inventories, net	5,161		4,954
All other current assets	1,693		1,771
Total current assets	16,841		17,211
Property, plant and equipment (net of accumulated depreciation of $6,241 and $6,056)	5,168		5,127
Goodwill	6,126		6,078
Other intangible assets, net	3,927		3,951
Contract and other deferred assets	1,680		1,730
Deferred income tax assets	1,363		1,284
All other assets	3,005		2,982
Total assets	$	38,110	$	38,363
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	4,465	$	4,542
Short-term debt	55		53
Progress collections and deferred income	5,589		5,672
All other current liabilities	2,485		2,724
Total current liabilities	12,594		12,991
Long-term debt	5,969		5,970
Liabilities for pensions and other postretirement benefits	985		988
Deferred income tax liabilities	93		83
All other liabilities	1,263		1,276
Equity:
Class A Common Stock, $0.0001 par value - 2,000 authorized, 990 issued and outstanding as of March 31, 2025 and December 31, 2024	—		—

Capital in excess of par value	25,450		25,896
Retained loss	(5,438)		(5,840)
Accumulated other comprehensive loss	(2,970)		(3,161)
Baker Hughes Company equity	17,042		16,895
Noncontrolling interests	164		160
Total equity	17,206		17,055
Total liabilities and equity	$	38,110	$	38,363

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2025 First Quarter Form 10-Q | 3

Baker Hughes Company

Condensed Consolidated Statements of Changes in Equity

(Unaudited)


(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	$	—	$	25,896	$	(5,840)	$	(3,161)	$	160	$	17,055
Comprehensive income:
Net income					402				7		409
Other comprehensive income							191				191
Dividends on Class A common stock ($0.23 per share)			(229)								(229)
Repurchase and cancellation of Class A common stock			(188)								(188)
Stock-based compensation cost			50								50
Other			(79)						(3)		(82)
Balance at March 31, 2025	$	—	$	25,450	$	(5,438)	$	(2,970)	$	164	$	17,206


(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, 2023	$	—	$	26,983	$	(8,819)	$	(2,796)	$	151	$	15,519
Comprehensive income (loss):
Net income					455				8		463
Other comprehensive loss							(59)				(59)
Dividends on Class A common stock ($0.21 per share)			(210)								(210)


Repurchase and cancellation of Class A common stock			(158)								(158)
Stock-based compensation cost			51								51
Other			(56)								(56)
Balance at March 31, 2024	$	—	$	26,610	$	(8,364)	$	(2,855)	$	159	$	15,550

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2025 First Quarter Form 10-Q | 4

Baker Hughes Company

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2025		2024
Cash flows from operating activities:
Net income	$	409	$	463
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	285		283
Change in fair value of equity securities	140		(52)
Stock-based compensation cost	50		51
Benefit for deferred income taxes	(53)		(24)






Changes in operating assets and liabilities:
Current receivables	487		199
Inventories	(106)		(265)
Accounts payable	(87)		173
Progress collections and deferred income	(193)		170
Contract and other deferred assets	117		(68)
Other operating items, net	(340)		(146)
Net cash flows provided by operating activities	709		784
Cash flows from investing activities:
Expenditures for capital assets	(300)		(333)
Proceeds from disposal of assets	45		51




Other investing items, net	(55)		13
Net cash flows used in investing activities	(310)		(269)
Cash flows from financing activities:



Dividends paid	(229)		(210)

Repurchase of Class A common stock	(188)		(158)

Other financing items, net	(85)		(59)
Net cash flows used in financing activities	(502)		(427)
Effect of currency exchange rate changes on cash and cash equivalents	16		(17)
Increase (decrease) in cash and cash equivalents	(87)		71
Cash and cash equivalents, beginning of period	3,364		2,646
Cash and cash equivalents, end of period	$	3,277	$	2,717
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	$	207	$	108
Interest paid	$	50	$	48

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2025 First Quarter Form 10-Q | 5

Baker Hughes Company

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 1. 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, 2024 (the "2024 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.

In the first quarter of 2025, the Company announced a presentation change to the statements of income (loss). Under the new presentation, research and development costs and other (income) expense, net are reported as separate financial statement line items, with certain expense amounts being reclassified thereto, and the operating income and non-operating income (loss) line items have been removed from the condensed consolidated statements of income (loss). This reporting change accompanied a change in the internal financial information regularly provided to our chief operating decision maker (“CODM”) to evaluate the performance of and allocate resources to our reportable segments as further discussed in Note 14. Segment Information.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies," to the consolidated financial statements from the Company's 2024 Annual Report for the discussion of significant accounting policies.

Supply Chain Finance Programs

As of March 31, 2025 and December 31, 2024, $388 million and $411 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 December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income

Baker Hughes Company 2025 First Quarter Form 10-Q | 6

Baker Hughes Company

Notes to Unaudited Condensed Consolidated Financial Statements

tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09, which allows for early adoption, is effective for the Company prospectively for all annual periods beginning after December 15, 2024. This is expected to result in expanded tax disclosures in the full year financial statements for the year ended December 31, 2025.

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 prospectively or retrospectively for fiscal years beginning after December 15, 2026 and for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures.

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.

NOTE 2. CURRENT RECEIVABLES

Current receivables consist of the following:


	March 31, 2025		December 31, 2024
Customer receivables	$	5,650	$	5,945
Other	1,310		1,409
Total current receivables	6,960		7,354
Less: Allowance for credit losses	(250)		(232)
Total current receivables, net	$	6,710	$	7,122

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, 2025, 16% of the Company's gross customer receivables were from customers in the U.S. and 11% were from customers in Saudi Arabia. As of December 31, 2024, 16% of the Company's gross customer receivables were from customers in the U.S. and 10% were from customers in Mexico. No other country accounted for more than 10% of the Company's gross customer receivables at these dates.

NOTE 3. INVENTORIES

Inventories, net of reserves of $387 million and $390 million as of March 31, 2025 and December 31, 2024, respectively, consist of the following:


	March 31, 2025		December 31, 2024
Finished goods	$	2,499	$	2,494
Work in process and raw materials	2,662		2,460

Total inventories, net	$	5,161	$	4,954

The Company had no inventory impairments during the three months ended March 31, 2025 and 2024.

Baker Hughes Company 2025 First Quarter Form 10-Q | 7

Baker Hughes Company

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 4. OTHER INTANGIBLE ASSETS

Intangible assets consist of the following:


	March 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	1,924	$	(901)	$	1,023	$	1,921	$	(883)	$	1,038
Technology	1,233		(987)		246		1,248		(981)		267
Trade names and trademarks	290		(199)		91		290		(196)		94
Capitalized software	1,562		(1,199)		363		1,522		(1,172)		350

Finite-lived intangible assets	5,009		(3,286)		1,723		4,981		(3,232)		1,749
Indefinite-lived intangible assets	2,204		—		2,204		2,202		—		2,202
Total intangible assets	$	7,213	$	(3,286)	$	3,927	$	7,183	$	(3,232)	$	3,951

Amortization expense for the three months ended March 31, 2025 and 2024 was $66 million and $68 million, respectively.

Estimated amortization expense for the remainder of 2025 and each of the subsequent five fiscal years is expected to be as follows:


Year	Estimated Amortization Expense
Remainder of 2025	$	174
2026	195
2027	175
2028	153
2029	124
2030	99

NOTE 5. CONTRACT AND OTHER DEFERRED ASSETS

Contract assets reflect revenue earned in excess of billings on long-term contracts to construct technically complex equipment, provide long-term product service and maintenance or extended warranty arrangements and other deferred contract related costs. The Company's long-term product service agreements are provided by the Industrial & Energy Technology ("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:


	March 31, 2025		December 31, 2024
Long-term product service agreements	$	343	$	346
Long-term equipment contracts and certain other service agreements	1,204		1,247
Contract assets (total revenue in excess of billings)	1,547		1,593
Deferred inventory costs	114		124
Other costs to fulfill or obtain a contract	19		13

Contract and other deferred assets	$	1,680	$	1,730

Baker Hughes Company 2025 First Quarter Form 10-Q | 8

Baker Hughes Company

Notes to Unaudited Condensed Consolidated Financial Statements

Revenue recognized during the three months ended March 31, 2025 and 2024 from performance obligations satisfied (or partially satisfied) in previous periods related to long-term service agreements was $4 million and $(1) million, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affect a contract's total estimated profitability.

NOTE 6. PROGRESS COLLECTIONS AND DEFERRED INCOME

Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income on long-term contracts to construct technically complex equipment, long-term product maintenance or extended warranty arrangements. Contract liabilities consist of the following:


	March 31, 2025		December 31, 2024
Progress collections	$	5,456	$	5,550
Deferred income	133		122
Progress collections and deferred income (contract liabilities)	$	5,589	$	5,672

Revenue recognized during the three months ended March 31, 2025 and 2024 that was included in the contract liabilities at the beginning of the period was $1,546 million and $1,476 million, respectively.

NOTE 7. LEASES

The Company's leasing activities primarily consist of operating leases for service centers, manufacturing facilities, sales and administrative offices, and certain equipment.


	Three Months Ended March 31,
Operating Lease Expense	2025		2024
Long-term fixed lease	$	69	$	74
Long-term variable lease	17		24
Short-term lease	119		140
Total operating lease expense	$	205	$	238

Cash flows used in operating activities for operating leases approximate lease expense for the three months ended March 31, 2025 and 2024.

The weighted-average remaining lease term as of March 31, 2025 and December 31, 2024 was approximately seven years for operating leases. The weighted-average discount rate used to determine the operating lease liability as of March 31, 2025 and December 31, 2024 was 4.3%.

Baker Hughes Company 2025 First Quarter Form 10-Q | 9

Baker Hughes Company

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 8. DEBT

The carrying value of the Company's short-term and long-term debt consists of the following:


	March 31, 2025		December 31, 2024
Short-term debt
Other debt	$	55	$	53
Total short-term debt	55		53


Long-term debt
2.061% Senior Notes due December 2026	599		599
3.337% Senior Notes due December 2027	1,310		1,302
6.875% Notes due January 2029	260		262
3.138% Senior Notes due November 2029	523		523
4.486% Senior Notes due May 2030	498		498
5.125% Senior Notes due September 2040	1,274		1,275
4.080% Senior Notes due December 2047	1,338		1,338
Other long-term debt	167		173
Total long-term debt	5,969		5,970
Total debt	$	6,024	$	6,023

The estimated fair value of total debt at March 31, 2025 and December 31, 2024 was $5,639 million and $5,409 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.

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, 2025 and December 31, 2024, there were no borrowings under the Credit Agreement.

Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with Baker Hughes Holdings LLC ("BHH LLC") on 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, 2025, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling $5.8 billion.

Certain Senior Notes contain covenants that restrict the Company's ability to take certain actions, including, but not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions, and engaging in certain merger, consolidation and asset sale transactions in excess of specified limits. At March 31, 2025, the Company was in compliance with all debt covenants.

NOTE 9. INCOME TAXES

For the three months ended March 31, 2025 and 2024, the provision for income taxes was $152 million and $178 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. Further, for the period ending March 31, 2024, this impact is partially offset by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances.

Baker Hughes Company 2025 First Quarter Form 10-Q | 10

Baker Hughes Company

Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 10. 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. 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. During the three months ended March 31, 2024, the Company repurchased and canceled 5.4 million shares of Class A common stock for $158 million, representing an average price per share of $29.32. As of March 31, 2025, the Company had authorization remaining to repurchase up to approximately $1.5 billion of its Class A common stock.

The following table presents the changes in the number of shares outstanding (in thousands):


	Class A Common Stock
	2025	2024
Balance at January 1	989,646	997,709
Issue of shares upon vesting of restricted stock units (1)	4,643	4,745
Issue of shares on exercise of stock options (1)	76	—
Issue of shares for employee stock purchase plan	401	458

Repurchase and cancellation of Class A common stock	(4,406)	(5,399)
Balance at March 31	990,361	997,513

(1)Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation.

Baker Hughes Company 2025 First Quarter Form 10-Q | 11

Baker Hughes Company

Notes to Unaudited Condensed Consolidated Financial Statements

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables present the changes in accumulated other comprehensive loss, net of tax:


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2024	$	(2,863)	$	(7)	$	(291)	$	(3,161)
Other comprehensive income (loss) before reclassifications	188		—		(4)		184
Amounts reclassified from accumulated other comprehensive loss	—		2		4		6
Deferred taxes	—		—		1		1
Other comprehensive income	188		2		1		191


Less: Other adjustments	—		1		(1)		—
Balance at March 31, 2025	$	(2,675)	$	(6)	$	(289)	$	(2,970)


	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2023	$	(2,513)	$	(6)	$	(277)	$	(2,796)
Other comprehensive income (loss) before reclassifications	(63)		2		(1)		(62)
Amounts reclassified from accumulated other comprehensive loss	—		1		3		4
Deferred taxes	—		(1)		—		(1)
Other comprehensive income (loss)	(63)		2		2		(59)



Balance at March 31, 2024	$	(2,576)	$	(4)	$	(275)	$	(2,855)

The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2025 and 2024 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.

NOTE 11. EARNINGS PER SHARE

Basic and diluted net income per share of Class A common stock is presented below:


	Three Months Ended March 31,
(In millions, except per share amounts)	2025		2024
Net income	$	409	$	463
Less: Net income attributable to noncontrolling interests	7		8
Net income attributa

SEC Form 10-Q filed by Baker Hughes Company