2020 - Baker Hughes Annual Report

Energy Forward
Rethink. Redefine. Renew.

2020 Annual Report
We are an energy
technology company.
We take energy forward,
making it safer, cleaner,
and more efficient for
people and the planet.
About Baker Hughes Our Values
55,000 Lead
employees
Care
120+
countries in operation Grow
$20.7B Collaborate
in 2020 revenue
2020 Annual Report

Lorenzo Simonelli
Chairman, President, and
Chief Executive Officer
Dear fellow
shareholders,
2020 was an incredibly challenging year for our focus on building a unique energy technology
Baker Hughes and the entire global community. company — a company that can provide
As the COVID-19 pandemic and oil price volatility decarbonization solutions to multiple industries
unfolded in 2020, we moved quickly to mitigate and develop technologies for a new frontier of
the impact of these events through a series lower-carbon solutions.
of financial, operational, and safety actions,
guided by our strategy and core values. Overall, Our broad and diverse technological capabilities
we maintained solid financial and operational were never more necessary — or on display —
performance while navigating a turbulent than in 2020. Throughout the year, we positioned
environment. our portfolio to compete across the energy
value chain and deliver innovative solutions for
In addition to transforming our business into our customers. We remain optimistic about the
a structurally leaner organization, we also long-term economics of the industry, and we are
accelerated the execution of our strategy to lead well positioned to evolve with the overall energy
the energy transition. As the world’s focus on landscape.
climate change accelerated in 2020, so too did
Our 2020 performance
Despite the challenges of the pandemic-induced and the industry downturn. We secured a major
downturn, Baker Hughes delivered operationally and liquefied natural gas (LNG) order with longtime partner
commercially. For the full year 2020, we generated Qatar Petroleum to supply multiple main refrigerant
$518 million in free cash flow*, booked $6.4 billion in compressors and power generation equipment for
TPS orders, and executed on our substantial cost-out Qatar Petroleum’s North Field East (NFE) project. As part
and restructuring programs, predominantly in Oilfield of Baker Hughes’ commitment to support customers in
Services (OFS). We were also able to deliver for our decarbonizing their operations, the latest compression
customers during a challenging year, with a number of technology for the NFE project is expected to reduce
important commercial awards. emissions by ~5% versus previous technologies.
In OFS, we executed 73% of global drilling services jobs TPS was also awarded a major contract by South Gas
remotely across 30 countries, compared to 50% in Company in Iraq for the design, manufacture, and
2019. OFS remote operations have led to consistently construction of an integrated natural gas processing
better outcomes for customers. After establishing and production facility. The facility is expected to
a successful remote drilling track record in North have a capacity of 200 million standard cubic feet
America, the North Sea, and China, we expanded our of natural gas per day and utilize previously flared
capabilities in 2020 to improve efficiencies and lower natural gas from the Nassiriya and Gharraf oil fields,
costs for customers around the world. reducing emissions by an estimated 6+ million tons of
carbon dioxide annually.
In Oilfield Equipment (OFE), despite a difficult offshore
environment, we secured several key awards during In Digital Solutions (DS), we won a major three-year
the year. Flexible Pipe Systems (FPS) was the most framework agreement with Petrobras for our Bently
resilient product line in OFE, and won a contract Nevada, Nexus Controls, and Panametrics product
for high-temperature subsea flexible jumpers and lines to enhance the customer’s operations through
associated equipment in China. We were pleased to risk mitigation and performance improvements. We
see continued traction in our onshore FPS and non- also won an important contract with Petrobras to
metallic materials product offerings. provide a suite of digital solutions and services to
optimize productivity, reduce operational and safety
In Turbomachinery & Process Solutions (TPS), our team risks, and lower carbon emissions across Petrobras
achieved another successful year commercially after sites in Brazil. Petrobras will accelerate its digital
a record 2019, despite headwinds from the pandemic transformation, adopting the latest Bently Nevada
* Free cash flow is a non-GAAP measure. Please refer to the GAAP to non-GAAP measures table at the end of this document for a reconciliation.
2020 Annual Report

Our strategy
Transform the core Invest for growth Position for new frontiers
Improving margins and Driving growth in high- Making strategic investments

cash flow through cost potential segments like to drive the decarbonization of
improvements, portfolio industrial power and process energy and industry with carbon
rationalization, and new technology, industrial asset capture, utilization and storage
business models. management, non-metallics (CCUS), hydrogen, and
materials, and chemicals. energy storage.
condition monitoring and protection platform, as well

as remote monitoring and diagnostics capability.
Transform the core
Transforming the core represents our focus on
Given the challenging macro-environment in 2020,
improving margins and cash flow across our
our goal throughout the year was to maintain a strong
businesses through cost improvements, portfolio
balance sheet and remain disciplined in our capital
rationalization, and new business models.
allocation, while advancing our strategy. Overall, we
were successful in achieving our goals and believe we
As part of this strategy, we have divested non-core
are well positioned going forward.
businesses like rod lift, surface pressure control flow,
and specialty polymers, and shut down low-return and
non-core product lines in multiple geographies.
Our strategy
We also drove significant operational improvements
During 2020 we accelerated our strategy with a goal of
during the year by integrating systems and processes,
building an energy technology company that provides
and began rationalizing our global facilities footprint.
decarbonization solutions across multiple industries.
We made the difficult decision to reduce our workforce
We remain committed to leading the energy transition
to both adjust for market realities and lower our
and focusing on areas that are highly differentiated,
structural costs, with many of these reductions in OFS.
in order to generate better returns and more stable
As a result of these actions, we have already seen
earnings and cash flow.
significant financial and operational benefits that will
Our customers expect new models and outcome- ultimately strengthen our competitive position.
based solutions to deliver sustainable productivity
Another pillar of our transformation is the expanded
improvements, leverage economies of scale, and
use of remote operations, which we view as a key
lower their carbon footprint. Our strategy is focused
driver of greater cost productivity and performance
on improving our core competitiveness and delivering
for the oilfield services industry. Through digital
higher productivity solutions today, while positioning
enablement and automation, we see the possibility for
for the future.
lower costs and reduced HSE risk.
In order to drive our strategy forward, we developed
We also utilized digital and remote technology to run
a three-pronged approach to guide our execution,
virtual string and gas turbine tests in our TPS business.
which consists of transforming our core, investing for
Our iCenters in Florence, Houston, and Kuala Lumpur
growth, and positioning for new frontiers in the
monitor more than 900 customer assets, and have
energy space.
accumulated more than 15 million hours of equipment
data. This enabled us to deliver a wide range of We believe the non-metallic materials segment
remote support for field activities, including during provides significant opportunity for growth, due to
installation, outage and upgrade activities, and remote its lower carbon footprint and synergies with our
combustion system optimization. upstream and chemicals businesses. In 2020 we
formed a joint venture — Novel — with Saudi Aramco to
The advancement of digital technology and artificial develop and commercialize a broad range of non-
intelligence (AI) complements our efforts in cost metallic products for applications in the energy sector.
productivity and remote operations. We believe AI We also expanded our manufacturing capabilities for
can be the next frontier in unlocking energy industry onshore flexible composite pipe with a state-of-the-
productivity. art facility in Houston.
Through BakerHughesC3.ai (BHC3), our partnership In chemicals, we see opportunities to grow

with C3 AI, we have launched two software solutions internationally in the midstream and downstream
— BHC3 Reliability and BHC3 Production Optimization. segments, and potentially into adjacent specialty
They were designed to help our customers add AI- chemicals markets. We invested in new plants in
derived insights to their risk management practices Saudi Arabia and Singapore to position our chemicals
and operations. We view our partnership with C3 AI as business for further growth across the Middle East and
a key differentiator to drive digital transformation for Southeast Asia.
ourselves and our customers.
Position for new frontiers

Invest for growth
Position for new frontiers underscores our commitment
Invest for growth centers around expansion in high- to help meet global energy demand by offering lower-
potential segments such as industrial power, industrial carbon solutions across industries. We have deployed
asset management, non-metallic materials, existing solutions for customers, while making strategic
and chemicals. long-term investments in carbon capture, hydrogen,
and energy storage.
Baker Hughes seeks to develop a solid industrial
platform by leveraging the strongest core Carbon emissions reduction is a real and pressing
competencies within our TPS and DS segments. This need for many industries, and we provide technology
platform will focus on delivering energy efficiency and and solutions to help our customers meet their
process solutions to adjacent non-energy industrial carbon-reduction goals. We have deployed advanced
sectors, including power, food and beverage, mining, methane-detection equipment and services for our
and manufacturing. customers, and we continue to innovate and pilot new
2020 Annual Report

installations. Our sensing and control technologies, hydrogen at scale will require even higher technology
including Flare.IQ, help eliminate venting, reduce solutions.
flaring, and pinpoint fugitive emissions which represent
half of oil and gas sector emissions. Energy efficiency Finally, as renewable energy continues to grow, energy
is key to reducing emissions, and our gas turbine storage will play an increasingly large role in energy
technology is among the highest efficiency in systems. Our initial focus is on liquid air storage and
the industry. compressed air storage, which leverage our core
turbomachinery technology.
CCUS is a critical solution to help meet the
Paris Climate Agreement goals, and to achieve I am proud of our entire team’s work in leading the
decarbonization of the oil and gas sector. We provide energy transition. We are transforming the industry
solutions across the CCUS value chain including from within, and we will continue to evolve our portfolio
pre- and post-combustion capture, compression, to lead the energy transition.
subsurface storage, and long-term integrity and
monitoring. The acquisition of Compact Carbon
Capture (3C) in 2020 enhanced our CCUS capabilities Planet, people, principles
globally, and we intend to scale and commercialize
We view environmental, social and governance (ESG)
this technology for our customers in the future.
performance as a key lever to transform our company
and our industry. Baker Hughes is one of the leaders in
As hydrogen technology evolves, many believe it has
the energy sector, holding an AA rating by MSCI. Our
significant potential as a zero-emissions fuel source in
implementation and reporting of ESG performance
the coming decades. Baker Hughes’ first application in
is organized under our “Planet, People, Principles”
hydrogen was in 1962 through hydrogen compression
framework. During 2020 we made progress in each of
and we have over 2,000 hydrogen compressors in
these areas, but we recognize there is more to do.
operation today around the world. We reconfigured
our NovaLT turbine to run on 100% hydrogen. In 2020
Planet
we completed testing with SNAM, Europe’s largest gas
network operator, for the world's first "hybrid" hydrogen We were one of the first companies in our sector to
turbine designed for natural gas transportation commit to achieving net-zero emissions by 2050.
infrastructure. In addition to generation, we believe We have made great progress toward that goal,
our compression technology will have applications reducing carbon emissions by 31% compared to our
in hydrogen storage, liquefaction and transportation, 2012 baseline. We are also a signatory of the Methane
as well as production. Our current capabilities touch Guiding Principles that commit us to reduce
multiple parts of the hydrogen value chain, and we methane emissions.
see meaningful growth opportunities as producing
People Our future
To lead in the energy transition, we must continually
2020 was a year of strong performance in the face of
attract, recruit, retain, and promote a skilled and
a challenging environment. We continued to execute
globally diverse workforce. Successful companies
on our strategy by transforming our core businesses,
must build skills, develop leaders, and establish an
investing for growth in strategic areas, and positioning
inclusive and flexible work environment to meet the
the company for new frontiers as a leader in the
world’s changing needs. We are taking continual steps
energy transition.
to broaden and modernize our human resources
and talent management programs. While we have
I want to thank our customers, employees, and
advanced our inclusion and diversity efforts, we are
shareholders for their support and trust. Most
committed to further progress as we continue our
importantly, I want to thank everyone for staying safe
focus in this area.
and for your continued commitment to our success.
Together we are taking energy forward.
Principles
As a trusted leader in industry, we are not only Sincerely,
committed to health and safety, but also delivering
the best quality products and services to the industry.
Guided by our values and governance structure, we
act with integrity in all that we do through maintaining Lorenzo Simonelli
ethical supply chains and promoting respect for Chairman, President, and Chief Executive Officer
fundamental human rights.
2020 Annual Report

Our product companies
2020 revenue
$
2.0B
Digital solutions
$
10.1B $
5.7B
Oilfield services Turbomachinery
and process solutions
$
2.8B
Oilfield equipment
2020 highlights
Performance
$
20.7B $
518M ~45%
of revenue is more
in revenue in free cash flow*
industrial in nature
Technology
and innovation
$
595M 3,066 73%
in research and patents awarded of drilling jobs
development completed remotely
Responsibility AA 31% 200

rating by MSCI reduction in CO2 HSE perfect days
emissions**
* Free cash flow is a non-GAAP measure. Please refer to the GAAP to non-GAAP measures table at the end of this document for a reconciliation
** 2019 full year performance versus 2012 baseline
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-38143
Baker Hughes Company

(Exact name of registrant as specified in its charter)
Delaware 81-4403168
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
17021 Aldine Westfield Road

Houston, Texas 77073-5101
(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, $0.0001 Par Value per Share BKR New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☑
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 has filed a report on and attestation to its management's assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report. ☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☑
The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of the last business day of the
registrant’s most recently completed second fiscal quarter (based on the closing price on June 30, 2020 reported by the New York Stock
Exchange) was approximately $5,492,452,024.
As of February 19, 2021, the registrant had outstanding 728,963,146 shares of Class A Common Stock, $0.0001 par value per share and
311,432,660 shares of Class B Common Stock, $0.0001 par value per share.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Registrant's Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this
Form 10-K.
Table of Contents
Page No.
Part I
Item 1. Business 1
Item 1A. Risk Factors 13
Item 1B. Unresolved Staff Comments 24
Item 2. Properties 24
Item 3. Legal Proceedings 24
Item 4. Mine Safety Disclosures 24
Part II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities 25
Item 6. (Removed and Reserved) 27
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44
Item 8. Financial Statements and Supplementary Data 46
Management's Report on Internal Control Over Financial Reporting 46
Report of Independent Registered Public Accounting Firm 47
Consolidated Statements of Income (Loss) 50
Consolidated Statements of Comprehensive Income (Loss) 51
Consolidated Statements of Financial Position 52
Consolidated Statements of Changes in Equity 53
Consolidated Statements of Cash Flows 54
Notes to Consolidated Financial Statements 55
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 95
Item 9A. Controls and Procedures 95
Item 9B. Other Information 95
Part III
Item 10. Directors, Executive Officers and Corporate Governance 96

Item 11. Executive Compensation 96
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters 96
Item 13. Certain Relationships and Related Transactions, and Director Independence 97
Item 14. Principal Accounting Fees and Services 97
Part IV
Item 15. Exhibits and Financial Statement Schedules 98

Item 16. Form 10-K Summary 102
Signatures 103
Baker Hughes Company 2020 FORM 10-K | i

PART I
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. We conduct
business in more than 120 countries. The Company was formed in July 2017 as the result of a combination
between Baker Hughes Incorporated (BHI) and the oil and gas business (GE O&G) of General Electric Company
(GE) (the Transactions). As a result of the Transactions, substantially all of the business of GE O&G and of BHI
was transferred to a subsidiary of the Company, Baker Hughes Holdings LLC (BHH LLC). In 2019, we accelerated
our separation efforts from GE and in September 2019, GE sold down its stake in Baker Hughes to below 50%. In
July 2020, GE launched a program to fully divest of its ownership in Baker Hughes over approximately three years.
As of December 31, 2020, GE's economic interest in BHH LLC was 30.1%.
OUR VISION
With the breadth of our portfolio, leading technology, and unique partnership models, we are positioned to
deliver outcome-based solutions across the industry. By integrating health, safety & environment (HSE) into
everything we do, we protect our people, our customers, and the environment. We believe in doing the right thing
every time, and delivering the best quality and safest products, services, processes, solutions, and technologies in
the industry.
The oil and gas macroeconomic environment continues to be dynamic. We believe the world’s reliance on
hydrocarbons will not disappear, and oil and gas will continue to play necessary roles in meeting global energy
demand. At the same time, the transition to new energy sources is accelerating. We believe the industry is going
through a transformation that requires a change in how we work. Irrespective of commodity prices, our customers
are focused on reducing both capital and operating expenditures. Our customers expect new models and 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 for the energy transition. Our strategy is based on three key pillars:
• Transform the core: We are transforming our current business to improve margins and cash flow, which
we are achieving through portfolio rationalization, cost improvements, and new business models.
• Invest for growth: We are driving organic and inorganic growth in high potential segments where we have
a strong position, including industrial power and processes, industrial asset management, non-metallics,
and chemicals.
• Positioning for new energy frontiers: We are making strategic investments to drive the decarbonization
of energy and industry, including hydrogen, geothermal, carbon capture, utilization and storage, and energy
storage.
We believe we have an important role to play in society as an industry leader and partner. We view
environmental, social, and governance (ESG) as a key lever to transform the performance of our company and our
industry. In January 2019, we made a commitment to reduce CO2 equivalent (eq.) emissions from our operations
by 50% by 2030, achieving net-zero CO2 eq. emissions by 2050. We are investing in our portfolio of advanced
technologies to assist customers with reducing their carbon footprint.
We reported in our 2019 Corporate Social Responsibility report a 31% reduction in operating emissions since
2012 through a commitment to new technology and operational efficiencies. We will continue to employ a broad
range of emissions reduction initiatives across manufacturing, supply chain, logistics, energy sourcing and
generation. We have established a global additive manufacturing technology network with a mission to bring
commercial-scale production closer to customers, reducing transportation impact and associated emissions.
We expect to benefit from the following:
• Scope and scale: We have global presence and a broad, diversified portfolio. Our products, services, and
expertise serve the upstream, midstream/liquefied natural gas (LNG) and downstream sectors of the oil and
Baker Hughes Company 2020 FORM 10-K | 1

gas industry, as well as broader chemical and industrial segments. We deliver through our four product
companies (also referred to as operating segments): Oilfield Services; Oilfield Equipment; Turbomachinery
& Process Solutions; and Digital Solutions as discussed below under "Products and Services," and each
are among the top four providers in their respective segments.
• Technology: Our culture is built on a heritage of innovation and invention in research and development,
with complementary capabilities. Technology remains a differentiator for us, and a key enabler to drive the
efficiency and productivity gains our customers need. We also have a range of technologies that support
our customers' efforts to reduce their carbon footprint. We remain committed to investing in our products
and services to maintain our leadership position across our offerings, including $595 million research &
development spend in 2020.
• Digital capabilities: We expect to benefit from the emerging demand for artificial intelligence (AI) based
solutions as part of our customers’ digital transformation initiatives. Launched in 2019, our partnership with
C3.ai is enabling us to deliver AI that is faster, easier, and more scalable to drive outcomes for our
customers. We are delivering existing technology to oil and gas customers and collaborating on new AI
applications specific for oil and gas outcomes. We are also deploying these applications internally to
improve operational efficiencies, specifically for inventory optimization. We are also leveraging advanced
manufacturing techniques to transform our supply chain and design new parts and components that
ultimately will lower costs and operational carbon emissions.
• Energy transition solutions: We are positioned to support our customers' efforts to reduce their carbon
footprint with a range of emissions-reduction products and services. This includes more efficient power
generation and compression technology that reduces carbon emissions. In 2020, we acquired Compact
Carbon Capture, a technology development company specializing in carbon capture solutions, to advance
industrial decarbonization. We also have a range of inspection and sensor technology that can monitor and
help reduce flaring and emissions.
PRODUCTS AND SERVICES
We are an energy technology company that has a diverse portfolio of equipment and service capabilities that
span the energy and industrial value chain. Our four product companies, or operating segments, are organized
based on the nature of our markets and customers and consist of similar products and services.
We sell to our customers through direct and indirect channels. Our primary sales channel is through our direct
sales force, which has a strong regional focus with local teams close to the customer, who are able to draw support
from centers of excellence in each of our major product lines. No single customer accounted for 10% or more of our
revenue in the current year. Our products and services are sold in highly competitive markets and the competitive
environment varies by product line. See discussion below by segment.
Oilfield Services
The Oilfield Services (OFS) segment designs and manufactures products and provides services for onshore
and offshore oil & gas operations across the lifecycle of a well, including exploration, drilling, evaluation, completion,
production, intervention, and abandonment.
OFS products and services include drill bits; drilling services, including directional drilling, measurement-while-
drilling, and logging-while-drilling; drilling fluids; wireline services; completions, including tools, systems, and fluids;
pressure pumping; well intervention; artificial lift systems; oilfield and industrial chemicals; and integrated well
services. These offerings are enabled and enhanced by reservoir technical services and digital technologies that
include modeling, remote capabilities, and automation.
OFS evaluation capabilities and drilling technologies provide greater understanding of the subsurface to enable
smoother, faster drilling and precise wellbore placement, leading to improved recovery and project economics. With
broad completions portfolio, drawing from a wide range of artificial lift technologies, production chemicals, and
production optimization software, OFS can help maximize production while simultaneously lowering production
costs. OFS also provides integrated well services to plan and execute projects ranging from well construction and
production through well abandonment.

OFS customers include the large integrated major and super-major oil and natural gas companies, U.S. and
international independent oil and natural gas companies, and the national or state-owned oil companies as well as
oilfield service companies.
OFS believes that its principal competitive factors in the industries and markets it serves are product and
service quality, efficiency, reliability and availability, HSE standards, technical proficiency, and price. OFS products
and services are sold in highly competitive markets, and revenue and earnings are affected by changes in
commodity prices; fluctuations in levels of drilling, workover and completion activity in major markets; general
economic conditions; foreign currency exchange fluctuations; and governmental regulations. While OFS may have
contracts that include multiple well projects and that may extend over a period of time ranging from two to four
years, its services and products are generally provided on a well-by-well basis. Most contracts cover pricing of the
products and services but do not necessarily establish an obligation to use OFS products and services. OFS
competitors include Schlumberger, Halliburton, and ChampionX.
Oilfield Equipment
The Oilfield Equipment (OFE) segment provides a broad portfolio of mission critical products and services
utilized during drilling and over the life of a field. These products and services are required to facilitate the safe
and reliable control and flow of hydrocarbons from the wellhead to the production facilities. The OFE portfolio
has solutions for the subsea, offshore surface and onshore operating environments. OFE designs and
manufactures subsea and surface drilling and production systems and provides a full range of services related to
onshore and offshore drilling and production operations.
OFE products and services include subsea and surface drilling equipment, subsea production systems (SPS),
flexible pipe systems for subsea flowlines, risers and onshore pipes, surface and subsea wellheads, surface
pressure control solutions, subsea well intervention solutions and related service solutions. The OFE drilling
product line offers blowout preventers, control systems, marine drilling risers, wellhead connectors, diverters, and
related services for floaters, jack-ups, and land drilling rigs. OFE’s subsea portfolio includes subsea trees, control
systems, manifolds, connection systems, wellheads, specialty connectors & pipes for all environments, installation
and decommissioning solutions, and related services for Life of Field solutions and well intervention. OFE also
provides advanced offshore flexible pipe products including risers, flowlines, fluid transfer lines and subsea jumpers,
for floating production facilities across a range of operating environments. In addition, OFE offers a full range of
onshore wellhead products, valves, actuators, related services, and also designs, manufactures and markets
spoolable pipe systems including reinforced thermoplastic pipe (RTP) for exploration and production in the onshore
upstream and midstream segments. OFE also offers a range of comprehensive, worldwide services for installation,
technical support, well access through subsea intervention systems, operating resources and tools, offshore
products and brownfield asset integrity solutions.
OFE customers are oil and gas operators, drilling contractors and engineering, procurement and
construction (EPC) contractors seeking to undertake new subsea projects, mid-life upgrades and maintenance,
well interventions and workover campaigns. OFE strives for a leadership position within the 20 Kpsi subsea
drilling systems, large-bore gas fields, deepwater and ultra-deepwater oil and gas fields and fields with long
tieback distances. Additionally, through Subsea Connect, OFE offers integrated solutions to our customers.
OFE believes that the principal competitive factors in the industries and markets it serves are product and
service quality, reliability and on time delivery, health, safety and environmental standards, technical proficiency,
availability of spare parts, and price. Its strong track record of innovation enables OFE to enter into long-term,
performance-based service agreements with our customers. In the SPS product line, the primary competitors of
OFE include Schlumberger, TechnipFMC, Aker Solutions ASA, and Dril-Quip Inc. In the offshore flexible pipe
product line, main competitors include TechnipFMC and NOV. In the drilling product line, competitors include NOV
and Schlumberger.

Turbomachinery & Process Solutions
The Turbomachinery & Process Solutions (TPS) segment provides equipment and related services for
mechanical-drive, compression and power-generation applications across the oil and gas industry and energy
industry, the on-and-offshore, LNG, pipeline and gas storage, refining, petrochemical, distributed gas, flow and
process control and industrial segments. TPS is a leader in designing, manufacturing, maintaining and upgrading
rotating equipment across the entire oil and gas value chain.
TPS products and services include drivers, driven equipment, flow control, and turnkey solutions. Drivers are
comprised of aero-derivative gas turbines, heavy-duty gas turbines, small- to medium-sized industrial gas
turbines, steam turbines, and hot gas and turbo expanders. TPS’ driven equipment consists of generators,
reciprocating, centrifugal, zero emission and subsea compressors. TPS’ flow portfolio includes pumps, valves,
regulators, control systems, and other flow and process control technologies. As part of its turnkey solutions, TPS
offers power generation and gas compression modules, waste heat/energy/pressure recovery, energy storage,
modularized small and large liquefaction plants, carbon capture, and storage/use facilities. TPS also offers
genuine spare parts, system upgrades, conversion solutions, digital advanced services and turnkey solutions to
refurbish, rejuvenate and, improve the output from a single machine up to an entire plant.
TPS’ value proposition is founded on its turbomachinery and flow control technology, a unique competence to
integrate gas turbines and compressors in the most critical natural gas applications, best-in-class manufacturing
and testing capabilities, reliable maintenance and service operations, and innovative real-time diagnostics and
control systems, enabling condition-based maintenance and increasing overall productivity, availability, efficiency,
and reliability for oil and gas assets. TPS differentiates itself from competitors with its expertise in technology and
project management, local presence and partnerships, as well as the deep industry know-how of its teams to
provide fully integrated equipment and services solutions with state-of-art technology from design and
manufacture through to operations.
TPS’ products enable customers to increase upstream oil and gas production, liquefy natural gas, compress
gas for transport via pipelines, generate electricity, store gas and energy, refine oil and gas and produce
petrochemicals, while minimizing both operational and environmental risks in the most extreme service conditions
and enhancing overall efficiency. TPS products are also configurable for hydrogen and blended fuels. TPS’
customers are upstream, midstream and downstream, onshore and offshore, and small to large scale. Midstream
and downstream customers include LNG plants, pipelines, storage facilities, refineries, and a wide range of
industrial and EPC companies. As a supplier of turbomachinery equipment and solutions, TPS uses technology
to help customers reduce their environmental impact by making their operations more efficient and enhancing
their productivity, reducing emissions through flaring, venting and fuel combustion and introducing new
technologies that improve their ability to reduce unwanted fugitive emissions.
TPS believes that the principal competitive factors in the industries and markets it serves are product range
(or power range measured in megawatts) coverage, efficiency, product reliability and availability, service
capabilities, references, emissions, and price. Our primary equipment competitors include Siemens Energy, Solar
(a Caterpillar company), MAN Turbo, Mitsubishi Heavy Industries, and Elliot Ebara. In the valves and pumps
product line, competitors include Emerson, Flowserve, Metso and Sulzer. Our aftermarket equipment product line
competes with independent service providers such as Masaood John Brown, EthosEnergy, Sulzer, MTU, and
Chromalloy.
Digital Solutions
The Digital Solutions segment combines sophisticated hardware technologies with enterprise-class software
products and analytics to connect industrial assets, providing customers with the data, safety and security needed
to reliably and efficiently improve operations.
DS products and services include condition monitoring, industrial controls, non-destructive technologies,
measurement, sensing, and pipeline solutions. Condition monitoring technologies include the Bently Nevada® and
System 1® brands, providing rack-based vibration monitoring equipment and sensors primarily for power generation
and oil and gas operations. The DS Waygate Technologies product line includes non-destructive testing technology,
software, and services, including industrial radiography, ultrasonic sensors, testing machines and gauges, NDT film,
and remote visual inspection.

The DS Process and Pipeline Services product line (PPS) provides pre-commissioning and maintenance
services to improve throughput and asset integrity for process facilities and pipelines while achieving the highest
returns possible. The PPS product line also provides inline inspection solutions to support pipeline integrity and
includes nitrogen, bolting, torqueing and leak detection services, as well as the world’s largest fleet of air
compressors to dry pipelines after hydrotesting. The DS Panametrics, Druck, and Reuter-Stokes product lines
provide instrumentation and sensor-based technologies to better detect and analyze pressure, flow, gas, moisture,
radiation, and related conditions. The DS Nexus Controls product line provides comprehensive, scalable industrial
controls systems, safety systems (SIL), hardware, software cybersecurity solutions and services.
DS helps companies monitor and optimize industrial assets while mitigating risk and boosting safety, by
providing performance management, and condition and asset health monitoring. It also provides customers the
technical capabilities to drive enterprise wide digital transformation of business processes and to focus on better
production outcomes along the entire oil & gas value chain and adjacent industries, using sensors, services and
inspections to connect industrial assets to the Industrial Internet. The DS software business is built to handle data
at an industrial scale, giving customers the power to innovate, and make faster, more confident decisions to
maximize performance.
DS believes that the principal competitive factors in the industries and markets it serves are superior product
technology, service, quality, and reliability. DS competes across a wide range of industries, including oil & gas,
power generation, aerospace, and light and heavy industrials. The products and services are sold in a diversified,
fragmented arena with a broad range of competitors. Although no single company competes directly with DS
across all its product lines, various companies compete in one or more products. Competitors include Emerson,
Honeywell Process Solutions, Olympus, Schneider Electric, and Siemens.
CONTRACTS
We conduct our business under various types of contracts in the upstream, midstream, and downstream
segments, including fixed-fee or turnkey contracts, transactional agreements for products and services, and long-
term aftermarket service agreements.
We enjoy stable relationships with many of our customers based on long-term project contracts and master
service agreements. Several of those contracts require us to commit to a fixed price based on the customer’s
technical specifications with little or no legal relief available due to changes in circumstances, such as changes in
local laws, or industry or geopolitical events. In some cases, failure to deliver products or perform services within
contractual commitments may lead to liquidated damages claims. We seek to mitigate these exposures through
close collaboration with our customers.
We strive to negotiate the terms of our customer contracts consistent with what we consider to be industry best
practices. Our customers typically indemnify us for certain claims arising from: the injury or death of their
employees and often their contractors; the loss of or damage to their facility and equipment, and often that of their
contractors; pollution originating from their equipment or facility; and all liabilities related to the well and subsurface
operations, including loss or damage to the well or reservoir, loss of well control, fire, explosion, or any uncontrolled
flow of oil or gas. Conversely, we typically indemnify our customers for certain claims arising from: the injury or
death of our employees and sometimes that of our subcontractors; the loss of or damage to our equipment; and
pollution originating from our equipment above the surface of the earth while under our control. Where the above
indemnities do not apply or are not consistent with industry best practices, we typically provide a capped indemnity
for damages caused to the customer by our negligence, and include an overall limitation of liability clause. It is also
our general practice to include a limitation of liability for consequential loss, including loss of profits and loss of
revenue, in all customer contracts.
Our indemnity structure may not protect us in every case. Certain U.S. states have enacted oil and natural gas
specific anti-indemnity statutes that can void the allocation of liability agreed to in a contract. State law, laws in
countries outside the U.S., public policy, or the negotiated terms of a customer contract may also limit indemnity
obligations in the event of the gross negligence or willful misconduct. We sometimes contract with customers that
are not the end user of our products. It is our practice to seek to obtain an indemnity from our customer for any
end-user claims, but this is not always possible. Similarly, government agencies and other third parties, including in
some cases other contractors of our customers, may make claims in respect of which we are not indemnified and

for which responsibility is assessed proportionate to fault. We have an established process to review any risk
deviations from our standard contracting practices.
The Company maintains a commercial general liability insurance policy program that covers against certain
operating hazards, including product liability claims and personal injury claims, as well as certain limited
environmental pollution claims for damage to a third party or its property arising out of contact with pollution for
which the Company is liable; however, clean up and well control costs are not covered by such program. All of the
insurance policies purchased by the Company are subject to deductible and/or self-insured retention amounts for
which we are responsible for payment, specific terms, conditions, limitations, and exclusions. There can be no
assurance that the nature and amount of Company insurance will be sufficient to fully indemnify us against
liabilities related to our business.
ORDERS AND REMAINING PERFORMANCE OBLIGATIONS
Remaining performance obligations (RPO), a defined term under generally accepted accounting principles
(GAAP), are unfilled customer orders for products and product services excluding any purchase order that provides
the customer with the ability to cancel or terminate without incurring a substantive penalty, even if the likelihood of
cancellation is remote based on historical experience. For product services, an amount is included for the expected
life of the contract.
We recognized orders of $20.7 billion, $27.0 billion and $23.9 billion in 2020, 2019 and 2018, respectively. As
of December 31, 2020, 2019 and 2018, the remaining performance obligations totaled $23.4 billion, $22.9 billion
and $21.0 billion, respectively.
RESEARCH AND DEVELOPMENT
We engage in research and development activities directed primarily toward the development of new products,
services, technology, and other solutions, as well as the improvement of existing products, services and the design
of specialized products to meet specific customer needs. We continue to invest across all operating segments in
products to enhance safety, develop capability, improve performance, and reduce costs aligned with our operational
strategy. Through our Enterprise Technology Centers we also invest heavily in fundamental technologies such as
materials, additive manufacturing, artificial intelligence/machine learning and other digital technologies such as
computer vision, data science and edge computing.
In OFS, we invested in a range of formation evaluation capabilities as well as drilling, completions, and
production hardware. In OFE, the recent focus has been to expand capability into deeper water, longer offsets and
at higher pressures as well as modular designs that allow for simpler and more digitally integrated subsea systems.
In TPS, we continue to invest in the energy transition with our latest generation of gas turbines for energy efficiency
and reduced carbon footprint such as our LM9000TM and Nova LTTM products, as well as our process and safety
valve business bringing new digital applications including analytics to our customers. DS continues to invest in
advanced digital solutions designed to improve the efficiency, reliability, and safety of oil & gas, aerospace, energy,
and broader industrial production and operations. This includes our new Orbit 60 Bently Nevada product for critical
asset monitoring used extensively in turbine systems – wind, hydro, gas-turbines, etc.
INTELLECTUAL PROPERTY
Our technology, brands and other intellectual property (IP) rights are important elements of our business. We
rely on patent, trademark, copyright, and trade secret laws, as well as non-disclosure and employee invention
assignment agreements to protect our intellectual property rights. Many patents and patent applications comprise
the Baker Hughes portfolio and are owned by us. Other patents and patent applications applicable to our
products and services are licensed to us by GE and, in some cases, third parties. We do not consider any
individual patent to be material to our business operations.
In connection with the Master Agreement Framework, GE entered into an amended and restated IP cross-
license agreement (the IP Cross-License Agreement) with BHH LLC. GE agreed to perpetually license to BHH
LLC the right to use certain intellectual property owned or controlled by GE pursuant to the terms of the IP Cross-
License Agreement. BHH LLC in return, also agreed to perpetually license to GE the right to use certain
intellectual property rights owned or controlled by BHH LLC pursuant to the terms of the IP Cross-License

Agreement. This IP Cross-License Agreement allows both parties to have continued and permanent rights to
commercially utilize certain intellectual property of the other pursuant to the terms of the agreement.
We follow a policy of seeking patent and trademark protection in numerous countries and regions throughout
the world for products and methods that appear to have commercial significance. We believe that maintenance,
protection and enforcement of our patents, trademarks, and related intellectual property rights is central to the
conduct of our business, and aggressively pursue protection of our intellectual property rights against infringement,
misappropriation or other violation worldwide as we deem appropriate to protect our business. Additionally, we
consider the quality and timely delivery of our products, the service we provide to our customers, and the technical
knowledge and skills of our personnel to be other important components of the portfolio of capabilities and assets
supporting our ability to compete.
SEASONALITY
Our operations can be affected by seasonal events, which can temporarily affect the delivery and performance
of our products and services, and our customers' budgetary cycles. Examples of seasonal events that can impact
our business are set forth below:
• Adverse weather conditions, such as hurricanes in the Gulf of Mexico, may interrupt or curtail our coastal
and offshore drilling, or our customers’ operations, cause supply disruptions and result in a loss of revenue
and damage to our equipment and facilities, which may or may not be insured. Other adverse weather
conditions could include extreme heat in the Middle East during the summer months which may impact our
operations or our customers' operations.
• The severity and duration of both the summer and the winter in North America can have a significant impact
on activity levels. In Canada, the timing and duration of the spring thaw directly affects activity levels, which
reach seasonal lows during the second quarter and build through the third and fourth quarters to a seasonal
high in the first quarter.
• Severe weather during the winter months normally results in reduced activity levels in the North Sea and
Russia generally in the first quarter and may interrupt or curtail our operations, or our customers’
operations, in those areas and result in a loss of revenue.
• Many of our international oilfield customers may increase activity for certain products and services in the
fourth quarter as they seek to fully utilize their annual budgets.
• Our process & pipeline business in the DS segment typically experiences lower sales during the first and
fourth quarters of the year due to the Northern Hemisphere winter.
• Our broader DS and TPS businesses typically experience higher customer activity as a result of spending
patterns in the second half of the year.
RAW MATERIALS
We purchase various raw materials and component parts for use in manufacturing our products and delivering
our services. The principal raw materials we use include steel alloys, chromium, nickel, titanium, barite, beryllium,
copper, lead, tungsten carbide, synthetic and natural diamonds, gels, sand and other proppants, printed circuit
boards and other electronic components, and hydrocarbon-based chemical feed stocks. Raw materials that are
essential to our business are normally readily available from multiple sources, but may be subject to price volatility.
Market conditions can trigger constraints in the supply of certain raw materials, and we are always seeking ways to
ensure the availability and manage the cost of raw materials. Our procurement department uses its size and buying
power to enhance its access to key materials at competitive prices.
In addition to raw materials and component parts, we also use the products and services of metal fabricators,
machine shops, foundries, forge shops, assembly operations, contract manufacturers, logistics providers,
packagers, indirect material providers, and others in order to produce and deliver products to customers. These
materials and services are generally available from multiple sources.

HUMAN CAPITAL
As an energy technology company with operations around the world, we believe that a diverse workforce is
critical to our success, and we aim to attract the best and most diverse talent to support the energy transition. We
strive to be an inclusive and safe workplace, with opportunities for our employees to grow and develop in their
careers, supported by competitive compensation, benefits and health and wellness programs, and by programs that
build connections between our employees and their communities.
As of December 31, 2020, we had approximately 55,000 employees. More than 42,000 of our employees work
outside the U.S. in 88 different countries. This diversity of global perspectives makes our company stronger, more
resilient and more responsive to our global customers.
Diversity and Inclusion
We believe that a diverse workforce is critical to our success, and we continue to focus on the hiring, retention
and advancement of underrepresented populations. Our recent efforts have been focused in two areas: expanding
our efforts to recruit and hire diverse talent and inspiring an inclusive and diverse culture through programs such as
employee resource groups.
Recruitment: We have enacted a number of initiatives to support our global goal of increasing the number of
diverse employees. We have conducted training on unconscious bias and launched pilot projects on blind resumes
and debiasing job descriptions, interview templates, and assessments as well as expanded our talent acquisition
focus to include executive search services.
Employee Resource Groups (ERG): ERGs consist of employees who have joined together based on shared
interests, characteristics, or life experiences. These groups can have a powerful influence on building awareness,
change, and community, give a voice to groups who may otherwise be unheard, and help elevate conversation and
awareness around key issues. They take an active role in forming Company priorities, employee engagement
activities, and engaging in community service in the communities where we operate. This effort has helped our
diversity and inclusion focus and fostered closer connections between employees in communities around the world.
Compensation and Benefits
We are committed to supporting our employees’ and their families’ wellbeing by offering flexible and competitive
benefits. We periodically reassess our total compensation and benefits for many of our employees through
benchmarking with our industry and local market comparison groups. A majority of our benefits are tailored by
location to meet the specific needs of our people, their families, and their communities. Healthcare plans and life
insurance are a core benefit of the Company and are provided in all countries globally. Baker Hughes offers various
leaves of absence for certain quality-of-life needs, including family care and personal leaves. To assist and support
new parents with balancing work and family matters, in most countries in which Baker Hughes operates, the
Company provides paid leave to all employees (females and males) for the birth or adoption of a child. This benefit
typically exceeds local requirements.
Professional Development
Continuous learning is a key priority at Baker Hughes. We empower our employees to follow their passion for
personal knowledge and domain expertise to develop the skills needed for professional and personal growth. In
2020, 6,155 employees participated in leadership training courses. We offer more than 600 unique HSE courses
including foundational training for all employees, workplace and job-specific training, and human performance
leadership training for managers.

Health and Safety
Prioritizing the health and safety of our employees and their families is critical. Our Perfect HSE Day remains
the cornerstone of our HSE efforts. We achieved 200 Perfect HSE days in 2020, a 24% increase from the prior
year.
Our commitment to HSE goes beyond safety alone. Occupational health and wellness is a key competency
managed within our HSE center of excellence. The importance of physical health, ergonomics, preventative health
care, and mental wellness cannot be overstated in promoting a healthy, engaged, and productive workplace. We
work with our health benefit providers and internal teams to offer employees health and wellness programs,
telemedicine access, health screenings, immunizations, fitness reimbursements, and virtual wellness tools.
During 2020, the mental health of our employees became an even greater focus. In response to the COVID-19
pandemic, we implemented significant changes that we determined were in the best interest of our employees, as
well as the communities in which we operate, and which comply with government regulations. This includes having
the vast majority of our employees work from home, while implementing additional safety measures for employees
continuing critical on-site work.
Our Employee Assistance Program (EAP) helps employees navigate daily life to managing remote work, coping
with major life events or even dealing with a global pandemic. The EAP gives employees and their family members
direct access to professional coaches for in-the-moment counseling or referrals to community experts and extended
care providers.
Community Involvement
The Baker Hughes Foundation has been a steward of charitable resources for meaningful community impact.
The Foundation seeks to advance environmental quality, education, health, safety, and wellness around the world
by supporting organizations with shared values, demonstrated leadership, evidence of impact, financial soundness,
and the capacity to implement initiatives and evaluate their success.
Board Oversight of Human Capital Management
From a governance perspective, our Compensation Committee of the Board of Directors provides oversight of
our policies, programs, and initiatives focusing on workforce inclusion and diversity as well as executive
compensation and benefits. Our Governance & Corporate Responsibility Committee provides oversight of
employee health and safety matters.
GOVERNMENTAL REGULATION
Environmental Matters
We are committed to the health and safety of people, protection of the environment and compliance with
environmental laws, regulations and our policies. Our past and present operations include activities that are subject
to extensive domestic (including U.S. federal, state and local) and international regulations with regard to air, land
and water quality and other environmental matters. Regulations continue to evolve, and changes in standards of
enforcement of existing regulations, as well as the enactment of new legislation, may require us and our customers
to modify, supplement or replace equipment or facilities or to change or discontinue present methods of operation.
Our environmental compliance expenditures and our capital costs for environmental control equipment may change
accordingly.
We recognize that environmental challenges including climate change warrant meaningful action. In 2019, we
announced our commitment to reduce our carbon equivalent emissions 50% by 2030 and achieve carbon
equivalent net zero emissions by 2050. This goal encompasses emissions from our direct operations (Scope 1 and
2 emissions) as compared to our baseline year of 2012 and was set to align with the Paris Accord and the specific
recommendations of the United Nations (UN) Intergovernmental Panel on Climate Change’s Special Report on
Global Warming of 1.5oC. We have proactively worked to reduce our greenhouse gas emissions over the last
decade and continue efforts to reduce our overall environmental footprint by using materials wisely and preserving
land, water, and air quality. Our sustainability commitments include our formal participation in the UN Global

Compact, which commenced in 2019 and requires annual communication of progress. The UN Global Compact
requires commitment to the UN Sustainable Development Goals and ten principles including a precautionary
approach to environmental challenges, initiatives to promote a greater sense of environmental responsibility and the
development of environmentally friendly technologies.
While we seek to embed and verify sound environmental practices throughout our business, we are, and may in
the future be, involved in voluntary remediation projects at current and former properties, typically related to
historical operations. On rare occasions, our remediation activities are conducted as specified by a government
agency-issued consent decree or agreed order. Remediation costs at these properties are accrued using currently
available facts, existing environmental permits, technology and presently enacted laws and regulations. For sites
where we are primarily responsible for the remediation, our cost estimates are developed based on internal
evaluations and are not discounted. We record accruals when it is probable that we will be obligated to pay
amounts for environmental site evaluation, remediation or related activities, and such amounts can be reasonably
estimated. Accruals are recorded even if significant uncertainties exist over the ultimate cost of the remediation.
Ongoing environmental compliance costs, such as obtaining environmental permits, installation and maintenance of
pollution control equipment and waste disposal, are expensed as incurred.
The U.S. Comprehensive Environmental Response, Compensation and Liability Act (known as "Superfund")
imposes liability for the release of a "hazardous substance" into the environment. Superfund liability is imposed
without regard to fault, even if the waste disposal was in compliance with laws and regulations. We have been
identified as a potentially responsible party (PRP) at various Superfund sites, and we accrue our share, if known, of
the estimated remediation costs for the site. PRPs in Superfund actions have joint and several liability and may be
required to pay more than their proportional share of such costs.
In some cases, it is not possible to quantify our ultimate exposure because the projects are either in the
investigative or early remediation stage, or superfund allocation information is not yet available. Based upon current
information, we believe that our overall compliance with environmental regulations, including remediation
obligations, environmental compliance costs and capital expenditures for environmental control equipment, will not
have a material adverse effect on our capital expenditures, earnings or competitive position because we have either
established adequate reserves or our compliance cost, based on available information, is not expected to be
material to our consolidated financial statements. Our total accrual for environmental remediation was $78 million
and $82 million at December 31, 2020 and 2019, respectively. We continue to focus on reducing future
environmental liabilities by maintaining appropriate Company standards and by improving our environmental
assurance programs.
Other Regulatory Matters
We are subject to regulation by various U.S. federal regulatory agencies and by the applicable regulatory
authorities in countries in which our products are manufactured and sold. Such regulations principally relate to the
ingredients, classification, labeling, manufacturing, packaging, transportation, advertising and marketing of our
products. Additionally, as a U.S. entity operating through subsidiaries in non-U.S. jurisdictions, we are subject to
foreign exchange control, transfer pricing and customs laws that regulate the import and export of goods as well as
the flow of funds between us and our subsidiaries. In particular, the shipment of goods, services and technology
across international borders subjects us to extensive trade laws and regulations. Our import activities are governed
by the unique customs laws and regulations in each of the countries where we operate. Pursuant to their laws and
regulations, governments may impose economic sanctions against certain countries, persons and entities that may
restrict or prohibit transactions involving such countries, persons and entities, which may limit or prevent our
conduct of business in certain jurisdictions. We are also required to be in compliance with transfer pricing,
securities laws and other statutes and regulations, such as the Foreign Corrupt Practices Act (the "FCPA") and other
countries’ anti-corruption and anti-bribery regimes.
In addition, we are subject to laws relating to data privacy and security and consumer credit, protection and
fraud. An increasing number of governments worldwide have established laws and regulations, and industry groups
also have promoted various standards, regarding data privacy and security, including with respect to the protection
and processing of personal data. The legal and regulatory environment related to data privacy and security is
increasingly rigorous, with new and constantly changing requirements applicable to our business, and enforcement
practices are likely to remain uncertain for the foreseeable future. We are also subject to labor and employment
laws, including regulations established by the U.S. Department of Labor and other local regulatory agencies, which

sets laws governing working conditions, paid leave, workplace safety, wage and hour standards, and hiring and
employment practices.
While there are no current regulatory matters that we expect to be material to our results of operations, financial
position, or cash flows, there can be no assurances that existing or future environmental laws and other laws,
regulations and standards applicable to our operations or products will not lead to a material adverse impact on our
results of operations, financial position or cash flows.
AVAILABILITY OF INFORMATION FOR STOCKHOLDERS
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and
amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended (Exchange Act), are made available free of charge on our internet website at
www.bakerhughes.com as soon as reasonably practicable after these reports have been electronically filed with, or
furnished to, the SEC. In addition, our Corporate Social Responsibility reports are available on the Company
section of our website at www.bakerhughes.com. Information contained on or connected to our website is not
incorporated by reference into this annual report on Form 10-K and should not be considered part of this annual
report or any other filing we make with the SEC.
We have a Code of Conduct to provide guidance to our directors, officers, and employees on matters of
business conduct and ethics, including compliance standards and procedures. We also require our principal
executive officer, principal financial officer and principal accounting officer to sign a Code of Ethical Conduct
Certification annually.
The Code of Conduct, referred to as Our Way: The Baker Hughes Code of Conduct, and the Code of Ethical
Conduct Certifications are available on the Investor section of our website at www.bakerhughes.com. We will
disclose on a current report on Form 8-K or on our website information about any amendment or waiver of these
codes for our executive officers and directors. Waiver information disclosed on our website will remain on the
website for at least 12 months after the initial disclosure of a waiver. Our Governance Principles and the charters of
our Audit Committee, Compensation Committee, Conflicts Committee and Governance and Corporate
Responsibility Committee of our Board of Directors are also available on the Investor section of our website at
www.bakerhughes.com. In addition, a copy of the Code of Conduct, Code of Ethical Conduct Certifications,
Governance Principles, and the charters of the committees referenced above are available in print at no cost to any
stockholder who requests them.

EXECUTIVE OFFICERS OF BAKER HUGHES COMPANY
The following table shows, as of February 25, 2021, the name of each of our executive officers, together with
his or her age and office presently or previously held. There are no family relationships among our executive
officers.
Name Age Position and Background

Lorenzo Simonelli 47 Chairman, President and Chief Executive Officer
Lorenzo Simonelli has been the Chairman of the Board of Directors of the Company
since October 2017, and a Director, President and Chief Executive Officer of the
Company since July 2017. Prior to joining the Company in July 2017, Mr. Simonelli
was Senior Vice President, GE and President and Chief Executive Officer, GE Oil &
Gas from October 2013 to July 2017. Before joining GE Oil & Gas, he was the
President and Chief Executive Officer of GE Transportation from July 2008 to
October 2013. Mr. Simonelli joined GE in 1994 and held various finance and
leadership roles from 1994 to 2008.
Brian Worrell 51 Chief Financial Officer
Brian Worrell is the Chief Financial Officer of the Company. Prior to joining the
Company in July 2017, he served as Vice President and Chief Financial Officer of
GE Oil & Gas from January 2014 to July 2017. He previously held the position of
Vice President, Financial Planning & Analysis for GE from 2010 to January 2014 and
Vice President Corporate Audit Staff for GE from 2006 to 2010.
Maria Claudia 52 Executive Vice President, Oilfield Services
Borras Maria Claudia Borras is the Executive Vice President, Oilfield Services of the
Company. Prior to joining the Company in July 2017, she served as the Chief
Commercial Officer of GE Oil & Gas from January 2015 to July 2017. Prior to joining
GE Oil & Gas, she held various leadership positions at Baker Hughes Incorporated
including President, Latin America from October 2013 to December 2014, President,
Europe Region from August 2011 to October 2013, Vice President, Global Marketing
from May 2009 to July 2011 and other leadership roles at Baker Hughes
Incorporated from 1994 to April 2009.
Kurt Camilleri 46 Senior Vice President, Controller and Chief Accounting Officer
Kurt Camilleri is the Senior Vice President, Controller and Chief Accounting Officer of
the Company. Prior to joining the Company in July 2017, he served as the Global
Controller for GE Oil & Gas from July 2013 to July 2017. Mr. Camilleri served as the
Global Controller for GE Transportation from January 2013 to June 2013 and the
Controller for Europe and Eastern and African Growth Markets for GE Healthcare
from 2010 to January 2013. He began his career in 1996 with Pricewaterhouse in
London, which subsequently became PricewaterhouseCoopers.
Roderick Christie 58 Executive Vice President, Turbomachinery and Process Solutions

Rod Christie is the Executive Vice President, Turbomachinery & Process Solutions of
the Company. Prior to joining the Company in July 2017, he served as the Chief
Executive Officer of Turbomachinery & Process Solutions at GE Oil & Gas from
January 2016 to July 2017. He served as the Chief Executive Officer of GE Oil &
Gas’ Subsea Systems & Drilling Business from August 2011 to 2016 and held
various other leadership positions within GE between 1999 to 2011.
Michele Fiorentino 53 Executive Vice President, Strategy & Business Development

Michele Fiorentino is the Executive Vice President, Strategy & Business
Development of the Company. Prior to joining the Company, he served as Chief
Investment Officer and Strategy Leader at ADNOC from April 2017 to May 2020.
Prior to that, he held senior corporate strategy, finance, and sales roles at BP from
September 1996 to March 2017.
Regina Jones 50 Chief Legal Officer
Regina Jones is the Chief Legal Officer of the Company. Prior to joining the
Company, she served as Executive Vice President, General Counsel and Corporate
Secretary for Delek U.S. Holdings, Inc and Delek Logistics Partners LP from May
2018 to April 2020. Prior to that, she worked at Schlumberger as General Counsel
for the Land Rigs product line from June 2016 to May 2018 and in various
international legal roles in France, Malaysia and the United States from 2005 to
2018.

Name Age Position and Background
Rami Qasem 53 Executive Vice President, Digital Solutions
Rami Qasem is the Executive Vice President, Digital Solutions of the Company.
Prior to this role, he served as President of the Middle East, North Africa, Turkey and
India (MENATI) region for the Company from July 2017 through January 2019. Prior
to joining the Company, he served as President of the MENATI region for GE Oil &
Gas from 2011 to 2017 and various other leadership roles within GE from 1997 to
2011.
Neil Saunders 51 Executive Vice President, Oilfield Equipment
Neil Saunders is the Executive Vice President, Oilfield Equipment of the Company.
Prior to joining the Company in July 2017, he served as the President and Chief
Executive Officer of the Subsea Systems & Drilling business at GE Oil & Gas from
July 2016 to July 2017 and the Senior Vice President for Subsea Production
Systems from August 2011 to July 2016. He served in various leadership roles
within GE Oil & Gas from 2007 to August 2011.
Uwem Ukpong 49 Executive Vice President, Regions, Alliances & Enterprise Sales
Uwem Ukpong is the Executive Vice President, Regions, Alliances & Enterprise
Sales of the Company. Prior to this role, he served as the Executive Vice President,
Global Operations from January 2018 to April 2020 and Chief Integration Officer of
the Company from July 2017 to January 2018. He served as Vice President, Baker
Hughes Integration for GE Oil & Gas from October 2016 to July 2017 and President
and CEO of the GE Oil & Gas Surface Business from January 2016 to October 2016.
He held various technical and leadership roles at Schlumberger from 1993 to 2015.
ITEM 1A. RISK FACTORS
An investment in our common stock involves various risks. When considering an investment in the Company,
one should carefully consider all of the risk factors described below, as well as other information included and
incorporated by reference in this annual report. There may be additional risks, uncertainties and matters not listed
below, that we are unaware of, or that we currently consider immaterial. Any of these may adversely affect our
business, financial condition, results of operations and cash flows and, thus, the value of an investment in the
Company.
OPERATIONAL RISKS
We operate in a highly competitive environment, which may adversely affect our ability to succeed.
We operate in a highly competitive environment for marketing oilfield products and services and securing
equipment. Our ability to continually provide competitive products and services can impact our ability to defend,
maintain or increase prices for our products and services, maintain market share, and negotiate acceptable contract
terms with our customers. In order to be competitive, we must provide new and differentiating technologies, reliable
products and services that perform as expected and that create value for our customers.
In addition, our investments in new technologies, equipment, and facilities may not provide competitive returns.
Our ability to defend, maintain or increase prices for our products and services is in part dependent on the industry’s
capacity relative to customer demand, and on our ability to differentiate the value delivered by our products and
services from our competitors’ products and services. Managing development of competitive technology and new
product introductions on a forecasted schedule and at a forecasted cost can impact our financial results. If we are
unable to continue to develop and produce competitive technology or deliver it to our clients in a timely and cost-
competitive manner in various markets in which we operate, or if competing technology accelerates the
obsolescence of any of our products or services, any competitive advantage that we may hold, and in turn, our
business, financial condition and results of operations could be materially and adversely affected. We are also
developing artificial intelligence products and services with a third party. There are no assurances that we will be
able to successfully develop an artificial intelligence platform that will effectively address the artificial intelligence
related needs of our customers. In addition, the agreement with the third party is subject to term limitations and
there are no assurances that a future agreement, if any, will have the same terms as the current agreement.

Our business could be adversely affected by the widespread outbreak of a disease or virus. The current
global spread of the COVID-19 virus has and may continue to materially and adversely affect our results of
operations, cash flows, and financial condition for an indeterminate amount of time.
The markets have experienced a decline in oil prices in response to a decline in oil demand due to the
economic impacts of the COVID-19 pandemic. As demand for our products and services declines, the utilization of
our assets and the prices we are able to charge our customers for our products and services could decline. The
continued spread of COVID-19 or a similar pandemic could result in further instability in the markets and decreases
in commodity prices resulting in further adverse impacts on our results of operations, cash flows, and financial
condition.
In addition, the continued spread of the COVID-19 virus, or similar pandemics, and the continuation of the
measures to try to contain the virus or similar viruses, such as travel bans and restrictions, quarantines, shelter in
place orders, and shutdowns, may further impact our workforce and operations, the operations of our customers,
and those of our vendors and suppliers. Also, if a significant number of our employees were to contract the virus or
be quarantined, the Company may not be able to complete key or critical tasks, not limited to, but including key
financial, reporting, and operational controls.
There is considerable uncertainty regarding such measures and potential future measures, which would have a
material adverse effect on our results of operations, cash flows, and financial condition.
Our restructuring activities may not achieve the results we expect, and those activities could increase,
which could materially and adversely affect our results of operations, cash flows, and financial condition.
The restructuring charges we have taken and impairment calculations we have performed are based on current
market conditions, including the trading price of our common shares. There is no assurance that our restructuring
plans will be successful and achieve the expected results. In addition, continued deterioration of market conditions,
whether due to the continued spread of COVID-19 or other events could result in further restructuring costs and
impairments.
Failure to effectively and timely execute our energy transition strategy could have an adverse effect on the
demand for our technologies and services.
Our future success may depend upon our ability to effectively execute on our energy transition strategy. Our
strategy depends on our ability to develop additional technologies and work with our customers and partners to
advance new energy solutions such as carbon capture use and storage, hydrogen energy, geothermal, and other
integrated solutions. If the energy transition landscape changes faster than anticipated or faster than we can
transition or if we fail to execute our energy transition strategy as planned, demand for our technologies and
services could be adversely effected.
The high cost or unavailability of raw materials, equipment, and supplies essential to our business could
adversely affect our ability to execute our operations on a timely basis.
Our manufacturing operations are dependent on having sufficient raw materials, component parts and
manufacturing capacity available to meet our manufacturing plans at a reasonable cost while minimizing
inventories. Our ability to effectively manage our manufacturing operations and meet these goals can have an
impact on our business, including our ability to meet our manufacturing plans and revenue goals, control costs, and
avoid shortages or over-supply of raw materials and component parts.
If we are unable to attract and retain qualified personnel, we may not be able to execute our business
strategy effectively and our operations could be adversely affected.
Our future success depends on our ability to recruit, train, and retain qualified personnel. People are a key
resource to developing, manufacturing, and delivering our products and providing technical services to our
customers around the world. A competent, well-trained, highly skilled, motivated, and diverse workforce has a
positive impact on our ability to attract and retain business. Periods of rapid growth present a challenge to us and
our industry to recruit, train, and retain our employees, while also managing the impact of wage inflation and the
limited available qualified labor in the markets where we operate.

Our business could be impacted by geopolitical and terrorism threats in countries where we or our
customers do business and our business operations may be impacted by civil unrest and/or government
expropriations.
Geopolitical and terrorism risks continue to grow in a number of key countries where we currently or may in the
future do business. Geopolitical and terrorism risks could lead to, among other things, a loss of our investment in
the country, impairment of the safety of our employees, and impairment of our or our customers’ ability to conduct
operations.
In addition to other geopolitical and terrorism risks, civil unrest continues to grow in a number of key countries
where we do business. Our ability to conduct business operations may be impacted by that civil unrest and our
assets in these countries may also be subject to expropriation by governments or other parties involved in civil
unrest.
Control of oil and natural gas reserves by state-owned oil companies may impact the demand for our
services and products and create additional risks in our operations.
Much of the world’s oil and natural gas reserves are controlled by state-owned oil companies. State-owned oil
companies may require their contractors to meet local content requirements or other local standards, such as
conducting our operations through joint ventures with local partners that could be difficult or undesirable for us to
meet. The failure to meet the local content requirements and other local standards may adversely impact our
operations in those countries. In addition, our ability to work with state-owned oil companies is subject to our ability
to negotiate and agree upon acceptable contract terms.
Our operations involve a variety of operating hazards and risks that could cause losses.
The products that we manufacture and the services that we provide are complex, and the failure of our
equipment to operate properly or to meet specifications may greatly increase our customers’ costs. In addition,
many of these products are used in inherently hazardous industries, such as the offshore oilfield business. These
hazards include blowouts, explosions, nuclear-related events, fires, collisions, capsizings, and severe weather
conditions. We may incur substantial liabilities or losses as a result of these hazards. Our insurance and
contractual indemnity protection may not be sufficient or effective to protect us under all circumstances or against all
risks. The occurrence of a significant event, against which we were not fully insured or indemnified or the failure of
a customer to meet its indemnification obligations to us, could materially and adversely affect our results of
operations and financial condition.
Seasonal and weather conditions could adversely affect demand for our services and operations.
Variation from normal weather patterns, such as cooler or warmer summers and winters, can have a significant
impact on demand for our services and operations. Adverse weather conditions, such as hurricanes in the Gulf of
Mexico, may interrupt or curtail our operations, or our customers’ operations, cause supply disruptions and result in
a loss of revenue and damage to our equipment and facilities, which may or may not be insured. For example,
extreme winter conditions in Canada, Russia, or the North Sea may interrupt or curtail our operations, or our
customers’ operations, in those areas and result in a loss of revenue.
CREDIT AND CUSTOMER CONTRACTING RISKS
Providing services on an integrated or turnkey basis could require us to assume additional risks. Some of
our customers require bids in the form of fixed pricing contracts.
We may enter into integrated contracts or turnkey contracts with our customers and we may choose to provide
services outside our core business. Providing services on an integrated or turnkey basis may subject us to
additional risks, such as costs associated with unexpected delays or difficulties in drilling or completion operations
and risks associated with subcontracting arrangements.
Some of our customers require bids for contracts in the form of fixed pricing contracts that may require us to
provide integrated project management services outside our normal discrete business and to act as project

managers, as well as service providers, and may require us to assume additional risks associated with cost over-
runs.
We may not be able to satisfy technical requirements, testing requirements or other specifications required
under our service contracts and equipment purchase agreements.
Our products are used in deepwater and other harsh environments and severe service applications. Our
contracts with customers and customer requests for bids typically set forth detailed specifications or technical
requirements for our products and services, which may also include extensive testing requirements. We anticipate
that such testing requirements will become more common in our contracts. In addition, recent scrutiny of the
offshore drilling industry has resulted in more stringent technical specifications for our products and more
comprehensive testing requirements for our products to ensure compliance with such specifications. We cannot
provide assurance that our products will be able to satisfy the specifications or that we will be able to perform the
full-scale testing necessary to prove that the product specifications are satisfied in future contract bids or under
existing contracts, or that the costs of modifications to our products to satisfy the specifications and testing will not
adversely affect our results of operations.
We sometimes enter into consortium or similar arrangements for certain projects, which could impose
additional costs and obligations on us.
We sometimes enter into consortium 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 us.
These factors could result in unanticipated costs to complete the project, liquidated damages or contract disputes.
Our contracts may be terminated early in certain circumstances.
Our contracts with clients generally may be terminated by the client for convenience, default, or extended force
majeure (which could include inability to perform due to COVID-19). Termination for convenience will typically
require the payment of an early termination fee by the client, but the early termination fee may not fully compensate
us for the loss of the contract. Termination by the client for default or extended force majeure due to events outside
of our control generally will not require the client to pay an early termination fee.
Our financial position, results of operations, or cash flows could be materially adversely affected if our clients
terminate some of our contracts and we are unable to secure new contracts on a timely basis and on substantially
similar terms, if payments due under our contracts are suspended for an extended period of time, or if a number of
our contracts are renegotiated. Our Remaining Performance Obligation is comprised of unfilled customer orders for
products and product services (expected life of contract sales for product services). The actual amount and timing
of revenues earned may be substantially different than the reported RPO. The total dollar amount of the Company’s
RPO as of December 31, 2020 was $23.4 billion.
The credit risks of having a concentrated customer base in the energy industry could result in losses.
Having a concentration of customers in the energy industry may impact our overall exposure to credit risk as our
customers may be similarly affected by prolonged changes in economic and industry conditions. Some of our
customers may experience extreme financial distress as a result of falling commodity prices and may be forced to
seek protection under applicable bankruptcy laws, which may affect our ability to recover any amounts due from
such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and
may in the future be negatively and significantly affected by a drop in oil prices, which could affect our ability to
collect from our customers in these countries, particularly national oil companies. Laws in some jurisdictions in
which we will operate could make collection difficult or time consuming. We will perform ongoing credit evaluations
of our customers and do not expect to require collateral in support of our trade receivables. While we maintain
reserves for potential credit losses, we cannot assure such reserves will be sufficient to meet write-offs of
uncollectible receivables or that our losses from such receivables will be consistent with our expectations.

Additionally, in the event of a bankruptcy of any of our customers, we may be treated as an unsecured creditor and
may collect substantially less, or none, of the amounts owed to us by such customer.
Our customers’ activity levels and spending for our products and services and ability to pay amounts owed
us could be impacted by the reduction of their cash flow and the ability of our customers to access equity
or credit markets.
Our customers’ access to capital is dependent on their ability to access the funds necessary to develop
economically attractive projects based upon their expectations of future energy prices, required investments and
resulting returns. Limited access to external sources of funding has caused and may continue to cause customers
to reduce their capital spending plans to levels supported by internally generated cash flow. In addition, a reduction
of cash flow resulting from declines in commodity prices, a reduction in borrowing bases under reserve-based credit
facilities or the lack of available debt or equity financing may impact the ability of our customers to pay amounts
owed to us and could cause us to increase our reserve for credit losses.
LEGAL AND REGULATORY RISKS
Compliance with and changes in laws could be costly and could affect operating results. In addition,
government disruptions could negatively impact our ability to conduct our business.
We have operations in the United States (U.S.) and in more than 120 countries that can be impacted by
expected and unexpected changes in the legal and business environments in which we operate. In particular, the
shipment of goods, services and technology across international borders subjects us to extensive trade laws and
regulations. Our import activities are governed by the unique customs laws and regulations in each of the countries
where we operate. Pursuant to their laws and regulations, governments may impose economic sanctions against
certain countries, persons and entities that may restrict or prohibit transactions involving such countries, persons
and entities, which may limit or prevent our conduct of business in certain jurisdictions.
Compliance-related issues could limit our ability to do business in certain countries and impact our earnings or
result in investigations leading to fines, penalties or other remedial measures. Changes that could impact the legal
environment include new legislation, new regulations, new policies, investigations, and legal proceedings and new
interpretations of existing legal rules and regulations, in particular, changes in export control laws or exchange
control laws, additional restrictions on doing business in countries subject to sanctions, and changes in laws in
countries where we operate. In addition, changes and uncertainty in the political environments in which our
businesses operate can have a material effect on the laws, rules, and regulations that affect our operations.
Government disruptions may also delay or halt the granting and renewal of permits, licenses and other items
required by us and our customers to conduct our business. The continued success of our global business and
operations depends, in part, on our ability to continue to anticipate and effectively manage these and other political,
legal and regulatory risks.
Our failure to comply with the Foreign Corrupt Practices Act (FCPA) and other similar laws could have a
negative impact on our ongoing operations.
Our ability to comply with the FCPA, the U.K. Bribery Act, and various other anti-bribery and anti-corruption laws
depends on the success of our ongoing compliance program, including our ability to successfully manage our
agents, distributors and other business partners, and supervise, train, and retain competent employees. We could
be subject to sanctions and civil and criminal prosecution, as well as fines and penalties, in the event of a finding of
a violation of any of these laws by us or any of our employees.
Anti-money laundering and anti-terrorism financing laws could have adverse consequences for us.
We maintain an enterprise-wide program designed to enable us to comply with all applicable anti-money
laundering and anti-terrorism financing laws and regulations, including the Bank Secrecy Act and the Patriot Act.
This program includes policies, procedures, processes, and other internal controls designed to identify, monitor,
manage, and mitigate the risk of money laundering or terrorist financing posed by our products, services,
customers, and geographic locale. These controls establish procedures and processes to detect and report
suspicious transactions, perform customer due diligence, respond to requests from law enforcement, and meet all
recordkeeping and reporting requirements related to particular transactions involving currency or monetary

instruments. We cannot be sure our programs and controls are or will remain effective to ensure our compliance
with all applicable anti-money laundering and anti-terrorism financing laws and regulations, and our failure to comply
could subject us to significant sanctions, fines, penalties and reputational harm, all of which could have a material
adverse effect on our business, results of operations and financial condition.
Changes in tax laws, tax rates, tariffs, adverse positions taken by taxing authorities, and tax audits could
impact operating results.
Changes in tax laws, tax rates, tariffs, changes in interpretation of tax laws, the resolution of tax assessments or
audits by various tax authorities, and the ability to fully utilize tax loss carryforwards and tax credits could impact our
operating results, including additional valuation allowances for deferred tax assets.
Uninsured claims and litigation against us could adversely impact our operating results.
We could be impacted by the outcome of pending litigation, as well as unexpected litigation or proceedings.
While we have insurance coverage against operating hazards, including product liability claims and personal injury
claims related to our products, to the extent deemed prudent by our management and to the extent insurance is
available; no assurance can be given that the nature and amount of that insurance will be sufficient to fully
indemnify us against liabilities arising out of pending and future claims and litigation.
We may be subject to litigation if another party claims that we have infringed upon, misappropriated or
otherwise violated its intellectual property rights.
The tools, techniques, methodologies, programs and components we use to provide our products and services
may infringe upon, misappropriate or otherwise violate the intellectual property rights of others or be challenged on
that basis. Regardless of the merits, any such claims may result in significant legal and other costs and may
distract management from running our core business. Resolving such claims could increase our costs, including
through royalty payments to acquire licenses, if available, from third parties and through the development of
replacement technologies. If a license to resolve a claim were not available, we might not be able to continue
providing a particular service or product, which could adversely affect our financial condition, results of operations
and cash flows.
Compliance with, and rulings and litigation in connection with, environmental regulations and the
environmental impacts of our or our customers’ operations may adversely affect our business and
operating results.
We and our business are impacted by material changes in environmental laws, regulations, rulings and
litigation. Our expectations regarding our compliance with environmental laws and regulations and our expenditures
to comply with environmental laws and regulations, including (without limitation) our capital expenditures for
environmental control equipment, are only our forecasts regarding these matters. These forecasts may be
substantially different from actual results, which may be affected by factors such as: changes in law that impose
restrictions on air or other emissions, wastewater management, waste disposal, hydraulic fracturing, or wetland and
land use practices; more stringent enforcement of existing environmental laws and regulations; a change in our
share of any remediation costs or other unexpected, adverse outcomes with respect to sites where we have been
named as a potentially responsible party, including (without limitation) Superfund sites; the discovery of other sites,
or discovery of additional issues at existing sites, where additional expenditures may be required to comply with
environmental legal obligations; and the accidental discharge of hazardous materials.
Investor and public perception related to the company’s environment, social, and governance (ESG)
performance as well as current and future ESG reporting requirements may affect our business and our
operating results.
Increasing focus on ESG factors has led to enhanced interest in, and review of performance results by investors
and other stakeholders, and the potential for reputational risk. Regulatory requirements related to ESG or
sustainability reporting have been issued in the European Union that apply to financial market participants, with
implementation and enforcement starting in 2021. In the U.S., such regulations have been issued related to
pension investments in California, and for the responsible investment of public funds in Illinois. Additional regulation
is pending in other states. We expect regulatory requirements related to ESG matters to continue to expand

globally. The Company is committed to transparent and comprehensive reporting of our sustainability performance,
and considers existing standards such as the Global Reporting Initiative’s G4 guidelines, the Sustainability
Accounting Standards Board’s documentation, International Petroleum Industry Environmental Conservation
Association's (IPIECA) Sustainability Reporting Guidance and recommendations issued by the Financial Stability
Board's Task Force for Climate-related Financial Disclosures and Science Basted Target Initiative. If we are not
able to meet future sustainability reporting requirements of regulators or current and future expectations of
investors, customers or other stakeholders, our business and ability to raise capital may be adversely affected.
International, national, and state governments and agencies continue to evaluate and promulgate
legislation and regulations that are focused on restricting greenhouse gas (GHG) emissions. Compliance
with climate action regulations applicable to our or our customers' operations may have significant
implications that could adversely affect our business and operating results in the fossil-fuel sectors, and
boosting demand for technologies contributing to the climate action agenda.
In the United States, the U.S. Environmental Protection Agency (EPA) has taken steps to regulate GHG
emissions as air pollutants under the U.S. Clean Air Act of 1970, as amended. The EPA’s Greenhouse Gas
Reporting Rule requires monitoring and reporting of GHG emissions from, among others, certain mobile and
stationary GHG emission sources in the oil and natural gas industry, which in turn may include data from certain of
our wellsite equipment and operations. In addition, the U.S. government has proposed rules in the past setting
GHG emission standards for, or otherwise aimed at reducing GHG emissions from, the oil and natural gas industry.
Caps or fees on carbon emissions, including in the U.S., have been and may continue to be established and the
cost of such caps or fees could disproportionately affect the fossil-fuel sectors. We are unable to predict whether
and when the proposed changes in laws or regulations ultimately will occur or what they ultimately will require, and
accordingly, we are unable to assess the potential financial or operational impact they may have on our business.
Other developments focused on restricting GHG emissions include the United Nations Framework Convention
on Climate Change, which includes implementation of the Paris Agreement and the Kyoto Protocol by the
signatories; the European Union Emission Trading System; Article 8 of the European Union Energy Efficiency
Directive and the United Kingdom’s Streamlined Energy and Carbon Reporting (SECR); the European
Commission’s proposed carbon border adjustment mechanism (CBAM); and, in the U.S., the Regional Greenhouse
Gas Initiative, the Western Climate Action Initiative, and various state programs implementing the California Global
Warming Solutions Act of 2006 (known as Assembly Bill 32).
Requirements and voluntary initiatives to reduce greenhouse gas emissions, as well as increased climate
change awareness, may result in increased costs for the oil and gas industry to curb greenhouse gas
emissions and could have an adverse impact on demand for oil and natural gas.
International, national, and state governments, agencies and bodies continue to evaluate and promulgate
regulations and voluntary initiatives that are focused on restricting GHG emissions. These requirements and
initiatives are likely to become more stringent over time and to result in increased costs for the oil and gas industry
to curb GHG emissions. In addition, these developments, and public perception relating to climate change, may
curtail production and demand for hydrocarbons such as oil and natural gas by shifting demand towards and
investment in relatively lower carbon energy sources such as wind, solar and alternative energy solutions. If
renewable energy becomes more competitive than fossil-fuel energy globally, it could have a material effect on our
results of operations.
The potential for climate related changes may pose future risks to our operations and those of our
customers.
These changes can include extreme variability in weather patterns such as increased frequency and severity of
significant weather events (e.g. flooding, hurricanes and tropical storms), natural hazards (e.g., increased wildfire
risk), rising mean temperature and sea levels, and long-term changes in precipitation patterns (e.g. drought,
desertification, or poor water quality). Such changes have the potential to affect business continuity and operating
results, particularly at facilities in coastal areas or areas prone to chronic water scarcity.

Changes in laws or regulations relating to data privacy and security, or any actual or perceived failure by us
to comply with such laws or regulations, or contractual or other obligations relating to data privacy or
security, may adversely affect our business and operating results.
We may have access to sensitive, confidential, proprietary or personal data or information in certain of our
businesses that is or may become subject to various data privacy and security laws, regulations, standards,
contractual obligations or customer-imposed controls in the jurisdictions in which we operate. The legal and
regulatory environment related to data privacy and security is increasingly rigorous, with new and constantly
changing requirements applicable to our business, and enforcement practices are likely to remain uncertain for the
foreseeable future. These laws and regulations may be interpreted and applied differently over time and from
jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may adversely
affect our business and operating results.
In the U.S., various federal and state regulators, including governmental agencies like the Federal Trade
Commission, have adopted, or are considering adopting, laws, regulations and standards concerning personal
information and data security. Internationally, laws, regulations and standards in many jurisdictions apply broadly to
the collection, use, retention, security, disclosure, transfer and other processing of personal information or other
data. These various and evolving federal, state and international laws, regulations and standards can differ
significantly from one another and, given our global footprint, this may significantly complicate our compliance
efforts and impose considerable costs, such as costs related to organizational changes and implementing additional
protection technologies, which are likely to increase over time. In addition, compliance with applicable requirements
may require us to modify our data processing practices and policies, distract management or divert resources from
other initiatives and projects, all of which could adversely affect our business and operating results. Any failure or
perceived failure by us to comply with any applicable federal, state or international laws, regulations, standards, or
contractual or other obligations, relating to data privacy and security could result in damage to our reputation and
our relationship with our customers, as well as proceedings or litigation by governmental agencies, customers or
individuals, which could subject us to significant fines, sanctions, awards, penalties or judgments, all of which could
adversely affect our business and operating results.
The effects of Brexit may have a negative impact on our financial results and operations of the business.
The United Kingdom (UK) exited (Brexit) the European Union (EU) on January 31, 2020. As per the terms of
the exit the UK has ceased to be an EU member but continued to follow its rules and contribute to its budget for an
11 month transition period ending December 31, 2020. The purpose of the transition period was to give time for the
UK and EU to negotiate their future relationship, including a trade deal. On December 24, 2020, the UK and the EU
reached an agreement on the terms of their future cooperation. A trade deal was agreed upon and implemented as
of December 31, 2020. While there remains some uncertainty as to aspects of the relationship not covered by the
agreement, the major risk of a break in trade between the UK and the EU has now been removed. The remaining
uncertainty could harm our business and financial results due to fluctuations in the value of the British pound versus
the U.S. dollar, euro, and other currencies and could result in delayed deliveries, which may impact our internal
supply chain and our customer projects.
TECHNOLOGY RISKS
An inability to obtain, maintain, protect or enforce our intellectual property rights could adversely affect our
business.
There can be no assurance that the steps we take to obtain, maintain, protect and enforce our intellectual
property rights will be completely adequate. Our intellectual property rights may fail to provide us with significant
competitive advantages, particularly in foreign jurisdictions where we have not invested in an intellectual property
portfolio or that do not have, or do not enforce, strong intellectual property rights. The weakening of protection of
our trademarks, patents and other intellectual property rights could also adversely affect our business.
We are a party to a number of licenses that give us rights to intellectual property that is necessary or useful to
our business. Our success depends in part on the ability of our licensors to obtain, maintain, protect and sufficiently
enforce the licensed intellectual property rights we have commercialized. Without protection for the intellectual
property rights we license, other companies might be able to offer substantially identical products for sale, which
could adversely affect our competitive business position and harm our business products. Also, there can be no

assurances that we will be able to obtain or renew from third parties the licenses to use intellectual property rights
we need in the future, and there is no assurance that such licenses can be obtained on reasonable terms. We
would be adversely affected in the event that any such license agreement was terminated without the right for us to
continue using the licensed intellectual property.
Increased cybersecurity vulnerabilities and threats, and more sophisticated and targeted cyber attacks and
other security incidents, pose risks to our systems, data and business, and our relationships with
customers and other third parties.
In the course of conducting our business, we may hold or have access to sensitive, confidential, proprietary or
personal data or information belonging to us, our employees or third parties, including customers, partners or
suppliers. Increased cybersecurity vulnerabilities and threats, and more sophisticated and targeted cyber attacks
and other security incidents, pose risks to our and our customers’, partners’, suppliers’ and third-party service
providers’ systems, data, and business, and the confidentiality, availability and integrity of our and our employees’
and customers’ data. While we attempt to mitigate these risks, we remain vulnerable to cyber attacks and other
security incidents. Given our global footprint, the large number of customers, partners, suppliers and service
providers with which we do business, and the increasing sophistication and complexity of cyber attacks, a cyber
attack could occur and persist for an extended period without detection. Any investigation of a cyber attack or other
security incident would be inherently unpredictable and it would take time before the completion of any investigation
and before there is availability of full and reliable information. During such time we would not necessarily know the
extent of the harm or how best to remediate it, and certain errors or actions could be repeated or compounded
before they are discovered and remediated, all or any of which would further increase the costs and consequences
of a cyber attack or other security incident. We may be required to expend significant resources to protect against,
respond to, and recover from any cyber attacks and other security incidents. As cyber attacks continue to evolve,
we may be required to expend significant additional resources to continue to modify or enhance our protective
measures or to investigate and remediate any information security vulnerabilities. In addition, our remediation
efforts may not be successful. The inability to implement, maintain and upgrade adequate safeguards could
materially and adversely affect our results of operations, cash flows, and financial condition.
In addition to our own systems, we use third-party service providers to process certain data or information on
our behalf. Due to applicable laws and regulations or contractual obligations, we may be held responsible for
cybersecurity incidents attributed to our service providers to the extent affecting information we share with them.
Although we contractually require these service providers to implement and maintain reasonable security measures,
we cannot control third parties and cannot guarantee that a security breach will not occur in their systems.
Despite our and our service providers’ efforts to protect our data and information, we and our service providers
have been and may in the future be vulnerable to security breaches, theft, misplaced or lost data, programming
errors, phishing attacks, denial of service attacks, acts of vandalism, computer viruses, malware, ransomware,
employee errors and/or malfeasance or similar events, including those perpetrated by criminals or nation-state
actors, that could potentially lead to the compromise, unauthorized access, use, disclosure, modification or
destruction of data or information, improper use of our systems, defective products, production downtimes and
operational disruptions. In addition, a cyber attack or any other significant compromise or breach of our data
security, media reports about such an incident, whether accurate or not, or, under certain circumstances, our failure
to make adequate or timely disclosures to the public, law enforcement agencies or affected individuals following any
such event, whether due to delayed discovery or a failure to follow existing protocols, could adversely impact our
operating results and result in other negative consequences, including damage to our reputation or competitiveness,
harm to our relationships with customers, partners, suppliers and other third parties, distraction to our management,
remediation or increased protection costs, significant litigation or regulatory action, fines and penalties. Given the
increased prevalence of customer-imposed cybersecurity controls and other related contractual obligations towards
customers or other third parties, a cyber attack or other security incident also could result in breach of contract or
indemnity claims against us by customers or other counterparties.
While we currently maintain cybersecurity insurance, such insurance may not be sufficient in type or amount to
cover us against claims related to cybersecurity breaches or attacks, failures or other data security-related
incidents, and we cannot be certain that cyber insurance will continue to be available to us on economically
reasonable terms, or at all, or that an insurer will not deny coverage as to any future claim. The successful
assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of

changes in our insurance policies, including premium increases or the imposition of large deductible or co-insurance
requirements, could materially and adversely affect our results of operations, cash flows, and financial condition.
INDUSTRY AND MARKET RISKS
Volatility of oil and natural gas prices can adversely affect demand for our products and services.
Prices of oil and gas products are set on a commodity basis. As a result, the volatility in oil and natural gas
prices can impact our customers’ activity levels and spending for our products and services. Current energy prices
are important contributors to cash flow for our customers and their ability to fund exploration and development
activities. Expectations about future prices and price volatility are important for determining future spending levels.
Demand for oil and natural gas is subject to factors beyond our control, which may adversely affect our
operating results. Changes in the global economy could impact our customers’ spending levels and our
revenue and operating results.
Demand for oil and natural gas, as well as the demand for our services and products, is highly correlated with
global economic growth. A prolonged reduction in oil and natural gas prices may require us to record additional
asset impairments. Such a potential impairment charge could have a material adverse impact on our operating
results.
Supply of oil and natural gas is subject to factors beyond our control, which may adversely affect our
operating results.
Productive capacity for oil and natural gas is dependent on our customers’ decisions to develop and produce oil
and natural gas reserves and on the regulatory environment in which our customers and we operate. The ability to
produce oil and natural gas can be affected by the number and productivity of new wells drilled and completed, as
well as the rate of production and resulting depletion of existing wells.
Currency fluctuations or devaluations may impact our operating results.
Fluctuations or devaluations in foreign currencies relative to the U.S. dollar can impact our revenue and our
costs of doing business, as well as the costs of doing business of our customers.
Changes in economic and/or market conditions may impact our ability to borrow and/or cost of borrowing.
The condition of the capital markets and equity markets in general can affect the price of our common stock and
our ability to obtain financing, if necessary. If our credit rating is downgraded, it could increase borrowing costs
under credit facilities and commercial paper programs, as well as increase the cost of renewing or obtaining, or
make it more difficult to renew, obtain, or issue new debt financing.
RISKS RELATED TO THE SEPARATION FROM GE
We may experience challenges relating to the separation from GE and the anticipated benefits from the
Master Agreement Framework and the Omnibus Agreement.
If we experience difficulties with the separation from GE, the anticipated benefits of the Master Agreement
Framework and the Omnibus Agreement, may not be realized fully or at all, may take longer to realize than
expected, or may be offset by the decrease in business from certain customers or other negative impacts. The
impact of the separation from GE could have an adverse effect on our business, results of operations, financial
condition or other prospects on an ongoing basis.
We have incurred and expect to continue to incur additional costs in connection with the separation from
GE, the Master Agreement Framework and the Omnibus Agreement.
Actual costs related to the separation and the implementation of the changes contemplated by the Master
Agreement Framework and the Omnibus Agreement may be higher than anticipated, and we may experience
additional difficulties in effecting such changes.

We are also a party to a number of licenses with GE that give us rights to intellectual property that is necessary
or useful to our business. We would be adversely affected in the event these agreements were terminated without
the right for us to continue accessing and using such licensed intellectual property as we might continue to improve
current products and services or develop new ones.
Although we are no longer a “controlled company,” the interests of GE may differ from the interests of
other stockholders of the Company.
GE and its affiliates are no longer a majority stockholder after the completion of a secondary offering in
September 2019. GE may still exercise significant influence over matters submitted to our stockholders for approval
through their ownership of our common stock. GE may also have influence over matters that do not require
stockholder approval. GE may have different interests than other holders of our common stock on these and other
matters. Among other things, GE’s influence could delay, defer, or prevent a sale of the Company that other
stockholders support, or, conversely, this influence could result in the consummation of such a transaction that other
stockholders do not support. This concentrated influence could discourage a potential investor from seeking to
acquire Class A common stock and, as a result, might harm the market price of that Class A common stock. In
addition, pursuant to the provisions set forth in our charter, our bylaws and the Amended and Restated Stockholders
Agreement, dated as of November 13, 2018, by and between us and GE, as amended from time to time, GE is
entitled to designate one person for nomination to our board of directors until such time as GE and its affiliates own
less than 20% of the voting power of all classes of our outstanding voting stock. Although we are no longer
controlled by GE, our success will remain partially dependent on GE through, among other things, our reliance on
the long-term agreements and transition services agreements between the Company and GE and the public
perception of our affiliation with GE. Failure of GE to comply with these agreements could have an adverse impact
on our business operations.
The market price of our Class A common stock could be materially impacted due to the substantial number
of shares of our capital stock eligible for sale in any future offerings by GE.
GE and its affiliates beneficially owned (assuming full exchange of its shares of Class B common stock pursuant
to the Exchange Agreement) as of December 31, 2020, approximately 30% of our outstanding Class A common
stock. Pursuant to the Amended and Restated Registration Rights Agreement, dated July 31, 2019, as further
amended from time to time, GE has the right to cause us, in certain instances, at our expense, to register resales of
our Class A common stock held by GE under the Securities Act. These shares also may be sold pursuant to Rule
144 under the Securities Act, subject to restrictions while GE is deemed to be our affiliate. Future sales of a
substantial number of shares of our Class A common stock in the public market, or the perception that these sales
could occur, could substantially decrease the market price of our Class A common stock. We cannot assure you if
or when any future offerings or resales of these shares may occur.
RISKS RELATED TO OUR STOCK
The market price and trading volume of our Class A common stock may be volatile, which could result in
rapid and substantial losses for our stockholders.
The market price of our Class A common stock may be highly volatile and could be subject to wide fluctuations.
In addition, the trading volume in our Class A common stock may fluctuate and cause significant price variations to
occur. If the market price of our Class A common stock declines significantly, our stockholders may be unable to
sell their shares of our Class A common stock at or above their purchase price, if at all. We cannot assure our
stockholders that the market price of our Class A common stock will not fluctuate or decline significantly in the
future. Some of the factors that could negatively affect the price of our Class A common stock or result in
fluctuations in the price or trading volume of our Class A common stock include: variations in our quarterly operating
results; failure to meet our earnings estimates; publication of research reports about us or our industry or the failure
of securities analysts to cover our Class A common stock after the offering; additions or departures of our executive
officers and other key management personnel; adverse market reaction to any indebtedness we may incur or
securities we may issue in the future; actions by stockholders; offerings of our Class A common stock by GE or its
affiliates or the perceived possibility of such offerings; changes in market valuations of similar companies;
speculation in the press or investment community; changes or proposed changes in laws or regulations or differing
interpretations thereof affecting our business or enforcement of these laws and regulations, or announcements

relating to these matters; adverse publicity about our industry generally or individual scandals, specifically; and
general market and economic conditions.
Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay
acquisition attempts for us that might be considered favorable.
Our amended and restated certificate of incorporation and amended and restated bylaws may delay or prevent
a merger or acquisition that a stockholder may consider favorable by permitting our board of directors to issue one
or more series of preferred stock, requiring advance notice for stockholder proposals and nominations, and placing
limitations on convening stockholder meetings. These provisions may also discourage acquisition proposals, delay,
or prevent a change in control, which could harm our stock price.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 2. PROPERTIES
We own or lease numerous properties throughout the world. We consider our manufacturing plants, equipment
assembly, maintenance and overhaul facilities, grinding plants, drilling fluids and chemical processing centers, and
primary research and technology centers to be our principal properties. The following sets forth the location of our
principal owned or leased facilities for our business segments as of December 31, 2020:
Oilfield Services: Houston, Pasadena, and The Woodlands, Texas; Broken Arrow and Claremore,
Oklahoma - all located in the United States; Leduc, Canada; Celle, Germany;
Tananger, Norway; Aberdeen, Scotland; Liverpool, England; Macae, Brazil;
Singapore, Singapore; Kakinada, India; Abu Dhabi and Dubai, United Arab
Emirates; Dhahran, Saudi Arabia; Luanda, Angola; Port Harcourt, Nigeria
Oilfield Equipment: Houston and Humble, Texas - located in the United States; Montrose, Scotland;
Nailsea, England; Niteroi, Brazil; Suzhou, China; Dammam, Saudi Arabia
Turbomachinery & Process Deer Park, Texas and Jacksonville, Florida - located in the United States;
Solutions: Florence and Massa, Italy; Le Creusot, France; Coimbatore, India
Digital Solutions: Billerica, Massachusetts and Minden, Nevada - located in the United States;
Groby, England; Shannon, Ireland; Hurth, Germany
We own or lease numerous other facilities such as service centers, blend plants, workshops and sales and
administrative offices throughout the geographic regions in which we operate. We also have a significant
investment in service vehicles, tools and manufacturing and other equipment. All of our owned properties are
unencumbered. We believe that our facilities are well maintained and suitable for their intended purposes.
ITEM 3. LEGAL PROCEEDINGS
The information with respect to Item 3. Legal Proceedings is contained in "Note 19. Commitments and
Contingencies" of the Notes to Consolidated Financial Statements in Item 8 herein.
ITEM 4. MINE SAFETY DISCLOSURES
Our barite mining operations, in support of our drilling fluids products and services business, are subject to
regulation by the federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of
1977. We have no mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K to report for the fiscal year ended
December 31, 2020.

PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Our Class A common stock, $0.0001 par value per share, is traded on the New York Stock Exchange under the
ticker symbol 'BKR'. As of February 19, 2021, there were approximately 6,506 stockholders of record. All of our
issued and outstanding Class B common stock, $0.0001 par value per share, is owned by GE and its affiliate.
The following table contains information about our purchases of Class A common stock equity securities during
the fourth quarter of 2020.
Issuer Purchases of Equity Securities
Total Number of
Shares Purchased as Maximum Dollar Value
Total Number Average Part of a Publicly of Shares that May Yet Be
of Shares Price Paid Announced Plan or Purchased Under the Plan
Period Purchased (1) Per Share (2) Programs (3) or Programs (3)
October 1-31, 2020 3,238 $ 15.13 — $ 18,690,655
November 1-30, 2020 14,490 20.01 — $ 18,690,655
December 1-31, 2020 9,893 20.51 — $ 18,690,655
Total 27,621 $ 19.62 —
(1)
Represents Class A common stock purchased from employees to satisfy the tax withholding obligations in connection
with the vesting of restricted stock units and from the automatic exercise of certain stock options at their expiration.
(2)
Average price paid for Class A common stock purchased from employees to satisfy the tax withholding obligations in
connection with the vesting of restricted stock units.
(3)
We did not repurchase any shares of Class A common stock in the fourth quarter of 2020. As of December 31, 2020,
the stock repurchase program has been substantially completed.

Corporate Performance Graph
The following graphs compare the change in our cumulative total stockholder return on our common stock
(assuming reinvestment of dividends into common stock at the date of payment) with the cumulative total return on
the published Standard & Poor's (S&P) 500 Stock Index and the cumulative total return on the S&P 500 Oil and Gas
Equipment and Services Index over the preceding five-year period. The first graph below reflects total shareholder
returns for Baker Hughes Incorporated (our predecessor issuer pursuant to Rule 12g-3(a) under the Securities
Exchange Act) from December 31, 2015 to July 3, 2017, the date of consummation of the Transactions. The
second graph below reflects the total shareholder returns for our common stock from July 5, 2017, the first business
day following consummation of the Transactions, to December 31, 2020.
Comparison of One Year and Six Months Cumulative Total Return

BHI; S&P 500 Index and S&P 500 Oil and Gas Equipment and Services Index
July 3,
2015 2016 2017
Baker Hughes Incorporated (BHI) $ 100.00 $ 142.81 $ 127.51
S&P 500 Stock Index 100.00 111.96 122.71
S&P 500 Oil and Gas Equipment and Services Index 100.00 131.93 154.89

The following graph compares the change in cumulative total stockholder return on our common stock
(assuming reinvestment of dividends into common stock at the date of payment) with the cumulative total return on
the published S&P 500 Stock Index and the cumulative total return on the S&P 500 Oil and Gas Equipment and
Services Index over the preceding three year and six month period. The graph reflects total shareholder returns for
our common stock from July 5, 2017, the first business day following consummation of the Transactions, to
December 31, 2020.
Comparison of Three Years and Six Months Cumulative Total Return

BKR; S&P 500 Index and S&P 500 Oil and Gas Equipment and Services Index
July 5, December 31,

2017 2017 2018 2019 2020
Baker Hughes Company (BKR) $ 100.00 $ 85.84 $ 59.73 $ 73.44 $ 62.33
S&P 500 Stock Index 100.00 110.97 106.11 139.52 165.19
S&P 500 Oil and Gas Equipment and
Services Index 100.00 106.02 62.06 68.59 43.75
The comparison of total return on investment (change in year-end stock price plus reinvested dividends)
assumes that $100 was invested on December 31, 2015 and July 5, 2017, respectively, in BHI and Baker Hughes
common stock, the S&P 500 Index and the S&P 500 Oil and Gas Equipment and Services Index.
The corporate performance graph and related information shall not be deemed "soliciting material" or to be
"filed" with the SEC, nor shall such information be incorporated by reference into any future filing under the
Securities Act or the Exchange Act, except to the extent that Baker Hughes specifically incorporates it by reference
into such filing.
ITEM 6. (REMOVED AND RESERVED)

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 (MD&A) should be
read in conjunction with the consolidated financial statements included in Item 8. Financial Statements and
Supplementary Data contained herein.
For management's discussion and analysis of our financial condition and results of operations for fiscal year
2019 as compared to fiscal year 2018 please refer to Part II, Item 7 "Management's discussion and analysis of
financial condition and results of operations" on Form 10-K for our fiscal year ended December 31, 2019, filed with
the SEC on February 13, 2020.
EXECUTIVE SUMMARY
We are an energy technology company with a broad and diversified portfolio of technologies and services that
span the energy and industrial value chain. We operate through our four business segments: Oilfield Services
(OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS).
We sell products and services primarily in the global oil and gas markets, within the upstream, midstream and
downstream segments. Throughout 2020, the industry experienced multiple factors which drove expectations for
global oil and gas related spending to be lower than 2019. First, the COVID-19 pandemic lowered global demand
for hydrocarbons, as social distancing and travel restrictions were implemented across the world. Second, the lifting
of Organization of the Petroleum Exporting Countries (OPEC+) supply curtailments in the first quarter of 2020, and
the associated increase in production, drove the global excess supply of hydrocarbons higher. In the second
quarter of 2020, OPEC+ reached a supply curtailment agreement of up to 10 million barrels per day, which drove
expectations for future hydrocarbon supply lower. After significant turmoil during the first half of the year from the
industry downturn, oil markets stabilized and demand for oil improved in the second half of the year. Lastly, global
gross domestic product (GDP) declined in 2020, as a result of the impact from the COVID-19 pandemic.
Since the COVID-19 pandemic began, the health and safety of our employees has continued to be a top priority.
We have taken critical steps as a company to reduce the risk of exposure, as well as mitigate the impacts of this
pandemic to our employees, contractors and partners. We have adopted remote working where possible. Where
on-site operations are required, masks are mandatory and our employees have adopted social distancing. We have
worked with our employees to implement other site-specific precautionary measures to reduce the risk of exposure.
We are collaborating closely with our customers, suppliers, and vendors to minimize operational disruption. In
addition, we have restricted non-essential business travel and have encouraged our employees, customers and
partners to collaborate virtually.
Our goal throughout the downturn in 2020 was to remain disciplined in allocating capital, focus on liquidity and
cash preservation, and to preserve our investment grade rating while also maintaining our current dividend payout.
During the year, we took necessary actions to right-size the business for expected activity levels. In the first
quarter of 2020, we approved a plan for restructuring and other actions totaling $1.8 billion, which was increased by
$0.3 billion as we took further actions during the year to address the continuing industry challenges. Total
restructuring and other costs were $2.1 billion in 2020. These charges are primarily related to the costs for
reductions in work force, product line exits in certain geographies, and the write down of inventory and intangible
assets. These actions took place across the business and our corporate functions. We expect the cash payback of
these actions to be less than one year.
In addition, during the first quarter of 2020, our market capitalization declined significantly driven by the
macroeconomic and geopolitical conditions caused by the COVID-19 pandemic and collapse of oil prices. Based
on these events, we concluded that a triggering event occurred, and we performed an interim quantitative
impairment test as of March 31, 2020. Based upon the results of the impairment test, we recognized a goodwill
impairment charge of $14.8 billion during the first quarter of 2020. There were no other goodwill impairments in
2020.

In 2020, we generated revenue of $20.7 billion, compared to $23.8 billion in 2019. The decrease in revenue
was driven by declines in all four of our segments primarily due to the industry downturn. Loss before income taxes
was $15.2 billion in 2020, and included goodwill impairment charges of $14.8 billion, restructuring and impairment
charges of $1.9 billion, inventory impairment charges of $246 million, separation and merger related costs of $134
million, and a gain of $1.4 billion related to our investment in C3.ai recorded in other non-operating income. In
2019, income before income taxes was $0.8 billion, which also included restructuring and impairment charges of
$342 million, and separation and merger related costs of $184 million.
The gain of $1.4 billion related to our C3.ai investment was recorded in the fourth quarter of 2020. We invested
in C3.ai when we formed our partnership in June 2019. In December 2020, C3.ai completed its initial public
offering, which requires us to mark our investment to fair value. Both our investment and strong partnership with
C3.ai demonstrate our commitment for growth in high potential segments as we develop and market new AI
solutions for the oil and gas industry.
OUTLOOK
Our business is exposed to a number of macro factors, which influence our outlook and expectations given the
current volatile conditions in the industry. After significant volatility during the first half of 2020, oil markets stabilized
during the second half of the year. However, there is still uncertainty in the global economic outlook and impact on
oil and gas markets in the wake of the COVID-19 pandemic.
• North America onshore activity: in 2020, we experienced a significant decline in rig count, as compared to
2019 driven by lower commodity prices. We expect North American onshore activity to improve in 2021, as
compared to the second half of 2020.
• International onshore activity: in 2020, we experienced a decline in rig count, as compared to 2019 driven
by lower commodity prices. We expect onshore spending outside of North America to stabilize in early
2021, and see a modest recovery over the second half of the year.
• Offshore projects: in 2020, we experienced significantly fewer offshore projects reaching positive final
investment decisions, due to the economic uncertainty and lower oil and gas prices. In 2021, we expect the
offshore markets to stabilize and for the number of tree awards in the market to remain stable or grow
modestly compared to 2020 levels.
• Liquefied natural gas (LNG) projects: we remain optimistic on the LNG market long term and view natural
gas as a transition and destination fuel. We continue to view the long-term economics of the LNG industry
as positive.
We have other segments in our portfolio that are more correlated with various industrial metrics, including GDP,
such as our Digital Solutions segment.
We also have segments within our portfolio that are exposed to new energy solutions, specifically focused
around decarbonization of energy and industry, including hydrogen, geothermal, carbon capture, utilization and
storage, and energy storage. We expect to see continued growth in these segments as new energy solutions
become a more prevalent part of the broader energy mix.
Overall, we believe our portfolio is well positioned to compete across the energy value chain and deliver
comprehensive solutions for our customers. We remain optimistic about the long-term economics of the industry,
but we are continuing to operate with flexibility given our expectations for volatility and changing activity levels in the
near term. While governments may change or discontinue incentives for renewable energy additions, we do not
anticipate any significant impacts to our business in the foreseeable future.
Over time, we believe the world’s demand for energy will continue to rise, and that hydrocarbons will play a
major role in meeting the world's energy needs for the foreseeable future. As such, we remain focused on
delivering innovative, cost-efficient solutions that deliver step changes in operating and economic performance for
our customers.

BUSINESS ENVIRONMENT
The following discussion and analysis summarizes the significant factors affecting our results of operations,
financial condition and liquidity position as of and for the year ended December 31, 2020 and 2019, and should be
read in conjunction with the consolidated financial statements and related notes of the Company.
We operate in more than 120 countries helping customers find, evaluate, drill, produce, transport and process
hydrocarbon resources. Our revenue is predominately generated from the sale of products and services to major,
national, and independent oil and natural gas companies worldwide, and is dependent on spending by our
customers for oil and natural gas exploration, field development and production. This spending is driven by a
number of factors, including our customers' forecasts of future energy demand and supply, their access to resources
to develop and produce oil and natural gas, their ability to fund their capital programs, the impact of new
government regulations and most importantly, their expectations for oil and natural gas prices as a key driver of their
cash flows.
Oil and Natural Gas Prices
Oil and natural gas prices are summarized in the table below as averages of the daily closing prices during each
of the periods indicated.
2020 2019
(1)
Brent oil prices ($/Bbl) $ 41.96 $ 64.28
WTI oil prices ($/Bbl) (2) 39.16 56.98
Natural gas prices ($/mmBtu) (3) 2.03 2.56
(1)
Energy Information Administration (EIA) Europe Brent Spot Price per Barrel
(2)
EIA Cushing, OK WTI (West Texas Intermediate) spot price
(3)
EIA Henry Hub Natural Gas Spot Price per million British Thermal Unit
Outside North America, customer spending is most heavily influenced by Brent oil prices. After a stable and
positive 2019, volatility increased sharply in April 2020 when oil prices dropped nearly 87%, due to lower demand.
Brent oil prices decreased from a high of $70.25/Bbl in January 2020, to a low of $9.12/Bbl in April 2020. The
average Brent oil prices decreased to $41.96/Bbl in 2020 from $64.28/Bbl in 2019, due to lower prices during
majority of the year 2020.
In North America, customer spending is highly driven by WTI oil prices, which similarly to Brent oil prices, on
average decreased to $39.16/Bbl in 2020 from $56.98/Bbl in 2019, and ranged from a high of $63.27/Bbl in January
2020, to a low of $(36.98)/Bbl in April 2020.
In North America, natural gas prices, as measured by the Henry Hub Natural Gas Spot Price, averaged $2.03/
mmBtu in 2020, representing a 21% decrease over the prior year. Throughout the year, Henry Hub Natural Gas
Spot Prices ranged from a low of $1.33/mmBtu in September 2020, to a high of $3.14/mmBtu in October 2020.
According to the U.S. Department of Energy (DOE), working natural gas in storage at the end of 2020 was 3,460
billion cubic feet (Bcf), which was 7.7%, or 268 Bcf, above the corresponding week in 2019.

Baker Hughes Rig Count
The Baker Hughes rig counts are an important business barometer for the drilling industry and its suppliers.
When drilling rigs are active they consume products and services produced by the oil service industry. Rig count
trends are driven by the exploration and development spending by oil and natural gas companies, which in turn is
influenced by current and future price expectations for oil and natural gas. The counts may reflect the relative
strength and stability of energy prices and overall market activity, however, these counts should not be solely relied
on as other specific and pervasive conditions may exist that affect overall energy prices and market activity.
We have been providing rig counts to the public since 1944. We gather all relevant data through our field
service personnel, who obtain the necessary data from routine visits to the various rigs, customers, contractors and
other outside sources as necessary. We base the classification of a well as either oil or natural gas primarily upon
filings made by operators in the relevant jurisdiction. This data is then compiled and distributed to various wire
services and trade associations and is published on our website. We believe the counting process and resulting
data is reliable, however, it is subject to our ability to obtain accurate and timely information. Rig counts are
compiled weekly for the U.S. and Canada and monthly for all international rigs. Published international rig counts
do not include rigs drilling in certain locations, such as Russia, the Caspian region and onshore China because this
information is not readily available.
Beginning in the second quarter of 2019, Ukraine was added to the Baker Hughes international rig count. The
Company will continue tracking active drilling rigs in the country going forward. Historical periods will not be
updated.
Rigs in the U.S. and Canada are counted as active if, on the day the count is taken, the well being drilled has
been started but drilling has not been completed and the well is anticipated to be of sufficient depth to be a potential
consumer of our drill bits. In international areas, rigs are counted on a weekly basis and deemed active if drilling
activities occurred during the majority of the week. The weekly results are then averaged for the month and
published accordingly. The rig count does not include rigs that are in transit from one location to another, rigging up,
being used in non-drilling activities including production testing, completion and workover, and are not expected to
be significant consumers of drill bits.
The rig counts are summarized in the table below as averages for each of the periods indicated.
2020 2019
North America 522 1,077
International 827 1,097
Worldwide 1,349 2,174
2020 Compared to 2019
Overall the rig count was 1,349 in 2020, a decrease of 38% as compared to 2019 due primarily to North
American activity. The rig count in North America decreased 52% and the international rig count decreased 25% in
2020 compared to 2019, both as a result of lower commodity prices and exploration and production capital
expenditure reductions.
Within North America, the decrease was primarily driven by the U.S. rig count, which was down 54% on
average when compared to the same period last year, and a decrease in the Canadian rig count, which was down
33% on average. Internationally, the decrease in the rig count was driven primarily by decreases in the Latin
America region, Africa region and Europe region of 44%, 34% and 24%, respectively.

RESULTS OF OPERATIONS
The discussions below relating to significant line items from our consolidated statements of income (loss) are
based on available information and represent our analysis of significant changes or events that impact the
comparability of reported amounts. Where appropriate, we have identified specific events and changes that affect
comparability or trends and, where reasonably practicable, have quantified the impact of such items. In addition,
the discussions below for revenue and cost of revenue are on a total basis as the business drivers for product sales
and services are similar. All dollar amounts in tabulations in this section are in millions of dollars, unless otherwise
stated. Certain columns and rows may not add due to the use of rounded numbers.
Our results of operations are evaluated by the Chief Executive Officer on a consolidated basis as well as at the
segment level. The performance of our operating segments is evaluated based on segment operating income
(loss), which is defined as income (loss) before income taxes and equity in loss of affiliate and before the following:
net interest expense, net other non-operating income (loss), corporate expenses, restructuring, impairment and
other charges, goodwill and inventory impairments, separation-related costs, and certain gains and losses not
allocated to the operating segments.
In evaluating the segment performance, the Company uses the following:
Volume: Volume is the increase or decrease in products and/or services sold period-over-period excluding the
impact of foreign exchange and price. The volume impact on profit is calculated by multiplying the prior period profit
rate by the change in revenue volume between the current and prior period. It also includes price, defined as the
change in sales price for a comparable product or service period-over-period and is calculated as the period-over-
period change in sales prices of comparable products and services.
Foreign Exchange (FX): FX measures the translational foreign exchange impact, or the translation impact of
the period-over-period change on sales and costs directly attributable to change in the foreign exchange rate
compared to the U.S. dollar. FX impact is calculated by multiplying the functional currency amounts (revenue or
profit) with the period-over-period FX rate variance, using the average exchange rate for the respective period.
(Inflation)/Deflation: (Inflation)/deflation is defined as the increase or decrease in direct and indirect costs of
the same type for an equal amount of volume. It is calculated as the year-over-year change in cost (i.e. price paid)
of direct material, compensation & benefits and overhead costs.
Productivity: Productivity is measured by the remaining variance in profit, after adjusting for the period-over-
period impact of volume & price, foreign exchange and (inflation)/deflation as defined above. Improved or lower
period-over-period cost productivity is the result of cost efficiencies or inefficiencies, such as cost decreasing or
increasing more than volume, or cost increasing or decreasing less than volume, or changes in sales mix among
segments. This also includes the period-over-period variance of transactional foreign exchange, aside from those
foreign currency devaluations that are reported separately for business evaluation purposes.
Orders and Remaining Performance Obligations
Our statement of income (loss) displays sales and costs of sales in accordance with SEC regulations under
which “goods” is required to include all sales of tangible products and “services” must include all other sales,
including other services activities. For the amounts shown below, we distinguish between “equipment” and “product
services,” where product services refers to sales under product services agreements, including sales of both goods
(such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs),
which is an important part of our operations. We refer to “product services” simply as “services” within
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Orders: We recognized orders of $20.7 billion and $27.0 billion in 2020 and 2019, respectively. In 2020,
equipment orders were down 27% and service orders were down 20%, compared to 2019.
Remaining Performance Obligations (RPO): As of December 31, 2020 and 2019, the aggregate amount of
the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations was $23.4 billion
and $22.9 billion, respectively.

Revenue and Segment Operating Income Before Tax
Revenue and segment operating income for each of our four operating segments is provided below.
Year Ended December 31, $ Change
From 2019
2020 2019 to 2020
Revenue:
Oilfield Services $ 10,140 $ 12,889 $ (2,749)
Oilfield Equipment 2,844 2,921 (77)
Turbomachinery & Process Solutions 5,705 5,536 169
Digital Solutions 2,015 2,492 (477)
Total $ 20,705 $ 23,838 $ (3,133)
Year Ended December 31, $ Change

From 2019
2020 2019 to 2020
Segment operating income:
Oilfield Services $ 487 $ 917 $ (430)
Oilfield Equipment 19 55 (36)
Turbomachinery & Process Solutions 805 719 86
Digital Solutions 193 343 (150)
Total segment operating income 1,504 2,035 (531)
Corporate (464) (433) (31)
Inventory impairment (1) (246) — (246)
Goodwill impairment (14,773) — (14,773)
Restructuring, impairment and other (1,866) (342) (1,524)
Separation and merger related (134) (184) 50
Operating income (loss) (15,978) 1,074 (17,052)
Other non-operating income (loss), net 1,040 (84) 1,124
Interest expense, net (264) (237) (27)
Income (loss) before income taxes and equity in loss of affiliate (15,202) 753 (15,955)
Benefit (provision) for income taxes (559) (482) (77)
Net income (loss) $ (15,761) $ 271 $ (16,032)
(1)
Inventory impairments are reported in "Cost of goods sold" of the consolidated statements of income (loss).
Fiscal Year 2020 to Fiscal Year 2019
Revenue in 2020 was $20,705 million, a decrease of $3,133 million, or 13%, from 2019. This decrease in
revenue was largely a result of decreased activity in OFS, DS and OFE, partially offset by an increase in TPS. OFS
decreased $2,749 million, DS decreased $477 million, OFE decreased $77 million, and TPS increased $169 million.
Total segment operating income in 2020 was $1,504 million, a decrease of $531 million, or 26%, from 2019.
The decrease was primarily driven by OFS, which decreased $430 million, OFE, which decreased $36 million and
DS, which decreased $150 million, partially offset by TPS, which increased $86 million.
Oilfield Services
OFS 2020 revenue was $10,140 million, a decrease of $2,749 million from 2019, as a result of decreased
activity in North America and international in 2020 compared to 2019, as evidenced by a decline in the
corresponding rig counts. North America revenue was $2,802 million in 2020, a decrease of $1,794 million from

2019. International revenue was $7,338 million in 2020, a decrease of $955 million from 2019, driven by declines in
most regions, primarily in the Middle East and Latin America regions.
OFS 2020 segment operating income was $487 million, compared to $917 million in 2019. The decrease was
primarily driven by lower volume, and to a lesser extent, unfavorable business mix, partially offset by our
restructuring and productivity initiatives.
Oilfield Equipment
OFE 2020 revenue was $2,844 million, a decrease of $77 million, or 3%, from 2019. The decrease was
primarily driven by lower volume in the services business, mostly driven by the impact of the COVID-19 pandemic,
partially offset by higher volume in the subsea production systems and flexible pipe businesses. The decrease was
also impacted by the sale of the Surface Pressure Control Flow business in October 2020.
OFE 2020 segment operating income was $19 million, compared to $55 million in 2019. The decrease was
primarily driven by unfavorable business mix and to a lesser extent by lower volume.
Turbomachinery & Process Solutions
TPS 2020 revenue was $5,705 million, an increase of $169 million, or 3%, from 2019. The increase was
primarily driven by higher equipment and projects revenue, partially offset by lower services volume as well as
business dispositions that occurred in 2019. Equipment revenue in 2020 represented 44% and Service revenue
represented 56% of total revenue. Equipment revenue was up 27% year-over-year, and services revenue was
down 10% year-over-year, partially due to mobility restrictions related to the COVID-19 pandemic.
TPS 2020 segment operating income was $805 million, compared to $719 million in 2019. The increase in
profitability was driven primarily by higher cost productivity and to a lesser extent by higher volume, partially offset
by unfavorable business mix.
Digital Solutions
DS 2020 revenue was $2,015 million, a decrease of $477 million, or 19%, from 2019, driven by volume declines
across most DS segments, largely driven by lower economic activity related to COVID-19 disruptions.
DS 2020 segment operating income was $193 million, compared to $343 million in 2019. The decrease in
profitability was primarily driven by lower volume.
Corporate
In 2020, corporate expenses were $464 million, an increase of $31 million compared to 2019, primarily from the
additional expenses related to the separation from GE.
Inventory Impairment
In 2020, we recorded inventory impairments of $246 million, primarily related to our Oilfield Services segment
as a result of certain restructuring activities initiated by the Company. There were no inventory impairments
recorded in 2019. Charges for inventory impairments are reported in the "Cost of goods sold" caption of the
consolidated statements of income (loss).
Goodwill Impairment
During the first quarter of 2020, the Company’s market capitalization declined significantly driven by current
macroeconomic and geopolitical conditions including the decrease in demand caused by the COVID-19 pandemic
and collapse of oil prices driven by both surplus production and supply. Based on these events, we concluded that
a triggering event occurred and we performed an interim quantitative impairment test as of March 31, 2020. Based
upon the results of the impairment test, we recognized a goodwill impairment charge of $14,773 million during the
first quarter of 2020. There have been no other goodwill impairments during 2020.

Restructuring, Impairment and Other
In 2020, we recognized $1,866 million in restructuring, impairment and other charges, compared to $342 million
in 2019. These charges primarily relate to the restructuring plan announced in the first quarter of 2020, which
include product line rationalization actions, headcount reductions in certain geographical locations, and other
initiatives to right-size our operations for anticipated activity levels and market conditions.
Separation and Merger Related
We recorded $134 million of separation related costs in 2020, a decrease of $50 million from the prior year.
Costs in 2020 relate to the ongoing activities for the separation from GE including costs for the build-out of certain
information technology infrastructures as a result of the separation.
Other Non-Operating Income /(Loss), Net
In 2020, we recorded $1,040 million of other net non-operating income. Included in this amount is an unrealized
gain of $1,417 million related to marking our investment in C3.ai to fair value, partially offset by losses of $353
million for the sale of our Rod Lift Systems business in OFS and the sale of our Surface Pressure Control Flow
business in OFE.
Interest Expense, Net
In 2020, we incurred net interest expense of $264 million, an increase of $27 million from the prior year,
primarily driven by lower interest income.
Income Taxes
In 2020, our income tax expense was $559 million, an increase of $77 million, from $482 million in 2019. The
increase was primarily due to valuation allowances on deferred tax assets and the geographical mix of earnings,
partially offset by the benefit of the U.S. Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
In response to the COVID-19 pandemic, the CARES Act was enacted on March 27, 2020 in the U.S., and
includes measures to assist companies, including allowing net operating losses originating in 2018, 2019, or 2020 to
be carried back up to five years. During 2020, we elected to carry back losses to 2014 and accordingly recognized
a tax benefit of $117 million and we expect to receive a cash refund of the same amount.
COMPLIANCE
We, in the conduct of all of our activities, are committed to maintaining the core values of our Company, as well
as high safety, ethical, and quality standards as also reported in our Quality Management System (QMS). We
believe such a commitment is integral to running a sound, successful, and sustainable business. We devote
significant resources to maintain a comprehensive global ethics and compliance program (Compliance Program)
which is designed to prevent, detect, and appropriately respond to any potential violations of the law, the Code of
Conduct, and other Company policies and procedures.
Highlights of our Compliance Program include the following:
• Comprehensive internal policies over such areas as anti-bribery; travel, entertainment, gifts and charitable
donations to government officials and other parties; payments to commercial sales representatives; and, the
use of non-U.S. police or military organizations for security purposes. In addition, there are policies and
procedures to address customs requirements, visa processing risks, export and re-export controls,
economic sanctions, anti-money laundering and anti-boycott laws.
• Global and independent structure of Chief Compliance Officer and other compliance professionals providing
compliance advice, customized training and governance, as well as investigating concerns across all
regions and countries where we do business.

• Comprehensive employee compliance training program that combines instructor-led and web-based
training modules tailored to the key risks that employees face on an ongoing basis.
• Due diligence procedures for third parties who conduct business on our behalf, including channel partners
(sales representatives, distributors, resellers), administrative service providers, as well as an enhanced risk-
based process for classifying channel partners and suppliers.
• Due diligence procedures for merger and acquisition activities.
• Specifically tailored compliance risk assessments and audits focused on country and third party risk.
• Compliance Review Board comprised of senior officers of the Company that meets quarterly to monitor
effectiveness of the Compliance Program, as well as product company and regional compliance committees
that meet quarterly.
• Technology to monitor and report on compliance matters, including an internal investigations management
system, a web-based anti-boycott reporting tool, global trade management systems and comprehensive
watch list screening.
• Data privacy compliance policies and procedures to ensure compliance with applicable data privacy
requirements.
• A compliance program designed to create an “Open Reporting Environment” where employees are
encouraged to report any ethics or compliance matter without fear of retaliation, including a global network
of trained employee ombudspersons, and a worldwide, 24-hour business helpline operated by a third party
and available in approximately 200 languages.
• Centralized finance organization with company-wide policies.
• Anti-corruption audits of high-risk countries, as well as risk-based compliance audits of third parties.
• We have region-specific processes and procedures for management of HR related issues, including pre-
hire screening of employees; a process to screen existing employees prior to promotion into select roles
where they may be exposed to finance and/or corruption-related risks; and implementation of a global new
hire compliance training module for all employees.
LIQUIDITY AND CAPITAL RESOURCES
Our objective in financing our business is to maintain sufficient liquidity, adequate financial resources, and
financial flexibility in order to fund the requirements of our business. Despite the challenging dynamics during 2020,
we continue to maintain solid financial strength and liquidity. At December 31, 2020, we had cash and cash
equivalents of $4.1 billion compared to $3.2 billion at December 31, 2019. Our liquidity is further supported by a
revolving credit facility of $3 billion, and access to both commercial paper and uncommitted lines of credit. At
December 31, 2020, we had no borrowings outstanding under the revolving credit facility or our uncommitted lines
of credit, and had £600 million ($801 million) commercial paper outstanding. Our next debt maturity is December
2022.
Cash and cash equivalents includes $44 million and $162 million of cash held on behalf of GE at December 31,
2020 and 2019, respectively. Excluding cash held on behalf of GE, our U.S. subsidiaries held approximately $1
billion and $0.4 billion while our foreign subsidiaries held approximately $3.1 billion and $2.7 billion of our cash and
cash equivalents as at December 31, 2020 and 2019, respectively. A substantial portion of the cash held by foreign
subsidiaries at December 31, 2020 has been reinvested in active non-U.S. business operations. If we decide at a
later date to repatriate those funds to the U.S., they will generally be free of U.S. federal tax but may incur other
taxes such as withholding or state taxes.
We have a $3 billion committed unsecured revolving credit facility (the 2019 Credit Agreement) with commercial
banks maturing in December 2024. The 2019 Credit Agreement contains certain customary representations and

warranties, certain customary affirmative covenants and certain customary negative covenants. Upon the
occurrence of certain events of default, our obligations under the 2019 Credit Agreement may be accelerated. Such
events of default include payment defaults to lenders under the 2019 Credit Agreement and other customary
defaults. No such events of default have occurred. We have no borrowings under the 2019 Credit Agreement.
In addition, we have a commercial paper program under which we may issue from time to time commercial
paper with maturities of no more than 397 days. During the second quarter of 2020, we established a £600 million
commercial paper facility under which the Bank of England may invest through the COVID Corporate Financing
Facility (the Program), which increased our total commercial paper program from $3.0 billion to approximately $3.8
billion. In May 2020, we issued £600 million of commercial paper under the Program that matures in April 2021 and
can be repaid prior to that with no additional cost.
Certain Senior Notes contain covenants that restrict our ability to take certain actions. See "Note 10.
Borrowings" of the Notes to Consolidated Financial Statements in this Annual Report for further details. At
December 31, 2020, we were in compliance with all debt covenants.
We continuously review our liquidity and capital resources. If market conditions were to change, for instance
due to the uncertainty created by the COVID-19 pandemic or a significant decline in oil and gas prices, and our
revenue was reduced significantly or operating costs were to increase significantly, our cash flows and liquidity
could be negatively impacted. Additionally, it could cause the rating agencies to lower our credit ratings. There are
no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility; however,
a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit
or preclude our ability to issue commercial paper. Should this occur, we could seek alternative sources of funding,
including borrowing under the credit facility.
During the year ended December 31, 2020, we dispersed cash to fund a variety of activities including certain
working capital needs, restructuring and GE separation related costs, capital expenditures, the payment of
dividends, and distributions to noncontrolling interests. We believe that cash on hand, cash flows generated from
operating and financing activities, and the available credit facility will provide sufficient liquidity to manage our global
cash needs.
Cash Flows
Cash flows provided by (used in) each type of activity were as follows for the years ended December 31:
(In millions) 2020 2019

Operating activities $ 1,304 $ 2,126
Investing activities (618) (1,045)
Financing activities 225 (1,534)
Fiscal Year 2020 to Fiscal Year 2019
Operating Activities
Our largest source of operating cash is payments from customers, of which the largest component is collecting
cash related to our sales of products and services including advance payments or progress collections for work to
be performed. The primary use of operating cash is to pay our suppliers, employees, tax authorities and others for
a wide range of goods and services.
Cash flows from operating activities generated cash of $1,304 million and $2,126 million for the years ended
December 31, 2020 and 2019, respectively. For the year ended December 31, 2020, cash generated from
operating activities were primarily driven by net losses adjusted for certain noncash items (primarily depreciation,
amortization, impairments, loss on sale of businesses, and the unrealized gain on an equity security) and working
capital, which includes contract and other deferred assets.
Working capital generated $216 million of cash in 2020 primarily due to receivables and positive progress
collections partially offset by accounts payable, as we continue to improve our working capital processes. In 2019,

working capital generated $553 million of cash primarily due to net positive progress collections and receivables in
TPS for equipment contracts. Included in our cash flows from operating activities for 2020 and 2019 are payments
of $670 million and $307 million, respectively, made primarily for employee severance as a result of our
restructuring activities and separation-related costs including the build-out of information technology infrastructure
as a result of GE separation activities.
Investing Activities
Cash flows from investing activities used cash of $618 million and $1,045 million for the years ended
December 31, 2020 and 2019, respectively.
Our principal recurring investing activity is the funding of capital expenditures to ensure that we have the
appropriate levels and types of machinery and equipment in place to generate revenue from operations.
Expenditures for capital assets totaled $974 million and $1,240 million for 2020 and 2019, respectively, partially
offset by cash flows from the sale of property, plant and equipment of $187 million and $264 million in 2020 and
2019, respectively. Proceeds from the disposal of assets related primarily to equipment that was lost-in-hole, and to
property, machinery and equipment no longer used in operations that was sold throughout the period. In 2020, we
received proceeds of $187 million primarily from the sale of our Rod Lift Systems and our Surface Pressure Control
Flow businesses. In 2019, we received $77 million from the sale of our high-speed reciprocating compression
business.
Financing Activities
Cash flows from financing activities generated cash of $225 million and used cash of $1,534 million for the
years ended December 31, 2020 and 2019, respectively.
We had net repayments of short-term debt of $204 million and $542 million in 2020 and 2019, respectively. We
had repayments of our long-term debt of $42 million in 2020 and $570 million in 2019, which was primarily driven by
our repayment of certain senior notes.
In 2020, we had proceeds from the issuance of commercial paper of £600 million ($737 million at date of
issuance). In addition, we had proceeds from the issuance of $500 million aggregate principal amount of 4.486%
Senior Notes due May 2030. We pay interest on the notes each May and November. In 2019, we had proceeds
from the issuance of $525 million aggregate principal amount of 3.138% Senior Notes due November 2029. We
pay interest on the notes each May and November. We used the proceeds from this offering to repurchase all of
our outstanding 3.2% Senior Notes due August 2021.
During 2020, we paid aggregate dividends of $488 million to our Class A stockholders, and BHH LLC made a
distribution of $256 million to GE. During 2019, we paid aggregate dividends of $395 million to our Class A
stockholders, and BHH LLC made a distribution of $350 million to GE. Additionally, in September 2019, BHH LLC
repurchased 11.9 million of its units from GE for a cash consideration of $250 million.
Cash Requirements
In 2021, we believe cash on hand, cash flows from operating activities, the available revolving credit facility, and
availability under our existing shelf registrations of debt will provide us with sufficient capital resources and liquidity
to manage our working capital needs, meet contractual obligations, fund capital expenditures and dividends, and
support the development of our short-term and long-term operating strategies. When necessary, we issue
commercial paper or other short-term debt to fund cash needs in the U.S. in excess of the cash generated in the
U.S.
Our capital expenditures can be adjusted and managed by us to match market demand and activity levels.
Based on current market conditions, capital expenditures, net of proceeds from disposal of assets, in 2021 are
expected to be below 2020 levels. The expenditures are expected to be used primarily for normal, recurring items
necessary to support our business. We also anticipate making income tax payments in the range of $350 million to
$450 million in 2021.

Contractual Obligations
In the table below, we set forth our contractual obligations as of December 31, 2020. Certain amounts included
in this table are based on our estimates and assumptions about these obligations, including their duration,
anticipated actions by third parties and other factors. The contractual obligations we will actually pay in future
periods may vary from those reflected in the table because the estimates and assumptions are subjective.
Payments Due by Period

Less Than 1-3 4-5 More Than
(In millions) Total 1 Year Years Years 5 Years
Total debt and finance lease obligations (1) $ 7,446 $ 890 $ 1,261 $ 175 $ 5,120
Estimated interest payments (2) 3,582 260 481 435 2,406
Operating leases (3) 972 235 286 138 313
Purchase obligations (4) 992 838 123 13 18
Total $ 12,992 $ 2,223 $ 2,151 $ 761 $ 7,857
(1)
Amounts represent the expected cash payments for the principal amounts related to our debt, including finance lease
obligations. Amounts for debt do not include any deferred issuance costs or unamortized discounts or premiums
including step up in the value of the debt on the acquisition of BHI. Expected cash payments for interest are excluded
from these amounts. Total debt and finance lease obligations includes $45 million payable to GE and its affiliates. As
there is no fixed payment schedule on the amount payable to GE and its affiliates we have classified it as payable in
less than one year.
(2)
Amounts represent the expected cash payments for interest on our long-term debt and finance lease obligations.
(3)
Amounts represent the future minimum payments under operating leases with initial terms of one year or more. Our
lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that
option.
(4)
Purchase obligations include expenditures for capital assets for 2020 as well as agreements to purchase goods or
services or licenses that are enforceable and legally binding and that specify all significant terms, including: fixed or
minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the
transaction.
Due to the uncertainty with respect to the timing of potential future cash outflows associated with our uncertain
tax positions, we are unable to make reasonable estimates of the period of cash settlement, if any, to the respective
taxing authorities. Therefore, $601 million in uncertain tax positions, including interest and penalties, have been
excluded from the contractual obligations table above. See "Note 12. Income Taxes" of the Notes to Consolidated
Financial Statements in Item 8 herein for further information.
We have certain defined benefit pension and other post-retirement benefit plans covering certain of our U.S.
and international employees. In 2020, we made contributions and paid direct benefits of approximately $39 million
in connection with those plans, and we anticipate funding between approximately $30 million to $45 million in 2021.
Amounts for pension funding obligations are based on assumptions that are subject to change, therefore, we are
currently not able to reasonably estimate our contribution figures after 2021. See "Note 11. Employee Benefit
Plans" of the Notes to Consolidated Financial Statements in Item 8 herein for further information.
Off-Balance Sheet Arrangements
In the normal course of business with customers, vendors and others, we have entered into off-balance sheet
arrangements, such as surety bonds for performance, letters of credit and other bank issued guarantees, which
totaled approximately $4.1 billion at December 31, 2020. It is not practicable to estimate the fair value of these
financial instruments. None of the off-balance sheet arrangements either has, or is likely to have, a material effect
on our consolidated financial statements.
As of December 31, 2020, we had no material off-balance sheet financing arrangements other than those
discussed above. As such, we are not materially exposed to any financing, liquidity, market or credit risk that could
arise if we had engaged in such financing arrangements.

Other factors affecting liquidity
Registration Statements: In November 2018, Baker Hughes filed a universal shelf registration statement on
Form S-3ASR (Automatic Shelf Registration) with the SEC to have the ability to sell various types of securities
including debt securities, Class A common stock, preferred stock, guarantees of debt securities, purchase contracts
and units. The specific terms of any securities to be sold would be described in supplemental filings with the SEC.
The registration statement will expire in 2021.
In December 2020, BHH LLC, Baker Hughes Netherlands Funding Company B.V., and Baker Hughes Co-
Obligor, Inc. filed a shelf registration statement on Form S-3 with the SEC to have the ability to sell up to $3 billion in
debt securities in amounts to be determined at the time of an offering. Any such offering, if it does occur, may
happen in one or more transactions. The specific terms of any debt securities to be sold would be described in
supplemental filings with the SEC. The registration statement will expire in December 2023.
Customer receivables: In line with industry practice, we may bill our customers for services provided in arrears
dependent upon contractual terms. In a challenging economic environment, we may experience delays in the
payment of our invoices due to customers' lower cash flow from operations or their more limited access to credit
markets. While historically there have not been material non-payment events, we attempt to mitigate this risk
through working with our customers to restructure their debts. A customer's failure or delay in payment could have a
material adverse effect on our short-term liquidity and results from operations. As of December 31, 2020, 16% of
our gross trade receivables were from customers in the U.S. Other than the U.S., no other country or single
customer accounted for more than 10% of our gross trade receivables at this date. As of December 31,
2019, 19% of our gross trade receivables were from customers in the U.S.
International operations: Our cash that is held outside the U.S. is 76% of the total cash balance as of
December 31, 2020. We may not be able to use this cash quickly and efficiently due to exchange or cash controls
that could make it challenging. As a result, our cash balance may not represent our ability to quickly and efficiently
use this cash.
Supply chain finance programs: Under supply chain finance programs, administered by a third party, our
suppliers are given the opportunity to sell receivables from us to participating financial institutions at their sole
discretion at a rate that leverages our credit rating and thus might be more beneficial to our suppliers. Our
responsibility is limited to making payment on the terms originally negotiated with our supplier, regardless of
whether the supplier sells its receivable to a financial institution. The range of payment terms we negotiate with our
suppliers is consistent, irrespective of whether a supplier participates in the program. These liabilities continue to
be presented as accounts payable in our condensed consolidated statements of financial position and reflected as
cash flow from operating activities when settled. We do not believe that changes in the availability of supply chain
financing programs would have a material impact on our liquidity.
CRITICAL ACCOUNTING ESTIMATES
Accounting estimates and assumptions discussed in this section are those considered to be the most critical to
an understanding of our financial statements because they involve significant judgments and uncertainties. Many of
these estimates include determining fair value. These estimates reflect our best judgment about current, and for
some estimates future, economic and market conditions and their potential effects based on information available
as of the date of these financial statements. If these conditions change from those expected, it is reasonably
possible that the judgments and estimates described below could change, which may result in future impairments of
goodwill, intangibles and long-lived assets, increases in reserves for contingencies, establishment of valuation
allowances on deferred tax assets and increased tax liabilities, among other effects. Also, see "Note 1. Summary of
Significant Accounting Policies" of the Notes to Consolidated Financial Statements in Item 8 herein, which discusses
our most significant accounting policies.
We have defined a critical accounting estimate as one that is both important to the portrayal of either our
financial condition or results of operations and requires us to make difficult, subjective or complex judgments or
estimates about matters that are uncertain. The Audit Committee of our Board of Directors has reviewed our critical
accounting estimates and the disclosure presented below. During the past three fiscal years, we have not made
any material changes in the methodology used to establish the critical accounting estimates, and we believe that the

following are the critical accounting estimates used in the preparation of our consolidated financial statements.
There are other items within our consolidated financial statements that require estimation and judgment but they are
not deemed critical as defined above.
Revenue Recognition on Long-Term Product Services Agreements
We have long-term service agreements with our customers predominately within our TPS segment. These
agreements typically require us to maintain assets sold to the customer over a defined contract term. These
agreements have average contract terms of greater than 10 years. From time to time, these contract terms may be
extended through contract modifications or amendments, which may result in revisions to future billing and cost
estimates. Revenue recognition on long-term product services agreements requires estimates of both customer
payments and the costs to perform required maintenance services over the contract term. We recognize revenue
on an overtime basis using input method to measure our progress toward completion at the estimated margin rate
of the contract.
To develop our billings estimates, we consider the number of billable events that will occur based on estimated
utilization of the asset under contract, over the life of the contract term. This estimated utilization will consider both
historical and market conditions, asset retirements and new product introductions, if applicable.
To develop our cost estimates, we consider the timing and extent of maintenance and overhaul events,
including the amount and cost of labor, spare parts and other resources required to perform the services. In
developing our cost estimates, we utilize a combination of our historical cost experience and expected cost
improvements. Cost improvements are only included in future cost estimates after savings have been observed in
actual results or proven effective through an extensive regulatory or engineering approval process.
We routinely review the estimates used in our product services agreements and regularly revise them to adjust
for changes. These revisions are based on objectively verifiable information that is available at the time of the
review.
The difference between the timing of our revenue recognition and cash received from our customers results in
either a contract asset (revenue in excess of billings) or a contract liability (billings in excess of revenue). See "Note
7. Contract and Other Deferred Assets" and "Note 8. Progress Collections and Deferred Income" of the Notes to
Consolidated Financial Statements in Item 8 herein for further information.
We regularly assess customer credit risk inherent in the carrying amounts of receivables and contract assets
and estimated earnings, including the risk that contractual penalties may not be sufficient to offset our accumulated
investment in the event of customer termination. We gain insight into expected future utilization and cost trends, as
well as credit risk, through our knowledge of the equipment installed and the close interaction with our customers
through supplying critical services and parts over extended periods. Revisions to cost or billing estimates may
affect a product services agreement’s total estimated profitability resulting in an adjustment of earnings; such
adjustments generated earnings of $17 million, $(1) million and $26 million for the three years ended December 31,
2020, 2019 and 2018, respectively. We provide for probable losses when they become evident.
On December 31, 2020, our long-term product service agreements, net of related billings in excess of revenues,
of $0.3 billion, represent approximately 2.9% of our total estimated life of contract billings of $11.2 billion. Cash
billings collected on these contracts were approximately $0.6 billion during the years ended December 31, 2020 and
2019. Our contracts (on average) are approximately 18% complete based on costs incurred to date and our
estimate of future costs. Revisions to our estimates of future revenue or costs that increase or decrease total
estimated contract profitability by 1% would increase or decrease the long-term product service agreements
balance by $0.04 billion.
Goodwill and Other Identified Intangible Assets
We perform an annual impairment test of goodwill on a qualitative or quantitative basis for each of our reporting
units as of July 1, or more frequently when circumstances indicate an impairment may exist at the reporting unit
level. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant
judgment. When performing the annual impairment test we have the option of first performing a qualitative

assessment to determine the existence of events and circumstances that would lead to a determination that it is
more likely than not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is
reached, we would then be required to perform a quantitative impairment assessment of goodwill. However, if the
assessment leads to a determination that it is more likely than not that the fair value of a reporting unit is greater
than its carrying amount, then no further assessments are required. A quantitative assessment for the
determination of impairment is made by comparing the carrying amount of each reporting unit with its fair value,
which is generally calculated using a combination of market, comparable transaction and discounted cash flow
approaches. We assess the valuation methodology based upon the relevance and availability of the data at the
time the valuation is performed.
Pension Assumptions
Pension benefits are calculated using significant inputs to the actuarial models that measure pension benefit
obligations and related effects on operations. Two assumptions, discount rate and expected return on assets, are
important elements of plan expense and asset/liability measurement. We evaluate these critical assumptions at
least annually on a plan and country specific basis. We periodically evaluate other assumptions involving
demographic factors such as retirement age, mortality and turnover, and update them to reflect its experience and
expectations for the future. Actual results in any given year will often differ from actuarial assumptions because of
economic and other factors.
Projected benefit obligations are measured as the present value of expected payments discounted using the
weighted average of market observed yields for high quality fixed income securities with maturities that correspond
to the payment of benefits, lower discount rates increase present values and subsequent year pension expense and
higher discount rates decrease present values and subsequent year pension expense. The discount rates used to
determine the benefit obligations for our principal pension plans at December 31, 2020 and 2019 were 1.66% and
2.34%, respectively, reflecting market interest rates. Our expected return on assets at December 31, 2020 and
2019 was 4.20% and 5.48%, respectively.
Income Taxes
We operate in more than 120 countries and our effective tax rate is based on our income, statutory tax rates,
and differences between tax laws and the U.S. GAAP in these various jurisdictions. Tax laws are complex and
subject to different interpretations by the taxpayer and respective governmental taxing authorities. This rate is
further impacted by the extent earnings are indefinitely reinvested as repatriation of these foreign earnings would
incur other additional taxes such as withholding and income taxes. Indefinite reinvestment is determined by
management’s judgment and intentions concerning the future operations of the Company. In cases where
repatriation would otherwise incur significant withholding or income taxes, these foreign earnings have been
indefinitely reinvested in active non-U.S. business operations. Computation of the potential deferred tax liability
associated with these undistributed earnings and any other basis differences is not practicable.
Deferred income tax assets represent amounts available to reduce income taxes payable in future years. We
evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future taxable
income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and
available tax planning strategies. These sources of income rely heavily on estimates. We use our historical
experience and short and long range business forecasts to provide insight. We record a valuation allowance when
it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Our tax filings routinely are subject to audit by the tax authorities in the jurisdictions where we conduct business.
These audits may result in assessments of additional taxes that are resolved with the tax authorities or through the
courts. We have provided for the amounts we believe will ultimately result from these proceedings, but settlements
of issues raised in these audits may affect our tax rate. We have $483 million of gross unrecognized tax benefits,
excluding interest and penalties, at December 31, 2020. We are not able to reasonably estimate in which future
periods these amounts ultimately will be settled.

Other Loss Contingencies
Other loss contingencies are uncertain and unresolved matters that arise in the ordinary course of business and
result from events or actions by others that have the potential to result in a future loss. Such contingencies include,
but are not limited to, environmental obligations, litigation, regulatory proceedings, product quality, and losses
resulting from other events and developments.
The preparation of our consolidated financial statements requires us to make estimates and judgments that
affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures as well as
disclosures about any contingent assets and liabilities. We base these estimates and judgments on historical
experience and other assumptions and information that are believed to be reasonable under the circumstances.
Estimates and assumptions about future events and their effects are subject to uncertainty and, accordingly, these
estimates may change as new events occur, as more experience is acquired, as additional information is obtained
and as the business environment in which we operate changes.
Allowance for Credit Losses
The estimation of anticipated credit losses that may be incurred as we work through the invoice collection
process with our customers requires us to make judgments and estimates regarding our customers' ability to pay
amounts due to us. We monitor our customers' payment history and current credit worthiness to determine that
collectability is reasonably assured. We also consider the overall business climate in which our customers operate.
For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix
contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and
management expectations. At December 31, 2020 and 2019, the allowance for credit losses totaled $373 million
and $323 million of total gross accounts receivable, respectively. We believe that our allowance for credit losses is
adequate to cover the anticipated credit losses under current conditions; however, uncertainties regarding changes
in the financial condition of our customers, either adverse or positive, could impact the amount and timing of any
additional credit losses that may be required.
Inventory Reserves
Inventory is a significant component of current assets and is stated at the lower of cost or net realizable value.
This requires us to record provisions and maintain reserves for excess, slow moving, and obsolete inventory. To
determine these reserve amounts, we regularly review inventory quantities on hand and compare them to estimates
of future product demand, market conditions, production requirements, and technological developments. These
estimates and forecasts inherently include uncertainties and require us to make judgments regarding potential
future outcomes. At December 31, 2020 and 2019, inventory reserves totaled $421 million and $429 million of
gross inventory, respectively. We believe that our reserves are adequate to properly value potential excess, slow
moving, and obsolete inventory under current conditions. Significant or unanticipated changes to our estimates and
forecasts could impact the amount and timing of any additional provisions for excess, slow moving or obsolete
inventory that may be required.
NEW ACCOUNTING STANDARDS TO BE ADOPTED
See "Note 1. Summary of Significant Accounting Policies" of the Notes to Consolidated Financial Statements in
Item 8 herein for further discussion of accounting standards to be adopted.
RELATED PARTY TRANSACTIONS
See "Note 18. Related Party Transactions" of the Notes to Consolidated Financial Statements in Item 8 herein
for further discussion of related party transactions.

FORWARD-LOOKING STATEMENTS
This Form 10-K, including MD&A and certain statements in the Notes to Consolidated Financial Statements,
contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Exchange Act of 1934, as amended, (each a "forward-looking statement"). Forward-looking
statements concern future circumstances and results and other statements that are not historical facts and are
sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek,"
"anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target" or
other similar words or expressions. Forward-looking statements are based upon current plans, estimates and
expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from
those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be
regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that
could cause actual results to differ materially from such plans, estimates or expectations include, among others, the
risk factors in the "Risk Factors" section of Part 1 of Item 1A of this Form 10-K and those set forth from time-to-time
in other filings by the Company with the SEC. These documents are available through our website or through the
SEC's Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://www.sec.gov.
In light of such risks and uncertainties, we caution you not to place undue reliance on these forward-looking
statements. These forward-looking statements speak only as of the date of this annual report, or if earlier, as of the
date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking
statements unless required by securities law.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to certain market risks that are inherent in our financial instruments and arise from changes in
interest rates and foreign currency exchange rates. We may enter into derivative financial instrument transactions
to manage or reduce market risk but do not enter into derivative financial instrument transactions for speculative
purposes. A discussion of our primary market risk exposure in financial instruments is presented below.
INTEREST RATE RISK
All of our long-term debt is comprised of fixed rate instruments. We are subject to interest rate risk on our debt
and investment portfolio. We may use interest rate swaps to manage the economic effect of fixed rate obligations
associated with certain debt. There were no outstanding interest rate swap agreements as of December 31, 2020.
The following table sets forth our fixed rate long-term debt, excluding finance leases, and the related weighted
average interest rates by expected maturity dates.
(In millions) 2021 2022 2023 2024 2025 Thereafter Total (2)
As of December 31, 2020
Long-term debt (1) $ — $ 1,250 $ — $ 107 $ — $ 5,106 $ 6,463
Weighted average interest rates —% 2.88% —% 4.06% —% 3.89% 3.71%
(1)
Fair market value of our fixed rate long-term debt, excluding finance leases, was $7.5 billion at December 31, 2020.
(2)
Amounts represent the principal value of our long-term debt outstanding and related weighted average interest rates at
the end of the respective period.

FOREIGN CURRENCY EXCHANGE RISK
We conduct our operations around the world in a number of different currencies, and we are exposed to market
risks resulting from fluctuations in foreign currency exchange rates. Many of our significant foreign subsidiaries
have designated the local currency as their functional currency. As such, future earnings are subject to change due
to fluctuations in foreign currency exchange rates when transactions are denominated in currencies other than our
functional currencies.
Additionally, we buy, manufacture and sell components and products across global markets. These activities
expose us to changes in foreign currency exchange rates, commodity prices and interest rates which can adversely
affect revenue earned and costs of our operating businesses. When the currency in which equipment is sold differs
from the primary currency of the legal entity and the exchange rate fluctuates, it will affect the revenue earned on
the sale. These sales and purchase transactions also create receivables and payables denominated in foreign
currencies and exposure to foreign currency gains and losses based on changes in exchange rates. Changes in
the price of raw materials used in manufacturing can affect the cost of manufacturing. We use derivatives to
mitigate or eliminate these exposures, where appropriate.
We use cash flow hedging primarily to reduce or eliminate the effects of foreign currency exchange rate
changes on purchase and sale contracts. Accordingly, most derivative activity in this category consists of currency
exchange contracts. We had outstanding foreign currency forward contracts with notional amounts aggregating $6.8
billion and $5.3 billion to hedge exposure to currency fluctuations in various foreign currencies at December 31,
2020 and 2019, respectively. The notional amount of these derivative instruments do not generally represent cash
amounts exchanged by us and the counterparties, but rather the nominal amount upon which changes in the value
of the derivatives are measured.
As of December 31, 2020, the Company estimates that a 1% appreciation or depreciation in the U.S. dollar
would result in an impact of less than $5 million to our pre-tax earnings, however, the Company is generally able to
mitigate its foreign exchange exposure, where there are liquid financial markets, through use of foreign currency
derivative transactions. Also, see "Note 16. Financial Instruments" of the Notes to Consolidated Financial
Statements in Item 8 herein, which has additional details on our strategy.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Management's Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over our financial
reporting, as such term is defined in Exchange Act Rules 13a-15(f). Our internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles.
Under the supervision and with the participation of our management, including our principal executive officer
and principal financial officer, we assessed the effectiveness of our internal control over financial reporting based on
the 2013 framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on our assessment, our principal executive officer and principal
financial officer concluded that our internal control over financial reporting was effective as of December 31, 2020.
This conclusion is based on the recognition that there are inherent limitations in all systems of internal control.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may not be prevented or
detected on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
KPMG LLP, the Company's independent registered public accounting firm, has issued an attestation report on
the effectiveness of the Company's internal control over financial reporting.
/s/ LORENZO SIMONELLI /s/ BRIAN WORRELL /s/ KURT CAMILLERI

Lorenzo Simonelli Brian Worrell Kurt Camilleri
Chairman, President and Chief Financial Officer Senior Vice President, Controller
Chief Executive Officer and Chief Accounting Officer
Houston, Texas
February 25, 2021

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors

Baker Hughes Company:
Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Baker Hughes Company and
subsidiaries (the Company) as of December 31, 2020 and 2019, the related consolidated statements of income
(loss), comprehensive income (loss), changes in equity, and cash flows for each of the years in the three-year period
ended December 31, 2020, and the related notes (collectively, the consolidated financial statements). In our opinion,
the consolidated financial statements present fairly, in all material respects, the financial position of the Company as
of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the
three-year period ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on
criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission, and our report dated February 25, 2021 expressed an unqualified
opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on these consolidated financial statements based on our audits. We are a public accounting
firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of
material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks
of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated
financial statements that were communicated or required to be communicated to the audit committee and that: (1)
relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by
communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the
accounts or disclosures to which they relate.
Revenue recognition on certain agreements for sales of new products manufactured to unique customer
specifications
As discussed in Note 1 to the consolidated financial statements, the Company enters into agreements for
sales of goods manufactured to unique customer specifications on an over time basis. Revenue from these
types of contracts is recognized to the extent of progress towards completion measured by actual costs
incurred relative to total expected costs. The Company provides for potential losses on these types of
contracts when it is probable that a loss will be incurred.
We identified revenue recognition for certain agreements for sales of new products as a critical audit matter.
Complex auditor judgment was required in evaluating the Company's long-term estimates of the expected
direct material costs to be incurred in order to complete these agreements.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the
design and tested the operating effectiveness of certain internal controls related to the Company’s revenue
recognition process for sales of new products. This included controls pertaining to the Company's estimation
of direct material costs expected to be incurred to complete agreements for sales of new products. We
evaluated the Company's ability to accurately estimate direct material costs expected to be incurred to
complete the agreements for sales of new products. We evaluated the estimated direct material costs
expected to be incurred to complete the new products for the agreements by:
– questioning the Company's finance and project managers regarding progress to date based on the
latest project reports and the costs expected to still be incurred until completion;
– observing project review meetings performed by the Company or inspecting relevant minutes of
those meetings to identify changes in the estimated costs expected to be incurred to complete the
contract and related contract margins;
– investigating changes to the contract margin when compared to the prior year's estimated contract
margin; and
– evaluating the estimated direct material costs to be incurred by obtaining supplier cost estimates
and considering changes to those estimates during the year
Goodwill impairment in the Oilfield Services reporting unit
As discussed in Notes 1 and 6 to the consolidated financial statements, the Company has four reporting units
which are monitored for impairment on the basis of market conditions. The Company performs an impairment
test on goodwill on an annual basis for each of its reporting units as of July 1, or more frequently when
circumstances indicate that an impairment indicator exists at the reporting unit level. Potential impairment
indicators include the results of the most recent annual impairment testing, downward revisions to internal
forecasts, declines in market capitalization below book value, and the magnitude and duration of those
declines, if any. The Company identified impairment indicators and therefore performed an interim quantitative
impairment test comparing the fair value of each of its reporting units to its carrying value as of March 31,
2020. Based on the results of the quantitative impairment test as of March 31, 2020, the Company concluded
that the carrying value of the Oilfield Services reporting unit exceeded its estimated fair value and recorded a
goodwill impairment charge in the amount of $11,484 million associated with the Oilfield Services reporting
unit. The goodwill balance as of December 31, 2020 was $5,977 million, of which $1,539 million was related
to the Oilfield Services reporting unit. Projected revenue, projected operating profit, and the discount rate are
elements of the estimated future cash flows used by the Company in determining the fair value of each of the
reporting units.
We identified the evaluation of the goodwill impairment analysis for the Oilfield Services reporting unit as a
critical audit matter. Specifically, the evaluation of projected revenue and projected operating profit required
the application of subjective auditor judgment because these projections involve assumptions about future
events. In addition, changes to the discount rate assumptions may have a significant effect on the Company’s
assessment of the carrying value of the goodwill of the reporting unit.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the
design and tested the operating effectiveness of certain internal controls related to the goodwill impairment
process. This included controls relating to management’s goodwill impairment test, the development of
projected financial information and the discount rate, and management’s review of the projections. We
evaluated the projected revenue and projected operating profit assumptions by comparing the projected
amounts to (1) the past performance of the reporting unit, including historical actual results, and (2) relevant
industry benchmark data related to future events. We also considered evidence obtained in other areas of the
audit. We evaluated the Company’s ability to accurately prepare projections by comparing the projected
revenues and projected operating profit to actual results for the period. In addition, we involved valuation
professionals with specialized skills and knowledge, who assisted in evaluating the discount rate used by
comparing it against a discount rate range that was independently developed using publicly available market
data for comparable entities.
/s/ KPMG LLP

We have served as the Company’s auditor since 2017.
Houston, Texas
February 25, 2021

REPORT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors

Baker Hughes Company:
Opinion on Internal Control Over Financial Reporting

We have audited Baker Hughes Company and subsidiaries’ (the Company) internal control over financial reporting
as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained,
in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria
established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2020 and
2019, the related consolidated statements of income (loss), comprehensive income (loss), changes in equity, and
cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes
(collectively, the consolidated financial statements), and our report dated February 25, 2021 expressed an
unqualified opinion on those consolidated financial statements.
Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for
its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on
the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered
with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our
audit also included performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
/s/ KPMG LLP

Houston, Texas
February 25, 2021

BAKER HUGHES COMPANY
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Year Ended December 31,

(In millions, except per share amounts) 2020 2019 2018
Revenue:
Sales of goods $ 12,846 $ 13,689 $ 13,113
Sales of services 7,859 10,149 9,764
Total revenue 20,705 23,838 22,877
Costs and expenses:
Cost of goods sold 11,383 11,798 11,524
Cost of services sold 6,123 7,608 7,367
Selling, general and administrative 2,404 2,832 2,699
Goodwill impairment 14,773 — —
Restructuring, impairment and other 1,866 342 433
Separation and merger related 134 184 153
Total costs and expenses 36,683 22,764 22,176
Operating income (loss) (15,978) 1,074 701
Other non-operating income (loss), net 1,040 (84) 202
Income (loss) before income taxes and equity in loss of affiliate (15,202) 753 680
Equity in loss of affiliate — — (139)
Provision for income taxes (559) (482) (258)
Net income (loss) (15,761) 271 283
Less: Net income (loss) attributable to noncontrolling interests (5,821) 143 88
Net income (loss) attributable to Baker Hughes Company $ (9,940) $ 128 $ 195
Per share amounts:

Basic income (loss) per Class A common share $ (14.73) $ 0.23 $ 0.46
Diluted income (loss) per Class A common share $ (14.73) $ 0.23 $ 0.45
Cash dividend per Class A common share $ 0.72 $ 0.72 $ 0.72
See accompanying Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions) 2020 2019 2018
Net income (loss) $ (15,761) $ 271 $ 283
Net income (loss) attributable to Baker Hughes Company (9,940) 128 195
Other comprehensive income (loss):
Investment securities (2) 2 (3)
Foreign currency translation adjustments 175 53 (502)
Cash flow hedges (5) 12 (4)
Benefit plans (125) (75) (64)
Other comprehensive income (loss) 43 (8) (573)
Less: Other comprehensive loss attributable to noncontrolling interests — (1) (343)
Other comprehensive income (loss) attributable to Baker Hughes Company 43 (7) (230)
Comprehensive income (loss) (15,718) 263 (290)
Less: Comprehensive income (loss) attributable to noncontrolling interests (5,821) 142 (255)
Comprehensive income (loss) attributable to Baker Hughes Company $ (9,897) $ 121 $ (35)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
(In millions, except par value) 2020 2019
ASSETS
Current Assets:
Cash and cash equivalents (1) $ 4,132 $ 3,249
Current receivables, net 5,622 6,416
Inventories, net 4,421 4,608
All other current assets 2,280 949
Total current assets 16,455 15,222
Property, plant and equipment, less accumulated depreciation 5,358 6,240
Goodwill 5,977 20,690
Other intangible assets, net 4,397 5,381
Contract and other deferred assets 2,001 1,881
All other assets 2,866 3,001
Deferred income taxes 953 954
Total assets (1) $ 38,007 $ 53,369
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable $ 3,532 $ 4,268
Short-term debt and current portion of long-term debt (1) 889 321
Progress collections and deferred income 3,454 2,870
All other current liabilities 2,352 2,555
Total current liabilities 10,227 10,014
Long-term debt 6,744 6,301
Deferred income taxes 186 51
Liabilities for pensions and other employee benefits 1,217 1,079
All other liabilities 1,391 1,425
Equity:
Class A common stock, $0.0001 par value - 2,000 authorized, 724 and 650
issued and outstanding as of December 31, 2020 and 2019, respectively — —
Class B common stock, $0.0001 par value - 1,250 authorized, 311 and 377
issued and outstanding as of December 31, 2020 and 2019, respectively — —
Capital in excess of par value 24,613 23,565
Retained loss (9,942) —
Accumulated other comprehensive loss (1,778) (1,636)
Baker Hughes Company equity 12,893 21,929
Noncontrolling interests 5,349 12,570
Total equity 18,242 34,499
Total liabilities and equity $ 38,007 $ 53,369
(1)
Total assets include $45 million and $273 million of assets held on behalf of GE, of which $44 million and $162 million
is cash and cash equivalents and $1 million and $111 million is investment securities at December 31, 2020 and 2019,
respectively, and a corresponding amount of liability is reported in short-term borrowings. See "Note 18. Related Party
Transactions" for further details.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Class A and Accumulated
Class B Capital in Retained Other Non-
Common Excess of Earnings Comprehensive controlling
(In millions, except per share amounts) Stock Par Value (Loss) Loss Interests Total
Balance at December 31, 2017 — $15,083 $ (103) $ (703) $ 24,133 $38,410
Effect of adoption of ASU 2016-16 on taxes 25 42 67
Comprehensive income (loss):
Net income 195 88 283
Other comprehensive loss (230) (343) (573)
Dividends on Class A Common Stock ($0.72 per share) (224) (91) (315)
Distributions to GE (495) (495)
Effect of exchange of Class B common stock and associated
BHH LLC Units for Class A common stock 3,638 (230) (3,408) —
Repurchase and cancellation of Class B common stock and
associated BHH LLC Units 405 (52) (2,440)(2,087)
Repurchase and cancellation of Class A common stock (374) (374)
Stock-based compensation cost 121 121
Other 10 (1) (4) (29) (24)
Balance at December 31, 2018 — 18,659 25 (1,219) 17,548 35,013
Net income 128 143 271
Other comprehensive loss (7) (1) (8)
Dividends on Class A Common Stock ($0.72 per share) (241) (154) (395)
Repurchase and cancellation of Class B common stock and
associated BHH LLC Units 107 (18) (339) (250)
Other 113 1 (60) (23) 31
Balance at December 31, 2019 — 23,565 — (1,636) 12,570 34,499
Net loss (9,940) (5,821) (15,761)
Other comprehensive loss 43 43
Dividends on Class A Common Stock ($0.72 per share) (488) (488)
Other 9 (2) (12) (5)
Balance at December 31, 2020 — $24,613 $ (9,942) $ (1,778) $ 5,349 $18,242

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions) 2020 2019 2018
Cash flows from operating activities:
Net income (loss) $ (15,761) $ 271 $ 283
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization 1,317 1,418 1,486
Goodwill impairment 14,773 — —
Intangible assets impairment 729 — —
Property, plant and equipment impairment 461 107 80
Inventory impairment 246 — 105
Loss (gain) on business dispositions 353 138 (171)
Provision (benefit) for deferred income taxes 160 51 (249)
Unrealized gain on equity security (1,417) — —
Equity in loss of affiliate — — 139
Changes in operating assets and liabilities:
Current receivables 680 (583) (204)
Inventories (80) (200) (339)
Accounts payable (711) 249 794
Progress collections and deferred income 396 1,147 (27)
Contract and other deferred assets (69) (60) 129
Other operating items, net 227 (412) (264)
Net cash flows from operating activities 1,304 2,126 1,762
Cash flows from investing activities:

Expenditures for capital assets (974) (1,240) (995)
Proceeds from disposal of assets 187 264 458
Proceeds from business dispositions 187 77 453
Net cash paid for business interests (26) (176) (530)
Other investing items, net 8 30 36
Net cash flows used in investing activities (618) (1,045) (578)
Cash flows from financing activities:

Net repayments of short-term debt (204) (542) (376)
Proceeds from the issuance of long-term debt 500 525 —
Proceeds from issuance of commercial paper 737 — —
Repayments of long-term debt (42) (570) (684)
Dividends paid (488) (395) (315)
Distributions to GE (256) (350) (495)
Repurchase of Class A common stock — — (387)
Repurchase of common units from GE by BHH LLC — (250) (2,099)
Other financing items, net (22) 48 (7)
Net cash flows from (used in) financing activities 225 (1,534) (4,363)
Effect of currency exchange rate changes on cash and cash equivalents (28) (21) (128)
Increase (decrease) in cash and cash equivalents 883 (474) (3,307)
Cash and cash equivalents, beginning of period 3,249 3,723 7,030
Cash and cash equivalents, end of period $ 4,132 $ 3,249 $ 3,723
See "Note 22. Supplementary Information" for additional cash flow disclosures.

Notes to 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. The Company
was formed as the result of a combination between Baker Hughes Incorporated (BHI) and the oil and gas business
(GE O&G) of General Electric Company (GE) (the Transactions). As of September 16, 2019, GE ceased to hold
more than 50% of the voting power of all classes of our outstanding voting stock. Subsequently, on October 17,
2019, the Company changed its name from Baker Hughes, a GE company to Baker Hughes Company. On
October 18, 2019, the Company began trading as BKR on the New York Stock Exchange.
BASIS OF PRESENTATION
The accompanying 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 such principles, U.S. GAAP) and
pursuant to the rules and regulations of the SEC for annual financial information. All intercompany accounts and
transactions have been eliminated.
We hold a majority economic interest in Baker Hughes Holdings LLC (BHH LLC) and conduct and exercise full
control over all activities of BHH LLC without the approval of any other member. Accordingly, we consolidate the
financial results of BHH LLC and report a noncontrolling interest in our consolidated financial statements for the
economic interest held by GE. As of December 31, 2020, GE's economic interest in BHH LLC was 30.1%. See
"Note 14. Equity" for further information.
In the Company's consolidated financial statements and notes, certain amounts have been reclassified to
conform with the current year presentation. In the notes to the 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 our financial statements and notes thereto may not add due to the use of rounded numbers.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates
and judgments that affect the reported amounts of assets and liabilities, disclosure of any contingent assets or
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the
reporting period. We base our estimates and judgments on historical experience and on various other assumptions
and information that we believe to be reasonable under the circumstances. Estimates and assumptions about
future events and their effects cannot be perceived with certainty, and accordingly, these estimates may change as
new events occur, as more experience is acquired, as additional information is obtained and as our operating
environment changes. While we believe that the estimates and assumptions used in the preparation of the
consolidated financial statements are appropriate, actual results could differ from those estimates. Estimates are
used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation
reserves; recoverability of long-lived assets, including revenue recognition on long-term contracts, valuation of
goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances;
accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit
plans; stock-based compensation expense; valuation of derivatives and the fair value of assets acquired and
liabilities assumed in acquisitions; and expense allocations for certain corporate functions and shared services
provided by GE.

Foreign Currency
Assets and liabilities of non-U.S. operations with a functional currency other than the U.S. dollar have been
translated into U.S. dollars using our period end exchange rates, and revenue, expenses, and cash flows have been
translated at average rates for the respective periods. Any resulting translation gains and losses are included in
other comprehensive income (loss).
Gains and losses from foreign currency transactions, such as those resulting from the settlement of receivables
or payables in the non-functional currency and those resulting from remeasurements of monetary items, are
included in the consolidated statements of income (loss).
Revenue from Sale of Equipment
Performance Obligations Satisfied Over Time
We recognize revenue on agreements for sales of goods manufactured to unique customer specifications
including long-term construction projects, on an over time basis utilizing cost inputs as the measurement criteria in
assessing the progress toward completion. Our estimate of costs to be incurred to fulfill our promise to a customer
is based on our history of manufacturing similar assets for customers and is updated routinely to reflect changes in
quantity or pricing of the inputs. We begin to recognize revenue on these contracts when the contract specific
inventory becomes customized for a customer, which is reflective of our initial transfer of control of the incurred
costs. We provide for potential losses on any of these agreements when it is probable that we will incur the loss.
Our billing terms for these over time contracts vary, but are generally based on achieving specified milestones.
The differences between the timing of our revenue recognized (based on costs incurred) and customer billings
(based on contractual terms) results in changes to our contract asset or contract liability positions.
Performance Obligations Satisfied at a Point In Time
We recognize revenue for non-customized equipment at the point in time that the customer obtains control of
the good. Equipment for which we recognize revenue at a point in time include goods we manufacture on a
standardized basis for sale to the market. We use proof of delivery for certain large equipment with more complex
logistics associated with the shipment, whereas the delivery of other equipment is generally determined based on
historical data of transit times between regions.
On occasion we sell products with a right of return. We use our accumulated experience to estimate and
provide for such returns when we record the sale. In situations where arrangements include customer acceptance
provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded
that the customer has control of the goods and that acceptance is likely to occur.
Our billing terms for these point in time equipment contracts vary, but are generally based on shipment of the
goods to the customer.
Revenue from Sale of Services
Performance Obligations Satisfied Over Time
We sell product services under long-term product maintenance or extended warranty agreements in our
Turbomachinery & Process Solutions and Oilfield Equipment segments. These agreements require us to maintain
the customers' assets over the service agreement contract terms, which generally range from 10 to 20 years. In
general, these are contractual arrangements to provide services, repairs, and maintenance of a covered unit (gas
turbines for mechanical drive or power generation, primarily on LNG applications, drilling rigs). These services are
performed at various times during the life of the contract, thus the costs of performing services are incurred on other
than a straight-line basis. We recognize related sales based on the extent of our progress toward completion
measured by actual costs incurred in relation to total expected costs. We provide for any loss that we expect to
incur on any of these agreements when that loss is probable. The Company utilizes historical customer data, prior

product performance data, statistical analysis, third-party data, and internal management estimates to calculate
contract-specific margins. In certain contracts, the total transaction price is variable based on customer utilization,
which is excluded from the contract margin until the period that the customer has utilized to appropriately reflect the
revenue activity in the period earned. In addition, revenue for certain oilfield services is recognized on an over time
basis as performed.
Our billing terms for these contracts are generally based on asset utilization (i.e. usage per hour) or the
occurrence of a major maintenance event within the contract. The differences between the timing of our revenue
recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our
contract asset or contract liability positions.
Performance Obligations Satisfied at a Point In Time
We sell certain tangible products, largely spare equipment, through our services business. We recognize
revenue for this equipment at the point in time that the customer obtains control of the good, which is at the point in
time we deliver the spare part to the customer. Our billing terms for these point in time service contracts vary, but
are generally based on shipment of the goods to the customer.
Research and Development
Research and development costs are expensed as incurred and relate to the research and development of new
products and services. These costs amounted to $595 million, $687 million and $700 million for the years ended
December 31, 2020, 2019 and 2018, respectively. Research and development expenses were reported in cost of
goods sold and cost of services sold.
Separation and Merger Related
In 2020 and 2019, separation and merger related costs primarily include costs incurred in connection with the
separation from GE and the finalization of the Master Agreement Framework and Omnibus Agreement. Prior to
2019, separation and merger related costs primarily include costs associated with the combination of BHI and GE
O&G.
Cash and Cash Equivalents
Short-term investments with original maturities of three months or less are included in cash equivalents unless
designated as available-for-sale and classified as investment securities.
As of December 31, 2020 and 2019, we had $687 million and $1,102 million, respectively, of cash held in bank
accounts that cannot be released, transferred or otherwise converted into a currency that is regularly transacted
internationally, due to lack of market liquidity, capital controls or similar monetary or exchange limitations limiting the
flow of capital out of the jurisdiction. These funds are available to fund operations and growth in these jurisdictions
and we do not currently anticipate a need to transfer these funds to the U.S. Included in these amounts are $42
million and $142 million, as of December 31, 2020 and 2019, respectively, held on behalf of GE.
Cash and cash equivalents includes a total of $44 million and $162 million of cash at December 31, 2020 and
2019, respectively, held on behalf of GE, and a corresponding liability is reported in short-term borrowings. See
"Note 18. Related Party Transactions" for further details.
Allowance for Credit Losses
We monitor our customers' payment history and current credit worthiness to determine that collectability of the
related financial assets are reasonably assured. We also consider the overall business climate in which our
customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit
losses. The matrix contemplates historical credit losses by age of receivables, adjusted for any forward-looking
information and management expectations.

Concentration of Credit Risk
We grant credit to our customers who primarily operate in the oil and natural gas industry. Although this
concentration affects our overall exposure to credit risk, our current receivables are spread over a diverse group of
customers across many countries, which mitigates this risk. We perform periodic credit evaluations of our
customers' financial conditions, including monitoring our customers' payment history and current credit worthiness
to manage this risk. We do not generally require collateral in support of our current receivables, but we may require
payment in advance or security in the form of a letter of credit or a bank guarantee.
Inventories
All inventories are stated at the lower of cost or net realizable values and they are measured on a first-in, first-
out (FIFO) basis or average cost basis. As necessary, we record provisions and maintain reserves for excess, slow
moving and obsolete inventory. To determine these reserve amounts, we regularly review inventory quantities on
hand and compare them to estimates of future product demand, market conditions, production requirements and
technological developments.
Property, Plant and Equipment (PP&E)
Property, plant and equipment is initially stated at cost and is depreciated over its estimated economic life.
Subsequently, property, plant and equipment is measured at cost less accumulated depreciation, which is generally
provided by using the straight-line method over the estimated economic lives of the individual assets, and
impairment losses. We manufacture a substantial portion of our tools and equipment in our OFS segment and the
cost of these items, which includes direct and indirect manufacturing costs, is capitalized in inventory and
subsequently moved to PP&E.
Other Intangible Assets
We amortize the cost of other intangible assets over their estimated useful lives unless such lives are deemed
indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset's estimated
economic life. Amortizable intangible assets are reviewed for impairment whenever events or changes in
circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are
tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either
discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment
and written down to fair value as required. Refer to the Impairment of Goodwill and Other Long-Lived Assets
accounting policy.
Impairment of Goodwill and Other Long-lived Assets
We perform an annual impairment test of goodwill on a qualitative or quantitative basis for each of our reporting
units as of July 1, or more frequently when circumstances indicate an impairment may exist at the reporting unit
level. When performing the annual impairment test we have the option of first performing a qualitative assessment
to determine the existence of events and circumstances that would lead to a determination that it is more likely than
not that the fair value of a reporting unit is less than its carrying amount. If such a conclusion is reached, we would
then be required to perform a quantitative impairment assessment of goodwill. However, if the assessment leads to
a determination that it is more likely than not that the fair value of a reporting unit is greater than its carrying amount,
then no further assessments are required. A quantitative assessment for the determination of impairment is made
by comparing the carrying amount of each reporting unit with its fair value, which is generally calculated using a
combination of market, comparable transaction and discounted cash flow approaches. See "Note 6. Goodwill and
Other Intangible Assets" for further information on valuation methodology and impairment of goodwill.
We review PP&E, intangible assets and certain other long-lived assets for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable and at least annually for
indefinite-lived intangible assets. When testing for impairment, we group our long-lived assets with other assets and
liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other
assets and liabilities (or asset group). The determination of recoverability is made based upon the estimated

undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing the fair
value, as determined by a discounted cash flow analysis, with the carrying value of the related assets.
Financial Instruments
Our financial instruments include cash and equivalents, current receivables, investments, accounts payables,
short and long-term debt, and derivative financial instruments.
We monitor our exposure to various business risks including commodity prices and foreign currency exchange
rates and we regularly use derivative financial instruments to manage these risks. At the inception of a new
derivative, we designate the derivative as a hedge or we determine the derivative to be undesignated as a hedging
instrument. We document the relationships between the hedging instruments and the hedged items, as well as our
risk management objectives and strategy for undertaking various hedge transactions. We assess whether the
derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of the
hedged item at both the inception of the hedge and on an ongoing basis.
We have a program that utilizes foreign currency forward contracts to reduce the risks associated with the
effects of certain foreign currency exposures. Under this program, our strategy is to have gains or losses on the
foreign currency forward contracts mitigate the foreign currency transaction and translation gains or losses to the
extent practical. These foreign currency exposures typically arise from changes in the value of assets (for example,
current receivables) and liabilities (for example, current payables) which are denominated in currencies other than
the functional currency of the respective entity. We record all derivatives as of the end of our reporting period in our
consolidated statement of financial position at fair value. For the forward contracts held as undesignated hedging
instruments, we record the changes in fair value of the forward contracts in our consolidated statements of income
(loss) along with the change in the fair value, related to foreign exchange movements, of the hedged item. Changes
in the fair value of forward contracts designated as cash flow hedging instruments are recognized in other
comprehensive income until the hedged item is recognized in earnings.
Fair Value Measurements
For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would
receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the
measurement date. In the absence of active markets for the identical assets or liabilities, such measurements
involve developing assumptions based on market observable data and, in the absence of such data, internal
information that is consistent with what market participants would use in a hypothetical transaction that occurs at the
measurement date.
Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our
market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair
value hierarchy:
• Level 1 - Quoted prices for identical instruments in active markets.
• Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar
instruments in markets that are not active; and model-derived valuations whose inputs are observable or
whose significant value drivers are observable.
• Level 3 - Significant inputs to the valuation model are unobservable.
We maintain policies and procedures to value instruments using the best and most relevant data available. In
addition, we perform reviews to assess the reasonableness of the valuations. With regard to Level 3 valuations
(including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of
the valuations. Such reviews include an evaluation of instruments whose fair value change exceeds predefined
thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as well
as other published data, such as rating agency market reports and current appraisals.

Recurring Fair Value Measurements
Derivatives
When we have Level 1 derivatives, which are traded either on exchanges or liquid over-the-counter markets, we
use closing prices for valuation. The majority of our derivatives are valued using internal models and are included in
Level 2. These internal models maximize the use of market observable inputs including interest rate curves and
both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2
primarily represent foreign currency and commodity forward contracts for the Company.
Investments in Debt and Equity Securities
When available, we use quoted market prices to determine the fair value of investment securities, and they are
included in Level 1. Level 1 securities primarily include publicly traded equity securities.
For investment securities for which market prices are observable for identical or similar investment securities
but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information
for each individual investment security at the measurement date), we use pricing models that are consistent with
what other market participants would use. The inputs and assumptions to the models are derived from market
observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark
securities, bids, offers, and other market-related data. Thus, certain securities may not be priced using quoted
prices, but rather determined from market observable information. These investments are included in Level 2.
When we use valuations that are based on significant unobservable inputs we classify the investment securities in
Level 3.
Non-Recurring Fair Value Measurements
Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair
value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. These assets
can include long-lived assets that have been reduced to fair value when they are held for sale, equity securities
without readily determinable fair value and equity method investments and long-lived assets that are written down to
fair value when they are impaired and the remeasurement of retained investments in formerly consolidated
subsidiaries upon a change in control that results in a deconsolidation of a subsidiary, if we sell a controlling interest
and retain a noncontrolling stake in the entity. Assets that are written down to fair value when impaired and retained
investments are not subsequently adjusted to fair value unless further impairment occurs.
Investments in Equity Securities
Investments in equity securities (of entities in which we do not have either a controlling financial interest or
significant influence, most often because we hold a voting interest of 0% to 20%) with readily determinable fair
values are measured at fair value with changes in fair value recognized in earnings and reported in "other non-
operating income (loss), net" in the consolidated statements of income (loss). Equity securities that do not have
readily determinable fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from
observable price changes in orderly transactions for identical or similar equity securities of the same issuer. These
changes are recorded in "other non-operating income (loss), net" in the consolidated statements of income (loss).
Associated companies are entities in which we do not have a controlling financial interest, but over which we
have significant influence, most often because we hold a voting interest of 20% to 50%. Associated companies are
accounted for as equity method investments. The results of associated companies are presented in the
consolidated statements of income (loss) as follows: (i) if the associated company is integral to our operations, their
results are included in "Selling, general and administrative," (ii) if the associated company is not integral to our
operations, their results are included in "Other non-operating income (loss), net," and (iii) our equity method
investment in BJ Services, which was a Delaware limited liability company, is presented in "Equity in loss of
affiliate." Investments in, and advances to, associated companies are presented on a one-line basis in the caption
"All other assets" in our consolidated statement of financial position.

Income Taxes
We file U.S. federal and state income tax returns which after the closing of the Transactions primarily includes
our distributive share of items of income, gain, loss and deduction of BHH LLC, which is treated as a partnership for
U.S. tax purposes. As such, BHH LLC will not itself be subject to U.S. federal income tax under current U.S. tax
laws. Non-U.S. current and deferred income taxes owed by the subsidiaries of BHH LLC are reflected in the
financial statements.
We account for taxes under the asset and liability method. Under this method, deferred income taxes are
recognized for temporary differences between the financial statement and tax return bases of assets and liabilities
as well as from net operating losses and tax credit carryforwards, based on enacted tax rates expected to be in
effect when taxes actually are paid or recovered and other provisions of the tax law. The effect of a change in tax
laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is
enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not,
and a valuation allowance is established for any portion of a deferred tax asset that management believes may not
more likely than not be realized.
We provide U.S. deferred taxes on our outside basis difference in our investment in BHH LLC. In determining
this outside basis difference, we exclude non-deductible goodwill and the basis difference related to certain foreign
corporations owned by BHH LLC where the undistributed earnings of the foreign corporation have been, or will be,
reinvested indefinitely.
Indefinite reinvestment is determined by management’s judgment and intentions concerning the future
operations of the Company. In cases where repatriation would otherwise incur significant withholding or income
taxes, these foreign earnings have been indefinitely reinvested in the Company’s active non-U.S. business
operations. Computation of the potential deferred tax liability associated with these undistributed earnings and any
other basis difference is not practicable.
Significant judgment is required in determining our tax expense and in evaluating our tax positions, including
evaluating uncertainties. We operate in more than 120 countries and our tax filings are subject to audit by the tax
authorities in the jurisdictions where we conduct business. These audits may result in assessments of additional
taxes that are resolved with the tax authorities or through the courts. We have provided for the amounts that we
believe will ultimately result from these proceedings. We recognize uncertain tax positions that are “more likely than
not” to be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts
and other information. For those tax positions that meet this threshold, we measure the amount of tax benefit based
on the largest amount of tax benefit that has a greater than 50% chance of being realized in a final settlement with
the relevant authority. We classify interest and penalties associated with uncertain tax positions as income tax
expense. The effects of tax adjustments and settlements from taxing authorities are presented in financial
statements in the period they are recorded.
Additionally, as part of U.S. tax reform, the U.S. has enacted a tax on "base eroding" payments from the U.S.
and a minimum tax on foreign earnings (global intangible low-taxed income). In 2018, we made an accounting
policy election to account for these taxes as period costs.
Environmental Liabilities
We are involved in numerous remediation actions to clean up hazardous waste as required by federal and state
laws. Liabilities for remediation costs exclude possible insurance recoveries and, when dates and amounts of such
costs are not known, are not discounted. When there appears to be a range of possible costs with equal likelihood,
liabilities are based on the low end of such range. It is reasonably possible that our environmental remediation
exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations,
technology and information related to individual sites, such amounts are not reasonably estimable. The
determination of the required accruals for remediation costs is subject to uncertainty, including the evolving nature
of environmental regulations and the difficulty in estimating the extent and type of remediation activity that is
necessary.

NEW ACCOUNTING STANDARDS ADOPTED
Financial Instruments - Credit Losses
On January 1, 2020, we adopted Financial Accounting Standards Board (FASB) Accounting Standards Update
(ASU) No. 2016-13, Financial Instruments - Credit Losses. The ASU introduces a new accounting model, the
Current Expected Credit Losses model (CECL), which requires earlier recognition of credit losses and additional
disclosures related to credit risk. The CECL model utilizes a lifetime expected credit loss measurement objective for
the recognition of credit losses for loans and other receivables at the time the financial asset is originated or
acquired. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This
model replaces the multiple existing impairment models previously used under U.S. GAAP, which generally require
that a loss be incurred before it is recognized. The new standard also applies to financial assets arising from
revenue transactions such as contract assets and accounts receivables. The adoption did not have a material
impact on our consolidated financial statements.
Intangibles - Goodwill and Other
On January 1, 2020, we adopted FASB ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the
Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating the
requirement to calculate the fair value of the individual assets and liabilities of a reporting unit to measure goodwill
impairment. Under the new ASU, when required to test goodwill for recoverability, an entity will perform its goodwill
impairment test by comparing the fair value of the reporting unit with its carrying value and should recognize an
impairment charge for the amount by which the carrying value exceeds the fair value of the reporting unit. We have
applied this ASU on a prospective basis. See "Note 6. Goodwill and Other Intangible Assets" for further details.
NEW ACCOUNTING STANDARDS TO BE ADOPTED
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 our financial position or results of
operations.
NOTE 2. REVENUE RELATED TO CONTRACTS WITH CUSTOMERS
DISAGGREGATED REVENUE
We disaggregate our revenue from contracts with customers by primary geographic markets.
Total Revenue 2020 2019 2018
U.S. $ 4,638 $ 6,188 $ 6,576
Non-U.S. 16,067 17,650 16,301
Total $ 20,705 $ 23,838 $ 22,877
REMAINING PERFORMANCE OBLIGATIONS
As of December 31, 2020 and 2019, the aggregate amount of the transaction price allocated to the unsatisfied
(or partially unsatisfied) performance obligations was $23.4 billion and $22.9 billion, respectively. As of
December 31, 2020, we expect to recognize revenue of approximately 51%, 67% and 90% 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 we fulfill the related
remaining performance obligations.

NOTE 3. CURRENT RECEIVABLES
Current receivables are comprised of the following at December 31:
2020 2019
Customer receivables $ 4,676 $ 5,448
Related parties 429 495
Other 890 796
Total current receivables 5,995 6,739
Less: Allowance for credit losses (373) (323)
Total current receivables, net $ 5,622 $ 6,416
Customer receivables are recorded at the invoiced amount. Related parties consists primarily of amounts owed
to us by GE. The "Other" category consists primarily of indirect taxes, advance payments to suppliers, other tax
receivables and customer retentions.
NOTE 4. INVENTORIES
Inventories, net of reserves of $421 million and $429 million in 2020 and 2019, respectively, are comprised of
the following at December 31:
2020 2019
Finished goods $ 2,337 $ 2,546
Work in process and raw materials 2,084 2,062
Total inventories, net $ 4,421 $ 4,608
We recorded inventory impairments of $246 million, nil, and $105 million for the years ended December 31,
2020, 2019, and 2018, respectively. Inventory impairments in 2020 and 2018 are predominantly in our Oilfield
Services segment and Oilfield Equipment segment, respectively, as a result of certain restructuring activities
initiated by the Company. Charges for inventory impairments are reported in the "Cost of goods sold" caption of the
consolidated statements of income (loss).
NOTE 5. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are comprised of the following at December 31:
Useful Life 2020 2019

Land and improvements (1) 8 - 20 years(1)
$ 404 $ 430
Buildings, structures and related equipment 5 - 40 years 2,618 2,870
Machinery, equipment and other 2 - 20 years 7,451 7,324
Total cost 10,473 10,624
Less: Accumulated depreciation (5,115) (4,384)
Property, plant and equipment, less accumulated depreciation $ 5,358 $ 6,240
(1)
Useful life excludes land.
Depreciation expense relating to property, plant and equipment was $1,009 million, $1,053 million and $1,031
million for the years ended December 31, 2020, 2019 and 2018, respectively. See "Note 20. Restructuring,
Impairment and Other" for additional information on property, plant and equipment impairments.

NOTE 6. GOODWILL AND INTANGIBLE ASSETS
GOODWILL
The changes in the carrying value of goodwill are detailed below by segment:
Turbo-
machinery
Oilfield Oilfield & Process Digital
Services Equipment Solutions Solutions Total
Balance at December 31, 2018, gross $ 15,676 $ 4,177 $ 2,186 $ 2,432 $ 24,471
Accumulated impairment at December 31, 2018 (2,633) (867) — (254) (3,754)
Balance at December 31, 2018 13,043 3,310 2,186 2,178 20,717
Currency exchange and others — 9 (15) (21) (27)
Balance at December 31, 2019 13,043 3,319 2,171 2,157 20,690
Impairment (11,484) (3,289) — — (14,773)
Currency exchange and others (20) (24) 63 41 60
Balance at December 31, 2020 $ 1,539 $ 6 $ 2,234 $ 2,198 $ 5,977
We perform our annual goodwill impairment test for each of our reporting units as of July 1 of each fiscal year, in
conjunction with our annual strategic planning process. Our reporting units are the same as our four reportable
segments. In addition to our annual impairment test, we also test goodwill for impairment between annual
impairment dates whenever events or circumstances occur which, in our judgment, could more likely than not
reduce the fair value of one or more reporting units below its carrying value. Potential impairment indicators
include, but are not limited to, (i) the results of our most recent annual or interim impairment testing, in particular the
magnitude of the excess of fair value over carrying value observed, (ii) downward revisions to internal forecasts,
and the magnitude thereof, if any, and (iii) declines in our market capitalization below our book value, and the
magnitude and duration of those declines, if any.
During the first quarter of 2020, our market capitalization declined significantly compared to the fourth quarter of
2019. Our closing stock price fell to a historic low of $9.33 on March 23, 2020. Over the same period, the equity
value of our peer group companies and the overall U.S. stock market also declined significantly amid market
volatility. In addition, the Oilfield Services Index (OSX), an indicator of investors’ view of the earnings prospects and
cost of capital of the oil and gas services industry, traded at prices that were the lowest in its history. These declines
were driven by the uncertainty surrounding the outbreak of the coronavirus (COVID-19) and other macroeconomic
events such as the geopolitical tensions between OPEC and Russia, which also resulted in a significant drop in oil
prices. Based on these factors, we concluded that a triggering event occurred and, accordingly, an interim
quantitative impairment test was performed as of March 31, 2020 (“testing date”).
In performing the interim quantitative impairment test as of March 31, 2020 and consistent with our prior
practice, we determined the fair value of each of our reporting units using a combination of the income approach
and the market approach by assessing each of these valuation methodologies based upon availability and
relevance of comparable company data and determining the appropriate weighting.
Under the income approach, the fair value for each of our reporting units was determined based on the present
value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. We used our internal
forecasts, updated for recent events, to estimate future cash flows with cash flows beyond the specific operating
plans estimated using a terminal value calculation, which incorporates historical and forecasted trends, including an
estimate of long-term future growth rates, based on our most recent views of the long-term outlook for each
reporting unit. Our internal forecasts include assumptions about future commodity pricing and expected demand for
our goods and services. Due to the inherent uncertainties involved in making estimates and assumptions, actual
results may differ from those assumed in our forecasts.

We derived our discount rates using a capital asset pricing model and analyzing published rates for industries
relevant to our reporting units to estimate the cost of equity financing. We used discount rates that are
commensurate with the risks and uncertainties inherent in the respective businesses and in our internally developed
forecasts, updated for recent events.
Valuations using the market approach were derived from metrics of publicly traded companies or historically
completed transactions of comparable businesses. The selection of comparable businesses was based on the
markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of
products and services.
Based upon the results of our interim quantitative impairment test performed as of March 31, 2020, we
concluded that the carrying value of the Oilfield Services (OFS) and Oilfield Equipment (OFE) reporting units
exceeded their estimated fair value as of the testing date, which resulted in goodwill impairment charges of $11,484
million and $3,289 million, respectively. The goodwill impairment was calculated as the amount that the carrying
value of the reporting unit, including any goodwill, exceeded its fair value.
During the third quarter of 2020, we completed our annual impairment test for each reporting unit and
determined it was more likely than not that the fair value of our reporting units exceeded their carrying amounts.
Between our annual test date of July 1, 2020 and December 31, 2020, we did not identify any indicators that would
lead to a determination that it is more likely than not that the fair value of any of our reporting units is less than its
carrying value. There can be no assurances that future sustained declines in macroeconomic or business
conditions affecting our industry will not occur, which could result in goodwill impairment charges in future periods.
OTHER INTANGIBLE ASSETS
Intangible assets are comprised of the following at December 31:
2020 2019
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount Amortization Net Amount Amortization Net
Customer relationships $ 2,261 $ (916) $ 1,345 $ 3,027 $ (1,045) $ 1,982
Technology 1,127 (696) 431 1,075 (626) $ 449
Trade names and trademarks 326 (181) 145 696 (254) 442
Capitalized software 1,294 (1,041) 253 1,193 (928) 265
Other — — — 3 (2) 1
Finite-lived intangible assets (1) 5,008 (2,834) 2,174 5,994 (2,855) 3,139
Indefinite-lived intangible assets 2,223 — 2,223 2,242 — 2,242
Total intangible assets $ 7,231 $ (2,834) $ 4,397 $ 8,236 $ (2,855) $ 5,381
(1)
For the year ended December 31, 2020, we recorded intangible asset impairments to customer relationships of $481
million, technology of $8 million, trade names and trademarks of $237 million, and capitalized software of $3 million.
See "Note 20. Restructuring, Impairment and Other" for further discussion.
Intangible assets are generally amortized on a straight-line basis with estimated useful lives ranging from one to
30 years. Amortization expense was $308 million, $365 million and $455 million for the years ended December 31,
2020, 2019 and 2018, respectively.

Estimated amortization expense for each of the subsequent five fiscal years is expected to be as follows:
Estimated
Amortization
Year Expense
2021 $ 255
2022 214
2023 200
2024 182
2025 142
NOTE 7. CONTRACT AND OTHER DEFERRED ASSETS
The majority of our long-term product service agreements relate to our Turbomachinery & Process Solutions
segment. Contract assets reflect revenue earned in excess of billings on our long-term contracts to construct
technically complex equipment, long-term product maintenance or extended warranty arrangements and other
deferred contract related costs. Contract assets are comprised of the following at December 31:
2020 2019
Long-term product service agreements $ 660 $ 603
Long-term equipment contracts (1) 1,160 1,097
Contract assets (total revenue in excess of billings) 1,820 1,700
Deferred inventory costs 138 130
Non-recurring engineering costs 43 51
Contract and other deferred assets $ 2,001 $ 1,881
(1)
Reflects revenue earned in excess of billings on our long-term contracts to construct technically complex equipment and
certain other service agreements.
Revenue recognized during the year ended December 31, 2020 and 2019 from performance obligations
satisfied (or partially satisfied) in previous years related to our long-term service agreements was $17 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 resulting in an adjustment of earnings.
NOTE 8. PROGRESS COLLECTIONS AND DEFERRED INCOME
Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income
on our long-term contracts to construct technically complex equipment, long-term product maintenance or extended
warranty arrangements. Contract liabilities are comprised of the following at December 31:
2020 2019
Progress collections $ 3,352 $ 2,760
Deferred income 102 110
Progress collections and deferred income (contract liabilities) $ 3,454 $ 2,870
Revenue recognized during the year ended December 31, 2020 and 2019 that was included in the contract
liabilities at the beginning of the year was $1,962 million and $1,239 million, respectively.

NOTE 9. LEASES
Our leasing activities primarily consist of operating leases for administrative offices, manufacturing facilities,
research centers, service centers, sales offices and certain equipment.
The following table presents operating lease expense:
Operating Lease Expense 2020 2019

Long-term fixed lease $ 288 $ 233
Long-term variable lease 25 48
Short-term lease (1) 477 706
Total operating lease expense $ 790 $ 987
(1)
Leases with a term of one year or less, including leases with a term of one month or less.
For the year ended December 31, 2018, total operating lease expense was $783 million. Cash flows used in
operating activities for operating leases approximates our expense for the years ended December 31, 2020, 2019
and 2018.
As of December 31, 2020, maturities of our operating lease liabilities are as follows:
Year Operating Leases
2021 $ 235
2022 172
2023 114
2024 78
2025 60
Thereafter 313
Total lease payments 972
Less: imputed interest 163
Total $ 809
Amounts recognized in the consolidated statement of financial position for operating leases are as follows:
2020 2019
All other current liabilities $ 218 $ 201
All other liabilities 591 641
Total $ 809 $ 842
Right-of-use assets of $802 million and $829 million as of December 31, 2020 and 2019, respectively, were
included in "All other assets" in our consolidated statements of financial position. The weighted-average remaining
lease term for our operating leases was approximately 8 years for both years ended December 31, 2020 and 2019.
The weighted-average discount rate used to determine the operating lease liability as of December 31, 2020 and
2019 was 3.7% and 4.1%, respectively.

NOTE 10. BORROWINGS
Short-term and long-term borrowings are comprised of the following at December 31:
2020 2019
Weighted Weighted
Average Average
Amount Rate(1) Amount Rate(1)
Short-term borrowings
Commercial paper $ 801 0.5 % $ — n/a
Short-term borrowings from GE 45 n/a 273 n/a
Other borrowings 43 4.2 % 48 4.8 %
Total short-term borrowings 889 321
Long-term borrowings
2.773% Senior Notes due December 2022 1,247 2.9 % 1,246 2.9 %
8.55% Debentures due June 2024 (2) 123 4.1 % 127 4.1 %
6.875% Notes due January 2029 (2) 284 3.9 % 289 3.9 %
3.138% Senior Notes due November 2029 522 3.2 % 522 3.2 %
4.486% Senior Notes due May 2030 497 4.6 % — n/a
5.125% Senior Notes due September 2040 (2) 1,297 4.2 % 1,301 4.2 %
Other long-term borrowings 93 3.0 % 136 3.4 %
Total long-term borrowings 6,744 6,301
Total borrowings $ 7,633 $ 6,622
(1)
Weighted average effective interest rate is based on the carrying value including step-up adjustments, as applicable,
recorded upon the acquisition of BHI. See "Note 1. Summary of Significant Accounting Policies" for further discussion.
(2)
Represents long-term fixed rate debt obligations assumed in connection with the acquisition of BHI, net of amounts
repurchased subsequent to the closing of the Transactions.
In May 2020, BHH LLC issued $500 million aggregate principal amount of 4.486% Senior Notes due May 2030.
In November 2019, BHH LLC issued $525 million aggregate principal amount of 3.138% Senior Notes due
November 2029. We used the proceeds from the November 2019 offering to repurchase all of our outstanding
3.2% Senior Notes due August 2021. The total cash consideration paid for this repurchase excluding interest was
$526 million, resulting in a loss of $7 million which was recorded in the "Interest expense, net" caption of the
consolidated statements of income (loss). These Senior Notes are presented net of issuance costs in our
consolidated statements of financial position.
The estimated fair value of total borrowings at December 31, 2020 and 2019 was $8,502 million and $6,847
million, respectively. For a majority of our borrowings the fair value was determined using quoted period-end market
prices. Where market prices are not available, we estimate fair values based on valuation methodologies using
current market interest rate data adjusted for our non-performance risk.
Maturities of debt for each of the five years in the period ending December 31, 2025, and in the aggregate
thereafter, are listed in the table below:
2021 2022 2023 2024 2025 Thereafter
Total debt $ 889 $ 1,254 $ 4 $ 173 $ 19 $ 5,294

In December 2019, BHH LLC entered into a $3 billion committed unsecured revolving credit facility (the 2019
Credit Agreement) with commercial banks maturing in December 2024. The 2019 Credit Agreement contains
certain customary representations and warranties, certain customary affirmative covenants and certain customary
negative covenants. Upon the occurrence of certain events of default, BHH LLC's obligations under the 2019 Credit
Agreement may be accelerated. Such events of default include payment defaults to lenders under the 2019 Credit
Agreement and other customary defaults. No such events of default have occurred. In connection with BHH LLC’s
entry into the 2019 Credit Agreement, BHH LLC terminated its then-existing five-year committed $3 billion revolving
credit agreement dated as of July 3, 2017 (the 2017 Credit Agreement). During 2020 and 2019, there were no
borrowings under the 2019 Credit Agreement or the 2017 Credit Agreement.
We have a commercial paper program under which we may issue from time to time commercial paper with
maturities of no more than 397 days. During the second quarter of 2020, we increased our commercial paper
program from $3 billion to approximately $3.8 billion.
Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC on our 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 2020, Baker Hughes Co-Obligor, Inc. is a co-obligor of our long-term debt
securities totaling $6,650 million.
Certain Senior Notes contain covenants that restrict BHH LLC'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 December 31,
2020, we were in compliance with all debt covenants.
See "Note 18. Related Party Transactions" for additional information on the short-term borrowings with GE.
NOTE 11. EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT PLANS
Certain of our employees are covered by company sponsored pension plans. Our primary pension plans in
2020 included four U.S. plans and seven non-U.S. pension plans, primarily in the UK, Germany, and Canada, all
with pension assets or obligations greater than $20 million. We use a December 31 measurement date for these
plans. These defined benefit plans generally provide benefits to employees based on formulas recognizing length
of service and earnings; however, over half of these plans are either frozen or closed to new entrants. We also
provide certain postretirement health care benefits (Other Postretirement Benefits), through an unfunded plan, to a
closed group of U.S. employees who retire and meet certain age and service requirements.
Funded Status
The funded status position represents the difference between the benefit obligation and the plan assets. The
projected benefit obligation (PBO) for pension benefits represents the actuarial present value of benefits attributed
to employee services and compensation and includes an assumption about future compensation levels. The
accumulated benefit obligation (ABO) is the actuarial present value of pension benefits attributed to employee
service to date at present compensation levels. The ABO differs from the PBO in that the ABO does not include any
assumptions about future compensation levels.

Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets
and the funded status of our plans.
Other Postretirement
Pension Benefits Benefits
2020 2019 2020 2019
Change in benefit obligation:
Benefit obligation at beginning of year $ 3,451 $ 2,261 $ 80 $ 107
Service cost 27 21 — 1
Interest cost 77 90 2 4
Plan amendment 1 — (18) —
Actuarial loss (gain) (1) 393 301 17 (16)
Benefits paid (101) (102) (19) (16)
Curtailments (3) (21) — —
Settlements (79) (36) — —
Transfer from GE - UK Plan — 837 — —
Other — 15 — —
Foreign currency translation adjustments 40 85 — —
Benefit obligation at end of year 3,806 3,451 62 80
Change in plan assets:

Fair value of plan assets at beginning of year 3,004 1,866 — —
Actual return on plan assets 347 314 — —
Employer contributions 20 23 19 16
Benefits paid (101) (102) (19) (16)
Settlements (79) (36) — —
Transfer from GE - UK Plan — 851 — —
Foreign currency translation adjustments 11 88 — —
Fair value of plan assets at end of year 3,202 3,004 — —
Funded status - underfunded at end of year $ (604) $ (447) $ (62) $ (80)
Accumulated benefit obligation $ 3,755 $ 3,401 $ 62 $ 80
(1)
The actuarial loss (gain) was primarily related to a change in the discount rate used to measure the benefit obligation for
our plans in 2020 and 2019.
The amounts recognized in the consolidated statements of financial position consist of the following at
December 31:
2020 2019 2020 2019
Noncurrent assets $ 14 $ 78 $ — $ —
Current liabilities (18) (17) (9) (11)
Noncurrent liabilities (600) (508) (53) (69)
Net amount recognized $ (604) $ (447) $ (62) $ (80)

Information for the plans with ABOs and PBOs in excess of plan assets is as follows at December 31:
2020 2019 2020 2019
Projected benefit obligation $ 3,390 $ 1,814 n/a n/a
Accumulated benefit obligation $ 3,340 $ 1,763 $ 62 $ 80
Fair value of plan assets $ 2,772 $ 1,288 n/a n/a
Net Periodic Cost (Income)
The components of net periodic cost (income) are as follows:
2020 2019 2018 2020 2019 2018
Service cost $ 27 $ 21 $ 21 $ — $ 1 $ 2
Interest cost 77 90 71 2 4 5
Expected return on plan assets (121) (122) (121) — — —
Amortization of prior service credit 1 1 — (3) (3) (5)
Amortization of net actuarial loss (gain) 34 17 10 (3) (7) (2)
Curtailment / settlement loss (gain) 10 9 2 — — (5)
Net periodic cost (income) $ 28 $ 16 $ (17) $ (4) $ (5) $ (5)
The service cost component of the net periodic cost (benefit) is included in "operating income (loss)" and all
other components are included in "Other non-operating income, net" caption of the consolidated statements of
income (loss).
Assumptions Used in Benefit Calculations
Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time
over which the pension obligations will be paid. The actual amount of future benefit payments will depend upon
when participants retire, the amount of their benefit at retirement and how long they live. To reflect the obligation in
today’s dollars, we discount the future payments using a rate that matches the time frame over which the payments
will be made. We also need to assume a long-term rate of return that will be earned on investments used to fund
these payments.
Another assumption used is the interest crediting rate for our U.S. qualified cash balance plan. Under the
provisions of this pension plan, a hypothetical cash balance account has been established for each participant.
Such accounts receive quarterly interest credits based on a prescribed formula.
Weighted average assumptions used to determine benefit obligations for these plans are as follows:
2020 2019 2020 2019
Discount rate 1.66 % 2.34 % 1.67 % 2.89 %
Rate of compensation increase 3.25 % 3.11 % n/a n/a
Interest crediting rate 2.60 % 2.60 % n/a n/a

Weighted average assumptions used to determine net periodic cost for these plans are as follows:
2020 2019 2018 2020 2019 2018
Discount rate 2.34 % 3.43 % 2.99 % 2.35 % 3.92 % 3.32 %
Expected long-term return on plan assets 4.20 % 5.48 % 5.94 % n/a n/a n/a
Interest crediting rate 2.60 % 3.15 % 2.60 % n/a n/a n/a
We determine the discount rate using a bond matching model, whereby the weighted average yields on high-
quality fixed-income securities have maturities consistent with the timing of benefit payments. Lower discount rates
increase the size of the benefit obligations and pension expense in the following year; higher discount rates reduce
the size of the benefit obligation and subsequent-year pension expense. The compensation assumption is used in
our active plans to estimate the annual rate at which the pay for plan participants will grow. If the rate of growth
assumed increases, the size of the pension obligations will increase.
The expected return on plan assets is the estimated long-term rate of return that will be earned on the
investments used to fund the pension obligations. To determine this rate, we consider the current and target
composition of plan investments, our historical returns earned, and our expectations about the future.
Assumed health care cost trend rates can have a significant effect on the amounts reported for Other
Postretirement Benefits. As of December 31, 2020, the health care cost trend rate was 6.5%, declining gradually
each successive year until it reaches 4.5%.
Accumulated Other Comprehensive Loss
The amount recorded before-tax in accumulated other comprehensive loss related to employee benefit plans
consists of the following at December 31:
2020 2019 2020 2019
Net actuarial loss (gain) $ 527 $ 395 $ (30) $ (38)
Net prior service cost (credit) 18 19 (17) (15)
Total $ 545 $ 414 $ (47) $ (53)
Plan Assets
We have investment committees that meet regularly to review the portfolio returns and to determine asset-mix
targets based on asset/liability studies. Third-party investment consultants assist such committees in developing
asset allocation strategies to determine our expected rates of return and expected risk for various investment
portfolios. The investment committees considered these strategies in the formal establishment of the current asset-
mix targets based on the projected risk and return levels for all major asset classes.

The table below presents the fair value of the pension assets at December 31:
2020 2019
Debt securities
Fixed income and cash investment funds $ 1,807 $ 1,858
Equity securities
Global equity securities (1) 346 333
U.S. equity securities (1) 299 258
Insurance contracts 120 —
Real estate 85 84
Private equities 52 51
Other investments (2) 493 420
Total plan assets $ 3,202 $ 3,004
(1)
Include direct investments and investment funds.
(2)
Consists primarily of asset allocation fund investments.
Plan assets valued using Net Asset Value (NAV) as a practical expedient amounted to $3,072 million and
$2,988 million as of December 31, 2020 and 2019, respectively. The percentages of plan assets valued using NAV
by investment fund type for equity securities, fixed income and cash, and alternative investments were 21%, 59%,
and 20% as of December 31, 2020, respectively, and 20%, 62%, and 18% as of December 31, 2019, respectively.
Those investments that were measured at fair value using NAV as practical expedient were excluded from the fair
value hierarchy. The practical expedient was not applied for investments with a fair value of $130 million and $16
million as of December 31, 2020 and 2019, respectively. There were investments classified within Level 3 of $120
million as of December 31, 2020 for non U.S. insurance contracts. These contracts consisted of purchases of
$124 million, reduced by $4 million of unrealized losses. There were no investments classified within Level 3 in
2019. The remaining investments were considered Level 2.
Funding Policy
The funding policy for our Pension Benefits is to contribute amounts sufficient to meet minimum funding
requirements as set forth in employee benefit and tax laws plus such additional amounts as we may determine to be
appropriate. In 2020, we contributed approximately $20 million. We anticipate we will contribute between
approximately $20 million to $35 million to our pension plans in 2021.
We fund our Other Postretirement Benefits on a pay-as-you-go basis. In 2020, we funded $19 million and in
2021, we expect to fund approximately $10 million to such benefits.
The following table presents the expected benefit payments over the next 10 years. The U.S. and non-U.S.
pension benefit payments are made by the respective pension trust funds.
Pension Other Postretirement

Year Benefits Benefits
2021 $ 173 $ 10
2022 131 7
2023 130 6
2024 135 5
2025 136 5
2026-2030 743 18

GE MULTI-EMPLOYER PLANS
Historically, we were allocated relevant participation costs for certain employees who participated in GE
employee benefit plans as part of multi-employer plans. Certain of our U.S. employees were covered under various
U.S. GE employee benefit plans, including GE's retirement plans (pension, retiree health and life insurance, and
savings benefit plans). From January 1, 2019, these U.S. employees ceased to participate in the GE U.S. plans. In
addition, certain United Kingdom (UK) employees participated in the GE UK Pension Plan. From May 1, 2019,
these UK employees ceased to participate in the GE UK Pension Plan. In May 2019, the assets and liabilities of the
GE UK Pension Plan related to the oil & gas businesses were transferred to us on a fully funded basis. Expenses
associated with our participation in these plans were $3 million and $158 million in the years ended December 31,
2019 and 2018, respectively. We incurred no expenses associated with GE multi-employer plans in 2020.
DEFINED CONTRIBUTION PLANS
Our primary defined contribution plan during 2020 was the Company-sponsored U.S. 401(k) plan (401(k) Plan).
The 401(k) Plan allows eligible employees to contribute portions of their eligible compensation to an investment
trust. The Company matches employee contributions at the rate of $1.00 per $1.00 employee contribution for the
first 5% of the employee's eligible compensation, and such contributions vest immediately. In addition, we make
cash contributions for all eligible employees of 4% of their eligible compensation and such contributions are fully
vested after three years of employment. The 401(k) Plan provides several investment options, for which the
employee has sole investment discretion; however, the 401(k) Plan does not offer the Company's common stock as
an investment option. Our costs for the 401(k) Plan and several other U.S. and non-U.S. defined contribution plans
amounted to $236 million and $235 million, in 2020 and 2019, respectively.
OTHER
We have two non-qualified defined contribution plans that are invested through trusts. The assets and
corresponding liabilities were $314 million and $276 million at December 31, 2020 and 2019, respectively, and are
included in "All other assets" and "Liabilities for pensions and other employee benefits" captions in our consolidated
statements of financial position.
NOTE 12. INCOME TAXES
In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to
provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other
changes to their income and non-income-based tax laws. The Coronavirus Aid, Relief, and Economic Security Act
(CARES Act), which was enacted on March 27, 2020 in the U.S., includes measures to assist companies, including
allowing net operating losses originating in 2018, 2019, or 2020 to be carried back up to five years. During 2020,
we elected to carry back losses to 2014 and accordingly recognized a $117 million tax benefit.
The provision or benefit for income taxes is comprised of the following:

2020 2019 2018
Current:
U.S. $ (59) $ (12) $ 63
Foreign 458 443 444
Total current 399 431 507
Deferred:
U.S. 11 (12) (211)
Foreign 149 63 (38)
Total deferred 160 51 (249)
Provision for income taxes $ 559 $ 482 $ 258

The geographic sources of income (loss) before income taxes, inclusive of equity in loss of affiliate, are as
follows:
2020 2019 2018
U.S. $ (14,288) $ (693) $ (672)
Foreign (914) 1,446 1,213
Income (loss) before income taxes, inclusive of equity in loss of affiliate $ (15,202) $ 753 $ 541
The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate
to the loss or income before income taxes for the reasons set forth below for the years ended December 31:
2020 2019 2018
Income (loss) before income taxes, inclusive of equity in loss of affiliate $ (15,202) $ 753 $ 541
Taxes at the U.S. federal statutory income tax rate (3,192) 158 114
Impact of goodwill impairment 3,102 — —
Effect of foreign operations 183 85 103
Tax impact of partnership structure (33) 17 80
Change in valuation allowances 494 241 87
CARES Act (117) — —
Tax Cuts and Jobs Act enactment — — (107)
Other - net 122 (19) (19)
Provision for income taxes $ 559 $ 482 $ 258
Actual income tax rate (3.7)% 64.0% 47.7%
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as
operating loss and tax credit carryforwards.
The tax effects of our temporary differences and carryforwards are as follows at December 31:
2020 2019
Deferred tax assets:
Operating loss carryforwards $ 2,249 $ 1,654
Tax credit carryforwards 1,083 941
Investment in partnership 160 381
Goodwill and other intangibles 143 117
Employee benefits 138 98
Property 127 137
Receivables 53 79
Inventory 51 91
Other 264 317
Total deferred income tax asset 4,268 3,815
Valuation allowances (3,472) (2,883)
Total deferred income tax asset after valuation allowance 796 932
Deferred tax liabilities:
Other (29) (29)
Total deferred income tax liability (29) (29)
Net deferred tax asset $ 767 $ 903

At December 31, 2020, we had approximately $402 million of non-U.S. tax credits which may be carried forward
indefinitely under applicable foreign law, $521 million of U.S. foreign tax credits and $160 million of other credits, the
majority of which will expire after tax year 2027 under U.S. tax law. Additionally, we had $2,249 million of net
operating loss carryforwards, of which approximately $347 million will expire within five years, $960 million will
expire between 6 years and 20 years, and the remainder can be carried forward indefinitely.
We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax
assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate
sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. At
December 31, 2020, $3,472 million of valuation allowances are recorded against various deferred tax assets,
including foreign net operating losses (NOL) of $1,657 million, U.S. federal and foreign tax credit carryforwards of
$924 million, other U.S. NOL's and tax credit carryforwards of $452 million, and certain other U.S. and foreign
deferred tax assets of $439 million. There are $319 million of deferred tax assets related to foreign net operating
loss carryforwards without a valuation allowance as we expect that the deferred tax assets will be realized within the
carryforward period.
Indefinite reinvestment is determined by management’s intentions concerning the future operations of the
Company. In cases where repatriation would otherwise incur significant withholding or income taxes, these
earnings have been indefinitely reinvested in the company's active non-U.S. business operations. As of
December 31, 2020, the cumulative amount of undistributed foreign earnings is approximately $6 billion.
Computation of the potential deferred tax liability associated with these undistributed earnings and any other basis
differences is not practicable.
At December 31, 2020, we had $483 million of tax liabilities for total gross unrecognized tax benefits related to
uncertain tax positions. In addition to these uncertain tax positions, we had $95 million and $23 million related to
interest and penalties, respectively, for total liabilities of $601 million for uncertain positions. If we were to prevail on
all uncertain positions, the net effect would result in an income tax benefit of approximately $523 million. The
remaining $77 million comprised of $53 million for deferred tax assets that represent tax benefits that would be
received in different taxing jurisdictions or in a different character in the event that we did not prevail on all uncertain
tax positions and increased valuation allowances of $24 million.
The following table presents the changes in our gross unrecognized tax benefits included in the consolidated
statements of financial position.
Asset / (Liability) 2020 2019

Balance at beginning of year $ (451) $ (472)
Additions for tax positions of the current year (71) (25)
Additions for tax positions of prior years (31) (27)
Reductions for tax positions of prior years 35 55
Settlements with tax authorities 12 6
Lapse of statute of limitations 23 12
Balance at end of year $ (483) $ (451)
It is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring
statutes, audit activity, tax payments, and competent authority proceedings related to transfer pricing or final
decisions in matters that are the subject of litigation in various taxing jurisdictions in which we operate. At
December 31, 2020, we had approximately $57 million of tax liabilities related to uncertain tax positions, each of
which are individually insignificant, and each of which are reasonably possible of being settled within the next twelve
months.
We conduct business in more than 120 countries and are subject to income taxes in most taxing jurisdictions in
which we operate, each of which may have multiple open years subject to examination. All Internal Revenue
Service examinations have been completed and closed through 2016 for the most significant U.S. returns. We
believe that we have made adequate provision for all income tax uncertainties.

NOTE 13. STOCK-BASED COMPENSATION
The Company has a Long-Term Incentive Plan (LTI Plan) under which we may grant stock options and other
equity-based awards to employees and non-employee directors providing services to the Company and our
subsidiaries. A total of up to 57.4 million shares of Class A common stock are authorized for issuance pursuant to
awards granted under the LTI Plan over its term which expires on the date of the annual meeting of the Company in
2027. A total of 26.1 million shares of Class A common stock are available for issuance as of December 31, 2020.
Stock-based compensation cost was $210 million, $187 million and $121 million for the years ended December
31, 2020, 2019 and 2018, respectively. We recorded a tax benefit of approximately $19 million in 2020 on our
stock-based compensation cost. Stock-based compensation cost is measured at the date of grant based on the
calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the
equity grant. The compensation cost is determined based on awards ultimately expected to vest; therefore, we
have reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are estimated at the
time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. There were no stock-
based compensation costs capitalized as the amounts were not material.
Restricted Stock
We may grant to our officers, directors and key employees restricted stock awards (RSA), which is an award of
common stock with no exercise price, or restricted stock units (RSU), where each unit represents the right to
receive, at the end of a stipulated period, one unrestricted share of stock with no exercise price. Certain RSAs and
RSUs are subject to cliff or graded vesting, generally ranging over a period of 3 years, or over a one year period for
non-employee directors. Cash dividend equivalents are accrued on RSUs and are payable upon vesting of the
awards. We determine the fair value of restricted stock awards and restricted stock units based on the market price
of our common stock on the date of grant, discounted by the present value of future dividends.
The following table presents the changes in RSUs outstanding and related information (in thousands, except
per unit prices):
Weighted Average
Number of Grant Date Fair
Units Value Per Unit
Unvested balance at December 31, 2019 11,285 $ 27.26
Granted 9,301 22.33
Vested (5,066) 29.02
Forfeited (1,228) 24.18
In 2020, the total intrinsic value of RSUs vested (defined as the value of shares awarded based on the price of
our common stock at vesting date) was $111 million and unvested RSUs was $298 million. The total fair value of
RSUs vested in 2020 was $147 million. As of December 31, 2020, there was $184 million of total unrecognized
compensation cost related to unvested RSUs, which is expected to be recognized over a weighted average period
of 1.78 years.

Performance Share Units
We may grant performance share units (PSUs) to certain officers and key employees. The PSUs are stock-
based awards tied to predefined company metrics and total shareholder return (TSR), which determine the number
of units to be received. PSUs generally cliff vest after a service period of 3 years. Cash dividend equivalents are
accrued only on PSUs tied to predefined company metrics and are payable upon vesting of the awards. The fair
value of the awards determined for the predefined company metrics are based on the market price of our common
stock on the date of grant, discounted by the present value of future dividends. The fair value of the TSR awards
are determined based on a Monte Carlo simulation method.
The following table presents the changes in PSUs outstanding and related information (in thousands, except per
unit prices):
Weighted Average
Number of Grant Date Fair
Units Value Per Unit
Granted 1,418 21.37
Forfeited (301) 23.61
The total intrinsic value of PSUs (defined as the value of the shares awarded at the year-end market price)
outstanding was $66 million as of December 31, 2020. Total unrecognized compensation cost related to unvested
PSUs, which is expected to be recognized over a weighted average period of 2.23 years, was $29 million as of
December 31, 2020.
Stock Options
In addition to RSUs and PSUs, we may grant stock options to our officers, directors and key employees. Stock
options generally vest in equal amounts over a vesting period of 3 years provided that the employee has remained
continuously employed by the Company through such vesting date. The fair value of each stock option granted is
estimated using the Black-Scholes option pricing model. The following table presents the weighted average
assumptions used in the option pricing model for options granted under the LTI Plan. The expected life of the
options represents the period of time the options are expected to be outstanding. The expected life is based on a
simple average of the vesting term and original contractual term of the awards. The expected volatility is based on
the historical volatility of our five main competitors over a six year period. The risk-free interest rate is based on the
observed U.S. Treasury yield curve in effect at the time the options were granted. In 2019, the dividend yield is
based on Baker Hughes' current annual cash dividend divided by the valuation date stock price. Prior to 2019, the
dividend yield was based on a five year history of dividend payouts by BHI. We did not grant any stock options
during 2020.
2019 2018
Expected life (years) 6 6
Risk-free interest rate 2.6% 2.5%
Volatility 36.5% 33.7%
Dividend yield 3.1% 2.0%
Weighted average fair value per share at grant date $ 6.37 $ 10.34

The following table presents the changes in stock options outstanding and related information (in thousands,
except per option prices):
Weighted Average
Number of Exercise Price
Options Per Option
Outstanding at December 31, 2019 8,410 $ 32.50
Exercised (17) 21.80
Forfeited (292) 25.89
Expired (816) 33.90
Outstanding at December 31, 2020 7,285 $ 32.63
Exercisable at December 31, 2020 5,882 $ 34.32
The weighted average remaining contractual term for options outstanding and options exercisable at
December 31, 2020 were 4.3 years and 3.5 years, respectively. The maximum contractual term of options
outstanding is 8.1 years.
There were 1,553 thousand, 867 thousand and 505 thousand options that vested in 2020, 2019 and 2018,
respectively. The total fair value of options vested was $14 million, $10 million and $6 million, in 2020, 2019 and
2018, respectively. As of December 31, 2020, there was $4 million of total unrecognized compensation cost related
to unvested stock options, which is expected to be recognized over a weighted average period of 1 year.
The total intrinsic value of stock options exercised (defined as the amount by which the market price of our
common stock on the date of exercise exceeds the exercise price of the option) in 2020 was immaterial. The total
intrinsic value of stock options outstanding and options exercisable at December 31, 2020 was immaterial. The
intrinsic value of stock options outstanding is calculated as the amount by which the quoted price of $20.85 of our
common stock as of the end of 2020 exceeds the exercise price of the options.
Employee Stock Purchase Plan
The Employee Stock Purchase Plan (ESPP) provides for eligible employees to purchase shares of Class A
common stock quarterly on an after-tax basis in an amount between 1% and 20% of their annual pay on March 31,
June 30, September 30 and December 31 of each year at a 15% discount of the fair market value of our Class A
common stock on March 31, June 30, September 30 and December 31. An employee may not purchase more
than $3,000 in any of the three-month measurement periods described above or $12,000 annually.
A total of 15 million shares of Class A common stock are authorized for issuance, and at December 31, 2020,
there were 8.5 million shares of Class A common stock reserved for future issuance.
NOTE 14. EQUITY
COMMON STOCK
We are authorized to issue 2 billion shares of Class A common stock, 1.25 billion shares of Class B common
stock and 50 million shares of preferred stock each of which have a par value of $0.0001 per share. The number of
shares of Class A common stock and Class B common stock outstanding at December 31, 2020 is 724 million and
311 million, respectively. We have not issued any preferred stock. GE owns all the issued and outstanding Class B
common stock. Each share of Class A and Class B common stock and the associated membership interest in BHH
LLC form a paired interest. While each share of Class B common stock has equal voting rights to a share of Class
A common stock, it has no economic rights, meaning holders of Class B common stock have no right to dividends
and any assets in the event of liquidation of the Company. GE is entitled through BHH LLC Units (LLC Units) to
receive distributions on an equal per share amount of any dividend paid by the Company. In July 2020, GE
launched a program to divest of its ownership interest in us, at its discretion, in a series of transactions over
approximately three years, subject to market conditions and other factors.

In 2020, GE’s economic interest in BHH LLC was reduced to approximately 30.1% primarily as a result of the
exchange of 66 million shares of Class B common stock, and associated LLC Units.
The following table presents the changes in the number of shares outstanding (in thousands):
2020 2019
Class A Class B Class A Class B
Common Common Common Common
Stock Stock Stock Stock
Balance at beginning of year 650,065 377,428 513,399 521,543
Issue of shares upon vesting of restricted stock units (1) 3,548 — 1,973 —
Issue of shares on exercises of stock options (1) 13 — 362 —
Issue of shares for employee stock purchase plan 4,378 — 2,081 —
Exchange of Class B common stock for Class A common stock (2) 65,995 (65,995) 132,250 (132,250)
Repurchase and cancellation of Class B common stock (3) — — — (11,865)
Balance at end of year 723,999 311,433 650,065 377,428
(1)
Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation.
(2)
In 2020, GE exchanged 66 million shares of Class B common stock and paired LLC Units for Class A common stock. In
2019, we completed underwritten secondary public offerings in which GE and its affiliates sold 132 million shares of our
Class A common stock. We did not receive any proceeds from the shares sold by GE and its affiliates in these
offerings. The offerings included the exchange by GE and its affiliates of LLC Units, together with the corresponding
shares of our Class B common stock, for Class A common stock. When shares of Class B common stock, together with
associated LLC Units, are exchanged for shares of Class A common stock pursuant to the Exchange Agreement, such
shares of Class B common stock are canceled.
(3)
In 2019, we repurchased and canceled 12 million shares of Class B common stock, together with an equal number of
associated LLC Units, from GE and its affiliates for an aggregate of $250 million, or $21.07 per share, which is the same
per share price paid by the underwriters to GE and its affiliates in the concurrent underwritten secondary public offering.
During 2020 and 2019, the Company declared and paid aggregate regular dividends of $0.72 per share to
holders of record of the Company's Class A common stock.

ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL)
The following table presents the changes in accumulated other comprehensive loss, net of tax:
Foreign Accumulated
Currency Other
Investment Translation Cash Flow Benefit Comprehensive
Securities Adjustments Hedges Plans Loss
Balance at December 31, 2018 $ — $ (1,152) $ (1) $ (66) $ (1,219)
Other comprehensive income (loss) before
reclassifications 2 53 13 (122) (54)
Amounts reclassified from accumulated
other comprehensive loss — — 1 26 27
Deferred taxes — — (2) 21 19
Other comprehensive income (loss) 2 53 12 (75) (8)
Less: Other comprehensive income (loss)
attributable to noncontrolling interests 1 23 4 (29) (1)
Less: Reallocation of AOCL based on change
in ownership of BHH LLC Units — 314 — 36 350
Less: Other adjustments — — 1 59 60
Balance at December 31, 2019 1 (1,436) 6 (207) (1,636)
Other comprehensive income (loss) before
reclassifications (2) 175 (2) (181) (10)
Amounts reclassified from accumulated
other comprehensive loss — — (4) 51 47
Deferred taxes — — 1 5 6
Other comprehensive income (loss) (2) 175 (5) (125) 43
Less: Other comprehensive income (loss)
attributable to noncontrolling interests (1) 40 (2) (37) —
Less: Reallocation of AOCL based on change
in ownership of BHH LLC Units — 163 — 22 185
Balance at December 31, 2020 $ — $ (1,464) $ 3 $ (317) $ (1,778)
The amounts reclassified from accumulated other comprehensive loss during the years ended December 31,
2020 and 2019 represent (i) gains (losses) reclassified on cash flow hedges when the hedged transaction occurs
and (ii) the amortization of net actuarial loss and prior service credit, and curtailments which are included in the
computation of net periodic pension cost (see "Note 11. Employee Benefit Plans" for additional details). Net
periodic pension cost is recorded across the various cost and expense line items in the consolidated statements of
income (loss).
NONCONTROLLING INTEREST
Noncontrolling interests represent the portion of net assets in consolidated entities that are not owned by the
Company. As of December 31, 2020 and 2019, GE owned approximately 30.1% and 36.7%, respectively, of BHH
LLC and this represents the majority of the noncontrolling interest balance reported within equity.
2020 2019
GE's interest in BHH LLC $ 5,216 $ 12,454
Other noncontrolling interests 133 116
Total noncontrolling interests $ 5,349 $ 12,570

NOTE 15. EARNINGS PER SHARE
Basic and diluted net income (loss) per share of Class A common stock is presented below:
(In millions, except per share amounts) 2020 2019 2018
Net income (loss) $ (15,761) $ 271 $ 283
Net income (loss) attributable to Baker Hughes Company $ (9,940) $ 128 $ 195
Weighted average shares outstanding:

Class A basic 675 555 427
Class A diluted 675 557 429
Net income (loss) per share attributable to common stockholders:
Class A basic $ (14.73) $ 0.23 $ 0.46
Class A diluted $ (14.73) $ 0.23 $ 0.45
Shares of our Class B common stock do not share in earnings or losses of the Company and are not
considered in the calculation of basic or diluted earnings per share (EPS) above. As such, separate presentation of
basic and diluted EPS of Class B under the two class method has not been presented. The basic weighted average
shares outstanding for both our Class A and Class B common stock combined were 1,034 million, 1,034 million, and
1,100 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Under the Exchange Agreement between GE and us, GE is entitled to exchange its holding in our Class B
common stock, and associated LLC Units, for Class A common stock on a one-for-one basis (subject to adjustment
in accordance with the terms of the Exchange Agreement) or, at the option of Baker Hughes, an amount of cash
equal to the aggregate value (determined in accordance with the terms of the Exchange Agreement) of the shares
of Class A common stock that would have otherwise been received by GE in the exchange. In computing the
dilutive effect, if any, that the aforementioned exchange would have on net income (loss) per share, net income
(loss) attributable to holders of Class A common stock would be adjusted due to the elimination of the noncontrolling
interests associated with the Class B common stock (including any tax impact). For the three years ended
December 2020, 2019 and 2018, such exchange is not reflected in diluted net income (loss) per share as the
assumed exchange is not dilutive.
For the year ended December 31, 2020, we excluded all outstanding equity awards from the computation of
diluted net loss per share because their effect is antidilutive. For years ended December 31, 2019 and 2018, Class
A diluted shares include the dilutive impact of equity awards except for approximately 6 million and 4 million options
that were excluded because the exercise price exceeded the average market price of the Class A common stock
and is therefore antidilutive.

NOTE 16. FINANCIAL INSTRUMENTS
RECURRING FAIR VALUE MEASUREMENTS
Our assets and liabilities measured at fair value on a recurring basis consists of derivative instruments and
investment securities.
2020 2019
Net Net
Level 1 Level 2 Level 3 Balance Level 1 Level 2 Level 3 Balance
Assets
Derivatives $ — $ 118 $ — $ 118 $ — $ 58 $ — $ 58
Investment securities 1,502 — 30 1,532 24 — 259 283
Total assets 1,502 118 30 1,650 24 58 259 341
Liabilities
Derivatives — (52) — (52) — (27) — (27)
Total liabilities $ — $ (52) $ — $ (52) $ — $ (27) $ — $ (27)
There were no transfers between Level 1, 2 and 3 during 2020.
The following table provides a reconciliation of recurring Level 3 fair value measurements for investment
securities:
2020 2019
Balance at beginning of year $ 259 $ 288
Purchases 12 7
Proceeds at maturity (239) (38)
Unrealized gains (losses) recognized in accumulated other comprehensive income (loss) (2) 2
Balance at end of year $ 30 $ 259
The most significant unobservable input used in the valuation of our Level 3 instruments is the discount rate.
Discount rates are determined based on inputs that market participants would use when pricing investments,
including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value of our
investment securities. There are no unrealized gains or losses recognized in the consolidated statement of income
(loss) on account of any Level 3 instrument still held at the reporting date. We held $1 million and $111 million of
these investment securities on behalf of GE at December 31, 2020 and 2019, respectively.
2020 2019
Gross Gross Gross Gross
Amortized Unrealized Unrealized Estimated Amortized Unrealized Unrealized Estimated
Cost Gains Losses Fair Value Cost Gains Losses Fair Value
Investment securities
Non-U.S. debt securities (1) $ 30 $ — $ — $ 30 $ 257 $ 2 $ — $ 259
Equity securities (2) 76 1,431 (5) 1,502 17 8 (1) 24
Total $ 106 $ 1,431 $ (5) $ 1,532 $ 274 $ 10 $ (1) $ 283
(1)
All of our investment securities are classified as available for sale instruments. Non-U.S. debt securities mature within
two years.
(2)
Gains (losses) recorded to earnings related to these securities were $1.4 billion, $2 million and $(25) million for the
years ended December 31, 2020, 2019, and 2018, respectively.

At December 31, 2020, our equity securities consist primarily of our investment in C3.ai. In June 2019, we
entered into a stock purchase agreement and certain other related agreements with C3.ai, a company with a suite
of artificial intelligence (AI) software that resulted in us acquiring an economic interest in C3.ai of approximately
15%. Our investment in C3.ai did not have a recurring readily determinable fair value until December 9, 2020 when
C3.ai stock began trading publicly. At December 31, 2020, we owned 10,813,095 shares of C3.ai Class A common
stock, an economic interest of approximately 11%, with a fair value of $1,500 million. For the year ended December
31, 2020, we recorded a mark-to-market unrealized gain of $1,417 million on our investment in C3.ai, which is
reported in the “Non-operating income (loss)” caption in our consolidated statement of income (loss). See “Note 18.
Related Party Transactions” for further details on our agreements with C3.ai.
As of December 31, 2020, $1,514 million of total investment securities are recorded in "All other current assets"
of the consolidated statements of financial position, with the remaining $18 million in "All other assets." As of
December 31, 2019, $254 million of equity securities are recorded in "All other current assets" of the consolidated
statements of financial position, with the remaining $29 million in "All other assets."
FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS
Our financial instruments include cash and equivalents, current receivables, 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 at December 31, 2020 and 2019 approximates their carrying value as reflected in our
consolidated financial statements. For further information on the fair value of our debt, see "Note 10. Borrowings."
DERIVATIVES AND HEDGING
We use derivatives to manage our risks and do not use derivatives for speculation. The table below
summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.
2020 2019
Assets (Liabilities) Assets (Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts $ 5 $ — $ 11 $ —
Derivatives not accounted for as hedges

Currency exchange contracts and other 113 (52) 47 (27)
Total derivatives $ 118 $ (52) $ 58 $ (27)
Derivatives are classified in the consolidated statements of financial position depending on their respective
maturity date. As of December 31, 2020 and 2019, $115 million and $52 million of derivative assets are recorded in
"All other current assets" and $3 million and $6 million are recorded in "All other assets" of the consolidated
statements of financial position, respectively. As of December 31, 2020 and 2019, $48 million and $24 million of
derivative liabilities are recorded in "All other current liabilities" and $4 million and $3 million are recorded in "All
other liabilities" of the consolidated statements of financial position, respectively.
FORMS OF HEDGING
Cash flow hedges
We use cash flow hedging primarily to reduce or eliminate the effects of foreign exchange rate changes on
purchase and sale contracts. Accordingly, the vast majority of our derivative activity in this category consists of
currency exchange contracts. We also use commodity derivatives to reduce or eliminate price risk on raw materials
purchased for use in manufacturing.

Changes in the fair value of cash flow hedges are recorded in a separate component of equity (referred to
below as Accumulated Other Comprehensive Income, or AOCI) and are recorded in earnings in the period in which
the hedged transaction occurs. The table below summarizes our hedging instrument activity for currency exchange
contracts.
2020 2019 2018
Gain (loss) recognized in AOCI $ (2) $ 13 $ (6)
Gain (loss) reclassified from AOCI to earnings $ 4 $ (1) $ (1)
We expect to transfer $5 million to earnings as a gain in the next 12 months contemporaneously with the
earnings effects of the related forecasted transactions. The maximum term of derivative instruments that hedge
forecasted transactions was one year at December 31, 2020 and 2019.
Economic Hedges
These derivatives are not designated as hedges from an accounting standpoint (and therefore we do not apply
hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging
arrangements. These derivatives are marked to fair value through earnings each period.
The following table summarizes the gains (losses) from derivatives not designated as hedges on the
consolidated statements of income (loss):
Derivatives not designated as hedging Consolidated statement of income

instruments caption 2020 2019 2018
(1)
Currency exchange contracts Cost of goods sold $ 59 $ (13) $ (35)
Currency exchange contracts Cost of services sold 62 (15) 32
Commodity derivatives Cost of goods sold 2 2 (1)
Other derivatives Other non-operating income (loss), net 8 2 —
Total (2) $ 131 $ (24) $ (4)
(1)
Excludes losses on embedded derivatives of $14 million, $7 million and $3 million for the years ended December 31,
2020, 2019 and 2018, respectively, as embedded derivatives are not considered to be hedging instruments in our
economic hedges.
(2)
The effect on earnings from changes in fair value of derivatives not designated as hedges is substantially offset by the
earnings effect of the economically hedged items in the same income statement caption in current and future periods.
NOTIONAL AMOUNT OF DERIVATIVES
The notional amount of a derivative is the number of units of the underlying. A substantial majority of the
outstanding notional amount of $7.0 billion and $5.7 billion at December 31, 2020 and 2019, respectively, is related
to hedges of anticipated sales and purchases in foreign currency, commodity purchases, and contractual terms in
contracts that are considered embedded derivatives and for intercompany borrowings in foreign currencies. We
generally disclose derivative notional amounts on a gross basis to indicate the total counterparty risk. Where we
have gross purchase and sale derivative contracts for a particular currency, we look to execute these contracts with
the same counterparty to reduce our exposure. The notional amount of these derivative instruments do not
generally represent cash amounts exchanged by us and the counterparties, but rather the nominal amount upon
which changes in the value of the derivatives are measured.

COUNTERPARTY CREDIT RISK
Fair values of our derivatives can change significantly from period to period based on, among other factors,
market movements and changes in our positions. We manage counterparty credit risk (the risk that counterparties
will default and not make payments to us according to the terms of our agreements) on an individual counterparty
basis.
OTHER EQUITY INVESTMENTS
As of December 31, 2020 and 2019, the carrying amount of equity securities without readily determinable fair
values was $554 million and $637 million, respectively. In 2019, certain of these equity securities were remeasured
to fair value as of the date that an observable transaction occurred, which resulted in the Company recording an
unrealized gain of $19 million.
During 2018, we discontinued applying the equity method on our investment in BJ Services, as required under
U.S. GAAP, as previous losses had reduced our investment to zero, and we have no requirements to advance any
additional funds.
NOTE 17. SEGMENT INFORMATION
Our reportable segments, which are the same as our operating segments, are organized based on the nature of
markets and customers. We report our operating results through our four operating segments that consist of similar
products and services within each segment as described below. Our operating results are reviewed regularly by the
chief operating decision maker, who is our Chief Executive Officer, in deciding how to allocate resources and assess
performance.
OILFIELD SERVICES
Oilfield Services provides products and services for onshore and offshore operations across the lifecycle of a
well, ranging from drilling, evaluation, completion, production and intervention. Products and services include
diamond and tri-cone drill bits, drilling services, including directional drilling technology, measurement while drilling
& logging while drilling, downhole completion tools and systems, wellbore intervention tools and services, wireline
services, drilling and completions fluids, oilfield and industrial chemicals, pressure pumping, and artificial lift
technologies, including electrical submersible pumps.
OILFIELD EQUIPMENT
Oilfield Equipment provides a broad portfolio of products and services required to facilitate the safe and reliable
flow of hydrocarbons from the wellhead to the production facilities. The Oilfield Equipment portfolio has solutions for
the subsea, offshore surface, and onshore operating environments. Products and services include subsea and
surface pressure control and production systems and services, capital drilling equipment and services, flexible pipe
systems for offshore and onshore applications, and life-of-field solutions including well intervention, covering the
entire life cycle of a field.
TURBOMACHINERY & PROCESS SOLUTIONS
Turbomachinery & Process Solutions provides equipment and related services for mechanical-drive,
compression and power-generation applications across the oil and gas industry as well as products and services to
serve the downstream segments of the industry including refining, petrochemical, distributed gas, flow and process
control and other industrial applications. The Turbomachinery & Process Solutions portfolio includes drivers (aero-
derivative gas turbines, heavy-duty gas turbines and synchronous and induction electric motors), compressors
(centrifugal and axial, direct drive high speed, integrated, subsea compressors, turbo expanders and reciprocating),
turn-key solutions (industrial modules and waste heat recovery), pumps, valves, and compressed natural gas (CNG)
and small-scale liquefied natural gas (LNG) solutions used primarily for shale oil and gas field development.

DIGITAL SOLUTIONS
Digital Solutions provides equipment, software, and services for a wide range of industries, including oil & gas,
power generation, aerospace, metals, and transportation. The offerings include sensor-based process
measurement, non-destructive testing and inspection, turbine, generator and plant controls and condition
monitoring, as well as pipeline integrity solutions.
SEGMENT RESULTS
Summarized financial information is shown in the following tables. Consistent accounting policies have been
applied by all segments within the Company, for all reporting periods.
Segment revenue 2020 2019 2018

Oilfield Services $ 10,140 $ 12,889 $ 11,617
Oilfield Equipment 2,844 2,921 2,641
Turbomachinery & Process Solutions 5,705 5,536 6,015
Digital Solutions 2,015 2,492 2,604
Total $ 20,705 $ 23,838 $ 22,877
The performance of our operating segments is evaluated based on segment operating income (loss), which is
defined as income (loss) before income taxes and equity in loss of affiliate and before the following: net interest
expense, net other non-operating income (loss), corporate expenses, restructuring, impairment and other charges,
inventory impairments, separation and merger related costs, goodwill impairment and certain gains and losses not
allocated to the operating segments.
Segment income (loss) before income taxes 2020 2019 2018

Oilfield Services $ 487 $ 917 $ 785
Oilfield Equipment 19 55 —
Digital Solutions 193 343 390
Total segment 1,504 2,035 1,796
Corporate (464) (433) (405)
Inventory impairment and related charges (1) (246) — (105)
Goodwill impairment (14,773) — —
Restructuring, impairment and other (1,866) (342) (433)
Separation and merger related (134) (184) (153)
Other non-operating income (loss), net 1,040 (84) 202
Total $ (15,202) $ 753 $ 680
(1)
Inventory impairments and related charges are reported in "Cost of goods sold" of the consolidated statements of
income (loss).

The following table presents total assets by segment at December 31:

Segment assets 2020 2019
Oilfield Services $ 15,482 $ 30,611
Oilfield Equipment 3,344 7,645
Turbomachinery & Process Solutions 8,951 8,365
Digital Solutions 3,948 3,983
Total segment 31,725 50,604
Corporate and eliminations (1) 6,282 2,765
Total $ 38,007 $ 53,369
(1)
The assets in Corporate and eliminations consist primarily of cash, the Baker Hughes trade name, our investment in
C3.ai, certain facilities, and certain other noncurrent assets. It also includes adjustments to eliminate intercompany
investments and receivables reflected within the total assets of each of our reportable segments.
The following table presents depreciation and amortization by segment:
Segment depreciation and amortization 2020 2019 2018

Oilfield Services $ 926 $ 985 $ 1,003
Oilfield Equipment 146 175 173
Total Segment 1,288 1,379 1,444
Corporate 29 39 42
Total $ 1,317 $ 1,418 $ 1,486
The following table presents net property, plant and equipment by its geographic location at December 31:
Property, plant and equipment - net 2020 2019 2018

U.S. $ 2,007 $ 2,594 $ 2,654
Non-U.S. 3,351 3,646 3,574
Total $ 5,358 $ 6,240 $ 6,228
NOTE 18. RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS WITH GE
GE is our largest shareholder, and we have continuing involvement with GE primarily through their remaining
interest in us and BHH LLC, ongoing purchases and sales of products and services, transition services that they
provide, as well as an aeroderivative joint venture (Aero JV) we formed with GE in the fourth quarter of 2019. On
September 16, 2019 (the Trigger Date), as a result of the secondary offering and the repurchase of Class B
common stock and associated LLC Units, GE's ownership interest was reduced from approximately 50.3% to
approximately 36.8%, and GE ceased to be our controlling shareholder. Following the Trigger Date and until GE
and its affiliates own less than 20% of the voting power of our outstanding common stock, GE is entitled to
designate one person for nomination to our board of directors. At December 31, 2020, GE's economic interest in
BHH LLC through their ownership of Class B common stock and associated LLC Units was 30.1%.
The Aero JV is jointly controlled by GE and us, and therefore, we do not consolidate the JV. In 2020, we had
purchases with GE and its affiliates, including the Aero JV, of $1,446 million, $1,498 million and $1,791 million
during the years ended December 31, 2020, 2019 and 2018, respectively. In addition, we sold products and
services to GE and its affiliates for $216 million, $337 million and $363 million during the years ended December 31,
2020, 2019 and 2018, respectively.

The Company has $356 million and $536 million of accounts payable at December 31, 2020 and 2019,
respectively, for goods and services provided by GE in the ordinary course of business. The Company has $429
million and $495 million of current receivables at December 31, 2020 and 2019, respectively, for goods and services
provided to GE in the ordinary course of business.
On July 3, 2017, we executed a promissory note with GE that represents certain cash that we are holding on
GE's behalf due to the restricted nature of the cash. The restriction arises as the majority of the cash cannot be
released, transferred or otherwise converted into a non-restricted market currency due to the lack of market liquidity,
capital controls or similar monetary or exchange limitations by a government entity of the jurisdiction in which such
cash is situated. There is no maturity date on the promissory note, but we remain obligated to repay GE, therefore,
this obligation is reflected as short-term debt. As of December 31, 2020, of the $45 million due to GE, $44 million
was held in the form of cash and $1 million was held in the form of investment securities. As of December 31, 2019,
of the $273 million due to GE, $162 million was held in the form of cash and $111 million was held in the form of
investment securities. A corresponding liability is reported in short-term debt in the consolidated statements of
financial position.
We also provide guarantees to GE Capital on behalf of some customers who have entered into financing
arrangements with GE Capital.
RELATED PARTY TRANSACTIONS WITH C3.ai
In June 2019, we entered into a stock purchase agreement and certain other related agreements with C3.ai, a
company with a suite of artificial intelligence (AI) software that resulted in us acquiring approximately 15% economic
interest in C3.ai. In April and June 2019, we also entered into agreements with C3.ai under which, among other
things, we received a three-year subscription (which we refer to below as direct subscription fees) to use certain
C3.ai offerings for internal use and the development of applications on the C3.ai AI Suite, as well as the right to
resell C3.ai offerings worldwide on an exclusive basis in the oil and gas market and, with C3.ai's prior consent, non-
exclusively in other markets, in each case subject to certain exceptions and conditions. This arrangement was
subsequently revised in September 2019 and again in June 2020, when the term was extended to a total of five
years with an expiration date in the fiscal year ending April 30, 2024 and the annual contractual amounts of our
minimum revenue commitment were modified to $53 million, $75 million, $125 million, and $150 million per year,
which amounts are inclusive of the revised direct subscription fees of approximately $28 million per year, over the
fiscal years ending April 30, 2021, 2022, 2023, and 2024, respectively. To the extent we are unable to meet the
annual minimum revenue commitment under such arrangement, we are obligated to pay C3.ai the shortfall; if we
exceed the annual minimum revenue commitment, C3.ai will pay us a sales commission. For the fiscal year ended
April 30, 2020, we fulfilled the annual minimum revenue commitment. Lorenzo Simonelli, Chief Executive Officer of
Baker Hughes, serves as a member of the board of directors of C3.ai. As of December 31, 2020, we hold an
economic interest in C3.ai of approximately 11%. See “Note 16. Financial Instruments” for further discussion of our
investment in C3.ai.
NOTE 19. COMMITMENTS AND CONTINGENCIES
LITIGATION
We are subject to legal proceedings arising in the ordinary course of our business. Because legal proceedings
are inherently uncertain, we are unable to predict the ultimate outcome of such matters. We record a liability for
those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated.
Based on the opinion of management, we do not expect the ultimate outcome of currently pending legal
proceedings to have a material adverse effect on our results of operations, financial position or cash flows.
However, there can be no assurance as to the ultimate outcome of these matters.
During 2014, we received notification from a customer related to a possible equipment failure in a natural gas
storage system in Northern Germany, which includes certain of our products. The customer initiated arbitration
proceedings against us on June 19, 2015, under the rules of the German Institute of Arbitration e.V. (DIS). On
August 3, 2016, the customer amended its claims and alleged damages of €202 million plus interest at an annual
rate of prime + 5%. Hearings before the arbitration panel were held January 16, 2017 through January 23, 2017,

and March 20, 2017 through March 21, 2017. In addition, on September 21, 2015, TRIUVA
Kapitalverwaltungsgesellschaft mbH (TRIUVA) filed a lawsuit in the United States District Court for the Southern
District of Texas, Houston Division against the Company and Baker Hughes Oilfield Operations, Inc. alleging that
the plaintiff is the owner of gas storage caverns in Etzel, Germany in which the Company provided certain
equipment in connection with the development of the gas storage caverns. The plaintiff further alleges that the
Company supplied equipment that was either defectively designed or failed to warn of risks that the equipment
posed, and that these alleged defects caused damage to the plaintiff's property. The plaintiff seeks recovery of
alleged compensatory and punitive damages of an unspecified amount, in addition to reasonable attorneys' fees,
court costs and pre-judgment and post-judgment interest. The allegations in this lawsuit are related to the claims
made in the June 19, 2015 German arbitration referenced above. On June 7, 2018, the DIS arbitration panel issued
a confidential Arbitration Ruling, which addressed all claims asserted by the customer. The estimated financial
impact of the Arbitration Ruling has been reflected in the Company's financial statements and did not have a
material impact. Further, on March 11, 2019, the customer initiated a second arbitral proceeding against us, under
the rules of the German Institute of Arbitration e.V. (DIS). The customer alleged damages of €142 million plus
interest at an annual rate of prime + 5% since June 20, 2015. The allegations in this second arbitration proceeding
are related to the claims made in the June 19, 2015 German arbitration and Houston Federal Court proceedings
referenced above. The Company is contesting the claims made by TRIUVA in the Houston Federal Court and the
claims made by the customer in the second arbitration proceeding. In October 2020, the DIS notified the Company
of a partial award in the second arbitration, which addressed certain of the claims asserted by the customer. At this
time, we are not able to predict the outcome of the claims asserted in the Houston Federal Court or the claims that
remain pending in the second arbitration.
In January 2013, INEOS and Naphtachimie initiated expertise proceedings in Aix-en-Provence, France arising
out of a fire at a chemical plant owned by INEOS in Lavera, France, which resulted in a 15-day plant shutdown and
destruction of a steam turbine, which was part of a compressor train owned by Naphtachimie. The most recent
quantification of the alleged damages is €250 million. Two of the Company's subsidiaries (and 17 other companies)
were notified to participate in the proceedings. The proceedings are ongoing, and at this time, there is no indication
that the Company's subsidiaries were involved in the incident. Although the outcome of the claims remains
uncertain, our insurer has accepted coverage and is defending the Company in the expertise proceeding.
On July 31, 2018, International Engineering & Construction S.A. (IEC) initiated arbitration proceedings in New
York administered by the International Center for Dispute Resolution (ICDR) against the Company and its
subsidiaries arising out of a series of sales and service contracts entered between IEC and the Company’s
subsidiaries for the sale and installation of LNG plants and related power generation equipment in Nigeria
(Contracts). Prior to the filing of the IEC Arbitration, the Company’s subsidiaries made demands for payment due
under the Contracts. On August 15, 2018, the Company’s subsidiaries initiated a separate demand for ICDR
arbitration against IEC for claims of additional costs and amounts due under the Contracts. On October 10, 2018,
IEC filed a Petition to Compel Arbitration in the United States District Court for the Southern District of New York
against the Company seeking to compel non-signatory Baker Hughes entities to participate in the arbitration filed by
IEC. The complaint is captioned International Engineering & Construction S.A. et al. v. Baker Hughes, a GE
company, LLC, et al. No. 18-cv-09241 (S.D.N.Y 2018); this action was dismissed by the Court on August 13, 2019.
In the arbitration, IEC alleges breach of contract and other claims against the Company and its subsidiaries and
seeks recovery of alleged compensatory damages, in addition to reasonable attorneys' fees, expenses and
arbitration costs. On March 15, 2019, IEC amended its request for arbitration to alleged damages of $591 million of
lost profits plus unspecified additional costs based on alleged non-performance of the contracts in dispute. The
arbitration hearing was held from December 9, 2019 to December 20, 2019. On March 3, 2020, IEC amended their
damages claim to $700 million of alleged loss cash flow or, in the alternative, $244.9 million of lost profits and
various costs based on alleged non-performance of the contracts in dispute, and in addition $4.8 million of
liquidated damages, $58.6 million in take-or-pay costs of feed gas, and unspecified additional costs of rectification
and take-or-pay future obligations, plus unspecified interest and attorneys' fees. On May 3, 2020, the arbitration
panel dismissed IEC's request for take-or-pay damages. On May 29, 2020, IEC quantified their claim for legal fees
at $14.2 million and reduced their alternative claim from $244.9 million to approximately $235 million. The
Company and its subsidiaries have contested IEC’s claims and are pursuing claims for compensation under the
contracts. On October 31, 2020, the ICDR notified the arbitration panel’s final award, which dismissed the majority
of IEC’s claims and awarded a portion of the Company’s claims. On January 27, 2021, IEC filed a petition to vacate
the arbitral award in the Supreme Court of New York, County of New York. At this time, we are not able to predict
the outcome of these proceedings.

On March 15, 2019 and March 18, 2019, the City of Riviera Beach Pension Fund and Richard Schippnick,
respectively, filed in the Delaware Court of Chancery shareholder derivative lawsuits for and on the Company’s
behalf against GE, the then-current members of the Board of Directors of the Company and the Company as a
nominal defendant, related to the decision to (i) terminate the contractual prohibition barring GE from selling any of
the Company’s shares before July 3, 2019; (ii) repurchase $1.5 billion in the Company’s stock from GE; (iii) permit
GE to sell approximately $2.5 billion in the Company’s stock through a secondary offering; and (iv) enter into a
series of other agreements and amendments that will govern the ongoing relationship between the Company and
GE (collectively, the “2018 Transactions”). The complaints in both lawsuits allege, among other things, that GE, as
the Company’s controlling stockholder, and the members of the Company’s Board of Directors breached their
fiduciary duties by entering into the 2018 Transactions. The relief sought in the complaints includes a request for a
declaration that the defendants breached their fiduciary duties, that GE was unjustly enriched, disgorgement of
profits, an award of damages sustained by the Company, pre- and post-judgment interest, and attorneys’ fees and
costs. On March 21, 2019, the Chancery Court entered an order consolidating the Schippnick and City of Riviera
Beach complaints under consolidated C.A. No. 2019-0201-AGB, styled in re Baker Hughes, a GE company
derivative litigation. On May 10, 2019, Plaintiffs voluntarily dismissed their claims against the members of the
Company’s Conflicts Committee, and on May 15, 2019, Plaintiffs voluntarily dismissed their claims against former
Baker Hughes director Martin Craighead. On June 7, 2019, the defendants and nominal defendant filed a motion to
dismiss the lawsuit on the ground that the derivative plaintiffs failed to make a demand on the Company’s Board of
Directors to pursue the claims itself, and GE and the Company’s Board of Directors filed a motion to dismiss the
lawsuit on the ground that the complaint failed to state a claim on which relief can be granted. The Chancery Court
denied the motions on October 8, 2019, except granted GE’s motion to dismiss the unjust enrichment claim against
it. On October 31, 2019, the Company’s Board of Directors designated a Special Litigation Committee and
empowered it with full authority to investigate and evaluate the allegations and issues raised in the derivative
litigation. The Special Litigation Committee filed a motion to stay the derivative litigation during its investigation. On
December 3, 2019, the Chancery Court granted the motion and stayed the derivative litigation until June 1, 2020.
On May 20, 2020, the Chancery Court granted an extension of the stay to October 1, 2020, and on September 29,
2020, the Court granted a further extension of the stay to October 15, 2020. On October 13, 2020, the Special
Litigation Committee filed its report with the Court. At this time, we are not able to predict the outcome of these
claims.
In March 2019, the Company received a document request from the United States Department of Justice (the
“DOJ”) related to certain of the Company’s operations in Iraq and its dealings with Unaoil Limited and its affiliates.
In December 2019, the Company received a similar document request from the Securities Exchange Commission
(the "SEC"). The Company is cooperating with the DOJ and the SEC in connection with their requests and any
related matters. In addition, the Company has agreed to toll any statute of limitations in connection with the matters
subject to the DOJ’s document request.
On August 13, 2019, Tri-State Joint Fund filed in the Delaware Court of Chancery, a shareholder class action
lawsuit for and on the behalf of itself and all similarly situated public stockholders of Baker Hughes Incorporated
(“BHI”) against the General Electric Company (GE), the former members of the Board of Directors of BHI, and
certain former BHI Officers alleging breaches of fiduciary duty, aiding and abetting, and other claims in connection
with the combination of BHI and the oil and gas business (GE O&G) of GE (the Transactions). On October 28,
2019, City of Providence filed in the Delaware Court of Chancery a shareholder class action lawsuit for and on
behalf of itself and all similarly situated public shareholders of BHI against GE, the former members of the Board of
Directors of BHI, and certain former BHI Officers alleging substantially the same claims in connection with the
Transactions. The relief sought in these complaints include a request for a declaration that Defendants breached
their fiduciary duties, an award of damages, pre- and post-judgment interest, and attorneys’ fees and costs. The
lawsuits have been consolidated, and plaintiffs filed a consolidated class action complaint on December 17, 2019
against certain former BHI officers alleging breaches of fiduciary duty and against GE for aiding and abetting those
breaches. The December 2019 complaint omitted the former members of the Board of Directors of BHI, except for
Mr. Craighead who also served as President and CEO of BHI. Mr. Craighead and Ms. Ross, who served as Senior
Vice President and Chief Financial Officer of BHI, remain named in the December 2019 complaint along with GE.
The relief sought in the consolidated complaint includes a declaration that the former BHI officers breached their
fiduciary duties and that GE aided and abetted those breaches, an award of damages, pre- and post-judgment
interest, and attorneys’ fees and costs. On or around February 12, 2020, the defendants filed motions to dismiss
the lawsuit on the grounds that the complaint failed to state a claim on which relief could be granted. On or around

October 27, 2020, the Chancery Court granted GE’s motion to dismiss, and granted in part the motion to dismiss
filed by Mr. Craighead and Ms. Ross, thereby dismissing all of the claims against GE and Ms. Ross, and all but one
of the claims against Mr. Craighead. At this time, we are not able to predict the outcome of the remaining claim.
On December 11, 2019, BMC Software, Inc. (“BMC”) filed a lawsuit in federal court in the Southern District of
Texas against Baker Hughes, a GE company, LLC alleging trademark infringement, unfair competition, and unjust
enrichment, arising out of the Company’s use of its new logo and affiliated branding. On January 1, 2020, BMC
amended its complaint to add Baker Hughes Company. The relief sought in the complaint includes a request for
injunctive relief, an award of damages (including punitive damages), pre- and post-judgment interest, and attorneys’
fees and costs. At this time, we are not able to predict the outcome of these claims.
In December 2020, the Company received notice that the SEC is conducting a formal investigation that the
Company understands is related to its books and records and internal controls regarding sales of its products and
services in projects impacted by U.S. sanctions. The Company is cooperating with the SEC and providing
requested information. The Company has also initiated an internal review with the assistance of external legal
counsel regarding internal controls and compliance related to U.S. sanctions requirements. The SEC's investigation
and the Company's internal review are ongoing, and the Company cannot anticipate the timing, outcome or possible
impact of the investigation or review, financial or otherwise.
We insure against risks arising from our business to the extent deemed prudent by our 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 us against liabilities arising out of pending or future legal proceedings or other claims.
Most of our insurance policies contain deductibles or self-insured retentions in amounts we deem prudent and for
which we are responsible for payment. In determining the amount of self-insurance, it is our 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.
ENVIRONMENTAL MATTERS
Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental
authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company
reasonably believes will exceed a specified threshold. Pursuant to recent SEC amendments to this item, the
Company will be using a threshold of $1 million for such proceedings. Applying this threshold, there are no
environmental matters to disclose for this period.
Estimated remediation costs are accrued using currently available facts, existing environmental permits,
technology and enacted laws and regulations. Our cost estimates are developed based on internal evaluations and
are not discounted. Accruals are recorded when it is probable that we will be obligated to pay for environmental site
evaluation, remediation or related activities, and such costs can be reasonably estimated. As additional information
becomes available, accruals are adjusted to reflect current cost estimates. Ongoing environmental compliance
costs, such as obtaining or renewing environmental permits, installation of pollution control equipment and waste
disposal are expensed as incurred. Where we have been identified as a potentially responsible party in a U.S.
federal or state Comprehensive Environmental Response, Compensation and Liability Act (Superfund) site, we
accrue our share, if known, of the estimated remediation costs of the site. This share is based on the ratio of the
estimated volume of waste we contributed to the site to the total volume of waste disposed at the site.
OTHER
In the normal course of business with customers, vendors and others, we have entered into off-balance sheet
arrangements, such as surety bonds for performance, letters of credit and other bank issued guarantees, which
totaled approximately $4.1 billion at December 31, 2020. It is not practicable to estimate the fair value of these
financial instruments. None of the off-balance sheet arrangements either has, or is likely to have, a material effect
on our financial position, results of operations or cash flows. We also had commitments outstanding for purchase
obligations for each of the five years in the period ending December 31, 2025 of $838 million, $86 million, $37
million, $8 million and $5 million, respectively, and $18 million in the aggregate thereafter.

We sometimes enter into consortium or similar arrangements for certain projects primarily in our Oilfield
Equipment segment. 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 us. These factors could result in unanticipated costs to complete the
project, liquidated damages or contract disputes.
NOTE 20. RESTRUCTURING, IMPAIRMENT AND OTHER
In the first quarter of 2020, in response to the impact on our business from the COVID-19 pandemic and
the significant decline in oil and gas prices, we approved a plan of $1.8 billion (the 2020 Plan) primarily
associated with rationalizing certain product lines and restructuring our business, which is designed to,
among other things, right-size our operations for anticipated activity levels and market conditions. During the
remainder of the year, we incurred additional charges not originally contemplated by the 2020 Plan, primarily
in our OFS segment to address the challenging market conditions in the upstream oil and gas market. We
recorded restructuring, impairment and other charges totaling $1,866 million, and inventory impairments of
$246 million in 2020. See "Note 4. Inventories" for further discussion. Substantially all of the activities and
charges associated with the original 2020 Plan were completed by December 31, 2020. During the years
ended December 31, 2019 and 2018, we recorded restructuring, impairment and other charges of $342
million, and $433 million, respectively.
These charges are included in the "Restructuring, impairment and other" caption in the consolidated
statements of income (loss). Details of all these charges are discussed below.
RESTRUCTURING AND IMPAIRMENT CHARGES
In the current and prior periods, we approved various restructuring plans globally, mainly to consolidate
manufacturing and service facilities, rationalize product lines and rooftops, and reduce headcount across various
functions. As a result, we recognized a charge of $903 million, $314 million and $304 million for the years ended
December 31, 2020, 2019 and 2018, respectively.
The following table presents the restructuring and impairment charges by the impacted segment, however,
these charges are not included in the reported segment results.
2020 2019 2018

Oilfield Services $ 675 $ 211 $ 160
Oilfield Equipment 125 18 25
Corporate 14 22 31
Total $ 903 $ 314 $ 304
Restructuring and impairment charges were primarily related to employee termination expenses from reducing
our headcount in certain geographical locations, and product line rationalization, including plant closures and related
expenses such as property, plant and equipment impairments, and other incremental costs that were a direct result
of the restructuring plans.
2020 2019 2018

Property, plant & equipment, net $ 385 $ 107 $ 80
Employee-related termination expenses 464 179 123
Asset relocation costs 15 4 28
Contract termination fees 23 12 44
Other incremental costs 16 12 29
Total $ 903 $ 314 $ 304

OTHER CHARGES
Other charges included in "Restructuring, impairment and other" caption in the consolidated statements of
income (loss) were $963 million, $28 million, and $129 million for the years ended December 31, 2020, 2019 and
2018, respectively.
In 2020, such charges consisted primarily of intangible asset impairments of $605 million driven by our decision
to exit certain businesses primarily in our OFS segment, other long-lived asset impairments of $216 million ($124
million of intangible assets, $77 million of property, plant and equipment and $15 million of other assets) in our OFE
segment, other charges of $73 million driven by certain litigation matters and the impairment of an equity method
investment, and charges of $61 million related to corporate facility rationalization.
In 2019, such charges primarily relate to currency devaluations in our OFS segment. In 2018, other charges
consist primarily of accelerated amortization of $80 million related to trade names and technology in our OFS
segment, litigation charges of $25 million in Corporate and costs of $13 million to exit certain operations that
impacted our TPS and OFS segments.
NOTE 21. BUSINESS DISPOSITIONS
We completed several product line dispositions over the past three years as described below. Any gain or loss
on a business disposition is reported in the "Other non-operating income (loss), net" caption of the consolidated
statements of income (loss).
• In October 2020, we completed the sale of our Surface Pressure Control Flow business, a non-strategic
product line in our OFE segment that provided surface wellhead and surface tree systems for the onshore
market. The sale resulted in a loss before income taxes of $137 million.
• In June 2020, we completed the sale of our Rod Lift Systems (RLS) business. RLS was part of our OFS
segment and provided rod lift products, technologies, services and solutions to the oil and gas industry. The
sale resulted in a loss before income taxes of $216 million.
• In July 2019, we completed the sale of our high-speed reciprocating compression (Recip) business. Recip
was part of our TPS segment and provided high-speed reciprocating compression equipment and
aftermarket parts and services for oil and gas production, gas processing, gas distribution and independent
power industries. The sale resulted in a loss before income taxes of $138 million.
• In October 2018, we completed the sale of our Natural Gas Solution (NGS) business. NGS was part of our
TPS segment and provided commercial and industrial products such as gas meters, chemical injection
pumps, pipeline repair products and electric actuators. The sale resulted in a gain before income taxes of
$171 million.
NOTE 22. SUPPLEMENTARY INFORMATION
ALL OTHER CURRENT LIABILITIES
All other current liabilities as of December 31, 2020 and 2019 include $910 million and $1,121 million,
respectively, of employee related liabilities.

PRODUCT WARRANTIES
We provide for estimated product warranty expenses when we sell the related products. Because warranty
estimates are forecasts that are based on the best available information, primarily historical claims experience,
claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties are as
follows:
2020 2019
Provisions 6 4
Expenditures (11) (14)
Other 1 (6)
ALLOWANCE FOR CREDIT LOSSES
The change in allowance for credit losses is as follows:

2020 2019
Provision 66 48
Write-offs & other (16) (52)
CASH FLOW DISCLOSURES
Supplemental cash flow disclosures are as follows for the years ended December 31:
2020 2019 2018

Income taxes paid, net of refunds $ 441 $ 438 $ 424
Interest paid $ 289 $ 285 $ 301
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL

DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated
the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule
15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation,
the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2020, our
disclosure controls and procedures (as defined in Rule 15d-15(e) of the Exchange Act) were effective at a
reasonable assurance level.
There has been no change in our internal controls over financial reporting during the year ended December 31,
2020 that has materially affected, or is reasonably likely to materially affect, our internal controls over financial
reporting.
ITEM 9B. OTHER INFORMATION
None.

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information regarding our Code of Conduct and the Code of Ethical Conduct Certificates for our principal
executive officer, principal financial officer and principal accounting officer are described in Item 1. Business of this
annual report on Form 10-K. Information concerning our directors is set forth in the sections entitled "Proposal
No. 1, Election of Directors - Board Nominees for Directors," and "Corporate Governance - Committees of the
Board" in our Definitive Proxy Statement for the 2021 Annual Meeting of Stockholders to be filed with the SEC
pursuant to the Exchange Act within 120 days of the end of our fiscal year on December 31, 2020 (Proxy
Statement), which sections are incorporated herein by reference. For information regarding our executive officers,
see "Item 1. Business - Executive Officers of Baker Hughes" in this annual report on Form 10-K. Additional
information regarding compliance by directors and executive officers with Section 16(a) of the Exchange Act is set
forth under the section entitled "Delinquent Section 16(a) Reports" in our Proxy Statement, which section is
incorporated herein by reference.
ITEM 11. EXECUTIVE COMPENSATION
Information for this item is set forth in the following sections of our Proxy Statement, which sections are
incorporated herein by reference: "Compensation Discussion and Analysis," "Director Compensation,"
"Compensation Committee Interlocks and Insider Participation" and "Compensation Committee Report."
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
Information concerning security ownership of certain beneficial owners and our management is set forth in the
sections entitled "Stock Ownership of Certain Beneficial Owners" and “Stock Ownership of Section 16(a) Director
and Executive Officers” in our Proxy Statement, which sections are incorporated herein by reference.
We permit our employees, officers and directors to enter into written trading plans complying with Rule 10b5-1
under the Exchange Act. Rule 10b5-1 provides criteria under which such an individual may establish a prearranged
plan to buy or sell a specified number of shares of a company's stock over a set period of time. Any such plan must
be entered into in good faith at a time when the individual is not in possession of material, nonpublic information. If
an individual establishes a plan satisfying the requirements of Rule 10b5-1, such individual's subsequent receipt of
material, nonpublic information will not prevent transactions under the plan from being executed. Certain of our
officers have advised us that they have and may enter into stock sales plans for the sale of shares of our Class A
common stock which are intended to comply with the requirements of Rule 10b5-1 of the Exchange Act. In addition,
the Company has and may in the future enter into repurchases of our Class A common stock under a plan that
complies with Rule 10b5-1 or Rule 10b-18 of the Exchange Act.

Equity Compensation Plan Information
The information in the following table is presented as of December 31, 2020 with respect to shares of our Class
A common stock that may be issued under our LTI Plan which has been approved by our stockholders (in millions,
except per share prices).
Number of Securities
Number of Remaining Available
Securities to be for Future Issuance
Issued Upon Weighted Average Under Equity
Exercise of Exercise Price of Compensation Plans
Outstanding Outstanding (excluding securities
Equity Compensation Plan Options, Warrants Options, Warrants reflected in the first
Category and Rights and Rights column)
Stockholder-approved plans 4.2 $ 30.17 26.1
Nonstockholder-approved plans — — —
Subtotal (except for weighted average exercise price) 4.2 30.17 26.1
Employee Stock Purchase Plan 0.7 17.72 8.5
Total 4.9 $ 28.43 34.6
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Information for this item is set forth in the sections entitled "Corporate Governance-Director Independence" and
"Certain Relationships and Related Party Transactions" in our Proxy Statement, which sections are incorporated
herein by reference.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Information concerning principal accountant fees and services is set forth in the section entitled "Fees Paid to
KPMG LLP" in our Proxy Statement, which section is incorporated herein by reference.

PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) List of Documents filed as part of this annual report.
(1) Financial Statements
All financial statements of the Company as set forth under Item 8 of this annual report on Form 10-K.
(2) Financial Statement Schedules
The schedules listed in Reg. 210.5-04 have been omitted because they are not applicable or the required
information is shown in the consolidated financial statements or notes thereto.
(3) Exhibits
Each exhibit identified below is filed as a part of this annual report. Exhibits designated with an "*" are filed as
an exhibit to this annual report on Form 10-K and exhibits designated with an "**" are furnished as an exhibit to this
annual report on Form 10-K. Exhibits designated with a "+" are identified as management contracts or
compensatory plans or arrangements. Exhibits previously filed are incorporated by reference.
Exhibit
Number Exhibit Description
2.1 Transaction Agreement and Plan of Merger, dated as of October 30, 2016, among General Electric
Company, Baker Hughes Incorporated, Bear Newco, Inc. and Bear MergerSub, Inc.
2.2 Amendment, dated as of March 27, 2017, to the Transaction Agreement and Plan of Merger, dated as
of October 30, 2016, among General Electric Company, Baker Hughes Incorporated, Bear Newco, Inc.,
Bear MergerSub, Inc., BHI Newco, Inc. and Bear MergerSub 2, Inc.
3.1 Second Amended and Restated Certificate of Incorporation of Baker Hughes Company dated October
17, 2019.
3.2 Third Amended and Restated Bylaws of Baker Hughes Company dated October 17, 2019.
4.1 Indenture, dated October 28, 2008, between Baker Hughes Incorporated (as predecessor to Baker
Hughes Holdings LLC) and The Bank of New York Mellon Trust Company, N.A., as trustee.
4.2 First Supplemental Indenture, dated as of August 17, 2011, to the Indenture dated as of October 28,
2008, between Baker Hughes Incorporated (as predecessor to Baker Hughes Holdings LLC) and The
Bank of New York Mellon Trust Company, N.A., as trustee.
4.3 Second Supplemental Indenture, dated July 3, 2017, to the Indenture dated as of October 28, 2008,
among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon
Trust Company, N.A., as trustee.
4.4 Third Supplemental Indenture, dated December 11, 2017, to the Indenture dated as of October 28,
2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York
Mellon Trust Company, N.A., as trustee.
4.5 Fourth Supplemental Indenture, dated November 7, 2019, to the Indenture dated as of October 28,
2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and the Bank of New York
Mellon Trust Company, N.A., as Trustee.
4.6 Fifth Supplemental Indenture, dated May 1, 2020 to the Indenture dated as of October 28, 2008,
Trust Company, N.A., as Trustee.
4.7 Indenture, dated May 15, 1994, between Western Atlas Inc. and The Bank of New York Mellon, as
trustee.
4.8 First Supplemental Indenture dated July 3, 2017, to the Indenture dated as of May 15, 1994, among
Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon Trust
Company, N.A., as trustee.
4.9 First Supplemental Indenture, dated as of July 3, 2017, to the Indenture dated as of May 15, 1991,
Trust Company, N.A., as trustee.
4.10* Description of Securities Registered pursuant to Section 12 of the Securities Exchange Act of 1934.

4.11 Form of Stock Certificate for Class A Common Stock of Baker Hughes Company under the Laws of the
State of Delaware.
10.1 Transaction Agreement, dated as of February 28, 2019, between Baker Hughes Holdings LLC, General
Electric Company and GE Aero Power LLC.
10.2 Stock and Asset Purchase Agreement, dated February 25, 2019, among Baker Hughes Holdings LLC,
GE Energy Switzerland GmbH and, for the limited purpose of the last sentence of Section 11.06, GE,
and for the limited purpose of Section 11.15(b) and the last sentence of Section 11.06, Baker Hughes
Company.
10.3 Letter Agreement, dated as of February 28, 2019, between Baker Hughes Holdings LLC and General
Electric Company regarding the Intercompany Services Agreement.
10.4 Letter Agreement, dated as of February 28, 2019, between Baker Hughes Holdings LLC and General
Electric Company regarding Additives.
10.5 Omnibus Agreement, dated as of July 31, 2019, between Baker Hughes Company, Baker Hughes
Holdings LLC and General Electric Company.
10.6 Transition Services Agreement, dated as of July 31, 2019, between Baker Hughes Holdings LLC and
General Electric Company.
10.7 Asset Purchase Agreement, dated as of July 31, 2019, between Baker Hughes Holdings LLC and GE
Digital LLC.
10.8 TM2500 Supply and Distribution Agreement, dated as of July 31, 2019, between Baker Hughes
10.9 Joint Ownership and License Agreement, dated as of July 31, 2019, between Baker Hughes Holdings
LLC and General Electric Company.
10.10 Bridge Supply and Technology Development Agreement, dated as of July 31, 2019, between Baker
Hughes Holdings LLC and General Electric Company.
10.11 STDA Side Agreement, dated as of July 31, 2019, between Baker Hughes Holdings LLC and General
Electric Company.
10.12 Second Amendment to the GE Global Employee Services Agreement, dated as of July 31, 2019,
between Baker Hughes Holdings LLC and General Electric Company.
10.13* Third Amendment to the GE Global Employee Services Agreement, effective October 1, 2020 between
Baker Hughes Holdings LLC and General Electric Company.
10.14 Second Amendment and Restatement of Promissory Note, dated as of July 31, 2019, between Baker
Hughes Holdings LLC and GE Oil & Gas US Holdings IV, Inc.
10.15 Master Agreement, dated as of November 13, 2018, between Baker Hughes Company, Baker Hughes
10.16 Amendment No. 1 to the Master Agreement, dated as of January 30, 2019, among General Electric
Company, Baker Hughes Company and Baker Hughes Holdings LLC.
10.17 Amendment No. 2 to the Master Agreement, dated as of February 22, 2019, among General Electric
10.18 Aero-Derivatives Supply and Technology Development Agreement, dated as of November 13, 2018,
10.19 HDGT Supply Agreement, dated as of November 13, 2018, between Baker Hughes Holdings LLC and
General Electric Company.
10.20 Amended and Restated HDGT Distribution and Supply Agreement, dated as of February 27, 2019,
10.21 First Amendment to the Amended and Restated HDGT Distribution and Supply Agreement dated
September 16, 2019 between Baker Hughes Holdings LLC and General Electric Company.
10.22 Amended and Restated Stockholders Agreement, dated as of November 13, 2018, between Baker
Hughes Company and General Electric Company.
10.23 Amendment to the Amended and Restated Stockholders Agreement, dated as of July 31, 2019,
between Baker Hughes Company and General Electric Company.
10.24 Amended and Restated Registration Rights Agreement, dated as of July 31, 2019, between Baker
Hughes Company and General Electric Company.
10.25 Exchange Agreement, dated as of July 3, 2017, among General Electric Company, GE Oil & Gas US
Holdings I, Inc., GE Oil & Gas US Holdings IV, Inc., GE Holdings (US), Inc., Baker Hughes Company
and Baker Hughes Holdings LLC.
10.26 Amended and Restated Limited Liability Company Agreement of Baker Hughes Holdings LLC dated as
of April 15, 2020.

10.27 Tax Matters Agreement, dated as of July 3, 2017, among General Electric Company, Baker Hughes
Company, EHHC Newco, LLC and Baker Hughes Holdings LLC.
10.28 Amended and Restated Non-Competition Agreement, dated as of November 13, 2018, between
General Electric Company and Baker Hughes Company.
10.29 Amended and Restated Channel Agreement, dated as of November 13, 2018, between General
Electric Company and Baker Hughes Company.
10.30 Amended and Restated IP Cross License Agreement, dated as of November 13, 2018, between
General Electric Company and Baker Hughes Holdings LLC.
10.31 Side Letter to the Amended and Restated IP Cross License Agreement dated as of November 13,
2018, between General Electric Company and Baker Hughes Holdings LLC.
10.32 Agreement to the Amended & Restated IP Cross License Agreement, dated as of July 31, 2019,
10.33 Amended and Restated Trademark License Agreement, dated as of November 13, 2018, between
10.34 Amended and Restated GE Digital Master Products and Services Agreement, dated as of November
13, 2018, between GE Digital LLC and Baker Hughes Holdings LLC.
10.35 Amendment to the Amended and Restated GE Digital Master Products and Services Agreement, dated
as of July 31, 2019, between Baker Hughes Holdings LLC and GE Digital LLC.
10.36 GE Digital Referral Agreement, dated as of July 31, 2019, between Baker Hughes Holdings LLC and
GE Digital LLC.
10.37 Amended and Restated Intercompany Services Agreement, dated as of November 13, 2018, between
10.38 Amendment to the Amended and Restated Intercompany Services Agreement, dated as of July 31,
2019, between Baker Hughes Holdings LLC and General Electric Company.
10.39 Amended and Restated Supply Agreement, dated as of November 13, 2018, between General Electric
Company, as Seller, and Baker Hughes Holdings LLC, as Buyer.
10.40 Amended and Restated Supply Agreement, dated as of November 13, 2018, between Baker Hughes
Holdings LLC, as Seller, and General Electric Company, as Buyer.
10.41 Umbrella Aero-Derivatives IP Agreement, dated as of November 13, 2018, between General Electric
Company and Baker Hughes Holdings LLC.
10.42 Equity Repurchase Agreement, dated as of November 5, 2017, by and among General Electric
10.43 Equity Repurchase Agreement dated as of November 13, 2018, by and among General Electric
Company, Baker Hughes Company, and Baker Hughes Holdings LLC.
10.44 Equity Repurchase Agreement, dated as of September 9, 2019, by and among Baker Hughes
Company, Baker Hughes Holdings LLC and General Electric Company.
10.45 Employee Benefits Matters Agreement dated as of November 13, 2018 by and among General Electric
10.46 Credit Agreement, dated as of December 10, 2019, among Baker Hughes Holdings LLC, the lenders
party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.
10.47+ Baker Hughes Incorporated Director Retirement Policy for Certain Former Members of the Board of
Directors of Baker Hughes Incorporated.
10.48+ Amended and Restated Baker Hughes Incorporated 2002 Employee Long-Term Incentive Plan
effective April 24, 2014.
10.49+ Amended and Restated Baker Hughes Incorporated 2002 Director & Officer Long-Term Incentive Plan
effective April 24, 2014.
10.50+ Form of Baker Hughes Incorporated Nonqualified Stock Option Award Agreement and Terms and
Conditions for officers dated 2011.
Conditions for officers dated January 2014.
Conditions for officers June 2014.
10.53+ Baker Hughes Company 2017 Long-Term Incentive Plan.
10.54+ Baker Hughes Company Executive Officer Short Term Incentive Compensation Plan.
10.55+ Baker Hughes Company Non-Employee Director Deferral Plan.

10.56+ Amendment to the Baker Hughes Company Benefits Plans including the Baker Hughes Company 2017
Long-Term Incentive Plan, Baker Hughes Company Executive Officer Short Term Incentive Plan and
the Baker Hughes Company Non-Employee Director Deferral Plan.
10.57+ Baker Hughes Company Executive Severance Program.
10.58+ First Amendment to the Baker Hughes Company Executive Severance Program effective January 1,
2020.
10.59+ Baker Hughes Company Executive Change in Control Severance Plan
10.60+ Baker Hughes Company Employee Stock Purchase Plan.
10.61+ First Amendment to the Baker Hughes Company Employee Stock Purchase Plan effective January 1,
2020.
10.62+ Baker Hughes Company Supplementary Pension Plan as Amended and Restated Effective as of
December 31, 2018.
10.63+ Amendment to the Baker Hughes Holdings LLC Sponsored Benefit Plans including the Baker Hughes
Company Supplementary Pension Plan.
10.64+ Baker Hughes Company Supplemental Retirement Plan, as amended and restated effective as of
January 1, 2020.
10.65+ Baker Hughes Company Form of Indemnification Agreement dated July 2017.
10.66+ Baker Hughes Company Form of Director and Officer Indemnification Agreement dated March 18,
2020.
10.67+ Baker Hughes Company Form of Stock Option Award Agreement dated July 2017.
10.68+ Baker Hughes Company Form of Senior Executive Stock Option Award Agreement dated July 2017.
10.69+ Baker Hughes Company Form of Stock Option Award Agreement dated January 2018.
10.70+ Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year cliff vest) dated
January 2018.
10.71+ Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year ratable vest)
dated January 2018.
10.72+ Baker Hughes Company Form of Senior Executive Performance Share Award Agreement
(Performance Metric of Return on Invested Capital) dated January 2018.
10.73+ Baker Hughes Company Form of Senior Executive Performance Share Award Agreement
(Performance Metric of Total Shareholder Return) dated January 2018.
10.74+ Baker Hughes Company Form of Director Restricted Stock Unit Award Agreement dated January
2018.
10.75+ Offer Letter between Baker Hughes Company and Lorenzo Simonelli, dated as of August 1, 2017.
10.76+ Outperformance Share Unit Award Agreement between Baker Hughes Company and Lorenzo
Simonelli dated as of June 1, 2018.
10.77+ Restricted Stock Unit Award Agreement between Baker Hughes Company and Lorenzo Simonelli dated
as of June 1, 2018.
10.79+ Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year cliff vest) dated
January 2020.
10.80+ Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year ratable vest)
dated January 2020.
10.81+ Baker Hughes Company Form of ROIC Performance Share Unit Award Agreement dated January
2020.
10.82+ Baker Hughes Company Form of TSR Performance Share Unit Award Agreement dated January 2020.
10.83+ Baker Hughes Company Form of Director Restricted Stock Unit Award Agreement dated January 2020.
10.85+* Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year cliff vest) dated
January 2021.
10.86+* Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year ratable vest)
dated January 2021.
10.87+* Baker Hughes Company Form of Performance Share Unit Award Agreement dated January 2021.
10.88+ Form of Transformation Incentive Award Agreement dated January 2020.
10.89 Plea Agreement between Baker Hughes Services International, Inc. and the United States Department
of Justice filed on April 26, 2007, with the United States District Court of Texas, Houston Division.

21.1* Subsidiaries of the Company.
23.1* Consent of KPMG LLP.
31.1** Certification of Lorenzo Simonelli, President and Chief Executive Officer, furnished pursuant to Rule
13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2** Certification of Brian Worrell, Chief Financial Officer, furnished pursuant to Rule 13a-14(a) of the
Securities Exchange Act of 1934, as amended.
32** Certification of Lorenzo Simonelli, President and Chief Executive Officer, and Brian Worrell, Chief
Financial Officer, furnished pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as
amended.
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.LAB* XBRL Label Linkbase Document
101.PRE* XBRL Presentation Linkbase Document
101.DEF* XBRL Definition Linkbase Document
ITEM 16. FORM 10-K SUMMARY
None.

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 25, 2021 /s/ LORENZO SIMONELLI

Lorenzo Simonelli
Chairman, President and Chief
Executive Officer
KNOWN ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Lorenzo Simonelli, Brian Worrell and Regina Jones, each of whom may act without joinder of the
other, as their true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for
such person and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to
this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power
and authority to do and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed
below by the following persons on behalf of the registrant and in the capacities indicated on this 25th day of
February 2021.
Signature Title
/s/ LORENZO SIMONELLI Chairman, President and Chief Executive Officer

(Lorenzo Simonelli) (principal executive officer)
/S/ BRIAN WORRELL Chief Financial Officer

(Brian Worrell) (principal financial officer)
/S/ KURT CAMILLERI Senior Vice President, Controller and Chief Accounting Officer
(Kurt Camilleri) (principal accounting officer)

Signature Title
/s/ W. GEOFFREY BEATTIE Director

(W. Geoffrey Beattie)
/s/ GREGORY D. BRENNEMAN Director

(Gregory D. Brenneman)
/s/ CYNTHIA B. CARROLL Director

(Cynthia B. Carroll)
/s/ NELDA J. CONNORS Director

(Nelda J. Connors)
/s/ CLARENCE P. CAZALOT, JR. Director

(Clarence P. Cazalot, Jr.)
/s/ GREGORY L. EBEL Director

(Gregory L. Ebel)
/s/ LYNN L. ELSENHANS Director

(Lynn L. Elsenhans)
/s/ JOHN G. RICE Director

(John G. Rice)

Reconciliation of GAAP Measures to Non-GAAP Measures Used in this Annual Report*
Baker Hughes Company presents its financial results in accordance with U.S. GAAP. However, management
believes that additional non-GAAP measures are widely accepted financial indicators used by investors and
analysts to analyze and compare companies on the basis of operating performance and liquidity, and that these
measures may be used by investors to make informed investment decisions. The following table reconciles our
GAAP financial information with non-GAAP financial information used in this annual report for the year ended
December 31, 2020.
The reconciliation of cash flow from operating activities (GAAP) to free cash flow (non-GAAP) for the year
ended December 31, 2020 is as follows:
Year ended
(in millions) December 31, 2020
Cash flow from operating activities (GAAP) $ 1,304
Less: Cash used for capital expenditures, net of proceeds from disposal of assets (787)
Free cash flow (non-GAAP) $ 518
*Certain columns may not sum up due to the use of rounded numbers.
2020 Annual Report

Our leadership
Lorenzo Simonelli
Chairman, President,
and Chief Executive Officer
Board of directors
W. Geoffrey Gregory D. Cynthia B. Clarence P. Nelda J.

Beattie Brenneman Carroll Cazalot, Jr. Connors
Lead Director
Gregory L. Ebel Lynn L. John G. Rice

Elsenhans
Management team
Brian Worrell Maria Claudia Rod Christie Michele Jen Hartsock Deanna Jones
Chief Financial Borras Executive Vice Fiorentino Chief Information Chief Human
Officer Executive Vice President, Executive Vice Officer Resources Officer
President, Oilfield Turbomachinery & President, Strategy
Services Process Solutions & Business
Development
Regina Bynote Rami Qasem Neil Saunders Uwem Ukpong Kevin Russell
Jones Executive Vice Executive Vice Executive Vice Wetherington Wilkerson
Chief Legal Officer President, Digital President, Oilfield President, Regions, Chief HSE, Security Chief Corporate
Solutions Equipment Alliances & & Quality Officer Affairs Officer
Enterprise Sales
Stockholder information
Transfer agent and registrar Corporate communications office

Computershare Investor Services Russell Wilkerson
Chief Corporate Affairs Officer
Computershare
Russell.wilkerson@bakerhughes.com
P.O. Box 505000
Louisville, Kentucky
40233-5000 Form 10-K
Additional copies of the Company’s
Stock exchange listing Annual Report (Form 10-K) are available
at no charge by writing to Investor Relations at our
Ticker Symbol “BKR”
corporate office or by visiting our investor website:
New York Stock Exchange
http://investors.bakerhughes.com/
New York Stock Exchange

Corporate office address
Our annual CEO Certification, without
17021 Aldine Westfield Road
qualifications, was timely submitted to
Houston, Texas 77073
the NYSE. Also, we file our certifications
Telephone: +1 713-439-8600
required under SOX as exhibits to our
Form 10-K.
The Ark, 201 Talgarth Road
London W6 8BJ,
Investor relations office
United Kingdom
Judson E. Bailey Telephone: +44 (0) 207-302-6982
Vice President, Investor Relations
Investor.relations@bakerhughes.com
+1 281-809-9088
2020 Annual Report

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Energy Forward

Rethink. Redefine. Renew.

About Baker Hughes Our Values

2020 Annual Report

2020 Annual Report

Improving margins and Driving growth in high- Making strategic investments

condition monitoring and protection platform, as well

Through BakerHughesC3.ai (BHC3), our partnership In chemicals, we see opportunities to grow

Position for new frontiers

2020 Annual Report

2020 Annual Report

Responsibility AA 31% 200

Commission file number 1-38143

Baker Hughes Company

17021 Aldine Westfield Road

Securities registered pursuant to Section 12(g) of the Act: None

Item 10. Directors, Executive Officers and Corporate Governance 96

Item 15. Exhibits and Financial Statement Schedules 98

Baker Hughes Company 2020 FORM 10-K | i

We expect to benefit from the following:

Baker Hughes Company 2020 FORM 10-K | 1

PRODUCTS AND SERVICES

Baker Hughes Company 2020 FORM 10-K | 2

Baker Hughes Company 2020 FORM 10-K | 3

Baker Hughes Company 2020 FORM 10-K | 4

Baker Hughes Company 2020 FORM 10-K | 5

ORDERS AND REMAINING PERFORMANCE OBLIGATIONS

RESEARCH AND DEVELOPMENT

Baker Hughes Company 2020 FORM 10-K | 6

Baker Hughes Company 2020 FORM 10-K | 7

Diversity and Inclusion

Compensation and Benefits

Baker Hughes Company 2020 FORM 10-K | 8

Board Oversight of Human Capital Management

Baker Hughes Company 2020 FORM 10-K | 9

Other Regulatory Matters

Baker Hughes Company 2020 FORM 10-K | 10

AVAILABILITY OF INFORMATION FOR STOCKHOLDERS

Baker Hughes Company 2020 FORM 10-K | 11

Name Age Position and Background

Roderick Christie 58 Executive Vice President, Turbomachinery and Process Solutions

Michele Fiorentino 53 Executive Vice President, Strategy & Business Development

Baker Hughes Company 2020 FORM 10-K | 12

ITEM 1A. RISK FACTORS

Baker Hughes Company 2020 FORM 10-K | 13

Baker Hughes Company 2020 FORM 10-K | 14

CREDIT AND CUSTOMER CONTRACTING RISKS

Baker Hughes Company 2020 FORM 10-K | 15

Our contracts may be terminated early in certain circumstances.

Baker Hughes Company 2020 FORM 10-K | 16

LEGAL AND REGULATORY RISKS

Baker Hughes Company 2020 FORM 10-K | 17

Baker Hughes Company 2020 FORM 10-K | 18

Baker Hughes Company 2020 FORM 10-K | 19

Baker Hughes Company 2020 FORM 10-K | 20

Baker Hughes Company 2020 FORM 10-K | 21

INDUSTRY AND MARKET RISKS

Currency fluctuations or devaluations may impact our operating results.

RISKS RELATED TO THE SEPARATION FROM GE