Company: BKR
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001701605-25-000035
Chunk: 28

Company: Baker Hughes Co
Filing Date: 2025-02-04
Form: 10-K
Item: Item 8
Chunk 28
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2,080 2,266 Actual return on plan assets(73)121 Employer contributions66 18 Benefits paid(92)(126)Settlements(227)(4)Settlement due to plan termination (2)— (246)Other(39)— Foreign currency translation adjustments(7)51 Fair value of plan assets at end of year1,708 2,080 Funded status - underfunded at end of year$(376)$(363)Accumulated benefit obligation$2,039 $2,399 (1)The actuarial gain in 2024 was primarily related to a change in the discount rate used to measure the benefit obligation for the Company's plans.(2)Plan termination relates to the termination of one of the Company's fully funded frozen U.S. defined benefit plans that was initiated in April 2022.The amounts recognized in the consolidated statements of financial position consist of the following at December 31: Pension Benefits20242023Noncurrent assets$43 $78 Current liabilities(28)(17)Noncurrent liabilities(391)(424)Net amount recognized$(376)$(363)

Baker Hughes Company 2024 Form 10-K | 73

Baker Hughes CompanyNotes to Consolidated Financial Statements

Information for the plans with ABOs and PBOs in excess of plan assets consist of the following at December 31:Pension Benefits20242023Projected benefit obligation$1,180 $1,410 Accumulated benefit obligation$1,135 $1,366 Fair value of plan assets$761 $968 The Company has a U.S. non-qualified supplemental pension plan ("BH SPP") for certain employees which is included in the benefit obligations and funded status in the tables above. In order to meet a portion of the Company's obligations of the BH SPP, the Company established a trust comprised primarily of mutual fund assets. The value of these assets was $36 million as of December 31, 2024 and 2023, respectively. These assets are not included as plan assets or in the funded status amounts in the tables above and below.Net Periodic CostThe components of net periodic cost consist of the following:Pension Benefits202420232022Service cost$16 $15 $23 Interest cost107 116 78 Expected return on plan assets(118)(102)(114)Amortization of prior service credit1 1 1