Company: BKR
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001701605-25-000035
Chunk: 131

Company: Baker Hughes Co
Filing Date: 2025-02-04
Form: 10-K
Item: Item 7
Chunk 131
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 (1,692)1,172 Gas Technology Services3,141 3,004 2,961 137 43 Total Gas Technology8,816 10,372 9,156 (1,555)1,215 Industrial Products2,079 2,069 1,833 10 237 Industrial Solutions1,151 1,085 1,025 66 60 Controls (1)— 66 241 (66)(175)Total Industrial Technology3,230 3,220 3,099 10 121 Climate Technology Solutions (2)954 586 425 367 161 Industrial & Energy Technology13,000 14,178 12,680 (1,178)1,498 Total$28,240 $30,522 $26,770 $(2,282)$3,752 

(1)The sale of our controls business was completed in April 2023.

(2)For the years ended December 31, 2024, 2023 and 2022, total new energy orders incorporates CTS in IET of $1.0 billion, $0.6 billion, and $0.4 billion, respectively.

The RPO relate to the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations. As of December 31, 2024, RPO totaled $33.1 billion, of which OFSE totaled $3.0 billion and IET totaled $30.1 billion.

Baker Hughes Company 2024 Form 10-K | 36

Fiscal Year 2024 to Fiscal Year 2023

Revenue increased $2,323 million, or 9%, to $27.8 billion. OFSE increased $268 million and IET increased $2,055 million.

Selling, general and administrative cost decreased $153 million, or 6%, to $2,458 million, and our Corporate costs, which are primarily reported within this financial measure, decreased $17 million, or 5%, to $363 million. These decreases were driven primarily by a continued focus on cost optimization, partially offset by inflationary pressure.

Restructuring, impairment, and other charges were $301 million in 2024, primarily related to streamlining of the OFSE operating model. In 2023, restructuring, impairment, and other charges were $323 million reflecting costs to align the business