Company: BKR
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001701605-25-000035
Chunk: 32

Company: Baker Hughes Co
Filing Date: 2025-02-04
Form: 10-K
Item: Item 8
Chunk 32
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 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. The Company's costs for the 401(k) Plan and several other U.S. and non-U.S. defined contribution plans amounted to $180 million and $217 million in 2024 and 2023, respectively.The Company has two non-qualified defined contribution plans that are invested through trusts. The assets and corresponding liabilities were $300 million and $281 million at December 31, 2024 and 2023, respectively, and are included in "All other assets" and "Liabilities for pensions and other postretirement benefits," respectively, in the consolidated statements of financial position.

NOTE 11. INCOME TAXES

The provision for income taxes consists of the following:202420232022Current:U.S.$39 $33 $6 Foreign889 711 489 Total current928 744 495 Deferred:U.S.(556)(27)40 Foreign(115)(32)65 Total deferred(671)(59)105 Provision for income taxes$257 $685 $600 On August 16, 2022, the U.S. enacted The Inflation Reduction Act which included a number of additional credits and deductions for businesses and individuals. The Inflation Reduction Act also included the adoption of the Corporate Alternative Minimum Tax in 2023, which is based on financial statement book income of large corporations. In 2024, the Company is not subject to the Corporate Alternative Minimum Tax.

Baker Hughes Company 2024 Form 10-K | 77

Baker Hughes CompanyNotes to Consolidated Financial Statements

The geographic sources of income before income taxes consist of the following:202420232022U.S.$1,099 $882 $(698)Foreign2,166 1,773 720 Income before income taxes$3,265 $2,655 $22 The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate to the income before income taxes for the reasons set forth below for the years ended December 31:202420232022Income before income taxes$3,265 $2,655 $22 Taxes at the U.S. federal statutory income tax rate686 558 5 Effect of foreign operations (