Company: BKR
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001701605-25-000035
Chunk: 6

Company: Baker Hughes Co
Filing Date: 2025-02-04
Form: 10-K
Item: Item 8
Chunk 6
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 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 4, 2025

Baker Hughes Company 2024 Form 10-K | 54

BAKER HUGHES COMPANY

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

Year Ended December 31,(In millions, except per share amounts)202420232022Revenue:Sales of goods$17,810 $15,617 $12,236 Sales of services10,019 9,889 8,920 Total revenue27,829 25,506 21,156 Costs and expenses:Cost of goods sold14,792 13,309 10,445 Cost of services sold7,197 6,946 6,311 Selling, general and administrative2,458 2,611 2,510 Restructuring, impairment and other301 323 705 Total costs and expenses24,748 23,189 19,971 Operating income3,081 2,317 1,185 Other non-operating income (loss), net382 554 (911)Interest expense, net(198)(216)(252)Income before income taxes3,265 2,655 22 Provision for income taxes(257)(685)(600)Net income