Company: BKR
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001701605-25-000075
Chunk: 25

Company: Baker Hughes Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 than 10% of the Company's gross customer receivables at these dates.

NOTE 3. INVENTORIES

Inventories, net of reserves of $387 million and $390 million as of March 31, 2025 and December 31, 2024, respectively, consist of the following:March 31, 2025December 31, 2024Finished goods$2,499 $2,494 Work in process and raw materials2,662 2,460 Total inventories, net$5,161 $4,954 

The Company had no inventory impairments during the three months ended March 31, 2025 and 2024.

Baker Hughes Company 2025 First Quarter Form 10-Q | 7

Baker Hughes CompanyNotes to Unaudited Condensed Consolidated Financial Statements

NOTE 4. OTHER INTANGIBLE ASSETS

Intangible assets consist of the following:March 31, 2025December 31, 2024GrossCarryingAmountAccumulatedAmortizationNetGrossCarryingAmountAccumulatedAmortizationNetCustomer relationships$1,924 $(901)$1,023 $1,921 $(883)$1,038 Technology1,233 (987)246 1,248 (981)267 Trade names and trademarks290 (199)91 290 (196)94 Capitalized software1,562 (1,199)363 1,522 (1,172)350 Finite-lived intangible assets5,009 (3,286)1,723 4,981 (3,232)1,749 Indefinite-lived intangible assets2,204 — 2,204 2,202 — 2,202 Total intangible assets$7,213 $(3,286)$3,927 $7,183 $(3,232)$3,951 Amortization expense for the three months ended March 31, 2025 and 2024 was $66 million and $68 million, respectively.Estimated amortization expense for the remainder of 2025 and each of the subsequent five fiscal years is expected to be as follows:YearEstimated Amortization ExpenseRemainder of 2025$174 2026195 2027175 2028153 2029124 203099 

NOTE 5. CONTRACT AND