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Segment Information
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company's segments are determined as those operations whose results are reviewed regularly by the chief operating decision maker ("CODM"), who is our Chief Executive Officer, in deciding how to allocate resources and assess performance. Each segment is organized and managed based upon the nature of our markets and customers and consist of similar products and services.
In the third quarter of 2022, we announced a reorganization of the Company to create two operating segments focused on different growth profiles and designed to simplify our operations and enhance profitability. Effective
October 1, 2022, the two operating segments, also our reportable segments, are Oilfield Services & Equipment (“OFSE”) and Industrial & Energy Technology (“IET”). The financial information for 2021 and 2020 have been recast to conform to the new segment presentation.
We previously operated the Company through four segments. Through this reorganization, we merged the Oilfield Services segment with the Oilfield Equipment segment to form the OFSE segment, and we merged the Turbomachinery & Process Solutions segment with the Digital Solutions segment to form the IET segment. We believe the new structure will allow each segment to better adapt to the quickly changing energy markets, and by removing certain management layers, will upgrade a number of key operational processes across our businesses and enhance their economies of scale. The following is a description of each segment’s business operations:
Oilfield Services & Equipment provides products and services for onshore and offshore oilfield operations across the lifecycle of a well, ranging from exploration, appraisal, and development, to production, rejuvenation, and decommissioning. OFSE is organized into four product lines: Well Construction, which encompasses drilling services, drill bits, and drilling & completions fluids; Completions, Intervention, and Measurements, which encompasses well completions, pressure pumping, and wireline services; Production Solutions, which spans artificial lift systems and oilfield & industrial chemicals, and Subsea & Surface Pressure Systems, which encompasses subsea projects services and drilling systems, surface pressure control, and flexible pipe systems. Beyond its traditional oilfield concentration, OFSE is expanding its capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening its digital architecture and addressing key energy market themes.
Industrial & Energy Technology provides technology solutions and services for mechanical-drive, compression and power-generation applications across the energy industry, including oil and gas, liquefied natural gas ("LNG") operations, downstream refining and petrochemical markets, as well as lower carbon solutions to broader energy and industrial sectors. IET also provides equipment, software, and services that serve a wide range of industries including petrochemical and refining, nuclear, aviation, automotive, mining, cement, metals, pulp and paper, and food and beverage. IET is organized into six product lines - Gas Technology Equipment and Gas Technology Services, collectively referred to as Gas Technology, and Condition Monitoring, Inspection, Pumps Valves & Gears, and PSI & Controls, collectively referred to as Industrial Technology.
Segment revenue and operating income are determined based on the internal performance measures used by the CODM to assess the performance of each segment in a financial period. The performance of our operating segments is evaluated based on segment operating income (loss), which is defined as income (loss) before income taxes before the following: net interest expense, net other non-operating income (loss), corporate expenses, restructuring, impairment and other charges, separation related costs, inventory impairments, goodwill impairments and certain gains and losses not allocated to the operating segments. Consistent accounting policies have been applied by all segments, for all reporting periods. Intercompany revenue and expense amounts have been eliminated within each segment to report on the basis that management uses internally for evaluating segment performance. Summarized financial information for the Company's segments is shown in the following tables.
Segment revenue202220212020
Oilfield Services & Equipment$13,229 $12,028 $12,984 
Industrial & Energy Technology7,926 8,473 7,721 
Total$21,156 $20,502 $20,705 
Segment income (loss) before income taxes202220212020
Oilfield Services & Equipment$1,201 $830 $506 
Industrial & Energy Technology1,135 1,177 998 
Total segment2,336 2,006 1,504 
Corporate(416)(429)(464)
Inventory impairment (1)
(31)— (246)
Goodwill impairment— — (14,773)
Restructuring, impairment and other(682)(209)(1,866)
Separation related(23)(60)(134)
Other non-operating income (loss), net(911)(583)1,040 
Interest expense, net(252)(299)(264)
Income (loss) before income taxes$22 $428 $(15,202)
(1)Inventory impairments are reported in the "Cost of goods sold" caption of the consolidated statements of income (loss).
The following table presents total assets by segment at December 31:
Segment assets20222021
Oilfield Services & Equipment$17,181 $17,950 
Industrial & Energy Technology12,286 11,480 
Total segment29,467 29,430 
Corporate and eliminations (1)
4,714 5,878 
Total $34,181 $35,308 
(1)The assets in Corporate and eliminations consist primarily of cash, the Baker Hughes trade name, our investment in C3 AI, certain facilities, and certain other noncurrent assets. It also includes adjustments to eliminate intercompany investments and receivables reflected within the total assets of each of our reportable segments.
The following table presents depreciation and amortization by segment:
Segment depreciation and amortization202220212020
Oilfield Services & Equipment$845 $874 $1,072 
Industrial & Energy Technology197 208 216 
Total Segment1,042 1,082 1,288 
Corporate19 23 29 
Total$1,061 $1,105 $1,317 
The following table presents capital expenditures by segment:
Segment capital expenditures202220212020
Oilfield Services & Equipment$791 $659 $743 
Industrial & Energy Technology183 182 196 
Total Segment974 841 939 
Corporate15 15 35 
Total$989 $856 $974 
The following table presents consolidated revenue based on the location to where the product is shipped or the services are performed. Other than the U.S., no other country accounted for more than 10% of our consolidated revenue during the periods presented.
Revenue202220212020
U.S.$4,942 $4,497 $4,638 
Non-U.S.16,214 16,005 16,067 
Total$21,156 $20,502 $20,705 
The following table presents net property, plant and equipment by its geographic location at December 31:
Property, plant and equipment - net20222021
U.S.$1,554 $1,651 
Non-U.S.2,984 3,226 
Total$4,538 $4,877