DEBT

3 Months Ended

Mar. 31, 2026

The carrying value of the Company's short-term and long-term debt consists of the following:


	March 31, 2026		December 31, 2025
U.S. dollar short-term debt
2.06% Senior Notes due December 2026	$	600	$	599
Other debt	153		90
Total short-term debt	753		689


U.S. dollar long-term debt
3.337% Senior Notes due December 2027	1,325		1,324
6.875% Notes due January 2029	254		255
4.050% Senior Notes due March 2029	497		—
3.138% Senior Notes due November 2029	524		524
4.486% Senior Notes due May 2030	498		498
4.350% Senior Notes due June 2031	1,240		—
4.650% Senior Notes due June 2033	743		—
5.000% Senior Notes due June 2036	1,978		—
5.125% Senior Notes due September 2040	1,268		1,269
4.080% Senior Notes due December 2047	1,339		1,338
5.850% Senior Notes due June 2056	1,975		—
Other long-term debt	355		190
Euro long-term debt
3.226% Senior Notes due March 2030	685		—
3.812% Senior Notes due March 2034	1,026		—
4.193% Senior Notes due March 2038	853		—
4.737% Senior Notes due March 2046	851		—
Total long-term debt	15,411		5,398
Total debt	$	16,164	$	6,087

The estimated fair value of total debt at March 31, 2026 and December 31, 2025 was $15,576 million and $5,628 million, respectively. For a majority of the Company's debt, the fair value was determined using quoted period-end market prices. Where market prices are not available, the Company estimates fair values based on valuation methodologies using current market interest rate data adjusted for non-performance risk.

Baker Hughes Holding LLC ("BHH LLC"), a wholly owned subsidiary of the Company, has a $3.0 billion committed unsecured revolving credit facility (the "Credit Agreement") with commercial banks maturing in November 2028. The Credit Agreement contains certain representations and warranties, certain affirmative covenants and negative covenants, in each case considered customary. No related events of default have occurred. The Credit Agreement is fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes. At March 31, 2026 and December 31, 2025, there were no borrowings under the Credit Agreement.

On July 28, 2025, BHH LLC entered into a commitment letter providing for a $14.9 billion senior unsecured 364-day bridge facility (the "Bridge Facility") to finance all or a portion of the Chart Industries, Inc. ("Chart") acquisition. On August 15, 2025, BHH LLC, as borrower, and Baker Hughes Company, as parent guarantor, entered into a $2.6 billion senior unsecured delayed-draw term loan facility (the "DDTL"), which reduced the commitments remaining under the Bridge Facility to $12.3 billion. On November 12, 2025, BHH LLC elected to voluntarily reduce the commitments outstanding under the Bridge Facility to $11.0 billion.

On March 11, 2026, the Company completed an offering of $6.5 billion in USD-denominated notes, along with €3.0 billion of Euro-denominated notes. These senior notes are presented net of $86 million of unamortized debt issuance costs and discount in our consolidated statements of financial position. As a result of the completed offering, the Company terminated the remaining Bridge Facility and recognized the previously unamortized lending fees of $43 million within interest expense during the first quarter of 2026. The Company intends to use the net proceeds of the notes to fund a portion of the cash consideration for the proposed acquisition of all outstanding shares of common stock of Chart. The notes are subject to a special mandatory redemption, which requires that the notes be redeemed at 101% of the aggregate principal amount, plus any accrued and unpaid interest up to, but excluding, the special mandatory redemption date, upon the occurrence of any of the following: (i) the Chart acquisition is not consummated on or before the later of July 28, 2026 or five business days after the outside date specified in (or as extended pursuant to) the merger agreement, (ii) the merger agreement is terminated prior to such outside date, or (iii) the Company determines not to pursue the transaction. Upon the special mandatory redemption and payment, interest on the notes will cease to accrue. Failure to effect the special mandatory redemption when required would constitute an event of default.

Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC of the Company's long-term debt securities. This co-obligor is a 100% owned finance subsidiary of BHH LLC that was incorporated for the sole purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose. As of March 31, 2026, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain debt securities totaling approximately $15.7 billion.

Certain Senior Notes contain covenants that limit the Company's capacity to perform various activities including, but not limited to, establishing liens securing debt, completing sale-leaseback transactions, and conducting mergers, consolidations and asset sales above specified limits. At March 31, 2026, the Company was in compliance with all debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Baker Hughes Co 10-Q