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Equity | 6 Months Ended
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Jun. 30, 2018
Equity [Abstract] |
Equity | EQUITY COMMON STOCK We are authorized to issue 2 billion shares of Class A common stock, 1.25 billion shares of Class B common stock and 50 million shares of preferred stock each of which have a par value of $0.0001 per share. The number of Class A common stock and Class B common stock shares outstanding as of June 30, 2018 is 412 million and 688 million, respectively. We have not issued any preferred stock. GE owns all the issued and outstanding Class B common stock. Each share of Class A and Class B common stock and the associated membership interest in BHGE LLC form a paired interest. While each share of Class B common stock has equal voting rights to a share of Class A common stock, it has no economic rights, meaning holders of Class B common stock have no right to dividends or any assets in the event of liquidation of the Company. During the quarter, the Company declared and paid a regular dividend of $0.18 per share to holders of record of the Company's Class A common stock. The following table presents the changes in number of shares outstanding (in thousands):
| Class A Common Stock | Class B Common Stock
Balance at December 31, 2017 | 422,208 |  | 706,985 |
Issue of shares upon vesting of restricted stock units (1) | 374 |  | — |
Issue of shares on exercises of stock options(1) | 551 |  | — |
Stock repurchase program (2) (3) | (11,501 | ) | (19,241 | )
Balance at June 30, 2018 | 411,631 |  | 687,743 |
(1) | Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation.
(2) | On November 2, 2017, our board of directors authorized BHGE LLC to repurchase up to $3 billion of its common units from the Company and GE. The proceeds of this repurchase are to be used by BHGE to repurchase Class A common stock of the Company on the open market, which if fully implemented would result in the repurchase of approximately $1.1 billion of Class A common stock. The Class B common stock of the Company, paired with common units, will be repurchased by the Company at par value. The $3 billion repurchase authorization is the aggregate authorization for repurchases of Class A common stock and Class B common stock together with its paired common unit. At June 30, 2018, BHGE LLC had authorization remaining to repurchase up to approximately $1.5 billion of its common units from BHGE and GE.
(3) | During the three months and six months ended June 30, 2018, we repurchased and canceled 5,210,572 and 11,500,992 shares of Class A common stock for a total of $187 million and $374 million, respectively. We also repurchased and canceled 8,717,287 and 19,241,160 shares of Class B common stock from GE together with the paired common units of BHGE LLC for $313 million and $626 million for the three and six months ended June 30, 2018, respectively.
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL) The following tables present the changes in accumulated other comprehensive loss, net of tax:
| Investment Securities | Foreign Currency Translation Adjustments | Cash Flow Hedges | Benefit Plans | Accumulated Other Comprehensive Loss
Balance at December 31, 2017 | $ | 1 |  | $ | (682 | ) | $ | 1 |  | $ | (23 | ) | $ | (703 | )
Other comprehensive income (loss) before reclassifications | (1 | ) | (224 | ) | 1 |  | 4 |  | (220 | )
Amounts reclassified from accumulated other comprehensive income (loss) | — |  | — |  | — |  | — |  | — |
Deferred taxes | (1 | ) | — |  | — |  | (2 | ) | (3 | )
Other comprehensive income (loss) | (2 | ) | (224 | ) | 1 |  | 2 |  | (223 | )
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (1 | ) | (139 | ) | — |  | 1 |  | (139 | )
Balance at June 30, 2018 | $ | — |  | $ | (767 | ) | $ | 2 |  | $ | (22 | ) | $ | (787 | )
| Investment Securities | Foreign Currency Translation Adjustments | Cash Flow Hedges | Benefit Plans | Accumulated Other Comprehensive Loss
Balance at December 31, 2016 | $ | — |  | $ | (1,795 | ) | $ | (10 | ) | $ | (83 | ) | $ | (1,888 | )
Other comprehensive income (loss) before reclassifications | 39 |  | (63 | ) | 2 |  | (5 | ) | (27 | )
Amounts reclassified from accumulated other comprehensive income (loss) | (38 | ) | — |  | 9 |  | (2 | ) | (31 | )
Deferred taxes | — |  | (10 | ) | (2 | ) | 4 |  | (8 | )
Other comprehensive income (loss) | 1 |  | (73 | ) | 9 |  | (3 | ) | (66 | )
Less: Other comprehensive income attributable to noncontrolling interests | 1 |  | 1 |  | — |  | 1 |  | 3 |
Balance at June 30, 2017 | $ | — |  | $ | (1,869 | ) | $ | (1 | ) | $ | (87 | ) | $ | (1,957 | )
The amounts reclassified from accumulated other comprehensive loss during the six months ended June 30, 2018 and 2017 represent realized gains on investment securities, foreign exchange contracts on our cash flow hedges (see "Note 14. Financial Instruments" for additional details) and amortization of net actuarial gain (loss) and prior service credit, which are included in the computation of net periodic pension cost (see "Note 10. Employee Benefit Plans" for additional details). These reclassifications are recorded across the various cost and expense line items within the condensed consolidated and combined statements of income (loss). NONCONTROLLING INTEREST Noncontrolling interests represent the portion of net assets in consolidated entities that are not owned by the Company. As of June 30, 2018, GE owned approximately 62.5% of BHGE LLC and this represents the majority of the noncontrolling interest balance reported within equity.
| June 30, 2018 | December 31, 2017
GE's interest in BHGE LLC | $ | 22,897 |  | $ | 23,993 |
Other noncontrolling interests | 109 |  | 140 |
Total noncontrolling interests | $ | 23,006 |  | $ | 24,133 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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