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Business Acquisition (Tables)
 6 Months Ended
Jun. 30, 2018
Business Combinations [Abstract]  
Preliminary identifiable assets acquired and liabilities assumed
The tables below present the fair value of assets acquired and liabilities assumed and the associated fair value of the noncontrolling interest related to the acquired net assets of Baker Hughes. The final determination of the fair value of assets and liabilities was concluded in the second quarter of 2018.
Identifiable assets acquired and liabilities assumed
Fair value at July 3, 2017
Assets
 
Cash and equivalents
$
4,133

Current receivables
2,342

Inventories
1,712

Property, plant and equipment
4,514

Intangible assets (1)
4,005

All other assets
1,335

Liabilities
 
Accounts payable
(1,213
)
Borrowings
(3,370
)
Deferred income taxes (2)
(258
)
Liabilities for pension and other postretirement benefits
(654
)
All other liabilities
(1,676
)
Total identifiable net assets
$
10,870

Noncontrolling interest associated with net assets acquired
(35
)
Goodwill (3)
13,963

Total purchase consideration
$
24,798


(1) 
Intangible assets, as provided in the table below, are recorded at fair value, as determined by management based on available information. The estimated useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows. We consider the Baker Hughes trade name to be an indefinite life intangible asset, which will not be amortized and will be subject to an annual impairment test.
 
Fair Value
Estimated Weighted
Average Life (Years)
Trade name - Baker Hughes
$
2,100

Indefinite life
Customer relationships
1,240

15
Patents and technology
465

10
In-process research and development
70

Indefinite life
Capitalized software
64

2
Trade names - other
45

10
Favorable lease contracts & others
21

10
Total
$
4,005

 
(2) 
Includes approximately $500 million of net deferred tax liabilities related to the fair value of intangible assets included in the purchase consideration and approximately $242 million of other net deferred tax assets, including non-U.S. loss carryforwards net of valuation allowances partially offset by liabilities for unrecognized benefits.
(3) 
Goodwill represents the excess of the total purchase consideration over fair value of the net assets recognized and represents the future economic benefits that we believe will result from combining the operations of GE O&G and Baker Hughes, including expected future synergies and operating efficiencies. Goodwill resulting from the Transactions has been primarily allocated to the Oilfield Services segment, of which $67 million is deductible for tax purposes. See "Note 6. Goodwill and Other Intangible Assets" for allocation of goodwill to all the segments.
Pro forma information
Significant adjustments to the pro forma information below include recognition of non-recurring direct incremental acquisition costs in 2016 and exclusion of those costs from all other periods presented; amortization associated with an estimate of the acquired intangible assets; depreciation associated with an estimate of the fair value step-up of property, plant and equipment; and reduction of interest expense for fair value adjustments to debt.
 
Three Months Ended June 30, 2017
Six Months Ended June 30, 2017
Revenue
$
5,417

$
10,741

Net loss
(184
)
(193
)
Net loss attributable to the Company
(34
)
(31
)
Basic earnings per Class A common stock
(0.08
)
(0.07
)
Diluted earnings per Class A common stock (1)
(0.08
)
(0.07
)

(1) 
The calculation of diluted loss per Class A common stock excludes shares potentially issuable under stock-based incentive compensation plans and the exchange of Class B common stock with Class A common stock under the Exchange Agreement, as their effect, if included, would be anti-dilutive.