v3.22.4
Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Equity MEMBERS' EQUITY
COMMON UNITS
The BHH LLC Agreement provides that initially there is one class of common units, which are currently held by the Members. If Baker Hughes issues a share of Class A common stock, including in connection with an equity incentive or similar plan, we will also issue a corresponding Unit to Baker Hughes or one of its direct subsidiaries. For the year ended December 31, 2022 and 2021, we issued 9,965 thousand and 7,886 thousand Units, respectively, to Baker Hughes or one of its direct subsidiaries in connection with the issuance of its Class A common stock. The Members are entitled through their Units to receive distributions on an equal amount of any dividend paid by Baker Hughes to its Class A shareholders.
GE previously owned all the issued and outstanding Class B common stock, and associated Units, however, during the fourth quarter of 2022, GE completed the exchange of their remaining Class B common stock, and associated Units, and as of December 31, 2022, no longer owned any Class B common stock nor the associated Units. When shares of Class B common stock, together with associated Units, are exchanged for shares of Class A common stock pursuant to the Exchange Agreement, such shares of Class B common stock, together with associated Units, are canceled.
In 2022, Baker Hughes' Board of Directors authorized an increase to our repurchase program of $2 billion of additional Units, increasing our existing repurchase authorization of $2 billion to $4 billion. We expect to fund the repurchase program from cash generated from operations, and we expect to make Unit repurchases from time to time subject to the Company's capital plan, market conditions, and other factors, including regulatory restrictions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. In 2022 and 2021, we repurchased and canceled 29.7 million and 17.6 million Units, each for $828 million and $434 million, representing an average price per Unit of $27.91 and $24.63, respectively. As of December 31, 2022, we had authorization remaining to repurchase up to approximately $2.8 billion of our Units.
The following table presents the changes in the number of Units outstanding (in thousands):
20222021
Units Held by Baker HughesUnits Held by GEUnits Held by Baker HughesUnits Held by GE
Balance at beginning of year909,142 116,548 723,999 311,433 
Issue of Units to Baker Hughes under equity incentive plan9,965 — 7,886 — 
Exchange of Units (1)
116,548 (116,548)194,885 (194,885)
Repurchase and cancellation of Units(29,694)— (17,628)— 
Balance at end of year1,005,960 — 909,142 116,548 
(1)    When shares of Class B common stock, together with associated Units, are exchanged for shares of Class A common stock pursuant to the Exchange Agreement, such shares of Class B common stock, together with associated Units, are canceled.
ACCUMULATED OTHER COMPREHENSIVE LOSS ("AOCL")
The following table presents the changes in accumulated other comprehensive loss, net of tax:
Foreign Currency Translation AdjustmentsCash Flow HedgesBenefit PlansAccumulated Other Comprehensive Loss
Balance at December 31, 2020$(2,096)$5 $(451)$(2,542)
Other comprehensive income (loss) before reclassifications(344)(11)135 (220)
Amounts reclassified from accumulated other comprehensive loss
39 (7)38 70 
Deferred taxes
— 2 (3)(1)
Other comprehensive income (loss)(305)(16)170 (151)
Less: Other comprehensive loss attributable to noncontrolling interests(2)— — (2)
Balance at December 31, 2021(2,398)(12)(281)(2,691)
Other comprehensive income (loss) before reclassifications
(294)(1)2 (293)
Amounts reclassified from accumulated other comprehensive loss
25 3 27 55 
Deferred taxes
— — (43)(43)
Other comprehensive income (loss)(269)2 (14)(281)
Less: Other comprehensive loss attributable to noncontrolling interests(2)— 1 (1)
Balance at December 31, 2022$(2,665)$(10)$(296)$(2,971)
The amounts reclassified from accumulated other comprehensive loss during the years ended December 31, 2022 and 2021 represent (i) gains (losses) reclassified on cash flow hedges when the hedged transaction occurs, (ii) the amortization of net actuarial gain (loss), prior service credit, settlements, and curtailments which are included in the computation of net periodic pension cost (see "Note 10. Employee Benefit Plans" for additional details), and (iii) the release of foreign currency translation adjustments (see "Note 18. Restructuring, Impairment and Other" for additional details).