v3.23.2
EQUITY
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
EQUITY MEMBERS' EQUITY
COMMON UNITS
The BHH LLC Agreement provides that there is one class of common units ("Units") and the holders of the Units are referred to as Members. As of June 30, 2023 and December 31, 2022, all outstanding Units are held by Baker Hughes Company ("Baker Hughes") or one of its direct subsidiaries. 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 six months ended June 30, 2023 and 2022, we issued 6,696 thousand and 8,470 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.
We have a Unit repurchase program which we expect to fund 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. During the three and six months ended June 30, 2023, we repurchased and canceled 3.6 million Units for $99 million, representing an average price per Unit of $27.66. During the three and six months ended June 30, 2022, we repurchased and canceled 6.7 million and 14.8 million Units for $226 million and $462 million, representing an average price per Unit of $33.77 and $31.13, respectively. As of June 30, 2023, we had authorization remaining to repurchase up to approximately $2.7 billion of our Units.
The following table presents the changes in the number of Units outstanding (in thousands):
Units Held
by Baker Hughes		Units Held
by General Electric
Company
2023202220232022
Balance at January 11,005,960 909,142 — 116,548 
Issue of Units to Baker Hughes under equity incentive plan6,696 8,470 — — 
Exchange of Units (1)
— 109,548 — (109,548)
Repurchase and cancellation of Units(3,596)(14,825)— — 
Balance at June 301,009,061 1,012,335 — 7,000 
(1)When shares of Baker Hughes' Class B common stock, together with associated Units, are exchanged for shares of Baker Hughes' Class A common stock, such shares of Class B common stock are canceled.
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL)
The following tables present the changes in accumulated other comprehensive loss, net of tax:
Investment SecuritiesForeign Currency Translation AdjustmentsCash Flow HedgesBenefit PlansAccumulated Other Comprehensive Loss
Balance at December 31, 2022$— $(2,665)$(10)$(296)$(2,971)
Other comprehensive income (loss) before reclassifications1 168 11 (13)167 
Amounts reclassified from accumulated other comprehensive loss— — 2 7 9 
Deferred taxes— — (2)2 — 
Other comprehensive income (loss)1 168 11 (4)176 
Balance at June 30, 2023$1 $(2,498)$1 $(299)$(2,795)
Foreign Currency Translation AdjustmentsCash Flow HedgesBenefit PlansAccumulated Other Comprehensive Loss
Balance at December 31, 2021$(2,398)$(12)$(281)$(2,691)
Other comprehensive income (loss) before reclassifications(188)(1)27 (162)
Amounts reclassified from accumulated other comprehensive loss35 2 12 49 
Deferred taxes— — (7)(7)
Other comprehensive income (loss)(153)1 32 (120)
Less: Other comprehensive income (loss) attributable to noncontrolling interests(2)— — (2)
Balance at June 30, 2022$(2,549)$(11)$(249)$(2,809)
The amounts reclassified from accumulated other comprehensive loss during the six months ended June 30, 2023 and 2022 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, and (iii) the release of foreign currency translation adjustments (see "Note 16. Restructuring, Impairment, and Other" for additional details).