v3.23.3
EQUITY
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
EQUITY 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 September 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 nine months ended September 30, 2023 and 2022, we issued 7,467 thousand and 9,069 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 nine months ended September 30, 2023, we repurchased and canceled 3.4 million and 7.0 million Units for $119 million and $219 million, representing an average price per Unit of $35.50 and $31.45, respectively. During the three and nine months ended September 30, 2022, we repurchased and canceled 10.7 million and 25.5 million Units for $265 million and $727 million, representing an average price per Unit of $24.79 and $28.47, respectively. As of September 30, 2023, we had authorization remaining to repurchase up to approximately $2.5 billion of our Units.
The following table presents the changes in the number of Units outstanding (in thousands):
Units Held
by Baker Hughes
Units Held
by General Electric
Company
2023202220232022
Balance at January 11,005,960 909,142 — 116,548 
Issue of Units to Baker Hughes under equity incentive plan
7,467 9,069 — — 
Exchange of Units (1)
— 109,548 — (109,548)
Repurchase and cancellation of Units
(6,956)(25,532)— — 
Balance at September 301,006,471 1,002,227 — 7,000 
(1)When shares of Baker Hughes' Class B common stock, together with associated Units, are exchanged for shares of Baker Hughes' Class A common stock, such shares of Class B common stock are canceled.
ACCUMULATED OTHER COMPREHENSIVE LOSS (AOCL)
The following tables present the changes in accumulated other comprehensive loss, net of tax:
Investment SecuritiesForeign Currency Translation AdjustmentsCash Flow HedgesBenefit PlansAccumulated Other Comprehensive Loss
Balance at December 31, 2022$— $(2,665)$(10)$(296)$(2,971)
Other comprehensive income (loss) before reclassifications1 46 (7)(6)34 
Amounts reclassified from accumulated other comprehensive loss— — — 25 25 
Deferred taxes— — 4 1 5 
Other comprehensive income (loss)1 46 (3)20 64 
Balance at September 30, 2023$1 $(2,619)$(13)$(276)$(2,907)
Foreign Currency Translation AdjustmentsCash Flow HedgesBenefit PlansAccumulated Other Comprehensive Loss
Balance at December 31, 2021$(2,398)$(12)$(281)$(2,691)
Other comprehensive income before reclassifications
(509)(2)(1)(512)
Amounts reclassified from accumulated other comprehensive loss35 3 19 57 
Deferred taxes— — (13)(13)
Other comprehensive income (loss)(474)1 5 (468)
Less: Other comprehensive loss attributable to noncontrolling interests(2)— — (2)
Less: Other adjustments— — 1 1 
Balance at September 30, 2022$(2,870)$(11)$(277)$(3,158)
The amounts reclassified from accumulated other comprehensive loss during the nine months ended September 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.