EQUITY

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

EQUITY

MEMBERS' EQUITY

COMMON UNITS

The BHH LLC Agreement provides that initially there is one class of common units ("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 three months ended March 31, 2023 and 2022, we issued 5,920 thousand and 7,730 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. There were no Units repurchased during the three months ended March 31, 2023. During the three months ended March 31, 2022, we repurchased and canceled 8.1 million Units for a total of $236 million, representing an average price per Unit of $28.96. As of March 31, 2023, 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):

	Units Held by Baker Hughes		Units Held by GE
	2023	2022	2023	2022
Balance at January 1	1,005,960	909,142	—	116,548
Issue of Units to Baker Hughes under equity incentive plan	5,920	7,730	—	—
Exchange of Units (1)	—	75,957	—	(75,957)
Repurchase and cancellation of Units	—	(8,142)	—	—
Balance at March 31	1,011,881	984,688	—	40,591

(1)When shares of Class B common stock, together with associated Units, are exchanged for shares of 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:

	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2022	$	(2,665)	$	(10)	$	(296)	$	(2,971)
Other comprehensive income before reclassifications	(61)		(1)		3		(59)
Amounts reclassified from accumulated other comprehensive loss	—		1		4		5
Other comprehensive income (loss)	(61)		(1)		7		(55)
Balance at March 31, 2023	$	(2,726)	$	(11)	$	(289)	$	(3,026)

	Foreign Currency Translation Adjustments		Cash Flow Hedges		Benefit Plans		Accumulated Other Comprehensive Loss
Balance at December 31, 2021	$	(2,398)	$	(12)	$	(281)	$	(2,691)
Other comprehensive income (loss) before reclassifications	(17)		—		5		(12)
Amounts reclassified from accumulated other comprehensive loss	34		1		6		41
Deferred taxes	—		—		(2)		(2)
Other comprehensive income	17		1		8		26
Less: Other comprehensive loss attributable to noncontrolling interests	(1)		—		—		(1)
Balance at March 31, 2022	$	(2,380)	$	(11)	$	(273)	$	(2,664)

The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 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).