| Schedule of changes in number of shares outstanding |
The following table presents the changes in the number of shares outstanding (in thousands): | | | | | | | | | | | 2019 | 2018 | | Class A Common Stock | Class B Common Stock | Class A Common Stock | Class B Common Stock | Balance at beginning of year | 513,399 |
| 521,543 |
| 422,208 |
| 706,985 |
| Issue of shares upon vesting of restricted stock units (1) | 1,973 |
| — |
| 835 |
| — |
| Issue of shares on exercises of stock options (1) | 362 |
| — |
| 657 |
| — |
| Issue of shares for employee stock purchase plan | 2,081 |
| — |
| — |
| — |
| Exchange of Class B common stock for Class A common stock (2) | 132,250 |
| (132,250 | ) | 101,200 |
| (101,200 | ) | Repurchase and cancellation of Class A and B common stock (3) | — |
| (11,865 | ) | (11,501 | ) | (84,241 | ) | Balance at end of year | 650,065 |
| 377,428 |
| 513,399 |
| 521,543 |
|
| | (1) | Share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation. |
| | (2) | In September 2019 and November 2018, we completed underwritten secondary public offerings in which GE and its affiliates sold 132.3 million and 101.2 million shares of our Class A common stock, respectively. We did not receive any proceeds from the shares sold by GE and its affiliates in these offerings. The offerings included the exchange by GE and its affiliates of LLC Units, together with the corresponding shares of our Class B common stock, for Class A common stock. When shares of Class B common stock, together with associated LLC Units, are exchanged for shares of Class A common stock pursuant to the Exchange Agreement, such shares of Class B common stock are canceled. |
(3) In September 2019, we also repurchased and canceled 11,865,211 shares of Class B common stock, together with an equal number of associated LLC Units, from GE and its affiliates for an aggregate of $250 million, or $21.07 per share, which is the same per share price paid by the underwriters to GE and its affiliates in the concurrent underwritten public offering. During 2018, we repurchased and canceled 11,500,992 shares of Class A common stock for a total of $374 million and 19,241,160 shares of Class B common stock from GE together with the paired common units of BHGE LLC for $626 million. Additionally, in November 2018, we also repurchased 65 million of LLC Units from GE and its affiliates for an aggregate of $1,461 million, or $22.48 per share, which is the same per share price paid by the underwriters to GE and its affiliates in the concurrent underwritten public offering. In connection with these repurchases, the corresponding shares of Class B common stock held by GE and its affiliates were canceled.
|
| Schedule of accumulated other comprehensive loss |
The following table presents the changes in accumulated other comprehensive loss, net of tax: | | | | | | | | | | | | | | | | | | Investment Securities | Foreign Currency Translation Adjustments | Cash Flow Hedges | Benefit Plans | Accumulated Other Comprehensive Loss | Balance at December 31, 2017 | $ | 1 |
| $ | (682 | ) | $ | 1 |
| $ | (23 | ) | $ | (703 | ) | Other comprehensive loss before reclassifications | (1 | ) | (502 | ) | (6 | ) | (70 | ) | (579 | ) | Amounts reclassified from accumulated other comprehensive loss | — |
| — |
| 1 |
| 5 |
| 6 |
| Deferred taxes | (2 | ) | — |
| 1 |
| 1 |
| — |
| Other comprehensive loss | (3 | ) | (502 | ) | (4 | ) | (64 | ) | (573 | ) | Less: Other comprehensive loss attributable to noncontrolling interests | (2 | ) | (303 | ) | (2 | ) | (36 | ) | (343 | ) | Less: Reallocation of AOCL based on change in ownership of BHGE LLC Units | — |
| 271 |
| — |
| 11 |
| 282 |
| Less: Activity related to noncontrolling interest | — |
| — |
| — |
| 4 |
| 4 |
| Balance at December 31, 2018 | — |
| (1,152 | ) | (1 | ) | (66 | ) | (1,219 | ) | Other comprehensive income (loss) before reclassifications | 2 |
| 53 |
| 13 |
| (122 | ) | (54 | ) | Amounts reclassified from accumulated other comprehensive loss | — |
| — |
| 1 |
| 26 |
| 27 |
| Deferred taxes | — |
| — |
| (2 | ) | 21 |
| 19 |
| Other comprehensive income (loss) | 2 |
| 53 |
| 12 |
| (75 | ) | (8 | ) | Less: Other comprehensive income (loss) attributable to noncontrolling interests | 1 |
| 23 |
| 4 |
| (29 | ) | (1 | ) | Less: Reallocation of AOCL based on change in ownership of BHGE LLC Units | — |
| 314 |
| — |
| 36 |
| 350 |
| Less: Other adjustments | — |
| — |
| 1 |
| 59 |
| 60 |
| Balance at December 31, 2019 | $ | 1 |
| $ | (1,436 | ) | $ | 6 |
| $ | (207 | ) | $ | (1,636 | ) |
|
| Schedule of noncontrolling interest |
As of December 31, 2019 and 2018, GE owned approximately 36.7% and 50.4%, respectively, of BHGE LLC and this represents the majority of the noncontrolling interest balance reported within equity. | | | | | | | | | 2019 | 2018 | GE's interest in BHGE LLC | $ | 12,454 |
| $ | 17,438 |
| Other noncontrolling interests | 116 |
| 110 |
| Total noncontrolling interests | $ | 12,570 |
| $ | 17,548 |
|
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