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Shareholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Schedule of Repurchase Agreements
The following table summarizes the Company’s Share Repurchase activity (in millions, except per share data):
 
Three months ended June 30
 
Six months ended June 30
 
2018
 
2017 (1)
 
2018
 
2017 (1)
Shares repurchased
2.8


8.0


6.7


9.1

Average price per share
$
141.23


$
128.54


$
141.06


$
126.85

Costs recorded to retained earnings:







Total repurchase cost
$
400


$
1,030


$
950


$
1,154

Additional associated costs
2


5


5


6

Total costs recorded to retained earnings
$
402


$
1,035


$
955


$
1,160

(1)
Included in the 8.0 million shares and 9.1 million shares repurchased during the three and six months ended June 30, 2017, respectively, were 0.5 million shares that did not settle until July 2017. These shares were settled at an average price per share of $133.24 and total cost of $60 million.
Schedule of Components of Weighted Average Number of Shares
Weighted average ordinary shares outstanding are as follows (in millions):
 
Three months ended June 30
 
Six months ended June 30
 
2018
 
2017
 
2018
 
2017
Basic weighted average ordinary shares outstanding
246.0

 
262.4

 
247.2

 
263.6

Dilutive effect of potentially issuable shares
1.4

 
—

 
1.6

 
2.1

Diluted weighted average ordinary shares outstanding
247.4

 
262.4

 
248.8

 
265.7
Components of Accumulated Other Comprehensive Loss, Net of Related Tax
Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions):
 
Change in Fair Value of Financial Instruments (1) 
 
Foreign Currency Translation Adjustments
 
Postretirement Benefit Obligation (2)
 
Total
Balance at December 31, 2017
$
(25
)
 
$
(879
)
 
$
(2,592
)
 
$
(3,496
)
Adoption of new accounting guidance (3)
(1
)
 
—

 
—

 
(1
)
Balance at January 1, 2018
(26
)
 
(879
)
 
(2,592
)
 
(3,497
)
Other comprehensive income (loss) before reclassifications, net
8

 
(210
)
 
110

 
(92
)
Amounts reclassified from accumulated other comprehensive loss:
 
 


 


 


Amounts reclassified from accumulated other comprehensive income
7

 
—

 
77

 
84

Tax expense
(2
)
 
—

 
(17
)
 
(19
)
Amounts reclassified from accumulated other comprehensive income, net
5

 
—

 
60

 
65

Net current period other comprehensive income (loss)
13

 
(210
)
 
170

 
(27
)
Balance at June 30, 2018
$
(13
)
 
$
(1,089
)
 
$
(2,422
)
 
$
(3,524
)
(1)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense), Other general expenses, and Compensation and benefits. Refer to Note 15 “Derivatives and Hedging” for further information regarding the Company’s derivative and hedging activity.
(2)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense).
(3)
Refer to Note 2 “Accounting Principles and Practices” for further information.