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Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Schedule of Repurchase Agreements
The following table summarizes the Company’s Share Repurchase activity (in millions, except per share data):
 
 
Twelve months ended December 31
 
 
2018
 
2017 (1)
Shares repurchased
 
10.0

 
18.0

Average price per share
 
$
143.94

 
$
133.67

Costs recorded to retained earnings
 
 
 
 
Total repurchase cost
 
$
1,447

 
$
2,403

Additional associated costs
 
7

 
12

Total costs recorded to retained earnings
 
$
1,454

 
$
2,415

(1)
Included in the 18.0 million shares repurchased during the twelve months ended December 31, 2017 were 0.1 million shares that did not settle until January 2018. These shares were settled at an average price per share of $134.41 and total cost of $15.9 million.
Schedule of components of weighted average number of shares outstanding
Weighted average ordinary shares outstanding are as follows (in millions):
Years ended December 31
2018
 
2017
 
2016
Basic weighted-average ordinary shares outstanding
245.2

 
258.5

 
268.1

Dilutive effect of potentially issuable shares
1.8

 
2.2

 
2.2

Diluted weighted-average ordinary shares outstanding
247.0

 
260.7

 
270.3
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 January 1, 2016
$
(25
)
 
$
(771
)
 
$
(2,627
)
 
$
(3,423
)
Other comprehensive income (loss) before reclassifications:
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
(25
)
 
(490
)
 
(276
)
 
(791
)
Tax benefit (expense)
6

 
(3
)
 
74

 
77

Other comprehensive income (loss) before reclassifications, net
(19
)
 
(493
)
 
(202
)
 
(714
)
Amounts reclassified from accumulated other comprehensive income (loss):
 
 
 
 
 
 
 
Amounts reclassified from accumulated other comprehensive income (loss)
10

 
—

 
322

 
332

Tax benefit (expense)
(3
)
 
—

 
(104
)
 
(107
)
Amounts reclassified from accumulated other comprehensive income (loss), net
7

 
—

 
218

 
225

Net current period other comprehensive income (loss)
(12
)
 
(493
)
 
16

 
(489
)
Balance at December 31, 2016
(37
)
 
(1,264
)
 
(2,611
)
 
(3,912
)
Other comprehensive income (loss) before reclassifications
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
18

 
397

 
(220
)
 
195

Tax benefit (expense)
(3
)
 
(5
)
 
55

 
47

Other comprehensive income (loss) before reclassifications, net
15

 
392

 
(165
)
 
242

Amounts reclassified from accumulated other comprehensive income (loss)
 
 
 
 
 
 
 
Amounts reclassified from accumulated other comprehensive income (loss)
(2
)
 
(7
)
 
236

 
227

Tax benefit (expense)
(1
)
 
—

 
(52
)
 
(53
)
Amounts reclassified from accumulated other comprehensive income (loss), net
(3
)
 
(7
)
 
184

 
174

Net current period other comprehensive income (loss)
12

 
385

 
19

 
416

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
 
 
 
 
 
 
 
Other comprehensive income (loss) before reclassifications
(15
)
 
(437
)
 
(124
)
 
(576
)
Tax benefit (expense)
18

 
(3
)
 
28

 
43

Other comprehensive income (loss) before reclassifications, net
3

 
(440
)
 
(96
)
 
(533
)
Amounts reclassified from accumulated other comprehensive income (loss)
 
 
 
 
 
 

Amounts reclassified from accumulated other comprehensive income (loss)
11

 
—

 
146

 
157

Tax benefit (expense)
(3
)
 
—

 
(33
)
 
(36
)
Amounts reclassified from accumulated other comprehensive income (loss), net
8

 
—

 
113

 
121

Net current period other comprehensive income (loss)
11


(440
)
 
17

 
(412
)
Balance at December 31, 2018
$
(15
)
 
$
(1,319
)
 
$
(2,575
)
 
$
(3,909
)
(1)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense), Other general expenses, and Compensation and benefits. See Note 15 “Derivatives and Hedging” for additional 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 “Summary of Significant Accounting Principles and Practices ” for further information.