Schedule of Share Repurchase Agreements |
The following table summarizes the Company’s share repurchase activity (in millions, except per share data): | | | | | | | | | | Three Months Ended March 31, | | 2020 | | 2019 | Shares repurchased | 2.2 |
| | 0.6 |
| Average price per share | $ | 212.78 |
| | $ | 161.16 |
| Costs recorded to retained earnings |
| |
| Total repurchase cost | $ | 461 |
| | $ | 100 |
| Additional associated costs | 2 |
| | 1 |
| Total costs recorded to retained earnings | $ | 463 |
| | $ | 101 |
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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, 2019 | $ | (12 | ) | | $ | (1,305 | ) | | $ | (2,716 | ) | | $ | (4,033 | ) | Other comprehensive income (loss) before reclassifications, net | (9 | ) | | (395 | ) | | 1 |
| | (403 | ) | Amounts reclassified from accumulated other comprehensive income | | |
|
| |
|
| |
|
| Amounts reclassified from accumulated other comprehensive income | 5 |
| | — |
| | 30 |
| | 35 |
| Tax expense | (1 | ) | | — |
| | (7 | ) | | (8 | ) | Amounts reclassified from accumulated other comprehensive income, net (3) | 4 |
| | — |
| | 23 |
| | 27 |
| Net current period other comprehensive income (loss) | (5 | ) | | (395 | ) | | 24 |
| | (376 | ) | Balance at March 31, 2020 | $ | (17 | ) | | $ | (1,700 | ) | | $ | (2,692 | ) | | $ | (4,409 | ) |
| | (1) | Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Revenue, Interest expense, and Compensation and benefits in the Condensed Consolidated Statements of Income. Refer to Note 14 “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) in the Condensed Consolidated Statements of Income. |
| | (3) | It is the Company’s policy to release income tax effects from accumulated other comprehensive loss using the portfolio approach. |
| | | | | | | | | | | | | | | | | | Change in Fair Value of Financial Instruments (1) | | Foreign Currency Translation Adjustments | | Postretirement Benefit Obligation (2) | | Total | Balance at December 31, 2018 | $ | (15 | ) | | $ | (1,319 | ) | | $ | (2,575 | ) | | $ | (3,909 | ) | Other comprehensive income before reclassifications, net | 4 |
| | 131 |
| | 11 |
| | 146 |
| Amounts reclassified from accumulated other comprehensive income | | | | | | | | Amounts reclassified from accumulated other comprehensive income | 5 |
| | — |
| | 26 |
| | 31 |
| Tax expense | (2 | ) | | — |
| | (6 | ) | | (8 | ) | Amounts reclassified from accumulated other comprehensive income, net (3) | 3 |
| | — |
| | 20 |
| | 23 |
| Net current period other comprehensive income | 7 |
| | 131 |
| | 31 |
| | 169 |
| Balance at March 31, 2019 | $ | (8 | ) | | $ | (1,188 | ) | | $ | (2,544 | ) | | $ | (3,740 | ) |
| | (1) | Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Revenue, Interest expense, and Compensation and benefits in the Condensed Consolidated Statements of Income. Refer to Note 14 “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) in the Condensed Consolidated Statements of Income. |
(3) It is the Company’s policy to release income tax effects from accumulated other comprehensive loss using the portfolio approach.
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