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Shareholders' Equity (Tables)
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
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


Schedule of Components of Weighted Average Number of Shares
Weighted average ordinary shares outstanding are as follows (in millions):
 
Three Months Ended March 31,
 
2020
 
2019
Basic weighted average ordinary shares outstanding
233.2

 
242.2

Dilutive effect of potentially issuable shares
1.3

 
1.5

Diluted weighted average ordinary shares outstanding
234.5

 
243.7


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, 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.