Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

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 September 30,				Nine Months Ended September 30,
	2020		2019 (1)		2020		2019 (1)
Shares repurchased	2.4		1.8		4.6		8.2
Average price per share	$	201.96	$	190.83	$	207.01	$	183.26
Costs recorded to retained earnings
Total repurchase cost	$	500	$	350	$	961	$	1,500
Additional associated costs	—		—		2		7
Total costs recorded to retained earnings	$	500	$	350	$	963	$	1,507

(1)Included in the 1.8 million and 8.2 million shares repurchased during the three and nine months ended September 30, 2019, respectively, were 25 thousand shares that did not settle until October 2019. These shares were settled at an average price per share of $193.91 and total cost of $4.8 million.

Schedule of Components of Weighted Average Number of Shares

Weighted average ordinary shares outstanding are as follows (in millions):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Basic weighted average ordinary shares outstanding	232.6	236.9	232.8	239.9
Dilutive effect of potentially issuable shares	0.9	2.2	1.1	2.0
Diluted weighted average ordinary shares outstanding	233.5	239.1	233.9	241.9

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	(6)		(137)		(4)		(147)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	13		—		94		107
Tax expense	(3)		—		(23)		(26)
Amounts reclassified from accumulated other comprehensive income, net (3)	10		—		71		81
Net current period other comprehensive income (loss)	4		(137)		67		(66)
Balance at September 30, 2020	$	(8)	$	(1,442)	$	(2,649)	$	(4,099)

	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 (loss) before reclassifications, net	(12)		(180)		2		(190)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	12		—		79		91
Tax expense	(3)		—		(19)		(22)
Amounts reclassified from accumulated other comprehensive income, net (3)	9		—		60		69
Net current period other comprehensive income (loss)	(3)		(180)		62		(121)
Balance at September 30, 2019	$	(18)	$	(1,499)	$	(2,513)	$	(4,030)

(1)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Total 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.