Shareholders' Equity (Deficit) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Repurchase Agreements

The following table summarizes the Company’s share repurchase activity (in millions, except per share data):

	Years Ended December 31
	2023		2022
Shares repurchased	8.4		11.1
Average price per share	$	321.52	$	289.76
Repurchase costs recorded to Accumulated deficit	$	2,700	$	3,203

Schedule of Components of Weighted Average Number of Shares Outstanding

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

	Years Ended December 31
	2023	2022	2021
Basic weighted average ordinary shares outstanding	203.5	211.7	224.7
Dilutive effect of potentially issuable shares	1.5	1.5	1.4
Diluted weighted average ordinary shares outstanding	205.0	213.2	226.1

Schedule of 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, 2020	$	1	$	(1,045)	$	(2,817)	$	(3,861)
Other comprehensive income (loss) before reclassifications:
Other comprehensive income (loss) before reclassifications	—		(290)		227		(63)
Tax benefit	—		2		(58)		(56)
Other comprehensive income (loss) before reclassifications, net	—		(288)		169		(119)
Amounts reclassified from accumulated other comprehensive income (loss):
Amounts reclassified from accumulated other comprehensive income	2		—		142		144
Tax expense	(1)		—		(34)		(35)
Amounts reclassified from accumulated other comprehensive income, net	1		—		108		109
Net current period other comprehensive income (loss)	1		(288)		277		(10)
Balance at December 31, 2021	$	2	$	(1,333)	$	(2,540)	$	(3,871)
Other comprehensive income (loss) before reclassifications:
Other comprehensive income (loss) before reclassifications	(15)		(528)		(569)		(1,112)
Tax benefit (expense)	4		—		149		153
Other comprehensive income (loss) before reclassifications, net	(11)		(528)		(420)		(959)
Amounts reclassified from accumulated other comprehensive income (loss):
Amounts reclassified from accumulated other comprehensive income (loss)	(2)		—		282		280
Tax expense	—		—		(73)		(73)
Amounts reclassified from accumulated other comprehensive income (loss), net	(2)		—		209		207
Net current period other comprehensive income (loss)	(13)		(528)		(211)		(752)
Balance at December 31, 2022	$	(11)	$	(1,861)	$	(2,751)	$	(4,623)
Other comprehensive income (loss) before reclassifications:
Other comprehensive loss before reclassifications	8		278		(212)		74
Tax benefit (expense)	(1)		(1)		54		52
Other comprehensive loss before reclassifications, net	7		277		(158)		126
Amounts reclassified from accumulated other comprehensive income (loss):
Amounts reclassified from accumulated other comprehensive income	8		—		159		167
Tax expense	(2)		—		(41)		(43)
Amounts reclassified from accumulated other comprehensive income, net	6		—		118		124
Net current period other comprehensive income (loss)	13		277		(40)		250
Balance at December 31, 2023	$	2	$	(1,584)	$	(2,791)	$	(4,373)

(1)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Total revenue, Interest expense, and Compensation and benefits in the 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 Consolidated Statements of Income.