Shareholders' Equity (Deficit) (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Share Repurchase Activity

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

	Three Months Ended March 31,
	2024		2023
Shares repurchased	0.8		1.8
Average price per share	$	310.56	$	305.31
Repurchase costs recorded to accumulated deficit	$	250	$	550

Schedule of Components of Weighted Average Number of Shares Outstanding

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

	Three Months Ended March 31,
	2024	2023
Basic weighted average ordinary shares outstanding	199.1	206.1
Dilutive effect of potentially issuable shares	1.0	1.0
Diluted weighted average ordinary shares outstanding	200.1	207.1

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, 2023	$	2	$	(1,584)	$	(2,791)	$	(4,373)
Other comprehensive income (loss) before reclassifications, net	72		(132)		—		(60)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	4		—		35		39
Tax expense	(1)		—		(9)		(10)
Amounts reclassified from accumulated other comprehensive income, net	3		—		26		29
Net current period other comprehensive income (loss)	75		(132)		26		(31)
Balance at March 31, 2024	$	77	$	(1,716)	$	(2,765)	$	(4,404)

	Change in Fair Value of Financial Instruments (1)		Foreign Currency Translation Adjustments		Postretirement Benefit Obligation (2)		Total
Balance at December 31, 2022	$	(11)	$	(1,861)	$	(2,751)	$	(4,623)
Other comprehensive income (loss) before reclassifications, net	—		54		(1)		53
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	5		—		32		37
Tax expense	(2)		—		(9)		(11)
Amounts reclassified from accumulated other comprehensive income, net	3		—		23		26
Net current period other comprehensive income (loss)	3		54		22		79
Balance at March 31, 2023	$	(8)	$	(1,807)	$	(2,729)	$	(4,544)

(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 13 “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.