Share Repurchase Transactions and Other Comprehensive Loss

9 Months Ended

Sep. 30, 2022

Federal Home Loan Banks [Abstract]

Share Repurchases Transactions and Other Comprehensive Loss

NOTE 9 — SHARE REPURCHASE TRANSACTIONS AND OTHER COMPREHENSIVE LOSS

During January 2022 and February 2021, our Board of Directors authorized share repurchase programs for up to $8 billion and $6 billion, respectively, of our outstanding common stock. During the nine months ended September 30, 2022, we repurchased 23.966 million shares of our common stock at an average price of $228.68 per share through market purchases pursuant to the February 2021 authorization (which was completed during the first quarter of 2022) and the January 2022 authorization. At September 30, 2022, we had $3.106 billion of repurchase authorization available under the January 2022 authorization.

The components of accumulated other comprehensive loss are as follows (dollars in millions):

	Unrealized Gains (Losses) on Available- for-Sale Securities			Foreign Currency Translation Adjustments			Defined Benefit Plans			Change in Fair Value of Derivative Instruments			Total
Balances at December 31, 2021	$	12		$	(278	)	$	(132	)	$	(6	)	$	(404	)
Unrealized losses on available-for-sale    securities, net of $13 income tax benefit		(45	)											(45	)
Foreign currency translation adjustments, net    of $24 income tax benefit					(157	)								(157	)
Change in fair value of derivative instruments,    net of $1 of income taxes											5			5
Expense reclassified into operations from other   comprehensive income, net of none, $2 and $1    income tax benefits, respectively	1							5			3			9
Balances at September 30, 2022	$	(32	)	$	(435	)	$	(127	)	$	2		$	(592	)