Share Repurchase Transactions and Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Share Repurchases Transactions and Other Comprehensive Loss

NOTE 9 — SHARE REPURCHASE TRANSACTIONS AND OTHER COMPREHENSIVE LOSS

During January 2024 and January 2023, our Board of Directors authorized share repurchase programs for up to $6 billion and $3 billion, respectively, of our outstanding common stock. During the quarter ended March 31, 2024, we repurchased 3.894 million shares of our common stock at an average price of $303.06 per share through market purchases pursuant to the January 2023 authorization (which was completed during the first quarter of 2024) and the January 2024 authorization. At March 31, 2024, we had $5.595 billion of repurchase authorization available under the January 2024 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			Total
Balances at December 31, 2023	$	(22	)	$	(339	)	$	(64	)	$	(425	)
Unrealized losses on available-for-sale    securities, net of $1 income tax benefit		(1	)								(1	)
Foreign currency translation adjustments, net    of $1 income tax benefit					(7	)					(7	)
Balances at March 31, 2024	$	(23	)	$	(346	)	$	(64	)	$	(433	)