Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Equity

Stock Repurchase Program

In December 2021, our Board approved an aggregate of $3.15 billion for future repurchases of our common stock with no fixed expiration date that became effective on January 1, 2022. The $3.15 billion replaced the previous amount approved by the Board. The approval of our Board for the share repurchases does not obligate us to acquire any particular amount of our common stock. In addition, our Board may increase or decrease the amount available for repurchases from time to time. We fund repurchases from our operating cash flow or borrowings under our debt facilities or our Commercial Paper Program. Repurchases may be made from time to time on the open market, through established trading plans, in privately-negotiated transactions or otherwise, in accordance with all applicable securities laws, rules and regulations. We may begin or discontinue stock repurchases at any time and may amend or terminate a Rule 10b5-1 trading plan at any time or enter into additional plans.

During the six months and three months ended June 30, 2022, we repurchased a total of 5.0 million and 1.3 million shares, respectively, of our outstanding common stock at a cost of $632 million and $157 million, respectively, consisting of 4.6 million shares at a cost of $582 million under our Rule 10b5-1 trading plan and 0.4 million shares at a cost of $50 million on the open market during an open trading period. All shares repurchased during the three months ended June 30, 2022 were done under our Rule 10b5-1 trading plan. We had no stock repurchases during the six months ended June 30, 2021. As of June 30, 2022, the remaining balance of Board approved funds for future repurchases was $2.5 billion. In connection with our pending acquisition of Black Knight, on May 4, 2022 we terminated our Rule 10b5-1 trading plan and suspended share repurchases.

Dividends

During the six months ended June 30, 2022 and 2021, we declared and paid cash dividends per share of $0.76 and $0.66, respectively, for an aggregate payout of $427 million and $374 million, respectively. During the three months ended June 30, 2022 and 2021, we declared and paid cash dividends per share of $0.38 and $0.33, respectively, for an aggregate payout of $213 million and $187 million, respectively. The declaration of dividends is subject to the discretion of our Board. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be determined quarterly by the Board or the Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions, our financial results and capital requirements and other considerations which our Board deems relevant, without a predetermined annual net income payout ratio.

Accumulated Other Comprehensive Income/(Loss)

The following tables present changes in the accumulated balances for each component of other comprehensive income/ (loss) (in millions):

	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total
Balance, as of December 31, 2021	$	(150)	$	2	$	(48)	$	(196)
Other comprehensive income/(loss)	(110)		—		—		(110)
Income tax benefit/(expense)	1		—		—		1
Net current period other comprehensive income/(loss)	(109)		—		—		(109)
Balance, as of June 30, 2022	$	(259)	$	2	$	(48)	$	(305)

	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total
Balance, as of March 31, 2022	$	(175)	$	2	$	(48)	$	(221)
Other comprehensive income/(loss)	(85)		—		—		(85)
Income tax benefit/(expense)	1		—		—		1
Net current period other comprehensive income/(loss)	(84)		—		—		(84)
Balance, as of June 30, 2022	$	(259)	$	2	$	(48)	$	(305)

	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total
Balance, as of December 31, 2020	$	(134)	$	1	$	(59)	$	(192)
Other comprehensive income/(loss)	17		2		—		19
Income tax benefit/(expense)	—		(1)		—		(1)
Net current period other comprehensive income/(loss)	17		1		—		18
Balance, as of June 30, 2021	$	(117)	$	2	$	(59)	$	(174)

	Changes in Accumulated Other Comprehensive Income/(Loss) by Component
	Foreign currency translation adjustments		Comprehensive income from equity method investment		Employee benefit plans adjustments		Total
Balance, as of March 31, 2021	$	(127)	$	2	$	(59)	$	(184)
Other comprehensive income/(loss)	11		—		—		11
Income tax benefit/(expense)	(1)		—		—		(1)
Net current period other comprehensive income/(loss)	10		—		—		10
Balance, as of June 30, 2021	$	(117)	$	2	$	(59)	$	(174)