Shareholders’ Equity

Ordinary Shares

In April 2012, the Company’s Board of Directors authorized a share repurchase program under which up to $5.0 billion of Class A Ordinary Shares may be repurchased (“2012 Share Repurchase Program”). Under this program, shares may be repurchased through the open market or in privately negotiated transactions, from time to time, based on prevailing market conditions, and will be funded from available capital.

In the second quarter of 2013, the Company repurchased 3.5 million shares at an average price per share of $64.53 for a total cost of $225 million under the 2012 Share Repurchase Program. During the six months ended June 30, 2013, the Company repurchased 8.5 million shares at an average price per share of $61.75 for a total cost of $525 million under the 2012 Share Repurchase Program. In the second quarter of 2012, the Company repurchased 5.3 million shares at an average price per share of $47.40 for a total cost of $250 million under the 2012 Share Repurchase Program. During the six months ended June 30, 2012, the Company repurchased 7.4 million shares at an average price per share of $47.66 for a total cost of $350 million under the 2012 Share Repurchase Program and the previously completed 2010 Share Repurchase Program. The remaining authorized amount for share repurchase under the 2012 Share Repurchase Program is $3.5 billion. Since the inception of the 2012 Share Repurchase Program, the Company repurchased a total of 28.0 million shares for an aggregate cost of $1.5 billion.

Participating Securities

Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities, as defined, and therefore, should be included in computing basic and diluted earnings per share using the two class method. Certain of the Company’s restricted share awards allow the holder to receive a non-forfeitable dividend equivalent.

Income from continuing operations, income from discontinued operations and net income, attributable to participating securities, were as follows (in millions):



	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Income from continuing operations	$	2	$	3	$	5	$	6
Income from discontinued operations	—		—		—		—
Net income	$	2	$	3	$	5	$	6

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



	Three months ended June 30,		Six months ended June 30,
	2013	2012	2013	2012
Shares for basic earnings per share (1)	313.7	332.0	315.0	332.2
Common stock equivalents	3.4	3.6	3.6	3.9
Shares for diluted earnings per share	317.1	335.6	318.6	336.1

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(1) Includes 4.0 million and 4.8 million of participating securities for the three months ended June 30, 2013 and 2012, respectively, and 4.1 million and 4.8 million of participating securities for the six months ended June 30, 2013 and 2012, respectively.

Certain ordinary share equivalents were not included in the computation of diluted net income per share because their inclusion would have been antidilutive. The number of shares excluded from the calculation was 0.0 million and 1.1 million for the three months ended June 30, 2013 and 2012, respectively, and 0.4 million and 0.6 million for the six months ended June 30, 2013 and 2012, respectively.

Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions):



	Change in Fair Value of Investments (1)		Change in Fair Value of Derivatives (1)			Foreign Currency Translation Adjustments			Post-Retirement Benefit Obligation (2)			Total
Balance at December 31, 2012	$	—	$	(28	)	$	233		$	(2,815	)	$	(2,610	)
Other comprehensive loss before reclassifications, net	13		(30		)	(232		)	(4		)	(253		)
Amounts reclassified from accumulated other comprehensive loss:
Amounts reclassified from accumulated other comprehensive loss	—		16			—			66			82
Tax benefit	—		(7		)	—			(21		)	(28		)
Amounts reclassified from accumulated other comprehensive loss, net	—		9			—			45			54
Net current period other comprehensive (loss) income	13		(21		)	(232		)	41			(199		)
Balance at June 30, 2013	$	13	$	(49	)	$	1		$	(2,774	)	$	(2,809	)

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(1) Reclassifications from Accumulated other comprehensive loss are recorded in Other income

(2) Reclassifications from Accumulated other comprehensive loss are recorded in Compensation and benefits