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Shareholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Schedule of Repurchase Agreements
The following table summarizes the Company’s Share Repurchase activity (in millions, except per share data):
 
Three months ended September 30
 
Nine months ended September 30
 
2018
 
2017 (1)
 
2018
 
2017 (1)
Shares repurchased
2.1


5.4


8.8


14.5

Average price per share
$
145.71


$
139.61


$
142.15


$
131.58

Costs recorded to retained earnings







Total repurchase cost
$
300


$
749


$
1,250


$
1,903

Additional associated costs
1


4


6


10

Total costs recorded to retained earnings
$
301


$
753


$
1,256


$
1,913

(1)
Included in the 5.4 million shares and 14.5 million shares repurchased during the three and nine months ended September 30, 2017, respectively, were 0.2 million shares that did not settle until October 2017. These shares were settled at an average price per share of $146.52 and total cost of $24.2 million.
Schedule of Components of Weighted Average Number of Shares
Weighted average ordinary shares outstanding are as follows (in millions):
 
Three months ended September 30
 
Nine months ended September 30
 
2018
 
2017
 
2018
 
2017
Basic weighted average ordinary shares outstanding
244.0

 
255.6

 
246.2

 
260.9

Dilutive effect of potentially issuable shares
1.6

 
1.7

 
1.5

 
2.0

Diluted weighted average ordinary shares outstanding
245.6

 
257.3

 
247.7

 
262.9
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, 2017
$
(25
)
 
$
(879
)
 
$
(2,592
)
 
$
(3,496
)
Adoption of new accounting guidance (3)
(1
)
 
—

 
—

 
(1
)
Balance at January 1, 2018
(26
)
 
(879
)
 
(2,592
)
 
(3,497
)
Other comprehensive income (loss) before reclassifications, net
7

 
(257
)
 
19

 
(231
)
Amounts reclassified from accumulated other comprehensive loss
 
 


 


 


Amounts reclassified from accumulated other comprehensive income
9

 
—

 
114

 
123

Tax expense
(2
)
 
—

 
(25
)
 
(27
)
Amounts reclassified from accumulated other comprehensive income, net
7

 
—

 
89

 
96

Net current period other comprehensive income (loss)
14

 
(257
)
 
108

 
(135
)
Balance at September 30, 2018
$
(12
)
 
$
(1,136
)
 
$
(2,484
)
 
$
(3,632
)
(1)
Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense), Other general expenses, and Compensation and benefits. Refer to Note 15 “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).
(3)
Refer to Note 2 “Accounting Principles and Practices” for further information.