Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Share 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,
	2021		2020		2021		2020
Shares repurchased	4.4		2.4		5.7		4.6
Average price per share	$	283.38	$	201.96	$	272.11	$	207.01
Costs recorded to retained earnings
Total repurchase cost	$	1,251	$	500	$	1,543	$	961
Additional associated costs	—		—		—		2
Total costs recorded to retained earnings	$	1,251	$	500	$	1,543	$	963

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,
	2021	2020	2021	2020
Basic weighted average ordinary shares outstanding	225.4	232.6	226.5	232.8
Dilutive effect of potentially issuable shares	—	0.9	1.2	1.1
Diluted weighted average ordinary shares outstanding	225.4	233.5	227.7	233.9

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, 2020	$	1	$	(1,045)	$	(2,817)	$	(3,861)
Other comprehensive income (loss) before reclassifications, net	4		(108)		8		(96)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	1		—		104		105
Tax expense	—		—		(25)		(25)
Amounts reclassified from accumulated other comprehensive income, net (3)	1		—		79		80
Net current period other comprehensive income (loss)	5		(108)		87		(16)
Balance at September 30, 2021	$	6	$	(1,153)	$	(2,730)	$	(3,877)

	Change in Fair Value of Financial Instruments (1)		Foreign Currency Translation Adjustments		Postretirement Benefit Obligation (2)		Total
Balance at December 31, 2019	$	(12)	$	(1,305)	$	(2,716)	$	(4,033)
Other comprehensive income (loss) before reclassifications, net	(6)		(137)		(4)		(147)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	13		—		94		107
Tax expense	(3)		—		(23)		(26)
Amounts reclassified from accumulated other comprehensive income, net (3)	10		—		71		81
Net current period other comprehensive income (loss)	4		(137)		67		(66)
Balance at September 30, 2020	$	(8)	$	(1,442)	$	(2,649)	$	(4,099)

(1)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Total revenue, Interest expense, and Compensation and benefits in the Condensed Consolidated Statements of Income. Refer to Note 13 “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) in the Condensed Consolidated Statements of Income.

(3)It is the Company’s policy to release income tax effects from Accumulated other comprehensive loss using the portfolio approach.