Shareholders' Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Share Repurchase Activity

The following table summarizes the Company’s share repurchase activity (in millions, except per share data):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Shares repurchased	1.7		1.7		3.5		4.5
Average price per share	$	323.96	$	292.06	$	314.36	$	293.56
Repurchase costs recorded to accumulated deficit	$	550	$	500	$	1,100	$	1,328

Schedule of Components of Weighted Average Number of Shares Outstanding

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

	Three Months Ended June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Basic weighted average ordinary shares outstanding	204.7	213.3	205.4	214.3
Dilutive effect of potentially issuable shares	1.6	1.4	1.3	1.3
Diluted weighted average ordinary shares outstanding	206.3	214.7	206.7	215.6

Schedule of 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, 2022	$	(11)	$	(1,861)	$	(2,751)	$	(4,623)
Other comprehensive income (loss) before reclassifications, net	7		228		(22)		213
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	6		—		92		98
Tax expense	(2)		—		(24)		(26)
Amounts reclassified from accumulated other comprehensive income, net	4		—		68		72
Net current period other comprehensive income	11		228		46		285
Balance at June 30, 2023	$	—	$	(1,633)	$	(2,705)	$	(4,338)

	Change in Fair Value of Financial Instruments (1)		Foreign Currency Translation Adjustments		Postretirement Benefit Obligation (2)		Total
Balance at December 31, 2021	$	2	$	(1,333)	$	(2,540)	$	(3,871)
Other comprehensive income (loss) before reclassifications, net	(5)		(442)		16		(431)
Amounts reclassified from accumulated other comprehensive income
Amounts reclassified from accumulated other comprehensive income	(4)		—		61		57
Tax benefit (expense)	1		—		(16)		(15)
Amounts reclassified from accumulated other comprehensive income, net	(3)		—		45		42
Net current period other comprehensive income (loss)	(8)		(442)		61		(389)
Balance at June 30, 2022	$	(6)	$	(1,775)	$	(2,479)	$	(4,260)

(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 12 “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.