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Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Schedule of Dividend History
 
Year Ended December 31,
 
2019
 
2018
 
2017
Quarterly dividend rate
$
0.57

 
$
0.50

 
$
0.41

Annualized dividend rate
$
2.28

 
$
2.00

 
$
1.64

Dividends paid (in millions)
$
560

 
$
503

 
$
421
Schedule of Accelerated Share Repurchase Agreements
The terms of each ASR agreement entered for the years ended December 31, 2019, 2018 and 2017, structured as outlined above, are as follows:
(in millions, except average price)
 
 
 
 
 
 
 
 
 
 
 
 
ASR Agreement Initiation Date
 
ASR Agreement Completion Date
 
Initial Shares Delivered
 
Additional Shares Delivered
 
Total Number of Shares
Purchased
 
Average Price Paid Per Share
 
Total Cash Utilized
August 5, 2019 1
 
October 1, 2019
 
1.8

 
0.1

 
2.0

 
$
253.36

 
$
500

February 11, 2019 2
 
July 31, 2019
 
2.2

 
0.1

 
2.3

 
$
214.65

 
$
500

October 29, 2018 3
 
January 2, 2019
 
2.5

 
0.4

 
2.9

 
$
173.80

 
$
500

March 6, 2018 4
 
September 25, 2018
 
4.5

 
0.6

 
5.1

 
$
197.49

 
$
1,000

August 1, 2017 5
 
October 31, 2017
 
2.8

 
0.5

 
3.2

 
$
154.46

 
$
500

1 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.8 million shares, representing the minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.2 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company.
3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.5 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and received an initial delivery of 4.5 million shares, representing 85% of the $1 billion at a price equal to the then market price of the Company.
5 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.8 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company.
Schedule of Share Repurchases
Additionally, we purchased shares of our common stock in the open market as follows
(in millions, except average price)
 
 
Year Ended
 
Total number of shares purchased

 
Average price paid per share
 
Total cash utilized
December 31, 2019
 
1.2

 
$
208.83

 
$
240

December 31, 2018
 
0.9

 
$
182.93

 
$
160

December 31, 2017
 
3.5

 
$
141.60

 
$
501
Schedule of Redeemable Noncontrolling Interest Rollforward
Changes to redeemable noncontrolling interest during the year ended December 31, 2019 were as follows:
(in millions)
 
Balance as of December 31, 2018
$
1,620

Net income attributable to noncontrolling interest
170

Capital contribution from noncontrolling interest
36

Distributions to noncontrolling interest
(166
)
Redemption value adjustment
608

Balance as of December 31, 2019
$
2,268
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2019:
(in millions)
Foreign Currency Translation Adjustment 1
 
Pension and Postretirement Benefit Plans 2
 
Unrealized Gain (Loss) on Forward Exchange Contracts 1
 
Accumulated Other Comprehensive Loss
Balance as of December 31, 2018
$
(339
)
 
$
(407
)
 
$
4

 
$
(742
)
Other comprehensive gain (loss) before reclassifications
18

 
9

 
3

 
30

Reclassifications from accumulated other comprehensive loss to net earnings
—

 
93

 
(5
)
 
88

Net other comprehensive gain (loss) income
18

 
102

 
(2
)
 
118

Balance as of December 31, 2019
$
(321
)
 
$
(305
)
 
$
2

 
$
(624
)
1 
See Note 6 — Derivative Instruments for additional details of gains (losses) included in accumulated other comprehensive loss and items reclassed from accumulated other comprehensive loss to net earnings.
2 
Reflects amortization of net actuarial losses and is net of a tax benefit of $39 million for the year ended December 31, 2019. See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.