Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Schedule of Share Repurchases

The terms of each ASR agreement entered for the three months ended March 31, 2020 and 2019, 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
February 11, 2020 1		1.3	0.2	1.5	$	—	$	500
February 11, 2020 2		1.4	—	1.4	$	—	$	500
February 11, 2019 3	July 31, 2019	2.2	0.1	2.3	$	214.65	$	500

¹ The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.3 million shares and an additional amount of 0.2 million during the month of February, representing a 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 1.4 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 2.2 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on July 31, 2019 and received an additional 0.1 million shares.

Additionally, we purchased shares of our common stock in the open market for the three months ended March 31 as follows:

(in millions, except average price)
	Total number of shares purchased	Average price paid per share		Total cash utilized
March 31, 2020	0.5	$	291.99	150
March 31, 2019	0.8	$	184.51	144

Schedule of Redeemable Noncontrolling Interest

Changes to redeemable noncontrolling interest during the three months ended March 31, 2020 were as follows:

(in millions)
Balance as of December 31, 2019	$	2,268
Net income attributable to noncontrolling interest	49
Distributions payable to noncontrolling interest	(38)
Redemption value adjustment	(11)
Balance as of March 31, 2020	$	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 three months ended March 31, 2020:

(in millions)	Foreign Currency Translation Adjustments			Pension and Postretirement Benefit Plans			Unrealized Gain (Loss) on Foreign Forward Exchange Contracts			Accumulated Other Comprehensive Loss
Balance as of December 31, 2019	$	(321)		$	(305)		$	2		$	(624)
Other comprehensive (loss) income before reclassifications	(31)		1	—			(8)			(39)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			2		2	1		3	3
Net other comprehensive (loss) income	(31)			2			(7)			(36)
Balance as of March 31, 2020	$	(352)		$	(303)		$	(5)		$	(660)

1Includes an unrealized gain related to the cross currency swap entered into in December 2019. See note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.

2Reflects amortization of net actuarial losses and is net of a tax benefit of $1 million for the three months ended March 31, 2020. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.