Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Schedule of Share Repurchases

The terms of each ASR agreement entered for the periods ended September 30, 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	July 27, 2020	1.3	0.4	1.7	$	292.13	$	500
February 11, 2020 2	July 27, 2020	1.4	0.3	1.7	$	292.13	$	500
August 5, 2019 3	October 1, 2019	1.7	0.3	2.0	$	253.36	$	500
February 11, 2019 4	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. We completed the ASR agreement on July 27, 2020 and received an additional 0.2 million shares.

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. We completed the ASR agreement on July 27, 2020 and received an additional 0.3 million shares.

³ The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.7 million shares and an additional amount of 0.2 million during the month of August, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on October 1, 2019 and received an additional 0.1 million shares.

⁴ 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 periods ended September 30 as follows:

(in millions, except average price)
	Total number of shares purchased	Average price paid per share		Total cash utilized
Three Months
September 30, 2020	0.0	$	351.77	$	11
September 30, 2019	—	$	—	$	—
Nine Months
September 30, 2020	0.5	$	295.40	$	161
September 30, 2019	0.8	$	184.51	$	144

Schedule of Changes to Redeemable Noncontrolling Interest

Changes to redeemable noncontrolling interest during the nine months ended September 30, 2020 were as follows:

(in millions)
Balance as of December 31, 2019	$	2,268
Net income attributable to noncontrolling interest	136
Distributions payable to noncontrolling interest	(131)
Redemption value adjustment	238
Balance as of September 30, 2020	$	2,511

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 nine months ended September 30, 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	(39)		1	(33)			6			(66)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			11		2	2		3	13
Net other comprehensive (loss) income	(39)			(22)			8			(53)
Balance as of September 30, 2020	$	(360)		$	(327)		$	10		$	(677)

1Includes an unrealized gain related to the cross currency swaps 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 $2 million for the nine months ended September 30, 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.