XML 52 R33.htm IDEA: XBRL DOCUMENT

Equity (Tables)

12 Months Ended

Dec. 31, 2020


	Year Ended December 31,
	2020		2019		2018
Quarterly dividend rate	$	0.67	$	0.57	$	0.50
Annualized dividend rate	$	2.68	$	2.28	$	2.00
Dividends paid (in millions)	$	645	$	560	$	503

Schedule of Accelerated Share Repurchase Agreements

The terms of each ASR agreement entered for the years ended December 31, 2020, 2019 and 2018, 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
October 29, 2018 5	January 2, 2019	2.5	0.4	2.9	$	173.80	$	500
March 6, 2018 6	September 25, 2018	4.5	0.6	5.1	$	197.49	$	1,000

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 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.

5 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. We completed the ASR agreement on January 2, 2019 and received an additional 0.4 million shares

6 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. We completed the ASR agreement on September 25, 2018 and received an additional 0.6 million shares

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, 2020	0.5	$	295.40	$	161
December 31, 2019	1.2	$	208.83	$	240
December 31, 2018	0.9	$	182.93	$	160

Schedule of Redeemable Noncontrolling Interest Rollforward

Changes to redeemable noncontrolling interest during the year ended December 31, 2020 were as follows:


(in millions)
Balance as of December 31, 2019	$	2,268
Net income attributable to redeemable noncontrolling interest	181

Distributions to noncontrolling interest	(200)
Redemption value adjustment	532
Balance as of December 31, 2020	$	2,781

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, 2020:


(in millions)	Foreign Currency Translation Adjustment 1,3		Pension and Postretirement Benefit Plans 2		Unrealized Gain (Loss) on Forward Exchange Contracts 3		Accumulated Other Comprehensive Loss
Balance as of December 31, 2019	$	(321)	$	(305)	$	2	$	(624)
Other comprehensive (loss) income before reclassifications	(2)		(37)		14		(25)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—		14		(2)		12
Net other comprehensive gain (loss) income	(2)		(23)		12		(13)

Balance as of December 31, 2020	$	(323)	$	(328)	$	14	$	(637)

1Includes an unrealized loss related to cross currency swaps.

2Reflects amortization of net actuarial losses and is net of a tax benefit of $3 million for the year ended December 31, 2020. See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 6 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.