Equity (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Accelerated Share Repurchase Agreements

The terms of each ASR agreement entered for the period ended September 30, 2021, 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

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.

Schedule of Share Repurchases

Additionally, we purchased shares of our common stock in the open market for the periods ended September 30, 2020 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	—	$	351.77	$	11
Nine Months
September 30, 2020	0.5	$	295.40	$	161

Schedule of Redeemable Noncontrolling Interest Rollforward

Changes to redeemable noncontrolling interest during the nine months ended September 30, 2021 were as follows:

(in millions)
Balance as of December 31, 2020	$	2,781
Net income attributable to redeemable noncontrolling interest	161
Distributions payable to redeemable noncontrolling interest	(143)
Redemption value adjustment	387
Balance as of September 30, 2021	$	3,186

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, 2021:

(in millions)	Foreign Currency Translation Adjustments			Pension and Postretirement Benefit Plans			Unrealized Gain (Loss) on Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2020	$	(323)		$	(328)		$	14		$	(637)
Other comprehensive (loss) income before reclassifications	2		1	9			(120)			(109)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			11		2	(15)		3	(4)
Net other comprehensive (loss) income	2			20			(135)			(113)
Balance as of September 30, 2021	$	(321)		$	(308)		$	(121)		$	(750)

1Includes an unrealized gain related to our cross currency swaps. 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 $3 million for the nine months ended September 30, 2021. 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.