Share Repurchase Transactions and Other Comprehensive Loss

6 Months Ended

Jun. 30, 2023

Federal Home Loan Banks [Abstract]

Share Repurchases Transactions and Other Comprehensive Loss

NOTE 9 — SHARE REPURCHASE TRANSACTIONS AND OTHER COMPREHENSIVE LOSS

During January 2023 and 2022, our Board of Directors authorized share repurchase programs for up to $3 billion and $8 billion, respectively, of our outstanding common stock. During the six months ended June 30, 2023, we repurchased 6.651 million shares of our common stock at an average price of $264.78 per share through market purchases pursuant to the January 2022 authorization (which was completed during the second quarter of 2023) and the January 2023 authorization. At June 30, 2023, we had $2.825 billion of repurchase authorization available under the January 2023 authorization.

The components of accumulated other comprehensive loss are as follows (dollars in millions):

	Unrealized Gains (Losses) on Available- for-Sale Securities			Foreign Currency Translation Adjustments			Defined Benefit Plans			Total
Balances at December 31, 2022	$	(30	)	$	(373	)	$	(87	)	$	(490	)
Unrealized gains on available-for-sale securities		2									2
Foreign currency translation adjustments, net of $6 of income    taxes					32						32
Balances at June 30, 2023	$	(28	)	$	(341	)	$	(87	)	$	(456	)