Share Repurchase Transactions and Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Federal Home Loan Banks [Abstract]

Share Repurchases Transactions and Accumulated Other Comprehensive Loss

NOTE 9 — SHARE REPURCHASE TRANSACTIONS AND ACCUMULATED 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 nine months ended September 30, 2023, we repurchased 10.818 million shares of our common stock at an average price of $268.18 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 September 30, 2023, we had $1.685 billion of repurchase authorization available under the January 2023 authorization.

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

	Unrealized Losses on Available- for-Sale Securities			Foreign Currency Translation Adjustments			Defined Benefit Plans			Total
Balances at December 31, 2022	$	(30	)	$	(373	)	$	(87	)	$	(490	)
Unrealized losses on available-for-sale securities, net of $1 income    tax benefit		(4	)								(4	)
Foreign currency translation adjustments, net of $1 of income    taxes				2							2
Expense reclassified into operations from other    comprehensive loss								1			1
Balances at September 30, 2023	$	(34	)	$	(371	)	$	(86	)	$	(491	)