Share Repurchase Transactions and Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Federal Home Loan Banks [Abstract]

Share Repurchases Transactions and Other Comprehensive Loss

NOTE 9 — SHARE REPURCHASE TRANSACTIONS AND OTHER COMPREHENSIVE LOSS

During January 2024 and 2023, our Board of Directors authorized share repurchase programs for up to $6 billion and $3 billion, respectively, of our outstanding common stock. During the nine months ended September 30, 2024, we repurchased 13.059 million shares of our common stock at an average price of $332.49 per share through market purchases pursuant to the January 2023 authorization (which was completed during the first quarter of 2024) and the January 2024 authorization. At September 30, 2024, we had $2.433 billion of repurchase authorization available under the January 2024 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, 2023	$	(22	)	$	(339	)	$	(64	)	$	(425	)
Unrealized gains on available-for-sale    securities, net of $2 income tax expense		8									8
Foreign currency translation adjustments, net    of $8 income tax expense					40						40
Expense reclassified into operations from other    comprehensive income								(1	)		(1	)
Balances at September 30, 2024	$	(14	)	$	(299	)	$	(65	)	$	(378	)