Equity

9 Months Ended

Sep. 30, 2020

Share Repurchases

In October 2020 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (2020 Share Repurchase Program). Our 2020 Share Repurchase Program does not have an expiration date. All share repurchases under our 2020 Share Repurchase Program will be retired.

In December 2019 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (December 2019 Share Repurchase Program) that was completed as of September 30, 2020. All shares repurchased under our December 2019 Share Repurchase Program were retired. Under our December 2019 Share Repurchase Program, we repurchased and retired approximately 4.5 million and 16.7 million shares of our common stock at a cost of approximately $1.3 billion and $5.0 billion during the three and nine months ended September 30, 2020, respectively.

In March 2019 our Board of Directors authorized a program to repurchase up to $5.0 billion of our common stock (March 2019 Share Repurchase Program) that was completed as of March 31, 2020. All shares repurchased under our March 2019 Share Repurchase Program were retired. Under our March 2019 Share Repurchase Program, we repurchased and retired approximately 4.1 million shares of our common stock at a cost of approximately $1.3 billion during the nine months ended September 30, 2020.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in accumulated other comprehensive income (loss), net of tax by component:


(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Gains (Losses) on Net Investment Hedge		Unfunded Status of Postretirement Benefit Plans, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2019	$	4.2	$	7.8	$	25.1	$	(32.8)	$	(139.5)	$	(135.2)
Other comprehensive income (loss) before reclassifications	(8.8)		(58.0)		8.1		0.4		3.9		(54.4)
Amounts reclassified from accumulated other comprehensive income (loss)	9.8		(43.1)		(2.6)		—		—		(35.9)
Net current period other comprehensive income (loss)	1.0		(101.1)		5.5		0.4		3.9		(90.3)
Balance, September 30, 2020	$	5.2	$	(93.3)	$	30.6	$	(32.4)	$	(135.6)	$	(225.5)


(In millions)	Unrealized Gains (Losses) on Securities Available for Sale, Net of Tax		Unrealized Gains (Losses) on Cash Flow Hedges, Net of Tax		Gains (Losses) on Net Investment Hedge		Unfunded Status of Postretirement Benefit Plans, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2018	$	(4.0)	$	34.7	$	3.5	$	(31.3)	$	(243.3)	$	(240.4)
Other comprehensive income (loss) before reclassifications	11.6		115.8		53.5		1.5		51.3		233.7
Amounts reclassified from accumulated other comprehensive income (loss)	(1.3)		(77.7)		(6.6)		—		—		(85.6)
Net current period other comprehensive income (loss)	10.3		38.1		46.9		1.5		51.3		148.1
Balance, September 30, 2019	$	6.3	$	72.8	$	50.4	$	(29.8)	$	(192.0)	$	(92.3)

The following table summarizes the amounts reclassified from accumulated other comprehensive income:


(In millions)	Income Statement Location	Amounts Reclassified from Accumulated Other Comprehensive Income
				For the Three Months Ended September 30,						For the Nine Months Ended September 30,
				2020		2019		2020		2019
Gains (losses) on securities available for sale	Other income (expense)	$	0.1	$	0.6	$	(12.4)	$	1.6
	Income tax benefit (expense)	—		(0.1)		2.6		(0.3)

Gains (losses) on cash flow hedges	Revenues	(9.1)		35.2		41.6		79.8
	Operating expenses	1.5		(0.8)		1.4		(2.0)
	Other income (expense)	—		0.1		0.2		0.2
	Income tax benefit (expense)	0.1		(0.1)		(0.1)		(0.3)

Gains (losses) on net investment hedge	Other income (expense)	0.8		2.2		2.6		6.6


Total reclassifications, net of tax		$	(6.6)	$	37.1	$	35.9	$	85.6