Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

EQUITY

Preferred Stock

We have 8.0 million shares of Preferred Stock authorized, of which 1.75 million shares are authorized as Series A, 1.0 million shares are authorized as Series X junior participating and 5.25 million shares are undesignated. Shares may be issued without a vote or action of shareholders from time to time in classes or series with the designations, powers, preferences and the relative, participating, optional or other special rights of the shares of each such class or series and any qualifications, limitations or restrictions thereon as set forth in the instruments governing such shares. Any such Preferred Stock may rank prior to common stock as to dividend rights, liquidation preference or both, and may have full or limited voting rights and may be convertible into shares of common stock. No shares of Preferred Stock were issued and outstanding during 2021, 2020 and 2019.

Common Stock

The following table describes the number of shares authorized, issued and outstanding of our common stock as of December 31, 2021, 2020 and 2019:

	As of December 31, 2021			As of December 31, 2020			As of December 31, 2019
(In millions)	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding
Common stock	1,000.0	170.8	147.0	1,000.0	176.2	152.4	1,000.0	198.0	174.2

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. Under our 2020 Share Repurchase Program, we repurchased and retired approximately 6.0 million and 1.6 million shares of our common stock at a cost of approximately $1.8 billion and $400.0 million during the years ended December 31, 2021 and 2020, respectively. Approximately $2.8 billion remained available under our 2020 Share Repurchase Program as of December 31, 2021.

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), which 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 16.7 million shares of our common stock at a cost of approximately $5.0 billion during the year ended December 31, 2020.

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), which 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 and 14.7 million shares of our common stock at a cost of approximately $1.3 billion and $3.7 billion during the years ended December 31, 2020 and 2019, respectively.

In August 2018 our Board of Directors authorized a program to repurchase up to $3.5 billion of our common stock (2018 Share Repurchase Program), which was completed as of June 30, 2019. All share repurchases under our 2018 Share Repurchase Program were retired. Under our 2018 Share Repurchase Program, we repurchased and retired approximately 8.9 million shares of our common stock at a cost of approximately $2.1 billion during the year ended December 31, 2019.

Amounts paid to repurchase shares in excess of their par value are allocated between additional paid-in capital and retained earnings, with payments in excess of our additional paid-in-capital balance recorded as a reduction to retained earnings.

Accumulated Other Comprehensive Income (Loss)

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

	December 31, 2021
(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, Net of Tax		Unfunded Status of Postretirement Benefit Plans, Net of Tax		Currency Translation Adjustments		Total
Balance, December 31, 2020	$	1.4	$	(179.0)	$	(8.5)	$	(66.3)	$	(46.6)	$	(299.0)
Other comprehensive income (loss) before reclassifications	(6.6)		178.2		33.4		21.5		(92.4)		134.1
Amounts reclassified from accumulated other comprehensive income (loss)	3.0		54.6		0.6		—		—		58.2
Net current period other comprehensive income (loss)	(3.6)		232.8		34.0		21.5		(92.4)		192.3
Balance, December 31, 2021	$	(2.2)	$	53.8	$	25.5	$	(44.8)	$	(139.0)	$	(106.7)

	December 31, 2020
(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, Net of Tax		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	(9.3)		(165.0)		(30.7)		(33.5)		92.9		(145.6)
Amounts reclassified from accumulated other comprehensive income (loss)	6.5		(21.8)		(2.9)		—		—		(18.2)
Net current period other comprehensive income (loss)	(2.8)		(186.8)		(33.6)		(33.5)		92.9		(163.8)
Balance, December 31, 2020	$	1.4	$	(179.0)	$	(8.5)	$	(66.3)	$	(46.6)	$	(299.0)

	December 31, 2019
(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, Net of Tax		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	11.8		88.1		28.6		(1.5)		103.8		230.8
Amounts reclassified from accumulated other comprehensive income (loss)	(3.6)		(115.0)		(7.0)		—		—		(125.6)
Net current period other comprehensive income (loss)	8.2		(26.9)		21.6		(1.5)		103.8		105.2
Balance, December 31, 2019	$	4.2	$	7.8	$	25.1	$	(32.8)	$	(139.5)	$	(135.2)

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

(In millions)	Income Statement Location	Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
		For the Years Ended December 31,
		2021		2020		2019
Gains (losses) on securities available for sale	Other income (expense)	$	(3.8)	$	(8.2)	$	4.5
	Income tax benefit (expense)	0.8		1.7		(0.9)
Gains (losses) on cash flow hedges	Revenue	(60.0)		18.3		118.6
	Operating expense	(0.8)		3.3		(3.3)
	Other income (expense)	0.2		0.3		0.3
	Income tax benefit (expense)	6.0		(0.1)		(0.6)
Gains (losses) on net investment hedge	Other income (expense)	(0.6)		2.9		7.0
Total reclassifications, net of tax		$	(58.2)	$	18.2	$	125.6