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Equity (Tables) | 12 Months Ended
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Dec. 31, 2019
Equity [Abstract] |
Schedule of Dividend History |
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Quarterly dividend rate | $ | 0.57 |  |  | $ | 0.50 |  |  | $ | 0.41 |
Annualized dividend rate | $ | 2.28 |  |  | $ | 2.00 |  |  | $ | 1.64 |
Dividends paid (in millions) | $ | 560 |  |  | $ | 503 |  |  | $ | 421 |
Schedule of Accelerated Share Repurchase Agreements | The terms of each ASR agreement entered for the years ended December 31, 2019, 2018 and 2017, structured as outlined above, are as follows:
(in millions, except average price) |  |  |  |  |  |  |  |  |  |  |  |
ASR Agreement Initiation Date |  | ASR Agreement Completion Date |  | Initial Shares Delivered |  | Additional Shares Delivered |  | Total Number of Shares Purchased |  | Average Price Paid Per Share |  | Total Cash Utilized
August 5, 2019 1 |  | October 1, 2019 |  | 1.8 |  |  | 0.1 |  |  | 2.0 |  |  | $ | 253.36 |  |  | $ | 500 |
February 11, 2019 2 |  | July 31, 2019 |  | 2.2 |  |  | 0.1 |  |  | 2.3 |  |  | $ | 214.65 |  |  | $ | 500 |
October 29, 2018 3 |  | January 2, 2019 |  | 2.5 |  |  | 0.4 |  |  | 2.9 |  |  | $ | 173.80 |  |  | $ | 500 |
March 6, 2018 4 |  | September 25, 2018 |  | 4.5 |  |  | 0.6 |  |  | 5.1 |  |  | $ | 197.49 |  |  | $ | 1,000 |
August 1, 2017 5 |  | October 31, 2017 |  | 2.8 |  |  | 0.5 |  |  | 3.2 |  |  | $ | 154.46 |  |  | $ | 500 |
1 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.8 million shares, representing the minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. 2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.2 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. 3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.5 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. 4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and received an initial delivery of 4.5 million shares, representing 85% of the $1 billion at a price equal to the then market price of the Company. 5 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.8 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company.
Schedule of Share Repurchases | Additionally, we purchased shares of our common stock in the open market as follows
(in millions, except average price) |  |
Year Ended |  | Total number of shares purchased |  | Average price paid per share |  | Total cash utilized
December 31, 2019 |  | 1.2 |  |  | $ | 208.83 |  |  | $ | 240 |
December 31, 2018 |  | 0.9 |  |  | $ | 182.93 |  |  | $ | 160 |
December 31, 2017 |  | 3.5 |  |  | $ | 141.60 |  |  | $ | 501 |
Schedule of Redeemable Noncontrolling Interest Rollforward | Ch anges to redeemable noncontrolling interest during the year ended December 31, 2019 were as follows:
(in millions) |
Balance as of December 31, 2018 | $ | 1,620 |
Net income attributable to noncontrolling interest | 170 |
Capital contribution from noncontrolling interest | 36 |
Distributions to noncontrolling interest | (166 | )
Redemption value adjustment | 608 |
Balance as of December 31, 2019 | $ | 2,268 |
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss | The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2019:
(in millions) | Foreign Currency Translation Adjustment 1 |  | Pension and Postretirement Benefit Plans 2 |  | Unrealized Gain (Loss) on Forward Exchange Contracts 1 |  | Accumulated Other Comprehensive Loss
Balance as of December 31, 2018 | $ | (339 | ) |  | $ | (407 | ) |  | $ | 4 |  |  | $ | (742 | )
Other comprehensive gain (loss) before reclassifications | 18 |  |  | 9 |  |  | 3 |  |  | 30 |
Reclassifications from accumulated other comprehensive loss to net earnings | — |  |  | 93 |  |  | (5 | ) |  | 88 |
Net other comprehensive gain (loss) income | 18 |  |  | 102 |  |  | (2 | ) |  | 118 |
Balance as of December 31, 2019 | $ | (321 | ) |  | $ | (305 | ) |  | $ | 2 |  |  | $ | (624 | )
1 | See Note 6 — Derivative Instruments for additional details of gains (losses) included in accumulated other comprehensive loss and items reclassed from accumulated other comprehensive loss to net earnings.
2 | Reflects amortization of net actuarial losses and is net of a tax benefit of $39 million for the year ended December 31, 2019. See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

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- Definition Tabular disclosure of accelerated share repurchase (ASR) programs. An ASR is a combination of transactions that permits an entity to purchase a targeted number of shares immediately with the final purchase price of those shares determined by an average market price over a fixed period of time. An accelerated share repurchase program is intended to combine the immediate share retirement benefits of a tender offer with the market impact and pricing benefits of a disciplined daily open market stock repurchase program. ASRs can be disclosed as part of stockholders' equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 25 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6405686&loc=d3e22802-112653 + Details
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- Definition Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23309-112656 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6405813&loc=d3e23239-112655 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 + Details
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