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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Schedule of Repurchase Agreements | The following table summarizes the Company’s share repurchase activity (in millions, except per share data):
|  | Twelve months ended December 31
|  | 2020 |  | 2019
Shares repurchased |  | 8.5 |  |  | 10.5 |
Average price per share |  | $ | 206.28 |  |  | $ | 186.33 |
Costs recorded to retained earnings |  |  |  |
Total repurchase cost |  | $ | 1,761 |  |  | $ | 1,950 |
Additional associated costs |  | 2 |  |  | 10 |
Total costs recorded to retained earnings |  | $ | 1,763 |  |  | $ | 1,960 |
Schedule of Components of Weighted Average Number of Shares Outstanding | Weighted average ordinary shares outstanding are as follows (in millions):
Years ended December 31 | 2020 |  | 2019 |  | 2018
Basic weighted average ordinary shares outstanding | 231.9 |  |  | 238.6 |  |  | 245.2 |
Dilutive effect of potentially issuable shares | 1.2 |  |  | 2.0 |  |  | 1.8 |
Diluted weighted average ordinary shares outstanding | 233.1 |  |  | 240.6 |  |  | 247.0 |
Components of Accumulated Other Comprehensive Loss, Net of Related Tax | Changes in Accumulated other comprehensive loss by component, net of related tax, are as follows (in millions):
| Change in Fair Value of Financial Instruments (1) |  | Foreign Currency Translation Adjustments |  | Postretirement Benefit Obligation (2) |  | Total
Balance at December 31, 2017 | $ | (25) |  |  | $ | (879) |  |  | $ | (2,592) |  |  | (3,496) |
Adoption of new accounting guidance | (1) |  |  | — |  |  | — |  |  | (1) |
Balance at January 1, 2018 | (26) |  |  | (879) |  |  | (2,592) |  |  | (3,497) |
Other comprehensive income (loss) before reclassifications |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | (15) |  |  | (437) |  |  | (124) |  |  | (576) |
Tax benefit (expense) | 18 |  |  | (3) |  |  | 28 |  |  | 43 |
Other comprehensive income (loss) before reclassifications, net | 3 |  |  | (440) |  |  | (96) |  |  | (533) |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive income (loss) | 11 |  |  | — |  |  | 146 |  |  | 157 |
Tax benefit (expense) | (3) |  |  | — |  |  | (33) |  |  | (36) |
Amounts reclassified from accumulated other comprehensive income (loss), net (3) | 8 |  |  | — |  |  | 113 |  |  | 121 |
Net current period other comprehensive income (loss) | 11 |  |  | (440) |  |  | 17 |  |  | (412) |
Balance at December 31, 2018 | (15) |  |  | (1,319) |  |  | (2,575) |  |  | (3,909) |
Other comprehensive income (loss) before reclassifications |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | (10) |  |  | 15 |  |  | (287) |  |  | (282) |
Tax benefit (expense) | 1 |  |  | (1) |  |  | 58 |  |  | 58 |
Other comprehensive income (loss) before reclassifications, net | (9) |  |  | 14 |  |  | (229) |  |  | (224) |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive income (loss) | 14 |  |  | — |  |  | 109 |  |  | 123 |
Tax benefit (expense) | (2) |  |  | — |  |  | (21) |  |  | (23) |
Amounts reclassified from accumulated other comprehensive income (loss), net (3) | 12 |  |  | — |  |  | 88 |  |  | 100 |
Net current period other comprehensive income (loss) | 3 |  |  | 14 |  |  | (141) |  |  | (124) |
Balance at December 31, 2019 | (12) |  |  | (1,305) |  |  | (2,716) |  |  | (4,033) |
Other comprehensive income (loss) before reclassifications |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassifications | 1 |  |  | 258 |  |  | (255) |  |  | 4 |
Tax benefit (expense) | — |  |  | 2 |  |  | 60 |  |  | 62 |
Other comprehensive income (loss) before reclassifications, net | 1 |  |  | 260 |  |  | (195) |  |  | 66 |
Amounts reclassified from accumulated other comprehensive income (loss) |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive income (loss) | 15 |  |  | — |  |  | 125 |  |  | 140 |
Tax benefit (expense) | (3) |  |  | — |  |  | (31) |  |  | (34) |
Amounts reclassified from accumulated other comprehensive income (loss), net (3) | 12 |  |  | — |  |  | 94 |  |  | 106 |
Net current period other comprehensive income (loss) | 13 |  |  | 260 |  |  | (101) |  |  | 172 |
Balance at December 31, 2020 | $ | 1 |  |  | $ | (1,045) |  |  | $ | (2,817) |  |  | $ | (3,861) |
(1)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Total revenue, Interest expense, and Compensation and benefits in the Consolidated Statements of Income. Refer to Note 14 “Derivatives and Hedging” for further information regarding the Company’s derivative and hedging activity. (2)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Other income (expense) in the Consolidated Statements of Income. (3)It is the Company’s policy to release income tax effects from Accumulated other comprehensive loss using the portfolio approach.

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