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Shareholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
Schedule of Share Repurchase Agreements | The following table summarizes the Company’s share repurchase activity (in millions, except per share data):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Shares repurchased | 1.7 |  |  | 1.1 |  |  | 4.5 |  |  | 1.3 |
Average price per share | $ | 292.06 |  |  | $ | 235.84 |  |  | $ | 293.56 |  |  | $ | 232.53 |
Repurchase costs recorded to retained earnings | $ | 500 |  |  | $ | 242 |  |  | $ | 1,328 |  |  | $ | 292 |
Schedule of Components of Weighted Average Number of Shares | Weighted average ordinary shares outstanding are as follows (in millions):
| Three Months Ended June 30, | Six Months Ended June 30,
| 2022 |  | 2021 | 2022 |  | 2021
Basic weighted average ordinary shares outstanding | 213.3 |  |  | 227.0 |  | 214.3 |  |  | 227.0 |
Dilutive effect of potentially issuable shares | 1.4 |  |  | 1.0 |  | 1.3 |  |  | 1.1 |
Diluted weighted average ordinary shares outstanding | 214.7 |  |  | 228.0 |  | 215.6 |  |  | 228.1 |
Schedule of 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, 2021 | $ | 2 |  |  | $ | (1,333) |  |  | $ | (2,540) |  |  | $ | (3,871) |
Other comprehensive income (loss) before reclassifications, net | (5) |  |  | (442) |  |  | 16 |  |  | (431) |
Amounts reclassified from accumulated other comprehensive income |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive income | (4) |  |  | — |  |  | 61 |  |  | 57 |
Tax expense | 1 |  |  | — |  |  | (16) |  |  | (15) |
Amounts reclassified from accumulated other comprehensive income, net (3) | (3) |  |  | — |  |  | 45 |  |  | 42 |
Net current period other comprehensive income (loss) | (8) |  |  | (442) |  |  | 61 |  |  | (389) |
Balance at June 30, 2022 | $ | (6) |  |  | $ | (1,775) |  |  | $ | (2,479) |  |  | $ | (4,260) |
| Change in Fair Value of Financial Instruments (1) |  | Foreign Currency Translation Adjustments |  | Postretirement Benefit Obligation (2) |  | Total
Balance at December 31, 2020 | $ | 1 |  |  | $ | (1,045) |  |  | $ | (2,817) |  |  | $ | (3,861) |
Other comprehensive income (loss) before reclassifications, net | 9 |  |  | 45 |  |  | 8 |  |  | 62 |
Amounts reclassified from accumulated other comprehensive income |  |  |  |  |  |  |
Amounts reclassified from accumulated other comprehensive income | 1 |  |  | — |  |  | 71 |  |  | 72 |
Tax expense | — |  |  | — |  |  | (17) |  |  | (17) |
Amounts reclassified from accumulated other comprehensive income, net (3) | 1 |  |  | — |  |  | 54 |  |  | 55 |
Net current period other comprehensive income (loss) | 10 |  |  | 45 |  |  | 62 |  |  | 117 |
Balance at June 30, 2021 | $ | 11 |  |  | $ | (1,000) |  |  | $ | (2,755) |  |  | $ | (3,744) |
(1)Reclassifications from this category included in Accumulated other comprehensive loss are recorded in Total revenue, Interest expense, and Compensation and benefits in the Condensed Consolidated Statements of Income. Refer to Note 13 “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 Condensed 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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