Stockholders’ equity

Stock repurchase program

Activity under our stock repurchase program, on a trade date basis, was as follows (in millions):



	2017			2016
	Shares	Dollars		Shares*	Dollars
First quarter	3.4	$	555	4.7	$	690
Second quarter	6.2	1,006		3.9	591
Third quarter	4.4	769		4.4	747
Total stock repurchases	14.0	$	2,330	12.9	$	2,028

* Shares do not foot due to rounding.

As of September 30, 2017, $1.7 billion remained available under our stock repurchase program. In October 2017, our Board of Directors authorized an increase that resulted in a total of $5.0 billion available under the stock repurchase program.

Dividends

In July 2017, March 2017 and December 2016, the Board of Directors declared quarterly cash dividends of $1.15 per share of common stock, which were paid in September 2017, June 2017 and March 2017, respectively. In October 2017, the Board of Directors declared a quarterly cash dividend of $1.15 per share of common stock, which will be paid on December 8, 2017.

Accumulated other comprehensive income (loss)

The components of Accumulated other comprehensive income (loss) (AOCI) were as follows (in millions):



	Foreign currency translation			Cash flow hedges			Available-for-sale securities			Other			AOCI
Balance as of December 31, 2016	$	(610	)	$	282		$	(138	)	$	(5	)	$	(471	)
Foreign currency translation adjustments	21			—			—			—			21
Unrealized gains	—			17			116			—			133
Reclassification adjustments to income	—			(131		)	49			—			(82		)
Income taxes	3			41			(7		)	—			37
Balance as of March 31, 2017	(586		)	209			20			(5		)	(362		)
Foreign currency translation adjustments	37			—			—			—			37
Unrealized gains	—			17			73			—			90
Reclassification adjustments to income	—			(330		)	47			—			(283		)
Other	—			—			—			(1		)	(1		)
Income taxes	(2		)	112			(40		)	—			70
Balance as of June 30, 2017	(551		)	8			100			(6		)	(449		)
Foreign currency translation adjustments	38			—			—			—			38
Unrealized gains	—			65			41			—			106
Reclassification adjustments to income	—			(140		)	(26		)	—			(166		)
Other	—			—			—			6			6
Income taxes	3			25			(6		)	—			22
Balance as of September 30, 2017	$	(510	)	$	(42	)	$	109		$	—		$	(443	)

The reclassifications out of AOCI and into earnings were as follows (in millions):



	Amounts reclassified out of AOCI
	Three months ended September 30,
Components of AOCI	2017			2016			Line item affected in the Condensed Consolidated Statements of Income
Cash flow hedges:
Foreign currency contract (losses) gains	$	(2	)	$	67		Product sales
Cross-currency swap contract gains (losses)	143			(1		)	Interest and other income, net
Forward interest rate contract losses	(1		)	(1		)	Interest expense, net
	140			65			Income before income taxes
	(49		)	(27		)	Provision for income taxes
	$	91		$	38		Net income
Available-for-sale securities:
Net realized gains	$	26		$	23		Interest and other income, net
	(5		)	(8		)	Provision for income taxes
	$	21		$	15		Net income



	Amounts reclassified out of AOCI
	Nine months ended September 30,
Components of AOCI	2017			2016			Line item affected in the Condensed Consolidated Statements of Income
Cash flow hedges:
Foreign currency contract gains	$	88		$	242		Product sales
Cross-currency swap contract gains (losses)	514			(143		)	Interest and other income, net
Forward interest rate contract losses	(1		)	(1		)	Interest expense, net
	601			98			Income before income taxes
	(213		)	(39		)	Provision for income taxes
	$	388		$	59		Net income
Available-for-sale securities:
Net realized losses	$	(70	)	$	(30	)	Interest and other income, net
	(7		)	—			Provision for income taxes
	$	(77	)	$	(30	)	Net income