Stockholders’ equity

Stock repurchase program

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



	2018			2017
	Shares	Dollars		Shares	Dollars
First quarter	56.4	$	10,787	3.4	$	555

In January 2018, our Board of Directors authorized an increase of $10.0 billion available under our stock repurchase program. Repurchase activity for the three months ended March 31, 2018, included 52.1 million shares of our common stock acquired under a tender offer at an aggregate cost of $10.0 billion. As of March 31, 2018, $3.6 billion remained available under our stock repurchase program. In April 2018, our Board of Directors increased the amount authorized under our stock repurchase program by an additional $5.0 billion.

Dividends

In March 2018, the Board of Directors declared a quarterly cash dividend of $1.32 per share of common stock, which will be paid in June 2018. In December 2017, the Board of Directors declared a quarterly cash dividend of $1.32 per share of common stock, which was paid in March 2018.

Accumulated other comprehensive income (loss)

The components of AOCI were as follows (in millions):



	Foreign currency translation			Cash flow hedges			Available-for-sale securities			Other		AOCI
Balance as of December 31, 2017	$	(529	)	$	(6	)	$	(144	)	$	—	$	(679	)
Cumulative effect of change in accounting principle, net of tax	—			—			(9		)	—		(9		)
Foreign currency translation adjustments	29			—			—			—		29
Unrealized gains (losses)	—			149			(482		)	—		(333		)
Reclassification adjustments to income	—			(130		)	134			—		4
Other	—			—			—			2		2
Income taxes	—			(13		)	5			—		(8		)
Balance as of March 31, 2018	$	(500	)	$	—		$	(496	)	$	2	$	(994	)

See Note 1, Summary of significant accounting policies, for additional information regarding the adoption on January 1, 2018, of the new accounting standard related to the classification and measurement of financial instruments and the related cumulative effect from the change in accounting principle.

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



	Three months ended March 31,
Components of AOCI	2018			2017			Condensed Consolidated Statements of Income location
Cash flow hedges:
Foreign currency contract (losses) gains	$	(34	)	$	57		Product sales
Cross-currency swap contract gains	164			74			Interest and other income, net
	130			131			Income before income taxes
	(28		)	(47		)	Provision for income taxes
	$	102		$	84		Net income
Available-for-sale securities:
Net realized losses	$	(134	)	$	(49	)	Interest and other income, net
	1			—			Provision for income taxes
	$	(133	)	$	(49	)	Net income