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Stockholders' equity | 9 Months Ended
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Sep. 30, 2018
Equity [Abstract] |
Stockholders' equity | 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 |
Second quarter | 18.2 |  |  | 3,190 |  |  | 6.2 |  |  | 1,006 |
Third quarter | 8.7 |  |  | 1,713 |  |  | 4.4 |  |  | 769 |
Total stock repurchases | 83.4 |  |  | $ | 15,690 |  |  | 14.0 |  |  | $ | 2,330 |
* Total shares may not add due to rounding. In January 2018, the 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. In April 2018, the Board of Directors increased the amount authorized under our stock repurchase program by an additional $5.0 billion. As of September 30, 2018, $3.7 billion remained available under our stock repurchase program. Dividends In July 2018, March 2018 and December 2017, the Board of Directors declared quarterly cash dividends of $1.32 per share of common stock, which were paid in September 2018, June 2018 and March 2018, respectively. In October 2018, the Board of Directors declared a quarterly cash dividend of $1.32 per share, which will be paid on December 7, 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(1) | — |  |  | — |  |  | (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 | )
Foreign currency translation adjustments | (111 | ) |  | — |  |  | — |  |  | — |  |  | (111 | )
Unrealized losses | — |  |  | (34 | ) |  | (106 | ) |  | — |  |  | (140 | )
Reclassification adjustments to income | — |  |  | 318 |  |  | 115 |  |  | — |  |  | 433 |
Income taxes | — |  |  | (61 | ) |  | — |  |  | — |  |  | (61 | )
Balance as of June 30, 2018 | (611 | ) |  | 223 |  |  | (487 | ) |  | 2 |  |  | (873 | )
Foreign currency translation adjustments | (71 | ) |  | — |  |  | — |  |  | — |  |  | (71 | )
Unrealized gains (losses) | — |  |  | 19 |  |  | (7 | ) |  | — |  |  | 12 |
Reclassification adjustments to income | — |  |  | 33 |  |  | 103 |  |  | — |  |  | 136 |
Other | — |  |  | — |  |  | — |  |  | (3 | ) |  | (3 | )
Income taxes | — |  |  | (11 | ) |  | 1 |  |  | — |  |  | (10 | )
Balance as of September 30, 2018 | $ | (682 | ) |  | $ | 264 |  |  | $ | (390 | ) |  | $ | (1 | ) |  | $ | (809 | )
____________
(1) | 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.
Reclassifications out of AOCI and into earnings were as follows (in millions):
|  | Three months ended September 30, |  |
Components of AOCI |  | 2018 |  | 2017 |  | Condensed Consolidated Statements of Income locations
Cash flow hedges: |  |  |  |  |  |
Foreign currency contract gains (losses) |  | $ | 3 |  |  | $ | (2 | ) |  | Product sales
Cross-currency swap contract (losses) gains |  | (36 | ) |  | 143 |  |  | Interest and other income, net
Forward interest rate contract losses |  | — |  |  | (1 | ) |  | Interest expense, net
|  | (33 | ) |  | 140 |  |  | Income before income taxes
|  | 7 |  |  | (49 | ) |  | Provision for income taxes
|  | $ | (26 | ) |  | $ | 91 |  |  | Net income
Available-for-sale securities: |  |  |  |  |  |
Net realized (losses) gains |  | $ | (103 | ) |  | $ | 26 |  |  | Interest and other income, net
|  | 1 |  |  | (5 | ) |  | Provision for income taxes
|  | $ | (102 | ) |  | $ | 21 |  |  | Net income
|  | Nine months ended September 30, |  |
Components of AOCI |  | 2018 |  | 2017 |  | Condensed Consolidated Statements of Income locations
Cash flow hedges: |  |  |  |  |  |
Foreign currency contract (losses) gains |  | $ | (51 | ) |  | $ | 88 |  |  | Product sales
Cross-currency swap contract (losses) gains |  | (170 | ) |  | 514 |  |  | Interest and other income, net
Forward interest rate contract losses |  | — |  |  | (1 | ) |  | Interest expense, net
|  | (221 | ) |  | 601 |  |  | Income before income taxes
|  | 47 |  |  | (213 | ) |  | Provision for income taxes
|  | $ | (174 | ) |  | $ | 388 |  |  | Net income
Available-for-sale securities: |  |  |  |  |  |
Net realized losses |  | $ | (352 | ) |  | $ | (70 | ) |  | Interest and other income, net
|  | 3 |  |  | (7 | ) |  | Provision for income taxes
|  | $ | (349 | ) |  | $ | (77 | ) |  | Net income

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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