Stockholders' equity

12 Months Ended

Dec. 31, 2020

Stockholders’ equity

Stock repurchase program

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


	Years ended December 31,
	2020			2019			2018
	Shares	Dollars		Shares*	Dollars		Shares*	Dollars
First quarter	4.3	$	933	15.9	$	3,031	56.4	$	10,787
Second quarter	2.6	591		13.1	2,349		18.2	3,190
Third quarter	3.0	752		6.2	1,170		8.7	1,713
Fourth quarter	5.3	1,221		5.1	1,090		11.1	2,165
Total stock repurchases	15.2	$	3,497	40.2	$	7,640	94.5	$	17,855

* Total shares do not add due to rounding.

In December 2019, our Board of Directors increased the amount authorized under our stock repurchase program by an additional $4.0 billion. As of December 31, 2020, $3.0 billion remained available under our stock repurchase program.

Dividends

Our Board of Directors declared quarterly dividends per share of $1.60, $1.45 and $1.32, which were paid in each of the four quarters of 2020, 2019 and 2018, respectively.

Historically, we have declared dividends in December of each year, which were paid in the first quarter of the following fiscal year and in March, July and October, which were paid in the second, third and fourth quarters, respectively, of the same fiscal year. Additionally, on December 16, 2020, the Board of Directors declared a quarterly cash dividend of $1.76 per share of common stock, which will be paid on March 8, 2021, to all stockholders of record as of the close of business on February 15, 2021.

Accumulated other comprehensive 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	(141)		—		—		—		(141)
Unrealized gains (losses)	—		61		(556)		—		(495)
Reclassification adjustments to income	—		262		365		—		627
Other losses	—		—		—		(2)		(2)
Income taxes	—		(76)		6		—		(70)
Balance as of December 31, 2018	(670)		241		(338)		(2)		(769)

Foreign currency translation adjustments	(48)		—		—		—		(48)
Unrealized gains	—		127		424		—		551
Reclassification adjustments to income	—		(211)		(56)		—		(267)
Other losses	—		—		—		(5)		(5)
Income taxes	—		18		(8)		—		10
Balance as of December 31, 2019	(718)		175		22		(7)		(528)

Foreign currency translation adjustments	9		—		—		—		9
Unrealized (losses) gains	—		(61)		6		—		(55)
Reclassification adjustments to income	—		(501)		(33)		—		(534)
Other losses	—		—		—		(7)		(7)
Income taxes	—		124		6		—		130
Balance as of December 31, 2020	$	(709)	$	(263)	$	1	$	(14)	$	(985)

With respect to the table above, income tax expenses or benefits for unrealized gains and losses and the related reclassification adjustments to income for cash flow hedges were a $14 million benefit and a $110 million benefit in 2020, a $28 million expense and a $46 million benefit in 2019 and a $21 million expense and a $55 million expense in 2018, respectively. Income tax expenses or benefits for unrealized gains and losses and the related reclassification adjustments to income for available-for-sale securities were a $1 million expense and a $7 million benefit in 2020, a $22 million expense and a $14 million benefit in 2019 and a $9 million benefit and a $3 million expense in 2018, respectively.

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


	Years ended December 31,
Components of AOCI	2020		2019		2018		Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains (losses)	$	178	$	101	$	(21)	Product sales
Cross-currency swap contract gains (losses)	323		110		(241)		Interest and other income, net

	501		211		(262)		Income before income taxes
	(110)		(46)		55		Provision for income taxes
	$	391	$	165	$	(207)	Net income
Available-for-sale securities:
Net realized gains (losses)	$	33	$	56	$	(365)	Interest and other income, net
	(7)		(14)		3		Provision for income taxes
	$	26	$	42	$	(362)	Net income

Other

In addition to common stock, our authorized capital includes 5 million shares of preferred stock, $0.0001 par value. As of December 31, 2020 and 2019, no shares of preferred stock were issued or outstanding.