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Stockholders' equity | 9 Months Ended
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Sep. 30, 2022
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):
| 2022 |  | 2021
| Shares |  | Dollars |  | Shares |  | Dollars
First quarter | 24.6 |  |  | $ | 5,410 |  |  | 3.7 |  |  | $ | 865 |
Second quarter | — |  |  | — |  |  | 6.5 |  |  | 1,592 |
Third quarter | 1.5 |  |  | 900 |  |  | 4.6 |  |  | 1,069 |
Total stock repurchases | 26.1 |  |  | $ | 6,310 |  |  | 14.8 |  |  | $ | 3,526 |
On February 24, 2022, the Company entered into ASR agreements with three third-party financial institutions (Dealers). Under the ASR agreements, the Company made payments in an aggregate amount of $6.0 billion on February 25, 2022, to the Dealers and received and retired an initial 23.3 million shares of the Company’s common stock from the Dealers. The payments were recorded as reductions to shareholders’ equity, consisting of a $5.1 billion increase to accumulated deficit, which reflects the value of the initial shares received, and a $0.9 billion decrease in additional paid-in capital, which reflects the value of the stock that remained to be delivered by the Dealers. During the third quarter of 2022, an additional 1.5 million shares of the Company’s common stock were received from the Dealers which constituted final settlement under the ASR agreements, and accordingly, the $0.9 billion decrease in additional paid-in capital recorded in February was reclassified to accumulated deficit. In total, we repurchased 26.1 million shares of common stock during the nine months ended September 30, 2022, consisting primarily of the 24.8 million shares received under the ASR agreements. As of September 30, 2022, $4.6 billion of authorization remained available under our stock repurchase program. In October 2022, the Board of Directors increased the amount authorized under our stock repurchase program by an additional $2.4 billion. Dividends In August 2022, March 2022 and December 2021, the Board of Directors declared quarterly cash dividends of $1.94 per share, which were paid in September 2022, June 2022 and March 2022, respectively. In October 2022, the Board of Directors declared a quarterly cash dividend of $1.94 per share, which will be paid in December 2022. 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, 2021 | $ | (844) |  |  | $ | 61 |  |  | $ | — |  |  | $ | (13) |  |  | $ | (796) |
Foreign currency translation adjustments | (51) |  |  | — |  |  | — |  |  | — |  |  | (51) |
Unrealized gains | — |  |  | 56 |  |  | — |  |  | — |  |  | 56 |
Reclassification adjustments to income | — |  |  | 51 |  |  | — |  |  | — |  |  | 51 |
Income taxes | — |  |  | (23) |  |  | — |  |  | — |  |  | (23) |
Balance as of March 31, 2022 | (895) |  |  | 145 |  |  | — |  |  | (13) |  |  | (763) |
Foreign currency translation adjustments | (65) |  |  | — |  |  | — |  |  | — |  |  | (65) |
Unrealized gains | — |  |  | 67 |  |  | — |  |  | — |  |  | 67 |
Reclassification adjustments to income | — |  |  | 132 |  |  | — |  |  | — |  |  | 132 |
Income taxes | — |  |  | (43) |  |  | — |  |  | — |  |  | (43) |
Balance as of June 30, 2022 | (960) |  |  | 301 |  |  | — |  |  | (13) |  |  | (672) |
Foreign currency translation adjustments | (109) |  |  | — |  |  | — |  |  | — |  |  | (109) |
Unrealized gains | — |  |  | 45 |  |  | — |  |  | — |  |  | 45 |
Reclassification adjustments to income | — |  |  | 129 |  |  | — |  |  | — |  |  | 129 |
Other | — |  |  | — |  |  | — |  |  | (9) |  |  | (9) |
Income taxes | — |  |  | (36) |  |  | — |  |  | — |  |  | (36) |
Balance as of September 30, 2022 | $ | (1,069) |  |  | $ | 439 |  |  | $ | — |  |  | $ | (22) |  |  | $ | (652) |
Reclassifications out of AOCI and into earnings, including related income tax expenses, were as follows (in millions):
|  | Three months ended September 30, |  |
Components of AOCI |  | 2022 |  | 2021 |  | Condensed Consolidated Statements of Income locations
Cash flow hedges: |  |  |  |  |  |
Foreign currency contract gains (losses) |  | $ | 69 |  |  | $ | (5) |  |  | Product sales
Cross-currency swap contract losses |  | (198) |  |  | (104) |  |  | Other income (expense), net
|  | (129) |  |  | (109) |  |  | Income before income taxes
|  | 28 |  |  | 23 |  |  | Provision for income taxes
|  | $ | (101) |  |  | $ | (86) |  |  | Net income
|  | Nine months ended September 30, |  |
Components of AOCI |  | 2022 |  | 2021 |  | Condensed Consolidated Statements of Income locations
Cash flow hedges: |  |  |  |  |  |
Foreign currency contract gains (losses) |  | $ | 149 |  |  | $ | (24) |  |  | Product sales
Cross-currency swap contract losses |  | (461) |  |  | (190) |  |  | Other income (expense), net
|  | (312) |  |  | (214) |  |  | Income before income taxes
|  | 67 |  |  | 45 |  |  | Provision for income taxes
|  | $ | (245) |  |  | $ | (169) |  |  | 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 https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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