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Stockholders' equity | 12 Months Ended
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Dec. 31, 2023
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):
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
| Shares |  | Dollars |  | 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 |
Fourth quarter | — |  |  | — |  |  | — |  |  | — |  |  | 6.9 |  |  | 1,461 |
Total stock repurchases | — |  |  | $ | — |  |  | 26.1 |  | $ | 6,310 |  |  | 21.7 |  | $ | 4,987 |
During the year ended December 31, 2023, we did not repurchase shares of our common stock. During the first quarter of 2022, the Company entered into ASR agreements with third-party financial institutions (Dealers) whereby the Company made payments in an aggregate amount of $6.0 billion to the Dealers and received and retired an initial 23.3 million shares of the Company’s common stock from the Dealers; during the third quarter of 2023, the ASR agreements were settled. In total, we repurchased 26.1 million shares of common stock during the year ended December 31, 2022, consisting primarily of the 24.8 million shares received under the ASR agreements. As of December 31, 2023, $7.0 billion remained available under our stock repurchase program. Dividends Our Board of Directors declared quarterly dividends per share of $2.13, $1.94 and $1.76, which were paid in each of the four quarters of 2023, 2022 and 2021, 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 12, 2023, the Board of Directors declared a quarterly cash dividend of $2.25 per share of common stock, which will be paid in March 2024, to all stockholders of record as of the close of business on February 16, 2024. 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, 2020 | $ | (709) |  |  | $ | (263) |  |  | $ | 1 |  |  | $ | (14) |  |  | $ | (985) |
Foreign currency translation adjustments | (135) |  |  | — |  |  | — |  |  | — |  |  | (135) |
Unrealized gains (losses) | — |  |  | 159 |  |  | (1) |  |  | — |  |  | 158 |
Reclassification adjustments to income | — |  |  | 253 |  |  | — |  |  | — |  |  | 253 |
Other gains | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Income taxes | — |  |  | (88) |  |  | — |  |  | — |  |  | (88) |
Balance as of December 31, 2021 | (844) |  |  | 61 |  |  | — |  |  | (13) |  |  | (796) |
Foreign currency translation adjustments | 496 |  |  | — |  |  | — |  |  | — |  |  | 496 |
Unrealized gains | — |  |  | 84 |  |  | — |  |  | — |  |  | 84 |
Reclassification adjustments to income | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Other gains | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Income taxes | — |  |  | (19) |  |  | — |  |  | — |  |  | (19) |
Balance as of December 31, 2022 | (348) |  |  | 128 |  |  | — |  |  | (11) |  |  | (231) |
Foreign currency translation adjustments | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |
Unrealized gains | — |  |  | 28 |  |  | — |  |  | — |  |  | 28 |
Reclassification adjustments to income | — |  |  | (222) |  |  | — |  |  | — |  |  | (222) |
Other gains | — |  |  | — |  |  | — |  |  | 42 |  |  | 42 |
Income taxes | — |  |  | 44 |  |  | — |  |  | — |  |  | 44 |
Balance as of December 31, 2023 | $ | (298) |  |  | $ | (22) |  |  | $ | — |  |  | $ | 31 |  |  | $ | (289) |
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 $6 million expense and a $50 million benefit in 2023, a $19 million expense and a $0 million expense in 2022 and a $33 million expense and a $55 million expense in 2021, respectively. Reclassifications out of AOCI and into earnings were as follows (in millions):
|  | Years ended December 31, |  |
Components of AOCI |  | 2023 |  | 2022 |  | 2021 |  | Consolidated Statements of Income locations
Cash flow hedges: |  |  |  |  |  |  |  |
Foreign currency contract gains (losses) |  | $ | 180 |  |  | $ | 231 |  |  | $ | (8) |  |  | Product sales
Cross-currency swap contract gains (losses) |  | 42 |  |  | (233) |  |  | (245) |  |  | Other income (expense), net
|  | 222 |  |  | (2) |  |  | (253) |  |  | Income before income taxes
|  | (50) |  |  | — |  |  | 55 |  |  | Provision for income taxes
|  | $ | 172 |  |  | $ | (2) |  |  | $ | (198) |  |  | 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, 2023 and 2022, no shares of preferred stock were issued or outstanding.

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