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STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Stock Repurchase Programs

In the first quarter of 2016, our Board of Directors authorized a $12.0 billion stock repurchase program (“2016 Program”) under which repurchases may be made in the open market or in privately negotiated transactions. We started repurchases under the 2016 Program in April 2016.

In the first quarter of 2020, our Board of Directors authorized a new $5.0 billion stock repurchase program (“2020 Program”), which will commence upon the completion of the 2016 Program. Purchases under the 2020 Program may be made in the open market or in privately negotiated transactions.

During the three months ended March 31, 2021 and 2020, we repurchased and retired 4.8 million and 18.7 million shares of our common stock for $309 million and $1.3 billion, respectively, through open market transactions under the 2016 Program.

As of March 31, 2021, the remaining authorized repurchase amount under both programs was $6.5 billion.

Accumulated Other Comprehensive Income

The following table summarizes the changes in AOCI by component, net of tax:

(in millions)						Foreign Currency Translation, Net of Tax						Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax						Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax						Total
Balance at December 31, 2020						$	51					$	2					$	(113)					$	(60)
Net unrealized gain (loss)						10						(2)						68						76
Reclassifications to net income						—						—						22						22
Net current period other comprehensive income (loss)						10						(2)						90						98
Balance at March 31, 2021						$	61					$	—					$	(23)					$	38

(in millions)						Foreign Currency Translation, Net of Tax						Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax						Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax						Total
Balance at December 31, 2019						$	53					$	1					$	31					$	85
Net unrealized gain (loss)						(39)						(23)						57						(5)
Reclassifications to net income						—						(11)						(23)						(34)
Net current period other comprehensive income (loss)						(39)						(34)						34						(39)
Balance at March 31, 2020						$	14					$	(33)					$	65					$	46

The amounts reclassified to net income for gains and losses on cash flow hedges are recorded as part of Product sales on our Condensed Consolidated Statements of Income. See Note 5. Derivative Financial Instruments for additional information. The amounts reclassified to net income for gains and losses on available-for-sale debt securities are recorded as part of Other income (expense), net on our Condensed Consolidated Statements of Income. Gross realized gains and losses on available-for-sale debt securities were not material for the three months ended March 31, 2021 and 2020. The income tax impact allocated to each component of other comprehensive income (loss) was not material for the periods presented.

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- References

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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

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