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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2021
Stockholders' Equity Note [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. As of December 31, 2021, the remaining authorized repurchase amount under both programs was $6.3 billion. The following table summarizes our stock repurchases under the 2016 Program:
|  | Year Ended December 31,
(in millions, except per share amounts) |  | 2021 |  | 2020 |  | 2019
Shares repurchased and retired |  | 8 |  |  | 22 |  |  | 26 |
Amount |  | $ | 546 |  |  | $ | 1,583 |  |  | $ | 1,749 |
Average price per share |  | $ | 66.58 |  |  | $ | 70.64 |  |  | $ | 66.36 |
In addition to repurchases from the 2016 Program and 2020 Program, we repurchased shares of common stock withheld by us from employee restricted stock awards to satisfy our applicable tax withholding obligations. These shares are excluded from the table above. We use the par value method of accounting for our stock repurchases. Under the par value method, common stock is first charged with the par value of the shares involved. The excess of the cost of shares acquired over the par value is allocated to additional paid-in capital based on an estimated average sales price per issued share with the excess amounts charged to retained earnings. Dividends The following table summarizes cash dividends declared on our common stock:
|  | 2021 |  | 2020
(in millions, except per share amounts) |  | Dividend Per Share |  | Amount |  | Dividend Per Share |  | Amount
First quarter |  | $ | 0.71 |  |  | $ | 906 |  |  | $ | 0.68 |  |  | $ | 867 |
Second quarter |  | 0.71 |  |  | 903 |  |  | 0.68 |  |  | 866 |
Third quarter |  | 0.71 |  |  | 905 |  |  | 0.68 |  |  | 866 |
Fourth quarter |  | 0.71 |  |  | 904 |  |  | 0.68 |  |  | 865 |
Total |  | $ | 2.84 |  |  | $ | 3,618 |  |  | $ | 2.72 |  |  | $ | 3,464 |
Our restricted stock and performance share awards or units have dividend equivalent rights entitling holders to dividend equivalents to be paid upon vesting for each share of the underlying unit. On February 1, 2022, we announced that our Board of Directors declared a quarterly cash dividend of $0.73 per share of our common stock, with a payment date of March 30, 2022 to all stockholders of record as of the close of business on March 15, 2022. Future dividends are subject to declaration by our Board of Directors. Preferred Stock We have 5 million shares of authorized preferred stock issuable in series. Our Board is authorized to determine the designation, powers, preferences and rights of any such series. There was no preferred stock outstanding as of December 31, 2021 and 2020. 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 as of December 31, 2018 |  | $ | 47 |  |  | $ | (52) |  |  | $ | 85 |  |  | $ | 80 |
Net unrealized gain |  | 6 |  |  | 54 |  |  | 72 |  |  | 132 |
Reclassifications to net income |  | — |  |  | (1) |  |  | (126) |  |  | (127) |
Net current period other comprehensive income (loss) |  | 6 |  |  | 53 |  |  | (54) |  |  | 5 |
Balance as of December 31, 2019 |  | $ | 53 |  |  | $ | 1 |  |  | $ | 31 |  |  | $ | 85 |
Net unrealized gain (loss) |  | (2) |  |  | 43 |  |  | (103) |  |  | (62) |
Reclassifications to net income |  | — |  |  | (42) |  |  | (41) |  |  | (83) |
Net current period other comprehensive income (loss) |  | (2) |  |  | 1 |  |  | (144) |  |  | (145) |
Balance as of December 31, 2020 |  | $ | 51 |  |  | $ | 2 |  |  | $ | (113) |  |  | $ | (60) |
Net unrealized gain (loss) |  | $ | (38) |  |  | $ | (6) |  |  | $ | 129 |  |  | $ | 85 |
Reclassifications to net income |  | — |  |  | — |  |  | 58 |  |  | 58 |
Net current period other comprehensive income (loss) |  | (38) |  |  | (6) |  |  | 187 |  |  | 143 |
Balance as of December 31, 2021 |  | $ | 13 |  |  | $ | (4) |  |  | $ | 74 |  |  | $ | 83 |
The amounts reclassified to net income for gains and losses on cash flow hedges are recorded as part of Product sales on our 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 Consolidated Statements of Income. The income tax impact allocated to each component of other comprehensive income was not material for the periods presented.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&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 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: 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 http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=123467817&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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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