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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS’ EQUITY
Stock Repurchase Programs
In the first quarter of 2020, our Board of Directors authorized a $5.0 billion stock repurchase program (“2020 Program”). Purchases under the 2020 Program may be made in the open market or in privately negotiated transactions. The $12.0 billion stock repurchase program authorized by our Board of Directors in the first quarter of 2016 was completed in the fourth quarter of 2022. We started repurchases under the 2020 Program in December 2022. As of December 31, 2022, the remaining authorized repurchase amount under the 2020 Program was $4.9 billion.
The following table summarizes our stock repurchases through open market transactions under these programs:
Year Ended December 31,
(in millions, except per share amounts)202220212020
Shares repurchased and retired19 8 22 
Amount$1,396 $546 $1,583 
Average price per share$73.77 $66.58 $70.64 
In addition to repurchases from the stock repurchase programs, 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:
20222021
(in millions, except per share amounts)Dividend Per ShareAmountDividend Per ShareAmount
First quarter$0.73 $932 $0.71 $906 
Second quarter0.73 932 0.71 903 
Third quarter0.73 933 0.71 905 
Fourth quarter0.73 928 0.71 904 
Total$2.92 $3,725 $2.84 $3,618 
Our RSUs and PSUs have dividend equivalent rights entitling holders to dividend equivalents to be paid upon vesting for each share of the underlying unit.
On February 2, 2023, we announced that our Board of Directors declared a quarterly cash dividend increase of 2.7% from $0.73 to $0.75 per share of our common stock, with a payment date of March 30, 2023 to all stockholders of record as of the close of business on March 15, 2023. 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, 2022 and 2021.
Accumulated Other Comprehensive Income
The following table summarizes the changes in Accumulated other comprehensive income by component, net of tax:
(in millions)Foreign Currency TranslationUnrealized Gains and Losses on Available-for-Sale Debt Securities, Net of TaxUnrealized Gains and Losses on Cash Flow Hedges, Net of TaxTotal
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 $83 
Net unrealized gain (loss)$(11)$(30)$130 $88 
Reclassifications to net income— 1 (171)(170)
Net current period other comprehensive income (loss)(11)(29)(41)(81)
Balance as of December 31, 2022$2 $(33)$33 $2