Stockholders’ equity Stock repurchase program Activity under our stock repurchase program, on a trade date basis, was as follows (in millions): | | | | | | | | | | | | | | | | 2018 | | 2017 | | Shares | | Dollars | | Shares | | Dollars | First quarter | 56.4 |
| | $ | 10,787 |
| | 3.4 |
| | $ | 555 |
| Second quarter | 18.2 |
| | 3,190 |
| | 6.2 |
| | 1,006 |
| Total stock repurchases | 74.6 |
| | $ | 13,977 |
| | 9.6 |
| | $ | 1,561 |
|
In January 2018, our Board of Directors authorized an increase of $10.0 billion available under our stock repurchase program. Repurchase activity for the three months ended March 31, 2018, included 52.1 million shares of our common stock acquired under a tender offer at an aggregate cost of $10.0 billion. In April 2018, our Board of Directors increased the amount authorized under our stock repurchase program by an additional$5.0 billion. As of June 30, 2018, $5.4 billion remained available under our stock repurchase program. Dividends In March 2018 and December 2017, the Board of Directors declared quarterly cash dividends of $1.32 per share of common stock, which were paid in June 2018 and March 2018, respectively. 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, 2017 | $ | (529 | ) | | $ | (6 | ) | | $ | (144 | ) | | $ | — |
| | $ | (679 | ) | Cumulative effect of change in accounting principle, net of tax(1) | — |
| | — |
| | (9 | ) | | — |
| | (9 | ) | Foreign currency translation adjustments | 29 |
| | — |
| | — |
| | — |
| | 29 |
| Unrealized gains (losses) | — |
| | 149 |
| | (482 | ) | | — |
| | (333 | ) | Reclassification adjustments to income | — |
| | (130 | ) | | 134 |
| | — |
| | 4 |
| Other | — |
| | — |
| | — |
| | 2 |
| | 2 |
| Income taxes | — |
| | (13 | ) | | 5 |
| | — |
| | (8 | ) | Balance as of March 31, 2018 | (500 | ) | | — |
| | (496 | ) | | 2 |
| | (994 | ) | Foreign currency translation adjustments | (111 | ) | | — |
| | — |
| | — |
| | (111 | ) | Unrealized losses | — |
| | (34 | ) | | (106 | ) | | — |
| | (140 | ) | Reclassification adjustments to income | — |
| | 318 |
| | 115 |
| | — |
| | 433 |
| Other | — |
| | — |
| | — |
| | — |
| | — |
| Income taxes | — |
| | (61 | ) | | — |
| | — |
| | (61 | ) | Balance as of June 30, 2018 | $ | (611 | ) | | $ | 223 |
| | $ | (487 | ) | | $ | 2 |
| | $ | (873 | ) |
____________ | | (1) | See Note 1, Summary of significant accounting policies, for additional information regarding the adoption on January 1, 2018, of the new accounting standard related to the classification and measurement of financial instruments and the related cumulative effect from the change in accounting principle. |
Reclassifications out of AOCI and into earnings were as follows (in millions): | | | | | | | | | | | | | | Three months ended
June 30, | | | Components of AOCI | | 2018 | | 2017 | | Condensed Consolidated Statements of Income locations | Cash flow hedges: | | | | | | | Foreign currency contract (losses) gains | | $ | (20 | ) | | $ | 33 |
| | Product sales | Cross-currency swap contract (losses) gains | | (298 | ) | | 297 |
| | Interest and other income, net | | | (318 | ) | | 330 |
| | Income before income taxes | | | 68 |
| | (117 | ) | | Provision for income taxes | | | $ | (250 | ) | | $ | 213 |
| | Net income | Available-for-sale securities: | | | | | | | Net realized losses | | $ | (115 | ) | | $ | (47 | ) | | Interest and other income, net | | | 1 |
| | (2 | ) | | Provision for income taxes | | | $ | (114 | ) | | $ | (49 | ) | | Net income |
| | | | | | | | | | | | | | Six months ended
June 30, | | | Components of AOCI | | 2018 | | 2017 | | Condensed Consolidated
Statements of Income locations | Cash flow hedges: | | | | | | | Foreign currency contract (losses) gains | | $ | (54 | ) | | $ | 90 |
| | Product sales | Cross-currency swap contract (losses) gains | | (134 | ) | | 371 |
| | Interest and other income, net | | | (188 | ) | | 461 |
| | Income before income taxes | | | 40 |
| | (164 | ) | | Provision for income taxes | | | $ | (148 | ) | | $ | 297 |
| | Net income | Available-for-sale securities: | | | | | | | Net realized losses | | $ | (249 | ) | | $ | (96 | ) | | Interest and other income, net | | | 2 |
| | (2 | ) | | Provision for income taxes | | | $ | (247 | ) | | $ | (98 | ) | | Net income |
|