Stockholders' equity

9 Months Ended

Sep. 30, 2020

Stockholders’ equity

Stock repurchase program

Activity under our stock repurchase program, on a trade date basis, was as follows (in millions):


	2020			2019
	Shares	Dollars		Shares	Dollars
First quarter	4.3	$	933	15.9	$	3,031
Second quarter	2.6	591		13.1	2,349
Third quarter	3.0	752		6.2	1,170
Total stock repurchases	9.9	$	2,276	35.2	$	6,550

In December 2019, our Board of Directors increased the amount authorized under our stock repurchase program by an additional $4.0 billion. As of September 30, 2020, $4.2 billion of authorization remained available under our stock repurchase program.

Dividends

In July 2020, March 2020 and December 2019, the Board of Directors declared quarterly cash dividends of $1.60 per share, which were paid in September 2020, June 2020 and March 2020, respectively. In October 2020, the Board of Directors declared a quarterly dividend of $1.60 per share, which will be paid on December 8, 2020.

Accumulated other comprehensive income (loss)

The components of Accumulated other comprehensive income (loss) (AOCI) were as follows (in millions):


	Foreign currency translation		Cash flow hedges		Available-for-sale securities		Other		AOCI
Balance as of December 31, 2019	$	(718)	$	175	$	22	$	(7)	$	(528)

Foreign currency translation adjustments	(52)		—		—		—		(52)
Unrealized (losses) gains	—		(162)		8		—		(154)
Reclassification adjustments to income	—		84		(33)		—		51
Other	—		—		—		(2)		(2)
Income taxes	—		17		6		—		23
Balance as of March 31, 2020	(770)		114		3		(9)		(662)

Foreign currency translation adjustments	(3)		—		—		—		(3)
Unrealized losses	—		(30)		(2)		—		(32)
Reclassification adjustments to income	—		(119)		—		—		(119)
Other	—		—		—		—		—
Income taxes	—		33		—		—		33
Balance as of June 30, 2020	(773)		(2)		1		(9)		(783)
Foreign currency translation adjustments	14		—		—		—		14
Unrealized gains	—		60		1		—		61
Reclassification adjustments to income	—		(224)		—		—		(224)
Other	—		—		—		(7)		(7)
Income taxes	—		36		—		—		36
Balance as of September 30, 2020	$	(759)	$	(130)	$	2	$	(16)	$	(903)

Reclassifications out of AOCI and into earnings were as follows (in millions):


	Three months ended September 30,
Components of AOCI	2020		2019		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains	$	41	$	26	Product sales
Cross-currency swap contract gains (losses)	183		(64)		Interest and other income, net

	224		(38)		Income before income taxes
	(49)		8		Provision for income taxes
	$	175	$	(30)	Net income
Available-for-sale securities:
Net realized losses	$	—	$	(3)	Interest and other income, net
	—		—		Provision for income taxes
	$	—	$	(3)	Net income


	Nine months ended September 30,
Components of AOCI	2020		2019		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains	$	158	$	62	Product sales
Cross-currency swap contract gains (losses)	101		(92)		Interest and other income, net

	259		(30)		Income before income taxes
	(57)		6		Provision for income taxes
	$	202	$	(24)	Net income
Available-for-sale securities:
Net realized gains (losses)	$	33	$	(9)	Interest and other income, net
	(7)		—		Provision for income taxes
	$	26	$	(9)	Net income