Stockholders' equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Stock repurchase program

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

	2021			2020
	Shares	Dollars		Shares	Dollars
First quarter	3.7	$	865	4.3	$	933
Second quarter	6.5	1,592		2.6	591
Total stock repurchases	10.2	$	2,457	6.9	$	1,524

In March 2021, our Board of Directors increased the amount authorized under our stock repurchase program by an additional $3.4 billion. As of June 30, 2021, $3.9 billion of authorization remained available under our stock repurchase program.

Dividends

In March 2021 and December 2020, the Board of Directors declared a quarterly cash dividend of $1.76 per share, which were paid in June 2021 and March 2021, respectively. In July 2021, the Board of Directors declared a quarterly cash dividend of $1.76 per share, which will be paid on September 8, 2021.

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, 2020	$	(709)	$	(263)	$	1	$	(14)	$	(985)
Foreign currency translation adjustments	(39)		—		—		—		(39)
Unrealized gains	—		108		—		—		108
Reclassification adjustments to income	—		133		—		—		133
Other	—		—		—		1		1
Income taxes	—		(51)		—		—		(51)
Balance as of March 31, 2021	(748)		(73)		1		(13)		(833)
Foreign currency translation adjustments	14		—		—		—		14
Unrealized losses	—		(31)		—		—		(31)
Reclassification adjustments to income	—		(28)		—		—		(28)
Other	—		—		—		(1)		(1)
Income taxes	—		11		—		—		11
Balance as of June 30, 2021	$	(734)	$	(121)	$	1	$	(14)	$	(868)

Reclassifications out of AOCI and into earnings, including related income tax expenses, were as follows (in millions):

	Three months ended June 30,
Components of AOCI	2021		2020		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract (losses) gains	$	(18)	$	68	Product sales
Cross-currency swap contract gains	46		51		Other income, net
	28		119		Income before income taxes
	(6)		(26)		Provision for income taxes
	$	22	$	93	Net income
Available-for-sale securities:
Net realized gains	$	—	$	—	Other income, net
	—		—		Provision for income taxes
	$	—	$	—	Net income
	Six months ended June 30,
Components of AOCI	2021		2020		Condensed Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract (losses) gains	$	(19)	$	117	Product sales
Cross-currency swap contract losses	(86)		(82)		Other income, net
	(105)		35		Income before income taxes
	22		(8)		Provision for income taxes
	$	(83)	$	27	Net income
Available-for-sale securities:
Net realized gains	$	—	$	33	Other income, net
	—		(7)		Provision for income taxes
	$	—	$	26	Net income