Stockholders' equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

Stock repurchase program

During the three months ended March 31, 2024 and 2023, we did not repurchase shares under our stock repurchase program. As of March 31, 2024, $7.0 billion of authorization remained available under our stock repurchase program.

Dividends

In March 2024, the Board of Directors declared a quarterly cash dividend of $2.25 per share, which will be paid in June 2024. In December 2023, the Board of Directors declared a quarterly cash dividend of $2.25 per share, which was paid in March 2024.

Accumulated other comprehensive income (loss)

The components of AOCI were as follows (in millions):

	Foreign currency translation		Cash flow hedges		Other		AOCI
Balance as of December 31, 2023	$	(298)	$	(22)	$	31	$	(289)
Foreign currency translation adjustments	(24)		—		—		(24)
Unrealized gains	—		178		—		178
Reclassification adjustments to income	—		(20)		—		(20)
Other	—		—		(3)		(3)
Income taxes	—		(32)		—		(32)
Balance as of March 31, 2024	$	(322)	$	104	$	28	$	(190)

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

	Three months ended March 31,
Components of AOCI	2024		2023		Condensed Consolidated Statements of (Loss) Income locations
Cash flow hedges:
Foreign currency contract gains	$	51	$	52	Product sales
Cross-currency swap contract losses	(31)		(22)		Other (expense) income, net
	20		30		(Loss) income before income taxes
	(4)		(6)		Provision for income taxes
	$	16	$	24	Net (loss) income