v3.19.3.a.u2
Stockholders' equity
 12 Months Ended
Dec. 31, 2019
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):
 
Years ended December 31,
 
2019
 
2018
 
2017
 
Shares*
 
Dollars
 
Shares*
 
Dollars
 
Shares
 
Dollars
First quarter
15.9

 
$
3,031

 
56.4

 
$
10,787

 
3.4

 
$
555

Second quarter
13.1

 
2,349

 
18.2

 
3,190

 
6.2

 
1,006

Third quarter
6.2

 
1,170

 
8.7

 
1,713

 
4.4

 
769

Fourth quarter
5.1

 
1,090

 
11.1

 
2,165

 
4.5

 
796

Total stock repurchases
40.2

 
$
7,640

 
94.5

 
$
17,855

 
18.5

 
$
3,126


* Total shares do not add due to rounding.
In May 2019 and December 2019, our Board of Directors increased the amount authorized under our stock repurchase program by an additional $5.0 billion and $4.0 billion, respectively. As of December 31, 2019, $6.5 billion remained available under our stock repurchase program.
Dividends
Our Board of Directors declared quarterly dividends per share of $1.45, $1.32 and $1.15, which were paid in each of the four quarters of 2019, 2018, and 2017, respectively.
Historically, we have declared dividends in December of each year, which were paid in the first quarter of the following fiscal year and in March, July and October, which were paid in the second, third and fourth quarters, respectively, of the same fiscal year. Additionally, on December 11, 2019, the Board of Directors declared a quarterly cash dividend of $1.60 per share of common stock, which will be paid on March 6, 2020, to all stockholders of record as of the close of business on February 14, 2020.
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, 2016
$
(610
)
 
$
282

 
$
(138
)
 
$
(5
)
 
$
(471
)
Foreign currency translation adjustments
77

 
—

 
—

 
—

 
77

Unrealized gains (losses)
—

 
192

 
(46
)
 
—

 
146

Reclassification adjustments to income
—

 
(638
)
 
41

 
—

 
(597
)
Other gains
—

 
—

 
—

 
5

 
5

Income taxes
4

 
158

 
(1
)
 
—

 
161

Balance as of December 31, 2017
(529
)
 
(6
)
 
(144
)
 
—

 
(679
)
Cumulative effect of change in accounting principle, net of tax
—

 
—

 
(9
)
 
—

 
(9
)
Foreign currency translation adjustments
(141
)
 
—

 
—

 
—

 
(141
)
Unrealized gains (losses)
—

 
61

 
(556
)
 
—

 
(495
)
Reclassification adjustments to income
—

 
262

 
365

 
—

 
627

Other losses
—

 
—

 
—

 
(2
)
 
(2
)
Income taxes
—

 
(76
)
 
6

 
—

 
(70
)
Balance as of December 31, 2018
(670
)
 
241

 
(338
)
 
(2
)
 
(769
)
Foreign currency translation adjustments
(48
)
 
—

 
—

 
—

 
(48
)
Unrealized gains
—

 
127

 
424

 
—

 
551

Reclassification adjustments to income
—

 
(211
)
 
(56
)
 
—

 
(267
)
Other losses
—

 
—

 
—

 
(5
)
 
(5
)
Income taxes
—

 
18

 
(8
)
 
—

 
10

Balance as of December 31, 2019
$
(718
)
 
$
175

 
$
22

 
$
(7
)
 
$
(528
)

With respect to the table above, income tax expenses or benefits for unrealized gains and losses and the related reclassification adjustments to income for cash flow hedges were a $28 million expense and a $46 million benefit in 2019, a $21 million expense and a $55 million expense in 2018 and a $68 million expense and a $226 million benefit in 2017, respectively. Income tax expenses or benefits for unrealized gains and losses and the related reclassification adjustments to income for available-for-sale securities were a $22 million expense and a $14 million benefit in 2019, a $9 million benefit and a $3 million expense in 2018 and a $9 million expense and an $8 million benefit in 2017, respectively.
Reclassifications out of AOCI and into earnings were as follows (in millions):
 
 
Years ended December 31,
 
 
Components of AOCI
 
2019
 
2018
 
2017
 
Consolidated Statements of Income locations
Cash flow hedges:
 
 
 
 
 
 
 
 
Foreign currency contract gains (losses)
 
$
101

 
$
(21
)
 
$
65

 
Product sales
Cross-currency swap contract gains (losses)
 
110

 
(241
)
 
574

 
Interest and other income, net
Forward interest rate contract losses
 
—

 
—

 
(1
)
 
Interest expense, net
 
 
211

 
(262
)
 
638

 
Income before income taxes
 
 
(46
)
 
55

 
(226
)
 
Provision for income taxes
 
 
$
165

 
$
(207
)
 
$
412

 
Net income
Available-for-sale securities:
 
 
 
 
 
 
 
 
Net realized gains (losses)
 
$
56

 
$
(365
)
 
$
(41
)
 
Interest and other income, net
 
 
(14
)
 
3

 
(8
)
 
Provision for income taxes
 
 
$
42

 
$
(362
)
 
$
(49
)
 
Net income

Other
In addition to common stock, our authorized capital includes 5 million shares of preferred stock, $0.0001 par value. As of December 31, 2019 and 2018, no shares of preferred stock were issued or outstanding.