v3.25.4
Stockholders' equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' equity Stockholders’ equity
Stock repurchase program
During the years ended December 31, 2025 and 2023, we did not repurchase shares under our stock repurchase program. During the year ended December 31, 2024, we repurchased 0.7 million shares of our common stock for a total cost of $200 million under our stock repurchase program. As of December 31, 2025, $6.8 billion of authorization remained available under the stock repurchase program.
Dividends
Our Board of Directors declared quarterly dividends per share of $2.38, $2.25 and $2.13, which were paid in each of the four quarters of 2025, 2024 and 2023, 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, in December 2025, the Board of Directors declared a quarterly cash dividend of $2.52 per share of common stock, which will be paid in March 2026, to all stockholders of record as of the close of business on February, 13 2026.
Accumulated other comprehensive loss
The components of AOCI were as follows (in millions):
Foreign
currency
translation adjustments
Cash flow
hedges		OtherAOCI
Balance as of December 31, 2022$(348)$128 $(11)$(231)
Foreign currency translation adjustments50 — — 50 
Unrealized gains— 28 — 28 
Reclassification adjustments into earnings— (222)— (222)
Other
— — 42 42 
Income taxes— 44 — 44 
Balance as of December 31, 2023(298)(22)31 (289)
Foreign currency translation adjustments(76)— — (76)
Unrealized gains— 506 — 506 
Reclassification adjustments into earnings— (117)— (117)
Other
— — (10)(10)
Income taxes— (80)— (80)
Balance as of December 31, 2024(374)287 21 (66)
Foreign currency translation adjustments172 — — 172 
Unrealized losses— (250)— (250)
Reclassification adjustments into earnings— (231)— (231)
Other
— — 13 13 
Income taxes— 104 — 104 
Balance as of December 31, 2025$(202)$(90)$34 $(258)
With respect to the table above, income tax expenses or benefits for unrealized gains and losses and the related reclassification adjustments to earnings for cash flow hedges were a $53 million benefit and a $51 million benefit in 2025, a $105 million expense and a $25 million benefit in 2024, and a $6 million expense and a $50 million benefit in 2023, respectively.
Reclassifications out of AOCI and into earnings were as follows (in millions):
Years ended December 31,
Components of AOCI202520242023Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency forward contract gains$10 $192 $180 Product sales
Cross-currency swap contract gains (losses)221 (75)42 Other income, net
231 117 222 Income before income taxes
(51)(25)(50)Provision for income taxes
$180 $92 $172 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, 2025 and 2024, no shares of preferred stock were issued or outstanding.