Remaining authorized repurchase amount under stock repurchase programs

  
11.    STOCKHOLDERS’ EQUITYStock Repurchase ProgramsIn the first quarter of 2016, our Board of Directors authorized a $12.0 billion stock repurchase program (“2016 Program”) under which repurchases may be made in the open market or in privately negotiated transactions. We started repurchases under the 2016 Program in April 2016. In the first quarter of 2020, our Board of Directors authorized a $5.0 billion stock repurchase program (“2020 Program”), which will commence upon the completion of the 2016 Program. Purchases under the 2020 Program may be made in the open market or in privately negotiated transactions.As of September 30, 2022, the aggregate remaining authorized repurchase amount under both programs was $5.7 billion.The following table summarizes our stock repurchases through open market transactions under the 2016 Program:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Three Months Ended |  | Nine Months Ended |
|  |  | September 30, |  | September 30, |
| (in millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
| Shares repurchased and retired |  | 2.9  |  |  | 2.1  |  |  | 9.5  |  |  | 7.5  |  |
| Amount |  | $ | 180  |  |  | $ | 145  |  |  | $ | 604  |  |  | $ | 497  |  |

Accumulated Other Comprehensive IncomeThe following table summarizes the changes in AOCI by component, net of tax:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  | Foreign Currency Translation, Net of Tax |  | Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax |  | Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax |  | Total |
| Balance as of December 31, 2021 |  | $ | 13  |  |  | $ | (4) |  |  | $ | 74  |  |  | $ | 83  |  |
| Net unrealized gain (loss) |  | (102) |  |  | (38) |  |  | 254  |  |  | 114  |  |
| Reclassifications to net income |  | —  |  |  | 1  |  |  | (100) |  |  | (99) |  |
| Net current period other comprehensive income (loss) |  | (102) |  |  | (37) |  |  | 154  |  |  | 15  |  |
| Balance as of September 30, 2022 |  | $ | (89) |  |  | $ | (41) |  |  | $ | 228  |  |  | $ | 98  |  |



|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  | Foreign Currency Translation, Net of Tax |  | Unrealized Gains and Losses on Available-for-Sale Debt Securities, Net of Tax |  | Unrealized Gains and Losses on Cash Flow Hedges, Net of Tax |  | Total |
| Balance as of December 31, 2020 |  | $ | 51  |  |  | $ | 2  |  |  | $ | (113) |  |  | $ | (60) |  |
| Net unrealized gain (loss) |  | (15) |  |  | (3) |  |  | 92  |  |  | 74  |  |
| Reclassifications to net income |  | —  |  |  | —  |  |  | 60  |  |  | 60  |  |
| Net current period other comprehensive income (loss) |  | (15) |  |  | (3) |  |  | 152  |  |  | 134  |  |
| Balance as of September 30, 2021 |  | $ | 36  |  |  | $ | (1) |  |  | $ | 39  |  |  | $ | 74  |  |

The amounts reclassified to Net income for gains and losses on cash flow hedges are recorded as part of Product sales on our Condensed Consolidated Statements of Income. See Note 5. Derivative Financial Instruments for additional information. The amounts reclassified to Net income for gains and losses on available-for-sale debt securities are recorded as part of Other income (expense), net on our Condensed Consolidated Statements of Income.27
