Stockholders' equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' equity

Stockholders’ equity

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. During the year ended December 31, 2023, we did not repurchase any shares of our common stock under our stock repurchase program. During the year ended December 31, 2022, we repurchased 26.1 million shares of our common stock under our stock repurchase program, consisting primarily of 24.8 million shares received under ASR agreements, for a total cost of $6.3 billion. As of December 31, 2024, $6.8 billion remained available under our stock repurchase program.

Dividends

Our Board of Directors declared quarterly dividends per share of $2.25, $2.13 and $1.94, which were paid in each of the four quarters of 2024, 2023 and 2022, 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 10, 2024, the Board of Directors declared a quarterly cash dividend of $2.38 per share of common stock, which will be paid in March 2025, to all stockholders of record as of the close of business on February 14, 2025.

Accumulated other comprehensive loss

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

	Foreign currency translation adjustments		Cash flow hedges		Other		AOCI
Balance as of December 31, 2021	$	(844)	$	61	$	(13)	$	(796)
Foreign currency translation adjustments	496		—		—		496
Unrealized gains	—		84		—		84
Reclassification adjustments to earnings	—		2		—		2
Other	—		—		2		2
Income taxes	—		(19)		—		(19)
Balance as of December 31, 2022	(348)		128		(11)		(231)
Foreign currency translation adjustments	50		—		—		50
Unrealized gains	—		28		—		28
Reclassification adjustments to 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 to earnings	—		(117)		—		(117)
Other	—		—		(10)		(10)
Income taxes	—		(80)		—		(80)
Balance as of December 31, 2024	$	(374)	$	287	$	21	$	(66)

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 $105 million expense and a $25 million benefit in 2024, a $6 million expense and a $50 million benefit in 2023 and a $19 million expense and a $0 million benefit in 2022, respectively.

Reclassifications out of AOCI and into earnings were as follows (in millions):

	Years ended December 31,
Components of AOCI	2024		2023		2022		Consolidated Statements of Income locations
Cash flow hedges:
Foreign currency contract gains	$	192	$	180	$	231	Product sales
Cross-currency swap contract (losses) gains	(75)		42		(233)		Other income (expense), net
	117		222		(2)		Income before income taxes
	(25)		(50)		—		Provision for income taxes
	$	92	$	172	$	(2)	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, 2024 and 2023, no shares of preferred stock were issued or outstanding.