STOCKHOLDERS’ EQUITY

Stock Repurchase Program

In 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.

During the three months ended March 31, 2019 and 2018, we repurchased and retired 12 million and 13 million shares of our common stock for $834 million and $1.0 billion, respectively, through open market transactions under the 2016 Program. As of March 31, 2019, the remaining authorized repurchase amount under the 2016 Program was $4.3 billion.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in AOCI by component, net of tax during the three months ended March 31, 2019 and 2018 (in millions):



	Foreign Currency Translation		Unrealized Gains and Losses on Available-for-Sale Debt Securities			Unrealized Gains and Losses on Cash Flow Hedges			Total
Balance at December 31, 2018	$	47	$	(52	)	$	85		$	80
Net unrealized gain	21		30			28			79
Reclassifications to net income	—		—			(29		)	(29		)
Net current period other comprehensive income (loss)	21		30			(1		)	50
Balance at March 31, 2019	$	68	$	(22	)	$	84		$	130



	Foreign Currency Translation		Unrealized Gains and Losses on Available-for-Sale Debt Securities			Unrealized Gains and Losses on Cash Flow Hedges			Total
Balance at December 31, 2017	$	85	$	194		$	(114	)	$	165
Reclassifications to retained earnings as a result of the adoption of new accounting standards	—		(293		)	—			(293		)
Balance at January 1, 2018	85		(99		)	(114		)	(128		)
Net unrealized gain (loss)	7		(36		)	(61		)	(90		)
Reclassifications to net income	—		—			48			48
Net current period other comprehensive income (loss)	7		(36		)	(13		)	(42		)
Balance at March 31, 2018	$	92	$	(135	)	$	(127	)	$	(170	)

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. The income tax impact allocated to each component of other comprehensive income was not material for any period presented.