
6.	EQUITY

Reconciliation of Balances

The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions):



	Nine Months Ended September 30,
	2017									2016
	Valero Stockholders’ Equity			Non- controlling Interests (a)			Total Equity			Valero Stockholders’ Equity			Non- controlling Interests (a)			Total Equity
Balance as of beginning of period	$	20,024		$	830		$	20,854		$	20,527		$	827		$	21,354
Net income	1,694			62			1,756			1,922			79			2,001
Dividends	(936		)	—			(936		)	(840		)	—			(840		)
Stock-based compensation expense	37			—			37			33			—			33
Stock purchases in connection with stock-based compensation plans	(27		)	—			(27		)	(43		)	—			(43		)
Stock purchases under purchase program	(925		)	—			(925		)	(1,120		)	—			(1,120		)
Issuance of Valero Energy Partners LP common units	—			33			33			—			6			6
Distributions to noncontrolling interests	—			(56		)	(56		)	—			(54		)	(54		)
Other	(14		)	(16		)	(30		)	47			(68		)	(21		)
Other comprehensive income (loss)	517			1			518			(187		)	1			(186		)
Balance as of end of period	$	20,370		$	854		$	21,224		$	20,339		$	791		$	21,130

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(a)	The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 7 for information about our consolidated VIEs.

Share Activity

Activity in the number of shares of common stock and treasury stock was as follows (in millions):



	Nine Months Ended September 30,
	2017			2016
	Common Stock	Treasury Stock		Common Stock	Treasury Stock
Balance as of beginning of period	673	(222	)	673	(200	)
Transactions in connection with stock-based compensation plans:
Stock issuances	—	—		—	1
Stock purchases	—	—		—	(1	)
Stock purchases under purchase program	—	(14	)	—	(20	)
Balance as of end of period	673	(236	)	673	(220	)

Common Stock Dividends

On November 1, 2017, our board of directors declared a quarterly cash dividend of $0.70 per common share payable on December 12, 2017 to holders of record at the close of business on November 21, 2017.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):



	Nine Months Ended September 30,
	2017									2016
	Foreign Currency Translation Adjustment			Defined Benefit Plans Items			Total			Foreign Currency Translation Adjustment			Defined Benefit Plans Items			Total
Balance as of beginning of period	$	(1,021	)	$	(389	)	$	(1,410	)	$	(605	)	$	(328	)	$	(933	)
Other comprehensive income (loss) before reclassifications	509			—			509			(198		)	8			(190		)
Amounts reclassified from accumulated other comprehensive loss	—			8			8			—			3			3
Net other comprehensive income (loss)	509			8			517			(198		)	11			(187		)
Balance as of end of period	$	(512	)	$	(381	)	$	(893	)	$	(803	)	$	(317	)	$	(1,120	)