Shareholders' Equity Attributable to Continental Resources (Notes)

12 Months Ended

Dec. 31, 2019

Shareholders' Equity Attributable to Continental Resources [Abstract]

Shareholders' Equity Attributable to Continental Resources

Shareholders' Equity Attributable to Continental Resources

Share repurchase program

In May 2019 the Company's Board of Directors approved the initiation of a share repurchase program to acquire up to $1 billion of the Company's common stock beginning in June 2019. As of December 31, 2019, the Company had repurchased and retired 5,646,553 shares under the program at an aggregate cost of $190.2 million.

Under the program, the Company may repurchase shares from time to time at management's discretion in accordance with applicable securities laws, including through open market transactions, privately negotiated transactions or any combination thereof. In addition, shares may also be repurchased pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934. The timing and amount of repurchases are subject to market conditions. The share repurchase program does not require the Company to repurchase a specific number of shares and may be modified, suspended, or terminated by the Board of Directors at any time. 

Dividend declaration

In May 2019 the Company's Board of Directors approved the initiation of a dividend payment program and on June 3, 2019 the Company announced its first quarterly cash dividend of $0.05 per share on its outstanding common stock, which amounted to $18.4 million and was paid on November 21, 2019 to shareholders of record on November 7, 2019. 

Subsequent to December 31, 2019, on January 27, 2020 the Company declared a quarterly cash dividend of $0.05 per share on its outstanding common stock, which amounted to $18.4 million and was paid on February 21, 2020 to shareholders of record as of February 7, 2020.

Accumulated other comprehensive income

Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in “Accumulated other comprehensive income” within shareholders’ equity attributable to Continental Resources on the consolidated balance sheets and “Other comprehensive income, net of tax” in the consolidated statements of comprehensive income. The following table summarizes the change in accumulated other comprehensive income (loss) for the years ended December 31, 2019, 2018, and 2017:

	Year ended December 31,
In thousands	2019			2018		2017
Beginning accumulated other comprehensive income (loss), net of tax	$	415		$	307	$	(260	)
Foreign currency translation adjustments	140			108		567
Release of cumulative translation adjustments (1)	(555		)	—		—
Income taxes (2)	—			—		—
Other comprehensive income (loss), net of tax	(415		)	108		567
Ending accumulated other comprehensive income, net of tax	$	—		$	415	$	307

(1) In conjunction with the Company’s sale of its Canadian operations in 2019, the cumulative translation adjustments were released. See Note 16. Property Dispositions for further information.

(2)

A valuation allowance had been recognized against all deferred tax assets associated with losses generated by the Company’s Canadian operations, thereby resulting in no income taxes on other comprehensive income.