
5.	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):



	Three Months Ended March 31,
	2018									2017
	Valero Stockholders’ Equity			Non- controlling Interests (a)			Total Equity			Valero Stockholders’ Equity			Non- controlling Interests (a)			Total Equity
Balance as of beginning of period	$	21,991		$	909		$	22,900		$	20,024		$	830		$	20,854
Net income	469			113			582			305			16			321
Dividends	(345		)	—			(345		)	(315		)	—			(315		)
Stock-based compensation expense	14			—			14			13			—			13
Transactions in connection with stock-based compensation plans	(46		)	—			(46		)	(10		)	—			(10		)
Stock purchases under purchase programs	(256		)	—			(256		)	(292		)	—			(292		)
Contribution from noncontrolling interest	—			30			30			—			—			—
Distributions to noncontrolling interests	—			(11		)	(11		)	—			(34		)	(34		)
Other	2			4			6			24			14			38
Other comprehensive income	48			3			51			76			—			76
Balance as of end of period	$	21,877		$	1,048		$	22,925		$	19,825		$	826		$	20,651

^{___________________________}


(a)	The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 6 for information about our consolidated VIEs.

Share Activity

There was no significant share activity during the three months ended March 31, 2018 and 2017.

Common Stock Dividends

On May 3, 2018, our board of directors declared a quarterly cash dividend of $0.80 per common share payable on June 5, 2018 to holders of record at the close of business on May 17, 2018.

Accumulated Other Comprehensive Loss

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



	Three Months Ended March 31,
	2018									2017
	Foreign Currency Translation Adjustment			Defined Benefit Plans Items			Total			Foreign Currency Translation Adjustment			Defined Benefit Plans Items			Total
Balance as of beginning of period	$	(507	)	$	(433	)	$	(940	)	$	(1,021	)	$	(389	)	$	(1,410	)
Other comprehensive income before reclassifications	42			—			42			74			—			74
Amounts reclassified from accumulated other comprehensive loss	—			6			6			—			2			2
Other comprehensive income	42			6			48			74			2			76
Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02 (see Note 1)	—			(91		)	(91		)	—			—			—
Balance as of end of period	$	(465	)	$	(518	)	$	(983	)	$	(947	)	$	(387	)	$	(1,334	)