Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Set forth below are reconciliations for the six months ended June 30, 2012 and 2011 of the carrying amount of total stockholders’ equity from the beginning of the period to the end of the period. In addition, each of the reconciliations displays the amount of net income allocable to redeemable securities of subsidiaries.

				Stockholders’  Equity Attributable to
(Millions of dollars)	Comprehensive Income			The Corporation			Noncontrolling Interests			Redeemable Securities  of Subsidiaries
Balance at December 31, 2011				$	5,249		$	280		$	547
Comprehensive Income:
Net income	$	1,005		966			23			16
Other comprehensive income, net of tax:
Unrealized translation	(8		)	(11		)	3			—
Employee postretirement benefits	8			7			1			—
Total Comprehensive Income	$	1,005
Stock-based awards				423			—			—
Income tax benefits on stock-based compensation				27			—			—
Shares repurchased				(686		)	—			—
Recognition of stock-based compensation				43			—			—
Dividends declared				(583		)	(20		)	—
Other				2			—			(2		)
Return on redeemable securities of subsidiaries				—			—			(14		)
Balance at June 30, 2012				$	5,437		$	287		$	547

In the six months ended June 30, 2012, we repurchased 8.9 million shares at a total cost of $660 million.

				Stockholders’ Equity Attributable to
(Millions of dollars)	Comprehensive Income			The Corporation			Noncontrolling Interests			Redeemable Securities of Subsidiaries
Balance at December 31, 2010				$	5,917		$	285		$	1,047
Comprehensive Income:
Net income	$	804		758			18			28
Other comprehensive income, net of tax:
Unrealized translation	440			430			10			—
Other	(28		)	(28		)	—			—
Total Comprehensive Income	$	1,216
Stock-based awards				202			—			—
Income tax benefits on stock-based compensation				6			—			—
Shares repurchased				(1,205		)	—			—
Recognition of stock-based compensation				31			—			—
Dividends declared				(555		)	(12		)	—
Other				—			—			(2		)
Return on redeemable securities of subsidiaries				—			—			(27		)
Balance at June 30, 2011				$	5,556		$	301		$	1,046

Net unrealized currency gains or losses resulting from the translation of assets and liabilities of foreign subsidiaries, except those in highly inflationary economies, are recorded in Accumulated Other Comprehensive Income ("AOCI"). For these operations, changes in exchange rates generally do not affect cash flows; therefore, unrealized translation adjustments are recorded in AOCI rather than net income. Upon sale or substantially complete liquidation of any of these subsidiaries, the applicable unrealized translation adjustment would be removed from AOCI and reported as part of the gain or loss on the sale or liquidation.

Also included in unrealized translation amounts are the effects of foreign exchange rate changes on intercompany balances of a long-term investment nature and transactions designated as hedges of net foreign investments.