Table of Contents See accompanying notes to Consolidated Financial Statements. 72 STATEMENT 4 Caterpillar Inc. Changes in Consolidated Shareholders’ Equity for the Years Ended December 31 (Dollars in millions) Common stock Treasury stock Profit employed in the business Accumulated other comprehensive income (loss) Noncontrolling interests Total Balance at December 31, 2018 $ 5,827 $ (20,531) $ 30,427 $ (1,684) $ 41 $ 14,080 Adjustments to adopt new accounting guidance 2 Lease accounting — — 235 — — 235 Reclassification of certain tax effects from accumulated other comprehensive income — — (108) 108 — — Balance at January 1, 2019 $ 5,827 $ (20,531) $ 30,554 $ (1,576) $ 41 $ 14,315 Profit (loss) of consolidated and affiliated companies — — 6,093 — 1 6,094 Foreign currency translation, net of tax — — — 16 — 16 Pension and other postretirement benefits, net of tax — — — (34) — (34) Derivative financial instruments, net of tax — — — (8) — (8) Available-for-sale securities, net of tax — — — 35 — 35 Dividends declared  3 — — (2,210) — — (2,210) Distribution to noncontrolling interests — — — — (3) (3) Common shares issued from treasury stock for stock-based compensation: 5,126,379 (4) 242 — — — 238 Stock-based compensation expense 205 — — — — 205 Common shares repurchased: 30,586,507  1 — (3,928) — — — (3,928) Other (93) — — — 2 (91) Balance at December 31, 2019 $ 5,935 $ (24,217) $ 34,437 $ (1,567) $ 41 $ 14,629 1 See Note 16 regarding shares repurchased. 2 See Note 1J regarding new accounting guidance. 3 Dividends per share of common stock of $3.95, $3.36 and $3.11 were declared in the years ended December 31, 2019, 2018 and 2017, respectively.