Shareholders' Equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2019 and June 30, 2018, respectively:

Millions of dollars	Common Shares			Paid-in Capital in Excess of Par Value			Treasury Stock			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interest in Consolidated Subsidiaries			Total
Balance at December 31, 2018	$	2,671		$	211		$	(6,744	)	$	13,739		$	(355	)	$	22		$	9,544
Comprehensive income (loss):
Net income	—			—			—			152			—			—			152
Other comprehensive income	—			—			—			—			1			—			1
Cash dividends ($0.18 per share)	—			—			—			(157		)	—			—			(157		)
Stock plans	—			13			74			—			—			—			87
Other	—			—			—			—			—			(2		)	(2		)
Balance at March 31, 2019	$	2,671		$	224		$	(6,670	)	$	13,734		$	(354	)	$	20		$	9,625
Comprehensive income (loss):
Net income	—			—			—			75			—			2			77
Other comprehensive income	—			—			—			—			1			—			1
Cash dividends ($0.18 per share)	—			—			—			(157		)	—			—			(157		)
Stock repurchase program	—			—			(100		)	—			—			—			(100		)
Stock plans	(1		)	(166		)	250			—			—			—			83
Other	—			—			—			—			1			(6		)	(5		)
Balance at June 30, 2019	$	2,670		$	58		$	(6,520	)	$	13,652		$	(352	)	$	16		$	9,524

Millions of dollars	Common Shares			Paid-in Capital in Excess of Par Value			Treasury Stock			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Noncontrolling Interest in Consolidated Subsidiaries			Total
Balance at December 31, 2017	$	2,673		$	207		$	(6,757	)	$	12,668		$	(469	)	$	27		$	8,349
Comprehensive income (loss):
Net Income	—			—			—			46			—			1			47
Other comprehensive income	—			—			—			—			(2		)	—			(2		)
Cash dividends ($0.18 per share)	—			—			—			(158		)	—			—			(158		)
Stock plans	(1		)	15			113			—			—			—			127
Other	—			—			—			30			—			(2		)	28
Balance at March 31, 2018	$	2,672		$	222		$	(6,644	)	$	12,586		$	(471	)	$	26		$	8,391
Comprehensive income (loss):
Net Income	—			—			—			511			—			(3		)	508
Other comprehensive income	—			—			—			—			1			—			1
Cash dividends ($0.18 per share)	—			—			—			(158		)	—			—			(158		)
Stock plans	—			(97		)	201			—			—			—			104
Other	—			—			—			—			—			(3		)	(3		)
Balance at June 30, 2018	$	2,672		$	125		$	(6,443	)	$	12,939		$	(470	)	$	20		$	8,843

Our Board of Directors has authorized a program to repurchase our common stock from time to time. During the quarter ended June 30, 2019, under that program we repurchased approximately 4.5 million shares of our common stock for a total cost of $100 million. Approximately $5.2 billion remained authorized for repurchases as of June 30, 2019. From the inception of this program in February 2006 through June 30, 2019, we repurchased approximately 217 million shares of our common stock for a total cost of approximately $8.9 billion.

Accumulated other comprehensive loss consisted of the following:

Millions of dollars	June 30, 2019			December 31, 2018
Defined benefit and other postretirement liability adjustments	$	(203	)	$	(203	)
Cumulative translation adjustments	(82		)	(82		)
Other	(67		)	(70		)
Total accumulated other comprehensive loss	$	(352	)	$	(355	)