Shareholders' Equity

6 Months Ended

Jun. 30, 2020

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, 2020 and June 30, 2019, respectively:

Millions of dollars	Common Stock		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, 2019	$	2,669	$	143	$	(6,427)	$	11,989	$	(362)	$	13	$	8,025
Comprehensive income (loss):
Net income (loss)	—		—		—		(1,017)		—		2		(1,015)
Other comprehensive income	—		—		—		—		11		—		11
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	—		(33)		115		—		—		—		82
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2020	$	2,669	$	110	$	(6,412)	$	10,814	$	(351)	$	13	$	6,843
Comprehensive income (loss):
Net loss	—		—		—		(1,676)		—		(5)		(1,681)
Other comprehensive income	—		—		—		—		9		—		9
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans	(3)		15		54		—		—		—		66
Other	—		—		—		—		—		(1)		(1)
Balance at June 30, 2020	$	2,666	$	125	$	(6,358)	$	9,098	$	(342)	$	7	$	5,196

Millions of dollars	Common Stock		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

Our Board of Directors has authorized a program to repurchase our common stock from time to time. During the six months ended June 30, 2020, under that program we repurchased approximately 7.4 million shares of our common stock for a total cost of $100 million, all of which were purchased in the first quarter of 2020. Approximately $5.1 billion remained

authorized for repurchases as of June 30, 2020. From the inception of this program in February 2006 through June 30, 2020, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion.

Accumulated other comprehensive loss consisted of the following:

Millions of dollars	June 30, 2020		December 31, 2019
Defined benefit and other postretirement liability adjustments	$	(204)	$	(214)
Cumulative translation adjustments	(84)		(82)
Other	(54)		(66)
Total accumulated other comprehensive loss	$	(342)	$	(362)