Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2021 and September 30, 2020, 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, 2020		$	2,666	$	—	$	(6,021)	$	8,691	$	(362)	$	9	$	4,983
Comprehensive income (loss):
Net income		—		—		—		170		—		1		171
Cash dividends ($0.045 per share)		—		—		—		(40)		—		—		(40)
Stock plans (a)		—		34		144		(112)		—		—		66
Other		—		—		—		—		—		(1)		(1)
Balance at March 31, 2021		$	2,666	$	34	$	(5,877)	$	8,709	$	(362)	$	9	$	5,179
Comprehensive income (loss):
Net income		—		—		—		227		—		3		230
Other comprehensive income		—		—		—		—		2		—		2
Cash dividends ($0.045 per share)		—		—		—		(40)		—		—		(40)
Stock plans		—		(8)		69		—		—		—		61
Other		—		—		—		—		—		(3)		(3)
Balance at June 30, 2021		$	2,666	$	26	$	(5,808)	$	8,896	$	(360)	$	9	$	5,429
Comprehensive income (loss):
Net income		—		—		—		236		—		4		240
Cash dividends ($0.045 per share)		—		—		—		(41)		—		—		(41)
Stock plans (a)		—		(2)		232		(164)		—		—		66
Other		—		—		—		—		—		(1)		(1)
Balance at September 30, 2021		$	2,666	$	24	$	(5,576)	$	8,927	$	(360)	$	12	$	5,693
(a)	In January and July of 2021, we issued common stock from treasury shares for the employee stock purchase plan and for restricted stock grants. As a result, additional paid in capital in January and July of 2021 were reduced below zero, which resulted in a reduction of retained earnings by $112 million and $164 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

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
Comprehensive income (loss):
Net loss		—		—		—		(17)		—		(2)		(19)
Other comprehensive income		—		—		—		—		2		—		2
Cash dividends ($0.045 per share)		—		—		—		(40)		—		—		(40)
Stock plans (a)		—		(102)		222		(54)		—		—		66
Other		—		—		—		—		—		(2)		(2)
Balance at September 30, 2020		$	2,666	$	23	$	(6,136)	$	8,987	$	(340)	$	3	$	5,203
(a)	In July of 2020, we issued common stock from treasury shares for the employee stock purchase plan and for restricted stock grants. As a result, additional paid in capital in July of 2020 was reduced below zero, which resulted in a reduction of retained earnings by $54 million. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Our Board of Directors has authorized a program to repurchase our common stock from time to time. There were no repurchases made under the program during the three and nine months ended September 30, 2021. Approximately $5.1 billion remained authorized for repurchases as of September 30, 2021. From the inception of this program in February of 2006 through September 30, 2021, 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	September 30, 2021		December 31, 2020
Defined benefit and other postretirement liability adjustments	$	(224)	$	(226)
Cumulative translation adjustments	(85)		(83)
Other	(51)		(53)
Total accumulated other comprehensive loss	$	(360)	$	(362)