Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Summary of shareholders' equity activity

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.

Schedule of comprehensive income (loss)

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)