Shareholders' Equity

9 Months Ended

Sep. 30, 2022

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, 2022 and September 30, 2021, 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, 2021		$	2,665	$	32	$	(5,511)	$	9,710	$	(183)	$	15	$	6,728
Comprehensive income (loss):
Net income		—		—		—		263		—		1		264
Other comprehensive income		—		—		—		—		5		—		5
Cash dividends ($0.12 per share)		—		—		—		(108)		—		—		(108)
Stock plans (a)		—		(32)		261		(85)		—		—		144
Balance at March 31, 2022		$	2,665	$	—	$	(5,250)	$	9,780	$	(178)	$	16	$	7,033
Comprehensive income (loss):
Net income		—		—		—		109		—		8		117
Other comprehensive loss		—		—		—		—		(1)		—		(1)
Cash dividends ($0.12 per share)		—		—		—		(109)		—		—		(109)
Stock plans (a)		—		—		277		(163)		—		—		114
Other		—		—		—		—		—		(6)		(6)
Balance at June 30, 2022		$	2,665	$	—	$	(4,973)	$	9,617	$	(179)	$	18	$	7,148
Comprehensive income (loss):
Net income		—		—		—		544		—		5		549
Other comprehensive loss		—		—		—		—		(2)		—		(2)
Cash dividends ($0.12 per share)		—		—		—		(110)		—		—		(110)
Stock plans (a)		(1)		32		55		(27)		—		—		59
Other		—		—		—		—		—		1		1
Balance at September 30, 2022		$	2,664	$	32	$	(4,918)	$	10,024	$	(181)	$	24	$	7,645
(a)	In the first, second, and third quarters of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to zero, which resulted in a reduction of retained earnings by $85 million, $163 million, and $27 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, 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 the first and third quarters of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced to 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.

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, 2022. Approximately $5.1 billion remained authorized for repurchases as of September 30, 2022. From the inception of this program in February of 2006 through September 30, 2022, 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, 2022		December 31, 2021
Cumulative translation adjustments	$	(87)	$	(85)
Defined benefit and other postretirement liability adjustments	(49)		(47)
Other	(45)		(51)
Total accumulated other comprehensive loss	$	(181)	$	(183)