Shareholders' Equity

6 Months Ended

Jun. 30, 2023

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, 2023 and June 30, 2022, 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, 2022		$	2,664	$	50	$	(5,108)	$	10,572	$	(230)	$	29	$	7,977
Comprehensive income (loss):
Net income		—		—		—		651		—		4		655
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(145)		—		—		(145)
Stock repurchase program		—		—		(100)		—		—		—		(100)
Stock plans (a)		—		(50)		113		(3)		—		—		60
Other		—		—		—		—		—		(3)		(3)
Balance at March 31, 2023		$	2,664	$	—	$	(5,095)	$	11,075	$	(229)	$	30	$	8,445
Comprehensive income (loss):
Net income		—		—		—		610		—		6		616
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(144)		—		—		(144)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		—		144		(82)		—		—		61
Other		—		—		—		—		—		(2)		(2)
Balance at June 30, 2023		$	2,663	$	—	$	(5,201)	$	11,459	$	(228)	$	34	$	8,727
(a)	In the first quarter and second quarter of 2023, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero as of the end of each period, which resulted in a reduction of retained earnings by $3 million and $82 million, respectively. Future 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, 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
(a)	In the first and second quarter of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants and purchases under our employee stock purchase plan. As a result, additional paid in capital was reduced to zero as of the end of each period, which resulted in a reduction of retained earnings by $85 million and $163 million, respectively. Future 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. We purchased 8.1 million shares of our common stock under the program during the three months ended June 30, 2023 for approximately $250 million. Approximately $4.5 billion remained authorized for repurchases as of June 30, 2023. From the inception of this program in February of 2006 through June 30, 2023, we repurchased approximately 242 million shares of our common stock for a total cost of approximately $9.6 billion.

Accumulated other comprehensive loss consisted of the following:

Millions of dollars	June 30, 2023		December 31, 2022
Cumulative translation adjustments	$	(82)	$	(84)
Defined benefit and other postretirement liability adjustments	(102)		(101)
Other	(44)		(45)
Total accumulated other comprehensive loss	$	(228)	$	(230)