Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

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, 2023 and September 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
Comprehensive income (loss):
Net income		—		—		—		716		—		8		724
Other comprehensive income		—		—		—		—		1		—		1
Cash dividends ($0.16 per share)		—		—		—		(144)		—		—		(144)
Stock repurchase program		—		—		(200)		—		—		—		(200)
Stock plans (a)		—		26		71		(13)		—		—		84
Other		—		—		—		—		—		(3)		(3)
Balance at September 30, 2023		$	2,663	$	26	$	(5,330)	$	12,018	$	(227)	$	39	$	9,189
(a)	In the first, second, and third quarters 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, $82 million, and $13 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
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 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, $163 million, and $27 million respectively. Future 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, 2023		December 31, 2022
Cumulative translation adjustments	$	(83)	$	(84)
Defined benefit and other postretirement liability adjustments	(102)		(101)
Other	(42)		(45)
Total accumulated other comprehensive loss	$	(227)	$	(230)