Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Summary of shareholders' equity activity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2024 and June 30, 2023, 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, 2023		$	2,663	$	63	$	(5,540)	$	12,536	$	(331)	$	42	$	9,433
Comprehensive income (loss):
Net income		—		—		—		606		—		3		609
Other comprehensive income (loss)		—		—		—		—		(1)		1		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		(1)		(63)		108		(3)		—		—		41
Other		—		—		—		—		—		—		—
Balance at March 31, 2024		$	2,662	$	—	$	(5,682)	$	12,988	$	(332)	$	46	$	9,682
Comprehensive income (loss):
Net income		—		—		—		709		—		4		713
Other comprehensive income (loss)		—		—		—		—		—		—		—
Cash dividends ($0.17 per share)		—		—		—		(151)		—		—		(151)
Stock repurchase program		—		—		(250)		—		—		—		(250)
Stock plans (a)		1		—		151		(96)		—		—		56
Other		—		—		—		—		—		(4)		(4)
Balance at June 30, 2024		$	2,663	$	—	$	(5,781)	$	13,450	$	(332)	$	46	$	10,046
(a)	In the first quarter and second quarter of 2024, we issued common stock from treasury shares for stock options exercised, restricted stock grants, performance shares under our performance unit program, and purchases under 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 $3 million and $96 million. 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, 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, performance shares under our performance unit program, and purchases under 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 $3 million and $82 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	June 30, 2024		December 31, 2023
Cumulative translation adjustments	$	(83)	$	(84)
Defined benefit and other postretirement liability adjustments	(210)		(207)
Other	(39)		(40)
Total accumulated other comprehensive loss	$	(332)	$	(331)