Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Shares of common stock

The following table summarizes total shares of common stock outstanding:

	December 31,
Millions of shares	2024	2023
Issued	1,065	1,065
In treasury	(197)	(176)
Total shares of common stock outstanding	868	889

Our Board of Directors has authorized a program to repurchase a specified dollar amount of our common stock from time to time. The program does not require a specific number of shares to be purchased and the program may be effected through solicited or unsolicited transactions in the market or in privately negotiated transactions. The program may be terminated or suspended at any time. We purchased 30.5 million shares of our common stock under the program during the year ended December 31, 2024. During the year ended December 31, 2023, we purchased 22.7 million shares of our common stock under the program. Approximately $3.0 billion remained authorized for repurchases as of December 31, 2024. From the inception of this program in February 2006 through December 31, 2024, we repurchased approximately 284 million shares of our common stock for a total cost of approximately $11.1 billion.

Paid-in Capital in Excess of Par Value

During 2024, 2023 and 2022, we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, additional paid in capital would have resulted in a balance below zero. Therefore, for the years ended December 31, 2024, 2023 and 2022, we reduced retained earnings by $105 million, $98 million, and $275 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Preferred stock

Our preferred stock consists of five million total authorized shares at December 31, 2024, of which none are issued.

Accumulated other comprehensive loss

Accumulated other comprehensive loss consisted of the following:

		December 31,
Millions of dollars		2024		2023
Cumulative translation adjustment		$	(82)	$	(84)
Defined benefit and other postretirement liability adjustments (a)		(234)		(207)
Other		(37)		(40)
Total accumulated other comprehensive loss		$	(353)	$	(331)
(a)	Included net actuarial losses for our international pension plans of $233 million at December 31, 2024 and $209 million at December 31, 2023.