Shareholders' Equity

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders' EquityThe following tables summarize our shareholders’ equity activity for the three months ended March 31, 2025 and

March 31, 2024, 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, 2024	$2,662	$79	$(6,214)	$14,332	$(353)	$42	$10,548
Comprehensive income (loss):
Net income	—	—	—	204	—	(1)	203
Other comprehensive income (loss)	—	—	—	—	(6)	—	(6)
Cash dividends ($0.17 per share)	—	—	—	(147)	—	—	(147)
Stock repurchase program	—	—	(250)	—	—	—	(250)
Stock plans (a)	(1)	(20)	81	—	—	—	60
Other	—	—	—	—	—	1	1
Balance at March 31, 2025	$2,661	$59	$(6,383)	$14,389	$(359)	$42	$10,409

(a) In the first quarter of 2025, 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.

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

(a) In the first 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. 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 repurchased

9.6 million shares of our common stock under the program during the three months ended March 31, 2025 for $250 million.

Approximately $2.8 billion remained authorized for repurchases under the program as of March 31, 2025. From the inception

of this program in February of 2006 through March 31, 2025, we repurchased 293 million shares of our common stock for a

total cost of approximately $11.3 billion. We repurchased 7.0 million shares of our common stock under the program during the

three months ended March 31, 2024 for approximately $250 million.

Accumulated other comprehensive loss consisted of the following:

Millions of dollars	March 31, 2025	December 31, 2024
Cumulative translation adjustments	$(82)	$(82)
Defined benefit and other postretirement liability adjustments	(239)	(234)
Other	(38)	(37)
Total accumulated other comprehensive loss	$(359)	$(353)