Shareholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

Shareholders' EquityShares of common stock

The following table summarizes total shares of common stock outstanding:

	December 31,
Millions of shares	2025	2024
Issued	1,064	1,065
In treasury	(229)	(197)
Total shares of common stock outstanding	835	868

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 42.4 million shares of our common stock under the program during the year

ended December 31, 2025. During the year ended December 31, 2024, we purchased 30.5 million shares of our common stock

under the program. Approximately $2.0 billion remained authorized for repurchases as of December 31, 2025. From the

inception of this program in February 2006 through December 31, 2025, we repurchased approximately 326 million shares of

our common stock for a total cost of approximately $12.1 billion.

Paid-in Capital in Excess of Par Value

During 2025, 2024 and 2023, we issued common stock from treasury shares under our employee stock purchase plan

awards and for restricted stock grants. As a result, for the years ended December 31, 2024 and 2023, additional paid in capital

would have resulted in a balance below zero; therefore, we reduced retained earnings by $105 million and $98 million,

respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.

Preferred stock

Our preferred stock consists of 5 million total authorized shares at December 31, 2025, of which none are issued.

Accumulated other comprehensive loss

Accumulated other comprehensive loss consisted of the following:

	December 31,
Millions of dollars	2025	2024
Cumulative translation adjustments	$(81)	$(82)
Defined benefit and other postretirement liability adjustments (a)	(245)	(234)
Other	(37)	(37)
Total accumulated other comprehensive loss	$(363)	$(353)

(a) Included net actuarial losses for our international pension plans of $243 million at December 31, 2025 and $233 million at December 31, 2024.