v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Shareholders' EquityThe following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2025
and June 30, 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
—
—
(252)
—
—
—
(252)
Stock plans (a)
(1)
(24)
83
—
—
—
58
Other
—
4
—
—
—
1
5
Balance at March 31, 2025
$2,661
$59
$(6,383)
$14,389
$(359)
$42
$10,409
Comprehensive income (loss):
Net income
—
—
—
472
—
8
480
Other comprehensive income (loss)
—
—
—
—
3
—
3
Cash dividends ($0.17 per share)
—
—
—
(145)
—
—
(145)
Stock repurchase program
—
—
(252)
—
—
—
(252)
Stock plans (a)
—
(28)
88
—
—
—
60
Other
—
—
—
—
—
(8)
(8)
Balance at June 30, 2025
$2,661
$31
$(6,547)
$14,716
$(356)
$42
$10,547
(a)
In the first quarter and second 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
Comprehensive income (loss):
Net income
—
—
—
709
—
4
713
Other comprehensive income (loss)
—
—
—
—
—
—
—
Cash dividends ($0.17 per share)
—
—
—
(151)
—
—
(151)
Stock repurchase program
—
—
(251)
—
—
—
(251)
Stock plans (a)
1
—
152
(96)
—
—
57
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 in each quarter, which resulted in a reduction of retained earnings
by $3 million in the first quarter of 2024 and $96 million in the second quarter of 2024. 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
12 million shares of our common stock under the program during the three months ended June 30, 2025 for $252 million.
Approximately $2.5 billion remained authorized for repurchases under the program as of June 30, 2025. From the inception of
this program in February of 2006 through June 30, 2025, we repurchased 305 million shares of our common stock for a total
cost of approximately $11.6 billion. We repurchased 6.9 million shares of our common stock under the program during the
three months ended June 30, 2024 for approximately $251 million.
Accumulated other comprehensive loss consisted of the following:
June 30,
December 31,
Millions of dollars
2025
2024
Cumulative translation adjustments
$(81)
$(82)
Defined benefit and other postretirement liability adjustments
(238)
(234)
Other
(37)
(37)
Total accumulated other comprehensive loss
$(356)
$(353)