Shareholders' Equity and Redeemable Non-controlling Interests (Tables)

6 Months Ended

Jun. 30, 2025

Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract]

Dividend Distributions—The following table summarizes the quarterly dividends paid in the period presented:


Millions of dollars, except per share amounts	Dividend Per Ordinary Share		Aggregate Dividends Paid		Date of Record
March 2025	$	1.34	$	433	March 10, 2025
June 2025	1.37		445		June 2, 2025

	$	2.71	$	878

Schedule of share repurchase authorization

The following table summarizes our share repurchase activity for the periods presented:


Millions of dollars, except shares and per share amounts	Shares Repurchased	Average Purchase Price Per Share		Total Purchase Price, Including Commissions and Fees
For the six months ended June 30, 2025:

2024 Share Repurchase Authorization	3,037,987	$	66.01	$	201



For the six months ended June 30, 2024:

2024 Share Repurchase Authorization	784,505	$	95.62	$	75

Schedule of changes in ordinary and treasury shares outstanding during the period

Ordinary Shares—The changes in the outstanding amounts of ordinary shares are as follows:


	Six Months Ended June 30,
	2025	2024
Ordinary shares outstanding:
Beginning balance	323,889,832	324,483,402
Share-based compensation	491,005	1,203,741

Employee stock purchase plan	284,760	176,046
Purchase of ordinary shares	(3,037,987)	(784,505)
Ending balance	321,627,610	325,078,684

Treasury Shares—The changes in the amounts of treasury shares held by the Company are as follows:


	Six Months Ended June 30,
	2025	2024
Ordinary shares held as treasury shares:
Beginning balance	16,532,666	15,939,096
Share-based compensation	(491,005)	(1,203,741)

Employee stock purchase plan	(284,760)	(176,046)
Purchase of ordinary shares	3,037,987	784,505

Ending balance	18,794,888	15,343,814

Schedule of accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Loss—The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the six months ended June 30, 2025 and 2024 are presented in the following tables.

Foreign Currency Translation Adjustments below include currency translation adjustments as well as gains (losses) on net investment hedges; the associated tax benefits or expenses are calculated separately for each component.


Millions of dollars	Financial Derivatives		Defined Benefit Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustments		Total
December 31, 2024	$	(111)	$	(281)	$	(1,140)	$	(1,532)
Other comprehensive income (loss) before reclassifications	(47)		(3)		96		46
Tax benefit before reclassifications	12		1		93		106
Amounts reclassified from accumulated other comprehensive loss	39		(1)		—		38
Tax expense	(10)		(1)		—		(11)
Net other comprehensive income (loss)	(6)		(4)		189		179
Balance – June 30, 2025	$	(117)	$	(285)	$	(951)	$	(1,353)


Millions of dollars	Financial Derivatives		Defined Benefit Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustments		Total
Balance – December 31, 2023	$	(226)	$	(279)	$	(971)	$	(1,476)
Other comprehensive income (loss) before reclassifications	17		—		(79)		(62)
Tax expense before reclassifications	(5)		—		(25)		(30)
Amounts reclassified from accumulated other comprehensive loss	50		8		—		58
Tax expense	(12)		(1)		—		(13)
Net other comprehensive income (loss)	50		7		(104)		(47)
Balance – June 30, 2024	$	(176)	$	(272)	$	(1,075)	$	(1,523)

Reclassification out of accumulated other comprehensive income (loss)

The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,				Affected Line Item on the Consolidated Statements of Income
Millions of dollars	2025		2024		2025		2024
Reclassification adjustments for:
Financial derivatives:
Commodities	$	—	$	1	$	—	$	2	Sales and other operating revenues
Commodities	4		35		2		73		Cost of sales
Foreign currency	24		1		35		(27)		Interest expense
Interest rates	1		1		2		2		Interest expense
Income tax expense	(7)		(11)		(10)		(12)		Provision for income taxes
Financial derivatives, net of tax	22		27		29		38

Amortization of defined pension items:

Actuarial loss	3		4		6		7		Other income, net
Prior service cost	1		—		2		1		Other income, net
Curtailment gain	—		—		(9)		—		Income from discontinued operations, net of tax
Income tax expense	(2)		—		(1)		(1)		Provision for income taxes
Defined pension items, net of tax	2		4		(2)		7

Total reclassifications, before tax	33		42		38		58
Income tax expense	(9)		(11)		(11)		(13)		Provision for income taxes
Total reclassifications, after tax	$	24	$	31	$	27	$	45	Amount included in net income