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

6 Months Ended

Jun. 30, 2026

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 2026	$	0.69	$	224	March 2, 2026
June 2026	0.69		224		June 1, 2026

	$	1.38	$	448

Schedule of share repurchase authorization

The following table summarizes our share repurchase activity for the six months ended June 30, 2025:


Millions of dollars, except shares and per share amounts	Shares Repurchased	Average Purchase Price Per Share		Total Purchase Price, Including Commissions and Fees








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

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,
	2026	2025
Ordinary shares outstanding:
Beginning balance	322,084,769	323,889,832
Share-based compensation	593,498	491,005

Employee stock purchase plan	325,767	284,760
Purchase of ordinary shares	—	(3,037,987)
Ending balance	323,004,034	321,627,610

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


	Six Months Ended June 30,
	2026	2025
Ordinary shares held as treasury shares:
Beginning balance	18,337,729	16,532,666
Share-based compensation	(593,498)	(491,005)

Employee stock purchase plan	(325,767)	(284,760)
Purchase of ordinary shares	—	3,037,987

Ending balance	17,418,464	18,794,888

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, 2026 and 2025 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
Balance – December 31, 2025	$	(133)	$	(236)	$	(941)	$	(1,310)
Other comprehensive income (loss) before reclassifications	60		—		(55)		5
Tax expense before reclassifications	(16)		—		(12)		(28)
Amounts reclassified from accumulated other comprehensive loss	(10)		(9)		329		310
Tax (expense) benefit	3		(2)		—		1
Net other comprehensive income (loss)	37		(11)		262		288
Balance – June 30, 2026	$	(96)	$	(247)	$	(679)	$	(1,022)


Millions of dollars	Financial Derivatives		Defined Benefit Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustments		Total
Balance – 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)

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	2026		2025		2026		2025
Reclassification adjustments for:
Financial derivatives:
Commodities	$	(4)	$	—	$	(4)	$	—	Sales and other operating revenues
Commodities	3		4		1		2		Cost of sales
Foreign currency	(2)		24		(9)		35		Interest expense
Interest rates	1		1		2		2		Interest expense
Income tax (expense) benefit	1		(7)		3		(10)		Provision for income taxes
Financial derivatives, net of tax	(1)		22		(7)		29

Defined pension:
Amortization of defined pension items:

Actuarial loss	3		3		6		6		Other income, net
Prior service cost	—		1		1		2		Other income, net
Curtailment gain	—		—		—		(9)		Income (loss) from discontinued operations, net of tax
Adjustments realized on divestiture	(16)		—		(16)		—		Loss on sale of business
Income tax (expense) benefit	(1)		(2)		(2)		(1)		Provision for income taxes
Defined pension items, net of tax	(14)		2		(11)		(2)

Foreign currency translation adjustments:
Adjustments realized on divestiture	329		—		329		—		Loss on sale of business



Total reclassifications, before tax	314		33		310		38
Income tax (expense) benefit	—		(9)		1		(11)		Provision for income taxes
Total reclassifications, after tax	$	314	$	24	$	311	$	27	Amount included in net income