v3.26.3
Shareholders' Equity
9 Months Ended
Sep. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Shareholders' EquityThe following tables summarize our shareholders’ equity activity for the three and nine months ended September 30,
2026 and 2025, 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
Shareholders'
Equity
Balance at December 31, 2025
$2,659
$112
$(6,983)
$15,036
$(363)
$44
$10,505
Comprehensive income:
Net income
—
—
—
461
—
3
464
Other comprehensive income
—
—
—
—
20
—
20
Cash dividends ($0.17 per share)
—
—
—
(142)
—
—
(142)
Stock repurchase program
—
—
(100)
—
—
—
(100)
Stock plans (a)
—
(19)
99
—
—
—
80
Other
—
—
—
—
—
(2)
(2)
Balance at March 31, 2026
$2,659
$93
$(6,984)
$15,355
$(343)
$45
$10,825
Comprehensive income:
Net income
—
—
—
534
—
4
538
Other comprehensive income
—
—
—
—
—
—
—
Cash dividends ($0.17 per share)
—
—
—
(143)
—
—
(143)
Stock repurchase program
—
—
(201)
—
—
—
(201)
Stock plans (a)
(1)
(76)
154
(24)
—
—
53
Other
—
(13)
—
—
—
(7)
(20)
Balance at June 30, 2026
$2,658
$4
$(7,031)
$15,722
$(343)
$42
$11,052
Comprehensive income:
Net income
—
—
—
417
—
2
419
Other comprehensive income
—
—
—
—
1
—
1
Cash dividends ($0.17 per share)
—
—
—
(141)
—
—
(141)
Stock repurchase program
—
—
(252)
—
—
—
(252)
Stock plans (a)
—
59
23
1
—
—
83
Other
—
—
—
—
—
(1)
(1)
Balance at September 30, 2026
$2,658
$63
$(7,260)
$15,999
$(342)
$43
$11,161
(a)
In the first, second, and third quarters of 2026, 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
Shareholders'
Equity
Balance at December 31, 2024
$2,662
$79
$(6,214)
$14,332
$(353)
$42
$10,548
Comprehensive income (loss):
Net income (loss)
—
—
—
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:
Net income
—
—
—
472
—
8
480
Other comprehensive income
—
—
—
—
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
Comprehensive income:
Net income
—
—
—
18
—
2
20
Other comprehensive income
—
—
—
—
2
—
2
Cash dividends ($0.17 per share)
—
—
—
(144)
—
—
(144)
Stock repurchase program
—
—
(252)
—
—
—
(252)
Stock plans (a)
(2)
43
33
—
—
—
74
Other
—
—
—
—
—
(1)
(1)
Balance at September 30, 2025
$2,659
$74
$(6,766)
$14,590
$(354)
$43
$10,246
(a)
In the first, second, and third quarters 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.
Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased
7.3 million shares of our common stock under the program during the three months ended September 30, 2026 for $252 million.
Approximately $1.5 billion remained authorized for repurchases under the program as of September 30, 2026. From the
inception of this program in February of 2006 through September 30, 2026, we repurchased 342 million shares of our common
stock for a total cost of approximately $12.6 billion. We repurchased 11.3 million shares of our common stock under the
program during the three months ended September 30, 2025 for approximately $252 million.
Accumulated other comprehensive loss consisted of the following:
September 30,
December 31,
Millions of dollars
2026
2025
Cumulative translation adjustments
$(83)
$(81)
Defined benefit and other postretirement liability adjustments
(223)
(245)
Other
(36)
(37)
Total accumulated other comprehensive loss
$(342)
$(363)