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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2022
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Shareholders’ Equity The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2022 and June 30, 2021, 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, 2021 | $ | 2,665 |  | $ | 32 |  | $ | (5,511) |  | $ | 9,710 |  | $ | (183) |  | $ | 15 |  | $ | 6,728 |
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — |  | — |  | — |  | 263 |  | — |  | 1 |  | 264 |
Other comprehensive income | — |  | — |  | — |  | — |  | 5 |  | — |  | 5 |
Cash dividends ($0.12 per share) | — |  | — |  | — |  | (108) |  | — |  | — |  | (108) |
Stock plans (a) | — |  | (32) |  | 261 |  | (85) |  | — |  | — |  | 144 |
Balance at March 31, 2022 | $ | 2,665 |  | $ | — |  | $ | (5,250) |  | $ | 9,780 |  | $ | (178) |  | $ | 16 |  | $ | 7,033 |
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — |  | — |  | — |  | 109 |  | — |  | 8 |  | 117 |
Other comprehensive loss | — |  | — |  | — |  | — |  | (1) |  | — |  | (1) |
Cash dividends ($0.12 per share) | — |  | — |  | — |  | (109) |  | — |  | — |  | (109) |
Stock plans | — |  | — |  | 277 |  | (163) |  | — |  | — |  | 114 |
Other | — |  | — |  | — |  | — |  | — |  | (6) |  | (6) |
Balance at June 30, 2022 | $ | 2,665 |  | $ | — |  | $ | (4,973) |  | $ | 9,617 |  | $ | (179) |  | $ | 18 |  | $ | 7,148 |
(a) | In the first and second quarter of 2022, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $85 million and $163 million, respectively. Additional issuances from treasury shares could similarly impact additional paid in capital and retained earnings.
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, 2020 |  | $ | 2,666 |  | $ | — |  | $ | (6,021) |  | $ | 8,691 |  | $ | (362) |  | $ | 9 |  | $ | 4,983 |
Comprehensive income (loss): |  |  |  |  |  |  |  |
Net income |  | — |  | — |  | — |  | 170 |  | — |  | 1 |  | 171 |
Cash dividends ($0.045 per share) |  | — |  | — |  | — |  | (40) |  | — |  | — |  | (40) |
Stock plans (a) |  | — |  | 34 |  | 144 |  | (112) |  | — |  | — |  | 66 |
Other |  | — |  | — |  | — |  | — |  | — |  | (1) |  | (1) |
Balance at March 31, 2021 |  | $ | 2,666 |  | $ | 34 |  | $ | (5,877) |  | $ | 8,709 |  | $ | (362) |  | $ | 9 |  | $ | 5,179 |
Comprehensive income (loss): |  |  |  |  |  |  |  |
Net income |  | — |  | — |  | — |  | 227 |  | — |  | 3 |  | 230 |
Other comprehensive income |  | — |  | — |  | — |  | — |  | 2 |  | — |  | 2 |
Cash dividends ($0.045 per share) |  | — |  | — |  | — |  | (40) |  | — |  | — |  | (40) |
Stock plans |  | — |  | (8) |  | 69 |  | — |  | — |  | — |  | 61 |
Other |  | — |  | — |  | — |  | — |  | — |  | (3) |  | (3) |
Balance at June 30, 2021 |  | $ | 2,666 |  | $ | 26 |  | $ | (5,808) |  | $ | 8,896 |  | $ | (360) |  | $ | 9 |  | $ | 5,429 |
(a) | In January of 2021, we issued common stock from treasury shares for stock options exercised, restricted stock grants, and our employee stock purchase plan. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $112 million. Additional 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. There were no repurchases made under the program during the three and six months ended June 30, 2022. Approximately $5.1 billion remained authorized for repurchases as of June 30, 2022. From the inception of this program in February of 2006 through June 30, 2022, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion. Accumulated other comprehensive loss consisted of the following:
Millions of dollars | June 30, 2022 | December 31, 2021
Cumulative translation adjustments | $ | (85) |  | $ | (85) |
Defined benefit and other postretirement liability adjustments | (48) |  | (47) |
Other | (46) |  | (51) |
Total accumulated other comprehensive loss | $ | (179) |  | $ | (183) |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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