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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2024
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, 2024 and June 30, 2023, 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, 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 | — |  | — |  | (250) |  | — |  | — |  | — |  | (250) |
Stock plans (a) | 1 |  | — |  | 151 |  | (96) |  | — |  | — |  | 56 |
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, which resulted in a reduction of retained earnings by $3 million and $96 million. Future 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, 2022 | $ | 2,664 |  | $ | 50 |  | $ | (5,108) |  | $ | 10,572 |  | $ | (230) |  | $ | 29 |  | $ | 7,977 |
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — |  | — |  | — |  | 651 |  | — |  | 4 |  | 655 |
Other comprehensive income | — |  | — |  | — |  | — |  | 1 |  | — |  | 1 |
Cash dividends ($0.16 per share) | — |  | — |  | — |  | (145) |  | — |  | — |  | (145) |
Stock repurchase program | — |  | — |  | (100) |  | — |  | — |  | — |  | (100) |
Stock plans (a) | — |  | (50) |  | 113 |  | (3) |  | — |  | — |  | 60 |
Other | — |  | — |  | — |  | — |  | — |  | (3) |  | (3) |
Balance at March 31, 2023 | $ | 2,664 |  | $ | — |  | $ | (5,095) |  | $ | 11,075 |  | $ | (229) |  | $ | 30 |  | $ | 8,445 |
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — |  | — |  | — |  | 610 |  | — |  | 6 |  | 616 |
Other comprehensive income | — |  | — |  | — |  | — |  | 1 |  | — |  | 1 |
Cash dividends ($0.16 per share) | — |  | — |  | — |  | (144) |  | — |  | — |  | (144) |
Stock repurchase program | — |  | — |  | (250) |  | — |  | — |  | — |  | (250) |
Stock plans (a) | (1) |  | — |  | 144 |  | (82) |  | — |  | — |  | 61 |
Other | — |  | — |  | — |  | — |  | — |  | (2) |  | (2) |
Balance at June 30, 2023 | $ | 2,663 |  | $ | — |  | $ | (5,201) |  | $ | 11,459 |  | $ | (228) |  | $ | 34 |  | $ | 8,727 |
(a) | In the first quarter and second quarter of 2023, 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, which resulted in a reduction of retained earnings by $3 million and $82 million, respectively. 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 6.9 million shares of our common stock under the program during the three months ended June 30, 2024 for approximately $250 million. Approximately $3.6 billion remained authorized for repurchases under the program as of June 30, 2024. From the inception of this program in February of 2006 through June 30, 2024, we repurchased approximately 267 million shares of our common stock for a total cost of approximately $10.6 billion. We repurchased 8.1 million shares of our common stock under the program during the three months ended June 30, 2023 for approximately $250 million. Accumulated other comprehensive loss consisted of the following:
Millions of dollars | June 30, 2024 | December 31, 2023
Cumulative translation adjustments | $ | (83) |  | $ | (84) |
Defined benefit and other postretirement liability adjustments | (210) |  | (207) |
Other | (39) |  | (40) |
Total accumulated other comprehensive loss | $ | (332) |  | $ | (331) |

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