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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2025
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, 2025 and June 30, 2024, 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, 2024 | $2,662 | $79 | $(6,214) | $14,332 | $(353) | $42 | $10,548
Comprehensive income (loss): |  |  |  |  |  |  |
Net income | — | — | — | 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 (loss): |  |  |  |  |  |  |
Net income | — | — | — | 472 | — | 8 | 480
Other comprehensive income (loss) | — | — | — | — | 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
(a) | In the first quarter and second quarter 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.
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 | — | — | (251) | — | — | — | (251)
Stock plans (a) | 1 | — | 152 | (96) | — | — | 57
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 in each quarter, which resulted in a reduction of retained earnings by $3 million in the first quarter of 2024 and $96 million in the second quarter of 2024. 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 12 million shares of our common stock under the program during the three months ended June 30, 2025 for $252 million. Approximately $2.5 billion remained authorized for repurchases under the program as of June 30, 2025. From the inception of this program in February of 2006 through June 30, 2025, we repurchased 305 million shares of our common stock for a total cost of approximately $11.6 billion. We repurchased 6.9 million shares of our common stock under the program during the three months ended June 30, 2024 for approximately $251 million. Accumulated other comprehensive loss consisted of the following:
| June 30, | December 31,
Millions of dollars | 2025 | 2024
Cumulative translation adjustments | $(81) | $(82)
Defined benefit and other postretirement liability adjustments | (238) | (234)
Other | (37) | (37)
Total accumulated other comprehensive loss | $(356) | $(353)

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