| Summary of shareholders' equity activity |
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The following tables summarize our shareholders’ equity activity for the three months ended March 31, 2024 and March 31, 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (a) | In the first 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. 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (a) | In the first 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. Future issuances from treasury shares could similarly impact additional paid in capital and retained earnings. |
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