Share-Based Compensation Plans (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Share-Based Compensation Expense Tax Benefit |
Total share-based compensation expense recognized in income and the associated income tax benefit for the years ended December 31 were: | | | | | | | | | | | | | | | | | | | | Millions of Dollars | | | 2025 | | 2024 | | 2023 | | | | | | | | Restricted stock units | $ | 115 | | | 121 | | | 130 | | | Performance share units | 100 | | | 83 | | | 139 | | | Stock options | 2 | | | 4 | | | 19 | | | Other | 3 | | | 2 | | | 9 | | | Total share-based compensation expense | $ | 220 | | | 210 | | | 297 | | | | | | | | | Income tax benefit | $ | (65) | | | (84) | | | (87) | |
|
| Schedule of Stock Unit Activity |
The following table summarizes our RSU activity from January 1, 2025, to December 31, 2025:
| | | | | | | | | | | | | | | | | Stock Units | | Weighted-Average
Grant-Date
Fair Value | | | | | | Outstanding at January 1, 2025 | 2,861,407 | | | $ | 109.20 | | | Granted | 995,345 | | | 128.09 | | | Forfeited | (82,589) | | | 126.84 | | | Issued | (1,508,654) | | | 97.98 | | | Outstanding at December 31, 2025 | 2,265,509 | | | $ | 124.34 | | | | | | | Not Vested at December 31, 2025 | 1,619,525 | | | $ | 124.22 | |
|
| Schedule of Performance Share Program Activity |
The following table summarizes our PSU activity from January 1, 2025, to December 31, 2025:
| | | | | | | | | | | | | Performance
Share Units | | Weighted-Average
Grant-Date
Fair Value | | | | | | Outstanding at January 1, 2025 | 432,093 | | | $ | 37.75 | | | Granted | 883,094 | | | 119.96 | | | Forfeited | — | | | — | | | Issued | (102,290) | | | 36.74 | | | Cash settled | (883,094) | | | 119.96 | | | Outstanding at December 31, 2025 | 329,803 | | | $ | 38.06 | |
|
| Schedule of Stock Option Activity |
The following table summarizes our stock option activity from January 1, 2025, to December 31, 2025:
| | | | | | | | | | | | | Options | | Weighted-Average
Exercise Price | | | | | | Outstanding at January 1, 2025 | 4,056,466 | | | $ | 89.32 | | | Granted | — | | | — | | | Forfeited | (3,301) | | | 97.80 | | | Exercised | (1,221,431) | | | 87.40 | | | | | | | Outstanding at December 31, 2025 | 2,831,734 | | | $ | 90.11 | | | | | | | Vested at December 31, 2025 | 2,769,822 | | | $ | 89.89 | | | | | | | Exercisable at December 31, 2025 | 2,582,241 | | | $ | 89.12 | |
|
| Schedule of Fair Value Assumptions |
The following table provides the significant assumptions used to calculate the grant-date fair values of options granted in 2023, as calculated using the Black-Scholes-Merton option-pricing model: | | | | | | | | | | | | | | | 2023 | | | | | | | Risk-free interest rate | | | | 3.84 | | | Dividend yield | | | | 3.80 | | | Volatility factor | | | | 35.19 | | | Expected life (years) | | | | 6.78 | No options were granted in 2025 or 2024. | | | | |
|