Shareholders' Equity

9 Months Ended

Sep. 30, 2020

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

The following tables summarize our shareholders’ equity activity for the three and nine months ended September 30, 2020 and September 30, 2019, 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, 2019	$	2,669	$	143	$	(6,427)	$	11,989	$	(362)	$	13	$	8,025
Comprehensive income (loss):
Net income (loss)	—		—		—		(1,017)		—		2		(1,015)
Other comprehensive income	—		—		—		—		11		—		11
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	—		(33)		115		—		—		—		82
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2020	$	2,669	$	110	$	(6,412)	$	10,814	$	(351)	$	13	$	6,843
Comprehensive income (loss):
Net loss	—		—		—		(1,676)		—		(5)		(1,681)
Other comprehensive income	—		—		—		—		9		—		9
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans	(3)		15		54		—		—		—		66
Other	—		—		—		—		—		(1)		(1)
Balance at June 30, 2020	$	2,666	$	125	$	(6,358)	$	9,098	$	(342)	$	7	$	5,196
Comprehensive income (loss):
Net loss	—		—		—		(17)		—		(2)		(19)
Other comprehensive income	—		—		—		—		2		—		2
Cash dividends ($0.045 per share)	—		—		—		(40)		—		—		(40)
Stock plans	—		(102)		222		—		—		—		120
Other	—		—		—		(54)		—		(2)		(56)
Balance at September 30, 2020	$	2,666	$	23	$	(6,136)	$	8,987	$	(340)	$	3	$	5,203

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, 2018	$	2,671	$	211	$	(6,744)	$	13,739	$	(355)	$	22	$	9,544
Comprehensive income (loss):
Net income	—		—		—		152		—		—		152
Other comprehensive income	—		—		—		—		1		—		1
Cash dividends ($0.18 per share)	—		—		—		(157)		—		—		(157)
Stock plans	—		13		74		—		—		—		87
Other	—		—		—		—		—		(2)		(2)
Balance at March 31, 2019	$	2,671	$	224	$	(6,670)	$	13,734	$	(354)	$	20	$	9,625
Comprehensive income (loss):
Net income	—		—		—		75		—		2		77
Other comprehensive income	—		—		—		—		1		—		1
Cash dividends ($0.18 per share)	—		—		—		(157)		—		—		(157)
Stock repurchase program	—		—		(100)		—		—		—		(100)
Stock plans	(1)		(166)		250		—		—		—		83
Other	—		—		—		—		1		(6)		(5)
Balance at June 30, 2019	$	2,670	$	58	$	(6,520)	$	13,652	$	(352)	$	16	$	9,524
Comprehensive income (loss):
Net income	—		—		—		295		—		1		296
Other comprehensive income	—		—		—		—		—		—		—
Cash dividends ($0.18 per share)	—		—		—		(158)		—		—		(158)
Stock plans	—		50		40		—		—		—		90
Other	—		—		—		11		(1)		—		10
Balance at September 30, 2019	$	2,670	$	108	$	(6,480)	$	13,800	$	(353)	$	17	$	9,762

Our Board of Directors has authorized a program to repurchase our common stock from time to time. During the nine months ended September 30, 2020, under that program we repurchased approximately 7.4 million shares of our common stock for a total cost of $100 million, all of which were purchased in the first quarter of 2020. Approximately $5.1 billion remained authorized for repurchases as of September 30, 2020. From the inception of this program in February 2006 through September 30, 2020, we repurchased approximately 224 million shares of our common stock for a total cost of approximately $9.0 billion.

In the month of July 2020, we issued common stock from treasury shares under our employee stock purchase plan awards and for restricted stock grants. As a result, additional paid in capital was reduced below zero, which resulted in a reduction of retained earnings by $54 million. Additional issuances from treasury shares will similarly impact additional paid in capital and retained earnings.

Accumulated other comprehensive loss consisted of the following:

Millions of dollars	September 30, 2020		December 31, 2019
Defined benefit and other postretirement liability adjustments	$	(203)	$	(214)
Cumulative translation adjustments	(84)		(82)
Other	(53)		(66)
Total accumulated other comprehensive loss	$	(340)	$	(362)