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Stockholders' Equity and Stock-Based Compensation | 9 Months Ended
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Sep. 26, 2025
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity and Stock-Based Compensation | STOCKHOLDERS' EQUITY AND STOCK-BASED COMPENSATION Stockholders’ Equity The Company’s Board of Directors has approved the following programs to repurchase shares of the Company’s common stock:
Name of program |  | Date of Board of Director approval |  | Number of shares of Company common stock approved for repurchase |  | Number of shares remaining available for repurchase as of September 26, 2025
2013 Repurchase Program |  | July 16, 2013 |  | 20,000,000 |  |  | — |
2024 Repurchase Program |  | July 22, 2024 |  | 20,000,000 |  |  | 2,000,000 |
2025 Repurchase Program |  | September 9, 2025 |  | 35,000,000 |  |  | 35,000,000 |
In each case, the approved program authorized or authorizes the repurchase of up to the specified number of shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions. None of the repurchase programs were or are subject to an expiration date, and the timing and amount of any shares repurchased in the future will be determined by members of the Company’s management based on its evaluation of market conditions and other factors. Any repurchase program with remaining availability may be suspended or discontinued at any time. Repurchased shares are and will be available for use in connection with the Company’s equity compensation plans (or any successor plans) and for other corporate purposes. During the three and nine-month periods ended September 27, 2024, the Company repurchased approximately 2.6 million and 20.0 million shares, respectively, of the Company’s common stock for $646 million and approximately $5.2 billion, respectively, inclusive of excise taxes as part of the 2013 Repurchase Program. Included within the shares repurchased under the 2013 Repurchase Program in the three and nine-month periods ended September 27, 2024 is the repurchase of $173 million of shares from the Danaher Corporation & Subsidiaries Pension Plan, a related party, at fair market value at the time of the purchase. During the nine-month period ended September 26, 2025, the Company paid $56 million in excise taxes related to the 2024 share repurchases. Cash paid for excise taxes on share repurchases is included in all other financing activities in the accompanying Consolidated Condensed Statement of Cash Flows. During the three and nine-month periods ended September 26, 2025, the Company repurchased 10.0 million and approximately 14.5 million shares, respectively, of the Company’s common stock for approximately $2.0 billion and $3.1 billion, respectively, (which includes $20 million and $24 million, respectively, of excise taxes which will be paid in 2026) as part of the 2024 Repurchase Program. The following table summarizes the Company’s share activity (shares in millions):
| Three-Month Period Ended |  | Nine-Month Period Ended
| September 26, 2025 |  | September 27, 2024 |  | September 26, 2025 |  | September 27, 2024
Common stock - shares issued: |  |  |  |  |  |  |
Balance, beginning of period | 885.9 |  |  | 883.2 |  |  | 884.3 |  |  | 880.5 |
Common stock-based compensation awards | 0.4 |  |  | 0.7 |  |  | 2.0 |  |  | 3.4 |
Balance, end of period | 886.3 |  |  | 883.9 |  |  | 886.3 |  |  | 883.9 |
Stock-Based Compensation For a full description of the Company’s stock-based compensation programs, refer to Note 18 of the Company’s financial statements as of and for the year ended December 31, 2024 included in the Company’s 2024 Annual Report. As of September 26, 2025, approximately 43 million shares of the Company’s common stock were reserved for issuance under the 2007 Omnibus Incentive Plan. The following summarizes the components of the Company’s stock-based compensation expense ($ in millions):
| Three-Month Period Ended |  | Nine-Month Period Ended
| September 26, 2025 |  | September 27, 2024 |  | September 26, 2025 |  | September 27, 2024
RSUs/PSUs: |  |  |  |  |  |  |
Pretax compensation expense | $ | 49 |  |  | $ | 49 |  |  | $ | 137 |  |  | $ | 127 |
Income tax benefit | (10) |  |  | (11) |  |  | (28) |  |  | (27) |
RSU/PSU expense, net of income taxes | 39 |  |  | 38 |  |  | 109 |  |  | 100 |
Stock options: |  |  |  |  |  |  |
Pretax compensation expense | 34 |  |  | 35 |  |  | 98 |  |  | 104 |
Income tax benefit | (7) |  |  | (7) |  |  | (20) |  |  | (21) |
Stock option expense, net of income taxes | 27 |  |  | 28 |  |  | 78 |  |  | 83 |
Total stock-based compensation: |  |  |  |  |  |  |
Pretax compensation expense | 83 |  |  | 84 |  |  | 235 |  |  | 231 |
Income tax benefit | (17) |  |  | (18) |  |  | (48) |  |  | (48) |
Total stock-based compensation expense, net of income taxes | $ | 66 |  |  | $ | 66 |  |  | $ | 187 |  |  | $ | 183 |
Stock-based compensation has been recognized as a component of SG&A expenses in the accompanying Consolidated Condensed Statements of Earnings. As of September 26, 2025, $190 million of total unrecognized compensation cost related to RSUs/PSUs is expected to be recognized over a weighted average period of approximately two years. As of September 26, 2025, $167 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of approximately two years. Future compensation amounts will be adjusted for any changes in estimated forfeitures. Accumulated Other Comprehensive Income Accumulated OCI refers to certain gains and losses that under U.S. GAAP are included in comprehensive income (loss) but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders’ equity. Foreign currency translation adjustments generally relate to indefinite investments in non-U.S. subsidiaries, as well as the impact from the Company’s hedges of its net investment in foreign operations, including the Company’s cross-currency swap derivatives, net of any income tax impacts. The changes in accumulated OCI by component are summarized below ($ in millions).
| Foreign Currency Translation Adjustments |  | Pension and Postretirement Plan Benefit Adjustments |  |  |  | Cash Flow Hedge Adjustments |  | Accumulated Comprehensive Income (Loss)
For the Three-Month Period Ended September 26, 2025: |  |  |  |  |  |  |  |  |
Balance, June 27, 2025 | $ | (427) |  |  | $ | (297) |  |  |  |  | $ | 155 |  |  | $ | (569) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | (65) |  |  | — |  |  |  |  | 49 |  |  | (16) |
Income tax impact | (6) |  |  | — |  |  |  |  | — |  |  | (6) |
OCI before reclassifications, net of income taxes | (71) |  |  | — |  |  |  |  | 49 |  |  | (22) |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 2 |  | (a) |  |  | — |  | (b) | 2 |
Income tax impact | — |  |  | — |  |  |  |  | (1) |  |  | (1) |
Reclassification adjustments, net of income taxes | — |  |  | 2 |  |  |  |  | (1) |  |  | 1 |
Net OCI, net of income taxes | (71) |  |  | 2 |  |  |  |  | 48 |  |  | (21) |
Balance, September 26, 2025 | $ | (498) |  |  | $ | (295) |  |  |  |  | $ | 203 |  |  | $ | (590) |
For the Three-Month Period Ended September 27, 2024: |  |  |  |  |  |  |  |  |
Balance, June 28, 2024 | $ | (2,273) |  |  | $ | (397) |  |  |  |  | $ | 79 |  |  | $ | (2,591) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 1,193 |  |  | — |  |  |  |  | (77) |  |  | 1,116 |
Income tax impact | 23 |  |  | — |  |  |  |  | — |  |  | 23 |
OCI before reclassifications, net of income taxes | 1,216 |  |  | — |  |  |  |  | (77) |  |  | 1,139 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 3 |  | (a) |  |  | 140 |  | (b) | 143 |
Income tax impact | — |  |  | (1) |  |  |  |  | — |  |  | (1) |
Reclassification adjustments, net of income taxes | — |  |  | 2 |  |  |  |  | 140 |  |  | 142 |
Net OCI, net of income taxes | 1,216 |  |  | 2 |  |  |  |  | 63 |  |  | 1,281 |
Balance, September 27, 2024 | $ | (1,057) |  |  | $ | (395) |  |  |  |  | $ | 142 |  |  | $ | (1,310) |
| Foreign Currency Translation Adjustments |  | Pension and Postretirement Plan Benefit Adjustments |  |  |  | Cash Flow Hedge Adjustments |  | Accumulated Comprehensive Income (Loss)
For the Nine-Month Period Ended September 26, 2025: |  |  |  |  |  |  |  |  |
Balance, December 31, 2024 | $ | (2,904) |  |  | $ | (300) |  |  |  |  | $ | (14) |  |  | $ | (3,218) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 2,350 |  |  | — |  |  |  |  | (112) |  |  | 2,238 |
Income tax impact | 56 |  |  | — |  |  |  |  | — |  |  | 56 |
OCI before reclassifications, net of income taxes | 2,406 |  |  | — |  |  |  |  | (112) |  |  | 2,294 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 6 |  | (a) |  |  | 330 |  | (b) | 336 |
Income tax impact | — |  |  | (1) |  |  |  |  | (1) |  |  | (2) |
Reclassification adjustments, net of income taxes | — |  |  | 5 |  |  |  |  | 329 |  |  | 334 |
Net OCI, net of income taxes | 2,406 |  |  | 5 |  |  |  |  | 217 |  |  | 2,628 |
Balance, September 26, 2025 | $ | (498) |  |  | $ | (295) |  |  |  |  | $ | 203 |  |  | $ | (590) |
For the Nine-Month Period Ended September 27, 2024: |  |  |  |  |  |  |  |  |
Balance, December 31, 2023 | $ | (1,446) |  |  | $ | (401) |  |  |  |  | $ | 99 |  |  | $ | (1,748) |
OCI before reclassifications: |  |  |  |  |  |  |  |  |
Increase (decrease) | 391 |  |  | — |  |  |  |  | 1 |  |  | 392 |
Income tax impact | (2) |  |  | — |  |  |  |  | — |  |  | (2) |
OCI before reclassifications, net of income taxes | 389 |  |  | — |  |  |  |  | 1 |  |  | 390 |
Reclassification adjustments: |  |  |  |  |  |  |  |  |
Increase (decrease) | — |  |  | 8 |  | (a) |  |  | 43 |  | (b) | 51 |
Income tax impact | — |  |  | (2) |  |  |  |  | (1) |  |  | (3) |
Reclassification adjustments, net of income taxes | — |  |  | 6 |  |  |  |  | 42 |  |  | 48 |
Net OCI, net of income taxes | 389 |  |  | 6 |  |  |  |  | 43 |  |  | 438 |
Balance, September 27, 2024 | $ | (1,057) |  |  | $ | (395) |  |  |  |  | $ | 142 |  |  | $ | (1,310) |
(a) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost (refer to Note 7 for additional details). (b) Reflects reclassification to earnings related to cash flow hedges of certain long-term debt (refer to Note 11 for additional details).

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