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Share-Based Compensation and Other Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Value of Stock Option Weighted-Average Assumptions | The weighted-average estimated fair value of employee stock options granted during 2024, 2023 and 2022 was $92.20, $73.04 and $67.18, respectively, using the following weighted-average assumptions:
| 2024 |  | 2023 |  | 2022
Expected volatility | 21.4 | % |  | 24.4 | % |  | 29.2 | %
Risk-free interest rate | 4.3 | % |  | 4.2 | % |  | 2.5 | %
Dividend yield | 1.4 | % |  | 1.6 | % |  | 1.9 | %
Expected life (years) | 5.9 |  | 5.9 |  | 6.6
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs | The following assumptions were used for the calculations.
| 2024 |  | 2023 |  | 2022
| Performance Options |  | Performance Options |  | Performance Options
Expected volatility of common stock | 21.7 | % |  | 25.1 | % |  | 29.7 | %
Expected volatility of the S&P 500 | 30.5 | % |  | 33.3 | % |  | 39.2 | %
Risk-free interest rate | 4.3 | % |  | 4.1 | % |  | 2.0 | %
Dividend yield | 1.4 | % |  | 1.7 | % |  | 2.0 | %
Expected life (years) | 6.5 |  | 6.5 |  | 6.5
| 2024 |  | 2023 |  | 2022
| Market Stock Unit |  | Market Stock Unit |  | Market Stock Units
Expected volatility of common stock | 21.7 | % |  | 25.1 | % |  | 29.7 | %
Risk-free interest rate | 4.4 | % |  | 4.5 | % |  | 1.9 | %
Dividend yield | 1.3 | % |  | 1.5 | % |  | 1.6 | %
| 2024 |  |  | 2023 | 2022
| Performance Stock Units |  |  | Performance Stock Units | Performance Stock Units
Expected volatility of common stock | 21.7 | % |  |  | 25.1 | % | 29.7 | %
Expected volatility of the S&P 500 | 30.8 | % |  |  | 33.3 | % | 39.2 | %
Risk-free interest rate | 4.3 | % |  |  | 4.6 | % | 1.8 | %
Dividend yield | 1.1 | % |  |  | 1.4 | % | 1.6 | %
Stock Options Outstanding and Exercisable | The following table summarizes information about the total stock options outstanding and exercisable under all stock option plans, at December 31, 2024 (in thousands, except exercise price and years):
| Options Outstanding |  | Options Exercisable
Exercise price range | No. of options |  | Wtd. avg. Exercise Price |  | Wtd. avg. contractual life (in yrs.) |  | No. of options |  | Wtd. avg. Exercise Price |  | Wtd. avg. contractual life (in yrs.)
$1-$100 | 713 |  |  | $ | 77 |  |  | 2 |  | 713 |  |  | $ | 77 |  |  | 2
$101-$200 | 866 |  |  | 148 |  |  | 5 |  | 866 |  |  | 148 |  |  | 5
$201-$300 | 430 |  |  | 244 |  |  | 8 |  | 90 |  |  | 239 |  |  | 7
$301-$400 | 200 |  |  | 342 |  |  | 9 |  | 5 |  |  | 334 |  |  | 9
$401 and over | 13 |  |  | 482 |  |  | 9 |  | — |  |  | — |  |  | 8
| 2,222 |  |  |  |  |  |  | 1,674 |  |  |  |  |
Schedule of Share-based Compensation, Activity | Total share-based compensation activity was as follows (in thousands, except exercise price):
| Stock Options |  | Restricted Stock Units |  | Restricted Stock
| No. of Options Outstanding |  | Wtd. Avg. Exercise Price of Shares |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value
Balance as of January 1, 2024 | 566 |  |  | $ | 191 |  |  | 1,342 |  |  | $ | 224 |  |  | 85 |  |  | $ | 244 |
Granted | 106 |  |  | 360 |  |  | 582 |  |  | 340 |  |  | 65 |  |  | 397 |
Releases/Exercised | (175) |  |  | 175 |  |  | (601) |  |  | 225 |  |  | (85) |  |  | 244 |
Forfeited/Canceled | (6) |  |  | 314 |  |  | (48) |  |  | 268 |  |  | — |  |  | — |
Balance as of December 31, 2024 | 491 |  |  | $ | 230 |  |  | 1,275 |  |  | $ | 275 |  |  | 65 |  |  | $ | 397 |
Awards exercisable | 275 |  |  | 174 |  |  | — |  |  | — |  |  | — |  |  | — |
| Performance Options |  | Market Stock Units |  | Performance Stock Units
| No. of Options Outstanding |  | Wtd. Avg. Exercise Price of Shares |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value
Balance as of January 1, 2024 | 1,798 |  |  | $ | 122 |  |  | 89 |  |  | $ | 254 |  |  | 213 |  |  | $ | 264 |
Granted | 104 |  |  | 343 |  |  | 37 |  |  | 397 |  |  | 132 |  |  | 514 |
Releases/Exercised | (316) |  |  | 101 |  |  | (69) |  |  | 230 |  |  | (147) |  |  | 335 |
Adjustment for payout factor | 147 |  |  | 179 |  |  | 23 |  |  | 179 |  |  | 74 |  |  | 321 |
Forfeited/Canceled | (2) |  |  | 179 |  |  | (1) |  |  | 185 |  |  | (8) |  |  | 316 |
Balance as of December 31, 2024 | 1,731 |  |  | $ | 144 |  |  | 79 |  |  | $ | 331 |  |  | 264 |  |  | $ | 407 |
Awards exercisable | 1,399 |  |  | 113 |  |  | — |  |  | — |  |  | — |  |  | — |
Schedule of Compensation Expense | Compensation expense for the Company’s share-based compensation plans was as follows:
Years ended December 31 | 2024 |  | 2023 |  | 2022
Share-based compensation expense included in: |  |  |  |  |
Costs of sales | $ | 48 |  |  | $ | 40 |  |  | $ | 28 |
Selling, general and administrative expenses | 132 |  |  | 116 |  |  | 98 |
Research and development expenditures | 63 |  |  | 56 |  |  | 46 |
Share-based compensation expense included in Operating earnings | 243 |  |  | 212 |  |  | 172 |
Tax benefit | 51 |  |  | 43 |  |  | 34 |
Share-based compensation expense, net of tax | $ | 192 |  |  | $ | 169 |  |  | $ | 138 |
Decrease in basic earnings per share | $ | (1.15) |  |  | $ | (1.01) |  |  | $ | (0.82) |
Decrease in diluted earnings per share | $ | (1.12) |  |  | $ | (0.98) |  |  | $ | (0.80) |

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