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Share-Based Compensation and Other Incentive Plans (Tables)
 12 Months Ended
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:
202420232022
Expected volatility21.4 %24.4 %29.2 %
Risk-free interest rate4.3 %4.2 %2.5 %
Dividend yield1.4 %1.6 %1.9 %
Expected life (years)5.95.96.6
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs The following assumptions were used for the calculations.
202420232022
Performance OptionsPerformance OptionsPerformance Options
Expected volatility of common stock21.7 %25.1 %29.7 %
Expected volatility of the S&P 50030.5 %33.3 %39.2 %
Risk-free interest rate4.3 %4.1 %2.0 %
Dividend yield1.4 %1.7 %2.0 %
Expected life (years)6.56.56.5
202420232022
Market Stock UnitMarket Stock UnitMarket Stock Units
Expected volatility of common stock21.7 %25.1 %29.7 %
Risk-free interest rate4.4 %4.5 %1.9 %
Dividend yield1.3 %1.5 %1.6 %
202420232022
Performance Stock UnitsPerformance Stock UnitsPerformance Stock Units
Expected volatility of common stock21.7 %25.1 %29.7 %
Expected volatility of the S&P 50030.8 %33.3 %39.2 %
Risk-free interest rate4.3 %4.6 %1.8 %
Dividend yield1.1 %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 OutstandingOptions Exercisable
Exercise price rangeNo. 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 2713 $77 2
$101-$200
866 148 5866 148 5
$201-$300
430 244 890 239 7
$301-$400
200 342 95 334 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 OptionsRestricted Stock UnitsRestricted Stock
No. of Options OutstandingWtd. Avg. Exercise Price of SharesNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair ValueNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair Value
Balance as of January 1, 2024566 $191 1,342 $224 85 $244 
Granted106 360 582 340 65 397 
Releases/Exercised(175)175 (601)225 (85)244 
Forfeited/Canceled(6)314 (48)268 — — 
Balance as of December 31, 2024491 $230 1,275 $275 65 $397 
Awards exercisable275 174 — — — — 
 Performance OptionsMarket Stock UnitsPerformance Stock Units
No. of Options OutstandingWtd. Avg. Exercise Price of SharesNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair ValueNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair Value
Balance as of January 1, 20241,798 $122 89 $254 213 $264 
Granted104 343 37 397 132 514 
Releases/Exercised(316)101 (69)230 (147)335 
Adjustment for payout factor147 179 23 179 74 321 
Forfeited/Canceled(2)179 (1)185 (8)316 
Balance as of December 31, 20241,731 $144 79 $331 264 $407 
Awards exercisable1,399 113 — — — — 
Schedule of Compensation Expense
Compensation expense for the Company’s share-based compensation plans was as follows: 
Years ended December 31202420232022
Share-based compensation expense included in:
Costs of sales$48 $40 $28 
Selling, general and administrative expenses132 116 98 
Research and development expenditures63 56 46 
Share-based compensation expense included in Operating earnings243 212 172 
Tax benefit51 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)