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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity The Company has authorized one billion shares of common stock and 500,000 shares of preferred stock, each with zero par value. No preferred stock has been issued. At December 31, 2024 and 2023, the Company had approximately 237.6 million shares and 202.5 million shares, respectively, of its common shares in treasury. Treasury stock of $4.8 billion and $4.9 billion at December 31, 2024 and 2023, respectively, is recorded at cost as a reduction of common stock, and treasury stock of $2.3 billion and $2.7 billion at December 31, 2024 and 2023, respectively, is recorded at cost as a reduction of reinvested earnings. The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2024, 2023, and 2022 (in millions).
| Foreign Currency Translation Adjustments |  | Deferred Gain (Loss) on Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021 | $ | (2,248) |  |  | $ | 225 |  |  | $ | (147) |  |  | $ | (2) |  |  | $ | (2,172) |
Other comprehensive income (loss) before reclassifications | (609) |  |  | 268 |  |  | 117 |  |  | (12) |  |  | (236) |
Gain (loss) from net investment hedges | 328 |  |  | — |  |  | — |  |  | — |  |  | 328 |
Amounts reclassified from AOCI | — |  |  | (352) |  |  | 23 |  |  | — |  |  | (329) |
Tax effect | (93) |  |  | 7 |  |  | (15) |  |  | 1 |  |  | (100) |
Net of tax amount | (374) |  |  | (77) |  |  | 125 |  |  | (11) |  |  | (337) |
Balance at December 31, 2022 | (2,622) |  |  | 148 |  |  | (22) |  |  | (13) |  |  | (2,509) |
Other comprehensive income (loss) before reclassifications | 204 |  |  | 337 |  |  | (46) |  |  | 16 |  |  | 511 |
Gain (loss) on net investment hedges | (153) |  |  | — |  |  | — |  |  | — |  |  | (153) |
Amounts reclassified from AOCI | — |  |  | (322) |  |  | (42) |  |  | — |  |  | (364) |
Tax effect | 32 |  |  | (5) |  |  | 2 |  |  | (1) |  |  | 28 |
Net of tax amount | 83 |  |  | 10 |  |  | (86) |  |  | 15 |  |  | 22 |
Balance at December 31, 2023 | (2,539) |  |  | 158 |  |  | (108) |  |  | 2 |  |  | (2,487) |
Other comprehensive income (loss) before reclassifications | (607) |  |  | (118) |  |  | (27) |  |  | (16) |  |  | (768) |
Gain (loss) on net investment hedges | 192 |  |  |  |  | — |  |  | — |  |  | 192 |
Amounts reclassified from AOCI | — |  |  | 77 |  |  | 42 |  |  | — |  |  | 119 |
Tax effect | (45) |  |  | 9 |  |  | (7) |  |  | (1) |  |  | (44) |
Net of tax amount | (460) |  |  | (32) |  |  | 8 |  |  | (17) |  |  | (501) |
Balance at December 31, 2024 | $ | (2,999) |  |  | $ | 126 |  |  | $ | (100) |  |  | $ | (15) |  |  | $ | (2,988) |
| Amounts reclassified from AOCI Year Ended December 31, | Affected line item in the Consolidated Statements of
Details about AOCI components | 2024 | 2023 | 2022 | Earnings
Deferred loss (gain) on hedging activities |  |  |  |
| $ | — |  | $ | — |  | $ | (1) |  | Revenues
| 77 |  | (322) |  | (351) |  | Cost of products sold
| 77 |  | (322) |  | (352) |  | Earnings before income taxes
| (20) |  | 77 |  | 62 |  | Income tax expense
| $ | 57 |  | $ | (245) |  | $ | (290) |  | Net earnings

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