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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2025
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. Treasury stock At June 30, 2025 and December 31, 2024, the Company had approximately 235.7 million shares and 237.6 million shares, respectively, of its common shares in treasury. Treasury stock is recorded at cost with $4.8 billion at each of June 30, 2025 and December 31, 2024 as a reduction of common stock, and $2.3 billion at each of June 30, 2025 and December 31, 2024 as a reduction of reinvested earnings. Repurchase Program On December 11, 2024, the Company's Board of Directors approved a second extension of its existing stock repurchase program through December 31, 2029 and the repurchase of up to an additional 100 million shares under the extended program. As of June 30, 2025, the Company had 115 million shares remaining under its share repurchase program until December 31, 2029. Accumulated Other Comprehensive Income The following tables set forth the changes in AOCI by component for the three and six months ended June 30, 2025 and 2024 (in millions).
| Three Months Ended June 30, 2025
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2025 | $ | (3,094) |  |  | $ | 120 |  |  | $ | (116) |  |  | $ | (18) |  |  | $ | (3,108) |
Other comprehensive income (loss) before reclassifications | 599 |  |  | (70) |  |  | 12 |  |  | (1) |  |  | 540 |
Gain (loss) on net investment hedges | (317) |  |  | — |  |  | — |  |  | — |  |  | (317) |
Amounts reclassified from AOCI | — |  |  | 11 |  |  | (4) |  |  | — |  |  | 7 |
Tax effect | 75 |  |  | 13 |  |  | (2) |  |  | — |  |  | 86 |
Net of tax amount | 357 |  |  | (46) |  |  | 6 |  |  | (1) |  |  | 316 |
Balance at June 30, 2025 | $ | (2,737) |  |  | $ | 74 |  |  | $ | (110) |  |  | $ | (19) |  |  | $ | (2,792) |
| Six Months Ended June 30, 2025
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025 | $ | (2,999) |  |  | $ | 126 |  |  | $ | (100) |  |  | $ | (15) |  |  | $ | (2,988) |
Other comprehensive income (loss) before reclassifications | 624 |  |  | (58) |  |  | (8) |  |  | (4) |  |  | 554 |
Gain (loss) on net investment hedges | (475) |  |  | — |  |  | — |  |  | — |  |  | (475) |
Amounts reclassified from AOCI | — |  |  | (6) |  |  | (6) |  |  | — |  |  | (12) |
Tax effect | 113 |  |  | 12 |  |  | 4 |  |  | — |  |  | 129 |
Net of tax amount | 262 |  |  | (52) |  |  | (10) |  |  | (4) |  |  | 196 |
Balance at June 30, 2025 | $ | (2,737) |  |  | $ | 74 |  |  | $ | (110) |  |  | $ | (19) |  |  | $ | (2,792) |
| Three Months Ended June 30, 2024
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2024 | $ | (2,552) |  |  | $ | 99 |  |  | $ | (111) |  |  | $ | (6) |  |  | $ | (2,570) |
Other comprehensive (loss) before reclassifications | (285) |  |  | (71) |  |  | 1 |  |  | — |  |  | (355) |
Gain on net investment hedges | 25 |  |  | — |  |  | — |  |  | — |  |  | 25 |
Amounts reclassified from AOCI | — |  |  | 23 |  |  | (4) |  |  | — |  |  | 19 |
Tax effect | (6) |  |  | 6 |  |  | 1 |  |  | — |  |  | 1 |
Net of tax amount | (266) |  |  | (42) |  |  | (2) |  |  | — |  |  | (310) |
Balance at June 30, 2024 | $ | (2,818) |  |  | $ | 57 |  |  | $ | (113) |  |  | $ | (6) |  |  | $ | (2,880) |
| Six Months Ended June 30, 2024
| Foreign Currency Translation Adjustment |  | Deferred Gain (Loss) on Cash Flow Hedging Activities |  | Pension and Other Postretirement Benefit Liabilities |  | Unrealized Gain (Loss) on Investments |  | Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2024 | $ | (2,539) |  |  | $ | 158 |  |  | $ | (108) |  |  | $ | 2 |  |  | $ | (2,487) |
Other comprehensive income (loss) before reclassifications | (362) |  |  | (121) |  |  | (1) |  |  | (7) |  |  | (491) |
Gain (loss) on net investment hedges | 109 |  |  | — |  |  | — |  |  | — |  |  | 109 |
Amounts reclassified from AOCI | — |  |  | 4 |  |  | (6) |  |  | — |  |  | (2) |
Tax effect | (26) |  |  | 16 |  |  | 2 |  |  | (1) |  |  | (9) |
Net of tax amount | (279) |  |  | (101) |  |  | (5) |  |  | (8) |  |  | (393) |
Balance at June 30, 2024 | $ | (2,818) |  |  | $ | 57 |  |  | $ | (113) |  |  | $ | (6) |  |  | $ | (2,880) |
The following table sets forth the reclassifications out of AOCI related to deferred (gains)/ losses on cash flow hedging activities for the three and six months ended June 30, 2025 and 2024 (in millions).
Affected line item in the Consolidated Statements of Earnings | Three Months Ended |  | Six Months Ended |
June 30, |  | June 30,
2025 |  | 2024 |  | 2025 |  | 2024
Cost of products sold | $ | 11 |  |  | $ | 23 |  |  | $ | (6) |  |  | $ | 4 |  |
Earnings before income tax | 11 |  |  | 23 |  |  | (6) |  |  | 4 |  |
Income tax expense | (3) |  |  | (4) |  |  | 1 |  |  | — |  |
Net earnings | $ | 8 |  |  | $ | 19 |  |  | $ | (5) |  |  | $ | 4 |  |
The Company’s accounting policy is to release the income tax effects from AOCI when the individual units of account are sold, terminated, or extinguished.

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