v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Capital Stock
 Year Ended December 31,
 202520242023
Annualized dividend rate 1
$3.84 $3.64 $3.60 
Dividends paid (in millions)$1,170 $1,134 $1,147 
1 The quarterly dividend rate was $0.96 per share for the year ended December 31 2025. The quarterly dividend rate was $0.91 per share for the year ended December 31 2024. The quarterly dividend rate was $0.90 per share for the year ended December 31 2023.
Schedule of Accelerated Share Repurchase Agreements
The terms of each ASR agreement entered into for the years ended December 31, 2025, 2024 and 2023, structured as outlined above, are as follows:
(in millions, except average price)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased		Average Price Paid Per ShareTotal Cash Utilized
December 4, 2025 1
4.0— 4.0$— $2,500 
August 12, 2025 2
October 23, 20251.70.6 2.3$513.82 $1,200 
May 6, 2025 3
August 8, 20251.00.2 1.2$518.47 $650 
February 19, 2025 4
May 6, 20251.00.3 1.3$491.12 $650 
October 28, 2024 5
February 18, 20252.30.3 2.6$500.95 $1,300 
July 31, 2024 6
October 22, 20242.60.3 3.0$505.19 $1,500 
February 12, 2024 7
April 12, 20241.00.2 1.2$421.05 $500 
November 13, 2023 8
February 7, 20242.80.2 3.0$428.45 $1,300 
August 7, 2023 9
September 8, 20231.10.2 1.3$387.36 $500 
May 8, 2023 10
August 4, 20232.50.1 2.6$384.75 $1,000 
February 13, 2023 11
May 5, 20231.10.3 1.4$341.95 $500 
1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $2.5 billion and initially received shares valued at 80% of the $2.5 billion at a price equal to the market price of the Company’s common stock on December 5, 2025. The Company received an initial delivery of 4.0 million shares from the ASR program. We completed the ASR agreement on February 3, 2026 and received an additional 0.8 million shares. We repurchased a total of 4.8 million shares under the ASR agreement for an average purchase price $519.39 per share. The ASR agreement was executed under our 2022 Repurchase Program.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.2 billion and initially received shares valued at 80% of the $1.2 billion at a price equal to the market price of the Company’s common stock on August 12, 2025. The Company received an initial delivery of 1.7 million shares from the ASR program. We completed the ASR agreement on October 23, 2025 and received an additional 0.6 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on May 6, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on August 8, 2025 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on February 19, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on May 6, 2025 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
5 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.3 billion and initially received shares valued at 85% of the $1.3 billion at a price equal to the market price of the Company’s common stock on October 28, 2024 when the Company received an initial delivery of 2.3 million shares from the ASR program. We completed the ASR agreement on February 18, 2025 and received an additional 0.3 million shares from the ASR program. The ASR agreement was executed under our 2022 Repurchase Program.
6 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a price equal to the market price of the Company’s common stock on July 31, 2024 when the Company received an initial delivery of 2.6 million shares from the ASR program on August 1, 2024. We completed the ASR agreement on October 22, 2024 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
7 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company’s common stock on February 12, 2024 when the Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
8 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.3 billion and initially received shares valued at 85% of the $1.3 billion at a price equal to the market price of the Company’s common stock on November 13, 2023 when the Company received an initial delivery of 2.8 million shares from the ASR program. We completed the ASR agreement on February 7, 2024 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
9 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company’s common stock on August 7, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. We completed the ASR agreement on September 8, 2023 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
10 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and initially received shares valued at 87.5% of the $1 billion at a price equal to the market price of the Company’s common stock on May 8, 2023 when the Company received an initial delivery of 2.5 million shares from the ASR program.We completed the ASR agreement on August 4, 2023 and received an additional 0.1 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
11 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company’s common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. We completed the ASR agreement on May 5, 2023 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program..
Schedule of Redeemable Noncontrolling Interests
Changes to redeemable noncontrolling interests during the year ended December 31, 2025 were as follows:
(in millions)
Balance as of December 31, 2024
$4,252 
Net income attributable to redeemable noncontrolling interests317 
Distributions to noncontrolling interests(301)
Redemption value adjustment614 
Other 1
35 
Balance as of December 31, 2025 2
$4,917 

1 Relates to foreign currency translation adjustments
2 As of December 31, 2025, $4,914 million relates to our redeemable noncontrolling interest in the Indices business
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2025:

(in millions)Foreign Currency Translation Adjustments Pension and Postretirement Benefit Plans
Unrealized Gain (Loss)
on Cash Flow Hedges 3
Accumulated Other Comprehensive Loss
Balance as of December 31, 2024
$(609)$(372)$98 $(883)
Other comprehensive income (loss) before reclassifications202 1(18)(2)182 
Reclassifications from accumulated other comprehensive income (loss) to net earnings4 4 2(4)34 
Net other comprehensive income (loss) 206 (14)(6)186 
Balance as of December 31, 2025
$(403)$(386)$92 $(697)
1Includes an unrealized loss related to our cross currency swaps. See Note 6 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.
2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the year ended December 31, 2025. See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 6 – Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.