v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, the Company had approximately 234.2 million shares and 235.5 million shares, respectively, of its common shares in treasury. Treasury stock is recorded at cost as a reduction of equity.

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 March 31, 2026, 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 months ended March 31, 2026 and 2025 (in millions).
Three Months Ended March 31, 2026
 Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow Hedging ActivitiesPension and Other Postretirement Benefit Liabilities
Unrealized (Loss) on Investments
Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2026$(2,549)$119 $(82)$(19)$(2,531)
Other comprehensive income (loss) before reclassifications13 (48)— (4)(39)
Gain on net investment hedges
61 — — — 61 
Amounts reclassified from AOCI— (4)(2)— (6)
Tax effect(14)17 1 — 4 
Net of tax amount60 (35)(1)(4)20 
Balance at March 31, 2026$(2,489)$84 $(83)$(23)$(2,511)

Three Months Ended March 31, 2025
Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow Hedging ActivitiesPension and Other Postretirement Benefit Liabilities
Unrealized (Loss) on Investments
Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025$(2,999)$126 $(100)$(15)$(2,988)
Other comprehensive income (loss) before reclassifications
25 12 (20)(3)14 
(Loss) on net investment hedges
(158)— — — (158)
Amounts reclassified from AOCI— (17)(2)— (19)
Tax effect38 (1)6 — 43 
Net of tax amount(95)(6)(16)(3)(120)
Balance at March 31, 2025$(3,094)$120 $(116)$(18)$(3,108)
The following table sets forth the reclassifications out of AOCI related to deferred (gains) losses on cash flow hedging activities for the three months ended March 31, 2026 and 2025 (in millions).

Affected line item in the Consolidated Statements of EarningsThree Months Ended
March 31,
20262025
Cost of products sold$(4)$(17)
Earnings before income tax(4)(17)
Income tax expense1 4 
Net earnings$(3)$(13)

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.