v3.26.1
Capital Stock
 6 Months Ended
Jun. 30, 2026
Class of Stock Disclosures [Abstract]  
Capital Stock Capital Stock
Stock Incentive Plans
A summary of stock option activity for the six months ended June 30, 2026 is as follows:
Number of
Shares		Weighted-
Average
Option Price
per Share		Weighted-
Average
Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
Outstanding at January 1, 20263.1 $373.90 
Granted0.9 295.96 
Exercised(0.2)207.29 
Forfeited or expired(0.1)380.26 
Outstanding at June 30, 20263.7 $361.36 6.25$204 
Exercisable at June 30, 20262.3 $372.60 4.62$123 

A summary of the status of nonvested restricted stock activity, including restricted stock units and performance units, for the six months ended June 30, 2026 is as follows:
Restricted
Stock Shares
and Units		Weighted-
Average
Grant Date
Fair Value
per Share
Nonvested at January 1, 20261.1 $437.32 
Granted0.9 297.62 
Vested(0.3)453.08 
Forfeited(0.1)399.66 
Nonvested at June 30, 20261.6 $355.60 

During the six months ended June 30, 2026, we granted approximately 0.3 restricted stock units that are contingent upon us achieving an earnings target for 2026 and certain qualitative plan metrics over the three-year period from 2026 to 2028. These grants have been included in the activity shown above but will be subject to adjustment at the end of 2028 based on results during the three-year period.
Fair Value
We use a binomial lattice valuation model to estimate the fair value of all stock options granted. For a more detailed discussion of our stock incentive plan fair value methodology, see Note 15, “Capital Stock,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.
The following weighted-average assumptions were used to estimate the fair values of options granted during the six months ended June 30, 2026 and 2025:
Six Months Ended June 30
20262025
Risk-free interest rate3.97 %4.29 %
Volatility factor31.00 %30.00 %
Quarterly dividend yield0.585 %0.432 %
Weighted-average expected life (years)4.554.45
The following weighted-average fair values per option or share were determined for the six months ended June 30, 2026 and 2025: 
Six Months Ended June 30
20262025
Options granted during the period$76.04 $107.38 
Restricted stock awards granted during the period297.62 395.28 
Use of Capital – Dividends and Stock Repurchase Program
We regularly review the appropriate use of capital, including acquisitions, common stock and debt security repurchases and dividends to shareholders. The declaration and payment of any dividends or repurchases of our common stock or debt is at the discretion of our Board of Directors and depends upon our financial condition, results of operations, future liquidity needs, regulatory and capital requirements and other factors deemed relevant by our Board of Directors.
A summary of our cash dividend activity for the six months ended June 30, 2026 and 2025 is as follows: 
Declaration DateRecord DatePayment Date
Cash
Dividend
per Share
Total
Six Months Ended June 30, 2026
January 27, 2026March 10, 2026March 25, 2026$1.72$376 
April 21, 2026June 10, 2026June 25, 2026$1.72$373 
Six Months Ended June 30, 2025
January 22, 2025March 10, 2025March 25, 2025$1.71$386 
April 16, 2025June 10, 2025June 25, 2025$1.71$385 
On July 14, 2026, our Audit Committee declared a third quarter 2026 dividend to shareholders of $1.72 per share, payable on September 25, 2026 to shareholders of record at the close of business on September 10, 2026.
Under our Board of Directors’ authorization, we maintain a common stock repurchase program. On October 15, 2024, our Audit Committee, pursuant to authorization granted by the Board of Directors, authorized an $8,000 increase to the common stock repurchase program. No duration has been placed on the common stock repurchase program, and we reserve the right to discontinue the program at any time. Repurchases may be made from time to time at prevailing market prices, subject to certain restrictions on volume, pricing and timing. The repurchases are effected from time to time in the open market, through negotiated transactions, including accelerated share repurchase agreements, and through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Our stock repurchase program is discretionary, as we are under no obligation to repurchase shares. We repurchase shares under the program when we believe it is a prudent use of capital. The excess cost of the repurchased shares over par value is charged on a pro rata basis to additional paid-in capital and retained earnings.
A summary of common stock repurchases for the six months ended June 30, 2026 and 2025 is as follows:
Six Months Ended June 30
 20262025
Shares repurchased4.4 3.2 
Average price per share$310.89 $399.97 
Aggregate cost$1,358 $1,259 
Authorization remaining at the end of the period$5,337 $8,041 
We expect to utilize the remaining authorized amount over a multi-year period, subject to market and industry conditions. For additional information regarding the use of capital for debt security repurchases, see Note 9, “Debt,” included in this Quarterly Report on Form 10-Q and Note 13, “Debt,” to our audited consolidated financial statements as of and for the year ended December 31, 2025 included in Part II, Item 8 of our 2025 Annual Report on Form 10-K.