v3.26.1
Shareholders' Equity
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025, the Company had approximately 234.1 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 June 30, 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 and six months ended June 30, 2026 and 2025 (in millions).
Three Months Ended June 30, 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 April 1, 2026$(2,489)$84 $(83)$(23)$(2,511)
Other comprehensive income (loss) before reclassifications56 (136)— 3 (77)
Gain on net investment hedges
22 — — — 22 
Amounts reclassified from AOCI— 111 (2)— 109 
Tax effect(6)(5)— 1 (10)
Net of tax amount72 (30)(2)4 44 
Balance at June 30, 2026$(2,417)$54 $(85)$(19)$(2,467)
Six Months Ended June 30, 2026
Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow Hedging ActivitiesPension and Other Postretirement Benefit LiabilitiesUnrealized Gain (Loss) on InvestmentsAccumulated Other Comprehensive Income (Loss)
Balance at January 1, 2026$(2,549)$119 $(82)$(19)$(2,531)
Other comprehensive income (loss) before reclassifications69 (184)— (1)(116)
Gain on net investment hedges83 — — — 83 
Amounts reclassified from AOCI— 107 (4)— 103 
Tax effect(20)12 1 1 (6)
Net of tax amount132 (65)(3)— 64 
Balance at June 30, 2026$(2,417)$54 $(85)$(19)$(2,467)
Three Months Ended June 30, 2025
Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow Hedging ActivitiesPension and Other Postretirement Benefit Liabilities
Unrealized (Loss) on Investments
Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2025$(3,094)$120 $(116)$(18)$(3,108)
Other comprehensive income (loss) before reclassifications
599 (70)12 (1)540 
(Loss) on net investment hedges
(317)— — — (317)
Amounts reclassified from AOCI— 11 (4)— 7 
Tax effect75 13 (2)— 86 
Net of tax amount357 (46)6 (1)316 
Balance at June 30, 2025$(2,737)$74 $(110)$(19)$(2,792)
Six Months Ended June 30, 2025
Foreign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow Hedging ActivitiesPension and Other Postretirement Benefit LiabilitiesUnrealized Gain (Loss) on InvestmentsAccumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025$(2,999)$126 $(100)$(15)$(2,988)
Other comprehensive income (loss) before reclassifications624 (58)(8)(4)554 
Gain (loss) on net investment hedges(475)— — — (475)
Amounts reclassified from AOCI— (6)(6)— (12)
Tax effect113 12 4 — 129 
Net of tax amount262 (52)(10)(4)196 
Balance at June 30, 2025$(2,737)$74 $(110)$(19)$(2,792)

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, 2026 and 2025 (in millions).

Affected line item in the Consolidated Statements of EarningsThree Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Cost of products sold$111 $11 $107 $(6)
Earnings before income tax111 11 107 (6)
Income tax expense(27)(3)(26)1 
Net earnings$84 $8 $81 $(5)

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.