Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

LEASES

The Company has operating leases for office space, warehouses, distribution centers, R&D facilities, manufacturing locations and certain equipment, primarily automobiles. Many leases include one or more options to renew, some of which include options to extend for up to 30 years, and some leases include options to terminate within 30 days. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for common area maintenance, utilities, inflation and/or changes in other indexes. The Company’s finance leases were not material as of December 31, 2025 and 2024. ROU assets arising from finance leases are included in property, plant and equipment, net and the liabilities are included in notes payable and current portion of long-term debt and long-term debt in the accompanying Consolidated Balance Sheets.

The Consolidated Financial Statements include the following amounts related to operating leases where the Company is the lessee ($ in millions):

		2025		2024			2023
Consolidated Statements of Earnings
Fixed operating lease expense(a)		$	250	$	239		$	207
Variable operating lease expense		66		60			67
Total operating lease expense		$	316	$	299		$	274
Consolidated Statements of Cash Flows
Cash paid for amounts included in the measurement of operating lease liabilities		$	250	$	245		$	214
ROU assets obtained in exchange for operating lease obligations		298		320			182
Consolidated Balance Sheets				December 31, 2025			December 31, 2024
Lease Assets and Liabilities	Classification
Operating lease ROU assets	Other long-term assets			$	1,214		$	1,084
Operating lease liabilities - current	Accrued expenses and other liabilities			$	199		$	173
Operating lease liabilities - long-term	Other long-term liabilities			1,079			968
Total operating lease liabilities				$	1,278		$	1,141
Weighted average remaining lease term				10 years			9 years
Weighted average discount rate				4.2		%	4.2		%

(a) Includes short-term leases and sublease income, both of which were immaterial.

The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2025 ($ in millions):

2026	$	239
2027	201
2028	174
2029	150
2030	129
Thereafter	658
Total operating lease payments	1,551
Less: imputed interest	(273)
Total operating lease liabilities	$	1,278

As of December 31, 2025, the Company had no additional significant operating or finance leases that had not yet commenced.