Shareholders' Equity

12 Months Ended

Dec. 31, 2024

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. 

At December 31, 2024 and 2023, the Company had approximately 237.6 million shares and 202.5 million shares, respectively, of its common shares in treasury. 

Treasury stock of $4.8 billion and $4.9 billion at December 31, 2024 and 2023, respectively, is recorded at cost as a reduction of common stock, and treasury stock of $2.3 billion and $2.7 billion at December 31, 2024 and 2023, respectively, is recorded at cost as a reduction of reinvested earnings.

The following tables set forth the changes in AOCI by component and the reclassifications out of AOCI for the years ended December 31, 2024, 2023, and 2022 (in millions).

	Foreign Currency Translation Adjustments		Deferred Gain (Loss) on Hedging Activities		Pension and Other Postretirement Benefit Liabilities		Unrealized Gain (Loss) on Investments		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	(2,248)	$	225	$	(147)	$	(2)	$	(2,172)
Other comprehensive income (loss) before reclassifications	(609)		268		117		(12)		(236)
Gain (loss) from net investment hedges	328		—		—		—		328
Amounts reclassified from AOCI	—		(352)		23		—		(329)
Tax effect	(93)		7		(15)		1		(100)
Net of tax amount	(374)		(77)		125		(11)		(337)
Balance at December 31, 2022	(2,622)		148		(22)		(13)		(2,509)
Other comprehensive income (loss) before reclassifications	204		337		(46)		16		511
Gain (loss) on net investment hedges	(153)		—		—		—		(153)
Amounts reclassified from AOCI	—		(322)		(42)		—		(364)
Tax effect	32		(5)		2		(1)		28
Net of tax amount	83		10		(86)		15		22
Balance at December 31, 2023	(2,539)		158		(108)		2		(2,487)
Other comprehensive income (loss) before reclassifications	(607)		(118)		(27)		(16)		(768)
Gain (loss) on net investment hedges	192				—		—		192
Amounts reclassified from AOCI	—		77		42		—		119
Tax effect	(45)		9		(7)		(1)		(44)
Net of tax amount	(460)		(32)		8		(17)		(501)
Balance at December 31, 2024	$	(2,999)	$	126	$	(100)	$	(15)	$	(2,988)

	Amounts reclassified from AOCI Year Ended December 31,						Affected line item in the Consolidated Statements of
Details about AOCI components	2024		2023		2022		Earnings
Deferred loss (gain) on hedging activities
	$	—	$	—	$	(1)	Revenues
	77		(322)		(351)		Cost of products sold
	77		(322)		(352)		Earnings before income taxes
	(20)		77		62		Income tax expense
	$	57	$	(245)	$	(290)	Net earnings