Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation expense

We measure the cost of all share-based payments, including stock options and stock appreciation rights, at fair value on the grant date and recognize this cost in the Consolidated Statement of Operations, net of expected forfeitures, as follows:

(dollars in millions)	2023		2022		2021
Total compensation cost recognized	$	425	$	420	$	442

Schedule of Stock Options Roll Forward

A summary of the transactions under our long-term incentive plans for the year ended December 31, 2023 follows.

	Stock Options			Stock Appreciation Rights			Performance Share Units			Restricted Stock and RSUs
(shares and units in thousands)	Shares	Average Price (1)		Shares	Average Price (1)		Units	Average Price (2)		Units	Average Price (2)
Outstanding at:
December 31, 2022	1,657	$	80.67	32,032	$	81.04	2,150	$	83.52	9,757	$	78.40
Granted	90	97.65		2,664	97.66		965	96.39		3,353	97.33
Exercised / earned	(271)	79.80		(3,190)	80.97		(3)	87.36		(2,789)	70.13
Cancelled	(15)	91.68		(351)	91.10		(111)	92.16		(591)	84.93
December 31, 2023	1,461	$	81.72	31,155	$	82.36	3,001	$	87.33	9,730	$	86.53

(1)    Weighted-average exercise price per share.

(2)    Weighted-average grant date fair value per share.

Disclosure Of Share Based Compensation Arrangements By Share Based Payment Award Text Block

The following table summarizes information about equity awards outstanding that are vested and expected to vest as well as equity awards outstanding that are exercisable at December 31, 2023:

	Equity Awards Vested and Expected to Vest						Equity Awards That Are Exercisable
(shares in thousands; aggregate intrinsic value in millions)	Awards	Average Price (1)		Aggregate Intrinsic Value		Remaining Term (2)	Awards	Average Price (1)		Aggregate Intrinsic Value		Remaining Term (2)
Stock Options	1,459	$	81.69	$	8	4.95	1,241	$	80.18	$	7	4.38
Stock Appreciation Rights	31,037	82.31		166		5.20	24,430	80.04		150		4.37
Performance Share Units	2,962	87.22		249		1.00
Restricted Stock and RSUs	9,431	86.38		794		1.37

(1)    Weighted-average exercise price per share.

(2)    Weighted-average contractual remaining term in years.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

Lattice-based option models incorporate ranges of assumptions for inputs; those ranges are as follows:

	2023		2022		2021
Expected volatility	26.2%		27.9%		29.9%
Weighted-average volatility	26	%	28	%	30	%
Expected term (in years)	6.7		6.5		6.5
Expected dividend yield	2.3	%	2.2	%	2.6	%
Risk-free rate	3.6% - 4.8%		0.02% - 2.1%		0.04% - 1.2%