Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Stock Options

The following is a summary of our stock option activity:

	Number of Options (in thousands)	Weighted Average Exercise Price per Option
Outstanding at January 1, 2021	3,147	$	58.96
Granted	310	$	114.19
Exercised	(493)	$	34.80
Forfeited	—	$	—
Outstanding at December 31, 2021	2,964	$	68.77
Granted	266	$	129.76
Exercised	(417)	$	53.30
Forfeited	(26)	$	123.77
Outstanding at December 31, 2022	2,787	$	76.38
Granted	280	$	107.66
Exercised	(508)	$	58.05
Forfeited	(20)	$	114.19
Outstanding at December 31, 2023	2,539	$	83.20

Schedule of Stock Options Outstanding And Exercised

Details of stock options outstanding as of December 31, 2023 are as follows:

	Number of Options (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (In millions)
Vested or expected to vest	2,539	$	83.20	4.9	$	115
Exercisable	2,000	$	74.49	4.0	$	108

Details of stock options exercised during 2023, 2022 and 2021 are as follows:

	Year Ended December 31,
Options exercised:	2023		2022		2021
Total intrinsic value of options exercised (in millions)	$	25	$	28	$	41

	As of December 31,
Options outstanding:	2023		2022		2021
Number of options exercisable (in millions)	2.0		2.2		2.2
Weighted-average exercise price	$	74.49	$	65.97	$	59.03

Schedule of Stock Options Valuation Assumptions

During 2023, 2022 and 2021, we used the assumptions in the table below to compute the value:

	Year Ended December 31,
Assumptions:	2023	2022	2021
Risk-free interest rate	3.47%	1.72%	0.64%
Expected life in years	6.1	6.0	5.7
Expected volatility	24%	23%	24%

	Year Ended December 31,
Expected dividend yield	1.56%	1.17%	1.16%
Estimated weighted-average fair value of options granted per share	$27.39	$28.18	$22.70

Schedule of Nonvested Restricted Stock Options

The following is a summary of nonvested restricted shares under all plans discussed above:  

	Number of Restricted Stock Shares (in thousands)	Weighted Average Grant-Date Fair Value per Share
Nonvested at January 1, 2021	3,236	$	82.73
Granted	1,869	115.28
Vested	(1,619)	78.07
Forfeited	(169)	101.47
Nonvested at December 31, 2021	3,317	101.72
Granted	1,477	126.98

	Number of Restricted Stock Shares (in thousands)	Weighted Average Grant-Date Fair Value per Share
Vested	(1,541)	93.94
Forfeited	(307)	118.23
Nonvested at December 31, 2022	2,946	117.14
Granted	3,561	110.96
Vested	(1,942)	112.39
Forfeited	(269)	114.88
Nonvested at December 31, 2023	4,296	114.31

	Year Ended December 31,
	2023		2022		2021
Time-based restricted stock units granted (in thousands) (1)	1,191		1,067		1,196
Total fair value of restricted stock vested under all restricted stock plans (in millions)	$	150	$	191	$	184

(1) The remaining shares granted are performance-based.