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Share-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Assumptions Used to Determine Weighted-Average Fair Value of Options Granted The weighted average fair value of options granted in 2022, 2021 and 2020 was $15.45, $9.80 and $9.93 per option, respectively, and were determined using the following assumptions:
Years Ended December 31202220212020
Expected dividend yield3.1 %3.1 %3.1 %
Risk-free interest rate3.0 %1.0 %0.4 %
Expected volatility22.5 %20.9 %22.1 %
Expected life (years)5.95.95.8
Summarized Information Relative to Stock Option Plan Activity
Summarized information relative to stock option plan activity (options in thousands) is as follows:
Number
of Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
Outstanding January 1, 2022
18,572 $65.27 
Granted2,326 87.10 
Exercised(6,317)60.77 
Forfeited(862)73.11   
Outstanding December 31, 202213,719 $70.55 6.5$554 
Vested and expected to vest December 31, 202213,199 $70.09 6.4$539 
Exercisable December 31, 20228,730 $65.24 5.4$399 
Additional Information Pertaining to Stock Option Plans
Additional information pertaining to stock option plans is provided in the table below:
Years Ended December 31202220212020
Total intrinsic value of stock options exercised$225 $106 $51 
Fair value of stock options vested30 27 25 
Cash received from the exercise of stock options384 202 89 
Summary of Nonvested RSU and PSU Activity
A summary of nonvested RSU and PSU activity (shares in thousands) is as follows:
 RSUsPSUs
  Number
of Shares
Weighted
Average
Grant Date
Fair Value
Number
of Shares
Weighted
Average
Grant Date
Fair Value
Nonvested January 1, 2022
11,790 $74.88 1,966 $77.13 
Granted7,170 87.12 951 88.52 
Vested(5,150)75.40 (725)87.87 
Forfeited(1,110)78.65 (171)77.58 
Nonvested December 31, 202212,700 $81.25 2,021 $78.60 
Expected to vest December 31, 202211,254 $80.96 1,895 $78.26