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Share-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2024
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 2024, 2023 and 2022 was $25.60, $21.69 and $15.45 per option, respectively, and were determined using the following assumptions:
Years Ended December 31202420232022
Expected dividend yield3.0 %3.1 %3.1 %
Risk-free interest rate4.7 %3.4 %3.0 %
Expected volatility20.5 %22.4 %22.5 %
Expected life (years)5.85.85.9
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, 2024
13,527 $77.54 
Granted1,753 129.22 
Exercised(2,581)68.90 
Forfeited(199)111.48   
Outstanding December 31, 2024
12,500 $86.04 5.9$249 
Vested and expected to vest December 31, 202412,201 $85.10 5.9$249 
Exercisable December 31, 20249,084 $74.00 4.9$241 
Additional Information Pertaining to Stock Option Plans
Additional information pertaining to stock option plans is provided in the table below:
Years Ended December 31202420232022
Total intrinsic value of stock options exercised$144 $95 $225 
Fair value of stock options vested32 30 30 
Cash received from the exercise of stock options177 125 384 
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, 2024
12,542 $100.10 1,966 $90.80 
Granted6,356 128.79 968 121.91 
Vested(6,091)92.97 (1,109)73.50 
Forfeited(575)113.18 (59)121.12 
Nonvested December 31, 202412,232 $117.94 1,766 $117.57 
Expected to vest December 31, 202410,976 $117.25 1,669 $116.26