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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of stock option and RSU activity
Our stock options and RSUs outstanding as of December 31, 2023, and changes during the year, are as follows:
 Stock OptionsService-Based RSUsService and Performance-Based RSUs
(Numbers in thousands)
Number
Weighted-Average
Exercise Price
Number
Weighted-
Average Grant-
Date Fair Value
Number
Weighted-
Average Grant-
Date Fair Value
Outstanding as of December 31, 20223,634 $113.80 1,788 $142.92 3,472 $135.57 
Granted230 173.61 910 172.02 1,395 158.57 
Options exercised/RSUs vested(311)89.62 (787)134.97 (1,498)136.16 
Forfeited— — (84)162.18 (73)153.04 
Expired— — — — — — 
Outstanding as of December 31, 20233,553 119.80 1,827 $159.95 3,296 $144.64 
Options vested and expected to vest as of December 31, 20233,547 119.74 
Options exercisable as of December 31, 20231,810 $90.94 
Weighted-average assumptions used for options
The fair value of options without market conditions is estimated on the grant date using a Black-Scholes-Merton option-pricing model. The following weighted-average assumptions were used for options granted in 2023, 2022 and 2021:
202320222021
Dividend yield1.4 %1.0 %1.5 %
Expected volatility(a)
32 %31 %31 %
Risk-free interest rate3.5 %1.7 %0.8 %
Expected life of stock option (in years)(b)
7.17.17.2
Weighted-average fair value per option$60.03 $55.30 $32.38 
(a)The expected volatility is based on historical and implied volatilities of our common stock price.
(b)The expected life of stock options was determined using historical option exercise behavior.
Weighted-average remaining contractual life and aggregate intrinsic value of stock options
The weighted-average remaining contractual life and the aggregate intrinsic value (the amount by which the fair value of our stock price exceeds the exercise price of the option) of the stock options outstanding, exercisable, and vested and expected to vest as of December 31, 2023, were as follows:
OutstandingExercisableVested and
Expected to Vest
Weighted-average remaining contractual life (in years)
5.23.55.2
Aggregate intrinsic value (millions)
$240 $174 $240 
Schedule of share-based payment award, valuation assumptions The weighted averages of the following assumptions used in 2023, 2022 and 2021 were:
202320222021
Expected volatility
45 %42 %41 %
Risk-free interest rate3.7 %1.4 %0.2 %
Remaining performance period (in years)
2.92.92.9