Stock-Based Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Stock-Based Incentive Compensation Plans [Abstract]

Compensation Expense By Award Type

	For the Years Ended December 31,
	2022		2021		2020
Stock options	$	6	$	8	$	10
Performance shares		10		18		5
RSUs		35		35		36
Total	$	51	$	61	$	51
Recognized tax benefit	$	11	$	13	$	11

Total unrecognized compensation expense for all stock-based incentive compensation plans

	For the Years Ended December 31,
	2022			2021			2020
			Weighted-			Weighted-			Weighted-
			Average			Average			Average
	Expense		Period	Expense		Period	Expense		Period
Stock options	$	11	0.8	$	8	0.7	$	8	0.7
Performance shares		19	1.2		14	1.2		14	1.3
RSUs		55	1.4		43	1.4		37	1.2
Total unrecognized stock-based
incentive compensation expense	$	85		$	65		$	59

Option price assumptions used for stock option incentive plans

	For the Years Ended December 31,
	2022		2021		2020
Weighted-average fair value per option granted	$	18.13	$	17.26	$	12.25
Weighted-average assumptions:
Dividend yield		3.2%		3.0%		3.0%
Expected volatility		44.4%		45.0%		30.1%
Risk-free interest rate (1)		1.9-3.8%		0.6-1.0%		0.3-1.4%
Expected life (in years)		5.8		5.8		5.8

⁽¹⁾Risk-free interest rate expressed as a range and not a weighted average.

Summary of activity for stock options with service conditions

						Weighted-
			Weighted-			Average
			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price			Term	Value
Outstanding as of December 31, 2021	3,011,536		$	59.23
Granted	593,609			55.10
Exercised	(38,374	)		54.76
Forfeited or expired	(170,232	)		63.19
Outstanding as of December 31, 2022	3,396,539		$	58.36		6.09	$	-
Vested or expected to vest as of December 31, 2022 (1)	3,238,301		$	58.49		5.97	$	-
Exercisable as of December 31, 2022	2,476,028		$	59.47		5.05	$	-

⁽¹⁾Includes estimated forfeitures.

Summary of activity for stock options with performance conditions

						Weighted-
			Weighted-			Average
			Average		Remaining		Aggregate
			Exercise		Contractual		Intrinsic
	Shares		Price			Term	Value
Outstanding as of December 31, 2021	166,278		$	58.88
Granted	33,435			60.58
Exercised	(29,931	)		63.59
Forfeited or expired	(48,385	)		60.49
Outstanding as of December 31, 2022	121,397		$	57.55		2.36	$	-
Vested or expected to vest as of December 31, 2022 (1)	114,310		$	57.34		2.26	$	-
Exercisable as of December 31, 2022	97,773		$	56.72		1.99	$	-

⁽¹⁾

Summary of activity for performance shares

				Weighted-
				Average
			Grant-Date
	Shares			Fair Value
Outstanding as of December 31, 2021 (1)	630,670			$	63.16
Granted	374,128				69.37
Vested	(185,194	)			66.89
Forfeited	(72,756	)			69.97
Performance adjustment (2)	20,580				66.89
Outstanding as of December 31, 2022 (1)	767,428			$	64.61

⁽¹⁾Represents target award amounts.

⁽²⁾Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures.