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Share-Based Compensation and Other Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Value of Stock Option Weighted-Average Assumptions The weighted-average estimated fair value of employee stock options granted during 2022, 2021 and 2020 was $67.18, $41.57 and $39.98, respectively, using the following weighted-average assumptions:
202220212020
Expected volatility29.2 %27.3 %33.7 %
Risk-free interest rate2.5 %0.8 %0.6 %
Dividend yield1.9 %2.2 %2.7 %
Expected life (years)6.65.95.9
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs The following assumptions were used for the calculations.
202220212020
Performance OptionsPerformance OptionsPerformance Options
Expected volatility of common stock29.7 %28.5 %34.7 %
Expected volatility of the S&P 50039.2 %38.7 %29.0 %
Risk-free interest rate2.0 %1.2 %0.8 %
Dividend yield2.0 %2.3 %2.6 %
Expected life (years)6.56.56.5
202220212020
Market Stock UnitMarket Stock UnitMarket Stock Units
Expected volatility of common stock29.7 %28.5 %34.7 %
Risk-free interest rate1.9 %0.3 %0.6 %
Dividend yield1.6 %1.8 %1.7 %
202220212020
Performance Stock UnitsPerformance Stock UnitsPerformance Stock Units
Expected volatility of common stock29.7 %28.5 %34.7 %
Expected volatility of the S&P 50039.2 %38.7 %29.0 %
Risk-free interest rate1.8 %0.3 %0.6 %
Dividend yield1.6 %1.8 %1.7 %
Stock Options Outstanding and Exercisable
The following table summarizes information about the total stock options outstanding and exercisable under all stock option plans, at December 31, 2022 (in thousands, except exercise price and years):
 Options OutstandingOptions Exercisable
Exercise price rangeNo. of
options		Wtd. avg.
Exercise
Price		Wtd. avg.
contractual
life (in yrs.)		No. of
options		Wtd. avg.
Exercise
Price		Wtd. avg.
contractual
life (in yrs.)
$51-$70
586 66 2586 66 2
$71-$90
786 77 4786 77 4
$91-$110
267 108 5267 108 5
$111-$130
51 121 640 121 6
$131-$150
288 139 6281 139 6
$151-$170
206 156 756 157 7
$171-$190
284 180 838 180 8
$191 and over
303 225 911 223 9
 2,771   2,065  
Schedule of Share-based Compensation, Activity
Total share-based compensation activity was as follows (in thousands, except exercise price):
 Stock OptionsRestricted Stock UnitsRestricted Stock
No. of Options OutstandingWtd. Avg. Exercise Price of SharesNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair ValueNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair Value
Balance as of January 1, 20221,587 $92 924 $199 209 $203 
Granted153 227 776 217 48 217 
Releases/Exercised(734)70 (408)157 (143)195 
Forfeited/Canceled(10)183 (81)193 — — 
Balance as of December 31, 2022996 $128 1,211 $211 114 $224 
Awards exercisable684 95 — — — — 
 Performance OptionsMarket Stock UnitsPerformance Stock Units
No. of Options OutstandingWtd. Avg. Exercise Price of SharesNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair ValueNo. of Non-Vested AwardsWtd. Avg. Grant Date Fair Value
Balance as of January 1, 20222,368 $91 120 $147 128 $210 
Granted122 222 43 244 68 248 
Releases/Exercised(830)72 (80)140 (48)217 
Adjustment for payout factor115 133 20 129 21 217 
Balance as of December 31, 20221,775 $112 103 $192 169 $226 
Awards exercisable1,381 91 — — — — 
Schedule of Compensation Expense
Compensation expense for the Company’s share-based compensation plans was as follows: 
Years ended December 31202220212020
Share-based compensation expense included in:
Costs of sales$28 $16 $16 
Selling, general and administrative expenses98 79 73 
Research and development expenditures46 34 40 
Share-based compensation expense included in Operating earnings172 129 129 
Tax benefit34 15 30 
Share-based compensation expense, net of tax$138 $114 $99 
Decrease in basic earnings per share$(0.82)$(0.67)$(0.58)
Decrease in diluted earnings per share$(0.80)$(0.66)$(0.57)