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Share-Based Compensation and Other Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Value of Stock Option Weighted-Average Assumptions The weighted-average estimated fair value of employee stock options granted during 2023, 2022 and 2021 was $73.04, $67.18 and $41.57, respectively, using the following weighted-average assumptions:
202320222021
Expected volatility24.4 %29.2 %27.3 %
Risk-free interest rate4.2 %2.5 %0.8 %
Dividend yield1.6 %1.9 %2.2 %
Expected life (years)5.96.65.9
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs The following assumptions were used for the calculations.
202320222021
Performance OptionsPerformance OptionsPerformance Options
Expected volatility of common stock25.1 %29.7 %28.5 %
Expected volatility of the S&P 50033.3 %39.2 %38.7 %
Risk-free interest rate4.1 %2.0 %1.2 %
Dividend yield1.7 %2.0 %2.3 %
Expected life (years)6.56.56.5
202320222021
Market Stock UnitMarket Stock UnitMarket Stock Units
Expected volatility of common stock25.1 %29.7 %28.5 %
Risk-free interest rate4.5 %1.9 %0.3 %
Dividend yield1.5 %1.6 %1.8 %
202320222021
Performance Stock UnitsPerformance Stock UnitsPerformance Stock Units
Expected volatility of common stock25.1 %29.7 %28.5 %
Expected volatility of the S&P 50033.3 %39.2 %38.7 %
Risk-free interest rate4.6 %1.8 %0.3 %
Dividend yield1.4 %1.6 %1.8 %
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, 2023 (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
209 67 1209 67 1
$71-$90
714 77 3714 77 3
$91-$110
208 108 4208 108 4
$111-$130
46 120 546 120 5
$131-$150
243 139 5243 139 5
$151-$170
199 156 6196 155 6
$171-$190
244 180 741 180 7
$191 and over
501 244 950 228 8
 2,364   1,707  
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, 2023996 $128 1,211 $211 114 $224 
Granted120 272 715 259 23 311 
Releases/Exercised(547)89 (521)191 (52)225 
Forfeited/Canceled(3)225 (63)224 — — 
Balance as of December 31, 2023566 $191 1,342 $224 85 $244 
Awards exercisable297 149 — — — — 
 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, 20231,775 $112 103 $192 169 $226 
Granted105 265 43 289 73 339 
Releases/Exercised(161)118 (79)166 (51)261 
Adjustment for payout factor79 140 24 122 22 261 
Forfeited/Canceled— — (2)135 — — 
Balance as of December 31, 20231,798 $122 89 $254 213 $264 
Awards exercisable1,410 96 — — — — 
Schedule of Compensation Expense
Compensation expense for the Company’s share-based compensation plans was as follows: 
Years ended December 31202320222021
Share-based compensation expense included in:
Costs of sales$40 $28 $16 
Selling, general and administrative expenses116 98 79 
Research and development expenditures56 46 34 
Share-based compensation expense included in Operating earnings212 172 129 
Tax benefit43 34 15 
Share-based compensation expense, net of tax$169 $138 $114 
Decrease in basic earnings per share$(1.01)$(0.82)$(0.67)
Decrease in diluted earnings per share$(0.98)$(0.80)$(0.66)