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STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Income Statement Impact from Stock Options
The following table summarizes the impact to the Consolidated Statement of Operations from stock options:
 Years Ended December 31,
202220212020
Compensation expense$45 $55 $50 
Future income tax benefit recognized10 11 10 
Share-based Compensation Fair Value Assumptions
The following table sets forth fair value per share information, including related weighted average assumptions, used to determine compensation cost:
 Years Ended December 31,
202220212020
Weighted average fair value per share of options granted during the year(1)
$31.22 $32.42 $21.30 
Assumptions:
Expected annual dividend yield2.58 %2.31 %2.59 %
Expected volatility23.05 %24.69 %18.76 %
Risk-free rate of return1.97 %0.48 %1.32 %
Expected option term (years)4.74 4.54 4.62 
(1)Estimated on date of grant using Black-Scholes option-pricing model.
Stock Options Activity
The following table summarizes information about stock option activity for the three years ended December 31, 2022:
Number of
Options
Weighted Average
Exercise Price
Outstanding at December 31, 201918,731,562 $109.87 
Granted3,192,693 176.93 
Exercised(4,424,754)88.96 
Lapsed or canceled(930,972)156.62 
Outstanding at December 31, 202016,568,529 125.75 
Granted2,065,574 204.99 
Exercised(2,016,489)113.01 
Lapsed or canceled(764,675)175.42 
Outstanding at December 31, 202115,852,939 135.31 
Granted2,150,910 189.53 
Exercised(3,046,107)103.89 
Lapsed or canceled(905,454)186.35 
Outstanding at December 31, 202214,052,288 $147.14 
Vested and expected to vest at December 31, 2022(1)
13,056,367 $143.72 
Exercisable at December 31, 20229,509,606 $127.99 
(1)Represents the sum of vested options of 9.5 million and expected to vest options of 3.5 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 4.5 million.
Schedule of Share Based Compensation by Price Ranges
The following table summarizes information about stock options outstanding and exercisable at December 31, 2022:
Range of Exercise PricesOptions OutstandingOptions Exercisable
Number
Outstanding
Weighted
Average Life(1)
Weighted
Average
Exercise
Price per share
Aggregate
Intrinsic
Value
Number
Exercisable
Weighted
Average
Exercise
Price per share
Aggregate
Intrinsic
Value
$27.00–$64.99700 0.20$57.00 $— 700 $57.00 $— 
$65.00–$89.99949,592 1.1288.69 119 949,592 88.69 119 
$90.00–$99.992,837,199 2.5298.79 328 2,837,199 98.79 328 
$100.00–$134.992,092,549 4.05119.49 198 2,026,049 119.16 197 
$135.00–$189.996,459,775 6.87170.71 282 3,270,515 160.19 248 
$190.00–$232.601,712,473 8.08204.52 18 425,551 204.99 14 
14,052,288 5.33$147.14 $945 9,509,606 $127.99 $906 
(1)Average remaining contractual life in years.
Financial Statement Impact From Stock Options Exercised
The following table summarizes the financial statement impact from stock options exercised:
Options ExercisedYears Ended December 31,
202220212020
Intrinsic value(1)
$310 $219 $379 
Tax benefit realized71 48 84 
(1)Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise.
Restricted Stock Units Activity
The following table summarizes information about RSU activity for the three years ended December 31, 2022:
Number of
Restricted
Stock Units
Weighted
Average
Grant Date
Fair Value
Per Share
Non-vested at December 31, 20193,240,065 $143.07 
Granted1,551,675 158.52 
Vested(1,001,101)117.84 
Forfeited(394,116)145.42 
Non-vested at December 31, 20203,396,523 148.23 
Granted992,854 214.61 
Vested(1,123,547)144.34 
Forfeited(308,293)156.74 
Non-vested at December 31, 20212,957,536 171.73 
Granted1,056,869 186.48 
Vested(864,944)157.21 
Forfeited(441,453)177.38 
Non-vested at December 31, 20222,708,008 $181.10 
Income Statement Impact from RSUs The following table summarizes the impact to the Consolidated Statement of Operations from RSUs:
 Years Ended December 31,
202220212020
Compensation expense$143 $162 $118 
Future income tax benefit recognized29 23 24