STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2023

The following table summarizes the impact to the Consolidated Statement of Operations from stock options:


	Years Ended December 31,
	2023		2022		2021
Compensation expense	$	48	$	45	$	55
Future income tax benefit recognized	11		10		11

The following table sets forth fair value per share information, including related weighted average assumptions, used to determine compensation cost:


	Years Ended December 31,
	2023			2022			2021
Weighted average fair value per share of options granted during the year1	$	38.84		$	31.22		$	32.42
Assumptions
Expected annual dividend yield	2.50		%	2.58		%	2.31		%
Expected volatility	22.42		%	23.05		%	24.69		%
Risk-free rate of return	3.94		%	1.97		%	0.48		%
Expected option term (years)	4.86			4.74			4.54


1						Estimated on date of grant using Black-Scholes option-pricing model.

The following table summarizes information about stock option activity for the three years ended December 31, 2023:


	Number of Options	Weighted Average Exercise Price
Outstanding at December 31, 2020	16,568,529	$	125.75
Granted	2,065,574	204.99
Exercised	(2,016,489)	113.01
Lapsed or canceled	(764,675)	175.42
Outstanding at December 31, 2021	15,852,939	135.31
Granted	2,150,910	189.53
Exercised	(3,046,107)	103.89
Lapsed or canceled	(905,454)	186.35
Outstanding at December 31, 2022	14,052,288	147.14
Granted	1,573,520	195.27
Exercised	(1,640,952)	123.12
Lapsed or canceled	(548,842)	192.22
Outstanding at December 31, 2023	13,436,014	$	153.86
Vested and expected to vest at December 31, 20231	12,420,005	$	150.58
Exercisable at December 31, 2023	9,593,986	$	138.24


1						Represents the sum of vested options of 9.6 million and expected to vest options of 2.8 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 3.8 million.

The following table summarizes information about stock options outstanding and exercisable at December 31, 2023:


Range of Exercise Prices	Options Outstanding						Options Exercisable
	Number Outstanding	Weighted Average Life1	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value		Number Exercisable	Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value

$65.00–$89.99	687,158	0.16	$	89.46	$	83	687,158	$	89.46	$	83
$90.00–$99.99	2,285,249	1.52	98.79		253		2,285,249	98.79		253
$100.00–$134.99	1,814,529	3.02	119.30		164		1,787,835	119.15		163
$135.00–$189.99	5,737,860	5.83	170.92		222		4,078,279	164.61		209
$190.00–$232.60	2,911,218	8.02	200.23		30		755,465	204.77		22
	13,436,014	4.90	$	153.86	$	752	9,593,986	$	138.24	$	730


1						Average remaining contractual life in years.

The following table summarizes the financial statement impact from stock options exercised:


1						Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise.

The following table summarizes information about RSU activity for the three years ended December 31, 2023:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2020	3,396,523	$	148.23
Granted	992,854	214.61
Vested	(1,123,547)	144.34
Forfeited	(308,293)	156.74
Non-vested at December 31, 2021	2,957,536	171.73
Granted	1,056,869	186.48
Vested	(864,944)	157.21
Forfeited	(441,453)	177.38
Non-vested at December 31, 2022	2,708,008	181.10
Granted	1,109,307	194.81
Vested	(919,496)	171.92
Forfeited	(290,982)	187.13
Non-vested at December 31, 2023	2,606,837	$	189.18

The following table summarizes the impact to the Consolidated Statement of Operations from RSUs:


	Years Ended December 31,
	2023		2022		2021
Compensation expense	$	154	$	143	$	162
Future income tax benefit recognized	32		29		23