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Equity (Tables)
12 Months Ended
Dec. 31, 2022
Equity  
Schedule of stock option activity

Weighted

 

Average

Aggregate

 

Weighted

Remaining

Intrinsic

 

Average

Contractual

Value

    

Options

    

Exercise Price

    

Term (in years)

    

(in millions)

 

Options outstanding at January 1, 2020

 

71,350,412

$

33.85

 

6.75

Options granted

 

12,220,400

 

45.12

Options exercised

 

(14,969,624)

 

25.80

Options forfeited

 

(615,540)

 

41.55

Options outstanding at December 31, 2020

 

67,985,648

 

37.58

 

6.79

Options granted

 

7,543,589

 

66.65

Options exercised

 

(9,692,199)

 

29.87

Options forfeited

 

(536,290)

 

48.00

Options outstanding at December 31, 2021

 

65,300,748

42.00

6.47

Options granted

 

7,090,798

 

68.95

Options exercised

 

(5,627,389)

 

32.89

Options forfeited

 

(629,120)

 

51.82

Options outstanding at December 31, 2022

 

66,135,037

$

45.57

6.03

$

2,027.2

Vested and non-vested options expected to vest at December 31, 2022

 

63,745,253

$

45.25

5.97

$

1,974.2

Exercisable options at December 31, 2022

 

39,414,025

$

38.56

4.85

$

1,481.1

Summary of status of non-vested options and changes during the year

    

    

Weighted Average

 

Fair Value

Options

at Grant Date

 

Non-vested options at January 1, 2022

 

31,380,283

$

8.34

Options granted

 

7,090,798

 

16.79

Options vested

 

(11,128,949)

 

7.18

Options forfeited

 

(621,120)

 

9.64

Non-vested options at December 31, 2022

 

26,721,012

$

11.04

Summary of activity in the option plans

2022

    

2021

    

2020

Total intrinsic value of stock options exercised

$

245.1

$

430.9

$

436.1

Total fair value of stock options vested

 

79.9

 

71.7

 

62.4

Schedule of fair value of stock options estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions

    

2022

 

2021

 

2020

Risk free interest rate

2.7

%  

 

0.7

%  

 

0.3

%  

Expected life

 

4.8

years

 

4.7

years

 

4.7

years

Expected volatility

 

25.9

%  

 

25.0

%  

 

24.0

%  

Expected dividend yield

 

1.0

%  

 

1.0

%  

 

1.1

%  

Schedule of restricted stock activity

Weighted Average

Fair Value

Remaining

Restricted

at Grant

Amortization

    

Shares

    

Date

    

Term (in years)

 

Restricted shares outstanding at January 1, 2020

 

25,032

$

44.75

 

0.39

Restricted shares granted

 

26,350

 

45.55

Shares vested and issued

 

(25,032)

 

44.75

Restricted shares outstanding at December 31, 2020

 

26,350

 

45.55

    

0.38

Restricted shares granted

 

21,983

 

66.33

Shares vested and issued

 

(27,272)

 

45.80

Restricted shares outstanding at December 31, 2021

    

21,061

    

66.92

    

0.38

Restricted shares granted

 

21,312

 

67.59

Shares vested and issued

 

(21,061)

 

66.92

Restricted shares outstanding at December 31, 2022

    

21,312

    

$

67.59

    

0.37

Schedules of dividends

 

2022

2021

2020

First Quarter

$

0.20

$

0.145

$

0.125

Second Quarter

0.20

0.145

0.125

Third Quarter

0.20

0.145

0.125

Fourth Quarter

0.21

0.20

0.145

Total

$

0.81

$

0.635

$

0.52

Dividends declared and paid for the years ended December 31, 2022, 2021 and 2020 were as follows:

    

2022

2021

2020

Dividends declared

$

482.6

$

379.7

$

310.0

Dividends paid (including those declared in the prior year)

 

477.4

 

346.7

 

297.6

Schedule of components comprising Accumulated other comprehensive income (loss) included in equity

Foreign

Unrealized

Pension and

Accumulated

 

Currency

Gain (Loss)

Postretirement

Other

Translation

on Hedging

Benefit Plan

Comprehensive

 

    

Adjustments

    

Activities

    

Adjustment

    

(Loss) Income

 

Balance at January 1, 2020

$

(237.9)

$

0.3

$

(193.3)

$

(430.9)

Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and $7.1, respectively

151.3

(0.2)

(18.9)

132.2

Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($6.7)

20.6

20.6

Balance at December 31, 2020

 

(86.6)

 

0.1

 

(191.6)

 

(278.1)

Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and ($12.3), respectively

(66.2)

37.4

(28.8)

Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($6.6)

20.4

20.4

Balance at December 31, 2021

 

(152.8)

 

0.1

 

(133.8)

 

(286.5)

Other comprehensive income (loss) before reclassifications, net of tax of nil, nil and ($0.4), respectively

(260.2)

(0.1)

(1.4)

(261.7)

Amounts reclassified from Accumulated other comprehensive income (loss) to earnings, net of tax of ($4.3)

13.2

13.2

Balance at December 31, 2022

$

(413.0)

$

$

(122.0)

$

(535.0)