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Stock-based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Activity

The following table summarizes information related to restricted stock activity:

 

 

(Shares stated in millions)

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Weighted-

 

 

 

 

Weighted-

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

Restricted

 

 

Grant Date

 

 

Restricted

 

 

Grant Date

 

 

Restricted

 

 

Grant Date

 

 

Stock

 

Fair Value

 

 

Stock

 

Fair Value

 

 

Stock

 

Fair Value

 

Unvested at beginning of year

 

14

 

 

$

39.88

 

 

18

 

 

$

30.24

 

 

22

 

 

$

29.03

 

Granted

 

6

 

 

$

45.44

 

 

5

 

 

$

56.24

 

 

7

 

 

$

36.16

 

Adjustments for performance achieved

 

1

 

 

$

22.85

 

 

 

2

 

 

$

32.47

 

 

 

2

 

 

$

35.55

 

Vested

 

(8

)

 

$

32.50

 

 

 

(11

)

 

$

29.82

 

 

 

(13

)

 

$

32.42

 

Unvested at year-end

 

13

 

$

46.12

 

 

14

 

$

39.88

 

 

18

 

$

30.24

 

 
Assumptions Used in Estimating Fair Value of Purchase Rights under Discounted Stock Purchase Plan

The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-Scholes model with the following assumptions and resulting weighted-average fair value per share:

 

 

2024

 

 

2023

 

 

2022

 

Dividend yield

 

2.1

%

 

 

1.7

%

 

 

1.8

%

Expected volatility

 

31

%

 

 

50

%

 

 

47

%

Risk-free interest rate

 

5.31

%

 

 

5.13

%

 

 

1.32

%

Weighted-average fair value per share

$

12.02

 

 

$

14.93

 

 

$

8.05

 
Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

(Shares stated in millions)

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Weighted-

 

 

 

 

Weighted-

 

 

 

 

Weighted-

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

Exercise

 

 

 

 

 

Exercise

 

 

 

 

 

Exercise

 

 

Shares

 

Price

 

 

Shares

 

Price

 

 

Shares

 

Price

 

Outstanding at beginning of year

 

28

 

 

$

72.33

 

 

35

 

 

$

70.31

 

 

42

 

 

$

68.95

 

Exercised

 

(1

)

 

$

39.91

 

 

 

(2

)

 

$

40.02

 

 

 

(2

)

 

$

40.04

 

Forfeited / expired

 

(5

)

 

$

91.55

 

 

(5

)

 

$

73.18

 

 

(5

)

 

$

71.45

 

Outstanding at year-end

 

22

 

$

69.20

 

 

28

 

$

72.33

 

 

35

 

$

70.31

 
Options Outstanding and Option Exercisable

The following table summarizes information related to options outstanding and options exercisable as of December 31, 2024:

 

 

(Shares stated in millions)

 

 

 

Options Outstanding

 

Options Exercisable

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Weighted-

 

 

 

 

 

Weighted-

 

 

Options

 

 

Remaining Life

 

 

Average

 

 

Options

 

 

Average

 

Exercise prices range

Outstanding

 

(in years)

 

 

Exercise Price

 

Exercisable

 

 

Exercise Price

 

$38.75 - $41.47

 

6

 

 

4.7

 

$

39.75

 

 

5

 

$

40.00

 

$47.55 - $77.10

 

5

 

 

1.8

 

$

70.54

 

 

5

 

$

70.54

 

$77.80 - $84.22

 

5

 

 

 

1.0

 

 

$

80.09

 

 

 

5

 

 

$

80.09

 

$87.38 - $91.74

 

6

 

 

1.2

 

$

89.44

 

 

6

 

$

89.44

 

 

22

 

 

2.3

 

$

69.20

 

 

21

 

$

71.08

 
Stock-Based Compensation Expense Recognized in Income

The following summarizes stock-based compensation expense recognized in income:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

2022

 

Restricted stock

$

250

 

 

$

225

 

 

$

255

 

DSPP

 

59

 

 

 

56

 

 

 

41

 

Stock options

 

7

 

 

 

12

 

 

 

17

 

$

316

 

 

$

293

 

 

$

313