Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-Based Compensation Expense

	For the years ended December 31,
	2023		2022		2021
Stock-based compensation plans expense	$	125	$	131	$	128
Income tax benefit	(22)		(22)		(22)
Excess tax benefit on awards vested, exercised and expired	(12)		(12)		(6)
Total stock-based compensation plans expense, net of tax	$	91	$	97	$	100

Stock Compensation Valuation Assumptions

Stock Options Valuation Assumptions

	For the years ended December 31,
	2023				2022				2021
Expected dividend yield	2.0%				2.3%				2.8%
Expected annualized spot volatility	24.5	%	-	26.0%	28.3	%	-	29.6%	34.1	%	-	43.0%
Weighted average annualized volatility	25.4%				28.8%				39.4%
Risk-free spot rate	3.8	%	-	5.1%	(0.04)	%	-	2.0%	0.03	%	-	1.4%
Expected term	6.7 years				6.4 years				6.4 years

Non-qualified Stock Option Activity Under the Incentive Stock Plan

Non-qualified Stock Option Activity Under the Stock Incentive Plan

	Number of Options (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	For the year ended December 31, 2023
Outstanding at beginning of year	6,596	$	51.58
Granted	593	$	78.28
Exercised	(1,118)	$	42.20
Forfeited	—	$	—
Expired	—	$	—
Outstanding at end of year	6,071	$	55.92	5.7	$	148
Outstanding, fully vested and expected to vest	6,033	$	55.83	5.7	$	148
Exercisable at end of year	4,790	$	52.00	4.9	$	136

Assumptions

Assumptions for Total Stockholder Return Performance Shares

	For the years ended December 31,
	2023				2022				2021
Volatility of common stock	33.0%				35.9%				37.3%
Average volatility of peer companies	26.0	%	-	41.0%	27.0	%	-	46.0%	27.0	%	-	49.0%
Average correlation coefficient of peer companies	52.0%				68.0%				67.0%
Risk-free spot rate	4.4%				1.8%				0.2%
Term	3.0 years				3.0 years				3.0 years

Non-vested Share Award Activity Under the Incentive Stock Plan

Non-vested Share Award Activity Under the Stock Incentive Plan

	Restricted Stock Units			Performance Shares
	Number of Shares (in thousands)	Weighted-Average Grant-Date Fair Value		Number of Shares (in thousands)	Weighted-Average Grant date Fair Value
Non-vested shares	For the year ended December 31, 2023
Non-vested at beginning of year	3,517	$	58.28	711	$	63.04
Granted	1,019	$	77.72	268	$	85.69
Performance based adjustment, net				389	$	56.09
Vested	(1,177)	$	54.58	(777)	$	56.09
Forfeited	(100)	$	66.72	(8)	$	72.05
Non-vested at end of year	3,259	$	65.44	583	$	77.97