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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2022
Equity Incentive Plans [Abstract]  
Equity Awards
Equity awards
($ in millions)202220212020
Compensation expense$93 $120 $124 
Income tax benefits16 18 18 
Cash received from exercise of options130 151 111 
Tax benefit realized on options exercised and release of stock restrictions44 37 53 
Nonvested Awards
Nonvested awards as of December 31, 2022
($ in millions)Unrecognized compensationWeighted average vesting period
Nonqualified stock options$16 1.66
Restricted stock units47 1.9
Performance stock awards20 1.55
Total$83 
Assumptions used to determine the fair value of options granted
Option grant assumptions
202220212020
Weighted average expected term
5.9 years
7.5 years
6.1 years
Expected volatility
19.8% - 29.9%
16.5% - 28.8%
16.3% - 37.1%
Weighted average volatility23.2 %23.0 %17.6 %
Expected dividends
2.5% - 3.0%
2.0% - 3.0%
1.6% - 2.4%
Weighted average expected dividends2.8 %3.1 %1.8 %
Risk-free rate
0% - 4.8%
0% - 1.7%
0.1% - 1.8%
Summary of option activity
Summary of option activity
For the year ended December 31, 2022
Number
(in 000s)
Weighted average exercise price
Aggregate intrinsic value
(in 000s)
Weighted average remaining contractual term (years)
Outstanding as of January 1, 20229,854 $88.84 
Granted1,343 123.04 
Exercised(1,927)76.28 
Forfeited(303)116.09 
Expired(14)109.26 
Outstanding as of December 31, 20228,953 95.72 $357,082 5.5
Outstanding, net of expected forfeitures8,906 95.60 356,277 5.4
Outstanding, exercisable (“vested”)6,472 87.73 309,840 4.5
Changes in restricted stock units
Changes in restricted stock units
For the year ended December 31, 2022
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 20221,038 $101.98 
Granted447 123.98 
Vested(465)103.53 
Forfeited(91)112.74 
Nonvested as of December 31, 2022929 110.75 
Changes in performance stock units
Changes in performance stock awards
For the year ended December 31, 2022
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 2022974 $105.92 
Granted270 123.08 
Adjustment for performance achievement336 92.46 
Vested(694)93.04 
Forfeited(90)114.02 
Nonvested as of December 31, 2022796 116.36