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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary Information for Restricted Stock Awards and Incentive Compensation Stock Awards

The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2024:

 

 

 

Restricted Stock -
Service Based

 

 

Restricted Stock -
Performance Based

 

 

Incentive Compensation Stock

 

 

 

Number of
Awards

 

 

Weighted-
Average
Grant-Date
Fair Value

 

 

Number of
Awards

 

 

Weighted-
Average
Grant-Date
Fair Value

 

 

Number of
Awards

 

 

Weighted-
Average
Grant-Date
Fair Value

 

January 1, 2024

 

 

210,643

 

 

$

289.26

 

 

 

98,150

 

 

$

384.02

 

 

 

17,326

 

 

$

364.09

 

Awarded

 

 

46,323

 

 

$

553.17

 

 

 

29,746

 

 

$

595.00

 

 

 

11,543

 

 

$

548.68

 

Distributed

 

 

(60,143

)

 

$

307.63

 

 

 

(81,439

)

 

$

352.52

 

 

 

(12,760

)

 

$

389.15

 

Forfeited

 

 

(5,289

)

 

$

389.70

 

 

 

(5,490

)

 

$

443.71

 

 

 

(566

)

 

$

400.15

 

Adjustment for performance

 

 

—

 

 

$

—

 

 

 

47,537

 

 

$

362.60

 

 

 

—

 

 

$

—

 

December 31, 2024

 

 

191,534

 

 

$

370.27

 

 

 

88,504

 

 

$

468.71

 

 

 

15,543

 

 

$

497.76

 

 
Summary Information for Stock Options

The following table includes summary information for stock options as of December 31, 2024:

 

 

 

Number of
Options

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual Life
(years)

 

Outstanding at January 1, 2024

 

 

6,103

 

 

$

144.14

 

 

 

 

Exercised

 

 

(2,480

)

 

$

128.89

 

 

 

 

Outstanding at December 31, 2024

 

 

3,623

 

 

$

154.58

 

 

 

0.4

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2024

 

 

3,623

 

 

$

154.58

 

 

 

0.4

 
Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022, unrecognized compensation cost for nonvested awards at December 31, 2024 and the weighted-average period over which unrecognized compensation cost will be recognized:

 

(in millions, except year data)

 

Restricted
Stock
(Service- and Performance-Based)

 

 

Incentive
Compensation
Stock

 

 

Directors’
Fees Paid in Stock

 

 

Total

 

Stock-based compensation expense recognized for
   years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

$

56

 

 

$

1

 

 

$

1

 

 

$

58

 

2023

 

$

49

 

 

$

1

 

 

$

—

 

 

$

50

 

2022

 

$

41

 

 

$

1

 

 

$

1

 

 

$

43

 

Unrecognized compensation cost at
   December 31, 2024

 

$

28

 

 

$

1

 

 

$

—

 

 

$

29

 

Weighted-average period over which unrecognized
   compensation cost will be recognized

 

1.9 years

 

 

1.8 years

 

 

 

 

 

 

 
Stock-Based Compensation Expense in Future for Outstanding Awards

The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2024:

 

(in millions)

 

 

 

2025

 

$

19

 

2026

 

$

8

 

2027

 

$

1

 

2028

 

$

1

 

Total

 

$

29