XML 69 R51.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense |
(Millions) |  |  |  |  |  |  |  |  |  | 2023 |  | 2022 |  | 2021
Cost of sales |  |  |  |  |  |  |  |  |  | $ | 44 |  |  | $ | 48 |  |  | $ | 47 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  | 186 |  |  | 169 |  |  | 185 |
Research, development and related expenses |  |  |  |  |  |  |  |  |  | 44 |  |  | 46 |  |  | 42 |
Stock-based compensation expenses |  |  |  |  |  |  |  |  |  | 274 |  |  | 263 |  |  | 274 |
Income tax benefits |  |  |  |  |  |  |  |  |  | (45) |  |  | (62) |  |  | (100) |
Stock-based compensation expenses (benefits), net of tax |  |  |  |  |  |  |  |  |  | $ | 229 |  |  | $ | 201 |  |  | $ | 174 |
Schedule of Stock Option Activity | The following table summarizes stock option activity:
(Options in thousands) |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (months) |  | Aggregate Intrinsic Value (millions) |  |  |  |  |  |  |  |
Under option — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2023 |  | 35,506 |  |  | $ | 166.97 |  |  |  |  |  |  |  |  |  |  |  |  |
Granted |  | 1,667 |  |  | 116.87 |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised |  | (1,490) |  |  | 101.54 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited |  | (1,000) |  |  | 166.62 |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | 34,683 |  |  | 167.38 |  |  | 51 |  | $ | — |  |  |  |  |  |  |  |  |
Options exercisable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | 29,754 |  |  | $ | 170.24 |  |  | 43 |  | $ | — |  |  |  |  |  |  |  |  |
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table summarizes additional information relative to stock options exercised during the respective years:
(in millions) |  | 2023 |  | 2022 |  | 2021
Cash received from options exercised |  | $ | 147 |  |  | $ | 205 |  |  | $ | 457 |
Intrinsic value of options exercised |  | 29 |  |  | 116 |  |  | 325 |
Tax benefit realized related to options exercised |  | 6 |  |  | 24 |  |  | 69 |
The following table summarizes additional information relative to restricted stock units for the respective years:
(in millions, except per-unit amounts) |  | 2023 |  | 2022 |  | 2021
Weighted-average grant-date fair value of restricted stock units (per unit) that were granted |  | $ | 114.71 |  |  | $ | 160.24 |  |  | $ | 176.82 |
Intrinsic value of restricted stock units that vested |  | $ | 81 |  |  | $ | 88 |  |  | $ | 83 |
Tax benefit realized related to restricted stock units that vested |  | 16 |  |  | 17 |  |  | 16 |
The following table summarizes additional information relative to performance shares for the respective years:
(in millions, except per-share amounts) |  | 2023 |  | 2022 |  | 2021
Weighted average grant date fair value per performance share that were granted |  | $ | 110.21 |  |  | $ | 144.77 |  |  | $ | 176.79 |
Intrinsic value of performance shares that were distributed |  | $ | 19 |  |  | $ | 21 |  |  | $ | 22 |
Tax benefit realized related to performance shares that were distributed |  | 5 |  |  | 4 |  |  | 4 |
Schedule of Stock Option Assumptions |
|  | 2023 |  | 2022 |  | 2021
Exercise price |  | $ | 116.90 |  |  | $ | 162.41 |  |  | $ | 175.04 |
Risk-free interest rate |  | 3.8 | % |  | 1.9 | % |  | 0.8 | %
Dividend yield |  | 3.3 | % |  | 2.9 | % |  | 2.8 | %
Expected volatility |  | 22.8 | % |  | 21.8 | % |  | 22.6 | %
Expected life (months) |  | 84 |  | 83 |  | 83
Black-Scholes fair value |  | $ | 22.22 |  |  | $ | 25.34 |  |  | $ | 25.33 |
Schedule of Restricted Stock Units Activity | The following table summarizes restricted stock unit activity:
(Units in thousands) |  | Number of Units |  | Weighted Average Grant Date Fair Value |  |  |  |  |  |  |  |
Nonvested balance — |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2023 |  | 2,375 |  |  | $ | 164.07 |  |  |  |  |  |  |  |  |
Granted |  | 2,372 |  |  | 114.71 |  |  |  |  |  |  |  |  |
Vested |  | (705) |  |  | 155.94 |  |  |  |  |  |  |  |  |
Forfeited |  | (244) |  |  | 136.06 |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | 3,798 |  |  | 136.55 |  |  |  |  |  |  |  |  |
Schedule of Performance Shares Activity | The following table summarizes performance share activity:
(Shares in thousands) |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  |  |  |  |  |  |  |
Undistributed balance — |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, 2023 |  | 391 |  |  | $ | 157.98 |  |  |  |  |  |  |  |  |
Granted |  | 203 |  |  | 110.21 |  |  |  |  |  |  |  |  |
Distributed |  | (146) |  |  | 153.21 |  |  |  |  |  |  |  |  |
Performance change |  | (15) |  |  | 162.26 |  |  |  |  |  |  |  |  |
Forfeited |  | (73) |  |  | 137.66 |  |  |  |  |  |  |  |  |
As of December 31, 2023 |  | 360 |  |  | 136.95 |  |  |  |  |  |  |  |  |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration