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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of weighted-average fair value of options, assumptions used

The weighted-average fair value of options granted was estimated at $21.28, $10.26 and $15.92, in 2022, 2021 and 2020, respectively, per option on the date of grant based on the following assumptions:

			Year Ended December 31
			2022						2021						2020
Dividend yield			3.3		%				3.9		%				3.3		%
Volatility			22.1		%				17.4		%				21.9		%
Risk-free interest rate			2.8		%				0.8		%				0.3		%
Expected life - years			4.6						4.6						4.5

Schedule of total remaining unrecognized compensation costs and amortization period

Total remaining unrecognized compensation costs and amortization period are as follows:

			December 31, 2022						Weighted-Average Service Years
Stock options			$	10					0.6
Restricted shares and time-vested restricted share units			51						1.4
Performance-based restricted share units			31						1.6

Summary of stock-based compensation

A summary of stock-based compensation is presented below:

Stock Options			Shares (in thousands)						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2022			5,596						$	126.01
Granted			655						116.28
Exercised			(842)						113.00
Forfeited or expired			(292)						127.70
Outstanding at December 31, 2022			5,117						126.81						5.73						$	52
Exercisable at December 31, 2022			3,658						125.03						4.74						$	42

Summary of nonvested restricted share units

			Time-Vested Restricted Share Units												Performance-Based Restricted Share Units
Other Stock-Based Awards			Shares (in thousands)						Weighted- Average Grant-Date Fair Value						Shares (in thousands)						Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2022			393						$	131.85					1,410						$	131.03
Granted			718						131.37						517						133.24
Vested			(172)						131.00						(672)						124.43
Forfeited			(94)						137.25						(152)						134.60
Nonvested at December 31, 2022			845						134.81						1,103						138.96

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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