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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Schedule of weighted-average fair value of options, assumptions used | The weighted-average fair value of stock options granted was estimated at $21.28 and $10.26, in 2022 and 2021, respectively, per option on the date of grant based on the following assumptions:
|  | Year Ended December 31
|  |  | 2022 |  | 2021
Dividend yield |  |  | 3.3 | % |  | 3.9 | %
Volatility |  |  | 22.1 | % |  | 17.4 | %
Risk-free interest rate |  |  | 2.8 | % |  | 0.8 | %
Expected life - years |  |  | 4.6 |  | 4.6
Schedule of total remaining unrecognized compensation costs and amortization period | Total remaining unrecognized compensation costs and amortization period are as follows:
| December 31, 2023 |  | Weighted-Average Service Years
Stock options | $ | 4 |  |  | 0.5
Restricted shares and time-vested restricted share units | 64 |  |  | 1.4
Performance-based restricted share units | 29 |  |  | 1.7
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, 2023 | 5,117 |  |  | $ | 126.81 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (847) |  |  | 114.92 |  |  |  |  |
Forfeited or expired | (73) |  |  | 126.47 |  |  |  |  |
Outstanding at December 31, 2023 | 4,197 |  |  | 128.80 |  |  | 5.04 |  | $ | 14 |
Exercisable at December 31, 2023 | 3,578 |  |  | 128.40 |  |  | 4.55 |  | $ | 11 |
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, 2023 | 845 |  |  | $ | 134.81 |  |  | 1,103 |  |  | $ | 138.96 |
Granted | 790 |  |  | 141.59 |  |  | 288 |  |  | 143.34 |
Vested | (333) |  |  | 135.33 |  |  | (298) |  |  | 137.11 |
Forfeited | (97) |  |  | 138.75 |  |  | (190) |  |  | 136.25 |
Nonvested at December 31, 2023 | 1,205 |  |  | 133.14 |  |  | 903 |  |  | 130.36 |

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- 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
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- 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
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the change in restricted stock units (RSUs). + References No definition available. + Details
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