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Stock-Based Compensation (Tables)

12 Months Ended

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

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

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-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

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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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-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

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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

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-Topic 718
-SubTopic 10
-Subparagraph (i)
-Name Accounting Standards Codification
-Paragraph 2
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Tabular disclosure of the change in restricted stock units (RSUs).

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