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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Assumptions Used to Determine Weighted-Average Fair Value of Options Granted | The weighted average fair value of options granted in 2024, 2023 and 2022 was $25.60, $21.69 and $15.45 per option, respectively, and were determined using the following assumptions:
Years Ended December 31 | 2024 |  | 2023 |  | 2022
Expected dividend yield | 3.0 | % |  | 3.1 | % |  | 3.1 | %
Risk-free interest rate | 4.7 | % |  | 3.4 | % |  | 3.0 | %
Expected volatility | 20.5 | % |  | 22.4 | % |  | 22.5 | %
Expected life (years) | 5.8 |  | 5.8 |  | 5.9
Summarized Information Relative to Stock Option Plan Activity | Summarized information relative to stock option plan activity (options in thousands) is as follows:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding January 1, 2024 | 13,527 |  |  | $ | 77.54 |  |  |  |  |
Granted | 1,753 |  |  | 129.22 |  |  |  |  |
Exercised | (2,581) |  |  | 68.90 |  |  |  |  |
Forfeited | (199) |  |  | 111.48 |  |  |  |  |
Outstanding December 31, 2024 | 12,500 |  |  | $ | 86.04 |  |  | 5.9 |  | $ | 249 |
Vested and expected to vest December 31, 2024 | 12,201 |  |  | $ | 85.10 |  |  | 5.9 |  | $ | 249 |
Exercisable December 31, 2024 | 9,084 |  |  | $ | 74.00 |  |  | 4.9 |  | $ | 241 |
Additional Information Pertaining to Stock Option Plans | Additional information pertaining to stock option plans is provided in the table below:
Years Ended December 31 | 2024 |  | 2023 |  | 2022
Total intrinsic value of stock options exercised | $ | 144 |  |  | $ | 95 |  |  | $ | 225 |
Fair value of stock options vested | 32 |  |  | 30 |  |  | 30 |
Cash received from the exercise of stock options | 177 |  |  | 125 |  |  | 384 |
Summary of Nonvested RSU and PSU Activity | A summary of nonvested RSU and PSU activity (shares in thousands) is as follows:
|  | RSUs |  | PSUs
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested January 1, 2024 |  | 12,542 |  |  | $ | 100.10 |  |  | 1,966 |  |  | $ | 90.80 |
Granted |  | 6,356 |  |  | 128.79 |  |  | 968 |  |  | 121.91 |
Vested |  | (6,091) |  |  | 92.97 |  |  | (1,109) |  |  | 73.50 |
Forfeited |  | (575) |  |  | 113.18 |  |  | (59) |  |  | 121.12 |
Nonvested December 31, 2024 |  | 12,232 |  |  | $ | 117.94 |  |  | 1,766 |  |  | $ | 117.57 |
Expected to vest December 31, 2024 |  | 10,976 |  |  | $ | 117.25 |  |  | 1,669 |  |  | $ | 116.26 |

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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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