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Stock Options and Other Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Fair market values of stock options and stock appreciation rights granted

The fair market values of stock options and stock appreciation rights granted in 2022, 2021 and 2020 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

			Year ended December 31
			2022									2021						2020
Expected term in years1			6.9									6.8						6.6
Volatility2			31.3			%						31.1			%			20.8			%
Risk-free interest rate based on zero coupon U.S. treasury note			1.79			%						0.71			%			1.50			%
Dividend yield			5.0			%						6.0			%			4.0			%
Weighted-average fair value per option granted			$	23.56								$	12.22					$	13.00

1    Expected term is based on historical exercise and post-vesting cancellation data.

2    Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.

Summary of option activity

A summary of option activity during 2022 is presented below:

			Shares (Thousands)			Weighted-Average  Exercise Price									Averaged Remaining Contractual Term (Years)			Aggregate Intrinsic Value
Outstanding at January 1, 2022			77,399						$	108.10
Granted			3,870						$	132.69
Exercised			(55,275)						$	105.56
Forfeited			(729)						$	208.46
Outstanding at December 31, 2022			25,265						$	114.61					6.62						$	1,794
Exercisable at December 31, 2022			16,421						$	117.20					5.18						$	1,178

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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