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Stock Options and Other Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
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 2023, 2022 and 2021 were measured on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
| Year ended December 31
| 2023 |  |  | 2022 |  | 2021 |
Expected term in years 1 | 6.4 |  |  | 6.9 |  | 6.8 |
Volatility 2 | 32.5 |  | % |  | 31.3 |  | % | 31.1 |  | %
Risk-free interest rate based on zero coupon U.S. treasury note | 3.43 |  | % |  | 1.79 |  | % | 0.71 |  | %
Dividend yield | 3.5 |  | % |  | 5.0 |  | % | 6.0 |  | %
Weighted-average fair value per option granted | $ | 45.82 |  |  |  | $ | 23.56 |  |  | $ | 12.22 |  |
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 2023 is presented below:
| Shares (Thousands) | Weighted-Average Exercise Price |  | Averaged Remaining Contractual Term (Years) | Aggregate Intrinsic Value
Outstanding at January 1, 2023 | 25,265 |  |  | $ | 114.61 |  |  |  |  |
Granted | 2,122 |  |  | $ | 179.08 |  |  |  |  |
Exercised | (2,538) |  |  | $ | 104.30 |  |  |  |  |
Forfeited | (474) |  |  | $ | 246.61 |  |  |  |  |
Outstanding at December 31, 2023 | 24,375 |  |  | $ | 118.72 |  |  | 5.14 |  | $ | 934 |
Exercisable at December 31, 2023 | 18,438 |  |  | $ | 113.38 |  |  | 4.11 |  | $ | 791 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -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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