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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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