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STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Weighted-average fair value of options granted and the weighted-average assumptions used in the Black Scholes Merton option pricing model for such grants | The weighted-average fair value of stock options granted during the years ended December 31, 2023, 2022 and 2021 and the weighted-average assumptions used in the Black-Scholes-Merton option-pricing model for such grants were as follows:
Year Ended December 31, | 2023 | 2022 | 2021
Fair value of stock options on grant date | $ | 9.84 |  | $ | 8.23 |  | $ | 5.08 |
Dividend yield 1 | 3.0 | % | 2.8 | % | 3.3 | %
Expected volatility 2 | 17.5 | % | 18.0 | % | 18.0 | %
Risk-free interest rate 3 | 4.1 | % | 1.9 | % | 0.9 | %
Expected term of stock options 4 | 6 years | 6 years | 6 years
1 The dividend yield is the calculated yield on the closing market price per share of the Company’s stock on the grant date. 2 The expected volatility is based on implied volatilities from traded options on the Company’s stock, historical volatility of the Company’s stock and other factors. 3 The risk-free interest rate for the period matching the expected term of the stock options is based on the U.S. Treasury yield curve in effect on the grant date. 4 The expected term of the stock options represents the period of time that stock options are expected to be outstanding and is derived by analyzing historical exercise behavior.
Stock option activity | Stock option activity during the year ended December 31, 2023 was as follows:
| Shares (In millions) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value (In millions)
Outstanding on January 1, 2023 | 59 |  | $ | 45.93 |  |  |
Granted | 3 |  | 60.05 |  |  |
Exercised | (14) |  | 39.47 |  |  |
Forfeited/expired | (1) |  | 55.58 |  |  |
Outstanding on December 31, 2023 | 47 |  | $ | 48.52 |  | 4.7 years | $ | 507 |
Expected to vest | 46 |  | $ | 48.38 |  | 4.6 years | $ | 506 |
Exercisable on December 31, 2023 | 36 |  | $ | 45.55 |  | 3.7 years | $ | 483 |
Summary of information about outstanding nonvested performance share units based on target award levels | The following table summarizes information about outstanding nonvested performance share units based on the target award levels:
| Performance Share Units (In thousands) | Weighted-Average Grant Date Fair Value
Nonvested on January 1, 2023 | 3,706 |  | $ | 52.94 |
Granted | 1,323 |  | 56.63 |
Vested 1 | (1,831) |  | 46.65 |
Forfeited | (344) |  | 54.65 |
Nonvested on December 31, 2023 2 | 2,854 |  | $ | 58.48 |
1 Represents the target level of performance share units vested as of December 31, 2023 for the 2021-2023 performance period. Upon certification in February 2024 of the financial results for the performance periods, the final number of shares earned will be determined and released. 2 The outstanding nonvested performance share units as of December 31, 2023 at the threshold award and maximum award levels were approximately 1,139,000 and 6,781,000, respectively.
Summary of information about vested performance share units based on the certified award level | The following table summarizes information about vested performance share units based on the certified award level:
| 2020-2022 Annual Award |  | 2021-2022 Emerging Stronger Award
| Performance Share Units (In thousands) | Weighted- Average Grant Date Fair Value |  | Performance Share Units (In thousands) | Weighted- Average Grant Date Fair Value
Certified | 3,029 |  | $ | 57.00 |  |  | 1,099 |  | $ | 48.36 |
Released during 2023 | (3,011) |  | 57.43 |  |  | (1,091) |  | 48.36 |
Forfeited during 2023 | (18) |  | 57.00 |  |  | (8) |  | 48.36 |
Summary of information about outstanding nonvested time-based restricted stock and restricted stock units | The following table summarizes information about outstanding nonvested time-based restricted stock and restricted stock units:
| Restricted Stock and Restricted Stock Units (In thousands) | Weighted-Average Grant Date Fair Value
Nonvested on January 1, 2023 | 3,030 |  | $ | 52.35 |
Granted | 1,645 |  | 54.70 |
Vested and released | (865) |  | 54.66 |
Forfeited | (317) |  | 52.43 |
Nonvested on December 31, 2023 | 3,493 |  | $ | 52.91 |

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + 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 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, 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)(1) -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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