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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Option and RSA Activity | A summary of stock option and RSU activity as of December 31, 2022, and corresponding changes during the year, are as follows:
|  | Stock Options |  | Service-Based RSUs |  | Service and Performance-Based RSUs
(Shares in thousands) |  | Shares |  | Weighted-Average Exercise Price |  | Shares |  | Weighted- Average Grant Price |  | Shares |  | Weighted- Average Grant Price
Outstanding as of December 31, 2021 |  | 3,104 |  |  | $ | 93.33 |  |  | 1,875 |  |  | $ | 117.36 |  |  | 3,741 |  |  | $ | 114.22 |
Granted |  | 1,168 |  |  | 154.57 |  |  | 798 |  |  | 174.48 |  |  | 1,064 |  |  | 163.60 |
Options exercised/RSUs vested |  | (638) |  |  | 88.81 |  |  | (751) |  |  | 113.19 |  |  | (1,097) |  |  | 89.58 |
Forfeited |  | — |  |  | — |  |  | (134) |  |  | 139.77 |  |  | (236) |  |  | 137.42 |
Expired |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding as of December 31, 2022 |  | 3,634 |  |  | 113.80 |  |  | 1,788 |  |  | $ | 142.92 |  |  | 3,472 |  |  | $ | 135.57 |
Options vested and expected to vest as of December 31, 2022 |  | 3,607 |  |  | 113.54 |  |  |  |  |  |  |  |  |
Options exercisable as of December 31, 2022 |  | 1,699 |  |  | $ | 80.57 |  |  |  |  |  |  |  |  |
Weighted Average Assumptions Used | The fair value of options without market conditions is estimated on the date of grant using a Black-Scholes-Merton option-pricing model. The following weighted-average assumptions were used for options granted in 2022, 2021 and 2020:
|  | 2022 |  | 2021 |  | 2020
Dividend yield |  | 1.0 | % |  | 1.5 | % |  | 1.4 | %
Expected volatility(a) |  | 31 | % |  | 31 | % |  | 20 | %
Risk-free interest rate |  | 1.7 | % |  | 0.8 | % |  | 1.6 | %
Expected life of stock option (in years)(b) |  | 7.1 |  | 7.2 |  | 7.1
Weighted-average fair value per option |  | $ | 55.30 |  |  | $ | 32.38 |  |  | $ | 25.83 |
(a)The expected volatility is based on both weighted historical and implied volatilities of our common stock price. (b)The expected life of stock options was determined using both historical data and expectations of option exercise behavior.
Weighted-Average Remaining Contractual Life and Aggregate Intrinsic Value of the Company's Stock Options Outstanding, Exercisable, and Vested and Expected to Vest | The weighted-average remaining contractual life and the aggregate intrinsic value (the amount by which the fair value of our stock price exceeds the exercise price of the option) of the stock options outstanding, exercisable, and vested and expected to vest as of December 31, 2022, were as follows:
|  | Outstanding |  | Exercisable |  | Vested and Expected to Vest
Weighted-average remaining contractual life (in years) |  | 5.6 |  | 3.6 |  | 5.6
Aggregate intrinsic value (millions) |  | $ | 131 |  |  | $ | 114 |  |  | $ | 131 |
Schedule of Share-Based Payment Award, Valuation Assumptions | The fair value of RSUs that do not include the r-TSR modifier, including those that contain only service conditions, is measured using our stock price on the grant date. The fair value of service and performance-based RSUs that include the r-TSR modifier is determined using a Monte Carlo valuation model with the following weighted-average assumptions in 2022, 2021 and 2020:
|  | 2022 |  | 2021 |  | 2020
Expected volatility(a) |  | 42 | % |  | 41 | % |  | 19 | %
Risk-free interest rate |  | 1.4 | % |  | 0.2 | % |  | 1.4 | %
Remaining performance period (in years) |  | 2.9 |  | 2.9 |  | 2.9
(a)The expected volatility is based on historical volatility of our common stock price.

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- Definition Schedule of Share-based Payment Award, Valuation Assumptions + References No definition available. + Details
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- Definition Represents weighted-average assumptions used for grants issued during the period. + References No definition available. + Details
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- Definition Represents table summarizing the weighted-average remaining contractual life and the aggregate intrinsic value (the amount by which the fair value of the Company's stock exceeds the exercise price of the option) of the stock options outstanding, exercisable, and vested and expected to vest. + References No definition available. + Details
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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 -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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