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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of stock option and RSU activity | Our stock options and RSUs outstanding as of December 31, 2023, and changes during the year, are as follows:
|  | Stock Options |  | Service-Based RSUs |  | Service and Performance-Based RSUs
(Numbers in thousands) |  | Number |  | Weighted-Average Exercise Price |  | Number |  | Weighted- Average Grant- Date Fair Value |  | Number |  | Weighted- Average Grant- Date Fair Value
Outstanding as of December 31, 2022 |  | 3,634 |  |  | $ | 113.80 |  |  | 1,788 |  |  | $ | 142.92 |  |  | 3,472 |  |  | $ | 135.57 |
Granted |  | 230 |  |  | 173.61 |  |  | 910 |  |  | 172.02 |  |  | 1,395 |  |  | 158.57 |
Options exercised/RSUs vested |  | (311) |  |  | 89.62 |  |  | (787) |  |  | 134.97 |  |  | (1,498) |  |  | 136.16 |
Forfeited |  | — |  |  | — |  |  | (84) |  |  | 162.18 |  |  | (73) |  |  | 153.04 |
Expired |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding as of December 31, 2023 |  | 3,553 |  |  | 119.80 |  |  | 1,827 |  |  | $ | 159.95 |  |  | 3,296 |  |  | $ | 144.64 |
Options vested and expected to vest as of December 31, 2023 |  | 3,547 |  |  | 119.74 |  |  |  |  |  |  |  |  |
Options exercisable as of December 31, 2023 |  | 1,810 |  |  | $ | 90.94 |  |  |  |  |  |  |  |  |
Weighted-average assumptions used for options | The fair value of options without market conditions is estimated on the grant date using a Black-Scholes-Merton option-pricing model. The following weighted-average assumptions were used for options granted in 2023, 2022 and 2021:
|  | 2023 |  | 2022 |  | 2021
Dividend yield |  | 1.4 | % |  | 1.0 | % |  | 1.5 | %
Expected volatility(a) |  | 32 | % |  | 31 | % |  | 31 | %
Risk-free interest rate |  | 3.5 | % |  | 1.7 | % |  | 0.8 | %
Expected life of stock option (in years)(b) |  | 7.1 |  | 7.1 |  | 7.2
Weighted-average fair value per option |  | $ | 60.03 |  |  | $ | 55.30 |  |  | $ | 32.38 |
(a)The expected volatility is based on historical and implied volatilities of our common stock price. (b)The expected life of stock options was determined using historical option exercise behavior.
Weighted-average remaining contractual life and aggregate intrinsic value of stock options | 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, 2023, were as follows:
|  | Outstanding |  | Exercisable |  | Vested and Expected to Vest
Weighted-average remaining contractual life (in years) |  | 5.2 |  | 3.5 |  | 5.2
Aggregate intrinsic value (millions) |  | $ | 240 |  |  | $ | 174 |  |  | $ | 240 |
Schedule of share-based payment award, valuation assumptions | The weighted averages of the following assumptions used in 2023, 2022 and 2021 were:
|  | 2023 |  | 2022 |  | 2021
Expected volatility |  | 45 | % |  | 42 | % |  | 41 | %
Risk-free interest rate |  | 3.7 | % |  | 1.4 | % |  | 0.2 | %
Remaining performance period (in years) |  | 2.9 |  | 2.9 |  | 2.9

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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 -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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