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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation expense | We measure the cost of all share-based payments, including stock options and stock appreciation rights, at fair value on the grant date and recognize this cost in the Consolidated Statement of Operations, net of expected forfeitures, as follows:
(dollars in millions) | 2023 |  | 2022 |  | 2021
Total compensation cost recognized | $ | 425 |  |  | $ | 420 |  |  | $ | 442 |
Schedule of Stock Options Roll Forward | A summary of the transactions under our long-term incentive plans for the year ended December 31, 2023 follows.
| Stock Options |  | Stock Appreciation Rights |  | Performance Share Units |  | Restricted Stock and RSUs
(shares and units in thousands) | Shares |  | Average Price (1) |  | Shares |  | Average Price (1) |  | Units |  | Average Price (2) |  | Units |  | Average Price (2)
Outstanding at: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 | 1,657 |  |  | $ | 80.67 |  |  | 32,032 |  |  | $ | 81.04 |  |  | 2,150 |  |  | $ | 83.52 |  |  | 9,757 |  |  | $ | 78.40 |
Granted | 90 |  |  | 97.65 |  |  | 2,664 |  |  | 97.66 |  |  | 965 |  |  | 96.39 |  |  | 3,353 |  |  | 97.33 |
Exercised / earned | (271) |  |  | 79.80 |  |  | (3,190) |  |  | 80.97 |  |  | (3) |  |  | 87.36 |  |  | (2,789) |  |  | 70.13 |
Cancelled | (15) |  |  | 91.68 |  |  | (351) |  |  | 91.10 |  |  | (111) |  |  | 92.16 |  |  | (591) |  |  | 84.93 |
December 31, 2023 | 1,461 |  |  | $ | 81.72 |  |  | 31,155 |  |  | $ | 82.36 |  |  | 3,001 |  |  | $ | 87.33 |  |  | 9,730 |  |  | $ | 86.53 |
(1) Weighted-average exercise price per share. (2) Weighted-average grant date fair value per share.
Disclosure Of Share Based Compensation Arrangements By Share Based Payment Award Text Block | The following table summarizes information about equity awards outstanding that are vested and expected to vest as well as equity awards outstanding that are exercisable at December 31, 2023:
|  | Equity Awards Vested and Expected to Vest |  | Equity Awards That Are Exercisable
(shares in thousands; aggregate intrinsic value in millions) |  | Awards |  | Average Price (1) |  | Aggregate Intrinsic Value |  | Remaining Term (2) |  | Awards |  | Average Price (1) |  | Aggregate Intrinsic Value |  | Remaining Term (2)
Stock Options |  | 1,459 |  |  | $ | 81.69 |  |  | $ | 8 |  |  | 4.95 |  | 1,241 |  |  | $ | 80.18 |  |  | $ | 7 |  |  | 4.38
Stock Appreciation Rights |  | 31,037 |  |  | 82.31 |  |  | 166 |  |  | 5.20 |  | 24,430 |  |  | 80.04 |  |  | 150 |  |  | 4.37
Performance Share Units |  | 2,962 |  |  | 87.22 |  |  | 249 |  |  | 1.00 |  |  |  |  |  |  |  |
Restricted Stock and RSUs |  | 9,431 |  |  | 86.38 |  |  | 794 |  |  | 1.37 |  |  |  |  |  |  |  |
(1) Weighted-average exercise price per share. (2) Weighted-average contractual remaining term in years.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Lattice-based option models incorporate ranges of assumptions for inputs; those ranges are as follows:
|  | 2023 |  | 2022 |  | 2021
Expected volatility |  | 26.2% |  | 27.9% |  | 29.9%
Weighted-average volatility |  | 26 | % |  | 28 | % |  | 30 | %
Expected term (in years) |  | 6.7 |  | 6.5 |  | 6.5
Expected dividend yield |  | 2.3 | % |  | 2.2 | % |  | 2.6 | %
Risk-free rate |  | 3.6% - 4.8% |  | 0.02% - 2.1% |  | 0.04% - 1.2%

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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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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for exercisable or convertible options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(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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