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Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Components of Stock-based Compensation Expense

The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):

			Years ended December 31,
			2023						2022						2021
RSUs			$	309					$	227					$	183
Performance units			121						132						121
Stock options			43						42						37
Total stock-based compensation expense, pretax			473						401						341
Tax benefit from stock-based compensation expense			(102)						(86)						(74)
Total stock-based compensation expense, net of tax			$	371					$	315					$	267

Summary of RSUs

The following table summarizes information regarding our RSUs:

			Year ended December 31, 2023
			Units (in millions)						Weighted-average grant date fair value
Balance nonvested as of December 31, 2022			2.8						$	228.71
Granted			1.0						$	237.70
Replacement awards granted - Horizon acquisition			1.7						$	267.47
Vested			(1.3)						$	231.81
Forfeited			(0.3)						$	234.35
Balance nonvested as of December 31, 2023			3.9						$	246.43

Summary of Stock Option Assumptions

The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:

			Years ended December 31,
			2023						2022						2021
Closing price of our common stock on grant date			$	235.97					$	230.92					$	237.17
Expected volatility (average of implied and historical volatility)			23.3		%				24.5		%				25.6		%
Expected life (in years)			5.7						5.7						5.7
Risk-free interest rate			3.4		%				2.8		%				1.0		%
Expected dividend yield			3.5		%				3.3		%				2.9		%
Fair value of stock options granted			$	41.86					$	42.43					$	40.43

Summary of Stock Options

The following table summarizes information regarding our stock options:

			Year ended December 31, 2023
			Options (in millions)						Weighted- average exercise price						Weighted- average remaining contractual life (in years)						Aggregate intrinsic value (in millions)
Balance unexercised as of December 31, 2022			5.3						$	207.29
Granted			1.1						$	235.97
Exercised			(0.4)						$	182.33
Expired/forfeited			(0.1)						$	234.10
Balance unexercised as of December 31, 2023			5.9						$	213.90					6.7						$	438
Vested or expected to vest as of December 31, 2023			5.7						$	213.15					6.7						$	427
Exercisable as of December 31, 2023			2.8						$	190.59					5.0						$	271

Weighted-Average Assumptions

The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:

			Years ended December 31,
			2023						2022						2021
Closing price of our common stock on grant date			$	235.97					$	230.92					$	239.64
Volatility			21.6		%				28.1		%				29.3		%
Risk-free interest rate			3.7		%				0.3		%				0.3		%
Fair value of units granted			$	252.49					$	247.48					$	254.68

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