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Stock-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of 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,
| 2024 |  | 2023 |  | 2022
RSUs | $ | 351 |  |  | $ | 309 |  |  | $ | 227 |
Performance units | 133 |  |  | 121 |  |  | 132 |
Stock options | 46 |  |  | 43 |  |  | 42 |
Total stock-based compensation expense, pretax | 530 |  |  | 473 |  |  | 401 |
Tax benefit from stock-based compensation expense | (114) |  |  | (102) |  |  | (86) |
Total stock-based compensation expense, net of tax | $ | 416 |  |  | $ | 371 |  |  | $ | 315 |
Schedule of RSUs | The following table summarizes information regarding our RSUs:
| Year ended December 31, 2024
| Units (in millions) |  | Weighted-average grant date fair value
Balance nonvested as of December 31, 2023 | 3.9 |  |  | $ | 246.43 |
Granted | 1.5 |  |  | $ | 301.36 |
Vested | (1.6) |  |  | $ | 250.80 |
Forfeited | (0.3) |  |  | $ | 267.28 |
Balance nonvested as of December 31, 2024 | 3.5 |  |  | $ | 265.07 |
Schedule 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,
| 2024 |  | 2023 |  | 2022
Closing price of our common stock on grant date | $ | 300.30 |  | $ | 235.97 |  |  | $ | 230.92 |
Expected volatility (average of implied and historical volatility) | 26.9 | % |  | 23.3 | % |  | 24.5 | %
Expected life (in years) | 5.7 |  | 5.7 |  | 5.7
Risk-free interest rate | 4.4 | % |  | 3.4 | % |  | 2.8 | %
Expected dividend yield | 3.2 | % |  | 3.5 | % |  | 3.3 | %
Fair value of stock options granted | $ | 69.34 |  | $ | 41.86 |  |  | $ | 42.43 |
Schedule of Stock Options | The following table summarizes information regarding our stock options:
| Year ended December 31, 2024
| 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, 2023 | 5.9 |  |  | $ | 213.90 |  |  |  |  |
Granted | 0.8 |  |  | $ | 300.32 |  |  |  |  |
Exercised | (0.6) |  |  | $ | 201.22 |  |  |  |  |
Expired/forfeited | (0.2) |  |  | $ | 248.94 |  |  |  |  |
Balance unexercised as of December 31, 2024 | 5.9 |  |  | $ | 225.84 |  |  | 6.3 |  | $ | 236 |
Vested or expected to vest as of December 31, 2024 | 5.7 |  |  | $ | 224.34 |  |  | 6.2 |  | $ | 234 |
Exercisable as of December 31, 2024 | 3.1 |  |  | $ | 202.02 |  |  | 4.6 |  | $ | 182 |
Schedule of 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,
| 2024 |  | 2023 |  | 2022
Closing price of our common stock on grant date | $ | 300.30 |  |  | $ | 235.97 |  |  | $ | 230.92 |
Volatility | 22.1 | % |  | 21.6 | % |  | 28.1 | %
Risk-free interest rate | 4.6 | % |  | 3.7 | % |  | 0.3 | %
Fair value of units granted | $ | 321.61 |  |  | $ | 252.49 |  |  | $ | 247.48 |

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