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Stock-based compensation (Tables)

12 Months Ended

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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