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Stock Incentive and Purchase Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Stock Incentive and Purchase Plans [Abstract] |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized | The following presents the impact of stock-based compensation on our consolidated statements of operations:
| Year Ended December 31,
(in millions, except per share data) | 2023 |  | 2022 |  | 2021
Cost of products sold | $ | 12 |  |  | $ | 12 |  |  | $ | 11 |
Selling, general and administrative expenses | 179 |  |  | 167 |  |  | 147 |
Research and development expenses | 42 |  |  | 41 |  |  | 36 |
| 233 |  |  | 220 |  |  | 194 |
Income tax (benefit) expense | (35) |  |  | (32) |  |  | (29) |
| $ | 198 |  |  | $ | 188 |  |  | $ | 165 |
Net impact per common share - basic | $ | 0.14 |  |  | $ | 0.13 |  |  | $ | 0.12 |
Net impact per common share - assuming dilution | $ | 0.14 |  |  | $ | 0.13 |  |  | $ | 0.12 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | We use the Black-Scholes option-pricing model to calculate the grant-date fair value of stock options granted to employees under our stock incentive plans. We calculated the fair value for options granted using the following estimated weighted-average assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Options granted (in thousands) | 2,934 |  |  | 3,287 |  |  | 3,822 |
Weighted-average exercise price | $ | 47.43 |  |  | $ | 44.02 |  |  | $ | 37.69 |
Weighted-average grant-date fair value | $ | 16.83 |  |  | $ | 13.64 |  |  | $ | 10.77 |
Black-Scholes Assumptions |  |  |  |  |
Expected volatility | 26 | % |  | 28 | % |  | 29 | %
Expected term (in years, weighted) | 6.3 |  | 6.1 |  | 5.9
Risk-free interest rate | 3.62% | - | 4.75% |  | 1.42% | - | 3.87% |  | 0.66% | - | 1.20%
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to non-vested stock awards is as follows:
| Non-Vested Stock Award Units (in thousands) |  | Weighted Average Grant-Date Fair Value
Balance as of December 31, 2020 | 9,987 |  |  | $ | 34 |
Granted | 4,240 |  |  | 39 |
Vested(1) | (3,823) |  |  | 31 |
Forfeited | (658) |  |  | 36 |
Balance as of December 31, 2021 | 9,745 |  |  | $ | 37 |
Granted | 3,854 |  |  | 45 |
Vested(1) | (3,482) |  |  | 36 |
Forfeited | (680) |  |  | 44 |
Balance as of December 31, 2022 | 9,438 |  |  | $ | 41 |
Granted | 3,958 |  |  | 49 |
Vested(1) | (3,624) |  |  | 39 |
Forfeited | (485) |  |  | 44 |
Balance as of December 31, 2023 | 9,287 |  |  | $ | 45 |
(1) The number of shares vested includes shares withheld on behalf of employees to satisfy statutory tax withholding requirements.
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | Information related to shares issued or to be issued in connection with the employee stock purchase plan based on employee contributions and the range of purchase prices is as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Shares issued or to be issued (in thousands) | 2,623 |  |  | 2,850 |  |  | 2,578 |
Range of purchase prices | $ | 39.11 |  | - | $ | 45.51 |  |  | $ | 31.68 |  | - | $ | 32.31 |  |  | $ | 29.98 |  | - | $ | 36.11 |
Expense recognized (in millions) | $ | 29 |  |  | $ | 28 |  |  | $ | 24 |
Schedule of Unrecognized Compensation | We expect to recognize the following future expense for awards outstanding as of December 31, 2023:
| Unrecognized Compensation Cost (in millions) (1) |  | Weighted Average Remaining Vesting Period (in years)
Stock options | $ | 40 |  |  |
Non-vested stock awards | 203 |  |  |
| $ | 243 |  |  | 1.7
(1) Amounts presented represent compensation cost, net of estimated forfeitures.
Market-based awards, valuation assumptions | We determined the fair value of the market-based RSU awards to be approximately $13 million for 2023, $12 million for 2022 and $11 million for 2021. We determined these fair values based on Monte Carlo simulations as of the date of grant, utilizing the following assumptions:
| 2023 |  | 2022 |  | 2021
| Awards |  | Awards |  | Awards
Stock price on date of grant | $ | 47.28 |  |  | $ | 44.19 |  |  | $ | 37.50 |
Measurement period (in years) | 2.9 |  | 2.9 |  | 2.9
Risk-free rate | 4.31 | % |  | 1.71 | % |  | 0.20 | %
Free Cash Flow Performance-based DSU Awards, Fair Value Assumptions | The following table presents our assumptions used in determining the fair value of our ONSG and AFCF awards currently expected to vest as of December 31, 2023:
| 2023 ONSG |  | 2022 AFCF |  | 2021 AFCF
Fair value, net of forfeitures to date (in millions) | $ | 20 |  |  | $ | 7 |  |  | $ | 12 |
Achievement of target payout(1) | 200 | % |  | 88 | % |  | 131 | %
Stock price used in determining fair value | $ | 47.28 |  |  | $ | 46.27 |  |  | $ | 42.48 |
(1) Company's estimate of target payout as of December 31, 2023.
Share-based Compensation, Stock Options, Activity | Information related to stock options under stock incentive plans are as follows:
| Stock Options (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2020 | 23,122 |  |  | $ | 24 |  |  |  |  |
Granted | 3,822 |  |  | 38 |  |  |  |  |
Exercised | (4,796) |  |  | 13 |  |  |  |  |
Cancelled/forfeited | (699) |  |  | 26 |  |  |  |  |
Outstanding as of December 31, 2021 | 21,448 |  |  | $ | 29 |  |  |  |  |
Granted | 3,287 |  |  | 44 |  |  |  |  |
Exercised | (2,745) |  |  | 17 |  |  |  |  |
Cancelled/forfeited | (502) |  |  | 34 |  |  |  |  |
Outstanding as of December 31, 2022 | 21,489 |  |  | $ | 32 |  |  |  |  |
Granted | 2,934 |  |  | 47 |  |  |  |  |
Exercised | (3,325) |  |  | 25 |  |  |  |  |
Cancelled/forfeited | (249) |  |  | 44 |  |  |  |  |
Outstanding as of December 31, 2023 | 20,850 |  |  | $ | 36 |  |  | 5.8 |  | 462 |
Exercisable as of December 31, 2023 | 13,532 |  |  | 31 |  |  | 4.5 |  | 359 |
Expected to vest as of December 31, 2023 | 7,052 |  |  | 44 |  |  | 8.1 |  | 99 |
Total vested and expected to vest as of December 31, 2023 | 20,584 |  |  | $ | 36 |  |  | 5.8 |  | $ | 458 |

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