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Stock Incentive and Purchase Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Cost of products sold | $ | 14 |  |  | $ | 12 |  |  | $ | 12 |
Selling, general and administrative expenses | 206 |  |  | 179 |  |  | 167 |
Research and development expenses | 46 |  |  | 42 |  |  | 41 |
| 266 |  |  | 233 |  |  | 220 |
Income tax (benefit) expense | (39) |  |  | (35) |  |  | (32) |
| $ | 227 |  |  | $ | 198 |  |  | $ | 188 |
Net impact per common share - basic | $ | 0.15 |  |  | $ | 0.14 |  |  | $ | 0.13 |
Net impact per common share - assuming dilution | $ | 0.15 |  |  | $ | 0.14 |  |  | $ | 0.13 |
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,
| 2024 |  | 2023 |  | 2022
Options granted (in thousands) | 2,443 |  |  | 2,934 |  |  | 3,287 |
Weighted-average exercise price | $ | 65.00 |  |  | $ | 47.43 |  |  | $ | 44.02 |
Weighted-average grant-date fair value | $ | 23.30 |  |  | $ | 16.83 |  |  | $ | 13.64 |
Black-Scholes Assumptions |  |  |  |  |
Expected volatility | 24 | % |  | 26 | % |  | 28 | %
Expected term (in years, weighted) | 6.3 |  | 6.3 |  | 6.1
Risk-free interest rate | 4.16% | - | 4.20% |  | 3.62% | - | 4.75% |  | 1.42% | - | 3.87%
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, 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 |
Granted | 3,322 |  |  | 66 |
Vested(1) | (3,717) |  |  | 43 |
Forfeited | (349) |  |  | 50 |
Balance as of December 31, 2024 | 8,544 |  |  | $ | 54 |
(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,
| 2024 |  | 2023 |  | 2022
Shares issued or to be issued (in thousands) | 2,409 |  |  | 2,623 |  |  | 2,850 |
Range of purchase prices | $ | 49.16 |  | - | $ | 64.95 |  |  | $ | 39.11 |  | - | $ | 45.51 |  |  | $ | 31.68 |  | - | $ | 32.31 |
Expense recognized (in millions) | $ | 34 |  |  | $ | 29 |  |  | $ | 28 |
Schedule of Unrecognized Compensation | We expect to recognize the following future expense for awards outstanding as of December 31, 2024:
| Unrecognized Compensation Cost (in millions) (1) |  | Weighted Average Remaining Vesting Period (in years)
Stock options | $ | 44 |  |  |
Non-vested stock awards | 227 |  |  |
| $ | 271 |  |  | 1.7
(1) Amounts presented represent compensation cost, net of estimated forfeitures.
Market-based awards, valuation assumptions | The aggregate fair value of these awards as determined based on Monte Carlo simulations as of the respective grant dates, and the related assumptions used in the valuations, are as follows:
| 2024 |  | 2023 |  | 2022
| Awards |  | Awards |  | Awards
Fair value (in millions) | $ | 16 |  |  | $ | 13 |  |  | $ | 12 |
Stock price on date of grant | $ | 64.99 |  |  | $ | 47.28 |  |  | $ | 44.19 |
Measurement period (in years) | 2.9 |  | 2.9 |  | 2.9
Risk-free rate | 4.23 | % |  | 4.31 | % |  | 1.71 | %
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, 2024:
| 2024 ONSG |  | 2023 ONSG |  | 2022 AFCF
Fair value, net of forfeitures to date (in millions) | $ | 22 |  |  | $ | 20 |  |  | $ | 7 |
Achievement of target payout(1) | 200 | % |  | 200 | % |  | 88 | %
Stock price used in determining fair value | $ | 64.99 |  |  | $ | 47.28 |  |  | $ | 46.27 |
(1) Company's estimate of target payout as of December 31, 2024.
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, 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 |  |  |  |  |
Granted | 2,443 |  |  | 65 |  |  |  |  |
Exercised | (3,866) |  |  | 28 |  |  |  |  |
Cancelled/forfeited | (243) |  |  | 50 |  |  |  |  |
Outstanding as of December 31, 2024 | 19,183 |  |  | $ | 41 |  |  | 5.7 |  | $ | 931 |
Exercisable as of December 31, 2024 | 12,660 |  |  | 35 |  |  | 4.5 |  | 688 |
Expected to vest as of December 31, 2024 | 6,313 |  |  | 52 |  |  | 8.1 |  | 236 |
Total vested and expected to vest as of December 31, 2024 | 18,972 |  |  | $ | 41 |  |  | 5.7 |  | $ | 924 |

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