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EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of RSU and RSA activity | A summary of the RSU and RSA activity for 2022 is as follows:
(Restricted stock units and awards in millions) | Number of restricted stock units and awards |  | Weighted-average fair value per unit and award
Non-vested at January 1 | 1.3 |  |  | $ | 104.86 |
Granted | 0.5 |  |  | 150.28 |
Vested | (0.7) |  |  | 104.35 |
Forfeited | (0.1) |  |  | 121.36 |
Non-vested at December 31 | 1.0 |  |  | $ | 127.33 |
Schedule of Information Related to RSUs and RSAs | Information related to RSUs and RSAs is as follows:
(In millions) | 2022 |  | 2021 |  | 2020
Pre-tax expense for RSUs and RSAs | $ | 65 |  |  | $ | 61 |  |  | $ | 58 |
After-tax expense for RSUs and RSAs | 51 |  |  | 48 |  |  | 46 |
Fair value of vested RSUs and RSAs | 98 |  |  | 92 |  |  | 75 |
Schedule of Assumptions Used in Determining Fair Value of PSUs | A summary of the assumptions used in determining fair value of these PSUs is as follows:
|  | 2022 |  | 2021 |  | 2020
Expected volatility |  | 35 | % |  | 35 | % |  | 21 | %
Risk-free interest rate |  | 1.71 | % |  | 0.20 | % |  | 1.16 | %
Weighted-average fair value of PSUs granted |  | $ | 171.63 |  |  | $ | 159.74 |  |  | $ | 121.01 |
Schedule of PSU Activity | A summary of these PSUs that vested is as follows:
(Performance share units in millions) |  | 2022 |  | 2021 |  | 2020 |  |
Percent payout |  | 178 | % |  | 189 | % |  | 178 | % |  |
Shares vested |  | 0.4 |  |  | 0.5 |  |  | 0.4 |  |  |
A summary of the 2022 activity for these PSUs is as follows:
(Performance share units in millions) |  | Number of performance share units |  | Weighted-average fair value per unit
Non-vested at January 1 |  | 0.4 |  |  | $ | 139.00 |
Granted 1 |  | 0.2 |  |  | 171.63 |
Adjusted for performance results achieved 2 |  | 0.2 |  |  | 121.01 |
Vested |  | (0.4) |  |  | 121.01 |
Forfeited |  | (0.1) |  |  | 130.75 |
Non-vested at December 31 |  | 0.3 |  |  | $ | 141.88 |
1 Performance shares granted assuming the Company will perform at target relative to peers. 2 Adjustments for the number of shares vested under the 2020 awards at the end of the three-year performance period ended December 31, 2022, being higher than the target number of shares.
Schedule of Information Related to PSUs | Information related to PSUs is as follows:
(In millions) |  | 2022 |  | 2021 |  | 2020
Pre-tax expense for PSUs |  | $ | 21 |  |  | $ | 26 |  |  | $ | 25 |
After-tax expense for PSUs |  | 17 |  |  | 21 |  |  | 20 |
Schedule of Assumptions Used in Determining Fair Value of Stock Options | A summary of the assumptions used in determining the fair value of stock options is as follows:
| 2022 |  | 2021 |  | 2020
Expected volatility | 27 | % |  | 28 | % |  | 24 | %
Expected option life in years | 6.6 |  | 6.5 |  | 6.6
Expected dividend yield | 2.0 | % |  | 3.0 | % |  | 3.2 | %
Risk-free interest rate | 0.3 to 3.0% |  | 0.0 to 1.5% |  | 0.5 to 1.5%
Weighted-average fair value of stock options granted | $ | 36.56 |  |  | $ | 26.11 |  |  | $ | 15.55 |
Schedule of Stock Option Activity | A summary of stock option activity is as follows:
(Options in millions) | Weighted-average exercise price per option |  | Options |  | Weighted-average remaining contractual life in years |  | Aggregate intrinsic value
Outstanding at January 1, 2022 | $ | 85.34 |  |  | 3.2 |  |  |  |  |
Granted | 151.55 |  |  | 0.3 |  |  |  |  |
Exercised | 78.39 |  |  | (0.4) |  |  |  |  |
Forfeited and canceled | 121.79 |  |  | (0.1) |  |  |  |  |
Outstanding at December 31, 2022 | $ | 91.15 |  |  | 3.0 |  |  | 5.9 |  | $ | 197.6 |
Exercisable at December 31, 2022 | $ | 79.14 |  |  | 2.3 |  |  | 4.9 |  | $ | 177.2 |
Reserved for future grants at December 31, 2022 |  |  | 21.0 |  |  |  |  |
Schedule of Information Related to Stock Options | Information related to stock options is as follows:
(In millions) | 2022 |  | 2021 |  | 2020
Pre-tax expense for stock options | $ | 11 |  |  | $ | 14 |  |  | $ | 9 |
After-tax expense for stock options | 9 |  |  | 11 |  |  | 7 |
Proceeds from stock options exercised | 28 |  |  | 63 |  |  | 70 |
Income tax benefit related to stock options exercised |  |  |  |  |
Tax benefit classified in operating activities in the Consolidated Statements of Cash Flows | 6 |  |  | 13 |  |  | 10 |
Intrinsic value of stock options exercised | 29 |  |  | 69 |  |  | 50 |
Total fair value of stock options vested | $ | 11 |  |  | $ | 14 |  |  | $ | 9 |
Stock options exercised | 0.4 |  |  | 0.9 |  |  | 1.1 |

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