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STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Income Statement Impact from Stock Options | The following table summarizes the impact to the Consolidated Statement of Operations from stock options:
| Years Ended December 31,
2023 |  | 2022 |  | 2021
Compensation expense | $ | 48 |  |  | $ | 45 |  |  | $ | 55 |
Future income tax benefit recognized | 11 |  |  | 10 |  |  | 11 |
Share-based Compensation Fair Value Assumptions | The following table sets forth fair value per share information, including related weighted average assumptions, used to determine compensation cost:
| Years Ended December 31,
2023 |  | 2022 |  | 2021
Weighted average fair value per share of options granted during the year 1 | $ | 38.84 |  |  | $ | 31.22 |  |  | $ | 32.42 |
Assumptions |  |  |  |  |
Expected annual dividend yield | 2.50 | % |  | 2.58 | % |  | 2.31 | %
Expected volatility | 22.42 | % |  | 23.05 | % |  | 24.69 | %
Risk-free rate of return | 3.94 | % |  | 1.97 | % |  | 0.48 | %
Expected option term (years) | 4.86 |  | 4.74 |  | 4.54
1 |  | Estimated on date of grant using Black-Scholes option-pricing model.
Stock Options Activity | The following table summarizes information about stock option activity for the three years ended December 31, 2023:
| Number of Options |  | Weighted Average Exercise Price
Outstanding at December 31, 2020 | 16,568,529 |  |  | $ | 125.75 |
Granted | 2,065,574 |  |  | 204.99 |
Exercised | (2,016,489) |  |  | 113.01 |
Lapsed or canceled | (764,675) |  |  | 175.42 |
Outstanding at December 31, 2021 | 15,852,939 |  |  | 135.31 |
Granted | 2,150,910 |  |  | 189.53 |
Exercised | (3,046,107) |  |  | 103.89 |
Lapsed or canceled | (905,454) |  |  | 186.35 |
Outstanding at December 31, 2022 | 14,052,288 |  |  | 147.14 |
Granted | 1,573,520 |  |  | 195.27 |
Exercised | (1,640,952) |  |  | 123.12 |
Lapsed or canceled | (548,842) |  |  | 192.22 |
Outstanding at December 31, 2023 | 13,436,014 |  |  | $ | 153.86 |
Vested and expected to vest at December 31, 2023 1 | 12,420,005 |  |  | $ | 150.58 |
Exercisable at December 31, 2023 | 9,593,986 |  |  | $ | 138.24 |
1 |  | Represents the sum of vested options of 9.6 million and expected to vest options of 2.8 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 3.8 million.
Schedule of Share Based Compensation by Price Ranges | The following table summarizes information about stock options outstanding and exercisable at December 31, 2023:
Range of Exercise Prices | Options Outstanding |  | Options Exercisable
Number Outstanding |  | Weighted Average Life 1 |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value |  | Number Exercisable |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value
$65.00–$89.99 | 687,158 |  |  | 0.16 |  | $ | 89.46 |  |  | $ | 83 |  |  | 687,158 |  |  | $ | 89.46 |  |  | $ | 83 |
$90.00–$99.99 | 2,285,249 |  |  | 1.52 |  | 98.79 |  |  | 253 |  |  | 2,285,249 |  |  | 98.79 |  |  | 253 |
$100.00–$134.99 | 1,814,529 |  |  | 3.02 |  | 119.30 |  |  | 164 |  |  | 1,787,835 |  |  | 119.15 |  |  | 163 |
$135.00–$189.99 | 5,737,860 |  |  | 5.83 |  | 170.92 |  |  | 222 |  |  | 4,078,279 |  |  | 164.61 |  |  | 209 |
$190.00–$232.60 | 2,911,218 |  |  | 8.02 |  | 200.23 |  |  | 30 |  |  | 755,465 |  |  | 204.77 |  |  | 22 |
| 13,436,014 |  |  | 4.90 |  | $ | 153.86 |  |  | $ | 752 |  |  | 9,593,986 |  |  | $ | 138.24 |  |  | $ | 730 |
1 |  | Average remaining contractual life in years.
Financial Statement Impact From Stock Options Exercised | The following table summarizes the financial statement impact from stock options exercised:
| Years Ended December 31,
2023 |  | 2022 |  | 2021
Intrinsic value 1 | $ | 122 |  |  | $ | 310 |  |  | $ | 219 |
Tax benefit realized | 27 |  |  | 71 |  |  | 48 |
1 |  | Represents the amount by which the stock price exceeded the exercise price of the options on the date of exercise.
Restricted Stock Units Activity | The following table summarizes information about RSU activity for the three years ended December 31, 2023:
| Number of Restricted Stock Units |  | Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2020 | 3,396,523 |  |  | $ | 148.23 |
Granted | 992,854 |  |  | 214.61 |
Vested | (1,123,547) |  |  | 144.34 |
Forfeited | (308,293) |  |  | 156.74 |
Non-vested at December 31, 2021 | 2,957,536 |  |  | 171.73 |
Granted | 1,056,869 |  |  | 186.48 |
Vested | (864,944) |  |  | 157.21 |
Forfeited | (441,453) |  |  | 177.38 |
Non-vested at December 31, 2022 | 2,708,008 |  |  | 181.10 |
Granted | 1,109,307 |  |  | 194.81 |
Vested | (919,496) |  |  | 171.92 |
Forfeited | (290,982) |  |  | 187.13 |
Non-vested at December 31, 2023 | 2,606,837 |  |  | $ | 189.18 |
Income Statement Impact from RSUs | The following table summarizes the impact to the Consolidated Statement of Operations from RSUs:
| Years Ended December 31,
2023 |  | 2022 |  | 2021
Compensation expense | $ | 154 |  |  | $ | 143 |  |  | $ | 162 |
Future income tax benefit recognized | 32 |  |  | 29 |  |  | 23 |

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