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STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
2024 |  | 2023 |  | 2022
Compensation expense | $ | 52 |  |  | $ | 48 |  |  | $ | 45 |
Future income tax benefit recognized | 12 |  |  | 11 |  |  | 10 |
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,
2024 |  | 2023 |  | 2022
Weighted average fair value per share of options granted during the year 1 | $ | 37.88 |  |  | $ | 38.84 |  |  | $ | 31.22 |
Assumptions |  |  |  |  |
Expected annual dividend yield | 2.60 | % |  | 2.50 | % |  | 2.58 | %
Expected volatility | 21.45 | % |  | 22.42 | % |  | 23.05 | %
Risk-free rate of return | 4.08 | % |  | 3.94 | % |  | 1.97 | %
Expected option term (years) | 4.87 |  | 4.86 |  | 4.74
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, 2024:
| Number of Options (in millions) |  | Weighted Average Exercise Price
Outstanding at December 31, 2021 | 15.9 |  |  | $ | 135.31 |
Granted | 2.1 |  |  | 189.53 |
Exercised | (3.0) |  |  | 103.89 |
Lapsed or canceled | (0.9) |  |  | 186.35 |
Outstanding at December 31, 2022 | 14.1 |  |  | 147.14 |
Granted | 1.6 |  |  | 195.27 |
Exercised | (1.7) |  |  | 123.12 |
Lapsed or canceled | (0.6) |  |  | 192.22 |
Outstanding at December 31, 2023 | 13.4 |  |  | 153.86 |
Granted | 1.6 |  |  | 198.20 |
Exercised | (4.2) |  |  | 125.30 |
Lapsed or canceled | (0.4) |  |  | 195.71 |
Outstanding at December 31, 2024 | 10.4 |  |  | $ | 170.29 |
Vested and expected to vest at December 31, 2024 1 | 9.5 |  |  | $ | 168.07 |
Exercisable at December 31, 2024 | 6.9 |  |  | $ | 157.58 |
1 |  | Represents the sum of vested options of 6.9 million and expected to vest options of 2.6 million. Expected to vest options are derived by applying the pre-vesting forfeiture rate assumption to total outstanding unvested options of 3.4 million.
Schedule of Share Based Compensation by Price Ranges | The following table summarizes information about stock options outstanding and exercisable as of December 31, 2024:
Range of Exercise Prices | Options Outstanding |  | Options Exercisable
Number Outstanding (in millions) |  | Weighted Average Life 1 |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value |  | Number Exercisable (in millions) |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value
$90.00 –$99.99 | 0.9 |  |  | 1.13 |  | $ | 98.70 |  |  | $ | 110 |  |  | 0.9 |  |  | $ | 98.70 |  |  | $ | 110 |
$100.00 –$134.99 | 1.2 |  |  | 2.23 |  | 120.13 |  |  | 127 |  |  | 1.2 |  |  | 120.13 |  |  | 127 |
$135.00 –$189.99 | 4.4 |  |  | 4.94 |  | 172.11 |  |  | 236 |  |  | 3.7 |  |  | 168.81 |  |  | 227 |
$190.00 –$232.60 | 3.9 |  |  | 7.74 |  | 199.48 |  |  | 103 |  |  | 1.1 |  |  | 202.44 |  |  | 80 |
| 10.4 |  |  | 5.36 |  | $ | 170.29 |  |  | $ | 576 |  |  | 6.9 |  |  | $ | 157.58 |  |  | $ | 544 |
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,
2024 |  | 2023 |  | 2022
Intrinsic value 1 | $ | 357 |  |  | $ | 122 |  |  | $ | 310 |
Tax benefit realized | 76 |  |  | 27 |  |  | 71 |
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, 2024:
| Number of Restricted Stock Units (in millions) |  | Weighted Average Grant Date Fair Value Per Share
Non-vested at December 31, 2021 | 3.0 |  |  | $ | 171.73 |
Granted | 1.0 |  |  | 186.48 |
Vested | (0.9) |  |  | 157.21 |
Forfeited | (0.4) |  |  | 177.38 |
Non-vested at December 31, 2022 | 2.7 |  |  | 181.10 |
Granted | 1.1 |  |  | 194.81 |
Vested | (0.9) |  |  | 171.92 |
Forfeited | (0.3) |  |  | 187.13 |
Non-vested at December 31, 2023 | 2.6 |  |  | 189.18 |
Granted | 1.0 |  |  | 200.44 |
Vested | (0.8) |  |  | 185.70 |
Forfeited | (0.3) |  |  | 191.68 |
Non-vested at December 31, 2024 | 2.5 |  |  | $ | 194.85 |
Income Statement Impact from RSUs | The following table summarizes the impact to the Consolidated Statement of Operations from RSUs:
| Years Ended December 31,
2024 |  | 2023 |  | 2022
Compensation expense | $ | 142 |  |  | $ | 154 |  |  | $ | 143 |
Future income tax benefit recognized | 30 |  |  | 32 |  |  | 29 |

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