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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

Information regarding stock-based compensation expense appears in the table below:

Millions, for the three months ended March 31,			2025						2024
Stock-based compensation, before tax:
Stock options			$	6					$	4
Retention awards			22						17
ESPP			6						5
Total stock-based compensation, before tax			$	34					$	26
Excess income tax benefits from equity compensation plans			$	7					$	9

Schedule of Annual Weighted Average Assumptions

The table below shows the annual weighted-average assumptions used for Black-Scholes valuation purposes:

Weighted-average assumptions			2025						2024
Risk-free interest rate			4.3%						4.2%
Dividend yield			2.2%						2.1%
Expected life (years)			4.3						4.4
Volatility			22.4%						28.7%
Weighted-average grant-date fair value of options granted			$	48.70					$	61.75

Schedule of Stock Option Activity

A summary of stock option activity during the three months ended March 31, 2025, is presented below:

			Options (thous.)			Weighted-average exercise price			Weighted-average remaining contractual term (in yrs.)			Aggregate intrinsic value (millions)
Outstanding at January 1, 2025			1,981			$	195.81		5.8			$	74
Granted			423			243.51			N/A			N/A
Exercised			(223)			164.76			N/A			N/A
Forfeited or expired			-			-			N/A			N/A
Outstanding at March 31, 2025			2,181			$	208.24		6.3			$	70
Vested or expected to vest at March 31, 2025			2,160			$	207.96		6.3			$	70
Options exercisable at March 31, 2025			1,462			$	193.18		4.9			$	66

Schedule of Additional Information Regarding Stock Option Exercises

Additional information regarding stock option exercises appears in the following table:

Millions, for the three months ended March 31,			2025			2024
Intrinsic value of stock options exercised			$	20		$	12
Cash received from option exercises			41			15
Treasury shares repurchased for employee payroll taxes			(6)			(4)
Income tax benefit realized from option exercises			2			3
Aggregate grant-date fair value of stock options vested			16			15

Schedule of Changes in Retention Awards

Changes in our retention awards during the three months ended March 31, 2025, were as follows:

			Shares (thous.)			Weighted-average grant-date fair value
Nonvested at January 1, 2025			915			$	222.50
Granted			228			243.51
Vested			(223)			204.69
Forfeited			(7)			227.18
Nonvested at March 31, 2025			913			$	232.06

Schedule of Changes in Performance Stock Unit Awards

Changes in our performance stock unit awards during the three months ended March 31, 2025, were as follows:

			Shares (thous.)			Weighted-average grant-date fair value
Nonvested at January 1, 2025			607			$	219.08
Granted			254			243.51
Vested			(68)			246.21
Unearned			(83)			244.35
Forfeited			(67)			214.99
Nonvested at March 31, 2025			643			$	223.03

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