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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock Based Compensation Expense | Information regarding stock-based compensation expense appears in the table below:
| Three months ended June 30, |  | Six months ended June 30,
Millions | 2025 | 2024 |  | 2025 | 2024
Stock-based compensation, before tax: |  |  |  |  |
Stock options | $ | 7 |  | $ | 5 |  |  | $ | 13 |  | $ | 9 |
Retention awards | 26 |  | 18 |  |  | 48 |  | 35 |
ESPP [a] | 4 |  | 5 |  |  | 10 |  | 10 |
Total stock-based compensation, before tax | $ | 37 |  | $ | 28 |  |  | $ | 71 |  | $ | 54 |
Excess income tax benefits from equity compensation plans | $ | 1 |  | $ | 1 |  |  | $ | 8 |  | $ | 10 |
[a]Effective with the June 10, 2025, purchase (for employee services rendered in May 2025), the Company match was changed from 40% to 20% of amounts contributed by the employee up to a maximum employee contribution of 5% of monthly salary (limited to $15,000 annually).
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 six months ended June 30, 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 | (250) |  | 164.18 |  | N/A | N/A
Forfeited or expired | (18) |  | 238.86 |  | N/A | N/A
Outstanding at June 30, 2025 | 2,136 |  | $ | 208.60 |  | 6.1 | $ | 61 |
Vested or expected to vest at June 30, 2025 | 2,115 |  | $ | 208.33 |  | 6.0 | $ | 61 |
Options exercisable at June 30, 2025 | 1,438 |  | $ | 193.92 |  | 4.7 | $ | 58 |
Schedule of Additional Information Regarding Stock Option Exercises | Additional information regarding stock option exercises appears in the following table:
| Three months ended June 30, |  | Six months ended June 30,
Millions | 2025 | 2024 |  | 2025 | 2024
Intrinsic value of stock options exercised | $ | 1 |  | $ | 4 |  |  | $ | 21 |  | $ | 16 |
Cash received from option exercises | 5 |  | 9 |  |  | 46 |  | 24 |
Treasury shares repurchased for employee payroll taxes | (1) |  | (1) |  |  | (7) |  | (5) |
Income tax benefit realized from option exercises | 1 |  | 1 |  |  | 3 |  | 4 |
Aggregate grant-date fair value of stock options vested | - |  | - |  |  | 16 |  | 15 |
Schedule of Changes in Retention Awards | Changes in our retention awards during the six months ended June 30, 2025, were as follows:
| Shares (thous.) | Weighted-average grant-date fair value
Nonvested at January 1, 2025 | 915 |  | $ | 222.50 |
Granted | 229 |  | 243.48 |
Vested | (224) |  | 204.78 |
Forfeited | (20) |  | 229.95 |
Nonvested at June 30, 2025 | 900 |  | $ | 232.08 |
Schedule of Changes in Performance Stock Unit Awards | Changes in our performance stock unit awards during the six months ended June 30, 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 | (70) |  | 245.52 |
Unearned | (83) |  | 244.35 |
Forfeited | (84) |  | 218.12 |
Nonvested at June 30, 2025 | 624 |  | $ | 222.83 |

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