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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 September 30,									Nine months ended September 30,
Millions			2025			2024						2025			2024
Stock-based compensation, before tax:
Stock options			$	6		$	4					$	19		$	13
Retention awards			30			23						78			58
ESPP [a]			3			6						13			16
Total stock-based compensation, before tax			$	39		$	33					$	110		$	87
Excess income tax benefits from equity compensation plans			$	3		$	3					$	11		$	13

[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 nine months ended September 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			(261)			162.09			N/A			N/A
Forfeited or expired			(21)			238.93			N/A			N/A
Outstanding at September 30, 2025			2,122			$	209.04		5.8			$	67
Vested or expected to vest at September 30, 2025			2,102			$	208.75		5.8			$	67
Options exercisable at September 30, 2025			1,428			$	194.51		4.5			$	63

Schedule of Additional Information Regarding Stock Option Exercises

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

			Three months ended September 30,									Nine months ended September 30,
Millions			2025			2024						2025			2024
Intrinsic value of stock options exercised			$	2		$	15					$	23		$	31
Cash received from option exercises			1			16						47			40
Treasury shares repurchased for employee payroll taxes			-			(2)						(7)			(7)
Income tax benefit realized from option exercises			-			2						3			6
Aggregate grant-date fair value of stock options vested			-			-						16			15

Schedule of Changes in Retention Awards

Changes in our retention awards during the nine months ended September 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			(230)						205.15
Forfeited			(32)						230.39
Nonvested at September 30, 2025			882						$	232.19

Schedule of Changes in Performance Stock Unit Awards

Changes in our performance stock unit awards during the nine months ended September 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			(72)						244.95
Unearned			(83)						244.35
Forfeited			(85)						218.45
Nonvested at September 30, 2025			621						$	222.78

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