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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Stock Options | The following is a summary of our stock option activity:
| Number of Options (in thousands) |  | Weighted Average Exercise Price per Option
Outstanding at January 1, 2022 | 2,964 |  |  | $ | 68.77 |
Granted | 266 |  |  | $ | 129.76 |
Exercised | (417) |  |  | $ | 53.30 |
Forfeited | (26) |  |  | $ | 123.77 |
Outstanding at December 31, 2022 | 2,787 |  |  | $ | 76.38 |
Granted | 280 |  |  | $ | 107.66 |
Exercised | (508) |  |  | $ | 58.05 |
Forfeited | (20) |  |  | $ | 114.19 |
Outstanding at December 31, 2023 | 2,539 |  |  | $ | 83.20 |
Granted | 212 |  |  | $ | 135.46 |
Exercised | (561) |  |  | $ | 61.21 |
Outstanding at December 31, 2024 | 2,190 |  |  | $ | 93.90 |
Schedule of Stock Options Outstanding And Exercised | Details of stock options outstanding as of December 31, 2024 are as follows:
| Number of Options (in thousands) |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (In millions)
Vested or expected to vest | 2,190 |  | $ | 93.90 |  | 5.3 |  | $ | 121
Exercisable | 1,715 |  | $ | 85.59 |  | 4.4 |  | $ | 109
Details of stock options exercised during 2024, 2023 and 2022 are as follows:
| Year Ended December 31,
Options exercised: | 2024 |  | 2023 |  | 2022
Total intrinsic value of options exercised (in millions) | $ | 42 |  |  | $ | 25 |  | $ | 28
| As of December 31,
Options outstanding: | 2024 |  | 2023 |  | 2022
Number of options exercisable (in thousands) | 1,715 |  |  | 2,000 |  |  | 2,205 |
Weighted-average exercise price | $ | 85.59 |  |  | $ | 74.49 |  |  | $ | 65.97 |
Schedule of Stock Options Valuation Assumptions | During 2024, 2023 and 2022, we used the assumptions in the table below to compute the value:
| Year Ended December 31,
Assumptions: | 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.14% |  | 3.47% |  | 1.72%
Expected life in years | 6.0 |  | 6.1 |  | 6.0
Expected volatility | 24% |  | 24% |  | 23%
Expected dividend yield | 1.33% |  | 1.56% |  | 1.17%
Estimated weighted-average fair value of options granted per share | $37.56 |  | $27.39 |  | $28.18
Schedule of Nonvested Restricted Stock Options | The following is a summary of nonvested restricted shares under all plans discussed above:
| Number of Restricted Stock Shares (in thousands) |  | Weighted Average Grant-Date Fair Value per Share
Nonvested at January 1, 2022 | 3,317 |  | $ | 101.72 |
Granted | 1,477 |  | 126.98 |
Vested | (1,541) |  | 93.94 |
Forfeited | (307) |  | 118.23 |
Nonvested at December 31, 2022 | 2,946 |  | 117.14 |
Granted | 3,561 |  | 110.96 |
Vested | (1,942) |  | 112.39 |
Forfeited | (269) |  | 114.88 |
Nonvested at December 31, 2023 | 4,296 |  | 114.31 |
Granted | 1,761 |  | 136.03 |
Vested | (1,700) |  | 115.50 |
Forfeited | (258) |  | 120.94 |
Nonvested at December 31, 2024 | 4,099 |  | 121.10 |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Time-based restricted stock units granted (in thousands)(1) | 1,031 |  | 1,191 |  | 1,067
Total fair value of restricted stock vested under all restricted stock plans (in millions) | $ | 227 |  |  | $ | 150 |  |  | $ | 191 |
(1) The remaining shares granted are performance-based.

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