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Stock Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Weighted-Average Black-Scholes Fair Value Assumptions | Our weighted-average Black-Scholes Model fair value assumptions were:
| Risk-Free Interest Rate |  | Expected Life |  | Expected Volatility |  | Expected Dividend Yield |  | Fair Value at Grant Date
2023 | 4.18% |  | 5 years |  | 20.97% |  | 2.32% |  | $13.57
2022 | 1.87% |  | 5 years |  | 22.05% |  | 2.13% |  | $11.24
2021 | 0.57% |  | 5 years |  | 23.45% |  | 2.20% |  | $9.08
Schedule of Stock Options Activity | Stock option activity is reflected below:
| Shares Subject to Option |  | Weighted- Average Exercise or Grant Price Per Share |  | Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Balance at January 1, 2021 | 27,751,894 |  |  | $ | 39.51 |  |  |  |  | $ | 527 | million
Annual grant to eligible employees | 2,412,710 |  |  | 56.13 |  |  |  |  |
Additional options issued | 160,640 |  |  | 58.17 |  |  |  |  |
Total options granted | 2,573,350 |  |  | 56.26 |  |  |  |  |
Options exercised (1) | (6,249,330) |  |  | 33.68 |  |  |  |  | $ | 169 | million
Options cancelled | (572,155) |  |  | 49.65 |  |  |  |  |
Balance at December 31, 2021 | 23,503,759 |  |  | 42.65 |  |  |  |  | $ | 556 | million
Annual grant to eligible employees | 2,180,540 |  |  | 64.65 |  |  |  |  |
Additional options issued | 63,490 |  |  | 64.39 |  |  |  |  |
Total options granted | 2,244,030 |  |  | 64.64 |  |  |  |  |
Options exercised (1) | (4,780,086) |  |  | 35.96 |  |  |  |  | $ | 142 | million
Options cancelled | (477,453) |  |  | 55.89 |  |  |  |  |
Balance at December 31, 2022 | 20,490,250 |  |  | 46.31 |  |  |  |  | $ | 417 | million
Annual grant to eligible employees | 2,452,110 |  |  | 65.36 |  |  |  |  |
Additional options issued | 24,210 |  |  | 68.93 |  |  |  |  |
Total options granted | 2,476,320 |  |  | 65.39 |  |  |  |  |
Options exercised (1) | (3,894,213) |  |  | 39.59 |  |  |  |  | $ | 123 | million
Options cancelled | (394,237) |  |  | 59.41 |  |  |  |  |
Balance at December 31, 2023 | 18,678,120 |  |  | 49.96 |  |  | 5 years |  | $ | 420 | million
Exercisable at December 31, 2023 | 14,500,549 |  |  | 45.98 |  |  | 4 years |  | $ | 384 | million
(1)Cash received from options exercised was $152 million in 2023, $158 million in 2022 and $206 million in 2021. The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the option exercises totaled $21 million in 2023, $22 million in 2022 and $24 million in 2021.
Schedule of Performance Share Units, Deferred Stock Units, and Other Stock-Based Awards | Our PSU, DSU and other stock-based award activity is reflected below:
| Number of Shares |  | Grant Date |  | Weighted-Average Fair Value Per Share (4) |  | Weighted-Average Aggregate Fair Value (3)
Balance at January 1, 2021 | 4,896,990 |  |  |  |  | $ | 53.80 |  |  |
Annual grant to eligible employees: |  |  | Feb 18, 2021 |  |  |  |
Performance share units | 903,250 |  |  |  |  | 59.35 |  |  |
Deferred stock units | 550,090 |  |  |  |  | 56.13 |  |  |
Additional shares granted (1) | 1,163,644 |  |  | Various |  | 53.76 |  |  |
Total shares granted | 2,616,984 |  |  |  |  | 56.19 |  |  | $ | 147 | million
Vested (2) (3) | (2,459,427) |  |  |  |  | 49.59 |  |  | $ | 122 | million
Forfeited (2) | (386,501) |  |  |  |  | 57.52 |  |  |
Balance at December 31, 2021 | 4,668,046 |  |  |  |  | 57.04 |  |  |
Annual grant to eligible employees: |  |  | Feb 24, 2022 |  |  |  |
Performance share units | 806,590 |  |  |  |  | 61.87 |  |  |
Deferred stock units | 505,090 |  |  |  |  | 64.65 |  |  |
Additional shares granted (1) | 836,117 |  |  | Various |  | 59.37 |  |  |
Total shares granted | 2,147,797 |  |  |  |  | 61.55 |  |  | $ | 132 | million
Vested (2) (3) | (1,925,556) |  |  |  |  | 54.13 |  |  | $ | 104 | million
Forfeited (2) | (438,613) |  |  |  |  | 60.68 |  |  |
Balance at December 31, 2022 | 4,451,674 |  |  |  |  | 60.12 |  |  |
Annual grant to eligible employees: |  |  | Mar 2, 2023 |  |  |  |
Performance share units | 895,410 |  |  |  |  | 68.59 |  |  |
Deferred stock units | 578,570 |  |  |  |  | 65.36 |  |  |
Additional shares granted (1) | 765,128 |  |  | Various |  | 65.99 |  |  |
Total shares granted | 2,239,108 |  |  |  |  | 66.86 |  |  | $ | 150 | million
Vested (2) (3) | (1,772,439) |  |  |  |  | 61.92 |  |  | $ | 110 | million
Forfeited (2) | (365,177) |  |  |  |  | 62.66 |  |  |
Balance at December 31, 2023 | 4,553,166 |  |  |  |  | 62.53 |  |  |
(1)Includes PSUs and DSUs. (2)Includes PSUs, DSUs and other stock-based awards. (3)The actual tax benefit realized and recorded in the provision for income taxes for the tax deductions from the shares vested totaled $3 million in 2023, $5 million in 2022 and $6 million in 2021. (4)The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.

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