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Stock Plans
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Plans
Note 11. Stock Plans

Stock Options
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, 202516,479,169 $54.515 years$135  million
Annual grant to eligible employees1,989,760 65.09
Options exercised (1)
(1,131,487)39.97$26  million
Options canceled(148,672)66.01
Balance at March 31, 202517,188,770 56.596 years$205  million

(1)Cash received from options exercised was $44 million in the three months ended March 31, 2025. We recognized $4 million of excess income tax benefits from stock option exercises in the three months ended March 31, 2025.


Performance Share Units and Other Stock-Based Awards
Our performance share unit (PSU), deferred stock unit (DSU) and other stock-based activity is reflected below:
Number
of Shares
Weighted-Average
Fair Value
Per Share (4)
Weighted-Average
Aggregate
Fair Value (3)
Balance at January 1, 20254,536,574 $67.76
Annual grant to eligible employees:
Performance share units1,194,640 69.49
Deferred stock units826,180 65.09
Additional shares granted (1)
744,905 59.73
Total shares granted2,765,725 65.55$181  million
Vested (2) (3)
(1,397,324)63.30$88  million
Forfeited (2)
(140,406)69.14
Balance at March 31, 20255,764,569 67.74

(1)Includes primarily DSUs and incremental PSUs issued over target.
(2)Includes PSUs, DSUs and other stock-based awards.
(3)We recognized $1 million of income tax shortfalls upon vesting of PSUs and DSUs in the three months ended March 31, 2025.
(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.

Share Repurchase Program
Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $9.0 billion of our Common Stock through December 31, 2027. Repurchases under the program are determined by management and are wholly discretionary.

During the three months ended March 31, 2025, we repurchased approximately 25 million shares of Common Stock at an average cost of $57.91 per share, or an aggregate cost of approximately $1.5 billion, all of which was paid during the period. All share repurchases were funded through available cash and commercial paper issuances. As of March 31, 2025, we have approximately $7.5 billion in remaining share repurchase capacity.