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Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2023

Text Block [Abstract]

Black-Scholes Option Pricing Model with Weighted Average

For purposes of expense recognition, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

		2023				2022
Expected dividend yield			1.2	%			1.3	%
Expected risk-free interest rate			3.6	%			1.9	%
Volatility			25.0	%			23.1	%
Expected life (in years)			5.4				5.4

Stock Option Activity and Related Information

The following is a summary of our stock option activity and related information for 2023 (in millions, except exercise price and year data):

		Nine-month period ended September 30, 2023
										Weighted
										Average
						Weighted				Remaining
		Shares				Average				Contractual				Aggregate
		Under				Exercise				Term				Intrinsic
		Option				Price				(in years)				Value
Beginning balance			8.3			$	107.47
Granted			1.1				177.78
Exercised			(1.1	)			61.24
Forfeited or canceled			(0.1	)			131.67
Ending balance			8.2			$	123.32				4.19			$	855.9
Exercisable at end of period			1.9			$	72.70				1.86			$	298.0
Ending unvested and expected to vest			5.6			$	137.07				4.85			$	512.7

Other Information Regarding Stock Options Outstanding and Exercisable

Other information regarding stock options outstanding and exercisable at September 30, 2023 is summarized as follows (in millions, except exercise price and year data):

										Options Outstanding												Options Exercisable
														Weighted
														Average
														Remaining				Weighted								Weighted
														Contractual				Average								Average
										Number				Term				Exercise				Number				Exercise
Range of Exercise Prices										Outstanding				(in years)				Price				Exercisable				Price
$	55.94			—		$	56.86				0.4				0.46			$	56.85				0.4			$	56.85
	70.74			—			70.74				0.6				1.46				70.74				0.6				70.74
	79.59			—			79.59				0.9				2.45				79.59				0.5				79.59
	86.17			—			86.17				1.3				3.45				86.17				0.4				86.17
	127.90			—			127.90				1.5				4.46				127.90				—				127.90
	156.85			—			156.85				1.2				5.35				156.85				—				—
	158.56			—			161.14				1.1				5.47				158.65				—				—
	177.09			—			202.13				1.2				6.47				177.78				—				—
$	55.94			—		$	202.13				8.2				4.19			$	123.32				1.9			$	72.70

X

- Definition

Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

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-Topic 718
-SubTopic 10
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- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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