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Stock Option Plans (Tables) | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock Option Granted and Stock Option Compensation Expense | Stock option grants and compensation expense (in millions):
| Three-month period ended March 31
| 2026 |  | 2025
Grant date | March 1, 2026 |  | March 1, 2025
Stock options granted | 1.5 |  |  | 0.8 |
Stock option compensation expense | $ | 20 |  |  | $ | 18 |
Black-Scholes Option Pricing Model with Weighted Average | Fair value of stock options at the date of grant is estimated using the Black-Scholes model with the following weighted average assumptions:
| Three-month period ended March 31
| 2026 |  | 2025
Expected dividend yield | 1.2 | % |  | 0.8 | %
Expected risk-free interest rate | 3.6 | % |  | 4.1 | %
Volatility | 22.3 | % |  | 25.4 | %
Expected life (in years) | 5.5 |  | 5.5
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2026 (in millions, except exercise price and year data):
| Three-month period ended March 31, 2026
| Shares Under Option |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Beginning balance | 6.7 |  | $ | 177.48 |  |  |  |  |
Granted | 1.5 |  | 228.20 |  |  |  |  |
Exercised | (0.5) |  | 95.43 |  |  |  |  |
Forfeited or canceled | (0.1) |  | 187.95 |  |  |  |  |
Ending balance | 7.6 |  | $ | 192.31 |  |  | 4.07 |  | $ | 323 |
Exercisable at end of period | 3.1 |  | $ | 132.32 |  |  | 2.22 |  | $ | 259 |
Ending unvested and expected to vest | 4.1 |  | $ | 231.76 |  |  | 5.25 |  | $ | 61 |
Other Information Regarding Stock Options Outstanding and Exercisable | Options outstanding and exercisable at March 31, 2026 (in millions, except exercise price and year data):
|  |  |  |  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding |  | Weighted Average Remaining Contractual Term (in years) |  | Weighted Average Exercise Price |  | Number Exercisable |  | Weighted Average Exercise Price
$ | 86.17 |  |  | — |  |  | $ | 86.17 |  |  | 0.7 |  |  | 0.95 |  | $ | 86.17 |  |  | 0.7 |  |  | $ | 86.17 |
127.90 |  |  | — |  |  | 127.90 |  |  | 1.1 |  |  | 1.96 |  | 127.90 |  |  | 1.1 |  |  | 127.90 |
156.85 |  |  | — |  |  | 156.85 |  |  | 0.7 |  |  | 2.84 |  | 156.85 |  |  | 0.4 |  |  | 156.85 |
158.56 |  |  | — |  |  | 161.14 |  |  | 0.9 |  |  | 2.96 |  | 158.64 |  |  | 0.6 |  |  | 158.57 |
177.09 |  |  | — |  |  | 202.13 |  |  | 1.0 |  |  | 3.96 |  | 177.71 |  |  | 0.3 |  |  | 177.09 |
228.20 |  |  | — |  |  | 228.20 |  |  | 1.5 |  |  | 6.92 |  | 228.20 |  |  | — |  |  | — |
238.88 |  |  | — |  |  | 243.54 |  |  | 0.9 |  |  | 4.92 |  | 243.54 |  |  | — |  |  | — |
337.74 |  |  | — |  |  | 347.44 |  |  | 0.8 |  |  | 5.92 |  | 337.75 |  |  | — |  |  | — |
$ | 86.17 |  |  | — |  |  | $ | 347.44 |  |  | 7.6 |  |  | 4.07 |  | $ | 192.31 |  |  | 3.1 |  |  | $ | 132.32 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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