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Share-Based Compensation and Other Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Value of Stock Option Weighted-Average Assumptions | The weighted-average estimated fair value of employee stock options granted during 2022, 2021 and 2020 was $67.18, $41.57 and $39.98, respectively, using the following weighted-average assumptions:
| 2022 |  | 2021 |  | 2020
Expected volatility | 29.2 | % |  | 27.3 | % |  | 33.7 | %
Risk-free interest rate | 2.5 | % |  | 0.8 | % |  | 0.6 | %
Dividend yield | 1.9 | % |  | 2.2 | % |  | 2.7 | %
Expected life (years) | 6.6 |  | 5.9 |  | 5.9
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs | The following assumptions were used for the calculations.
| 2022 |  | 2021 |  | 2020
| Performance Options |  | Performance Options |  | Performance Options
Expected volatility of common stock | 29.7 | % |  | 28.5 | % |  | 34.7 | %
Expected volatility of the S&P 500 | 39.2 | % |  | 38.7 | % |  | 29.0 | %
Risk-free interest rate | 2.0 | % |  | 1.2 | % |  | 0.8 | %
Dividend yield | 2.0 | % |  | 2.3 | % |  | 2.6 | %
Expected life (years) | 6.5 |  | 6.5 |  | 6.5
| 2022 |  | 2021 |  | 2020
| Market Stock Unit |  | Market Stock Unit |  | Market Stock Units
Expected volatility of common stock | 29.7 | % |  | 28.5 | % |  | 34.7 | %
Risk-free interest rate | 1.9 | % |  | 0.3 | % |  | 0.6 | %
Dividend yield | 1.6 | % |  | 1.8 | % |  | 1.7 | %
| 2022 |  |  | 2021 | 2020
| Performance Stock Units |  |  | Performance Stock Units | Performance Stock Units
Expected volatility of common stock | 29.7 | % |  |  | 28.5 | % | 34.7 | %
Expected volatility of the S&P 500 | 39.2 | % |  |  | 38.7 | % | 29.0 | %
Risk-free interest rate | 1.8 | % |  |  | 0.3 | % | 0.6 | %
Dividend yield | 1.6 | % |  |  | 1.8 | % | 1.7 | %
Stock Options Outstanding and Exercisable | The following table summarizes information about the total stock options outstanding and exercisable under all stock option plans, at December 31, 2022 (in thousands, except exercise price and years):
| Options Outstanding |  | Options Exercisable
Exercise price range | No. of options |  | Wtd. avg. Exercise Price |  | Wtd. avg. contractual life (in yrs.) |  | No. of options |  | Wtd. avg. Exercise Price |  | Wtd. avg. contractual life (in yrs.)
$51-$70 | 586 |  |  | 66 |  |  | 2 |  | 586 |  |  | 66 |  |  | 2
$71-$90 | 786 |  |  | 77 |  |  | 4 |  | 786 |  |  | 77 |  |  | 4
$91-$110 | 267 |  |  | 108 |  |  | 5 |  | 267 |  |  | 108 |  |  | 5
$111-$130 | 51 |  |  | 121 |  |  | 6 |  | 40 |  |  | 121 |  |  | 6
$131-$150 | 288 |  |  | 139 |  |  | 6 |  | 281 |  |  | 139 |  |  | 6
$151-$170 | 206 |  |  | 156 |  |  | 7 |  | 56 |  |  | 157 |  |  | 7
$171-$190 | 284 |  |  | 180 |  |  | 8 |  | 38 |  |  | 180 |  |  | 8
$191 and over | 303 |  |  | 225 |  |  | 9 |  | 11 |  |  | 223 |  |  | 9
| 2,771 |  |  |  |  |  |  | 2,065 |  |  |  |  |
Schedule of Share-based Compensation, Activity | Total share-based compensation activity was as follows (in thousands, except exercise price):
| Stock Options |  | Restricted Stock Units |  | Restricted Stock
| No. of Options Outstanding |  | Wtd. Avg. Exercise Price of Shares |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value
Balance as of January 1, 2022 | 1,587 |  |  | $ | 92 |  |  | 924 |  |  | $ | 199 |  |  | 209 |  |  | $ | 203 |
Granted | 153 |  |  | 227 |  |  | 776 |  |  | 217 |  |  | 48 |  |  | 217 |
Releases/Exercised | (734) |  |  | 70 |  |  | (408) |  |  | 157 |  |  | (143) |  |  | 195 |
Forfeited/Canceled | (10) |  |  | 183 |  |  | (81) |  |  | 193 |  |  | — |  |  | — |
Balance as of December 31, 2022 | 996 |  |  | $ | 128 |  |  | 1,211 |  |  | $ | 211 |  |  | 114 |  |  | $ | 224 |
Awards exercisable | 684 |  |  | 95 |  |  | — |  |  | — |  |  | — |  |  | — |
| Performance Options |  | Market Stock Units |  | Performance Stock Units
| No. of Options Outstanding |  | Wtd. Avg. Exercise Price of Shares |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value |  | No. of Non-Vested Awards |  | Wtd. Avg. Grant Date Fair Value
Balance as of January 1, 2022 | 2,368 |  |  | $ | 91 |  |  | 120 |  |  | $ | 147 |  |  | 128 |  |  | $ | 210 |
Granted | 122 |  |  | 222 |  |  | 43 |  |  | 244 |  |  | 68 |  |  | 248 |
Releases/Exercised | (830) |  |  | 72 |  |  | (80) |  |  | 140 |  |  | (48) |  |  | 217 |
Adjustment for payout factor | 115 |  |  | 133 |  |  | 20 |  |  | 129 |  |  | 21 |  |  | 217 |
Balance as of December 31, 2022 | 1,775 |  |  | $ | 112 |  |  | 103 |  |  | $ | 192 |  |  | 169 |  |  | $ | 226 |
Awards exercisable | 1,381 |  |  | 91 |  |  | — |  |  | — |  |  | — |  |  | — |
Schedule of Compensation Expense | Compensation expense for the Company’s share-based compensation plans was as follows:
Years ended December 31 | 2022 |  | 2021 |  | 2020
Share-based compensation expense included in: |  |  |  |  |
Costs of sales | $ | 28 |  |  | $ | 16 |  |  | $ | 16 |
Selling, general and administrative expenses | 98 |  |  | 79 |  |  | 73 |
Research and development expenditures | 46 |  |  | 34 |  |  | 40 |
Share-based compensation expense included in Operating earnings | 172 |  |  | 129 |  |  | 129 |
Tax benefit | 34 |  |  | 15 |  |  | 30 |
Share-based compensation expense, net of tax | $ | 138 |  |  | $ | 114 |  |  | $ | 99 |
Decrease in basic earnings per share | $ | (0.82) |  |  | $ | (0.67) |  |  | $ | (0.58) |
Decrease in diluted earnings per share | $ | (0.80) |  |  | $ | (0.66) |  |  | $ | (0.57) |

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