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Share-Based Compensation and Other Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Value of Stock Option Weighted-Average Assumptions | The weighted-average estimated fair value of employee stock options granted during 2023, 2022 and 2021 was $73.04, $67.18 and $41.57, respectively, using the following weighted-average assumptions:
| 2023 |  | 2022 |  | 2021
Expected volatility | 24.4 | % |  | 29.2 | % |  | 27.3 | %
Risk-free interest rate | 4.2 | % |  | 2.5 | % |  | 0.8 | %
Dividend yield | 1.6 | % |  | 1.9 | % |  | 2.2 | %
Expected life (years) | 5.9 |  | 6.6 |  | 5.9
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs | The following assumptions were used for the calculations.
| 2023 |  | 2022 |  | 2021
| Performance Options |  | Performance Options |  | Performance Options
Expected volatility of common stock | 25.1 | % |  | 29.7 | % |  | 28.5 | %
Expected volatility of the S&P 500 | 33.3 | % |  | 39.2 | % |  | 38.7 | %
Risk-free interest rate | 4.1 | % |  | 2.0 | % |  | 1.2 | %
Dividend yield | 1.7 | % |  | 2.0 | % |  | 2.3 | %
Expected life (years) | 6.5 |  | 6.5 |  | 6.5
| 2023 |  | 2022 |  | 2021
| Market Stock Unit |  | Market Stock Unit |  | Market Stock Units
Expected volatility of common stock | 25.1 | % |  | 29.7 | % |  | 28.5 | %
Risk-free interest rate | 4.5 | % |  | 1.9 | % |  | 0.3 | %
Dividend yield | 1.5 | % |  | 1.6 | % |  | 1.8 | %
| 2023 |  |  | 2022 | 2021
| Performance Stock Units |  |  | Performance Stock Units | Performance Stock Units
Expected volatility of common stock | 25.1 | % |  |  | 29.7 | % | 28.5 | %
Expected volatility of the S&P 500 | 33.3 | % |  |  | 39.2 | % | 38.7 | %
Risk-free interest rate | 4.6 | % |  |  | 1.8 | % | 0.3 | %
Dividend yield | 1.4 | % |  |  | 1.6 | % | 1.8 | %
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, 2023 (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 | 209 |  |  | 67 |  |  | 1 |  | 209 |  |  | 67 |  |  | 1
$71-$90 | 714 |  |  | 77 |  |  | 3 |  | 714 |  |  | 77 |  |  | 3
$91-$110 | 208 |  |  | 108 |  |  | 4 |  | 208 |  |  | 108 |  |  | 4
$111-$130 | 46 |  |  | 120 |  |  | 5 |  | 46 |  |  | 120 |  |  | 5
$131-$150 | 243 |  |  | 139 |  |  | 5 |  | 243 |  |  | 139 |  |  | 5
$151-$170 | 199 |  |  | 156 |  |  | 6 |  | 196 |  |  | 155 |  |  | 6
$171-$190 | 244 |  |  | 180 |  |  | 7 |  | 41 |  |  | 180 |  |  | 7
$191 and over | 501 |  |  | 244 |  |  | 9 |  | 50 |  |  | 228 |  |  | 8
| 2,364 |  |  |  |  |  |  | 1,707 |  |  |  |  |
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, 2023 | 996 |  |  | $ | 128 |  |  | 1,211 |  |  | $ | 211 |  |  | 114 |  |  | $ | 224 |
Granted | 120 |  |  | 272 |  |  | 715 |  |  | 259 |  |  | 23 |  |  | 311 |
Releases/Exercised | (547) |  |  | 89 |  |  | (521) |  |  | 191 |  |  | (52) |  |  | 225 |
Forfeited/Canceled | (3) |  |  | 225 |  |  | (63) |  |  | 224 |  |  | — |  |  | — |
Balance as of December 31, 2023 | 566 |  |  | $ | 191 |  |  | 1,342 |  |  | $ | 224 |  |  | 85 |  |  | $ | 244 |
Awards exercisable | 297 |  |  | 149 |  |  | — |  |  | — |  |  | — |  |  | — |
| 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, 2023 | 1,775 |  |  | $ | 112 |  |  | 103 |  |  | $ | 192 |  |  | 169 |  |  | $ | 226 |
Granted | 105 |  |  | 265 |  |  | 43 |  |  | 289 |  |  | 73 |  |  | 339 |
Releases/Exercised | (161) |  |  | 118 |  |  | (79) |  |  | 166 |  |  | (51) |  |  | 261 |
Adjustment for payout factor | 79 |  |  | 140 |  |  | 24 |  |  | 122 |  |  | 22 |  |  | 261 |
Forfeited/Canceled | — |  |  | — |  |  | (2) |  |  | 135 |  |  | — |  |  | — |
Balance as of December 31, 2023 | 1,798 |  |  | $ | 122 |  |  | 89 |  |  | $ | 254 |  |  | 213 |  |  | $ | 264 |
Awards exercisable | 1,410 |  |  | 96 |  |  | — |  |  | — |  |  | — |  |  | — |
Schedule of Compensation Expense | Compensation expense for the Company’s share-based compensation plans was as follows:
Years ended December 31 | 2023 |  | 2022 |  | 2021
Share-based compensation expense included in: |  |  |  |  |
Costs of sales | $ | 40 |  |  | $ | 28 |  |  | $ | 16 |
Selling, general and administrative expenses | 116 |  |  | 98 |  |  | 79 |
Research and development expenditures | 56 |  |  | 46 |  |  | 34 |
Share-based compensation expense included in Operating earnings | 212 |  |  | 172 |  |  | 129 |
Tax benefit | 43 |  |  | 34 |  |  | 15 |
Share-based compensation expense, net of tax | $ | 169 |  |  | $ | 138 |  |  | $ | 114 |
Decrease in basic earnings per share | $ | (1.01) |  |  | $ | (0.82) |  |  | $ | (0.67) |
Decrease in diluted earnings per share | $ | (0.98) |  |  | $ | (0.80) |  |  | $ | (0.66) |

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