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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Options Granted Under LTIP and TSOP

The Committee granted stock options, RSUs and PSUs pursuant to the LTIP for the last three years as follows:

			2021												2020												2019
			Granted						Weighted- Average Grant-Date Fair Value						Granted						Weighted- Average Grant-Date Fair Value						Granted						Weighted- Average Grant-Date Fair Value
Stock options			42,770						$	62.49					43,770						$	52.05					47,360						$	45.74
RSUs			183,093						240.09						178,190						210.11						219,710						164.47
PSUs			50,100						240.72						78,830						212.66						102,250						160.97

Schedule of Compensation Costs and Tax Benefits

Related compensation costs and tax benefits during the years were:

			2021						2020						2019
			($ in millions)
Stock-based compensation expense			$	54					$	28					$	53
Total tax benefit			34						44						37

Schedule of Assumptions Used for LTIP And TSOP Grants

The assumptions for the LTIP grants for the last three years are shown in the following table:

			2021						2020						2019
Average expected volatility			26		%				22		%				23		%
Average risk-free interest rate			0.75		%				1.47		%				2.56		%
Average expected option term			7.5 years						7.5 years						7.2 years

Schedule of Stock Option Activity

A summary of changes in stock options is presented below:

			Stock Options						Weighted- Average Exercise Price
Outstanding at December 31, 2020			1,526,125						$	98.17
Granted			42,770						241.79
Exercised			(470,632)						91.66
Forfeited			(2,368)						94.31
Outstanding at December 31, 2021			1,095,895						106.58

Summary of Stock Options Exercised

The following table provides information related to options exercised for the last three years:

 

			2021						2020						2019
			($ in millions)
Options exercised			470,632						1,171,786						770,597
Total intrinsic value			$	83					$	144					$	86
Cash received upon exercise			42						98						53
Related tax benefits realized			17						29						18

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

			2021						2020						2019
			($ in millions)
RSUs vested			260,307						204,665						166,197
Common Stock issued net of tax withholding			184,319						146,047						119,346
Related tax benefits realized			$	7					$	4					$	2

A summary of changes in RSUs is presented below:

			RSUs						Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2020			600,240						$	148.29
Granted			183,093						240.09
Vested			(260,307)						121.84
Forfeited			(21,923)						201.84
Nonvested at December 31, 2021			501,103						193.23

Schedule of Other Share Activity

			2021						2020						2019
			($ in millions)
PSUs earned			78,727						235,935						331,099
Common Stock issued net of tax withholding			49,967						156,477						221,241
Related tax benefits realized			$	1					$	7					$	9

A summary of changes in PSUs is presented below:

			PSUs						Weighted- Average Grant-Date Fair Value
Balance at December 31, 2020			240,100						$	171.34
Granted			50,100						240.72
Earned			(78,727)						147.75
Unearned			(4,143)						147.75
Forfeited			(4,400)						207.40
Balance at December 31, 2021			202,930						197.33

Schedule of Stock Available for Future Grants

Shares of Common Stock available for future grants and issued in connection with all features of the LTIP and the TSOP at December 31, were as follows:

 

			2021						2020						2019
Available for future grants:
LTIP			8,609,075						8,995,582						9,294,726
TSOP			435,867						435,699						434,401
Issued:
LTIP			632,279						1,270,208						852,869
TSOP			72,639						204,102						258,315

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