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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
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:
| 2022 |  | 2021 |  | 2020
| Granted |  | Weighted- Average Grant-Date Fair Value |  | Granted |  | Weighted- Average Grant-Date Fair Value |  | Granted |  | Weighted- Average Grant-Date Fair Value
Stock options | 140,080 |  | $ | 61.32 |  |  | 42,770 |  | $ | 62.49 |  |  | 43,770 |  | $ | 52.05 |
RSUs | 180,306 |  | 265.21 |  |  | 183,093 |  | 240.09 |  |  | 178,190 |  | 210.11 |
PSUs | 58,945 |  | 272.22 |  |  | 50,100 |  | 240.72 |  |  | 78,830 |  | 212.66 |
Schedule of Compensation Costs and Tax Benefits | Related compensation costs and tax benefits during the years were:
| 2022 |  | 2021 |  | 2020
| ($ in millions)
Stock-based compensation expense | $ | 53 |  |  | $ | 54 |  |  | $ | 28 |
Total tax benefit | 27 |  |  | 34 |  |  | 44 |
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:
| 2022 |  | 2021 |  | 2020
Average expected volatility | 27 | % |  | 26 | % |  | 22 | %
Average risk-free interest rate | 1.80 | % |  | 0.75 | % |  | 1.47 | %
Average expected option term | 6.5 years |  | 7.5 years |  | 7.5 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, 2021 | 1,095,895 |  |  | $ | 106.58 |
Granted | 140,080 |  |  | 287.31 |
Exercised | (307,660) |  |  | 82.72 |
Forfeited | (48,313) |  |  | 270.92 |
Outstanding at December 31, 2022 | 880,002 |  |  | 134.66 |
Summary of Stock Options Exercised | The following table provides information related to options exercised for the last three years:
| 2022 |  | 2021 |  | 2020
| ($ in millions)
Options exercised | 307,660 |  |  | 470,632 |  |  | 1,171,786 |
Total intrinsic value | $ | 54 |  |  | $ | 83 |  |  | $ | 144 |
Cash received upon exercise | 25 |  |  | 42 |  |  | 98 |
Related tax benefits realized | 12 |  |  | 17 |  |  | 29 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
| 2022 |  | 2021 |  | 2020
| ($ in millions)
RSUs vested | 249,138 |  |  | 260,307 |  |  | 204,665 |
Common Stock issued net of tax withholding | 175,781 |  |  | 184,319 |  |  | 146,047 |
Related tax benefits realized | $ | 5 |  |  | $ | 7 |  |  | $ | 4 |
A summary of changes in RSUs is presented below:
| RSUs |  | Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2021 | 501,103 |  |  | $ | 193.23 |
Granted | 180,306 |  |  | 265.21 |
Vested | (249,138) |  |  | 168.66 |
Forfeited | (44,890) |  |  | 244.99 |
Nonvested at December 31, 2022 | 387,381 |  |  | 236.53 |
Schedule of Other Share Activity |
| 2022 |  | 2021 |  | 2020
| ($ in millions)
PSUs earned | 86,420 |  |  | 78,727 |  |  | 235,935 |
Common Stock issued net of tax withholding | 54,651 |  |  | 49,967 |  |  | 156,477 |
Related tax benefits realized | $ | 1 |  |  | $ | 1 |  |  | $ | 7 |
A summary of changes in PSUs is presented below:
| PSUs |  | Weighted- Average Grant-Date Fair Value
Balance at December 31, 2021 | 202,930 |  |  | $ | 197.33 |
Granted | 58,945 |  |  | 272.22 |
Earned | (86,420) |  |  | 161.14 |
Unearned | (260) |  |  | 161.14 |
Forfeited | (32,758) |  |  | 254.83 |
Balance at December 31, 2022 | 142,437 |  |  | 236.70 |
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:
| 2022 |  | 2021 |  | 2020
Available for future grants: |  |  |  |  |
LTIP | 8,238,993 |  |  | 8,609,075 |  |  | 8,995,582 |
TSOP | 436,402 |  |  | 435,867 |  |  | 435,699 |
Issued: |  |  |  |  |
LTIP | 503,090 |  |  | 632,279 |  |  | 1,270,208 |
TSOP | 35,002 |  |  | 72,639 |  |  | 204,102 |

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