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Stock-Based Compensation (Tables)

12 Months Ended

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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