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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
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:
| 2023 |  | 2022 |  | 2021
| Granted |  | Weighted- Average Grant-Date Fair Value |  | Granted |  | Weighted- Average Grant-Date Fair Value |  | Granted |  | Weighted- Average Grant-Date Fair Value
Stock options | 69,580 |  | $ | 77.60 |  |  | 140,080 |  | $ | 61.32 |  |  | 42,770 |  | $ | 62.49 |
RSUs | 214,936 |  | 230.12 |  |  | 180,306 |  | 265.21 |  |  | 183,093 |  | 240.09 |
PSUs | 59,200 |  | 236.16 |  |  | 58,945 |  | 272.22 |  |  | 50,100 |  | 240.72 |
Schedule of Compensation Costs and Tax Benefits | Related compensation costs and tax benefits during the years were:
| 2023 |  | 2022 |  | 2021
| ($ in millions)
Stock-based compensation expense | $ | 40 |  |  | $ | 53 |  |  | $ | 54 |
Total tax benefit | 15 |  |  | 27 |  |  | 34 |
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:
| 2023 |  | 2022 |  | 2021
Average expected volatility | 27 | % |  | 27 | % |  | 26 | %
Average risk-free interest rate | 3.54 | % |  | 1.80 | % |  | 0.75 | %
Average expected option term | 7.0 years |  | 6.5 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, 2022 | 880,002 |  |  | $ | 134.66 |
Granted | 69,580 |  |  | 241.18 |
Exercised | (206,016) |  |  | 96.68 |
Forfeited | (169) |  |  | 69.83 |
Outstanding at December 31, 2023 | 743,397 |  |  | 155.17 |
Summary of Stock Options Exercised | The following table provides information related to options exercised for the last three years:
| 2023 |  | 2022 |  | 2021
| ($ in millions)
Options exercised | 206,016 |  |  | 307,660 |  |  | 470,632 |
Total intrinsic value | $ | 27 |  |  | $ | 54 |  |  | $ | 83 |
Cash received upon exercise | 19 |  |  | 25 |  |  | 42 |
Related tax benefits realized | 6 |  |  | 12 |  |  | 17 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity |
| 2023 |  | 2022 |  | 2021
| ($ in millions)
RSUs vested | 157,417 |  |  | 249,138 |  |  | 260,307 |
Common Stock issued net of tax withholding | 110,069 |  |  | 175,781 |  |  | 184,319 |
Related tax benefits realized | $ | 1 |  |  | $ | 5 |  |  | $ | 7 |
A summary of changes in RSUs is presented below:
| RSUs |  | Weighted- Average Grant-Date Fair Value
Nonvested at December 31, 2022 | 387,381 |  |  | $ | 236.53 |
Granted | 214,936 |  |  | 230.12 |
Vested | (157,417) |  |  | 220.04 |
Forfeited | (11,042) |  |  | 241.50 |
Nonvested at December 31, 2023 | 433,858 |  |  | 239.21 |
Schedule of Other Share Activity |
| 2023 |  | 2022 |  | 2021
| ($ in millions)
PSUs earned | 58,599 |  |  | 86,420 |  |  | 78,727 |
Common Stock issued net of tax withholding | 40,255 |  |  | 54,651 |  |  | 49,967 |
Related tax benefits realized | $ | — |  |  | $ | 1 |  |  | $ | 1 |
A summary of changes in PSUs is presented below:
| PSUs |  | Weighted- Average Grant-Date Fair Value
Balance at December 31, 2022 | 142,437 |  |  | $ | 236.70 |
Granted | 59,200 |  |  | 236.16 |
Earned | (58,599) |  |  | 213.12 |
Unearned | (4,751) |  |  | 213.12 |
Forfeited | (1,578) |  |  | 246.64 |
Balance at December 31, 2023 | 136,709 |  |  | 247.28 |
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:
| 2023 |  | 2022 |  | 2021
Available for future grants: |  |  |  |  |
LTIP | 7,731,573 |  |  | 8,238,993 |  |  | 8,609,075 |
TSOP | 436,571 |  |  | 436,402 |  |  | 435,867 |
Issued: |  |  |  |  |
LTIP | 315,700 |  |  | 503,090 |  |  | 632,279 |
TSOP | 40,640 |  |  | 35,002 |  |  | 72,639 |

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