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Stock-Based Compensation (Tables)

12 Months Ended

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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