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Stock-based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Restricted Stock Activity | The following table summarizes information related to restricted stock activity:
| (Shares stated in millions) |
| 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | Weighted- |  |  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  | Average |  |  |  |  |  | Average |  |  |  |  |  | Average |
| Restricted |  |  | Grant Date |  |  | Restricted |  |  | Grant Date |  |  | Restricted |  |  | Grant Date |
| Stock |  |  | Fair Value |  |  | Stock |  |  | Fair Value |  |  | Stock |  |  | Fair Value |
Unvested at beginning of year |  | 18 |  |  | $ | 30.24 |  |  |  | 22 |  |  | $ | 29.03 |  |  |  | 19 |  |  | $ | 35.24 |
Granted |  | 5 |  |  | $ | 56.24 |  |  |  | 7 |  |  | $ | 36.16 |  |  |  | 8 |  |  | $ | 25.16 |
Adjustments for performance achieved |  | 2 |  |  | $ | 32.47 |  |  |  | 2 |  |  | $ | 35.55 |  |  |  | - |  |  | $ | - |
Vested |  | (11 | ) |  | $ | 29.82 |  |  |  | (13 | ) |  | $ | 32.42 |  |  |  | (5 | ) |  | $ | 48.44 |
Unvested at year-end |  | 14 |  |  | $ | 39.88 |  |  |  | 18 |  |  | $ | 30.24 |  |  |  | 22 |  |  | $ | 29.03 |
Assumptions Used in Estimating Fair Value of Purchase Rights under Discounted Stock Purchase Plan | The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-Scholes model with the following assumptions and resulting weighted-average fair value per share:
| 2023 |  |  | 2022 |  |  | 2021 |
Dividend yield |  | 1.7 | % |  |  | 1.8 | % |  |  | 2.0 | %
Expected volatility |  | 50 | % |  |  | 47 | % |  |  | 67 | %
Risk-free interest rate |  | 5.13 | % |  |  | 1.32 | % |  |  | 0.07 | %
Weighted-average fair value per share | $ | 14.93 |  |  | $ | 8.05 |  |  | $ | 6.72 |
Summary of Stock Option Activity | The following table summarizes stock option activity:
| (Shares stated in millions) |
| 2023 |  |  | 2022 |  |  | 2021 |
|  |  |  | Weighted- |  |  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  | Average |  |  |  |  |  | Average |  |  |  |  |  | Average |
|  |  |  | Exercise |  |  |  |  |  | Exercise |  |  |  |  |  | Exercise |
| Shares |  |  | Price |  |  | Shares |  |  | Price |  |  | Shares |  |  | Price |
Outstanding at beginning of year |  | 35 |  |  | $ | 70.31 |  |  |  | 42 |  |  | $ | 68.95 |  |  |  | 48 |  |  | $ | 70.37 |
Exercised |  | (2 | ) |  | $ | 40.02 |  |  |  | (2 | ) |  | $ | 40.04 |  |  |  | - |  |  | $ | - |
Forfeited / Expired |  | (5 | ) |  | $ | 73.18 |  |  |  | (5 | ) |  | $ | 71.45 |  |  |  | (6 | ) |  | $ | 80.46 |
Outstanding at year-end |  | 28 |  |  | $ | 72.33 |  |  |  | 35 |  |  | $ | 70.31 |  |  |  | 42 |  |  | $ | 68.95 |
Options Outstanding and Option Exercisable | The following table summarizes information related to options outstanding and options exercisable as of December 31, 2023:
| (Shares stated in millions)
| Options Outstanding |  | Options Exercisable
|  |  | Weighted- |  |  |  |  |  |
|  |  | Average |  | Weighted- |  |  |  | Weighted-
| Options |  | Remaining Life |  | Average |  | Options |  | Average
Exercise prices range | Outstanding |  | (in years) |  | Exercise Price |  | Exercisable |  | Exercise Price
$38.75 - $41.47 | 7 |  | 5.6 |  | $39.76 |  | 4 |  | $40.08
$47.55 - $79.85 | 7 |  | 2.3 |  | $71.46 |  | 6 |  | $71.49
$80.53 - $88.77 | 8 |  | 2.3 |  | $84.44 |  | 8 |  | $84.44
$91.28 - $114.83 | 6 |  | 0.8 |  | $96.31 |  | 6 |  | $96.31
| 28 |  | 2.9 |  | $72.33 |  | 24 |  | $77.21
Stock-Based Compensation Expense Recognized in Income | The following summarizes stock-based compensation expense recognized in income:
(Stated in millions) |
| 2023 |  |  | 2022 |  |  | 2021 |
Restricted stock | $ | 225 |  |  | $ | 255 |  |  | $ | 254 |
DSPP |  | 56 |  |  |  | 41 |  |  |  | 34 |
Stock options |  | 12 |  |  |  | 17 |  |  |  | 36 |
| $ | 293 |  |  | $ | 313 |  |  | $ | 324 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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