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Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-Based Compensation Expense

			For the years ended December 31,
			2022			2021			2020
Stock-based compensation plans expense			$	131		$	128		$	116
Income tax benefit			(22)			(22)			(20)
Excess tax benefit on awards vested, exercised and expired			(12)			(6)			(1)
Total stock-based compensation plans expense, net of tax			$	97		$	100		$	95

Stock Compensation Valuation Assumptions

Stock Options Valuation Assumptions

			For the years ended December 31,
			2022									2021									2020
Expected dividend yield			2.3%									2.8%									2.6%
Expected annualized spot volatility			28.3		%	-			29.6%			34.1		%	-			43.0%			22.2		%	-			36.2%
Weighted average annualized volatility			28.8%									39.4%									30.9%
Risk-free spot rate			(0.04)		%	-			2.0%			0.03		%	-			1.4%			1.3		%	-			1.6%
Expected term			6.4 years									6.4 years									6.6 years

Non-qualified Stock Option Activity Under the Incentive Stock Plan

Non-qualified Stock Option Activity Under the Stock Incentive Plan

			Number of Options (in thousands)			Weighted Average Exercise Price			Weighted Average Remaining Contractual Term			Aggregate Intrinsic Value
			For the year ended December 31, 2022
Outstanding at beginning of year			6,435			$	47.46
Granted			876			$	69.41
Exercised			(715)			$	36.31
Forfeited			—			$	—
Expired			—			$	—
Outstanding at end of year			6,596			$	51.58		5.6			$	160
Outstanding, fully vested and expected to vest			6,546			$	51.51		5.6			$	159
Exercisable at end of year			4,899			$	48.16		4.6			$	136

Assumptions

Assumptions for Total Stockholder Return Performance Shares

			For the years ended December 31,
			2022									2021									2020
Volatility of common stock			35.9%									37.3%									19.6%
Average volatility of peer companies			27.0		%	-			46.0%			27.0		%	-			49.0%			18.0		%	-			31.0%
Average correlation coefficient of peer companies			68.0%									67.0%									51.0%
Risk-free spot rate			1.8%									0.2%									1.2%
Term			3.0 years									3.0 years									3.0 years

Non-vested Share Award Activity Under the Incentive Stock Plan

Non-vested Share Award Activity Under the Stock Incentive Plan

			Restricted Stock Units						Performance Shares
			Number of Shares (in thousands)			Weighted-Average Grant-Date Fair Value			Number of Shares (in thousands)			Weighted-Average Grant date Fair Value
Non-vested shares			For the year ended December 31, 2022
Non-vested at beginning of year			4,031			$	52.45		765			$	52.53
Granted			1,128			$	69.32		325			$	71.54
Performance based adjustment, net									90			$	52.27
Vested			(1,416)			$	50.68		(449)			$	51.08
Forfeited			(226)			$	56.97		(20)			$	57.30
Non-vested at end of year			3,517			$	58.28		711			$	63.04

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Tabular disclosure of share-based payment arrangement.

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