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Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | Stock-Based Compensation Expense
| For the years ended December 31,
| 2024 | 2023 | 2022
Stock-based compensation plans expense | $ | 133 |  | $ | 125 |  | $ | 131 |
Income tax benefit | (21) |  | (22) |  | (22) |
Excess tax benefit on awards vested, exercised and expired | (21) |  | (12) |  | (12) |
Total stock-based compensation plans expense, net of tax | $ | 91 |  | $ | 91 |  | $ | 97 |
Stock Compensation Valuation Assumptions | Stock Options Valuation Assumptions
| For the years ended December 31,
| 2024 | 2023 | 2022
Expected dividend yield | 1.8% | 2.0% | 2.3%
Expected annualized spot volatility | 19.2 | % | - | 22.7% | 24.5 | % | - | 26.0% | 28.3 | % | - | 29.6%
Weighted average annualized volatility | 21.7% | 25.4% | 28.8%
Risk-free spot rate | 4.3 | % | - | 5.5% | 3.8 | % | - | 5.1% | (0.04) | % | - | 2.0%
Expected term | 7.4 years | 6.7 years | 6.4 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, 2024
Outstanding at beginning of year | 6,071 |  | $ | 55.92 |  |  |
Granted | 270 |  | $ | 95.74 |  |  |
Exercised | (1,823) |  | $ | 50.45 |  |  |
Forfeited | — |  | $ | — |  |  |
Expired | — |  | $ | — |  |  |
Outstanding at end of year | 4,518 |  | $ | 60.51 |  | 5.4 | $ | 221 |
Outstanding, fully vested and expected to vest | 4,494 |  | $ | 60.40 |  | 5.4 | $ | 221 |
Exercisable at end of year | 3,711 |  | $ | 55.85 |  | 4.8 | $ | 199 |
Assumptions | Assumptions for Total Stockholder Return Performance Shares
| For the years ended December 31,
| 2024 | 2023 | 2022
Volatility of common stock | 21.7% | 33.0% | 35.9%
Average volatility of peer companies | 20.0 | % | - | 33.0% | 26.0 | % | - | 41.0% | 27.0 | % | - | 46.0%
Average correlation coefficient of peer companies | 42.0% | 52.0% | 68.0%
Risk-free spot rate | 4.4% | 4.4% | 1.8%
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, 2024
Non-vested at beginning of year | 3,259 |  | $ | 65.44 |  | 583 |  | $ | 77.97 |
Granted | 837 |  | $ | 96.34 |  | 338 |  | $ | 103.08 |
Performance based adjustment, net |  |  | 252 |  | $ | 71.00 |
Vested | (1,281) |  | $ | 53.09 |  | (567) |  | $ | 71.30 |
Forfeited | (137) |  | $ | 77.97 |  | (12) |  | $ | 88.19 |
Non-vested at end of year | 2,678 |  | $ | 80.36 |  | 594 |  | $ | 95.49 |

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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding performance-based awards that are fully vested and expected to vest. Includes, but is not limited to, unvested awards for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -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 Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(1) -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 Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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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