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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of the changes in outstanding stock options

The following is a summary of the changes in outstanding stock options for 2022:

			Share units (in thousands)						Weighted Average Exercise Price / Share						Weighted Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2022			1,827						$	64.12					6.1
Granted			323						87.72
Exercised			(131)						60.07
Forfeited and expired			(84)						82.35
Outstanding at December 31, 2022			1,935						$	67.55					5.9						$	83
Options exercisable at December 31, 2022			1,342						$	58.69					4.7						$	70
Vested and non-vested expected to vest as of December 31, 2022			1,889						$	67.03					5.6						$	82

Weighted-average assumptions

The following are weighted-average assumptions used for 2022, 2021, and 2020:

			2022						2021						2020
Dividend yield			1.37		%				1.10		%				1.42		%
Volatility			26.25		%				26.29		%				24.16		%
Risk-free interest rate			1.74		%				0.86		%				0.83		%
Expected term (in years)			5.6						5.7						5.8
Weighted-average fair value per option			$	20.38					$	23.26					$	14.84

Summary of restricted stock activity

restricted stock units for 2022:

			Share Units (in thousands)						Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022			484						$	88.47
Granted			349						87.01
Vested			(231)						84.75
Forfeited			(49)						90.99
Outstanding at December 31, 2022			553						$	88.88

Schedule of Share-based Compensation, Performance-Based Units Award Activity

The following is a summary of the changes in outstanding ROIC performance share units for 2022:

			Share units (in thousands)						Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022			177						$	84.84
Granted			35						86.77
Forfeited			(66)						77.15
Outstanding at December 31, 2022			146						$	88.78

Revenue Performance Share Unit Grants

The fair value of the Revenue performance share unit awards is determined using the closing price of our common stock on date of grant.

The following is a summary of our Revenue performance share unit grants for 2022:

			Share units  (in thousands)																		Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022			—																		$	—
Granted			35																		86.77
Forfeited			(3)																		86.76
Outstanding at December 31, 2022			32																		$	86.77

TSR Performance Share Unit Grants

The following is a summary of the changes in outstanding TSR performance share units for 2022:

			Share units (in thousands)						Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022			177						$	102.96
Granted			70						71.18
Adjustment for Market Condition Achieved (a)			22						89.62
Vested			(75)						89.62
Forfeited			(16)						89.04
Outstanding at December 31, 2022			178						$	100.67

Fair value assumptions for performance-based awards

The following are weighted-average key assumptions for 2022 grants.

			2022						2021						2020
Volatility			33.3		%				33.5		%				22.6		%
Risk-free interest rate			1.44		%				0.24		%				1.08		%

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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