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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Valuation assumptions The table below summarizes the assumptions used:
Year Ended December 31,
202420232022
Dividend yield— %— %— %
Expected volatility (1)26.5 %25.1 %24.0 %
Risk free interest rate (1)4.4 %4.1 %2.0 %
Expected option life (1)9.0 years6.0 years6.0 years
(1) The 2024 period includes an expected volatility, risk free interest rate and expected option life of 26.65%, 4.39% and 10 years, respectively, related to the grant of 1.75 million premium-priced stock options.
Option activity
A summary of stock option and SAR activity under the Company’s Long Term Incentive and Share Award Plans during 2024 is presented below:
Year Ended December 31, 2024
Number of
Options / SARs		Weighted Average Exercise PriceWeighted Average Contractual TermAggregate Intrinsic Value
Outstanding, beginning of year12,536,593 $31.14 
Granted (1)2,172,916 $145.88 
Exercised(2,270,334)$22.82 
Forfeited or expired(10,141)$46.47 
Outstanding, end of year12,429,034 $48.54 4.69$665 
Exercisable, end of year9,710,426 $26.55 3.40$639 
(1) Includes 1.75 million premium-priced stock options with a weighted average exercise price of $161.24 per share.
Weighted average grant date fair value
Year Ended December 31,
202420232022
Weighted average grant date fair value$29.03 $23.50 $13.26 
Aggregate intrinsic value of Options/SARs exercised (in millions)$153 $116 $113 
Unvested restricted share and unit activity
A summary of restricted share and restricted unit activity under the Company’s Long Term Incentive and Share Award Plans for 2024 is presented below:
Number of Restricted
Common
Shares
Number of Restricted
Unit
Awards
Unvested Shares:
Unvested balance, beginning of year1,524,605 305,928 
Granted835,843 146,496 
Vested(809,174)(154,710)
Forfeited(22,733)(16,621)
Unvested balance, end of year1,528,541 281,093 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$54.57 $55.63 
Granted$90.32 $87.21 
Vested$49.88 $50.57 
Forfeited$72.05 $77.53 
Unvested balance, end of year$76.34 $73.58 
Performance shares and units, valuation assumptions
Year Ended December 31,
202420232022
Expected volatility25.3 %30.4 %38.1 %
Risk free interest rate4.5 %4.6 %1.7 %
Unvested performance share and unit activity
Number of Performance
Shares
Number of Performance
Units
Unvested Shares:
Unvested balance, beginning of year1,880,696 49,594 
Granted476,906 15,728 
Performance adjustment (1) (2)— 10,698 
Vested(674,406)(21,396)
Forfeited(3,820)(1,687)
Unvested balance, end of year1,679,376 52,937 
Weighted Average Grant Date Fair Value:
Unvested balance, beginning of year$52.47 $56.15 
Granted$93.28 $93.24 
Performance adjustment (1) (2)$0.00 $37.38 
Vested$37.38 $37.38 
Forfeited$75.41 $68.61 
Unvested balance, end of year$70.07 $70.57 
(1)    The performance adjustment represents the difference between the number of performance shares granted and earned, which vested following the end of the performance period. The performance shares were granted at the maximum level of achievement.
(2)    The performance adjustment represents the change in PSUs, which vested following the end of the performance period. The performance units were granted at the target level of achievement.
Share based compensation expense
The following tables present pre-tax and after-tax share-based compensation expense recognized as well as the unrecognized compensation cost associated with unvested awards and the weighted average period over which it is expected to be recognized:
Year Ended December 31,
202420232022
Pre-Tax
Stock options and SARs$15 $11 $12 
Restricted share and unit awards57 54 50 
Performance awards55 23 22 
ESPP6 4 4 
Total$133 $92 $88 
After-Tax
Stock options and SARs$13 $10 $11 
Restricted share and unit awards48 45 42 
Performance awards50 21 20 
ESPP5 4 4 
Total$116 $80 $77 
Unrecognized compensation cost
December 31, 2024
Stock Options and SARs (1)Restricted Common
Shares and Units (1)		Performance Common Shares and Units
Unrecognized compensation cost related to unvested awards$55 $70 $12 
Weighted average recognition period (years)2.081.210.38
(1) Includes awards granted in connection with 1.75 million premium-priced stock options and 0.3 million time-vested restricted shares granted in November 2024.
Restricted Common Shares And Restricted Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average grant date fair value of restricted stock
The following table presents the weighted average grant date fair value of restricted shares and restricted unit awards granted and the aggregate fair value of restricted shares and unit awards vesting in each year.
Year Ended December 31,
202420232022
Number of restricted shares and restricted unit awards granted 982,339 825,191 1,089,393 
Weighted average grant date fair value$89.86 $69.42 $47.45 
Aggregate fair value of vested restricted share and unit awards (in millions)$85 $122 $51 
Performance Common Shares and Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average grant date fair value of restricted stock
The following table presents the weighted average grant date fair values of performance awards granted.
Year Ended December 31,
202420232022
Number of performance awards492,634 568,576 690,772 
Weighted average grant date fair value$93.28 $74.09 $49.91 
Aggregate fair value of vested performance share and unit awards (in millions)$61 $14 $27