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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Compensation Expense | The compensation expense that has been charged against income for these plans was as follows for the years ended December 31, 2023, 2022, and 2021:
| 2023 |  | 2022 |  | 2021
| (in millions)
Stock-based compensation expense by type: |  |  |  |  |
Restricted stock | $ | 168 |  |  | $ | 207 |  |  | $ | 171 |
Stock options | 7 |  |  | 9 |  |  | 9 |
Total stock-based compensation expense | 175 |  |  | 216 |  |  | 180 |
Tax benefit recognized | (28) |  |  | (28) |  |  | (15) |
Stock-based compensation expense, net of tax | $ | 147 |  |  | $ | 188 |  |  | $ | 165 |
Schedule of Restricted Stock Awards Activity | Activity for our restricted stock was as follows for the year ended December 31, 2023:
| Shares |  | Weighted- Average Grant-Date Fair Value
| (shares in thousands)
Nonvested restricted stock at December 31, 2022 | 813 |  |  | $ | 429.22 |
Granted | 437 |  |  | 508.23 |
Vested | (428) |  |  | 389.26 |
Forfeited | (68) |  |  | 441.20 |
Nonvested restricted stock at December 31, 2023 | 754 |  |  | $ | 488.06 |
Schedule of Weighted-Average Fair Value Assumptions | The fair value was estimated on the date of grant using the Black-Scholes pricing model with the weighted-average assumptions indicated below:
| 2023 |  | 2022 |  | 2021
Weighted-average fair value at grant date | $ | 130.74 |  |  | $ | 113.35 |  |  | $ | 92.21 |
Expected option life (years) | 3.0 years |  | 3.6 years |  | 3.7 years
Expected volatility | 31.6 | % |  | 36.1 | % |  | 33.8 | %
Risk-free interest rate at grant date | 4.5 | % |  | 1.8 | % |  | 0.4 | %
Dividend yield | 0.7 | % |  | 0.7 | % |  | 0.7 | %
Schedule of Activity for Option Plans | Activity for our option plans was as follows for the year ended December 31, 2023:
| Shares Under Option |  | Weighted-Average Exercise Price
| (shares in thousands)
Options outstanding at December 31, 2022 | 204 |  |  | $ | 381.37 |
Granted | 63 |  |  | 508.80 |
Exercised | (22) |  |  | 371.05 |
Forfeited | (3) |  |  | 491.82 |
Options outstanding at December 31, 2023 | 242 |  |  | $ | 415.18 |
Options exercisable at December 31, 2023 | 112 |  |  | $ | 366.69 |

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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 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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