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Share-Based Associate Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award |
Stock Option Information | Below is a summary of option information for the year 2023:
(Dollars in millions, except exercise price. Shares in thousands) |  | Shares |  | Weighted- average exercise price |  | Aggregate intrinsic value |  | Weighted-average remaining contractual life
Outstanding option shares at January 1, 2023 |  | 3,608 |  |  | $ | 86.21 |  |  |  |  |
Granted |  | 384 |  |  | 125.57 |  |  |  |  |
Exercised |  | (280) |  |  | 59.98 |  |  |  |  |
Forfeited or expired |  | (65) |  |  | 86.73 |  |  |  |  |
Outstanding option shares at December 31, 2023 |  | 3,647 |  |  | 92.36 |  |  | $ | 62 |  |  | 5.43 years
Options exercisable at end of period |  | 2,855 |  |  | $ | 84.68 |  |  | $ | 61 |  |  | 4.59 years
Restricted Stock Unit Information | elow is a summary of service-based and performance-based share information, assuming a target payout for performance-based shares, for the year 2023:
(Shares in thousands) |  | Service-based shares |  | Weighted- average grant date fair value |  | Performance-based shares |  | Weighted- average grant date fair value
Nonvested at January 1, 2023 |  | 523 |  |  | $ | 102.26 |  |  | 155 |  |  | $ | 124.69 |
Granted |  | 174 |  |  | 117.21 |  |  | 70 |  |  | 169.50 |
Vested |  | (179) |  |  | 104.61 |  |  | — |  |  | — |
Forfeited or canceled |  | (22) |  |  | 105.73 |  |  | (38) |  |  | 111.77 |
Nonvested at December 31, 2023 |  | 496 |  |  | 106.52 |  |  | 187 |  |  | 144.05 |
Stock Options |
Share-based Compensation Arrangement by Share-based Payment Award |
Assumptions Used In Option Grants Issued | The following weighted average assumptions were used in determining fair value for option grants issued:
|  | 2023 |  | 2022 |  | 2021
Weighted-average expected term |  | 8-9 years |  | 7-9 years |  | 7-9 years
Expected volatility |  | 28.25-29.61% |  | 26.34-28.87% |  | 25.56-27.81%
Dividend yield |  | 2.39% |  | 2.23% |  | 2.62%
Risk-free rates |  | 3.98-3.99% |  | 1.90-1.92% |  | 0.97-1.26%
Weighted-average fair value of options granted during the period |  | $38.22 |  | $30.34 |  | $19.64
Performance Based Shares |
Share-based Compensation Arrangement by Share-based Payment Award |
Assumptions Used In Option Grants Issued | he following assumptions were used in determining fair value for performance-based grants issued:
|  | 2023 |  | 2022 |  | 2021
Expected term |  | 2.86 years |  | 2.86 years |  | 2.85 years
Expected volatility |  | 25.98-47.73% |  | 30.09-49.28% |  | 29.50-47.26%
Dividend yield |  | 2.37% |  | 2.19% |  | 2.62%
Risk-free rates |  | 4.32% |  | 1.64% |  | 0.20%

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