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Share-Based Associate Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-based Compensation Arrangement by Share-based Payment Award

Stock Option Information

Below is a summary of option information for the year 2024:

(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, 2024						3,647						$	92.36
Granted						490						112.36
Exercised						(587)						72.60
Forfeited or expired						(46)						86.10
Outstanding option shares at December 31, 2024						3,504						98.54						$	158					5.46 years
Options exercisable at end of period						2,672						$	92.51					$	137					4.50 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 2024:

(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, 2024						496						$	106.52					187						$	144.05
Granted						219						103.40						92						101.29
Vested						(204)						91.91						—						—
Forfeited or canceled						(13)						110.58						(49)						112.68
Nonvested at December 31, 2024						498						111.03						230						133.60

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:

						2024						2023						2022
Weighted-average expected term						8-9 years						8-9 years						7-9 years
Expected volatility						28.94-29.98%						28.25-29.61%						26.34-28.87%
Dividend yield						2.88%						2.39%						2.23%
Risk-free rates						4.38-4.41%						3.98-3.99%						1.90-1.92%
Weighted-average fair value of options granted during the period						$33.05						$38.22						$30.34

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:

						2024						2023						2022
Expected term						2.86 years						2.86 years						2.86 years
Expected volatility						21.33-42.97%						25.98-47.73%						30.09-49.28%
Dividend yield						2.88%						2.37%						2.19%
Risk-free rates						4.41%						4.32%						1.64%

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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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