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Stock-based Compensation and Other Stock Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, Stock Options | The following weighted-average assumptions were used in calculating the fair value of stock options granted during 2022, 2021 and 2020, using the Black-Scholes valuation model:
|  | 2022 |  | 2021 |  | 2020
Expected term of option (in years) |  | 5.14 |  | 5.33 |  | 5.53
Expected volatility factor |  | 22.61% |  | 21.80% |  | 21.67%
Expected dividend yield |  | 2.68% |  | 2.59% |  | 2.78%
Risk-free interest rate |  | 2.00% |  | 0.67% |  | 1.50%
Summary of Stock Option Activity | A summary of stock option activity during 2022 is presented below:
|  | Shares (in thousands) |  | Exercise Price per Share* |  | Remaining Contractual Term* (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at beginning of year |  | 2,432 |  |  | $ | 151.32 |  |  |  |  |
Granted |  | 289 |  |  | 211.41 |  |  |  |  |
Exercised |  | (350) |  |  | 119.84 |  |  |  |  |
Forfeited or expired |  | (22) |  |  | 186.16 |  |  |  |  |
Outstanding at end of year |  | 2,349 |  |  | 163.07 |  |  | 5.5 |  | $ | 153.7 |
Exercisable at end of year |  | 1,722 |  |  | 152.58 |  |  | 4.4 |  | 130.7 |
* Weighted-average |  |  |  |
Summary of Changes in Non-Vested PSUs | Changes to the company’s non-vested PSUs in 2022 are as follows:
|  | Shares (in thousands) |  | Fair Value Price per Share*
Non-vested PSUs at beginning of year |  | 183 |  |  | $ | 178.60 |
Granted |  | 62 |  |  | 211.67 |
Performance assumption change ** |  | 21 |  |  | 185.41 |
Vested |  | (62) |  |  | 155.34 |
Cancellations and other |  | (5) |  |  | 190.55 |
Non-vested PSUs at end of year |  | 199 |  |  | 196.51 |
* Weighted-average |  |  |  |
** Reflects the number of PSUs above target levels based on performance metrics. |
Summary of Changes in Nonvested RSUs Activity | Changes to the company’s non-vested RSUs in 2022 are as follows:
|  | Shares (in thousands) |  | Fair Value Price per Share*
Non-vested RSUs at beginning of year |  | 32 |  |  | $ | 189.89 |
Granted |  | 28 |  |  | 211.67 |
Vested |  | (1) |  |  | 189.89 |
Cancellations and other |  | (1) |  |  | 198.29 |
Non-vested RSUs at end of year |  | 58 |  |  | 200.16 |
* Weighted-average |  |  |  |
Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model, SAR's | The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during 2022, 2021 and 2020, using the Black-Scholes valuation model:
|  | 2022 |  | 2021 |  | 2020
Expected term of stock-settled SARs (in years) |  | 4.02 |  | 3.94 |  | 3.75
Expected volatility factor |  | 23.09% |  | 22.50% |  | 22.50%
Expected dividend yield |  | 2.68% |  | 2.59% |  | 2.78%
Risk-free interest rate |  | 1.96% |  | 0.19% |  | 1.42%
The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2022, 2021 and 2020, using the Black-Scholes valuation model:
|  | 2022 |  | 2021 |  | 2020
Expected term of cash-settled SARs (in years) |  | 3.10 |  | 3.09 |  | 3.00
Expected volatility factor |  | 23.67% |  | 22.49% |  | 34.58%
Expected dividend yield |  | 2.84% |  | 2.64% |  | 2.87%
Risk-free interest rate |  | 4.22% |  | 0.97% |  | 0.17%
Summary of Changes in SARs | Changes to the company’s stock-settled SARs in 2022 are as follows:
|  | Stock-settled SARs (in thousands) |  | Exercise Price per Share* |  | Remaining Contractual Term* (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at beginning of year |  | 397 |  |  | $ | 160.09 |  |  |  |  |
Granted |  | 75 |  |  | 211.67 |  |  |  |  |
Exercised |  | (23) |  |  | 149.46 |  |  |  |  |
Forfeited or expired |  | (64) |  |  | 163.93 |  |  |  |  |
Outstanding at end of year |  | 385 |  |  | 170.11 |  |  | 6.3 |  | $ | 22.5 |
Exercisable at end of year |  | 238 |  |  | 155.31 |  |  | 5.0 |  | 17.4 |
* Weighted-average |  |  |  |
Changes to the company’s non-vested cash-settled SARs in 2022 are as follows:
|  | Cash-settled SARs (in thousands) |  | Fair Value Price per Share*
Non-vested cash-settled SARs at beginning of year |  | 2 |  |  | $ | 47.13 |
Granted |  | 1 |  |  | 45.62 |
Vested |  | (1) |  |  | 67.80 |
Non-vested cash-settled SARs at end of year |  | 2 |  |  | 53.24 |
* Weighted-average |  |  |  |

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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