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Stock-based Compensation and Other Stock Plans (Tables)

12 Months Ended

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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Share-based compensation arrangement by share-based payment award, fair value assumptions.

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Tabular disclosure of the changes in outstanding nonvested performance-based units.

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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.

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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.

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