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Share-Based Compensation Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Summary of Components of Share-Based Compensation Expense

The components of share-based compensation expense for all share-based compensation plans and related tax benefits are as follows:

(in millions)
Years Ended December 31			2022						2021						2020
Total share-based compensation expense			$	60					$	41					$	24
Related tax benefits recognized in net income			$	14					$	10					$	6

Schedule of Unrecognized Compensation Expense

The following table summarizes unrecognized compensation expense for all share-based plans.

(dollar amounts in millions)			December 31, 2022
Total unrecognized share-based compensation expense			$	38
Weighted-average expected recognition period (in years)			2.1

Estimated Weighted-Average Grant-Date Fair Value per Option and the Underlying Model Assumptions

The estimated weighted-average grant-date fair value per option and the underlying binomial option-pricing model assumptions are summarized in the following table:

Years Ended December 31			2022						2021						2020
Weighted-average grant-date fair value per option			$	25.31					$	18.36					$	13.03
Weighted-average assumptions:
Risk-free interest rates			1.78		%				1.05		%				1.65		%
Expected dividend yield			4.00						4.00						4.14
Volatility			34						39						27
Expected option life (in years)			8.0						7.8						8.4

Summary of Stock Option Activity and Related Information

A summary of the Corporation’s stock option activity and related information for the year ended December 31, 2022 follows:

									Weighted-Average
			Number of Options (in thousands)						Exercise Price per Share						Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in millions)
Outstanding-January 1, 2022			2,244						$	57.50
Granted			183						92.58
Forfeited or expired			(32)						76.55
Exercised			(387)						50.64
Outstanding-December 31, 2022			2,008						61.71						5.1						$	22
Exercisable-December 31, 2022			1,379						$	57.20					3.9						$	20

Summary of Restricted Stock Activity and Related Information

A summary of the Corporation’s restricted stock activity and related information for the year ended December 31, 2022 follows:

			Number of Shares (in thousands)						Weighted-Average Grant-Date Fair  Value per Share
Outstanding-January 1, 2022			41						61.64
Forfeited			—						—
Vested			(41)						67.69
Outstanding-December 31, 2022			—						$	—

Summary of Restricted Stock Unit Activity and Related Information

A summary of the Corporation's restricted stock unit activity and related information for the year ended December 31, 2022 follows:

			Service-Based Units												Performance-Based Units
			Number of Units (in thousands)						Weighted-Average Grant-Date Fair  Value per Share						Number of Units (in thousands)						Weighted-Average Grant-Date Fair  Value per Share
Outstanding-January 1, 2022			1,346						$	59.18					816						$	63.12
Granted			361						84.14						182						87.45
Forfeited			(70)						65.24						(34)						70.40
Vested (a)			(232)						65.36						(220)						79.13
Outstanding-December 31, 2022			1,405						64.27						744						64.01

(a) Includes performance-based units valued at zero, as they did not meet the minimum performance threshold.

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