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Share-Based Compensation Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Components of Share-Based Compensation Expense | The total share-based compensation expense for all share-based compensation plans and related tax benefits are as follows:
(in millions) |  |  |  |  |
Years Ended December 31 | 2023 |  | 2022 |  | 2021
Total share-based compensation expense | $ | 52 |  |  | $ | 60 |  |  | $ | 41 |
Related tax benefits recognized in net income | $ | 12 |  |  | $ | 14 |  |  | $ | 10 |
Schedule of Unrecognized Compensation Expense | The following table summarizes unrecognized compensation expense information for all share-based plans.
(dollar amounts in millions) | December 31, 2023
Total unrecognized share-based compensation expense | $ | 43 |
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 | 2023 |  | 2022 |  | 2021
Weighted-average grant-date fair value per option | $ | 20.21 |  |  | $ | 25.31 |  |  | $ | 18.36 |
Weighted-average assumptions: |  |  |  |  |
Risk-free interest rates | 3.46 | % |  | 1.78 | % |  | 1.05 | %
Expected dividend yield | 4.00 |  |  | 4.00 |  |  | 4.00 |
Volatility | 32 |  |  | 34 |  |  | 39 |
Expected option life (in years) | 7.8 |  |  | 8.0 |  |  | 7.8 |
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, 2023 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, 2023 | 2,008 |  |  | $ | 61.71 |  |  |  |  |
Granted | 250 |  |  | 71.16 |  |  |  |  |
Forfeited or expired | (27) |  |  | 71.37 |  |  |  |  |
Exercised | (148) |  |  | 43.32 |  |  |  |  |
Outstanding-December 31, 2023 | 2,083 |  |  | 64.03 |  |  | 5.0 |  |  | $ | 10 |
Exercisable-December 31, 2023 | 1,489 |  |  | $ | 60.86 |  |  | 3.8 |  |  | $ | 10 |
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, 2023 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, 2023 | 1,405 |  |  | $ | 64.27 |  |  | 744 |  |  | $ | 64.01 |
Granted | 629 |  |  | 57.33 |  |  | 294 |  |  | 62.39 |
Forfeited | (34) |  |  | 67.09 |  |  | (8) |  |  | 73.30 |
Vested | (482) |  |  | 60.77 |  |  | (303) |  |  | 53.35 |
Outstanding-December 31, 2023 | 1,518 |  |  | 62.42 |  |  | 727 |  |  | 67.70 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (i) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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