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Share-Based Compensation Share-Based Compensation (Tables)

12 Months Ended

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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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.

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