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Share-Based Compensation Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

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			2024						2023						2022
Total share-based compensation expense			$	54					$	52					$	60
Related tax benefits recognized in net income			12						12						14

Schedule of Unrecognized Compensation Expense

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

(dollar amounts in millions)			December 31, 2024
Total unrecognized share-based compensation expense			$	47
Weighted-average expected recognition period (in years)			2.2

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			2024						2023						2022
Weighted-average grant-date fair value per option			$	17.64					$	20.21					$	25.31
Weighted-average assumptions:
Risk-free interest rates			4.13		%				3.46		%				1.78		%
Expected dividend yield			4.00						4.00						4.00
Volatility			37						32						34
Expected option life (in years)			7.5						7.8						8.0

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, 2024 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, 2024			2,083						$	64.03
Granted			322						53.96
Forfeited or expired			(60)						67.87
Exercised			(279)						46.19
Outstanding-December 31, 2024			2,066						64.76						5.1						$	12
Exercisable-December 31, 2024			1,456						$	64.87					3.7						$	9

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, 2024 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, 2024			1,518						$	62.42					727						$	67.70
Granted			774						51.31						542						52.62
Forfeited			(103)						62.29						(32)						67.71
Vested			(365)						76.76						(437)						56.14
Outstanding-December 31, 2024			1,824						54.85						800						63.81

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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.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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