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Employee Incentive, Retirement, Deferred Compensation, and Career Achievement Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Stock-Based Compensation Expense and Related Income Tax Benefit
A summary of share-based compensation expense and related income tax benefit is as follows:
Year Ended December 31,202320222021
Stock option expense$33 $30 $36 
Restricted stock unit expense262 311 200 
Employee stock purchase plan expense25 25 18 
Total share-based compensation expense$320 $366 $254 
Income tax benefit on share-based compensation expense (1)
$(76)$(88)$(60)
(1) Excludes income tax benefits from stock options exercised and restricted stock units vested of $31 million, $51 million, and $93 million in 2023, 2022, and 2021, respectively.
Stock Option Activity
Stock option activity is summarized below:
Number
of Options
(in millions)		Weighted- Average Exercise Price
per Share		Weighted- Average Remaining Contractual
Life (in years)		Aggregate Intrinsic
Value
Outstanding at December 31, 202216 $42.98 4.95$646 
Granted3 68.25   
Exercised(1)28.29   
Forfeited (1)
— 63.16   
Expired (1)
— 39.30   
Outstanding at December 31, 202318 $48.69 5.20$379 
Vested and expected to vest at December 31, 202317 $48.44 5.12$377 
Vested and exercisable at December 31, 202313 $41.51 3.84$355 
(1) Number of options was less than 500 thousand.
Information on Stock Options Granted and Exercised
Information on stock options granted and exercised is presented below:
Year Ended December 31,202320222021
Weighted-average fair value of options granted per share$19.72 $22.09 $19.51 
Cash received from options exercised49 64 221 
Tax benefit realized on options exercised12 22 61 
Aggregate intrinsic value of options exercised62 113 322 
Assumptions Used to Value Options Granted and Their Expected Lives The assumptions used to value the options granted during the years presented and their expected lives were as follows:
Year Ended December 31,202320222021
Weighted-average expected dividend yield1.70 %1.18 %1.36 %
Weighted-average expected volatility31 %33 %37 %
Weighted-average risk-free interest rate3.9 %1.8 %0.8 %
Expected life (in years)
4.1 - 5.3
4.1 - 5.2
4.2 - 5.4
Restricted Stock Units Activity
The Company’s restricted stock units activity is summarized below:
Restricted Stock Units Without Performance Conditions
(in millions)		Performance-Based Restricted Stock Units
(in millions)		Total Number
of Restricted Stock Units
(in millions)		Weighted- Average Grant Date Fair Value
per Unit
Outstanding at December 31, 20227 4 11 $62.12 
Granted (1)
3 — 3 76.73 
Vested
(3)(1)(4)50.60 
Forfeited (1)
— — — 69.22 
Outstanding at December 31, 20237 3 10 $72.76 
(1) Number of units was less than 500 thousand.
Changes in Projected Benefit Obligations
The following table presents the changes in projected benefit obligation:
December 31,20232022
Projected benefit obligation at beginning of year$78 $119 
Benefit cost (1)
12 19 
Actuarial loss (gain) (2)
35 (60)
Projected benefit obligation at end of year (3)
$125 $78 
(1) Includes service cost and interest cost, which are recognized in compensation and benefits expense and other expense, respectively, in the consolidated statements of income.
(2) Actuarial loss (gain) is reflected in the consolidated statements of comprehensive income and is included in AOCI on the consolidated balance sheets. The portion, if any, beyond certain thresholds is subsequently amortized over the participants’ expected remaining service period into other expense on the consolidated statements of income.
(3) This amount is recognized as a liability in accrued expenses and other liabilities on the consolidated balance sheets.