Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

(Millions)	2023		2022		2021
Cost of sales	$	44	$	48	$	47
Selling, general and administrative expenses	186		169		185
Research, development and related expenses	44		46		42
Stock-based compensation expenses	274		263		274
Income tax benefits	(45)		(62)		(100)
Stock-based compensation expenses (benefits), net of tax	$	229	$	201	$	174

Schedule of Stock Option Activity

The following table summarizes stock option activity:

(Options in thousands)	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (months)	Aggregate Intrinsic Value (millions)
Under option —
As of January 1, 2023	35,506	$	166.97
Granted	1,667	116.87
Exercised	(1,490)	101.54
Forfeited	(1,000)	166.62
As of December 31, 2023	34,683	167.38		51	$	—
Options exercisable
As of December 31, 2023	29,754	$	170.24	43	$	—

Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table summarizes additional information relative to stock options exercised during the respective years:

(in millions)	2023		2022		2021
Cash received from options exercised	$	147	$	205	$	457
Intrinsic value of options exercised	29		116		325
Tax benefit realized related to options exercised	6		24		69

The following table summarizes additional information relative to restricted stock units for the respective years:

(in millions, except per-unit amounts)	2023		2022		2021
Weighted-average grant-date fair value of restricted stock units (per unit) that were granted	$	114.71	$	160.24	$	176.82
Intrinsic value of restricted stock units that vested	$	81	$	88	$	83
Tax benefit realized related to restricted stock units that vested	16		17		16

The following table summarizes additional information relative to performance shares for the respective years:

(in millions, except per-share amounts)	2023		2022		2021
Weighted average grant date fair value per performance share that were granted	$	110.21	$	144.77	$	176.79
Intrinsic value of performance shares that were distributed	$	19	$	21	$	22
Tax benefit realized related to performance shares that were distributed	5		4		4

Schedule of Stock Option Assumptions

	2023			2022			2021
Exercise price	$	116.90		$	162.41		$	175.04
Risk-free interest rate	3.8		%	1.9		%	0.8		%
Dividend yield	3.3		%	2.9		%	2.8		%
Expected volatility	22.8		%	21.8		%	22.6		%
Expected life (months)	84			83			83
Black-Scholes fair value	$	22.22		$	25.34		$	25.33

Schedule of Restricted Stock Units Activity

The following table summarizes restricted stock unit activity:

(Units in thousands)	Number of Units	Weighted Average Grant Date Fair Value
Nonvested balance —
As of January 1, 2023	2,375	$	164.07
Granted	2,372	114.71
Vested	(705)	155.94
Forfeited	(244)	136.06
As of December 31, 2023	3,798	136.55

Schedule of Performance Shares Activity

The following table summarizes performance share activity:

(Shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value
Undistributed balance —
As of January 1, 2023	391	$	157.98
Granted	203	110.21
Distributed	(146)	153.21
Performance change	(15)	162.26
Forfeited	(73)	137.66
As of December 31, 2023	360	136.95