Stock-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Restricted Stock Activity

The following table summarizes information related to restricted stock activity:

	(Shares stated in millions)
	2023					2022					2021
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
	Restricted			Grant Date		Restricted			Grant Date		Restricted			Grant Date
	Stock			Fair Value		Stock			Fair Value		Stock			Fair Value
Unvested at beginning of year		18		$	30.24		22		$	29.03		19		$	35.24
Granted		5		$	56.24		7		$	36.16		8		$	25.16
Adjustments for performance achieved		2		$	32.47		2		$	35.55		-		$	-
Vested		(11	)	$	29.82		(13	)	$	32.42		(5	)	$	48.44
Unvested at year-end		14		$	39.88		18		$	30.24		22		$	29.03

Assumptions Used in Estimating Fair Value of Purchase Rights under Discounted Stock Purchase Plan

The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-Scholes model with the following assumptions and resulting weighted-average fair value per share:

	2023			2022			2021
Dividend yield		1.7	%		1.8	%		2.0	%
Expected volatility		50	%		47	%		67	%
Risk-free interest rate		5.13	%		1.32	%		0.07	%
Weighted-average fair value per share	$	14.93		$	8.05		$	6.72

Summary of Stock Option Activity

The following table summarizes stock option activity:

	(Shares stated in millions)
	2023					2022					2021
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price
Outstanding at beginning of year		35		$	70.31		42		$	68.95		48		$	70.37
Exercised		(2	)	$	40.02		(2	)	$	40.04		-		$	-
Forfeited / Expired		(5	)	$	73.18		(5	)	$	71.45		(6	)	$	80.46
Outstanding at year-end		28		$	72.33		35		$	70.31		42		$	68.95

Options Outstanding and Option Exercisable

The following table summarizes information related to options outstanding and options exercisable as of December 31, 2023:

	(Shares stated in millions)
	Options Outstanding			Options Exercisable
		Weighted-
		Average	Weighted-		Weighted-
	Options	Remaining Life	Average	Options	Average
Exercise prices range	Outstanding	(in years)	Exercise Price	Exercisable	Exercise Price
$38.75 - $41.47	7	5.6	$39.76	4	$40.08
$47.55 - $79.85	7	2.3	$71.46	6	$71.49
$80.53 - $88.77	8	2.3	$84.44	8	$84.44
$91.28 - $114.83	6	0.8	$96.31	6	$96.31
	28	2.9	$72.33	24	$77.21

Stock-Based Compensation Expense Recognized in Income

The following summarizes stock-based compensation expense recognized in income:

(Stated in millions)
	2023		2022		2021
Restricted stock	$	225	$	255	$	254
DSPP		56		41		34
Stock options		12		17		36
	$	293	$	313	$	324