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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2023
Equity Incentive Plans [Abstract]  
Schedule of Equity Awards
Equity awards
($ in millions)202320222021
Compensation expense$73 $93 $120 
Income tax benefits12 16 18 
Cash received from exercise of options103 130 151 
Tax benefit realized on options exercised and release of stock restrictions31 44 37 
Schedule of Nonvested Awards
Nonvested awards as of December 31, 2023
($ in millions)Unrecognized compensationWeighted average vesting period
Nonqualified stock options$17 1.68
Restricted stock units48 1.74
Performance stock awards17 1.69
Total$82 
Schedule of Option Grant Assumptions
Option grant assumptions
202320222021
Weighted average expected term
5.8 years
5.9 years
7.5 years
Expected volatility
20.0% - 31.6%
19.8% - 29.9%
16.5% - 28.8%
Weighted average volatility24.9 %23.2 %23.0 %
Expected dividends
2.4% - 3.3%
2.5% - 3.0%
2.0% - 3.0%
Weighted average expected dividends2.6 %2.8 %3.1 %
Risk-free rate
3.3% - 5.6%
0% - 4.8%
0% - 1.7%
Schedule of Option Activity
Summary of option activity
For the year ended December 31, 2023
Number
(in 000s)
Weighted average exercise price
Aggregate intrinsic value
(in 000s)
Weighted average remaining contractual term (years)
Outstanding as of January 1, 20238,953 $95.72 
Granted910 136.63 
Exercised(1,499)80.27 
Forfeited(170)124.26 
Expired(67)117.79 
Outstanding as of December 31, 20238,127 102.37 $305,666 5.2
Outstanding, net of expected forfeitures8,091 102.24 305,369 5.2
Outstanding, exercisable (“vested”)6,146 95.05 276,112 4.3
Schedule of Changes in Restricted Stock Units
Changes in restricted stock units
For the year ended December 31, 2023
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 2023929 $110.75 
Granted417 132.65 
Vested(371)117.28 
Forfeited(73)124.84 
Nonvested as of December 31, 2023902 117.05 
Schedule of Changes in Performance Stock Awards
Changes in performance stock awards
For the year ended December 31, 2023
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 2023796 $116.36 
Granted240 136.62 
Adjustment for performance achievement54 123.72 
Vested(309)122.47 
Forfeited(47)120.53 
Nonvested as of December 31, 2023734 120.68