v3.22.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
Stock-Based Compensation Expense
(Millions) 202220212020
Cost of sales$48 $47 $50 
Selling, general and administrative expenses169 185 169 
Research, development and related expenses46 42 43 
Stock-based compensation expenses263 274 262 
Income tax benefits(62)(100)(82)
Stock-based compensation expenses (benefits), net of tax$201 $174 $180 
Schedule of stock option activity
The following table summarizes stock option activity during the year ended December 31:
202220212020
(Options in thousands)Number of OptionsWeighted Average Exercise PriceNumber of OptionsWeighted Average Exercise PriceNumber of OptionsWeighted Average Exercise Price
Under option —
January 134,560 $163.52 35,401 $156.23 33,675 $151.15 
Granted3,776 162.39 3,612 175.04 4,777 157.25 
Exercised(2,101)98.91 (4,163)110.20 (2,759)93.23 
Forfeited(729)176.21 (290)182.63 (292)181.33 
December 3135,506 166.97 34,560 163.52 35,401 156.23 
Options exercisable
December 3128,210 $167.42 26,956 $161.25 27,537 $149.67 
Schedule of stock option assumptions
Stock Option Assumptions
Annual
202220212020
Exercise price$162.41 $175.04 $157.24 
Risk-free interest rate1.9 %0.8 %1.5 %
Dividend yield2.9 %2.8 %2.7 %
Expected volatility21.8 %22.6 %19.7 %
Expected life (months)838378
Black-Scholes fair value$25.34 $25.33 $21.58 
Schedule of restricted stock and restricted stock units activity
The following table summarizes restricted stock and restricted stock unit activity during the year ended December 31:
202220212020
(Shares in thousands)Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Nonvested balance —
As of January 11,987 $175.96 1,722 $189.78 1,573 $201.11 
Granted
Annual1,102 160.24 822 176.82 733 157.29 
Other— — — — 45 159.49 
Vested(557)197.48 (462)228.94 (570)176.20 
Forfeited(157)169.22 (95)176.13 (59)196.31 
As of December 31
2,375 164.07 1,987 175.96 1,722 189.78 
Schedule of performance shares activity
The following table summarizes performance share activity during the year ended December 31:
202220212020
(Shares in thousands)Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair Value
Undistributed balance —
As of January 1481 $175.12 423$188.61 444$205.58 
Granted269 144.77 166176.79 203153.16 
Distributed(116)207.49 (115)228.80 (206)190.84 
Performance change(196)153.15 40176.35 25166.49 
Forfeited(47)155.71 (33)171.35 (43)172.92 
As of December 31
391 157.98 481175.12 423188.61