v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Expense
Information regarding stock-based compensation expense appears in the table below:

Three months ended
June 30,		Six months ended
June 30,
Millions2025202420252024
Stock-based compensation, before tax:
Stock options$7 $5 $13 $9 
Retention awards26 18 48 35 
ESPP [a]4 5 10 10 
Total stock-based compensation, before tax$37 $28 $71 $54 
Excess income tax benefits from equity compensation plans$1 $1 $8 $10 
[a]Effective with the June 10, 2025, purchase (for employee services rendered in May 2025), the Company match was changed from 40% to 20% of amounts contributed by the employee up to a maximum employee contribution of 5% of monthly salary (limited to $15,000 annually).
Schedule of Annual Weighted Average Assumptions
The table below shows the annual weighted-average assumptions used for Black-Scholes valuation purposes:

Weighted-average assumptions20252024
Risk-free interest rate4.3%4.2%
Dividend yield2.2%2.1%
Expected life (years)4.34.4
Volatility22.4%28.7%
Weighted-average grant-date fair value of options granted$48.70 $61.75 
Schedule of Stock Option Activity
A summary of stock option activity during the six months ended June 30, 2025, is presented below:

Options (thous.)Weighted-average
exercise price		Weighted-average remaining contractual term (in yrs.)Aggregate intrinsic value (millions)
Outstanding at January 1, 20251,981 $195.81 5.8$74 
Granted423 243.51 N/AN/A
Exercised(250)164.18 N/AN/A
Forfeited or expired(18)238.86 N/AN/A
Outstanding at June 30, 20252,136 $208.60 6.1$61 
Vested or expected to vest at June 30, 20252,115 $208.33 6.0$61 
Options exercisable at June 30, 20251,438 $193.92 4.7$58 
Schedule of Additional Information Regarding Stock Option Exercises Additional information regarding stock option exercises appears in the following table:
Three months ended
June 30,		Six months ended
June 30,
Millions2025202420252024
Intrinsic value of stock options exercised$1 $4 $21 $16 
Cash received from option exercises5 9 46 24 
Treasury shares repurchased for employee payroll taxes(1)(1)(7)(5)
Income tax benefit realized from option exercises1 1 3 4 
Aggregate grant-date fair value of stock options vested- - 16 15 
Schedule of Changes in Retention Awards
Changes in our retention awards during the six months ended June 30, 2025, were as follows:

Shares (thous.)Weighted-average
grant-date fair value
Nonvested at January 1, 2025915 $222.50 
Granted229 243.48 
Vested(224)204.78 
Forfeited(20)229.95 
Nonvested at June 30, 2025900 $232.08 
Schedule of Changes in Performance Stock Unit Awards
Changes in our performance stock unit awards during the six months ended June 30, 2025, were as follows:

Shares (thous.)Weighted-average
grant-date fair value
Nonvested at January 1, 2025607 $219.08 
Granted254 243.51 
Vested(70)245.52 
Unearned(83)244.35 
Forfeited(84)218.12 
Nonvested at June 30, 2025624 $222.83