v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
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,
Millions2026202520262025
Stock-based compensation, before tax:
Stock options$5 $7 $10 $13 
Retention awards23 26 44 48 
ESPP [a]3 4 6 10 
Total stock-based compensation, before tax$31 $37 $60 $71 
Excess income tax benefits from equity compensation plans$3 $1 $12 $8 
[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 assumptions20262025
Risk-free interest rate3.7%4.3%
Dividend yield2.2%2.2%
Expected life (years)4.84.3
Volatility22.3%22.4%
Weighted-average grant-date fair value of options granted$50.32 $48.70 
Schedule of Stock Option Activity
A summary of stock option activity during the six months ended June 30, 2026, is presented below:
Options (thous.)Weighted-average
exercise price		Weighted-average remaining contractual term (in yrs.)Aggregate intrinsic value (millions)
Outstanding at January 1, 20262,095 $210.29 5.6$58 
Granted436 251.45 N/AN/A
Exercised(438)165.88 N/AN/A
Forfeited or expired(15)248.29 N/AN/A
Outstanding at June 30, 20262,078 $228.01 6.5$91 
Vested or expected to vest at June 30, 20262,054 $277.82 6.4$91 
Options exercisable at June 30, 20261,294 $215.69 5.0$73 
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,
Millions2026202520262025
Intrinsic value of stock options exercised$18 $1 $42 $21 
Cash received from option exercises41 5 71 46 
Treasury shares repurchased for employee payroll taxes(6)(1)(12)(7)
Income tax benefit realized from option exercises2 1 7 3 
Aggregate grant-date fair value of stock options vested- - 15 16 
Schedule of Changes in Retention Awards
Changes in our retention awards during the six months ended June 30, 2026, were as follows:
Shares (thous.)Weighted-average
grant-date fair value
Nonvested at January 1, 2026878 $232.18 
Granted256 246.29 
Vested [a](450)220.79 
Forfeited(14)245.37 
Nonvested at June 30, 2026670 $244.95 
[a]Starting with the 2023 awards, the vesting period was changed from 4 years to 3 years, which resulted in the 2022 and 2023 awards both vesting in February of 2026.
Schedule of Changes in Performance Stock Unit Awards
Changes in our performance stock unit awards during the six months ended June 30, 2026, were as follows:
Shares (thous.)Weighted-average
grant-date fair value
Nonvested at January 1, 2026619 $222.68 
Granted336 251.45 
Vested(74)199.73 
Unearned(96)202.81 
Forfeited(28)248.76 
Nonvested at June 30, 2026757 $239.25