v3.25.4
Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of assumptions used in determining fair value The following table provides the assumptions used in determining the fair value of the option awards for the years ended December 31, 2025, 2024 and 2023, respectively:
 Grant Year
 202520242023
Weighted-average dividend yield2.13 %2.40 %2.60 %
Weighted-average volatility30.5 %30.7 %31.0 %
Range of volatilities
26.6%-32.6%
26.3%-32.3%
28.5%- 35.5%
Range of risk-free interest rates
4.13%-4.4%
4.28%-5.03%
3.92%-5.03%
Weighted-average expected lives7 years7 years7 years
Schedule of Assumptions Used for Fair Value of PRSUs The following table provides the assumptions used in determining the fair value of the PRSUs granted in 2025 and 2024, respectively:
 Grant Year
 20252024
Expected volatility of the Company's stock29.5%29.8%
Risk-free interest rate3.90%4.38%
Schedule of stock-based compensation activity
Please refer to Tables I and II below for additional information on our stock-based compensation awards.  

TABLE I — Financial Information Related to Stock-based Compensation
 Stock options
 SharesWeighted-
 Average
 Exercise
 Price		Weighted-Average Remaining Contractual Life (Years)
Aggregate Intrinsic Value 1
    
Outstanding at January 1, 2025
3,732,862 $195.28 
Granted to officers and key employees299,523 $331.62 
Exercised(997,947)$159.25 
Forfeited / expired(17,385)$232.23 
Outstanding at December 31, 2025
3,017,053 $220.52 5.81$1,063 
Exercisable at December 31, 2025
2,279,192 $192.44 5.02$867 
1    The difference between a stock award’s exercise price and the underlying stock’s closing market price at December 31, 2025, for awards with market price greater than the exercise price. Amounts are in millions of dollars.

 RSUsPRSUs
 SharesWeighted-
Average
Grant Date Fair Value		SharesWeighted-
Average
Grant Date Fair Value
    
Outstanding at January 1, 2025
776,637 $284.36 390,013 $321.58 
Granted to officers and key employees530,834 $357.02 203,491 $345.60 
Vested(403,533)$259.27 (220,897)$253.98 
Forfeited / expired(25,108)$316.72 (8,323)$326.09 
Outstanding at December 31, 2025
878,830 $338.27 364,284 $374.52 
Schedule of financial information related to stock-based compensation
TABLE II— Additional Stock-based Award Information
(Dollars in millions except per share data)202520242023
Stock options activity:   
Weighted-average fair value per share of stock awards granted$106.04 $104.27 $75.79 
Intrinsic value of stock awards exercised$298 $354 $356 
Fair value of stock awards vested 1
$46 $56 $53 
Cash received from stock awards exercised$82 $113 $98 
RSUs activity:   
Weighted-average fair value per share of stock awards granted$357.02 $338.65 $252.24 
Fair value of stock awards vested 2
$136 $144 $126 
PRSUs activity:   
Weighted-average fair value per share of stock awards granted$345.60 $408.64 $251.97 
Fair value of stock awards vested 2
$127 $94 $80 
1 Based on the grant date fair value.
2 Based on the underlying stock’s closing market price on the vesting date.