v3.24.0.1
Stock Plans: (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Additional Disclosure [Abstract]  
Activity for Restricted Stock
During 2023, the activity for RSU awards was as follows:
Number of
Shares		Weighted-
Average Grant
Date Fair Value
Per Share
Balance at January 1, 20234,519,470 $91.26 
Granted1,756,750 101.96 
Vested(1,483,356)87.30 
Forfeited(189,543)96.96 
Balance at December 31, 20234,603,321 $96.38 
Schedule of Weighted Average Grant Date Fair Value and Compensation Expense Related to Share-Based Awards
During the years ended December 31, 2023, 2022 and 2021, the grant date fair value of the RSU awards granted to PMI employees and the recorded compensation expense related to RSU awards were as follows:
(in millions, except per RSU award granted)Total Grant Date Fair Value of RSU Awards GrantedWeighted-Average Grant Date Fair Value Per RSU Award GrantedCompensation Expense related to RSU Awards
2023$179 $101.96 $153 
2022$174 $104.75 $135 
2021$166 $82.17 $139 
During the years ended December 31, 2023, 2022 and 2021, the grant date fair value of the PSU awards granted to PMI employees and the recorded compensation expense related to PSU awards were as follows:
(in millions, except per PSU award granted)Weighted-
Average PSU Grant Date 
Fair Value Subject to Other Performance Factors 		Weighted-
Average PSU Grant Date 
Fair Value Subject to TSR Performance Factors 		Compensation Expense related to PSU Awards
Total Per PSU AwardTotalPer PSU AwardTotal
2023$29 $102.02 $26 $133.54 $59 
2022$30 $104.92 $27 $143.89 $48 
2021$28 $81.86 $25 $106.93 $71 
During the years ended December 31, 2023, 2022 and 2021, share and fair value information for PMI PSU awards that vested were as follows:
(dollars in millions)Shares of PSU Awards that VestedGrant Date Fair Value of Vested Shares of PSU AwardsTotal Fair Value of PSU Awards that Vested
2023902,232 $83 $91 
2022669,960 $54 $74 
2021189,839 $21 $16 
Schedule of Share and Fair Value Information for RSU Awards that Vested
During the years ended December 31, 2023, 2022 and 2021, share and fair value information for PMI RSU awards that vested were as follows:
(dollars in millions)Shares of RSU Awards that VestedGrant Date Fair Value of Vested Shares of RSU AwardsTotal Fair Value of RSU Awards that Vested
20231,483,356 $129 $148 
20221,603,571 $126 $174 
20211,256,441 $121 $111 
Activity for Performance Share Unit Awards
During 2023, the activity for PSU awards was as follows:
Number of
Shares		Weighted-
Average PSU Grant Date 
Fair Value Subject to Other Performance Factors 		Weighted-
Average PSU Grant Date 
Fair Value Subject to TSR Performance Factors
(Per Share)(Per Share)
Balance at January 1, 20231,507,190 $90.31 $115.45 
Granted482,360 102.02 133.54 
Vested(902,232)85.99 98.45 
Adjustments for performance achievement400,992 85.99 98.45 
Forfeited(61,030)98.24 131.39 
Balance at December 31, 20231,427,280 $95.45 $126.86 
Schedule of Assumptions Used for PSU The following assumptions were used to determine the grant date fair value of the PSU awards subject to the TSR performance factor for the years ended December 31, 2023, 2022 and 2021:
For the Years Ended December 31,
202320222021
Average risk-free interest rate (a)
4.1 %1.7 %0.2 %
Average expected volatility (b)
24.3 %28.3 %31.7 %
(a) Based on the U.S. Treasury yield curve.
(b) Determined using the observed historical volatility.