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STOCK-BASED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock-Based Compensation Cost and Associated Tax Benefit Presented below is a summary of the stock-based compensation expense and associated tax benefit in the accompanying Consolidated Statements of Operations:
Year Ended December 31,
202120202019
Stock-based compensation expense$175 $154 $136 
Tax benefit$42 $30 $29 
Weighted Average Assumptions used in Determining Fair Value for Options Granted The following weighted average assumptions were used for options granted (excluding the aforementioned RMS replacement awards):
Year Ended December 31,
202120202019
Expected dividend yield0.89 %0.80 %1.14 %
Expected stock volatility28 %23 %24 %
Risk-free interest rate0.82 %1.43 %2.56 %
Expected holding period -in years5.65.76.2
The following represents the fair value of the options at grant date, including RMS replacement option awards:
Year Ended December 31,
202120202019
Weighted average grant date fair value per share (including RMS replacement option awards)$121.14 $60.66 $43.29 
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity A summary of option activity as of December 31, 2021 and changes during the year then ended is presented below:
OptionsSharesWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding, December 31, 2020
1.0 $132.80 
Granted (including RMS replacement awards)0.2 $249.99 
Exercised(0.2)$101.03 
Outstanding, December 31, 2021
1.0 $166.16 5.8 years$224 
Vested and expected to vest, December 31, 2021
1.0 $165.26 5.7 years$221 
Exercisable, December 31, 2021
0.6 $119.88 4.4 years$159 
Stock Option Exercises and Restricted Stock Vesting The following table summarizes information relating to stock option exercises:
Year Ended December 31,
202120202019
Proceeds from stock option exercises$24 $39 $36 
Aggregate intrinsic value$55 $132 $114 
Tax benefit realized upon exercise$13 $32 $27 
Non Vested Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity A summary of nonvested restricted stock activity for the year ended December 31, 2021 is presented below:
Nonvested Restricted StockSharesWeighted Average Grant Date Fair Value Per Share
Balance, December 31, 2020
1.5 $201.30 
Granted (including RMS replacement awards)0.7 $296.84 
Vested(0.7)$177.96 
Forfeited(0.1)$242.12 
Balance, December 31, 2021
1.4 $253.85 
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest The following table summarizes information relating to the vesting of restricted stock awards:
Year Ended December 31,
202120202019
Fair value of shares vested$194 $202 $156 
Tax benefit realized upon vesting$46 $46 $36 
Performance Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity A summary of performance-based restricted stock activity for the year ended December 31, 2021 is presented below:
Performance-based restricted stockSharesWeighted Average Grant Date Fair Value Per Share
Balance, December 31, 2020
0.3 $197.19 
Granted0.2 $329.71 
Vested(0.1)$162.06 
Balance, December 31, 2021
0.4 $266.89 
Share-based Compensation Arrangements by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest The following table summarizes information relating to the vesting of the Company’s performance-based restricted stock awards:
Year Ended December 31,
202120202019
Fair value of shares vested$28 $70 $47 
Tax benefit realized upon vesting$7 $17 $11