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COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Accelerated Share Repurchases

The following table summarizes the terms of the ASR agreements (dollars and shares in millions, except per share data):


			Initial Delivery					Final Settlement
Agreement Date	Amount Paid		Shares Received	Price per Share (a)		Value of Shares as % of Contract Value		Settlement Date	Total Shares Received	Average Price per Share (a)
May 2019	$	150.0	0.7	$	178.66	80	%	May 2019	0.8	$	178.42
May 2019	$	100.0	0.5	$	170.02	80	%	June 2019	0.6	$	178.46
February 2021	$	250.0	2.4	$	83.86	80	%	March 2021	3.0	$	84.51

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(a) The three-for-one stock split distributed on May 29, 2020 excluded treasury shares. The shares and per share prices in the table are reflected at the pre-split amounts and prices at the time of the transaction.

Schedule of Weighted-Average Assumptions for Options Granted

The Black-Scholes option pricing model was used with the following weighted-average assumptions for options granted during the following periods:

Option Awards


	2021			2020			2019
Average risk-free interest rate	0.8		%	0.3		%	2.3		%
Expected dividend yield	None			None			None
Expected volatility	34		%	33		%	30		%
Expected life (years)	5.0			5.0			5.1
Fair value, per share	$	28.90		$	21.70		$	18.17

Schedule of Weighted-Average Assumptions for ESPP Subscriptions

The Black-Scholes option pricing model was used with the following weighted-average assumptions for ESPP subscriptions granted during the following periods:

ESPP


	2021			2020			2019
Average risk-free interest rate	0.1		%	1.3		%	2.4		%
Expected dividend yield	None			None			None
Expected volatility	37		%	33		%	27		%
Expected life (years)	0.6			0.6			0.6
Fair value, per share	$	23.07		$	16.61		$	16.43

Schedule of Stock Option Activity

Stock option activity during the year ended December 31, 2021 under the Program and the Nonemployee Directors Program was as follows (in millions, except years and per-share amounts):


	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding as of December 31, 2020	14.3	$	41.27
Options granted	1.6	94.04
Options exercised	(3.4)	23.84
Options forfeited	(0.2)	67.89
Outstanding as of December 31, 2021	12.3	52.84		3.5 years	$	943.1
Exercisable as of December 31, 2021	8.2	41.84		2.6 years	$	719.7
Vested and expected to vest as of December 31, 2021	11.7	51.74		3.4 years	$	911.4

Schedule of Restricted Stock Unit Activity

The following table summarizes nonvested restricted stock unit activity during the year ended December 31, 2021 under the Program and the Nonemployee Directors Program (in millions, except per-share amounts):


	Shares	Weighted- Average Grant-Date Fair Value
Nonvested as of December 31, 2020	2.6	$	57.59
Granted (a)	0.8	92.95
Vested	(1.0)	48.82
Forfeited	(0.1)	66.54
Nonvested as of December 31, 2021	2.3	73.94

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(a) The shares granted include 0.1 million shares of market-based restricted stock units granted during 2021, which represents the target number of shares to be issued, and 0.1 million shares related to a previous year's grant of market-based restricted stock units since the payout percentage achieved at the end of the performance period was in excess of target. As described above, the actual number of shares ultimately issued is determined based on the Company's total stockholder return relative to a selected industry peer group.