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EMPLOYEE STOCK BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Based Compensation Expense Stock-based compensation expense was as follows:
 Year Ended December 31,
Dollars in Millions202120202019
Cost of products sold$57 $37 $19 
Marketing, selling and administrative241 332 162 
Research and development272 339 115 
Other (income)/expense, net13 71 145 
Total stock-based compensation expense$583 $779 $441 
Income tax benefit(a)
$120 $158 $87 
(a)    Income tax benefit excludes excess tax benefits from share-based compensation awards that were vested or exercised of $38 million in 2021, $35 million in 2020 and $4 million in 2019.
Estimated Fair Value of Options BMS estimated the fair value of replacement options, using a Black-Scholes Option pricing model, with the following assumptions:
Year Ended December 31, 2019
Weighted average risk-free interest rate1.59%
Expected volatility25.7%
Weighted average expected term (years)2.65
Expected dividend yield2.89%
Summary of Stock Compensation Activity
The following table summarizes the stock compensation activity for the year ended December 31, 2021:
 
Stock Options(a)
Restricted Stock UnitsMarket Share UnitsPerformance Share Units
Shares in MillionsNumber of OptionsWeighted-Average Exercise Price of SharesNumber of Nonvested AwardsWeighted-Average Grant-Date Fair ValueNumber of Nonvested AwardsWeighted-Average Grant-Date Fair ValueNumber of Nonvested AwardsWeighted-Average Grant-Date Fair Value
Balance at January 1, 202173.4 $50.25 27.7 $54.58 1.7 $56.01 3.1 $56.72 
Granted— — 8.9 56.58 1.0 58.04 1.5 59.04 
Released/Exercised(23.1)42.70 (13.8)55.36 (0.6)57.25 (0.9)67.60 
Adjustments for actual payout— — — — — — 0.1 67.60 
Forfeited/Canceled(3.3)63.71 (3.7)54.71 (0.3)56.15 (0.4)56.04 
Balance at December 31, 202147.0 53.00 19.1 54.92 1.8 56.51 3.4 55.38 
Expected to vest17.0 54.91 1.6 56.51 3.2 54.85 
(a)    At December 31, 2021 substantially all of the 2 million unvested stock options with a weighted-average exercise price of $48.22, are expected to vest.
Dollars in MillionsStock OptionsRestricted Stock UnitsMarket Share UnitsPerformance Share Units
Unrecognized compensation cost$7 $676 $46 $83 
Expected weighted-average period in years of compensation cost to be recognized0.62.62.81.7
Amounts in Millions, except per share data202120202019
Weighted-average grant date fair value (per share):
Stock options - replacement awards$— $— $15.00 
Restricted stock units - replacement awards— — 56.37 
Restricted stock units56.58 53.65 47.16 
Market share units58.04 53.92 51.52 
Performance share units59.04 55.61 49.99 
Fair value of awards that vested:
Restricted stock units - replacement awards$519 $777 $233 
Restricted stock units246 122 105 
Market share units37 37 30 
Performance share units61 59 53 
Total intrinsic value of stock options exercised512 556 148 
Summary of Significant Outstanding and Exercisable Options
The following table summarizes significant outstanding and exercisable options at December 31, 2021:
Range of Exercise PricesNumber of Options (in millions)Weighted-Average Remaining Contractual Life (in years)Weighted-Average Exercise Price Per ShareAggregate Intrinsic Value (in millions)
$10 - $407.5 1.4$29.54 $246 
$40 - $5515.3 3.948.79 208 
$55 - $6516.2 3.259.54 48 
$65+8.0 3.769.99 — 
Outstanding47.0 3.253.00 $502 
Exercisable44.9 3.153.22 $474