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Share-Based Associate Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Below is a summary of option information for the year 2021:


(Dollars in millions, except exercise price. Shares in thousands)	Shares	Weighted- average exercise price		Aggregate intrinsic value		Weighted-average remaining contractual life
Outstanding option shares at January 1, 2021	3,601	$	72.55
Granted	464	96.32
Exercised	(415)	50.51
Forfeited or expired	(98)	62.00
Outstanding option shares at December 31, 2021	3,552	78.52		$	126	5.97 years



Options exercisable at end of period	2,599	$	70.99	$	112	5.07 years

elow is a summary of service-based and performance-based share information, assuming a target payout for performance-based shares, for the year 2021:


(Shares in thousands)	Service-based shares	Weighted- average grant date fair value		Performance-based shares	Weighted- average grant date fair value
Nonvested at January 1, 2021	696	$	81.56	147	$	84.64
Granted	243	89.29		106	86.13
Vested	(274)	67.96		(114)	63.29
Forfeited or canceled	(31)	89.73		—	—
Nonvested at December 31, 2021	634	90.01		139	103.16

The following weighted average assumptions were used in determining fair value for option grants issued:


	2021	2020	2019
Weighted-average expected term	7-9 years	7-8 years	7-8 years
Expected volatility	25.56-27.81%	16.89-17.13%	14.49-15.39%
Dividend yield	2.62%	2.15%	2.61%
Risk-free rates	0.97-1.26%	1.40-1.41%	2.62-2.64%
Weighted-average fair value of options granted during the period	$19.64	$15.45	$11.73

he following assumptions were used in determining fair value for performance-based grants issued: