EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2020

EQUITY COMPENSATION PLANS

Summary of stock option activity and average exercise prices

	2020			2019			2018
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	9,042,320		$ 121.72	10,516,633		$ 108.28	11,380,013		$ 95.76
Granted	931,750		220.95	879,862		184.31	1,202,314		158.23
Exercised	(2,733,130)		97.52	(2,270,374)		82.93	(1,942,192)		64.63
Canceled	(91,660)		166.67	(83,801)		143.08	(123,502)		127.02
Separation of ChampionX	(346,865)		126.37	-		-	-		-
Outstanding, end of year	6,802,415		$ 144.20	9,042,320		$ 121.72	10,516,633		$ 108.28
Exercisable, end of year	5,051,927		$ 125.08	7,048,422		$ 109.34	7,993,297		$ 97.13
Vested and expected to vest, end of year	6,697,614		$ 143.25

(a) Represents weighted average price per share.

Weighted-average grant-date fair value of options granted and significant assumptions used in determining the underlying fair value of each option grant

	2020			2019			2018
Weighted-average grant-date fair value of options
granted at market prices		$ 44.16			$ 40.30			$ 37.34
Assumptions
Risk-free rate of return		0.5	%		1.6	%		2.8	%
Expected life		6	years		6	years		6	years
Expected volatility		23.0	%		23.0	%		22.5	%
Expected dividend yield		0.9	%		1.0	%		1.2	%

Summary of non-vested PBRSU awards and restricted stock activity

	PBRSU	Grant Date		RSAs and	Grant Date
	Awards	Fair Value (a)		RSUs	Fair Value (a)
December 31, 2017	1,362,836		$ 115.24	249,402		$ 116.66
Granted	284,104		152.59	109,074		138.69
Vested / Earned	(324,561)		103.15	(92,032)		113.03
Canceled	(55,026)		114.25	(19,975)		115.05
December 31, 2018	1,267,353		$ 126.75	246,469		$ 127.09
Granted	207,704		178.20	102,941		177.38
Vested / Earned	(334,351)		114.38	(64,597)		119.08
Canceled	(23,808)		135.70	(19,300)		124.77
December 31, 2019	1,116,898		$ 139.83	265,513		$ 149.46
Granted	202,187		215.23	62,693		203.09
Vested / Earned	(333,676)		112.78	(81,150)		130.72
Canceled	(26,285)		157.32	(15,996)		162.51
Separation of ChampionX	(44,494)		142.10	(67,377)		161.82
December 31, 2020	914,630		$ 165.76	163,683		$ 172.92

(a) Represents weighted average price per share.