EQUITY COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2021

EQUITY COMPENSATION PLANS

Summary of stock option activity and average exercise prices

	2021			2020			2019
	Number of	Exercise		Number of	Exercise		Number of	Exercise
	Options	Price (a)		Options	Price (a)		Options	Price (a)
Outstanding, beginning of year	6,802,415		$ 144.20	9,042,320		$ 121.72	10,516,633		$ 108.28
Granted	812,853		223.85	931,750		220.95	879,862		184.31
Exercised	(1,306,998)		110.91	(2,733,130)		97.52	(2,270,374)		82.93
Canceled	(91,109)		192.49	(91,660)		166.67	(83,801)		143.08
Separation of ChampionX	-		-	(346,865)		126.37	-		-
Outstanding, end of year	6,217,161		$ 160.91	6,802,415		$ 144.20	9,042,320		$ 121.72
Exercisable, end of year	4,604,922		$ 141.21	5,051,927		$ 125.08	7,048,422		$ 109.34
Vested and expected to vest, end of year	6,083,642		$ 159.79

(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

	2021			2020			2019
Weighted-average grant-date fair value of options
granted at market prices		$ 47.65			$ 44.16			$ 40.30
Assumptions
Risk-free rate of return		1.2	%		0.5	%		1.6	%
Expected life		6	years		6	years		6	years
Expected volatility		23.0	%		23.0	%		23.0	%
Expected dividend yield		0.9	%		0.9	%		1.0	%

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, 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
Granted	176,297		223.77	130,807		211.12
Vested / Earned	(271,731)		131.74	(48,977)		160.84
Canceled	(30,667)		178.46	(13,239)		192.12
December 31, 2021	788,529		$ 189.96	232,274		$ 195.95

(a) Represents weighted average price per share.