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Employee Incentive, Retirement, Deferred Compensation, and Career Achievement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Stock-Based Compensation Expense and Related Income Tax Benefit
A summary of share-based compensation expense and related income tax benefit is as follows:
Year Ended December 31,202120202019
Stock option expense$36 $36 $51 
Restricted stock unit expense200 156 120 
Employee stock purchase plan expense18 12 12 
Total share-based compensation expense$254 $204 $183 
Income tax benefit on share-based compensation expense (1)
$(60)$(49)$(44)
(1) Excludes income tax benefits from stock options exercised and restricted stock units vested of $93 million, $14 million, and $23 million in 2021, 2020, and 2019, respectively.
Stock Option Activity
Stock option activity is summarized below:
Number
of Options
(In millions)		Weighted- Average Exercise Price
per Share		Weighted- Average Remaining Contractual
Life (in years)		Aggregate Intrinsic
Value
Outstanding at December 31, 202024 $33.67 5.36$452 
Granted2 64.49   
Exercised(9)27.80   
Forfeited (1)
— 45.99   
Expired (1)
— 35.00   
Outstanding at December 31, 202117 $39.11 5.38$782 
Vested and expected to vest at December 31, 202117 $39.09 5.38$782 
Vested and exercisable at December 31, 202113 $34.93 4.54$650 
(1) Number of options was less than 500 thousand.
Information on Stock Options Granted and Exercised
Information on stock options granted and exercised is presented below:
Year Ended December 31,202120202019
Weighted-average fair value of options granted per share$19.51 $11.56 $11.97 
Cash received from options exercised221 79 118 
Tax benefit realized on options exercised61 11 17 
Aggregate intrinsic value of options exercised322 71 108 
Assumptions Used to Value Options Granted and Their Expected Lives The assumptions used to value the options granted during the years presented and their expected lives were as follows:
Year Ended December 31,202120202019
Weighted-average expected dividend yield1.36 %2.08 %1.85 %
Weighted-average expected volatility37 %36 %30 %
Weighted-average risk-free interest rate0.8 %1.0 %2.5 %
Expected life (in years)
4.2 - 5.4
4.3 - 5.9
4.2 - 5.9
Restricted Stock Units Activity
The Company’s restricted stock units activity is summarized below:
Number
of Units
(In millions)		Weighted- Average Grant Date Fair Value
per Unit
Outstanding at December 31, 202010 $40.85 
Granted4 64.18 
Vested(4)41.25 
Forfeited(1)45.63 
Outstanding at December 31, 20219 $49.69 
Schedule of Changes in Projected Benefit Obligations
The following table presents the changes in projected benefit obligation:
December 31,20212020
Projected benefit obligation at beginning of year$92 $83 
Benefit cost (1)
16 17 
Actuarial loss/(gain) (2)
11 (8)
Projected benefit obligation at end of year (3)
$119 $92 
(1) Includes service cost and interest cost, which are recognized in compensation and benefits expense and other expense, respectively, in the consolidated statements of income.
(2) Actuarial loss/(gain) is reflected in the consolidated statements of comprehensive income and is included in AOCI on the consolidated balance sheets.
(3) This amount is recognized as a liability in accrued expenses and other liabilities on the consolidated balance sheets.