Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Weighted Average Fair Value and Assumptions

The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value:

	2021			2020			2019
Weighted-average estimated fair value	$	29.56		$	22.50		$	22.23
Quarterly dividend rate	$	0.50		$	0.48		$	0.46
Expected term of stock options, in years	4.3			4.2			4.2
Risk-free interest rate	0.3		%	1.3		%	2.5		%
Dividend yield	2.2		%	2.5		%	2.6		%
Expected stock price volatility	34.4		%	28.5		%	28.9		%
Present value of dividends	$	8.61		$	7.89		$	7.29

Data With Respect to Stock Options SARs Activity

The following table shows information about outstanding stock options and stock appreciation rights for the year ended December 31, 2021:

	Number of Stock Options and Stock Appreciation Rights (in thousands)	Weighted-Average Exercise Price
Outstanding at beginning of the year	1,467	$	63.56
Granted	282	91.49
Exercised	(550)	55.17
Forfeited/Cancelled	(8)	80.64
Expired	(2)	66.61
Outstanding at end of the year	1,189	73.94
Vested and exercisable at end of the year	653	66.18

Schedule of Share-Based Compensation, Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term

The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2021, 2020, and 2019, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options and stock appreciation rights outstanding and vested as of December 31, 2021:

Stock Options and Stock Appreciation Rights	Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in millions)
Exercised in 2019		$	4.0
Exercised in 2020		7.6
Exercised in 2021		22.5
Outstanding at December 31, 2021 (a)	4.1	36.0
Vested and exercisable at December 31, 2021	3.1	24.8

_______

(a) As of December 31, 2021, 4,200 stock appreciation rights and 1,185,079 stock options were outstanding.

Schedule of Share-Based Compensation, Restricted Stock Units and Performance Shares Award Activity

The following table shows information about restricted stock units and performance shares for the year ended December 31, 2021:

	Number of Share Units Outstanding (in thousands)	Weighted-Average Grant-Date Fair Value
Restricted Stock Units:
Nonvested at beginning of the year	138	$	72.59
Granted	34	91.36
Vested	(63)	70.79
Forfeited	(2)	82.09
Nonvested at end of the year	107	79.37
Performance Shares:
Nonvested at beginning of the year	112	$	76.03
Granted	57	87.45
Net decrease due to estimated performance	(22)	84.78
Vested	(58)	71.98
Forfeited	(1)	87.06
Nonvested at end of the year	88	83.79