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Stock-Based Incentive Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2021
Stock-Based Incentive Compensation Plans [Abstract]  
Compensation Expense By Award Type For the Years Ended December 31, 2021 2020 2019 Stock options$ 8 $ 10 $ 8 Performance shares 18 5 17 RSUs 35 36 37 Total$ 61 $ 51 $ 62 Recognized tax benefit$ 13 $ 11 $ 13
Total unrecognized compensation expense for all stock-based incentive compensation plans For the Years Ended December 31, 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Expense Period Expense Period Expense Period Stock options$ 8 0.7 $ 8 0.7 $ 9 0.9 Performance shares 14 1.2 14 1.3 15 1.3 RSUs 43 1.4 37 1.2 42 1.4 Total unrecognized stock-based incentive compensation expense$ 65 $ 59 $ 66
Option price assumptions used for stock option incentive plans For the Years Ended December 31, 2021 2020 2019 Weighted-average fair value per option granted$ 17.26 $ 12.25 $ 13.23 Weighted-average assumptions: Dividend yield 3.0% 3.0% 2.8% Expected volatility 45.0% 30.1% 26.9% Risk-free interest rate (1) 0.6-1.0% 0.3-1.4% 2.1-2.5% Expected life (in years) 5.8 5.8 5.8 (1)Risk-free interest rate expressed as a range and not a weighted average.
Summary of activity for stock options with service conditions Weighted- Weighted- Average AverageRemainingAggregate ExerciseContractualIntrinsic Shares Price Term Value Outstanding as of December 31, 2020 3,458,959 $ 57.64 Granted 641,517 54.69 Exercised (681,122) 44.24 Forfeited or expired (407,818) 63.63 Outstanding as of December 31, 2021 3,011,536 $ 59.23 6.44 $ 31 Vested or expected to vest as of December 31, 2021 (1) 2,784,239 $ 59.21 6.30 $ 29 Exercisable as of December 31, 2021 1,902,919 $ 59.75 5.26 $ 20 (1)Includes estimated forfeitures.
Summary of activity for stock options with performance conditions Weighted- Weighted- Average AverageRemainingAggregate ExerciseContractualIntrinsic Shares Price Term Value Outstanding as of December 31, 2020 208,650 $ 52.70 Granted 33,125 61.71 Exercised (52,518) 43.94 Forfeited or expired (22,979) 41.00 Outstanding as of December 31, 2021 166,278 $ 58.88 1.92 $ 2 Vested or expected to vest as of December 31, 2021 (1) 157,122 $ 59.75 1.81 $ 2 Exercisable as of December 31, 2021 135,759 $ 62.23 1.51 $ 1 (1)
Summary of activity for performance shares Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2020 (1) 542,708 $ 71.61 Granted 315,076 59.53 Vested (18,228) 89.88 Forfeited (81,763) 62.76 Performance adjustment (2) (127,123) 89.93 Outstanding as of December 31, 2021 (1) 630,670 $ 63.16 (1)Represents target award amounts.(2)Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures.