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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Stock-based compensation expense | Stock-Based Compensation Expense
|  | Three months ended March 31, |  |
(Millions) |  | 2022 |  | 2021 |  |  |  |
Cost of sales |  | $ | 24 |  |  | $ | 22 |  |  |  |  |
Selling, general and administrative expenses |  | 83 |  |  | 84 |  |  |  |  |
Research, development and related expenses |  | 28 |  |  | 25 |  |  |  |  |
Stock-based compensation expenses |  | 135 |  |  | 131 |  |  |  |  |
Income tax benefits |  | (37) |  |  | (51) |  |  |  |  |
Stock-based compensation expenses (benefits), net of tax |  | $ | 98 |  |  | $ | 80 |  |  |  |  |
Stock option activity | The following table summarizes stock option activity during the three months ended March 31, 2022:
(Options in thousands) |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (months) |  | Aggregate Intrinsic Value (millions)
Under option — |  |  |  |  |  |  |  |
January 1 |  | 34,560 |  |  | $ | 163.52 |  |  |  |  |
Granted |  | 3,776 |  |  | 162.39 |  |  |  |  |
Exercised |  | (1,111) |  |  | 95.04 |  |  |  |  |
Forfeited |  | (156) |  |  | 174.36 |  |  |  |  |
March 31 |  | 37,069 |  |  | 165.42 |  |  | 65 |  | $ | 191,760 |
Options exercisable |  |  |  |  |  |  |  |
March 31 |  | 29,505 |  |  | $ | 165.47 |  |  | 54 |  | $ | 191,760 |
Stock option assumptions | Stock Option Assumptions
|  | Annual 2022
Exercise price |  | $ | 162.41 |
Risk-free interest rate |  | 1.9 | %
Dividend yield |  | 2.9 | %
Expected volatility |  | 21.8 | %
Expected life (months) |  | 83
Black-Scholes fair value |  | $ | 25.34 |
Restricted stock and restricted stock units activity | The following table summarizes restricted stock and restricted stock unit activity during the three months ended March 31, 2022:
(Shares in thousands) |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested balance — |  |  |  |
As of January 1 |  | 1,987 |  |  | $ | 175.96 |
Granted |  | 1,024 |  |  | 162.18 |
Vested |  | (497) |  |  | 200.60 |
Forfeited |  | (35) |  |  | 167.51 |
As of March 31 |  | 2,479 |  |  | 165.44 |
Performance shares activity | The following table summarizes performance share activity during the three months ended March 31, 2022:
(Shares in thousands) |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Undistributed balance — |  |  |  |
As of January 1 |  | 481 |  |  | $ | 175.12 |
Granted |  | 264 |  |  | 144.75 |
Distributed |  | (116) |  |  | 207.49 |
Performance change |  | (18) |  |  | 221.38 |
Forfeited |  | (13) |  |  | 165.21 |
As of March 31 |  | 598 |  |  | 154.30 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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