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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of weighted-average fair value of options, assumptions used

The weighted-average fair value of options granted was estimated at $10.26, $15.92 and $13.54, in 2021, 2020 and 2019, respectively, per option on the date of grant based on the following assumptions:

			Year Ended December 31
			2021						2020						2019
Dividend yield			3.9		%				3.3		%				3.3		%
Volatility			17.4		%				21.9		%				17.0		%
Risk-free interest rate			0.8		%				0.3		%				2.3		%
Expected life - years			4.6						4.5						4.6

Schedule of total remaining unrecognized compensation costs and amortization period

Total remaining unrecognized compensation costs and amortization period are as follows:

			December 31, 2021						Weighted-Average Service Years
Stock options			$	8					1.1
Restricted shares and time-vested restricted share units			27						1.7
Performance-based restricted share units			32						1.7

Summary of stock-based compensation

A summary of stock-based compensation is presented below:

Stock Options			Shares (in thousands)						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2021			5,391						$	123.14
Granted			1,016						132.67
Exercised			(611)						109.52
Forfeited or expired			(200)						132.86
Outstanding at December 31, 2021			5,596						126.01						6.25						$	95
Exercisable at December 31, 2021			3,448						121.00						4.88						$	76

Summary of nonvested restricted share units

			Time-Vested Restricted Share Units												Performance-Based Restricted Share Units
Other Stock-Based Awards			Shares (in thousands)						Weighted- Average Grant-Date Fair Value						Shares (in thousands)						Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2021			182						$	130.91					1,537						$	122.56
Granted			335						131.37						608						131.46
Vested			(94)						127.03						(592)						108.74
Forfeited			(30)						134.37						(143)						128.60
Nonvested at December 31, 2021			393						131.85						1,410						131.03

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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