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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Assumptions Used to Determine Weighted-Average Fair Value of Options Granted | The weighted average fair value of options granted in 2021, 2020 and 2019 was $9.80, $9.93 and $10.63 per option, respectively, and were determined using the following assumptions:
Years Ended December 31 | 2021 |  | 2020 |  | 2019
Expected dividend yield | 3.1 | % |  | 3.1 | % |  | 3.2 | %
Risk-free interest rate | 1.0 | % |  | 0.4 | % |  | 2.4 | %
Expected volatility | 20.9 | % |  | 22.1 | % |  | 18.7 | %
Expected life (years) | 5.9 |  | 5.8 |  | 5.9
Summarized Information Relative to Stock Option Plan Activity | Summarized information relative to stock option plan activity (options in thousands) is as follows:
| Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding January 1, 2021 (1) | 19,446 |  |  | $ | 63.64 |  |  |  |  |
Granted (1) | 4,781 |  |  | 75.99 |  |  |  |  |
Exercised (1) | (3,728) |  |  | 54.14 |  |  |  |  |
Forfeited (1) | (626) |  |  | 73.97 |  |  |  |  |
Awards transferred to Organon in the spin-off | (1,947) |  |  | 72.15 |  |  |  |  |
Adjustment to Merck awards related to the spin-off of Organon (2) | 646 |  |  | — |  |  |  |  |
Outstanding December 31, 2021 | 18,572 |  |  | $ | 65.27 |  |  | 6.3 |  | $ | 213 |
Vested and expected to vest December 31, 2021 | 17,829 |  |  | $ | 64.90 |  |  | 6.2 |  | $ | 212 |
Exercisable December 31, 2021 | 12,136 |  |  | $ | 60.41 |  |  | 5.0 |  | $ | 198 |
(1) Activity prior to the Organon spin-off has not been restated. (2) In connection with the spin-off of Organon, all outstanding Merck stock options (whether vested or unvested) were converted into adjusted Merck awards for current and former Merck employees or Organon awards for Organon employees. Such adjusted awards preserved the same intrinsic value and general terms and conditions (including vesting) as were in place immediately prior to the adjustments.
Additional Information Pertaining to Stock Option Plans | Additional information pertaining to stock option plans is provided in the table below:
Years Ended December 31 | 2021 |  | 2020 |  | 2019
Total intrinsic value of stock options exercised | $ | 106 |  |  | $ | 51 |  |  | $ | 295 |
Fair value of stock options vested | 27 |  |  | 25 |  |  | 27 |
Cash received from the exercise of stock options | 202 |  |  | 89 |  |  | 361 |
Summary of Nonvested RSU and PSU Activity | A summary of nonvested RSU and PSU activity (shares in thousands) is as follows:
|  | RSUs |  | PSUs
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Nonvested January 1, 2021 (1) |  | 11,915 |  |  | $ | 74.17 |  |  | 2,100 |  |  | $ | 75.08 |
Granted (1) |  | 7,897 |  |  | 76.16 |  |  | 1,487 |  |  | 69.33 |
Vested (1) |  | (6,066) |  |  | 70.25 |  |  | (1,284) |  |  | 57.14 |
Forfeited (1) |  | (1,015) |  |  | 76.62 |  |  | (149) |  |  | 79.33 |
Awards transferred to Organon in the spin-off |  | (1,309) |  |  | 76.99 |  |  | (248) |  |  | 77.39 |
Adjustment to Merck awards related to the spin-off of Organon (2) |  | 368 |  |  | — |  |  | 60 |  |  | — |
Nonvested December 31, 2021 |  | 11,790 |  |  | $ | 74.88 |  |  | 1,966 |  |  | $ | 77.13 |
Expected to vest December 31, 2021 |  | 10,499 |  |  | $ | 74.93 |  |  | 1,832 |  |  | $ | 77.40 |
(1) Activity prior to the Organon spin-off has not been restated. (2) In connection with the spin-off of Organon, all outstanding Merck RSUs and PSUs (whether vested or unvested) were converted into adjusted Merck awards for current and former Merck employees or Organon awards for Organon employees. Such adjusted awards preserved the same intrinsic value and general terms and conditions (including vesting) as were in place immediately prior to the adjustments.

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- Definition Additional information pertaining to stock option plans. + References No definition available. + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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 (e) -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 (c)(2) -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 (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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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