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Stock-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Components of stock-based compensation expense recognized in the Consolidated Statements of Income | The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):
| Years ended December 31,
| 2021 |  | 2020 |  | 2019
RSUs | $ | 183 |  |  | $ | 178 |  |  | $ | 168 |
Performance units | 121 |  |  | 118 |  |  | 105 |
Stock options | 37 |  |  | 34 |  |  | 35 |
Total stock-based compensation expense, pretax | 341 |  |  | 330 |  |  | 308 |
Tax benefit from stock-based compensation expense | (74) |  |  | (72) |  |  | (67) |
Total stock-based compensation expense, net of tax | $ | 267 |  |  | $ | 258 |  |  | $ | 241 |
Summary of RSUs | The following table summarizes information regarding our RSUs:
| Year ended December 31, 2021
| Units (in millions) |  | Weighted-average grant date fair value
Balance nonvested as of December 31, 2020 | 3.0 |  |  | $ | 198.11 |
Granted | 1.3 |  |  | $ | 233.10 |
Vested | (0.9) |  |  | $ | 177.27 |
Forfeited | (0.4) |  |  | $ | 213.32 |
Balance nonvested as of December 31, 2021 | 3.0 |  |  | $ | 217.95 |
Weighted-average assumptions used and the resulting weighted-average grant date fair value of stock options | The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:
| Years ended December 31,
| 2021 |  | 2020 |  | 2019
Closing price of our common stock on grant date | $ | 237.17 |  | $ | 236.36 |  |  | $ | 177.31 |
Expected volatility (average of implied and historical volatility) | 25.6 | % |  | 28.1 | % |  | 23.5 | %
Expected life (in years) | 5.7 |  | 5.8 |  | 5.8
Risk-free interest rate | 1.0 | % |  | 0.4 | % |  | 2.4 | %
Expected dividend yield | 2.9 | % |  | 3.0 | % |  | 3.1 | %
Fair value of stock options granted | $ | 40.43 |  | $ | 42.34 |  |  | $ | 30.47 |
Summary of stock options | The following table summarizes information regarding our stock options:
| Year ended December 31, 2021
| Options (in millions) |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (in years) |  | Aggregate intrinsic value (in millions)
Balance unexercised as of December 31, 2020 | 4.7 |  |  | $ | 179.90 |  |  |  |  |
Granted | 1.3 |  |  | $ | 237.17 |  |  |  |  |
Exercised | (0.5) |  |  | $ | 137.95 |  |  |  |  |
Expired/forfeited | (0.4) |  |  | $ | 208.56 |  |  |  |  |
Balance unexercised as of December 31, 2021 | 5.1 |  |  | $ | 197.27 |  |  | 7.3 |  | $ | 168 |
Vested or expected to vest as of December 31, 2021 | 4.9 |  |  | $ | 195.64 |  |  | 7.2 |  | $ | 167 |
Exercisable as of December 31, 2021 | 2.0 |  |  | $ | 165.46 |  |  | 5.6 |  | $ | 120 |
Weighted average assumptions used and the resulting weighted average grant date fair value of performance units | The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:
| Years ended December 31,
| 2021 |  | 2020 |  | 2019
Closing price of our common stock on grant date | $ | 239.64 |  |  | $ | 236.36 |  |  | $ | 177.31 |
Volatility | 29.3 | % |  | 27.5 | % |  | 22.1 | %
Risk-free interest rate | 0.3 | % |  | 0.2 | % |  | 2.3 | %
Fair value of units granted | $ | 254.68 |  |  | $ | 249.07 |  |  | $ | 188.40 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 (c)(1) -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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