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EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of RSU and RSA activity | A summary of the RSU and RSA activity for 2021 is as follows:
(Restricted stock units and awards in millions) | Number of restricted stock units and awards |  | Weighted-average fair value per unit and award
Non-vested at January 1 | 1.5 |  |  | $ | 85.09 |
Granted | 0.6 |  |  | 132.69 |
Vested | (0.7) |  |  | 91.20 |
Forfeited | (0.1) |  |  | 105.68 |
Non-vested at December 31 | 1.3 |  |  | $ | 104.86 |
Schedule of Information Related to RSUs and RSAs | Information related to RSUs and RSAs is as follows:
(In millions) | 2021 |  | 2020 |  | 2019
Pre-tax expense for RSUs and RSAs | $ | 61 |  |  | $ | 58 |  |  | $ | 57 |
After-tax expense for RSUs and RSAs | 48 |  |  | 46 |  |  | 45 |
Fair value of vested RSUs and RSAs | 92 |  |  | 75 |  |  | 103 |
Schedule of Assumptions Used in Determining Fair Value of PSUs | A summary of the assumptions used in determining fair value of these PSUs is as follows:
|  | 2021 |  | 2020 |  | 2019
Expected volatility |  | 35 | % |  | 21 | % |  | 21 | %
Risk-free interest rate |  | 0.20 | % |  | 1.16 | % |  | 2.42 | %
Weighted-average fair value of PSUs granted |  | $ | 159.74 |  |  | $ | 121.01 |  |  | $ | 92.50 |
Schedule of PSU Activity | A summary of these PSUs that vested is as follows:
(Performance share units in millions) |  | 2021 |  | 2020 |  | 2019 |  |
Percent payout |  | 189 | % |  | 178 | % |  | 130 | % |  |
Shares vested |  | 0.5 |  |  | 0.4 |  |  | 0.3 |  |  |
A summary of the 2021 activity for these PSUs is as follows:
(Performance share units in millions) |  | Number of performance share units |  | Weighted-average fair value per unit
Non-vested at January 1 |  | 0.5 |  |  | $ | 105.47 |
Granted 1 |  | 0.2 |  |  | 159.74 |
Adjusted for performance results achieved 2 |  | 0.2 |  |  | 92.50 |
Vested |  | (0.5) |  |  | 92.50 |
Forfeited |  | — |  |  | — |
Non-vested at December 31 |  | 0.4 |  |  | $ | 139.00 |
1 Performance shares granted assuming the Company will perform at target relative to peers. 2 Adjustments for the number of shares vested under the 2019 awards at the end of the three-year performance period ended December 31, 2021, being higher than the target number of shares.
Schedule of Information Related to PSUs | Information related to PSUs is as follows:
(In millions) |  | 2021 |  | 2020 |  | 2019
Pre-tax expense for PSUs |  | $ | 26 |  |  | $ | 25 |  |  | $ | 21 |
After-tax expense for PSUs |  | 21 |  |  | 20 |  |  | 17 |
Schedule of Assumptions Used in Determining Fair Value of Stock Options | A summary of the assumptions used in determining the fair value of stock options is as follows:
| 2021 |  | 2020 |  | 2019
Expected volatility | 28 | % |  | 24 | % |  | 23 | %
Expected option life in years | 6.5 |  | 6.6 |  | 6.6
Expected dividend yield | 3.0 | % |  | 3.2 | % |  | 3.2 | %
Risk-free interest rate | 0.0 to 1.5% |  | 0.5 to 1.5% |  | 1.9 to 2.6%
Weighted-average fair value of stock options granted | $ | 26.11 |  |  | $ | 15.55 |  |  | $ | 14.08 |
Schedule of Stock Option Activity | A summary of stock option activity is as follows:
(Options in millions) | Weighted-average exercise price per option |  | Options |  | Weighted-average remaining contractual life in years |  | Aggregate intrinsic value
Outstanding at January 1, 2021 | $ | 76.93 |  |  | 3.6 |  |  |  |  |
Granted | 131.59 |  |  | 0.5 |  |  |  |  |
Exercised | 74.11 |  |  | (0.9) |  |  |  |  |
Forfeited and canceled | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2021 | $ | 85.34 |  |  | 3.2 |  |  | 6.3 |  | $ | 277.9 |
Exercisable at December 31, 2021 | $ | 73.31 |  |  | 2.1 |  |  | 5.2 |  | $ | 206.9 |
Reserved for future grants at December 31, 2021 |  |  | 22.4 |  |  |  |  |
Schedule of Information Related to Stock Options | Information related to stock options is as follows:
(In millions) | 2021 |  | 2020 |  | 2019
Pre-tax expense for stock options | $ | 14 |  |  | $ | 9 |  |  | $ | 9 |
After-tax expense for stock options | 11 |  |  | 7 |  |  | 7 |
Proceeds from stock options exercised | 63 |  |  | 70 |  |  | 67 |
Income tax benefit related to stock options exercised |  |  |  |  |
Tax benefit classified in operating activities in the Consolidated Statements of Cash Flows | 13 |  |  | 10 |  |  | 4 |
Intrinsic value of stock options exercised | 69 |  |  | 50 |  |  | 29 |
Total fair value of stock options vested | $ | 14 |  |  | $ | 9 |  |  | $ | 9 |
Stock options exercised | 0.9 |  |  | 1.1 |  |  | 1.2 |

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