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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Activity Under Stock Option Plans | The following table summarizes activity and related information under our stock option plans. All option grants presented in the table had exercise prices not less than the fair value of the underlying common stock on the grant date:
|  | Shares (in millions) |  | Weighted- Average Exercise Price (in dollars) |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2020 |  | 16.6 |  |  | $ | 69.40 |  |  |  |  |
Granted |  | 3.8 |  |  | $ | 64.77 |  |  |  |  |
Forfeited |  | (0.9) |  |  | $ | 67.67 |  |  |  |  |
Expired |  | (1.1) |  |  | $ | 82.11 |  |  |  |  |
Exercised |  | (1.6) |  |  | $ | 37.46 |  |  |  |  |
Outstanding as of December 31, 2021 |  | 16.8 |  |  | $ | 70.60 |  |  | 5.34 |  | $ | 101 |
Exercisable as of December 31, 2021 |  | 11.2 |  |  | $ | 72.43 |  |  | 3.67 |  | $ | 68 |
Expected to vest, net of estimated forfeitures as of December 31, 2021 |  | 5.3 |  |  | $ | 67.01 |  |  | 8.61 |  | $ | 32 |
RSU and PSU Activity | The following table summarizes our RSU and PSU activity and related information:
|  | RSUs |  | PSUs
(in millions, except per share amounts) |  | Shares |  | Weighted- Average Grant Date Fair Value Per Share |  | Shares(1) |  | Weighted- Average Grant Date Fair Value Per Share(1)
Outstanding as of December 31, 2020 |  | 19.5 |  |  | $ | 69.80 |  |  | 0.6 |  |  | $ | 84.87 |
Granted |  | 11.9 |  |  | $ | 65.42 |  |  | 0.3 |  |  | $ | 71.31 |
Vested |  | (7.0) |  |  | $ | 70.30 |  |  | (0.1) |  |  | $ | 88.36 |
Forfeited |  | (3.5) |  |  | $ | 67.77 |  |  | (0.1) |  |  | $ | 78.37 |
Outstanding as of December 31, 2021 |  | 20.9 |  | $ | 67.48 |  |  | 0.7 |  | $ | 79.13 |
________________________________ (1) Weighted-average grant-date fair value per share excludes shares related to grants that currently have no grant date as the performance objectives have not yet been defined.
Stock-based Compensation Expenses -Included in Consolidated Statement of Income | The following table summarizes total stock-based compensation expenses included on our Consolidated Statements of Income:
|  | Year Ended December 31,
(in millions) |  | 2021 |  | 2020 |  | 2019
Cost of goods sold |  | $ | 40 |  |  | $ | 109 |  |  | $ | 48 |
Research and development expenses |  | 287 |  |  | 462 |  |  | 289 |
Selling, general and administrative expenses |  | 308 |  |  | 505 |  |  | 299 |
Stock-based compensation expense included in total costs and expenses(1) |  | 635 |  |  | 1,076 |  |  | 636 |
Income tax effect(2) |  | (100) |  |  | (222) |  |  | 2 |
Stock-based compensation expense, net of tax |  | $ | 535 |  |  | $ | 854 |  |  | $ | 638 |
________________________________ (1) Pre-tax stock-based compensation expense for the year ended December 31, 2020 of $1.1 billion included $643 million non-cash stock-based expense and $289 million and $144 million of accelerated post-acquisition stock-based expense related to the acquisitions of Immunomedics and Forty Seven, respectively. See Note 6. Acquisitions for additional information. (2) Income tax effect for the year ended December 31, 2019 included a $114 million income tax expense following the U.S. Court of Appeals decision in Altera Corp v. Commissioner, which requires related parties in an intercompany cost sharing arrangement to share expenses related to stock-based compensation.
Schedule of Assumptions to Calculate the Estimated Fair Value of Awards | We used the following assumptions to calculate the estimated fair value of the awards:
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Expected volatility: |  |  |  |  |  |
Stock options |  | 29 | % |  | 29 | % |  | 27 | %
ESPP |  | 25 | % |  | 28 | % |  | 27 | %
Expected term in years: |  |  |  |  |  |
Stock options |  | 5.0 |  | 5.0 |  | 5.5
ESPP |  | 0.5 |  | 0.5 |  | 0.5
Risk-free interest rate: |  |  |  |  |  |
Stock options |  | 0.8 | % |  | 0.8 | % |  | 2.3 | %
ESPP |  | 0.1 | % |  | 0.6 | % |  | 1.8 | %
Expected dividend yield |  | 4.4 | % |  | 4.0 | % |  | 3.6 | %

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options and ESPP, 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 No definition available. + Details
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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + 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 (h)(1) -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 S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + 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 number and weighted-average grant date fair value for outstanding performance shares. + 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) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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