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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Expenses -Included in Consolidated Statement of Income

The following tables summarize total stock-based compensation expense included on our Consolidated Statements of Income as broken down by award type and by expense type:

						Year Ended December 31,
(in millions)						2022						2021						2020
RSUs						$	557					$	558					$	546
PSUs						25						17						25
Stock options						28						29						44
ESPP						26						31						28
Acquisition-related expense(1)						8						—						433
Stock-based compensation expense included in total costs and expenses						$	645					$	635					$	1,076

________________________________

(1)    Accelerated post-acquisition stock-based compensation expense of $8 million related to the MiroBio acquisition in 2022, and $289 million and $144 million related to the acquisitions of Immunomedics and Forty Seven, respectively, in 2020.

						Year Ended December 31,
(in millions)						2022						2021						2020
Cost of goods sold						$	46					$	40					$	109
Research and development expenses						285						287						462
Selling, general and administrative expenses						313						308						505
Stock-based compensation expense included in total costs and expenses						645						635						1,076
Income tax effect						(91)						(100)						(222)
Stock-based compensation expense, net of tax						$	553					$	535					$	854

RSU Activity

The following tables summarize our RSU activity:

						RSUs
(in millions, except per share amounts)						Shares						Weighted- Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2021						20.9						$	67.48
Granted						13.7						$	60.36
Vested						(8.9)						$	67.63
Forfeited						(2.2)						$	63.76
Outstanding as of December 31, 2022						23.6						$	63.62

						Year Ended December 31,
(in millions, except per share amounts)						2022						2021						2020
Weighted-average grant date fair value of RSUs granted						$	60.36					$	65.42					$	70.94
Total fair value of RSUs as of the respective vesting dates						$	554					$	463					$	444

PSU Activity

The following tables summarize our PSU activity:

						PSUs
(in millions, except per share amounts)						Shares						Weighted- Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2021						0.7						$	79.13
Granted						0.6						$	60.04
Vested						(0.2)						$	68.24
Forfeited						(0.1)						$	59.04
Outstanding as of December 31, 2022						1.0						$	64.28

						Year Ended December 31,
(in millions, except per share amounts)						2022						2021						2020
Weighted-average grant date fair value of PSUs granted						$	60.04					$	71.31					$	83.64
Total fair value of PSUs as of the respective vesting dates						$	14					$	8					$	15

Activity Under Stock Option Plans

The following tables summarize activity and other information related to our stock options:

						Shares (in millions)						Weighted- Average Exercise Price (in dollars)						Weighted-Average Remaining Contractual Term (years)						Aggregate  Intrinsic Value (in millions)(1)
Outstanding as of December 31, 2021						16.8						$	70.60
Granted						4.1						$	58.59
Forfeited						(0.6)						$	62.84
Expired						(2.5)						$	82.37
Exercised						(3.5)						$	61.11
Outstanding as of December 31, 2022						14.4						$	67.69					6.61						$	271
Exercisable as of December 31, 2022						7.9						$	72.32					5.00						$	115
Expected to vest, net of estimated forfeitures as of December 31, 2022						6.2						$	62.16					8.55						$	146

________________________________

(1)     Aggregate intrinsic value represents the value of our closing stock price on the last trading day of the year in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.

						Year Ended December 31,
(in millions, except per share amounts)						2022						2021						2020
Weighted-average grant date fair value of stock options granted						$	9.08					$	10.05					$	11.69
Total intrinsic value of options exercised						$	59					$	48					$	179

Schedule of Assumptions to Calculate the Estimated Fair Value of Awards

We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the stock option awards:

						Year Ended December 31,
(in millions)						2022						2021						2020
Expected volatility						27		%				29		%				29		%
Expected terms in years						5						5						5
Risk-free interest rate						1.9		%				0.8		%				0.8		%
Expected dividend yield						4.3		%				4.4		%				4.0		%

We used the following weighted-average assumptions in the Black-Scholes model to calculate the estimated fair value of the ESPP awards:

						Year Ended December 31,
						2022						2021						2020
Expected volatility						23		%				25		%				28		%
Expected terms in years						0.5						0.5						0.5
Risk-free interest rate						1.8		%				0.1		%				0.6		%
Expected dividend yield						4.5		%				4.4		%				4.0		%

ESPP Activity

The following table summarizes our ESPP activity:

						Year Ended December 31,
(in millions, except per share amounts)						2022						2021						2020
Shares issued						2						2						2
Amount paid by employees for shares						$	103					$	111					$	100
Weighted-average grant date fair value of ESPP shares granted						$	13.40					$	14.58					$	15.09
Total fair value of ESPP shares as of the respective vesting dates						$	21					$	23					$	24

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