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Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Equity-Based Compensation

Summary of RSUs

​

​	​	​	​	​	​
​	​	​	​	Weighted Average
​	​	​	​	Per Share
​		Units		Fair Value
Unvested as of January 1, 2020		348	​	$	86.15
Granted		122	​	$	123.21
Vested		(125)	​	$	73.78
Forfeited		(14)	​	$	100.82
Unvested as of December 31, 2020		331	​	$	103.84

Summary of PSUs

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	​	​	Per Share
​		Units		Fair Value
Unvested as of January 1, 2020		1,077	​	$	99.66
Granted		301	​	$	153.34
Vested		(362)	​	$	84.54
Forfeited		(17)	​	$	121.81
Unvested as of December 31, 2020		999	​	$	120.95

Summary of Stock Options

​

​	​	​	​	​	​
​		​		Weighted Average
​	​	​	​	Per Share
​		Options		Exercise Price
Outstanding as of January 1, 2020		3,938	​	$	69.66
Granted		684	​	$	126.01
Exercised		(1,039)	​	$	116.18
Forfeited or expired		(40)	​	$	102.11
Outstanding as of December 31, 2020 (a)		3,543	​	$	82.86
Exercisable as of December 31, 2020 (b)		1,910	​	$	62.21

(a) Stock options outstanding as of December 31, 2020 have a weighted average remaining contractual term of 6.5 years and an aggregate intrinsic value of $130 million based on the market value of our common stock on December 31, 2020.

(b) Stock options exercisable as of December 31, 2020 have an aggregate intrinsic value of $106 million based on the market value of our common stock on December 31, 2020.

Summary of Exercisable Stock Options

​

​	​	​	​	​	​	​	​
​		​		Weighted Average			​
​	​	​	​	Per Share		​	Weighted Average
Range of Exercise Prices		Options		Exercise Price			Remaining Years
$33.49-$50.00		520	​	$	38.54		2.0
$50.01-$70.00		564	​	$	55.53		4.7
$70.01-$100.00		825	​	$	81.66		6.8
$100.01-$126.01		1	​	$	126.01		9.1
$33.49-$126.01		1,910	​	$	62.21		4.9

Weighted Average Assumptions Used to Value Employee Stock Options Granted

​

​	​	​	​	​	​	​	​	​	​
​		2020			2019			2018
Expected option life		4.6	years		4.2	years		4.3	years
Expected volatility		16.6	%		15.5	%		17.9	%
Expected dividend yield		1.7	%		2.1	%		2.2	%
Risk-free interest rate		1.4	%		2.5	%		2.6	%

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