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Stock Option Plans (Tables) | 3 Months Ended
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Mar. 31, 2022
Text Block [Abstract] |
Black-Scholes Option Pricing Model with Weighted Average | For purposes of expense recognition, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
|  | 2022 |  |  | 2021 |
Expected dividend yield |  |  | 1.3 | % |  |  | 1.5 | %
Expected risk-free interest rate |  |  | 1.9 | % |  |  | 0.9 | %
Volatility |  |  | 23.1 | % |  |  | 22.9 | %
Expected life (in years) |  |  | 5.4 |  |  |  | 5.4 |
Stock Option Activity and Related Information | The following is a summary of our stock option activity and related information for 2022 (in millions, except exercise price and year data):
|  | Three-month period ended March 31, 2022 |
|  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Average |  |  |  |  |
|  |  |  |  |  | Weighted |  |  | Remaining |  |  |  |  |
|  | Shares |  |  | Average |  |  | Contractual |  |  | Aggregate |
|  | Under |  |  | Exercise |  |  | Term |  |  | Intrinsic |
|  | Option |  |  | Price |  |  | (in years) |  |  | Value |
Beginning balance |  |  | 7.5 |  |  | $ | 81.30 |  |  |  |  |  |  |  |  |
Granted |  |  | 2.3 |  |  |  | 157.69 |  |  |  |  |  |  |  |  |
Exercised |  |  | (0.7 | ) |  |  | 52.87 |  |  |  |  |  |  |  |  |
Forfeited or canceled |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Ending balance |  |  | 9.1 |  |  | $ | 103.17 |  |  |  | 4.69 |  |  | $ | 650.2 |
Exercisable at end of period |  |  | 2.5 |  |  | $ | 59.16 |  |  |  | 2.16 |  |  | $ | 291.2 |
Ending unvested and expected to vest |  |  | 5.9 |  |  | $ | 118.18 |  |  |  | 5.60 |  |  | $ | 331.7 |
Other Information Regarding Stock Options Outstanding and Exercisable | Other information regarding stock options outstanding and exercisable at March 31, 2022 is summarized as follows (in millions, except exercise price and year data):
|  |  |  |  |  |  |  |  |  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Average |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Remaining |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Contractual |  |  | Average |  |  |  |  |  |  | Average |
|  |  |  |  |  |  |  |  |  | Number |  |  | Term |  |  | Exercise |  |  | Number |  |  | Exercise |
Range of Exercise Prices |  |  | Outstanding |  |  | (in years) |  |  | Price |  |  | Exercisable |  |  | Price |
$ | 43.71 |  |  | — |  | $ | 43.71 |  |  |  | 0.7 |  |  | $ | 0.96 |  |  | $ | 43.71 |  |  |  | 0.7 |  |  | $ | 43.71 |
| 49.55 |  |  | — |  |  | 56.86 |  |  |  | 0.9 |  |  |  | 1.96 |  |  |  | 56.83 |  |  |  | 0.9 |  |  |  | 56.83 |
| 70.74 |  |  | — |  |  | 70.74 |  |  |  | 0.9 |  |  |  | 2.96 |  |  |  | 70.74 |  |  |  | 0.6 |  |  |  | 70.74 |
| 79.59 |  |  | — |  |  | 79.59 |  |  |  | 1.1 |  |  |  | 3.96 |  |  |  | 79.59 |  |  |  | 0.3 |  |  |  | 79.59 |
| 86.17 |  |  | — |  |  | 86.17 |  |  |  | 1.5 |  |  |  | 4.95 |  |  |  | 86.17 |  |  |  | — |  |  |  | 86.17 |
| 127.90 |  |  | — |  |  | 127.90 |  |  |  | 1.6 |  |  |  | 5.96 |  |  |  | 127.90 |  |  |  | — |  |  |  | — |
| 156.85 |  |  | — |  |  | 156.85 |  |  |  | 1.2 |  |  |  | 6.85 |  |  |  | 156.85 |  |  |  | — |  |  |  | — |
| 158.56 |  |  | — |  |  | 158.56 |  |  |  | 1.2 |  |  |  | 6.96 |  |  |  | 158.56 |  |  |  | — |  |  |  | — |
$ | 43.71 |  |  | — |  | $ | 158.56 |  |  |  | 9.1 |  |  |  | 4.69 |  |  | $ | 103.17 |  |  |  | 2.5 |  |  | $ | 59.16 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + 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 -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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