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Stock-based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Weighted Average Assumptions Used in Estimating Fair Value of Stock Options | The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions and resulting weighted-average fair value per share:
| 2020 |  |  | 2019 |
Dividend yield |  | 5.2 | % |  |  | 4.8 | %
Expected volatility |  | 26 | % |  |  | 25 | %
Risk-free interest rate |  | 1.7 | % |  |  | 2.7 | %
Expected option life in years |  | 7.0 |  |  |  | 7.0 |
Weighted-average fair value per share | $ | 5.07 |  |  | $ | 6.21 |
There were no stock option grants during 2021.
Options Outstanding and Option Exercisable | The following table summarizes information related to options outstanding and options exercisable as of December 31, 2021:
| (Shares stated in thousands) |
| Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Weighted- |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Average |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Remaining |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
| Options |  |  | Contractual Life |  |  | Average |  |  | Options |  |  | Average |
Exercise prices range | Outstanding |  |  | (in years) |  |  | Exercise Price |  |  | Exercisable |  |  | Exercise Price |
$38.75 - $41.47 |  | 12,040 |  |  |  | 7.6 |  |  | $ | 39.86 |  |  |  | 3,417 |  |  | $ | 40.33 |
$47.55 - $69.98 |  | 2,882 |  |  |  | 3.3 |  |  | $ | 62.42 |  |  |  | 2,838 |  |  | $ | 62.47 |
$70.31 - $79.85 |  | 12,276 |  |  |  | 2.1 |  |  | $ | 73.58 |  |  |  | 11,564 |  |  | $ | 73.36 |
$80.53 - $88.77 |  | 8,583 |  |  |  | 4.3 |  |  | $ | 84.46 |  |  |  | 7,879 |  |  | $ | 84.19 |
$91.28 - $114.83 |  | 6,566 |  |  |  | 2.7 |  |  | $ | 96.25 |  |  |  | 6,566 |  |  | $ | 96.25 |
|  | 42,347 |  |  |  | 4.3 |  |  | $ | 68.95 |  |  |  | 32,264 |  |  | $ | 76.21 |
Summary of Stock Option Activity | The following table summarizes stock option activity during the years ended December 31, 2021, 2020 and 2019:
| (Shares stated in thousands) |
| 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  |  |  |  | Exercise |  |  |  |  |  |  | Exercise |  |  |  |  |  |  | Exercise |
| Shares |  |  | Price |  |  | Shares |  |  | Price |  |  | Shares |  |  | Price |
Outstanding at beginning of year |  | 48,272 |  |  | $ | 70.37 |  |  |  | 46,269 |  |  | $ | 75.65 |  |  |  | 43,529 |  |  | $ | 79.36 |
Granted |  | - |  |  | $ | - |  |  |  | 7,468 |  |  | $ | 38.75 |  |  |  | 5,604 |  |  | $ | 41.50 |
Exercised |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  |  | (1,045 | ) |  | $ | 38.50 |
Forfeited / Expired |  | (5,925 | ) |  | $ | 80.46 |  |  |  | (5,465 | ) |  | $ | 71.86 |  |  |  | (1,819 | ) |  | $ | 74.69 |
Outstanding at year-end |  | 42,347 |  |  | $ | 68.95 |  |  |  | 48,272 |  |  | $ | 70.37 |  |  |  | 46,269 |  |  | $ | 75.65 |
Restricted Stock Transactions | The following table summarizes information related to restricted stock transactions:
| (Shares stated in thousands) |
| 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  | Average |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |
| Restricted |  |  | Grant Date |  |  | Restricted |  |  | Grant Date |  |  | Restricted |  |  | Grant Date |
| Stock |  |  | Fair Value |  |  | Stock |  |  | Fair Value |  |  | Stock |  |  | Fair Value |
Unvested at beginning of year |  | 18,763 |  |  | $ | 35.24 |  |  |  | 11,822 |  |  | $ | 49.86 |  |  |  | 6,951 |  |  | $ | 70.13 |
Granted |  | 8,287 |  |  | $ | 25.16 |  |  |  | 10,637 |  |  | $ | 26.53 |  |  |  | 7,888 |  |  | $ | 35.56 |
Vested |  | (4,927 | ) |  | $ | 48.44 |  |  |  | (3,059 | ) |  | $ | 71.56 |  |  |  | (2,722 | ) |  | $ | 72.09 |
Forfeited |  | (499 | ) |  | $ | 29.64 |  |  |  | (637 | ) |  | $ | 45.95 |  |  |  | (295 | ) |  | $ | 57.41 |
Unvested at year-end |  | 21,624 |  |  | $ | 29.03 |  |  |  | 18,763 |  |  | $ | 35.24 |  |  |  | 11,822 |  |  | $ | 49.86 |
Assumptions Used in Estimating Fair Value of Purchase Rights under Discounted Stock Purchase Plan | The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-Scholes model with the following assumptions and resulting weighted-average fair value per share:
| 2021 |  |  | 2020 |  |  | 2019 |
Dividend yield |  | 2.0 | % |  |  | 4.0 | % |  |  | 5.3 | %
Expected volatility |  | 67 | % |  |  | 43 | % |  |  | 30 | %
Risk-free interest rate |  | 0.07 | % |  |  | 0.88 | % |  |  | 2.3 | %
Weighted-average fair value per share | $ | 6.72 |  |  | $ | 5.38 |  |  | $ | 5.81 |
Stock-Based Compensation Expense Recognized in Income | The following summarizes stock-based compensation expense recognized in income:
(Stated in millions) |
| 2021 |  |  | 2020 |  |  | 2019 |
Stock options | $ | 36 |  |  | $ | 75 |  |  | $ | 99 |
Restricted stock |  | 254 |  |  |  | 293 |  |  |  | 274 |
DSPP |  | 34 |  |  |  | 29 |  |  |  | 32 |
| $ | 324 |  |  | $ | 397 |  |  | $ | 405 |

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