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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Summary of the changes in outstanding stock options | The following is a summary of the changes in outstanding stock options for 2021:
| Share units (in thousands) |  | Weighted Average Exercise Price / Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2021 | 1,961 |  |  | $ | 56.08 |  |  | 6.3 |  |
Granted | 262 |  |  | 102.61 |  |  |  |  |
Exercised | (371) |  |  | 50.12 |  |  |  |  |
Forfeited and expired | (25) |  |  | 84.72 |  |  |  |  |
Outstanding at December 31, 2021 | 1,827 |  |  | $ | 64.12 |  |  | 6.1 |  | $ | 102 |
Options exercisable at December 31, 2021 | 1,173 |  |  | $ | 52.69 |  |  | 4.8 |  | $ | 79 |
Vested and non-vested expected to vest as of December 31, 2021 | 1,778 |  |  | $ | 63.46 |  |  | 6.1 |  | $ | 100 |
Weighted-average assumptions | The following are weighted-average assumptions used for 2021, 2020, and 2019:
| 2021 |  | 2020 |  | 2019
Dividend yield | 1.10 | % |  | 1.42 | % |  | 1.30 | %
Volatility | 26.29 | % |  | 24.16 | % |  | 24.10 | %
Risk-free interest rate | 0.86 | % |  | 0.83 | % |  | 2.55 | %
Expected term (in years) | 5.7 |  | 5.8 |  | 5.4
Weighted-average fair value per option | $ | 23.26 |  |  | $ | 14.84 |  |  | $ | 17.04 |
Summary of restricted stock activity | restricted stock units for 2021:
| Share Units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2021 | 537 |  |  | $ | 74.62 |
Granted | 230 |  |  | 105.77 |
Vested | (252) |  |  | 74.61 |
Forfeited | (31) |  |  | 87.52 |
Outstanding at December 31, 2021 | 484 |  |  | $ | 88.47 |
Schedule of Share-based Compensation, Performance-Based Units Award Activity | The following is a summary of the changes in outstanding ROIC performance share units for 2021:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2021 | 182 |  |  | $ | 76.12 |
Granted | 61 |  |  | 102.69 |
Forfeited | (66) |  |  | 76.18 |
Outstanding at December 31, 2021 | 177 |  |  | $ | 84.84 |
(a) Represents an increase in the number of original ROIC performance share units awarded based on the final performance criteria achievement at the end of the performance period of such awards. TSR Performance Share Unit Grants The following is a summary of the changes in outstanding TSR performance share units for 2021:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2021 | 182 |  |  | $ | 96.98 |
Granted | 61 |  |  | 117.56 |
Adjustment for Market Condition Achieved (a) | 35 |  |  | 98.79 |
Vested | (93) |  |  | 98.79 |
Forfeited | (8) |  |  | 103.34 |
Outstanding at December 31, 2021 | 177 |  |  | $ | 102.96 |
Fair value assumptions for performance-based awards | The following are weighted-average key assumptions for 2021 grants.
| 2021 |  | 2020 |  | 2019
Volatility | 33.5 | % |  | 22.6 | % |  | 20.9 | %
Risk-free interest rate | 0.24 | % |  | 1.08 | % |  | 2.52 | %

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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