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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
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 2022:
| Share units (in thousands) |  | Weighted Average Exercise Price / Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2022 | 1,827 |  |  | $ | 64.12 |  |  | 6.1 |  |
Granted | 323 |  |  | 87.72 |  |  |  |  |
Exercised | (131) |  |  | 60.07 |  |  |  |  |
Forfeited and expired | (84) |  |  | 82.35 |  |  |  |  |
Outstanding at December 31, 2022 | 1,935 |  |  | $ | 67.55 |  |  | 5.9 |  | $ | 83 |
Options exercisable at December 31, 2022 | 1,342 |  |  | $ | 58.69 |  |  | 4.7 |  | $ | 70 |
Vested and non-vested expected to vest as of December 31, 2022 | 1,889 |  |  | $ | 67.03 |  |  | 5.6 |  | $ | 82 |
Weighted-average assumptions | The following are weighted-average assumptions used for 2022, 2021, and 2020:
| 2022 |  | 2021 |  | 2020
Dividend yield | 1.37 | % |  | 1.10 | % |  | 1.42 | %
Volatility | 26.25 | % |  | 26.29 | % |  | 24.16 | %
Risk-free interest rate | 1.74 | % |  | 0.86 | % |  | 0.83 | %
Expected term (in years) | 5.6 |  | 5.7 |  | 5.8
Weighted-average fair value per option | $ | 20.38 |  |  | $ | 23.26 |  |  | $ | 14.84 |
Summary of restricted stock activity | restricted stock units for 2022:
| Share Units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022 | 484 |  |  | $ | 88.47 |
Granted | 349 |  |  | 87.01 |
Vested | (231) |  |  | 84.75 |
Forfeited | (49) |  |  | 90.99 |
Outstanding at December 31, 2022 | 553 |  |  | $ | 88.88 |
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 2022:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022 | 177 |  |  | $ | 84.84 |
Granted | 35 |  |  | 86.77 |
Forfeited | (66) |  |  | 77.15 |
Outstanding at December 31, 2022 | 146 |  |  | $ | 88.78 |
Revenue Performance Share Unit Grants The fair value of the Revenue performance share unit awards is determined using the closing price of our common stock on date of grant. The following is a summary of our Revenue performance share unit grants for 2022:
| Share units (in thousands) |  |  |  |  |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022 | — |  |  |  |  |  |  | $ | — |
Granted | 35 |  |  |  |  |  |  | 86.77 |
Forfeited | (3) |  |  |  |  |  |  | 86.76 |
Outstanding at December 31, 2022 | 32 |  |  |  |  |  |  | $ | 86.77 |
TSR Performance Share Unit Grants The following is a summary of the changes in outstanding TSR performance share units for 2022:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value / Share
Outstanding at January 1, 2022 | 177 |  |  | $ | 102.96 |
Granted | 70 |  |  | 71.18 |
Adjustment for Market Condition Achieved (a) | 22 |  |  | 89.62 |
Vested | (75) |  |  | 89.62 |
Forfeited | (16) |  |  | 89.04 |
Outstanding at December 31, 2022 | 178 |  |  | $ | 100.67 |
Fair value assumptions for performance-based awards | The following are weighted-average key assumptions for 2022 grants.
| 2022 |  | 2021 |  | 2020
Volatility | 33.3 | % |  | 33.5 | % |  | 22.6 | %
Risk-free interest rate | 1.44 | % |  | 0.24 | % |  | 1.08 | %

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