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STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Stock Options Fair Value Assumptions | The weighted-average assumptions used in estimating the fair value of stock options granted during each year, along with the weighted-average grant-date fair values, were as follows:
years ended December 31 | 2021 | 2020 | 2019
Expected volatility | 24 | % | 26 | % | 19 | %
Expected life (in years) | 5.5 | 5.5 | 5.5
Risk-free interest rate | 0.8 | % | 0.6 | % | 2.5 | %
Dividend yield | 1.3 | % | 1.2 | % | 1.0 | %
Fair value per stock option | $ | 16 |  | $ | 16 |  | $ | 15 |
Summary of Stock Option Activity | The following table summarizes stock option activity for the year ended December 31, 2021 and the outstanding stock options as of December 31, 2021.
(options and aggregate intrinsic values in thousands) | Options | Weighted- average exercise price | Weighted- average remaining contractual term (in years) | Aggregate intrinsic value
Outstanding as of January 1, 2021 | 20,196 |  | $ | 56.88 |  |  |
Granted | 4,034 |  | $ | 77.32 |  |  |
Exercised | (2,759) |  | $ | 49.68 |  |  |
Forfeited | (729) |  | $ | 76.33 |  |  |
Expired | (46) |  | $ | 53.75 |  |  |
Outstanding as of December 31, 2021 | 20,696 |  | $ | 61.14 |  | 5.9 | $ | 511,187 |
Vested or expected to vest as of December 31, 2021 | 20,391 |  | $ | 60.91 |  | 5.9 | $ | 508,645 |
Exercisable as of December 31, 2021 | 13,821 |  | $ | 53.46 |  | 4.6 | $ | 447,799 |
Summary of Nonvested RSU Activity | The following table summarizes nonvested RSU activity for the year ended December 31, 2021.
(share units in thousands) | Share units | Weighted- average grant-date fair value
Nonvested RSUs as of January 1, 2021 | 1,138 |  | $ | 73.11 |
Granted | 714 |  | $ | 77.84 |
Replacement RSUs granted in acquisition | 668 |  | $ | 80.86 |
Vested | (591) |  | $ | 71.63 |
Forfeited | (131) |  | $ | 77.75 |
Nonvested RSUs as of December 31, 2021 | 1,798 |  | $ | 78.01 |
Performance Stock Units Fair Value | The assumptions used in estimating the fair value of these PSUs granted during the period, along with the grant-date fair values, were as follows:
years ended December 31 | 2021 | 2020 | 2019
Baxter volatility | 28 | % | 26 | % | 19 | %
Peer group volatility | 26%-81% | 23%-95% | 18%-113%
Correlation of returns | 0.05-0.65 | 0.19-0.70 | 0.13-0.63
Risk-free interest rate | 0.3 | % | 0.4 | % | 2.5 | %
Fair value per PSU | $ | 86 |  | $ | 108 |  | $ | 106 |
Summary of Nonvested Performance Stock Unit Activity | The following table summarizes nonvested PSU activity for the year ended December 31, 2021.
(share units in thousands) | Share units | Weighted- average grant-date fair value
Nonvested PSUs as of January 1, 2021 | 760 |  | $ | 86.69 |
Granted | 241 |  | $ | 78.24 |
Vested | (178) |  | $ | 78.41 |
Forfeited | (91) |  | $ | 87.63 |
Nonvested PSUs as of December 31, 2021 | 732 |  | $ | 85.87 |

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