v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Components of Stock-Based Compensation Expense

The components of stock-based compensation expense are as follows:

 

(in millions)

2021

 

 

2020

 

 

2019

 

Stock-based compensation:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock and RSUs

$

709

 

 

$

593

 

 

$

532

 

Stock options

 

25

 

 

 

29

 

 

 

35

 

Total stock-based compensation

$

734

 

 

$

622

 

 

$

567

 

 
Restricted Stock and RSU Activity

Restricted stock and RSU activity for 2021 is summarized below.

 

Outstanding at

Restricted

Stock and

RSUs

 

 

Weighted-

Average

Grant Date

Fair Value

 

December 31, 2020

 

2,139,930

 

 

$

489.81

 

Granted

 

886,378

 

 

$

749.44

 

Converted

 

(770,794

)

 

$

506.68

 

Forfeited

 

(72,497

)

 

$

574.82

 

December 31, 2021

 

2,183,017

 

 

$

586.45

 

 
Summary of RSUs/Restricted Stock Granted in Connection with Annual Incentive Compensation under Award Plan

RSUs/restricted stock granted in connection with annual incentive compensation under the Award Plan primarily related to the following:

 

 

2021

 

 

2020

 

 

2019

 

Awards granted that vest ratably over three years from the date of grant

 

470,253

 

 

 

504,403

 

 

 

674,206

 

Awards granted that cliff vest 100% on:

 

 

 

 

 

 

 

 

 

 

 

January 31, 2022

 

—

 

 

 

—

 

 

 

377,291

 

January 31, 2023

 

—

 

 

 

393,161

 

 

 

—

 

January 31, 2024

 

247,621

 

 

 

—

 

 

 

—

 

 

 

717,874

 

 

 

897,564

 

 

 

1,051,497

 
Performance-Based RSUs [Member]  
Restricted Stock and RSU Activity

Performance-based RSU activity for 2021 is summarized below.

 

Outstanding at

Performance-

Based RSUs

 

 

Weighted-

Average

Grant Date

Fair Value

 

December 31, 2020

 

700,217

 

 

$

494.51

 

Granted

 

162,029

 

 

$

739.22

 

Additional shares granted due to attainment of performance measures

 

4,545

 

 

$

566.44

 

Converted

 

(193,872

)

 

$

566.44

 

Forfeited

 

(4,114

)

 

$

486.12

 

December 31, 2021

 

668,805

 

 

$

533.48

 

 
Performance-Based Stock Options [Member]  
Stock Option Activity Stock option activity for 2021 is summarized below.

 

Outstanding at

Shares

Under

Option

 

 

Weighted

Average

Exercise

Price

 

December 31, 2020

 

1,915,792

 

 

$

513.50

 

Forfeited

 

(97,869

)

 

$

513.50

 

December 31, 2021

 

1,817,923

 

 

$

513.50

 

 
Schedule of Fair Value of Market Performance-Based Award at Grant Date The grant-date fair value of the awards issued in 2017 was $208 million and was estimated using a Monte Carlo simulation with an embedded lattice model using the assumptions included in the following table:

Grant

Year

 

Expected Term (Years)

 

Expected Stock Volatility

 

Expected Dividend Yield

 

Risk-Free Interest Rate

 

2017

 

6.56

 

22.23

%

2.16

%

2.33

%