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STOCKHOLDERS’ EQUITY (Tables)
 12 Months Ended
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 31202120202019
Expected volatility24 %26 %19 %
Expected life (in years)5.55.55.5
Risk-free interest rate0.8 %0.6 %2.5 %
Dividend yield1.3 %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)OptionsWeighted-
average
exercise
price		Weighted-
average
remaining
contractual
term
(in years)		Aggregate
intrinsic
value
Outstanding as of January 1, 202120,196 $56.88 
Granted4,034 $77.32 
Exercised(2,759)$49.68 
Forfeited(729)$76.33 
Expired(46)$53.75 
Outstanding as of December 31, 202120,696 $61.14 5.9$511,187 
Vested or expected to vest as of December 31, 202120,391 $60.91 5.9$508,645 
Exercisable as of December 31, 202113,821 $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 unitsWeighted-
average
grant-date
fair value
Nonvested RSUs as of January 1, 20211,138 $73.11 
Granted714 $77.84 
Replacement RSUs granted in acquisition668 $80.86 
Vested(591)$71.63 
Forfeited(131)$77.75 
Nonvested RSUs as of December 31, 20211,798 $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 31202120202019
Baxter volatility28 %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 rate0.3 %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 unitsWeighted-
average
grant-date
fair value
Nonvested PSUs as of January 1, 2021760 $86.69 
Granted241 $78.24 
Vested(178)$78.41 
Forfeited(91)$87.63 
Nonvested PSUs as of December 31, 2021732 $85.87