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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Voting Rights
The holders of each share of common stock shall be entitled to one vote per share on all matters to be voted upon by the Company’s stockholders.
Stock Option Plan
On June 4, 2020, the Company's stockholders approved the 2020 Stock Plan, which was adopted by the Company's Board of Directors on March 4, 2020 subject to stockholder approval. The 2020 Stock Plan is the successor to the 2011 Stock Plan. The 2020 Stock Plan provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants. The 2020 Stock Plan authorized 17,500,000 new shares to be available for award grants. As of the date the 2020 Stock Plan was adopted by the Company's Board of Directors, 5,530,106 shares were available to be granted under the 2011 Stock Plan. These shares are available for award grants under the 2020 Stock Plan.
A summary of the activities related to the Company’s stock option plans is as follows:
 
 Shares Available
for Grant		Options Outstanding
 Number of
Shares		Weighted- Average Exercise Price
(per Share)
Balances as of December 31, 20188,699,941 20,479,278 $89.61 
Granted(2,588,380)2,588,380 320.66 
Exercised— (2,208,052)32.88 
Expired— (280)6.74 
Balances as of December 31, 20196,111,561 20,859,326 $124.28 
New Shares Authorized17,500,000 — — 
Granted(1,909,476)1,909,476 432.34 
Exercised(4,088,612)58.35 
Expired— (3,380)27.54 
Balances as of December 31, 202021,702,085 18,676,810 $170.23 
Granted(1,556,725)1,556,725 554.11 
Exercised— (2,632,324)65.97 
Expired— (5,360)34.63 
Balances as of December 31, 202120,145,360 17,595,851 $219.83 
Vested and exercisable at December 31, 2021
17,595,851 $219.83 
The aggregate intrinsic value of the Company's outstanding stock options as of December 31, 2021 was $6,744 million and represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2021 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of 2021. This amount changes based on the fair market value of the Company’s common stock. Total intrinsic value of options exercised for the years ended December 31, 2021, 2020 and 2019 was $1,363 million, $1,596 million and $666 million, respectively. The weighted-average remaining contractual term of the Company's outstanding stock options as of December 31, 2021 included in the table above was 5.37 years.
Cash received from option exercises for the years ended December 31, 2021, 2020 and 2019 was $174 million, $235 million and $72 million, respectively. The Company records stock option exercises based on trade date.
Stock-Based Compensation
Stock options granted are exercisable for the full ten year contractual term regardless of employment status. The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data:
 
 Year Ended December 31,
 202120202019
Dividend yield— %— %— %
Expected volatility
34% - 41%
37% - 45%
37% - 41%
Risk-free interest rate
1.08% - 1.62%
0.67% - 1.71%
1.74% - 2.74%
Suboptimal exercise factor
3.81 - 3.98
3.34 - 3.67
3.07 - 3.23
Valuation data:
Weighted-average fair value (per share)$259.01 $217.42 $156.60 
Total stock-based compensation expense (in thousands)403,220 415,180 405,376 
Total income tax impact on provision (in thousands)89,642 91,718 90,856 

The Company considers several factors in determining the suboptimal exercise factor, including the historical and estimated option exercise behavior.
The Company calculates expected volatility based solely on implied volatility. The Company believes that implied volatility of publicly traded options in its common stock is more reflective of market conditions, and given consistently high trade volumes of the options, can reasonably be expected to be a better indicator of expected volatility than historical volatility of its common stock.
In valuing shares issued under the Company’s employee stock option plans, the Company bases the risk-free interest rate on U.S. Treasury zero-coupon issues with terms similar to the contractual term of the options. The Company does not anticipate paying any cash dividends in the foreseeable future and therefore uses an expected dividend yield of zero in the option valuation model. The Company does not use a post-vesting termination rate as options are fully vested upon grant date.
Stock Repurchases
In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the twelve months ended December 31, 2021, the Company repurchased 1,182,410 shares, for an aggregate amount of $600 million. As of December 31, 2021, $4.4 billion remain available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of December 31, 2021, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.