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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2020
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 2020:
Share units
(in thousands)
Weighted
Average
Exercise
Price / Share		Weighted Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value
(in millions)
Outstanding at January 1, 20202,040 $48.56 6.3
Granted571 74.60 
Exercised(521)39.42 
Forfeited and expired(129)77.52 
Outstanding at December 31, 20201,961 $56.66 6.4$89 
Options exercisable at December 31, 20201,227 $46.29 4.9$68 
Vested and non-vested expected to vest as of December 31, 20201,896 $56.08 6.3$87 
Weighted-average assumptions The following are weighted-average assumptions used for 2020, 2019, and 2018:
 202020192018
Dividend yield1.42 %1.30 %1.12 %
Volatility24.16 %24.10 %23.41 %
Risk-free interest rate0.83 %2.55 %2.76 %
Expected term (in years)5.85.45.1
Weighted-average fair value per option$14.84 $17.04 $17.80 
Summary of restricted stock activity restricted stock units for 2020:
Share Units
(in thousands)
Weighted Average
Grant Date Fair
Value / Share
Outstanding at January 1, 2020512 $68.95 
Granted340 75.58 
Vested(252)63.91 
Forfeited(63)76.23 
Outstanding at December 31, 2020537 $74.62 
Schedule of Share-based Compensation, Performance-Based Units Award Activity ROIC performance share units for 2020:
Share units
(in thousands)
Weighted Average
Grant Date Fair
Value / Share
Outstanding at January 1, 2020225 $64.51 
Granted82 78.90 
Adjustment for Performance Condition Achieved (a)— — 
Vested(89)49.15 
Forfeited(36)76.67 
Outstanding at December 31, 2020182 $76.12 
(a) Represents an increase in the number of original ROIC performance share units awarded based on the final performance criteria achievement at the end of the performance period of such awards.
TSR Performance Share Unit Grants
The following is a summary of the changes in outstanding TSR performance share units for 2020:
Share units
(in thousands)
Weighted Average
Grant Date Fair
Value / Share
Outstanding at January 1, 2020225 $75.80 
Granted82 102.05 
Adjustment for Performance Condition Achieved (a)35 47.81 
Vested(124)47.81 
Forfeited(36)92.03 
Outstanding at December 31, 2020182 $96.98 
Fair value assumptions for performance-based awards The following are weighted-average key assumptions for 2020 grants.
Volatility22.6 %
Risk-free interest rate1.08 %