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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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 2021:
Share units
(in thousands)
Weighted
Average
Exercise
Price / Share		Weighted Average
Remaining
Contractual
Term (Years)
Aggregate Intrinsic Value
(in millions)
Outstanding at January 1, 20211,961 $56.08 6.3
Granted262 102.61 
Exercised(371)50.12 
Forfeited and expired(25)84.72 
Outstanding at December 31, 20211,827 $64.12 6.1$102 
Options exercisable at December 31, 20211,173 $52.69 4.8$79 
Vested and non-vested expected to vest as of December 31, 20211,778 $63.46 6.1$100 
Weighted-average assumptions The following are weighted-average assumptions used for 2021, 2020, and 2019:
 202120202019
Dividend yield1.10 %1.42 %1.30 %
Volatility26.29 %24.16 %24.10 %
Risk-free interest rate0.86 %0.83 %2.55 %
Expected term (in years)5.75.85.4
Weighted-average fair value per option$23.26 $14.84 $17.04 
Summary of restricted stock activity restricted stock units for 2021:
Share Units
(in thousands)
Weighted Average
Grant Date Fair
Value / Share
Outstanding at January 1, 2021537 $74.62 
Granted230 105.77 
Vested(252)74.61 
Forfeited(31)87.52 
Outstanding at December 31, 2021484 $88.47 
Schedule of Share-based Compensation, Performance-Based Units Award Activity
The following is a summary of the changes in outstanding ROIC performance share units for 2021:
Share units
(in thousands)
Weighted Average
Grant Date Fair
Value / Share
Outstanding at January 1, 2021182 $76.12 
Granted61 102.69 
Forfeited(66)76.18 
Outstanding at December 31, 2021177 $84.84 
(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 2021:
Share units
(in thousands)
Weighted Average
Grant Date Fair
Value / Share
Outstanding at January 1, 2021182 $96.98 
Granted61 117.56 
Adjustment for Market Condition Achieved (a)35 98.79 
Vested(93)98.79 
Forfeited(8)103.34 
Outstanding at December 31, 2021177 $102.96 
Fair value assumptions for performance-based awards The following are weighted-average key assumptions for 2021 grants.
202120202019
Volatility33.5 %22.6 %20.9 %
Risk-free interest rate0.24 %1.08 %2.52 %