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EQUITY-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of RSU and RSA activity A summary of the RSU and RSA activity for 2021 is as follows:
(Restricted stock units and awards in millions)Number of restricted
stock units and awards
Weighted-average fair
value per unit and award
Non-vested at January 11.5 $85.09 
Granted0.6 132.69 
Vested(0.7)91.20 
Forfeited(0.1)105.68 
Non-vested at December 311.3 $104.86 
Schedule of Information Related to RSUs and RSAs
Information related to RSUs and RSAs is as follows:
(In millions)202120202019
Pre-tax expense for RSUs and RSAs$61 $58 $57 
After-tax expense for RSUs and RSAs48 46 45 
Fair value of vested RSUs and RSAs 92 75 103 
Schedule of Assumptions Used in Determining Fair Value of PSUs A summary of the assumptions used in determining fair value of these PSUs is as follows:
202120202019
Expected volatility35 %21 %21 %
Risk-free interest rate0.20 %1.16 %2.42 %
Weighted-average fair value of PSUs granted$159.74 $121.01 $92.50 
Schedule of PSU Activity
A summary of these PSUs that vested is as follows:
(Performance share units in millions)202120202019
Percent payout189 %178 %130 %
Shares vested0.5 0.4 0.3 
A summary of the 2021 activity for these PSUs is as follows:
(Performance share units in millions)Number of performance
share units
Weighted-average fair
value per unit
Non-vested at January 10.5 $105.47 
Granted1
0.2 159.74 
Adjusted for performance results achieved2
0.2 92.50 
Vested(0.5)92.50 
Forfeited— — 
Non-vested at December 310.4 $139.00 
1 Performance shares granted assuming the Company will perform at target relative to peers.
2 Adjustments for the number of shares vested under the 2019 awards at the end of the three-year performance period ended December 31, 2021, being higher than the target number of shares.
Schedule of Information Related to PSUs
Information related to PSUs is as follows:
(In millions)202120202019
Pre-tax expense for PSUs$26 $25 $21 
After-tax expense for PSUs21 20 17 
Schedule of Assumptions Used in Determining Fair Value of Stock Options A summary of the assumptions used in determining the fair value of stock options is as follows:
202120202019
Expected volatility28 %24 %23 %
Expected option life in years6.56.66.6
Expected dividend yield3.0 %3.2 %3.2 %
Risk-free interest rate
0.0 to 1.5%
0.5 to 1.5%
1.9 to 2.6%
Weighted-average fair value of stock options granted$26.11 $15.55 $14.08 
Schedule of Stock Option Activity A summary of stock option activity is as follows:
(Options in millions)Weighted-average
exercise price per option
OptionsWeighted-average
remaining
contractual life
in years
Aggregate
intrinsic
value
Outstanding at January 1, 2021$76.93 3.6 
Granted131.59 0.5 
Exercised74.11 (0.9)
Forfeited and canceled— — 
Outstanding at December 31, 2021$85.34 3.2 6.3$277.9 
Exercisable at December 31, 2021$73.31 2.1 5.2$206.9 
Reserved for future grants at December 31, 202122.4 
Schedule of Information Related to Stock Options Information related to stock options is as follows:
(In millions)202120202019
Pre-tax expense for stock options$14 $$
After-tax expense for stock options11 
Proceeds from stock options exercised63 70 67 
Income tax benefit related to stock options exercised
Tax benefit classified in operating activities in the Consolidated
   Statements of Cash Flows
13 10 
Intrinsic value of stock options exercised69 50 29 
Total fair value of stock options vested$14 $$
Stock options exercised0.9 1.1 1.2