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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2021
Equity Incentive Plans [Abstract]  
Equity Awards
Equity awards
($ in millions)202120202019
Compensation expense$120 $124 $105 
Income tax benefits18 18 17 
Cash received from exercise of options151 111 154 
Tax benefit realized on options exercised and release of stock restrictions37 53 43 
Nonvested Awards
Nonvested awards as of December 31, 2021
($ in millions)Unrecognized compensationWeighted average vesting period
Nonqualified stock options$16 1.61
Restricted stock units44 1.87
Performance stock awards30 1.65
Total$90 
Assumptions used to determine the fair value of options granted
Option grant assumptions
202120202019
Weighted average expected term
7.5 years
6.1 years
5.8 years
Expected volatility
16.5% - 28.8%
16.3% - 37.1%
15.6% - 28.9%
Weighted average volatility23.0 %17.6 %18.4 %
Expected dividends
2.0% - 3.0%
1.6% - 2.4%
1.9% - 2.2%
Weighted average expected dividends3.1 %1.8 %2.2 %
Risk-free rate
—% - 1.7%
0.1% - 1.8%
1.3% - 2.7%
Summary of option activity
Summary of option activity
For the year ended December 31, 2021
Number
(in 000s)
Weighted average exercise price
Aggregate intrinsic value
(in 000s)
Weighted average remaining contractual term (years)
Outstanding as of January 1, 202110,617 $83.65 
Granted1,738 105.45 
Exercised(2,167)74.05 
Forfeited(319)106.33 
Expired(15)104.22 
Outstanding as of December 31, 20219,854 88.84 $292,514 5.8
Outstanding, net of expected forfeitures9,791 88.71 291,849 5.8
Outstanding, exercisable (“vested”)6,654 79.96 253,563 4.6
Changes in restricted stock units
Changes in restricted stock units
For the year ended December 31, 2021
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 2021948 $98.61 
Granted552 108.99 
Vested(322)102.45 
Forfeited(140)105.68 
Nonvested as of December 31, 20211,038 101.98 
Changes in performance stock units
Changes in performance stock awards
For the year ended December 31, 2021
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 2021951 $100.89 
Granted442 107.14 
Adjustment for performance achievement338 92.88 
Vested(676)92.88 
Forfeited(81)107.91 
Nonvested as of December 31, 2021974 105.92