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Stock-Based Compensation Programs (Tables)
12 Months Ended
Dec. 31, 2021
Stock-Based Compensation Programs  
Summary of stock option activity

Number of

Weighted Average

    

Shares

    

Exercise Price

Beginning of year

10,113,396

$

40.40

Granted

1,193,934

85.52

Exercised

(1,441,190)

33.07

Canceled/forfeited

(100,044)

73.65

End of period

9,766,096

46.66

Vested and exercisable, end of year

6,500,576

$

36.04

Reserved for future grants

14,793,877

Schedule of weighted average assumptions used for estimating fair values of options

2021 Grants

2020 Grants

2019 Grants

Expected dividend yield

0.70

%  

0.83

%  

0.79

%  

Expected stock price volatility

25.08

%  

20.84

%  

20.36

%  

Risk-free interest rate

0.61

%  

1.47

%  

2.59

%  

Expected life of options (in years)

6.25

years  

6.40

years  

6.40

years  

Summary of restricted stock activity

Weighted

Number of

Average

    

Shares/Units

    

Grant Price

Beginning of year

1,267,952

$

42.78

Granted

376,035

88.53

Vested

(380,103)

41.37

Canceled/forfeited

(17,480)

69.10

End of year

1,246,404

$

56.64