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Stock Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Expense Allocation Within the Consolidated Statements of Income Total stock compensation expense recognized is as follows:
For Years Ended December 31,
202120202019
COR$21 $21 $21 
R&D67 68 66 
SG&A134 135 130 
Restructuring charges/other8 — — 
Total230 224 217 
Schedule of Weighted Average Assumptions Used to Estimate the Fair Values for Non-qualified Stock Options We estimate the fair values for non-qualified stock options using the Black-Scholes-Merton option-pricing model with the following weighted average assumptions:
For Years Ended December 31,
202120202019
Weighted average grant date fair value, per share$40.78 $25.55 $22.08 
Weighted average assumptions used:
Expected volatility32 %26 %26 %
Expected lives (in years)6.76.87.1
Risk-free interest rates0.72 %1.53 %2.66 %
Expected dividend yields2.41 %2.76 %2.95 %
Schedule of Stock Option and RSU Transactions Under Long-term Incentive and Director Compensation Plans
Stock option and RSU transactions under our long-term incentive and director compensation plans are as follows:
Stock OptionsRSUs
SharesWeighted Average Exercise Price per ShareSharesWeighted Average Grant Date Fair Value per Share
Outstanding grants, December 31, 2020
28 $79.69 $100.80 
Granted3 169.52 1 176.08 
Stock options exercised/RSUs vested(6)65.89 (2)81.31 
Outstanding grants, December 31, 2021 (a)
25 91.58 4 124.80 
(a) Forfeited and expired shares were not material.
For Years Ended December 31,
202120202019
Weighted average grant date fair value per share for RSUs$176.08 $130.59 $106.58 
Total grant date fair value of shares vested for RSUs$115 $110 $125 
Aggregate intrinsic value of options exercised$611 $681 $819 
Schedule of Shares Outstanding Under Stock Option Plans, by Exercise Price Range Summarized information about stock options outstanding as of December 31, 2021, is as follows:
Stock Options Outstanding
Exercise Price RangeNumber Outstanding (Shares)Weighted Average Remaining Contractual Life (Years)Weighted Average Exercise Price per Share
$
28.13 to 193.58
25 5.5$91.58 
Schedule of Stock Options That are Vested and Expected to Vest, Outstanding and Exercisable
Options Fully Vested and Expected to Vest (a)Options Exercisable
Options outstanding (shares)25 16 
Weighted average remaining contractual life (in years)5.54.2
Weighted average exercise price per share$90.97 $69.43 
Intrinsic value$2,408 $1,952 
(a)Includes effects of expected forfeitures. Excluding the effects of expected forfeitures, the aggregate intrinsic value of stock options outstanding was $2.42 billion.
Schedule of Changes in Treasury Stock The following table reflects the changes in our treasury shares:
For Years Ended December 31,
202120202019
Balance, January 1821 809 796 
Repurchases3 23 27 
Shares issued(7)(11)(14)
Balance, December 31817 821 809 
Schedule of Cash Proceeds Received from Share-based Payment Awards
The effects on cash flows are as follows:
For Years Ended December 31,
202120202019
Proceeds from common stock transactions (a)$377 $470 $539 
Tax benefit realized from stock compensation$175 $195 $224 
Reduction to deferred tax asset(39)(44)(49)
Excess tax benefit for stock compensation$136 $151 $175 
(a)Net of taxes paid for employee shares withheld of $53 million, $53 million and $52 million in 2021, 2020 and 2019, respectively.