Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.20.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share-based Payment Arrangement, Option, Activity [Table Text Block] The following is an analysis of options to purchase shares of class A common stock issued and outstanding:
Options
(in thousands)		 Weighted-Average
Exercise
Price		 Weighted-Average  Remaining
Contractual Term
(in years)		 Aggregate Intrinsic
Value (in millions)
Outstanding at January 1, 2020 1,498  $ 100.74 
Exercised (375) 92.76 
Granted 441  104.10 
Forfeited / Expired —  — 
Outstanding at December 31, 2020 1,564  $ 103.60  6.84 $ 101 
Options Vested and Expected to Vest 1,564  $ 103.60  6.84 $ 101 
Exercisable at December 31, 2020 801  $ 101.33  5.46 $ 54 
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] As of December 31, 2020, we had the following outstanding Restricted Units, including reinvested dividends, granted under the MIP:
Restricted Units
(in thousands)		 Weighted-Average
Grant Date
Fair Value		 Weighted-Average  Remaining Contractual Term (in years) Aggregate Intrinsic
Value  (in millions)
Non-vested as of January 1, 2020 10,739  $ 106.94 
Vested (12,195) 106.60 
Granted 3,638  102.54 
Reinvested Dividends 276  N/A
Forfeited / Expired (165) 101.80 
Non-vested as of December 31, 2020 2,293  $ 102.91  0.26 $ 386 
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] As of December 31, 2020, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our LTIP program:
Restricted Units
(in thousands)		 Weighted-Average
Grant Date
Fair Value		 Weighted-Average  Remaining
Contractual Term
(in years)		 Aggregate Intrinsic
Value  (in millions)
Non-vested as of January 1, 2020 1,691  $ 109.18 
Vested (867) 110.79 
Granted 230  92.76 
Reinvested Dividends 64  N/A
Forfeited / Expired (114) 107.34 
Non-vested as of December 31, 2020 1,004  $ 104.15  1.22 $ 169 
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]
The following table summarizes information about stock options outstanding and exercisable as of December 31, 2020:
  Options Outstanding Options Exercisable
Exercise Price Range Options
(in thousands)		 Weighted-Average
Remaining Contractual Term
(in years)		 Weighted-Average
Exercise
Price		 Options
(in thousands)		 Weighted-Average
Exercise
Price
$65.01 - $80.00 67  0.90 $ 76.02  67  $ 76.02 
$80.01 - $95.00 46  2.17 82.87  46  82.87 
$95.01 - $110.00 1,208  7.09 104.28  587  103.87 
$110.01 - $125.00 243  8.12 111.80  101  111.80 
1,564  6.84 $ 103.60  801  $ 101.33 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
2020 2019 2018
Risk-free interest rate 0.15  % 2.23  % 2.61  %
Expected volatility 27.53  % 19.64  % 16.51  %
Weighted-average fair value of units granted $ 92.77  $ 123.44  $ 137.57 
Share payout 101.00  % 115.04  % 123.47  %
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used by year, and the calculated weighted-average fair values of options, are as follows:
2020 2019 2018
Expected dividend yield 3.51  % 2.94  % 2.93  %
Risk-free interest rate 1.26  % 2.60  % 2.84  %
Expected life in years 7.5 7.5 7.5
Expected volatility 19.25  % 17.79  % 16.72  %
Weighted-average fair value of options granted $ 11.74  $ 16.34  $ 15.23