Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] As of December 31, 2021, we had the following outstanding RPUs, including reinvested dividends, granted under the MIP:
RPUs
(in thousands)		 Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2021 2,293  $ 102.91 
Vested (5,452) 109.35 
Granted 6,618  165.27 
Reinvested Dividends 129  N/A
Forfeited / Expired (121) 159.78 
Non-vested as of December 31, 2021 3,467  $ 163.32 
Schedule of Share-based Payment Award, Performance Units, Valuation Assumptions [Table Text Block]
The weighted-average assumptions used in our Monte Carlo models for each award year were as follows:
2021 2020 2019
Risk-free interest rate 0.19  % 0.15  % 2.23  %
Expected volatility 30.70  % 27.53  % 19.64  %
Weighted-average fair value of units granted $ 168.05  $ 92.77  $ 123.44 
Share payout 102.39  % 101.00  % 115.04  %
Share-based Payment Arrangement, Performance Shares, Outstanding Activity [Table Text Block] As of December 31, 2021, we had the following RPUs outstanding, including reinvested dividends, that were granted under our LTIP program:
RPUs
(in thousands)		 Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2021 1,004  $ 104.15 
Vested (919) 115.40 
Granted 1,659  168.10 
Reinvested Dividends 50  N/A
Forfeited / Expired (158) 149.90 
Non-vested as of December 31, 2021 1,636  $ 159.34 
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, 2021 1,564  $ 103.60 
Exercised (176) 99.74 
Granted 211  165.58 
Forfeited / Expired —  — 
Outstanding as of December 31, 2021 1,599  $ 112.18  6.46 $ 163 
Options Vested and Expected to Vest 1,599  $ 112.18  6.46 $ 163 
Exercisable as of December 31, 2021 1,050  $ 104.15  5.52 $ 116 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
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:
2021 2020 2019
Expected dividend yield 3.31  % 3.51  % 2.94  %
Risk-free interest rate 0.84  % 1.26  % 2.60  %
Expected life in years 7.5 7.5 7.5
Expected volatility 23.15  % 19.25  % 17.79  %
Weighted-average fair value of options granted $ 23.71  $ 11.74  $ 16.34