Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.22.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]
As of December 31, 2022, we had the following outstanding, non-vested Restricted Units granted under the MIP:
Restricted Units
(in thousands)		 Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2022 3,467  $ 163.32 
Vested (3,613) 166.65 
Granted 3,254  223.72 
Reinvested Dividends 140  N/A
Forfeited / Expired (142) 199.66 
Non-vested as of December 31, 2022 3,106  $ 221.97 
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:
2022 2021 2020
Risk-free interest rate 2.35  % 0.19  % 0.15  %
Expected volatility 31.92  % 30.70  % 27.53  %
Weighted-average fair value of units granted $ 227.00  $ 168.05  $ 92.77 
Share payout 107.37  % 102.39  % 101.00  %
Share-Based Payment Arrangement, Performance Shares, Activity As of December 31, 2022, we had the following outstanding, non-vested RPUs granted under our LTIP program:
RPUs
(in thousands)		 Weighted-Average
Grant Date
Fair Value
Non-vested as of January 1, 2022 1,636  $ 159.34 
Vested (973) 153.13 
Granted 613  227.00 
Reinvested Dividends 68  N/A
Forfeited / Expired (101) 174.70 
Non-vested as of December 31, 2022 1,243  $ 197.17 
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, 2022 1,599  $ 112.18 
Exercised (192) 98.45 
Granted 109  214.58 
Forfeited / Expired (50) N/A
Outstanding as of December 31, 2022 1,466  $ 120.51  5.96 $ 82 
Options Vested and Expected to Vest 1,466  $ 120.51  5.96 $ 82 
Exercisable as of December 31, 2022 1,047  $ 108.81  5.19 $ 68 
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:
2022 2021 2020
Expected dividend yield 2.35  % 3.31  % 3.51  %
Risk-free interest rate 2.39  % 0.84  % 1.26  %
Expected life in years 7.5 7.5 7.5
Expected volatility 25.04  % 23.15  % 19.25  %
Weighted-average fair value of options granted $ 48.45  $ 23.71  $ 11.74