Weighted-average recognition period

[Table of Contents](#i7f92822ddf844c24912627bf68509b56_7)  
The following awards were outstanding at the end of 2022:•3,328,000 time-based RSUs, which vest upon continued employment or service over specified periods of time; and•121,000 performance-based RSUs, of which 82,000 were granted to executive officers subject to the determination of the attainment of performance targets for 2022. This determination occurred in September 2022, at which time at least 33% of the units vested, as a result of the long service of all executive officers receiving performance-based RSUs. The remaining awards vest upon continued employment over specified periods of time.The following table summarizes RSU transactions during 2022:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Number ofUnits(in 000’s) |  | Weighted-AverageGrant Date FairValue |
| Outstanding at the end of 2021 | 4,349  |  |  | $ | 257.88  |  |
| Granted | 1,679  |  |  | 476.06  |  |
| Vested and delivered | (2,456) |  |  | 290.18  |  |
| Forfeited | (123) |  |  | 332.84  |  |
|  |  |  |  |
| Outstanding at the end of 2022 | 3,449  |  |  | $ | 338.41  |  |

The weighted-average grant date fair value of RSUs granted was $476.06, $369.15, and $294.08 in 2022, 2021, and 2020, respectively. The remaining unrecognized compensation cost related to non-vested RSUs at the end of 2022 was $758 and the weighted-average period of time over which this cost will be recognized is 1.6 years. Included in the outstanding balance at the end of 2022 were approximately 1,210,000 RSUs vested but not yet delivered.Summary of Stock-Based CompensationThe following table summarizes stock-based compensation expense and the related tax benefits:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2022 |  | 2021 |  | 2020 |
| Stock-based compensation expense | $ | 724  |  |  | $ | 665  |  |  | $ | 619  |  |
| Less recognized income tax benefit  | 154  |  |  | 140  |  |  | 128  |  |
| Stock-based compensation expense, net | $ | 570  |  |  | $ | 525  |  |  | $ | 491  |  |

  
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