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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Schedule of weighted-average fair value of options, assumptions used

The weighted-average fair value of options granted was estimated at $15.92, $13.54 and $13.56, in 2020, 2019 and 2018, respectively, per option on the date of grant based on the following assumptions:

			Year Ended December 31
			2020						2019						2018
Dividend yield			3.3		%				3.3		%				3.9		%
Volatility			21.9		%				17.0		%				20.8		%
Risk-free interest rate			0.3		%				2.3		%				2.8		%
Expected life - years			4.5						4.6						4.6

Schedule of total remaining unrecognized compensation costs and amortization period

Total remaining unrecognized compensation costs and amortization period are as follows:

			December 31, 2020						Weighted-Average Service Years
Stock options			$	15					1.3
Restricted shares and time-vested restricted share units			12						1.5
Performance-based restricted share units			82						1.8

Summary of stock-based compensation

A summary of stock-based compensation is presented below:

Stock Options			Shares (in thousands)						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2020			5,892						$	115.26
Granted			1,568						139.18
Exercised			(1,909)						113.58
Forfeited or expired			(160)						124.97
Outstanding at December 31, 2020			5,391						123.14						7.75						$	70
Exercisable at December 31, 2020			2,813						116.94						5.34						$	50

Summary of nonvested restricted share units

			Time-Vested Restricted Share Units												Performance-Based Restricted Share Units
Other Stock-Based Awards			Shares (in thousands)						Weighted- Average Grant-Date Fair Value						Shares (in thousands)						Weighted- Average Grant-Date Fair Value
Nonvested at January 1, 2020			156						$	123.15					1,584						$	118.71
Granted			123						134.31						623						134.81
Vested			(83)						122.07						(370)						124.41
Forfeited			(14)						122.14						(300)						128.52
Nonvested at December 31, 2020			182						130.91						1,537						122.56

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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