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Stock Options and Other Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Fair market values of stock options and stock appreciation rights granted | The fair market values of stock options and stock appreciation rights granted in 2020, 2019 and 2018 were measured on the date of grant using the Black-Scholes option-pricing model, with the following weighted-average assumptions:
| Year ended December 31
| 2020 |  |  | 2019 |  | 2018 |
Expected term in years 1 | 6.6 |  |  | 6.6 |  | 6.5 |
Volatility 2 | 20.8 |  | % |  | 20.5 |  | % | 21.2 |  | %
Risk-free interest rate based on zero coupon U.S. treasury note | 1.5 |  | % |  | 2.6 |  | % | 2.6 |  | %
Dividend yield | 4.0 |  | % |  | 3.8 |  | % | 3.8 |  | %
Weighted-average fair value per option granted | $ | 13.00 |  |  |  | $ | 15.82 |  |  | $ | 18.18 |  |
1 Expected term is based on historical exercise and post-vesting cancellation data. 2 Volatility rate is based on historical stock prices over an appropriate period, generally equal to the expected term.
Summary of option activity | A summary of option activity, including Noble, during 2020 is presented below:
| Shares (Thousands) | Weighted-Average Exercise Price |  | Averaged Remaining Contractual Term (Years) | Aggregate Intrinsic Value
Outstanding at January 1, 2020 | 86,641 |  |  | $ | 103.22 |  |  |  |  |
Granted | 8,281 |  |  | $ | 150.98 |  |  |  |  |
Exercised | (2,739) |  |  | $ | 78.92 |  |  |  |  |
Forfeited | (2,033) |  |  | $ | 110.72 |  |  |  |  |
Outstanding at December 31, 2020 | 90,150 |  |  | $ | 108.17 |  |  | 4.11 |  | $ | 23 |
Exercisable at December 31, 2020 | 80,860 |  |  | $ | 107.65 |  |  | 3.59 |  | $ | 23 |

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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