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Stock Options and Other Share-Based Compensation (Tables)

12 Months Ended

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 years1			6.6									6.6						6.5
Volatility2			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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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

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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.

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