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Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Components of stock-based compensation expense recognized in the Consolidated Statements of Income
The following table reflects the components of stock-based compensation expense recognized in our Consolidated Statements of Income (in millions):
Years ended December 31,
202020192018
RSUs$178 $168 $165 
Performance units118 105 117 
Stock options34 35 29 
Total stock-based compensation expense, pretax330 308 311 
Tax benefit from stock-based compensation expense(72)(67)(67)
Total stock-based compensation expense, net of tax$258 $241 $244 
Summary of RSUs
The following table summarizes information regarding our RSUs:
Year ended December 31, 2020
Units
(in millions)		Weighted-average
grant date
fair value
Balance nonvested as of December 31, 20193.1 $174.97 
Granted1.1 $235.63 
Vested(1.0)$167.23 
Forfeited(0.2)$190.15 
Balance nonvested as of December 31, 20203.0 $198.11 
Weighted-average assumptions used and the resulting weighted-average grant date fair value of stock options
The weighted-average assumptions used in the option valuation model and the resulting weighted-average grant date fair values of stock options granted were as follows:
Years ended December 31,
202020192018
Closing price of our common stock on grant date$236.36$177.31 $177.46 
Expected volatility (average of implied and historical volatility)28.1 %23.5 %24.6 %
Expected life (in years)5.85.85.8
Risk-free interest rate0.4 %2.4 %2.8 %
Expected dividend yield3.0 %3.1 %2.9 %
Fair value of stock options granted$42.34$30.47 $34.60 
Summary of stock options
The following table summarizes information regarding our stock options:
Year ended December 31, 2020
Options
(in millions)		Weighted-
average
exercise price		Weighted-
average
remaining
contractual
life (in years)		Aggregate
intrinsic
value
(in millions)
Balance unexercised as of December 31, 20194.8 $157.00 
Granted1.0 $236.36 
Exercised(0.9)$117.90 
Expired/forfeited(0.2)$178.36 
Balance unexercised as of December 31, 20204.7 $179.90 7.3$243 
Vested or expected to vest as of December 31, 20204.5 $178.37 7.3$239 
Exercisable as of December 31, 20201.5 $150.80 5.5$120 
Weighted average assumptions used and the resulting weighted average grant date fair value of performance units The weighted-average assumptions used in the payout simulation model and the resulting weighted-average grant date fair values of performance units granted were as follows:
Years ended December 31,
202020192018
Closing price of our common stock on grant date$236.36 $177.31 $177.93 
Volatility27.5 %22.1 %23.8 %
Risk-free interest rate0.2 %2.3 %2.6 %
Fair value of units granted$249.07 $188.40 $189.21