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Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Stock-based compensation [Abstract]

Stock-Based Compensation

Information regarding stock-based compensation appears in the table below:

Millions,
for the Three Months Ended March 31,	2020		2019
Stock-based compensation, before tax:
Stock options	$	4	$	5
Retention awards		18		22
Total stock-based compensation, before tax	$	22	$	27
Excess tax benefits from equity compensation plans	$	33	$	39

Stock Options Weight Average Assumptions

The table below shows the annual weighted-average assumptions used for valuation purposes:

Weighted-Average Assumptions	2020		2019
Risk-free interest rate		1.5%		2.5%
Dividend yield		2.1%		2.2%
Expected life (years)		4.9		5.2
Volatility		23.4%		22.7%
Weighted-average grant-date fair value of options granted	$	32.20	$	30.37

Stock Options Activity

A summary of stock option activity during the three months ended March 31, 2020, is presented below:

	Options (thous.)	Weighted-Average ‎Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (millions)
Outstanding at January 1, 2020	3,502	$	113.38	6.1	yrs.	$	236
Granted	558		176.63		N/A		N/A
Exercised	(602)		101.15		N/A		N/A
Forfeited or expired	(6)		142.54		N/A		N/A
Outstanding at March 31, 2020	3,452	$	125.69	6.6	yrs.	$	85
Vested or expected to vest at March 31, 2020	3,418	$	125.31	6.6	yrs.	$	85
Options exercisable at March 31, 2020	2,306	$	108.27	5.5	yrs.	$	79

Stock Option Exercises

Additional information regarding stock option exercises appears in the following table:

Millions,
for the Three Months Ended March 31,	2020		2019
Intrinsic value of stock options exercised	$	48	$	138
Cash received from option exercises		33		72
Treasury shares repurchased for employee taxes		(8)		(22)
Tax benefit realized from option exercises		11		34
Aggregate grant-date fair value of stock options vested		14		15

Retention Awards Activity

Changes in our retention awards during the three months ended March 31, 2020, were as follows:

	Shares ‎(thous.)	Weighted-Average ‎Grant-Date Fair Value
Nonvested at January 1, 2020	1,898	$	112.12
Granted	304		185.97
Vested	(608)		75.89
Forfeited	(22)		134.81
Nonvested at March 31, 2020	1,572	$	140.10

Performance Retention Awards Present Value Calculation Assumptions

The assumptions used to calculate the present value of estimated future dividends related to the February 2020 grant were as follows:

	2020
Dividend per share per quarter	$	0.97
Risk-free interest rate at date of grant		1.4%

Performance Based Units Activity

Changes in our performance retention awards during the three months ended March 31, 2020, were as follows:

	Shares ‎(thous.)	Weighted-Average ‎Grant-Date Fair Value
Nonvested at January 1, 2020	929	$	123.32
Granted	287		166.63
Vested	(336)		102.58
Unearned	(8)		150.42
Forfeited	(32)		138.71
Nonvested at March 31, 2020	840	$	145.57

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