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Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Stock-based compensation [Abstract]

Stock-Based Compensation

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
Millions	2020		2019			2020		2019
Stock-based compensation, before tax:
Stock options	$	4	$	4		$	8	$	9
Retention awards		14		20			32		42
Total stock-based compensation, before tax	$	18	$	24		$	40	$	51
Excess tax benefits from equity compensation plans	$	2	$	6		$	35	$	45

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 six months ended June 30, 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	(849)		102.61		N/A		N/A
Forfeited or expired	(12)		150.52		N/A		N/A
Outstanding at June 30, 2020	3,199	$	127.13	6.6	yrs.	$	142
Vested or expected to vest at June 30, 2020	3,165	$	126.74	6.6	yrs.	$	142
Options exercisable at June 30, 2020	2,059	$	108.52	5.5	yrs.	$	125

Stock Option Exercises

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
Millions	2020		2019			2020		2019
Intrinsic value of stock options exercised	$	17	$	26		$	65	$	164
Cash received from option exercises		18		26			51		98
Treasury shares repurchased for employee taxes		(4)		(7)			(12)		(29)
Tax benefit realized from option exercises		3		6			14		40
Aggregate grant-date fair value of stock options vested		-		-			14		15

Retention Awards Activity

Changes in our retention awards during the six months ended June 30, 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	(611)		76.13
Forfeited	(36)		136.99
Nonvested at June 30, 2020	1,555	$	140.12

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 six months ended June 30, 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	(339)		102.91
Unearned	(8)		150.42
Forfeited	(35)		138.98
Nonvested at June 30, 2020	834	$	145.60

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