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Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Stock-based compensation [Abstract]

Stock-Based Compensation

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
Millions	2020		2019			2020		2019
Stock-based compensation, before tax:
Stock options	$	4	$	5		$	12	$	14
Retention awards		13		19			45		61
Total stock-based compensation, before tax	$	17	$	24		$	57	$	75
Excess tax benefits from equity compensation plans	$	16	$	3		$	51	$	48

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 nine months ended September 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	(1,271)		101.56		N/A		N/A
Forfeited or expired	(38)		161.13		N/A		N/A
Outstanding at September 30, 2020	2,751	$	131.01	6.6	yrs.	$	181
Vested or expected to vest at September 30, 2020	2,718	$	130.61	6.6	yrs.	$	180
Options exercisable at September 30, 2020	1,637	$	110.85	5.4	yrs.	$	141

Stock Option Exercises

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
Millions	2020		2019			2020		2019
Intrinsic value of stock options exercised	$	40	$	10		$	105	$	174
Cash received from option exercises		29		10			80		108
Treasury shares repurchased for employee taxes		(8)		(3)			(20)		(32)
Tax benefit realized from option exercises		11		3			25		43
Aggregate grant-date fair value of stock options vested		-		-			14		15

Retention Awards Activity

Changes in our retention awards during the nine months ended September 30, 2020, were as follows:

	Shares ‎(thous.)	Weighted-Average ‎Grant-Date Fair Value
Nonvested at January 1, 2020	1,898	$	112.12
Granted	305		185.99
Vested	(634)		76.89
Forfeited	(68)		140.94
Nonvested at September 30, 2020	1,501	$	140.71

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 nine months ended September 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)		102.79
Unearned	(8)		150.42
Forfeited	(55)		143.12
Nonvested at September 30, 2020	814	$	145.54

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