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Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

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,	2021		2020
Stock-based compensation, before tax:
Stock options	$	4	$	4
Retention awards		16		18
Total stock-based compensation, before tax	$	20	$	22
Excess tax benefits from equity compensation plans	$	15	$	33

Stock Options Weight Average Assumptions

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

Weighted-Average Assumptions	2021		2020
Risk-free interest rate		0.4%		1.5%
Dividend yield		1.9%		2.1%
Expected life (years)		4.6		4.9
Volatility		28.3%		23.4%
Weighted-average grant-date fair value of options granted	$	39.97	$	32.20

Stock Options Activity

A summary of stock option activity during the three months ended March 31, 2021, is presented below:

	Options (thous.)	Weighted-Average ‎Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (millions)
Outstanding at January 1, 2021	2,569	$	132.49	6.4	yrs.	$	195
Granted	387		204.45		N/A		N/A
Exercised	(252)		122.76		N/A		N/A
Forfeited or expired	(34)		136.24		N/A		N/A
Outstanding at March 31, 2021	2,670	$	143.79	6.7	yrs.	$	204
Vested or expected to vest at March 31, 2021	2,644	$	143.51	6.7	yrs.	$	203
Options exercisable at March 31, 2021	1,814	$	123.73	5.6	yrs.	$	175

Stock Option Exercises

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

Millions,
for the Three Months Ended March 31,	2021		2020
Intrinsic value of stock options exercised	$	23	$	48
Cash received from option exercises		30		33
Treasury shares repurchased for employee taxes		(6)		(8)
Tax benefit realized from option exercises		4		11
Aggregate grant-date fair value of stock options vested		14		14

Retention Awards Activity

Changes in our retention awards during the three months ended March 31, 2021, were as follows:

	Shares ‎(thous.)	Weighted-Average ‎Grant-Date Fair Value
Nonvested at January 1, 2021	1,476	$	141.06
Granted	279		204.55
Vested	(409)		107.82
Forfeited	(16)		156.98
Nonvested at March 31, 2021	1,330	$	164.41

Performance Based Units Activity

Changes in our performance retention awards during the three months ended March 31, 2021, were as follows:

	Shares ‎(thous.)	Weighted-Average ‎Grant-Date Fair Value
Nonvested at January 1, 2021	773	$	148.17
Granted	227		204.45
Vested	(140)		129.60
Unearned	(150)		128.78
Forfeited	(13)		185.87
Nonvested at March 31, 2021	697	$	173.70

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