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Stock-based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
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 | 2021 | 2020 |  | 2021 | 2020
Stock-based compensation, before tax: |  |  |  |  |  |  |  |  |
Stock options | $ | 4 | $ | 4 |  | $ | 12 | $ | 12
Retention awards |  | 16 |  | 13 |  |  | 50 |  | 45
ESPP |  | 4 |  | - |  |  | 4 |  | -
Total stock-based compensation, before tax | $ | 24 | $ | 17 |  | $ | 66 | $ | 57
Excess tax benefits from equity compensation plans | $ | 1 | $ | 16 |  | $ | 18 | $ | 51
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 nine months ended September 30, 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 | (356) |  | 121.82 |  | N/A |  | N/A
Forfeited or expired | (90) |  | 159.45 |  | N/A |  | N/A
Outstanding at September 30, 2021 | 2,510 | $ | 144.13 | 6.2 | yrs. | $ | 133
Vested or expected to vest at September 30, 2021 | 2,486 | $ | 143.82 | 6.2 | yrs. | $ | 133
Options exercisable at September 30, 2021 | 1,731 | $ | 123.54 | 5.1 | yrs. | $ | 125
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 | 2021 | 2020 |  | 2021 | 2020
Intrinsic value of stock options exercised | $ | 1 | $ | 40 |  | $ | 33 | $ | 105
Cash received from option exercises |  | 1 |  | 29 |  |  | 35 |  | 80
Treasury shares repurchased for employee taxes |  | - |  | (8) |  |  | (7) |  | (20)
Tax benefit realized from option exercises |  | - |  | 11 |  |  | 6 |  | 25
Aggregate grant-date fair value of stock options vested |  | - |  | - |  |  | 14 |  | 14
Retention Awards Activity | Changes in our retention awards during the nine months ended September 30, 2021, were as follows:
| Shares ‎(thous.) | Weighted-Average ‎Grant-Date Fair Value
Nonvested at January 1, 2021 | 1,476 | $ | 141.06
Granted | 289 |  | 205.10
Vested | (414) |  | 108.32
Forfeited | (53) |  | 162.23
Nonvested at September 30, 2021 | 1,298 | $ | 164.90
Performance Based Units Activity | Changes in our performance retention awards during the nine months ended September 30, 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 | (147) |  | 132.66
Unearned | (165) |  | 135.57
Forfeited | (41) |  | 183.55
Nonvested at September 30, 2021 | 647 | $ | 172.41

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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