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Stock-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Weighted Average Assumptions Used in Estimating Fair Value of Stock Options

The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions and resulting weighted-average fair value per share:

	2018				2017				2016
Dividend yield		2.6	%			2.3	%			2.7	%
Expected volatility		26	%			27	%			30	%
Risk-free interest rate		2.6	%			2.4	%			1.7	%
Expected option life in years		7.0				7.0				7.0
Weighted-average fair value per share	$	17.37			$	20.85			$	17.45

Options Outstanding and Option Exercisable

The following table summarizes information related to options outstanding and options exercisable as of December 31, 2018:

	(Shares stated in thousands)
	Options Outstanding												Options Exercisable
					Weighted-
					Average
					Remaining				Weighted-								Weighted-
	Options				Contractual Life				Average				Options				Average
Exercise prices range	Outstanding				(in years)				Exercise Price				Exercisable				Exercise Price
$37.85 - $69.98		6,859				3.0			$	61.23				5,736			$	60.99
$70.31 - $76.74		10,579				4.1			$	72.17				10,144			$	72.02
$77.10 - $83.15		8,095				7.5			$	79.34				2,851			$	79.81
$83.89 - $88.77		9,644				5.0			$	85.88				6,129			$	85.00
$90.00 - $114.83		8,352				5.5			$	95.86				6,186			$	96.24
		43,529				5.0			$	79.36				31,046			$	78.09

Summary of Stock Option Activity

The following table summarizes stock option activity during the years ended December 31, 2018, 2017 and 2016:

	(Shares stated in thousands)
	2018								2017								2016
					Weighted-								Weighted-								Weighted-
					Average								Average								Average
					Exercise								Exercise								Exercise
	Shares				Price				Shares				Price				Shares				Price
Outstanding at beginning of year		47,210			$	79.13				46,502			$	78.31				41,087			$	78.73
Granted		2,121			$	76.95				5,024			$	86.55				7,672			$	76.14
Assumed in Cameron transaction		-			$	-				-			$	-				3,088			$	63.24
Exercised		(936	)		$	54.20				(1,156	)		$	57.87				(3,357	)		$	60.70
Forfeited		(4,866	)		$	84.19				(3,160	)		$	86.99				(1,988	)		$	84.60
Outstanding at year-end		43,529			$	79.36				47,210			$	79.13				46,502			$	78.31

Restricted Stock Transactions

The following table summarizes information related to restricted stock transactions:

	(Shares stated in thousands)
	2018								2017								2016
					Weighted-								Weighted-								Weighted-
					Average								Average								Average
	Restricted				Grant Date				Restricted				Grant Date				Restricted				Grant Date
	Stock				Fair Value				Stock				Fair Value				Stock				Fair Value
Unvested at beginning of year		5,428			$	72.33				5,112			$	78.31				3,571			$	85.04
Granted		3,204			$	70.54				2,495			$	73.09				1,678			$	68.66
Assumed in Cameron transaction		-			$	-				-			$	-				1,824			$	72.12
Vested		(982	)		$	77.62				(1,645	)		$	83.03				(1,720	)		$	72.64
Forfeited		(699	)		$	70.67				(534	)		$	80.17				(241	)		$	80.87
Unvested at year-end		6,951			$	70.13				5,428			$	72.33				5,112			$	78.31

Assumptions Used in Estimating Fair Value of Purchase Rights under Discounted Stock Purchase Plan

The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-Scholes model with the following assumptions and resulting weighted-average fair value per share:

	2018				2017				2016
Dividend yield		2.9	%			2.7	%			2.7	%
Expected volatility		22	%			19	%			25	%
Risk-free interest rate		1.6	%			1.0	%			0.5	%
Weighted-average fair value per share	$	9.01			$	9.46			$	10.37

Stock-Based Compensation Expense Recognized in Income

The following summarizes stock-based compensation expense recognized in income:

(Stated in millions)
	2018				2017				2016
Stock options	$	134			$	161			$	175
Restricted stock		179				148				47
DSPP		32				34				45
	$	345			$	343			$	267

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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