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Stock-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

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:

	2019				2018				2017
Dividend yield		4.8	%			2.6	%			2.3	%
Expected volatility		25	%			26	%			27	%
Risk-free interest rate		2.7	%			2.6	%			2.4	%
Expected option life in years		7.0				7.0				7.0
Weighted-average fair value per share	$	6.21			$	17.37			$	20.85

Options Outstanding and Option Exercisable

The following table summarizes information related to options outstanding and options exercisable as of December 31, 2019:

	(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
$41.47 - $69.98		11,307				5.6			$	53.99				5,343			$	65.01
$70.92 - $76.74		10,202				3.0			$	72.11				9,958			$	72.17
$77.10 - $83.15		7,714				6.4			$	79.32				4,257			$	79.62
$84.22 - $88.77		9,210				3.8			$	85.88				6,885			$	85.38
$91.28 - $114.83		7,836				4.4			$	95.86				7,160			$	96.25
		46,269				4.6			$	75.65				33,603			$	77.77

Summary of Stock Option Activity

The following table summarizes stock option activity during the years ended December 31, 2019, 2018 and 2017:

	(Shares stated in thousands)
	2019								2018								2017
					Weighted-								Weighted-								Weighted-
					Average								Average								Average
					Exercise								Exercise								Exercise
	Shares				Price				Shares				Price				Shares				Price
Outstanding at beginning of year		43,529			$	79.36				47,210			$	79.13				46,502			$	78.31
Granted		5,604			$	41.50				2,121			$	76.95				5,024			$	86.55
Exercised		(1,045	)		$	38.50				(936	)		$	54.20				(1,156	)		$	57.87
Forfeited		(1,819	)		$	74.69				(4,866	)		$	84.19				(3,160	)		$	86.99
Outstanding at year-end		46,269			$	75.65				43,529			$	79.36				47,210			$	79.13

Restricted Stock Transactions

The following table summarizes information related to restricted stock transactions:

	(Shares stated in thousands)
	2019								2018								2017
					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		6,951			$	70.13				5,428			$	72.33				5,112			$	78.31
Granted		7,888			$	35.56				3,204			$	70.54				2,495			$	73.09
Vested		(2,722	)		$	72.09				(982	)		$	77.62				(1,645	)		$	83.03
Forfeited		(295	)		$	57.41				(699	)		$	70.67				(534	)		$	80.17
Unvested at year-end		11,822			$	49.86				6,951			$	70.13				5,428			$	72.33

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:

	2019				2018				2017
Dividend yield		5.3	%			2.9	%			2.7	%
Expected volatility		30	%			22	%			19	%
Risk-free interest rate		2.3	%			1.6	%			1.0	%
Weighted-average fair value per share	$	5.81			$	9.01			$	9.46

Stock-Based Compensation Expense Recognized in Income

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

(Stated in millions)
	2019				2018				2017
Stock options	$	99			$	134			$	161
Restricted stock		274				179				148
DSPP		32				32				34
	$	405			$	345			$	343

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