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Stock-based Compensation Plans (Tables) | 12 Months Ended
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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:
| 2020 |  |  | 2019 |  |  | 2018 |
Dividend yield |  | 5.2 | % |  |  | 4.8 | % |  |  | 2.6 | %
Expected volatility |  | 26 | % |  |  | 25 | % |  |  | 26 | %
Risk-free interest rate |  | 1.7 | % |  |  | 2.7 | % |  |  | 2.6 | %
Expected option life in years |  | 7.0 |  |  |  | 7.0 |  |  |  | 7.0 |
Weighted-average fair value per share | $ | 5.07 |  |  | $ | 6.21 |  |  | $ | 17.37 |
Options Outstanding and Option Exercisable | The following table summarizes information related to options outstanding and options exercisable as of December 31, 2020:
| (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 |
$38.75 - $69.98 |  | 15,562 |  |  |  | 7.7 |  |  | $ | 44.48 |  |  |  | 3,846 |  |  | $ | 56.69 |
$70.31 - $76.74 |  | 9,462 |  |  |  | 2.1 |  |  | $ | 72.10 |  |  |  | 9,399 |  |  | $ | 72.06 |
$77.10 - $83.15 |  | 7,303 |  |  |  | 5.4 |  |  | $ | 79.29 |  |  |  | 5,425 |  |  | $ | 79.52 |
$83.89 - $88.77 |  | 8,549 |  |  |  | 3.0 |  |  | $ | 85.96 |  |  |  | 7,097 |  |  | $ | 85.66 |
$90.00 - $114.83 |  | 7,396 |  |  |  | 3.4 |  |  | $ | 95.79 |  |  |  | 7,396 |  |  | $ | 95.79 |
|  | 48,272 |  |  |  | 4.8 |  |  | $ | 70.37 |  |  |  | 33,163 |  |  | $ | 79.70 |
Summary of Stock Option Activity | The following table summarizes stock option activity during the years ended December 31, 2020, 2019 and 2018:
| (Shares stated in thousands) |
| 2020 |  |  | 2019 |  |  | 2018 |  |
|  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |  |
|  |  |  |  | Average |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |  |
|  |  |  |  | Exercise |  |  |  |  |  |  | Exercise |  |  |  |  |  |  | Exercise |  |
| Shares |  |  | Price |  |  | Shares |  |  | Price |  |  | Shares |  |  | Price |  |
Outstanding at beginning of year |  | 46,269 |  |  | $ | 75.65 |  |  |  | 43,529 |  |  | $ | 79.36 |  |  |  | 47,210 |  |  | $ | 79.13 |  |
Granted |  | 7,468 |  |  | $ | 38.75 |  |  |  | 5,604 |  |  | $ | 41.50 |  |  |  | 2,121 |  |  | $ | 76.95 |  |
Exercised |  | - |  |  | $ | - |  |  |  | (1,045 | ) |  | $ | 38.50 |  |  |  | (936 | ) |  | $ | 54.20 |  |
Forfeited |  | (5,465 | ) |  | $ | 71.86 |  |  |  | (1,819 | ) |  | $ | 74.69 |  |  |  | (4,866 | ) |  | $ | 84.19 |  |
Outstanding at year-end |  | 48,272 |  |  | $ | 70.37 |  |  |  | 46,269 |  |  | $ | 75.65 |  |  |  | 43,529 |  |  | $ | 79.36 |  |
Restricted Stock Transactions | The following table summarizes information related to restricted stock transactions:
| (Shares stated in thousands) |
| 2020 |  |  | 2019 |  |  | 2018 |
|  |  |  |  | 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 |  | 11,822 |  |  | $ | 49.86 |  |  |  | 6,951 |  |  | $ | 70.13 |  |  |  | 5,428 |  |  | $ | 72.33 |
Granted |  | 10,637 |  |  | $ | 26.53 |  |  |  | 7,888 |  |  | $ | 35.56 |  |  |  | 3,204 |  |  | $ | 70.54 |
Vested |  | (3,059 | ) |  | $ | 71.56 |  |  |  | (2,722 | ) |  | $ | 72.09 |  |  |  | (982 | ) |  | $ | 77.62 |
Forfeited |  | (637 | ) |  | $ | 45.95 |  |  |  | (295 | ) |  | $ | 57.41 |  |  |  | (699 | ) |  | $ | 70.67 |
Unvested at year-end |  | 18,763 |  |  | $ | 35.24 |  |  |  | 11,822 |  |  | $ | 49.86 |  |  |  | 6,951 |  |  | $ | 70.13 |
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:
| 2020 |  |  | 2019 |  |  | 2018 |
Dividend yield |  | 4.0 | % |  |  | 5.3 | % |  |  | 2.9 | %
Expected volatility |  | 43 | % |  |  | 30 | % |  |  | 22 | %
Risk-free interest rate |  | 0.88 | % |  |  | 2.3 | % |  |  | 1.6 | %
Weighted-average fair value per share | $ | 5.38 |  |  | $ | 5.81 |  |  | $ | 9.01 |
Stock-Based Compensation Expense Recognized in Income | The following summarizes stock-based compensation expense recognized in income:
(Stated in millions) |
| 2020 |  |  | 2019 |  |  | 2018 |
Stock options | $ | 75 |  |  | $ | 99 |  |  | $ | 134 |
Restricted stock |  | 293 |  |  |  | 274 |  |  |  | 179 |
DSPP |  | 29 |  |  |  | 32 |  |  |  | 32 |
| $ | 397 |  |  | $ | 405 |  |  | $ | 345 |

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- Definition 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. + 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 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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