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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:

	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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