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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award |
Share-based Payment Arrangement, Cost by Plan | The following table summarizes stock-based compensation costs for the years ended December 31, 2019, 2018 and 2017.
| Year Ended December 31
Millions of dollars | 2019 | 2018 | 2017
Stock-based compensation cost | $ | 257 |  | $ | 274 |  | $ | 290 |
Tax benefit | (48 | ) | (51 | ) | (64 | )
Stock-based compensation cost, net of tax | $ | 209 |  | $ | 223 |  | $ | 226 |
Stock Options |
Share-based Compensation Arrangement by Share-based Payment Award |
Share-based Payment Arrangement, Option, Activity | The following table represents our stock options activity during 2019.
| Number of Shares (in millions) | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2019 | 21.2 |  | $ | 45.44 |  |  |
Granted | 5.4 |  | 25.46 |  |  |
Exercised | (0.2 | ) | 21.30 |  |  |
Forfeited/expired | (1.1 | ) | 40.71 |  |  |
Outstanding at December 31, 2019 | 25.3 |  | $ | 41.58 |  | 5.9 | $ | 1 |
Exercisable at December 31, 2019 | 17.6 |  | $ | 45.56 |  | 4.6 | $ | — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions and resulting fair values of options granted were as follows:
| Year Ended December 31
| 2019 | 2018 | 2017
Expected term (in years) | 5.31 | 5.27 | 5.24
Expected volatility | 31% | 28% | 32%
Expected dividend yield | 2.25 - 3.88% | 1.37 - 2.29% | 1.28 - 1.72%
Risk-free interest rate | 1.35 - 2.51% | 2.27 - 2.84% | 1.79 - 2.14%
Weighted average grant-date fair value per share | $5.91 | $11.56 | $13.11
Restricted Stock |
Share-based Compensation Arrangement by Share-based Payment Award |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table represents our restricted stock awards and restricted stock units granted, vested and forfeited during 2019.
| Number of Shares (in millions) | Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2019 | 14.4 |  | $ | 46.01 |
Granted | 9.8 |  | 24.75 |
Vested | (4.7 | ) | 46.91 |
Forfeited | (1.4 | ) | 40.34 |
Nonvested shares at December 31, 2019 | 18.1 |  | $ | 34.72 |
Employee Stock Purchase Plan |
Share-based Compensation Arrangement by Share-based Payment Award |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions and resulting fair values were as follows:
| Year Ended December 31
| 2019 | 2018 | 2017
Expected volatility | 34 | % | 25 | % | 29 | %
Expected dividend yield | 3.06 | % | 1.62 | % | 1.51 | %
Risk-free interest rate | 2.20 | % | 1.92 | % | 0.86 | %
Weighted average grant-date fair value per share | $ | 5.22 |  | $ | 8.86 |  | $ | 9.95 |

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