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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022, and 2021. .
| Year Ended December 31
Millions of dollars | 2023 | 2022 | 2021
Stock-based compensation cost | $ | 219 |  | $ | 219 |  | $ | 214 |
Tax benefit | (36) |  | (33) |  | (32) |
Stock-based compensation cost, net of tax | $ | 183 |  | $ | 186 |  | $ | 182 |
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 2023.
| 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, 2023 | 18.2 | $ | 43.88 |  |  |
Exercised | (1.6) | 28.14 |  |  |
Forfeited/expired | (2.3) | 45.07 |  |  |
Outstanding at December 31, 2023 | 14.3 | $ | 45.47 |  | 2.7 | $ | 27.2 |
Exercisable at December 31, 2023 | 14.3 | $ | 45.47 |  | 2.7 | $ | 27.2 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
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 2023. .
| Number of Shares (in millions) | Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2023 | 22.1 | $ | 24.83 |
Granted | 7.6 | 31.73 |
Vested | (8.0) | 24.47 |
Forfeited | (0.8) | 26.35 |
Nonvested shares at December 31, 2023 | 20.9 | $ | 27.42 |
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
| 2023 | 2022 | 2021
Expected volatility | 48 | % | 46 | % | 69 | %
Expected dividend yield | 1.44 | % | 1.67 | % | 0.84 | %
Risk-free interest rate | 5.11 | % | 1.42 | % | 0.05 | %
Weighted average grant-date fair value per share | $ | 7.16 |  | $ | 5.63 |  | $ | 5.01 |

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