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Stock-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023, and 2022. .
| Year Ended December 31,
Millions of dollars | 2024 | 2023 | 2022
Stock-based compensation cost | $ | 223 |  | $ | 219 |  | $ | 219 |
Tax benefit | (38) |  | (36) |  | (33) |
Stock-based compensation cost, net of tax | $ | 185 |  | $ | 183 |  | $ | 186 |
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 2024.
| 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, 2024 | 14.3 | $ | 45.47 |  |  |
Exercised | (0.3) | 26.89 |  |  |
Forfeited/expired | (3.6) | 58.04 |  |  |
Outstanding at December 31, 2024 | 10.4 | $ | 41.75 |  | 2.4 | $ | 4.0 |
Exercisable at December 31, 2024 | 10.4 | $ | 41.75 |  | 2.4 | $ | 4.0 |
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 2024. .
| Number of Shares (in millions) | Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2024 | 20.9 | $ | 27.42 |
Granted | 7.3 | 36.76 |
Vested | (7.7) | 25.10 |
Forfeited | (1.0) | 29.30 |
Nonvested shares at December 31, 2024 | 19.5 | $ | 31.64 |
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,
| 2024 | 2023 | 2022
Expected volatility | 30 | % | 48 | % | 46 | %
Expected dividend yield | 2.00 | % | 1.44 | % | 1.67 | %
Risk-free interest rate | 5.24 | % | 5.11 | % | 1.42 | %
Weighted average grant-date fair value per share | $ | 5.60 |  | $ | 7.16 |  | $ | 5.63 |

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