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Share-Based Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Weighted Average Black-Scholes Assumptions

Based on the results of the model, the weighted-average grant date fair value of stock options granted for 2020, 2019, and 2018 were $29.53, $27.89 and $38.34, respectively, using the following assumptions: 

Weighted Average Black-Scholes Assumptions						2020						2019						2018
Risk-free interest rate						1.4		%				2.5		%				2.6		%
Expected volatility						29.3		%				28.5		%				28.2		%
Expected dividend yield						3.2		%				3.4		%				2.6		%
Expected option life, in years						5						5						5

Summary of Stock Option Activity

The following table summarizes stock option activity during 2020:

In thousands, except per share data						Number of Options						Weighted- Average Exercise Price
Outstanding at January 1						2,387						$	144.01
Granted						268						152.16
Exercised						(308)						142.42
Canceled or expired						(79)						172.70
Outstanding at December 31						2,268						$	144.54
Exercisable at December 31						1,753						$	142.38

Summary of Additional Information Related to Stock Options Outstanding

The table below summarizes additional information related to stock options outstanding at December 31, 2020:

Options in thousands / dollars in millions, except per-share data						Outstanding Net of Expected Forfeitures						Options Exercisable
Number of options						2,169						1,753
Weighted-average exercise price per share						$	144.50					$	142.38
Aggregate intrinsic value						$	85					$	74
Weighted-average remaining contractual term, in years						5						3

Summary of Stock Unity Activity

The following table summarizes stock unit activity during 2020:

Stock units in thousands, except per-share data						Number of Stock Units						Weighted- Average Grant Date Fair Value
Non-vested, at January 1						805						$	144.48
Granted						550						141.38
Canceled						(108)						133.51
Vested and transferred to unrestricted						(244)						153.48
Non-vested, at December 31						1,003						$	139.62

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Topic 718
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for exercisable or convertible options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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