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Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2021
Stock-based compensation [Abstract]  
Stock-Based Compensation

Information regarding stock-based compensation appears in the table below:

Three Months Ended

Nine Months Ended

September 30,

September 30,

Millions

2021

2020 

2021

2020 

Stock-based compensation, before tax:

Stock options

$

4 

$

4 

$

12 

$

12 

Retention awards

16 

13 

50 

45 

ESPP

4 

-

4 

-

Total stock-based compensation, before tax

$

24 

$

17 

$

66 

$

57 

Excess tax benefits from equity compensation plans

$

1 

$

16 

$

18 

$

51 
Stock Options Weight Average Assumptions The table below shows the annual weighted-average assumptions used for valuation purposes:

Weighted-Average Assumptions

2021

2020 

Risk-free interest rate

0.4%

1.5%

Dividend yield

1.9%

2.1%

Expected life (years)

4.6 

4.9 

Volatility

28.3%

23.4%

Weighted-average grant-date fair value of options granted

$

39.97 

$

32.20 

 
Stock Options Activity A summary of stock option activity during the nine months ended September 30, 2021, is presented below:

Options (thous.)

Weighted-Average
‎Exercise Price

Weighted-Average Remaining Contractual Term

Aggregate Intrinsic Value (millions)

Outstanding at January 1, 2021

2,569 

$

132.49 

6.4 

yrs.

$

195 

Granted

387 

204.45 

N/A

N/A

Exercised

(356)

121.82 

N/A

N/A

Forfeited or expired

(90)

159.45 

N/A

N/A

Outstanding at September 30, 2021

2,510 

$

144.13 

6.2 

yrs.

$

133 

Vested or expected to vest at September 30, 2021

2,486 

$

143.82 

6.2 

yrs.

$

133 

Options exercisable at September 30, 2021

1,731 

$

123.54 

5.1 

yrs.

$

125 

 
Stock Option Exercises Additional information regarding stock option exercises appears in the following table:

Three Months Ended

Nine Months Ended

September 30,

September 30,

Millions

2021

2020 

2021

2020 

Intrinsic value of stock options exercised

$

1 

$

40 

$

33 

$

105 

Cash received from option exercises

1 

29 

35 

80 

Treasury shares repurchased for employee taxes

-

(8)

(7)

(20)

Tax benefit realized from option exercises

-

11 

6 

25 

Aggregate grant-date fair value of stock options vested

-

-

14 

14 

 
Retention Awards Activity Changes in our retention awards during the nine months ended September 30, 2021, were as follows:

Shares
‎(thous.)

Weighted-Average
‎Grant-Date Fair Value

Nonvested at January 1, 2021

1,476 

$

141.06 

Granted

289 

205.10 

Vested

(414)

108.32 

Forfeited

(53)

162.23 

Nonvested at September 30, 2021

1,298 

$

164.90 

 
Performance Based Units Activity

Changes in our performance retention awards during the nine months ended September 30, 2021, were as follows:

Shares
‎(thous.)

Weighted-Average
‎Grant-Date Fair Value

Nonvested at January 1, 2021

773 

$

148.17 

Granted

227 

204.45 

Vested

(147)

132.66 

Unearned

(165)

135.57 

Forfeited

(41)

183.55 

Nonvested at September 30, 2021

647 

$

172.41