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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Summary of Stock Options
The following is a summary of our stock option activity:
 
Number of Options
(in thousands)
 
Weighted Average
Exercise Price per
Option
Outstanding at December 31, 2019
3,501

 
$
51.87

Granted
413

 
92.63

Exercised
(261
)
 
42.09

Forfeited
(13
)
 
67.00

Outstanding at March 31, 2020
3,640

 
57.15
Details of Stock Options Outstanding
Details of stock options outstanding as of March 31, 2020 were as follows:
 
Number of Options
(in thousands)
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining
Contractual Life
(Years)
 
Aggregate
Intrinsic
Value
(In millions)
Vested or expected to vest
3,640

 
$
57.15

 
6.1
 
$
91

Exercisable
2,738

 
$
48.93

 
5.1
 
$
87


Details of stock options exercised are as follows:
 
 
Three Months Ended March 31,
Options exercised:
 
2020
 
2019
Total intrinsic value of options exercised (in millions)
 
$
13

 
$
8
Stock Options Valuation Assumptions During the three months ended March 31, 2020 and 2019, we used the assumptions in the table below to compute the value:
 
Three Months Ended March 31,
Assumptions:
2020
 
2019
Risk-free interest rate
1.46
%
 
2.49
%
Expected life in years
5.8

 
5.9

Expected volatility
20
%
 
20
%
Expected dividend yield
1.30
%
 
1.44
%
Estimated weighted-average fair value of options granted per share
$
16.65

 
$
15.45
Summary of Nonvested Restricted Stock Options
The following is a summary of nonvested restricted shares under all plans discussed above for the three months ended March 31, 2020:  
 
Number of
Restricted
Shares
(in thousands)
 
Weighted Average
Grant-Date Fair
Value per Share
Nonvested at December 31, 2019
3,728
 
$
68.87

Granted
1,288
 
92.57

Vested
(1,868)
 
64.27

Forfeited
(45)
 
73.25

Nonvested at March 31, 2020
3,103
 
81.41



Performance-based restricted shares have been presented in the table above to reflect the actual shares issued based on the achievement of past performance targets, also considering the impact of any market conditions. Nonvested performance-based restricted shares granted are presented in the table above at the target number of restricted shares that would vest if the performance targets are met.
 
Three Months Ended March 31,
 
2020
 
2019
Time-based restricted stock units granted
(in thousands) (1)
714

 
869

Total fair value of restricted stock vested under all restricted stock plans
(in millions)
$
169

 
$
149

(1) The remaining shares granted are performance-based.