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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

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	(592)	43.11
Forfeited	(13)	67.00
Outstanding at September 30, 2020	3,309	58.48

Details of stock options outstanding as of September 30, 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	3,309	$58.48	6.1	$138
Exercisable	2,407	$49.62	5.1	$121

Details of stock options exercised are as follows:


	Nine Months Ended September 30,				Three Months Ended September 30,
Options exercised:	2020		2019		2020		2019
Total intrinsic value of options exercised (in millions)	$	29	$	25	$	7	$	7

During the nine months ended September 30, 2020 and 2019, we used the assumptions in the table below to compute the value:


	Nine Months Ended September 30,
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

The following is a summary of nonvested restricted shares under all plans discussed above for the nine months ended September 30, 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	1,464	93.18
Vested	(1,986)	64.94
Forfeited	(83)	77.04
Nonvested at September 30, 2020	3,123	82.55


	Nine Months Ended September 30,
	2020		2019
Time-based restricted stock units granted (in thousands) (1)	891		975
Total fair value of restricted stock vested under all restricted stock plans (in millions)	$	180	$	166

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