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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

The following table summarizes stock-based compensation costs for the years ended December 31, 2020, 2019 and 2018.


	Year Ended December 31
Millions of dollars	2020		2019		2018
Stock-based compensation cost	$	218	$	257	$	274
Tax benefit	(35)		(48)		(51)
Stock-based compensation cost, net of tax	$	183	$	209	$	223

The following table represents our stock options activity during 2020.


	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, 2020	25.3	$	41.58
Granted	2.2	24.59

Forfeited/expired	(1.6)	37.87
Outstanding at December 31, 2020	25.9	$	40.36	5.4	$	—
Exercisable at December 31, 2020	19.7	$	44.29	4.5	$	—

The assumptions and resulting fair values of options granted were as follows:


	Year Ended December 31
	2020	2019	2018
Expected term (in years)	5.39	5.31	5.27
Expected volatility	33%	31%	28%
Expected dividend yield	2.92 - 3.23%	2.25 - 3.88%	1.37 - 2.29%
Risk-free interest rate	1.43 - 1.69%	1.35 - 2.51%	2.27 - 2.84%
Weighted average grant-date fair value of option	$5.41	$5.91	$11.56

The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2020.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2020	18.1	$	34.72
Granted	8.2	16.53
Vested	(5.4)	36.97
Forfeited	(1.9)	33.66
Nonvested shares at December 31, 2020	19.0	$	26.26

The assumptions and resulting fair values were as follows:


	Year Ended December 31
	2020			2019			2018
Expected volatility	68		%	34		%	25		%
Expected dividend yield	4.89		%	3.06		%	1.62		%
Risk-free interest rate	0.65		%	2.20		%	1.92		%
Weighted average grant-date fair value per share	$	3.18		$	5.22		$	8.86