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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

The following table summarizes stock-based compensation costs for the years ended December 31, 2022, 2021, and 2020.


	Year Ended December 31
Millions of dollars	2022		2021		2020
Stock-based compensation cost	$	219	$	214	$	218
Tax benefit	(33)		(32)		(35)
Stock-based compensation cost, net of tax	$	186	$	182	$	183

The following table represents our stock options activity during 2022.


	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, 2022	24.2	$	40.42

Exercised	(5.3)	28.63
Forfeited/expired	(0.7)	38.93
Outstanding at December 31, 2022	18.2	$	43.88	3.5	$	55.8
Exercisable at December 31, 2022	17.6	$	44.59	3.4	$	46.2

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


	Year Ended December 31
	2022	2021	2020
Expected term (in years)	0.00	0.00	5.39
Expected volatility	—	—	33%
Expected dividend yield	—	—	2.92 - 3.23%
Risk-free interest rate	—	—	1.43 - 1.69%
Weighted average grant-date fair value of option	—	—	$5.41

There were no stock options granted for the years ended December 31, 2022 and 2021.

The following table represents our restricted stock awards and restricted stock units granted, vested, and forfeited during 2022.


	Number of Shares (in millions)	Weighted Average Grant-Date Fair Value per Share
Nonvested shares at January 1, 2022	22.7	$	23.16
Granted	7.6	31.40
Vested	(7.3)	27.14
Forfeited	(0.9)	23.89
Nonvested shares at December 31, 2022	22.1	$	24.83

The assumptions and resulting fair values were as follows:


	Year Ended December 31
	2022			2021			2020
Expected volatility	46		%	69		%	68		%
Expected dividend yield	1.67		%	0.84		%	4.89		%
Risk-free interest rate	1.42		%	0.05		%	0.65		%
Weighted average grant-date fair value per share	$	5.63		$	5.01		$	3.18