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Share-Based Associate Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Below is a summary of option information for the year 2019:



(Dollars in millions, except exercise price. Shares in thousands)	Shares		Weighted- average exercise price		Aggregate intrinsic value		Weighted-average remaining contractual life
Outstanding option shares at January 1, 2019	3,274		$	56.08
Granted	704		85.67
Exercised	(493	)	42.57
Forfeited or expired	(48	)	63.46
Outstanding option shares at December 31, 2019	3,437		63.99		$	141	6.13 years

Options exercisable at end of period	2,139		$	55.25	$	107	4.71 years

elow is a summary of service-based and performance-based share information, assuming a target payout for performance-based shares, for the year 2019:



(Shares in thousands)	Service-based shares		Weighted- average grant date fair value		Performance-based shares		Weighted- average grant date fair value
Nonvested at January 1, 2019	813		$	62.31	182		$	59.83
Granted	288		79.57		52		87.97
Vested	(293	)	57.40		(21	)	70.68
Forfeited or canceled	(25	)	69.43		(48	)	70.68
Nonvested at December 31, 2019	783		70.27		165		64.23

The following weighted average assumptions were used in determining fair value for option grants issued:



	2019	2018	2017
Weighted-average expected term	7-8 years	7-8 years	8 years
Expected volatility	14.49-15.39%	15.04-15.10%	16.95%
Dividend yield	2.61%	2.98%	2.83%
Risk-free rates	2.62-2.64%	2.77-2.83%	2.33%
Weighted-average fair value of options granted during the period	$11.73	$9.87	$10.79

he following assumptions were used in determining fair value for performance-based grants issued: