Share-Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

The Company recognized $84 million and $87 million of share-based compensation expense during the three months ended September 30, 2020 and 2019, respectively, and $286 million and $121 million of share-based compensation expense during the nine months ended September 30, 2020 and 2019, respectively. The Company’s annual grant of share-based awards generally occurs in the first quarter. At September 30, 2020, the total remaining unrecognized compensation cost for unvested stock options, restricted stock units and awards and performance share units and awards, net of estimated forfeitures, of $343 million is expected to be recognized over a weighted-average period of 2.0 years. During the nine months ended September 30, 2020 and 2019, stock options to purchase 2.2 million and 3.3 million shares, respectively, were exercised.

A summary of stock option activity is as follows:


	Shares (In thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In millions)
Stock options outstanding - December 31, 2019	15,989	$	42.83

Granted	1,503	112.87
Forfeited	(158)	92.47
Exercised	(2,195)	34.31
Stock options outstanding - September 30, 2020	15,139	$	50.51	4.82	$	810
Stock options exercisable - September 30, 2020	12,438	$	40.82	4.00	$	774

A summary of restricted stock unit and performance share unit activity is as follows:



	Restricted Stock Units			Performance Share Units
	Shares (In thousands)	Weighted-Average Grant Date Fair Value		Shares (In thousands)	Weighted-Average Grant Date Fair Value
Units - December 31, 2019	6,869	$	93.80	2,328	$	94.61

Granted	1,336	111.71		—	—
Forfeited	(220)	92.28		(28)	90.44
Vested	(3,227)	95.84		(479)	92.62
Units - September 30, 2020	4,758	$	97.46	1,821	$	95.20

A summary of restricted stock award activity is as follows:


	Restricted Stock Awards
	Shares (In thousands)	Weighted-Average Grant Date Fair Value
Awards - December 31, 2019	48	$	102.30
Granted	—	—
Forfeited	—	—
Vested	—	—
Awards - September 30, 2020	48	$	102.30