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Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Equity Incentive Plans [Abstract]  
Equity Awards
Equity awards
($ in millions)202020192018
Compensation expense$124 $105 $125 
Income tax benefits18 17 22 
Cash received from exercise of options111 154 92 
Tax benefit realized on options exercised and release of stock restrictions53 43 28 
Nonvested Awards
Nonvested awards as of December 31, 2020
($ in millions)Unrecognized compensationWeighted average vesting period
Nonqualified stock options$21 
1.49 years
Restricted stock units33 
1.85 years
Performance stock awards28 
1.44 years
Total$82 
Assumptions used to determine the fair value of options granted
Option grant assumptions
202020192018
Weighted average expected term
6.1 years
5.8 years
5.7 years
Expected volatility
16.3% - 37.1%
15.6% - 28.9%
15.6% - 30.7%
Weighted average volatility17.6 %18.4 %19.8 %
Expected dividends
1.6% - 2.4%
1.9% - 2.2%
1.5% - 2.2%
Weighted average expected dividends1.8 %2.2 %2.0 %
Risk-free rate
0.1% - 1.8%
1.3% - 2.7%
1.3% - 3.2%
Summary of option activity
Summary of option activity
For the year ended December 31, 2020
Number
(in 000s)
Weighted average exercise price
Aggregate intrinsic value
(in 000s)
Weighted average remaining contractual term (years)
Outstanding as of January 1, 202011,671 $73.40 
Granted1,555 123.43 
Exercised(2,201)53.75 
Forfeited(394)104.18 
Expired(14)81.21 
Outstanding as of December 31, 202010,617 83.65 $298,537 6.1
Outstanding, net of expected forfeitures10,543 83.46 297,990 6.1
Outstanding, exercisable (“vested”)6,907 72.51 258,510 5.0
Changes in restricted stock units
Changes in restricted stock units
For the year ended December 31, 2020
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 2020877 $83.87 
Granted407 118.61 
Vested(278)80.10 
Forfeited(58)105.03 
Nonvested as of December 31, 2020948 98.61 
Changes in performance stock units
Changes in performance stock awards
For the year ended December 31, 2020
Number
(in 000s)
Weighted average grant date fair value
Nonvested as of January 1, 20201,181 $87.78 
Granted282 123.48 
Adjustment for performance achievement408 78.49 
Vested(816)78.49 
Forfeited(104)101.10 
Nonvested as of December 31, 2020951 100.89