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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of Equity Awards Authorized and Available for Future Grant | A summary of the equity awards authorized and available for future grants under the 2018 Plan is as follows:
Available for future grants at December 31, 2017 | — |
Newly authorized shares | 3,800,000 |
Granted | (925 | )
Cancellation and forfeitures | — |
Plan termination | — |
Available for future grants at June 30, 2018 | 3,799,075 |
A summary of the equity awards authorized and available for future grants under the 2015 Plan is as follows:
Available for future grants at December 31, 2017 | 1,437,435 |
Newly authorized shares | — |
Granted | (360,999 | )
Cancellation and forfeitures | — |
Plan termination | (1,076,436 | )
Available for future grants at June 30, 2018 | — |
Summary of SARs Outstanding | A summary of the Company’s SARs outstanding under the 2015 Plan are as follows:
| Six Months Ended
| June 30, 2018
SARs | Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of year | 1,817,991 |  |  | $ | 65.73 |
Granted | 87,310 |  |  | 149.57 |
Exercised | (384,528 | ) |  | 58.18 |
Forfeited | (35,417 | ) |  | 79.69 |
Expired | (438 | ) |  | 108.20 |
Outstanding at end of period | 1,484,918 |  |  | $ | 72.28 |
Exercisable at end of period | 797,045 |  |  | $ | 58.20 |
Weighted-Average Assumptions Used for Grants of Stock Options and SARs | The following table shows the weighted-average assumptions used for grants of SARs, as well as the fair value of the grants based on those assumptions:
| June 30, 2018 |  | July 1, 2017
Expected dividend yield | 0% |  | 0%
Forfeiture rate | 8.40% |  | 9.37%
Volatility | 35.93% |  | 35.49%
Risk free interest rate | 2.96% |  | 1.77%
Range of interest rates | 1.68% - 3.00% |  | 0.71% - 2.41%
Expected weighted-average life (in years) | 4.11 |  | 4.13
Fair value of SARs granted (in millions) | $13 |  | $12
Weighted-average grant date fair value of SARs granted (per underlying share) | $47.59 |  | $29.84
Schedule of Outstanding and Exercisable Options | The following table summarizes information about non-qualified stock options outstanding at June 30, 2018:
| Outstanding |  | Exercisable
Aggregate intrinsic value (in millions) | $ | 1 |  |  | $ | 1 |
Weighted-average remaining contractual term (in years) | 0.42 |  |  | 0.42 |
The following table summarizes information about SARs outstanding at June 30, 2018:
| Outstanding |  | Exercisable
Aggregate intrinsic value (in millions) | $ | 106 |  |  | $ | 68 |
Weighted-average remaining contractual term (in years) | 5.86 |  |  | 5.01 |
Summary of Restricted Stock Award Activity | A summary of information relative to the Company’s restricted stock awards is as follows:
|  | Six Months Ended
|  | June 30, 2018
Restricted Stock Awards |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at beginning of year |  | 628,642 |  |  | $ | 77.70 |
Granted |  | 199,025 |  |  | 149.41 |
Released |  | (144,957 | ) |  | 109.21 |
Forfeited |  | (16,494 | ) |  | 83.89 |
Outstanding at end of period |  | 666,216 |  |  | $ | 92.26 |
Summary of Performance Share Award Activity | The fair value of each performance award granted includes assumptions around the Company’s performance goals. A summary of information relative to the Company’s performance awards is as follows:
|  | Six Months Ended
|  | June 30, 2018
Performance Share Awards |  | Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at beginning of year |  | 265,747 |  |  | $ | 77.04 |
Granted |  | 59,383 |  |  | 146.64 |
Released |  | (57,074 | ) |  | 107.31 |
Forfeited |  | (6,518 | ) |  | 80.17 |
Outstanding at end of period |  | 261,538 |  |  | $ | 86.24 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s options outstanding under the 2006 Plan is as follows:
|  | Six Months Ended
|  | June 30, 2018
Non-qualified Options |  | Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of year |  | 15,705 |  |  | $ | 26.34 |
Exercised |  | (9,083 | ) |  | 31.26 |
Expired |  | — |  |  | — |
Outstanding at end of period |  | 6,622 |  |  | $ | 19.59 |
Exercisable at end of period |  | 6,622 |  |  | $ | 19.59 |

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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