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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of Number of Common Shares Reserved for Issuance | The number of common shares reserved for issuance are as follows:
(in millions) | December 31,
| 2019 |  | 2018
Shares available for granting 1 | 20.0 |  | 33.3
Options outstanding | 0.7 |  | 1.7
Total shares reserved for issuance 2 | 20.7 |  | 35.0
1 | Shares available for granting at December 31, 2019 and 2018 are under the 2019 Plan and 2002 Plan, respectively.
2 | Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are less than 1.0 million at December 31 2019 and 2018, respectively.
Schedule of Stock-based Compensation Expense | Stock-based compensation expense and the corresponding tax benefit are as follows:
(in millions) | Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Stock option expense | $ | 1 |  |  | $ | 5 |  |  | $ | 3 |
Restricted stock and unit awards expense | 77 |  |  | 89 |  |  | 96 |
Total stock-based compensation expense | $ | 78 |  |  | $ | 94 |  |  | $ | 99 |
Tax benefit | $ | 13 |  |  | $ | 19 |  |  | $ | 38 |
Schedule of Assumptions Used in Valuing the Options Granted | We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted:
|  | Year Ended
|  | December 31, 2018
Risk-free average interest rate |  | 2.6 - 2.7% |
Dividend yield |  | 1.1 | %
Volatility |  | 21.8 - 22.0% |
Expected life (years) |  | 5.67 - 6.07 |
Weighted-average grant-date fair value per option |  | $ | 112.98 |
We use a lattice-based option-pricing model to estimate the fair value of options granted. The following assumptions were used in valuing the options granted:
| Year Ended
| December 31, 2018
Risk-free average interest rate | 2.6 - 2.7% |
Dividend yield | 1.1 | %
Volatility | 21.8 - 22.0% |
Expected life (years) | 5.67 - 6.07 |
Weighted-average grant-date fair value per option | $ | 112.98 |
Schedule of Stock Option Activity | Stock option activity is as follows:
(in millions, except per award amounts) | Shares |  | Weighted average exercise price |  | Weighted-average remaining years of contractual term |  | Aggregate intrinsic value
Options outstanding as of December 31, 2018 | 1.7 |  |  | $ | 47.92 |  |  |  |  |
Exercised | (1.0 | ) |  | $ | 163.99 |  |  |  |  |
Forfeited and expired 1 | — |  |  | $ | 70.70 |  |  |  |  |
Options outstanding as of December 31, 2019 | 0.7 |  |  | $ | 55.73 |  |  | 3.1 |  | $ | 155 |
Options exercisable as of December 31, 2019 | 0.7 |  |  | $ | 55.12 |  |  | 3.0 |  | $ | 151 |
1 There are less than 0.1 million shares forfeited and expired.
(in millions, except per award amounts) | Shares |  | Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2018 | 0.1 |  |  | $ | 113.02 |
Vested 1 | — |  |  | $ | 113.42 |
Forfeited | (0.1 | ) |  | $ | 113.17 |
Nonvested options outstanding as of December 31, 2019 2 | — |  |  | $ | 112.68 |
Total unrecognized compensation expense related to nonvested options | $ | 0.3 |  |  |
Weighted-average years to be recognized over | 0.7 |  |  |
1 | There are less than 0.1 million shares vested.
2 | There are less than 0.1 million nonvested options outstanding as of December 31, 2019.
Schedule of Stock Option Exercises | Information regarding our stock option exercises is as follows:
(in millions) | Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Net cash proceeds from the exercise of stock options | $ | 40 |  |  | $ | 34 |  |  | $ | 75 |
Total intrinsic value of stock option exercises | $ | 110 |  |  | $ | 77 |  |  | $ | 118 |
Income tax benefit realized from stock option exercises | $ | 33 |  |  | $ | 27 |  |  | $ | 64 |
Schedule of Restricted Stock and Unit Activity | Restricted stock and unit activity for performance and non-performance awards is as follows:
(in millions, except per award amounts) | Shares |  | Weighted-average grant-date fair value
Nonvested shares as of December 31, 2018 | 0.8 |  |  | $ | 172.24 |
Granted | 0.5 |  |  | $ | 187.40 |
Vested | (0.6 | ) |  | $ | 144.18 |
Forfeited | (0.1 | ) |  | $ | 179.76 |
Nonvested shares as of December 31, 2019 | 0.6 |  |  | $ | 199.93 |
Total unrecognized compensation expense related to nonvested awards | $ | 72 |  |  |
Weighted-average years to be recognized over | 1.8 |  |  |
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Weighted-average grant-date fair value per award | $ | 187.40 |  |  | $ | 182.75 |  |  | $ | 147.12 |
Total fair value of restricted stock and unit awards vested | $ | 153 |  |  | $ | 154 |  |  | $ | 147 |
Tax benefit relating to restricted stock activity | $ | 29 |  |  | $ | 32 |  |  | $ | 36 |

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