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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of Share-Based Compensation Expense | The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three and nine months ended September 30, 2018 and 2017 in the Condensed Consolidated Statements of Income:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
| (in millions)
Share-based compensation expense before income taxes | $ | 18 |  |  | $ | 18 |  |  | $ | 51 |  |  | $ | 52 |
Income tax benefit | (5 | ) |  | (7 | ) |  | (14 | ) |  | (21 | )
Share-based compensation expense after income taxes | $ | 13 |  |  | $ | 11 |  |  | $ | 37 |  |  | $ | 31 |
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the nine months ended September 30, 2018:
| Restricted Stock
| Number of Awards |  | Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2018 | 1,988,500 |  |  | $ | 57.34 |
Granted | 489,203 |  |  | $ | 81.77 |
Vested | (669,577 | ) |  | $ | 47.54 |
Forfeited | (229,214 | ) |  | $ | 63.29 |
Unvested balances at September 30, 2018 | 1,578,912 |  |  | $ | 68.20 |
Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values | The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program:
| Nine Months Ended September 30,
| 2018 |  | 2017
Weighted-average risk free interest rate(1) | 2.36 | % |  | 1.44 | %
Expected volatility(2) | 18.7 | % |  | 19.2 | %
Weighted-average grant date share price | $86.24 |  | $69.45
Weighted-average fair value at grant date | $116.86 |  | $81.57
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(1) | The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.
(2) | We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program.
Summary of PSU Activity | The following table summarizes our PSU activity for the nine months ended September 30, 2018:
| PSUs
| One-Year Program |  | Three-Year Program
| Number of Awards |  | Weighted-Average Grant Date Fair Value |  | Number of Awards |  | Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2018 | 333,004 |  |  | $ | 61.39 |  |  | 1,009,958 |  |  | $ | 78.18 |
Granted(1) | 132,019 |  |  | $ | 80.36 |  |  | 484,075 |  |  | $ | 90.92 |
Vested | (6,702 | ) |  | $ | 49.40 |  |  | (655,204 | ) |  | $ | 64.08 |
Forfeited | (22,650 | ) |  | $ | 60.84 |  |  | — |  |  | $ | — |
Unvested balances at September 30, 2018 | 435,671 |  |  | $ | 67.35 |  |  | 838,829 |  |  | $ | 96.55 |
Summary of Stock Options, Valuation Assumptions | We estimated the fair value of this stock option award using the Black-Scholes valuation model using the following assumptions:
Expected life (in years) | 6 |
Weighted-average risk free interest rate | 2.1 | %
Expected volatility | 25.6 | %
Dividend yield | 1.92 | %
Summary of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2018 is as follows:
| Number of Stock Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2018 | 571,380 |  |  | $ | 43.84 |  |  | 5.40 |  | $ | 19 |
Exercised | (99,953 | ) |  | 24.52 |  |  |  |  |
Forfeited | (3,182 | ) |  | 26.86 |  |  |  |  |
Outstanding at September 30, 2018 | 468,245 |  |  | $ | 48.08 |  |  | 5.48 |  | $ | 18 |
Exercisable at September 30, 2018 | 289,033 |  |  | $ | 36.55 |  |  | 3.83 |  | $ | 14 |

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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 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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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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