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Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation Expense | Stock-Based Compensation Expense
| For the years ended December 31,
| 2018 | 2017 | 2016
Stock-based compensation plans expense [1] | $ | 130 |  | $ | 116 |  | $ | 81 |
Income tax benefit | (27 | ) | (41 | ) | (29 | )
Excess tax benefit on awards vested, exercised and expired | (5 | ) | (15 | ) | — |
Total stock-based compensation plans expense, after tax [2] | $ | 98 |  | $ | 60 |  | $ | 52 |
[1] The increase in stock-based compensation plans expense in 2018 and 2017 was largely due to a change made in 2017 to provide accelerated vesting of newly issued restricted stock unit and performance share awards to retirement eligible employees.
Stock Compensation Valuation Assumptions | Stock Options Valuation Assumptions
| For the years ended December 31,
| 2018 | 2017 | 2016
Expected dividend yield | 1.8% | 1.9% | 2.0%
Expected annualized spot volatility | 20.8 | % | - | 36.5% | 21.8 | % | - | 37.9% | 27.3 | % | - | 41.3%
Weighted average annualized volatility | 29.0% | 29.5% | 34.1%
Risk-free spot rate | 1.5 | % | - | 2.9% | 0.4 | % | - | 2.4% | 0.3 | % | - | 1.8%
Expected term | 5.7 years | 5.0 years | 5.0 years
Non-qualified Stock Option Activity Under the Incentive Stock Plan | Non-qualified Stock Option Activity Under the Incentive Stock Plan
| Number of Options (in thousands) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value
| For the year ended December 31, 2018
Outstanding at beginning of year | 5,212 |  | $ | 37.25 |  |  |
Granted | 876 |  | $ | 53.81 |  |  |
Exercised | (571 | ) | $ | 26.43 |  |  |
Forfeited | — |  | $ | — |  |  |
Expired | (27 | ) | $ | 74.88 |  |  |
Outstanding at end of year | 5,490 |  | $ | 40.84 |  | 6.1 years | $ | 32 |
Outstanding, fully vested and expected to vest | 5,240 |  | $ | 42.79 |  | 6.1 years | $ | 30 |
Exercisable at end of year | 3,737 |  | $ | 36.30 |  | 4.9 years | $ | 32 |
Assumptions | Assumptions for Total Shareholder Return Performance Shares
| For the years ended December 31,
| 2018 | 2017 | 2016
Volatility of common stock | 20.8% | 20.3% | 22.2%
Average volatility of peer companies | 17.0 | % | - | 25.0% | 15.0 | % | - | 25.0% | 15.0 | % | - | 26.0%
Average correlation coefficient of peer companies | 54.0% | 60.0% | 56.0%
Risk-free spot rate | 2.4% | 1.5% | 1.0%
Term | 3.0 years | 3.0 years | 3.0 years
Non-vested Share Award Activity Under the Incentive Stock Plan | Non-vested Share Award Activity Under the Incentive Stock Plan
| Restricted Stock and Restricted Stock Units | Performance Shares
| Number of Shares (in thousands) | Weighted-Average Grant-Date Fair Value | Number of Shares (in thousands) | Weighted-Average Grant date Fair Value
Non-vested shares | For the year ended December 31, 2018
Non-vested at beginning of year | 4,444 |  | $ | 43.94 |  | 795 |  | $ | 45.16 |
Granted | 1,359 |  | $ | 53.11 |  | 372 |  | $ | 50.26 |
Performance based adjustment |  |  | 188 |  | $ | 43.59 |
Vested | (1,721 | ) | $ | 41.52 |  | (539 | ) | $ | 43.59 |
Forfeited | (636 | ) | $ | 46.07 |  | (81 | ) | $ | 44.45 |
Non-vested at end of year | 3,446 |  | $ | 48.43 |  | 735 |  | $ | 49.56 |

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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 amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + 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 (h)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding performance-based awards that are fully vested and expected to vest. Includes, but is not limited to, unvested awards for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + 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 (e)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding restricted stock units that are fully vested and expected to vest. Includes, but is not limited to, unvested restricted stock units for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + 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 (e)(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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