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Stock Compensation Plans (Tables)

12 Months Ended

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

X

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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.

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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.

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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.

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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.

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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.

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