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Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | Stock-Based Compensation Expense
| For the years ended December 31,
| 2019 | 2018 | 2017
Stock-based compensation plans expense | $ | 125 |  | $ | 130 |  | $ | 116 |
Income tax benefit | (21 | ) | (27 | ) | (41 | )
Excess tax benefit on awards vested, exercised and expired | (6 | ) | (5 | ) | (15 | )
Total stock-based compensation plans expense, net of tax [1] | $ | 98 |  | $ | 98 |  | $ | 60 |
Stock Compensation Valuation Assumptions | Stock Options Valuation Assumptions
| For the years ended December 31,
| 2019 | 2018 | 2017
Expected dividend yield | 2.5% | 1.8% | 1.9%
Expected annualized spot volatility | 20.7 | % | - | 36.7% | 20.8 | % | - | 36.5% | 21.8 | % | - | 37.9%
Weighted average annualized volatility | 29.3% | 29.0% | 29.5%
Risk-free spot rate | 2.4 | % | - | 2.6% | 1.5 | % | - | 2.9% | 0.4 | % | - | 2.4%
Expected term | 5.9 years | 5.7 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, 2019
Outstanding at beginning of year | 5,490 |  | $ | 40.84 |  |  |
Granted | 1,089 |  | $ | 49.01 |  |  |
Exercised | (733 | ) | $ | 32.29 |  |  |
Forfeited | — |  | $ | — |  |  |
Expired | — |  | $ | — |  |  |
Outstanding at end of year | 5,846 |  | $ | 43.43 |  | 6.3 years | $ | 101 |
Outstanding, fully vested and expected to vest | 5,836 |  | $ | 64.77 |  | 6.3 years | $ | 98 |
Exercisable at end of year | 3,921 |  | $ | 40.00 |  | 5.2 years | $ | 81 |
Assumptions | Assumptions for Total Shareholder Return Performance Shares
| For the years ended December 31,
| 2019 | 2018 | 2017
Volatility of common stock | 19.4% | 20.8% | 20.3%
Average volatility of peer companies | 16.0 | % | - | 27.0% | 17.0 | % | - | 25.0% | 15.0 | % | - | 25.0%
Average correlation coefficient of peer companies | 50.0% | 54.0% | 60.0%
Risk-free spot rate | 2.4% | 2.4% | 1.5%
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, 2019
Non-vested at beginning of year | 3,446 |  | $ | 48.43 |  | 735 |  | $ | 49.56 |
Granted | 1,702 |  | $ | 50.49 |  | 422 |  | $ | 54.07 |
Performance based adjustment |  |  | 391 |  | $ | 48.89 |
Vested | (1,105 | ) | $ | 42.73 |  | (739 | ) | $ | 48.89 |
Forfeited | (435 | ) | $ | 51.02 |  | (49 | ) | $ | 50.12 |
Non-vested at end of year | 3,608 |  | $ | 50.85 |  | 760 |  | $ | 52.34 |

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