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Share-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of restricted stock activity The following is a summary of restricted stock unit activity for the three months ended March 31, 2018. The fair value of the restricted stock units is equal to the closing share price on the date of the grant. 
 
Share units (in thousands)
 
Weighted
Average
Grant Date
Fair Value /Share
Outstanding at January 1, 2018
779

 
$
35.39

Granted
225

 
75.18

Vested
(404
)
 
39.56

Forfeited
(20
)
 
42.04

Outstanding at March 31, 2018
580

 
$
57.04
Summary of performance based share grants The following is a summary of Return on Invested Capital ("ROIC") performance share unit grants for the three months ended March 31, 2018. The fair value of the ROIC performance share units is equal to the closing share price on the date of the grant. 
 
Share units (in thousands)
 
Weighted
Average
Grant Date
Fair Value /Share
Outstanding at January 1, 2018
298

 
$
41.48

Granted
76

 
75.18

Forfeited
(93
)
 
36.69

Outstanding at March 31, 2018
281

 
$
52.14


TSR Performance Share Units Grants
The following is a summary of our Total Shareholder Return ("TSR") performance share unit grants for the three months ended March 31, 2018.
 
Share units (in thousands)
 
Weighted
Average
Grant Date
Fair Value /Share
Outstanding at January 1, 2018
213

 
$
47.04

Granted
76

 
99.24

Forfeited
(8
)
 
45.50

Outstanding at March 31, 2018
281

 
$
61.15
Summary of the changes in outstanding stock options The following is a summary of the changes in outstanding stock options for the three months ended March 31, 2018. 
 
Share units            (in thousands)
 
Weighted
Average
Exercise
Price / Share
 
Weighted  Average
Remaining
Contractual
Term (Years)
 
Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2018
2,076

 
$
37.44

 
7.0
 
 
Granted
309

 
75.18

 
 
 
 
Exercised
(97
)
 
35.81

 
 
 
 
Forfeited and expired
(29
)
 
44.57

 
 
 
 
Outstanding at March 31, 2018
2,259

 
$
42.58

 
7.2
 
$
78

Options exercisable at March 31, 2018
1,515

 
$
35.21

 
6.2
 
$
63

Vested and expected to vest as of March 31, 2018
2,150

 
$
40.92

 
5.9
 
$
76
Stock option valuation assumptions The following are weighted-average assumptions for 2018 grants.
Volatility
23.40

%
Risk-free interest rate
2.76

%
Dividend yield
1.12

%
Expected term (in years)
5.1

 
Weighted-average fair value / share
$
17.81

 
Performance-based shares valuation assumptions The fair value of TSR performance share units was calculated on the date of grant using a Monte Carlo simulation model utilizing several key assumptions, including expected Company and peer company share price volatility, correlation coefficients between peers, the risk-free rate of return, the expected dividend yield and other award design features. The following are weighted-average assumptions for 2018 grants.
Volatility
26.8
%
Risk-free interest rate
2.44
%