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Share-Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Summary of restricted stock activity | The following is a summary of restricted stock unit activity for the six months ended June 30, 2021. The fair value of the restricted share unit awards is determined using the closing price of our common stock on date of grant:
| Share units (in thousands) |  | Weighted Average Grant Date Fair Value /Share
Outstanding at January 1, 2021 | 537 |  |  | $ | 74.62 |
Granted | 213 |  |  | 103.36 |
Vested | (233) |  |  | 74.47 |
Forfeited | (15) |  |  | 85.91 |
Outstanding at June 30, 2021 | 502 |  |  | $ | 86.47 |
Summary of performance based share grants | The following is a summary of Return on Invested Capital ("ROIC") performance share unit grants for the six months ended June 30, 2021. 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, 2021 | 182 |  |  |  |  |  |  | $ | 76.12 |
Granted | 60 |  |  |  |  |  |  | 102.30 |
Forfeited (a) | (65) |  |  |  |  |  |  | 76.04 |
Outstanding at June 30, 2021 | 177 |  |  |  |  |  |  | $ | 84.66 |
(a) Includes ROIC performance share unit awards forfeited during the period as a result of the final performance condition not being achieved on vest date. TSR Performance Share Unit Grants The following is a summary of our Total Shareholder Return ("TSR") performance share unit grants for the six months ended June 30, 2021:
| Share units (in thousands) |  |  |  |  |  | Weighted Average Grant Date Fair Value /Share
Outstanding at January 1, 2021 | 182 |  |  |  |  |  |  | $ | 96.98 |
Granted | 60 |  |  |  |  |  |  | 117.56 |
Adjustment for Market Condition Achieved (a) | 35 |  |  |  |  |  |  | 98.79 |
Vested | (93) |  |  |  |  |  |  | 98.79 |
Forfeited | (7) |  |  |  |  |  |  | 102.66 |
Outstanding at June 30, 2021 | 177 |  |  |  |  |  |  | $ | 102.86 |
Summary of the changes in outstanding stock options | The following is a summary of the changes in outstanding stock options for the six months ended June 30, 2021:
| Share units (in thousands) |  | Weighted Average Exercise Price / Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2021 | 1,961 |  |  | $ | 56.66 |  |  | 6.4 |  |
Granted | 259 |  |  | 102.31 |  |  |  |  |
Exercised | (135) |  |  | 58.39 |  |  |  |  |
Forfeited and expired | (22) |  |  | 83.88 |  |  |  |  |
Outstanding at June 30, 2021 | 2,063 |  |  | $ | 61.93 |  |  | 6.3 |  | $ | 122 |
Options exercisable at June 30, 2021 | 1,409 |  |  | $ | 51.45 |  |  | 5.0 |  | $ | 98 |
Vested and expected to vest as of June 30, 2021 | 1,987 |  |  | $ | 60.98 |  |  | 6.2 |  | $ | 119 |
Stock option valuation assumptions | The following are weighted-average assumptions for 2021 grants:
Volatility | 26.30 |  | %
Risk-free interest rate | 0.86 |  | %
Dividend yield | 1.10 |  | %
Expected term (in years) | 5.7 |
Weighted-average fair value / share | $ | 23.20 |  |
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 2021 grants:
Volatility | 33.5 |  | %
Risk-free interest rate | 0.24 |  | %

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&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=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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