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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Weighted-Average Assumptions
The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:
 
2019
 
2018

2017
Dividend yield (1)
2.0
%
 
2.1
%
 
2.1
%
Expected volatility (2)
23.9
%
 
26.0
%
 
26.7
%
Risk-free interest rate (3)
1.8
%
 
2.7
%
 
2.0
%
Expected term of options (in years) (4)
4.2

 
4.2

 
4.2

Weighted-average grant-date fair value
$
4

 
$
5

 
$
4


(1)    Represents the Company's estimated cash dividend yield over the expected term of option grant.
(2)
Amount is determined based on analysis of historical price volatility of the Company's common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant.
(3)    Represents the U.S. Treasury yield over the expected term of the option grant.
(4)
Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.
Summary of Stock Option Activity
A summary of the status of the Company’s employee stock option plan at December 31, 2019, 2018 and 2017, and changes during the same periods are presented in the tables below.
 
2019
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
8,944

 
$
18

 
 
 
 
Granted
1,049

 
25

 
 
 
 
Exercised
(4,402
)
 
16

 
 
 
$
36,294

Forfeited
(156
)
 
20

 
 
 
 
Outstanding at End of Year
5,435

 
20

 
3.1 Yrs
 
$
47,170

Exercisable at End of Year
1,859

 
$
18

 
2.2 Yrs
 
$
20,484


 
2018
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
11,837

 
$
16

 
 
 
 
Granted
1,613

 
22

 
 
 
 
Exercised
(4,278
)
 
15

 
 
 
$
38,097

Forfeited
(228
)
 
18

 
 
 
 
Outstanding at End of Year
8,944

 
18

 
2.8 Yrs
 
$
24,881

Exercisable at End of Year
4,101

 
$
16

 
1.7 Yrs
 
$
16,162


 
 
2017
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
14,252

 
$
15

 
 
 
 
Granted
1,295

 
20

 
 
 
 
Exercised
(3,476
)
 
13

 
 
 
$
25,156

Forfeited
(234
)
 
16

 
 
 
 
Outstanding at End of Year
11,837

 
16

 
2.7 Yrs
 
$
58,202

Exercisable at End of Year
5,297

 
$
15

 
2 Yrs
 
$
32,152
Schedule of Non-Vested Stock Option Activity
A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2019, 2018, and 2017, are presented in the table below: 
 
2019
 
2018
 
2017
 
Shares
(000)
 
Wtd. Avg
Grant
Date
Fair Value
 
Shares
(000)
 
Wtd. Avg
Grant
Date
Fair Value
 
Shares
(000)
 
Wtd. Avg
Grant
Date
Fair Value
Nonvested Stock Options at Beginning of Year
4,842

 
$
4

 
6,540

 
$
4

 
9,397

 
$
4

Granted
1,049

 
4

 
1,613

 
5

 
1,295

 
4

Vested
(2,165
)
 
4

 
(3,089
)
 
4

 
(3,941
)
 
4

Forfeited
(151
)
 
4

 
(222
)
 
4

 
(211
)
 
4

Nonvested Stock Options at End of Year
3,575

 
$
4

 
4,842

 
$
4

 
6,540

 
$
4
Schedule of Restricted Shares
 
2019
 
2018
 
2017
Vesting Period(1)
Shares Granted
 
Market Price at Vesting Date
 
Shares Granted
 
Market Price at Vesting Date
 
Shares Granted
 
Market Price at Vesting Date
1 Year
39,627

 
$
22.19

 
—

 
$
—

 
—

 
$
—

3 Years
64,718

 
20.40

 
—

 
—

 
—

 
—

4 Years
773,698

 
20.68 - 28.98

 
762,749

 
20.21 - 23.14

 
628,015

 
18.97 - 21.33

5 Years
254,988

 
20.68 - 28.98

 
279,420

 
20.21 - 23.14

 
228,630

 
18.97 - 21.33

 
1,133,031

 
$20.40 - 28.98

 
1,042,169

 
$20.21 - 23.14

 
856,645

 
$18.97 - 21.33

(1) Each of these awards cliff vest after the restriction period with no additional restrictions.
 
 
Schedule of Employee Stock Purchase Plan The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2019, 2018 and 2017:
Plan
2019
 
2018
 
2017
Cumulative Shares Issued in 2019
Weighted Average Fair Value 2019
2013 Employee Stock Purchase Plan
173,013

 
177,846

 
175,479

1,145,856

$
21.40