XML 39 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2020
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:
202020192018
Dividend yield (1)
2.0 %2.0 %2.1 %
Expected volatility (2)
27.5 %23.9 %26.0 %
Risk-free interest rate (3)
0.3 %1.8 %2.7 %
Expected term of options (in years) (4)
4.24.24.2
Weighted-average grant-date fair value$$$
(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 stock option plans at December 31, 2020, 2019 and 2018, and changes during the same periods are presented in the tables below.
 2020
 Shares
(000)
Wtd. Avg.
Ex. Price
Wtd. Avg. 
Remaining
Contract Life
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year5,435 $20 
Granted1,571 26 
Exercised(2,077)18 $23,861 
Forfeited(396)22 
Outstanding at End of Year4,533 23 3.4 years$48,501 
Exercisable at End of Year1,358 $20 2.3 years$18,334 

 2019
 Shares
(000)
Wtd. Avg.
Ex. Price
Wtd. Avg. 
Remaining
Contract Life
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year8,944 $18 
Granted1,049 25 
Exercised(4,402)16 $36,294 
Forfeited(156)20 
Outstanding at End of Year5,435 20 3.1 years$47,170 
Exercisable at End of Year1,859 $18 2.2 years$20,484 
 
 2018
 Shares
(000)
Wtd. Avg.
Ex. Price
Wtd. Avg. 
Remaining
Contract Life
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year11,837 $16 
Granted1,613 22 
Exercised(4,278)15 $38,097 
Forfeited(228)18 
Outstanding at End of Year8,944 18 2.8 years$24,881 
Exercisable at End of Year4,101 $16 1.7 years$16,162 
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, 2020, 2019, and 2018, are presented in the table below: 
 202020192018
 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 Year3,575 $4,842 $6,540 $
Granted1,571 1,049 1,613 
Vested(1,585)(2,165)(3,089)
Forfeited(386)(151)(222)
Nonvested Stock Options at End of Year3,175 $3,575 $4,842 $
Schedule of Restricted Shares
202020192018
Vesting Period(1)
Shares GrantedMarket Price at Grant DateShares GrantedMarket Price at Grant DateShares GrantedMarket Price at Grant Date
1 Year42,074 
22.16 - 26.94
39,627 $22.19 — $— 
2 Year21,669 
23.88 - 26.94
— — — — 
3 Years119,504 
23.88 - 31.08
64,718 20.40 — — 
4 Years479,346 
20.68 - 28.98
773,698 
20.68 - 28.98
762,749 
20.21 - 23.14
5 Years170,355 
20.68 - 28.98
254,988 
20.68 - 28.98
279,420 
20.21 - 23.14
832,948 
$20.68 - 31.08
1,133,031 
$20.40 - 28.98
1,042,169 
$20.21 - 23.14
(1) Each of these awards cliff vest after the restriction period with no additional restrictions.
Schedule of Restricted Share Award Activity
A summary of restricted share award activity, including award grants, vesting, and forfeitures for the years ended December 31, 2020, 2019, and 2018, are presented in the table below: 
 202020192018
 Shares
(000)
Shares
(000)
Shares
(000)
Nonvested, Beginning of Year3,315 2,638 2,019 
Granted833 1,133 1,042 
Vested(303)(361)(321)
Forfeited(246)(95)(102)
Nonvested, End of Year3,599 3,315 2,638 
Schedule of Employee Stock Purchase Plan The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2020, 2019 and 2018:
Plan202020192018Cumulative Shares IssuedWeighted Average Fair Value 2020
2013 Employee Stock Purchase Plan208,273 173,013 177,846 1,354,129 $21.38