Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Shares Under 2019 Omnibus Incentive Plan

	Shares Granted	Conversion Rate	Total Shares Under 2019 Omnibus Plan
Non-Qualified Stock Options	4,355,326	1.00	4,355,326
Restricted Stock	3,345,868	4.06	13,584,224
Performance Shares	560,338	4.06	2,274,972
Total	8,261,532		20,214,522

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:

	2022			2021			2020
Dividend yield (1)	1.8		%	1.8		%	2.0		%
Expected volatility (2)	28.8		%	27.6		%	27.5		%
Risk-free interest rate (3)	3.4		%	1.3		%	0.3		%
Expected term of options (in years) (4)	4.2			4.1			4.2
Weighted-average grant-date fair value	$	6.42		$	6.59		$	4.83

(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, 2022, 2021 and 2020, and changes during the same periods are presented in the tables below.

	2022
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg.  Remaining Contract Life	Aggregate Intrinsic  Value (000)
Outstanding at Beginning of Year	4,535	$	27
Granted	1,219	27
Exercised	(530)	21			$	4,065
Forfeited	(352)	28
Outstanding at End of Year	4,872	28		3.1 years	$	8,928
Exercisable at End of Year	1,960	$	26	2.4 years	$	5,864

	2021
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg.  Remaining Contract Life	Aggregate Intrinsic  Value (000)
Outstanding at Beginning of Year	4,533	$	23
Granted	1,434	34
Exercised	(1,184)	20			$	17,289
Forfeited	(248)	27
Outstanding at End of Year	4,535	27		3.4 years	$	35,283
Exercisable at End of Year	1,380	$	23	2.5 years	$	16,433

	2020
	Shares (000)	Wtd. Avg. Ex. Price		Wtd. Avg.  Remaining Contract Life	Aggregate Intrinsic  Value (000)
Outstanding at Beginning of Year	5,435	$	20
Granted	1,571	26
Exercised	(2,077)	18			$	23,861
Forfeited	(396)	22
Outstanding at End of Year	4,533	23		3.4 years	$	48,501
Exercisable at End of Year	1,358	$	20	2.3 years	$	18,334

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, 2022, 2021, and 2020, are presented in the table below: 

	2022			2021			2020
	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	3,156	$	5	3,175	$	5	3,575	$	4
Granted	1,219	6		1,434	7		1,571	5
Vested	(1,153)	4		(1,212)	4		(1,585)	4
Forfeited	(309)	6		(241)	5		(386)	4
Nonvested Stock Options at End of Year	2,913	$	6	3,156	$	5	3,175	$	5

Schedule of Restricted Shares

	2022		2021		2020
Vesting Period(1)	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date	Shares Granted	Market Price at Grant Date
1 Year	119,849	23.84 - 29.89	24,634	32.98 - 34.37	42,074	22.16 - 26.94
2 Year	82,538	23.84 - 29.17	—	-	21,669	23.88 - 26.94
3 Years	261,493	23.84 - 30.85	606,853	32.98 - 35.67	119,504	23.88 - 31.08
4 Years	260,149	23.84 - 29.17	309,955	32.98 - 35.67	479,346	20.68 - 28.98
5 Years	225,060	23.84 - 29.17	157,169	32.98 - 35.67	170,355	20.68 - 28.98
	949,089	$23.84 - 30.85	1,098,611	$32.98 - 35.67	832,948	$20.68 - 31.08
(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, 2022, 2021, and 2020, are presented in the table below: 

	2022	2021	2020
	Shares (000)	Shares (000)	Shares (000)
Nonvested, Beginning of Year	3,760	3,599	3,315
Granted	949	1,099	833
Vested	(935)	(759)	(303)
Forfeited	(221)	(179)	(246)
Nonvested, End of Year	3,553	3,760	3,599

Schedule of Employee Stock Purchase Plan

The following table summarizes shares sold to employees under the 2022 and prior plan in the years ended December 31, 2022, 2021 and 2020:

Plan	2022	2021	2020	Cumulative Shares Issued	Weighted Average Fair Value 2022
2022 Employee Stock Purchase Plan	94,111	—	—	94,111	$	25.55
Prior Employee Stock Purchase Plan	126,101	143,892	208,273	1,624,122	$	28.71