Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-Based Compensation Expense

	For the years ended December 31,
	2019			2018			2017
Stock-based compensation plans expense	$	125		$	130		$	116
Income tax benefit	(21		)	(27		)	(41		)
Excess tax benefit on awards vested, exercised and expired	(6		)	(5		)	(15		)
Total stock-based compensation plans expense, net of tax [1]	$	98		$	98		$	60

Stock Compensation Valuation Assumptions

Stock Options Valuation Assumptions

	For the years ended December 31,
	2019				2018				2017
Expected dividend yield	2.5%				1.8%				1.9%
Expected annualized spot volatility	20.7	%	-	36.7%	20.8	%	-	36.5%	21.8	%	-	37.9%
Weighted average annualized volatility	29.3%				29.0%				29.5%
Risk-free spot rate	2.4	%	-	2.6%	1.5	%	-	2.9%	0.4	%	-	2.4%
Expected term	5.9 years				5.7 years				5.0 years

Non-qualified Stock Option Activity Under the Incentive Stock Plan

Non-qualified Stock Option Activity Under the Incentive Stock Plan

	Number of Options (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	For the year ended December 31, 2019
Outstanding at beginning of year	5,490		$	40.84
Granted	1,089		$	49.01
Exercised	(733	)	$	32.29
Forfeited	—		$	—
Expired	—		$	—
Outstanding at end of year	5,846		$	43.43	6.3 years	$	101
Outstanding, fully vested and expected to vest	5,836		$	64.77	6.3 years	$	98
Exercisable at end of year	3,921		$	40.00	5.2 years	$	81

Assumptions

Assumptions for Total Shareholder Return Performance Shares

	For the years ended December 31,
	2019				2018				2017
Volatility of common stock	19.4%				20.8%				20.3%
Average volatility of peer companies	16.0	%	-	27.0%	17.0	%	-	25.0%	15.0	%	-	25.0%
Average correlation coefficient of peer companies	50.0%				54.0%				60.0%
Risk-free spot rate	2.4%				2.4%				1.5%
Term	3.0 years				3.0 years				3.0 years

Non-vested Share Award Activity Under the Incentive Stock Plan

Non-vested Share Award Activity Under the Incentive Stock Plan

	Restricted Stock and Restricted Stock Units				Performance Shares
	Number of Shares (in thousands)		Weighted-Average Grant-Date Fair Value		Number of Shares (in thousands)		Weighted-Average Grant date Fair Value
Non-vested shares	For the year ended December 31, 2019
Non-vested at beginning of year	3,446		$	48.43	735		$	49.56
Granted	1,702		$	50.49	422		$	54.07
Performance based adjustment					391		$	48.89
Vested	(1,105	)	$	42.73	(739	)	$	48.89
Forfeited	(435	)	$	51.02	(49	)	$	50.12
Non-vested at end of year	3,608		$	50.85	760		$	52.34