Stock-Based Compensation Plans (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Disclosure of Share-based Compensation Arrangements by Share-based Payment Award |
The following table reflects activity related to our stock-based compensation arrangements, including the converted awards related to the acquisition of Andeavor: | | | | | | | | | | | | | (In millions) | 2018 | | 2017 | | 2016 | Stock-based compensation expense | $ | 133 |
| | $ | 51 |
| | $ | 45 |
| Tax benefit recognized on stock-based compensation expense | 32 |
| | 19 |
| | 17 |
| Cash received by MPC upon exercise of stock option awards | 24 |
| | 46 |
| | 10 |
| Tax benefit received for tax deductions for stock awards exercised | 14 |
| | 25 |
| | 4 |
|
|
| Weighted Average Assumptions Used To Value Stock Options Awards |
The Black Scholes option-pricing model values used to value stock option awards granted were determined based on the following weighted average assumptions: | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Weighted average exercise price per share | $ | 67.71 |
| | $ | 50.57 |
| | $ | 35.27 |
| Expected life in years | 6.2 |
| | 6.3 |
| | 6.2 |
| Expected volatility | 34 | % | | 35 | % | | 38 | % | Expected dividend yield | 3.0 | % | | 3.0 | % | | 3.0 | % | Risk-free interest rate | 2.7 | % | | 2.1 | % | | 1.4 | % | Weighted average grant date fair value of stock option awards granted | $ | 17.21 |
| | $ | 13.42 |
| | $ | 9.84 |
|
|
| Summary of Stock Option Award Activity |
The following is a summary of our common stock option activity in 2018: | | | | | | | | | | | | | | | Number of of Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Terms (in years) | | Aggregate Intrinsic Value (in millions) | Outstanding at December 31, 2017 | 8,465,398 |
| | $ | 33.74 |
| | | | | Granted | 903,797 |
| | 67.71 |
| | | | | Converted in acquisition | 302,403 |
| | 7.00 |
| | | | | Exercised | (916,566 | ) | | 26.24 |
| | | | | Forfeited or expired | (30,437 | ) | | 48.96 |
| | | | | Outstanding at December 31, 2018 | 8,724,595 |
| | 37.07 |
| | | | | Vested and expected to vest at December 31, 2018 | 8,707,148 |
| | 37.01 |
| | 5.1 | | $ | 199 |
| Exercisable at December 31, 2018 | 6,586,859 |
| | 31.42 |
| | 4.0 | | 182 |
|
|
| Summary of Restricted Stock Award Activity |
The following is a summary of restricted stock award activity of our common stock in 2018: | | | | | | | | | | | | | | | | Shares of Restricted Stock (“RS”) | | Restricted Stock Units (“RSU”) | | Number of Shares | | Weighted Average Grant Date Fair Value | | Number of Units | | Weighted Average Grant Date Fair Value | Outstanding at December 31, 2017 | 1,188,662 |
| | $ | 45.07 |
| | 285,164 |
| | $ | 29.95 |
| Granted | 470,951 |
| | 71.19 |
| | 24,430 |
| | 72.43 |
| Converted in acquisition | 16,972 |
| | 82.43 |
| | 4,452,751 |
| | 82.43 |
| RS Vested/RSUs Issued | (624,934 | ) | | 45.98 |
| | (526,254 | ) | | 65.34 |
| Forfeited | (60,951 | ) | | 50.27 |
| | (9,235 | ) | | 82.43 |
| Outstanding at December 31, 2018 | 990,700 |
| | 57.23 |
| | 4,226,856 |
| | 80.96 |
|
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity, Vested And Unvested |
The following is a summary of the values related to restricted stock and restricted stock unit awards held by MPC employees and non-employee directors: | | | | | | | | | | | | | | | | | | Restricted Stock | | Restricted Stock Units | | Intrinsic Value of Awards Vested During the Period (in millions) | | Weighted Average Grant Date Fair Value of Awards Granted During the Period | | Intrinsic Value of Awards Vested During the Period (in millions) | | Weighted Average Grant Date Fair Value of Awards Granted During the Period | 2018 | $ | 49 |
| | $ | 71.19 |
| | $ | 39 |
| | $ | 72.43 |
| 2017 | 28 |
| | 50.25 |
| | 5 |
| | 53.19 |
| 2016 | 17 |
| | 36.17 |
| | 8 |
| | 40.85 |
|
|
| Schedule of Performance Unit Awards |
The following table presents a summary of the 2018 activity for performance unit awards to be settled in shares: | | | | | | | | | Number of Units | | Weighted Average Grant Date Fair Value | Outstanding at December 31, 2017 | 6,851,542 |
| | $ | 0.81 |
| Granted | 3,830,000 |
| | 0.83 |
| Vested | (2,052,959 | ) | | 0.95 |
| Forfeited | (10,000 | ) | | 0.92 |
| Outstanding at December 31, 2018 | 8,618,583 |
| | 0.79 |
|
|
| Schedule of Share-based Compensation, Performance Unit Awards, Valuation Assumptions |
Performance units to be settled in MPC shares have a grant date fair value calculated using a Monte Carlo valuation model, which requires the input of subjective assumptions. The following table provides a summary of these assumptions: | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Risk-free interest rate | 2.3 | % | | 1.5 | % | | 1.0 | % | Look-back period (in years) | 2.8 |
| | 2.8 |
| | 2.8 |
| Expected volatility | 34.0 | % | | 36.1 | % | | 34.2 | % | Grant date fair value of performance units granted | $ | 0.83 |
| | $ | 0.92 |
| | $ | 0.57 |
|
|