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Employee Incentive, Retirement, Deferred Compensation, and Career Achievement Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Stock-Based Compensation Expense and Related Income Tax Benefit
A summary of share-based compensation expense and related income tax benefit is as follows:
Year Ended December 31,202020192018
Stock option expense$36 $51 $51 
Restricted stock unit expense (1)
156 120 136 
Employee stock purchase plan expense12 12 10 
Total share-based compensation expense$204 $183 $197 
Income tax benefit on share-based compensation expense (2)
$(49)$(44)$(47)
(1) Restricted stock unit expense in 2018 includes $36 million related to special stock awards issued to non-officer employees.
(2) Excludes income tax benefits from stock options exercised and restricted stock units vested of $14 million, $23 million, and $46 million in 2020, 2019, and 2018, respectively.
Stock Option Activity
Stock option activity is summarized below:
Number
of Options
(In millions)		Weighted- Average Exercise Price
per Share		Weighted- Average Remaining Contractual
Life (in years)		Aggregate Intrinsic
Value
Outstanding at December 31, 201926 $32.10 5.75$403 
Converted TD Ameritrade stock options1 25.81 
Granted1 41.45   
Exercised(4)23.10   
Forfeited (1)
— 44.04   
Expired (1)
— 43.83   
Outstanding at December 31, 202024 $33.67 5.36$452 
Vested and expected to vest at December 31, 202024 $33.67 5.36$452 
Vested and exercisable at December 31, 202019 $30.51 4.64$414 
(1) Number of options was less than 500 thousand.
Information on Stock Options Granted and Exercised
Information on stock options granted and exercised is presented below:
Year Ended December 31,202020192018
Weighted-average fair value of options granted per share$11.56 $11.97 $14.16 
Cash received from options exercised79 118 125 
Tax benefit realized on options exercised11 17 35 
Aggregate intrinsic value of options exercised71 108 189 
Assumptions Used to Value Options Granted and Their Expected Lives The assumptions used to value the options granted during the years presented and their expected lives were as follows:
Year Ended December 31,202020192018
Weighted-average expected dividend yield2.08 %1.85 %1.42 %
Weighted-average expected volatility36 %30 %33 %
Weighted-average risk-free interest rate1.0 %2.5 %3.0 %
Expected life (in years)
4.3 - 5.9
4.2 - 5.9
4.0 - 5.2
Restricted Stock Units Activity
The Company’s restricted stock units activity is summarized below:
Number
of Units
(In millions)		Weighted- Average Grant Date Fair Value
per Unit
Outstanding at December 31, 20198 $42.93 
Converted TD Ameritrade restricted stock units4 36.94 
Granted3 39.26 
Vested(5)39.78 
Forfeited (1)
— 41.13 
Outstanding at December 31, 202010 $40.85 
(1) Number of units was less than 500 thousand.
Schedule of Changes in Projected Benefit Obligations
The following table presents the changes in projected benefit obligation:
December 31,20202019
Projected benefit obligation at beginning of year$83 $56 
Benefit cost (1)
17 13 
Actuarial (gain)/loss (2)
(8)14 
Projected benefit obligation at end of year (3)
$92 $83 
(1) Includes service cost and interest cost, which are recognized in compensation and benefits expense and other expense, respectively, in the consolidated statements of income.
(2) Actuarial (gain)/loss is reflected in the consolidated statements of comprehensive income and is included in AOCI on the consolidated balance sheets.
(3) This amount is recognized as a liability in accrued expenses and other liabilities on the consolidated balance sheets.