Stock-Based Compensation Plans (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of Weighted-Average Assumptions |
The fair value of each option grant in the Non-employee Director Stock Option Plans was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:
| | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | Dividend yield (1) | 2.2 | % | | 2.2 | % | | 2.1 | % | Expected volatility (2) | 28.3 | % | | 34.1 | % | | 36.3 | % | Risk-free interest rate (3) | 2.2 | % | | 1.9 | % | | 2.2 | % | Expected term of options (in years) (4) | 6.4 |
| | 6.2 |
| | 6.0 |
| Weighted-average grant-date fair value | $ | 5 |
| | $ | 4 |
| | $ | 5 |
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(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 non-employee directors exhibit similar exercise and post-vesting termination behavior. |
The fair value of each option grant in the Employee Stock Option Plan was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods: | | | | | | | | | | | | | | 2017 | | 2016 |
| 2015 | Dividend yield (1) | 2.1 | % | | 2.2 | % | | 2.1 | % | Expected volatility (2) | 26.7 | % | | 33.2 | % | | 35.8 | % | Risk-free interest rate (3) | 2.0 | % | | 1.4 | % | | 1.5 | % | Expected term of options (in years) (4) | 4.2 |
| | 4.7 |
| | 4.3 |
| Weighted-average grant-date fair value | $ | 4 |
| | $ | 4 |
| | $ | 4 |
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(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. |
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| Summary of Stock Option Activity |
A summary of the status of the Company’s employee stock option plan at December 31, 2017, 2016 and 2015, and changes during the same periods are presented in the tables and narrative below. | | | | | | | | | | | | | | | 2017 | | Shares (000) | | Wtd. Avg. Ex. Price | | Wtd. Avg. Remaining Contract Life | | Aggregate Intrinsic Value (000) | Outstanding at Beginning of Year | 14,252 |
| | $ | 15 |
| | | | | Granted | 1,295 |
| | 20 |
| | | | | Exercised | (3,476 | ) | | 13 |
| | | | $ | 25,156 |
| Forfeited | (234 | ) | | 16 |
| | | | | Outstanding at End of Year | 11,837 |
| | 16 |
| | 2.7 Yrs | | $ | 58,202 |
| Exercisable at End of Year | 5,297 |
| | $ | 15 |
| | 2 Yrs | | $ | 32,152 |
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| | | | | | | | | | | | | | | 2016 | | Shares (000) | | Wtd. Avg. Ex. Price | | Wtd. Avg. Remaining Contract Life | | Aggregate Intrinsic Value (000) | Outstanding at Beginning of Year | 17,692 |
| | $ | 14 |
| | | | | Granted | 3,227 |
| | 17 |
| | | | | Exercised | (6,291 | ) | | 12 |
| | | | $ | 31,790 |
| Forfeited | (376 | ) | | 15 |
| | | | | Outstanding at End of Year | 14,252 |
| | 15 |
| | 3 Yrs | | $ | 67,763 |
| Exercisable at End of Year | 4,855 |
| | $ | 14 |
| | 2.3 Yrs | | $ | 30,021 |
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| | | | | | | | | | | | | | | 2015 | | Shares (000) | | Wtd. Avg. Ex. Price | | Wtd. Avg. Remaining Contract Life | | Aggregate Intrinsic Value (000) | Outstanding at Beginning of Year | 17,829 |
| | $ | 13 |
| | | | | Granted | 2,966 |
| | 17 |
| | | | | Exercised | (2,344 | ) | | 12 |
| | | | $ | 11,596 |
| Forfeited | (759 | ) | | 14 |
| | | | | Outstanding at End of Year | 17,692 |
| | 14 |
| | 3 Yrs | | $ | 45,842 |
| Exercisable at End of Year | 6,858 |
| | $ | 13 |
| | 2.1 Yrs | | $ | 23,917 |
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A summary of the status of the Company’s Non-employee Director Stock Option Plan at December 31, 2017, 2016, and 2015, and changes during the same periods are presented in the tables and narrative below: | | | | | | | | | | | | | | | 2017 | | Shares (000) | | Wtd. Avg. Ex. Price | | Wtd. Avg. Remaining Contract Life | | Aggregate Intrinsic Value (000) | Outstanding at Beginning of Year | 381 |
| | $ | 14 |
| | | | | Granted | 56 |
| | 19 |
| | | | | Exercised | (31 | ) | | 14 |
| | | |
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| Forfeited | — |
| | — |
| | | | | Outstanding at End of Year | 406 |
| | 15 |
| | 6.1 Yrs | | $ | 2,565 |
| Exercisable at End of Year | 406 |
| | $ | 15 |
| | 6.1 Yrs | | $ | 2,565 |
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| | | | | | | | | | | | | | | 2016 | | Shares (000) | | Wtd. Avg. Ex. Price | | Wtd. Avg. Remaining Contract Life | | Aggregate Intrinsic Value (000) | Outstanding at Beginning of Year | 373 |
| | $ | 13 |
| | | | | Granted | 56 |
| | 16 |
| | | | | Exercised | (36 | ) | | 10 |
| | | |
|
| Forfeited | (12 | ) | | 16 |
| | | | | Outstanding at End of Year | 381 |
| | 14 |
| | 6.4 Yrs | | $ | 2,180 |
| Exercisable at End of Year | 381 |
| | $ | 14 |
| | 6.4 Yrs | | $ | 2,180 |
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| | | | | | | | | | | | | | | 2015 | | Shares (000) | | Wtd. Avg. Ex. Price | | Wtd. Avg. Remaining Contract Life | | Aggregate Intrinsic Value (000) | Outstanding at Beginning of Year | 381 |
| | $ | 12 |
| | | | | Granted | 49 |
| | 17 |
| | | | | Exercised | (57 | ) | | 11 |
| | | |
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| Forfeited | — |
| | — |
| | | | | Outstanding at End of Year | 373 |
| | 13 |
| | 6.4 Yrs | | $ | 1,069 |
| Exercisable at End of Year | 373 |
| | $ | 13 |
| | 6.4 Yrs | | $ | 1,069 |
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| 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, 2017, 2016, and 2015, are presented in the table and narrative below: | | | | | | | | | | | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | | 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 | 9,397 |
| | $ | 4 |
| | 10,835 |
| | $ | 4 |
| | 13,265 |
| | $ | 4 |
| Granted | 1,295 |
| | 4 |
| | 3,227 |
| | 4 |
| | 2,966 |
| | 4 |
| Vested | (3,941 | ) | | 4 |
| | (4,343 | ) | | 4 |
| | (4,678 | ) | | 4 |
| Forfeited | (211 | ) | | 4 |
| | (322 | ) | | 4 |
| | (718 | ) | | 4 |
| Nonvested Stock Options at End of Year | 6,540 |
| | $ | 4 |
| | 9,397 |
| | $ | 4 |
| | 10,835 |
| | $ | 4 |
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A summary of the status of the Company’s nonvested Non-employee Director Stock Option Plan activity for the years ended December 31, 2017, 2016, and 2015, are presented in the table and narrative below: | | | | | | | | | | | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | | 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 | — |
| | $ | — |
| | — |
| | $ | — |
| | — |
| | $ | — |
| Granted | 56 |
| | 5 |
| | 56 |
| | 4 |
| | 49 |
| | 5 |
| Vested | (56 | ) | | 5 |
| | (56 | ) | | 4 |
| | (49 | ) | | 5 |
| Forfeited | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Nonvested stock options at End of Year | — |
| | $ | — |
| | — |
| | $ | — |
| | — |
| | $ | — |
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| Schedule of Employee Stock Purchase Plan |
The following table summarizes shares sold to employees under the 2013 Plan in the years ended December 31, 2017, 2016 and 2015. | | | | | | | | | | | | | | | Plan | 2017 | | 2016 | | 2015 | Cumulative Shares Issued in 2017 | Weighted Average Fair Value 2017 | 2013 Employee Stock Purchase Plan | 175,479 |
| | 177,781 |
| | 201,785 |
| 794,997 |
| $ | 17.12 |
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