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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans

The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company:

 

Year Ended December 31   Stock
Options/Shares		        Weighted-
Average
Exercise Price		        Weighted-Average
Remaining
Contractual Term		        Aggregate
Intrinsic Value
(in millions)		  

2018

                 

Number outstanding at beginning of period

     12,668,467        $ 32.15            

Granted(a)

     —          —            

Exercised

     (3,443,494 )         25.41            

Cancelled(b)

     (109,963 )         46.72            
 

 

 

  

Number outstanding at end of period(c)

     9,115,010        $ 34.52          4.3        $ 102  

Exercisable at end of period

     7,372,036        $ 31.61          3.5        $ 104  

2017

                 

Number outstanding at beginning of period

     17,059,241        $ 29.95            

Granted

     1,066,188          54.97            

Exercised

     (5,389,741 )         29.58            

Cancelled(b)

     (67,221 )         43.31            
 

 

 

  

Number outstanding at end of period(c)

     12,668,467        $ 32.15          4.5        $ 272  

Exercisable at end of period

     9,647,937        $ 27.87          3.3        $ 248  

2016

                 

Number outstanding at beginning of period

     25,725,708        $ 29.82            

Granted

     1,644,288          39.50            

Exercised

     (10,163,668 )         31.09            

Cancelled(b)

     (147,087 )         35.18            
 

 

 

  

Number outstanding at end of period(c)

     17,059,241        $ 29.95          4.1        $ 365  

Exercisable at end of period

     13,856,142        $ 27.53          3.1        $ 330  
(a)

The Company did not grant any stock option awards during 2018.
(b)

Options cancelled include both non-vested (i.e., forfeitures) and vested options.
(c)

Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense.
Weighted-Average Estimated Fair Value of Stock Options Granted and Assumptions Utilized by Company for Newly Issued Grants

The following table includes the weighted-average estimated fair value of stock options granted and the assumptions utilized by the Company for newly issued grants for the years ended December 31, 2017 and 2016:

 

Year Ended December 31   2017      2016  

Estimated fair value

   $ 14.66      $ 10.28  

Risk-free interest rates

     2.0 %       1.3 % 

Dividend yield

     2.6 %       2.6 % 

Stock volatility factor

     .35        .36  

Expected life of options (in years)

     5.5        5.5  
Summary of Certain Stock Option Activity

The following summarizes certain stock option activity of the Company:

 

Year Ended December 31 (Dollars in Millions)   2018        2017        2016  

Fair value of options vested

   $ 14        $ 13        $ 18  

Intrinsic value of options exercised

     97          127          138  

Cash received from options exercised

     87          159          316  

Tax benefit realized from options exercised

     —          49          53  
Stock Options Outstanding Additional Information

Additional information regarding stock options outstanding as of December 31, 2018, is as follows:

 

    Outstanding Options        Exercisable Options  
Range of Exercise Prices   Shares        Weighted-
Average
Remaining
Contractual
Life (Years)		        Weighted-
Average
Exercise
Price		        Shares        Weighted-
Average
Exercise
Price		  

$11.02—$20.00

     684,748          0.1        $ 11.20          684,748        $ 11.20  

$20.01—$25.00

     856,259          1.2          23.84          856,259          23.84  

$25.01—$30.00

     2,711,719          2.6          28.65          2,711,719          28.65  

$30.01—$35.00

     700,487          4.0          33.98          700,487          33.98  

$35.01—$40.00

     1,415,509          7.1          39.49          669,718          39.49  

$40.01—$45.00

     1,737,831          5.6          42.41          1,490,255          42.10  

$45.01—$50.00

     —          —          —          —          —  

$50.01—$55.01

     1,008,457          8.1          54.97          258,850          54.97  
      9,115,010          4.3        $ 34.52          7,372,036        $ 31.61  
Summary of Company's Restricted Shares of Stock and Unit Awards

A summary of the status of the Company’s restricted shares of stock and unit awards is presented below:     

 

    2018      2017      2016  
Year Ended December 31   Shares     

Weighted-
Average Grant-
Date Fair

Value

      Shares     

Weighted-
Average Grant-
Date Fair

Value

      Shares     

Weighted-
Average Grant-
Date Fair

Value

  

Outstanding at beginning of period

     7,446,955      $ 44.49        8,265,507      $ 39.50        6,894,831      $ 38.44  

Granted

     3,213,023        55.03        2,850,927        54.45        4,879,421        39.65  

Vested

     (3,373,323 )       46.42        (3,295,376 )       40.66        (3,069,035 )       37.25  

Cancelled

     (567,357 )       49.07        (374,103 )       43.91        (439,710 )       40.18  

Outstanding at end of period

     6,719,298      $ 48.17        7,446,955      $ 44.49        8,265,507      $ 39.50