Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Flexible Stock Plan Options |
At December 31, 2018, the following common shares were authorized for issuance under the Plan: | | | | | | | | Shares Available for Issuance | | Maximum Number of Authorized Shares | Unexercised options | 1.6 |
| | 1.6 |
| Outstanding stock units—vested | 3.6 |
| | 7.9 |
| Outstanding stock units—unvested | .8 |
| | 2.3 |
| Available for grant | 7.6 |
| | 7.6 |
| Authorized for issuance at December 31, 2018 | 13.6 |
| | 19.4 |
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Components Of Stock-Based Compensation |
The following table recaps the impact of stock-based compensation on the results of operations for each of the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31 | | 2018 | | 2017 | | 2016 | | To Be Settled With Stock | | To Be Settled In Cash | | To Be Settled With Stock | | To Be Settled In Cash | | To Be Settled With Stock | | To Be Settled In Cash | Options 1: | | | | | | | | | | | | Amortization of the grant date fair value | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 1.0 |
| | $ | — |
| Cash payments in lieu of options | — |
| | — |
| | — |
| | — |
| | — |
| | 1.0 |
| Stock-based retirement plans contributions 2 | 5.6 |
| | 1.0 |
| | 5.5 |
| | 1.2 |
| | 6.7 |
| | 1.3 |
| Discounts on various stock awards: | | | | | | | | | | | | Deferred Stock Compensation Program 1 | 1.9 |
| | — |
| | 2.1 |
| | — |
| | 2.0 |
| | — |
| Stock-based retirement plans 2 | 1.3 |
| | — |
| | 1.4 |
| | — |
| | 1.5 |
| | — |
| Discount Stock Plan 6 | 1.1 |
| | — |
| | 1.1 |
| | — |
| | 1.0 |
| | — |
| Performance Stock Unit (PSU) awards 3 | | | | | | | | | | | | 2018 PSU - TSR based 3A | 1.2 |
| | .8 |
| | — |
| | — |
| | — |
| | — |
| 2018 PSU - EBIT CAGR based 3B | 2.9 |
| | 2.5 |
| | — |
| | — |
| | — |
| | — |
| 2017 and prior PSU awards 3C | 3.6 |
| | (1.3 | ) | | 5.4 |
| | (1.4 | ) | | 4.8 |
| | 6.5 |
| Profitable Growth Incentive (PGI) awards 4 | .9 |
| | .9 |
| | 1.4 |
| | 1.4 |
| | 1.4 |
| | 1.0 |
| Restricted Stock Units (RSU) awards 5 | 2.1 |
| | — |
| | 2.5 |
| | — |
| | 2.8 |
| | — |
| Other, primarily non-employee directors restricted stock | .9 |
| | — |
| | .9 |
| | — |
| | 1.0 |
| | — |
| Total stock-related compensation expense | 21.5 |
| | $ | 3.9 |
| | 20.3 |
| | $ | 1.2 |
| | 22.2 |
| | $ | 9.8 |
| Employee contributions for above stock plans | 14.0 |
| | | | 16.3 |
| | | | 14.9 |
| | | Total stock-based compensation | $ | 35.5 |
| | | | $ | 36.6 |
| | | | $ | 37.1 |
| | | | | | | | | | | | | | | Tax benefits on stock-based compensation expense | $ | 5.1 |
| | | | $ | 7.3 |
| | | | $ | 8.1 |
| | | Tax benefits on stock-based compensation payments (As discussed below, we elected to pay selected awards in cash during 2018) | 3.9 |
| | | | 9.9 |
| | | | 18.2 |
| | | Total tax benefits associated with stock-based compensation | $ | 9.0 |
| | | | $ | 17.2 |
| | | | $ | 26.3 |
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Schedule of Stock-based Compensation Assets and Liabilities |
The following table recaps the impact of stock-based compensation on assets and liabilities for each of the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | Current | | Long-term | | Total | | Current | | Long-term | | Total | Assets: | | | | | | | | | | | | Diversified investments associated with the Executive Stock Unit Program 2 | $ | 2.3 |
| | $ | 30.4 |
| | $ | 32.7 |
| | $ | 2.4 |
| | $ | 31.6 |
| | $ | 34.0 |
| | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | Executive Stock Unit Program 2 | $ | 2.3 |
| | $ | 31.4 |
| | $ | 33.7 |
| | $ | 2.4 |
| | $ | 32.0 |
| | $ | 34.4 |
| Performance Stock Unit award 3 | .6 |
| | 3.2 |
| | 3.8 |
| | 6.7 |
| | 1.9 |
| | 8.6 |
| Profitable Growth Incentive award 4 | 4.3 |
| | — |
| | 4.3 |
| | 2.0 |
| | 2.5 |
| | 4.5 |
| Other - primarily timing differences between employee withholdings and related employer contributions to be submitted to various plans' trust accounts | 7.4 |
| | — |
| | 7.4 |
| | 7.0 |
| | — |
| | 7.0 |
| Total liabilities associated with stock-based compensation | $ | 14.6 |
| | $ | 34.6 |
| | $ | 49.2 |
| | $ | 18.1 |
| | $ | 36.4 |
| | $ | 54.5 |
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Deferred Compensation Arrangement with Individual Disclosure, Postretirement Benefits |
| | | | | | | | | | | | | | Options | | Units | | Cash | Aggregate amount of compensation deferred during 2018 | $ | .4 |
| | $ | 7.7 |
| | $ | .5 |
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Disclosure of Share-based Compensation Arrangements by Share-based Payment Award |
Stock option information for the plans discussed above is as follows: | | | | | | | | | | | | | | | Total Stock Options | | Weighted Average Exercise Price per Share | | Weighted Average Remaining Contractual Life in Years | | Aggregate Intrinsic Value | Outstanding at December 31, 2017 | 1.9 |
| | $ | 24.08 |
| | | | | Granted | — |
| | — |
| | | | | Exercised | (.3 | ) | | 17.92 |
| | | | | Outstanding at December 31, 2018 | 1.6 |
| | $ | 25.43 |
| | 2.9 | | $ | 17.8 |
| Vested or expected to vest | 1.6 |
| | $ | 25.43 |
| | 2.9 | | $ | 17.8 |
| Exercisable (vested) at December 31, 2018 | 1.5 |
| | $ | 25.12 |
| | 2.8 | | $ | 17.8 |
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Schedule of Share-based Compensation, Stock Options, Activity |
Additional information related to stock option activity for the periods presented is as follows: | | | | | | | | | | | | | | Year Ended December 31 | | 2018 | | 2017 | | 2016 | Total intrinsic value of stock options exercised | $ | 8.8 |
| | $ | 11.7 |
| | $ | 27.7 |
| Cash received from stock options exercised | 4.8 |
| | 2.6 |
| | 4.9 |
| Total fair value of stock options vested | .8 |
| | 1.2 |
| | .1 |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The following table summarizes fair values calculated (and assumptions utilized) using the Black-Scholes option pricing model. | | | | | | | | | | | | | | | | Year Ended December 31 | | | 2018 | | 2017 | | 2016 | Aggregate grant date fair value | | $ <.1 | | $ <.1 | | $ | 1.4 |
| Weighted-average per share grant date fair value | | $ | 6.47 |
| | $ | 9.21 |
| | $ | 10.79 |
| Risk-free interest rate | | 2.3 | % | | 2.3 | % | | 2.2 | % | Expected life in years | | 6.0 |
| | 6.0 |
| | 7.9 |
| Expected volatility (over expected life) | | 19.4 | % | | 19.8 | % | | 30.0 | % | Expected dividend yield (over expected life) | | 3.1 | % | | 3.1 | % | | 3.0 | % |
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Components Of SBP And ESUP |
Information for employee contributions for the year ended December 31 for these plans was as follows. See the stock-based compensation table above for information regarding employer contributions.
| | | | | | | | | | SBP 2018 | | ESUP 2018 | Employee contributions | $ | 3.2 |
| | $ | 3.8 |
| Less diversified contributions | .7 |
| | — |
| Total employee stock contributions | $ | 2.5 |
| | $ | 3.8 |
| Employer premium contribution to diversified investment accounts |
|
| | $ | .7 |
| Shares purchased by employees and company match | .1 |
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Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Performance Based Units Table |
Below is a summary of the number of shares and related grant date fair value of PSU’s based on TSR for the periods presented. | | | | | | | | | | | | | | Year Ended December 31, | | 2018 | | 2017 | | 2016 | Total shares base award | .1 |
| | .1 |
| | .1 |
| Grant date per share fair value | $ | 42.60 |
| | $ | 50.75 |
| | $ | 40.16 |
| Risk-free interest rate | 2.4 | % | | 1.5 | % | | 1.3 | % | Expected life in years | 3.0 |
| | 3.0 |
| | 3.0 |
| Expected volatility (over expected life) | 19.9 | % | | 19.5 | % | | 19.2 | % | Expected dividend yield (over expected life) | 3.3 | % | | 2.8 | % | | 3.1 | % |
| | | | | | | | | | | | | | | | Three-Year Performance Cycle | Award Year | | Completion Date | | TSR Performance Relative to the Peer Group (1%=Best) | | Payout as a Percent of the Base Award | | Number of Shares Distributed | | Cash Portion | | Distribution Date | 2014 | | December 31, 2016 | | 10 | | 175.0% | | .4 million | | $ | 9.8 |
| | First quarter 2017 | 2015 | | December 31, 2017 | | 57 | | 61.0% | | — | | $ | 6.9 |
| | First quarter 2018 | 2016 | | December 31, 2018 | | 78 | | —% | | — | | $ | — |
| | First quarter 2019 |
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Share-Based Compensation Arrangement By Share-Based Payment Award, Performance Cycle For PGI Awards |
| | | | | | | | | | | | | | Two-Year Performance Cycle | Award Year | | Completion Date | | Average Payout as a Percent of the Base Award | | Estimated Number of Shares | | Cash Portion | | Expected Distribution Date | 2015 | | December 31, 2016 | | 36.0% | | < .1 million | | $ | .8 |
| | First quarter 2017 | 2016 | | December 31, 2017 | | 44.0% | | — | | $ | 2.0 |
| | First quarter 2018 | 2017 | | December 31, 2018 | | 155.0% | | < .1 million | | $ | 2.2 |
| | First quarter 2019 |
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Schedule of Share-based Compensation, Restricted Stock Units Award Activity |
Stock unit information for the plans discussed above is presented in the table below. | | | | | | | | | | | | | | | | | | | | | | | | | | | | DSU | | ESUP | | PSU* | | RSU | | PGI** | | Total Units | | Weighted Average Grant Date Fair Value per Unit | | Aggregate Intrinsic Value | Unvested at December 31, 2017 | — |
| | — |
| | .4 |
| | .1 |
| | .1 |
| | .6 |
| | $ | 19.56 |
| | | Granted based on current service | .2 |
| | .2 |
| | — |
| | .1 |
| | — |
| | .5 |
| | 42.71 |
| | | Granted based on future conditions | — |
| | — |
| | .5 |
| | — |
| | — |
| | .5 |
| | 27.48 |
| | | Vested | (.2 | ) | | (.2 | ) | | — |
| | (.1 | ) | | (.1 | ) | | (.6 | ) | | 42.01 |
| | | Difference between maximum and actual payout | — |
| | — |
| | (.2 | ) | | — |
| | — |
| | (.2 | ) | | — |
| | | Unvested at December 31, 2018 | — |
| | — |
| | .7 |
| | .1 |
| | — |
| | .8 |
| | $ | 38.43 |
| | $ | 28.2 |
| Fully vested shares available for issuance at December 31, 2018 | | | | | | | | | | | 3.6 |
| | | | $ | 131.8 |
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| | * | PSU awards are presented at maximum payout (2017 award at 175% and 2018 award at 200%) |
** PGI awards are presented at maximum payout (2017 award at 250%)
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Stock Units Converted To Common Stock |
| | | | | | | | | | | | | | Year Ended December 31 | | 2018 | | 2017 | | 2016 | Total intrinsic value of vested stock units converted to common stock | $ | 12.1 |
| | $ | 22.7 |
| | $ | 24.8 |
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Discount Stock Plan |
| | | | | Average 2018 purchase price per share (net of discount) | $ | 35.77 |
| 2018 number of shares purchased by employees | .2 |
| Shares purchased since inception in 1982 | 23.2 |
| Maximum shares under the plan | 27.0 |
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