Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense

Stock-Based Compensation Expense

	For the years ended December 31,
	2021		2020		2019
Stock-based compensation plans expense	$	128	$	116	$	125
Income tax benefit	(22)		(20)		(21)
Excess tax benefit on awards vested, exercised and expired	(6)		(1)		(6)
Total stock-based compensation plans expense, net of tax	$	100	$	95	$	98

Stock Compensation Valuation Assumptions

Stock Options Valuation Assumptions

	For the years ended December 31,
	2021				2020				2019
Expected dividend yield	2.8%				2.6%				2.5%
Expected annualized spot volatility	34.1	%	-	43.0%	22.2	%	-	36.2%	20.7	%	-	36.7%
Weighted average annualized volatility	39.4%				30.9%				29.3%
Risk-free spot rate	0.03	%	-	1.4%	1.3	%	-	1.6%	2.4	%	-	2.6%
Expected term	6.4 years				6.6 years				5.9 years

Non-qualified Stock Option Activity Under the Incentive Stock Plan

Non-qualified Stock Option Activity Under the Stock Incentive Plan

	Number of Options (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	For the year ended December 31, 2021
Outstanding at beginning of year	6,693	$	45.54
Granted	930	$	51.87
Exercised	(1,137)	$	39.51
Forfeited	(51)	$	53.03
Expired	—	$	—
Outstanding at end of year	6,435	$	47.46	5.7	$	139
Outstanding, fully vested and expected to vest	6,385	$	47.42	5.7	$	138
Exercisable at end of year	4,749	$	45.67	4.7	$	111

Assumptions

Assumptions for Total Stockholder Return Performance Shares

	For the years ended December 31,
	2021				2020				2019
Volatility of common stock	37.3%				19.6%				19.4%
Average volatility of peer companies	27.0	%	-	49.0%	18.0	%	-	31.0%	16.0	%	-	27.0%
Average correlation coefficient of peer companies	67.0%				51.0%				50.0%
Risk-free spot rate	0.2%				1.2%				2.4%
Term	3.0 years				3.0 years				3.0 years

Non-vested Share Award Activity Under the Incentive Stock Plan

Non-vested Share Award Activity Under the Stock Incentive Plan

	Restricted Stock Units			Performance Shares
	Number of Shares (in thousands)	Weighted-Average Grant-Date Fair Value		Number of Shares (in thousands)	Weighted-Average Grant date Fair Value
Non-vested shares	For the year ended December 31, 2021
Non-vested at beginning of year	3,866	$	52.58	790	$	54.82
Granted	1,628	$	52.13	419	$	56.09
Performance based adjustment, net				225	$	60.67
Vested	(1,160)	$	52.72	(624)	$	56.44
Forfeited	(303)	$	51.30	(45)	$	52.89
Non-vested at end of year	4,031	$	52.45	765	$	52.53