Share-Based Payments (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Share-based Payment Arrangement, Option [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Share-based Payment Arrangement, Activity [Table Text Block] |
The weighted-average fair value of options granted and assumptions used to estimate their fair value during the nine months ended September 30, 2020 were as follows (on a continuing basis):
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
September 30, 2020 |
|
|
| Expected dividend yield |
1.1 |
% |
|
|
| Expected stock price volatility |
24.1 |
% |
|
|
| Weighted average risk-free interest rate |
1.5 |
% |
|
|
| Expected life of options (years) |
5.9 |
|
|
| Weighted average grant date fair value |
$ |
15 |
|
|
|
The following tables summarize the Company’s employee stock option activity and related information on a continuing basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2020 |
|
|
|
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
|
|
Average |
|
|
|
Average |
|
Aggregate |
|
Remaining |
|
|
|
Exercise |
|
Intrinsic |
|
Contractual |
|
Options |
|
Price |
|
Value |
|
Term |
| Outstanding at December 31, 2019 |
417 |
|
|
$ |
53 |
|
|
|
|
|
| Granted |
36 |
|
|
66 |
|
|
|
|
|
| Exercised |
(42) |
|
|
46 |
|
|
|
|
|
| Forfeited |
(4) |
|
|
60 |
|
|
|
|
|
| Outstanding at September 30, 2020 |
407 |
|
|
$ |
55 |
|
|
$ |
(133) |
|
|
3.8 |
| Exercisable at September 30, 2020 |
311 |
|
|
$ |
53 |
|
|
$ |
682 |
|
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Share-based compensation for options |
$ |
869 |
|
|
$ |
1,178 |
|
| Tax benefit for option compensation |
$ |
225 |
|
|
$ |
304 |
|
| Unrecognized compensation cost for options |
$ |
1,065 |
|
|
$ |
1,846 |
|
| Weighted average period over which unrecognized compensation will be recognized (years) |
1.4 |
|
|
The following tables summarize the Company’s employee stock option activity and related information on a discontinued basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2020 |
|
|
|
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
|
|
Average |
|
|
|
Average |
|
Aggregate |
|
Remaining |
|
|
|
Exercise |
|
Intrinsic |
|
Contractual |
|
Options |
|
Price |
|
Value |
|
Term |
| Outstanding at December 31, 2019 |
14 |
|
|
$ |
52 |
|
|
|
|
|
| Granted |
— |
|
|
— |
|
|
|
|
|
| Exercised |
— |
|
|
— |
|
|
|
|
|
| Forfeited |
— |
|
|
— |
|
|
|
|
|
| Outstanding at September 30, 2020 |
14 |
|
|
$ |
52 |
|
|
$ |
37 |
|
|
3.0 |
| Exercisable at September 30, 2020 |
12 |
|
|
$ |
52 |
|
|
$ |
41 |
|
|
2.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Share-based compensation for options |
$ |
16 |
|
|
$ |
31 |
|
| Tax benefit for option compensation |
$ |
4 |
|
|
$ |
8 |
|
| Unrecognized compensation cost for options |
$ |
6 |
|
|
$ |
32 |
|
| Weighted average period over which unrecognized compensation will be recognized (years) |
0.4 |
|
|
|
| Employee Non-vested Shares [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] |
The following tables summarize the Company’s employee non-vested share activity and related information on a continuing basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Non-vested |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
| Outstanding and non-vested at December 31, 2019 |
264 |
|
|
$ |
58 |
|
|
|
| Granted |
114 |
|
|
66 |
|
|
|
| Vested |
(149) |
|
|
57 |
|
|
|
| Forfeited |
(16) |
|
|
62 |
|
|
|
| Outstanding and non-vested at September 30, 2020 |
213 |
|
|
$ |
63 |
|
|
$ |
13,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Share-based compensation for non-vested shares |
$ |
5,416 |
|
|
$ |
5,934 |
|
| Tax benefit for non-vested share compensation |
$ |
1,399 |
|
|
$ |
1,510 |
|
| Unrecognized compensation cost for non-vested shares |
$ |
9,397 |
|
|
$ |
10,243 |
|
| Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
The following tables summarize the Company’s employee non-vested share activity and related information on a discontinued basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Non-vested |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
| Outstanding and non-vested at December 31, 2019 |
13 |
|
|
$ |
58 |
|
|
|
| Granted |
6 |
|
|
63 |
|
|
|
| Vested |
(8) |
|
|
58 |
|
|
|
| Forfeited |
— |
|
|
— |
|
|
|
| Outstanding and non-vested at September 30, 2020 |
11 |
|
|
$ |
61 |
|
|
$ |
678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Share-based compensation for non-vested shares |
$ |
282 |
|
|
$ |
276 |
|
| Tax benefit for non-vested share compensation |
$ |
73 |
|
|
$ |
71 |
|
| Unrecognized compensation cost for non-vested shares |
$ |
471 |
|
|
$ |
462 |
|
| Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
| Key Employee Performance Share Based Plan [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] |
The fair value of the performance shares granted based on the three-year performance of the Company’s total shareholder return was estimated using a Monte Carlo simulation. The following table contains the weighted-average assumptions, on both a continuing and discontinued basis, used to estimate the fair value of performance shares granted using the Monte Carlo simulation. These assumptions are subjective and changes in these assumptions can materially affect the fair value estimate.
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Expected stock price volatility |
23.5 |
% |
|
23.4 |
% |
| Weighted average risk-free interest rate |
1.4 |
% |
|
2.5 |
% |
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information on a continuing basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Performance |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
| Outstanding and non-vested at December 31, 2019 |
58 |
|
|
$ |
62 |
|
|
|
| Granted |
38 |
|
|
69 |
|
|
|
| Additional shares awarded based on performance |
13 |
|
|
51 |
|
|
|
| Vested |
(33) |
|
|
51 |
|
|
|
| Forfeited |
(11) |
|
|
66 |
|
|
|
| Outstanding and non-vested at September 30, 2020 |
65 |
|
|
$ |
68 |
|
|
$ |
4,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Share-based compensation for performance shares |
$ |
1,007 |
|
|
$ |
767 |
|
| Tax benefit for performance share compensation |
$ |
260 |
|
|
$ |
198 |
|
| Unrecognized compensation cost for performance shares |
$ |
2,466 |
|
|
$ |
1,766 |
|
| Weighted average period over which unrecognized compensation will be recognized (years) |
2.1 |
|
|
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information on a discontinued basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Performance |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
| Outstanding and non-vested at December 31, 2019 |
4 |
|
|
$ |
62 |
|
|
|
| Granted |
2 |
|
|
69 |
|
|
|
| Additional shares awarded based on performance |
1 |
|
|
51 |
|
|
|
| Vested |
(2) |
|
|
51 |
|
|
|
| Forfeited |
— |
|
|
— |
|
|
|
| Outstanding and non-vested at September 30, 2020 |
5 |
|
|
$ |
66 |
|
|
$ |
275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Share-based compensation for performance shares |
$ |
62 |
|
|
$ |
54 |
|
| Tax benefit for performance share compensation |
$ |
16 |
|
|
$ |
14 |
|
| Unrecognized compensation cost for performance shares |
$ |
142 |
|
|
$ |
118 |
|
| Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
| Employee Stock Purchase Plan [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] |
The following table summarizes the Company's employee stock purchase activity and related information on a continuing basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Shares purchased by participants under plan |
6 |
|
|
4 |
|
| Average purchase price |
$ |
45 |
|
|
$ |
49 |
|
| Weighted-average fair value of each purchase right under the ESPP granted ¹ |
$ |
5 |
|
|
$ |
10 |
|
| Share-based compensation for ESPP shares |
$ |
30 |
|
|
$ |
46 |
|
|
|
|
|
| ¹ Equal to the discount from the market value of the common stock at the end of each six month purchase period |
The following table summarizes the Company's employee stock purchase activity and related information on a discontinued basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Shares purchased by participants under plan |
1 |
|
|
1 |
|
| Average purchase price |
$ |
45 |
|
|
$ |
49 |
|
| Weighted-average fair value of each purchase right under the ESPP granted ¹ |
$ |
5 |
|
|
$ |
10 |
|
| Share-based compensation for ESPP shares |
$ |
3 |
|
|
$ |
6 |
|
|
|
|
|
| ¹ Equal to the discount from the market value of the common stock at the end of each six month purchase period |
|
| Nonemployee Director Nonvested Shares Granted Member |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] |
The following tables summarize the Company’s non-employee non-vested share activity and related information on a continuing basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Non-vested |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
| Outstanding and non-vested at December 31, 2019 |
16 |
|
|
$ |
62 |
|
|
|
| Granted |
24 |
|
|
43 |
|
|
|
| Vested |
(16) |
|
|
62 |
|
|
|
| Forfeited |
— |
|
|
— |
|
|
|
| Outstanding and non-vested at September 30, 2020 |
24 |
|
|
$ |
43 |
|
|
$ |
1,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2020 |
|
September 30,
2019 |
| Share-based compensation for non-vested shares |
$ |
766 |
|
|
$ |
714 |
|
| Tax benefit for non-vested share compensation |
$ |
198 |
|
|
$ |
184 |
|
| Unrecognized compensation cost for non-vested shares |
$ |
636 |
|
|
$ |
554 |
|
| Weighted average period over which unrecognized compensation will be recognized (years) |
0.6 |
|
|
|