Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Activity Related to Incentive Equity Awards
The activity related to the Company’s incentive equity awards for the nine months ended September 30, 2019 consisted of the following:
 
RSUs
 
Options
 
PSUs
 
Number of
RSUs
 
Weighted
Average
Grant Price
 
Number
of
Options
 
Weighted
Average
Exercise Price
 
Number
 of
PSUs
 
Weighted
Average
Grant Price
Balance as of December 31, 2018
0.5

 
$
61.31

 
0.5

 
$
61.40

 
—

 
$
—

Granted(a)
0.6

 
52.40

 
0.5

 
52.44

 
0.1

 
52.44

Vested/Exercised
(0.1
)
 
61.30

 
—

 
—

 
—

 
—

Canceled
(0.1
)
 
58.32

 
—

 
—

 
—

 
—

Balance as of September 30, 2019
0.9

(b) 
$
55.85

 
1.0

(c) 
$
56.96

 
0.1

(d) 
$
52.44


(a)
Represents awards granted by the Company primarily in February 2019.
(b)
RSUs outstanding as of September 30, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $43 million, which is expected to be recognized over a weighted average period of 3.1 years.
(c)
Unvested options outstanding were 0.9 million with a weighted average exercise price of $56.30 as of September 30, 2019. Unvested options are expected to vest over time and have an aggregate unrecognized compensation expense of $9 million, which is expected to be recognized over a weighted average period of 3.1 years. The approximately 1.0 million options outstanding (0.1 million options exercisable) as of September 30, 2019 had no intrinsic value with a weighted average remaining contractual life of 7.0 years.
(d)
PSUs outstanding as of September 30, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $5 million, which is expected to be recognized over a weighted average period of 2.6 years.
Schedule of Valuation Assumptions
 
2019
Grant date strike price
$52.44
Expected volatility
22.24%
Expected life
6.25 years
Risk-free interest rate
2.63%
Projected dividend yield
2.21%