Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.19.3.a.u2
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Activity Related to Incentive Equity Awards
The activity related to the Company’s incentive equity awards for the year ended December 31, 2019 consisted of the following:
 
RSUs
 
PSUs
 
Number of
RSUs
 
Weighted
Average
Grant Price
 
Number
of
PSUs
 
Weighted
Average
Grant Price
Balance as of December 31, 2018
0.5

 
$
61.31

 
—

 
$
—

Granted (a)
0.6

 
52.19

 
0.1

 
52.44

Vested
(0.1
)
 
61.24

 
—

 
—

Canceled
(0.2
)
 
57.37

 
—

 
—

Balance as of December 31, 2019
0.8

(b) 
$
55.75

 
0.1

(c) 
$
52.44

_____________________
(a)
Represents awards granted by the Company primarily in February 2019.
(b)
RSUs outstanding as of December 31, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $34 million, which is expected to be recognized over a weighted average period of 2.9 years.
(c)
PSUs outstanding as of December 31, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $2 million, which is expected to be recognized over a weighted average period of 2.3 years.
The activity related to stock options granted by the Company for the year ended December 31, 2019 consisted of the following:
 
Number of Options
 
Weighted Average Exercise Price
 
Weighted Average Remaining Contractual Life (Years)
 
Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2018
0.5

 
$
61.40

 
 
 
 
Granted
0.5

 
52.44

 
 
 
 
Exercised
—

 
—

 
 
 
 
Canceled
(0.1
)
 
57.93

 
 
 
 
Expired
—

 
—

 
 
 
 
Outstanding as of December 31, 2019
0.9

 
$
56.96

 
6.8
 
$
5

Unvested as of December 31, 2019
0.8

(a) 
$
56.22

 
7.0
 
$
5

Exercisable as of December 31, 2019
0.1

 
$
61.40

 
5.2
 
$
—

_____________________
(a)
Unvested options as of December 31, 2019 are expected to vest over time and have an aggregate unrecognized compensation expense of $6 million, which is expected to be recognized over a weighted average period of 2.8 years.
Schedule of Valuation Assumptions
 
2019
 
2018
Grant date fair value
$10.46
 
$11.72
Grant date strike price
$52.44
 
$61.40
Expected volatility
22.24%
 
22.72%
Expected life
6.25 years
 
4.25 years
Risk-free interest rate
2.63%
 
2.73%
Projected dividend yield
2.21%
 
1.63%