Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Preferred Stock

We have authorized 500 million shares of $0.01 par value preferred stock. No preferred stock was outstanding for any period presented.

Common Stock

Common shares outstanding plus shares underlying outstanding stock awards totaled 483 million, 476 million, and 470 million, as of December 31, 2014, 2013, and 2012. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited.

Stock Repurchase Activity

In January 2010, our Board of Directors authorized the Company to repurchase up to $2.0 billion of our common stock with no fixed expiration. We have $763 million remaining under the $2.0 billion repurchase program.

Stock Award Plans

Employees vest in restricted stock unit awards and stock options over the corresponding service term, generally between two and five years.

Stock Award Activity

Stock options outstanding, which were primarily obtained through acquisitions, totaled 0.4 million, 0.2 million and 0.4 million, as of December 31, 2014, 2013, and 2012. The after-tax compensation expense for stock options was not material for 2014, 2013, and 2012, as well as the total intrinsic value for stock options outstanding, the amount of cash received from the exercise of stock options, and the related tax benefits.

The following table summarizes our restricted stock unit activity (in millions):

	Number of Units		Weighted Average Grant-Date Fair Value
Outstanding as of January 1, 2012	13.1		$	143
Units granted	8.2		209
Units vested	(4.2	)	110
Units forfeited	(1.7	)	168
Outstanding as of December 31, 2012	15.4		184
Units granted	7.2		283
Units vested	(4.5	)	160
Units forfeited	(1.8	)	209
Outstanding as of December 31, 2013	16.3		233
Units granted	8.5		328
Units vested	(5.1	)	202
Units forfeited	(2.3	)	264
Outstanding as of December 31, 2014	17.4		$	285

Scheduled vesting for outstanding restricted stock units as of December 31, 2014, is as follows (in millions):

		Year Ended December 31,
	2015	2016	2017	2018	2019	Thereafter	Total
Scheduled vesting—restricted stock units	5.9	6.1	3.4	1.7	0.2	0.1	17.4

As of December 31, 2014, there was $2.2 billion of net unrecognized compensation cost related to unvested stock-based compensation arrangements. This compensation is recognized on an accelerated basis with approximately half of the compensation expected to be expensed in the next twelve months, and has a weighted-average recognition period of 1.2 years.

During 2014 and 2013, the fair value of restricted stock units that vested was $1.7 billion and $1.4 billion.

As matching contributions under our 401(k) savings plan, we granted 0.2 million and 0.1 million shares of common stock in 2014 and 2013. Shares granted as matching contributions under our 401(k) plan are included in outstanding common stock when issued, and recorded as stock-based compensation expense.

Common Stock Available for Future Issuance

As of December 31, 2014, common stock available for future issuance to employees is 137 million shares.