Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

STOCKHOLDERS’ EQUITY

Stock Repurchase Activity

In February 2016, the Board of Directors authorized a program to repurchase up to $5 billion of our common stock, with no fixed expiration. This stock repurchase authorization replaces the previous $2 billion stock repurchase authorization, approved by the Board of Directors in 2010. There were no repurchases of common stock in Q1 2016 or Q1 2015.

Stock Award Activity

Common shares outstanding plus shares underlying outstanding stock awards totaled 490 million as of March 31, 2016 and December 31, 2015. These totals include all vested and unvested stock awards outstanding, including those awards we estimate will be forfeited. The compensation expense for stock options, the total intrinsic value for stock options outstanding, the amount of cash received from the exercise of stock options, and the related tax benefits were not material for the three months ended March 31, 2016.

The following table summarizes our restricted stock unit activity for the three months ended March 31, 2016 (in millions):

	Number of Units		Weighted-Average Grant-Date Fair Value
Outstanding as of December 31, 2015	18.9		$	362
Units granted	0.9		566
Units vested	(1.0	)	271
Units forfeited	(0.6	)	374
Outstanding as of March 31, 2016	18.2		$	377

Scheduled vesting for outstanding restricted stock units as of March 31, 2016, is as follows (in millions):

	Nine Months Ended December 31,	Year Ended December 31,
	2016	2017	2018	2019	2020	Thereafter	Total
Scheduled vesting—restricted stock units	5.3	6.8	3.8	1.9	0.2	0.2	18.2

As of March 31, 2016, there was $2.9 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 1.1 years.