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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock-based compensation expense and tax benefits
The following table reflects activity related to our stock-based compensation arrangements (in millions):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Stock-based compensation expense
$
60

 
$
64

 
$
58

Tax benefit recognized on stock-based
compensation expense
21

 
22

 
20

Tax benefit realized for tax deductions
resulting from exercises and vestings
64

 
66

 
45

Effect of tax deductions in excess of
recognized stock-based compensation
expense reported as a financing cash flow
47

 
47

 
27
Summary of weighted-average assumptions used in fair value measurements
A summary of the weighted-average assumptions used in our fair value measurements is presented in the table below.
 
Year Ended December 31,
 
2014
 
2013
 
2012
Expected life in years
6.0

 
6.0

 
6.0

Expected volatility
43.21
%
 
49.63
%
 
49.11
%
Expected dividend yield
2.27
%
 
2.27
%
 
2.39
%
Risk-free interest rate
1.74
%
 
1.77
%
 
0.85
%
Summary of stock option awards
A summary of the status of our stock option awards is presented in the table below.




Number of
Stock
Options
 
Weighted-
Average
Exercise
Price Per
Share
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
 
 
 
 
 
(in years)
 
(in millions)
Outstanding as of January 1, 2014
8,558,093

 
$
27.88

 

 

Granted
126,095

 
48.57

 

 

Exercised
(2,564,125
)
 
18.64

 

 

Expired
(1,449,986
)
 
66.67

 
 
 
 
Forfeited
(856
)
 
17.68

 

 

Outstanding as of December 31, 2014
4,669,221

 
21.48

 
4.5
 
$
131

 
 
 
 
 
 
 
 
Exercisable as of December 31, 2014
4,315,414

 
19.99

 
4.2
 
127


The following table reflects activity related to our stock options granted (in millions, except per share data):
 
Year Ended December 31,
 
2014
 
2013
 
2012
Weighted average grant-date fair value price per share
$
17.31

 
$
15.83

 
$
10.98

Intrinsic value of stock options exercised
85

 
101

 
78

Cash received from stock option exercises
47

 
59

 
59
Summary of restricted stock awards
A summary of the status of our restricted stock awards is presented in the table below.





Number of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Per Share
Nonvested shares as of January 1, 2014
2,205,314

 
$
32.23

Granted
969,671

 
49.40

Vested
(1,402,753
)
 
31.90

Forfeited
(14,082
)
 
32.56

Nonvested shares as of December 31, 2014
1,758,150

 
41.96
Summary of performance awards
Performance awards converted during the year ended December 31, 2014 were as follows:
 
Vested
Awards
Converted
 
Actual
Conversion
Rate
 
Number of
Shares
Issued
2010 awards
201,422

 
100%
 
201,422

2011 awards
227,571

 
200%
 
455,142

2012 awards
102,855

 
200%
 
205,710

2013 awards
2,180

 
200%
 
4,360

Total
534,028

 
 
 
866,634



A summary of the status of our performance awards considered granted is presented below.
 
Nonvested
Awards
 
Vested
Awards
Awards outstanding as of January 1, 2014
947,165

 
—

Granted
225,829

 
—

Vested
(534,028
)
 
534,028

Converted
—

 
(534,028
)
Forfeited
(24,576
)
 
—

Awards outstanding as of December 31, 2014
614,390

 
—


There were three tranches of performance awards granted during the year ended December 31, 2014 as follows:
 
Awards
Granted
 
Expected
Conversion
Rate
 
Fair Value
Per Share
Third tranche of 2012 awards
99,023

 
100%
 
$
47.47

Second tranche of 2013 awards
76,232

 
100%
 
47.47

First tranche of 2014 awards
50,574

 
100%
 
48.57

Total
225,829