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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Additional Information on RSUs
The following table provides additional information on RSUs for the last three fiscal years:
 
2017
 
2016
 
2015
Share-based compensation expense (in millions)
$
172

 
$
204

 
$
103

Weighted average grant-date fair value (per RSU)
$
85

 
$
66

 
$
78

Aggregate intrinsic value of distributed RSUs (in millions)
$
322

 
$
190

 
$
195
Changes in Outstanding RSU Grants

The following table presents the changes in our outstanding RSUs during 2017 and the associated weighted average grant-date fair values:
 
Number of RSUs
(in millions)
 
Weighted Average 
Grant-Date
Fair Value
(per RSU)
Outstanding at year-end 2016
7.4

 
$
61

Granted (1)
1.9

 
85

Distributed
(3.5
)
 
59

Forfeited
(0.2
)
 
72

Outstanding at year-end 2017
5.6

 
$
71


(1) 
Includes 0.2 million PSUs.
Changes in Outstanding SARs
The following table presents the changes in our outstanding SARs during 2017 and the associated weighted average exercise prices:
 
Number of SARs
(in millions)
 
Weighted Average
Exercise Price
Outstanding at year-end 2016
4.6

 
$
40

Granted
0.3

 
88

Exercised
(1.2
)
 
33

Outstanding at year-end 2017
3.7

 
$
47
Number of Employee SARs and Director SARs
The following tables show the number of Employee SARs and Director SARs we granted in the last three fiscal years, the associated weighted average exercise prices, and the associated weighted average grant-date fair values:
 
2017
 
2016
 
2015
Employee SARs
 
 
 
 
 
Employee SARs granted (in millions)
0.3

 
0.4

 
0.3

Weighted average exercise price (per SAR)
$
88

 
$
67

 
$
83

Weighted average grant-date fair value (per SAR)
$
30

 
$
22

 
$
26

Director SARs
 
 
 
 
 
Director SARs granted
—

 
3,507

 
2,773

Weighted average exercise price (per SAR)
$
—

 
$
69

 
$
80

Weighted average grant-date fair value (per SAR)
$
—

 
$
23

 
$
29
Assumptions Used to Determine the Fair Value of SARs
We used the following assumptions to determine the fair value of the SARs we granted to employees and non-employee directors in 2017, 2016, and 2015:
 
2017
 
2016
 
2015
Expected volatility
30.9
%
 
30.4
%
 
29.9
%
Dividend yield
1.3
%
 
1.3
%
 
1.0
%
Risk-free rate
2.4
%
 
1.7 - 2.4%

 
1.9 - 2.3%

Expected term (in years)
8

 
8 - 10

 
6 - 10