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Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of RSU and RSA activity
A summary of the RSU and RSA activity for 2016 follows:
(Restricted stock units and awards in millions)
Number of restricted
stock units and awards
 
Weighted-average fair
value per unit and award
Non-vested at January 1
2.1

 
$
65.06

Granted
1.6

 
52.80

Vested
(0.9
)
 
64.11

Forfeited
(0.2
)
 
59.89

Non-vested at December 31
2.6

 
$
57.87
Information Related to RSUs and RSAs
Information related to RSUs and RSAs follows:
 
2016
 
2015
 
2014
Pretax expense for RSUs and RSAs
$
65

 
$
68

 
$
81

After-tax expense for RSUs and RSAs
42

 
44

 
53

Fair value of vested RSUs and RSAs
71


110

 
105
Schedule of Share-based Payment Award, Performance Share Units (Market-Based), Valuation Assumptions
A summary of the assumptions used in determining fair value of these PSUs follows:
 
 
2016
Expected volatility
 
24
%
Risk-free interest rate
 
0.88
%
Weighted-average fair value of PSUs granted
 
$
76.41
(Performance share units in millions)
A summary of the 2016 activity for these PSUs follows:
(Performance share units in millions)
 
Number of performance
share units
 
Weighted-average fair
value per unit
Non-vested at January 1
 
—

 
$
—

  Granted1
 
0.6

 
76.41

  Vested
 
—

 
—

  Forfeited
 
(0.1
)
 
76.41

Non-vested at December 31
 
0.5

 
$
76.41

1 Performance shares granted assuming the Company will perform at target relative to peers.
Share-based Compensation, Performance Shares Award Outstanding Activity
A summary of the 2016 activity for these PSUs follows:
(Performance share units in millions)
 
Number of performance
share units
 
Weighted-average fair
value per unit
Non-vested at January 1
 
0.8

 
$
71.72

Granted
 
0.1

 
56.55

Vested
 
—

 
—

Forfeited
 
(0.2
)
 
71.72

Non-vested at December 31
 
0.7

 
$
68.23
Information Related to PSUs
Information related to PSUs follows:
 
 
2016
 
2015
Pretax expense for PSUs
 
$
13

 
$
2

After-tax expense for PSUs
 
8

 
1
Assumptions used in determining fair value of stock options
A summary of the assumptions used in determining the fair value of stock options follows:
 
2016
 
2015
 
2014
Expected volatility
27
%
 
29
%
 
34
%
Expected option life in years
5.5


5.5

 
5.5

Expected dividend yield
2.5
%
 
2.6
%
 
2.4
%
Risk-free interest rate
1.2 to 1.5%

 
1.6 to 1.5%

 
1.7 to 1.5%

Weighted-average fair value of stock options granted
$
11.80

 
$
15.25

 
$
19.46
Summary of stock option activity
A summary of stock option activity follows:
(Options in millions)
Weighted-average
exercise price per option
 
Options
 
Weighted-average
remaining
contractual life
in years
 
Aggregate
intrinsic
value
Outstanding at January 1, 2016
$
51.94

 
6.2

 
 
 
 
Granted
56.73

 
1.3

 
 
 
 
Exercised
40.32

 
(1.9
)
 
 
 
 
Forfeited and canceled
65.74

 
(0.1
)
 
 
 
 
Outstanding at December 31, 2016
$
56.75

 
5.5

 
5.6
 
$
64.5

 
 
 
 
 
 
 
 
Exercisable at December 31, 2016
$
54.28

 
3.7

 
4.0
 
$
51.3

Reserved for future grants at December 31, 2016
 
 
18.6

 
 
 
 
Information related to stock options
Information related to stock options follows:
 
2016
 
2015
 
2014
Pretax expense for stock options
$
14

 
$
12

 
$
12

After-tax expense for stock options
9

 
8

 
8

Proceeds from stock options exercised
74

 
52

 
54

Income tax benefit related to stock options exercised

 

 

Tax benefit classified in operating activities in the Consolidated
   Statements of Cash Flows
5

 
4

 
4

Excess tax benefit classified in financing activities in the
   Consolidated Statements of Cash Flows
1

 
1

 
15

Intrinsic value of stock options exercised
42

 
44

 
55

Total fair value of stock options vested
$
14

 
$
12

 
$
12

 

 

 

Stock options exercised, in millions of options
1.9

 
1.4

 
1.5