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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award  
Summary of Stock Option Activity
The following table summarizes the activity related to options during 2017:
 
Options
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining
Contractual Term
(Years)
 
Aggregate Intrinsic
Value (In millions)
Outstanding at January 1
7,173,048

 
$
18.21

 
 
 
 

Options granted
722,440

 
35.16

 
 
 
 

Options exercised
(1,142,039
)
 
18.13

 
 
 
$
18

Options expired
(107,080
)
 
26.14

 
 
 
 

Options cancelled
(49,271
)
 
23.72

 
 
 
 
Outstanding at December 31
6,597,098

 
19.91

 
5.3
 
84

Vested and expected to vest at December 31
6,411,897

 
19.59

 
5.2
 
85

Exercisable at December 31
4,913,448

 
16.01

 
4.3
 
80

Available for grant at December 31
17,764,947

 
 

 
 
 
 
Significant Options Groups Outstanding
Significant option groups outstanding at December 31, 2017 and related weighted average exercise price and remaining contractual term information follows:
Grant Date
 
Options Outstanding
 
Options Exercisable
 
Exercise Price
 
Remaining Contractual Term (Years)
2/27/2017
 
685,669

 
—

 
$
35.26

 
9.2

2/22/2016
 
669,719

 
180,041

 
29.90

 
8.2

2/23/2015
 
607,101

 
315,735

 
27.16

 
7.2

2/24/2014
 
415,862

 
312,824

 
26.44

 
6.2

2/28/2013
 
1,064,424

 
1,064,424

 
12.98

 
5.2

2/27/2012
 
838,311

 
838,311

 
12.94

 
4.2

2/22/2011
 
609,805

 
609,805

 
13.91

 
3.1

2/23/2010
 
435,696

 
435,696

 
12.74

 
2.1

2/26/2009
 
330,916

 
330,916

 
4.81

 
1.2

2/21/2008
 
149,241

 
149,241

 
26.74

 
0.1

All Other
 
790,354

 
676,455

 
(1
)
 
(1
)
 
 
6,597,098

 
4,913,448

 
 

 
 

(1)
Options in the “All other” category had exercise prices ranging from $6.22 to $36.25. The weighted average exercise price for options outstanding and exercisable in that category was $19.50 and $17.97, respectively, while the remaining weighted average contractual term was 5.0 and 4.5, respectively.
Weighted Average Grant Date Fair Values of Stock Options and the Assumptions Used
Weighted average grant date fair values of stock options and the assumptions used in estimating those fair values are as follows:
 
2017
 
2016
 
2015
Weighted average grant date fair value
$
12.05

 
$
11.92

 
$
11.51

Black-Scholes model assumptions(1):
 

 
 

 
 

Expected term (years)
7.20

 
7.20

 
7.30

Interest rate
2.13
%
 
1.45
%
 
1.83
%
Volatility
33.63
%
 
40.78
%
 
42.00
%
Dividend yield
1.13
%
 
0.94
%
 
0.88
%
(1)
We review the assumptions used in our Black-Scholes model in conjunction with estimating the grant date fair value of the annual grants of options by our Board of Directors.
Stock-based Compensation Expense and Cash Activity
Stock-based compensation expense, cash payments made to settle SARs and cash received from the exercise of stock options follows:
(In millions)
2017
 
2016
 
2015
Stock-based compensation expense recognized
$
22

 
$
23

 
$
19

Tax benefit
(6
)
 
(8
)
 
(7
)
After-tax stock-based compensation expense
$
16

 
$
15

 
$
12

Cash payments to settle SARs
$
1

 
$
1

 
$
2

Cash received from stock option exercises
$
19

 
$
17

 
$
53
Performance Share Units  
Share-based Compensation Arrangement by Share-based Payment Award  
Nonvested Share Activity
The following table summarizes the activity related to performance share units during 2017:
 
Units
 
Weighted Average Grant Date Fair Value
Unvested at January 1
369,303

 
$
29.68

Units granted
164,996

 
36.78

Units vested
(184,961
)
 
28.44

Units forfeited
(7,031
)
 
31.72

Unvested at December 31
342,307

 
33.73
Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award  
Nonvested Share Activity
The following table summarizes the activity related to restricted stock units during 2017:
 
Units
 
Weighted Average Grant Date Fair Value
Unvested at January 1
826,459

 
$
28.14

Units granted
323,277

 
33.58

Units vested and settled
(196,361
)
 
26.94

Units forfeited
(96,977
)
 
30.93

Unvested at December 31
856,398

 
30.15