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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award  
Summary of Stock Option Activity
The following table summarizes the activity related to options during 2016:
 
Options
 
Weighted Average
Exercise Price
 
Weighted Average
Remaining
Contractual Term
(Years)
 
Aggregate Intrinsic
Value (In millions)
Outstanding at January 1
7,782,696

 
$
17.15

 
 
 
 

Options granted
730,349

 
29.90

 
 
 
 

Options exercised
(1,057,887
)
 
17.34

 
 
 
$
14

Options expired
(15,488
)
 
14.07

 
 
 
 

Options cancelled
(266,622
)
 
22.86

 
 
 
 
Outstanding at December 31
7,173,048

 
18.21

 
5.3
 
91

Vested and expected to vest at December 31
6,966,579

 
18.00

 
5.2
 
91

Exercisable at December 31
5,296,056

 
15.70

 
4.3
 
81

Available for grant at December 31
7,512,420

 
 

 
 
 
 
Significant Options Groups Outstanding
Significant option groups outstanding at December 31, 2016 and related weighted average exercise price and remaining contractual term information follows:
Grant Date
 
Options Outstanding
 
Options Exercisable
 
Exercise Price
 
Remaining Contractual Term (Years)
2/22/2016
 
676,514

 
5,499

 
29.90

 
9.2

2/23/2015
 
611,700

 
160,854

 
27.16

 
8.2

2/24/2014
 
424,674

 
214,199

 
26.44

 
7.2

2/28/2013
 
1,280,205

 
937,835

 
12.98

 
6.2

2/27/2012
 
942,736

 
942,736

 
12.94

 
5.2

2/22/2011
 
669,305

 
669,305

 
13.91

 
4.2

2/23/2010
 
494,470

 
494,470

 
12.74

 
3.2

2/26/2009
 
438,434

 
438,434

 
4.81

 
2.2

2/21/2008
 
400,560

 
400,560

 
26.74

 
1.1

2/27/2007
 
253,706

 
253,706

 
24.71

 
0.2

All other
 
980,744

 
778,458

 
(1
)
 
(1
)
 
 
7,173,048

 
5,296,056

 
 

 
 

(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 $19.43 and $17.82, respectively, while the remaining weighted average contractual term was 5.3 and 4.6, 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:
 
2016
 
2015
 
2014
Weighted average grant date fair value
$
11.92

 
$
11.51

 
$
11.48

Black-Scholes model assumptions(1):
 

 
 

 
 

Expected term (years)
7.20

 
7.30

 
7.40

Interest rate
1.45
%
 
1.83
%
 
2.10
%
Volatility
40.78
%
 
42.00
%
 
43.45
%
Dividend yield
0.94
%
 
0.88
%
 
0.81
%
(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)
2016
 
2015
 
2014
Stock-based compensation expense recognized
$
23

 
$
19

 
$
20

Tax benefit
(8
)
 
(7
)
 
(7
)
After-tax stock-based compensation expense
$
15

 
$
12

 
$
13

Cash payments to settle SARs
$
1

 
$
2

 
$
2

Cash received from stock option exercises
$
17

 
$
53

 
$
39
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 2016:
 
Units
 
Weighted Average Grant Date Fair Value
Unvested at January 1
318,270

 
$
28.64

Units granted
194,108

 
30.95

Units vested
(104,614
)
 
29.00

Units forfeited
(38,461
)
 
29.38

Unvested at December 31
369,303

 
29.68
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 2016:
 
Units
 
Weighted Average Grant Date Fair Value
Unvested at January 1
673,093

 
$
26.16

Units granted
320,283

 
29.99

Units vested and settled
(134,944
)
 
22.23

Units forfeited
(31,973
)
 
28.73

Unvested at December 31
826,459

 
28.14