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Stock-Based Incentive Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements [Abstract]  
Total compensation expense for all stock-based incentive compensation plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2013

 

2012

 

2011

 

Stock options

$

 

$

 

$

 

Performance shares

 

10 

 

 

 

 

 

SARs

 

 

 

 

 

 -

 

RSUs and nonvested stock

 

16 

 

 

17 

 

 

12 

 

Total

$

40 

 

$

31 

 

$

22 

 

 

 

 

 

 

 

 

 

 

 

Recognized tax benefit

$

14 

 

$

11 

 

$

 

 

Total unrecognized compensation expense for all stock-based incentive compensation plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

2013

 

2012

 

2011

 

 

 

Weighted-

 

 

 

Weighted-

 

 

 

Weighted-

 

 

 

Average

 

 

 

Average

 

 

 

Average

 

Expense

 

Period

 

Expense

 

Period

 

Expense

 

Period

Stock options

$

 

1.9 

 

$

 

1.8 

 

$

 

1.7 

Performance shares

 

 

1.5 

 

 

 

1.6 

 

 

 

2.0 

SARs

 

 

3.4 

 

 

 

3.3 

 

 

 

3.4 

RSUs and nonvested stock

 

18 

 

1.2 

 

 

20 

 

1.3 

 

 

17 

 

1.7 

Total unrecognized stock-based

 

 

 

 

 

 

 

 

 

 

 

 

 

 

incentive compensation expense

$

39 

 

 

 

$

36 

 

 

 

$

28 

 

 

 

Option price assumptions used for stock option incentive plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2013

 

2012

 

2011

 

Weighted-average fair value per option granted

$

7.39 

 

$

8.35 

 

$

13.88 

 

Assumptions:

 

 

 

 

 

 

 

 

 

Dividend yield

 

2.4% 

 

 

1.9% 

 

 

1.2% 

 

Expected volatility

 

34.1% 

 

 

42.0% 

 

 

48.5% 

 

Risk-free interest rate

 

0.6-0.9%

 

 

0.9-1.2%

 

 

1.4-2.9%

 

Expected life (in years)

 

5.6 

 

 

5.8 

 

 

6.7 

 

 

Summary of activity for stock options with performance conditions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

Average

 

 

 

 

 

Average

Remaining

Aggregate

 

 

 

Exercise

Contractual

Intrinsic

 

Shares

 

Price

 

Term

 

Value

Outstanding as of December 31, 2012

1,267,595 

 

$

45.29 

 

 

 

 

 

Granted – original

82,317 

 

 

33.44 

 

 

 

 

 

Exercised (includes shares tendered)

(65,521)

 

 

25.11 

 

 

 

 

 

Forfeited or expired

(107,417)

 

 

44.17 

 

 

 

 

 

Outstanding as of December 31, 2013

1,176,974 

 

$

45.84 

 

3.64 

 

$

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest as of December 31, 2013 (1)

1,120,709 

 

$

46.61 

 

3.65 

 

$

 

 

 

 

 

 

 

 

 

 

Exercisable as of December 31, 2013

1,064,562 

 

$

47.46 

 

3.66 

 

$

 

(1)

Includes estimated forfeitures.

Summary of activity for stock options with service conditions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

Average

 

 

 

 

 

Average

Remaining

Aggregate

 

 

 

Exercise

Contractual

Intrinsic

 

Shares

 

Price

 

Term

 

Value

Outstanding as of December 31, 2012

5,515,761 

 

$

41.20 

 

 

 

 

 

Granted – original

1,070,085 

 

 

29.54 

 

 

 

 

 

Exercised (includes shares tendered)

(1,003,571)

 

 

41.99 

 

 

 

 

 

Forfeited or expired

(653,922)

 

 

43.83 

 

 

 

 

 

Outstanding as of December 31, 2013

4,928,353 

 

$

38.18 

 

5.28 

 

$

74 

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest as of December 31, 2013 (1)

4,641,843 

 

$

38.82 

 

5.08 

 

$

67 

 

 

 

 

 

 

 

 

 

 

Exercisable as of December 31, 2013

3,245,712 

 

$

43.41 

 

3.50 

 

$

35 

 

(1)

Includes estimated forfeitures.

Summary of activity for performance shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

Grant-Date

 

 

Shares

 

 

Fair Value

 

 

Nonvested as of December 31, 2012

479,498 

 

 

$

32.48 

 

 

Granted

260,114 

 

 

 

33.60 

 

 

Forfeited

(28,920)

 

 

 

32.51 

 

 

Nonvested as of December 31, 2013

710,692 

 

 

$

32.74 

 

 

 

Option price assumptions used for stock appreciation rights plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended December 31,

 

 

2013

 

2012

 

2011

 

Weighted-average fair value per SAR granted

$

7.47 

 

$

8.91 

 

$

9.41 

 

Assumptions:

 

 

 

 

 

 

 

 

 

Dividend yield

 

2.2% 

 

 

1.4% 

 

 

1.9% 

 

Expected volatility

 

30.5% 

 

 

40.7% 

 

 

39.1% 

 

Risk-free interest rate

 

1.0% 

 

 

1.3% 

 

 

2.2% 

 

Expected life (in years)

 

5.0 

 

 

5.0 

 

 

5.0 

 

 

Summary of activity for stock appreciation rights plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Weighted-

 

Average

 

 

 

 

 

Average

Remaining

Aggregate

 

 

 

Exercise

Contractual

Intrinsic

 

Shares

 

Price

 

Term

 

Value

Outstanding as of December 31, 2012

569,681 

 

$

35.01 

 

 

 

 

 

Granted – original

112,990 

 

 

33.44 

 

 

 

 

 

Exercised (includes shares tendered)

(97,722)

 

 

23.08 

 

 

 

 

 

Forfeited or expired

(230,906)

 

 

48.39 

 

 

 

 

 

Outstanding as of December 31, 2013

354,043 

 

$

29.00 

 

2.73 

 

$

 

 

 

 

 

 

 

 

 

 

Vested or expected to vest as of December 31, 2013 (1)

335,586 

 

$

28.89 

 

2.67 

 

$

 

 

 

 

 

 

 

 

 

 

Exercisable as of December 31, 2013

185,822 

 

$

27.09 

 

1.99 

 

$

 

(1)

Includes estimated forfeitures.

Summary of activity for restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

Average

 

 

 

 

 

Grant-Date

 

 

Shares

 

 

Fair Value

 

 

Outstanding as of December 31, 2012

1,716,407 

 

 

$

26.49 

 

 

Granted

583,404 

 

 

 

30.53 

 

 

Vested

(588,217)

 

 

 

25.26 

 

 

Forfeited

(81,187)

 

 

 

27.08 

 

 

Outstanding as of December 31, 2013

1,630,407 

 

 

$

28.24