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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Number of Common Shares Reserved for Issuance
The number of common shares reserved for issuance are as follows: 
(in millions)
December 31,
 
2015
 
2014
Shares available for granting under the 2002 Plan
32.8
 
31.4
Options outstanding
5.8
 
8.1
Total shares reserved for issuance 1
38.6
 
39.5
1
Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are approximately 0.1 million.
Stock-based Compensation Expense
Stock-based compensation expense and the corresponding tax benefit are as follows: 
(in millions)
Year Ended December 31,
 
2015
 
2014
 
2013
Stock option expense
$
14

 
$
21

 
$
13

Restricted stock and unit awards expense
64

 
79

 
83

Total stock-based compensation expense
$
78

 
$
100

 
$
96

 
 
 
 
 
 
Tax benefit
$
29

 
$
38

 
$
37
Assumptions Used in Valuing the Options Granted
The following assumptions were used in valuing the options granted: 
 
Year Ended December 31,
 
2015
 
2014
 
2013
Risk-free average interest rate
0.2 - 1.9%

 
0.1 - 2.9%

 
0.1 - 2.9%

Dividend yield
1.4%

 
1.4 - 1.8%

 
2.07 - 2.09%

Volatility
21 - 39%

 
18 - 41%

 
29 - 45%

Expected life (years)
6.3

 
6.21 - 6.25

 
6.1 - 6.2

Weighted-average grant-date fair value per option
$
27.57

 
$
23.41

 
$
14.46
Stock Option Activity
Stock option activity is as follows: 
(in millions, except per award amounts)
Shares

Weighted average exercise price

Weighted-average remaining years of contractual term

Aggregate intrinsic value
Options outstanding as of December 31, 2014
8.1

 
$
45.18

 
 
 
 
Granted 1
—

 
$
90.30

 
 
 
 
Exercised
(2.2
)
 
$
76.08

 
 
 
 
Canceled, forfeited and expired
(0.1
)
 
$
53.28

 
 
 
 
Options outstanding as of December 31, 2015
5.8

 
$
45.61

 
4.5
 
$
308

Options exercisable as of December 31, 2015
5.0

 
$
42.10

 
4.0
 
$
283

(in millions, except per award amounts)
Shares

Weighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2014
1.6

 
$
19.00

Granted 1
—

 
$
27.57

Vested
(0.7
)
 
$
18.24

Forfeited
(0.1
)
 
$
17.44

Nonvested options outstanding as of December 31, 2015
0.8

 
$
19.82

Total unrecognized compensation expense related to nonvested options
$
3

 
 
Weighted-average years to be recognized over
1.2

 
 
1 There were a minimal amount of stock options granted in 2015. During 2015, the Company stopped granting stock options.
Stock Option Exercises
Information regarding our stock option exercises is as follows: 
(in millions)
Year Ended December 31,
 
2015
 
2014
 
2013
Net cash proceeds from the exercise of stock options
$
86

 
$
193

 
$
258

Total intrinsic value of stock option exercises
$
94

 
$
168

 
$
158

Income tax benefit realized from stock option exercises
$
49

 
$
73

 
$
61
Restricted Stock and Unit Activity
Restricted stock and unit activity for performance and non-performance awards is as follows: 
(in millions, except per award amounts)
Shares
 
Weighted-average grant-date fair value
Nonvested shares as of December 31, 2014
1.7

 
$
61.56

Granted
1.3

 
$
77.06

Vested
(1.6
)
 
$
96.00

Forfeited
(0.2
)
 
$
81.70

Nonvested shares as of December 31, 2015
1.2

 
$
92.39

Total unrecognized compensation expense related to nonvested awards
$
60

 
 
Weighted-average years to be recognized over
1.6

 
 


 
Year Ended December 31,
 
2015
 
2014
 
2013
Weighted-average grant-date fair value per award
$
77.06

 
$
77.74

 
$
44.22

Total fair value of restricted stock and unit awards vested
$
155

 
$
88

 
$
119

Tax benefit relating to restricted stock activity
$
24

 
$
30

 
$
33