Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary Of Share Based Payment Other Than Options Valuation Assumptions

	Three Months Ended   March 31,
	2015	2014
Expected volatility of stock price	37%	40%
Risk-free interest rate	0.74%	0.85%
Expected term of awards	3 years	3 years
Dividend yield	0.0%	0.0%

Stock Based Compensation Activity

The activity related to the Company’s restricted stock units (“RSUs”) and cash units, consisted of (in thousands of shares):

		Time-Based RSUs				Performance-Based and Market-Based RSUs				Cash Unit Awards
		Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value		Number of Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015 (a)		998		$	27.26	1,884		$	19.17	267		$	14.90
	Granted	250		61.17		230		55.51		—		—
	Vested (b)	(528	)	22.19		(976	)	12.07		(156	)	12.65
	Forfeited/expired	(9	)	43.57		(159	)	18.18		—		—
Outstanding at March 31, 2015 (c)		711		$	42.70	979		$	34.92	111		$	18.04

__________

^(a)  Reflects the maximum number of stock units assuming achievement of all time-, performance- and market-vesting criteria and does not include those for non-employee directors. The weighted-average fair value of time-based RSUs and performance-based and market-based RSUs granted during the three months ended March 31, 2014 was $41.15 and $39.37, respectively.

^(b)  The total grant date fair value of RSUs vested during the three months ended March 31, 2015 and 2014 was $23 million and $14 million, respectively. The total grant date fair value of cash units vested during the three months ended March 31, 2015 was $2 million.

^(c)  The Company’s outstanding time-based RSUs, performance-based and market-based RSUs, and cash units had aggregate intrinsic value of $42 million, $58 million and $7 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $46 million and will be recognized over a weighted average vesting period of 1.4 years. The Company assumes that substantially all outstanding awards will vest over time.

Summary Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range

The stock option activity consisted of (in thousands of shares): 

		Number of Options		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Weighted Average Remaining Contractual Term (years)
Outstanding at January 1, 2015		848		$	2.92	$	54	4.3
	Granted	—		—		—
	Exercised	(11	)	9.12		1
	Forfeited/expired	(1	)	0.79		—
Outstanding at March 31, 2015		836		2.85		47		4.0
Exercisable at March 31, 2015		836		$	2.85	$	47	4.0