Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

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

Summary Of Share Based Payment Other Than Options Valuation Assumptions

	Three Months Ended   March 31,
	2016	2015
Expected volatility of stock price	46%	37%
Risk-free interest rate	0.99%	0.74%
Valuation period	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, 2016 (a)		819		$	43.34	941		$	35.18	111		$	18.04
	Granted	579		25.88		523		23.29		—		—
	Vested (b)	(375	)	34.96		(486	)	25.12		(111	)	18.04
	Forfeited/expired	(6	)	45.92		(39	)	23.74		—		—
Outstanding at March 31, 2016 (c)		1,017		$	36.48	939		$	34.23	—		$	—

__________

^(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, 2015 was $61.17 and $55.51, respectively.

^(b)  The total grant date fair value of RSUs vested during the three months ended March 31, 2016 and 2015 was $25 million and $23 million, respectively. The total grant date fair value of cash units vested during the three months ended March 31, 2016 and 2015 was $2 million, in each period.

^(c)  The Company’s outstanding time-based RSUs and performance-based and market-based RSUs had aggregate intrinsic values of $28 million and $26 million, respectively. Aggregate unrecognized compensation expense related to time-based RSUs and performance-based and market-based RSUs amounted to $49 million and will be recognized over a weighted average vesting period of 1.7 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, 2016		827		$	2.87	$	28	3.3
	Granted	—		—
	Exercised	(1	)	0.79		—
	Forfeited/expired	—		—
Outstanding and exercisable at March 31, 2016		826		$	2.87	$	20	3.0