Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

The following weighted average assumptions were used to calculate the fair values of stock option grants in each year:



	2014			2013		2012
Weighted average exercise price	$	187.21		$131.55		$90.30
Risk free interest rate	2.1		%	1.3	%	1.3	%
Expected life of option in years	6.5			6.5		6.5
Expected dividend yield	3.0		%	3.2	%	3.3	%
Expected volatility	30.1		%	29.9	%	29.4	%

A summary of stock options outstanding and exercisable and activity for the year ended December 31, 2014 is presented below:



	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Intrinsic Value (in millions)
Outstanding, January 1, 2014	2,644,388		$	88.08	6.9	$	269
Granted	362,721		$	187.21
Exercised	(758,299	)	$	75.18
Forfeited/Expired	(27,629	)	$	140.54
Outstanding, December 31, 2014	2,221,181		$	108.01	6.8	$	273
Vested or expected to vest, December 31, 2014	2,171,513		$	107.71	6.8	$	268
Exercisable, December 31, 2014	641,592		$	66.79	4.0	$	105

The following table presents stock option activity for the years ended December 31, 2014, 2013 and 2012:



($ in millions)	2014		2013		2012
Total intrinsic value of stock options exercised	$	92	$	110	$	110
Cash received from stock option exercises	57		68		122
Income tax benefit from the exercise of stock options	33		36		35
Total fair value of stock options vested	10		11		6

The following table summarizes RSU activity for the year ended December 31, 2014:



	Number of Shares		Weighted Average Fair Value		Intrinsic Value (in millions)
Outstanding, January 1, 2014	860,657		$	90.15	$	163
Granted	131,761		$	180.69
Additional shares vested	115,372		$	105.35
Released from restrictions	(324,313	)	$	81.87
Forfeited	(28,015	)	$	103.83
Outstanding, December 31, 2014	755,462		$	113.16	$	173
Vested or expected to vest, December 31, 2014	746,957		$	113.03	$	172