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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock-based compensation expense and the related deferred tax benefit recognized in income
The following table reflects the stock-based compensation expense and the related deferred income tax benefit recognized in income for the years ended December 31:
(Millions)
 
2014
 
2013
 
2012
Stock options
 
$
2.7

 
$
1.8

 
$
2.0

Performance stock rights
 
16.8

 
2.7

 
5.0

Restricted share units
 
9.9

 
8.6

 
8.1

Nonemployee director deferred stock units
 
0.8

 
0.9

 
1.0

Total stock-based compensation expense
 
$
30.2

 
$
14.0

 
$
16.1

Deferred income tax benefit
 
$
12.1

 
$
5.6

 
$
6.4
Schedule of weighted-average fair values per stock option granted along with the assumptions incorporated into the valuation models
The following table shows the weighted-average fair values per stock option granted along with the assumptions incorporated into the binomial lattice valuation models:

 
2014 Grant
 
2013 Grant
 
2012 Grant
Weighted-average fair value per stock option
 
6.70
 
6.03
 
6.30
Expected term
 
8 years
 
5 years
 
5 years
Risk-free interest rate
 
0.12% – 2.88%
 
0.18% – 2.11%
 
0.17% – 2.18%
Expected dividend yield
 
5.28%
 
5.33%
 
5.28%
Expected volatility
 
18%
 
24%
 
25%
Summary of stock option activity and information related to outstanding and exercisable stock options
A summary of stock option activity for 2014, and information related to outstanding and exercisable stock options at December 31, 2014, is presented below:
 
 
Stock Options
 
Weighted-Average
Exercise Price Per
Share
 
Weighted-Average
Remaining 
Contractual Life
(in Years)
 
Aggregate
Intrinsic Value
(Millions)
Outstanding at December 31, 2013
 
1,550,374

 
$
50.93

 
 
 
 

Granted
 
264,332

 
55.23

 
 
 
 
Exercised
 
(1,676,831
)
 
51.33

 
 
 
 
Forfeited
 
(3,858
)
 
55.23

 
 
 
 
Outstanding at December 31, 2014
 
134,017

 
$
54.31

 
6.6
 
$
3.2

Exercisable at December 31, 2014
 
59,714

 
$
55.21

 
5.6
 
$
1.4
Schedule of assumptions incorporated into the valuation models for performance stock rights
The table below reflects the assumptions used in the Monte Carlo valuation models to estimate the fair value of the outstanding performance stock rights at December 31:
 
 
2014
 
2013
 
2012
Risk-free interest rate
 
0.21% – 0.63%
 
0.13% – 1.27%
 
0.17% – 1.27%
Expected dividend yield
 
5.25% – 5.33%
 
5.28% – 5.34%
 
5.18% – 5.34%
Expected volatility
 
18% – 22%
 
15% – 36%
 
14% – 36%
Information related to share based awards  
Summary of the activity related to restricted share unit awards (equity and liability awards)
A summary of the 2014 activity related to all restricted share unit awards (equity and liability awards) is presented below:
 
 
Restricted Share
 Unit Awards
 
Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2013
 
511,301

 
$
52.24

Granted
 
214,953

 
55.23

Dividend equivalents
 
21,422

 
54.47

Vested and released
 
(208,964
)
 
49.76

Forfeited
 
(111,407
)
 
54.62

Outstanding at December 31, 2014
 
427,305

 
$
54.45
Performance Stock Rights Accounted For As Equity Awards  
Information related to share based awards  
Summary of the activity related to performance stock rights
A summary of the 2014 activity related to performance stock rights accounted for as equity awards is presented below:
 
 
Performance
Stock Rights
 
Weighted-Average
 Fair Value (2)
Outstanding at December 31, 2013
 
85,749

 
$
46.62

Granted
 
21,146

 
44.28

Award modifications
 
64,612

 
85.09

Distributed (1)
 
(74,345
)
 
77.67

Adjustment for estimated payout and shares not distributed (1)
 
(28,591
)
 
52.67

Forfeited
 
(308
)
 
44.28

Outstanding at December 31, 2014
 
68,263

 
$
58.54


(1) 
No shares of common stock were distributed for performance stock rights with a performance period ending December 31, 2013, because the performance percentage was below the threshold payout level. In October 2014, our Board of Directors approved the acceleration of a portion of the estimated distribution for those performance stock rights held by active employees with a performance period ending December 31, 2014. This distribution was made in December 2014.

(2) 
Reflects the weighted-average fair value used to measure equity awards. Equity awards are measured using the grant date fair value or the fair value on the modification date.
Performance Stock Rights Accounted For As Liability Awards  
Information related to share based awards  
Summary of the activity related to performance stock rights
A summary of the 2014 activity related to performance stock rights accounted for as liability awards is presented below:
 
 
Performance
Stock Rights
Outstanding at December 31, 2013
 
198,904

Granted
 
84,529

Award modifications
 
(64,612
)
Distributed *
 
(10,760
)
Adjustment for estimated payout and shares not distributed *
 
(36,519
)
Forfeited
 
(1,234
)
Outstanding at December 31, 2014
 
170,308



*
No shares of common stock were distributed for performance stock rights with a performance period ending December 31, 2013, because the performance percentage was below the threshold payout level. In October 2014, our Board of Directors approved the acceleration of a portion of the estimated distribution for those performance stock rights held by active employees with a performance period ending December 31, 2014. This distribution was made in December 2014.