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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
The following table presents a summary of 2016 activity for stock options and the balance of stock options exercisable as of December 31, 2016.
Table 14.1: Summary of Stock Options Activity
(Shares in thousands, and intrinsic value in millions)
 
Shares
Subject to
Options
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
Outstanding as of January 1, 2016
 
9,322

 
$
53.98

 
 
 
 
Granted
 
441

 
63.73

 
 
 
 
Exercised
 
(2,091
)
 
64.61

 
 
 
 
Forfeited
 
(88
)
 
86.29

 
 
 
 
Expired
 
(599
)
 
88.64

 
 
 
 
Outstanding as of December 31, 2016
 
6,985

 
$
48.03

 
4.0 years
 
$
274

Exercisable as of December 31, 2016
 
5,955

 
$
44.34

 
3.2 years
 
$
255
Summary of Stock Options Cash Flow Impact
The following table sets forth the cash received from the exercise of stock options under all stock-based incentive arrangements, and the actual income tax benefit realized related to tax deductions from the exercise of the stock options.
Table 14.2: Stock Options Cash Flow Impact
 
 
Year Ended December 31,
(Dollars in millions)
 
2016
 
2015
 
2014
Cash received for options exercised
 
$
135

 
$
64

 
$
131

Tax benefit realized for options exercised
 
12

 
9

 
9
Weighted Average Assumptions Used to value Stock Options Granted
The following table presents the weighted-average assumptions used to value stock options granted during 2016, 2015 and 2014.
Table 14.3: Assumptions Used to Value Stock Options Granted
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Dividend yield(1)
 
2.07
%
 
1.82
%
 
1.74
%
Volatility(2)
 
30.00

 
24.00

 
26.00

Risk-free interest rate(3)
 
1.64

 
1.55

 
1.92

Expected option lives(4)
 
6.6 years

 
6.3 years

 
6.1 years

__________
(1) 
Dividend yield represents the expected dividend rate over the life of the option.
(2) 
The volatility assumption for 2016 grants was based on the implied volatility of exchange-traded options and the historical volatility of common stock. The volatility assumption for 2015 and 2014 grants was based on the implied volatility of exchange-traded options and warrants.
(3) 
The risk-free interest rate is based on the U.S. Treasury yield curve.
(4) 
Expected option lives represents the period of time that options granted are expected to remain outstanding based on historical activities.
Summary of Activity for Restricted Stock Awards and Units
The following table presents a summary of 2016 activity for RSAs and RSUs.
Table 14.4: Summary of Restricted Stock Awards and Units
 
 
Restricted Stock Awards
 
Restricted Stock Units
(Shares/units in thousands)
 
Shares
 
Weighted-Average
Grant Date
Fair Value
per Share
 
Units
 
Weighted-Average
Grant Date
Fair Value
per Unit
Unvested as of January 1, 2016
 
387

 
$
61.28

 
2,310

 
$
70.34

Granted
 
0

 
0.00

 
1,810

 
65.19

Vested
 
(313
)
 
60.85

 
(664
)
 
73.83

Forfeited
 
(7
)
 
61.10

 
(198
)
 
71.08

Unvested as of December 31, 2016
 
67

 
$
63.34

 
3,258

 
$
66.72
Schedule of Activity for Performance Share and Performance Units
The following table presents a summary of 2016 activity for PSAs and PSUs.
Table 14.5: Summary of Performance Share Awards and Units
 
 
Performance Share Awards
 
Performance Share Units
(Shares/units in thousands)
 
Shares
 
Weighted-Average
Grant Date
Fair Value
per Share
 
Units
 
Weighted-Average
Grant Date
Fair Value
per Unit
Unvested as of January 1, 2016
 
183

 
$
57.30

 
1,706

 
$
70.95

Granted(1)
 
0

 
0.00

 
1,213

 
62.89

Vested(1)
 
(177
)
 
56.86

 
(823
)
 
63.06

Forfeited
 
0

 
0.00

 
(19
)
 
66.75

Unvested as of December 31, 2016
 
6

 
$
70.96

 
2,077

 
$
69.40

__________
(1) 
Granted and vested include adjustments for achievement of specific performance goals for performance share units granted in prior periods.