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Stock-Based Compensation (Notes)
 9 Months Ended
Sep. 30, 2014
Share-based Compensation [Abstract]  
Stock-based Compensation
STOCK-BASED COMPENSATION

The following table summarizes the components of stock-based compensation:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
 
(In millions)
Stock-based compensation expense
$
22

 
$
18

 
$
72

 
$
81

Tax benefit
$
8

 
$
7

 
$
27

 
$
31

Stock-based compensation cost capitalized in property, plant and equipment
$
4

 
$
1

 
$
11

 
$
5


Stock Options

The following table summarizes our stock option activity for the nine months ended September 30, 2014:
 
Number of
Options
 
Weighted
Average
Exercise Price
 
Aggregate
Intrinsic Value
(In millions)
Options outstanding at January 1, 2014
723,697

 
$
42.60

 
 
Exercised
(232,751
)
 
$
41.44

 
 
Forfeited or expired
(10,730
)
 
$
39.41

 
 
Options outstanding and exercisable at September 30, 2014
480,216

 
$
43.24

 
$
16



As of September 30, 2014, the weighted average remaining contractual life for the exercisable shares is 3.57 years. As of September 30, 2014, all options were vested.

The intrinsic value of options exercised for the nine months ended September 30, 2014 and 2013 was $7 million and $11 million, respectively. No option expense was recognized for the nine months ended September 30, 2014 and 2013, respectively.

Restricted Stock Awards

The following table summarizes the Company’s restricted stock awards activity for the nine months ended September 30, 2014:
 
Restricted
Stock
 
Weighted Average Grant Date Fair Value
Balance at January 1, 2014
492,329

 
$
53.76

Grants
158,390

 
$
70.03

Forfeitures
(16,014
)
 
$
62.34

Vested and issued
(217,603
)
 
$
47.71

Balance at September 30, 2014
417,102

 
$
62.76



Performance Share Awards

Performance shares awarded under the plan are for a specified number of shares of common stock that entitle the holder to receive a cash payment, shares of common stock or a combination thereof. The final value of the award is determined by the achievement of certain performance objectives and market conditions. The awards vest at the end of a specified period, usually three years. Awards granted in 2014 were primarily deemed to be equity awards. The stock price and number of probable shares attributable to market conditions for such equity awards are fair valued only at the grant date. Performance shares awarded prior to 2014 are liability awards and are remeasured to fair value at each reporting period.

The following table summarizes the Company’s performance share activity for the nine months ended September 30, 2014:
 
Performance Shares
 
Weighted Average Grant Date Fair Value
Balance at January 1, 2014
1,608,789

 
$
—

Grants
548,892

 
$
69.24

Forfeitures
(36,471
)
 
$
69.13

Payouts
(571,177
)
 
$
—

Balance at September 30, 2014
1,550,033

 
$
69.24



Unrecognized Compensation Costs

As of September 30, 2014, there was $72 million of total unrecognized compensation cost related to non-vested stock incentive plan arrangements. That cost is expected to be recognized over a weighted-average period of 1.24 years.