Equity-Based Compensation Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

A summary of the RSU and RSA activity for 2015 follows:



(Restricted stock units and awards in millions)	Number of restricted stock units and awards		Weighted-average fair value per unit and award
Non-vested at January 1	2.8		$	60.11
Granted	1.1		67.46
Vested	(1.6	)	57.50
Forfeited	(0.2	)	66.94
Non-vested at December 31	2.1		$	65.06

Information related to RSUs and RSAs follows:



	2015		2014		2013
Pretax expense for RSUs and RSAs	$	68	$	81	$	69
After-tax expense for RSUs and RSAs	44		53		45
Fair value of vested RSUs and RSAs	110		105		82

A summary of PSU activity for 2015 follows:



(Performance share units in millions)	Number of performance share units		Weighted-average fair value per unit
Non-vested at January 1	—		$	—
Granted	0.9		71.72
Vested	—		—
Forfeited	(0.1	)	71.72
Non-vested at December 31	0.8		$	71.72

Information related to PSUs follows:

A summary of the assumptions used in determining the fair value of stock options follows:



	2015			2014			2013
Expected volatility	29		%	34		%	36		%
Expected option life in years	5.5			5.5			5.5
Expected dividend yield	2.6		%	2.4		%	2.0		%
Risk-free interest rate	1.6 to 1.5%			1.7 to 1.5%			1.5 to 0.8%
Weighted-average fair value of stock options granted	$	15.25		$	19.46		$	17.49

A summary of stock option activity follows:



(Options in millions)	Weighted-average exercise price per option		Options		Weighted-average remaining contractual life in years	Aggregate intrinsic value
Outstanding at January 1, 2015	$	47.30	7.0
Granted	71.66		0.8
Exercised	37.91		(1.4	)
Forfeited and canceled	71.18		(0.2	)
Outstanding at December 31, 2015	$	51.94	6.2		4.3	$	36.2

Exercisable at December 31, 2015	$	47.23	5.0		3.3	$	36.2
Reserved for future grants at December 31, 2015			25.5

Information related to stock options follows:



	2015		2014		2013
Pretax expense for stock options	$	12	$	12	$	11
After-tax expense for stock options	8		8		7
Proceeds from stock options exercised	52		54		121
Income tax benefit related to stock options exercised
Tax benefit classified in operating activities in the Consolidated Statements of Cash Flows	4		4		3
Excess tax benefit classified in financing activities in the Consolidated Statements of Cash Flows	1		15		22
Intrinsic value of stock options exercised	44		55		102
Total fair value of stock options vested	$	12	$	12	$	11

Stock options exercised, in millions of options	1.4		1.5		3.6