v2.4.0.6

Stock Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2011
Stock Compensation Plans |
Stock-based compensation expense recognized in continuing operations |
Years ended December 31 |  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
Restricted Stock Units ("RSUs") |  | $ | 142 |  | $ | 138 |  | $ | 124 |
Performance Share Awards ("PSAs") |  |  | 78 |  |  | 62 |  |  | 60 |
Stock options |  |  | 9 |  |  | 17 |  |  | 21 |
Employee stock purchase plans |  |  | 6 |  |  | 4 |  |  | 4 |
Total stock-based compensation expense |  |  | 235 |  |  | 221 |  |  | 209 |
Tax benefit |  |  | 77 |  |  | 75 |  |  | 68 |
Stock-based compensation expense, net of tax |  | $ | 158 |  | $ | 146 |  | $ | 141 |
Non-vested stock awards |
|  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
Years ended December 31 |  | Shares |  | Fair Value (1) |  | Shares |  | Fair Value (1) |  | Shares |  | Fair Value (1) |
Non-vested at beginning of year |  |  | 10,674 |  | $ | 38 |  |  | 12,850 |  | $ | 36 |  |  | 14,060 |  | $ | 35 |
Granted |  |  | 3,506 |  |  | 51 |  |  | 3,817 |  |  | 40 |  |  | 3,786 |  |  | 38 |
Vested |  |  | (3,773 | ) |  | 39 |  |  | (5,278 | ) |  | 35 |  |  | (4,330 | ) |  | 33 |
Forfeited |  |  | (491 | ) |  | 39 |  |  | (715 | ) |  | 35 |  |  | (666 | ) |  | 37 |
Non-vested at end of year |  |  | 9,916 |  |  | 42 |  |  | 10,674 |  |  | 38 |  |  | 12,850 |  |  | 36 |
(1) Represents per share weighted average fair value of award at date of grant.
Performance-based plans |
|  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
Target PSUs granted |  |  | 1,715 |  |  | 1,390 |  |  | 3,754 |
Fair Value (1) |  | $ | 50 |  | $ | 39 |  | $ | 38 |
Number of shares that would be issued based on current performance levels |  |  | 1,772 |  |  | 1,397 |  |  | 2,300 |
Unamortized expense, based on current performance levels |  | $ | 60 |  | $ | 18 |  | $ | 4 |
(1) Represents per share weighted average fair value of award at date of grant.
Weighted average assumptions, average expected life and estimated fair value of employee stock options |
Years ended December 31 |  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | All Other Options |  | All Other Options |  | LPP Options |  | SSP Options |  | All Other Options |
Weighted average volatility |  |  | 26.1 | % |  | 28.5 | % |  | 35.5 | % |  | 34.1 | % |  | 32.0 | %
Expected dividend yield |  |  | 1.3 | % |  | 1.6 | % |  | 1.3 | % |  | 1.5 | % |  | 1.5 | %
Risk-free rate |  |  | 2.2 | % |  | 3.0 | % |  | 1.5 | % |  | 2.0 | % |  | 2.6 | %
Weighted average expected life, in years |  |  | 5.5 |  |  | 6.1 |  |  | 4.4 |  |  | 5.6 |  |  | 6.5 |
Weighted average estimated fair value per share |  | $ | 10.92 |  | $ | 10.37 |  | $ | 12.19 |  | $ | 11.82 |  | $ | 12.34 |
Stock options and related information |
Years ended December 31 |  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | Shares |  | Weighted- Average Exercise Price Per Share |  | Shares |  | Weighted- Average Exercise Price Per Share |  | Shares |  | Weighted- Average Exercise Price Per Share |
Beginning outstanding |  |  | 13,919 |  | $ | 32 |  |  | 15,937 |  | $ | 33 |  |  | 19,666 |  | $ | 31 |
Options issued in connection with the Hewitt acquisition |  |  | — |  |  | — |  |  | 4,545 |  |  | 22 |  |  | — |  |  | — |
Granted |  |  | 80 |  |  | 53 |  |  | 143 |  |  | 38 |  |  | 1,551 |  |  | 38 |
Exercised |  |  | (4,546 | ) |  | 32 |  |  | (6,197 | ) |  | 27 |  |  | (4,475 | ) |  | 27 |
Forfeited and expired |  |  | (337 | ) |  | 36 |  |  | (509 | ) |  | 35 |  |  | (805 | ) |  | 38 |
Outstanding at end of year |  |  | 9,116 |  |  | 32 |  |  | 13,919 |  |  | 32 |  |  | 15,937 |  |  | 33 |
Exercisable at end of year |  |  | 7,833 |  |  | 30 |  |  | 11,293 |  |  | 30 |  |  | 9,884 |  |  | 31 |
Shares available for grant |  |  | 24,508 |  |  |  |  |  | 22,777 |  |  |  |  |  | 8,257 |  |  |  |
Summary of options outstanding and exercisable |
A summary of options outstanding and exercisable as of December 31, 2011 is as follows (shares in thousands):
|  | Options Outstanding |  | Options Exercisable |
--- | --- | --- | --- | --- | ---
Range of Exercise Prices |  | Shares Outstanding |  | Weighted- Average Remaining Contractual Life (years) |  | Weighted- Average Exercise Price Per Share |  | Shares Exercisable |  | Weighted- Average Remaining Contractual Life (years) |  | Weighted- Average Exercise Price Per Share |
$14.71 – 22.86 |  |  | 2,718 |  |  | 2.66 |  | $ | 20.95 |  |  | 2,718 |  |  | 2.66 |  | $ | 20.95 |
22.87 – 25.51 |  |  | 663 |  |  | 3.40 |  |  | 25.37 |  |  | 663 |  |  | 3.40 |  |  | 25.37 |
25.52 – 32.53 |  |  | 1,069 |  |  | 2.95 |  |  | 27.53 |  |  | 1,069 |  |  | 2.95 |  |  | 27.53 |
32.54 – 36.88 |  |  | 1,277 |  |  | 2.96 |  |  | 36.05 |  |  | 1,037 |  |  | 2.41 |  |  | 35.96 |
36.89 – 43.44 |  |  | 2,309 |  |  | 3.04 |  |  | 39.72 |  |  | 1,757 |  |  | 2.35 |  |  | 39.92 |
43.45 – 52.93 |  |  | 1,080 |  |  | 4.49 |  |  | 46.24 |  |  | 589 |  |  | 4.09 |  |  | 45.52 |
|  |  | 9,116 |  |  |  |  |  |  |  |  | 7,833 |  |  |  |  |  |  |
Other information related to the company's stock options |
|  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
Aggregate intrinsic value of stock options exercised |  | $ | 80 |  | $ | 87 |  | $ | 62 |
Cash received from the exercise of stock options |  |  | 153 |  |  | 162 |  |  | 121 |
Tax benefit realized from the exercise of stock options |  |  | 14 |  |  | 4 |  |  | 15 |

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