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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Summary of Share-Based Compensation Expense | The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the years ended December 31, 2016, 2015 and 2014 in the Consolidated Statements of Income:
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
| (in millions)
Share-based compensation expense before income taxes | $ | 86 |  |  | $ | 68 |  |  | $ | 62 |
Income tax benefit | (35 | ) |  | (28 | ) |  | (26 | )
Share-based compensation expense after income taxes | $ | 51 |  |  | $ | 40 |  |  | $ | 36 |
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the years ended December 31, 2016, 2015 and 2014:
| Restricted Stock
| Number of Awards |  | Weighted-Average Grant Date Fair Value
Unvested balances at December 31, 2013 | 3,826,470 |  |  | $ | 25.96 |
Granted | 1,196,441 |  |  | 36.87 |
Vested | (1,529,792 | ) |  | 23.29 |
Forfeited | (299,889 | ) |  | 29.87 |
Unvested balances at December 31, 2014 | 3,193,230 |  |  | $ | 30.99 |
Granted | 823,950 |  |  | 49.26 |
Vested | (370,998 | ) |  | 29.90 |
Forfeited | (302,444 | ) |  | 34.34 |
Unvested balances at December 31, 2015 | 3,343,738 |  |  | $ | 35.36 |
Granted | 724,200 |  |  | 62.91 |
Vested | (1,238,980 | ) |  | 27.91 |
Forfeited | (268,380 | ) |  | 43.29 |
Unvested balances at December 31, 2016 | 2,560,578 |  |  | $ | 45.92 |
Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values | The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the years ended December 31, 2016 and December 31, 2015:
| Year Ended December 31,
| 2016 |  | 2015
Weighted-average risk free interest rate(1) | 0.84 | % |  | 0.81 | %
Expected volatility(2) | 21.0 | % |  | 21.5 | %
Weighted-average grant date share price | $ | 66.36 |  |  | $ | 50.97 |
Weighted-average fair value at grant date | $ | 93.25 |  |  | $ | 64.08 |
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(1) | The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.
(2) | We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program.
Summary of PSU Activity | The following table summarizes our PSU activity for the years ended December 31, 2016, 2015 and 2014:
| PSUs
| One-Year Program |  | Three-Year Program
| Number of Awards |  | Weighted-Average Grant Date Fair Value |  | Number of Awards |  | Weighted-Average Grant Date Fair Value
Unvested balances at December 31, 2013 | 804,377 |  |  | $ | 27.38 |  |  | 1,111,224 |  |  | $ | 31.95 |
Granted | 328,791 |  |  | 36.20 |  |  | 553,846 |  |  | 42.80 |
Vested | (442,781 | ) |  | 27.75 |  |  | — |  |  | — |
Forfeited | (132,347 | ) |  | 28.58 |  |  | (10,503 | ) |  | 30.82 |
Unvested balances at December 31, 2014 | 558,040 |  |  | $ | 24.17 |  |  | 1,654,567 |  |  | $ | 35.57 |
Granted | 206,199 |  |  | 48.16 |  |  | 649,626 |  |  | 49.69 |
Vested | (247,273 | ) |  | 30.51 |  |  | (837,109 | ) |  | 22.50 |
Forfeited | (92,999 | ) |  | 34.74 |  |  | (27,366 | ) |  | 43.49 |
Unvested balances at December 31, 2015 | 423,967 |  |  | $ | 41.34 |  |  | 1,439,718 |  |  | $ | 49.41 |
Granted | 242,642 |  |  | 58.33 |  |  | 761,501 |  |  | 66.89 |
Vested | (242,793 | ) |  | 39.63 |  |  | (879,926 | ) |  | 43.81 |
Forfeited | (45,050 | ) |  | 47.72 |  |  | (6,625 | ) |  | 69.11 |
Unvested balances at December 31, 2016 | 378,766 |  |  | $ | 52.55 |  |  | 1,314,668 |  |  | $ | 63.18 |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2016, 2015 and 2014 is as follows:
| Number of Stock Options |  | Weighted-Average Exercise Price
Outstanding at December 31, 2013 | 4,926,522 |  |  | $ | 25.21 |
Exercised | (1,578,050 | ) |  | 20.31 |
Forfeited or expired | (31,690 | ) |  | 24.23 |
Outstanding at December 31, 2014 | 3,316,782 |  |  | $ | 27.56 |
Exercised | (682,054 | ) |  | 26.84 |
Forfeited or expired | (8,241 | ) |  | 28.53 |
Outstanding at December 31, 2015 | 2,626,487 |  |  | $ | 27.74 |
Exercised | (1,219,820 | ) |  | 34.00 |
Forfeited or expired | (296 | ) |  | 23.31 |
Outstanding at December 31, 2016 | 1,406,371 |  |  | $ | 22.32 |
Summary of Significant Ranges of Outstanding and Exercisable Stock Options | The following table summarizes significant ranges of outstanding and exercisable stock options as of December 31, 2016:
|  | Outstanding and Exercisable
Range of Exercise Prices |  | Number of Stock Options |  | Weighted-Average Remaining Contractual Term (in years) |  | Weighted-Average Exercise Price |  | Aggregate Intrinsic Value (in millions)
$ | 17.36 |  | - | $ | 19.99 |  |  | 140,733 |  |  | 3.13 |  | $ | 19.74 |  |  | $ | 7 |
$ | 20.00 |  | - | $ | 25.75 |  |  | 1,237,333 |  |  | 2.62 |  | 22.16 |  |  | 55 |
$ | 25.76 |  | - | $ | 45.38 |  |  | 28,305 |  |  | 1.17 |  | 41.77 |  |  | 1 |
Total |  |  |  | 1,406,371 |  |  | 2.65 |  | $ | 22.32 |  |  | $ | 63 |
Schedule of Employee Activity and Expense | The following table summarizes employee activity and expense associated with the ESPP for the years ended December 31, 2016, 2015 and 2014.
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Number of shares purchased by employees | 233,464 |  |  | 247,444 |  |  | 256,772 |
Weighted-average price of shares purchased | $ | 50.39 |  |  | $ | 40.95 |  |  | $ | 33.06 |
Compensation expense (in millions) | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |

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