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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2017
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 three months ended March 31, 2017 and 2016 in the Condensed Consolidated Statements of Income:
| Three Months Ended March 31,
| 2017 |  | 2016
| (in millions)
Share-based compensation expense before income taxes | $ | 15 |  |  | $ | 16 |
Income tax benefit | (6 | ) |  | (7 | )
Share-based compensation expense after income taxes | $ | 9 |  |  | $ | 9 |
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the three months ended March 31, 2017:
| Restricted Stock
| Number of Awards |  | Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2017 | 2,560,578 |  |  | $ | 45.92 |
Granted | 559,698 |  |  | 65.92 |
Vested | (343,633 | ) |  | 42.83 |
Forfeited | (79,164 | ) |  | 46.48 |
Unvested balances at March 31, 2017 | 2,697,479 |  |  | $ | 50.45 |
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 three months ended March 31, 2017 and 2016:
| Three Months Ended March 31,
| 2017 |  | 2016
Weighted-average risk free interest rate(1) | 1.44 | % |  | 0.84 | %
Expected volatility(2) | 19.2 | % |  | 21.0 | %
Weighted-average grant date share price | $69.45 |  | $66.38
Weighted-average fair value at grant date | $81.57 |  | $93.30
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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 three months ended March 31, 2017:
| 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 January 1, 2017 | 378,766 |  |  | $ | 52.55 |  |  | 1,314,668 |  |  | $ | 63.18 |
Granted | 193,710 |  |  | 65.50 |  |  | 801,448 |  |  | 55.49 |
Vested | (10,729 | ) |  | 53.72 |  |  | (1,079,925 | ) |  | 42.83 |
Forfeited | (25,782 | ) |  | 53.89 |  |  | (24,178 | ) |  | 88.98 |
Unvested balances at March 31, 2017 | 535,965 |  |  | $ | 57.14 |  |  | 1,012,013 |  |  | $ | 78.19 |
Summary of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2017 is as follows:
| Number of Stock Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2017 | 1,406,371 |  |  | $ | 22.32 |  |  | 2.65 |  | $ | 63 |
Granted | 268,817 |  |  | 66.68 |  |  |  |  |
Exercised | (40,416 | ) |  | 20.98 |  |  |  |  |
Outstanding at March 31, 2017 | 1,634,772 |  |  | $ | 29.64 |  |  | 3.62 |  | $ | 65 |
Exercisable at March 31, 2017 | 1,365,955 |  |  | $ | 22.35 |  |  | 2.44 |  | $ | 64 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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