v2.4.1.9

Stock Incentive Plans | 12 Months Ended
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Dec. 31, 2014
Stock Incentive Plans [Abstract] |
Stock Incentive Plans | Stock Incentive Plans The Company's stock incentive plans allow for the granting of restricted stock or restricted stock unit awards and options to purchase common stock. Both incentive stock options and nonqualified stock options can be awarded under the plans. No option will be exercisable for longer than ten years after the date of grant. The plans have 4,208,558 shares available for future awards. Compensation expense for stock options and restricted stock unit awards is recognized on a straight-line basis over the vesting period, generally three to five years for stock options and 1 to 10 years for restricted stock or restricted stock unit awards. Certain restricted stock unit awards contain performance-based as well as service-based provisions. Certain awards provide for accelerated vesting if there is a change in control as defined in the plans. The total compensation cost that has been charged against income for the stock incentive plans was $48 million, $36 million and $25 million for the years ended December 31, 2014, 2013 and 2012, respectively. The total income tax benefit recognized in the income statement for stock-based compensation arrangements was $17 million, $8 million and $9 million for the years ended December 31, 2014, 2013 and 2012, respectively. Option activity for the year ended December 31, 2014 is summarized below:
| Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value ($ in millions) |  | Weighted Average Remaining Contractual Term
Outstanding as of December 31, 2013 | 1,894,390 |  |  | $ | 11.71 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (619,324 | ) |  | 10.77 |  |  |  |  |
Forfeited | (8,000 | ) |  | 9.23 |  |  |  |  |
Outstanding as of December 31, 2014 | 1,267,066 |  |  | $ | 12.18 |  |  | $ | 50 |  |  | 2.2
Exercisable as of December 31, 2014 | 1,249,734 |  |  | $ | 12.08 |  |  | $ | 50 |  |  | 2.1
The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
| Year Ended December 31,
| 2014 (1) |  | 2013 |  | 2012 (1)
Expected life (in years) | — |  | 5.1 |  | —
Risk-free interest rate | — |  | 0.8% |  | —
Expected volatility | — |  | 48.1% |  | —
Expected dividend yield | — |  | — |  | —
(1) No options were awarded in the years ended December 31, 2014 and 2012.
For the year ended December 31, 2013, the Company used a projected expected life for each award granted based on historical experience of employees' exercise behavior. The expected volatility is primarily based on historical volatility levels. The risk-free interest rates are based on the implied yield currently available on U.S. Treasury instruments with a remaining term equal to the expected life. Other information pertaining to option activity is as follows:
| Year Ended December 31,
| 2014 (1) |  | 2013 |  | 2012 (1)
Weighted-average fair value of options granted | $ | — |  |  | $ | 9.52 |  |  | $ | — |
Total intrinsic value of stock options exercised ($ in millions) | $ | 17 |  |  | $ | 13 |  |  | $ | 24 |
(1) No options were awarded in the years ended December 31, 2014 and 2012.
A summary of the Company's non-vested restricted stock and restricted stock unit shares as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below:
| Shares |  | Weighted Average Grant Date Fair Value
Non-vested balance as of December 31, 2013 | 4,179,186 |  |  | $ | 23.95 |
Granted | 2,238,194 |  |  | 46.85 |
Vested | (1,953,094 | ) |  | 21.62 |
Forfeited | (114,272 | ) |  | 23.77 |
Non-vested balance as of December 31, 2014 | 4,350,014 |  |  | $ | 36.86 |
The total fair value of restricted stock and restricted stock units vested during the years ended December 31, 2014, 2013 and 2012, was $82 million, $49 million and $39 million, respectively. As of December 31, 2014, there was $145 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans; that cost is expected to be recognized over a weighted-average period of 1.9 years. The Company maintains an employee stock purchase plan and has issued 76,088 shares, 84,168 shares, and 95,226 shares in 2014, 2013 and 2012, respectively.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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