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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Pre-Tax Compensation Expense and Related Income Tax Benefit for Stock-Based Incentives

Pre-tax compensation expense and the related income tax benefit for these stock-based incentives were as follows, in millions:

 

     Three Months Ended  
     March 31,  
     2013      2012  

Long-term stock awards

    $ 9       $ 8   

Stock options

      5         5   

Phantom stock awards and stock appreciation rights

      3         5   
  

 

 

     

 

 

  

Total

    $ 17       $ 18   
  

 

 

     

 

 

  

Income tax benefit (37 percent tax rate - before valuation allowance)

    $ 6       $ 7   
  

 

 

     

 

 

  
Company's Long-Term Stock Award Activity

The Company’s long-term stock award activity was as follows, shares in millions:

 

     Three Months Ended  
     March 31,  
     2013      2012  

Unvested stock award shares at January 1

      8         10   

Weighted average grant date fair value

    $ 16       $ 17   

Stock award shares granted

      2         1   

Weighted average grant date fair value

    $ 20       $ 12   

Stock award shares vested

      2         2   

Weighted average grant date fair value

    $ 16       $ 17   

Stock award shares forfeited

      —           —     

Weighted average grant date fair value

    $ 18       $ 18   

Unvested stock award shares at March 31

      8         9   

Weighted average grant date fair value

    $ 17       $ 16   
Company's Stock Option Activity

The Company’s stock option activity was as follows, shares in millions:

 

     Three Months Ended  
     March 31,  
     2013     2012  

Option shares outstanding, January 1

      30        36   

Weighted average exercise price

    $ 21      $ 21   

Option shares granted

      1        1   

Weighted average exercise price

    $ 20      $ 12   

Option shares exercised

      2        —     

Aggregate intrinsic value on date of exercise (A)

    $ 17  million    $ 1  million 

Weighted average exercise price

    $ 11      $ 8   

Option shares forfeited

      —          2   

Weighted average exercise price

    $ 19      $ 18   

Option shares outstanding, March 31

      29        35   

Weighted average exercise price

    $ 22      $ 21   

Weighted average remaining option term (in years)

      4        5   

Option shares vested and expected to vest, March 31

      29        35   

Weighted average exercise price

    $ 22      $ 21   

Aggregate intrinsic value (A)

    $ 82  million    $ 26  million 

Weighted average remaining option term (in years)

      4        5   

Option shares exercisable (vested), March 31

      23        25   

Weighted average exercise price

    $ 24      $ 23   

Aggregate intrinsic value (A)

    $ 45  million    $ 14  million 

Weighted average remaining option term (in years)

      4        4   

 

(A) Aggregate intrinsic value is calculated using the Company’s stock price at each respective date, less the exercise price (grant date price) multiplied by the number of shares.
Weighted Average Grant Date Fair Value of Option Shares Granted and Assumptions Used to Estimate Those Values Using Black-Scholes Option Pricing Model

The weighted average grant date fair value of option shares granted in the period and the assumptions used to estimate those values using a Black-Scholes option pricing model were as follows:

 

     Three Months Ended
March  31,		  
     2013     2012  

Weighted average grant date fair value

    $ 8.33      $ 4.44   

Risk-free interest rate

      1.20 %      1.10 % 

Dividend yield

      1.47 %      2.57 % 

Volatility factor

      49.00 %      51.00 % 

Expected option life

      6 years        6 years