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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2013
STOCK-BASED COMPENSATION |
Schedule of pre-tax compensation expense and the related income tax benefit for these stock-based incentives | Pre-tax compensation expense and the related income tax benefit for these stock-based incentives were as follows, in millions:
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Long-term stock awards |  | $ | 34 |  | $ | 35 |  | $ | 39 |
Stock options |  |  | 13 |  |  | 15 |  |  | 21 |
Phantom stock awards and stock appreciation rights |  |  | 7 |  |  | 11 |  |  | 1 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 54 |  | $ | 61 |  | $ | 61 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax benefit (37 percent tax rate – before valuation allowance) |  | $ | 20 |  | $ | 23 |  | $ | 23 |
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Schedule of the Company's long-term stock award activity | The Company's long-term stock award activity was as follows, shares in millions:
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Unvested stock award shares at January 1 |  |  | 8 |  |  | 10 |  |  | 10 |
Weighted average grant date fair value |  | $ | 16 |  | $ | 17 |  | $ | 19 |
Stock award shares granted |  |  | 2 |  |  | 1 |  |  | 2 |
Weighted average grant date fair value |  | $ | 20 |  | $ | 12 |  | $ | 13 |
Stock award shares vested |  |  | 2 |  |  | 2 |  |  | 2 |
Weighted average grant date fair value |  | $ | 17 |  | $ | 18 |  | $ | 20 |
Stock award shares forfeited |  |  | — |  |  | 1 |  |  | — |
Weighted average grant date fair value |  | $ | 16 |  | $ | 17 |  | $ | 18 |
Unvested stock award shares at December 31 |  |  | 8 |  |  | 8 |  |  | 10 |
Weighted average grant date fair value |  | $ | 17 |  | $ | 16 |  | $ | 17 |
Schedule of the Company's stock option activity | The Company's stock option activity was as follows, shares in millions:
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Option shares outstanding, January 1 |  |  | 30 |  |  | 36 |  |  | 37 |
Weighted average exercise price |  | $ | 21 |  | $ | 21 |  | $ | 21 |
Option shares granted |  |  | 1 |  |  | 1 |  |  | 2 |
Weighted average exercise price |  | $ | 20 |  | $ | 12 |  | $ | 13 |
Option shares exercised |  |  | 3 |  |  | 1 |  |  | — |
Aggregate intrinsic value on date of exercise (A) |  | $ | 23 million |  | $ | 5 million |  | $ | 1 million |
Weighted average exercise price |  | $ | 12 |  | $ | 10 |  | $ | 8 |
Option shares forfeited |  |  | 4 |  |  | 6 |  |  | 3 |
Weighted average exercise price |  | $ | 26 |  | $ | 19 |  | $ | 22 |
Option shares outstanding, December 31 |  |  | 24 |  |  | 30 |  |  | 36 |
Weighted average exercise price |  | $ | 22 |  | $ | 21 |  | $ | 21 |
Weighted average remaining option term (in years) |  |  | 4 |  |  | 5 |  |  | 5 |
Option shares vested and expected to vest, December 31 |  |  | 24 |  |  | 30 |  |  | 36 |
Weighted average exercise price |  | $ | 22 |  | $ | 21 |  | $ | 21 |
Aggregate intrinsic value (A) |  | $ | 109 million |  | $ | 55 million |  | $ | 12 million |
Weighted average remaining option term (in years) |  |  | 4 |  |  | 5 |  |  | 5 |
Option shares exercisable (vested), December 31 |  |  | 20 |  |  | 23 |  |  | 24 |
Weighted average exercise price |  | $ | 24 |  | $ | 24 |  | $ | 25 |
Aggregate intrinsic value (A) |  | $ | 62 million |  | $ | 22 million |  | $ | 4 million |
Weighted average remaining option term (in years) |  |  | 3 |  |  | 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.
Schedule of weighted average grant date fair value of option shares granted and the assumptions used to estimate those values using a Black-Scholes option pricing model |
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Weighted average grant date fair value |  | $ | 8.35 |  | $ | 4.44 |  | $ | 5.07 |
Risk-free interest rate |  |  | 1.22 | % |  | 1.09 | % |  | 2.69 | %
Dividend yield |  |  | 1.47 | % |  | 2.57 | % |  | 2.35 | %
Volatility factor |  |  | 49.07 | % |  | 50.97 | % |  | 49.03 | %
Expected option life |  |  | 6 years |  |  | 6 years |  |  | 6 years |
Summary of stock option shares outstanding and exercisable | The following table summarizes information for stock option shares outstanding and exercisable at December 31, 2013, shares in millions:
Option Shares Outstanding |  | Option Shares Exercisable |
--- | --- | --- | ---
Range of Prices |  | Number of Shares |  | Weighted Average Remaining Option Term |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price |
$ | 8 - 21 |  |  | 13 |  | 6 Years |  | $ | 14 |  |  | 8 |  | $ | 15 |
$ | 26 - 28 |  |  | 3 |  | 2 Years |  | $ | 27 |  |  | 3 |  | $ | 27 |
$ | 29 - 31 |  |  | 8 |  | 2 Years |  | $ | 30 |  |  | 9 |  | $ | 30 |
$ | 33 - 36 |  |  | — |  | 2 Years |  | $ | 34 |  |  | — |  | $ | 34 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
$ | 8 - 36 |  |  | 24 |  | 4 Years |  | $ | 22 |  |  | 20 |  | $ | 24 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of phantom stock awards and SARs | Information related to phantom stock awards and SARs was as follows, in millions:
|  | Phantom Stock Awards |  | Stock Appreciation Rights |
--- | --- | --- | --- | --- | ---
|  | At December 31, |  | At December 31, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Accrued compensation cost liability |  | $ | 14 |  | $ | 11 |  | $ | 8 |  | $ | 6 |
Unrecognized compensation cost |  | $ | 4 |  | $ | 5 |  | $ | — |  | $ | 1 |
Equivalent common shares |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |

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