XML 70 R53.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Incentive Compensation Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] |
Schedule of Stock-based Compensation Expense | The amount of stock-based compensation expense as reflected in salaries and related expenses in our Consolidated Statement of Operations, and the related tax benefit, are listed below.
| Years ended December 31,
| 2014 |  | 2013 |  | 2012
Stock options | $ | 2.1 |  |  | $ | 3.7 |  |  | $ | 5.4 |
Stock-settled awards | 10.0 |  |  | 9.8 |  |  | 14.9 |
Cash-settled awards | 0.6 |  |  | 1.5 |  |  | 3.9 |
Performance-based awards | 42.2 |  |  | 29.6 |  |  | 24.5 |
Employee stock purchase plan | 0.6 |  |  | 0.6 |  |  | 0.6 |
Other 1 | 1.2 |  |  | 0.8 |  |  | 1.1 |
Stock-based compensation expense | $ | 56.7 |  |  | $ | 46.0 |  |  | $ | 50.4 |
Tax benefit | $ | 20.6 |  |  | $ | 17.6 |  |  | $ | 19.7 |
1 | Represents charges recorded for severance expense related to stock-based compensation awards.
Schedule of Stock Options Activity | The following tables are a summary of stock option activity during 2014.
|  | Options |  | Weighted- Average Exercise Price (per option) |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Stock options outstanding as of January 1, 2014 |  | 9.4 |  |  | $10.24 |  |  |  |
Exercised |  | (1.7 | ) |  | 12.01 |  |  |  |  |
Expired |  | (0.3 | ) |  | 14.16 |  |  |  |  |
Stock options outstanding as of December 31, 2014 |  | 7.4 |  |  | 9.70 |  |  | 4.1 |  | $ | 82.1 |
Stock options vested and expected to vest as of December 31, 2014 |  | 7.4 |  |  | 9.69 |  |  | 4.1 |  | $ | 82.0 |
Stock options exercisable as of December 31, 2014 |  | 6.8 |  |  | 9.44 |  |  | 3.7 |  | $ | 76.7 |
|  | Options |  | Weighted- Average Grant Date Fair Value (per option) |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Non-vested as of January 1, 2014 |  | 1.5 |  |  | $ | 4.21 |  |  |  |  |
Vested |  | (0.9 | ) |  | 4.25 |  |  |  |  |
Non-vested as of December 31, 2014 |  | 0.6 |  |  | 4.16 |  |  | 7.9 |  | $ | 3.8 |
Summary of Stock Options Assumptions | The fair value of each option grant has been estimated with the following weighted-average assumptions.
|  | Years ended December 31,
|  | 2014 |  | 2013 |  | 2012
Expected volatility 1 |  | — |  |  | 40.2 | % |  | 43.8 | %
Expected term (years) 2 |  | — |  |  | 6.9 |  |  | 6.8 |
Risk free interest rate 3 |  | — |  |  | 1.3 | % |  | 1.3 | %
Expected dividend yield 4 |  | — |  |  | 2.4 | % |  | 2.1 | %
1 | The expected volatility used to estimate the fair value of stock options awarded is based on a blend of: (i) historical volatility of our common stock for periods equal to the expected term of our stock options and (ii) implied volatility of tradable forward put and call options to purchase and sell shares of our common stock.
2 | The estimate of our expected term is based on the average of (i) an assumption that all outstanding options are exercised upon achieving their full vesting date and (ii) an assumption that all outstanding options will be exercised at the midpoint between the current date (i.e., the date awards have ratably vested through) and their full contractual term. In determining the estimate, we considered several factors, including the historical option exercise behavior of our employees and the terms and vesting periods of the options.
3 | The risk free rate is determined using the implied yield currently available for zero-coupon U.S. government issuers with a remaining term equal to the expected term of the options.
4 | The expected dividend yield is calculated based on an annualized dividend of $0.38 per share in 2014, $0.30 per share in 2013 and $0.24 per share in 2012.
Stock-based Compensation, Grants in Period, Weighted Average Grant Date Fair Value | Stock-based compensation awards expected to be settled in cash have been classified as liabilities in our Consolidated Balance Sheets as of December 31, 2014 and 2013.
|  | Years ended December 31,
|  | 2014 |  | 2013 |  | 2012
Stock-Settled Awards: |  |  |  |  |  |
Awards granted |  | 1.2 |  |  | 1.1 |  |  | 0.9 |
Weighted-average grant-date fair value (per award) |  | $ | 17.77 |  |  | $ | 13.51 |  |  | $ | 11.43 |
Total fair value of vested awards distributed |  | $ | 12.6 |  |  | $ | 35.4 |  |  | $ | 63.5 |
Cash-Settled Awards: |  |  |  |  |  |
Awards granted |  | 0.1 |  | 0.1 |  | 0.1 |
Weighted-average grant-date fair value (per award) |  | $ | 18.20 |  |  | $ | 16.35 |  |  | $ | 10.94 |
Total fair value of vested awards distributed |  | $ | 0.6 |  |  | $ | 5.4 |  |  | $ | 11.1 |
Performance-Based Awards: |  |  |  |  |  |
Awards granted |  | 3.5 |  |  | 1.5 |  |  | 1.8 |
Weighted-average grant-date fair value (per award) |  | $ | 16.56 |  |  | $ | 11.97 |  |  | $ | 10.61 |
Total fair value of vested awards distributed |  | $ | 15.3 |  |  | $ | 0.2 |  |  | $ | 11.5 |
Schedule of Nonvested Stock Activity | A summary of the activity of our non-vested stock-settled awards, cash-settled awards, and performance-based awards during 2014 is presented below (performance-based awards are shown at 100% of the shares originally granted).
|  | Stock-Settled Awards |  | Cash-Settled Awards |  | Performance-Based Awards
|  | Awards |  | Weighted- Average Grant-Date Fair Value (per award) |  | Awards |  | Weighted- Average Grant-Date Fair Value (per award) |  | Awards |  | Weighted- Average Grant-Date Fair Value (per award)
Non-vested as of January 1, 2014 |  | 1.9 |  |  | $ | 12.54 |  |  | 0.1 |  |  | $ | 12.03 |  |  | 4.1 |  |  | $ | 11.71 |
Granted |  | 1.2 |  |  | 17.77 |  |  | 0.1 |  |  | 18.20 |  |  | 3.5 |  |  | 16.56 |
Vested |  | (0.8 | ) |  | 12.15 |  |  | (0.1 | ) |  | 8.36 |  |  | (0.9 | ) |  | 12.24 |
Forfeited |  | (0.1 | ) |  | 12.53 |  |  | 0.0 |  |  | 0.00 |  |  | (0.9 | ) |  | 12.76 |
Non-vested as of December 31, 2014 |  | 2.2 |  |  | 15.47 |  |  | 0.1 |  |  | 16.99 |  |  | 5.8 |  |  | 14.39 |
Total unrecognized compensation expense remaining |  | $ | 14.3 |  |  |  |  | $ | 1.4 |  |  |  |  | $ | 58.1 |  |  |
Weighted-average years expected to be recognized over |  | 1.6 |  |  |  |  | 2.0 |  |  |  |  | 2.0 |  |  |

X
- Details
Name: | us-gaap_EmployeeServiceShareBasedCompensationAggregateDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + 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 (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the weighted-average grant-date fair value of equity options or other equity instruments granted 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 (d)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration