XML 25 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
For the three months ended March 31, 2016, we incurred share-based compensation costs of $17 million (2015: $19 million) and recorded associated tax benefits of $4 million (2015: $4 million).

The total fair value of restricted stock, restricted stock units and cash settled awards vested during the three months ended March 31, 2016 was $57 million (2015: $63 million). At March 31, 2016 there were $143 million of unrecognized compensation costs, which are expected to be recognized over the weighted average period of 2.7 years.

Awards to settle in shares

The following table provides a reconciliation of the beginning and ending balance of nonvested restricted stock (including restricted stock units) for the three months ended March 31, 2016:
 
 
Performance-based Stock Awards
 
Service-based Stock Awards
 
 
 
Number of
Restricted
Stock
 
Weighted Average
Grant Date
Fair Value
 
Number of
Restricted
Stock
 
Weighted Average
Grant Date
Fair Value(1)
 
 
 
 
 
 
 
 
 
 
 
 
Nonvested restricted stock - beginning of period
201

 
$
49.24

 
1,954

 
$
43.34

 
 
     Granted
104

 
53.80

 
577

 
53.83

 
 
     Vested
—

 
—

 
(714
)
 
38.82

 
 
     Forfeited
—

 
—

 
(1
)
 
41.89

 
 
Nonvested restricted stock - end of period
305

 
$
50.79

 
1,816

 
$
48.42

 
 
 
 
 
 
 
 
 
 
 

(1) Fair value is based on the closing price of our common shares on the New York Stock Exchange on the day of the grant.

Cash-settled awards

The following table provides a reconciliation of the beginning and ending balance of nonvested cash settled restricted stock units for the three months ended March 31, 2016:
 
 
Performance-based Cash Settled RSUs
 
Service-based Cash Settled RSUs
 
 
 
Number of
Restricted
Stock Units
 
Number of
Restricted
Stock Units
 
 
 
 
 
 
 
 
Nonvested restricted stock units - beginning of period
70

 
1,433

 
 
     Granted
18

 
485

 
 
     Vested
—

 
(346
)
 
 
     Forfeited
—

 
(1
)
 
 
Nonvested restricted stock units - end of period
88

 
1,571

 
 
 
 
 
 
 


At March 31, 2016, the corresponding liability for cash-settled units, included in other liabilities on the Consolidated Balance Sheets, was $22 million (2015: $13 million).