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Share-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of stock option activity
A summary of stock option activity is as follows:
 
Shares (000)

Wtd. Avg.
 Exercise Price
 Per Share

Wtd. Avg.
 Remaining
 Contractual Term
(years)
Aggregate
Intrinsic Value
(in millions)

Outstanding, January 1, 2015
2,484


$59

 
 
Granted
147

77

 
 
Exercised
(1,255
)
56

 

$39

Expired or cancelled
(104
)
56

 
 
Outstanding, December 31, 2015
1,272


$64

5.2

$26

Vested or expected to vest, December 31, 2015
1,267


$64

5.2
 
Exercisable, December 31, 2015
911


$62

4.0

$20

Outstanding, January 1, 2016
1,272


$64

 
 
Granted
166

75

 
 
Exercised
(279
)
63

 

$5

Expired or cancelled
(32
)
67

 
 
Outstanding, December 31, 2016
1,127


$66

4.9

$26

Vested or expected to vest, December 31, 2016
1,122


$66

4.9
 
Exercisable, December 31, 2016
756


$62

3.3

$20

Outstanding, January 1, 2017
1,127


$66

 
 
Granted
145

97

 
 
Exercised
(680
)
64

 

$24

Expired or cancelled
(18
)
75

 
 
Outstanding, December 31, 2017
574


$77

7.1

$28

Vested or expected to vest, December 31, 2017
571


$77

7.1
 
Exercisable, December 31, 2017
220


$65

5.3

$14

Schedule of options outstanding and exercisable
Options outstanding and exercisable as of December 31, 2017 were as follows:
 
Options Outstanding
 
 
Options Exercisable
 
Exercise Price

Shares (000)

Weighted-
Average
 Remaining
 Contractual
Life (years)
Weighted-
Average
 Exercise Price

 

Shares (000)

Weighted-Average
 Exercise Price

$27-$49
35

2.8

$39

 
35


$39

$50-$59
59

3.8
53

 
59

53

$60-$75
163

7.8
75

 
39

73

$76-$97
317

7.8
87

 
87

78

 
574

7.1

$77

 
220


$65

Assumptions used to estimate fair value of share awards
We estimated the fair value of each stock option on the date of grant using the Black-Scholes option pricing model and the following assumptions:
Year Ended December 31
2017

2016

2015

Average risk-free interest rate
2.0
%
1.4
%
1.6
%
Expected dividend yield
2.0
%
2.1
%
1.5
%
Expected volatility
31.0
%
33.0
%
32.0
%
Expected term (years)
6.0

6.0

6.0

 
 
 
 
Summary of restricted stock activity
A summary of restricted stock activity is as follows:
 

Shares (000)

Wtd. Avg.
Price Per Share

Wtd. Avg.
Remaining
 Contractual
 Term (years)
Aggregate
 Intrinsic Value
(in millions)

Unvested, January 1, 2015
463


$57

1.2
 
Granted
179

76

 
 
Vested
(217
)
59

 
 
Forfeited
(20
)
60

 
 
Unvested, December 31, 2015
405


$64

1.3
 
Granted
232


$75

 
 
Vested
(172
)
62

 
 
Forfeited
(14
)
76

 
 
Unvested, December 31, 2016
451


$70

1.4
 
Granted
167


$98

 
 
Vested
(133
)
79

 
 
Forfeited
(37
)
80

 
 
Unvested, December 31, 2017
448


$77

1.2

$56

Summary of performance share units detail by grant year
A summary of the performance share units detail by grant year is as follows:
 
2014

2015

2016

2017

Grant Date(s)
February 11,
2014 and May 1, 2014

February 11, 2015

February 16, 2016

February 9, 2017

 
 
Performance Period (years)
2014-2016

2015-2017

2016-2018

2017-2019

Vesting Date
 February 2017

February 2018(a)

February 2019(a)

February 2020(a)

Payout Levels (in units):
 
 
 
 
Threshold Award
94,608

82,298

65,141

57,563

Target Award
189,215

164,595

130,282

115,125

Outstanding Award
378,430

329,190

260,564

230,250

Shares Issued in 2017
335,179




Payout Achieved Over Performance Period

219,519



(a) 2015, 2016 and 2017 awards are scheduled to vest in February 2018, 2019, and 2020, respectively, when the Executive Compensation and Human Resources Committee of the Board of Directors determines the achievement of the performance criteria.