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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Share-Based Compensation Expense
The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three months ended March 31, 2017 and 2016 in the Condensed Consolidated Statements of Income:
 
Three Months Ended March 31,
 
2017
 
2016
 
(in millions)
Share-based compensation expense before income taxes
$
15

 
$
16

Income tax benefit
(6
)
 
(7
)
Share-based compensation expense after income taxes
$
9

 
$
9
Summary of Restricted Stock Activity
The following table summarizes our restricted stock activity for the three months ended March 31, 2017:
 
Restricted Stock
 
Number of Awards
 
Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2017
2,560,578

 
$
45.92

Granted
559,698

 
65.92

Vested
(343,633
)
 
42.83

Forfeited
(79,164
)
 
46.48

Unvested balances at March 31, 2017
2,697,479

 
$
50.45
Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values
The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the three months ended March 31, 2017 and 2016:
 
Three Months Ended March 31,
 
2017
 
2016
Weighted-average risk free interest rate(1)
1.44
%
 
0.84
%
Expected volatility(2)
19.2
%
 
21.0
%
Weighted-average grant date share price
$69.45
 
$66.38
Weighted-average fair value at grant date
$81.57
 
$93.30
____________
(1) 
The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.
(2) 
We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program.
Summary of PSU Activity
The following table summarizes our PSU activity for the three months ended March 31, 2017:
 
PSUs
 
One-Year Program
 
Three-Year Program
 
Number of Awards
 
Weighted-Average Grant Date Fair Value
 
Number of Awards
 
Weighted-Average Grant Date Fair Value
Unvested balances at January 1, 2017
378,766

 
$
52.55

 
1,314,668

 
$
63.18

Granted
193,710

 
65.50

 
801,448

 
55.49

Vested
(10,729
)
 
53.72

 
(1,079,925
)
 
42.83

Forfeited
(25,782
)
 
53.89

 
(24,178
)
 
88.98

Unvested balances at March 31, 2017
535,965

 
$
57.14

 
1,012,013

 
$
78.19
Summary of Stock Option Activity
A summary of stock option activity for the three months ended March 31, 2017 is as follows:
 
Number of Stock Options
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining
Contractual Term (in years)
 
Aggregate Intrinsic
Value (in millions)
 
 
 
 
 
 
 
 
Outstanding at January 1, 2017
1,406,371

 
$
22.32

 
2.65
 
$
63

Granted
268,817

 
66.68

 
 
 
 
Exercised
(40,416
)
 
20.98

 
 
 
 
Outstanding at March 31, 2017
1,634,772

 
$
29.64

 
3.62
 
$
65

Exercisable at March 31, 2017
1,365,955

 
$
22.35

 
2.44
 
$
64