Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based compensation expense recognized in continuing operations

The following table summarizes share-based compensation expense recognized in the Consolidated Statements of Income in Compensation and benefits (in millions):

Years ended December 31	2013		2012		2011
Restricted share units ("RSUs")	$	174	$	154	$	142
Performance share awards ("PSAs")	117		46		78
Share options	2		5		9
Employee share purchase plans	7		7		6
Total share-based compensation expense	300		212		235
Tax benefit	81		62		77
Share-based compensation expense, net of tax	$	219	$	150	$	158

Restricted share unit activity

A summary of the status of the Company's RSUs is as follows (shares in thousands):

	2013				2012				2011
Years ended December 31	Shares		Fair Value (1)		Shares		Fair Value (1)		Shares		Fair Value (1)
Non-vested at beginning of year	10,432		$	44	9,916		$	42	10,674		$	38
Granted	3,714		62		5,113		46		3,506		51
Vested	(3,945	)	44		(3,958	)	42		(3,773	)	39
Forfeited	(442	)	47		(639	)	44		(491	)	39
Non-vested at end of year	9,759		51		10,432		44		9,916		42

(1) Represents per share weighted average fair value of award at date of grant.

Performance-based plans

Information regarding the Company's target PSAs granted and shares that would be issued at current performance levels for PSAs granted during the years ended December 31, 2013, 2012 and 2011, respectively, is as follows (shares in thousands, dollars in millions, except fair value):

	2013		2012		2011
Target PSAs granted	1,135		1,369		1,715
Fair value (1)	$	58	$	47	$	50
Number of shares that would be issued based on current performance levels	1,702		2,451		1,443
Unamortized expense, based on current performance levels	$	70	$	40	$	—

(1) Represents per share weighted average fair value of award at date of grant.

Weighted average assumptions, average expected life and estimated fair value of employee stock options

The weighted average assumptions, the weighted average expected life and estimated fair value of employee share options granted are summarized as follows:

Years ended December 31	2013	2012	2011
Weighted average volatility	NA	NA	26.1%
Expected dividend yield	NA	NA	1.3%
Risk-free rate	NA	NA	2.2%
Weighted average expected life, in years	NA	NA	5.5
Weighted average estimated fair value per share	NA	NA	$10.92

Share options and related information

A summary of the status of the Company's share options and related information is as follows (shares in thousands):

Years ended December 31	2013				2012				2011
	Shares		Weighted-Average Exercise Price Per Share		Shares		Weighted-Average Exercise Price Per Share		Shares		Weighted-Average Exercise Price Per Share
Beginning outstanding	5,611		$	32	9,116		$	32	13,919		$	32
Granted	—		—		—		—		80		53
Exercised	(2,116	)	32		(3,413	)	31		(4,546	)	32
Forfeited and expired	(33	)	34		(92	)	37		(337	)	36
Outstanding at end of year	3,462		32		5,611		32		9,116		32
Exercisable at end of year	3,270		32		5,117		31		7,833		30
Shares available for grant	11,330				17,024				24,508

Summary of options outstanding and exercisable

A summary of options outstanding and exercisable as of December 31, 2013 is as follows (shares in thousands):

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Shares Outstanding	Weighted-Average Remaining Contractual Life (years)	Weighted-Average Exercise Price Per Share		Shares Exercisable	Weighted-Average Remaining Contractual Life (years)	Weighted-Average Exercise Price Per Share
$14.71 – 22.86	1,244	1.43	$	22.45	1,244	1.43	$	22.45
22.87 – 25.51	174	1.50	25.44		174	1.50	25.44
25.52 – 32.53	304	0.90	27.41		304	0.90	27.41
32.54 – 36.88	392	2.32	35.89		323	2.09	35.77
36.89 – 43.44	830	2.55	39.49		760	2.31	39.54
43.45 – 52.93	518	3.50	47.05		465	3.09	46.38
	3,462				3,270

Other information related to the company's share options

Other information related to the Company's share options is as follows (in millions):

	2013		2012		2011
Aggregate intrinsic value of stock options exercised	$	73	$	67	$	80
Cash received from the exercise of stock options	61		105		153
Tax benefit realized from the exercise of stock options	15		11		14