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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Options Outstanding and Exercised Under Prior and Existing Stock Incentive Plans

The following is a summary of stock options outstanding and exercised under prior and existing stock incentive plans of the Company:

 

Year Ended December 31   Stock
Options/Shares		        Weighted-
Average
Exercise Price		        Weighted-Average
Remaining
Contractual Term		        Aggregate
Intrinsic Value
(in millions)		  

2016

                 

Number outstanding at beginning of period

     25,725,708         $ 29.82             

Granted

     1,644,288           39.50             

Exercised

     (10,163,668 )         31.09             

Cancelled(a)

     (147,087 )         35.18             
 

 

 

  

Number outstanding at end of period(b)

     17,059,241         $ 29.95           4.1         $ 365   

Exercisable at end of period

     13,856,142         $ 27.53           3.1         $ 330   

2015

                 

Number outstanding at beginning of period

     33,649,198         $ 29.31             

Granted

     1,122,697           44.28             

Exercised

     (8,721,834 )         29.59             

Cancelled(a)

     (324,353 )         32.93             
 

 

 

  

Number outstanding at end of period(b)

     25,725,708         $ 29.82           3.6         $ 331   

Exercisable at end of period

     22,446,095         $ 28.68           3.0         $ 314   

2014

                 

Number outstanding at beginning of period

     46,724,765         $ 29.12             

Granted

     1,246,451           40.32             

Exercised

     (13,851,590 )         29.59             

Cancelled(a)

     (470,428 )         31.12             
 

 

 

  

Number outstanding at end of period(b)

     33,649,198         $ 29.31           4.0         $ 526   

Exercisable at end of period

     28,923,260         $ 28.79           3.4         $ 467   
(a) Options cancelled include both non-vested (i.e., forfeitures) and vested options.
(b) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense.
Weighted-Average Estimated Fair Value of Stock Options Granted and Assumptions Utilized by Company for Newly Issued Grants

The following table includes the weighted-average estimated fair value of stock options granted and the assumptions utilized by the Company for newly issued grants:

 

Year Ended December 31   2016      2015      2014  

Estimated fair value

   $ 10.28       $ 12.23       $ 11.38   

Risk-free interest rates

     1.3 %       1.7 %       1.7 % 

Dividend yield

     2.6 %       2.6 %       2.6 % 

Stock volatility factor

     .36         .37         .38   

Expected life of options (in years)

     5.5         5.5         5.5   
Summary of Certain Stock Option Activity

The following summarizes certain stock option activity of the Company:

 

Year Ended December 31 (Dollars in Millions)   2016        2015        2014  

Fair value of options vested

   $ 18         $ 25         $ 33   

Intrinsic value of options exercised

     138           130           171   

Cash received from options exercised

     316           257           408   

Tax benefit realized from options exercised

     53           50           66   
Stock Options Outstanding Additional Information

Additional information regarding stock options outstanding as of December 31, 2016, is as follows:

 

    Outstanding Options        Exercisable Options  
Range of Exercise Prices   Shares        Weighted-
Average
Remaining
Contractual
Life (Years)		        Weighted-
Average
Exercise
Price		        Shares        Weighted-
Average
Exercise
Price		  

$11.02 – $15.00

     1,997,288           2.1         $ 11.14           1,997,288         $ 11.14   

$15.01 – $20.00

     156,573           .9           19.63           156,573           19.63   

$20.01 – $25.00

     1,611,033           3.1           23.85           1,611,033           23.85   

$25.01 – $30.00

     4,282,283           4.4           28.28           4,282,283           28.28   

$30.01 – $35.00

     4,929,704           2.0           32.45           4,688,105           32.37   

$35.01 – $40.00

     1,956,643           7.6           38.93           340,870           36.25   

$40.01 – $44.32

     2,125,717           7.6           42.32           779,990           41.67   

Total

     17,059,241           4.1         $ 29.95           13,856,142         $ 27.53   

 
Summary of Company's Restricted Shares of Stock and Unit Awards

A summary of the status of the Company’s restricted shares of stock and unit awards is presented below:

 

    2016      2015      2014  
Year Ended December 31   Shares     

Weighted-
Average Grant-
Date Fair

Value

      Shares     

Weighted-
Average Grant-
Date Fair

Value

      Shares     

Weighted-
Average Grant-
Date Fair

Value

  

Outstanding at beginning of period

     6,894,831       $ 38.44         7,921,571       $ 34.09         8,653,859       $ 29.96   

Granted

     4,879,421         39.65         2,897,396         44.24         3,133,168         40.37   

Vested

     (3,069,035 )       37.25         (3,428,736 )       33.27         (3,409,650 )       29.38   

Cancelled

     (439,710 )       40.18         (495,400 )       38.66         (455,806 )       34.05   

Outstanding at end of period

     8,265,507       $ 39.50         6,894,831       $ 38.44         7,921,571       $ 34.09