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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
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)

  

2017

                 

Number outstanding at beginning of period

     17,059,241        $ 29.95            

Granted

     1,066,188          54.97            

Exercised

     (5,389,741 )         29.58            

Cancelled(a)

     (67,221 )         43.31            
 

 

 

  

Number outstanding at end of period(b)

     12,668,467        $ 32.15          4.5        $ 272  

Exercisable at end of period

     9,647,937        $ 27.87          3.3        $ 248  

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  
(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   2017      2016      2015  

Estimated fair value

   $ 14.66      $ 10.28      $ 12.23  

Risk-free interest rates

     2.0 %       1.3 %       1.7 % 

Dividend yield

     2.6 %       2.6 %       2.6 % 

Stock volatility factor

     .35        .36        .37  

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)   2017        2016        2015  

Fair value of options vested

   $ 13        $ 18        $ 25  

Intrinsic value of options exercised

     127          138          130  

Cash received from options exercised

     159          316          257  

Tax benefit realized from options exercised

     49          53          50
Stock Options Outstanding Additional Information

Additional information regarding stock options outstanding as of December 31, 2017, 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 – $20.00

     1,562,979          1.2        $ 11.95          1,562,979        $ 11.95  

$20.01 – $25.00

     1,363,504          2.2          23.85          1,363,504          23.85  

$25.01 – $30.00

     3,661,570          3.4          28.21          3,661,570          28.21  

$30.01 – $35.00

     1,519,505          2.6          33.37          1,519,505          33.37  

$35.01 – $40.00

     1,534,333          8.1          39.49          355,492          39.49  

$40.01 – $45.00

     1,971,691          6.6          42.33          1,184,802          41.92  

$50.01 – $55.01

     1,054,885          9.1          54.97          85          55.01  
      12,668,467          4.5        $ 32.15          9,647,937        $ 27.87  
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:

 

    2017      2016      2015  
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

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

Granted

     2,850,927        54.45        4,879,421        39.65        2,897,396        44.24  

Vested

     (3,295,376 )       40.66        (3,069,035 )       37.25        (3,428,736 )       33.27  

Cancelled

     (374,103 )       43.91        (439,710 )       40.18        (495,400 )       38.66  

Outstanding at end of period

     7,446,955      $ 44.49        8,265,507      $ 39.50        6,894,831      $ 38.44