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Employee Stock and Savings Plans (Tables)
12 Months Ended
Dec. 31, 2013
Schedule of Estimation Assumptions Used

The fair values of stock options granted were estimated on the date of grant using a binomial option-pricing model with the following assumptions:

 

    2013     2012     2011  

Expected life (in years)

    6.4        6.5        6.6   

Average risk-free interest rate

    0.9     1.3     2.9

Expected volatility

    29.9     31.1     31.0

Expected dividend yield

    0     0     0
Summary of Stock Option Activity

A summary of stock option activity is as follows:

 

    Shares
(In thousands)
    Weighted-
Average
Exercise
Price
    Weighted-
Average
Remaining
Contractual
Term (Years)
    Aggregate
Intrinsic
Value
(In millions)
 

Stock options outstanding - December 31, 2012

    9,536      $ 25.89       

Granted

    2,049        41.46       

Forfeited

    (208     36.22       

Exercised

    (1,297     24.89       
 

 

 

   

 

 

   

 

 

   

 

 

 

Stock options outstanding - December 31, 2013

    10,080      $ 28.97        6.1      $ 303   
 

 

 

   

 

 

   

 

 

   

 

 

 

Stock options exercisable - December 31, 2013

    6,497      $ 24.41        4.7      $ 225   
 

 

 

   

 

 

   

 

 

   

 

 

 
Summary of Restricted Stock Unit Activity

A summary of restricted stock unit activity is as follows:

 

    Shares
(In thousands)
    Weighted-
Average
Grant Date
Fair Value
 

Restricted stock units - December 31, 2012

    2,120      $ 28.17   

Granted

    977        41.90   

Forfeited

    (204     31.44   

Vested

    (736     25.30   
 

 

 

   

 

 

 

Restricted stock units - December 31, 2013

    2,157      $ 34.92   
 

 

 

   

 

 

 
Schedule of Additional Information Related to Stock Option and Restricted Stock Unit Activity

The table below presents additional information related to stock option and restricted stock unit activity:

 

(In millions)

  2013     2012     2011  

Total intrinsic value of stock options exercised

  $ 27      $ 51      $ 26   

Cash received from stock option exercises

    32        80        54   

Gross income tax benefit from stock option exercises

    10        20        10   

Fair value of restricted stock units upon vesting

    31        29        18