Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

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

Components of share-based compensation expense, net of forfeitures

The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:

	December 31,
	2013		2012		2011
	(in millions)
Stock option	$	36	$	40	$	43
Restricted stock(1)	46		40		50
Restricted stock units	61		54		52
Liability awards	31		14		13
Total	$	174	$	148	$	158

⁽¹⁾ Includes $10 million, $11 million and $19 million of expense related to EIP for the years ended December 31, 2013, 2012 and 2011, respectively.

Weighted average assumptions used for stock option grants

The following weighted average assumptions were used for stock option grants:

	2013		2012		2011
Dividend yield	3.0	%	2.0	%	1.3	%
Expected volatility	41	%	45	%	44	%
Risk-free interest rate	0.9	%	0.8	%	2.3	%
Expected life of stock option (years)	5.0		5.0		5.0

Summary of stock option activity

A summary of the Company’s stock option activity for 2013 is presented below (shares and intrinsic value in millions):

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at January 1	15.0		$	43.91	5.9	$	281
Granted	1.6		65.64
Exercised	(7.1	)	36.64
Forfeited	(0.1	)	58.52
Outstanding at December 31	9.4		53.03		5.2	583
Exercisable at December 31	6.0		48.96		5.0	394

Summary of restricted stock award activity

A summary of activity for the Company’s restricted stock awards, restricted stock units granted to employees (including advisors), compensation deferrals into stock and deferred share units for 2013 is presented below (shares in millions):

	Shares		Weighted Average Grant-date Fair Value
Non-vested shares at January 1	3.1		$	38.42
Granted	0.9		69.61
Deferred	0.3		82.51
Vested	(1.4	)	56.70
Forfeited	(0.1	)	55.39
Non-vested shares at December 31	2.8		43.87