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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of RSUs

Restricted Stock Units — A summary of our RSUs is presented in the table below (units in thousands):

 

     Units      Weighted Average
Fair Value		  

Unvested at January 1, 2015

      620       $ 37.44   

Granted

      167       $ 54.47   

Vested

      (240 )     $ 34.78   

Forfeited

      (23 )     $ 42.41   
  

 

 

     

Unvested at December 31, 2015

      524       $ 43.76   
  

 

 

     

Summary of PSUs

A summary of our PSUs is presented in the table below (units in thousands):

 

     Units      Weighted Average
Fair Value		  

Unvested at January 1, 2015

      2,033       $ 46.28   

Granted

      523       $ 66.35   

Vested

      (749 )     $ 47.28   

Forfeited

      (45 )     $ 49.88   
  

 

 

     

Unvested at December 31, 2015

      1,762       $ 52.90   
  

 

 

     

Summary of Stock Options

A summary of our stock options is presented in the table below (options in thousands):

 

     Options      Weighted Average
Exercise Price		  

Outstanding at January 1, 2015

      8,378       $ 37.22   

Granted

      1,455       $ 54.45   

Exercised

      (2,170 )     $ 36.26   

Forfeited or expired

      (156 )     $ 38.98   
  

 

 

     

Outstanding at December 31, 2015(a)

      7,507       $ 40.80   
  

 

 

     

Exercisable at December 31, 2015(b)

      3,940       $ 36.44   
  

 

 

     

 

(a) Stock options outstanding as of December 31, 2015 have a weighted average remaining contractual term of 7.0 years and an aggregate intrinsic value of $96 million based on the market value of our common stock on December 31, 2015.
(b) Stock options exercisable as of December 31, 2015 have a weighted average remaining contractual term of 5.7 years and an aggregate intrinsic value of $67 million based on the market value of our common stock on December 31, 2015. Stock options exercisable at December 31, 2015 have an exercise price ranging from $32.18 to $44.01.
Weighted Average Assumptions Used to Value Employee Stock Options Granted

The following table presents the weighted average assumptions used to value employee stock options granted during the years ended December 31 under the Black-Scholes valuation model:

 

     2015    2014    2013

Expected option life

    4.4 years    4.8 years    5.4 years

Expected volatility

    16.7%    18.4%    21.8%

Expected dividend yield

    2.8%    3.6%    4.0%

Risk-free interest rate

    1.4%    1.6%    1.0%