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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 RSUs

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

 

     Units      Weighted Average
Per Share
Fair Value
 

Unvested at January 1, 2016

     524       $ 43.76   

Granted

     186       $ 57.38   

Vested

     (205    $ 37.45   

Forfeited

     (15    $ 51.17   
  

 

 

    

Unvested at December 31, 2016

     490       $ 51.32   
  

 

 

    
Summary of PSUs

A summary of our PSUs, at 100% of the targeted amount, is presented in the table below (units in thousands):

 

     Units      Weighted Average
Per Share
Fair Value
 

Unvested at January 1, 2016

     1,762       $ 52.90   

Granted

     555       $ 79.27   

Vested

     (664    $ 48.38   

Forfeited

     (148    $ 76.01   
  

 

 

    

Unvested at December 31, 2016

     1,505       $ 68.98   
  

 

 

    
Summary of Stock Options

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

 

     Options      Weighted Average
Per Share
Exercise Price
 

Outstanding at January 1, 2016

     7,507       $ 40.80   

Granted

     1,387       $ 56.24   

Exercised

     (2,645    $ 37.20   

Forfeited or expired

     (606    $ 51.70   
  

 

 

    

Outstanding at December 31, 2016(a)

     5,643       $ 45.12   
  

 

 

    

Exercisable at December 31, 2016(b)

     2,921       $ 38.84   
  

 

 

    

 

(a) Stock options outstanding as of December 31, 2016 have a weighted average remaining contractual term of 6.9 years and an aggregate intrinsic value of $146 million based on the market value of our common stock on December 31, 2016.
(b) Stock options exercisable as of December 31, 2016 have an aggregate intrinsic value of $94 million based on the market value of our common stock on December 31, 2016.
Summary of Exercisable Stock Options

Exercisable stock options at December 31, 2016, were as follows (options in thousands):

 

Range of Exercise Prices

   Options      Weighted Average
Per Share
Exercise Price
     Weighted Average
Remaining Years
 

$32.315-$40.00

     2,141       $ 36.12         4.9   

$40.01-$50.00

     491       $ 41.36         7.2   

$50.01-$54.635

     289       $ 54.64         8.2   
  

 

 

       

$32.315-$54.635

     2,921       $ 38.84         5.6   
  

 

 

       
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:

 

     2016    2015    2014

Expected option life

   4.7 years    4.4 years    4.8 years

Expected volatility

   18.4%    16.7%    18.4%

Expected dividend yield

   2.9%    2.8%    3.6%

Risk-free interest rate

   1.3%    1.4%    1.6%