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Stock-Based Compensation Stock-Based Compensation (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Composition of Stock-Based Compensation |
Composition of Stock-Based Compensation Expense | | | | | | | | | | | | | | Years Ended December 31, | (In millions) | 2014 | | 2013 | | 2012 | Corporate expense | $ | 36 |
| | $ | 25 |
| | $ | 29 |
| Property, general, administrative, and other | 96 |
| | 32 |
| | 26 |
| Total stock-based compensation expense | $ | 132 |
| | $ | 57 |
| | $ | 55 |
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| Stock Option Activity |
Stock Option Activity | | | | | | | | | | | | | | | | | | (Dollars in millions, except per share data) | Shares | | Weighted Average Exercise Price | | Fair Value (1) | | Weighted Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value | Outstanding as of December 31, 2013 | 8,463,811 |
| | $ | 12.09 |
| | $ | 2.68 |
| | 8.5 | | | Granted | 1,500,770 |
| | 21.18 |
| | 10.27 |
| | | | | Exercised | (317,703 | ) | | 9.10 |
| | 1.78 |
| | | | | Forfeited | (237,202 | ) | | 11.30 |
| | 3.98 |
| | | | | Expired | (29,791 | ) | | 17.16 |
| | 2.39 |
| | | | | Outstanding as of December 31, 2014 | 9,379,885 |
| | $ | 13.65 |
| | $ | 3.35 |
| | 7.8 | | $ | 53 |
| Vested and expected to vest as of December 31, 2014 | 9,060,016 |
| | $ | 12.09 |
| | $ | 3.28 |
| | 7.8 | | $ | 52 |
| Exercisable as of December 31, 2014 | 3,746,013 |
| | $ | 9.61 |
| | $ | 1.80 |
| | 7.5 | | $ | 25 |
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____________________ | | (1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
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| Stock Option Grants and Exercises |
Stock Option Grants and Exercises | | | | | | | | | | | | | | Years Ended December 31, | (Dollars in millions, except per share data) | 2014 | | 2013 | | 2012 | Options Granted: | | | | | | Number of options granted | 1,500,770 |
| | 550,812 |
| | 8,173,944 |
| Weighted Average Grant-Date Fair Value per share (1) | $ | 10.27 |
| | $ | 5.95 |
| | $ | 3.50 |
| Weighted Average Exercise Price per Share (1)(2) | $ | 21.18 |
| | $ | 13.65 |
| | $ | 8.44 |
| | | | | | | Option Exercises: | | | | | | Number of options exercised | 317,703 |
| | 143,109 |
| | — |
| Cash received for options exercised | $ | 3 |
| | $ | 1 |
| | $ | — |
| Aggregate intrinsic value of options exercised | $ | 2 |
| | $ | 2 |
| | $ | — |
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____________________ | | (1) | Represents the weighted-average grant date fair value per option, using the Monte Carlo simulation option-pricing model for performance-based options, and the Black-Scholes option-pricing model for time-based options. |
| | (2) | Adjusted for the February 2012 1.742-for-1 stock split. |
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| Assumptions Used to Estimate Option Values |
Assumptions Used to Estimate Option Values | | | | | | | | | | | Years Ended December 31, | | 2014 | | 2013 | | 2012 | Expected volatility | 52.1 | % | | 57.4 | % | | 55.8 | % | Expected dividend yield | — | % | | — | % | | — | % | Expected term (in years) | 5.5 |
| | 3.8 |
| | 4.9 |
| Risk-free interest rate | 1.7 | % | | 1.0 | % | | 0.9 | % |
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| Restricted Stock Unit Activity |
Restricted Stock Unit Activity | | | | | | | | | Units | | Fair Value | Outstanding as of December 31, 2013 | 1,503,534 |
| | $ | 13.74 |
| Granted | 1,183,098 |
| | 20.82 |
| Vested | (375,500 | ) | | 13.74 |
| Forfeited | (154,405 | ) | | 16.20 |
| Outstanding as of December 31, 2014 | 2,156,727 |
| | 17.45 |
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| CIE Stock Option Activity |
CIE Stock Option Activity | | | | | | | | | | | | | | | | | | (Dollars in millions, except per share data) | Shares | | Weighted Average Exercise Price | | Fair Value (1) | | Weighted Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value | Outstanding as of December 31, 2013 | 17,015 |
| | $ | 3,194.48 |
| | $ | 1,124.81 |
| | 7.3 | | | Granted | 1,135 |
| | $ | 9,976.43 |
| | $ | 4,717.02 |
| | | | | Exercised | (3,822 | ) | | $ | 1,649.71 |
| | $ | 249.57 |
| | | | | Forfeited | (1,049 | ) | | $ | 5,767.76 |
| | $ | 2,764.01 |
| | | | | Outstanding as of December 31, 2014 | 13,279 |
| | $ | 3,953.85 |
| | $ | 1,616.01 |
| | 6.8 | | $ | 115 |
| Vested and expected to vest as of December 31, 2014 | 12,581 |
| | $ | 3,832.25 |
| | $ | 1,544.87 |
| | 6.7 | | $ | 111 |
| Exercisable as of December 31, 2014 | 6,920 |
| | $ | 2,202.24 |
| | $ | 547.75 |
| | 5.1 | | $ | 72 |
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| CIE Stock Option Grants and Exercises |
CIE Stock Option Grants and Exercises | | | | | | | | | | | | | | Years Ended December 31, | (Dollars in millions, except per share data) | 2014 | | 2013 | | 2012 | Options Granted: | | | | | | Number of options granted | 1,135 |
| | 6,300 |
| | 1,442 |
| Weighted Average Grant-Date Fair Value per share (1) | $ | 4,717.02 |
| | $ | 2,620.48 |
| | $ | 2,724.86 |
| Weighted Average Exercise Price per Share | $ | 9,976.43 |
| | $ | 5,539.98 |
| | $ | 5,360.86 |
| | | | | | | Option Exercises: | | | | | | Number of options exercised | 3,822 |
| | 365 |
| | — |
| Cash received for options exercised | $ | 6 |
| | $ | 1 |
| | $ | — |
| Aggregate intrinsic value of options exercised | $ | 27 |
| | $ | 1 |
| | $ | — |
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| Assumptions Used to Estimate CIE Option Values |
Assumptions Used to Estimate CIE Option Value | | | | | | | | | | | Years Ended December 31, | | 2014 | | 2013 | | 2012 | Expected range of volatility | 46.5% - 56.8% |
| | 49.7% - 58.6% |
| | 59.4% - 61.3% |
| Expected dividend yield | — | % | | — | % | | — | % | Expected range of term (in years) | 2.4 - 7.1 |
| | 2.3 - 7.3 |
| | 4.2 - 7.1 |
| Risk-free interest rate range | 0.7% - 2.3% |
| | 0.6% - 2.5% |
| | 0.6% - 1.2% |
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| CIE Restricted Stock Activity |
CIE Restricted Stock Unit Activity | | | | | | | | | Units | | Fair Value | Outstanding as of December 31, 2013 | 7,991 |
| | $ | 3,853.00 |
| Granted | 1,209 |
| | 10,019.69 |
| Vested | (3,794 | ) | | 4,496.67 |
| Forfeited | (310 | ) | | 6,368.06 |
| Outstanding as of December 31, 2014 | 5,096 |
| | 6,494.71 |
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