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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
RSAs and PSAs Granted and Vesting Schedule of Awards
The following table shows the number of RSAs and PSAs granted during 2015 and the vesting schedule.
Vesting period
RSA’s
 
PSA’s
 
Total
At grant
9,194

 

 
9,194

After three years of service
176,588

 
106,411

 
282,999

Total
185,782

 
106,411

 
292,193

Weighted-Average Assumptions Used for Grants of Stock Options and SARs
The following table shows the weighted-average assumptions used for grants of SARs, as well as the fair value of the grants based on those assumptions:
 
 
2015
 
2014
 
2013
Expected dividend yield
0%
 
0%
 
0%
Forfeiture rate
10.24%
 
10.32%
 
10.31%
Volatility
33.98%
 
34.92%
 
32.00%
Risk free interest rate
1.53%
 
1.73%
 
0.82%
Range of interest rates
0.02% - 2.14%
 
0.02% - 2.61%
 
0.02% - 1.78%
Expected weighted-average life
5.32 years
 
5.36 years
 
5.42 years
Fair value of SARs granted (in millions)
$12
 
$5
 
$5
Weighted-average grant date fair value of SARs granted
(per underlying share)
$35.00
 
$24.98
 
$13.86
Summary of Stock Option Activity
Stock option activity was as follows:
 
2015
 
2014
 
2013
Options
Shares
 
Weighted-
Average
Exercise Price
 
Shares
 
Weighted-
Average
Exercise Price
 
Shares
 
Weighted-
Average
Exercise Price
Outstanding at beginning of year
415,960

 
$
40.19

 
956,502

 
$
42.77

 
1,532,569

 
$
41.69

Granted
0

 
0

 
0

 
0

 
0

 
0

Exercised
(209,976
)
 
43.53

 
(540,542
)
 
44.76

 
(543,922
)
 
39.54

Forfeited
0

 
0

 
0

 
0

 
0

 
0

Expired
(1,550
)
 
$
51.62

 
0

 
0

 
(32,145
)
 
45.81

Outstanding at end of year
204,434

 
$
36.66

 
415,960

 
$
40.19

 
956,502

 
$
42.77

Exercisable at end of year
204,434

 
$
36.66

 
415,960

 
$
40.19

 
956,502

 
$
42.77

Intrinsic value of exercised options (in millions)
$
10

 
 
 
$
15

 
 
 
$
4

 
 
Summary of Outstanding and Exercisable Options
The following table summarizes information about stock options outstanding at December 31, 2015:
 
Outstanding             
 
Exercisable         
Aggregate intrinsic value - (in millions)
$11
 
$11
Weighted-average remaining contractual term
2.1 years
 
2.1 years
The following table summarizes information about SARs outstanding at December 31, 2015:
 
Outstanding             
 
Exercisable         
Aggregate intrinsic value - (in millions)
$52
 
$40
Weighted-average remaining contractual term
6.8 years
 
5.3 years
Summary of SAR Activity
SAR activity was as follows:
 
 
2015
 
2014
 
2013
SARs
 
Shares
 
Weighted-
Average
Exercise Price
 
Shares
 
Weighted-
Average
Exercise Price
 
Shares
 
Weighted-
Average
Exercise Price
Outstanding at beginning of year
 
1,292,142

 
$
42.20

 
1,402,784

 
$
36.36

 
1,535,804

 
$
31.66

Granted
 
332,159

 
107.31

 
195,560

 
74.59

 
326,811

 
46.13

Exercised
 
(179,702
)
 
40.71

 
(267,077
)
 
34.03

 
(376,673
)
 
25.44

Forfeited
 
(45,441
)
 
75.26

 
(38,738
)
 
50.57

 
(80,515
)
 
37.54

Expired
 
(1,547
)
 
47.11

 
(387
)
 
46.07

 
(2,643
)
 
33.70

Outstanding at end of year
 
1,397,611

 
$
56.78

 
1,292,142

 
$
42.20

 
1,402,784

 
$
36.36

Exercisable at end of year
 
736,075

 
$
35.90

 
586,344

 
$
33.03

 
520,426

 
$
30.51

Intrinsic value of exercised SARs (in millions)
 
$
11

 
 
 
$
11

 
 
 
$
8

 
 
Summary of Restricted Stock Award Activity
Restricted stock award activity was as follows:
 
 
2015
 
2014
 
2013
Restricted Stock Awards
 
Shares
 
Weighted-Average
Grant Date Fair Value
 
Shares
 
Weighted-Average
Grant Date Fair Value
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Outstanding at beginning of year
 
691,621

 
$
60.06

 
435,377

 
$
40.92

 
444,362

 
$
35.43

Granted
 
185,782

 
107.17

 
423,644

 
73.42

 
167,515

 
46.17

Released
 
(253,801
)
 
51.95

 
(153,200
)
 
43.16

 
(161,976
)
 
31.28

Forfeited
 
(57,155
)
 
75.11

 
(14,200
)
 
54.08

 
(14,524
)
 
40.79

Outstanding at end of year
 
566,447

 
$
77.68

 
691,621

 
$
60.06

 
435,377

 
$
40.92

Summary of Performance Share Award Activity
Performance stock unit activity was as follows:
 
Year Ended December 31, 2015
 
Year Ended December 31, 2014
Performance Stock Units
Shares
 
Shares
Outstanding at beginning of year
10,345

 

Granted

 
10,345

Released

 

Forfeited
(1,272
)
 

Outstanding at end of year
9,073

 
10,345

Performance share award activity was as follows:
 
 
 
2015
 
2014
 
2013
Performance Share Awards
 
Shares
 
Weighted-Average
Grant Date Fair Value
 
Shares
 
Weighted-Average
Grant Date Fair Value
 
Shares
 
Weighted-Average
Grant Date Fair Value
Outstanding at beginning of year
 
374,180

 
$
61.53

 
195,159

 
$
42.25

 
265,829

 
$
35.55

Granted
 
106,411

 
75.77

 
233,111

 
73.00

 
187,794

 
35.17

Released
 
(120,000
)
 
38.67

 
(33,535
)
 
41.45

 
(253,484
)
 
27.90

Forfeited
 
(27,961
)
 
73.45

 
(20,555
)
 
41.45

 
(4,980
)
 
41.46

Outstanding at end of year
 
332,630

 
$
73.40

 
374,180

 
$
61.53

 
195,159

 
$
42.25

Summary of Restricted Stock Unit Activity
Restricted stock unit activity was as follows:
 
Year ended December 31,
Restricted Stock Units (Shares)
2015
 
2014
Outstanding at beginning of year
41,964

 

Granted
11,618

 
42,071

Released
(8,689
)
 
(4
)
Forfeited
(6,147
)
 
(103
)
Outstanding at end of year
38,746

 
41,964

Schedule of Assumptions Used
The fair value of the purchase rights issued to employees under the stock purchase plan is estimated using the following weighted-average assumptions for purchase rights granted. Expected lives of 3 months to 1 year have been used along with these assumptions.
 
2015
 
2014
 
2013
Fair market value
$
77.38

 
$
64.99

 
$
42.45

Option price
$
73.51

 
$
61.74

 
$
40.33

Expected dividend yield
0
%
 
0
%
 
0
%
Expected volatility
41
%
 
31
%
 
19
%
Risk free interest rate
0.02
%
 
0.05
%
 
0.05
%