XML 54 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Equity Awards Activity
A summary of the equity awards authorized and available for future grants under the 2015 Plan is as follows:
Available for future grants at December 31, 2015
3,430,707

Newly authorized options
—

Granted
(1,204,214
)
Cancellation and forfeitures
—

Plan termination
—

Available for future grants at December 31, 2016
2,226,493
Summary of SARs Activity
A summary of the Company’s SARs outstanding under the 2015 Plan is as follows:
 
2016
 
2015
 
2014
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 period
1,397,611

 
$
56.78

 
1,292,142

 
$
42.20

 
1,402,784

 
$
36.36

Granted
627,971

 
52.13

 
332,159

 
107.31

 
195,560

 
74.59

Exercised
(160,946
)
 
35.37

 
(179,702
)
 
40.71

 
(267,077
)
 
34.03

Forfeited
(115,215
)
 
65.74

 
(45,441
)
 
75.26

 
(38,738
)
 
50.57

Expired
(8,635
)
 
88.65

 
(1,547
)
 
47.11

 
(387
)
 
46.07

Outstanding at end of period
1,740,786

 
$
56.15

 
1,397,611

 
$
56.78

 
1,292,142

 
$
42.20

Exercisable at end of period
828,754

 
$
45.14

 
736,075

 
$
35.90

 
586,344

 
$
33.03
Weighted-Average Assumptions Used for Grants of 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:
 
2016
 
2015
 
2014
Expected dividend yield
0%
 
0%
 
0%
Forfeiture rate
9.01%
 
10.24%
 
10.32%
Volatility
43.14%
 
33.98%
 
34.92%
Risk free interest rate
1.29%
 
1.53%
 
1.73%
Range of interest rates
0.25%-1.75%
 
0.02% - 2.14%
 
0.02% - 2.61%
Expected weighted-average life
5.33
 
5.32
 
5.36
Fair value of SARs granted (in millions)
$13
 
$12
 
$5
Weighted-average grant date fair value of SARs granted
(per underlying share)
$20.18
 
$35.00
 
$24.98
Summary of Option Activity
A summary of the Company’s options outstanding under the 2006 Plan is as follows:
 
2016
 
2015
 
2014
Non-qualified Options
Shares
 
Weighted-
Average
Exercise Price
 
Shares
 
Weighted-
Average
Exercise Price
 
Shares
 
Weighted-
Average
Exercise Price
Outstanding at beginning of year
204,434

 
$
36.66

 
415,960

 
$
40.19

 
956,502

 
$
42.77

Granted
—

 
—

 
—

 
—

 
—

 
—

Exercised
(47,393
)
 
38.60

 
(209,976
)
 
43.53

 
(540,542
)
 
44.76

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Expired
(2,490
)
 
43.35

 
(1,550
)
 
51.62

 
—

 
—

Outstanding at end of year
154,551

 
$
35.96

 
204,434

 
$
36.66

 
415,960

 
$
40.19

Exercisable at end of year
154,551

 
$
35.96

 
204,434

 
$
36.66

 
415,960

 
$
40.19
Summary of Outstanding and Exercisable Options
The following table summarizes information about SARs outstanding at December 31, 2016:
 
Outstanding             
 
Exercisable         
Aggregate intrinsic value - (in millions)
$
28

 
$
20

Weighted-average remaining contractual term
7.0

 
5.0

The following table summarizes information about non-qualified stock options outstanding at December 31, 2016:
 
Outstanding             
 
Exercisable         
Aggregate intrinsic value - (in millions)
$
4

 
$
4

Weighted-average remaining contractual term
1.32

 
1.32
Summary of Restricted Stock Award Activity
A summary of information relative to the Company’s restricted stock awards is as follows:
 
 
2016
 
2015
 
2014
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
 
566,447

 
$
77.68

 
691,621

 
$
60.06

 
435,377

 
$
40.92

Granted
 
389,193

 
51.93

 
185,782

 
107.17

 
423,644

 
73.42

Released
 
(275,229
)
 
59.39

 
(253,801
)
 
51.95

 
(153,200
)
 
43.16

Forfeited
 
(57,597
)
 
70.50

 
(57,155
)
 
75.11

 
(14,200
)
 
54.08

Outstanding at end of year
 
622,814

 
$
70.19

 
566,447

 
$
77.68

 
691,621

 
$
60.06
Summary of Performance Share Award Activity
A summary of information relative to the Company’s performance awards is as follows:
 
 
2016
 
2015
 
2014
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
 
332,630

 
$
73.40

 
374,180

 
$
61.53

 
195,159

 
$
42.25

Granted
 
172,024

 
51.01

 
106,411

 
75.77

 
233,111

 
73.00

Released
 
(111,325
)
 
46.58

 
(120,000
)
 
38.67

 
(33,535
)
 
41.45

Forfeited
 
(14,103
)
 
75.73

 
(27,961
)
 
73.45

 
(20,555
)
 
41.45

Outstanding at end of year
 
379,226

 
$
70.14

 
332,630

 
$
73.40

 
374,180

 
$
61.53