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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock Option Activity
The following table presents a summary of 2017 activity for stock options and the balance of stock options exercisable as of December 31, 2017.
Table 14.1: Summary of Stock Options Activity
(Shares in thousands, and intrinsic value in millions)
 
Shares
Subject to
Options
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
Outstanding as of January 1, 2017
 
6,985

 
$
48.03

 
 
 
 
Granted
 
345

 
86.34

 
 
 
 
Exercised
 
(2,431
)
 
51.04

 
 
 
 
Forfeited
 
(133
)
 
75.48

 
 
 
 
Expired
 
0

 
0.00

 
 
 
 
Outstanding as of December 31, 2017
 
4,766

 
$
48.50

 
4.1 years
 
$
243

Exercisable as of December 31, 2017
 
3,992

 
$
43.33

 
3.3 years
 
$
225

Summary of Stock Options Cash Flow Impact
The following table presents the cash received from the exercise of stock options under all stock-based incentive arrangements, and the actual income tax benefit for the tax deductions from the exercise of the stock options.
Table 14.2: Stock Options Cash Flow Impact
 
 
Year Ended December 31,
(Dollars in millions)
 
2017
 
2016
 
2015
Cash received for options exercised
 
$
122

 
$
135

 
$
64

Tax benefit
 
34

 
12

 
9

Weighted Average Assumptions Used to value Stock Options Granted
The following table presents the weighted-average assumptions used to value stock options granted during 2017, 2016 and 2015. Dividend yield represents the expected dividend rate over the life of the option, and expected option lives are calculated based on historical activities.
Table 14.3: Assumptions Used to Value Stock Options Granted
 
 
Year Ended December 31,
 
 
2017
 
2016
 
2015
Dividend yield 
 
1.85
%
 
2.07
%
 
1.82
%
Volatility(1)
 
27.00

 
30.00

 
24.00

Risk-free interest rate (U.S. Treasury yield curve) 
 
2.30

 
1.64

 
1.55

Expected option lives 
 
6.6 years

 
6.6 years

 
6.3 years

__________
(1) 
The volatility assumption for 2017 and 2016 grants was based on the implied volatility of exchange-traded options and the historical volatility of common stock. The volatility assumption for 2015 grants was based on the implied volatility of exchange-traded options and warrants.
Summary of Activity for Restricted Stock Awards and Units
The following table presents a summary of 2017 activity for RSAs and RSUs.
Table 14.4: Summary of Restricted Stock Awards and Units
 
 
Restricted Stock Awards
 
Restricted Stock Units
(Shares/units in thousands)
 
Shares
 
Weighted-Average
Grant Date
Fair Value
per Share
 
Units
 
Weighted-Average
Grant Date
Fair Value
per Unit
Unvested as of January 1, 2017
 
67

 
$
63.34

 
3,258

 
$
66.72

Granted
 
0

 
N/A

 
1,475

 
86.20

Vested
 
(38
)
 
64.21

 
(1,223
)
 
69.03

Forfeited
 
(13
)
 
69.39

 
(131
)
 
75.22

Unvested as of December 31, 2017
 
16

 
$
56.39

 
3,379

 
$
74.06

Schedule of Activity for Performance Share and Performance Units
The following table presents a summary of 2017 activity for PSAs and PSUs.
Table 14.5: Summary of Performance Share Awards and Units
 
 
Performance Share Awards
 
Performance Share Units
(Shares/units in thousands)
 
Shares
 
Weighted-Average
Grant Date
Fair Value
per Share
 
Units
 
Weighted-Average
Grant Date
Fair Value
per Unit
Unvested as of January 1, 2017
 
6

 
$
70.96

 
2,077

 
$
69.40

Granted(1)
 
0

 
0.00

 
985

 
82.48

Vested(1)
 
(6
)
 
70.96

 
(985
)
 
70.05

Forfeited
 
0

 
0.00

 
(159
)
 
74.34

Unvested as of December 31, 2017
 
0

 
$
0.00

 
1,918

 
$
75.38

__________
(1) 
Granted and vested include adjustments for achievement of specific performance goals for performance share units granted in prior periods.