Stock Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Summary of Weighted Average Assumptions

The following table presents the weighted-average assumptions used in the Black-Scholes option-pricing model and the resulting weighted-average grant date fair value per share of stock options granted during the nine months ended September 30, 2016:

 

Dividend yield

 

2.09

%

Expected volatility

 

15.89

%

Risk-free interest rate

 

1.15

%

Expected life (years)

 

4.0

 

Exercise price

$

65.26

 

Grant date fair value per share

$

6.61

 

 
Summary of Stock Option Activity

The table below summarizes stock option activity for the nine months ended September 30, 2016:

 

Shares

(in thousands)

 

 

Weighted-

Average Exercise

Price (per share)

 

 

Weighted-

Average Remaining

Life (years)

 

 

Aggregate

Intrinsic Value

 

Options outstanding as of January 1, 2016

 

1,187

 

 

$

39.70

 

 

 

3.9

 

 

$

24

 

Granted

 

341

 

 

 

65.26

 

 

 

 

 

 

 

 

 

Forfeited or expired

 

(49

)

 

 

58.90

 

 

 

 

 

 

 

 

 

Exercised

 

(431

)

 

 

32.85

 

 

 

 

 

 

 

 

 

Options outstanding as of September 30, 2016

 

1,048

 

 

$

49.96

 

 

 

4.4

 

 

$

26

 

Exercisable as of September 30, 2016

 

491

 

 

$

40.26

 

 

 

3.0

 

 

$

17

 

 
Weighted-Average Assumptions used in Monte Carlo Simulation Model and Weighted-Average Grant Date Fair Value of Restricted Stock Units Granted

The following table presents the weighted-average assumptions used in the Monte Carlo simulation model for RSUs with market conditions granted during the nine months ended September 30, 2016:

 

Expected volatility

 

15.90

%

Risk-free interest rate

 

0.91

%

Expected life (years)

 

3.0

 

Grant date fair value per share

$

77.16

 

The table below summarizes RSU activity for the nine months ended September 30, 2016:

 

 

Shares

(in thousands)

 

 

Weighted-Average

Grant Date Fair

Value (per share)

 

Non-vested total as of January 1, 2016

 

436

 

 

$

46.97

 

Granted

 

143

 

 

 

69.73

 

Performance share adjustment

 

74

 

 

 

39.89

 

Vested (a)

 

(251

)

 

 

42.60

 

Forfeited

 

(24

)

 

 

60.84

 

Non-vested total as of September 30, 2016

 

378

 

 

$

56.19

 

 

(a)

Includes 202 thousand shares related to the 2013 RSUs and 49 thousand shares related to RSUs without performance conditions that vested during the nine months ended September 30, 2016.
Stock Options  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Additional Information to Stock Options Activity

The following table summarizes additional information regarding stock options exercised for the nine months ended September 30, 2016 and 2015:

 

 

2016

 

 

2015

 

Intrinsic value

$

16

 

 

$

16

 

Exercise proceeds

 

14

 

 

 

25

 

Income tax benefit

 

6

 

 

 

5

 

 
Restricted Stock Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Additional Information to Stock Options Activity

The following table summarizes additional information regarding RSUs issued during the nine months ended September 30, 2016 and 2015:

 

 

2016

 

 

2015

 

Intrinsic value

$

17

 

 

$

17

 

Income tax benefit

 

2

 

 

 

2