Stock Options and Other Stock Plans (Tables)

12 Months Ended

Dec. 31, 2014

Information regarding stock-based compensation appears in the table below:

Millions	2014		2013		2012
Stock-based compensation, before tax:
Stock options	$	21	$	19	$	18
Retention awards		91		79		75
Total stock-based compensation, before tax	$	112	$	98	$	93
Excess tax benefits from equity compensation plans	$	118	$	76	$	100

The table below shows the annual weighted-average assumptions used for valuation purposes:

Weighted-Average Assumptions		2014		2013		2012
Risk-free interest rate		1.6%		0.8%		0.8%
Dividend yield		2.1%		2.1%		2.1%
Expected life (years)		5.2		5.0		5.3
Volatility		30.0%		36.2%		36.8%
Weighted-average grant-date fair value of options granted	$	20.18	$	17.49	$	15.65

A summary of stock option activity during 2014 is presented below:

	Options (thous.)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (millions)
Outstanding at January 1, 2014	7,443	$	40.07	5.8 yrs.	$	327
Granted	989		87.56	N/A		N/A
Exercised	(2,961)		30.59	N/A		N/A
Forfeited or expired	(84)		68.48	N/A		N/A
Outstanding at December 31, 2014	5,387	$	53.56	5.8 yrs.	$	353
Vested or expected to vest	5,325	$	53.30	5.8 yrs.	$	351
at December 31, 2014	5,325	$	53.30	5.8 yrs.	$	351
Options exercisable at December 31, 2014	3,350	$	40.69	4.4 yrs.	$	263

Additional information regarding stock option exercises appears in the table below:

Millions	2014		2013		2012
Intrinsic value of stock options exercised	$	194	$	112	$	244
Cash received from option exercises		54		51		84
Treasury shares repurchased for employee payroll taxes		(24)		(21)		(30)
Tax benefit realized from option exercises		74		43		93
Aggregate grant-date fair value of stock options vested		17		16		16

Changes in our retention awards during 2014 were as follows:

	Shares (thous.)	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2014	3,712	$	49.02
Granted	871		88.14
Vested	(1,080)		31.33
Forfeited	(100)		57.82
Nonvested at December 31, 2014	3,403	$	64.39

The assumptions used to calculate the present value of estimated future dividends related to the February 2014 grant were as follows:

	2014
Dividend per share per quarter	$	0.455
Risk-free interest rate at date of grant		0.7%

Changes in our performance retention awards during 2014 were as follows:

	Shares (thous.)	Weighted-Average Grant-Date Fair Value
Nonvested at January 1, 2014	1,888	$	53.70
Granted	456		83.06
Vested	(661)		44.94
Forfeited	(100)		61.36
Nonvested at December 31, 2014	1,583	$	65.33