Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v2.4.1.9
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
The following is an analysis of options to purchase shares of class A common stock issued and outstanding:
 
Shares
(in thousands)
 
Weighted Average
Exercise
Price
 
Weighted Average Remaining
Contractual Term
(in years)
 
Aggregate Intrinsic
Value (in millions)
Outstanding at January 1, 2014
5,212

 
$
73.73

 
 
 
 
Exercised
(1,620
)
 
72.52

 
 
 
 
Granted
127

 
96.98

 
 
 
 
Forfeited / Expired
(28
)
 
72.82

 
 
 
 
Outstanding at December 31, 2014
3,691

 
$
75.07

 
2.85
 
$
133

Options Vested and Expected to Vest
3,691

 
$
75.07

 
2.85
 
$
133

Exercisable at December 31, 2014
3,356

 
$
74.20

 
2.35
 
$
124

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]
As of December 31, 2014, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Management Incentive Award program and Long-Term Incentive Performance Award program (granted prior to 2014):
 
Shares
(in thousands)
 
Weighted Average
Grant Date
Fair Value
 
Weighted Average Remaining
Contractual Term
(in years)
 
Aggregate Intrinsic
Value (in millions)
Nonvested at January 1, 2014
12,748

 
$
74.60

 
 
 
 
Vested
(6,455
)
 
71.61

 
 
 
 
Granted
5,064

 
92.35

 
 
 
 
Reinvested Dividends
363

 
N/A

 
 
 
 
Forfeited / Expired
(161
)
 
81.73

 
 
 
 
Nonvested at December 31, 2014
11,559

 
$
82.58

 
1.39
 
$
1,285

Restricted Units Expected to Vest
11,292

 
$
82.62

 
1.38
 
$
1,255

Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]
As of December 31, 2014, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our 2014 Long-Term Incentive Performance Award:
 
Shares
(in thousands)
 
Weighted
Average
Grant Date
Fair Value
 
Weighted Average Remaining
Contractual Term
(in years)
 
Aggregate Intrinsic
Value (in millions)
Nonvested at January 1, 2014

 
$

 
 
 
 
Vested
(28
)
 
96.98

 
 
 
 
Granted
932

 
96.98

 
 
 
 
Reinvested Dividends
17

 
N/A

 
 
 
 
Forfeited / Expired
(106
)
 
96.98

 
 
 
 
Nonvested at December 31, 2014
815

 
$
96.98

 
2.08
 
$
91

Performance Units Expected to Vest
777

 
$
96.98

 
2.08
 
$
86

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table summarizes information about stock options outstanding and exercisable at December 31, 2014:
 
Options Outstanding
 
Options Exercisable
Exercise Price Range
Shares
(in thousands)
 
Average Life
(in years)
 
Average
Exercise
Price
 
Shares
(in thousands)
 
Average
Exercise
Price
$50.01 - $70.00
264

 
4.85
 
$
61.52

 
246

 
$
61.11

$70.01 - $80.00
2,118

 
2.52
 
72.05

 
2,002

 
71.82

$80.01 - $90.00
1,182

 
2.30
 
81.17

 
1,081

 
81.00

$90.01 - $100.00
127

 
9.18
 
96.98

 
27

 
96.98

 
3,691

 
2.85
 
$
75.07

 
3,356

 
$
74.20

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted average assumptions used, by year, and the calculated weighted average fair values of options, are as follows:
 
2014
 
2013
 
2012
Expected dividend yield
2.56
%
 
2.75
%
 
2.77
%
Risk-free interest rate
2.40
%
 
1.38
%
 
1.63
%
Expected life in years
7.5

 
7.5

 
7.5

Expected volatility
24.26
%
 
24.85
%
 
25.06
%
Weighted average fair value of options granted
$
20.48

 
$
15.50

 
$
14.88