2013 | 2012 | 2011 | |||||||
Expected volatility | 26% – 27% | 30% – 35% | 26% – 32% | ||||||
Weighted-average volatility | 27 | % | 30 | % | 26 | % | |||
Expected term (in years) | 7.3 – 7.6 | 7.4 – 7.7 | 7.5 – 8.0 | ||||||
Expected dividends | 2.6 | % | 2.3 | % | 2.4 | % | |||
Risk-free rate | 0.1% – 1.9% | 0.0% – 2.0% | 0.1% – 3.5% | ||||||
Stock Options | Stock Appreciation Rights | Performance Share Units | Other Incentive Shares/Units | ||||||||||||||||||||
(shares and units in thousands) | Shares | Average Price* | Shares | Average Price* | Units | Average Price** | |||||||||||||||||
Outstanding at: | |||||||||||||||||||||||
December 31, 2012 | 13,806 | $ | 52.45 | 38,421 | $ | 68.70 | 2,791 | $ | 74.77 | 1,284 | |||||||||||||
Granted | 309 | 87.46 | 6,719 | 86.87 | 942 | 84.03 | 543 | ||||||||||||||||
Exercised/earned | (7,840 | ) | 49.40 | (5,747 | ) | 63.19 | (886 | ) | 71.80 | (233 | ) | ||||||||||||
Cancelled | (36 | ) | 75.04 | (1,178 | ) | 81.31 | (146 | ) | 78.63 | (116 | ) | ||||||||||||
December 31, 2013 | 6,239 | $ | 57.88 | 38,215 | $ | 72.33 | 2,701 | $ | 78.77 | 1,478 | |||||||||||||
Equity Awards Vested and Expected to Vest | Equity Awards That Are Exercisable | |||||||||||||||||||||||||||
(shares in thousands; aggregate intrinsic value in millions) | Awards | Average Price* | Aggregate Intrinsic Value | Remaining Term** | Awards | Average Price* | Aggregate Intrinsic Value | Remaining Term** | ||||||||||||||||||||
Stock Options/Stock Appreciation Rights | 43,979 | $ | 69.70 | $ | 1,939 | 5.5 | 27,656 | $ | 63.44 | $ | 1,393 | 3.9 | ||||||||||||||||
Performance Share Units/Restricted Stock | 3,722 | — | 424 | 1.1 | ||||||||||||||||||||||||