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The following table summarizes the total intrinsic value of the RSUs converted to common stock and the total
grant-date fair value of RSUs vested (dollars in millions, except weighted-average grant-date fair value amounts):
For the Calendar Years Ended
December 31, For the Fiscal
Year Ended
November 30,
2012
For the One
Month Ended
December 31,
2012
2014 2013
Intrinsic value of RSUs converted to common stock ..................................... $ 72 $ 63 $ 49 $ —
Grant-date fair value of RSUs vested ........................................................ $ 30 $ 27 $ 28 $ —
Weighted-average grant-date fair value of RSUs granted ........................... $ 54.01 $ 42.14 $ 25.64 $41.23
As of December 31, 2014 and 2013, there was $24 million and $28 million, respectively, of total unrecognized
compensation cost related to non-vested RSUs. The cost is expected to be recognized over a total period of 2.8 years
and 2.1 years, respectively, and a weighted-average period of 2.3 years and 2.8 years, respectively.
PSU Activity
The following table sets forth the activity related to vested and unvested PSUs:
Number of
Units
Weighted-
Average
Grant-Date
Fair Value
Aggregate
Intrinsic Value
(in millions)
PSUs at December 31, 2013 ................................................................................................. 1,897,867 $ 26.93 $ 106
Granted .......................................................................................................................... 384,626 $ 53.66
Conversions to common stock ............................................................................................ (710,379) $ 19.15
Forfeited ......................................................................................................................... (12,439) $ 44.97
PSUs at December 31, 2014 ................................................................................................. 1,559,675 $ 36.92 $ 102
The following table sets forth the activity related to unvested PSUs:
Number of
Units
Weighted-
Average
Grant-Date
Fair Value
Unvested PSUs at December 31, 2013 ............................................................................................................ 1,652,292 $ 27.77
Granted ................................................................................................................................................... 384,626 $53.66
Vested(1) ................................................................................................................................................... (559,114) $ 19.15
Forfeited ................................................................................................................................................... (12,439) $ 44.97
Unvested PSUs at December 31, 2014(2)(3)(4) ..................................................................................................... 1,465,365 $ 37.71
(1) Vested PSUs represent awards where recipients have satisfied retirement-eligibility requirements.
(2) Includes 518,438 PSUs granted in fiscal year 2012 that are earned based on the Company's achievement of EPS during the two-year performance period ended
November 30, 2013 and are subject to the requisite service period which ended January 2, 2015.
(3) Includes 567,424 PSUs granted in calendar year 2013 that are earned based on the Company's achievement of EPS during the three-year performance period
which ends December 31, 2015 and are subject to the requisite service period which ends February 1, 2016.
(4) Includes 379,503 PSUs granted in calendar year 2014 that may be earned based on the Company's achievement of EPS during the three-year performance period
which ends December 31, 2016 and are subject to the requisite service period which ends February 1, 2017.
Compensation cost associated with PSUs is determined based on the number of instruments granted, the fair value
on the date of grant, and the performance factor. The fair value is amortized on a straight-line basis, net of estimated
forfeitures over the requisite service period. Each PSU is a restricted stock instrument that is subject to additional conditions
and constitutes a contingent and unsecured promise by the Company to pay shares of the Company's common stock on
the conversion date for the PSU contingent on the number of PSUs to be issued. PSUs granted in fiscal year 2012 pay up
to two shares per unit, whereas PSUs granted in calendar years 2013 and 2014 pay up to 1.5 shares per unit. Additionally,
PSUs granted in fiscal year 2012 have a performance period of two years and a vesting period of three years, whereas
PSUs granted in calendar years 2013 and 2014 have a performance period of three years and a vesting period of three