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Stock Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2013
Summary of Option Activity

Stock option transactions for the three years ended December 31, 2013 were as follows:

 

     Options     Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term
     Aggregate
Intrinsic
Value
(In millions)
 

Outstanding at December 31, 2010

     8.8      $ 22.63         

Granted

     1.2        40.60         

Exercised

     (1.6     16.53         

Cancelled

     (0.1     30.22         
  

 

 

   

 

 

       

Outstanding at December 31, 2011

     8.3        26.39         

Granted

     1.6        53.81         

Exercised

     (1.5     19.00         

Cancelled

     (0.2     35.57         
  

 

 

   

 

 

       

Outstanding at December 31, 2012

     8.2        32.81         

Granted

     1.7        61.89         

Exercised

     (1.0     21.47         

Cancelled

     (0.1     47.47         
  

 

 

   

 

 

    

 

 

    

 

 

 

Outstanding at December 31, 2013

     8.8      $ 39.47         6.2       $ 235.8   
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable at December 31, 2013

     4.5      $ 26.08         4.2       $ 180.6   
  

 

 

   

 

 

    

 

 

    

 

 

 
Summary Of Information Relating To Options Outstanding And Exercisable

The following table summarizes information relating to options outstanding and exercisable at December 31, 2013:

 

     Options Outstanding      Options Exercisable  

    Range of

Exercise Prices

   Outstanding
as of
12/31/2013
     Weighted
Average
Remaining
Contractual Life
     Weighted
Average
Exercise
Price
     Exercisable
as of
12/31/2013
     Weighted
Average
Exercise
Price
 

$5.01 - $15.00

     0.2         0.5       $ 14.82         0.2       $ 14.82   

$15.01 - $25.00

     1.4         2.6       $ 20.44         1.4       $ 20.44   

$25.01 - $35.00

     2.9         5.1       $ 29.40         2.9       $ 29.40   

$35.01 - $45.00

     1.1         7.0       $ 40.62         0.0       $ 0.0   

$45.01 - $55.00

     1.5         8.3       $ 53.80         0.0       $ 0.0   

$55.01 - $67.00

     1.7         9.4       $ 61.91         0.0       $ 0.0   
  

 

 

          

 

 

    
     8.8         6.2       $ 39.47         4.5       $ 26.08   
  

 

 

          

 

 

    
Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards

The following table provides information regarding the intrinsic value of stock options exercised, stock compensation expense related to stock option awards and the fair value of stock options issued:

 

      2013      2012      2011  

Intrinsic Value of Stock Options Exercised

   $ 42.2       $ 48.9       $ 39.6   

Stock Compensation Expense Related to Stock Option Awards

   $ 15.5       $ 11.0       $ 10.0   

Issued Stock Options

     1.7         1.6         1.2   

Weighted Average Fair Value of Stock Options issued (per share)

   $ 10.92       $ 8.92       $ 7.87   

Fair Value of Stock Options Issued

   $ 18.1       $ 14.2       $ 9.5   
Assumptions Used in Valuation of Stock Options

The following table provides a summary of the assumptions used in the valuation of issued stock options:

 

      2013     2012     2011  

Risk-free interest rate

     1.4     1.0     2.0

Expected life in Years

     6.2        6.3        6.2   

Expected volatility

     21.2     20.7     20.9

Dividend Yield

     1.8     1.8     1.7