STOCK COMPENSATION PLAN (Tables)
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12 Months Ended |
Dec. 31, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Stock Compensation Costs |
The following table summarizes our compensation costs: | | | | | | | | | | | | | | For the years ended December 31, | | 2013 | | 2012 | | 2011 | In millions of dollars | | | | | | | | | | | | | | Total compensation amount charged against income for stock compensation plans, including stock options, performance stock units and restricted stock units | | $ | 54.0 |
| | $ | 50.5 |
| | $ | 43.5 |
| Total income tax benefit recognized in Consolidated Statements of Income for share-based compensation | | $ | 18.5 |
| | $ | 17.5 |
| | $ | 15.1 |
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Compensation Amount Charged Against Income For Stock Options |
The following table summarizes our compensation costs for stock options: | | | | | | | | | | | | | | For the years ended December 31, | | 2013 | | 2012 | | 2011 | In millions of dollars | | | | | | | | | | | | | | Compensation amount charged against income for stock options | | $ | 21.4 |
| | $ | 19.3 |
| | $ | 22.5 |
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Schedule of Share-based Compensation, Stock Options, Activity |
A summary of the status of our Company’s stock options and changes during the last three years follows: | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Stock Options | | Shares | | Weighted- Average Exercise Price | | Shares | | Weighted- Average Exercise Price | | Shares | | Weighted- Average Exercise Price | Outstanding at beginning of year | | 10,553,914 |
| | $48.08 | | 14,540,442 |
| | $44.86 | | 17,997,082 |
| | $42.21 | Granted | | 1,779,109 |
| | $81.95 | | 2,110,945 |
| | $60.89 | | 2,191,627 |
| | $51.62 | Exercised | | (3,315,990 | ) | | $45.25 | | (5,870,607 | ) | | $44.55 | | (4,875,122 | ) | | $38.30 | Forfeited | | (356,697 | ) | | $64.38 | | (226,866 | ) | | $52.02 | | (773,145 | ) | | $43.90 | | | | | | | | | | | | | | Outstanding at end of year | | 8,660,336 |
| | $55.47 | | 10,553,914 |
| | $48.08 | | 14,540,442 |
| | $44.86 | | | | | | | | | | | | | | Options exercisable at year-end | | 4,290,416 |
| | $46.45 | | 5,320,775 |
| | $45.74 | | 8,453,362 |
| | $46.95 | | | | | | | | | | | | | | Weighted-average fair value of options granted during the year (per share) | | $ | 14.51 |
| | | | $ | 10.60 |
| | | | $ | 9.97 |
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Fair Value of Each Stock Option Grant |
The following table sets forth information about the weighted-average fair value of options granted to employees during each year using the Black-Scholes option-pricing model and the weighted-average assumptions used for such grants: | | | | | | | | | | | For the years ended December 31, | | 2013 | | 2012 | | 2011 | Dividend yields | | 2.2 | % | | 2.4 | % | | 2.7 | % | Expected volatility | | 22.2 | % | | 22.4 | % | | 22.5 | % | Risk-free interest rates | | 1.4 | % | | 1.5 | % | | 2.8 | % | Expected lives in years | | 6.6 |
| | 6.6 |
| | 6.5 |
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Intrinsic Value Of Options Exercised |
The following table summarizes the intrinsic value of our stock options: | | | | | | | | | | | | | | For the years ended December 31, | | 2013 | | 2012 | | 2011 | In millions of dollars | | | | | | | | | | | | | | Intrinsic value of options exercised | | $ | 135.4 |
| | $ | 130.2 |
| | $ | 81.3 |
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Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range |
The following table summarizes information about stock options outstanding as of December 31, 2013: | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | Range of Exercise Prices | | Number Outstanding as of 12/31/13 | | Weighted- Average Remaining Contractual Life in Years | | Weighted- Average Exercise Price | | Number Exercisable as of 12/31/13 | | Weighted- Average Exercise Price | $33.40 - $39.26 | | 2,514,127 |
| | 5.0 | | $ | 37.19 |
| | 2,000,140 |
| | $ | 36.66 |
| $39.57 - $60.10 | | 2,503,703 |
| | 5.1 | | $ | 51.94 |
| | 1,595,372 |
| | $ | 52.14 |
| $60.68 - $91.65 | | 3,642,506 |
| | 7.9 | | $ | 70.51 |
| | 694,904 |
| | $ | 61.58 |
| | | | | | | | | | | | $33.40 - $91.65 | | 8,660,336 |
| | 6.3 | | $ | 55.47 |
| | 4,290,416 |
| | $ | 46.45 |
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Compensation Amount Charged Against Income For Performance And Restricted Stock Units |
| | | | | | | | | | | | | | For the years ended December 31, | | 2013 | | 2012 | | 2011 | In millions of dollars | | | | | | | | | | | | | | Compensation amount charged against income for performance and restricted stock units | | $ | 32.6 |
| | $ | 31.2 |
| | $ | 21.0 |
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Schedule Of Share Based Payment Award Market Based Total Shareholder Return Valuation Assumptions |
The following table sets forth information about the fair value of the PSUs and RSUs granted for potential future distribution to employees and directors during the year. In addition, the table provides assumptions used to determine fair value of the market-based total shareholder return component using the Monte Carlo simulation model on the date of grant. | | | | | | | | | | | | | | For the years ended December 31, | | 2013 | | 2012 | | 2011 | Units granted | | 395,862 |
| | 503,761 |
| | 543,596 |
| Weighted-average fair value at date of grant | | $ | 88.49 |
| | $ | 64.99 |
| | $ | 58.28 |
| Monte Carlo simulation assumptions: | | | | | | | Estimated values | | $ | 55.49 |
| | $ | 35.62 |
| | $ | 37.79 |
| Dividend yields | | 2.0 | % | | 2.5 | % | | 2.7 | % | Expected volatility | | 17.1 | % | | 20.0 | % | | 28.8 | % |
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity |
A summary of the status of our Company’s performance stock units and restricted stock units as of December 31, 2013 and the change during 2013 follows: | | | | | | | Performance Stock Units and Restricted Stock Units | | 2013 | | Weighted-average grant date fair value for equity awards or market value for liability awards | Outstanding at beginning of year | | 1,720,577 |
| | $56.71 | Granted | | 395,862 |
| | $88.49 | Performance assumption change | | 176,534 |
| | $84.27 | Vested | | (754,991 | ) | | $50.33 | Forfeited | | (126,583 | ) | | $71.80 | | | | | | Outstanding at end of year | | 1,411,399 |
| | $72.43 |
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Share Based Compensation Arrangement By Share Based Payment Award Intrinsic Value Of Share Based Liabilities Paid Combined With Fair Value Of Shares Vested |
| | | | | | | | | | | | | | For the years ended December 31, | | 2013 | | 2012 | | 2011 | In millions of dollars | | | | | | | | | | | | | | Intrinsic value of share-based liabilities paid, combined with the fair value of shares vested | | $ | 62.6 |
| | $ | 37.3 |
| | $ | 36.6 |
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