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Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2016
Stock-Based Compensation  
Stock-Based Compensation Expense

Stock-Based Compensation Expense

 

 

 

 

 

 

 

 

 

 

Three months ended 

 

 

March 31,

(Millions)

    

2016

    

2015

Cost of sales

 

$
23

 

$
23

Selling, general and administrative expenses

 

 
96

 

 
88

Research, development and related expenses

 

 
25

 

 
27

 

 

 

 

 

 

 

Stock-based compensation expenses

 

$
144

 

$
138

 

 

 

 

 

 

 

Income tax benefits

 

$
(127)

 

$
(47)

 

 

 

 

 

 

 

Stock-based compensation expenses, net of tax

 

$
17

 

$
91

 

Stock Option Activity

 

Stock Option Program

 

The following table summarizes stock option activity during the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

    

 

    

Weighted

    

Remaining

    

Aggregate

 

 

 

Number of

 

Average

 

Contractual

 

Intrinsic Value

 

 

 

Options

 

Exercise Price

 

Life (months)

 

(millions)

 

Under option —

 

 

 

 

 

 

 

 

 

 

 

January 1

 
38,552,445

 

$
102.01

 

 

 

 

 

 

Granted:

 

 

 

 

 

 

 

 

 

 

 

Annual

 
5,591,727

 

 
147.99

 

 

 

 

 

 

Exercised

 
(3,604,464)

 

 
87.47

 

 

 

 

 

 

Canceled

 
(43,305)

 

 
141.28

 

 

 

 

 

 

March 31

 
40,496,403

 

$
109.61

 
74

 

$
2,309

 

Options exercisable

 

 

 

 

 

 

 

 

 

 

 

March 31

 
29,338,088

 

$
94.32

 
61

 

$
2,121

 

 

Stock Option Assumptions

Stock Option Assumptions

 

 

 

 

 

 

 

 

 

Annual

 

 

    

2016

 

Exercise price

 

$
147.87

 

Risk-free interest rate

 

 
1.5

%

Dividend yield

 

 
2.5

%

Expected volatility

 

 
20.8

%

Expected life (months)

 

 
77

 

Black-Scholes fair value

 

$
22.47

 

 

Restricted Stock and Restricted Stock Units Activity

Restricted Stock and Restricted Stock Units

 

The following table summarizes restricted stock and restricted stock unit activity during the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

Weighted

 

 

 

 

 

Average

 

 

 

Number of

 

Grant Date

 

 

 

Awards

 

Fair Value

 

Nonvested balance —

 

 

 

 

 

 

As of January 1

 
2,441,088

 

$
127.47

 

Granted

 

 

 

 

 

 

Annual

 
749,915

 

 
148.22

 

Vested

 
(864,826)

 

 
102.00

 

Forfeited

 
(12,924)

 

 
136.39

 

As of March 31

 
2,313,253

 

$
143.67

 

 

Performance Shares Activity

The following table summarizes performance share activity during the three months ended March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

Weighted

 

 

 

 

 

Average

 

 

 

Number of

 

Grant Date

 

 

 

Awards

 

Fair Value

 

Undistributed balance —

 

 

 

 

 

 

As of January 1

 
871,192

 

$
120.89

 

Granted

 
205,069

 

 
159.34

 

Distributed

 
(367,428)

 

 
99.06

 

Performance change

 
7,462

 

 
152.35

 

Forfeited

 
(4,493)

 

 
145.27

 

As of March 31

 
711,802

 

$
143.41