XML 14 R48.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCK-BASED COMPENSATION (Details) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
STOCK-BASED COMPENSATION    
Proceeds from stock option exercises $ 24,564,000 $ 38,368,000
Stock options
   
STOCK-BASED COMPENSATION    
Award vesting period 3 years  
Expiration period 10 years  
Compensation expense 15,000,000 11,500,000
Compensation expense, net of tax 9,800,000 7,700,000
Income tax benefit related to compensation expense 5,200,000 3,800,000
Weighted-average fair value of stock options granted (in dollars per share) $ 14.82 $ 10.16
Fair value of shares vested 14,100,000 12,900,000
Proceeds from stock option exercises 24,600,000  
Actual tax benefit realized for the tax deduction from option exercises 7,000,000  
Unrecognized compensation cost expected to be recognized in future periods 16,100,000  
Weighted-average period over which compensation cost is expected to be recognized 1 year 6 months  
Stock options | Selling, research & development and administrative expenses
   
STOCK-BASED COMPENSATION    
Compensation expense 13,400,000 10,200,000
Stock Awards Plans | Stock options
   
Assumptions used to estimate fair value of stock options granted    
Dividend Yield (as a percent) 1.70% 1.80%
Expected Stock Price Volatility (as a percent) 22.10% 22.70%
Risk-free Interest Rate (as a percent) 2.30% 1.30%
Expected Life of Option 6 years 10 months 24 days 6 years 10 months 24 days
Stock options activity    
Outstanding at the beginning of the period (in shares) 7,815,932  
Granted (in shares) 1,379,850  
Exercised (in shares) (665,671)  
Forfeited or expired (in shares) (31,417)  
Outstanding at the end of the period (in shares) 8,498,694  
Exercisable at the end of the period (in shares) 5,832,623  
Weighted Average Exercise Price    
Outstanding at the beginning of the period (in dollars per share) $ 41.26  
Granted (in dollars per share) $ 67.93  
Exercised (in dollars per share) $ 32.23  
Forfeited or expired (in dollars per share) $ 49.86  
Outstanding at the end of the period (in dollars per share) $ 46.27  
Exercisable at the end of the period (in dollars per share) $ 39.94  
Weighted-Average Remaining Contractual Term (Years):    
Outstanding at the end of the period 6 years 1 month 6 days  
Exercisable at the end of the period 5 years  
Aggregate Intrinsic Value:    
Outstanding at the end of the period 132,612,000  
Exercisable at the end of the period 121,124,000  
Intrinsic Value of Options Exercised 22,386,000 33,123,000
Stock Awards Plans | Restricted stock units
   
STOCK-BASED COMPENSATION    
Award vesting period 3 years  
Compensation expense 1,400,000 574,000
Unrecognized compensation cost expected to be recognized in future periods 2,300,000  
Weighted-average period over which compensation cost is expected to be recognized 1 year 7 months 6 days  
Restricted stock unit activity    
Balance at the beginning of the period (in shares) 25,681  
Granted (in shares) 47,671  
Vested (in shares) (11,602)  
Balance at the end of the period (in shares) 61,750  
Weighted-Average Grant-Date Fair Value    
Nonvested at the beginning of the period (in dollars per share) $ 53.49  
Granted (in dollars per share) $ 67.08  
Vested (in dollars per share) $ 52.96  
Nonvested at the end of the period (in dollars per share) $ 64.09  
Fair value of units vested 614,000 571,000
Intrinsic value of units vested 761,000 661,000
Director Stock Option Plans | Stock options
   
STOCK-BASED COMPENSATION    
Weighted-average fair value of stock options granted (in dollars per share) $ 14.07 $ 10.89
Assumptions used to estimate fair value of stock options granted    
Dividend Yield (as a percent) 1.80% 1.90%
Expected Stock Price Volatility (as a percent) 22.20% 23.00%
Risk-free Interest Rate (as a percent) 2.20% 1.30%
Expected Life of Option 6 years 10 months 24 days 6 years 10 months 24 days
Stock options activity    
Outstanding at the beginning of the period (in shares) 313,834  
Granted (in shares) 95,000  
Exercised (in shares) (40,166)  
Outstanding at the end of the period (in shares) 368,668  
Exercisable at the end of the period (in shares) 188,159  
Weighted Average Exercise Price    
Outstanding at the beginning of the period (in dollars per share) $ 48.85  
Granted (in dollars per share) $ 66.59  
Exercised (in dollars per share) $ 47.96  
Outstanding at the end of the period (in dollars per share) $ 53.52  
Exercisable at the end of the period (in dollars per share) $ 45.98  
Weighted-Average Remaining Contractual Term (Years):    
Outstanding at the end of the period 7 years 6 months  
Exercisable at the end of the period 6 years 1 month 6 days  
Aggregate Intrinsic Value:    
Outstanding at the end of the period 3,208,000  
Exercisable at the end of the period 2,769,000  
Intrinsic Value of Options Exercised 741,000 732,000
New long-term incentive program
   
STOCK-BASED COMPENSATION    
Compensation expense 480,000  
Performance period used to measure cumulative total shareholder return of common stock 3 years  
Expected total expense related to program over the performance period $ 1,200,000