Stock-based Compensation and Other Stock Plans (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model

The following weighted-average assumptions were used in calculating the fair value of stock options granted during 2016, 2015 and 2014, using the Black-Scholes valuation model:

	2016		2015		2014
Expected term of option (in years)		5.05		4.76		4.52
Expected volatility factor		22.17%		24.13%		26.76%
Expected dividend yield		1.77%		2.04%		2.40%
Risk-free interest rate		1.04%		1.38%		1.30%

Summary of Stock Option Activity

A summary of stock option activity during 2016 is presented below:

	Shares      (in thousands)		Exercise  Price per  Share*		Remaining    Contractual    Term* (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at beginning of year		2,811	$	88.62
Granted		644		138.04
Exercised		(416)		74.10
Forfeited or expired		(28)		133.11
Outstanding at end of year		3,011		100.78		6.6	$	212.3
Exercisable at end of year		1,776		76.51		5.3		168.3

* Weighted-average

Nonvested Performance Shares [Member]

Summary of Changes in Non-Vested Performance Awards

Changes to the company’s non-vested performance awards in 2016 are as follows:

	Shares (in thousands)		Fair Value Price per Share*
Non-vested performance awards at beginning of year		265	$	124.16
Granted		97		138.83
Vested		(136)		109.43
Cancellations and other		(19)		112.14
Non-vested performance awards at end of year		207		141.94

* Weighted-average

Stock-Settled SARs [Member]

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model

The following weighted-average assumptions were used in calculating the fair value of stock-settled SARs granted during 2016, 2015 and 2014, using the Black-Scholes valuation model:

	2016		2015		2014
Expected term of stock-settled SARs (in years)		4.03		4.72		4.49
Expected volatility factor		20.09%		23.66%		25.64%
Expected dividend yield		1.66%		2.04%		2.40%
Risk-free interest rate		1.11%		1.50%		1.50%

Summary of Changes in SARs

Changes to the company’s stock-settled SARs in 2016 are as follows:

	Stock-settled SARs  (in thousands)		Exercise  Price per  Share*		Remaining    Contractual    Term* (in years)		Aggregate Intrinsic Value (in millions)
Outstanding at beginning of year		269	$	113.70
Granted		101		138.05
Exercised		(26)		89.10
Forfeited or expired		(41)		103.29
Outstanding at end of year		303		125.38		7.9	$	13.9
Exercisable at end of year		106		106.50		7.0		6.8

* Weighted-average

Cash-Settled Stock Appreciation Rights [Member]

Summary of Weighted-Average Assumptions of Fair Value Granted Using Black-Scholes Valuation Model

The following weighted-average assumptions were used in calculating the fair value of cash-settled SARs granted during 2016, 2015 and 2014, using the Black-Scholes valuation model:

	2016		2015		2014
Expected term of cash-settled SARs (in years)		3.11		3.10		3.53
Expected volatility factor		19.53%		18.14%		23.92%
Expected dividend yield		1.56%		1.69%		2.11%
Risk-free interest rate		1.47%		1.31%		1.07%

Summary of Changes in SARs

Changes to the company’s non-vested cash-settled SARs in 2016 are as follows:

	Cash-settled SARs      (in thousands)		Fair Value  Price per  Share*
Non-vested cash-settled SARs at beginning of year		7	$	51.71
Granted		4		39.51
Vested		(4)		61.42
Non-vested cash-settled SARs at end of year		7		40.83

* Weighted-average