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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2015
Stock-Based Compensation [Abstract] |
Stock Based Compensation Expense | Stock based compensation expense for the years ended December 31, 2015, 2014 and 2013 was as follows (in millions):
|  | 2015 |  |  | 2014 |  |  | 2013 |
Stock based compensation |  | $ | 61.8 |  |  | $ | 63.0 |  |  | $ | 53.4 |
Tax benefit recognized in net income |  |  | 21.6 |  |  |  | 22.1 |  |  |  | 18.7 |
Windfall tax benefit, net |  |  | 22.2 |  |  |  | 21.5 |  |  |  | 16.0 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company's common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2015, 2014 and 2013 were calculated using the following weighted-average assumptions:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Weighted-average fair value ($) |  |  | 33.98 |  |  |  | 34.95 |  |  |  | 37.08 |
Risk-free interest rate (%) |  |  | 1.53 |  |  |  | 1.63 |  |  |  | 0.86 |
Average expected option life (years) |  |  | 5.10 |  |  |  | 5.22 |  |  |  | 5.19 |
Expected volatility (%) |  |  | 22.17 |  |  |  | 27.01 |  |  |  | 36.09 |
Expected dividend yield (%) |  |  | 0.62 |  |  |  | 0.58 |  |  |  | 0.56 |
The following table summarizes the Company's activities with respect to its stock option plans for the years ended December 31, 2015 and 2014:
Schedule of Share-based Compensation, Stock Option Activity |
|  | Number of shares |  |  | Weighted-average exercise price per share |  | Weighted-average contractual term |  | Aggregate intrinsic value |
Outstanding at January 1, 2014 |  |  | 2,988,436 |  |  | $ | 74.00 |  |  |  |  |
Granted |  |  | 650,000 |  |  |  | 137.05 |  |  |  |  |
Exercised |  |  | (587,661 | ) |  |  | 55.98 |  |  |  |  |
Canceled |  |  | (69,664 | ) |  |  | 116.29 |  |  |  |  |
Outstanding at December 31, 2014 |  |  | 2,981,111 |  |  |  | 90.48 |  |  |  | 6.37 |  |  | $ | 196,378,239 |
Granted |  |  | 628,155 |  |  |  | 162.77 |  |  |  |  |  |  |  |  |
Exercised |  |  | (400,050 | ) |  |  | 82.50 |  |  |  |  |  |  |  |  |
Canceled |  |  | (91,600 | ) |  |  | 142.36 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2015 |  |  | 3,117,616 |  |  |  | 104.54 |  |  |  | 6.08 |  |  | $ | 265,782,636 |
Exercisable at December 31, 2015 |  |  | 1,935,351 |  |  | $ | 78.76 |  |  |  | 4.55 |  |  | $ | 214,879,670 |
Summary of Options Outstanding and Exercisable, by Range of Exercise Prices | The following table summarizes information for stock options outstanding at December 31, 2015:
|  |  | Outstanding options |  |  | Exercisable options |
Exercise price |  |  | Number |  |  | Average exercise price |  |  | Average remaining life (years) |  |  | Number |  |  | Average exercise price |
$ | 38.46 - 57.68 |  |  |  | 896,590 |  |  | $ | 53.04 |  |  |  | 2.4 |  |  |  | 896,590 |  |  | $ | 53.04 |
| 57.69 - 76.91 |  |  |  | 298,733 |  |  |  | 72.65 |  |  |  | 5.1 |  |  |  | 298,733 |  |  |  | 72.65 |
| 76.92 - 96.14 |  |  |  | 295,684 |  |  |  | 93.16 |  |  |  | 6.1 |  |  |  | 294,434 |  |  |  | 93.15 |
| 96.15 - 115.37 |  |  |  | 310,597 |  |  |  | 114.82 |  |  |  | 7.0 |  |  |  | 200,319 |  |  |  | 114.60 |
| 115.38 - 134.60 |  |  |  | 562,626 |  |  |  | 130.96 |  |  |  | 8.0 |  |  |  | 195,520 |  |  |  | 130.52 |
| 134.61- 153.82 |  |  |  | 272,036 |  |  |  | 144.28 |  |  |  | 8.7 |  |  |  | 37,422 |  |  |  | 142.12 |
| 153.83 - 173.05 |  |  |  | 413,350 |  |  |  | 165.00 |  |  |  | 9.2 |  |  |  | 11,000 |  |  |  | 156.57 |
| 173.06 - 192.28 |  |  |  | 68,000 |  |  |  | 181.14 |  |  |  | 9.7 |  |  |  | 1,333 |  |  |  | 175.00 |
$ | 38.46 - 192.28 |  |  |  | 3,117,616 |  |  | $ | 104.54 |  |  |  | 6.1 |  |  |  | 1,935,351 |  |  | $ | 78.76 |
Schedule of Nonvested Restricted Stock Awards Activity | Restricted Stock Grants - During 2015 and 2014, the Company granted 437,035 and 375,060 shares, respectively, of restricted stock to certain employee and director participants under the 2006 Plan. Restricted stock grants generally vest over a period of 1 to 3 years. The Company recorded $46.5 million, $46.4 million and $36.5 million of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2015, 2014 and 2013, respectively. A summary of the Company's nonvested shares activity for 2015 and 2014 is as follows:
|  | Number of shares |  |  | Weighted-average grant date fair value |
Nonvested at December 31, 2013 |  |  | 573,850 |  |  | $ | 103.44 |
Granted |  |  | 375,060 |  |  |  | 142.30 |
Vested |  |  | (378,994 | ) |  |  | 153.16 |
Forfeited |  |  | (27,361 | ) |  |  | 106.60 |
Nonvested at December 31, 2014 |  |  | 542,555 |  |  | $ | 130.29 |
Granted |  |  | 437,035 |  |  |  | 159.32 |
Vested |  |  | (243,423 | ) |  |  | 183.10 |
Forfeited |  |  | (26,892 | ) |  |  | 148.82 |
Nonvested at December 31, 2015 |  |  | 709,275 |  |  | $ | 183.90 |

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