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Stock-based Compensation and Other Stock Plans (Tables) | 12 Months Ended
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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

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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