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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation Share-Based Incentive Plans The Company has established various plans under which it is authorized to grant restricted stock, restricted stock units, stock options and stock appreciation rights. Compensation payable under these plans is intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Internal Revenue Code. The Company may also grant cash awards that can be notionally invested in one or more specified measurement funds, including the Company’s common stock. Share-Based Incentive Compensation The following is a summary of share-based compensation expense:
Period |  | Share-Based Compensation Expense |  | Tax Benefit
2013 |  | $ | 27.5 |  |  | $ | 10.6 |
2014 |  | 29.3 |  |  | 11.3 |
2015 |  | 34.2 |  |  | 13.2 |
The cash received for options exercised was $41.4 million and $57.8 million during the years ended December 31, 2014 and 2015, respectively. The actual tax benefit recognized from share-based incentive plans was $60.2 million and $44.5 million during the years ended December 31, 2014 and 2015, respectively. The excess tax benefit classified as a financing cash flow was $61.5 million, and $44.5 million during the years ended December 31, 2014 and 2015, respectively. There was $56.8 million and $70.6 million of unrecognized compensation expense related to share-based compensation arrangements as of December 31, 2014 and 2015, respectively. The unrecognized compensation expense at December 31, 2015 will be recognized over a weighted average period of approximately three years (assuming no forfeitures). Stock Options The following table summarizes the transactions of the Company’s stock options:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years)
Unexercised options outstanding—January 1, 2015 | 2.3 |  |  | $ | 83.42 |  |  |
Options granted | 0.0 |  |  | 207.61 |  |  |
Options exercised | (0.9 | ) |  | 65.95 |  |  |
Options forfeited | (0.0 | ) |  | 101.29 |  |  |
Unexercised options outstanding—December 31, 2015 | 1.4 |  |  | 96.18 |  |  | 2.2
Exercisable at December 31, 2015 | 1.3 |  |  | 94.43 |  |  | 2.1
The Company granted stock options with fair values of $1.0 million, $0.6 million, and $1.0 million in 2013, 2014 and 2015, respectively. Stock options generally vest over a period of three to five years and expire seven to ten years after the grant date. All options have been granted with exercise prices equal to the fair market value of the Company’s common stock on the date of grant. The Company generally uses treasury stock to settle stock option exercises. The total intrinsic value of options exercised during the years ended December 31, 2013, 2014 and 2015 was $77.4 million, $92.6 million and $130.2 million, respectively. As of December 31, 2015, the intrinsic value of exercisable options outstanding was $89.0 million and 3.5 million options are available for future grant under the Company’s option plans. The fair value of options granted was estimated using the Black-Scholes option pricing model. The weighted average fair value of options granted during the years ended December 31, 2013, 2014 and 2015 was $61.82, $60.20, and $54.92 per option, respectively, based on the weighted-average grant date assumptions stated below.
| For the Years Ended December 31,
| 2013 |  | 2014 |  | 2015
Dividend yield | 0.0 | % |  | 0.0 | % |  | 0.0 | %
Expected volatility(1) | 34.4 | % |  | 29.7 | % |  | 26.7 | %
Risk-free interest rate(2) | 1.5 | % |  | 1.8 | % |  | 1.5 | %
Expected life of options (in years)(3) | 5.0 |  |  | 5.0 |  |  | 5.0 |
Forfeiture rate(3) | 0.0 | % |  | 0.0 | % |  | 0.0 | %
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(1) | Expected volatility is based on historical and implied volatility.
(2) | Risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant.
(3) | Expected life of options (in years) is based on the Company’s historical data and expected exercise behavior.
Restricted Stock The following table summarizes the transactions of the Company’s restricted stock:
| Restricted Stock |  | Weighted Average Grant Date Value
Unvested units—January 1, 2015 | 0.4 |  |  | $ | 182.83 |
Units granted | 0.3 |  |  | 197.59 |
Units vested | (0.1 | ) |  | 174.19 |
Units forfeited | (0.0 | ) |  | 190.23 |
Unvested units—December 31, 2015 | 0.6 |  |  | 192.04 |
The Company granted awards with fair values of $53.5 million, $8.0 million, and $50.7 million in 2013, 2014 and 2015, respectively. These awards were valued based on the closing price of the Company’s common stock on the date of grant and contain vesting conditions requiring service over a period of three to eight years. In certain circumstances, awards also require certain performance conditions to be satisfied and the Company may elect to settle the awards in shares of the Company’s common stock or cash. In 2013, the Company granted 0.1 million awards that vest when a required service period has been completed and if certain market conditions are satisfied. The market conditions require separate 15%, 25% and 35% increases in the price of the Company’s common stock to be achieved during the six-year term of the awards; however, shares underlying the awards are eligible to be delivered, assuming the service conditions have been satisfied, only on the fourth, fifth and sixth anniversaries of the grant date if the 15% market condition has been maintained. The awards were valued using a Monte Carlo simulation with grant date assumptions for expected volatility (31.6%), risk-free interest rate (2.0%) and dividend yield (0.0%). The fair value of the awards will be recognized as compensation over a service period of four years, which is the longer of the explicit service period or the period the market condition is expected to be met. As of December 31, 2015, the Company had 1.5 million shares available for grant under its plans.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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