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Common Stock (Tables) | 12 Months Ended
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Dec. 31, 2015
Equity [Abstract] |
Summary of Stock Options | The following summarizes options activity:
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
|  | Number of Shares |  |  | Average Exercise Price |  |  | Number of Shares |  |  | Average Exercise Price |  |  | Number of Shares |  |  | Average Exercise Price |
Shares under option at beginning of year |  |  | 10,881,133 |  |  | $ | 61.22 |  |  |  | 11,535,566 |  |  | $ | 58.36 |  |  |  | 10,274,477 |  |  | $ | 54.11 |
Granted |  |  | 5,746,153 |  |  |  | 54.74 |  |  |  | 3,389,547 |  |  |  | 69.00 |  |  |  | 3,072,086 |  |  |  | 63.96 |
Spun-off |  |  | — |  |  |  | — |  |  |  | (1,567,348 | ) |  |  | 70.56 |  |  |  | — |  |  |  | — |
Cancelled |  |  | (886,356 | ) |  |  | 62.73 |  |  |  | (498,967 | ) |  |  | 70.32 |  |  |  | (329,002 | ) |  |  | 66.78 |
Exercised |  |  | (310,623 | ) |  |  | 22.56 |  |  |  | (1,977,665 | ) |  |  | 53.56 |  |  |  | (1,481,995 | ) |  |  | 38.75 |
Shares under option at end of year |  |  | 15,430,307 |  |  | $ | 59.50 |  |  |  | 10,881,133 |  |  | $ | 61.22 |  |  |  | 11,535,566 |  |  | $ | 58.36 |
Exercisable at end of year |  |  | 7,498,414 |  |  | $ | 60.30 |  |  |  | 5,903,712 |  |  | $ | 55.06 |  |  |  | 6,324,117 |  |  | $ | 49.29 |
Summary of Stock Option Outstanding Information | The following summarizes information about stock options outstanding at December 31, 2015:
Range of Exercise Price |  | Weighted-Avg Remaining Contractual Life |  |  | Options Outstanding |  |  | Options Exercisable |
|  | Shares |  |  | Weighted-Avg Exercise Price |  |  | Shares |  |  | Weighted-Avg Exercise Price |
$12.15 - $55.00 |  |  | 7.34 |  |  |  | 7,599,928 |  |  | $ | 48.99 |  |  |  | 2,148,275 |  |  | $ | 34.39 |
$55.01 - $70.00 |  |  | 7.25 |  |  |  | 5,045,298 |  |  |  | 66.22 |  |  |  | 2,569,643 |  |  |  | 64.98 |
$70.01 - $77.99 |  |  | 5.68 |  |  |  | 2,785,081 |  |  |  | 76.00 |  |  |  | 2,780,496 |  |  |  | 76.00 |
Total |  |  | 7.01 |  |  |  | 15,430,307 |  |  | $ | 59.50 |  |  |  | 7,498,414 |  |  | $ | 60.30 |
Assumption Used in Determination of Fair Value of Share Based Payment Awards | The use of the Black Scholes model requires the use of extensive actual employee exercise activity data and the use of a number of complex assumptions including expected volatility, risk-free interest rate, expected dividends and expected term.
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Valuation Assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Expected volatility |  |  | 49.1 | % |  |  | 49.4 | % |  |  | 50.1 | %
Risk-free interest rate |  |  | 1.5 | % |  |  | 1.5 | % |  |  | 0.9 | %
Expected dividends |  | $ | 3.36 |  |  | $ | 1.39 |  |  | $ | 0.75 |
Expected term (in years) |  |  | 3.0 |  |  |  | 3.7 |  |  |  | 3.4 |
Summary of Information and Changes in Stock Options with Regard to Stock Option Plans | The following summary presents information regarding outstanding options at December 31, 2015 and changes during 2015 with regard to options under all stock option plans:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2014 |  |  | 10,881,133 |  |  | $ | 61.22 |  |  |  | 5.15 |  |  | $ | 85,503,217 |
Granted |  |  | 5,746,153 |  |  | $ | 54.74 |  |  |  |  |  |  |  |  |
Cancelled |  |  | (886,356 | ) |  | $ | 62.73 |  |  |  |  |  |  |  |  |
Exercised |  |  | (310,623 | ) |  | $ | 22.56 |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2015 |  |  | 15,430,307 |  |  | $ | 59.50 |  |  |  | 7.01 |  |  | $ | 5,894,977 |
Vested or expected to vest |  |  | 15,229,713 |  |  | $ | 59.50 |  |  |  | 7.01 |  |  | $ | 5,814,216 |
Exercisable at December 31, 2015 |  |  | 7,498,414 |  |  | $ | 60.30 |  |  |  | 5.16 |  |  | $ | 5,894,977 |
Summary of Information Regarding Outstanding Restricted Shares | The following summary presents information regarding outstanding restricted shares:
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
|  | Number of Units |  |  | Weighted- Average Grant Date Fair Value |  |  | Number of Units |  |  | Weighted- Average Grant Date Fair Value |  |  | Number of Units |  |  | Weighted- Average Grant Date Fair Value |
Nonvested at beginning of year |  |  | 1,569,141 |  |  | $ | 73.73 |  |  |  | 1,643,193 |  |  | $ | 67.98 |  |  |  | 1,449,683 |  |  | $ | 62.29 |
Granted |  |  | 954,075 |  |  |  | 53.27 |  |  |  | 708,821 |  |  |  | 70.14 |  |  |  | 822,281 |  |  |  | 63.69 |
Spin-off |  |  | — |  |  |  | — |  |  |  | (319,949 | ) |  |  | 70.56 |  |  |  | — |  |  |  | — |
Vested |  |  | (405,327 | ) |  |  | 54.30 |  |  |  | (348,981 | ) |  |  | 74.97 |  |  |  | (368,984 | ) |  |  | 63.89 |
Cancelled |  |  | (148,639 | ) |  |  | 62.73 |  |  |  | (113,943 | ) |  |  | 70.32 |  |  |  | (259,787 | ) |  |  | 37.78 |
Nonvested at end of year |  |  | 1,969,250 |  |  | $ | 61.53 |  |  |  | 1,569,141 |  |  | $ | 73.73 |  |  |  | 1,643,193 |  |  | $ | 67.98 |

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