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Common Stock (Tables)
 12 Months Ended
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