Stock-Based Compensation (Tables)

6 Months Ended

May 02, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Information pertaining to the Company's stock option awards and the related estimated weighted-average assumptions used to calculate the fair value of stock options granted

Information pertaining to the Company’s stock option awards and the related estimated weighted-average assumptions to calculate the fair value of stock options using the Black-Scholes valuation model granted during the three- and six-month periods ended May 2, 2015 and May 3, 2014 are as follows:

	Three Months Ended						Six Months Ended
Stock Options	May 2, 2015			May 3, 2014			May 2, 2015			May 3, 2014
Options granted (in thousands)	1,853			2,094			1,908			2,110
Weighted-average exercise price		$57.28			$51.74			$57.11			$51.72
Weighted-average grant-date fair value		$10.41			$9.00			$10.33			$8.99
Assumptions:
Weighted-average expected volatility	25.9%			24.9		%	25.8		%	24.9		%
Weighted-average expected term (in years)	5.3			5.3			5.3			5.3
Weighted-average risk-free interest rate	1.6		%	1.7		%	1.6		%	1.7		%
Weighted-average expected dividend yield	2.8		%	2.9		%	2.8		%	2.9		%

The Company utilizes the Monte Carlo simulation valuation model to value market-based restricted stock units. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award grant and calculates the fair market value for the market-based restricted stock units granted. The Monte Carlo simulation model also uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions, including the possibility that the market condition may not be satisfied, and the resulting fair value of the award. Information pertaining to the Company's market-based restricted stock units and the related estimated assumptions used to calculate the fair value of the market-based restricted stock units granted during the three- and six-month periods ended May 2, 2015 and May 3, 2014 using the Monte Carlo simulation model is as follows:

	Three and Six Months Ended			Three and Six Months Ended
Market-based Restricted Stock Units	May 2, 2015			May 3, 2014
Units granted (in thousands)	75			86
Grant-date fair value		$55.67			$50.79
Assumptions:
Historical stock price volatility	20.0		%	23.2		%
Risk-free interest rate	1.1		%	0.8		%
Expected dividend yield	2.8		%	2.8		%

Summary of the activity under the Company s stock option plans:

A summary of the activity under the Company’s stock option plans as of May 2, 2015 and changes during the three- and six-month periods then ended is presented below:

Activity during the Three Months Ended May 2, 2015	Options Outstanding (in thousands)		Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term in Years	Aggregate Intrinsic Value
Options outstanding at January 31, 2015	12,830			$37.72
Options granted	1,853			$57.28
Options exercised	(1,581	)		$33.06
Options forfeited	(22	)		$47.79
Options expired	(3	)		$39.81
Options outstanding at May 2, 2015	13,077			$41.04	6.4		$290,757
Options exercisable at May 2, 2015	7,201			$33.90	4.7		$211,483
Options vested or expected to vest at May 2, 2015 (1)	12,510			$40.56	6.3		$284,097

(1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.

Activity during the Six Months Ended May 2, 2015	Options Outstanding (in thousands)		Weighted- Average Exercise Price Per Share
Options outstanding at November 1, 2014	14,184			$37.20
Options granted	1,908			$57.11
Options exercised	(2,914	)		$32.79
Options forfeited	(79	)		$45.30
Options expired	(22	)		$36.52
Options outstanding at May 2, 2015	13,077			$41.04

Summary of the Company's restricted stock unit award activity

A summary of the Company’s restricted stock unit award activity as of May 2, 2015 and changes during the three- and six-month periods then ended is presented below:

Activity during the Three Months Ended May 2, 2015	Restricted Stock Units Outstanding (in thousands)		Weighted- Average Grant- Date Fair Value Per Share
Restricted stock units outstanding at January 31, 2015	2,966			$43.37
Units granted	680			$53.02
Restrictions lapsed	(756	)		$37.57
Forfeited	(20	)		$46.33
Restricted stock units outstanding at May 2, 2015	2,870			$47.17

Activity during the Six Months Ended May 2, 2015	Restricted Stock Units Outstanding (in thousands)		Weighted- Average Grant- Date Fair Value Per Share
Restricted stock units outstanding at November 1, 2014	3,188			$43.46
Units granted	776			$51.91
Restrictions lapsed	(1,006	)		$39.27
Forfeited	(88	)		$45.13
Restricted stock units outstanding at May 2, 2015	2,870			$47.17