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Share-Based Compensation Plans and Other Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Value of Stock Option Weighted-Average Assumptions
The weighted-average estimated fair value of employee stock options granted during 2015, 2014 and 2013 was $10.21, $11.02 and $9.52, respectively, using the following weighted-average assumptions:
 
2015
 
2014
 
2013
Expected volatility
20.0
%
 
21.7
%
 
22.1
%
Risk-free interest rate
1.6
%
 
1.6
%
 
0.9
%
Dividend yield
2.9
%
 
2.5
%
 
2.4
%
Expected life (years)
6.0

 
5.2

 
5.9
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs
The fair value of performance options, MSUs, and PCSOs granted during 2015 was $17.42, $60.37, and $3.97, respectively, using the following assumptions:
 
Performance Options
 
Market Stock Units
 
PCSOs
Expected volatility of common stock
21.0
%
 
19.3
%
 
26.0
%
Expected volatility of the S&P 500
23.3
%
 
n/a

 
n/a

Risk-free interest rate
1.8
%
 
1.1
%
 
1.5
%
Dividend yield
2.9
%
 
2.9
%
 
3.1
%
Expected life (years)
6.5

 
n/a

 
5
Stock Options Outstanding and Exercisable
The following table summarizes information about the total stock options outstanding and exercisable under all stock option plans, including performance options and PCSOs, at December 31, 2015 (in thousands, except exercise price and years):
 
Options Outstanding
 
Options Exercisable
Exercise price range
No. of
options
 
Wtd. avg.
Exercise
Price
 
Wtd. avg.
contractual
life (in yrs.)
 
No. of
options
 
Wtd. avg.
Exercise
Price
 
Wtd. avg.
contractual
life (in yrs.)
Under $30
551

 
$
27

 
4
 
551

 
$
27

 
4
$30-$40
2,047

 
39

 
4
 
2,047

 
39

 
4
$41-$50
106

 
45

 
5
 
106

 
45

 
5
$51-$60
1,482

 
55

 
7
 
1,119

 
54

 
7
$61-$70
3,593

 
67

 
9
 
213

 
65

 
8
$71-$80
165

 
74

 
2
 
158

 
74

 
1
$81 and over
127

 
89

 
0
 
127

 
89

 
0
 
8,071

 
 
 
 
 
4,321

 
 
 
 
Schedule of Share-based Compensation, Activity
Total share-based compensation activity was as follows (in thousands, except exercise price):
 
Stock Options
 
Performance Options*
 
Restricted Stock Units
 
Market Stock Units
Shares in Thousands
Number of Options Outstanding
 
Weighted Average Exercise Price of Shares
 
Number of Options Outstanding
 
Weighted Average Exercise Price of Shares
 
Number of Non-Vested Awards
 
Weighted Average Grant Date Fair Value
 
Number of Non-Vested Awards
 
Weighted Average Grant Date Fair Value
Balance as of January 1, 2015
9,684

 
$
85

 
—

 
$
—

 
1,753

 
$
58

 
—

 
$
—

Granted
550

 
66

 
2,042

 
68

 
797

 
62

 
84

 
60

Releases/Exercised
(892
)
 
47

 
—

 
—

 
(885
)
 
53

 
—

 
—

Adjustments for actual payouts
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Forfeited/Canceled
(3,313
)
 
155

 
—

 
—

 
(149
)
 
60

 
—

 
—

Balance as of December 31, 2015
6,029

 
$
51

 
2,042

 
$
68

 
1,516

 
$
59

 
84

 
$
60

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested or expected to vest
4,604

 
46

 
—

 
—

 
885

 
53

 
—

 
—

* Inclusive of PCSO awards
Schedule of Compensation Expense
Compensation expense for the Company’s share-based compensation plans was as follows: 
Years ended December 31
2015
 
2014
 
2013
Share-based compensation expense included in:
 
 
 
 
 
Costs of sales
$
9

 
$
10

 
$
16

Selling, general and administrative expenses
52

 
61

 
73

Research and development expenditures
17

 
23

 
31

Share-based compensation expense included in Operating earnings
78

 
94

 
120

Tax benefit
24

 
30

 
37

Share-based compensation expense, net of tax
$
54

 
$
64

 
$
83

Decrease in basic earnings per share
$
(0.25
)
 
$
(0.28
)
 
$
(0.31
)
Decrease in diluted earnings per share
$
(0.25
)
 
$
(0.28
)
 
$
(0.31
)
Share-based compensation expense in discontinued operations
$
—

 
$
20

 
$
33