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Share-Based Compensation Plans and Other Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2016
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 2016, 2015 and 2014 was $13.09, $10.21 and $11.02, respectively, using the following weighted-average assumptions:
 
2016
 
2015
 
2014
Expected volatility
23.7
%
 
20.0
%
 
21.7
%
Risk-free interest rate
1.4
%
 
1.6
%
 
1.6
%
Dividend yield
2.9
%
 
2.9
%
 
2.5
%
Expected life (years)
6.0

 
6.0

 
5.2
Valuation Assumptions for Performance Options, Market Stock Units, and PCSOs
The following assumptions were used for the calculations.
 
2016
Performance Options
 
2015
Performance Options
 
2016
Market Stock Units
 
2015
Market Stock Units
 
2015
PCSOs
Expected volatility of common stock
25.3
%
 
21.0
%
 
24.2
%
 
19.3
%
 
26.0
%
Expected volatility of the S&P 500
19.8
%
 
23.3
%
 
N/A

 
N/A

 
N/A

Risk-free interest rate
1.7
%
 
1.8
%
 
1.1
%
 
1.1
%
 
1.5
%
Dividend yield
2.8
%
 
2.9
%
 
2.8
%
 
2.9
%
 
3.1
%
Expected life (years)
6.5

 
6.5

 
N/A

 
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, 2016 (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
542

 
$
27

 
3
 
542

 
$
27

 
3
$30-$40
1,947

 
39

 
3
 
1,947

 
39

 
3
$41-$50
33

 
45

 
4
 
34

 
45

 
4
$51-$60
998

 
55

 
6
 
976

 
54

 
6
$61-$70
3,100

 
67

 
8
 
654

 
66

 
7
$71-$80
664

 
72

 
9
 
41

 
74

 
1
 
7,284

 
 
 
 
 
4,194

 
 
 
 
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, 2016
6,029

 
$
51

 
2,042

 
$
68

 
1,516

 
$
59

 
84

 
$
60

Granted
459

 
71

 
246

 
71

 
699

 
67

 
64

 
76

Releases/Exercised
(1,005
)
 
57

 
—

 
—

 
(726
)
 
59

 
(25
)
 
60

Forfeited/Canceled
(265
)
 
77

 
(222
)
 
68

 
(156
)
 
63

 
(7
)
 
60

Balance as of December 31, 2016
5,218

 
$
50

 
2,066

 
$
69

 
1,333

 
$
63

 
116

 
$
69

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested or expected to vest
4,418

 
47

 
—

 
—

 
726

 
59

 
25

 
60

* 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
2016
 
2015
 
2014
Share-based compensation expense included in:
 
 
 
 
 
Costs of sales
$
9

 
$
9

 
$
10

Selling, general and administrative expenses
45

 
52

 
61

Research and development expenditures
14

 
17

 
23

Share-based compensation expense included in Operating earnings
68

 
78

 
94

Tax benefit
21

 
24

 
30

Share-based compensation expense, net of tax
$
47

 
$
54

 
$
64

Decrease in basic earnings per share
$
(0.28
)
 
$
(0.25
)
 
$
(0.28
)
Decrease in diluted earnings per share
$
(0.27
)
 
$
(0.25
)
 
$
(0.28
)
Share-based compensation expense in discontinued operations
$
—

 
$
—

 
$
20