Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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

Components of share-based compensation expense

The following table summarizes the components of share-based compensation expense in the Consolidated Statements of Income for the years ended December 31, 2015, 2014 and 2013:

	2015		2014		2013
Cost of goods sold	$	31.7	$	26.2	$	18.5
Research and development	250.7		196.5		144.7
Selling, general and administrative	294.2		224.9		162.6
Total share-based compensation expense	576.6		447.6		325.8
Tax benefit related to share-based compensation expense	161.2		129.3		94.5
Reduction in income	$	415.4	$	318.3	$	231.3

Schedule of assumptions used in the estimation of fair value of options granted

We estimated the fair value of options granted using a Black-Scholes option pricing model with the following assumptions:

	2015	2014	2013
Risk-free interest rate	1.17% - 1.72%	1.51% - 1.90%	0.68% - 1.70%
Expected volatility	31% - 38%	28% - 37%	27% - 35%
Weighted average expected volatility	34%	33%	31%
Expected term (years)	5.02 - 5.04	5.02 - 5.06	5.03 - 5.50
Expected dividend yield	0%	0%	0%

Schedule of stock option activity

The following table summarizes all stock option activity for the year ended December 31, 2015:

	Options		Weighted Average Exercise Price Per Option		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Millions)
Outstanding at December 31, 2014	77.2		$	49.47	6.9	$	4,823.8
Changes during the Year:
Granted	11.8		118.65
Exercised	(11.5	)	34.39
Forfeited	(1.7	)	74.20
Expired	(0.1	)	39.48
Outstanding at December 31, 2015	75.7		$	61.99	6.6	$	4,411.8
Vested at December 31, 2015 or expected to vest in the future	75.1		$	61.64	6.6	$	4,400.1
Vested at December 31, 2015	41.2		$	41.12	5.3	$	3,238.5

Schedule of restricted stock units

Information regarding the Company's RSUs for the year ended December 31, 2015 is as follows:

Nonvested RSUs	Share Equivalent		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2014	9.4		$	59.02
Changes during the period:
Granted	2.5		112.98
Vested	(3.8	)	37.57
Forfeited	(0.4	)	71.95
Nonvested at December 31, 2015	7.7		$	86.28

Schedule of performance-based restricted stock units

The following table summarizes the Company's performance-based restricted stock unit activity for the year ended December 31, 2015 (shares in thousands):

Nonvested Performance-Based RSUs	Share Equivalent		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2014	133		$	69.57
Changes during the period:
Granted	211		112.14
Vested	—		—
Forfeited	(10	)	82.91
Non-vested at December 31, 2015	334		$	96.07