Stock-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Weighted Average Assumptions Used in Estimating Fair Value of Stock Options

The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions and resulting weighted-average fair value per share:

	2014			2013			2012
Dividend yield		1.6	%		1.7	%		1.5	%
Expected volatility		37	%		38	%		39	%
Risk free interest rate		2.2	%		1.2	%		1.5	%
Expected option life in years		7.0			7.0			6.9
Weighted-average fair value per share	$	34.20		$	23.93		$	25.26

Options Outstanding and Option Exercisable

The following table summarizes information concerning options outstanding and options exercisable as of December 31, 2014:

	(Shares stated in thousands)
	Options Outstanding						Options Exercisable
Exercise prices range	Options Outstanding		Weighted- average remaining contractual life (in years)		Weighted- average exercise price		Options Exercisable		Weighted- average exercise price
$32.45 - $67.87		6,553		3.2	$	51.50		6,295	$	51.03
$68.51 - $70.93		8,346		6.9	$	69.82		3,648	$	69.02
$72.11 - $78.31		7,553		7.2	$	72.56		1,915	$	72.47
$83.88 - $84.93		8,045		5.2	$	84.17		5,118	$	84.34
$88.61 - $114.83		8,086		8.1	$	97.78		1,566	$	95.92
		38,583		6.2	$	76.10		18,542	$	69.77

Summary of Stock Option Activity

The following table summarizes stock option activity during the years ended December 31, 2014, 2013 and 2012:

	(Shares stated in thousands)
	2014					2013					2012
	Shares			Weighted- average exercise price		Shares			Weighted- average exercise price		Shares			Weighted- average exercise price
Outstanding at beginning of year		41,939		$	70.33		42,059		$	67.77		40,027		$	63.84
Granted		6,105		$	99.04		6,570		$	72.16		8,664		$	72.04
Exercised		(8,269	)	$	64.19		(5,168	)	$	51.73		(4,171	)	$	39.07
Forfeited		(1,192	)	$	73.56		(1,522	)	$	70.57		(2,461	)	$	67.50
Outstanding at year-end		38,583		$	76.10		41,939		$	70.33		42,059		$	67.77

Restricted Stock Transactions

The following table summarizes information about all restricted stock transactions:

	(Shares stated in thousands)
	2014					2013					2012
	Restricted Stock			Weighted Average Grant Date Fair Value		Restricted Stock			Weighted Average Grant Date Fair Value		Restricted Stock			Weighted Average Grant Date Fair Value
Unvested at beginning of year		4,171		$	76.01		3,566		$	73.62		2,433		$	72.25
Granted		1,341			96.08		1,949			75.65		1,668			71.09
Vested		(1,186	)		81.59		(958	)		66.98		(351	)		52.26
Forfeited		(188	)		78.68		(386	)		74.53		(184	)		73.38
Unvested at end of year		4,138		$	80.80		4,171		$	76.01		3,566		$	73.62

Assumptions Used in Estimating Fair Value of Purchase Rights under Discounted Stock Purchase Plan

The fair value of the employees’ purchase rights under the DSPP was estimated using the Black-Scholes model with the following assumptions and resulting weighted average fair value per share:

	2014			2013			2012
Dividend yield		1.6	%		1.7	%		1.6	%
Expected volatility		19	%		24	%		41	%
Risk free interest rate		0.1	%		0.1	%		0.2	%
Weighted average fair value per share	$	12.67		$	9.91		$	12.71

Stock-Based Compensation Expense Recognized in Income

The following summarizes stock-based compensation expense recognized in income:

	(Stated in millions)
	2014		2013		2012
Stock options	$	177	$	165	$	203
Restricted stock		114		110		82
DSPP		38		40		50
	$	329	$	315	$	335