Common Stock Common Stock (Tables)

12 Months Ended

Dec. 31, 2013

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

The weighted-average assumptions under the Black-Scholes option-pricing model for stock option grants are as follows:



	2013	2012	2011
Expected term (years)	5.0	4.9	4.8
Expected volatility	31.86%	32.92%	30.68%
Risk-free interest rate	0.98%	0.80%	2.17%
Dividend yield	1.13%	1.11%	1.13%

Schedule of stock options activity

A summary of the combined stock option activity and other data for the Company's stock option plans, including the 2003 LTIP, the Stock Option Plan of 2000 and the 1998 Directors' Non-Qualified Share Option Plans, for the year ended December 31, 2013 is as follows:



	Number of Stock Options		Wtd. Avg. Exercise Price Per Share		Wtd. Avg. Remaining Contractual Life	Aggregate Intrinsic Value
Stock Options outstanding, January 1, 2013	3,341,529		$	47.03
Granted	791,760		77.34
Exercised	(788,982	)	35.92
Forfeited	(38,010	)	68.07
Stock Options outstanding, December 31, 2013	3,306,297		56.70		70.34 months	$	123
Stock Options exercisable, December 31, 2013	2,214,272		47.83		52.89 months	$	102

Performance stock criteria

A summary of the criteria for the Performance Share awards can be found in the table below.



	2013 ⁽¹⁾	2012	2011
Service Period	Three years	Three years	Three years
Vesting Period	Cliff vest on December 31, 2015	Cliff vest on December 31, 2014	Cliff vest December 31, 2013
Payout Range ⁽²⁾	0 percent to 200 percent	0 percent to 200 percent	0 percent to 150 percent
Metrics / Performance Criteria	- 40 percent based upon the Company's yearly return on invested capital (calculated each year of the service period)	- 40 percent based upon the Company's three-year average return on equity ratio calculation	- 50 percent based upon the Company's three-year average return on equity ratio calculation
	- 40 percent based upon the Company's three-year average sales growth (adjusted for changes in foreign currency exchange rates)	- 40 percent based upon the Company's three-year average sales growth (adjusted for changes in foreign currency exchange rates)	- 50 percent based upon the Company's three-year average sales growth (adjusted for changes in foreign currency exchange rates)
	- 20 percent based on the Company's total shareholder return relative to certain competitors	- 20 percent based on the Company's total shareholder return relative to certain competitors

Schedule of nonvested performance-based units activity

A summary of the Company's nonvested Performance Shares as of December 31, 2013, and changes during the year then ended, is reflected in the table below.



	Number of Performance Units		Wtd. Avg. Grant Date Fair Value
Nonvested Performance Shares outstanding, January 1, 2013	320,485		$	67.97
Granted	104,545		75.00
Vested ⁽¹⁾	(136,282	)	63.95
Forfeited ⁽²⁾	(33,311	)	67.59
Nonvested Performance Shares outstanding, December 31, 2013	255,437		72.45


(1)	Represents the entire amount of Performance Shares which vested during the year ended December 31, 2013. Of these vested Performance Shares, 510 were paid out in 2013 and the remainder were outstanding as of December 31, 2013.


(2)	Includes reductions due to employee terminations and reductions as a result of the Company not meeting certain performance targets.

Schedule of unvested restricted stock units roll forward

A summary of the Company's nonvested RSUs as of December 31, 2013, and changes during the year then ended, is reflected in the table below.



	Number of RSUs		Wtd. Avg. Grant Date Fair Value
Nonvested RSUs outstanding, January 1, 2013	50,000		$	66.16
Granted	98,165		74.30
Vested⁽¹⁾	(17,862	)	66.02
Forfeited ⁽²⁾	(6,527	)	71.73
Nonvested RSUs outstanding, December 31, 2013	123,776		72.35


(1)	Represents the entire amount of RSUs that vested during the year ended December 31, 2013. Of the RSUs that vested, 17,862 were paid out in 2013.


(2)	Includes reductions due to employee terminations.