Stock-Based Compensation Programs (Tables)

12 Months Ended

Dec. 31, 2015

Stock-Based Compensation Programs

Summary of stock option activity

A summary of stock option activity for the year ended December 31, 2015, follows:

	Outstanding Options and SSARs
	Number of Shares		Weighted Average Exercise Price
Beginning of year	9,738,030		$	32.76
Granted	1,231,865		66.15
Exercised	(1,201,987	)	27.92
Canceled/forfeited	(51,657	)	46.74
End of period	9,716,251		37.50
Vested and exercisable, end of period	6,748,255		$	30.15
Reserved for future grants	8,657,680

Schedule of weighted average assumptions used for estimating fair values of options

	2015 Grants	2014 Grants	2013 Grants
Expected dividend yield	0.79%	1.06%	1.13%
Expected stock price volatility	22.11%	21.41%	22.02%
Risk-free interest rate	1.39%	1.65%	1.02%
Expected life of options (in years)	5.85 years	5.50 years	5.50 years

Summary of restricted stock activity

Following is a summary of restricted stock activity for the year ended December 31, 2015:

	Number of Shares/Units		Weighted Average Grant Price
Beginning of year	1,220,661		$	33.92
Granted	192,831		68.83
Vested	(546,294	)	28.17
Canceled/forfeited	(5,253	)	52.62
End of period	861,945		45.27