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INCENTIVE PLANS (Tables)
12 Months Ended
Dec. 31, 2016
Weighted-Average Fair Value And Weighted-Average Assumptions Used In Estimating Fair Value of Grants



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

2016 

 

 

2015 

 

 

2014 

 

 

SOSARs

 

 

 

 

 

 

 

 

 

Fair value

$        29.20 

 

 

$        25.17 

 

 

$        21.94 

 

 

Risk-free interest rate

1.66% 

 

 

1.85% 

 

 

2.40% 

 

 

Dividend yield

1.39% 

 

 

1.70% 

 

 

1.64% 

 

 

Volatility

30.42% 

 

 

33.00% 

 

 

33.00% 

 

 

Expected term

9.00 years

 

 

8.00 years

 

 

8.00 years

 

 



Summary of Our Stock Option/SOSAR Activity



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Weighted-average

 

 

 

 



 

 

 

 

 

 

 

 

Remaining

 

 

Aggregate

 



 

 

Number

 

 

Weighted-average

 

 

Contractual

 

 

Intrinsic Value

 



 

 

of Shares

 

 

Exercise Price

 

 

Life (Years)

 

 

(in thousands)

 

SOSARs/Stock Options 1

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2016

3,052,749 

 

 

$             58.32 

 

 

 

 

 

 

 

Granted

97,700 

 

 

92.02 

 

 

 

 

 

 

 

Exercised

(753,251)

 

 

83.29 

 

 

 

 

 

 

 

Forfeited or expired

(4,767)

 

 

78.22 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

2,392,431 

 

 

$             51.80 

 

 

4.30 

 

 

$         178,558 

 

Vested and expected to vest

2,379,036 

 

 

$             51.70 

 

 

4.28 

 

 

$         177,794 

 

Exercisable at December 31, 2016

2,005,030 

 

 

$             47.30 

 

 

3.62 

 

 

$         158,651 

 



Aggregate Intrinsic Values of Options Exercised



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

in thousands

2016 

 

 

2015 

 

 

2014 

 

Aggregate intrinsic value of SOSARs/

 

 

 

 

 

 

 

 

  stock options exercised

$       27,705 

 

 

$       43,620 

 

 

$         7,372 

 



Cash and Stock Consideration Received and Tax Benefit Realized from Stock Option/Sosar Exercises and Compensation Cost Recorded



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

in thousands

2016 

 

 

2015 

 

 

2014 

 

SOSARs/Stock Options

 

 

 

 

 

 

 

 

Cash and stock consideration received

 

 

 

 

 

 

 

 

  from exercises

$              0 

 

 

$     72,884 

 

 

$     23,199 

 

Tax benefit from exercises

10,767 

 

 

16,920 

 

 

2,844 

 

Compensation cost

2,744 

 

 

2,221 

 

 

4,650 

 



Performance Shares [Member]  
Summary of Activity For Nonvested Performance Share Units



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

Target

 

 

Weighted-average

 



 

 

Number

 

 

Grant Date

 



 

 

of Shares

 

 

Fair Value

 

Performance Shares

 

 

 

 

 

Nonvested at January 1, 2016

806,339 

 

 

$             63.13 

 

Granted

164,498 

 

 

87.73 

 

Vested

(289,424)

 

 

53.65 

 

Canceled/forfeited

(14,317)

 

 

68.49 

 

Nonvested at December 31, 2016

667,096 

 

 

$             73.20 

 



Aggregate Value of Performance Shares



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

in thousands

2016 

 

 

2015 

 

 

2014 

 

Aggregate value of distributed

 

 

 

 

 

 

 

 

  performance shares

$       60,443 

 

 

$       26,258 

 

 

$                0 

 



Restricted Shares [Member]  
Summary of Restricted Stock Units



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

 

 

 

Weighted-average

 



 

 

Number

 

 

Grant Date

 



 

 

of Shares

 

 

Fair Value

 

Restricted Stock Units

 

 

 

 

 

Nonvested at January 1, 2016

74,000 

 

 

$             58.23 

 

Granted

63,350 

 

 

87.77 

 

Vested

 

 

0.00 

 

Canceled/forfeited

(1,920)

 

 

87.77 

 

Nonvested at December 31, 2016

135,430 

 

 

$             71.63