The Company has options outstanding under four equity compensation plans. Under the Amended and Restated Omnibus Equity Plan, the Company may grant options and other stock-based awards to employees and directors. Under the 1983 Stock Option Plan and the Stock Award Plan, the Company granted options to key management employees. Under the Stock Option Plan for Directors, the Company granted options to non‑employee directors. Following adoption of the original Omnibus Equity Plan by stockholders in 2008, no further grants were permitted under the other equity compensation plans. Options outstanding under the plans are issued at market value on the date of grant (with the exception of options granted to former Waterpik employees as part of the Waterpik Acquisition), vest on the third anniversary of the date of grant and must be exercised within 10 years of the date of grant. If, upon termination of a participant’s employment (other than a termination for cause), a participant is at least 55 years old, has at least five years of service, and the sum of the participant’s age and years of service is at least 65, the participant may exercise any stock options granted in 2007 or later within a period of three years from the date of termination or, if earlier, the date such stock options otherwise would have expired, subject to specified conditions. Issuances of Common Stock to satisfy employee option exercises currently are made from treasury stock.

Stock option transactions for the three years ended December 31, 2018 were as follows:

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Options			Price		Term		Value
Outstanding as of December 31, 2015		17.2		$	25.89
Granted		2.1			46.75
Exercised		(3.0	)		16.96
Cancelled		(0.3	)		39.60
Outstanding as of December 31, 2016		16.0		$	30.06
Granted		2.1			48.39
Exercised		(1.8	)		23.06
Cancelled		(0.2	)		43.64
Outstanding as of December 31, 2017		16.1		$	33.11
Granted		2.0			50.77
Exercised		(3.3	)		23.07
Cancelled		(0.1	)		48.54
Outstanding as of December 31, 2018		14.7		$	37.63		5.6	$	412.5
Exercisable as of December 31, 2018		8.8		$	29.82		4.0	$	314.7

The following table summarizes information relating to options outstanding and exercisable as of December 31, 2018:

	Options Outstanding						Options Exercisable
			Weighted		Weighted				Weighted
	Outstanding		Average		Average		Exercisable		Average
Range of	as of		Remaining		Exercise		as of		Exercise
Exercise Prices	12/31/2018		Contractual Life		Price		12/31/2018		Price
$0.01 - $25.00		2.3		1.9	$	17.04		2.2	$	17.66
$25.01 - $30.00		1.4		3.4	$	26.92		1.4	$	26.92
$30.01 - $35.00		3.5		4.7	$	32.73		3.5	$	32.73
$35.01 - $40.00		0.0		5.8	$	36.06		0.0	$	36.06
$40.01 - $45.00		2.4		6.3	$	41.88		1.7	$	41.92
$45.01 - $50.00		1.4		6.7	$	49.15		0.0	$	46.64
$50.01 - $55.00		3.6		8.7	$	51.93		0.0	$	0.0
$55.01 - $60.00		0.1		9.8	$	59.42		0.0	$	0.0
		14.7		5.6	$	37.63		8.8	$	29.82

The table above represents the Company’s estimate of options fully vested and expected to vest. Expected forfeitures are not material and, therefore, are not reflected in the table above.

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:

	2018		2017		2016
Intrinsic Value of Stock Options Exercised	$	109.6	$	48.0	$	91.5
Stock Compensation Expense Related to Stock Option Awards	$	21.3	$	15.7	$	14.4
Issued Stock Options		2.0		2.1		2.1
Weighted Average Fair Value of Stock Options issued (per share)	$	9.79	$	12.90	$	7.57
Fair Value of Stock Options Issued	$	19.4	$	27.8	$	16.1

The following table provides a summary of the assumptions used in the valuation of issued stock options:

	2018			2017			2016
Risk-free interest rate		2.9	%		2.0	%		1.7	%
Expected life in years		7.3			6.9			6.8
Expected volatility		17.1	%		16.7	%		17.0	%
Dividend yield		1.7	%		1.4	%		1.5	%

The fair value of stock options is based upon the Black Scholes option pricing model. The Company determined the stock options’ lives based on historical exercise behavior and their expected volatility and dividend yield based on the historical changes in stock price and dividend payments. The risk free interest rate is based on the yield of an applicable term Treasury instrument.

As of December 31, 2018, there was a fair value of $15.3 related to unamortized stock option compensation expense, which is expected to be recognized over the next three years. The Company’s Consolidated Statements of Cash Flow reflect an add back to Net Cash Provided by Operating Activities of $23.3, $18.1 and $16.0 in 2018, 2017 and 2016, respectively, for non-cash compensation expense, primarily stock option expense. The excess tax benefits on stock options exercised for 2018, 2017 and 2016 was $22.1, $15.1 and $30.0, respectively.

During 2018, the Company issued cash settled restricted shares to all employees. These shares follow the vesting schedule under the Amended and Restated Omnibus Equity Plan. As a result, the Company recorded stock compensation expense and a corresponding liability of $1.6. The unamortized amount is approximately $3.1 based on the year-end stock price.

In 2016, the Company authorized the termination of international defined benefit pension plans under which approximately 336 participants, including 53 active employees, had accrued benefits. The Company completed the termination of this plan in the second quarter of 2017. In addition to plan assets, the Company made a one-time payment of $7.5 to purchase annuities for participants. The Company recorded a one-time SG&A expense of $39.2 ($31.5 after tax) in the Consumer International segment in the second quarter of 2017. This expense primarily included the effect of the additional cash payment required at settlement and pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants. As of June 30, 2017, the Company had no further obligations with respect to material defined benefit pension plans.

The Company maintains a deferred compensation plan under which certain members of management are eligible to defer a maximum of 85% of their regular compensation (i.e. salary) and incentive bonus. The amounts deferred under this plan are credited with earnings or losses based upon changes in values of notional investments elected by the plan participant. The investment options available include notional investments in various stock, bond and money market funds as well as our Common Stock. Each plan participant is fully vested in the amounts the participant defers. The plan also functions as an “excess” plan whereby profit sharing contributions that cannot otherwise be contributed to the qualified savings and profit sharing plan due to limitations under Department of Treasury regulations are credited to this plan. These contributions vest under the same vesting schedule applicable to the qualified plan.

The liability to plan participants for contributions designated for notional investment in Common Stock is based on the quoted fair value of the Common Stock plus any dividends credited. The Company uses cash-settled hedging instruments to minimize the cost related to the volatility of Common Stock. At December 31, 2018 and 2017, the amount of the Company’s liability under the deferred compensation plan is included in Current and Deferred and Other Long-term Liabilities and was $92.7 and $90.6, respectively and the funded balances recorded in Other Assets amounted to $79.4 and $81.4, respectively. The amounts charged to earnings, including the effect of the hedges, totaled $2.4, $1.9, and $2.3 in 2018, 2017 and 2016, respectively.

Non-employee members of the Company’s Board are eligible to defer up to 100% of their directors’ compensation into a similar plan; however, the only option for investment is Common Stock. Members of the Board are fully vested in their account balance. As of December 31, 2018, there were approximately 280,000 shares of Common Stock from shares held as Treasury Stock in a rabbi trust to protect the interest of the directors’ deferred compensation plan participants in the event of a change of control.