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Stock Option Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Text Block [Abstract]  
Black-Scholes Option Pricing Model with Weighted Average

For purposes of expense recognition in 2018, 2017 and 2016, the estimated fair values of the stock option grants are amortized to expense over the options’ vesting period. We estimated the fair value of stock options at the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

 

     Year Ended December 31,  
     2018     2017     2016  

Expected dividend yield

      2.3 %      2.8 %      3.0 % 

Expected risk-free interest rate

      2.7 %      2.3 %      1.6 % 

Volatility

      15.1 %      27.2 %      27.7 % 

Expected life (in years)

      5.5       5.0       5.5  
Stock Option Activity and Related Information

The following is a summary of our stock option activity and related information for 2018 and 2017 (in millions, except exercise price and year data):

 

     Shares
Under
Option		     Weighted
Average
Exercise
Price		      Weighted
Average
Remaining
Contractual
Term (in
years)		      Aggregate
Intrinsic
Value		  
          

Year Ended December 31, 2018

           

Beginning balance

      9.5     $  45.27        

Granted

      1.3       70.74        

Exercised

      (1.6 )      37.85        

Forfeited or canceled

      (0.4 )      49.23        
  

 

 

    

 

 

        

Ending balance

      8.8     $ 50.16        3.86      $  206.8  
  

 

 

    

 

 

     

 

 

     

 

 

  

Exercisable at end of year

      2.1     $ 42.84        1.83      $ 64.4  
  

 

 

    

 

 

     

 

 

     

 

 

  

Ending unvested and expected to vest

      6.5     $ 52.14        4.46      $ 140.3  
  

 

 

    

 

 

     

 

 

     

 

 

  

Year Ended December 31, 2017

           

Beginning balance

      9.5     $ 41.45        

Granted

      1.7       56.87        

Exercised

      (1.3 )      33.11        

Forfeited or canceled

      (0.4 )      44.48        
  

 

 

    

 

 

        

Ending balance

      9.5     $ 45.27        3.99      $ 171.5  
  

 

 

    

 

 

     

 

 

     

 

 

  

Exercisable at end of year

      2.1     $ 37.81        1.75      $ 52.7  
  

 

 

    

 

 

     

 

 

     

 

 

  

Ending unvested and expected to vest

      7.2     $ 47.30        4.64      $ 115.8  
  

 

 

    

 

 

     

 

 

     

 

 

  
Other Information Regarding Stock Options Outstanding and Exercisable

Other information regarding stock options outstanding and exercisable at December 31, 2018 is summarized as follows (in millions, except exercise price and year data):

 

    Options Outstanding     Options Exercisable  

Range of Exercise Prices

   Number
Outstanding		     Weighted
Average
Remaining
Contractual
Term (in
years)		     Weighted
Average
Exercise
Price		     Number
Exercisable		      Weighted
Average
Exercise
Price		  
$  35.71     -  $     39.17     0.9       0.92     $  38.20       0.9      $  38.20  
    43.71     -         43.71     2.3       4.21       43.71       —          —    
    46.17     -         46.87     2.8       2.75       46.48       1.1        46.61  
    47.92     -         63.60     1.6       5.20       56.81       —          —    
    70.74     -         70.74     1.2       6.21       70.74       0.1        70.74  

 

  

 

 

    

 

 

    

 

 

    

 

 

     

 

 

  
$  35.71     -  $     70.74     8.8       3.86     $ 50.16       2.1      $ 42.84