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STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2017
Summary of option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Awards Plans

 

Director Stock Option Plans

 

 

    

 

 

    

Weighted Average

    

 

    

Weighted Average

 

 

 

 

Options

 

Exercise Price

 

Options

 

Exercise Price

 

Outstanding, January 1, 2017

 

 

8,070,444

 

$

56.36

 

281,334

 

$

56.45

 

Granted

 

 

1,622,082

 

 

74.90

 

 —

 

 

 —

 

Exercised

 

 

(1,501,210)

 

 

46.65

 

(66,367)

 

 

53.23

 

Forfeited or expired

 

 

(131,997)

 

 

70.70

 

 

 

 —

 

Outstanding at December 31, 2017

 

 

8,059,319

 

$

61.67

 

214,967

 

$

57.44

 

Exercisable at December 31, 2017

 

 

5,151,257

 

$

55.72

 

214,967

 

$

57.44

 

Weighted-Average Remaining Contractual Term (Years):

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2017

 

 

6.1

 

 

 

 

5.0

 

 

 

 

Exercisable at December 31, 2017

 

 

4.8

 

 

 

 

5.0

 

 

 

 

Aggregate Intrinsic Value:

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2017

 

$

198,358

 

 

 

$

6,199

 

 

 

 

Exercisable at December 31, 2017

 

$

157,436

 

 

 

$

6,199

 

 

 

 

Intrinsic Value of Options Exercised During the Years Ended:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

$

51,140

 

 

 

$

1,995

 

 

 

 

December 31, 2016

 

$

44,972

 

 

 

$

548

 

 

 

 

December 31, 2015

 

$

43,041

 

 

 

$

1,478

 

 

 

 

 

Summary of restricted stock unit activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director Restricted

 

 

 

Stock Awards Plans

 

Stock Unit Plan

 

 

 

    

    

Weighted Average

    

 

    

Weighted Average

 

 

 

RSUs

 

Grant-Date Fair Value

 

RSUs

 

Grant-Date Fair Value

 

Nonvested at January 1,  2017

 

72,127

 

$

69.31

 

15,745

 

$

75.56

 

Granted

 

89,110

 

 

74.43

 

14,793

 

 

80.45

 

Vested

 

(51,963)

 

 

68.52

 

(15,745)

 

 

75.56

 

Nonvested at December 31, 2017

 

109,274

 

$

73.86

 

14,793

 

$

80.45

 

 

Stock Awards Plans  
Weighted-average assumptions used to estimate fair value of stock options granted

 

 

 

 

 

 

 

 

Stock Awards Plans:

    

 

 

 

 

 

 

Years Ended December 31,

 

2017

    

2016

    

2015

 

 

 

 

 

 

 

 

 

Dividend Yield

 

1.7

%  

1.8

%

1.7

%  

Expected Stock Price Volatility

 

15.8

%  

16.9

%

21.9

%  

Risk-free Interest Rate

 

2.2

%  

1.6

%

1.6

%  

Expected Life of Option (years)

 

6.7

 

6.7

 

6.9